Las Vegas Sands : First Quarter 2026 Presentation

Published: 2026-04-22 17:49:10 ET LVS

Published on 04/22/2026 at 05:49 pm EDT

April 22, 2026

Investment Case:

Global leader in Integrated Resort development and operation delivering industry-leading returns

Largest scale operator in the most important markets with industry-leading revenues and margins

Balance sheet strength enables investment in promising growth opportunities

Experienced leadership team dedicated to driving long-term shareholder value and maximizing shareholder returns

Strategic Priorities:

Creating unique and memorable hospitality and entertainment experiences

Leveraging market-leading suite capacity in both Singapore and Macao to attract more high-value business

Returning excess capital to shareholders through share repurchase and dividend programs

Pursuing development opportunities in new jurisdictions

We believe our market-leading assets coupled with our focus on delivering unique and memorable hospitality and entertainment experiences to our customers will drive growth and produce strong returns for our shareholders in the years ahead

1Q26 Summary Overview

CONSOLIDATED FINANCIALS

▪

Net revenue increased 25.3% to $3.59 billion

Net income increased 57.1% to $641 million

Diluted earnings per share increased 73.5% to $0.85 per share Consolidated Adjusted Property EBITDA increased 24.6% to

$1.42 billion

RETURN OF CAPITAL TO SHAREHOLDERS

▪

LVS repurchased $740 million of common stock

Repurchases in the quarter totaled 13.06 million LVS shares

at a weighted average price of $56.64

- We have repurchased 14.3% of outstanding shares over

the last 10 quarters1

LVS paid dividends of $202 million ($0.30 per share)

MARINA BAY SANDS

Marina Bay Sands Adjusted Property EBITDA increased 30.2% to reach $788 million

- Low hold on rolling play negatively impacted Adjusted Property EBITDA by $6 million

Mass win (including tables and slots) increased 16% to reach

$902 million

▪

Rolling win increased 115% to reach $639 million

Adjusted Property EBITDA margin increased 100bps to reach

53.0%

SANDS CHINA LTD.

The Macao Market revenue composition and growth remain highly skewed toward the premium segment, which remains deeply competitive

Macao Adjusted Property EBITDA increased 18.3% to reach

$633 million

- High hold on rolling play positively impacted Adjusted Property EBITDA by $15 million

SCL continued to gain Macao mass market GGR market-share, reaching 25.7%, its highest share since 1Q24

Adjusted Property EBITDA margin decreased 140bps to reach 29.9%, but increased 40bps compared to 4Q25

1. Reflects LVS shares repurchased as a percentage of shares outstanding as of September 30, 2023. Note: all increases/decreases above reflect 1Q26 results compared to 1Q25, unless otherwise stated.

Quarter Ended March 31, 2026 vs March 31, 2025

($ in US millions, except per share information)

LVS Consolidated First Quarter Financial Results

1Q25

1Q26

$ Change

% Change

Net Revenue

$2,862

$3,585

$723

25.3%

Net Income

408

641

233

57.1%

Net Income Attributable to LVS

352

567

215

61.1%

Diluted EPS

$0.49

$0.85

$0.36

73.5%

Dividends per Common Share

$0.25

$0.30

$0.05

20.0%

Adjusted Net Income Attributable to LVS

421

612

191

45.4%

Adjusted Diluted EPS

$0.59

$0.91

$0.32

54.2%

Adjusted Property EBITDA

1,140

1,421

281

24.6%

Adjusted Property EBITDA Margin

39.8%

39.6%

-20 bps

$740 million of LVS stock repurchased in 1Q26

- 13.06 million LVS shares repurchased at a weighted average price of $56.64

$202 million of dividends paid by LVS ($0.30 per share)

Select Quarterly Results

Assuming Expected Hold in our Rolling Play1

-$9

-$71

-$45

$1,140

$1,344

$1,334

$1,421

$1,414

+$16

($ in US millions)

-$87

$1,500

$1,200

$900

$600

$300

1Q25 2Q25 3Q25 4Q25 1Q26

1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3% for Sands China. For Marina Bay Sands in 1Q25 - 1Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.8%, 4.1%, 4.2%, 3.9% and 3.6%, respectively. These theoretical hold percentages on Rolling Chip play at Marina Bay Sands during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

($ in US millions)

Adjusted Property EBITDA

1Q25

1Q26

Change

% Change

Marina Bay Sands

$605

$788

$183

30.2%

Adjusted Property EBITDA Margin

52.0%

53.0%

100 bps

Macao Operations

$535

$633

$98

18.3%

Adjusted Property EBITDA Margin

31.3%

29.9%

-140 bps

LVS Total

$1,140

$1,421

$281

24.6%

Adjusted Property EBITDA Margin

39.8%

39.6%

-20 bps

See slides 58 and 59 in the appendix for the presentation of the illustrative impact of hold in our rolling play in Singapore and Macao

In 1Q26 hold on rolling play negatively impacted Adjusted Property EBITDA in Singapore by $6 million1 and positively impacted Adjusted Property EBITDA by $15 million1 in Macao

In 1Q25 hold on rolling play negatively impacted Adjusted Property EBITDA in Singapore by $6 million1 and negatively impacted Adjusted Property EBITDA by $10 million1 in Macao

For Marina Bay Sands in 1Q25 and 1Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.8% and 3.6%, respectively. The theoretical hold percentages on Rolling Chip at MBS play during each quarter were calculated utilizing smart table data. For Sands China the amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

Market-leading Premium Suites and Service Offerings Drive Strong Financial Performance

Financial results for the quarter ended March 31, 2026:

Adjusted Property EBITDA increased 30% to reach $788 million

Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $6 million2 higher

Adjusted Property EBITDA margin was 53.0%

Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 53.1%2

Mass gaming revenue increased 16% to reach $902 million

Mass gaming revenue (Non-Rolling tables and slots):

Non-Rolling table win increased 20% to reach $630 million

Assuming Expected Hold in Our Rolling Play2

($ in US millions)

$768

$806

$743

$788

$605

+$6

-$43

-$80

+$6

-$45

$1,000

$800

$600

$400

$200

1Q25 2Q25 3Q25 4Q25 1Q26

Slot win increased 8% to reach $272 million

Rolling volume increased 124% to reach $18.0 billion

Rolling win: $639 million, hold percentage 3.56%

Occupancy: 95.7%

ADR: $1,006

Retail revenues: $69 million

($ in US millions)

$560

$527

$905

$951

$902

$843

$778

$630

$656

$625

$251

$283

$272

$280

$295

$1,000

$750

$500

$250

1Q25 2Q25 3Q25 4Q25 1Q26

Due to the tiered gaming tax structure in Singapore, gaming tax rates at MBS increase from 8% to 12% on premium play when certain annual GGR thresholds are exceeded. The threshold was met in July in 2025.

In 1Q25 - 1Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.8%, 4.1%, 4.2% and 3.9% and 3.6%, respectively. These theoretical hold percentages on Rolling Chip play during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

Mass Gaming Revenue (Tables & Slots)

MBS Mass Gaming Revenue (Tables & Slots)

$951

$905

$843

$746

$687

$668

$580

$584

$604

$549

$569

$477

$424

$390

$275

$902

$778

Initial delivery of upgraded suite product

~16% growth vs 1Q25

Completion of 775 upgraded suites

($ US in millions)

$1,000

$950

$900

$850

$800

$750

$700

$650

$600

$550

$500

$450

$400

$350

$300

$250

$200

1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Marina Bay Sands continues to deliver strong growth in mass gaming revenue

Note: Covid-19 related travel restrictions were put in place in Singapore in first quarter of 2020. Beginning in the second quarter of 2022, most of those restrictions were reduced or removed.

Implementation of Smart Table Technology Enables Calculation of Theoretical Hold Rates

Marina Bay Sands introduction of smart tables:

Marina Bay Sands (MBS) has rolled out smart table technology across its baccarat gaming areas

This smart table system uses a combination of RFID technology and table-top cameras to capture data on placed bets

One benefit of this digital data collection includes the ability to provide a theoretical hold percentage based on the expected outcome for different wager types and the distribution of specific wagers during each quarterly period

Update:

The smart table technology has now been installed on all baccarat Rolling Chip tables at MBS for more than 18 months

We introduced a new disclosure methodology for the calculation of expected hold impact on our results at MBS in 3Q25, including four prior quarters using the smart table data

The specific wagers made by players in each quarter will determine the theoretical hold, and as a result, the theoretical hold will vary from quarter to quarter

4.5%

4.1%

4.2%

4.0%

3.9%

3.7%

3.8%

3.5%

3.6%

3.5%

3.0%

2.5%

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

Since 3Q24, the theoretical hold rates calculated based upon data captured by smart table technology have been as follows:

($ in US billions)

Rolling Volume $6.6 $8.1 $8.0 $8.9 $9.1 $13.4 $18.0

Market-leading Asset Portfolio Positioned for Growth

Financial results for the quarter ended March 31, 2026:

Adjusted Property EBITDA increased 18% to reach $633 million

Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $15 million1 lower

Adjusted Property EBITDA margin was 29.9%

Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 29.6%1, a decrease of 200 basis points compared to 1Q25

Mass Gaming Revenue (Non-Rolling tables and slots):

Non-Rolling table win increased 22% to reach $1.56 billion

($ in US millions)

$608

$633

$535

$566

$601

+$10

-$7

-$26

-$2

-$15

$800

$600

$400

$200

Assuming Expected Hold in Our Rolling Play1

Slot win increased 32% to reach $217 million

Rolling volume increased 68% to reach $9.2 billion

Rolling win increased 102% to reach $329 million, hold percentage of 3.58%

Occupancy: 98.2%

ADR: $235

Retail revenues: $135 million

1Q25 2Q25 3Q25 4Q25 1Q26

($ in US millions)

$1,376

$1,282

$1,689

$1,738

$1,781

$1,447

$165

$1,559

$183

$1,564

$1,500

$1,542

$189

$217

$196

$2,000

$1,500

$1,000

$500

1Q25 2Q25 3Q25 4Q25 1Q26

These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

Quarter Ended March 31, 2026 vs March 31, 2025

($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin

Growth Growth Growth

1Q25

1Q26

1Q25

1Q26

1Q25

1Q26

bps

The Londoner Macao1

$529

$754

225

42.5%

$153

$223

$70

45.8%

28.9%

29.6%

Four Seasons/Plaza Casino1

208

290

39.4%

114

54.1%

35.6%

39.3%

370

The Venetian Macao

638

710

11.3%

225

238

5.8%

35.3%

33.5%

(180)

The Parisian Macao

227

229

0.9%

(20)

-30.3%

29.1%

20.1%

(900)

Sands Macao

24.0%

(1)

-10.0%

13.3%

9.7%

(360)

Ferry Operations and Other

18.8%

(4)

-57.1%

21.9%

7.9%

(1,400)

Total Macao Portfolio

1,709

2,114

405

23.7%

535

633

18.3%

31.3%

29.9%

(140)

Total Macao Portfolio Margins Assuming Expected Hold in Our Rolling Play2

31.6%

29.6%

(200)

The Macao market revenue growth has been led by the premium segment

The premium segment remains highly competitive

The Sands China property portfolio has seen improving financial performance, particularly in properties where new and refreshed premium suite and hospitality offerings have been introduced since 2020

Additional investment in premium suites and other hospitality offerings will be completed throughout the property portfolio over the next three years

Denotes property where investment in premium suite and hospitality products has been introduced since 2020.

Base Mass and Premium Mass Table Win

($ in US millions)

$822

$791

$746

$673

$640

Avg. Win per Table per Day: $17,397

($ in US millions)

$900

$754

$751

$742

$703

$642

Avg. Win per Table per Day: $8,261

$600 $600

$300 $300

Avg. Tables

1Q25

2Q25

3Q25

4Q25

1Q26

536

508

519

540

525

1Q25

2Q25

3Q25

4Q25

1Q26

979

1,013

1,008

991

998

Avg.

Tables

Note: Sands China's base mass and premium mass table revenues as presented above are based on the geographic position of Non-Rolling (mass) tables on the gaming floor. Some high-end mass play occurs in the base mass geographic area.

Mass GGR Tables & Slots

SCL Mass Gaming Revenue (Tables & Slots) and Mass Market Revenue Share1,2

($ US in millions)

$2,000

$1,500

$1,321

$1,445

$1,580 $1,583

$1,531

$1,505

$1,529

$1,559

$1,447

$1,689

$1,738 $1,781

40%

35%

$1,000

$500

$383 21.5%

23.6%

$210

23.8%

$148

24.5%

$284

$1,029

27.7% 27.9%

27.0% 26.6%

25.6%

24.9% 24.9%

24.3%

23.6%

24.0%

25.3% 25.3% 25.7%

30%

Highest Market Share of Macao Mass GGR Since 1Q24

25%

1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

20%

Sands China mass win increased 23% to reach ~$1.8 billion in 1Q26

Market-wide mass GGR for all periods through 4Q25 is defined as mass win (tables and slots) as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate.

Market-wide mass GGR for 1Q26 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings. Note: Covid-19 related travel restrictions were put in place in China in the first quarter of 2020. In early 2023, most of those restrictions were reduced or removed.

Source: Public company filings, Macao DSEC, Macao DICJ.

($ in US millions)

As of March 31, 2026

Sands China

Marina Bay

Sands

LVS Corp.

and Other

Total

Consolidated

Trailing Twelve Months Ended March 31, 2026:

Adjusted Property EBITDA - $5.51 billion

Cash Flow from Operations3 - $3.23 billion

As of March 31, 2026:

Cash Balance1 - $3.33 billion

Liquidity2 - $6.98 billion

Debt - $15.57 billion

Net Debt - $12.24 billion

Cash and Cash Equivalents1

$1,761

$598

$971

$3,330

Debt4

6,891

3,702

4,976

15,569

Net Debt (Cash)4

5,130

3,104

4,005

12,239

Trailing Twelve Months Adjusted Property EBITDA

2,408

3,105

5,513

Gross Debt to TTM Adjusted Property EBITDA

2.9x

1.2x

2.8x

Net Debt to TTM Adjusted Property EBITDA

2.1x

1.0x

2.2x

Excludes restricted cash.

Denotes cash plus total revolver availability. Does not include $4.88 billion available under a delayed draw term loan facility that may be used to finance costs related to the Marina Bay Sands Expansion Project.

Includes the impact of $848 million and $137 million in land premium payments made in 2Q25 and 1Q26, respectively, related to the Marina Bay Sands Expansion, which is recorded under US GAAP as a reduction in cash flow from operations.

Debt balances shown here are net of deferred financing costs and original issue discounts of $135 million and exclude finance leases.

Total Capital Returned to LVS Shareholders 3Q23 - 1Q26

Repurchases Comprise

~75% of Capital Return

Return of Capital 2023 - 2026 Predominantly Share Repurchases

(Share amounts and $US in millions)

Total 3Q23 - 1Q26

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

$ %

LVS Share Repurchases 1

$505

$450

$400

$450

$800

$500

$740

$5,245

74.5%

LVS Dividends Paid2

153

152

151

148

147

145

179

175

171

169

202

1,792

25.5%

Total Return of Capital

$153

$657

$601

$548

$597

$595

$629

$975

$671

$669

$942

$7,037

100.0%

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

% S/ 4

LVS Shares Repurchased

11.12

8.58

8.74

11.43

8.81

10.09

20.21

9.19

8.14

13.06

109.37

14.3%

LVS Shares Outstanding3

764.5

753.4

745.0

736.4

725.0

716.3

706.6

686.5

677.3

674.9

662.9

LVS has repurchased 109.37 million shares, or 14.3% of shares outstanding, over the last 10 quarters ended March 31, 2026

Total at 1Q26

LVS share repurchases were suspended at the onset of the Covid-19 pandemic and were reinstated in 4Q23.

A quarterly dividend of $0.20 per share was initiated in 3Q23, in 1Q25 the dividend was increased to $0.25 per share, in 1Q26 the dividend was increased to $0.30 per share.

Reflects basic shares outstanding at quarter end.

Reflects LVS shares repurchased as a percentage of shares outstanding as of September 30, 2023.

Investments to enhance our industry-leading portfolio of Integrated Resorts in Singapore and Macao

Investment in high quality assets drives revenue growth

Scale and quality of assets create competitive advantage

($ US in millions) LVS Capex Expectations

$100

$428

$400

$103

$100

$419

$600

$785

$217

$88

$100

$350

$137

$400

$848

$1,150

$2,350

$409

$2,016

$319

$1,600

$54

$1,487

$1,017

$828

$651

$298

$265

$420

$1,567

$426

$157

$500

$172

$196

$475

$2,500

$2,000

$1,500

$1,000

$500

2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E

Includes SCL capital expenditure commitment related to new concession, through 2032 (~$2.7 billion), and additional capital expenditure commitments (~$0.7 billion) at a Macao market GGR of ~$22.5 billion.

Total capital expenditures presented for the MBS Expansion Project in Singapore exclude financing fees, interest costs, and pre-opening expenses.

While the Company is contractually obligated to complete the MBS Expansion Project by July 2029, the current estimate is that construction will be complete in June 2030 with an anticipated opening date in January 2031. Any extension of the completion date beyond July 2029 is subject to the approval of the Singapore government.

Disclaimer

Las Vegas Sands Corporation published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 21:48 UTC.