Las Vegas Sands Stock Down as Q2 Earnings & Revenues Miss

LVS’ Q2 Highlights

Las Vegas Sands reported adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 77 cents by 23.4%. In the second quarter of 2025, the company reported adjusted earnings of 79 cents per share.

Quarterly net revenues of $3.15 billion missed the consensus mark of $3.37 billion by 6.4% and declined 0.7% from $3.18 billion reported in the prior-year quarter.

Las Vegas Sands’ Asian Operations

Macao operations generated net revenues of $1.79 billion in the second quarter of 2026, down 0.4% from $1.80 billion reported in the prior-year quarter.

Adjusted property EBITDA declined 24% year over year to $430 million from $566 million. Gaming volumes increased year over year across rolling tables, non-rolling tables and slots or electronic table games. However, unusually low rolling-play hold reduced Macao adjusted property EBITDA by $87 million in the reported quarter.

The Venetian Macao

Net revenues from The Venetian Macao were $591 million in the second quarter of 2026, down 10.9% from $663 million reported in the prior-year quarter. Our model expected the quarterly revenues for this metric to be $794.7 million.

Adjusted property EBITDA declined 30.1% to $165 million from $236 million reported in the year-ago quarter. Our estimate for the metric was $226.2 million. Table games win per unit per day decreased to $8,819 from $9,710 in the second quarter of 2025, while slot machine win per unit per day increased to $446 from $305 reported in the prior-year quarter.

The Londoner Macao

Net revenues from The Londoner Macao increased 10.6% year over year to $710 million in the reported quarter from $642 million. We estimated the metric to be $918.8 million.

Adjusted property EBITDA decreased 6.3% to $192 million from $205 million reported in the prior-year quarter. Our estimate for the metric was pegged at $200 million. Rolling-chip volume increased to $3.52 billion from $2.09 billion in the year-ago quarter, while non-rolling chip drop rose to $2.58 billion from $2.20 billion.

The property’s hotel revenue per available room increased to $254 from $242 reported in the second quarter of 2025. Occupancy improved to 96.7% from 93.3% in the prior-year quarter.

The Parisian Macao

Net revenues from The Parisian Macao increased 12.4% to $218 million in the second quarter of 2026 from $194 million reported in the prior-year quarter. We estimated the metric to be $193 million. Casino revenues rose to $165 million from $143 million in the year-ago period.

Adjusted property EBITDA decreased 13.6% to $38 million from $44 million reported in the second quarter of 2025. Our estimate for the metric was $46.7 million. Non-rolling chip drop increased to $816 million from $663 million in the prior-year quarter.

The property’s hotel RevPAR declined to $138 from $146 reported in the year-ago quarter. Occupancy decreased to 97.4% from 99.2% in the prior-year period.

The Plaza Macao and Four Seasons Macao

Net revenues from The Plaza Macao and Four Seasons Macao declined 29.4% to $137 million in the reported quarter from $194 million in the second quarter of 2025. We estimated the metric to be $228.8 million. Casino revenues decreased to $59 million from $122 million reported in the prior-year quarter, while mall revenues increased to $41 million from $37 million.

Adjusted property EBITDA fell 69.7% to $20 million from $66 million reported in the prior-year quarter. Our estimate for the metric was $82.8 million. Rolling-chip volume increased to $2.82 billion from $1.40 billion in the second quarter of 2025, while non-rolling chip drop rose to $839 million from $655 million.

The property’s RevPAR increased to $482 from $462 in the prior-year period. Occupancy improved to 95.1% from 92.1% reported in the second quarter of 2025.

Sands Macao

Net revenues from Sands Macao increased 33.8% to $95 million in the second quarter of 2026 from $71 million reported in the prior-year quarter. Our projection for the metric was $58.6 million. Casino revenues rose to $88 million from $63 million in the year-ago period.

Adjusted property EBITDA increased 22.2% year over year to $11 million from $9 million. Our estimate was $7.1 million. Non-rolling chip drop rose to $497 million from $389 million in the prior-year quarter.

The property’s hotel RevPAR decreased to $161 from $175 reported in the year-ago quarter, while occupancy remained unchanged at 99.4%.

Marina Bay Sands, Singapore

Net revenues from Marina Bay Sands decreased 0.6% year over year to $1.38 billion in the reported quarter. Our estimate for the metric was $1.11 billion.

Adjusted property EBITDA declined 10.3% year over year to $689 million. We expected this metric to be $731.9 million. Rolling-chip volume increased to $9.27 billion from $8.95 billion in the year-ago quarter, while non-rolling chip drop rose to $2.60 billion from $2.36 billion.

The property’s hotel RevPAR increased to $939 from $844 in the second quarter of 2025. Occupancy improved to 95.6% from 95% reported in the prior-year quarter.

Las Vegas Sands’ Operating Results

On a consolidated basis, adjusted property EBITDA declined 16.1% year over year to $1.12 billion in the second quarter of 2026.

Operating income decreased to $618 million from $783 million reported in the year-ago quarter, while net income declined to $373 million from $519 million.

Las Vegas Sands’ Financials

As of June 30, 2026, Las Vegas Sands had unrestricted cash balances of $3.38 billion compared with $3.45 billion as of June 30, 2025. Total debt outstanding, net of deferred financing costs and original issue discounts and excluding finance leases, was $15.11 billion compared with $15.68 billion reported in the prior-year quarter.

In the reported quarter, capital expenditures totaled $332 million, up from $286 million in the year-ago quarter. The latest-quarter expenditures comprised construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other activities.

As of June 30, 2026, $29 million remained available under the share repurchase program. Subsequently, on July 21, 2026, the board increased the remaining authorization to $6 billion and extended the program’s expiration date to July 21, 2029.

LVS’s Zacks Rank & Key Picks

Las Vegas Sands currently carries a Zacks Rank #4 (Sell).

Here are some better-ranked stocks from the Consumer Discretionary sector:

AMC Entertainment Holdings, Inc. AMC currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.

The company delivered a trailing four-quarter earnings surprise of 59%, on average. AMC stock has surged 44.2% in the year-to-date period. The Zacks Consensus Estimate for AMC Entertainment 2026 sales and EPS implies growth of 12.9% and 81.3%, respectively, from the year-ago levels.

The Marcus Corporation MCS currently sports a Zacks Rank #1. The company delivered a trailing four-quarter negative earnings surprise of 40.4%, on average. MCS stock has jumped 53.3% in the year-to-date period.

The Zacks Consensus Estimate for Marcus’ 2026 sales and EPS indicates an increase of 6.2% and 211.8%, respectively, from the year-ago levels.

Vince Holding Corp. VNCE currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter earnings surprise of 635.7%, on average. VNCE stock has rallied 58.8% in the year-to-date period.

The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 7.2% and 34.1%, respectively, from the year-ago levels.

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