According to an update from Seaport Research Partners following a meeting with management of Las Vegas Sands Corp (LVS), the casino operator has no plans to reduce its promotional spend in Macau anytime soon – even if this negatively impacts EBITDA growth in the short-term.
LVS operates five resorts in Macau – The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Sands Macao – via its subsidiary Sands China Ltd.
Seaport published its key takeaways from the meeting with LVS overnight, in which it noted that, “To meet Sands’ strategic objective of being the leader in Macau, the company does not plan to let up on spend in order to drive share gains and EBITDA growth – near term sacrifice for long term positioning.
The research platform added that LVS said it may trim reinvestment at a later date “but not in the foreseeable future as competition for premium customers remains intense.”
The comments come after LVS stated in mid-2025 that it would adopt a significantly more aggressive approach to customer reinvestment in Macau because it had underperformed the market in recent quarters.
Player reinvestment strategy remains a topic of hot debate in Macau, with discussion across 2Q26 earnings calls confirming that concessionaires continue to evaluate their player spend on a weekly basis. IAG understands there is growing frustration among operators around the tactics now being employed market-wide to lure premium players from one property to another.
Seaport’s update includes a comment from LVS that, “The high-end customer in Macau may rotate among several properties and this could cause some shifts in market share due to higher concentration in Macau than historically.”
The operator added that there also appears to be some softness in the ultra-high end of the market post-World Cup but it is “too early to say” if this is a long-term trend or something temporary.
