Sands China recorded revenues of one billion nine hundred thirty million dollars for the period between July and September 2026, representing a 1.4% increase compared to the third quarter of 2025.
Driven by ongoing investments in service and hospitality across its Macao portfolio, comprising The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao, and Sands Macao, the company experienced solid growth in gaming volume and market share. However, weak high-end demand and low hold at The Londoner Macao negatively affected overall profits. Despite revenue gains, quarterly earnings remained below last year’s levels, though both adjusted EBITDA and net income improved sequentially from the June quarter.
Mass gaming market share reaches three-year high
A standout highlight for Sands China was its mass gaming market share, which climbed to 26.1%, representing its highest level in over three years. Supporting this growth, rolling turnover rose 31% year-on-year, non-rolling turnover increased by 11%, and electronic table games registered a 26% growth rate.
EBITDA for the Macao business decreased 12.0% year-on-year to five hundred twenty-nine million dollars, though this improved from four hundred thirty million dollars in the June quarter. Net income reached one hundred ninety-one million dollars, falling short of the two hundred seventy-two million dollars achieved in the corresponding quarter of 2025 but improving significantly from the previous quarter’s one hundred seven million dollars.
Las Vegas Sands Chairman and CEO Patrick Dumont identified premium client softness as a primary challenge facing both Macao and Marina Bay Sands in Singapore. He noted that global uncertainties and factors such as the World Cup Final on July 19 may have contributed, though no single cause was isolated.
Property-level results and ongoing renovations
Performance varied across individual Macao properties. Net revenue at The Venetian Macao fell 6.2% year-on-year to six hundred forty-nine million dollars, with adjusted property EBITDA dropping 15.3% to two hundred five million dollars. The property is currently undergoing a comprehensive renovation across all 2,900 hotel rooms and suites, scheduled for completion in early 2028. The Londoner Macao saw revenue remain flat at six hundred eighty-five million dollars, while adjusted property EBITDA declined 18.7% to one hundred seventy-eight million dollars due to low hold.
Conversely, other properties drove growth: The Parisian Macao rose 6.0% to two hundred thirty-one million dollars, The Plaza Macao increased 15.6% to two hundred thirty-eight million dollars, and Sands Macao generated ninety-nine million dollars compared to seventy-two million dollars in the prior year quarter.
In Singapore, Marina Bay Sands posted net revenue of one billion two hundred ninety million dollars, down 9.9% year-on-year and 6.2% sequentially. Adjusted property EBITDA fell 20.6% annually to five hundred ninety million dollars. While customer experience enhancements were implemented, Dumont noted they could not fully offset reduced high-end visitation amid broader tourism uncertainties.
Strategic expansion in Singapore
Looking forward, Dumont maintained a highly positive outlook for Singapore, highlighting the ongoing Marina Bay Sands expansion project. The development will substantially increase suite capacity and introduce a premier regional entertainment arena. Backed by strong balance sheet strength and cash flow, Las Vegas Sands remains fully committed to supporting its capital programs across both jurisdictions to capture future premium travel demand.
