Las Vegas Sands Q3 2026: Singapore luck costs $161M and a big miss

A second straight quarter of missing expectations on both lines leaves Las Vegas Sands with adjusted EPS of $0.54 for Q3 2026, short of Wall Street consensus.

The damage originated almost entirely at Marina Bay Sands in Singapore, where a swing in Non-Rolling Chip win percentage stripped $161 million from Singapore casino revenue. Marina Bay Sands is the single largest contributor to consolidated results, which is precisely why a bad run at those tables hit the company-wide numbers so hard.

Macao provided a partial cushion but not enough to offset Singapore. Sands China revenues edged up 1.4% to $1.94 billion, with CEO Patrick Dumont noting that investments in enhanced service and hospitality contributed to volume growth across all gaming segments compared to the prior year. Sands Macao stood out within the region, growing net revenues 37.5% year-over-year, though at $99 million it is a much smaller piece of the portfolio.

Management leaned into its capital return story to absorb some of the disappointment. The company repurchased $950 million of common stock during the quarter and the board announced a 20% increase in the annual dividend for 2027. Since resuming buybacks in Q4 2023, Las Vegas Sands has retired approximately 19% of its outstanding shares.

Looking ahead, the ongoing Marina Bay Sands expansion remains the centerpiece of the growth case. Dumont described a planned arena intended to be the premier entertainment venue in the region, alongside a meaningful increase in suite capacity. In Macao, approximately 500 rooms at The Venetian Macao are expected to remain out of service through Q4 2027 for renovations, a near-term drag investors will need to keep in mind.