Las Vegas Sands Reports First Quarter 2026 Results
Rhea-AI Summary
Las Vegas Sands (NYSE: LVS) reported Q1 2026 results for the quarter ended March 31, 2026. Net revenue rose 25.3% to $3.59 billion and net income rose 57.1% to $641 million. Adjusted property EBITDA was $1.42 billion. The company repurchased $740 million of common stock and declared a $0.30 quarterly dividend.
Unrestricted cash was $3.33 billion and total debt was $15.57 billion as of March 31, 2026. The company hosts a conference call on April 22, 2026.
Positive
- Net revenue +25.3% to $3.59 billion
- Net income +57.1% to $641 million
- Consolidated adjusted property EBITDA +24.6% to $1.42 billion
- Share repurchases of $740 million in Q1 2026
- Unrestricted cash balance of $3.33 billion
Negative
- Total debt outstanding of $15.57 billion as of March 31, 2026
- Interest expense increased to $188 million in Q1 2026
- Weighted average debt balance rose to $16.0 billion
News Market Reaction – LVS
On the day this news was published, LVS declined 8.62%, reflecting a notable negative market reaction. Argus tracked a trough of -15.9% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $3.56B from the company's valuation, bringing the market cap to $37.73B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Key peers in Resorts & Casinos were modestly negative: WYNN -0.77%, MGM -0.71%, HGV -0.60%, MTN -0.61%, while RRR was flat. With no peers in the momentum scanner and LVS down 1.03%, the move appears more stock-specific than part of a broad sector swing.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Q4 2025 earnings | Positive | -14.0% | Strong Q4 2025 revenue, income and EBITDA with continued buybacks and dividend. |
| Oct 22 | Q3 2025 earnings | Positive | +12.4% | Q3 2025 revenue and EBITDA growth plus higher repurchases and dividend increase. |
| Jul 23 | Q2 2025 earnings | Positive | +4.3% | Q2 2025 revenue and income growth with strong EBITDA and large buyback. |
| Apr 23 | Q1 2025 earnings | Negative | +6.5% | Q1 2025 revenue and income down year-over-year despite solid EBITDA and buybacks. |
| Jan 29 | Q4 2024 earnings | Neutral | +11.1% | Q4 2024 mixed revenue and income but improving full-year results and capital returns. |
Recent earnings have often produced sizable moves, with both strong rallies and at least one sharp selloff, indicating that results and guidance commentary can trigger outsized reactions in either direction.
Over the past five earnings reports, Las Vegas Sands has shown a trajectory of rising scale and active capital returns. Prior quarters highlighted net revenue between $2.90B–$3.65B, net income up to $519M, and consolidated adjusted property EBITDA around $1.11B–$1.41B. Management repeatedly deployed $450M–$800M per quarter on buybacks and raised the annual dividend to $1.20 per share. Today’s Q1 2026 release, with net revenue of $3.59B and net income of $641M, extends that trend of solid operating performance and shareholder returns.
Historical Comparison
In the last five earnings releases, LVS moved an average of 4.06% in the following session, with both double‑digit gains and losses, framing today’s reaction against a history of volatile earnings days.
Across recent earnings, Las Vegas Sands has reported multi‑billion‑dollar quarterly revenues, expanding consolidated adjusted property EBITDA around the $1.1B–$1.4B range and consistently using share repurchases and dividends to return capital, with Q1 2026 results continuing this pattern of scaled operations and active capital allocation.
Market Pulse Summary
The stock moved -8.6% in the session following this news. A negative reaction despite strong Q1 2026 headline numbers would fit prior instances where solid results coincided with downside, such as the Q4 2025 report that saw a -13.96% move. Investors have previously reacted strongly to nuances in outlook or segment performance even when net revenue reached the $3B+ level and buybacks and dividends remained robust, so weakness could reflect positioning or expectations rather than the reported $641M net income.
Key Terms
consolidated adjusted property ebitda financial
weighted average debt balance financial
weighted average borrowing cost financial
effective income tax rate financial
statutory rate financial
revolving credit facilities financial
delayed draw term loan facility financial
capital expenditures financial
AI-generated analysis. Not financial advice.
For the quarter ended March 31, 2026
- Net Revenue Increased
25.3% to$3.59 billion - Net Income Increased
57.1% to$641 million - Diluted Earnings per Share Increased
73.5% to$0.85 - Consolidated Adjusted Property EBITDA Increased
24.6% to$1.42 billion - LVS Repurchased
$740 million
"We continued to execute our strategic objectives during the quarter as we delivered growth in both
"Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead."
Net revenue was
Consolidated adjusted property EBITDA was
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was
Our effective income tax rate for the first quarter of 2026 was
Stockholder Returns
During the first quarter of 2026, we repurchased
We paid a quarterly dividend of
Balance Sheet Items
Unrestricted cash balances as of March 31, 2026 were
As of March 31, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was
In April 2026, the company repaid
As of April 22, 2026, the company has access to
Capital Expenditures
Capital expenditures during the first quarter totaled
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, April 22, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in
Las Vegas Sands Corp.
First Quarter 2026 Results
Non-GAAP Financial Measures
Within the company's first quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1 | ||||
Las Vegas Sands Corp. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited)
| ||||
Three Months Ended | ||||
March 31, | ||||
2026 | 2025 | |||
Revenues: | ||||
Casino | $ 2,739 | $ 2,127 | ||
Rooms | 377 | 324 | ||
Food and beverage | 176 | 141 | ||
Mall | 204 | 186 | ||
Convention, retail and other | 89 | 84 | ||
Net revenues | 3,585 | 2,862 | ||
Operating expenses: | ||||
Resort operations | 2,167 | 1,723 | ||
Corporate | 83 | 73 | ||
Pre-opening | 4 | 4 | ||
Development | 41 | 69 | ||
Depreciation and amortization | 357 | 362 | ||
Amortization of leasehold interests in land | 21 | 15 | ||
Loss on disposal or impairment of assets | 8 | 7 | ||
2,681 | 2,253 | |||
Operating income | 904 | 609 | ||
Other income (expense): | ||||
Interest income | 35 | 42 | ||
Interest expense, net of amounts capitalized | (188) | (174) | ||
Other expense | (3) | (1) | ||
Loss on modification or early retirement of debt | — | (5) | ||
Income before income taxes | 748 | 471 | ||
Income tax expense | (107) | (63) | ||
Net income | 641 | 408 | ||
Net income attributable to noncontrolling interests | (74) | (56) | ||
Net income attributable to Las Vegas Sands Corp. | $ 567 | $ 352 | ||
Earnings per share: | ||||
Basic | $ 0.85 | $ 0.49 | ||
Diluted | $ 0.85 | $ 0.49 | ||
Weighted average shares outstanding: | ||||
Basic | 669 | 712 | ||
Diluted | 671 | 713 | ||
Exhibit 2 | ||||
Las Vegas Sands Corp. and Subsidiaries Net Revenues and Adjusted Property EBITDA (In millions) (Unaudited)
| ||||
Three Months Ended | ||||
March 31, | ||||
2026 | 2025 | |||
Net Revenues | ||||
The Venetian Macao | $ 710 | $ 638 | ||
The Londoner Macao | 754 | 529 | ||
The Parisian Macao | 229 | 227 | ||
The Plaza Macao and Four Seasons Macao | 290 | 208 | ||
Sands | 93 | 75 | ||
Ferry Operations and Other | 38 | 32 | ||
Macao Operations | 2,114 | 1,709 | ||
Marina Bay Sands | 1,487 | 1,163 | ||
Intercompany Royalties | 87 | 61 | ||
Intersegment Eliminations(1) | (103) | (71) | ||
$ 3,585 | $ 2,862 | |||
Adjusted Property EBITDA | ||||
The Venetian Macao | $ 238 | $ 225 | ||
The Londoner Macao | 223 | 153 | ||
The Parisian Macao | 46 | 66 | ||
The Plaza Macao and Four Seasons Macao | 114 | 74 | ||
Sands | 9 | 10 | ||
Ferry Operations and Other | 3 | 7 | ||
Macao Operations | 633 | 535 | ||
Marina Bay Sands | 788 | 605 | ||
$ 1,421 | $ 1,140 | |||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||
The Venetian Macao | 33.5 % | 35.3 % | ||
The Londoner Macao | 29.6 % | 28.9 % | ||
The Parisian Macao | 20.1 % | 29.1 % | ||
The Plaza Macao and Four Seasons Macao | 39.3 % | 35.6 % | ||
Sands | 9.7 % | 13.3 % | ||
Ferry Operations and Other | 7.9 % | 21.9 % | ||
Macao Operations | 29.9 % | 31.3 % | ||
Marina Bay Sands | 53.0 % | 52.0 % | ||
Total | 39.6 % | 39.8 % | ||
____________________
(1) | Intersegment eliminations include royalties and other intercompany services. |
Exhibit 3 | ||||
Las Vegas Sands Corp. and Subsidiaries Non-GAAP Financial Measure Reconciliation (In millions) (Unaudited)
| ||||
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA: | ||||
Three Months Ended | ||||
March 31 | ||||
2026 | 2025 | |||
Net income | $ 641 | $ 408 | ||
Add (deduct): | ||||
Income tax expense | 107 | 63 | ||
Loss on modification or early retirement of debt | — | 5 | ||
Other expense | 3 | 1 | ||
Interest expense, net of amounts capitalized | 188 | 174 | ||
Interest income | (35) | (42) | ||
Loss on disposal or impairment of assets | 8 | 7 | ||
Amortization of leasehold interests in land | 21 | 15 | ||
Depreciation and amortization | 357 | 362 | ||
Development expense | 41 | 69 | ||
Pre-opening expense | 4 | 4 | ||
Stock-based compensation(1) | 3 | 1 | ||
Corporate expense | 83 | 73 | ||
Consolidated Adjusted Property EBITDA | $ 1,421 | $ 1,140 | ||
____________________
(1) | During the three months ended March 31, 2026 and 2025, the company recorded stock-based compensation expense of |
Exhibit 4 | |||
Las Vegas Sands Corp. and Subsidiaries Non-GAAP Financial Measure Reconciliation (In millions, except per share data) (Unaudited)
| |||
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income: | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Net income attributable to LVS | $ 567 | $ 352 | |
Pre-opening expense | 4 | 4 | |
Development expense | 41 | 69 | |
Loss on disposal or impairment of assets | 8 | 7 | |
Other expense | 3 | 1 | |
Loss on modification or early retirement of debt | — | 5 | |
Income tax impact on net income adjustments(1) | (9) | (14) | |
Noncontrolling interest impact on net income adjustments | (2) | (3) | |
Adjusted net income attributable to LVS | $ 612 | $ 421 | |
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share: | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Per diluted share of common stock: | |||
Net income attributable to LVS | $ 0.85 | $ 0.49 | |
Pre-opening expense | 0.01 | 0.01 | |
Development expense | 0.06 | 0.10 | |
Loss on disposal or impairment of assets | 0.01 | 0.01 | |
Loss on modification or early retirement of debt | — | 0.01 | |
Income tax impact on net income adjustments | (0.02) | (0.03) | |
Adjusted earnings per diluted share | $ 0.91 | $ 0.59 | |
Weighted average diluted shares outstanding | 671 | 713 | |
____________________
(1) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
Exhibit 5 | |||
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (In millions) (Unaudited)
| |||
The following reflects the impact on Net Revenues for hold-adjusted | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Macao Operations | $ (25) | $ 17 | |
Marina Bay Sands(1) | 7 | 8 | |
$ (18) | $ 25 | ||
The following reflects the impact on Adjusted Property EBITDA for | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Macao Operations | $ (15) | $ 10 | |
Marina Bay Sands(1) | 6 | 6 | |
$ (9) | $ 16 | ||
____________________
Note: | These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's Rolling Chip win percentage for the three months ended March 31, 2026 and 2025, equaled |
(1) | Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. Presentation of the prior year period has been revised to be consistent with that methodology. |
Exhibit 6 | ||||
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| ||||
Three Months Ended | ||||
March 31, | ||||
2026 | 2025 | |||
Casino Statistics: | ||||
The Venetian Macao: | ||||
Table games win per unit per day(1) | $ 10,557 | $ 8,834 | ||
Slot machine win per unit per day(2) | $ 481 | $ 367 | ||
Average number of table games | 638 | 668 | ||
Average number of slot machines | 1,457 | 1,683 | ||
The Londoner Macao: | ||||
Table games win per unit per day(1) | $ 15,992 | $ 10,437 | ||
Slot machine win per unit per day(2) | $ 630 | $ 420 | ||
Average number of table games | 498 | 495 | ||
Average number of slot machines | 1,457 | 1,557 | ||
The Parisian Macao: | ||||
Table games win per unit per day(1) | $ 8,997 | $ 8,205 | ||
Slot machine win per unit per day(2) | $ 368 | $ 284 | ||
Average number of table games | 241 | 248 | ||
Average number of slot machines | 1,280 | 1,292 | ||
The Plaza Macao and Four Seasons Macao : | ||||
Table games win per unit per day(1) | $ 29,872 | $ 21,638 | ||
Slot machine win per unit per day(2) | $ — | $ 107 | ||
Average number of table games | 112 | 105 | ||
Average number of slot machines(3) | 4 | 49 | ||
Sands | ||||
Table games win per unit per day(1) | $ 5,789 | $ 6,130 | ||
Slot machine win per unit per day(2) | $ 267 | $ 237 | ||
Average number of table games | 144 | 112 | ||
Average number of slot machines | 1,187 | 798 | ||
Marina Bay Sands: | ||||
Table games win per unit per day(1) | $ 24,834 | $ 16,846 | ||
Slot machine win per unit per day(2) | $ 1,014 | $ 931 | ||
Average number of table games | 568 | 543 | ||
Average number of slot machines | 2,982 | 2,999 | ||
____________________
(1) | Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
(2) | Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
(3) | Slot machines were relocated to other properties during the three months ended March 31, 2026. |
Exhibit 7 | |||||
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| |||||
Three Months Ended | |||||
The Venetian Macao | March 31, | ||||
(Dollars in millions) | 2026 | 2025 | Change | ||
Revenues: | |||||
Casino | $ 556 | $ 495 | $ 61 | ||
Rooms | 51 | 53 | (2) | ||
Food and beverage | 19 | 15 | 4 | ||
Mall | 66 | 60 | 6 | ||
Convention, retail and other | 18 | 15 | 3 | ||
Net revenues | $ 710 | $ 638 | $ 72 | ||
Adjusted Property EBITDA | $ 238 | $ 225 | $ 13 | ||
EBITDA Margin % | 33.5 % | 35.3 % | (1.8)pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $ 957 | $ 862 | $ 95 | ||
Rolling Chip win %(1) | 3.85 % | 2.18 % | 1.67 pts | ||
Non-Rolling Chip drop | $ 2,584 | $ 2,260 | $ 324 | ||
Non-Rolling Chip win % | 22.0 % | 22.7 % | (0.7)pts | ||
Slot handle | $ 1,541 | $ 1,404 | $ 137 | ||
Slot hold % | 4.1 % | 4.0 % | 0.1 pts | ||
Hotel Statistics | |||||
Occupancy % | 98.9 % | 99.8 % | (0.9)pts | ||
Average daily room rate (ADR) | $ 202 | $ 204 | $ (2) | ||
Revenue per available room (RevPAR) | $ 200 | $ 204 | $ (4) | ||
____________________
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| |||||
Three Months Ended | |||||
The Londoner Macao | March 31, | ||||
(Dollars in millions) | 2026 | 2025 | Change | ||
Revenues: | |||||
Casino | $ 584 | $ 402 | $ 182 | ||
Rooms | 104 | 73 | 31 | ||
Food and beverage | 34 | 24 | 10 | ||
Mall | 25 | 21 | 4 | ||
Convention, retail and other | 7 | 9 | (2) | ||
Net revenues | $ 754 | $ 529 | $ 225 | ||
Adjusted Property EBITDA | $ 223 | $ 153 | $ 70 | ||
EBITDA Margin % | 29.6 % | 28.9 % | 0.7 pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $ 4,683 | $ 1,712 | $ 2,971 | ||
Rolling Chip win %(1) | 3.31 % | 3.56 % | (0.25)pts | ||
Non-Rolling Chip drop | $ 2,435 | $ 1,755 | $ 680 | ||
Non-Rolling Chip win % | 23.1 % | 23.0 % | 0.1 pts | ||
Slot handle | $ 2,219 | $ 1,668 | $ 551 | ||
Slot hold % | 3.7 % | 3.5 % | 0.2 pts | ||
Hotel Statistics | |||||
Occupancy % | 97.8 % | 98.1 % | (0.3)pts | ||
Average daily room rate (ADR) | $ 271 | $ 291 | $ (20) | ||
Revenue per available room (RevPAR) | $ 265 | $ 286 | $ (21) | ||
____________________
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| |||||
Three Months Ended | |||||
The Parisian Macao | March 31, | ||||
(Dollars in millions) | 2026 | 2025 | Change | ||
Revenues: | |||||
Casino | $ 176 | $ 173 | $ 3 | ||
Rooms | 33 | 35 | (2) | ||
Food and beverage | 14 | 12 | 2 | ||
Mall | 4 | 5 | (1) | ||
Convention, retail and other | 2 | 2 | — | ||
Net revenues | $ 229 | $ 227 | $ 2 | ||
Adjusted Property EBITDA | $ 46 | $ 66 | $ (20) | ||
EBITDA Margin % | 20.1 % | 29.1 % | (9.0)pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $ 1,348 | $ 709 | $ 639 | ||
Rolling Chip win %(1) | 1.11 % | 4.25 % | (3.14)pts | ||
Non-Rolling Chip drop | $ 886 | $ 728 | $ 158 | ||
Non-Rolling Chip win % | 20.3 % | 21.0 % | (0.7)pts | ||
Slot handle | $ 1,143 | $ 889 | $ 254 | ||
Slot hold % | 3.7 % | 3.7 % | — pts | ||
Hotel Statistics | |||||
Occupancy % | 98.7 % | 99.8 % | (1.1)pts | ||
Average daily room rate (ADR) | $ 148 | $ 154 | $ (6) | ||
Revenue per available room (RevPAR) | $ 146 | $ 154 | $ (8) | ||
____________________
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| |||||
Three Months Ended | |||||
The Plaza Macao and Four Seasons Macao | March 31, | ||||
(Dollars in millions) | 2026 | 2025 | Change | ||
Revenues: | |||||
Casino | $ 212 | $ 132 | $ 80 | ||
Rooms | 30 | 29 | 1 | ||
Food and beverage | 7 | 7 | — | ||
Mall | 40 | 39 | 1 | ||
Convention, retail and other | 1 | 1 | — | ||
Net revenues | $ 290 | $ 208 | $ 82 | ||
Adjusted Property EBITDA | $ 114 | $ 74 | $ 40 | ||
EBITDA Margin % | 39.3 % | 35.6 % | 3.7 pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $ 2,195 | $ 2,132 | $ 63 | ||
Rolling Chip win %(1) | 5.54 % | 2.40 % | 3.14 pts | ||
Non-Rolling Chip drop | $ 881 | $ 686 | $ 195 | ||
Non-Rolling Chip win % | 20.3 % | 22.2 % | (1.9)pts | ||
Slot handle | $ — | $ 21 | $ (21) | ||
Slot hold % | — % | 2.2 % | (2.2)pts | ||
Hotel Statistics | |||||
Occupancy % | 94.9 % | 97.2 % | (2.3)pts | ||
Average daily room rate (ADR) | $ 520 | $ 502 | $ 18 | ||
Revenue per available room (RevPAR) | $ 493 | $ 488 | $ 5 | ||
____________________
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| |||||
Three Months Ended | |||||
Sands | March 31, | ||||
(Dollars in millions) | 2026 | 2025 | Change | ||
Revenues: | |||||
Casino | $ 85 | $ 68 | $ 17 | ||
Rooms | 4 | 5 | (1) | ||
Food and beverage | 3 | 2 | 1 | ||
Convention, retail and other | 1 | — | 1 | ||
Net revenues | $ 93 | $ 75 | $ 18 | ||
Adjusted Property EBITDA | $ 9 | $ 10 | $ (1) | ||
EBITDA Margin % | 9.7 % | 13.3 % | (3.6)pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $ 29 | $ 59 | $ (30) | ||
Rolling Chip win %(1) | 3.63 % | 4.23 % | (0.60)pts | ||
Non-Rolling Chip drop | $ 531 | $ 380 | $ 151 | ||
Non-Rolling Chip win % | 14.0 % | 15.6 % | (1.6)pts | ||
Slot handle | $ 1,419 | $ 582 | $ 837 | ||
Slot hold % | 2.0 % | 2.9 % | (0.9)pts | ||
Hotel Statistics | |||||
Occupancy % | 99.0 % | 98.8 % | 0.2 pts | ||
Average daily room rate (ADR) | $ 163 | $ 174 | $ (11) | ||
Revenue per available room (RevPAR) | $ 161 | $ 172 | $ (11) | ||
____________________
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
| |||||
Three Months Ended | |||||
Marina Bay Sands | March 31, | ||||
(Dollars in millions) | 2026 | 2025 | Change | ||
Revenues: | |||||
Casino | $ 1,126 | $ 857 | $ 269 | ||
Rooms | 155 | 129 | 26 | ||
Food and beverage | 99 | 81 | 18 | ||
Mall | 69 | 62 | 7 | ||
Convention, retail and other | 38 | 34 | 4 | ||
Net revenues | $ 1,487 | $ 1,163 | $ 324 | ||
Adjusted Property EBITDA | $ 788 | $ 605 | $ 183 | ||
EBITDA Margin % | 53.0 % | 52.0 % | 1.0 pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $ 17,965 | $ 8,028 | $ 9,937 | ||
Rolling Chip win %(1) | 3.56 % | 3.70 % | (0.14)pts | ||
Non-Rolling Chip drop | $ 2,925 | $ 2,304 | $ 621 | ||
Non-Rolling Chip win % | 21.5 % | 22.8 % | (1.3)pts | ||
Slot handle | $ 6,613 | $ 5,812 | $ 801 | ||
Slot hold % | 4.1 % | 4.3 % | (0.2)pts | ||
Hotel Statistics | |||||
Occupancy % | 95.7 % | 95.6 % | 0.1 pts | ||
Average daily room rate (ADR) | $ 1,006 | $ 925 | $ 81 | ||
Revenue per available room (RevPAR) | $ 963 | $ 884 | $ 79 | ||
____________________
(1) | This compares to our theoretical Rolling Chip win percentage of
Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. |
Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Asian Retail Mall Operations (Unaudited) | ||||||||||||
For the Three Months Ended March 31, 2026 | TTM | |||||||||||
(Dollars in millions except per | Gross | Operating | Operating | Gross | Occupancy % | Tenant Sales | ||||||
Shoppes at Venetian | $ 66 | $ 57 | 86.4 % | 829,874 | 89.1 % | $ 2,137 | ||||||
Shoppes at Four Seasons | ||||||||||||
Luxury Retail | 30 | 28 | 93.3 % | 163,929 | 100.0 % | 5,658 | ||||||
Other Stores | 10 | 8 | 80.0 % | 91,388 | 84.5 % | 2,077 | ||||||
40 | 36 | 90.0 % | 255,317 | 94.4 % | 4,606 | |||||||
Shoppes at Londoner | 25 | 22 | 88.0 % | 518,122 | 78.0 % | 1,765 | ||||||
Shoppes at Parisian | 4 | 2 | 50.0 % | 253,806 | 72.4 % | 430 | ||||||
Total Cotai Strip in | 135 | 117 | 86.7 % | 1,857,119 | 84.4 % | 2,282 | ||||||
The Shoppes at Marina Bay Sands | 69 | 62 | 89.9 % | 620,562 | 96.6 % | 3,068 | ||||||
Total | $ 204 | $ 179 | 87.7 % | 2,477,681 | 87.5 % | $ 2,512 | ||||||
____________________
Note: | This table excludes the results of our retail outlets at Sands Macao. |
(1) | Gross revenue figures are net of intersegment revenue eliminations. |
(2) | Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2026-results-302750790.html
SOURCE Las Vegas Sands Corp.