Las Vegas Sands reported robust first-quarter 2026 results, with revenue and earnings rising sharply as its integrated resorts in Singapore and Macao delivered solid operating performance.
For the quarter ended March 31, net revenue increased 25.3% year over year to $3.59bn, compared with $2.86bn in the same period last year. Operating income rose to $904m from $609m. Net income surged 57.1% to $641m, while diluted earnings per share climbed 73.5% to $0.85. Adjusted earnings per diluted share came in at $0.91.
Consolidated adjusted property EBITDA grew 24.6% to $1.42bn, up from $1.14bn a year earlier, reflecting stronger gaming volumes, improved margins and disciplined cost management across the portfolio.
“We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders,” said Patrick Dumont, Chairman and CEO.
In Macao, Sands China recorded total net revenues of $2.10bn, an increase of 23.6%. Net income for the unit rose 45.5% to $294m. Across the company’s Macao operations, adjusted property EBITDA reached $633m, supported by stronger performance at The Londoner Macao and The Plaza Macao and Four Seasons Macao. Marina Bay Sands in Singapore delivered net revenues of $1.49bn, up from $1.16bn in the prior-year quarter.
Adjusted property EBITDA rose to $788m, with margins expanding to 53.0%. Casino revenue increased to $1.13bn, while hotel performance remained firm, with average daily room rates exceeding $1,000.
Interest expense totaled $188m for the quarter, as the company carried a weighted average debt balance of $16.0bn at a 4.6% average borrowing cost. Unrestricted cash stood at $3.33bn as of March 31.
Capital expenditures totaled $194m during the quarter, including $102m invested at Marina Bay Sands and $89m in Macao. The company also repaid HKD 2.40bn, or approximately $307m, under a revolving facility in April.
Las Vegas Sands repurchased approximately 13m shares for $740m during the quarter and paid a $0.30 per share dividend, underscoring its continued focus on shareholder returns.
Revenue Split - Q1 2026 (in $mil)
The company repurchased $740m in stock during the quarter and paid a $0.30 per share dividend
