Las Vegas Sands has announced a drop in its earnings and revenue for the second quarter, primarily due to a notably weak performance in VIP gaming in Macao and a decrease in travel from high-value customers during the World Cup. This downturn overshadowed the stronger gaming activity observed across its Asian locations.
For the quarter ending June 30, 2026, the company's net revenue fell to $3.15 billion, down from $3.18 billion in the same period last year. Operating income also saw a decline, dropping to $618 million from $783 million, while net income decreased to $373 million from $519 million. The consolidated adjusted property EBITDA stood at $1.12 billion, compared to $1.33 billion in the second quarter of 2025.
Per share earnings were reported at 59 cents, falling short of analysts' expectations of 76 cents, and revenue did not meet the consensus estimate of $3.31 billion. Following the announcement, Las Vegas Sands shares fell over 5% in after-hours trading, closing at $45.25 on July 22. This marks a significant decline of 30.48% for the year and is 35.77% lower than its 52-week peak.
Despite a softer tourism season, Singapore's Marina Bay Sands managed to generate $689 million in adjusted earnings, although visits from high-value customers were fewer during the World Cup. Mass gaming revenue increased by 5% year-on-year.
Chairman and CEO Patrick Dumont commented, “Unfortunately, many of our high-value patrons are fans of the players and teams, which diverted tourism away from our markets.”
Looking ahead, an expansion at the Singapore venue is set to launch in 2031, introducing premium suites and new entertainment facilities, including a state-of-the-art arena.
In Macao, Sands China reported a slight revenue decline of 0.8%, totaling $1.78 billion, while net income plummeted 50% to $107 million. Adjusted earnings were recorded at $430 million, impacted by an unusually low VIP rolling hold of 1.35% for the quarter. The company estimates that adjusted earnings could have reached $517 million under normal conditions.
Despite the challenges, gaming volumes increased across all segments, with rolling volume surging by 72%. Mass-market gross gaming revenue rose by 8%, outpacing the 4% growth seen in the broader market, while total gaming revenue grew by 4% even as the Macao market remained stable.
Dumont noted, “Had we maintained expected levels in our rolling play, Sands China’s total GGR growth would have been 14% year-over-year.” He also highlighted that Sands China held a leading 26% share of the VIP rolling chip volume for the quarter.
The company aims to achieve quarterly adjusted earnings of $700 million in Macao over time. Renovations at the Venetian, covering all 2,009 rooms and suites, are expected to be completed by the Chinese New Year in 2028, along with the introduction of new gaming salons and amenities for premium clients.
Capital expenditures for the quarter reached $332 million, with $215 million allocated to Marina Bay Sands, $86 million in Macao, and $31 million in corporate expenses.
Dumont expressed optimism about the future, stating, “This quarter did not meet our expectations, but we are encouraged by the growth in volumes across all segments.”
In conjunction with the earnings report, the company’s board has expanded its share repurchase authorization, increasing the remaining amount to $6.0 billion and extending the expiration date to July 21, 2029.
As of July 21, 2026, Las Vegas Sands had repurchased approximately 15 million shares for $787 million at an average price of $52.37. Since resuming the buyback program in Q4 2023, the company has repurchased about 124 million shares, which accounts for 16.3% of outstanding shares, totaling $6.03 billion at an average price of $48.49.
Additionally, the company declared a quarterly dividend of $0.30 per share, with the next payment scheduled for August 12 to shareholders on record as of August 4.
At the end of the quarter, Las Vegas Sands reported $3.38 billion in unrestricted cash and $15.11 billion in outstanding debt, excluding finance leases.