Sands China’s Londoner Macao recorded its highest-ever market share in the first quarter of 2026, rising to 9.8 percent from 8.9 percent in the previous quarter, as the operator continued to shift premium play to the property, according to a report by Seaport Research.
The gain comes as Sands China increased its overall Macau market share to 25.8 percent, up 340 basis points year-on-year and more than 130 basis points quarter-on-quarter.
The report highlighted Londoner as a key driver of share growth within Sands’ Macau portfolio, with management expected to continue prioritizing premium players at the property.
This strategy has coincided with a decline in share at The Venetian Macao, which fell to 8.2 percent from 8.7 percent in the fourth quarter of 2025, remaining below historical levels of 10.4 percent at the start of 2024 and 9.6 percent in 2019.
Sands China delivered net revenue of $2.11 billion in the 1Q26, up 23.7 percent year-on-year and 2.8 percent quarter-on-quarter, while property EBITDA reached $633 million, rising 18.3 percent year-on-year.
Results were supported by an elevated VIP hold of 3.6 percent versus a normal 3.3 percent, contributing an estimated $15 million positive impact. On a hold-adjusted basis, EBITDA totaled $618 million, the highest level since the first quarter of 2024.
Despite the revenue growth, senior analyst Vitaly Umansky noted that margins remained under pressure due to rising operating costs and continued competition for premium customers. Operating expenses, excluding player reinvestment and taxes, increased 17.5 percent year-on-year, reflecting higher spending on hosts, marketing, and sales. While player reinvestment as a share of mass table drop declined slightly to around 4 percent, competition for high-end players continued to drive elevated reinvestment levels, particularly in the premium mass segment.
Seaport noted that some premium business has been migrated from The Venetian to Londoner to accelerate the latter’s ramp-up. At the same time, Sands is expected to refocus on strengthening its older properties, including The Venetian, The Parisian, and Sands Macao, by targeting base mass and mid-tier premium customers, as well as boosting visitation through entertainment events.
Marina Bay Sands remained a top performer
In Singapore, Marina Bay Sands continued to outperform, delivering EBITDA of $788 million, up 30 percent year-on-year and more than 10 percent above estimates. The property posted its fifth consecutive ‘blockbuster’ quarter, supported by strong VIP volumes and stable margins of around 50 percent.
Seaport expects Singapore volumes to moderate over the remainder of 2026, with quarterly EBITDA projected in the range of $720 million to $735 million. In Macau, while Sands is expected to maintain market share in the mid-20 percent range, ongoing cost pressures and a competitive premium segment are likely to keep margins below 30 percent in the near term.
On a hold-adjusted basis, property EBITDA reached a record high of $794 million, supported by strong VIP volumes and favorable operating conditions. Rolling chip volume rose sharply to nearly $18 billion, up 124 percent year-on-year and 34 percent quarter-on-quarter, marking the highest level since 2013.
VIP gross gaming revenue reached $640 million, also a record, although analysts noted that the segment remains volatile, with volumes fluctuating widely in recent quarters.
Margins also remained resilient, with property EBITDA margin reaching around 53 percent, benefiting from lower operating costs, reduced bad debt expenses, and lower gaming taxes compared with the previous quarter.
Seaport noted that Marina Bay Sands remains ‘the largest and most profitable casino property in the world, without peer,’ underpinned by its focus on high-end and ultra-premium customers.
Analyst expects some normalization in performance, with VIP volumes likely to soften over the remainder of 2026. Quarterly EBITDA is projected to range between $720 million and $735 million, while margins are expected to remain around 50 percent.
Full-year 2026 EBITDA is forecast at approximately $2.97 billion, supported by continued strength in premium mass demand and stable non-gaming contributions.
