Las Vegas Sands Reports Second Quarter 2026 Results

Rhea-AI Summary

Las Vegas Sands (NYSE: LVS) reported second quarter 2026 net revenue of $3.15 billion, slightly below $3.18 billion a year earlier. Operating income was $618 million versus $783 million, and net income was $373 million with diluted EPS of $0.53, down from $0.66.

Consolidated adjusted property EBITDA was $1.12 billion versus $1.33 billion, with margins declining to 35.5% from 42.0%. Sands China net revenues fell 0.8% to $1.78 billion and net income declined to $107 million. Marina Bay Sands delivered adjusted property EBITDA of $689 million and a 49.9% margin.

The company repurchased $787 million of stock (about 15 million shares) in the quarter and its board increased remaining repurchase authorization to $6.0 billion through July 2029. Las Vegas Sands paid a $0.30 dividend and held $3.38 billion in unrestricted cash, with total debt of $15.11 billion and quarterly capital expenditures of $332 million.

Positive

• Net revenue $3.15 billion, nearly flat year over year
• Consolidated adjusted property EBITDA $1.12 billion in Q2 2026
• Marina Bay Sands EBITDA $689 million, 49.9% margin in Q2 2026
• Share repurchases $787 million in Q2 2026, ~15 million shares
• New repurchase authorization increased remaining capacity to $6.0 billion to 2029
• Shares retired since Q4 2023 124 million, 16.3% of outstanding
• Unrestricted cash $3.38 billion plus $1.26 billion loan repayment received in May 2026

Negative

• Operating income down to $618 million from $783 million year over year
• Net income down to $373 million from $519 million year over year
• Diluted EPS $0.53 versus $0.66 in prior-year quarter
• Consolidated adjusted property EBITDA down to $1.12 billion from $1.33 billion
• Total EBITDA margin compressed to 35.5% from 42.0%
• Sands China net income down 50% to $107 million year over year
• Effective tax rate increased to 19.1% from 14.8%

News Explained

Completed repurchases reduced the share base, but the new $6.0 billion authorization is a future ceiling, not money already committed.

As of June 30, 2026, Las Vegas Sands had completed $787 million of common-stock repurchases; the board's July 21, 2026 increase to $6.0 billion authorizes future purchases but does not commit that cash.

Here, the $787 million represents an executed repurchase, while the $6.0 billion represents the remaining board authorization; the release says future timing and share count will depend on the company's financial position, legal requirements, opportunities and market conditions.

Since the program resumed in the fourth quarter of 2023, the company reports repurchasing approximately 124 million shares, or 16.3% of outstanding shares, for a total investment of $6.03 billion at an average price of $48.49.

The specific follow-up is actual purchases against the $6.0 billion authorization before its stated July 21, 2029 expiration, rather than treating the authorization itself as additional repurchases.

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For the quarter ended June 30, 2026

• Net Revenue $3.15 billion
• Net Income $373 million
• Diluted Earnings per Share $0.53 per Share 
• Consolidated Adjusted Property EBITDA $1.12 billion
• LVS Repurchased $787 million of Common Stock during the quarter
• LVS Board of Directors Increased Stock Repurchase Authorization to $6.0 billion

LAS VEGAS, July 22, 2026 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2026.

"We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.

"In Macao, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter.

"At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance. 

"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 $3.15 billion, compared to $3.18 billion in the prior year quarter.  Operating income was $618 million, compared to $783 million in the prior year quarter.  Net income in the second quarter of 2026 was $373 million, compared to $519 million in the second quarter of 2025. 

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 0.8% to $1.78 billion, compared to the second quarter of 2025.  Net income for SCL decreased 50.0% to $107 million, compared to $214 million in the second quarter of 2025.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $189 million for the second quarter of 2026, compared to $194 million in the prior year quarter.  Our weighted average debt balance was $16.06 billion during the second quarter of 2026, compared to $15.85 billion during the second quarter of 2025.  Our weighted average borrowing cost was 4.6% during the second quarter of 2026, compared to 4.8% during the second quarter of 2025.

Our effective income tax rate for the second quarter of 2026 was 19.1%, compared to 14.8% in the prior year quarter.  The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the second quarter of 2026, we repurchased $787 million of our common stock (approximately 15 million shares at a weighted average price of $52.37).  The remaining amount authorized under our share repurchase program was $29 million as of June 30, 2026.  Subsequently, on July 21, 2026, the company's Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2026, we have repurchased 16.3% of our outstanding shares, approximately 124 million shares of our common stock at an average price of $48.49, for a total investment of $6.03 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

We paid a quarterly dividend of $0.30 per common share during the quarter.  Our next quarterly dividend of $0.30 per common share will be paid on August 12, 2026, to Las Vegas Sands stockholders of record on August 4, 2026.

Balance Sheet Items
Unrestricted cash balances as of June 30, 2026 were $3.38 billion.

In May 2026, the company received $1.26 billion of proceeds from the repayment in full of the seller financing loan related to the sale of the Las Vegas real property and operations.

The company has access to $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.68 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.  As of June 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.

Capital Expenditures
Capital expenditures during the second quarter totaled $332 million, including construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 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 Singapore and The Venetian^® Macao, The Londoner Macao^®, The Parisian^® Macao, The Plaza^® Macao and Four Seasons^® Hotel Macao, and Sands^® Macao in Macao SAR, China, through majority ownership in Sands China Ltd. 

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 North America, as well as Fortune's list of the World's Most Admired Companies.  To learn more, visit www.sands.com.

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," "should," "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 Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Las Vegas Sands Corp.
Second Quarter 2026 Results
Non-GAAP Financial Measures

Within the company's second 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				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Revenues:
Casino		$        2,341		$        2,415		$        5,080		$        4,542
Rooms		359		345		736		669
Food and beverage		168		147		344		288
Mall		198		187		402		373
Convention, retail and other		88		81		177		165
Net revenues		3,154		3,175		6,739		6,037
Operating expenses:
Resort operations		2,041		1,846		4,208		3,569
Corporate		74		69		157		142
Pre-opening		5		9		9		13
Development		43		69		84		138
Depreciation and amortization		350		371		707		733
Amortization of leasehold interests in land		21		20		42		35
Loss on disposal or impairment of assets		2		8		10		15
		2,536		2,392		5,217		4,645
Operating income		618		783		1,522		1,392
Other income (expense):
Interest income		31		42		66		84
Interest expense, net of amounts capitalized		(189)		(194)		(377)		(368)
Other income (expense)		1		(22)		(2)		(23)
Loss on modification or early retirement of debt		—		—		—		(5)
Income before income taxes		461		609		1,209		1,080
Income tax expense		(88)		(90)		(195)		(153)
Net income		373		519		1,014		927
Net income attributable to noncontrolling interests		(27)		(58)		(101)		(114)
Net income attributable to Las Vegas Sands Corp.		$           346		$           461		$           913		$           813
Earnings per share:
Basic		$          0.53		$          0.66		$          1.38		$          1.15
Diluted		$          0.53		$          0.66		$          1.38		$          1.15
Weighted average shares outstanding:
Basic		654		695		661		704
Diluted		656		696		663		704

 

Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Net Revenues
The Venetian Macao		$        591		$        663		$     1,301		$     1,301
The Londoner Macao		710		642		1,464		1,171
The Parisian Macao		218		194		447		421
The Plaza Macao and Four Seasons Macao		137		194		427		402
Sands Macao		95		71		188		146
Ferry Operations and Other		39		33		77		65
Macao Operations		1,790		1,797		3,904		3,506
Marina Bay Sands		1,380		1,388		2,867		2,551
Intercompany Royalties		83		67		170		128
Intersegment Eliminations(1)		(99)		(77)		(202)		(148)
		$     3,154		$     3,175		$     6,739		$     6,037
Adjusted Property EBITDA
The Venetian Macao		$        165		$        236		$        403		$        461
The Londoner Macao		192		205		415		358
The Parisian Macao		38		44		84		110
The Plaza Macao and Four Seasons Macao		20		66		134		140
Sands Macao		11		9		20		19
Ferry Operations and Other		4		6		7		13
Macao Operations		430		566		1,063		1,101
Marina Bay Sands		689		768		1,477		1,373
		$     1,119		$     1,334		$     2,540		$     2,474
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao		27.9 %		35.6 %		31.0 %		35.4 %
The Londoner Macao		27.0 %		31.9 %		28.3 %		30.6 %
The Parisian Macao		17.4 %		22.7 %		18.8 %		26.1 %
The Plaza Macao and Four Seasons Macao		14.6 %		34.0 %		31.4 %		34.8 %
Sands Macao		11.6 %		12.7 %		10.6 %		13.0 %
Ferry Operations and Other		10.3 %		18.2 %		9.1 %		20.0 %
Macao Operations		24.0 %		31.5 %		27.2 %		31.4 %
Marina Bay Sands		49.9 %		55.3 %		51.5 %		53.8 %
Total		35.5 %		42.0 %		37.7 %		41.0 %

____________________

(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				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Net income		$           373		$           519		$        1,014		$           927
Add (deduct):
Income tax expense		88		90		195		153
Loss on modification or early retirement of debt		—		—		—		5
Other (income) expense		(1)		22		2		23
Interest expense, net of amounts capitalized		189		194		377		368
Interest income		(31)		(42)		(66)		(84)
Loss on disposal or impairment of assets		2		8		10		15
Amortization of leasehold interests in land		21		20		42		35
Depreciation and amortization		350		371		707		733
Development expense		43		69		84		138
Pre-opening expense		5		9		9		13
Stock-based compensation(1)		6		5		9		6
Corporate expense		74		69		157		142
Consolidated Adjusted Property EBITDA		$        1,119		$        1,334		$        2,540		$        2,474

____________________

(1)	During the three months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
	During the six months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

 

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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net income attributable to LVS	$           346		$           461		$           913		$           813
Pre-opening expense	5		9		9		13
Development expense	43		69		84		138
Loss on disposal or impairment of assets	2		8		10		15
Other (income) expense	(1)		22		2		23
Loss on modification or early retirement of debt	—		—		—		5
Income tax impact on net income adjustments(1)	(11)		(14)		(20)		(28)
Noncontrolling interest impact on net income adjustments	—		(8)		(2)		(11)
Adjusted net income attributable to LVS	$           384		$           547		$           996		$           968
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Per diluted share of common stock:
Net income attributable to LVS	$          0.53		$          0.66		$          1.38		$          1.15
Pre-opening expense	0.01		0.01		0.01		0.02
Development expense	0.07		0.10		0.13		0.20
Loss on disposal or impairment of assets	—		0.01		0.01		0.02
Other (income) expense	—		0.03		—		0.03
Loss on modification or early retirement of debt	—		—		—		0.01
Income tax impact on net income adjustments	(0.02)		(0.01)		(0.03)		(0.03)
Noncontrolling interest impact on net income adjustments	—		(0.01)		—		(0.02)
Adjusted earnings per diluted share	$          0.59		$          0.79		$          1.50		$          1.38
Weighted average diluted shares outstanding	656		696		663		704

____________________

(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 win percentage:
	Three Months Ended
	June 30,
	2026		2025
Macao Operations	$          147		$           (11)
Marina Bay Sands(1)	(49)		(102)
	$            98		$         (113)
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
	Three Months Ended
	June 30,
	2026		2025
Macao Operations	$            87		$             (7)
Marina Bay Sands(1)	(37)		(80)
	$            50		$           (87)

____________________

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 June 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.2% and 4.1%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.
(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				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)		$        8,819		$        9,710		$        9,688		$        9,271
Slot machine win per unit per day(2)		$           446		$           305		$           464		$           336
Average number of table games		632		658		635		663
Average number of slot machines		1,396		1,651		1,426		1,667
The Londoner Macao:
Table games win per unit per day(1)		$      14,008		$      11,904		$      14,970		$      11,194
Slot machine win per unit per day(2)		$           718		$           591		$           673		$           506
Average number of table games		523		523		510		509
Average number of slot machines		1,380		1,566		1,418		1,562
The Parisian Macao:
Table games win per unit per day(1)		$        7,819		$        6,850		$        8,403		$        7,552
Slot machine win per unit per day(2)		$           370		$           273		$           369		$           278
Average number of table games		242		228		241		238
Average number of slot machines		1,291		1,412		1,285		1,352
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day(1)		$      14,081		$      19,300		$      21,781		$      20,460
Slot machine win per unit per day(2)		$             —		$            92		$             —		$            99
Average number of table games		116		105		114		105
Average number of slot machines(3)		—		53		2		51
Sands Macao:
Table games win per unit per day(1)		$        6,665		$        5,435		$        6,191		$        5,774
Slot machine win per unit per day(2)		$           276		$           256		$           272		$           246
Average number of table games		121		116		133		114
Average number of slot machines		1,278		761		1,233		779
Marina Bay Sands:
Table games win per unit per day(1)		$      20,156		$      21,003		$      22,491		$      18,928
Slot machine win per unit per day(2)		$        1,086		$        1,052		$        1,050		$           992
Average number of table games		564		539		566		541
Average number of slot machines		2,945		2,959		2,964		2,979

____________________

(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	June 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$        457		$        524		$       (67)
Rooms	43		50		(7)
Food and beverage	15		15		—
Mall	62		62		—
Convention, retail and other	14		12		2
Net revenues	$        591		$        663		$       (72)
Adjusted Property EBITDA	$        165		$        236		$       (71)
EBITDA Margin %	27.9 %		35.6 %		(7.7) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     1,028		$        859		$      169
Rolling Chip win %(1)	0.62 %		3.57 %		(2.95) pts
Non-Rolling Chip drop	$     2,452		$     2,348		$      104
Non-Rolling Chip win %	20.4 %		23.5 %		(3.1) pts
Slot handle	$     1,399		$     1,372		$        27
Slot hold %	4.1 %		3.3 %		0.8 pts
Hotel Statistics
Occupancy %	98.2 %		98.6 %		(0.4) pts
Average daily room rate (ADR)	$        197		$        195		$          2
Revenue per available room (RevPAR)	$        194		$        192		$          2

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated 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).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Londoner Macao	June 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$        548		$        495		$        53
Rooms	100		95		5
Food and beverage	31		27		4
Mall	23		21		2
Convention, retail and other	8		4		4
Net revenues	$        710		$        642		$        68
Adjusted Property EBITDA	$        192		$        205		$       (13)
EBITDA Margin %	27.0 %		31.9 %		(4.9) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     3,523		$     2,090		$   1,433
Rolling Chip win %(1)	3.67 %		4.09 %		(0.42) pts
Non-Rolling Chip drop	$     2,584		$     2,196		$      388
Non-Rolling Chip win %	20.8 %		21.9 %		(1.1) pts
Slot handle	$     2,227		$     2,114		$      113
Slot hold %	4.0 %		4.0 %		— pts
Hotel Statistics
Occupancy %	96.7 %		93.3 %		3.4 pts
Average daily room rate (ADR)	$        262		$        259		$          3
Revenue per available room (RevPAR)	$        254		$        242		$        12

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated 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).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Parisian Macao	June 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$        165		$        143		$        22
Rooms	32		34		(2)
Food and beverage	14		11		3
Mall	5		5		—
Convention, retail and other	2		1		1
Net revenues	$        218		$        194		$        24
Adjusted Property EBITDA	$         38		$          44		$         (6)
EBITDA Margin %	17.4 %		22.7 %		(5.3) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$        169		$          —		$      169
Rolling Chip win %(1)	(2.26) %		— %		— pts
Non-Rolling Chip drop	$        816		$        663		$      153
Non-Rolling Chip win %	21.6 %		21.4 %		0.2 pts
Slot handle	$     1,302		$        872		$      430
Slot hold %	3.3 %		4.0 %		(0.7) pts
Hotel Statistics
Occupancy %	97.4 %		99.2 %		(1.8) pts
Average daily room rate (ADR)	$        141		$        147		$        (6)
Revenue per available room (RevPAR)	$        138		$        146		$        (8)

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated 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).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Plaza Macao and Four Seasons Macao	June 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$         59		$        122		$       (63)
Rooms	28		28		—
Food and beverage	8		7		1
Mall	41		37		4
Convention, retail and other	1		—		1
Net revenues	$        137		$        194		$       (57)
Adjusted Property EBITDA	$         20		$         66		$       (46)
EBITDA Margin %	14.6 %		34.0 %		(19.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     2,824		$     1,399		$   1,425
Rolling Chip win %(1)	(1.15) %		2.72 %		(3.87) pts
Non-Rolling Chip drop	$        839		$        655		$      184
Non-Rolling Chip win %	21.6 %		22.3 %		(0.7) pts
Slot handle	$          —		$         19		$       (19)
Slot hold %	— %		2.3 %		— pts
Hotel Statistics
Occupancy %	95.1 %		92.1 %		3.0 pts
Average daily room rate (ADR)	$        507		$        502		$          5
Revenue per available room (RevPAR)	$        482		$        462		$        20

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated 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).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
Sands Macao	June 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$         88		$         63		$        25
Rooms	5		4		1
Food and beverage	2		3		(1)
Convention, retail and other	—		1		(1)
Net revenues	$         95		$         71		$        24
Adjusted Property EBITDA	$         11		$           9		$          2
EBITDA Margin %	11.6 %		12.7 %		(1.1) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$         26		$         23		$          3
Rolling Chip win %(1)	11.78 %		5.60 %		6.18 pts
Non-Rolling Chip drop	$        497		$        389		$      108
Non-Rolling Chip win %	14.2 %		14.4 %		(0.2) pts
Slot handle	$     1,526		$        589		$      937
Slot hold %	2.1 %		3.0 %		(0.9) pts
Hotel Statistics
Occupancy %	99.4 %		99.4 %		— pts
Average daily room rate (ADR)	$        162		$        176		$       (14)
Revenue per available room (RevPAR)	$        161		$        175		$       (14)

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated 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).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
Marina Bay Sands	June 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$     1,024		$     1,068		$       (44)
Rooms	151		134		17
Food and beverage	98		84		14
Mall	67		62		5
Convention, retail and other	40		40		—
Net revenues	$     1,380		$     1,388		$         (8)
Adjusted Property EBITDA	$        689		$        768		$       (79)
EBITDA Margin %	49.9 %		55.3 %		(5.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     9,269		$     8,945		$      324
Rolling Chip win %(1)	4.74 %		5.26 %		(0.52) pts
Non-Rolling Chip drop	$     2,597		$     2,360		$      237
Non-Rolling Chip win %	22.9 %		23.7 %		(0.8) pts
Slot handle	$     6,382		$     6,192		$      190
Slot hold %	4.6 %		4.6 %		— pts
Hotel Statistics
Occupancy %	95.6 %		95.0 %		0.6 pts
Average daily room rate (ADR)	$        982		$        888		$        94
Revenue per available room (RevPAR)	$        939		$        844		$        95

____________________

(1)	This compares to our theoretical Rolling Chip win percentage of 4.2% and 4.1% for the three months ended June 30, 2026 and 2025, respectively (calculated 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).
	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 June 30, 2026										TTM June 30, 2026
(Dollars in millions except per square foot data)		Gross Revenue(1)		Operating Profit		Operating Profit Margin		Gross Leasable Area (sq. ft.)		Occupancy % at End of Period		Tenant Sales Per Sq. Ft.(2)
Shoppes at Venetian		$           62		$         55		88.7 %		829,874		89.3 %		$          2,161
Shoppes at Four Seasons
Luxury Retail		29		27		93.1 %		161,025		100.0 %		5,670
Other Stores		12		11		91.7 %		94,292		78.7 %		2,115
		41		38		92.7 %		255,317		92.1 %		4,650
Shoppes at Londoner		23		19		82.6 %		518,122		75.9 %		1,886
Shoppes at Parisian		5		3		60.0 %		253,784		66.4 %		428
Total Cotai Strip in Macao		131		115		87.8 %		1,857,097		82.8 %		2,331
The Shoppes at Marina Bay Sands		67		61		91.0 %		616,028		100.0 %		3,279
Total		$         198		$       176		88.9 %		2,473,125		87.1 %		$          2,608

____________________

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.

 

 

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SOURCE Las Vegas Sands Corp.

FAQ

How did Las Vegas Sands (LVS) perform in Q2 2026?

Las Vegas Sands reported Q2 2026 net revenue of $3.15 billion and net income of $373 million. According to Las Vegas Sands, diluted EPS was $0.53, with operating income of $618 million and consolidated adjusted property EBITDA of $1.12 billion, reflecting lower profitability versus 2025.

What were Las Vegas Sands' Macao and Singapore results in Q2 2026 (LVS)?

In Q2 2026, Macao operations generated $1.79 billion in net revenues and adjusted property EBITDA of $430 million. According to Las Vegas Sands, Marina Bay Sands in Singapore delivered net revenues of $1.38 billion and adjusted property EBITDA of $689 million, with a 49.9% EBITDA margin.

How much stock did Las Vegas Sands (LVS) repurchase in Q2 2026?

Las Vegas Sands repurchased $787 million of common stock in Q2 2026, about 15 million shares. According to Las Vegas Sands, the weighted average repurchase price was $52.37. Since Q4 2023, the company has bought back 124 million shares, or 16.3% of its outstanding stock.

What is Las Vegas Sands' new share repurchase authorization in 2026?

On July 21, 2026, the board increased Las Vegas Sands' remaining share repurchase authorization to $6.0 billion. According to Las Vegas Sands, the authorization now extends through July 21, 2029, with actual future repurchases dependent on financial position, earnings, legal requirements and market conditions.

What dividend did Las Vegas Sands (LVS) declare for August 2026?

Las Vegas Sands declared a quarterly dividend of $0.30 per share, payable August 12, 2026. According to Las Vegas Sands, the dividend will be paid to stockholders of record on August 4, 2026, continuing the company’s regular cash return alongside its share repurchase program.

What is Las Vegas Sands' liquidity and debt position as of June 30, 2026?

As of June 30, 2026, Las Vegas Sands held $3.38 billion in unrestricted cash, with total debt of $15.11 billion. According to Las Vegas Sands, it had access to $4.26 billion under revolving credit facilities and $4.68 billion under a delayed draw term loan for the Marina Bay Sands expansion.

How did Las Vegas Sands' adjusted property EBITDA change in Q2 2026?

Consolidated adjusted property EBITDA in Q2 2026 was $1.12 billion, down from $1.33 billion a year earlier. According to Las Vegas Sands, overall EBITDA margin declined to 35.5% from 42.0%, with Macao operations EBITDA at $430 million and Marina Bay Sands at $689 million.