Las Vegas Sands third-quarter net income falls to $352 million from $491 million

Las Vegas Sands Corp. (LVS) said on Wednesday that third-quarter net income fell to $352 million from $491 million a year earlier, while net revenue slipped to $3.22 billion from $3.33 billion. The results cover the quarter ended Sept. 30, 2026.

The company said in a regulatory filing that the figures are contained in a press release attached as Exhibit 99.1. The same release announced a dividend increase and continued share repurchases.

Here's how the company did:

• Diluted earnings per share: $0.48 vs. $0.61 a year earlier
• Adjusted earnings per diluted share: $0.54 vs. $0.78 a year earlier
• Net revenue: $3.22 billion vs. $3.33 billion a year earlier
• Operating income: $618 million vs. $719 million a year earlier
• Consolidated adjusted property EBITDA: $1.12 billion vs. $1.34 billion a year earlier

Consolidated adjusted property EBITDA is a non-GAAP measure that excludes items such as corporate expense, pre-opening expense and depreciation. The company said it uses the measure to compare the operating profitability of its properties.

Net income attributable to Las Vegas Sands Corp. was $304 million, down from $419 million. Adjusted net income attributable to the company was $343 million, down from $536 million.

Marina Bay Sands in Singapore had net revenue of $1,294 million, down from $1,436 million. Its adjusted property EBITDA was $590 million, down from $743 million.

The Macao operations had net revenue of $1,940 million, up from $1,906 million. Their adjusted property EBITDA was $529 million, down from $601 million.

Sands China Ltd. (SCL) had total net revenues that rose 1.4% to $1.93 billion on a GAAP basis. Its net income fell 29.8% to $191 million from $272 million.

Chairman and chief executive officer Patrick Dumont said: “We continued to execute our strategic objectives during the quarter in both Singapore and Macao while increasing the return of capital to shareholders, including through the repurchase of $950 million of our common stock during the quarter.”

The company repurchased $950 million of its common stock during the quarter, or about 21 million shares at a weighted average price of $45.31. It had $5.06 billion remaining under its share repurchase program as of Sept. 30.

Since resuming the program in the fourth quarter of 2023 through Sept. 30, the company has repurchased about 145 million shares, or 19.0% of its outstanding shares. The total investment was $6.98 billion, at an average price of $48.03.

The board announced a 20% increase in the recurring common stock dividend for calendar 2027. That raises the annual dividend to $1.44 per share, or $0.36 per quarter.

The next quarterly dividend of $0.30 per share will be paid Nov. 10, 2026, to holders of record on Nov. 2, 2026.

During the quarter, the company bought 62 million SCL shares for HKD 793 million, or about $101 million at exchange rates in effect at the time. That raised its ownership of SCL to 75.56% as of Sept. 30.

Unrestricted cash was $2.86 billion as of Sept. 30. Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.30 billion.

The weighted average debt balance was $15.53 billion, compared with $15.94 billion a year earlier. The weighted average borrowing cost was 4.7%, up from 4.5%.

Interest expense, net of amounts capitalized, was $186 million, compared with $187 million a year earlier.

The company had $4.27 billion available for borrowing under its U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. It also had $4.57 billion available under a delayed draw term loan facility that may be used for costs of the MBS Expansion Project.

The effective income tax rate was 22.5%, compared with 15.6% in the prior year quarter. The company said the rate was primarily driven by a 17% statutory rate on its Singapore operations.

Capital expenditures totaled $281 million in the quarter. That included $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other.

Dumont said: “We remain confident in our long-term strategy in both Singapore and Macao and will continue to invest in future growth.”

The release did not include revised financial guidance.

The company will host a conference call on Wednesday at 1:30 p.m. Pacific Time. The call will be available by webcast at sands.com.