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Las Vegas Sands reported lower second-quarter earnings and revenue as unusually weak VIP gaming hold in Macao and reduced travel by high-value customers during the World Cup offset stronger gaming volumes across its Asian properties.
Net revenue for the quarter ended June 30, 2026, declined to $3.15 billion from $3.18 billion a year earlier. Operating income fell to $618 million from $783 million, while net income decreased to $373 million from $519 million. Consolidated adjusted property EBITDA was $1.12 billion, compared with $1.33 billion in the second quarter of 2025.
The company earned 59 cents per share, below analysts’ expectations of 76 cents, while revenue also missed the $3.31 billion consensus estimate. Las Vegas Sands shares fell more than 5% in after-hours trading following the results. The stock closed at $45.25 on July 22, down 30.48% for the year and 35.77% below its 52-week high.
Singapore’s Marina Bay Sands generated $689 million in adjusted earnings despite softer seasonal tourism and fewer visits from high-value customers during the World Cup. Mass gaming revenue increased 5% from the previous year.
“Unfortunately, a lot of our high-value patrons are followers of a lot of the players and teams, and that drove a lot of tourism away from our two markets,” Chairman and Chief Executive Officer Patrick Dumont said.
An expansion at the Singapore property, scheduled to open in 2031, will add premium suites, service and entertainment facilities, including a new arena.
Chairman and Chief Executive Officer Patrick Dumont
In Macao, Sands China’s net revenue declined 0.8% to $1.78 billion, while net income fell 50% to $107 million. Adjusted earnings were $430 million, affected by an “exceptionally low VIP rolling hold of 1.35% for the quarter.” The company estimated adjusted earnings would have reached $517 million at a normal hold rate.
Gaming volumes nevertheless increased across all segments. Rolling volume rose 72%, mass-market gross gaming revenue increased 8%, compared with 4% growth for the expanded market, and total gaming revenue grew 4% while the Macao market was flat.
“If we’d held as expected in our rolling play, Sands China’s total GGR growth would have been 14% year-over-year,” Dumont said. “Sands China VIP rolling chip volume share reached a market-leading 26% in the quarter.”
The company is targeting quarterly adjusted earnings of $700 million in Macao over time. Renovations covering all 2,009 rooms and suites at the Venetian are due to be completed by Chinese New Year in 2028, alongside new gaming salons and amenities for premium customers.
The Venetian Macao
Capital expenditure totaled $332 million during the quarter, including $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other spending.
“This quarter is not what we wanted to see, but we feel pretty good about where we’re headed, given the growth in volumes across all segments,” Dumont said.
Alongside the earnings release, the company’s board expanded its share repurchase authorization after only $29 million remained under the previous program.
“On July 21, 2026, the company’s Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029,” according to a statement issued by the Las Vegas-based operator.
Las Vegas Sands repurchased about 15 million shares for $787 million during the quarter at a weighted average price of $52.37. Since restarting the program in the fourth quarter of 2023, it has bought back approximately 124 million shares, representing 16.3% of shares outstanding, for $6.03 billion at an average price of $48.49.
The company also paid a quarterly dividend of $0.30 per share. Its next dividend of the same amount is payable August 12 to shareholders of record on August 4.
Las Vegas Sands ended the quarter with $3.38 billion in unrestricted cash and $15.11 billion in outstanding debt, excluding finance leases. It received $1.26 billion in May from the repayment of seller financing connected to the sale of its Las Vegas property and operations.
The company had $4.26 billion available under revolving credit facilities and another $4.68 billion under a delayed draw term loan facility for the Marina Bay Sands expansion. Net interest expense was $189 million, compared with $194 million a year earlier, while the effective tax rate rose to 19.1% from 14.8%.