Las Vegas Sands (NYSE:LVS) executives said the company’s second-quarter 2026 results reflected continued strength at Marina Bay Sands in Singapore and improving volume trends in Macau, while acknowledging that low VIP hold, seasonal softness and the World Cup weighed on reported performance.
Chairman and Chief Executive Officer Patrick Dumont said the company’s strategic priorities “remain clear and consistent,” centered on disciplined investment and long-term shareholder returns. He said Marina Bay Sands generated $689 million of EBITDA in the quarter. On a normalized rolling play basis, EBITDA would have been $652 million, or $37 million lower.
Despite those headwinds, Dumont said Marina Bay Sands’ mass gaming revenue rose 5% compared with the second quarter of 2025. He attributed the property’s performance to investments in suite renovations, service enhancements and a premium customer strategy, saying those initiatives have elevated the resort’s “structural earnings power.”
Macau EBITDA Hit by Low VIP Rolling Hold
In Macau, Sands China posted $430 million in EBITDA for the quarter, which Dumont said was negatively impacted by “exceptionally low VIP rolling hold” of 1.35%. If rolling play had held as expected, Sands China EBITDA would have been $517 million, or $87 million higher.
Dumont said the quarter did not reflect the “true earnings power” of Sands China’s properties, citing the combined impact of hold, the World Cup and ongoing investments for growth. Still, he pointed to strong gaming volume trends as evidence that the company’s service and customer experience initiatives are gaining traction.
- Rolling volume in Macau rose 73% year over year.
- Non-rolling drop increased 15% year over year.
- Slot and electronic table game handle rose 30% year over year.
- Sands China’s mass gross gaming revenue grew 8%, compared with 4% growth for the overall Macau mass market.
- Sands China’s total gross gaming revenue rose 4%, while the Macau market overall was flat.
Dumont said that if Sands China had held as expected in rolling play, total GGR growth would have been 14% year over year. He also said Sands China reached a market-leading 26% share of VIP rolling chip volume during the quarter.
Grant Chum, CEO and President of Sands China and Executive Vice President of Asia Operations, said Macau was tracking well in April and May, with May representing an all-time high for Sands China in monthly mass GGR. June was softer, he said, with some impact from the World Cup. Chum said Sands China gained share across gaming segments year over year and maintained similar share sequentially after adjusting for hold and business mix.
Executives Reaffirm Long-Term Macau Target
Executives reiterated that Sands China remains focused on reaching $700 million in quarterly EBITDA over time. Dumont said nothing in the quarter changed management’s view of the company’s opportunity in Macau, though he said Sands has “some work to do” to reach that target.
Dumont said Macau growth remains primarily driven by the premium segment, where competition is intense and high-end suite product and service levels are critical. He said the company is focused on aligning room and suite product with the service levels demanded by Macau’s highest-value customers.
Chum said the company has seen positive evidence from recent product upgrades, noting that The Londoner and Four Seasons were above 2019 levels on a normalized basis during the quarter. He said those results support the company’s ongoing investment in upgraded rooms, suites and premium gaming areas.
The renovation of Venetian rooms and suites began in March, Dumont said. The company expects all 2,900 rooms and suites to be refurbished and reintroduced by Chinese New Year 2028. Sands also plans to add new premium-focused gaming salons and related amenities as part of the Venetian investment program. Chum said approximately 400 keys were out of inventory on average during the second quarter and that the number could fluctuate between 400 and 500 per quarter into 2027.
Reinvestment and Operating Costs in Focus
Dumont said Sands China’s reinvestment as a percentage of revenue increased during the quarter, but he attributed that to changes in business mix and lower hold on non-rolling play, rather than a change in strategy. He said the company’s approach to reinvestment has remained consistent over the past several quarters.
Chum said Sands China began increasing reinvestment levels in the second half of 2025 and has been working since the start of 2026 to optimize those levels. He said the company aims to earn a higher gross margin from higher revenue levels in the second half of the year.
On operating expenses, executives said Sands China has invested over the past year in additional table operating hours, sales and marketing personnel, customer service staff and elevated service levels. Chum said the largest headcount increases came from expanded table operating hours, which support multiple customer segments. He said the rate of operating expense growth is expected to moderate in the second half of 2026, allowing for operating leverage as revenue grows.
Singapore Expansion Remains on Track
In Singapore, Dumont said the company remains confident in Marina Bay Sands’ long-term growth prospects, citing the rise of high-value tourism in Southeast Asia and continued wealth creation in the region. He said the property’s major step up came from the transition to a larger suite base, from 135 suites to 770, along with service and food-and-beverage enhancements.
Dumont said the Marina Bay Sands expansion remains on track, with an expected opening in early 2031, subject to required government approvals. The project is expected to increase premium suite capacity and add new service and entertainment offerings, including a state-of-the-art arena that Dumont said is envisioned to be the finest in Asia.
Executives also discussed the World Cup’s impact across both Singapore and Macau. Dumont said many high-value patrons were absent during the event and that it was too early to determine whether demand would quickly rebound, noting that the tournament had ended only days before the call.
Share Repurchases Continue
Las Vegas Sands repurchased $787 million of its stock during the quarter and paid a recurring quarterly dividend of $0.30 per share. Dumont said the company has repurchased 16.3% of its outstanding shares over the past 11 quarters.
The board recently increased the company’s repurchase authorization to $6 billion. Dumont said management sees meaningful value in both LVS and Sands China equity and believes additional repurchases will be accretive over the long term. The company did not buy additional Sands China shares during the quarter, leaving its ownership of Sands China at 74.8% as of June 30, 2026.
About Las Vegas Sands (NYSE:LVS)
Las Vegas Sands (NYSE: LVS) is a global developer and operator of integrated resorts, focused on large-scale properties that combine casino gaming with hotels, convention and exhibition facilities, retail, dining, and entertainment. The company’s operations center on developing and managing full-service resort complexes that serve both leisure and business travelers, with emphasis on convention and trade-show business in addition to gaming revenue streams.
The company’s portfolio has included prominent properties in North America and Asia, most notably The Venetian Resort in Las Vegas and Marina Bay Sands in Singapore, along with a significant presence in Macau through multiple integrated resorts.
