Sands China and Marina Bay Sands publish Q3 2026 results showing softness at the top end

Sands China reported revenues of $1,930 million in the third quarter of 2026, a year‑on‑year increase of 1.4% for the July–September period. At the same time, Marina Bay Sands in Singapore posted net revenues of $1,290 million; both businesses said weaker premium customers weighed on consolidated profits.

Aggregate result and margins

Sands China’s revenue growth was driven by continued investment in service and hospitality across its portfolio in Macao, which includes The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Sands Macao. Nevertheless, weak premium demand and a low hold at The Londoner Macao dragged on earnings: Macao EBITDA fell 12.0% year on year to $529 million.

Sands China’s net income reached $191 million, down from $272 million in the same quarter of 2025 but improved versus $107 million in the prior quarter. In Singapore, Marina Bay Sands recorded a 9.9% year‑on‑year decline in net revenue and a 20.6% annual decrease in adjusted EBITDA to $590 million.

Mass market dynamics

Sands China’s mass market share rose to 26.1%, its highest level in more than three years. The quantitative drivers were:

• an increase of 31% in rolling turnover year on year

• an 11% rise in non‑rolling turnover

• a 26% increase in electronic table games

Those volume gains were not sufficient to offset lower profitability coming from the premium segment.

Performance by property in Macao

Property results showed notable contrasts. The Venetian Macao reported net revenues of $649 million, a 6.2% year‑on‑year decline, and its adjusted EBITDA fell 15.3% to $205 million. The hotel is undergoing a full renovation of its 2,900 rooms and suites, scheduled for completion in early 2028.

The Londoner Macao held revenues flat at $685 million, but its adjusted EBITDA dropped 18.7% to $178 million because of the low hold. On the positive side, The Parisian Macao increased revenues 6.0% to $231 million, The Plaza Macao rose 15.6% to $238 million, and Sands Macao generated $99 million versus $72 million in the comparable quarter a year earlier.

Singapore and expansion projects

Marina Bay Sands reported net revenues of $1,290 million, down 6.2% versus the prior quarter and 9.9% year on year. The property implemented customer‑experience improvements that management says did not offset lower premium visitor volumes in an uncertain tourism environment.

Patrick Dumont, chairman and CEO of Las Vegas Sands, attributed the shortfall in premium demand to weak premium customers and “global uncertainties,” and pointed to events such as the World Cup final on 19 July as a potential contributing factor rather than a single isolated cause.

Dumont reiterated confidence in the Marina Bay Sands expansion project, which will significantly increase suite capacity and add a regional top‑tier entertainment arena. The company says its strong balance sheet and cash flow support the continuation of investment programmes in both jurisdictions to capture future premium travel demand.

Capital programme and timetable

Management confirmed the continuation of significant investment programmes, including the major room refurbishment at The Venetian Macao and suite and entertainment expansions in Singapore. The company aims to complete the renovation of The Venetian’s 2,900 rooms in early 2028 and maintains expansion plans at Marina Bay Sands.

Sands China released the results while continuing to prioritise product and experience investment. Marina Bay Sands keeps its expansion plan and management emphasises the financial backing for those projects. The company also reaffirmed its commitment to capital programmes it regards as critical to restoring mid‑term premium demand.