Las Vegas Sands (LVS) has retained its goal of generating at least $700 million in quarterly EBITDA from Macau and restoring Sands China‘s previous share of Macau market EBITDA, management said during the group’s second-quarter 2026 earnings call, held early Thursday in Asia.
Executives pointed to the operator’s gains among high-value customers, including an increase in its share of Macau’s rolling-chip volume to 26 percent. Sands China moved from fourth to first place in the segment within a year, according to Sands China president and CEO Grant Chum.
The target remains well above the $430 million in Macau adjusted property EBITDA reported for the second quarter, down from $566 million a year earlier, with the margin narrowing to 24.0 percent from 31.5 percent. At a normalized rolling win rate, the figure would have reached $517 million.
“Our target is still the $700 million,” LVS chairman and CEO Patrick Dumont said. “I think we have some work to do to get there.”
Chum said strategies introduced since May 2025 had produced “significant” gains at the top end of the market.
“We’ve come from a position where we were number four in the rolling segment a year ago, and now we’re number one with 26 percent volume share,” he said.
Rolling volume increased 73 percent year-on-year, while non-rolling table drop rose 15 percent and slot and electronic table game volume grew 30 percent.
Chum said May marked an all-time monthly high for Sands China’s mass-market gross gaming revenue (GGR), before business softened in June, which he said was partly affected by the FIFA World Cup. Dumont said the tournament reduced visitation by high-value patrons at both the Macau properties and Marina Bay Sands.
The quarter was also affected by a 1.35 percent VIP rolling win rate, which reduced EBITDA by an estimated $87 million. Dumont described it as “the largest hold adjustment we’ve ever had in the history of Macau.”
Venetian renovation runs through early 2028
LVS is relying on additional premium accommodation and gaming products to support its EBITDA target. Renovation of The Venetian Macao’s rooms and suites began in March and will continue through early 2028.
“Our target is to have all 2,900 rooms and suites completely refurbished and reintroduced by Chinese New Year 2028,” Dumont said.
The project will also introduce new premium-focused gaming salons and related amenities. Chum said the benefits should become more visible as a larger number of renovated suites return to inventory during 2027.
Around 400 rooms at The Venetian were unavailable during the second quarter. Sands China expects between 400 and 500 rooms to remain out of inventory during each quarter into 2027.
Chum said performance at The Londoner Macao and the Grand Suites at Four Seasons was already above 2019 levels on a normalized basis. He cited the comparison as evidence that upgraded products could support revenue growth and market-share gains.
Reinvestment and operating-cost growth
Sands China also plans to continue optimizing player reinvestment, referring to spending used to attract and retain customers. Reinvestment remained broadly unchanged from the first quarter after adjustments for gaming hold and business mix, but was higher year-on-year following a more aggressive strategy introduced in the second half of 2025.
“There’s no change in either our approach or the reinvestment levels when you look at it sequentially,” management told analysts.
The operator has also invested in longer table operating hours, expanded sales and distribution networks, and higher service levels. Management expects the pace of operating-expense growth to slow in the second half of 2026 and remain more moderate into 2027.
Chum said Sands China would remain alert to changes in the market environment while seeking “to earn a higher gross margin from this higher level of revenue.”
