LVS Q3 Financial Report: Strong Performance in Macau and Singapore
Robust Financial Results for Las Vegas Sands in Q3
Las Vegas Sands, a leading global gaming and hospitality company, has released its financial results for the third quarter. The report highlights impressive financial growth, prompting an increase in the dividend declared by the company’s board.
Key Financial Highlights
The company achieved net revenue of $3.33 billion and a net income of $491 million during Q3. These results show considerable growth compared to the same quarter last year, when net revenue was $2.7 billion and net income stood at $353 million. Operating income also rose from $504 million to $719 million year-over-year.
Adjusted property EBITDA for the quarter climbed significantly, from $991 million in the previous year to $1.34 billion.
Strong Performance from Sands China and Marina Bay Sands
Las Vegas Sands’ subsidiary, Sands China, reported total net revenues of $1.9 billion, reflecting a 7.5% increase year-over-year. Net income increased slightly to $272 million from $268 million in the previous year. Macau properties achieved an adjusted property EBITDA of $602 million, boosted by favorable conditions in rolling play.
Similarly, the Marina Bay Sands property benefited from high hold on rolling play, resulting in an adjusted property EBITDA of $743 million.
Cash Position and Capital Expenditure
The company maintains a strong liquidity position with $3.35 billion in cash and $4.46 billion available to borrow through its credit facilities. Its total outstanding debt as of September 30 was $15.63 billion. Capital expenditures for the quarter totaled $229 million, driven by ongoing construction, development, and maintenance projects in Macau and Singapore.
An increase in the effective income tax rate to 15.6%, up from 12.4% in the previous year’s quarter, had some impact on earnings as well.
Dividend Increase and Strategic Outlook
Chairman and CEO Robert Goldstein expressed optimism about the company’s continued expansion in Macau and Singapore, while also exploring growth opportunities in new markets.
Goldstein emphasized that the company’s solid financial footing and strong cash flow support ongoing investments, capital projects, and the return of capital to shareholders.
During Q3, Las Vegas Sands also repurchased $500 million worth of its own stock. Reflecting its strong financial position, the company has announced a $0.20 per share increase in its recurring dividend for 2026.
