Sands down in Q3 despite gaming revenues increasing across all segments in Macau

Softness in high-end customers in both Macau and Singapore negatively affected financial results

Las Vegas Sands generated strong EBITDA of $590m in Singapore and $529m in Macau in its third quarter, with Macau’s mass gaming revenue market share reaching 26.1 per cent, the highest for three years.

Gaming revenues increased across all segments in Macau year-on-year, with rolling volume up 31 per cent, non-rolling drop up 11 per cent, and slot/ETG handle up 26 per cent.

Net revenue was down, though, coming in at $3.22bn, compared to $3.33bn in the prior-year quarter, with softness in high-end customers in both Macau and Singapore negatively affecting financial results.  Operating income was $61m, compared to $719m in the prior year quarter.  Net income in the third quarter of 2026 was $352m, compared to $491m in the third quarter of 2025. 

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.34bn in the prior year quarter.

Patrick Dumont, Sands Chairman and Chief Executive Officer, said: “The high end was softer in both of our markets this quarter, which negatively impacted our reported financial results. Despite this, we delivered strong financial results at Marina Bay Sands in Singapore, generating an EBITDA of $590m for the quarter. If we had held as expected in our rolling play, our EBITDA would have been $4m higher or $594m. Singapore remains an ideal market for high-value tourism.

“Our focus on creating unique and memorable entertainment and hospitality experiences for our customers continues to generate industry-leading financial performance. We believe that growth in tourism in Singapore will continue over the long term. Our financial results continue to reflect the elevation of Marina Bay Sands‘ structural earnings power following our significant product investments, suite renovations, service enhancements and the execution of our premium customer strategy.”

Dumont added: “Our market share of Macao mass gaming revenue reached 26.1 per cent for the quarter, our strongest performance since the fourth quarter of 2023. When compared to the third quarter of 2025, we delivered growth in gaming volumes across all segments.”

“We continued to execute our strategic objectives during the quarter in both Singapore and Macao while increasing the return of capital to shareholders, including through the repurchase of $950m of our common stock during the quarter,” said Dumont.

“At Marina Bay Sands in Singapore, we delivered solid financial performance.  We remain enthusiastic about our growth prospects in Singapore both today and upon the completion of our ongoing expansion project, which will meaningfully increase our suite capacity and entertainment offerings, including through the introduction of an arena designed to be the most important entertainment venue in the region.

“We are encouraged by our progress in Macau during the quarter, with our ongoing investments in enhanced service and hospitality offerings contributing to growth in volumes across all gaming segments as compared to the prior year.

“We remain confident in our long-term strategy in both Singapore and Macau and will continue to invest in future growth.  We are fortunate to have the balance sheet and cash flow strength to support our meaningful capital investment programs, positioning our portfolio of properties to capitalize on the growing demand for premium travel and world-class entertainment experiences in the region.

“We strongly believe that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”

On a GAAP basis, total net revenues for SCL increased 1.4 per cent to $1.93bn, compared to the third quarter of 2025.  Net income for Sands China decreased 29.8 per cent to $191m, compared to $272m in the third quarter of 2025.