Las Vegas Sands earns $352 million in the third quarter, down 28%, and dividends rise by 20% for 2027
Sands Macau increased revenue by 37.5% in the third quarter
The integrated resort operator reduces its revenues by 3.5% due to the fall of Marina Bay Sands, while Macau grows in sales, and reinforces shareholder remuneration.
Las Vegas Sands closed the third quarter of 2026 with net income of $3.216 billion, down 3.5% from $3.331 billion in the same period a year earlier. Net profit stood at $352 million, down 28.3% from $491 million in the third quarter of 2025. Diluted earnings per share were $0.48; in adjusted terms, $0.54, compared to $0.78 a year earlier.
Consolidated adjusted EBITDA from its properties reached $1.119 billion, down 16.7% from $1.344 billion a year earlier. Operating profit was $618 million, compared to $719 million.
Singapore loses steam
The drop is mainly explained by Marina Bay Sands, in Singapore, whose revenues fell by 9.9% to $1,294 million. Its adjusted EBITDA fell by 20.6% to $590 million, and its margin went from 51.7% to 45.6%. Even so, the company's chairman and CEO, Patrick Dumont, spoke of a "strong financial performance" in Singapore. He was "excited" about the prospects of the complex when it concludes its expansion project, which will increase the capacity of suites and incorporate a new arena conceived, according to the company, to be the main entertainment venue in the region.
Macau grows in revenue
In Macau, revenue rose 1.8% to $1.94 billion, although adjusted EBITDA fell 12% to $529 million with a margin of 27.3%. By complex, The Londoner Macau was flat with $685 million in revenue and The Venetian Macau was down to $649 million. The Parisian Macau grew, up 6% to $231 million; The Plaza Macau and Four Seasons, up 15.5% to $238 million; and Sands Macau, up 37.5% to $99 million. Dumont highlighted that investments in service and hospitality have driven volume growth in all gaming segments compared to the previous year. Its subsidiary Sands China increased its revenue by 1.4% to $1.93 billion, although its profit fell by 29.8% to $191 million.
More money for shareholders
Despite the fall in profit, the company has intensified shareholder remuneration. During the quarter, it bought back treasury shares for $950 million, some 21 million shares at an average price of $45.31. Since resuming the buyback program at the end of 2023, it has acquired 19% of its outstanding shares, with a total investment of $6.98 billion. In addition, its board of directors has approved a 20% increase in the ordinary dividend for 2027, to $1.44 per share per year, or $0.36 per quarter. The company also increased its stake in Sands China to 75.56%.
In the first nine months of the year, Las Vegas Sands accumulated revenues of $9.955 billion, 6.3% more than in the same period of 2025, and adjusted EBITDA of $3.659 billion, down 4.2%. The company closed September with cash of $2.86 billion and debt of $15.3 billion. In the quarter, its investments totaled $281 million.
The quarter contrasts with a year ago, when the company broke records with its Singapore casino. These are the first full quarterly results with Patrick Dumont as chairman and CEO following his appointment in March. "We remain confident in our long-term strategy in both Singapore and Macau and will continue to invest in future growth," he said.
