Third Quarter 2026 Results
LVS Board of Directors Announced a 20% Increase in LVS’s Recurring Common Stock Dividend for the 2027 Calendar Year, Raising the Annual Dividend to $1.44 per Share ($0.36 per Share per Quarter)
Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2026.
“We continued to execute our strategic objectives during the quarter in both Singapore and Macao while increasing the return of capital to shareholders, including through the repurchase of $950 million of our common stock during the quarter,” said Patrick Dumont, chairman and chief executive officer.
“At Marina Bay Sands in Singapore, we delivered solid financial performance. 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 Macao 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.
“We strongly believe 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.”
Net revenue was $3.22 billion, compared to $3.33 billion in the prior year quarter. Operating income was $618 million, compared to $719 million in the prior year quarter. Net income in the third quarter of 2026 was $352 million, compared to $491 million in the third quarter of 2025.
Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.34 billion in the prior year quarter.
On a GAAP basis, total net revenues for SCL increased 1.4% to $1.93 billion, compared to the third quarter of 2025. Net income for SCL decreased 29.8% to $191 million, compared to $272 million in the third quarter of 2025. 2
Interest expense, net of amounts capitalized, was $186 million for the third quarter of 2026, compared to $187 million in the prior year quarter. Our weighted average debt balance was $15.53 billion during the third quarter of 2026, compared to $15.94 billion during the third quarter of 2025. Our weighted average borrowing cost was 4.7% during the third quarter of 2026, compared to 4.5% during the third quarter of 2025.
Our effective income tax rate for the third quarter of 2026 was 22.5%, compared to 15.6% in the prior year quarter. The income tax rate for the third quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.
During the third quarter of 2026, we repurchased $950 million of our common stock (approximately 21 million shares at a weighted average price of $45.31). The remaining amount authorized under our share repurchase program was $5.06 billion as of September 30, 2026. Since the resumption of our share repurchase program in the fourth quarter of 2023 through September 30, 2026, we have repurchased 19.0% of our outstanding shares, approximately 145 million shares of our common stock at an average price of $48.03, for a total investment of $6.98 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.
During the third quarter of 2026, we purchased 62 million shares of SCL common stock for HKD 793 million (approximately $101 million at exchange rates in effect at the time of the transactions), increasing the company’s ownership percentage of SCL to 75.56% as of September 30, 2026.
We paid a quarterly dividend of $0.30 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on November 10, 2026, to Las Vegas Sands stockholders of record on November 2, 2026.
Unrestricted cash balances as of September 30, 2026 were $2.86 billion. 3 The company has access to $4.27 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.57 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. As of September 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.30 billion.
Capital expenditures during the third quarter totaled $281 million, including construction, development and maintenance activities of $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other. ###
The company will host a conference call to discuss the company’s results on Wednesday, October 21, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.
Sands is the leading global developer and operator of integrated resorts. The company’s iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands’ portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company’s ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune’s list of the World’s Most Admired Companies. To learn more, visit www.sands.com. 4
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words “anticipates,” “believes,” “can,” “continues,” “estimates,” “expects,” “goals,” “intends,” “looks forward to,” “may,” “opportunities,” “plans,” “positions,” “remains,” “seeks,” “should,” “targets,” “will,” “would” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward- looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man- made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries’ ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward- 5 looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information. Contacts:
Investment Community: Daniel Briggs daniel.briggs@sands.com Media: Ron Reese ron.reese@sands.com
Within the company’s third quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company’s consolidated financial information prepared in accordance with GAAP including “adjusted net income (loss),” “adjusted earnings (loss) per diluted share” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company’s website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company’s management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company’s financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company’s operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many 7 as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies. 8 Exhibit 1 Las Vegas Sands Corp. and Subsidiaries
(1) Intersegment eliminations include royalties and other intercompany services.
The follow… is a reconc… of Net Income to Consol… Adjust… Proper… EBITDA: Three Nine Months Months Ended Ended September Septemb… 30, 30, 2026 2025 2026 2025 Net $ 352 $ 491 $ 1,366 $ 1,418 income Add (deduc… Income tax 102 91 297 244 expense Loss on modifi… or — — — 5 early retire… of debt Other (incom… 1 -11 3 12 expense Intere… expens… net of 186 187 563 555 amounts capita… Intere… -23 -39 -89 -123 income Loss on dispos… or 4 68 14 83 impair… of assets Amorti… of leaseh… 21 21 63 56 intere… in land Deprec… and 340 368 1,047 1,101 amorti… Develo… 37 72 121 210 expense Pre-op… 5 7 14 20 expense Stock-… 6 11 15 17 compen… Corpor… 88 78 245 220 expense Consol… Adjust… $ 1,119 $ 1,344 $ 3,659 $ 3,818 Proper… EBITDA
During the three months ended September 30, 2026 and 2025, the company recorded stock-based compensation expense of $18 million and (1) $26 million, respectively, of which $12 million and $15 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2026 and 2025, the company recorded stock-based compensation expense of $57 million and $52 million, respectively, of which $42 million and $35 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
The follow… is a reconc… of Net Income Attrib… to LVS to Adjust… Net Income: Net income attrib… to LVS Pre-op… expense Develo… expense Loss on dispos… or impair… of assets Other (incom… expense Loss on modifi… or early retire… of debt Income tax impact on net income adjust… Noncon… intere… impact on net income adjust… Adjust… net income attrib… to LVS The follow… is a reconc… of Net Income per Diluted Share to Three Nine Adjust… Months Months Earnin… Ended Ended per September 304 419 Septemb… 1,217 1,232 Diluted 30, 5 7 30, 14 20 Share: 2026 37 72 2026 121 210 Per Three 4 68 Nine 14 83 diluted Months 1 (11) Months 3 12 share Ended — — Ended — 5 of September (7) (21) Septemb… (27) (49) common 30, (1) 2025 2 30, (3) 2025 (9) stock: 2026 343 2025 536 2026 1,339 2025 1,504 ────────────────────────────────────────────────────────────────────────────── Net income $ 0.48 $ 0.61 $ 1.86 $ 1.77 attrib… to LVS Pre-op… 0.01 0.01 0.02 0.03 expense Develo… 0.05 0.11 0.18 0.30 expense Loss on dispos… or 0.01 0.10 0.02 0.12 impair… of assets Other (incom… — -0.02 — 0.02 expense Loss on modifi… or — — — 0.01 early retire… of debt Income tax impact -0.01 -0.03 -0.04 -0.08 on net income adjust… Noncon… intere… impact — — — -0.02 on net income adjust… Adjust… earnin… per $ 0.54 $ 0.78 $ 2.04 $ 2.15 diluted share Weight… average diluted 640 685 655 698 shares outsta…
The income tax impact for each adjustment is derived by applying the (1) effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
The following reflects the impact on Net Revenues for hold-adjusted win percentage: Three Months Ended September 30, 2026 2025 Macao Operations $ -19 $ -4 Marina Bay Sands 6 -57 $ -13 $ -61 The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage: Three Months Ended September 30, 2026 2025 Macao Operations $ -11 $ -2 Marina Bay Sands 4 -43 $ -7 $ -45
These amounts represent the estimated impact of the hold adjustment that would have occurred had the company’s Rolling Chip win percentage for the three months ended September 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.6% and 4.2%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that Note: would have been incurred or avoided. ──────────────────────────────────────────────────────────────────────────────
Table games win per unit per day is shown before discounts, (1) commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. Slot machine win per unit per day is shown before deferring revenue (2) associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. (3) Slot machines were relocated to other properties during the three months ended March 31, 2026.
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue (1) associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). (2) We anticipate approximately 500 rooms, on average, to be out of service through the fourth quarter of 2027 due to room renovations.
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue (1) associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue (1) associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). (2) Slot machines were relocated to other properties during the three months ended March 31, 2026.
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue (1) associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
This compares to our theoretical Rolling Chip win percentage of 4.6% and 4.2% for the three months ended September 30, 2026 and 2025, (1) respectively (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Note: This table excludes the results of our retail outlets at Sands Macao. (1) Gross revenue figures are net of intersegment revenue eliminations. (2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
Full text with the tables
EXHIBIT 99.1
Las Vegas Sands Reports
Third Quarter 2026 Results
For the quarter ended September 30, 2026
•
Net Revenue $3.22 billion
•
Net Income $352 million
•
Diluted Earnings per Share $0.48
•
Consolidated Adjusted Property EBITDA $1.12 billion
•
LVS Repurchased $950 million of Common Stock During the Quarter
•
LVS Board of Directors Announced a 20% Increase in LVS’s Recurring Common Stock
Dividend for the 2027 Calendar Year, Raising the Annual Dividend to $1.44 per
Share ($0.36 per Share per Quarter)
LAS VEGAS, October 21, 2026 -
Las Vegas Sands (NYSE: LVS), the leading global developer and operator of
Integrated Resorts, today reported financial results for the quarter ended
September 30, 2026.
“We continued to execute our strategic objectives during the quarter in both
Singapore and Macao while increasing the return of capital to shareholders,
including through the repurchase of $950 million of our common stock during the
quarter,” said Patrick Dumont, chairman and chief executive officer.
“At Marina Bay Sands in Singapore, we delivered solid financial performance. 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 Macao 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.
“We strongly believe 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.”
Net revenue was $3.22 billion, compared to $3.33 billion in the prior year
quarter. Operating income was $618 million, compared to $719 million in the
prior year quarter. Net income in the third quarter of 2026 was $352 million,
compared to $491 million in the third quarter of 2025.
Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.34
billion in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 1.4% to $1.93 billion,
compared to the third quarter of 2025. Net income for SCL decreased 29.8% to
$191 million, compared to $272 million in the third quarter of 2025.
2
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $186 million for the third
quarter of 2026, compared to $187 million in the prior year quarter. Our
weighted average debt balance was $15.53 billion during the third quarter of
2026, compared to $15.94 billion during the third quarter of 2025. Our weighted
average borrowing cost was 4.7% during the third quarter of 2026, compared to
4.5% during the third quarter of 2025.
Our effective income tax rate for the third quarter of 2026 was 22.5%, compared
to 15.6% in the prior year quarter. The income tax rate for the third quarter of
2026 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the third quarter of 2026, we repurchased $950 million of our common
stock (approximately 21 million shares at a weighted average price of $45.31).
The remaining amount authorized under our share repurchase program was $5.06
billion as of September 30, 2026. Since the resumption of our share repurchase
program in the fourth quarter of 2023 through September 30, 2026, we have
repurchased 19.0% of our outstanding shares, approximately 145 million shares of
our common stock at an average price of $48.03, for a total investment of $6.98
billion. The timing and actual number of shares to be repurchased in the future
will depend on a variety of factors, including the company’s financial position,
earnings, legal requirements, other investment opportunities and market
conditions.
During the third quarter of 2026, we purchased 62 million shares of SCL common
stock for HKD 793 million (approximately $101 million at exchange rates in
effect at the time of the transactions), increasing the company’s ownership
percentage of SCL to 75.56% as of September 30, 2026.
We paid a quarterly dividend of $0.30 per common share during the quarter. Our
next quarterly dividend of $0.30 per common share will be paid on November 10,
2026, to Las Vegas Sands stockholders of record on November 2, 2026.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2026 were $2.86 billion.
3
The company has access to $4.27 billion available for borrowing under our U.S.,
SCL and Singapore revolving credit facilities, net of outstanding letters of
credit, and $4.57 billion available under a delayed draw term loan facility that
may be used to finance development and construction costs, expenses, fees and
other payments related to the MBS Expansion Project. As of September 30, 2026,
total debt outstanding, net of deferred offering costs and original issue
discounts, excluding finance leases, was $15.30 billion.
Capital Expenditures
Capital expenditures during the third quarter totaled $281 million, including
construction, development and maintenance activities of $154 million in Macao,
$121 million at Marina Bay Sands and $6 million in corporate and other.
###
Conference Call Information
The company will host a conference call to discuss the company’s results on
Wednesday, October 21, 2026, at 1:30 p.m. Pacific Time. Interested parties may
listen to the conference call through a webcast available on the company’s
website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The
company’s iconic properties drive valuable leisure and business tourism and
deliver significant economic benefits, sustained job creation, financial
opportunities for local businesses and community investment to help make its
host regions ideal places to live, work and visit.
Sands’ portfolio of properties includes Marina Bay Sands® in Singapore and The
Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and
Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through
majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by
the core tenets of serving people, communities and the planet. The company’s ESG
leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World
and North America, as well as Fortune’s list of the World’s Most Admired
Companies. To learn more, visit www.sands.com.
4
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe
Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include the discussions of our business strategies
and expectations concerning future operations, margins, profitability, liquidity
and capital resources. In addition, in certain portions included in this press
release, the words “anticipates,” “believes,” “can,” “continues,” “estimates,”
“expects,” “goals,” “intends,” “looks forward to,” “may,” “opportunities,”
“plans,” “positions,” “remains,” “seeks,” “should,” “targets,” “will,” “would”
and similar expressions, as they relate to our company or management, are
intended to identify forward-looking statements. Although we believe these
forward-looking statements are reasonable, we cannot assure you any forward-
looking statements will prove to be correct. These statements represent our
expectations, beliefs, intentions or strategies concerning future events that,
by their nature, involve a number of risks, uncertainties or other factors
beyond our control, which may cause our actual results, performance,
achievements or other expectations to be materially different from any future
results, performance, achievements or other expectations expressed or implied by
these forward-looking statements. These factors include, but are not limited to,
the risks associated with: our gaming license in Singapore and concession in
Macao and amendments to Macao's gaming laws; general economic conditions;
disruptions or reductions in travel and our operations due to natural or man-
made disasters, pandemics, epidemics or outbreaks of infectious or contagious
diseases; our ability to invest in future growth opportunities, or attempt to
expand our business in new markets and new ventures, execute our capital
expenditure programs at our existing properties and produce future returns;
government regulation; the extent to which the laws and regulations of mainland
China become applicable to our operations in Macao and Hong Kong; the
possibility that economic, political and legal developments in Macao adversely
affect our Macao operations, or that there is a change in the manner in which
regulatory oversight is conducted in Macao; our subsidiaries’ ability to make
distribution payments to us; substantial leverage and debt service; fluctuations
in currency exchange rates and interest rates; our ability to collect gaming
receivables; win rates for our gaming operations; risk of fraud and cheating;
competition; tax law changes; political instability, civil unrest, terrorist
acts or war; legalization of gaming; insurance; limitations on the transfers of
cash to and from our subsidiaries; limitations of the pataca exchange markets;
restrictions on the export of the renminbi; and other risks and uncertainties
detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed
by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-
5
looking statements, which speak only as of the date such statement is made. Las
Vegas Sands Corp. assumes no obligation to update any forward-looking statements
and information.
Contacts:
Investment Community:
Daniel Briggs
daniel.briggs@sands.com
Media:
Ron Reese
ron.reese@sands.com
6
Las Vegas Sands Corp.
Third Quarter 2026 Results
Non-GAAP Financial Measures
Within the company’s third quarter 2026 press release, the company makes
reference to certain non-GAAP financial measures that supplement the company’s
consolidated financial information prepared in accordance with GAAP including
“adjusted net income (loss),” “adjusted earnings (loss) per diluted share” and
“consolidated adjusted property EBITDA,” which have directly comparable GAAP
financial measures. The company believes these measures represent important
internal measures of financial performance. Set forth in the financial schedules
accompanying this press release and presentations included on the company’s
website are reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures. The non-GAAP financial measure
disclosure by the company has limitations and should not be considered a
substitute for, or superior to, the financial measures prepared in accordance
with GAAP. The definitions of our non-GAAP financial measures and the specific
reasons why the company’s management believes the presentation of the non-GAAP
financial measures provides useful information to investors regarding the
company’s financial condition, results of operations and cash flows are
presented below.
The following non-GAAP financial measures are used by management, as well as
industry analysts, to evaluate the company’s operations and operating
performance. These non-GAAP financial measures are presented so investors have
the same financial data management uses in evaluating financial performance with
the belief it will assist the investment community in properly assessing the
underlying financial performance of the company on a year-over-year and a
quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income
(loss) attributable to Las Vegas Sands excluding pre-opening expense,
development expense, gain or loss on disposal or impairment of assets, gain or
loss on modification or early retirement of debt, other income or expense and
certain nonrecurring corporate expenses, net of income tax. Adjusted net income
(loss) and adjusted earnings (loss) per diluted share are presented as
supplemental disclosures as management believes they are (1) each widely used
measures of performance by industry analysts and investors and (2) a principal
basis for valuation of Integrated Resort companies, as these non-GAAP financial
measures are considered by many
7
as alternative measures on which to base expectations for future results. These
measures also form the basis of certain internal management performance
expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is
net income (loss) before stock-based compensation expense, corporate expense,
pre-opening expense, development expense, depreciation and amortization,
amortization of leasehold interests in land, gain or loss on disposal or
impairment of assets, interest, other income or expense, gain or loss on
modification or early retirement of debt and income taxes. Management utilizes
consolidated adjusted property EBITDA to compare the operating profitability of
its operations with those of its competitors, as well as a basis for determining
certain incentive compensation. Integrated Resort companies, including Las Vegas
Sands, have historically reported adjusted property EBITDA as a supplemental
performance measure to GAAP financial measures. In order to view the operations
of their properties on a more stand-alone basis, Integrated Resort companies,
including Las Vegas Sands, have historically excluded certain expenses that do
not relate to the management of specific properties, such as pre-opening
expense, development expense and corporate expense, from their adjusted property
EBITDA calculations. Consolidated adjusted property EBITDA should not be
interpreted as an alternative to income (loss) from operations (as an indicator
of operating performance) or to cash flows from operations (as a measure of
liquidity), in each case, as determined in accordance with GAAP. The company has
significant uses of cash flow, including capital expenditures, dividend
payments, interest payments, debt principal repayments, share repurchases and
income tax payments, which are not reflected in consolidated adjusted property
EBITDA. Not all companies calculate adjusted property EBITDA in the same manner.
As a result, consolidated adjusted property EBITDA as presented by Las Vegas
Sands may not be directly comparable to similarly titled measures presented by
other companies.
8
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Nine
Months Months
Ended Ended
September Septemb…
30, 30,
Revenu… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Casino $ 2,370 $ 2,506 $ 7,450 $ 7,048
Rooms 376 374 1,112 1,043
Food
and 176 165 520 453
bevera…
Mall 202 199 604 572
Conven…
retail 92 87 269 252
and
other
Net 3,216 3,331 9,955 9,368
revenu…
Operat…
expens…
Resort 2,103 1,998 6,311 5,567
operat…
Corpor… 88 78 245 220
Pre-op… 5 7 14 20
Develo… 37 72 121 210
Deprec…
and 340 368 1,047 1,101
amorti…
Amorti…
of
leaseh… 21 21 63 56
intere…
in
land
Loss on
dispos…
or 4 68 14 83
impair…
of
assets
2,598 2,612 7,815 7,257
Operat… 618 719 2,140 2,111
income
Other
income
(expen…
Intere… 23 39 89 123
income
Intere…
expens…
net of -186 -187 -563 -555
amounts
capita…
Other
income -1 11 -3 -12
(expen…
Loss on
modifi…
or — — — -5
early
retire…
of debt
Income
before 454 582 1,663 1,662
income
taxes
Income
tax -102 -91 -297 -244
expense
Net 352 491 1,366 1,418
income
Net
income
attrib… -48 -72 -149 -186
to
noncon…
intere…
Net
income
attrib…
to Las $ 304 $ 419 $ 1,217 $ 1,232
Vegas
Sands
Corp.
Earnin…
per
share:
Basic $ 0.48 $ 0.61 $ 1.86 $ 1.77
Diluted $ 0.48 $ 0.61 $ 1.86 $ 1.77
Weight…
average
shares
outsta…
Basic 639 682 654 696
Diluted 640 685 655 698
9
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Nine
Mont… Mon…
Ended End…
Sept… Sep…
Net 30, 30,
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
The
Ven… $ 649 $ 692 $ 1,950 $ 1,9…
Mac…
The
Lon… 685 686 2,149 1,8…
Mac…
The
Par… 231 218 678 639
Mac…
The
Pla…
Mac…
and 238 206 665 608
Four
Sea…
Mac…
San… 99 72 287 218
Mac…
Fer…
Ope… 38 32 115 97
and
Oth…
Mac… 1,940 1,906 5,844 5,4…
Ope…
Mar…
Bay 1,294 1,436 4,161 3,9…
San…
Int… 74 80 244 208
Roy…
Int… -92 -91 -294 -239
Eli…
$ 3,216 $ 3,331 $ 9,955 $ 9,3…
Adj…
Pro…
EBI…
The
Ven… $ 205 $ 242 $ 608 $ 703
Mac…
The
Lon… 178 219 593 577
Mac…
The
Par… 46 53 130 163
Mac…
The
Pla…
Mac…
and 85 74 219 214
Four
Sea…
Mac…
San… 14 8 34 27
Mac…
Fer…
Ope… 1 5 8 18
and
Oth…
Mac… 529 601 1,592 1,7…
Ope…
Mar…
Bay 590 743 2,067 2,1…
San…
$ 1,119 $ 1,344 $ 3,659 $ 3,8…
Adj…
Pro…
EBI…
as a
Per…
of
Net
Rev…
The
Ven… 31.6 % 35.0 % 31.2 % 35.3 %
Mac…
The
Lon… 26.0 % 31.9 % 27.6 % 31.1 %
Mac…
The
Par… 19.9 % 24.3 % 19.2 % 25.5 %
Mac…
The
Pla…
Mac…
and 35.7 % 35.9 % 32.9 % 35.2 %
Four
Sea…
Mac…
San… 14.1 % 11.1 % 11.8 % 12.4 %
Mac…
Fer…
Ope… 2.6 % 15.6 % 7.0 % 18.6 %
and
Oth…
Mac… 27.3 % 31.5 % 27.2 % 31.4 %
Ope…
Mar…
Bay 45.6 % 51.7 % 49.7 % 53.1 %
San…
Tot… 34.8 % 40.3 % 36.8 % 40.8 %
____________________
(1) Intersegment eliminations include royalties and other intercompany
services.
10
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The
follow…
is a
reconc…
of Net
Income
to
Consol…
Adjust…
Proper…
EBITDA:
Three Nine
Months Months
Ended Ended
September Septemb…
30, 30,
2026 2025 2026 2025
Net $ 352 $ 491 $ 1,366 $ 1,418
income
Add
(deduc…
Income
tax 102 91 297 244
expense
Loss on
modifi…
or — — — 5
early
retire…
of debt
Other
(incom… 1 -11 3 12
expense
Intere…
expens…
net of 186 187 563 555
amounts
capita…
Intere… -23 -39 -89 -123
income
Loss on
dispos…
or 4 68 14 83
impair…
of
assets
Amorti…
of
leaseh… 21 21 63 56
intere…
in
land
Deprec…
and 340 368 1,047 1,101
amorti…
Develo… 37 72 121 210
expense
Pre-op… 5 7 14 20
expense
Stock-… 6 11 15 17
compen…
Corpor… 88 78 245 220
expense
Consol…
Adjust… $ 1,119 $ 1,344 $ 3,659 $ 3,818
Proper…
EBITDA
____________________
During the three months ended September 30, 2026 and 2025, the
company recorded stock-based compensation expense of $18 million and
(1) $26 million, respectively, of which $12 million and $15 million,
respectively, was included in corporate expense in the accompanying
condensed consolidated statements of operations.
During the nine months ended September 30, 2026 and 2025, the company
recorded stock-based compensation expense of $57 million and $52
million, respectively, of which $42 million and $35 million,
respectively, was included in corporate expense in the accompanying
condensed consolidated statements of operations.
11
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
The
follow…
is a
reconc…
of Net
Income
Attrib…
to LVS
to
Adjust…
Net
Income:
Net
income
attrib…
to LVS
Pre-op…
expense
Develo…
expense
Loss on
dispos…
or
impair…
of
assets
Other
(incom…
expense
Loss on
modifi…
or
early
retire…
of debt
Income
tax
impact
on net
income
adjust…
Noncon…
intere…
impact
on net
income
adjust…
Adjust…
net
income
attrib…
to LVS
The
follow…
is a
reconc…
of Net
Income
per
Diluted
Share
to Three Nine
Adjust… Months Months
Earnin… Ended Ended
per September 304 419 Septemb… 1,217 1,232
Diluted 30, 5 7 30, 14 20
Share: 2026 37 72 2026 121 210
Per Three 4 68 Nine 14 83
diluted Months 1 (11) Months 3 12
share Ended — — Ended — 5
of September (7) (21) Septemb… (27) (49)
common 30, (1) 2025 2 30, (3) 2025 (9)
stock: 2026 343 2025 536 2026 1,339 2025 1,504
──────────────────────────────────────────────────────────────────────────────
Net
income $ 0.48 $ 0.61 $ 1.86 $ 1.77
attrib…
to LVS
Pre-op… 0.01 0.01 0.02 0.03
expense
Develo… 0.05 0.11 0.18 0.30
expense
Loss on
dispos…
or 0.01 0.10 0.02 0.12
impair…
of
assets
Other
(incom… — -0.02 — 0.02
expense
Loss on
modifi…
or — — — 0.01
early
retire…
of debt
Income
tax
impact -0.01 -0.03 -0.04 -0.08
on net
income
adjust…
Noncon…
intere…
impact — — — -0.02
on net
income
adjust…
Adjust…
earnin…
per $ 0.54 $ 0.78 $ 2.04 $ 2.15
diluted
share
Weight…
average
diluted 640 685 655 698
shares
outsta…
____________________
The income tax impact for each adjustment is derived by applying the
(1) effective tax rate, including current and deferred income tax
expense, based upon the jurisdiction and the nature of the
adjustment.
12
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(In millions)
(Unaudited)
The following reflects the impact on
Net
Revenues for hold-adjusted win
percentage:
Three Months Ended
September 30,
2026 2025
Macao Operations $ -19 $ -4
Marina Bay Sands 6 -57
$ -13 $ -61
The following reflects the impact on
Adjusted Property EBITDA for
hold-adjusted win percentage:
Three Months Ended
September 30,
2026 2025
Macao Operations $ -11 $ -2
Marina Bay Sands 4 -43
$ -7 $ -45
____________________
These amounts represent the estimated impact of the hold adjustment
that would have occurred had the company’s Rolling Chip win
percentage for the three months ended September 30, 2026 and 2025,
equaled 3.3% for the Macao operations and 4.6% and 4.2%,
respectively, for Marina Bay Sands. Included are the estimated
commissions paid, discounts and other incentives rebated directly
or indirectly to customers, gaming taxes and bad debt expense that
Note: would have been incurred or avoided.
──────────────────────────────────────────────────────────────────────────────
13
Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Nine
Casino Months Months
Stati… Ended Ended
The Septem… Septem…
Venet… 30, 30,
Macao: 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Table
games
win
per $ 9,715 $ 9,931 $ 9,697 $ 9,492
unit
per
day(1)
Slot
machi…
win
per $ 370 $ 336 $ 433 $ 336
unit
per
day(2)
Avera…
number
of 629 657 633 661
table
games
Avera…
number
of 1,410 1,660 1,421 1,664
slot
machi…
The
Londo…
Macao:
Table
games
win
per $ 12,929 $ 13,115 $ 14,264 $ 11,843
unit
per
day(1)
Slot
machi…
win
per $ 696 $ 579 $ 680 $ 531
unit
per
day(2)
Avera…
number
of 531 511 517 510
table
games
Avera…
number
of 1,396 1,563 1,411 1,562
slot
machi…
The
Paris…
Macao:
Table
games
win
per $ 7,687 $ 7,553 $ 8,162 $ 7,552
unit
per
day(1)
Slot
machi…
win
per $ 420 $ 285 $ 387 $ 281
unit
per
day(2)
Avera…
number
of 242 243 242 239
table
games
Avera…
number
of 1,344 1,403 1,305 1,369
slot
machi…
The
Plaza
Macao
and
Four
Seaso…
Macao:
Table
games
win
per $ 21,840 $ 20,891 $ 21,801 $ 20,605
unit
per
day(1)
Slot
machi…
win
per $ — $ 76 $ — $ 91
unit
per
day(2…
Avera…
number
of 116 105 115 105
table
games
Avera…
number
of — 53 1 52
slot
machi…
Sands
Macao:
Table
games
win
per $ 7,056 $ 5,516 $ 6,461 $ 5,684
unit
per
day(1)
Slot
machi…
win
per $ 268 $ 234 $ 270 $ 242
unit
per
day(2)
Avera…
number
of 119 121 128 116
table
games
Avera…
number
of 1,362 810 1,276 790
slot
machi…
Marina
Bay
Sands:
Table
games
win
per $ 17,920 $ 21,380 $ 20,965 $ 19,754
unit
per
day(1)
Slot
machi…
win
per $ 1,069 $ 1,027 $ 1,056 $ 1,003
unit
per
day(2)
Avera…
number
of 557 541 563 541
table
games
Avera…
number
of 2,940 2,961 2,956 2,973
slot
machi…
____________________
Table games win per unit per day is shown before discounts,
(1) commissions, deferring revenue associated with the company’s loyalty
programs and allocating casino revenues related to goods and services
provided to patrons on a complimentary basis.
Slot machine win per unit per day is shown before deferring revenue
(2) associated with the company’s loyalty programs and allocating casino
revenues related to goods and services provided to patrons on a
complimentary basis.
(3) Slot machines were relocated to other properties during the three
months ended March 31, 2026.
14
Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
The Three
Venetian Months
Macao Ended
(Dollars in September
millions) 30,
Revenues: 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Casino $ 507 $ 543 $ -36
Rooms 44 52 -8
Food and 15 16 -1
beverage
Mall 64 64 —
Convention,
retail and 19 17 2
other
Net $ 649 $ 692 $ -43
revenues
Adjusted
Property $ 205 $ 242 $ -37
EBITDA
EBITDA 31.6 % 35.0 % -3.4 pts
Margin %
Gaming
Statistics
(Dollars in
millions)
Rolling $ 917 $ 635 $ 282
Chip volume
Rolling
Chip win 3.97 % 5.87 % -1.90 pts
%(1)
Non-Rolling $ 2,354 $ 2,390 $ -36
Chip drop
Non-Rolling 22.4 % 23.6 % -1.2 pts
Chip win %
Slot handle $ 1,367 $ 1,430 $ -63
Slot hold % 3.5 % 3.6 % -0.1 pts
Hotel
Statistics…
Occupancy % 98.3 % 98.0 % 0.3 pts
Average
daily room $ 200 $ 200 $ —
rate (ADR)
Revenue per
available $ 197 $ 196 $ 1
room
(RevPAR)
____________________
This compares to our expected Rolling Chip win percentage of 3.3%
(calculated before discounts, commissions, deferring revenue
(1) associated with the company’s loyalty programs and allocating casino
revenues related to goods and services provided to patrons on a
complimentary basis).
(2) We anticipate approximately 500 rooms, on average, to be out of
service through the fourth quarter of 2027 due to room renovations.
15
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
The Three
Londoner Months
Macao Ended
(Dollars in September
millions) 30,
Revenues: 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Casino $ 514 $ 525 $ -11
Rooms 103 102 1
Food and 34 31 3
beverage
Mall 26 23 3
Convention,
retail and 8 5 3
other
Net $ 685 $ 686 $ -1
revenues
Adjusted
Property $ 178 $ 219 $ -41
EBITDA
EBITDA 26.0 % 31.9 % -5.9 pts
Margin %
Gaming
Statistics
(Dollars in
millions)
Rolling $ 3,216 $ 2,312 $ 904
Chip volume
Rolling
Chip win 3.43 % 3.65 % -0.22 pts
%(1)
Non-Rolling $ 2,803 $ 2,268 $ 535
Chip drop
Non-Rolling 18.6 % 23.4 % -4.8 pts
Chip win %
Slot handle $ 2,256 $ 2,141 $ 115
Slot hold % 4.0 % 3.9 % 0.1 pts
Hotel
Statistics
Occupancy % 97.5 % 96.4 % 1.1 pts
Average
daily room $ 264 $ 262 $ 2
rate (ADR)
Revenue per
available $ 257 $ 253 $ 4
room
(RevPAR)
____________________
This compares to our expected Rolling Chip win percentage of 3.3%
(calculated before discounts, commissions, deferring revenue
(1) associated with the company’s loyalty programs and allocating casino
revenues related to goods and services provided to patrons on a
complimentary basis).
16
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
The
Parisian Three Months
Macao Ended
(Dollars in September
millions) 30,
Revenues: 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Casino $ 178 $ 163 $ 15
Rooms 33 34 -1
Food and 14 14 —
beverage
Mall 5 5 —
Convention,
retail and 1 2 -1
other
Net $ 231 $ 218 $ 13
revenues
Adjusted
Property $ 46 $ 53 $ -7
EBITDA
EBITDA 19.9 % 24.3 % -4.4 pts
Margin %
Gaming
Statistics
(Dollars in
millions)
Rolling
Chip $ — $ — $ —
volume(1)
Rolling
Chip win — % — % — pts
%(1)
Non-Rolling $ 761 $ 785 $ -24
Chip drop
Non-Rolling 22.5 % 21.5 % 1.0 pts
Chip win %
Slot handle $ 1,404 $ 1,007 $ 397
Slot hold % 3.7 % 3.6 % 0.1 pts
Hotel
Statistics
Occupancy % 98.3 % 97.0 % 1.3 pts
Average
daily room $ 144 $ 151 $ -7
rate (ADR)
Revenue per
available $ 142 $ 147 $ -5
room
(RevPAR)
____________________
(1) Rolling Chip tables are made available based on demand.
17
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
The Plaza
Macao and
Four
Seasons Three Months
Macao Ended
(Dollars in September
millions) 30,
Revenues: 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Casino $ 163 $ 132 $ 31
Rooms 30 28 2
Food and 7 7 —
beverage
Mall 37 38 -1
Convention,
retail and 1 1 —
other
Net $ 238 $ 206 $ 32
revenues
Adjusted
Property $ 85 $ 74 $ 11
EBITDA
EBITDA 35.7 % 35.9 % -0.2 pts
Margin %
Gaming
Statistics
(Dollars in
millions)
Rolling $ 1,584 $ 1,402 $ 182
Chip volume
Rolling
Chip win 3.76 % 1.84 % 1.92 pts
%(1)
Non-Rolling $ 785 $ 683 $ 102
Chip drop
Non-Rolling 22.2 % 25.7 % -3.5 pts
Chip win %
Slot $ — $ 15 $ -15
handle(2)
Slot hold — % 2.5 % — pts
%(2)
Hotel
Statistics
Occupancy % 96.1 % 92.6 % 3.5 pts
Average
daily room $ 504 $ 493 $ 11
rate (ADR)
Revenue per
available $ 485 $ 456 $ 29
room
(RevPAR)
____________________
This compares to our expected Rolling Chip win percentage of 3.3%
(calculated before discounts, commissions, deferring revenue
(1) associated with the company’s loyalty programs and allocating casino
revenues related to goods and services provided to patrons on a
complimentary basis).
(2) Slot machines were relocated to other properties during the three
months ended March 31, 2026.
18
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Sands Macao Three Months
(Dollars in Ended
millions) September 30,
Revenues: 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Casino $ 92 $ 66 $ 26
Rooms 4 4 —
Food and 2 2 —
beverage
Mall 1 — 1
Net $ 99 $ 72 $ 27
revenues
Adjusted
Property $ 14 $ 8 $ 6
EBITDA
EBITDA 14.1 % 11.1 % 3.0 pts
Margin %
Gaming
Statistics
(Dollars in
millions)
Rolling $ 22 $ 18 $ 4
Chip volume
Rolling
Chip win 11.22 % 3.08 % 8.14 pts
%(1)
Non-Rolling $ 480 $ 371 $ 109
Chip drop
Non-Rolling 15.5 % 16.4 % -0.9 pts
Chip win %
Slot handle $ 1,568 $ 626 $ 942
Slot hold % 2.1 % 2.8 % -0.7 pts
Hotel
Statistics
Occupancy % 99.4 % 98.4 % 1.0 pts
Average
daily room $ 162 $ 166 $ -4
rate (ADR)
Revenue per
available $ 161 $ 164 $ -3
room
(RevPAR)
____________________
This compares to our expected Rolling Chip win percentage of 3.3%
(calculated before discounts, commissions, deferring revenue
(1) associated with the company’s loyalty programs and allocating casino
revenues related to goods and services provided to patrons on a
complimentary basis).
19
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three
Marina Bay Months
Sands Ended
(Dollars in September
millions) 30,
Revenues: 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Casino $ 916 $ 1,077 $ -161
Rooms 162 154 8
Food and 104 95 9
beverage
Mall 70 69 1
Convention,
retail and 42 41 1
other
Net $ 1,294 $ 1,436 $ -142
revenues
Adjusted
Property $ 590 $ 743 $ -153
EBITDA
EBITDA 45.6 % 51.7 % -6.1 pts
Margin %
Gaming
Statistics
(Dollars in
millions)
Rolling $ 8,429 $ 9,069 $ -640
Chip volume
Rolling
Chip win 4.53 % 4.84 % -0.31 pts
%(1)
Non-Rolling $ 2,874 $ 2,552 $ 322
Chip drop
Non-Rolling 18.7 % 24.5 % -5.8 pts
Chip win %
Slot handle $ 6,539 $ 6,406 $ 133
Slot hold % 4.4 % 4.4 % — pts
Hotel
Statistics
Occupancy % 95.8 % 95.5 % 0.3 pts
Average
daily room $ 1,038 $ 982 $ 56
rate (ADR)
Revenue per
available $ 994 $ 937 $ 57
room
(RevPAR)
____________________
This compares to our theoretical Rolling Chip win percentage of 4.6%
and 4.2% for the three months ended September 30, 2026 and 2025,
(1) respectively (calculated before discounts, commissions, deferring
revenue associated with the company’s loyalty programs and allocating
casino revenues related to goods and services provided to patrons on
a complimentary basis).
20
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
For
the
Th…
Mo…
En… T…
Se… S…
30, 3…
20… 2…
──────────────────────────────────────────────────────────────────────────────
(…
in Gr… Oc… Te…
m… Op… Le… % Sa…
e… Gr… Op… Pr… Ar… at Per
p… Re… Pr… Ma… (s… End Sq.
s… ft… of Ft…
f… Pe…
d…
S…
at $ 63 $ 56 8… % 8… 9… % $ 2…
V…
S…
at
F…
S…
L… 28 25 8… % 1… 1… % 5…
R…
O… 9 8 8… % 1… 8… % 2…
S…
37 33 8… % 2… 9… % 4…
S…
at 26 22 8… % 5… 8… % 1…
L…
S…
at 5 3 6… % 2… 6… % 4…
P…
T…
C…
S… 131 114 8… % 1… 8… % 2…
in
M…
T…
S…
at 70 62 8… % 6… 9… % 3…
M…
B…
S…
T… $ 201 $ 176 8… % 2… 9… % $ 2…
____________________
Note: This table excludes the results of our retail outlets at Sands
Macao.
(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflect sales from tenants only after
the tenant has been open for a period of 12 months.
21