Margins
Macau EBITDA impacted by low VIP hold
Reported gross margin was 57.23%, reinforcing the quarter's better-than-guided profitability.
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Demand
Capex
LVS
FY2026 Q2
IN LINE
Las Vegas Sands Corp. earnings call
Buzzberg read
Macau EBITDA impacted by low VIP hold
Las Vegas Sands reported Q2 2026 results with MBS generating $689M EBITDA and Macau $430M, both impacted by low hold and World Cup patron diversion. Management emphasized volume growth across all segments in Macau and reaffirmed the $700M quarterly EBITDA goal, while continuing aggressive share repurchases. No cross-company signal was present in the call. Marina Bay Sands EBITDA of $689M (adjusted $652M) despite seasonally softer demand and World Cup impact; mass gaming revenues grew 5% YoY.
Buzzberg read Macau EBITDA impacted by low VIP hold Las Vegas Sands reported Q2 2026 results with MBS generating $689M EBITDA and Macau $430M, both impacted by low hold and World Cup patron diversion. Management emphasized volume growth across all segments in Macau and reaffirmed the $700M quarterly EBITDA goal, while continuing aggressive share repurchases. No cross-company signal was present in the call. Marina Bay Sands EBITDA of $689M (adjusted $652M) despite seasonally softer demand and World Cup impact; mass gaming revenues grew 5% YoY. Read full analysisCollapse analysis
Las Vegas Sands reported Q2 2026 results with MBS generating $689M EBITDA and Macau $430M, both impacted by low hold and World Cup patron diversion. Management emphasized volume growth across all segments in Macau and reaffirmed the $700M quarterly EBITDA goal, while continuing aggressive share repurchases. No cross-company signal was present in the call. Marina Bay Sands EBITDA of $689M (adjusted $652M) despite seasonally softer demand and World Cup impact; mass gaming revenues grew 5% YoY.
- Macau EBITDA of $430M (adjusted $517M) with exceptionally low VIP rolling hold of 1.35%; mass GGR grew 8% vs market 4%.
- Sands China gained VIP rolling volume share to 26%, becoming market leader; non-rolling drop +15% YoY, slot handle +30%.
- Management reiterated $700M quarterly EBITDA target for Macau, driven by product investments and service improvements, but noted material work remains.
Revenue
$3.154B
-12% QoQ
EPS
$0.59
-35% QoQ
Gross margin
57.23%
reported
Op margin
19.59%
reported
What changed this quarter
Capital return
LVS repurchased $787 million stock in Q2
Marina Bay Sands EBITDA of $689M (adjusted $652M) despite seasonally softer demand and World Cup impact; mass gaming revenues grew 5% YoY.
Capital return
Board increased repurchase authorization to $6 billion
Macau EBITDA of $430M (adjusted $517M) with exceptionally low VIP rolling hold of 1.35%; mass GGR grew 8% vs market 4%.
Guidance
Target remains $700 million quarterly Macau EBITDA
Guidance tone
Demand & capex
Bookings & conversion
World Cup impacted visitation in June. Management maintained a steady tone, acknowledging seasonality and World Cup headwinds but emphasizing confidence in long-term strategy, reinvestment consistency, and the $700 million quarterly EBITDA target.
Investment and capacity
Management discussed investing in the highest return projects over the next three years in Macau, including the Venetian room renovations and new premium gaming salons, with a target to complete all 2,900 rooms by Chinese New Year 2028, and the Marina Bay Sands expansion remains on track for early 2031.
Tone · steady
Management maintained a steady tone, acknowledging seasonality and World Cup headwinds but emphasizing confidence in long-term strategy, reinvestment consistency, and the $700 million quarterly EBITDA target.