Las Vegas Sands Corp.
LVS · NYSE
Next quarter
Reports Oct 28, 2026.
Consensus is $0.77 EPS for Sep 2026 across 8 estimates, ranging $0.72 to $0.85.
LVS Jun 2026
- 23.38%
- +1.72%
- $0.77
- $0.59
- —
- $3.15B
Reported results
- $3.15B
- $618.00M
- 19.59%
- $346.00M
- $0.53
Highlights
- Earnings miss: Adjusted diluted EPS was $0.59 versus the $0.77 consensus, a 23.4% shortfall; GAAP diluted EPS was $0.53 versus $0.66 a year ago and $0.85 in Q1.
- Operating decline: Net revenue was $3.15 billion, down 0.7% year over year and 12.0% sequentially, while operating income fell 21.1% year over year to $618 million.
- EBITDA pressure: Consolidated adjusted property EBITDA decreased 16.1% year over year to $1.12 billion, with margin falling to 35.5% from 42.0%.
- Unusually low hold: Management attributed the weak print primarily to unusually low rolling-chip hold, which reduced estimated revenue by $49 million at Marina Bay Sands and $37 million of EBITDA.
- Macao weakness: Macao adjusted property EBITDA fell 24.0% to $430 million despite broadly stable revenue of $1.79 billion, as low rolling-chip win rates and higher patron reinvestment, marketing and payroll costs offset stronger volumes.
- Singapore resilience: Marina Bay Sands generated $689 million of adjusted property EBITDA, down 10.3% year over year, while hotel revenue rose 12.7% to $151 million and RevPAR increased 11.3% to $939.
- Aggressive capital returns: LVS repurchased $787 million of stock, or approximately 15 million shares, during the quarter and raised its remaining repurchase authorization to $6.0 billion; it also paid a $0.30 dividend.
- Expansion funding: Second-quarter capital expenditures were $332 million, including $215 million at Marina Bay Sands; the roughly $8.0 billion MBS Expansion Project had incurred approximately $3.0 billion through June 30.
Analysis
Las Vegas Sands’ second quarter was a material earnings miss driven by gaming hold rather than a collapse in demand. Adjusted EPS of $0.59 was 23.4% below the $0.77 consensus, while GAAP diluted EPS was $0.53. Net revenue of $3.15 billion was down 0.7% from $3.18 billion a year ago and 12.0% from $3.58 billion in Q1. Operating income fell to $618 million from $783 million a year ago and $904 million sequentially; net income attributable to LVS was $346 million versus $461 million a year ago and $567 million in Q1.
The central issue was unusually low rolling-chip hold across the portfolio. Macao volumes increased across gaming segments, but Macao EBITDA fell 24.0% to $430 million as low win rates, competitive marketing and payroll investment compressed margins. Marina Bay Sands remained highly profitable, producing $689 million of EBITDA, although that was down 10.3% year over year as table-game hold declined and Singapore’s premium gaming tax rate increased from 8% to 12%. The quarter also underscored LVS’s capital-allocation priorities: $787 million of buybacks, a new $6.0 billion authorization and continued funding of the MBS expansion. Liquidity remained substantial, with $3.38 billion of unrestricted cash and $4.26 billion of revolving capacity.
Earnings and hold
The quarter’s earnings weakness was concentrated in operating performance. Adjusted property EBITDA declined $215 million year over year to $1.12 billion, reducing consolidated margin by 6.5 percentage points to 35.5%. Net income attributable to LVS fell 25.0% to $346 million, while the effective tax rate increased to 19.1% from 14.8%. Interest expense was broadly stable at $189 million despite a higher average debt balance of $16.06 billion, helped by a lower weighted-average borrowing cost of 4.6%.
- Hold variance: The company estimated that normalizing rolling-chip win rates would have added $147 million of Macao revenue and $87 million of Macao EBITDA, partly offset by a $49 million revenue and $37 million EBITDA drag at Marina Bay Sands.
- Volume versus monetization: Macao rolling-chip volumes rose at The Venetian, The Londoner and The Plaza, but rolling-chip win rates were 0.62%, 3.67% and negative 1.15%, respectively, versus expected hold of 3.3%.
Macao operations
Macao revenue was essentially flat at $1.79 billion, but profitability deteriorated sharply. EBITDA fell from $566 million to $430 million, and margin contracted to 24.0% from 31.5%. Management said investments in service levels and hospitality were generating higher volumes, but the competitive environment required greater patron reinvestment, marketing and payroll spending. The Venetian and The Plaza were the largest EBITDA detractors.
- The Venetian: Revenue fell 10.9% to $591 million and EBITDA fell 30.1% to $165 million; rolling-chip volume increased 19.7% to $1.03 billion, but win rate dropped to 0.62% from 3.57%.
- The Londoner: Revenue increased 10.6% to $710 million, supported by 17.7% higher non-rolling-chip drop and 68.6% higher rolling-chip volume, but EBITDA declined 6.3% to $192 million as margin fell to 27.0%.
- The Plaza and Four Seasons: Revenue fell 29.4% to $137 million and EBITDA dropped 69.7% to $20 million; rolling-chip volume doubled to $2.82 billion, but the win rate was negative 1.15% versus 2.72% a year earlier.
- Non-gaming: Macao room revenue fell $3 million because of Venetian renovations, while food and beverage revenue rose $7 million and mall revenue rose $6 million.
Marina Bay Sands
Marina Bay Sands remained the company’s highest-margin asset, but its EBITDA contribution declined to $689 million from $768 million, with margin falling to 49.9% from 55.3%. Casino revenue decreased 4.1% to $1.02 billion even as rolling-chip volume rose 3.6% and slot handle rose 3.1%, reflecting lower table-game win rates. Stronger rooms and non-gaming activity partially cushioned the casino decline.
- Hotel performance: Room revenue rose 12.7% to $151 million, occupancy increased to 95.6% from 95.0%, and ADR rose to $982 from $888, lifting RevPAR to $939 from $844.
- Non-gaming momentum: Food and beverage revenue increased $14 million to $98 million, while mall revenue increased $5 million to $67 million.
- Tax headwind: Premium gaming tax increased from 8% to 12% after the property crossed the relevant threshold in June 2026, contributing to higher casino expenses.
Capital returns and liquidity
LVS continued to prioritize shareholder returns despite the earnings pressure. It repurchased approximately 15 million shares at a weighted average price of $52.37 during the quarter and paid a $0.30-per-share dividend. Since resuming repurchases in Q4 2023, the company has bought back approximately 124 million shares, or 16.3% of shares outstanding, for $6.03 billion.
- Authorization: The board increased the remaining repurchase authorization from $29 million at June 30 to $6.0 billion and extended its expiration to July 21, 2029.
- Liquidity: Unrestricted cash was $3.38 billion, total debt was $15.11 billion excluding finance leases, and revolving facilities provided $4.26 billion of available borrowing capacity.
- Debt management: The company issued $1.0 billion of senior notes in May and used the proceeds with cash to redeem $1.0 billion of notes due August 2026.
MBS expansion
The quarter continued to be shaped by the Marina Bay Sands Expansion Project, which includes a new hotel tower, premium gaming, convention facilities, a rooftop attraction and a roughly 15,000-seat arena. LVS spent $215 million on Marina Bay Sands construction, development and maintenance during the quarter, bringing project spending to approximately $3.0 billion through June 30 against an estimated total cost of $8.0 billion.
- Funding capacity: The company had $4.68 billion available under a delayed-draw term loan facility intended to fund MBS Expansion Project costs.
- Timing: Construction began in May 2025; the company currently expects completion around June 2030 and an opening in January 2031, while its agreement with Singapore requires completion by July 8, 2029 unless extended.
