Financial research firm CreditSights said in a note that it expects Sands China’s EBITDA margins to continue trending lower in 2026 as the company continues enhancing its player reinvestment strategy.
However, it also anticipates the company will continue gaining Macau market share as a result of its investments, with free cash flow to remain positive and both revenue and EBITDA to show strong growth.
The forecast followed publication last week of Sands China’s 1Q26 financial results, which saw net revenues rise 2.4% year-on-year to US$2.11 billion and Adjusted Property EBITDA grow 18.3% to US$633 million. Adjusted Property EBITDA margin decreased 140bps year-on-year to 29.9%, although this was 40bps higher than in 4Q25.
