Las Vegas Sands Corp. (LVS) Earnings & Analysis

Latest quarter

Las Vegas Sands reported Q3 FY2026 revenue of $3.2 billion, below the $3.3 billion consensus and down from $3.3 billion a year earlier. Adjusted earnings per share were $0.54, below the consensus of $0.71.

The company’s filing attributed the revenue decline to a $142 million decrease at Marina Bay Sands, partly offset by a $27 million increase in Macao. At Marina Bay Sands, lower casino win percentages reduced non-rolling chip win despite higher volume, while lower volume and win percentages reduced rolling chip win. In Macao, higher table-game and slot volumes lifted casino revenue, partly offset by lower non-rolling chip win percentages, the filing said.

Las Vegas Sands reported diluted earnings per share of $0.48, down from $0.61 a year earlier. Gross margin fell to 45.6% from 49.8%, and operating margin declined to 19.2% from 21.6%. The company reported free cash flow of $587.0 million, compared with $893.0 million a year earlier.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

CEO Patrick Dumont said softer demand at the high end in both Singapore and Macao affected the quarter. Asked about the backdrop for tourism, he said global uncertainty could influence travel and spending but that he could not identify a single cause.

Dumont said Marina Bay Sands generated $590 million in quarterly EBITDA. In response to questions about its performance, he said some high-value patrons did not visit at certain points and that the property did not hold as well as it had a year earlier. He said lower hold affected margin and earnings, while maintaining his view of the property as having a $2.7 billion to $2.8 billion annualized EBITDA run rate.

In Macao, Dumont reported $529 million in quarterly EBITDA and said gaming volumes rose across segments from a year earlier. He attributed the EBITDA drag to higher expenses and said the company had invested in additional table operating hours and customer-facing staff.

Sands China CEO Grant Chum said the company gained revenue share across segments while controlling customer reinvestment. Asked about competition, Chum said the market remained competitive but that he had not seen a significant escalation in reinvestment levels. He said payroll would rise with cost-of-living adjustments next year, but he did not anticipate a significant increase in headcount.

On the Venetian Macao renovation, Chum said about 400 rooms were out of inventory during the quarter and expected about 500 next quarter. Dumont said the company expects to reintroduce the refreshed property by Chinese New Year 2028. He also said the Singapore development adjacent to Marina Bay Sands is expected to open in early 2031, subject to government approvals.

Guidance

Las Vegas Sands said its board approved a 20% increase in the quarterly dividend to $0.36 per share beginning in the first quarter of 2027, from $0.30. The company said the annual dividend for 2027 will be $1.44 per share.