Las Vegas Sands Q3 2026: Marina Bay Sands EBITDA falls 21%, Macao volumes grow as Sands China refinances
Las Vegas Sands reported lower third-quarter revenue and profit as Marina Bay Sands EBITDA fell to $590 million, while Sands China grew revenue 1.4%. Days later Sands China said it would issue new notes to redeem US$700 million of 2027 debt.
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Overview
- Las Vegas Sands (NYSE: LVS) reported third-quarter 2026 net revenue of $3.22 billion, down from $3.33 billion a year earlier, and net income of $352 million, down from $491 million, in results furnished to the SEC on October 21.
- Consolidated adjusted property EBITDA fell to $1.12 billion from $1.34 billion. Marina Bay Sands in Singapore accounted for most of the decline, with EBITDA down 21% to $590 million.
- Sands China, the group's Macao unit, said on October 26 it intends to offer US-dollar senior unsecured notes to redeem its US$700 million 2.300% notes due 2027.
Singapore and Macao
According to the release, Marina Bay Sands net revenue fell to $1.29 billion from $1.44 billion, and adjusted property EBITDA to $590 million from $743 million.
Macao operations grew net revenue to $1.94 billion from $1.91 billion, but adjusted property EBITDA fell to $529 million from $601 million. On a GAAP basis, Sands China's net revenue rose 1.4% to $1.93 billion and its net income fell 29.8% to $191 million.
| Q3 (US$ m) | Net revenue 2026 | 2025 | Adj. property EBITDA 2026 | 2025 |
|---|---|---|---|---|
| The Venetian Macao | 649 | 692 | 205 | 242 |
| The Londoner Macao | 685 | 686 | 178 | 219 |
| The Parisian Macao | 231 | 218 | 46 | 53 |
| The Plaza and Four Seasons Macao | 238 | 206 | 85 | 74 |
| Sands Macao | 99 | 72 | 14 | 8 |
| Macao operations | 1,940 | 1,906 | 529 | 601 |
| Marina Bay Sands | 1,294 | 1,436 | 590 | 743 |
Source: Las Vegas Sands Q3 2026 results release (Exhibit 99.1 to Form 8-K). Macao operations include ferry and other.
Chairman and Chief Executive Patrick Dumont said the company "delivered solid financial performance" at Marina Bay Sands, and that investments in Macao contributed "to growth in volumes across all gaming segments as compared to the prior year."
Capital returns and spending
Sands repurchased $950 million of its stock in the quarter and raised its stake in Sands China to 75.56% after buying 62 million SCL shares for HK$793 million, the release said. The board announced a 20% increase in the recurring dividend for 2027, to $1.44 a share annually.
Capital expenditure was $281 million, including $154 million in Macao and $121 million at Marina Bay Sands, where an expansion project is under way.
Sands China notes
In a separate 8-K on October 26, Las Vegas Sands said Sands China intends to use the proceeds of the new notes and cash on hand to redeem the 2027 notes in full, repay its 2024 revolving facility and for general corporate purposes. Pricing and terms were to be set at the time of the offering.
Sands China is one of Macao's six concessionaires that committed MOP9 billion to a government guidance fund under their non-gaming investment obligations.
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Patricia Cruz aims to bring a different perspective to familiar industry conversations. Through in-depth articles and thematic reports at AskSpinner News, Patricia draws attention to details worth questioning and connections that can be overlooked, using the news as a starting point for a closer look at the business of iGaming.
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