Las Vegas Sands Corp (LVS) (Q3 2026) Earnings Call Highlights: Macao Market Share Hits …

This article first appeared on GuruFocus.

• Singapore EBITDA: $590 million for the quarter; would have been $594 million if rolling play held as expected.

• Macao EBITDA: $529 million for the quarter; would have been $518 million if rolling play held as expected.

• Macao Mass Gaming Revenue Market Share: 26.1% for the quarter, strongest since Q4 2023.

• Rolling Volume (Macao): Up 31% year over year.

• Non-Rolling Drop (Macao): Up 11% year over year.

• Slot ETG Handle (Macao): Up 26% year over year.

• Share Repurchases: $950 million of LVS stock repurchased during the quarter; 19% of outstanding shares repurchased over the last 12 quarters; approximately $5 billion remaining on the $6 billion authorization.

• Quarterly Dividend: $0.30 per share paid during the quarter; board approved a 20% increase to $0.36 per share beginning Q1 2027.

• SCL Ownership: Ownership percentage of SCL reached 75.6% as of September 30, 2026.

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Release Date: October 21, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Las Vegas Sands Corp (NYSE:LVS) generated strong EBITDA of $590 million in Singapore and $529 million in Macao, with Macao mass gaming revenue market share reaching 26.1%, the highest since Q4 2023.

• Gaming volumes grew across all segments in Macao year over year, with rolling volume up 31%, non-rolling drop up 11%, and slot ETG handle up 26%, indicating market share gains.

• Las Vegas Sands Corp (NYSE:LVS) repurchased $950 million of stock in the quarter and has reduced shares outstanding by 19% over the last 12 quarters, demonstrating commitment to shareholder returns.

• The company increased its quarterly dividend by 20% to $0.36 per share starting Q1 2027 and has approximately $5 billion remaining on its $6 billion repurchase authorization.

• Las Vegas Sands Corp (NYSE:LVS) is investing in high-return projects, including the Venetian renovation in Macao and the $8 billion Singapore expansion, which includes a state-of-the-art arena, expected to drive long-term growth.

Negative Points

• High-end customer softness in both Macao and Singapore negatively impacted financial results, with Las Vegas Sands Corp (NYSE:LVS) citing macroeconomic uncertainties and fewer visits from premium patrons.

• Lower-than-expected hold rates in both markets reduced EBITDA by $4 million in Singapore and $11 million in Macao, highlighting earnings volatility.

• Operating expenses increased due to investments in additional table hours, sales and marketing, and customer service personnel, which pressured margins in Macao.

• The Macao market remains highly competitive with elevated reinvestment levels, limiting Las Vegas Sands Corp (NYSE:LVS)’s ability to improve profitability despite market share gains.

• Potential construction cost inflation for the Singapore expansion project poses a risk, as a significant portion of costs are not yet locked in.