Las Vegas Sands (LVS) investor relations material

Executive summary

• Q3 revenue fell 3.5% YoY to $3.216B, net income fell to $352M, and Adjusted Property EBITDA declined to $1.119B from $1.344B.

• Softer high-end premium gaming and unfavorable hold weighed on Singapore results; Macao gaming volumes grew across segments and market share reached 26.1%, its highest since Q4 2023.

• Long-term investment plans in Singapore and Macao continued alongside substantial share repurchases and a planned dividend increase.

Financial highlights

• Net revenue was $3.216B versus $3.331B; operating income was $618M versus $719M, and net income attributable to shareholders was $304M versus $419M.

• Adjusted net income was $343M versus $536M; adjusted diluted EPS was $0.54 versus $0.78, and diluted EPS was $0.48 versus $0.61.

• Adjusted Property EBITDA was $1.119B versus $1.344B; margin was 34.8%, down 550 bps YoY.

Outlook and guidance

• Singapore baseline run rate remains $2.7B-$2.8B; management viewed Q3 as aberrational and expressed confidence in Q4 positioning.

• Macao target remains $700M in quarterly EBITDA and more over time as investments are implemented and the market grows; Q4 seasonality is typically stronger, though market GGR growth has contracted recently.

• Singapore expansion is estimated to finish construction in June 2030 and open in January 2031, subject to government approval; contractual completion is July 2029.

• 2026 capital expenditure estimate is $2.016B, with projected spend of $1.95B in 2027 and $2.6B in 2028, including Singapore expansion investment.

• Macao suites and hospitality investments are planned through 2028; concession commitments total at least $4.5B through 2032, with 93% for non-gaming projects.