Marina Bay Sands Q3 2026 EBITDA Declines 20.6% on Lower Non-Rolling Win Rate

Net revenue slipped 9.9% year on year to $1.29 billion in the third quarter of 2026, according to the earnings release filed by parent Las Vegas Sands on October 21. The EBITDA margin narrowed by 6.1 percentage points to 45.6%. Casino revenue, the largest line, fell 14.9% to $916 million.

Mass market volumes held steady while win rates slipped. Non-rolling chip drop rose 12.6% to $2.87 billion and slot handle increased 2.1% to $6.54 billion with hold unchanged at 4.4%. The non-rolling chip win percentage fell to 18.7% from 24.5% in the prior-year period. Table games win per unit per day decreased to $17,920 from $21,380.

Hold Variance Accounts for EBITDA Shortfall

Premium play followed a similar pattern. Rolling chip volume declined 7.1% to $8.43 billion and the win rate eased to 4.53% from 4.84%. Las Vegas Sands estimated that rolling chip hold below the theoretical 4.6% reduced quarterly EBITDA by $4 million. The prior-year period saw the opposite effect, with hold above theoretical adding an estimated $43 million.

Non-Gaming Revenue and Expansion Spending Continue

Hotel revenue rose to $162 million from $154 million with occupancy at 95.8% and average daily rate up to $1,038 from $982. Food and beverage revenue increased to $104 million while mall revenue stayed flat at $70 million. For the first nine months of 2026, net revenue grew 4.4% to $4.16 billion although EBITDA fell 2.3% to $2.07 billion.

Capital expenditure at the property totalled $121 million in the quarter. Las Vegas Sands reported $4.57 billion available under the delayed draw term loan for the MBS Expansion Project. Chairman and CEO Patrick Dumont described the quarter as one of “solid financial performance” and highlighted the project’s planned addition of suite capacity and a regional arena. At group level, Las Vegas Sands recorded net revenue of $3.22 billion and adjusted property EBITDA of $1.12 billion, with Macao operations contributing $529 million against a market-wide 3.8% casino GGR decline. The company repurchased $950 million in shares and raised the recurring dividend 20% to $1.44 per share annually.

Reporting: Asia Gaming Brief

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