Las Vegas Sands reported third-quarter earnings that decreased modestly year-over-year as the company attributed the decline to high-end softness in both Singapore and Macau, the ongoing expansion of Marina Bay Sands and return capital to shareholders.
Net revenue was $3.2 billion, compared to $3.3 billion in the prior year quarter. Operating income was $618 million, down from $719 million in the third quarter of 2025, the company said Wednesday.
The Las Vegas-based company also reported net income in the third quarter was $352 million, compared to $491 million in the same quarter last year. Las Vegas Sands reported a profit of 48 cents per share, with earnings adjusted for non-recurring costs and asset impairment costs, were 54 cents per share.
The results did not meet Wall Street estimates. The average estimates of 14 analysts surveyed by Yahoo Finance was earnings of 68 cents a share for the third quarter.
“We continued to execute our strategic objectives during the quarter in both Singapore and Macau 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 CEO.
Dumont told analysts their goal was to position their property portfolio to capitalize on the growing demand of premium travel and entertainment experiences in Asia.
“We were fortunate to have the balance sheet and cash flow strength to support our meaningful investment program,” Dumont said during the company’s third quarter conference call. “Our entire quarterly results, the high end was softer in both of our markets this quarter, which negatively impacted our reported financial results.”
Las Vegas Sands owns and operates Marina Bay Sands in Singapore. The company is building an $8 billion standalone ultra-luxury expansion, known as IR2, adjacent to the resort.
“Singapore remains an ideal market for high value tourism,” Dumont said. “Our focus on creating unique and memorable entertainment and hospitality experience for our customers continues to generate industry leading financial performance. We believe that growth in terms of Singapore will continue over the long term.”
Looking ahead, Dumont said, they remain enthusiastic about the additional growth opportunities presented by our new development project in Singapore. He confirmed that the company remains on track to open IR2 in early 2031, subject to required government approvals.
Consolidated adjusted property EBITDA was $1.1 billion, compared to $1.3 billion in the prior year’s quarter.
On a GAAP basis, net revenues for Sands China Limited (SCL) increased 1.4% to $1.9 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.
Consolidated adjusted property EBITDA was $1.1 billion, compared to $1.3 billion in the prior year’s quarter. Other factors affecting earnings were interest expense, net of amounts capitalized, which was $186 million for the quarter, compared to $187 million in the prior year’s quarter.
Las Vegas Sands reported its weighted average debt balance was $15.5 billion during the third quarter, compared to $15.9 billion during the third quarter of 2025, with their weighted average borrowing cost was 4.7% during the third quarter, compared to 4.5% during the third quarter of 2025.
The company’s effective income tax rate for the third quarter was 22.5%, compared to 15.6% in the prior year’s quarter. The income tax rate for the third quarter was primarily driven by a 17% statutory rate on Singapore operations.
In Macau, Dumont said he was encouraged by their progress in the market, citing their share of mass gaming revenue had reached 26.1% for the quarter, their strongest performance since the fourth quarter of 2023.
“When compared to the third quarter of 2025, we delivered growth in gaming volumes across all segments,” Dumont said. “Rolling volume was up 31% year-over-year. Our non-rolling drop was up 11% year-over-year and ETG (electronic table games) handle was up 26%.”
Dumont said the renovation of the Venetian in Macau is progressing, and it’s expected to be completed by Chinese New Year 2028 , along with new premium focused gaming salons and related events.
“Macau remains the largest gaming market in the world, and we believe the market will grow and reach new heights in the years ahead,” Dumont told analysts. “We retain our goal of reaching $700 million quarterly EBITDA and more over time, as we fully implement our investment in operating strategies and as the Macau market grows in the future.”
Overall, Dumont stressed that this quarter does not represent the “true earnings power of our properties” in both Singapore and Macau.
