Sands China’s net income fell 50 percent year-on-year to $107 million in the second quarter of 2026, after what Las Vegas Sands (LVS) chairman and CEO Patrick Dumont described as “unusually low hold in rolling play” in Macau.
The casino operator’s consolidated net revenue declined 0.8 percent to $1.78 billion, according to financial results released by parent company Las Vegas Sands (LVS). Adjusted property EBITDA fell 24 percent to $430 million, while the EBITDA margin narrowed to 24 percent from 31.5 percent.
Sands China recorded a rolling-chip win rate of 1.35 percent, down 221 basis points from the prior-year period. The unfavorable result reduced adjusted property EBITDA by an estimated $87 million.
By comparison, favorable rolling play added $7 million to EBITDA in the second quarter of 2025. At a normalized win rate, Macau EBITDA would have reached approximately $517 million, with a margin of 26.7 percent.
Poor luck therefore accounted for much of the reported decline, but not all of the pressure on profitability. Hold-normalized EBITDA was approximately $559 million in the prior-year quarter, with a margin of 31.3 percent.
The weaker earnings came despite what LVS described in its presentation as gaming volume growth in ‘every segment’. Rolling-table volume increased 73 percent, non-rolling table volume rose 15 percent and slot and electronic table game volume grew 30 percent.
Non-rolling table win increased 7 percent to $1.47 billion, while slot win rose 21 percent to $222 million. Rolling win fell 35 percent to $102 million because of the low hold.
Sands China estimated that its share of Macau’s mass-market gaming revenue increased to 25 percent from 24 percent a year earlier. Its combined mass table and slot revenue rose 8 percent to approximately $1.69 billion.
LVS said Macau’s revenue growth remained ‘highly skewed toward the premium segment’, which ‘remains deeply competitive’. The company has continued investing in premium suites, hospitality products and service levels across its Macau portfolio.
Londoner leads Macau property revenue
The Londoner Macao was Sands China’s highest-revenue property during the quarter, surpassing The Venetian Macao. Its net revenue increased 10.6 percent year-on-year to $710 million, compared with $591 million at The Venetian.
Despite the revenue growth, The Londoner’s adjusted property EBITDA fell 6.3 percent to $192 million. Its EBITDA margin narrowed to 27 percent from 31.9 percent.
The Venetian recorded a 10.9 percent decline in revenue, while EBITDA fell 30.1 percent to $165 million. Revenue at The Parisian Macao increased 12.4 percent to $218 million, although EBITDA declined 13.6 percent to $38 million.
The Four Seasons Hotel Macao and Plaza Casino posted the steepest decline. Revenue fell 29.4 percent to $137 million and EBITDA dropped 69.7 percent to $20 million.
Sands Macao was the only property to record growth in both measures. Revenue rose 33.8 percent to $95 million, while EBITDA increased 22.2 percent to $11 million.
At group level, LVS reported a 28.1 percent decline in net income to $373 million.
Consolidated adjusted property EBITDA fell 16.1 percent to $1.12 billion, while net revenue slipped 0.7 percent to $3.15 billion.
LVS repurchased $787 million of its shares during the quarter. Its board subsequently increased the remaining share-repurchase authorization to $6 billion and extended the program through July 2029.
Singapore retreats from recent highs
Marina Bay Sands (MBS) generated adjusted property EBITDA of $689 million, down 10.3 percent from $768 million a year earlier. Its EBITDA margin declined to 49.9 percent from 55.3 percent.
The result marked a retreat from the property’s recent highs. Marina Bay Sands generated EBITDA of $788 million in the first quarter of 2026, after reaching a record $806 million in the fourth quarter of 2025.
Higher-than-expected rolling hold added $37 million to second-quarter EBITDA, compared with an $80 million benefit a year earlier. On a normalized basis, EBITDA would have been approximately $652 million.
Mass gaming revenue rose 5 percent to $886 million. Non-rolling table win increased 6 percent to $595 million, while slot win rose 3 percent to $291 million. Rolling volume grew 4 percent to $9.3 billion, with a win rate of 4.74 percent.
