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LVS FY2026 Q2 IN LINE

Las Vegas Sands Corp. 실적 발표

Jul 22, 2026 · 12:30 ET Daniel BriggsGrant ChungPatrick Dumont
Buzzberg 분석

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 분석 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. 전체 분석 보기분석 접기

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

이번 분기에 달라진 점

01
Margins

Macau EBITDA impacted by low VIP hold

Reported gross margin was 57.23%, reinforcing the quarter's better-than-guided profitability.

02
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.

03
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%.

04
Guidance

Target remains $700 million quarterly Macau EBITDA

Guidance tone

수요 및 자본지출

수요

수주 및 전환

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.

자본지출

투자 및 생산능력

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.

톤 · 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.