Las Vegas Sands Q3 2026 Earnings: Singapore Gaming Weakness Drives EBITDA Decline

Las Vegas Sands (NYSE: LVS) reported Q3 2026 net revenue of $3.216 billion, down 3.5% from $3.331 billion a year earlier, while diluted EPS fell to $0.48 from $0.61. Consolidated adjusted property EBITDA declined 16.7% to $1.119 billion, as lower results at Marina Bay Sands and weaker margins in Macao outweighed modest Macao revenue growth.

Core Financial Results

The revenue decline was concentrated in casino operations, where revenue fell by $136 million to $2.370 billion. Rooms, food and beverage, mall, and convention and other revenue all increased slightly, but not enough to offset the gaming decline.

Profitability fell faster than revenue. Operating income declined 14.0%, consolidated net income fell 28.3%, and adjusted property EBITDA margin contracted by 5.5 percentage points.

Adjusted EPS and adjusted property EBITDA are non-GAAP measures. Diluted EPS is based on income attributable to Las Vegas Sands, while consolidated net income includes amounts attributable to noncontrolling interests.

Business and Property Performance

Macao and Singapore moved in different directions at the revenue level, but both reported lower adjusted property EBITDA and narrower margins. Macao revenue increased 1.8%, while Marina Bay Sands revenue declined 9.9%.

At Marina Bay Sands, casino revenue declined to $916 million from $1.077 billion. Rolling-chip volume fell to $8.429 billion from $9.069 billion, while the rolling-chip win rate decreased to 4.53% from 4.84%. Non-rolling drop rose to $2.874 billion, but the non-rolling win rate fell sharply to 18.7% from 24.5%.

The Singapore property’s non-gaming indicators were more favorable. Room revenue increased to $162 million, food and beverage revenue rose to $104 million, and revenue per available room reached $994 compared with $937. These improvements were not sufficient to offset weaker casino results.

Gaming hold also made the reported Singapore comparison more difficult. A hold adjustment would have added $6 million to Q3 2026 Marina Bay Sands revenue but subtracted $57 million from Q3 2025 revenue, indicating that the prior-year quarter benefited more from favorable hold.

Higher Macao Volumes Did Not Prevent Margin Compression

Management said investments in enhanced service and hospitality offerings contributed to year-over-year volume growth across Macao gaming segments. However, higher volumes did not consistently translate into higher revenue or EBITDA because property-level win rates and costs also affected results.

The Londoner Macao illustrates this divergence. Rolling-chip volume increased to $3.216 billion from $2.312 billion, and non-rolling drop rose to $2.803 billion from $2.268 billion. Nevertheless, revenue was essentially flat at $685 million, adjusted property EBITDA fell by $41 million to $178 million, and its margin contracted by 5.9 percentage points. The non-rolling win rate declined to 18.6% from 23.4%.

The Venetian Macao also reported lower revenue and EBITDA despite higher rolling-chip volume. Revenue fell by $43 million to $649 million, while adjusted property EBITDA decreased by $37 million to $205 million. Its rolling-chip win rate declined to 3.97% from 5.87%.

Results were better at several smaller Macao properties. The Plaza Macao and Four Seasons Macao increased revenue by $32 million and EBITDA by $11 million, while Sands Macao increased revenue by $27 million and EBITDA by $6 million. These gains did not offset declines at The Venetian and The Londoner.

Profitability, Liquidity, and Capital Allocation

Resort operating expenses increased to $2.103 billion from $1.998 billion even as revenue declined. Corporate expense also rose to $88 million from $78 million. Lower development expense, depreciation and amortization, and asset impairment charges partly offset these increases, but operating income still fell by $101 million.

The effective income tax rate rose to 22.5% from 15.6%, primarily reflecting the 17% statutory rate on Singapore operations. Net interest expense was nearly unchanged at $186 million, as a lower weighted-average debt balance was offset by an increase in the weighted-average borrowing cost to 4.7% from 4.5%.

LVS retained substantial borrowing availability while continuing to spend on its properties and return capital to shareholders. The main liquidity and capital allocation figures were:

Quarterly capital expenditures included $154 million in Macao, $121 million at Marina Bay Sands, and $6 million for corporate and other activities. LVS repurchased approximately 21 million shares at an average price of $45.31 and had $5.06 billion remaining under its authorization.

The company also spent HKD 793 million, approximately $101 million, to purchase additional Sands China shares, raising its ownership to 75.56%. LVS paid a quarterly dividend of $0.30 per share, while the board approved a 20% increase in the recurring dividend for calendar 2027 to $1.44 annually, or $0.36 per quarter.

Management’s View

Chairman and CEO Patrick Dumont emphasized continued investment in both Singapore and Macao. In Singapore, management expects the Marina Bay Sands expansion to add suite capacity and entertainment offerings, including a new arena, although no quantitative earnings guidance was provided.

In Macao, management attributed improving gaming volumes to investments in service and hospitality. It maintained confidence in the long-term strategy for both markets and pointed to the company’s balance sheet and liquidity as support for its capital investment programs.

Recent Insider Transaction

The supplied insider transaction data included one sale with complete economic details. The transaction should be viewed as a factual disclosure rather than evidence of the director’s outlook for LVS.

Risks Investors Should Monitor

• Continued property margin pressure: Macao revenue increased, but its adjusted property EBITDA declined and margin contracted. If higher gaming volumes continue to come with unfavorable win rates or higher operating costs, EBITDA may continue to lag revenue.
• Singapore gaming volatility: Marina Bay Sands generated about 53% of consolidated adjusted property EBITDA in the quarter. Changes in gaming volumes and win rates can therefore have a significant effect on companywide results.
• Renovation and expansion execution: Approximately 500 rooms at The Venetian Macao are expected to remain out of service, on average, through Q4 2027 because of renovations. LVS is also funding the Marina Bay Sands expansion while maintaining other capital programs.
• Debt, interest, and tax costs: LVS ended the quarter with $15.30 billion of debt, incurred $186 million of quarterly net interest expense, and reported a higher effective tax rate. These items can limit how much operating performance flows through to net income.

Summary

Las Vegas Sands’ Q3 2026 results showed that operating profitability weakened more than revenue. Marina Bay Sands faced lower casino revenue and a narrower margin, while Macao’s modest revenue growth did not translate into EBITDA growth despite higher gaming volumes. Investors’ next focus is whether Macao can convert volume gains into stronger margins and whether normalized gaming results at Marina Bay Sands can stabilize as LVS continues its expansion, renovation, and shareholder-return programs.