Sands China (1928) H1 2026 earnings summary

Executive summary

• Net revenues for the six months ended June 30, 2026 rose 11.1% year-over-year to US$3.88 billion, driven mainly by casino revenue growth.

• Adjusted property EBITDA declined 3.4% to US$1.07 billion due to higher operating costs, especially in casino marketing, payroll, and patron reinvestment.

• Profit for the period was US$398 million, down 3.6% from the prior year, reflecting higher costs despite revenue growth.

• The business continues to invest in property enhancements and premium offerings, particularly at The Venetian Macao and The Londoner Grand.

• Interim dividend of HK$0.50 per share (US$0.064) declared, totaling US$516 million, payable in October 2026.

Financial highlights

• Casino revenues increased 12.0% to US$2.93 billion, with growth in table games and slot volumes but lower win percentages.

• Room revenues rose 5.9% to US$430 million, supported by new room supply at The Londoner Grand.

• Mall revenues grew 6.8% to US$266 million, mainly from higher overage and base rents.

• Food and beverage revenues surged 19.5% to US$147 million; convention, ferry, retail, and other revenues increased 9.3% to US$106 million.

• Operating expenses climbed 14.2% to US$3.32 billion, led by higher gaming taxes, payroll, and marketing costs.

Outlook and guidance

• The company continues to focus on enhancing its integrated resort offerings and remains committed to its investment plan under the Macao concession.

• The competitive environment is expected to persist, with ongoing pressure on costs and patron reinvestment.

• Ongoing focus on enhancing integrated resort product mix and guest experience.