Las Vegas Sands reported across-the-board declines in revenue, income, and adjusted earnings during the second quarter.
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. Net income in the second quarter was $373 million compared to $519 million. Consolidated adjusted property EBITDA was $1.12 billion compared to $1.33 billion in the prior-year quarter.
Total net revenue for Sands China decreased 0.8% to $1.78 billion compared to the second quarter of 2025. Net income for Sands China decreased 50.0% to $107 million compared to $214 million.
In May, the company received $1.26 billion in proceeds from the repayment in full of the seller-financing loan related to the sale of the Las Vegas real property and operations. Unrestricted cash balances as of June 30 were $3.38 billion.
“We continued to execute our strategic objectives during the quarter in both Singapore and Macau while continuing to increase the return of capital to shareholders,” said Patrick Dumont, CEO and chairman. “In Macau, 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, Dumont said they remain confident that their people, products, and focus on delivering service, hospitality, and entertainment experiences to customers will drive growth for the company and deliver strong returns to shareholders in the years ahead.
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 Macau, and $31 million in corporate and other.
The company has access to $4.26 billion for borrowing under its 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 that may be used to finance development and construction costs, expenses, fees, and other payments related to the Marina Bay Sands expansion project. As of June 30, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.
During the second quarter, Sands repurchased $787 million of common stock (about 15 million shares at a weighted average price of $52.37). The remaining amount authorized under the share repurchase program was $29 million as of June 30. Subsequently, on July 21, the company’s Board of Directors authorized increasing the remaining share-repurchase amount to $6 billion and extending the expiration date of the authorization to July 21, 2029.
Since the resumption of its share repurchase program in the fourth quarter of 2023 through June 30, 2026, Sands has repurchased 16.3% of its outstanding shares, approximately 124 million shares of common stock, at an average price of $48.49 for a total investment of $6.03 billion.
The company said 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.
Sands paid a quarterly dividend of $0.30 per common share during the quarter. The quarterly dividend of $0.30 per common share will be paid on August 12 to Las Vegas Sands stockholders of record on August 4.
Interest expense, net of amounts capitalized, was $189 million for the second quarter compared to $194 million in the prior-year quarter. The weighted average debt balance was $16.06 billion during the second quarter compared to $15.85 billion. The weighted average borrowing cost was 4.6% during the second quarter compared to 4.8% during the second quarter of 2025.
The effective income tax rate for the second quarter of 2026 was 19.1% compared to 14.8%. The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on the Singapore operations.
