Las Vegas Sands Corp. (LVS)

Las Vegas Sands reported third-quarter 2026 net revenue of $3.22 billion on 21 October, down from $3.33 billion a year earlier 1. Net income was $352 million, compared with $491 million 1. Adjusted property EBITDA, the company's measure of resort profit before corporate costs, development costs and depreciation, was $1.12 billion, against $1.34 billion 1.

The slip came mostly from Marina Bay Sands in Singapore, whose adjusted property EBITDA was $590 million against $743 million, while the Macao resorts earned $529 million against $601 million 1. The 10-Q says casino revenue at Marina Bay Sands fell $161 million because the casino kept a lower share of what players wagered at the tables 2.

The company spent $950 million buying back its own stock in the quarter, and its board announced a 20 percent rise in the recurring dividend for calendar 2027, to $1.44 per share a year 1. On 27 October its majority-owned unit Sands China priced $700 million of notes due 2032 and $300 million due 2033 5.

The open question is the Singapore expansion, which the company now expects to open in January 2031 at a total cost of about $8.0 billion 2.

Before the pandemic, Las Vegas Sands also ran its Las Vegas resorts 7. Its net revenues for 2019 were $13.74 billion 6.

In 2020 travel limits cut visitation at every resort, and net revenues fell 73.7 percent to $3.61 billion, with a net loss of $2.14 billion 6.

On 23 February 2022 the company closed the sale of its Las Vegas real property and operations, including The Venetian Resort Las Vegas, for about $6.25 billion 3. The buyer was an affiliate of funds managed by Apollo Global Management 7. That left Macao and Singapore as the company's two markets 7.

Revenue stayed low through 2022 7. Net revenues were $4.11 billion, as Macao lost $1.27 billion on tighter border rules while Marina Bay Sands gained $1.15 billion after Singapore reopened its borders in April 2022 7.

On 16 December 2022 Macao awarded the company's unit Venetian Macau Limited one of six gaming concessions, for ten years from 1 January 2023 3. The Londoner Macao, the rebuilt and rebranded Sands Cotai Central, was completed during 2022 7.

Revenue then recovered 3. It reached $13.02 billion in 2025, up 15.2 percent, with Marina Bay Sands adding $1.36 billion and the Macao resorts $360 million 3. Net casino revenue drove it, up $1.25 billion at Marina Bay Sands on higher win rates and more table play 3.

In 2025 the company finished converting the Sheraton Grand Macao into the Londoner Grand and began building the Singapore expansion in May 2025 3. Singapore's adjusted property EBITDA rose $870 million that year, while Macao's slipped $17 million 3.

Macao

Sands China runs five resort areas on the Cotai Strip and Macao's peninsula: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao 3. The Venetian Macao, the anchor, has 2,905 suites and about 659 table games 3. The Londoner Macao has four hotel towers, and The Parisian Macao has 2,541 rooms and suites 3.

The company runs its Macao gaming areas under a ten-year concession that ends in December 2032 3. Five other concessionaires compete there: SJM Resorts, Wynn Resorts (Macau), Galaxy Casino, MGM Grand Paradise and Melco Resorts (Macau) 3.

In the third quarter The Venetian Macao earned $205 million of adjusted property EBITDA, against $242 million a year earlier, and The Londoner Macao $178 million, against $219 million 1.

Singapore

Marina Bay Sands has three 55-story hotel towers with 1,844 rooms, of which 775 are suites 3. It has about 157,000 square feet of gaming space, and a mall of about 794,000 square feet 3. The casino runs under a 30-year concession from a development agreement signed in August 2006 3.

Where the revenue comes from

Casino revenue was $9.79 billion of the company's $13.02 billion in 2025 3. Rooms brought $1.42 billion, the malls $801 million, and food and beverage $644 million 3.

People and problems

The company directly employs about 41,500 people 3. Patrick Dumont is chairman and chief executive officer, and Randy Hyzak is chief financial officer 31.

The 10-Q says about 500 rooms at The Venetian Macao are expected to be out of service on average through the fourth quarter of 2027 for renovation 2. The 10-K warns that the Macao concession and the Singapore agreements can be ended in some circumstances without compensation 3.

The umbrella, in words

The brands are The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao, Four Seasons Hotel Macao, Sands Macao and Marina Bay Sands 1. The Four Seasons rooms are managed by a separate operator, FS Macau Lda 3.

Exhibit 21.1 of the 10-K lists significant subsidiaries including Sands China, Marina Bay Sands and Venetian Macau 8. The company owned 75.56 percent of Sands China on 30 September 2026 1.

The company also licenses the Venetian and Palazzo brand names to the Las Vegas resorts it sold 3. Dr Miriam Adelson, her family members and trusts beneficially owned about 57 percent of the common stock as of 31 December 2025, which gives them significant influence over stockholder votes 3.

The company is building an expansion next to Marina Bay Sands, with a hotel tower, a rooftop attraction, premium gaming areas, convention space and an arena of about 15,000 seats 3. It has agreed with the Singapore government to finish construction by 8 July 2029 2.

The company's own estimate is completion by June 2030 and opening in January 2031 at a total cost of about $8.0 billion, of which about $3.1 billion had been spent by 30 September 2026 2.

In Macao the company has committed to invest at least 35.84 billion patacas by December 2032, of which 33.39 billion patacas goes to non-gaming projects such as a garden conservatory next to The Londoner Macao 3.

The next quarterly dividend of $0.30 per share is payable on 10 November 2026 to holders of record on 2 November, and $5.06 billion remained under the buyback authorization on 30 September 2026 1. The Sands China notes are expected to close on 3 November 2026 5.