Las Vegas Sands Reports 17% Drop in Consolidated Adjusted Property EBITDA

Las Vegas Sands recorded lower net revenue and net income for the three months ended Sept. 30, 2026, as consolidated adjusted property EBITDA fell 17%, with declining results in Singapore offsetting higher Macao revenue.

The casino company’s net revenue was $3.216 billion, down from $3.331 billion in the year-earlier quarter. Net income declined to $352 million from $491 million, and diluted earnings per share fell to 48 cents from 61 cents. Net revenue was down about 3.5% year over year.

Consolidated adjusted property EBITDA, a non-GAAP measure, came to $1.119 billion compared with $1.344 billion a year earlier. Adjusted property EBITDA is a non-GAAP measure; the company cautions that it does not replace GAAP operating income or cash flow.

Macao operations generated $1.940 billion in revenue, up from $1.906 billion, while adjusted property EBITDA declined to $529 million from $601 million. Revenue increased about 2%, but the property EBITDA measure fell roughly 12%. Gaming volumes rose across all segments compared with the year-earlier quarter.

In Singapore, Marina Bay Sands produced $1.294 billion in revenue, versus $1.436 billion, and $590 million in adjusted property EBITDA, down from $743 million. Those figures represent declines of about 10% in revenue and 21% in adjusted property EBITDA, respectively.

Patrick Dumont, chairman and CEO of Las Vegas Sands, said, “We are encouraged by our progress in Macao during the quarter.”

The company repurchased about 21 million shares during the quarter for $950 million. The buybacks carried a weighted average price of $45.31 per share, and $5.06 billion remained in the repurchase authorization as of Sept. 30.

The board approved a 20% increase in the recurring dividend for calendar 2027. The new payout is $1.44 per share annually, or 36 cents each quarter.

Las Vegas Sands was one of four companies highlighted in an earlier earnings preview ahead of its report.