Sands down in Q3 despite gaming revenues increasing across all segments in Macau
Las Vegas Sands reported lower third-quarter net revenue and operating income, even as gaming volumes rose across all Macau segments and Marina Bay Sands delivered $590m in EBITDA.
Las Vegas Sands said third-quarter net revenue fell to $3.22bn from $3.33bn a year earlier, while operating income dropped to $61m from $719m. Net income was $352m versus $491m in the third quarter of 2025, and consolidated adjusted property EBITDA declined to $1.12bn from $1.34bn. The company attributed softer high-end customer demand in Macau and Singapore to the weaker results.
In Macau, Sands China's mass gaming revenue market share reached 26.1%, the highest since the fourth quarter of 2023, according to CEO Patrick Dumont. Gaming volumes increased year on year across all segments: rolling volume rose 31%, non-rolling drop 11% and slot/ETG handle 26%. Sands China's GAAP net revenue edged up 1.4% to $1.93bn, but net income fell 29.8% to $191m.
Marina Bay Sands generated $590m in EBITDA, which Dumont said would have been $4m higher if rolling play had held as expected. He cited long-term confidence in Singapore and Macau and noted $950m of common stock repurchased during the quarter. Sands also said it remains focused on ongoing expansion in Singapore, including additional suite capacity and an arena.
