Las Vegas Sands Corp has cited improved volumes across all gaming segments at its Macau integrated resorts in the three months to 30 September 2026, although softness at the high end of the market and low hold at The Londoner Macao impacted profitability.
According to information published Thursday morning, total net revenues at Sands China Ltd – operator of The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Sands Macao – reached US$1.93 billion in 3Q26, up 1.4% year-on-year and 8.4% higher than in the June quarter.
This, said LVS Chairman and CEO Patrick Dumont, was attributable to “ongoing investments in enhanced service and hospitality offerings” which resulted in “growth in volumes across all gaming segments as compared to the prior year.”
The company also boosted its market share, with mass gaming share reaching its highest level in more than three years at 26.1%. Rolling volume was up 31% year-on-year, non-rolling drop by 11% and ETG handle by 26%, LVS explained.
Adjusted EBITDA across the group’s Macau operations fell by 12.0% year-on-year to US$529 million, although this was significantly higher than the US$430 million reported in Q2. Similarly, net income of US$191 million was down from US$272 million a year earlier but improved from US$107 million in the June 2026 quarter.
Speaking on the company’s 3Q26 earnings call, Dumont pointed to clear softness at the high end of the market – which impacted both Sands China and the group’s Singapore resort, Marina Bay Sands – and described this softness as “the story for the quarter for us.”
Asked what factors had created such a scenario, he added, “I think we made a lot of strides in the things that we’re trying to improve and create better experiences for our customers. But when the customers don’t show up, it’s a little problematic.
“In terms of Asia macro, there are a bunch of things going on globally that may have an impact in terms of visitation, how people think about tourism, their spending during the quarter. I also want to point out that the World Cup final was 19 July, so that did happen.
“There are many things in the global environment generally that created a lot of uncertainty in the quarter, and when uncertainty is introduced into people’s lives and how they think about tourism, it can change their behaviors. I can’t really point to one thing that I would tell you was the cause.”
The improvement in net revenues in Macau was largely a result of GGR market share gains and came despite subdued performance at Sands China’s flagship properties, with The Venetian Macao seeing net revenues decline by 6.2% year-on-year to US$649 million and The Londoner Macao remaining flat at US$685 million. Adjusted Property EBITDA at The Venetian Macao fell by 15.3% to US$205 million and at The Londoner Macao by 18.7% to US$178 million.
IAG notes that The Venetian is currently undergoing a comprehensive renovation program covering all 2,900 hotel rooms and suites, due for completion in early 2028, while LVS revealed that The Londoner suffered from low hold during the quarter.
By comparison, The Parisian saw net revenues increase by 6.0% to US$231 million and The Plaza by 15.6% to US$238 million, while revenues at Sands Macao jumped to US$99 million from US$72 million in 3Q25.
In Singapore, MBS also felt the impact of softness at the high end of the market, with net revenues falling by 9.9% year-on-year and 6.2% quarter-on-quarter to US$1.29 billion. Adjusted Property EBITDA was also down 20.6% year-on-year and 23.2% sequentially to US$590 million.
Dumont described the property’s financial performance as “solid” given the prevailing conditions, adding, “We remain enthusiastic about our growth prospects in Singapore both today and upon the completion of our ongoing expansion project, which will meaningfully increase our suite capacity and entertainment offerings, including through the introduction of an arena designed to be the most important entertainment venue in the region.
“We are encouraged by our progress in Macau during the quarter, with our ongoing investments in enhanced service and hospitality offerings contributing to growth in volumes across all gaming segments as compared to the prior year.
“We remain confident in our long-term strategy in both Singapore and Macao and will continue to invest in future growth. We are fortunate to have the balance sheet and cash flow strength to support our meaningful capital investment programs, positioning our portfolio of properties to capitalize on the growing demand for premium travel and world-class entertainment experiences in the region.”
