Las Vegas Sands Q2 Profit Slides 28% as Macau Hold Rate Misses Target

Las Vegas Sands posted a sharp decline in second-quarter earnings, with net income dropping 28.1% to $373m as unfavorable rolling-play outcomes in Macau eroded gains from higher gaming volumes across the property portfolio.

Group revenue edged down 0.7% year-on-year to $3.15bn, while operating income settled at $618m. Consolidated adjusted property EBITDA fell 16.1% to $1.12bn, reflecting the impact of a lower-than-expected win rate on high-end tables in the Macau market.

In Macau, Sands China recorded net income of just $107m, a 50% plunge. Portfolio revenue slipped 0.4% to $1.79bn and adjusted EBITDA contracted 24% to $430m. Despite double-digit volume growth across rolling, non-rolling and slot play, the rolling-chip win rate came in at only 1.35% against a theoretical 3.3% hold, costing Macau EBITDA an estimated $87m.

Mass-market performance held up better. Non-rolling table win rose 7% to $1.47bn and slot win climbed 21% to $222m. Sands China increased its share of Macau mass gaming revenue from 24% to 25%, though the operator noted that market growth remained skewed toward the premium segment.

Property-level results diverged. The Londoner Macao saw revenue improve 10.6% to $710m, while The Venetian Macao recorded a 10.9% drop to $591m. Las Vegas Sands continues a multi-year suite and hospitality upgrade program across its Macau portfolio, with additional work scheduled through 2028.

At Marina Bay Sands in Singapore, adjusted EBITDA fell 10.3% to $689m as the property’s margin narrowed to 49.9%. Mass gaming revenue grew 5% to $886m, but rolling win declined 7% to $439m. The resort maintained occupancy of 95.6% and an average daily room rate of $982.

Capital expenditure reached $332m during the quarter, including $215m at Marina Bay Sands as part of an $8bn expansion project targeted for completion in 2030. The operator also repurchased $787m of its shares and the board boosted the remaining authorization to $6bn, extending the buyback program through July 2029.

The Q2 results contrast with a strong first quarter, when Las Vegas Sands reported revenue of $3.59bn, net income of $641m and adjusted EBITDA of $1.42bn, each up by double digits year-on-year.