Las Vegas Sands Corp.
LVS · NYSE
Next quarter
Expected to report Jan 27, 2027 — estimated from last year’s reporting date.
Consensus is $0.77 EPS for Dec 2026 across 8 estimates, ranging $0.64 to $0.96.
LVS Sep 2026
- 23.94%
- -2.61%
- $0.71
- $0.54
- —
- $3.22B
Reported results
- $3.22B
- $618.00M
- 19.22%
- $304.00M
- $0.48
Highlights
- Earnings miss: The supplied consensus comparison puts EPS at $0.54 versus $0.71 expected, a 23.9% shortfall. The release reports GAAP diluted EPS of $0.48 and adjusted diluted EPS of $0.54.
- Lower property earnings: Consolidated adjusted property EBITDA fell 16.7% year over year to $1.12 billion from $1.34 billion; operating income declined 14.0% to $618 million.
- Revenue mix: Revenue was $3.22 billion, down 3.5% year over year from $3.33 billion but up from $3.15 billion in Q2. Casino revenue fell 5.4%, while rooms, food and beverage, and mall revenue each increased.
- Macao share gains: Macao revenue grew 1.8% to $1.94 billion, and management said mass gaming share reached 26.1%, its highest since Q4 2023. Rolling volume rose 31%, non-rolling drop 11%, and slot/ETG handle 26% year over year.
- Singapore pressure: Marina Bay Sands revenue declined 9.9% to $1.29 billion and EBITDA fell 20.6% to $590 million. Management cited fewer visits from high-value patrons and weaker-than-prior-year gaming hold.
- Aggressive buybacks: LVS repurchased about 21 million shares for $950 million at an average $45.31; $5.06 billion remained authorized. The board also raised the 2027 annual dividend 20% to $1.44 per share.
- Investment and liquidity: Q3 capital expenditures were $281 million. LVS ended September with $2.86 billion of unrestricted cash, $15.30 billion of debt excluding finance leases, and $4.27 billion of revolving-facility availability.
Analysis
LVS’s September quarter combined an earnings miss with uneven performance across its two markets. The supplied consensus comparison shows EPS of $0.54 versus $0.71 expected, while the release reports GAAP diluted EPS of $0.48 and adjusted EPS of $0.54. Revenue of $3.22 billion was 3.5% below the year-ago quarter’s $3.33 billion, though above Q2’s $3.15 billion. Operating income of $618 million was down 14% year over year and flat sequentially; consolidated adjusted property EBITDA fell 16.7% to $1.12 billion. Consolidated net income was $352 million versus $491 million a year earlier.
The central issue was softer high-end patron activity and unfavorable gaming outcomes, especially at Marina Bay Sands, where revenue fell to $1.29 billion and EBITDA to $590 million. Macao showed better volume and share trends—revenue increased 1.8% and management reported 26.1% mass gaming share—but higher payroll and customer reinvestment weighed on EBITDA. These operating pressures contrasted with substantial capital returns: $950 million of LVS share repurchases in the quarter and a 20% increase in the 2027 dividend. Management maintained its long-term investment case, including major renovations and the Singapore expansion, while acknowledging the quarter’s softness in both markets.
Quarterly results
- Revenue and earnings: Net revenue was $3.216 billion, down $115 million (3.5%) year over year. Operating income fell $101 million (14.0%) to $618 million, and consolidated net income was $352 million versus $491 million.
- Per-share results: GAAP diluted EPS was $0.48 versus $0.61 a year earlier and $0.53 in Q2. Adjusted diluted EPS was $0.54 versus $0.78 a year ago; the supplied consensus comparison lists $0.54 actual against $0.71 expected.
- EBITDA and costs: Adjusted property EBITDA fell $225 million to $1.119 billion, and its margin contracted to 34.8% from 40.3%. Interest expense was nearly unchanged at $186 million, but the effective tax rate rose to 22.5% from 15.6%.
Macao operating progress
- Share and volumes: Macao operations generated $1.94 billion in revenue, up 1.8% year over year, while adjusted property EBITDA declined to $529 million from $601 million. Management reported 26.1% mass gaming revenue share, its strongest since Q4 2023.
- Gaming activity: Across Macao, rolling volume increased 31%, non-rolling drop 11%, and slot/ETG handle 26%. Management also cited double-digit patron-count growth and high-single-digit growth in property visitations, with particularly strong share gains at The Parisian and Sands Macao.
- Profitability trade-off: Macao EBITDA margin fell to 27.3% from 31.5%. LVS attributed pressure to higher payroll from more table hours and hospitality and sales staff, plus continued customer reinvestment. Management said reinvestment had been optimized and fixed expenses were essentially flat sequentially, while maintaining its longer-term goal of $700 million or more in quarterly Macao EBITDA.
Marina Bay Sands
- Quarter performance: Marina Bay Sands revenue declined $142 million, or about 9.9%, to $1.294 billion; adjusted property EBITDA fell $153 million to $590 million, and margin decreased to 45.6% from 51.7%.
- Gaming and hotels: Casino revenue fell 14.9% to $916 million. Non-rolling drop rose 12.6%, but its win percentage dropped to 18.7% from 24.5%; rolling volume declined 7.1%. Hotel occupancy was 95.8%, and ADR increased 5.7% to $1,038.
- Management’s explanation: Executives cited fewer visits from the highest-value patrons as well as weaker hold, describing the quarter as unusual; expected rolling-play hold would have added $4 million to EBITDA. The CEO reiterated a $2.7–$2.8 billion quarterly EBITDA run-rate view for the property.
Shareholder returns
- LVS repurchases: The company bought approximately 21 million shares for $950 million at a weighted-average $45.31. It had $5.06 billion left under its authorization at quarter-end; since resuming buybacks in Q4 2023, it has repurchased about 19% of outstanding shares for $6.98 billion.
- Dividend increase: The quarterly dividend paid during Q3 was $0.30 per share. The board approved a 20% increase to $0.36 per quarter, or $1.44 annually, beginning in 2027.
- Sands China ownership: LVS purchased 62 million SCL shares for about $101 million during the quarter, increasing its ownership to 75.56%.
Capital projects and liquidity
- Singapore expansion: The approximately $8 billion Marina Bay Sands project includes a luxury hotel tower, premium gaming, convention facilities, and a roughly 15,000-seat arena. About $3.1 billion had been incurred by September 30; the anticipated opening is January 2031, subject to approvals.
- Macao renovations: The Venetian refurbishment is progressing, with roughly 600 renovated rooms returned and about 400 rooms out of service during the quarter. Management expects around 500 rooms on average to remain unavailable through Q4 2027 and plans to have the refreshed property reintroduced by Chinese New Year 2028.
- Funding position: Q3 capital expenditures totaled $281 million, including $154 million in Macao and $121 million at Marina Bay Sands. Unrestricted cash was $2.86 billion, debt was $15.30 billion excluding finance leases, and available borrowing capacity was $4.27 billion under revolving facilities plus $4.57 billion under the delayed-draw facility for the MBS expansion.
