Las Vegas Sands reported lower revenue and profit for the third quarter ended September 30, 2026, while stepping up shareholder returns. In results announced October 21, earnings attributable to the company fell to $304 million from $419 million a year earlier. The resort operator also disclosed $950 million in quarterly share repurchases and a 20% increase in its recurring dividend for 2027.
Key Takeaways
- Quarterly revenue fell to $3.22 billion, with lower casino revenue outweighing gains in other revenue categories.
- Macao operations generated higher revenue, but adjusted property earnings declined in both Macao and Singapore.
- The annual dividend will rise to $1.44 per share in 2027, while the next scheduled quarterly payment remains $0.30.
Table of Contents
- Las Vegas Sands earnings weaken in the third quarter
- Macao revenue growth does not translate into higher earnings
- Buybacks and a higher dividend accompany investment spending
- Conclusion
Las Vegas Sands earnings weaken in the third quarter
The company's third-quarter earnings release showed consolidated net income of $352 million, down from $491 million in the same period of 2025. Those totals include earnings attributable to noncontrolling interests; profit attributable to Las Vegas Sands was $304 million versus $419 million.
Net revenue declined to $3.216 billion from $3.331 billion. Casino revenue fell to $2.370 billion from $2.506 billion, more than offsetting increases in rooms, food and beverage, mall, and convention, retail and other revenue.
Operating income dropped to $618 million from $719 million. Resort operating expenses increased to $2.103 billion from $1.998 billion, while the effective income tax rate rose to 22.5% from 15.6%. Interest expense, net of capitalized amounts, was nearly unchanged at $186 million.
The quarterly decline contrasted with growth over the first nine months of 2026, when revenue reached $9.955 billion versus $9.368 billion a year earlier.
| Item | Details |
|---|---|
| Unrestricted cash | $2.86 billion at September 30, 2026 |
| Debt outstanding | $15.30 billion, net of deferred offering costs and original issue discounts, excluding finance leases |
| Available revolving credit | $4.27 billion, net of outstanding letters of credit |
| Quarterly capital expenditures | $281 million, including $154 million in Macao and $121 million at Marina Bay Sands |
| Remaining buyback authorization | $5.06 billion at September 30, 2026 |
Macao revenue growth does not translate into higher earnings
Macao operations generated revenue of $1.940 billion, up from $1.906 billion a year earlier. However, adjusted property EBITDA declined to $529 million from $601 million.
At Marina Bay Sands in Singapore, revenue fell to $1.294 billion from $1.436 billion, while adjusted property EBITDA dropped to $590 million from $743 million. Across the group, that non-GAAP earnings measure declined to $1.119 billion from $1.344 billion.
Chairman and chief executive Patrick Dumont said investments in service and hospitality contributed to year-over-year growth in Macao gaming volumes. He also reiterated management's confidence in the ongoing Singapore expansion, which is intended to add suite capacity and entertainment facilities, including an arena. Those expansion benefits remain prospective rather than completed results.
Buybacks and a higher dividend accompany investment spending
Las Vegas Sands repurchased approximately 21 million common shares during the quarter for $950 million, at a weighted average price of $45.31. Its board also announced a 2027 annual dividend of $1.44 per share, equivalent to $0.36 quarterly.
The company continued spending on its properties while carrying substantial debt. Its quarter-end liquidity and investment figures provide context for the competing demands of expansion, debt service and shareholder distributions.
The remaining buyback authorization does not guarantee future purchases. The company said their timing and size will depend on its financial position, earnings, investment opportunities, legal requirements and market conditions.
Conclusion
The next confirmed shareholder payment is a $0.30-per-share dividend on November 10, 2026, for holders of record on November 2. The higher quarterly rate of $0.36 is scheduled for the 2027 calendar year, following a quarter in which Las Vegas Sands increased capital returns despite weaker earnings.
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