Las Vegas Sands reported across-the-board gains in its first-quarter earnings report released Wednesday.
The operator focused on Macau and Singapore reported net revenue increased 25.3% to $3.59 billion; net income increased 57.1% to $641 million; diluted earnings per share increased 73.5% to $0.85 per share; and consolidated adjusted property EBITDA increased 24.6% to $1.42 billion.
“We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macau while continuing to increase the return of capital to shareholders,” said Patrick Dumont, chairman and CEO.
“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 $3.59 billion, compared to $2.86 billion in the prior-year quarter. Operating income was $904 million, compared to $609 million in the prior-year quarter. Net income in the first quarter was $641 million, compared to $408 million in the first quarter of 2025.
Consolidated adjusted property EBITDA was $1.42 billion, compared to $1.14 billion in 2025.
Sands China Ltd. reported on a GAAP basis total net revenue increased 23.6% to $2.10 billion, compared to the first quarter of 2025. Net income for SCL increased 45.5% to $294 million, compared to $202 million in the first quarter of 2025.
Interest expense, net of amounts capitalized, was $188 million for the first quarter compared to $174 million in the prior year quarter. The weighted average debt balance was $16 billion during the first quarter, compared to $13.86 billion during the first quarter of 2025.
The weighted average borrowing cost was 4.6% during the first quarter, compared to 4.9% during the first quarter of 2025. The effective income tax rate for the first quarter was 14.3%, compared to 13.4% in the prior-year quarter. The income tax rate for the first quarter of 2026 was primarily driven by a 17% statutory rate on Singapore operations.
During the first quarter of 2026, the company repurchased $740 million of common stock, approximately 13 million shares at a weighted average price of $56.64. The remaining amount authorized under its share repurchase program was $817 million as of March 31. Since the resumption of its share-repurchase program in the fourth quarter of 2023 through March 31, the company has repurchased 14.3% of its outstanding shares, approximately 109 million shares of common stock at an average price of $47.95, for a total investment of $5.24 billion.
Sands paid a quarterly dividend of $0.30 per common share during the quarter. The next quarterly dividend of $0.30 per common share will be paid on May 13 to Las Vegas Sands stockholders of record on May 5.
Unrestricted cash balances as of March 31 were $3.33 billion.
As of March 31, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.57 billion.
In April, the company repaid HKD 2.40 billion (approximately $307 million at exchange rates in effect at the time of the transaction) of the outstanding balance under the 2024 SCL Revolving Facility.
As of April 22, the company had access to $3.97 billion for borrowing under its U.S., SCL, and Singapore revolving-credit facilities, net of outstanding letters of credit, and $4.94 billion available under a delayed draw term-loan facility.
Capital expenditures during the first quarter totaled $194 million, including construction, development, and maintenance activities of $102 million at Marina Bay Sands and $89 million in Macau.
