Las Vegas Sands Reports Third Quarter 2026 Results

Shareholder returns increased despite lower quarterly revenue, net income and adjusted property earnings.

Rhea-AI Summary

Las Vegas Sands (NYSE: LVS) reported third-quarter 2026 net revenue of $3.22 billion, down from the prior-year quarter. Net income fell to $352 million from $491 million, and diluted earnings per share declined to $0.48 from $0.61. Consolidated adjusted property EBITDA, a non-GAAP measure of property operating earnings, fell to $1.119 billion from $1.344 billion.

Macao operations revenue rose to $1.940 billion from $1.906 billion, while Marina Bay Sands revenue declined to $1.294 billion from $1.436 billion. The company repurchased $950 million of common stock during the quarter. Its board announced a 20% dividend increase for 2027, to $1.44 annually, or $0.36 quarterly. At September 30, unrestricted cash was $2.86 billion and debt, excluding finance leases and net of deferred offering costs and original issue discounts, was $15.30 billion. Quarterly capital expenditures totaled $281 million.

26 points · 0 major

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0 major · 27 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCommon-stock repurchases totaled $950 million in Q3: approximately 21 million shares at a $45.31 weighted average price. 3.8% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Recurring dividend increases 20% for 2027 to $1.44 annually, or $0.36 per quarter.
• Minor pointRemaining share-repurchase authorization was $5.06 billion at September 30, 2026.
• Minor pointSCL share purchases of 62 million shares for HKD 793 million raised ownership to 75.56% at September 30.
• Minor pointMacao operations Q3 revenue increased to $1.940 billion from $1.906 billion a year earlier.

21 minor points

• Minor pointParisian Macao Q3 revenue rose to $231 million from $218 million a year earlier.
• Minor pointPlaza Macao and Four Seasons Q3 revenue rose to $238 million from $206 million a year earlier.
• Minor pointPlaza Macao and Four Seasons Q3 adjusted property EBITDA rose to $85 million from $74 million.
• Minor pointSands Macao Q3 revenue increased to $99 million from $72 million a year earlier.
• Minor pointSands Macao Q3 adjusted property EBITDA increased to $14 million from $8 million a year earlier.
• Minor pointQ3 room revenue rose to $376 million from $374 million a year earlier.
• Minor pointQ3 food and beverage revenue rose to $176 million from $165 million a year earlier.
• Minor pointQ3 mall revenue rose to $202 million from $199 million a year earlier.
• Minor pointQ3 convention, retail and other revenue rose to $92 million from $87 million a year earlier.
• Minor pointQ3 development expense fell to $37 million from $72 million a year earlier.
• Minor pointQ3 depreciation and amortization declined to $340 million from $368 million a year earlier.
• Minor pointQ3 disposal or impairment losses decreased to $4 million from $68 million a year earlier.
• Minor pointQ3 pre-opening expense decreased to $5 million from $7 million a year earlier.
• Minor pointQ3 interest expense, net of capitalized amounts, declined to $186 million from $187 million.
• Minor pointWeighted average Q3 debt declined to $15.53 billion from $15.94 billion a year earlier.
• Minor pointAvailable revolving-credit capacity totaled $4.27 billion, net of outstanding letters of credit.
• Minor pointMBS expansion financing capacity included $4.57 billion available under a delayed draw term loan facility.
• Minor point. Forward-looking: it has not happened yet and may not happen.Marina Bay Sands expansion is ongoing; the company expects additional suite capacity and entertainment offerings.
• Minor pointNine-month revenue increased to $9.955 billion from $9.368 billion in 2025.
• Minor pointNine-month operating income increased to $2.140 billion from $2.111 billion in 2025.
• Minor pointNine-month diluted earnings per share rose to $1.86 from $1.77 in 2025.

Negative

• Moderate pointQ3 net revenue fell to $3.216 billion from $3.331 billion a year earlier.
• Moderate pointQ3 net income declined to $352 million from $491 million a year earlier.
• Moderate pointQ3 operating income declined to $618 million from $719 million a year earlier.
• Moderate pointQ3 consolidated adjusted property EBITDA fell to $1.119 billion from $1.344 billion a year earlier.
• Minor pointQ3 diluted earnings per share fell to $0.48 from $0.61 a year earlier.

22 minor points

• Minor pointQ3 consolidated adjusted property EBITDA margin narrowed to 34.8% from 40.3% a year earlier.
• Minor pointMarina Bay Sands Q3 revenue fell to $1.294 billion from $1.436 billion a year earlier.
• Minor pointMarina Bay Sands Q3 adjusted property EBITDA fell to $590 million from $743 million.
• Minor pointMarina Bay Sands Q3 adjusted property EBITDA margin declined to 45.6% from 51.7%.
• Minor pointMacao operations Q3 adjusted property EBITDA declined to $529 million from $601 million a year earlier.
• Minor pointMacao operations Q3 adjusted property EBITDA margin narrowed to 27.3% from 31.5%.
• Minor pointSCL Q3 net income decreased 29.8% to $191 million from $272 million a year earlier.
• Minor pointVenetian Macao Q3 revenue declined to $649 million from $692 million a year earlier.
• Minor pointVenetian Macao Q3 adjusted property EBITDA declined to $205 million from $242 million.
• Minor pointLondoner Macao Q3 revenue declined to $685 million from $686 million a year earlier.
• Minor pointLondoner Macao Q3 adjusted property EBITDA declined to $178 million from $219 million.
• Minor pointParisian Macao Q3 adjusted property EBITDA declined to $46 million from $53 million.
• Minor pointQ3 casino revenue declined to $2.370 billion from $2.506 billion a year earlier.
• Minor pointQ3 resort operating expenses rose to $2.103 billion from $1.998 billion a year earlier.
• Minor pointQ3 corporate expenses rose to $88 million from $78 million a year earlier.
• Minor pointQ3 interest income declined to $23 million from $39 million a year earlier.
• Minor pointWeighted average Q3 borrowing cost increased to 4.7% from 4.5% a year earlier.
• Minor pointQ3 effective income tax rate increased to 22.5% from 15.6% a year earlier.
• Minor pointDebt outstanding was $15.30 billion, excluding finance leases and net of deferred offering costs and original issue discounts.
• Minor pointQ3 capital spending required $281 million, including $154 million in Macao and $121 million at Marina Bay Sands.
• Minor pointNine-month net income declined to $1.366 billion from $1.418 billion in 2025.
• Minor pointNine-month consolidated adjusted property EBITDA declined to $3.659 billion from $3.818 billion in 2025.

News Explained

At September 30, the company reported $4.27 billion available on revolving facilities and $4.57 billion on a delayed-draw facility that may fund MBS expansion-related costs.

During the third quarter, Las Vegas Sands purchased HKD 793 million of Sands China shares, raising its ownership to 75.56% as of September 30, 2026.

As of September 30, 2026, the company reported access to $4.27 billion available for borrowing under revolving facilities and $4.57 billion under a delayed-draw facility that may fund costs related to the MBS Expansion Project.

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Key Figures

Net revenue: $3.22 billion Operating income: $618 million Net income: $352 million +4 more

Net revenue

$3.22 billion

Q3 2026; compared with $3.33 billion in the prior-year quarter

Operating income

$618 million

Q3 2026; compared with $719 million in the prior-year quarter

Net income

$352 million

Q3 2026; compared with $491 million in the prior-year quarter

Diluted earnings per share

$0.48

Q3 2026; compared with $0.61 in the prior-year quarter

Adjusted property EBITDA

$1.12 billion

Q3 2026; compared with $1.34 billion in the prior-year quarter

Common stock repurchases

$950 million

During Q3 2026

Recurring common dividend increase

20%

For calendar year 2027; annual dividend raised to $1.44 per share

Previous Earnings Reports

5 past events · Latest: Jul 22

Same Type 5 events

1. Jul 22

   Q2 2026 earnings

   24h Move

   +1.7%

   Revenue, net income and adjusted property EBITDA were below prior-year levels.

2. Apr 22

   Q1 2026 earnings

   24h Move

   -8.6%

   Revenue and net income rose year over year; adjusted property EBITDA was reported.

3. Jan 28

   Q4 2025 earnings

   24h Move

   -14.0%

   Quarterly revenue, net income and adjusted property EBITDA were reported.

4. Oct 22

   Q3 2025 earnings

   24h Move

   +12.4%

   Quarterly revenue and net income were reported alongside adjusted property EBITDA.

5. Jul 23

   Q2 2025 earnings

   24h Move

   +4.3%

   Revenue and net income increased year over year; adjusted property EBITDA was reported.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap financial measures

1 terms

non-gaap financial measures financial

"certain non-GAAP financial measures that supplement the company's consolidated financial information"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

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For the quarter ended September 30, 2026

• Net Revenue $3.22 billion
• Net Income $352 million
• Diluted Earnings per Share $0.48
• Consolidated Adjusted Property EBITDA $1.12 billion
• LVS Repurchased $950 million of Common Stock During the Quarter
• LVS Board of Directors Announced a 20% Increase in LVS's Recurring Common Stock Dividend for the 2027 Calendar Year, Raising the Annual Dividend to $1.44 per Share ($0.36 per Share per Quarter)

LAS VEGAS, Oct. 21, 2026 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2026.

"We continued to execute our strategic objectives during the quarter in both Singapore and Macao while increasing the return of capital to shareholders, including through the repurchase of $950 million of our common stock during the quarter," said Patrick Dumont, chairman and chief executive officer.

"At Marina Bay Sands in Singapore, we delivered solid financial performance.  We remain enthusiastic about our growth prospects in Singapore both today and upon the completion of our ongoing expansion project, which will meaningfully increase our suite capacity and entertainment offerings, including through the introduction of an arena designed to be the most important entertainment venue in the region.

"We are encouraged by our progress in Macao during the quarter, with our ongoing investments in enhanced service and hospitality offerings contributing to growth in volumes across all gaming segments as compared to the prior year.

"We remain confident in our long-term strategy in both Singapore and Macao and will continue to invest in future growth.  We are fortunate to have the balance sheet and cash flow strength to support our meaningful capital investment programs, positioning our portfolio of properties to capitalize on the growing demand for premium travel and world-class entertainment experiences in the region.

"We strongly believe 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 $3.22 billion, compared to $3.33 billion in the prior year quarter.  Operating income was $618 million, compared to $719 million in the prior year quarter.  Net income in the third quarter of 2026 was $352 million, compared to $491 million in the third quarter of 2025. 

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.34 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 1.4% to $1.93 billion, compared to the third quarter of 2025.  Net income for SCL decreased 29.8% to $191 million, compared to $272 million in the third quarter of 2025.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $186 million for the third quarter of 2026, compared to $187 million in the prior year quarter.  Our weighted average debt balance was $15.53 billion during the third quarter of 2026, compared to $15.94 billion during the third quarter of 2025.  Our weighted average borrowing cost was 4.7% during the third quarter of 2026, compared to 4.5% during the third quarter of 2025.

Our effective income tax rate for the third quarter of 2026 was 22.5%, compared to 15.6% in the prior year quarter.  The income tax rate for the third quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the third quarter of 2026, we repurchased $950 million of our common stock (approximately 21 million shares at a weighted average price of $45.31).  The remaining amount authorized under our share repurchase program was $5.06 billion as of September 30, 2026.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through September 30, 2026, we have repurchased 19.0% of our outstanding shares, approximately 145 million shares of our common stock at an average price of $48.03, for a total investment of $6.98 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.

During the third quarter of 2026, we purchased 62 million shares of SCL common stock for HKD 793 million (approximately $101 million at exchange rates in effect at the time of the transactions), increasing the company's ownership percentage of SCL to 75.56% as of September 30, 2026.

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 November 10, 2026, to Las Vegas Sands stockholders of record on November 2, 2026.

Balance Sheet Items
Unrestricted cash balances as of September 30, 2026 were $2.86 billion.

The company has access to $4.27 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.57 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 September 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.30 billion.

Capital Expenditures
Capital expenditures during the third quarter totaled $281 million, including construction, development and maintenance activities of $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, October 21, 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.
Third Quarter 2026 Results
Non-GAAP Financial Measures

Within the company's third 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				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Revenues:
Casino		$      2,370		$      2,506		$      7,450		$      7,048
Rooms		376		374		1,112		1,043
Food and beverage		176		165		520		453
Mall		202		199		604		572
Convention, retail and other		92		87		269		252
Net revenues		3,216		3,331		9,955		9,368
Operating expenses:
Resort operations		2,103		1,998		6,311		5,567
Corporate		88		78		245		220
Pre-opening		5		7		14		20
Development		37		72		121		210
Depreciation and amortization		340		368		1,047		1,101
Amortization of leasehold interests in land		21		21		63		56
Loss on disposal or impairment of assets		4		68		14		83
		2,598		2,612		7,815		7,257
Operating income		618		719		2,140		2,111
Other income (expense):
Interest income		23		39		89		123
Interest expense, net of amounts capitalized		(186)		(187)		(563)		(555)
Other income (expense)		(1)		11		(3)		(12)
Loss on modification or early retirement of debt		—		—		—		(5)
Income before income taxes		454		582		1,663		1,662
Income tax expense		(102)		(91)		(297)		(244)
Net income		352		491		1,366		1,418
Net income attributable to noncontrolling interests		(48)		(72)		(149)		(186)
Net income attributable to Las Vegas Sands Corp.		$         304		$         419		$      1,217		$      1,232
Earnings per share:
Basic		$        0.48		$        0.61		$        1.86		$        1.77
Diluted		$        0.48		$        0.61		$        1.86		$        1.77
Weighted average shares outstanding:
Basic		639		682		654		696
Diluted		640		685		655		698

 

Exhibit 2
Las Vegas Sands Corp. and Subsidiaries Net Revenues and Adjusted Property EBITDA (In millions) (Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Net Revenues
The Venetian Macao		$      649		$      692		$    1,950		$    1,993
The Londoner Macao		685		686		2,149		1,857
The Parisian Macao		231		218		678		639
The Plaza Macao and Four Seasons Macao		238		206		665		608
Sands Macao		99		72		287		218
Ferry Operations and Other		38		32		115		97
Macao Operations		1,940		1,906		5,844		5,412
Marina Bay Sands		1,294		1,436		4,161		3,987
Intercompany Royalties		74		80		244		208
Intersegment Eliminations(1)		(92)		(91)		(294)		(239)
		$    3,216		$    3,331		$    9,955		$    9,368
Adjusted Property EBITDA
The Venetian Macao		$      205		$      242		$      608		$      703
The Londoner Macao		178		219		593		577
The Parisian Macao		46		53		130		163
The Plaza Macao and Four Seasons Macao		85		74		219		214
Sands Macao		14		8		34		27
Ferry Operations and Other		1		5		8		18
Macao Operations		529		601		1,592		1,702
Marina Bay Sands		590		743		2,067		2,116
		$    1,119		$    1,344		$    3,659		$    3,818
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao		31.6 %		35.0 %		31.2 %		35.3 %
The Londoner Macao		26.0 %		31.9 %		27.6 %		31.1 %
The Parisian Macao		19.9 %		24.3 %		19.2 %		25.5 %
The Plaza Macao and Four Seasons Macao		35.7 %		35.9 %		32.9 %		35.2 %
Sands Macao		14.1 %		11.1 %		11.8 %		12.4 %
Ferry Operations and Other		2.6 %		15.6 %		7.0 %		18.6 %
Macao Operations		27.3 %		31.5 %		27.2 %		31.4 %
Marina Bay Sands		45.6 %		51.7 %		49.7 %		53.1 %
Total		34.8 %		40.3 %		36.8 %		40.8 %

(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				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Net income		$         352		$         491		$      1,366		$      1,418
Add (deduct):
Income tax expense		102		91		297		244
Loss on modification or early retirement of debt		—		—		—		5
Other (income) expense		1		(11)		3		12
Interest expense, net of amounts capitalized		186		187		563		555
Interest income		(23)		(39)		(89)		(123)
Loss on disposal or impairment of assets		4		68		14		83
Amortization of leasehold interests in land		21		21		63		56
Depreciation and amortization		340		368		1,047		1,101
Development expense		37		72		121		210
Pre-opening expense		5		7		14		20
Stock-based compensation(1)		6		11		15		17
Corporate expense		88		78		245		220
Consolidated Adjusted Property EBITDA		$      1,119		$      1,344		$      3,659		$      3,818

(1)	During the three months ended September 30, 2026 and 2025, the company recorded stock-based compensation expense of $18 million and $26 million, respectively, of which $12 million and $15 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
	During the nine months ended September 30, 2026 and 2025, the company recorded stock-based compensation expense of $57 million and $52 million, respectively, of which $42 million and $35 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				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Net income attributable to LVS		$         304		$         419		$      1,217		$      1,232
Pre-opening expense		5		7		14		20
Development expense		37		72		121		210
Loss on disposal or impairment of assets		4		68		14		83
Other (income) expense		1		(11)		3		12
Loss on modification or early retirement of debt		—		—		—		5
Income tax impact on net income adjustments(1)		(7)		(21)		(27)		(49)
Noncontrolling interest impact on net income adjustments		(1)		2		(3)		(9)
Adjusted net income attributable to LVS		$         343		$         536		$      1,339		$      1,504
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Per diluted share of common stock:
Net income attributable to LVS		$        0.48		$        0.61		$        1.86		$        1.77
Pre-opening expense		0.01		0.01		0.02		0.03
Development expense		0.05		0.11		0.18		0.30
Loss on disposal or impairment of assets		0.01		0.10		0.02		0.12
Other (income) expense		—		(0.02)		—		0.02
Loss on modification or early retirement of debt		—		—		—		0.01
Income tax impact on net income adjustments		(0.01)		(0.03)		(0.04)		(0.08)
Noncontrolling interest impact on net income adjustments		—		—		—		(0.02)
Adjusted earnings per diluted share		$        0.54		$        0.78		$        2.04		$        2.15
Weighted average diluted shares outstanding		640		685		655		698

(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
	September 30,
	2026		2025
Macao Operations	$                                      (19)		$                          (4)
Marina Bay Sands	6		(57)
	$                                      (13)		$                        (61)
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
	Three Months Ended
	September 30,
	2026		2025
Macao Operations	$                                      (11)		$                          (2)
Marina Bay Sands	4		(43)
	$                                        (7)		$                        (45)

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 September 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.6% and 4.2%, 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.

 

Exhibit 6
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)		$      9,715		$      9,931		$      9,697		$      9,492
Slot machine win per unit per day(2)		$         370		$         336		$         433		$         336
Average number of table games		629		657		633		661
Average number of slot machines		1,410		1,660		1,421		1,664
The Londoner Macao:
Table games win per unit per day(1)		$     12,929		$     13,115		$     14,264		$     11,843
Slot machine win per unit per day(2)		$          696		$          579		$          680		$          531
Average number of table games		531		511		517		510
Average number of slot machines		1,396		1,563		1,411		1,562
The Parisian Macao:
Table games win per unit per day(1)		$      7,687		$      7,553		$      8,162		$      7,552
Slot machine win per unit per day(2)		$         420		$         285		$         387		$         281
Average number of table games		242		243		242		239
Average number of slot machines		1,344		1,403		1,305		1,369
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day(1)		$     21,840		$     20,891		$     21,801		$     20,605
Slot machine win per unit per day(2)(3)		$            —		$           76		$            —		$            91
Average number of table games		116		105		115		105
Average number of slot machines(3)		—		53		1		52
Sands Macao:
Table games win per unit per day(1)		$      7,056		$      5,516		$      6,461		$      5,684
Slot machine win per unit per day(2)		$         268		$         234		$         270		$         242
Average number of table games		119		121		128		116
Average number of slot machines		1,362		810		1,276		790
Marina Bay Sands:
Table games win per unit per day(1)		$     17,920		$     21,380		$     20,965		$     19,754
Slot machine win per unit per day(2)		$       1,069		$       1,027		$      1,056		$       1,003
Average number of table games		557		541		563		541
Average number of slot machines		2,940		2,961		2,956		2,973

(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	September 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$      507		$      543		$     (36)
Rooms	44		52		(8)
Food and beverage	15		16		(1)
Mall	64		64		—
Convention, retail and other	19		17		2
Net revenues	$      649		$      692		$     (43)
Adjusted Property EBITDA	$      205		$      242		$     (37)
EBITDA Margin %	31.6 %		35.0 %		(3.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$      917		$      635		$     282
Rolling Chip win %(1)	3.97 %		5.87 %		(1.90)pts
Non-Rolling Chip drop	$    2,354		$    2,390		$     (36)
Non-Rolling Chip win %	22.4 %		23.6 %		(1.2) pts
Slot handle	$    1,367		$    1,430		$     (63)
Slot hold %	3.5 %		3.6 %		(0.1) pts
Hotel Statistics(2)
Occupancy %	98.3 %		98.0 %		0.3 pts
Average daily room rate (ADR)	$      200		$      200		$       —
Revenue per available room (RevPAR)	$      197		$      196		$        1

(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).
(2)	We anticipate approximately 500 rooms, on average, to be out of service through the fourth quarter of 2027 due to room renovations.

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	Three Months Ended
The Londoner Macao	September 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$      514		$      525		$     (11)
Rooms	103		102		1
Food and beverage	34		31		3
Mall	26		23		3
Convention, retail and other	8		5		3
Net revenues	$      685		$      686		$       (1)
Adjusted Property EBITDA	$      178		$      219		$     (41)
EBITDA Margin %	26.0 %		31.9 %		(5.9) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$    3,216		$    2,312		$     904
Rolling Chip win %(1)	3.43 %		3.65 %		(0.22) pts
Non-Rolling Chip drop	$    2,803		$    2,268		$     535
Non-Rolling Chip win %	18.6 %		23.4 %		(4.8) pts
Slot handle	$    2,256		$    2,141		$     115
Slot hold %	4.0 %		3.9 %		0.1 pts
Hotel Statistics
Occupancy %	97.5 %		96.4 %		1.1 pts
Average daily room rate (ADR)	$      264		$      262		$        2
Revenue per available room (RevPAR)	$      257		$      253		$        4

(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	September 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$      178		$      163		$      15
Rooms	33		34		(1)
Food and beverage	14		14		—
Mall	5		5		—
Convention, retail and other	1		2		(1)
Net revenues	$      231		$      218		$      13
Adjusted Property EBITDA	$        46		$        53		$       (7)
EBITDA Margin %	19.9 %		24.3 %		(4.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume(1)	$         —		$         —		$       —
Rolling Chip win %(1)	— %		— %		— pts
Non-Rolling Chip drop	$       761		$       785		$      (24)
Non-Rolling Chip win %	22.5 %		21.5 %		1.0 pts
Slot handle	$    1,404		$    1,007		$     397
Slot hold %	3.7 %		3.6 %		0.1 pts
Hotel Statistics
Occupancy %	98.3 %		97.0 %		1.3 pts
Average daily room rate (ADR)	$      144		$      151		$       (7)
Revenue per available room (RevPAR)	$      142		$      147		$       (5)

(1)	Rolling Chip tables are made available based on demand.

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
		Three Months Ended
The Plaza Macao and Four Seasons Macao		September 30,
(Dollars in millions)		2026		2025		Change
Revenues:
Casino		$      163		$      132		$      31
Rooms		30		28		2
Food and beverage		7		7		—
Mall		37		38		(1)
Convention, retail and other		1		1		—
Net revenues		$      238		$      206		$      32
Adjusted Property EBITDA		$        85		$        74		$      11
EBITDA Margin %		35.7 %		35.9 %		(0.2) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume		$    1,584		$    1,402		$     182
Rolling Chip win %(1)		3.76 %		1.84 %		1.92 pts
Non-Rolling Chip drop		$      785		$      683		$     102
Non-Rolling Chip win %		22.2 %		25.7 %		(3.5) pts
Slot handle(2)		$        —		$        15		$      (15)
Slot hold %(2)		— %		2.5 %		— pts
Hotel Statistics
Occupancy %		96.1 %		92.6 %		3.5 pts
Average daily room rate (ADR)		$      504		$      493		$      11
Revenue per available room (RevPAR)		$      485		$      456		$      29

(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).
(2)	Slot machines were relocated to other properties during the three months ended March 31, 2026.

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	Three Months Ended
Sands Macao	September 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$        92		$        66		$      26
Rooms	4		4		—
Food and beverage	2		2		—
Mall	1		—		1
Net revenues	$        99		$        72		$      27
Adjusted Property EBITDA	$        14		$          8		$        6
EBITDA Margin %	14.1 %		11.1 %		3.0 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$        22		$        18		$        4
Rolling Chip win %(1)	11.22 %		3.08 %		8.14 pts
Non-Rolling Chip drop	$      480		$      371		$     109
Non-Rolling Chip win %	15.5 %		16.4 %		(0.9) pts
Slot handle	$    1,568		$      626		$     942
Slot hold %	2.1 %		2.8 %		(0.7) pts
Hotel Statistics
Occupancy %	99.4 %		98.4 %		1.0 pts
Average daily room rate (ADR)	$      162		$      166		$       (4)
Revenue per available room (RevPAR)	$      161		$      164		$       (3)

(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	September 30,
(Dollars in millions)	2026		2025		Change
Revenues:
Casino	$      916		$    1,077		$    (161)
Rooms	162		154		8
Food and beverage	104		95		9
Mall	70		69		1
Convention, retail and other	42		41		1
Net revenues	$    1,294		$    1,436		$    (142)
Adjusted Property EBITDA	$       590		$       743		$    (153)
EBITDA Margin %	45.6 %		51.7 %		(6.1) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$    8,429		$    9,069		$    (640)
Rolling Chip win %(1)	4.53 %		4.84 %		(0.31) pts
Non-Rolling Chip drop	$    2,874		$    2,552		$     322
Non-Rolling Chip win %	18.7 %		24.5 %		(5.8) pts
Slot handle	$    6,539		$    6,406		$     133
Slot hold %	4.4 %		4.4 %		— pts
Hotel Statistics
Occupancy %	95.8 %		95.5 %		0.3 pts
Average daily room rate (ADR)	$    1,038		$      982		$      56
Revenue per available room (RevPAR)	$       994		$      937		$      57

(1)	This compares to our theoretical Rolling Chip win percentage of 4.6% and 4.2% for the three months ended September 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).

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Asian Retail Mall Operations (Unaudited)
		For the Three Months Ended September 30, 2026										TTM September 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		$         63		$       56		88.9 %		839,415		94.1 %		$        2,201
Shoppes at Four Seasons
Luxury Retail		28		25		89.3 %		161,025		100.0 %		5,614
Other Stores		9		8		88.9 %		100,644		80.7 %		2,116
		37		33		89.2 %		261,669		92.6 %		4,608
Shoppes at Londoner		26		22		84.6 %		518,620		82.4 %		1,924
Shoppes at Parisian		5		3		60.0 %		252,775		69.5 %		421
Total Cotai Strip in Macao		131		114		87.0 %		1,872,479		87.3 %		2,349
The Shoppes at Marina Bay Sands		70		62		88.6 %		616,037		99.5 %		3,318
Total		$        201		$      176		87.6 %		2,488,516		90.3 %		$        2,632

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Las Vegas Sands' third-quarter 2026 earnings?

Las Vegas Sands reported $352 million in net income and diluted earnings per share of $0.48 for the quarter ended September 30, 2026. The prior-year quarter had net income of $491 million and diluted earnings per share of $0.61.

How much is Las Vegas Sands increasing its dividend for 2027?

The board announced a 20% increase in the recurring common-stock dividend for calendar 2027, raising it to $1.44 per share annually, or $0.36 per share quarterly.

When will Las Vegas Sands pay its next quarterly dividend?

The next quarterly dividend of $0.30 per common share will be paid on November 10, 2026, to stockholders of record on November 2, 2026. This payment precedes the announced dividend increase for calendar 2027.