Las Vegas Sands Q3 Net Income Falls to $304 Million on Regional Revenue Pressure

Third-quarter net income for Las Vegas Sands Corp fell to US$304 million, a drop of 27.4 percent from US$419 million in the prior-year period. Net revenues declined 3.5 percent to just under US$3.22 billion. Group-wide adjusted property EBITDA decreased 16.7 percent to just under US$1.12 billion, according to reporting by GGRAsia.

Group operating income slipped 14.0 percent to US$618 million. Casino revenue fell 5.4 percent to US$2.37 billion.

Macau Operations Maintain Momentum in Mass Segment

Macau net revenues increased 1.8 percent year-on-year to US$1.94 billion. The operator’s mass-segment gross gaming revenue market share stood at 26.1 percent, the highest since the fourth quarter of 2023.

Macau adjusted property EBITDA slipped 12.0 percent to US$529 million. Higher hold on rolling play positively impacted adjusted property EBITDA by US$11 million. Net revenues at The Londoner Macao remained flat at US$685 million, exceeding The Venetian Macao, where revenues fell 6.2 percent to US$649 million.

Singapore Softness Prompts Project Timeline Update

Marina Bay Sands net revenues fell 9.9 percent to just over US$1.29 billion. Adjusted property EBITDA declined 20.6 percent to US$590 million. The high end of the premium gaming segment was softer, with lower hold on rolling play negatively impacting adjusted property EBITDA by US$4 million.

The board raised the 2027 recurring common stock dividend by 20 percent to US$1.44 per share. The company repurchased US$950 million of common stock in the quarter. It purchased 62 million shares of Sands China for approximately US$101 million, increasing ownership to 75.56 percent.

Patrick Dumont, group chairman and chief executive, stated: “We remain confident in our long-term strategy in both Singapore and Macau and will continue to invest in future growth.”

Unrestricted cash balances stood at US$2.86 billion as of September 30. Total debt net of deferred offering costs and original issue discounts excluding finance leases was US$15.30 billion. Capital expenditure totalled US$281 million.

The Marina Bay Sands expansion project now carries an estimated completion in June 2030 and anticipated opening in January 2031. The contractual obligation remains July 2029, with any extension subject to Singapore government approval.

Reporting: GGRAsia

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