Macau concessionaire Sands China Ltd recorded total net revenues of US$1.78 billion in the three months to 30 June 2026, down 0.8% year-on-year and 15.6% lower than Q1, with the company pointing to “unusually low hold in rolling play” as negatively impacting the quarter’s results.
Releasing its 2Q26 figures this morning, parent company Las Vegas Sands Corp (LVS) also revealed a 50.0% year-on-year decline in net income in Macau to US$107 million, while Adjusted EBITDA from Macau operations fell 24.0% year-on-year and 32.1% quarter-on-quarter to US$430 million.
According to LVS, the low VIP hold of 1.35% and impact of the World Cup in June hid a strong quarter for Sands China, which saw gaming volumes grow across all segments, including an all-time high in mass GGR in May. The company pointed to a 100bps increase in Macau mass market GGR share in Q2 to 25.0%, however Adjusted Property EBITDA margin decreased 750bps to 24.0%.
The impact was most heavily felt at The Venetian Macao, where total revenues fell 10.9% year-on-year to US$591 million, including a 12.8% decline in casino revenues to US$457 million. Adjusted Property EBITDA was down 30.1% to US$165 million.
By comparison, The Londoner Macao saw total revenues grow by 10.6% year-on-year – albeit down 5.8% sequentially – to US$710 million including a 10.7% rise in casino revenue to US$548 million. Adjusted Property EBITDA fell 6.3% to US$192 million but notably surpassed The Venetian Macao for the first time.
At The Parisian Macao, net revenues grew by 12.4% year-on-year to US$218 million with casino revenue rising 15.4% to US$165 million. Adjusted Property EBITDA fell slightly to US$38 million.
Elsewhere, Sands China saw a 29.4% decline in net revenues at The Plaza Macao and Four Seasons Macao to US$137 million while Sands Macao saw net revenues fall 33.8% to US$95 million.
In Singapore, LVS saw a slight decline from the record-breaking performance of the March 2026 quarter, with net revenues falling by 0.6% year-on-year and 7.4% quarter-on-quarter to US$1.38 billion. Adjusted Property EBITDA fell 10.3% year-on-year and 12.6% quarter-on-quarter to US$689 million.
LVS said mass win grew by 5% year-on-year while rolling win fell 7%, with the company noting a clear impact in June from the World Cup on its premium player volumes. Adjusted Property EBITDA margin decreased 540bps to 49.9%.
“We continued to execute our strategic objectives during the quarter in both Singapore and Macau while continuing to increase the return of capital to shareholders,” said LVS Chairman and CEO Patrick Dumont.
“In Macau, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter.
“At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance.
“Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”
Group wide net revenue was down 0.9% year-on-year to US$3.15 billion, with net income down 28.1% to US$373 million and Adjusted Property EBITDA down 15.8% to US$1.12 billion.
