Las Vegas Sands Corp (LVS) reported strong first-quarter 2026 results, led by robust growth in Macau, where its subsidiary Sands China recorded a 45.5 percent year-on-year increase in net income to $294 million, alongside a 23.6 percent rise in net revenues to $2.10 billion.
The performance in Macau was a key driver of the group’s overall results, with Las Vegas Sands posting total net revenue of $3.59 billion, up 25.3 percent year-on-year, and net income of $641 million, up 57.1 percent year-on-year.
Across its Macau portfolio, all five integrated resorts reported revenue growth during the quarter. The Londoner Macao led gains, with net revenues rising to $754 million, supported by continued momentum following its redevelopment. The Venetian Macao generated $710 million in net revenues, while The Plaza Macao and Four Seasons Macao posted $290 million.
Growth was primarily driven by The Londoner Macao and The Plaza Macao and Four Seasons Macao, both of which recorded outsized year-on-year increases, reflecting continued ramp-up following recent upgrades and strong demand in higher-end segments.
The Parisian Macao and Sands Macao recorded more modest increases to $229 million and $93 million, respectively, according to company data.
Adjusted property EBITDA for Macau operations rose to $633 million, reflecting improved operating performance across the portfolio. However, EBITDA margin for Macau stood at 29.9 percent, compared with 31.3 percent in the prior-year period, indicating some pressure on profitability despite revenue growth.
Singapore adds to strong quarter for LVS
In Singapore, Marina Bay Sands also delivered strong year-on-year growth, with net revenues increasing 27.9 percent to $1.49 billion and adjusted property EBITDA rising 30.2 percent to $788 million, representing a margin of 53.0 percent.
Gaming volumes in Singapore showed notable strength, with rolling chip volume and mass market play both contributing to the improved results. The property continued to operate at high occupancy levels, while average daily room rates and revenue per available room increased compared with the prior year.
Group-wide, consolidated adjusted property EBITDA reached $1.42 billion, up 24.6 percent year-on-year, highlighting continued recovery and growth across both key markets.
“We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders,” said Patrick Dumont, chairman and chief executive officer.
“Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”
During the quarter, the company repurchased $740 million of its common stock and maintained its quarterly dividend.
