Oct 21, 2026 earnings call — Investing for growth in Singapore and Macao
Company repurchased $950 million of LVS stock during the quarter and announced a 20% dividend increase to $0.36 per share.
Revenue $3.2B (est $3.3B) · EPS $0.54 (est $0.68)
Key quotes
"It will meaningfully increase our premium suite capacity, service and entertainment offerings, and will include the introduction of a state-of-the-art arena envisioned to be the finest in Asia."
"We expect to have The Venetian refreshed and reintroduced by Chinese New Year 2028, along with new premium-focused gaming salons and related amenities."
"We repurchased $950 million of LVS stock during the quarter."
Analyst Q&A 12
Why high-end customers were soft
Q (Dan Politzer · JPMorgan): Analyst asked how much of the high-end weakness in Macao and Singapore was due to macro/cyclical factors versus a behavioral shift by wealthy customers (like offshore trust issues). He also asked where Macao stands with recent OpEx increases.
A: Management said the quarter showed high-end softness in both markets but they could not point to a single cause. They called the quarter aberrational, cited global uncertainty (including the World Cup) and said they remain confident long term. On OpEx, they said reinvestment is intentional to support product repositioning, payroll increases are embedded now, and they expect operating leverage as revenues grow.
"I can't really point to one thing that I would tell you that was the cause." — Patrick Dumont (CEO·CHAIR)
Singapore run-rate and buybacks
Q (Lizzie Dove · Goldman Sachs): Analyst asked if anything changed about the Singapore quarterly run rate (previously around $700 million hold-adjusted) and whether the recent softness is temporary or structural, including cadence within the quarter and any October rebound. He also asked if the big repurchases are the new run rate for capital returns.
A: Management said nothing has changed and they view Marina Bay Sands as a $2.7 billion, $2.8 billion run-rate property; they called the quarter aberrational with softness in July and September but feel well positioned for Q4. On capital returns, they said they see meaningful value in LVS and SCL equity, will continue excess cash flow to shareholders, and expect repurchases to be the larger portion of returns while maintaining investment-grade and their stated gross leverage target.
"We intend to continue excess cash flow to shareholders, with the repurchases representing the larger portion of our overall capital return, so even more the dividends." — Patrick Dumont (CEO·CHAIR)
Low hold despite good volumes
Q (Shaun Kelley · BofA): Analyst asked whether the low mass hold in Singapore was behavior-driven (shorter sessions, different wagering) or a traffic issue, since volumes looked fine. He also asked if offshore trust issues are changing behavior and if any effects are temporary.
A: Management said Marina Bay Sands simply didn't hold well this quarter and that volatility in hold is part of the business; volumes and customers were generally there but unlucky hold depressed margin and earnings. They said many policy changes have affected Macao over time and they cannot judge specific measures now, but underlying demand remains solid with growth in patron counts and visitation even as high-end spend softened.
"There's volatility, both on the mass side and on the rolling side. If you go to page 11 in our deck, we lay out our expected hold, our smart table hold, and you can see that volatility." — Patrick Dumont (CEO·CHAIR)
High-end differences and Q4 seasonality
Q (Brandt Montour · Barclays): Analyst asked whether high-end guests in Macao and Singapore behave differently (stay length, booking lead time) and if that makes one market more favorable. He also asked about how NBA Games Week affects fourth-quarter seasonality.
A: Management said the catchment areas differ: Marina Bay Sands draws Southeast Asia while Macao draws mainly China and Hong Kong, so overlap at the very top is limited; the sentiment was similar in both markets this quarter. They said the NBA Games Week was very successful and that, seasonally, fourth quarter is typically relatively stronger for Macao because of Golden Week and the lengthened Golden Week from NBA Games Week, though current market conditions will determine actual outcomes.
"If you talk about the seasonality of fourth quarter, typically it is a relatively stronger quarter for Macao because of the October Golden Week, and now also a lengthened Golden Week, as a result of the NBA Games Week." — Grant Chum (CEO)
Revisit OpEx levels?
Q (Robin Farley · UBS): Analyst asked if management would cut OpEx or revisit staffing levels in Macao given unclear drivers of softness and several months of year-over-year declines.
A: Management said they are focused on investing for growth, not cutting the personnel they just hired, because they need staff to run and train for the upgraded products. They view the additional OpEx as necessary investment to deliver higher-value products and service that will drive future revenue and return.
"We are actually focused on investment for growth, not on cutting our personnel that we just hired." — Patrick Dumont (CEO·CHAIR)
CapEx: maintenance vs growth
Q (Stephen Grambling · Morgan Stanley): Analyst asked how view of maintenance versus development CapEx in Macao has evolved and where ROI is best. He also asked about Singapore's $8 billion project cost and how fixed those costs are.
A: Management said approximately $300 million of maintenance CapEx is reasonable given their depreciation and that their 2027 development plan focuses on high-ROI projects like The Venetian and Conrad/Londoner renovations and an accelerated botanic garden concession. For Singapore, they said $8 billion includes $2 billion of land premiums, the arena and new tower should drive strong returns by attracting high-value tourism, and while much is locked in they are monitoring inflation and still have material remaining procurement to manage carefully.
"So spending around $300 million on maintenance CapEx is reasonable, and that is reflected in the deck on slide 21 of Dan's deck." — Grant Chum (CEO)
Competitive reinvestment in Macao
Q (Steven Pizzella · Deutsche Bank): Analyst asked what management is seeing from competitors on reinvestment and if competitive behavior has changed over the last quarters. He also asked the size of the World Cup impact on normalized run rates.
A: Management said the market remains very competitive but Sands has optimized reinvestment, achieving lower reinvestment while gaining market share, and they will respond if dynamics change. On the World Cup impact, they said it is difficult to pinpoint but noted a sharper decline in June and July than in August and September.
"We are achieving sequentially, a lower level reinvestment and capturing higher market share." — Grant Chum (CEO)
Venetian room reopenings impact
Q (Peter Supino · Wolfe): Analyst asked if any renovated Venetian rooms have returned to inventory and whether early returns show higher-value gaming activity.
A: Management said anecdotal response to renovated suites has been very strong. They reported initial feedback from about 600 rooms that returned has surpassed expectations, they managed the program to improve customer mix and mass revenue sequentially, and they expect all upgraded suites back by early 2028.
"The initial feedback from the rooms that have come back, which is around 600, has really, I would say, surpassed our initial expectations." — Grant Chum (CEO)
M&A appetite and market capacity
Q (Steve Wieczynski · Stifel): Analyst asked about appetite for M&A given current valuations and whether the Macao market has too much gaming capacity or is undersupplied for high-end hospitality.
A: Management said they are focused on buying more of their own company via share repurchases and are not focused on external M&A. They said both markets would benefit from more high-level hospitality capacity and that the issue is quality and competitiveness of supply for high-value tourists, not sheer room count.
"I think we're really interested in buying more of our company." — Patrick Dumont (CEO·CHAIR)
Take-private and Singapore drivers
Q (David Katz · Jefferies): Analyst asked if management has considered taking the company private. He also asked for a clear list of factors that drove the Singapore quarter (World Cup, hold, competition).
A: Management said there is no interest at this time to take the company private and they will keep buying back shares while remaining public. Regarding Singapore, they said the primary driver was fewer visits from highest-value patrons (which could be attributed to World Cup or other factors they cannot isolate) and that they also experienced some unfavorable hold.
"I do not think there is any interest at this time to take the company private." — Patrick Dumont (CEO·CHAIR)
Promotional intensity and new capacity
Q (Trey Bowers · Wells Fargo): Analyst asked whether promotional intensity in Macao is easing or still heavy and what would break the reinvestment cycle. He also asked why Sands needs more high-end tower capacity if some high-end customers can skip periods.
A: Management said reinvestment intensity shows no letup but they have been able to optimize levels while gaining share; reinvestment should moderate if market revenue growth recovers. They added that high-tier customers are growing and younger, peak periods lack capacity now, and the new tower and arena will add capacity and entertainment that should attract more high-value tourists over time.
"As to what actually will help the market to moderate the levels of reinvestment, it is primarily going to be a function of market revenue growth." — Grant Chum (CEO)
Mass hold and offshore trust impact
Q (Timothy Chow · Citi): Analyst asked whether unusually low mass hold at Londoner and Marina Bay Sands was luck or due to shorter stays/behavior, and whether offshore trust tightening is a structural or temporary hit.
A: Management said the Londoner lower hold was primarily due to playing unlucky in the super high-end premium mass and Marina Bay Sands saw negative luck in non-rolling drop. On the offshore trust and tightening, they declined to comment on specific measures, said many macro factors converge, and expressed confidence that underlying demand from wealth creation will continue, supporting their product investments.
"For Macao, yes, the lower hold experience at The Londoner was primarily due to playing unlucky at the super high-end segment of the premium mass." — Grant Chum (CEO)