Las Vegas Sands Highlights Double-Digit Revenue & EBITDA Growth in Q1 Report

Leading casino and hospitality powerhouse Las Vegas Sands (LVS) has published its financial results for the three-month period ended March 31, reporting a double-digit increase in net revenue. Leaders added that the company continued to execute its strategic objectives and deliver strong growth in multiple markets.

The Company Experienced Double-Digit Growth

In its Q1 2026 report, LVS outlined net revenue of $3.59 billion, marking an increase of 25.3% year-on-year. For comparison, the company’s net revenue for Q1 2025 was $2.96 billion.

Operating income, on the other hand, was $904 million versus $609 million in the prior year quarter. Net income for Q1 2026 reached $641 million, up from $408 million in Q1 2025.

LVS also reported that its consolidated adjusted property EBITDA for the period was $1.42 billion, marking a stable increase of 24.5% from $1.14 billion in the prior year quarter.

LVS’s Sands China division, meanwhile, reported net revenues of $2.1 billion, up 23.6% year-on-year. Net income for Sands China skyrocketed to $294 million, which is an increase of 45.5% year-on-year.

Interest expense, net of amounts capitalized, was $188 million for Q1 2026. The company’s weighted average debt balance for the period was $16 billion, marking an increase from $13.86 billion during the same quarter the previous year. LVS also said that its weighted average borrowing cost for Q1 2026 was 4.6%.

In the meantime, LVS’s effective income tax rate increased slightly to 14.3% versus 13.4% in the prior year quarter. This increase was primarily driven by Singapore’s 17% statutory rate.

LVS Continued to Generate Shareholder Value

Additional details about the gaming giant’s financial performance show that its share buyback program saw it repurchase $740 million of its common stock at an average price of $56.64 apiece in Q1. As of March 31, the program allowed LVS to repurchase up to $817 million more in shares.

In addition to that, Q1 saw LVS pay a quarterly dividend of $0.30 per common share to its shareholders. The next dividend will also be of $0.30 per common share and will be paid on May 13, LVS added.

As of March 31, LVS had $3.33 billion in unrestricted cash balances and an outstanding debt of $15.57 billion. As of April 22, the company had access to $3.97 billion for borrowing under its US, SCL and Singapore revolving credit facilities, as well as $4.94 billion under a delayed draw term loan facility.

Finally, LVS said that its capital expenditures for Q1 reached $194 million. $102 million of this supported the Marina Bay Sands property’s maintenance and development, while $89 million went toward the company’s business in Macau.

CEO Dumont Was Pleased with the Progress

Patrick Dumont, LVS’s chair and CEO, commented on his team’s progress, saying that the company continued to execute its strategic objectives, delivered growth in both Singapore and Macau, and continued to generate shareholder value.

Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.

Patrick Dumont, chair & CEO, LVS

In other news, LVS recently came under pressure following a cautious note from Jefferies that expressed certain doubts about the group’s near-term growth prospects.