Las Vegas Sands reported lower earnings for the second quarter of 2026 after unfavorable rolling-play results in Macau offset increased gaming volumes across the market.
Net revenue declined 0.7% year-on-year to $3.15bn, while net income fell 28.1% to $373m. Operating income decreased to $618m and consolidated adjusted property EBITDA dropped 16.1% to $1.12bn, completing the three core financial measures for the period.
The operator’s Macau portfolio generated revenue of $1.79bn, down 0.4%, while adjusted property EBITDA decreased 24% to $430m. Sands China reported net income of $107m, representing a 50% decline.
Rolling-table volume increased 73%, non-rolling volume rose 15% and slot and electronic table game volume grew 30%. However, the rolling-chip win rate fell to 1.35%, compared with the operator’s 3.3% expected rate.
Las Vegas Sands estimated that the lower hold reduced Macau adjusted property EBITDA by $87m.
Las Vegas Sands Capital Expenditure Split - Q2 2026 (in $mil)
Non-rolling table win increased 7% to $1.47bn and slot win rose 21% to $222m. Sands China’s share of Macau mass-market gaming revenue also increased from 24% to 25%, although the operator said market growth remained concentrated in the premium segment.
The Londoner Macao recorded a 10.6% revenue increase to $710m, while revenue at The Venetian Macao declined 10.9% to $591m. Las Vegas Sands is continuing a portfolio-wide program of suite and hospitality investment, with further work scheduled through 2028.
Marina Bay Sands generated adjusted property EBITDA of $689m, down 10.3%, as its margin narrowed to 49.9%. Mass gaming revenue rose 5% to $886m, while rolling win declined 7% to $439m.
The Singapore property maintained occupancy of 95.6% and an average daily room rate of $982.
Capital expenditure totaled $332m, including $215m at Marina Bay Sands, where Las Vegas Sands is developing an $8bn expansion scheduled for completion in 2030.
Las Vegas Sands repurchased $787m of shares during the quarter. Its board subsequently increased the remaining repurchase authorization to $6bn, extending the program through July 2029.
Las Vegas Sands entered the quarter after reporting a 25.3% revenue increase to $3.59bn in Q1 2026, when net income rose 57.1% to $641m and adjusted property EBITDA reached $1.42bn.
Las Vegas Sands has repurchased approximately 124 million shares for $6.03bn since restarting its buyback program in the fourth quarter of 2023
