EarningsQ3 2026 Earnings Report
MX:LVS Q3 2026 EPS Results
Actual EPS$10.08
Consensus EPS$12.75
Beat/MissMissed by -$2.67
One Year Ago EPS$14.56
MX:LVS Q3 2026 Revenue Results
Actual Revenue$60.04B
Expected Revenue$62.15B
Beat/MissMissed by -$2.11B
YoY Revenue Growth-3.45%
Earnings Announcement Details
QuarterQ3 2026
Date10/21/2026
TimeAfter Close
Conference CallWednesday, October 21, 2026
MX:LVS Upcoming Earnings
Las Vegas Sands's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:LVS Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly constructive. Management reported strong Singapore and Macao operating metrics, market-share gains, broad-based volume growth, positive renovation feedback, continued capital investment, and substantial shareholder returns. These positives outweighed the quarter's challenges, which included softness among high-end customers, unfavorable hold, higher Macao operating expenses, competitive intensity, and contracting Macao market growth. Management characterized the high-end weakness as aberrational and remained confident in long-term demand and growth.Company Guidance
Strong Marina Bay Sands EBITDA
Marina Bay Sands generated $590 million of EBITDA in the third quarter. Management stated that, if expected rolling play had been held, EBITDA would have been $4 million higher at $594 million.
Macao EBITDA and Market Share Growth
Sands China delivered $529 million of EBITDA. Management said gaming revenue and volumes meaningfully outperformed the Macao market, with mass gaming revenue market share reaching 26.1%, the company's strongest performance since the fourth quarter of 2023.
Broad-Based Macao Gaming Volume Growth
Compared with the third quarter of 2025, rolling volume increased 31%, non-rolling drop increased 11%, and slot ETG handle increased 26%. Management attributed the progress to product and service-level improvements.
Growth Across Macao Customer and Product Segments
Sands China reported double-digit growth in patron count, high single-digit growth in property visitations, and strong gaming volume growth across all segments. Slot ETG revenue increased 18% year-over-year, twice the 9% growth rate of the overall Macao market.
Macao Retail Tenant Sales Growth
Despite a weaker consumption backdrop in China, retail tenant sales increased 10% year-over-year, supported by strength across both luxury and mass retail segments.
Macao Reinvestment Optimization and Share Gains
Management said it has optimized its reinvestment program over the last nine months, achieved sequentially lower reinvestment, and continued gaining market share without significant escalation in competitive reinvestment levels.
Macao Renovation Progress and Positive Customer Response
The Venetian renovation, which began in March, is progressing toward a refreshed reintroduction by Chinese New Year 2028, including new premium-focused gaming salons and related amenities. Approximately 400 rooms were out of inventory during the quarter, about 500 are expected to be out next quarter, and around 600 renovated rooms had returned with customer feedback surpassing initial expectations.
Macao Development Pipeline
Management identified The Venetian renovation and the Conrad renovation and rebranding into a Londoner-themed hotel as the highest-ROI development projects. It is also advancing a botanic garden project tied to its concession commitment and described it as an innovative tourism landmark for Macao.
Singapore Expansion Remains on Track
The new Singapore development remains on track for an early 2031 opening, subject to required government approvals. The project is expected to increase premium suite capacity, service and entertainment offerings, and introduce a state-of-the-art arena.
Singapore Arena and High-Value Tourism Strategy
The Singapore expansion includes an arena envisioned as a leading live entertainment venue in Asia, with approximately 15,000 seats depending on stage configuration, VIP and hospitality areas, and potential use for live entertainment, MICE events, and tourism. Management said the project is designed to benefit both the new development and Marina Bay Sands.
Balance Sheet Supports Capital Investment
Management said the company has sufficient balance sheet and cash flow strength to support its meaningful capital investment program while maintaining an investment-grade rating and targeting gross leverage of approximately 2 times to 3 times before development-related debt.
Share Repurchases and Increased Dividend
The company repurchased $950 million of LVS stock during the quarter and has repurchased 19% of its outstanding shares over the last 12 quarters. Approximately $5 billion remains under the $6 billion authorization approved in July. The company also paid its recurring $0.30 per-share dividend and approved a 20% increase to $0.36 per share beginning in the first quarter of 2027.
Increased Ownership of Sands China
The company purchased additional SCL shares during the quarter, bringing its ownership percentage to 75.6% as of September 30, 2026.
Stable Macao Fixed Expenses and Staffing Outlook
Management said Macao fixed expenses were essentially flat sequentially after staffing investments were embedded in the second and third quarters. It does not anticipate a significant increase in headcount from this point, although payroll is expected to increase through cost-of-living adjustment allowances next year.
Positive Fourth-Quarter Seasonality and NBA Games Week
Management described the NBA event as a tremendous success and said it was an even more successful Games Week than in 2025 across media, social media, activations, MICE events, and brand partnerships. October Golden Week and December typically make the fourth quarter relatively stronger for Macao.
Long-Term Demand and Capacity Opportunity
Management said high-value customer tiers have been growing in Singapore and Macao, with younger and previously unseen customers seeking premium travel, tourism, hospitality, and entertainment experiences. It stated that Singapore lacks sufficient premium capacity during peak periods and that the new tower is intended to address that demand.
MX:LVS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed