Las Vegas Sands Q3 2026: $3.22B Revenue, $950M Buyback
Las Vegas Sands reported a third-quarter 2026 profit of $352 million on net revenue of $3.22 billion, and used the results to announce a 20% rise in its recurring dividend for 2027. The company released its figures on October 21, 2026 for the quarter ended September 30, building on a year in which Sands passed $13 billion in annual revenue.
Net revenue was $3.22 billion, against $3.33 billion in the same quarter of 2025. Operating income came in at $618 million, down from $719 million, while net income fell to $352 million from $491 million. Diluted earnings per share were $0.48, compared with $0.61 a year earlier.
Consolidated adjusted property EBITDA was $1.12 billion, against $1.34 billion. Sands said its effective income tax rate was 22.5%, up from 15.6%, driven mainly by the 17% statutory rate on its Singapore operations.
Capital Returns Take Centre Stage
The most shareholder-friendly part of the release was the return of cash. Sands repurchased $950 million of its common stock in the quarter, roughly 21 million shares at a weighted average price of $45.31. About $5.06 billion remained under the repurchase authorisation at the end of September.
Since the buyback resumed in the fourth quarter of 2023, the company has bought back 19.0% of its outstanding shares: around 145 million shares at an average of $48.03, for a total of $6.98 billion.
The board also lifted the recurring dividend by 20% for the 2027 calendar year to $1.44 a share, or $0.36 a quarter. The next quarterly dividend of $0.30 is payable on November 10, 2026 to holders of record on November 2.
Sands also bought 62 million shares of Sands China for HKD 793 million, about $101 million at the exchange rates in effect, which lifted its ownership of the Macao subsidiary to 75.56%.
Macao: Volumes Up, Margins Down
Chairman and chief executive Patrick Dumont said volumes grew across all casino games and gaming segments in Macao compared with a year earlier. Macao operations produced net revenue of $1.94 billion, up from $1.91 billion, but adjusted property EBITDA slipped to $529 million from $601 million. Sands China, the listed subsidiary, grew net revenue 1.4% to $1.93 billion, although its net income fell 29.8% to $191 million.
The property detail shows a mixed picture. The Venetian Macao posted net revenue of $649 million against $692 million, with EBITDA of $205 million. The Londoner Macao held revenue almost flat at $685 million while EBITDA dropped to $178 million from $219 million; its non-rolling chip win rate was 18.6%, against 23.4% a year earlier, even as its rolling chip volume rose to $3.22 billion from $2.31 billion.
The smaller properties moved the other way. The Plaza Macao and Four Seasons Macao lifted revenue to $238 million and EBITDA to $85 million, The Parisian Macao grew revenue to $231 million, and Sands Macao increased revenue to $99 million from $72 million. The city-wide backdrop is covered in our report on how premium mass wagers have been trending in Macau.
Singapore And The Expansion
Marina Bay Sands generated net revenue of $1.29 billion, down from $1.44 billion, with adjusted property EBITDA of $590 million against $743 million and a margin of 45.6%.
Dumont described the Singapore result as solid and pointed to the ongoing expansion project, which will add suite capacity and an arena the company wants to make the region's most important entertainment venue.
Unrestricted cash stood at $2.86 billion at the end of September, and total debt, excluding finance leases, was $15.30 billion. Capital expenditure for the quarter totalled $281 million: $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other.
Sands also has $4.27 billion available under its revolving credit facilities and $4.57 billion under a delayed draw term loan that may fund the Singapore expansion.
