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Las Vegas Sands Leverages Singapore Momentum Despite Macao Pressures
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Key Takeaways
LVS said Marina Bay Sands led Q1 2026 growth, posting a record $788M adjusted property EBITDA.
LVS is pushing Macao share gains with reinvestment and premium upgrades as competition intensifies.
LVS is funding IR2 in Singapore and Macao renovations, pressuring free cash flow before payoffs.
Las Vegas Sands Corp. (LVS - Free Report) continues to strengthen in high-value tourism demand, particularly in Singapore, where its focus on premium experiences, service excellence and high-quality amenities continues to attract affluent customers. In Macao, management emphasized improving market share across multiple segments, aided by refined reinvestment strategies, enhanced premium offerings and the successful ramp-up of newer products. The company also sees meaningful opportunities from ongoing renovations and portfolio upgrades, which are expected to strengthen its competitive positioning over time.
However, intense competition in Macao, particularly in the premium segment, necessitates ongoing investments in service enhancements, marketing and property upgrades, which are likely to pressure margins in the near term.
Shares of this global developer and operator of integrated resorts have gained 21.3% in the past year, outperforming the Zacks Gaming industry’s 15.7% fall. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 25.3%.
Image Source: Zacks Investment Research
The earnings estimate for 2026 has moved up to $3.38 per share from $3.17 in the past 60 days. While higher operating expenses and a competitive Macao environment may weigh on near-term margins, Las Vegas Sands' strong operating momentum, expansion projects and disciplined capital returns underpin expectations for long-term earnings growth.
Las Vegas Sands — a Zacks Rank #3 (Hold) stock — has a favorable VGM Score of B. Let’s take a closer look at the key factors supporting the stock’s performance and the challenges that may hold it back.
Factors Aiding LVS Stock
Strong Singapore Performance: Marina Bay Sands continued to be the primary growth driver for Las Vegas Sands in the first quarter of 2026, delivering another quarter of exceptional financial and operational performance. Adjusted Property EBITDA increased 30.2% year over year to a record $788 million, while EBITDA margin expanded to 53%, reflecting the strength of the property's premium positioning and operating efficiency. The strong performance was supported by robust growth across both mass-market and premium gaming segments.
Management attributed the strong results to the success of its investment-led strategy, including the recently completed suite renovation and refurbishment program, enhanced premium gaming offerings, and elevated hospitality experiences. The company emphasized that Singapore remains an ideal market for high-value tourism spending and noted that Marina Bay Sands is benefiting from its focus on three key operating pillars: people, product and service.
Strong Slot and Electronic Table Game Growth: LVS continued to benefit from healthy mass-market demand across its integrated resort portfolio. In Macao, Sands China's slot and electronic table game (ETG) segment grew 31% year over year and 10% sequentially, led by strong performance at more mass-oriented properties such as The Parisian Macao and Sands Macao. The results highlight resilient base-mass customer activity even as overall market growth remains concentrated in premium segments. In Singapore, slot wins at Marina Bay Sands increased 8% year over year to $272 million, contributing to a 16% increase in total mass gaming revenues to $902 million. The strong momentum in slots and ETGs reflects solid consumer spending trends and demonstrates LVS' ability to capture growth across multiple customer segments.
Expansion Pipeline Supports Long-Term Growth: LVS continues to invest in growth initiatives across Singapore and Macao. In Singapore, the company is advancing the Marina Bay Sands Expansion Project (IR2), which will feature an ultra-luxury all-suite hotel with up to 570 suites, a 15,000-seat arena, expanded MICE capacity and enhanced lifestyle amenities, further strengthening the property's appeal to high-value tourists. In Macao, the company is upgrading its portfolio through renovations at The Venetian and expanding premium hospitality offerings across its properties to capitalize on growing demand in the premium segment. These investments are expected to enhance customer experiences, support market share gains and drive sustainable EBITDA growth over time.
Factors Hindering Growth of LVS Stock
Despite its favorable outlook, LVS continues to face intense competition in Macao, particularly in the premium segment, requiring ongoing investments in product upgrades, marketing initiatives and service enhancements to sustain market share gains. These efforts, along with increased hiring and training to improve customer service, are likely to pressure margins in the near term.
The company also faces significant capital expenditure requirements related to the Marina Bay Sands expansion and portfolio renovations in Macao, which could weigh on free cash flow before the benefits are realized. In addition, LVS remains exposed to the spending patterns of premium gaming customers, making results sensitive to changes in economic conditions, consumer confidence and geopolitical developments. Consequently, achieving its long-term growth and profitability objectives will depend on the successful execution of its investment strategy and continued strength across its key markets.
The company delivered a trailing four-quarter earnings surprise of 59%, on average. FLXS stock has rallied 47.3% in the year-to-date period. The Zacks Consensus Estimate for Flexsteel’s fiscal 2026 sales and EPS implies growth of 3.8% and 14.6%, respectively, from the year-ago levels.
Hasbro, Inc. (HAS - Free Report) currently sports a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 37.9%, on average. HAS stock has moved up 0.4% in the year-to-date period.
The Zacks Consensus Estimate for Hasbro’s 2026 sales and EPS indicates an increase of 5.9% and 7.6%, respectively, from the year-ago levels.
Vince Holding Corp. (VNCE - Free Report) currently sports a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 647.2%, on average. VNCE stock has gained 6.9% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 4.5% and 25%, respectively, from the year-ago levels.
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Las Vegas Sands Leverages Singapore Momentum Despite Macao Pressures
Key Takeaways
Las Vegas Sands Corp. (LVS - Free Report) continues to strengthen in high-value tourism demand, particularly in Singapore, where its focus on premium experiences, service excellence and high-quality amenities continues to attract affluent customers. In Macao, management emphasized improving market share across multiple segments, aided by refined reinvestment strategies, enhanced premium offerings and the successful ramp-up of newer products. The company also sees meaningful opportunities from ongoing renovations and portfolio upgrades, which are expected to strengthen its competitive positioning over time.
However, intense competition in Macao, particularly in the premium segment, necessitates ongoing investments in service enhancements, marketing and property upgrades, which are likely to pressure margins in the near term.
Shares of this global developer and operator of integrated resorts have gained 21.3% in the past year, outperforming the Zacks Gaming industry’s 15.7% fall. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 25.3%.
Image Source: Zacks Investment Research
The earnings estimate for 2026 has moved up to $3.38 per share from $3.17 in the past 60 days. While higher operating expenses and a competitive Macao environment may weigh on near-term margins, Las Vegas Sands' strong operating momentum, expansion projects and disciplined capital returns underpin expectations for long-term earnings growth.
Las Vegas Sands — a Zacks Rank #3 (Hold) stock — has a favorable VGM Score of B. Let’s take a closer look at the key factors supporting the stock’s performance and the challenges that may hold it back.
Factors Aiding LVS Stock
Strong Singapore Performance: Marina Bay Sands continued to be the primary growth driver for Las Vegas Sands in the first quarter of 2026, delivering another quarter of exceptional financial and operational performance. Adjusted Property EBITDA increased 30.2% year over year to a record $788 million, while EBITDA margin expanded to 53%, reflecting the strength of the property's premium positioning and operating efficiency. The strong performance was supported by robust growth across both mass-market and premium gaming segments.
Management attributed the strong results to the success of its investment-led strategy, including the recently completed suite renovation and refurbishment program, enhanced premium gaming offerings, and elevated hospitality experiences. The company emphasized that Singapore remains an ideal market for high-value tourism spending and noted that Marina Bay Sands is benefiting from its focus on three key operating pillars: people, product and service.
Strong Slot and Electronic Table Game Growth: LVS continued to benefit from healthy mass-market demand across its integrated resort portfolio. In Macao, Sands China's slot and electronic table game (ETG) segment grew 31% year over year and 10% sequentially, led by strong performance at more mass-oriented properties such as The Parisian Macao and Sands Macao. The results highlight resilient base-mass customer activity even as overall market growth remains concentrated in premium segments. In Singapore, slot wins at Marina Bay Sands increased 8% year over year to $272 million, contributing to a 16% increase in total mass gaming revenues to $902 million. The strong momentum in slots and ETGs reflects solid consumer spending trends and demonstrates LVS' ability to capture growth across multiple customer segments.
Expansion Pipeline Supports Long-Term Growth: LVS continues to invest in growth initiatives across Singapore and Macao. In Singapore, the company is advancing the Marina Bay Sands Expansion Project (IR2), which will feature an ultra-luxury all-suite hotel with up to 570 suites, a 15,000-seat arena, expanded MICE capacity and enhanced lifestyle amenities, further strengthening the property's appeal to high-value tourists. In Macao, the company is upgrading its portfolio through renovations at The Venetian and expanding premium hospitality offerings across its properties to capitalize on growing demand in the premium segment. These investments are expected to enhance customer experiences, support market share gains and drive sustainable EBITDA growth over time.
Factors Hindering Growth of LVS Stock
Despite its favorable outlook, LVS continues to face intense competition in Macao, particularly in the premium segment, requiring ongoing investments in product upgrades, marketing initiatives and service enhancements to sustain market share gains. These efforts, along with increased hiring and training to improve customer service, are likely to pressure margins in the near term.
The company also faces significant capital expenditure requirements related to the Marina Bay Sands expansion and portfolio renovations in Macao, which could weigh on free cash flow before the benefits are realized. In addition, LVS remains exposed to the spending patterns of premium gaming customers, making results sensitive to changes in economic conditions, consumer confidence and geopolitical developments. Consequently, achieving its long-term growth and profitability objectives will depend on the successful execution of its investment strategy and continued strength across its key markets.
Better-Ranked Stocks
Here are some better-ranked stocks from the Consumer Discretionary sector:
Flexsteel Industries, Inc. (FLXS - Free Report) currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
The company delivered a trailing four-quarter earnings surprise of 59%, on average. FLXS stock has rallied 47.3% in the year-to-date period. The Zacks Consensus Estimate for Flexsteel’s fiscal 2026 sales and EPS implies growth of 3.8% and 14.6%, respectively, from the year-ago levels.
Hasbro, Inc. (HAS - Free Report) currently sports a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 37.9%, on average. HAS stock has moved up 0.4% in the year-to-date period.
The Zacks Consensus Estimate for Hasbro’s 2026 sales and EPS indicates an increase of 5.9% and 7.6%, respectively, from the year-ago levels.
Vince Holding Corp. (VNCE - Free Report) currently sports a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 647.2%, on average. VNCE stock has gained 6.9% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 4.5% and 25%, respectively, from the year-ago levels.