Las Vegas Sands NYSE: LVS said third-quarter results were affected by softer demand from high-end customers in both Singapore and Macao, though the company maintained its long-term investment plans and expanded its shareholder-return programs.
Chairman and Chief Executive Officer Patrick Dumont said the company remains confident in Asia’s long-term economic growth and wealth-creation trends, despite what he described as an “aberrational” quarter for visitation from its highest-value patrons.
“The high-end was softer in both of our markets this quarter, which negatively impacted our reported financial results,” Dumont said. He said the company could not attribute the slowdown to any single factor, citing broader uncertainty affecting tourism behavior and noting that the World Cup final occurred during the quarter.
Singapore EBITDA Reaches $590 Million
Marina Bay Sands generated quarterly EBITDA of $590 million. Dumont said EBITDA would have been $594 million if rolling-play hold had been in line with expectations.
Management said the property’s mass-market volume remained solid, but unfavorable hold affected earnings. Dumont said Marina Bay Sands had less visitation from its highest-value customers during certain points of the quarter, particularly in July and September.
Despite the quarterly softness, Dumont reiterated his view that Marina Bay Sands has annualized EBITDA potential of approximately $2.7 billion to $2.8 billion. He said the company continues to see Singapore as a leading destination for high-value tourism and views the property as competing with luxury tourism destinations across Asia rather than with only a single local competitor.
Las Vegas Sands expects its adjacent Singapore development project to open in early 2031, subject to government approvals. The project is expected to add premium suite capacity, hospitality offerings and a new arena with approximately 15,000 seats depending on stage configuration.
Dumont said the company expects the arena to support live entertainment, meetings and conventions, and broader tourism demand for both the new project and the existing Marina Bay Sands resort. He added that the company has not yet seen material inflation in development costs, although it is monitoring construction and fit-out expenses closely.
Macao Market Share Improves
In Macao, Las Vegas Sands reported quarterly EBITDA of $529 million. EBITDA would have been $518 million if rolling-play hold had matched expected levels, according to Dumont.
Sands China’s Macao mass gaming revenue share reached 26.1% during the quarter, its highest level since the fourth quarter of 2023. Compared with the third quarter of 2025, rolling volume rose 31%, non-rolling drop increased 11%, and slot electronic table game handle climbed 26%.
Grant Chum, CEO and President of Sands China and executive vice president of Asia operations, said the company gained revenue share across segments while keeping its reinvestment approach relatively consistent. He said the company has optimized its customer-reinvestment program over the past nine months while continuing to improve service levels, marketing and events.
“The market remains very competitive,” Chum said. “However, we also do not see any major escalation” in reinvestment levels.
Chum said Sands China has embedded recent staffing investments into its cost base, including gaming employees for additional table operating hours, sales personnel and hospitality staff. Fixed expenses were essentially flat sequentially in the third quarter, he said, and the company does not anticipate significant additional headcount increases from current levels, apart from expected cost-of-living adjustments.
Management said it does not plan to reduce recently added staffing in response to softer market conditions. Dumont said the employees are needed to support higher-value products now under development and to deliver service levels intended to attract premium customers over time.
Property Upgrades Continue
Las Vegas Sands is continuing a renovation of The Venetian Macao, which began in March and is expected to be completed and reintroduced by Chinese New Year 2028. The project includes refreshed suites, premium-focused gaming salons and related amenities.
Chum said about 400 rooms were out of inventory during the third quarter, with that figure expected to rise to roughly 500 in the fourth quarter as renovation work continues, including work on multi-bay Paiza suites. Around 600 renovated rooms had returned to inventory, and management said customer feedback had exceeded its early expectations.
He added that Sands China saw sequential improvement in Venetian mass revenue compared with the second quarter while managing the renovation-related inventory reductions.
The company also identified the Venetian renovation and the conversion of the Conrad into a Londoner-themed hotel as key return-focused development projects. In addition, Sands China is advancing a botanic garden project tied to its concession commitments, which Chum said is intended to become a new tourism landmark in Macao.
Capital Returns Accelerate
Las Vegas Sands repurchased $950 million of its shares during the quarter and has repurchased 19% of its outstanding shares over the past 12 quarters, Dumont said. About $5 billion remained under a $6 billion share-repurchase authorization approved in July.
The company also paid its recurring quarterly dividend of $0.30 per share and said its board approved a 20% increase in the quarterly dividend to $0.36 per share beginning in the first quarter of 2027.
Dumont said buybacks will remain the larger component of capital returns relative to dividends, supported by excess cash flow and cash balances, while the company seeks to maintain an investment-grade credit rating and gross leverage of approximately two to three times before development-related debt.
Las Vegas Sands also increased its ownership in Sands China during the quarter, reaching 75.6% as of Sept. 30, 2026. Dumont said the company is focused on repurchasing more LVS and Sands China equity rather than pursuing mergers and acquisitions.
About Las Vegas Sands (NYSE:LVS)
Las Vegas Sands Corp. NYSE: LVS is a global developer and operator of integrated resorts, combining hotel accommodations, casinos, convention and exhibition facilities, restaurants, retail outlets, entertainment venues and other leisure amenities. The company serves both mass-market and premium customers through large-scale properties designed to support tourism and business travel.
Las Vegas Sands' principal operations are in Macau and Singapore. Its Macau portfolio includes properties such as The Venetian Macao, The Londoner Macao, The Parisian Macao, Sands Macao and The Plaza Macao.
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