Las Vegas Sands

Las Vegas Sands builds and runs large integrated resorts in Asia. It owns Marina Bay Sands in Singapore and, through its majority stake in Sands China, The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza and Four Seasons Macao, and Sands Macao. It sold its Las Vegas properties earlier and has no US resorts. Most revenue comes from casino gaming, and the resorts also earn money from hotel rooms, malls, food, shows and conventions.

In Q3 2026, the Macao resorts had $1.94 billion of net revenue and Marina Bay Sands had $1.29 billion. Las Vegas Sands operates in Macao under a 10-year concession that ends on December 31, 2032, and it is building a second hotel tower and casino at Marina Bay Sands, which it expects to open in January 2031. Miriam Adelson and related trusts control about 60% of the shares.

The market prices Las Vegas Sands for lower profits in Macao and Singapore and for high capital needs. In Q3 2026, adjusted property EBITDA fell to $1.12 billion from $1.34 billion a year earlier. Macao rose to $529 million from $430 million in Q2 2026, but its margin fell to 27.3% from 31.5% a year earlier. Marina Bay Sands fell to $590 million from $743 million, and its win rate on non-rolling table play fell to 18.7% from 24.5%.

Investors fear that Macao margins stay lower because of competition and slower spending by visitors from mainland China. At the same time, Las Vegas Sands has about $15.3 billion of debt, it builds the large Marina Bay Sands expansion, and it uses much of its cash for share buybacks and a higher dividend. Policy in China and Macao adds a risk that investors find hard to measure. For the gap to close, Macao adjusted property EBITDA must stay above $500 million per quarter and its margin must recover.

Marina Bay Sands must return to near $700 million per quarter, and the expansion must stay on budget. The buybacks under the remaining $5.06 billion authorization must also not raise debt too much. The Q4 2026 report in about late January 2027 and the Q1 2027 report in about April 2027 show whether the Q3 fall at Marina Bay Sands was mostly bad luck. If both regions recover, the gap can close over the next four to six quarters.

A lasting fall in Macao margins or a policy change can keep it open.

1. Oct 21, 2026Failed

   Q3 2026 results: Macao recoveryMacao adjusted property EBITDA back above $500 million with Marina Bay Sands near $700 million passes; another quarter near or below $430 million in Macao fails.Outcome: Macao adjusted property EBITDA rose to $529 million, but Marina Bay Sands fell to $590 million, well below $700 million, so both conditions were not met.
2. Jan 21, 2027 · est.Pending

   Q4 2026 results: Marina Bay Sands and Macao marginsMarina Bay Sands adjusted property EBITDA near $700 million, Macao above $500 million and buybacks paid mostly from cash flow pass; Marina Bay Sands near or below $600 million again, or falling Macao profits with rising debt, fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Sands China, the Macao subsidiary of Las Vegas Sands, closed the sale of $1.0 billion of senior notes that it priced on October 27, 2026: $700 million of 6.400% notes due 2032 and $300 million of 6.700% notes due 2033. It plans to use the money and cash to redeem all of its $700 million of 2.300% notes due 2027, to repay its 2024 revolving credit facility and for general purposes, including capital spending. The new notes pay about four points more interest than the notes they replace.
• October 21, 2026Las Vegas Sands reported Q3 2026 results. Net revenue was $3.22 billion, compared to $3.33 billion a year earlier, and diluted EPS was $0.48. Adjusted property EBITDA fell to $1.12 billion from $1.34 billion. Macao rose to $529 million from $430 million in Q2 2026 but fell from $601 million a year earlier. Marina Bay Sands fell to $590 million from $743 million. The company bought back $950 million of shares and raised its stake in Sands China to 75.56%. The Board raised the quarterly dividend for 2027 by 20% to $0.36 per share.
• October 14, 2026Las Vegas Sands said that it will report Q3 2026 results on October 21, 2026, after the market closes.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 21, 2027. The company has not confirmed the date.

• 8-KNew material agreement and New debt or financial obligationFiled November 3, 2026 · lvs-20261103
• 8-KOther company newsFiled October 28, 2026 · lvs-20261027
• 8-KOther company newsFiled October 27, 2026 · lvs-20261026
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 23, 2026 · lvs-20260930
• 8-KEarnings releaseFiled October 21, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 24, 2026 · lvs-20260630
• 8-KEarnings releaseFiled July 22, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 18, 2026 · lvs-20260514
• 8-KNew material agreement and New debt or financial obligationFiled May 13, 2026 · lvs-20260513
• 8-KOther company newsFiled May 5, 2026 · lvs-20260504

Every filing on SEC EDGAR (CIK 1300514)

• Macao gave $1.94 billion of the $3.22 billion of net revenue in Q3 2026. Slower spending by visitors from mainland China, more competition or changes to Macao's gaming laws can cut profits.
• Debt is about $15.3 billion, and the Marina Bay Sands expansion needs large spending through 2030. If cash flow falls while buybacks continue, leverage rises.
• The Macao concession ends on December 31, 2032, and the Singapore development agreement requires completion of the expansion by July 8, 2029. The company expects to finish in June 2030, so it needs the Singapore government to approve an extension.
• Win rates change results from quarter to quarter. Low hold in rolling play cut Macao profits in Q2 2026, and a low win rate on non-rolling table play cut Marina Bay Sands profits in Q3 2026.
• Miriam Adelson and related trusts control about 60% of the shares, so other shareholders have little influence on decisions.

At September 30, 2026, the carrying amount of debt was $15.44 billion, net of discounts and issuance costs. Of this, $1.57 billion was due within 12 months and $13.88 billion was long term. Read more

Yield at the current rate

3.0% (current annual rate, at today’s price)

Dividend yield

3.0% (last 12 months, at today’s price of $40.23)

Paid per share

$1.20 in the last 12 months (4 payments)

Current annual rate

$1.20 ($0.30 × 4 a year)

Payout ratio

43% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 2, 2026, $0.30 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.8% a year. From 2015 to 2025, the dividend fell by about 9.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.