Las Vegas Sands Reports Third Quarter 2026 Results
LAS VEGAS SANDS CORP (LVS) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Las Vegas Sands Reports Third Quarter 2026 Results For the quarter ended September 30, 2026 • Net Revenue $3.22 billion • Net Income $352 million • Diluted Earnings per Share $0.48 • Consolidated Adjusted Property EBITDA $1.12 billion • LVS Repurchased $950 million o
How this was made
The 30-second read
Why it matters
The disclosed dividend increase and sizable share repurchase are likely to attract income‑focused investors, while the earnings miss may temper enthusiasm.
Market read
Primary earnings release with material cash‑return actions; provides fresh data for traders.
What to watch
Higher effective tax rate and rising borrowing costs could pressure margins going forward.
Las Vegas Sands reported third-quarter net revenue of $3.22 billion, net income of $352 million and consolidated adjusted property EBITDA of $1.12 billion, while repurchasing $950 million of common stock.
Macao operations increased revenue and several Macao properties grew revenue, but consolidated revenue, operating income, net income and adjusted property EBITDA declined from the prior-year quarter, led by lower Marina Bay Sands casino revenue and lower property EBITDA margins.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, three months ended September 30GAAP | $3.22B | – | – |
| Casino revenue, three months ended September 30GAAP | $2.37B | – | – |
| Rooms revenue, three months ended September 30GAAP | $376M | – | – |
| Food and beverage revenue, three months ended September 30GAAP | $176M | – | – |
| Mall revenue, three months ended September 30GAAP | $202M | – | – |
| Convention, retail and other revenue, three months ended September 30GAAP | $92M | – | – |
| Operating income, three months ended September 30GAAP | $618M | – | – |
| Net income, three months ended September 30GAAP | $352M | – | – |
| Net income attributable to Las Vegas Sands Corp., three months ended September 30GAAP | $304M | – | – |
| Basic earnings per share, three months ended September 30GAAP | $ 0.48 | – | – |
| Diluted earnings per share, three months ended September 30GAAP | $ 0.48 | – | – |
| Adjusted net income attributable to LVS, three months ended September 30non-GAAP | $343M | – | – |
| Adjusted earnings per diluted share, three months ended September 30non-GAAP | $ 0.54 | – | – |
| Consolidated adjusted property EBITDA, three months ended September 30non-GAAP | $1.12B | – | – |
| Consolidated adjusted property EBITDA margin, three months ended September 30non-GAAP | 34.8 % | – | – |
| Resort operations expense, three months ended September 30GAAP | $2.10B | – | – |
| Corporate expense, three months ended September 30GAAP | $88M | – | – |
| Pre-opening expense, three months ended September 30GAAP | $5M | – | – |
| Development expense, three months ended September 30GAAP | $37M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $340M | – | – |
| Loss on disposal or impairment of assets, three months ended September 30GAAP | $4M | – | – |
| Interest expense, net of amounts capitalized, three months ended September 30GAAP | $186M | – | – |
| Effective income tax rate, three months ended September 30GAAP | 22.5% | – | – |
| Sands China Ltd. total net revenues, three months ended September 30GAAP | $1.93B | – | increased 1.4% |
| Sands China Ltd. net income, three months ended September 30GAAP | $191M | – | decreased 29.8% |
| Net revenues, nine months ended September 30GAAP | $9.96B | – | – |
| Operating income, nine months ended September 30GAAP | $2.14B | – | – |
| Net income, nine months ended September 30GAAP | $1.37B | – | – |
| Diluted earnings per share, nine months ended September 30GAAP | $ 1.86 | – | – |
| Adjusted earnings per diluted share, nine months ended September 30non-GAAP | $ 2.04 | – | – |
| Consolidated adjusted property EBITDA, nine months ended September 30non-GAAP | $3.66B | – | – |
| Consolidated adjusted property EBITDA margin, nine months ended September 30non-GAAP | 36.8 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| The Venetian MacaoCasino revenue was $ 507 million, compared to $ 543 million; adjusted property EBITDA was $ 205 million, compared to $ 242 million. | $649M | – | – |
| The Londoner MacaoCasino revenue was $ 514 million, compared to $ 525 million; adjusted property EBITDA was $ 178 million, compared to $ 219 million. | $685M | – | – |
| The Parisian MacaoCasino revenue was $ 178 million, compared to $ 163 million; adjusted property EBITDA was $ 46 million, compared to $ 53 million. | $231M | – | – |
| The Plaza Macao and Four Seasons MacaoCasino revenue was $ 163 million, compared to $ 132 million; adjusted property EBITDA was $ 85 million, compared to $ 74 million. | $238M | – | – |
| Sands MacaoCasino revenue was $ 92 million, compared to $ 66 million; adjusted property EBITDA was $ 14 million, compared to $ 8 million. | $99M | – | – |
| Ferry Operations and OtherAdjusted property EBITDA was $ 1 million, compared to $ 5 million. | $38M | – | – |
| Macao OperationsAdjusted property EBITDA was $ 529 million, compared to $ 601 million; adjusted property EBITDA margin was 27.3 %, compared to 31.5 %. | $1.94B | – | – |
| Marina Bay SandsCasino revenue was $ 916 million, compared to $ 1,077 million; rooms revenue was $ 162 million, compared to $ 154 million; adjusted property EBITDA was $ 590 million, compared to $ 743 million. | $1.29B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Repurchased $950 million of common stock during the third quarter of 2026.
- Repurchased approximately 21 million shares at a weighted average price of $45.31 during the third quarter of 2026.
- The remaining amount authorized under the share repurchase program was $5.06 billion as of September 30, 2026.
- Since the resumption of the share repurchase program in the fourth quarter of 2023 through September 30, 2026, repurchased 19.0% of outstanding shares, approximately 145 million shares at an average price of $48.03, for a total investment of $6.98 billion.
- Purchased 62 million shares of SCL common stock for HKD 793 million, approximately $101 million at exchange rates in effect at the time of the transactions, increasing ownership of SCL to 75.56% as of September 30, 2026.
- Paid a quarterly dividend of $0.30 per common share during the quarter.
- The next quarterly dividend of $0.30 per common share will be paid on November 10, 2026, to stockholders of record on November 2, 2026.
- The board announced a 20% increase in the recurring common stock dividend for the 2027 calendar year, raising the annual dividend to $1.44 per share, or $0.36 per share per quarter.
What drove it
- Macao Operations revenue was $ 1,940 million, compared to $ 1,906 million, while Marina Bay Sands revenue was $ 1,294 million, compared to $ 1,436 million.
- Macao management cited growth in volumes across all gaming segments as compared to the prior year, supported by investments in enhanced service and hospitality offerings.
- At Marina Bay Sands, rooms revenue was $ 162 million, compared to $ 154 million; occupancy was 95.8 %, compared to 95.5 %; ADR was $ 1,038, compared to $ 982; and RevPAR was $ 994, compared to $ 937.
- The Plaza Macao and Four Seasons Macao generated revenue of $ 238 million, compared to $ 206 million, and adjusted property EBITDA of $ 85 million, compared to $ 74 million.
- Sands Macao generated revenue of $ 99 million, compared to $ 72 million, and adjusted property EBITDA of $ 14 million, compared to $ 8 million.
- The company stated that its ongoing Singapore expansion project will meaningfully increase suite capacity and entertainment offerings, including an arena.
Concerns
- Consolidated net revenue was $ 3,216 million, compared to $ 3,331 million, and consolidated adjusted property EBITDA was $ 1,119 million, compared to $ 1,344 million.
- Marina Bay Sands casino revenue was $ 916 million, compared to $ 1,077 million, and its adjusted property EBITDA margin was 45.6 %, compared to 51.7 %.
- Macao Operations adjusted property EBITDA was $ 529 million, compared to $ 601 million, and margin was 27.3 %, compared to 31.5 %.
- The Londoner Macao adjusted property EBITDA margin was 26.0 %, compared to 31.9 %, while The Venetian Macao margin was 31.6 %, compared to 35.0 %.
- Net income was $ 352 million, compared to $ 491 million, while the effective income tax rate was 22.5%, compared to 15.6%.
What to watch
- Marina Bay Sands casino revenue, Rolling Chip volume and Non-Rolling Chip win percentage.
- Recovery in Macao Operations adjusted property EBITDA and property EBITDA margins.
- Progress of the MBS Expansion Project and related use of the $4.57 billion delayed draw term loan facility.
- Capital expenditures, which totaled $281 million in the third quarter of 2026.
- Execution of the announced 2027 dividend increase and future share repurchases under the remaining $5.06 billion authorization.
Balance sheet and cash flow
- Unrestricted cash balances were $2.86 billion as of September 30, 2026.
- Available borrowing capacity under U.S., SCL and Singapore revolving credit facilities was $4.27 billion, net of outstanding letters of credit.
- Available borrowing capacity under a delayed draw term loan facility was $4.57 billion for development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.
- Total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.30 billion as of September 30, 2026.
- Weighted average debt balance was $15.53 billion during the third quarter of 2026, compared to $15.94 billion during the third quarter of 2025.
- Weighted average borrowing cost was 4.7% during the third quarter of 2026, compared to 4.5% during the third quarter of 2025.
- Capital expenditures totaled $281 million during the third quarter, including $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other.
Analysis
Las Vegas Sands reported a lower third quarter on consolidated revenue and earnings measures. Net revenues were $ 3,216 million versus $ 3,331 million in the prior-year quarter, operating income was $ 618 million versus $ 719 million, and net income was $ 352 million versus $ 491 million. Diluted earnings per share was $ 0.48 versus $ 0.61, while adjusted earnings per diluted share was $ 0.54 versus $ 0.78. Consolidated adjusted property EBITDA declined to $ 1,119 million from $ 1,344 million, and its reported margin was 34.8 % versus 40.3 %.
The largest pressure point was Marina Bay Sands. Revenue was $ 1,294 million compared with $ 1,436 million, casino revenue was $ 916 million compared with $ 1,077 million, and adjusted property EBITDA was $ 590 million compared with $ 743 million. Its EBITDA margin declined to 45.6 % from 51.7 %. This occurred even as hotel indicators improved: occupancy was 95.8 % compared with 95.5 %, ADR was $ 1,038 compared with $ 982, and RevPAR was $ 994 compared with $ 937. Rolling Chip volume was $ 8,429 million compared with $ 9,069 million, while Non-Rolling Chip win percentage was 18.7 % compared with 24.5 %.
Macao revenue was comparatively resilient but profitability fell. Macao Operations revenue was $ 1,940 million versus $ 1,906 million, while adjusted property EBITDA was $ 529 million versus $ 601 million and the margin was 27.3 % versus 31.5 %. The Plaza Macao and Four Seasons Macao and Sands Macao recorded higher revenue and adjusted property EBITDA. In contrast, The Venetian Macao and The Londoner Macao both posted lower casino revenue and lower adjusted property EBITDA. Sands China Ltd. separately reported total net revenues increased 1.4% to $1.93 billion, while net income decreased 29.8% to $191 million.
Capital allocation remained substantial. The company repurchased $950 million of common stock, or approximately 21 million shares at a weighted average price of $45.31, and retained $5.06 billion under its repurchase authorization as of September 30, 2026. It also paid a $0.30 quarterly dividend and announced a 20% increase in the recurring common stock dividend for the 2027 calendar year to $1.44 per share annually. Liquidity included $2.86 billion of unrestricted cash, $4.27 billion of revolver availability and $4.57 billion available under a delayed draw term loan facility for the MBS Expansion Project, against $15.30 billion of total debt outstanding.
The release did not provide operating or financial guidance. Near-term attention is therefore on whether higher Macao gaming volumes can translate into restored property EBITDA margins, whether Marina Bay Sands gaming revenue and win rates improve, and the pace of capital investment. Third-quarter capital expenditures were $281 million, including $154 million in Macao and $121 million at Marina Bay Sands. Management continued to frame the Singapore expansion as a long-term capacity and entertainment opportunity.
Management, verbatim
We continued to execute our strategic objectives during the quarter in both Singapore and Macao while increasing the return of capital to shareholders, including through the repurchase of $950 million of our common stock during the quarter.
Patrick Dumont, chairman and chief executive officer
We are encouraged by our progress in Macao during the quarter, with our ongoing investments in enhanced service and hospitality offerings contributing to growth in volumes across all gaming segments as compared to the prior year.
Patrick Dumont, chairman and chief executive officer
We remain confident in our long-term strategy in both Singapore and Macao and will continue to invest in future growth.
Patrick Dumont, chairman and chief executive officer
Not in the filing
stated, not guessed- Forward financial guidance for revenue, gross margin, operating expenses, tax rate, earnings or adjusted property EBITDA
- Previous-period outlook for comparison with reported results
- GAAP gross margin
- Operating cash flow
- Free cash flow
- Prior-quarter figures for reported income statement and adjusted property EBITDA metrics
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Las Vegas Sands reported its Q3 2026 financials via an SEC Form 8‑K, detailing operational performance and shareholder returns.
Ticker impact
Q3 2026 results disclosed via 8‑K, including $3.22B revenue, $352M net income, $950M share repurchase and a 20% dividend increase.
likely modest upside as market prices dividend increase and buyback
Dividend hike and large repurchase signal confidence, offset by lower earnings; investors may bid the stock modestly higher.
Market effects
Highlights continued capital return trends in the integrated resort sector.
Positive for Singapore and Macau gaming markets as earnings guidance remains supportive.
Limited; primarily affects US‑listed casino operator LVS.
Counterpoint
Earnings decline may signal deeper demand weakness, suggesting caution despite dividend hike.
Key entities
- CompanyLas Vegas Sands Corp.
US‑listed integrated resort operator (ticker LVS).
