- Company name
- Las Vegas Sands
- Sector
- Casinos & resorts
- About
- Las Vegas Sands builds and runs large integrated resorts in Asia. It owns Marina Bay Sands in Singapore and, through its majority stake in Sands China, The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza and Four Seasons Macao, and Sands Macao. It sold its Las Vegas properties earlier and has no US resorts. Most revenue comes from casino gaming, and the resorts also earn money from hotel rooms, malls, food, shows and conventions. In Q3 2026, the Macao resorts had $1.94 billion of net revenue and Marina Bay Sands had $1.29 billion. Las Vegas Sands operates in Macao under a 10-year concession that ends on December 31, 2032, and it is building a second hotel tower and casino at Marina Bay Sands, which it expects to open in January 2031. Miriam Adelson and related trusts control about 60% of the shares.
- Thesis
- The market prices Las Vegas Sands for lower profits in Macao and Singapore and for high capital needs. In Q3 2026, adjusted property EBITDA fell to $1.12 billion from $1.34 billion a year earlier. Macao rose to $529 million from $430 million in Q2 2026, but its margin fell to 27.3% from 31.5% a year earlier. Marina Bay Sands fell to $590 million from $743 million, and its win rate on non-rolling table play fell to 18.7% from 24.5%. Investors fear that Macao margins stay lower because of competition and slower spending by visitors from mainland China. At the same time, Las Vegas Sands has about $15.3 billion of debt, it builds the large Marina Bay Sands expansion, and it uses much of its cash for share buybacks and a higher dividend. Policy in China and Macao adds a risk that investors find hard to measure. For the gap to close, Macao adjusted property EBITDA must stay above $500 million per quarter and its margin must recover. Marina Bay Sands must return to near $700 million per quarter, and the expansion must stay on budget. The buybacks under the remaining $5.06 billion authorization must also not raise debt too much. The Q4 2026 report in about late January 2027 and the Q1 2027 report in about April 2027 show whether the Q3 fall at Marina Bay Sands was mostly bad luck. If both regions recover, the gap can close over the next four to six quarters. A lasting fall in Macao margins or a policy change can keep it open.
- Risks
- Macao gave $1.94 billion of the $3.22 billion of net revenue in Q3 2026. Slower spending by visitors from mainland China, more competition or changes to Macao's gaming laws can cut profits.
Debt is about $15.3 billion, and the Marina Bay Sands expansion needs large spending through 2030. If cash flow falls while buybacks continue, leverage rises.
The Macao concession ends on December 31, 2032, and the Singapore development agreement requires completion of the expansion by July 8, 2029. The company expects to finish in June 2030, so it needs the Singapore government to approve an extension.
Win rates change results from quarter to quarter. Low hold in rolling play cut Macao profits in Q2 2026, and a low win rate on non-rolling table play cut Marina Bay Sands profits in Q3 2026.
Miriam Adelson and related trusts control about 60% of the shares, so other shareholders have little influence on decisions.
- Balance sheet
- Cash: $2.9B
Debt: $15.3B
Net debt: $12.4B
Interest cover: 3.8×
Undrawn credit line: $4.3B
At September 30, 2026, debt was $15.30 billion, net of deferred offering costs and original issue discounts and without finance leases. The Q3 2026 release does not split the debt by borrower. At June 30, 2026, about $6.31 billion was at Sands China and about $3.95 billion was Singapore term loans for Marina Bay Sands. Unrestricted cash was $2.86 billion, down from $3.38 billion at June 30, 2026. Undrawn credit is the $4.27 billion available under the US, Sands China and Singapore revolving credit facilities. Another $4.57 billion of a delayed draw term loan is only for the Marina Bay Sands expansion. Interest cover is operating income divided by interest expense for the first nine months of 2026: $2,140 million against $563 million. The weighted average borrowing cost was 4.7% in Q3 2026. The debt due within 12 months is not shown until the Q3 2026 10-Q. At June 30, 2026, it included $700 million of Sands China notes due March 2027 and $750 million of notes due June 2027. In the first nine months of 2026, the company used about $2.48 billion for share buybacks.
As of 2026-09-30.
- Checkpoints
- Oct 21, 2026: Q3 2026 results: Macao recovery. Failed. Watch: Macao adjusted property EBITDA back above $500 million with Marina Bay Sands near $700 million passes; another quarter near or below $430 million in Macao fails. Outcome: Macao adjusted property EBITDA rose to $529 million, but Marina Bay Sands fell to $590 million, well below $700 million, so both conditions were not met.
Jan 21, 2027 (estimate): Q4 2026 results: Marina Bay Sands and Macao margins. Pending. Watch: Marina Bay Sands adjusted property EBITDA near $700 million, Macao above $500 million and buybacks paid mostly from cash flow pass; Marina Bay Sands near or below $600 million again, or falling Macao profits with rising debt, fails.
- Recent events
- 2026-10-21: Las Vegas Sands reported Q3 2026 results. Net revenue was $3.22 billion, compared to $3.33 billion a year earlier, and diluted EPS was $0.48. Adjusted property EBITDA fell to $1.12 billion from $1.34 billion. Macao rose to $529 million from $430 million in Q2 2026 but fell from $601 million a year earlier. Marina Bay Sands fell to $590 million from $743 million. The company bought back $950 million of shares and raised its stake in Sands China to 75.56%. The Board raised the quarterly dividend for 2027 by 20% to $0.36 per share.
2026-10-14: Las Vegas Sands said that it will report Q3 2026 results on October 21, 2026, after the market closes.
2026-09-01: A subsidiary of Las Vegas Sands bought about 1.62 million Sands China shares, which raised its stake to 75.01%. Sands China's public float fell to 24.99%, below the usual 25% minimum in Hong Kong. Press reports say that Sands China now uses an alternative public float test, which it says it meets.
2026-07-22: Las Vegas Sands reported Q2 2026 results. Net revenue was $3.15 billion, compared to $3.18 billion a year earlier, and diluted EPS was $0.53. Adjusted property EBITDA fell to $1.12 billion from $1.33 billion: Macao fell to $430 million and Marina Bay Sands fell to $689 million. The CEO said that unusually low hold in rolling play hurt the Macao results. The company bought back $787 million of shares.
2026-07-21: The Board increased the remaining share buyback authorization to $6.0 billion and extended it to July 21, 2029.
2026-05-13: Las Vegas Sands issued $500 million of 5.300% senior notes due 2031 and $500 million of 5.650% senior notes due 2033. It used the money and cash on hand to redeem its $1.0 billion of 3.500% notes due August 2026.
2026-04-22: Las Vegas Sands reported Q1 2026 results. Net revenue rose 25.3% to $3.59 billion, diluted EPS rose 73.5% to $0.85, and adjusted property EBITDA rose 24.6% to $1.42 billion. It bought back $740 million of shares.