Las Vegas Sands Misses Q3 Estimates as Marina Bay Sands Revenue Falls, Raises 2027 Dividend 20%

LVS reported third-quarter 2026 results after the close on Oct. 21 that missed on both lines. Net revenue was $3.22 billion, down 3.5% from $3.33 billion a year earlier and below the roughly $3.33 billion consensus. Adjusted EPS was $0.54, against a Zacks consensus of $0.71 and an Investing.com consensus of $0.73, and down from $0.78 a year ago. GAAP diluted EPS was $0.48, net income fell to $352 million from $491 million, and consolidated adjusted property EBITDA dropped to $1.12 billion from $1.34 billion.

The weakness was concentrated in Singapore rather than Macao. Marina Bay Sands net revenue fell 9.9% to $1,294 million and its casino revenue fell 14.9%, while Macao operations grew net revenue 1.8% to $1,940 million. Within Macao the picture was mixed: The Venetian Macao fell 6.2%, while The Parisian rose 6.0% and The Plaza and Four Seasons Macao rose 15.5%. Management said the high end was softer in both markets because its highest-value patrons visited less, and it put its share of Macao mass gaming revenue at 26.1%.

Capital return was the offset. Sands repurchased $950 million of stock in the quarter and has bought back 19% of its outstanding shares over the last 12 quarters. The board approved a 20% increase in the recurring dividend for calendar 2027, to $0.36 a quarter from $0.30, or $1.44 a year.

The stock fell 1.69% in regular trading on Oct. 21 to $37.53 and another 2.21% after hours to $36.68. The questions for coming quarters are whether high-end visitation at Marina Bay Sands recovers, whether Macao mass share holds, and how much of the buyback and dividend capacity the lower EBITDA leaves.