Las Vegas Sands Q2 miss: Macau hold, World Cup dent results

Las Vegas Sands reported results for the quarter ended June 30, 2026, after the bell, missing Wall Street revenue and earnings expectations. Net revenue was $3.15 billion, down 0.9% year over year and about 5% below the $3.31 billion consensus. Net income fell 28% to $373 million. GAAP diluted EPS was $0.53 versus $0.66 a year earlier. Adjusted diluted EPS was $0.59, down from $0.79 in Q2 2025 and below the roughly $0.76 analysts expected. Consolidated adjusted property EBITDA totaled $1.12 billion, a 15.8% decline from $1.33 billion in Q2 2025.

The company attributed the shortfall mainly to unusually low VIP rolling-chip hold in Macau and travel disruption linked to the 2026 FIFA World Cup. VIP rolling-chip hold in Macau was 1.35% for the quarter, well under an expected rate near 3.30%. Chairman and CEO Patrick Dumont calculated that, had hold matched expectations, consolidated EBITDA would have been about $87 million higher, which would have increased Sands China’s EBITDA to roughly $517 million. Rolling-chip volume in Macau rose 73% year over year during the quarter.

Executives reported a change in travel patterns during the World Cup, which reduced visitation by high-value customers in June. Dumont described the effect as ‘very noticeable in June.’ Grant Chum, CEO and president of Sands China, noted May was the strongest month on record for monthly mass gross gaming revenue at Sands China, but that momentum eased in June as the tournament progressed.

Marina Bay Sands in Singapore remained the largest profit contributor. MBS generated $689 million in adjusted property EBITDA at a 49.9% margin and benefited from approximately $37 million of favorable hold. Even after adjusting for that hold benefit, mass gaming revenue at MBS rose about 5% year over year. MBS reported 95.6% occupancy and an average daily rate of $982. Management highlighted the expansion of premium suites from 135 to 770 and said the planned $8 billion fourth tower remains on track to open in early 2031.

In Macau, Sands China reported $430 million of property EBITDA and net income of $107 million. Mass gross gaming revenue grew 8% year over year, compared with 4% growth in the broader Macau mass market. Total gross gaming revenue for Sands China rose 4% while the overall Macau market was flat. Sands China captured a 26% share of VIP rolling-chip volume for the quarter. The ongoing refurbishment of The Venetian Macao removed about 400 keys from inventory on average during the quarter; management expects the reduction to continue through 2027 with project completion by Chinese New Year 2028. Dumont reaffirmed a long-term target of $700 million in quarterly Macau EBITDA and acknowledged there is ‘some work to do’ to reach that level.

Las Vegas Sands returned capital during the quarter, repurchasing $787 million of common stock, about 15 million shares at an average price of $52.37. Since buybacks resumed in late 2023, the company has retired 124 million shares, roughly 16.3% of outstanding stock, at an average price of $48.49. The board increased the repurchase authorization to $6.0 billion through July 2029. The company pays a quarterly dividend of $0.30 per share, with the next payment due August 12.

The stock moved lower in after-hours trading following the results and has declined about 30% year to date. Several brokerages trimmed price targets ahead of the release. Management highlighted market-share gains in Macau and cash generation at Marina Bay Sands while continuing to invest and return capital to shareholders.