Las Vegas Sands Corp.

Reported EBITDA was $689 million at Marina Bay Sands and $430 million in Macau. Management said Marina Bay Sands would have been $652 million on a rolling-play-normalized basis, and Macau would have been $517 million if rolling hold had been as expected. On a year-over-year basis, Marina Bay Sands mass gaming revenue grew 5%, Sands China mass GGR grew 8%, Sands China total GGR grew 4%, rolling volume was up 73%, non-rolling drop was up 15%, and slot/ETG handle was up 30%. Forward-looking commentary centered on continued investment discipline, an early-2031 Marina Bay Sands expansion opening subject to approvals, Macau Venetian renovations with all 2.9 thousand rooms and suites expected back by Chinese New Year 28, and a continued goal of reaching $700 million in quarterly Macau EBITDA over time.

Patrick Dumont framed the quarter as better than the reported numbers suggest, saying it did not reflect the true earnings power of the Macau and Singapore assets because of hold weakness, seasonality, and World Cup impacts. He emphasized a consistent strategy built around people, product, and service, with continued investment in high-return projects to drive long-term shareholder value. His tone was confident and steady, with repeated references to long-term growth in premium tourism and the view that the business can deliver more as investments mature.

No separate CFO remarks were included in the transcript; financial commentary came from management. Dumont pointed to $689 million of EBITDA at Marina Bay Sands, $430 million in Macau, and $787 million of LVS share repurchases during the quarter, alongside the recurring $0.30 dividend. He also noted that the board increased the repurchase authorization to $6 billion and said the company had repurchased 16.3% of outstanding shares over the last 11 quarters. On costs, management said Macau operating expenses tied to table hours, sales, marketing, and service improvements should begin to level off in the second half of 26, supporting operating leverage as revenues grow.

Analysts focused on how much of the quarter’s softness was macro, World Cup-related, or self-inflicted, and whether Sands was still on track for the $700 million Macau EBITDA target. Management said the quarter was influenced by hold and visitation, but that underlying volume trends, market share gains, and product/service investments remained strong. Questions also pressed on reinvestment and OpEx; management replied that Macau reinvestment was being optimized without a change in strategy, while OpEx growth should moderate in the second half of 26 and into 2027. Several analysts asked about Singapore seasonality and the Marina Bay Sands customer mix, and management said the property is still in early innings with more room for incremental growth from higher-value tourists and MICE traffic.