Las Vegas Sands Q3 Profit Falls as Board Raises 2027 Dividend 20%

Las Vegas Sands reported net revenue of $3.22 billion and net income of $352 million for the quarter ended September 30, 2026, in its third-quarter earnings release published October 21, 2026, with both measures below the prior-year quarter. The company’s board also announced a 20% increase in the recurring common stock dividend for the 2027 calendar year.

Net revenue compared with $3.33 billion in the prior-year quarter. Operating income was $618 million, compared with $719 million in the third quarter of 2025. Diluted earnings per share were $0.48, down from $0.61 a year earlier. Net income attributable to Las Vegas Sands was $304 million, compared with $419 million in the prior-year quarter, according to the condensed consolidated statements of operations in the release.

Consolidated adjusted property EBITDA was $1.12 billion, compared with $1.34 billion in the prior-year quarter. Adjusted net income attributable to Las Vegas Sands was $343 million, or $0.54 per diluted share, compared with $536 million, or $0.78 per diluted share, in the third quarter of 2025, according to the company’s non-GAAP reconciliation.

Sands China Ltd., the company’s majority-owned Macao subsidiary, increased total net revenues 1.4% to $1.93 billion on a GAAP basis, the company reported, while Sands China net income decreased 29.8% to $191 million from $272 million in the third quarter of 2025.

Property Results in Macao and Singapore

Macao Operations net revenue was $1.94 billion, compared with $1.906 billion in the prior-year quarter, and adjusted property EBITDA from Macao Operations was $529 million, compared with $601 million. Marina Bay Sands in Singapore recorded net revenue of $1.294 billion, compared with $1.436 billion a year earlier, and adjusted property EBITDA of $590 million, compared with $743 million.

Within Macao, adjusted property EBITDA at The Venetian Macao was $205 million, compared with $242 million in the prior-year quarter, while The Londoner Macao produced $178 million, compared with $219 million, and The Parisian Macao generated $46 million, compared with $53 million. The Plaza Macao and Four Seasons Macao increased to $85 million from $74 million, and Sands Macao increased to $14 million from $8 million.

Supplemental data in the release estimated the impact of hold-adjusted win percentage on quarterly net revenues at negative $13 million, compared with negative $61 million in the prior-year quarter, with Macao Operations at negative $19 million and Marina Bay Sands at positive $6 million. The company also said it anticipates approximately 500 rooms at The Venetian Macao, on average, will be out of service through the fourth quarter of 2027 because of room renovations.

Chairman and Chief Executive Officer Patrick Dumont said the company continued to execute its strategic objectives during the quarter in both Singapore and Macao while increasing the return of capital to shareholders. He said the company’s ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments in Macao compared with the prior year.

On Singapore, Dumont said: “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.”

Buybacks, Sands China Stake and Dividend Increase

Las Vegas Sands repurchased $950 million of its common stock during the quarter, approximately 21 million shares at a weighted average price of $45.31. The remaining amount authorized under the share repurchase program was $5.06 billion as of September 30, 2026. Since the program resumed in the fourth quarter of 2023 through September 30, 2026, the company has repurchased 19.0% of its outstanding shares, approximately 145 million shares at an average price of $48.03, for a total investment of $6.98 billion.

The company also purchased 62 million shares of Sands China common stock during the quarter for HKD 793 million, approximately $101 million at the exchange rates in effect at the time of the transactions, increasing its ownership of Sands China to 75.56% as of September 30, 2026.

Las Vegas Sands paid a quarterly dividend of $0.30 per common share during the quarter. The board’s 20% increase for the 2027 calendar year raises the annual dividend to $1.44 per share, or $0.36 per share per quarter.

Balance Sheet, Debt and Capital Spending

Unrestricted cash balances were $2.86 billion as of September 30, 2026. Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.30 billion. The company has access to $4.27 billion available for borrowing under its U.S., Sands China 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 Marina Bay Sands expansion project.

Interest expense, net of amounts capitalized, was $186 million for the quarter, compared with $187 million in the prior-year quarter. The company’s weighted average debt balance was $15.53 billion, compared with $15.94 billion a year earlier, and its weighted average borrowing cost was 4.7%, compared with 4.5%. The effective income tax rate was 22.5%, compared with 15.6% in the prior-year quarter, which the company said was primarily driven by a 17% statutory rate on its Singapore operations.

Capital expenditures during the quarter totaled $281 million, including $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other.

For the nine months ended September 30, 2026, net revenues were $9.955 billion, compared with $9.368 billion in the same period of 2025, and net income was $1.366 billion, compared with $1.418 billion, according to the statements of operations.

The company said it would host a conference call to discuss the results at 1:30 p.m. Pacific Time on October 21, 2026, accessible by webcast on its website. The 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.