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LVS Q3 Earnings & Revenues Miss on Soft Premium Gaming & Higher Costs
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Key Takeaways
LVS' Q3 adjusted EPS fell to 54 cents, while revenues slid 3.5% to $3.22 billion, missing estimates.
Soft premium play in Macao and Singapore and higher costs drove LVS' property EBITDA down 16.7%.
LVS repurchased $950 million in shares and approved a 20% dividend hike to 36 cents starting in Q1 2027.
Las Vegas Sands (LVS - Free Report) reported weak third-quarter 2026 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate and declining year over year. Following the results, the company's shares lost 0.4% in yesterday’s after-market trading session.
The company’s results were hurt by softer high-end gaming demand in Singapore and Macao, coupled with elevated operating expenses, which weighed on profitability.
LVS’ Q3 Highlights
Las Vegas Sands reported adjusted earnings of 54 cents per share, missing the Zacks Consensus Estimate of 71 cents by 23.9%. The company posted adjusted earnings of 78 cents per share in the year-ago quarter.
Quarterly net revenues of $3.22 billion missed the $3.33 billion consensus by 3.3% and declined 3.5% year over year. Still, Macao mass gaming revenue share reached 26.1%, its strongest reading since the fourth quarter of 2023.
LVS' Macao Operations
Macao operations generated revenues of $1.94 billion, up 1.8% from $1.91 billion a year ago. Adjusted property EBITDA decreased 12% to $529 million from $601 million. The margin contracted 420 basis points to 27.3%.
Rolling-table volumes rose 31% year over year, non-rolling chip drop increased 11%, and slot and electronic table game handle advanced 26%. Management cited higher staffing costs after adding gaming, hospitality and sales personnel. Softer premium play also weighed on spending per visitor.
Las Vegas Sands' Venetian and Londoner Trends
The Venetian Macao's net revenues fell 6.2% to $649 million from $692 million. Our model expected the quarterly revenues for this metric to be $618.1 million. Adjusted property EBITDA dropped 15.3% to $205 million from $242 million. Our estimate for the metric was $212.4 million. Non-rolling chip drop slipped to $2.35 billion from $2.39 billion, while hotel occupancy increased to 98.3%. Rolling volume increased 31%, non-rolling chip drop advanced 11%, and slot and electronic table game handle gained 26%.
The Londoner Macao's revenues were nearly flat at $685 million versus $686 million. We estimated the metric to be $874.2 million. Adjusted property EBITDA declined 18.7% to $178 million. Our estimate for the metric was pegged at $201.8 million. Rolling-chip volume jumped to $3.22 billion from $2.31 billion, yet the non-rolling table win percentage declined to 18.6% from 23.4%. Hotel revenue per available room improved to $257 from $253.
LVS' Parisian and Plaza Operations
Net revenues at The Parisian Macao rose 6% to $231 million, supported by higher casino revenues. We estimated the metric to be $251.2 million. Adjusted property EBITDA, however, decreased 13.2% to $46 million from $53 million. Our estimate for the metric was $46.1 million. Casino revenues grew to $178 million from $163 million in the year-ago period. The slot handle rose to $1.4 billion from $1.01 billion, while hotel revenue per available room slipped to $142 from $147.
The Plaza Macao and Four Seasons Macao posted 15.5% revenue growth to $238 million from $206 million. We estimated the metric to be $163.9 million. Casino revenues increased to $163 million from $132 million. Adjusted property EBITDA improved to $85 million from $74 million. Hotel revenue per available room increased to $485 from $456, helped by higher occupancy and room rates. Our estimate for the metric was $71.1 million.
Las Vegas Sands' Sands Macao Business
Sands Macao net revenues climbed 37.5% to $99 million from $72 million, reflecting casino revenue growth to $92 million from $66 million. Our projection for the metric was $58.8 million. Adjusted property EBITDA rose to $14 million from $8 million, lifting the margin to 14.1% from 11.1%. Our estimate was $7.9 million.
Non-rolling chip drop advanced to $480 million from $371 million, while slot handle rose to $1.57 billion from $626 million. Hotel occupancy improved to 99.4% from 98.4%, although revenue per available room declined to $161 from $164.
LVS' Marina Bay Sands Performance
Marina Bay Sands' revenues declined 9.9% year over year to $1.29 billion from $1.44 billion. Our estimate for the metric was $1.42 billion. Adjusted property EBITDA fell 20.6% to $590 million from $743 million. The margin narrowed 610 basis points to 45.6%. We expected this metric to be $730.5 million.
Non-rolling table win percentage fell to 18.7% from 24.5%, while rolling-chip volume declined to $8.43 billion from $9.07 billion. However, slot win rose 3% to $289 million, while hotel revenue per available room climbed to $994 from $937. Lower rolling-play hold reduced EBITDA by $4 million.
Las Vegas Sands' Consolidated Profitability
On a consolidated basis, adjusted property EBITDA fell 16.7% to $1.12 billion from $1.34 billion, with the margin contracting to 34.8% from 40.3%. Casino revenues declined 5.4% to $2.37 billion, while room and food-and-beverage revenues increased.
Operating income decreased to $618 million from $719 million. Net income declined 28.3% to $352 million from $491 million. Resort operating expenses rose 5.3% to $2.10 billion, reflecting ongoing investments in staffing and services.
LVS' Financials and Shareholder Returns
As of Sept. 30, 2026, Las Vegas Sands had unrestricted cash balances of $2.86 billion, while total debt outstanding was $15.3 billion. The weighted average debt balance declined to $15.53 billion from $15.94 billion in the year-ago quarter. Capital expenditures amounted to $281 million, including $154 million in Macao and $121 million in Singapore.
The company repurchased $950 million in shares during the quarter, leaving $5.06 billion under its authorization. It also paid a quarterly dividend of 30 cents per share. Its board approved a 20% increase to 36 cents per share quarterly starting in the first quarter of 2027.
LVS’ Zacks Rank & Key Picks
Las Vegas Sands currently carries a Zacks Rank #5 (Strong Sell).
The company delivered a trailing four-quarter earnings surprise of 1.3%, on average. VAC stock has surged 96.1% year to date. The Zacks Consensus Estimate for Marriott Vacations’ 2026 sales and EPS indicates an increase of 8.3% and 22.5%, respectively, from the year-ago levels.
Vince Holding Corp. (VNCE - Free Report) currently flaunts a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 561.4%, on average. VNCE stock has rallied 188.3% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 14% and 175%, respectively, from the year-ago levels.
AMC Entertainment Holdings, Inc. (AMC - Free Report) currently carries a Zacks Rank #2 (Buy). AMC stock has surged 94.9% in the year-to-date period.
The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS implies growth of 18.4% and 91.7%, respectively, from the year-ago levels.
View the Zacks #1 Rank List
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LVS Q3 Earnings & Revenues Miss on Soft Premium Gaming & Higher Costs
Key Takeaways
Las Vegas Sands (LVS - Free Report) reported weak third-quarter 2026 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate and declining year over year. Following the results, the company's shares lost 0.4% in yesterday’s after-market trading session.
The company’s results were hurt by softer high-end gaming demand in Singapore and Macao, coupled with elevated operating expenses, which weighed on profitability.
LVS’ Q3 Highlights
Las Vegas Sands reported adjusted earnings of 54 cents per share, missing the Zacks Consensus Estimate of 71 cents by 23.9%. The company posted adjusted earnings of 78 cents per share in the year-ago quarter.
Las Vegas Sands Corp. Price and EPS Surprise
Las Vegas Sands Corp. price-eps-surprise | Las Vegas Sands Corp. Quote
Quarterly net revenues of $3.22 billion missed the $3.33 billion consensus by 3.3% and declined 3.5% year over year. Still, Macao mass gaming revenue share reached 26.1%, its strongest reading since the fourth quarter of 2023.
LVS' Macao Operations
Macao operations generated revenues of $1.94 billion, up 1.8% from $1.91 billion a year ago. Adjusted property EBITDA decreased 12% to $529 million from $601 million. The margin contracted 420 basis points to 27.3%.
Rolling-table volumes rose 31% year over year, non-rolling chip drop increased 11%, and slot and electronic table game handle advanced 26%. Management cited higher staffing costs after adding gaming, hospitality and sales personnel. Softer premium play also weighed on spending per visitor.
Las Vegas Sands' Venetian and Londoner Trends
The Venetian Macao's net revenues fell 6.2% to $649 million from $692 million. Our model expected the quarterly revenues for this metric to be $618.1 million. Adjusted property EBITDA dropped 15.3% to $205 million from $242 million. Our estimate for the metric was $212.4 million. Non-rolling chip drop slipped to $2.35 billion from $2.39 billion, while hotel occupancy increased to 98.3%. Rolling volume increased 31%, non-rolling chip drop advanced 11%, and slot and electronic table game handle gained 26%.
The Londoner Macao's revenues were nearly flat at $685 million versus $686 million. We estimated the metric to be $874.2 million. Adjusted property EBITDA declined 18.7% to $178 million. Our estimate for the metric was pegged at $201.8 million. Rolling-chip volume jumped to $3.22 billion from $2.31 billion, yet the non-rolling table win percentage declined to 18.6% from 23.4%. Hotel revenue per available room improved to $257 from $253.
LVS' Parisian and Plaza Operations
Net revenues at The Parisian Macao rose 6% to $231 million, supported by higher casino revenues. We estimated the metric to be $251.2 million. Adjusted property EBITDA, however, decreased 13.2% to $46 million from $53 million. Our estimate for the metric was $46.1 million. Casino revenues grew to $178 million from $163 million in the year-ago period. The slot handle rose to $1.4 billion from $1.01 billion, while hotel revenue per available room slipped to $142 from $147.
The Plaza Macao and Four Seasons Macao posted 15.5% revenue growth to $238 million from $206 million. We estimated the metric to be $163.9 million. Casino revenues increased to $163 million from $132 million. Adjusted property EBITDA improved to $85 million from $74 million. Hotel revenue per available room increased to $485 from $456, helped by higher occupancy and room rates. Our estimate for the metric was $71.1 million.
Las Vegas Sands' Sands Macao Business
Sands Macao net revenues climbed 37.5% to $99 million from $72 million, reflecting casino revenue growth to $92 million from $66 million. Our projection for the metric was $58.8 million. Adjusted property EBITDA rose to $14 million from $8 million, lifting the margin to 14.1% from 11.1%. Our estimate was $7.9 million.
Non-rolling chip drop advanced to $480 million from $371 million, while slot handle rose to $1.57 billion from $626 million. Hotel occupancy improved to 99.4% from 98.4%, although revenue per available room declined to $161 from $164.
LVS' Marina Bay Sands Performance
Marina Bay Sands' revenues declined 9.9% year over year to $1.29 billion from $1.44 billion. Our estimate for the metric was $1.42 billion. Adjusted property EBITDA fell 20.6% to $590 million from $743 million. The margin narrowed 610 basis points to 45.6%. We expected this metric to be $730.5 million.
Non-rolling table win percentage fell to 18.7% from 24.5%, while rolling-chip volume declined to $8.43 billion from $9.07 billion. However, slot win rose 3% to $289 million, while hotel revenue per available room climbed to $994 from $937. Lower rolling-play hold reduced EBITDA by $4 million.
Las Vegas Sands' Consolidated Profitability
On a consolidated basis, adjusted property EBITDA fell 16.7% to $1.12 billion from $1.34 billion, with the margin contracting to 34.8% from 40.3%. Casino revenues declined 5.4% to $2.37 billion, while room and food-and-beverage revenues increased.
Operating income decreased to $618 million from $719 million. Net income declined 28.3% to $352 million from $491 million. Resort operating expenses rose 5.3% to $2.10 billion, reflecting ongoing investments in staffing and services.
LVS' Financials and Shareholder Returns
As of Sept. 30, 2026, Las Vegas Sands had unrestricted cash balances of $2.86 billion, while total debt outstanding was $15.3 billion. The weighted average debt balance declined to $15.53 billion from $15.94 billion in the year-ago quarter. Capital expenditures amounted to $281 million, including $154 million in Macao and $121 million in Singapore.
The company repurchased $950 million in shares during the quarter, leaving $5.06 billion under its authorization. It also paid a quarterly dividend of 30 cents per share. Its board approved a 20% increase to 36 cents per share quarterly starting in the first quarter of 2027.
LVS’ Zacks Rank & Key Picks
Las Vegas Sands currently carries a Zacks Rank #5 (Strong Sell).
Here are some better-ranked stocks from the Consumer Discretionary sector:
Marriott Vacations Worldwide Corporation (VAC - Free Report) currently sports 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 1.3%, on average. VAC stock has surged 96.1% year to date. The Zacks Consensus Estimate for Marriott Vacations’ 2026 sales and EPS indicates an increase of 8.3% and 22.5%, respectively, from the year-ago levels.
Vince Holding Corp. (VNCE - Free Report) currently flaunts a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 561.4%, on average. VNCE stock has rallied 188.3% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 14% and 175%, respectively, from the year-ago levels.
AMC Entertainment Holdings, Inc. (AMC - Free Report) currently carries a Zacks Rank #2 (Buy). AMC stock has surged 94.9% in the year-to-date period.
The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS implies growth of 18.4% and 91.7%, respectively, from the year-ago levels.