LVS Q3: Company Continues to Overperform in Macau and Singapore

International gaming and hospitality giant Las Vegas Sands has published its financial report for the third quarter of the year (Q3), reporting a strong financial position. As a result, the company’s board announced an increase in dividend.

A Successful Quarter for the Company

In its report, the company outlined net revenue of $3.33 billion for the period, as well as net income of $491 million. Both figures represented significant increases from the results reported in Q3 2024, when they stood at $2.7 billion and $353 million, respectively. At the same time, operating income increased to $719 million from $504 million in the prior year quarter.

The company’s consolidated adjusted property EBITDA, meanwhile, increased from $991 million in the prior year quarter to $1.34 billion.

Las Vegas Sands also provided an update about its Sands China subsidiary, which reported total net revenues of $1.9 billion, up 7.5% year-on-year, as well as net income of $272 million, up from $268 million in the prior year quarter.

Speaking of Sands China, the company reported Macau adjusted property EBITDA of $602 million thanks to high hold on rolling play.

The Marina Bay Sands was also favorably impacted by high hold on rolling play, resulting in adjusted property EBITDA of $743 million.

The company also reported $3.35 billion in cash, as well as $4.46 billion available for borrowing under its credit facility. As of September 30, its outstanding debt was $15.63 billion.

Capital expenditures for Q3 reached $229 million due to a variety of construction, development and maintenance activities in Singapore and Macau.

The company’s earnings were also impacted by an increase in LVS’s effective income tax rate to 15.6% (from 12.4% in Q3 2024).

LVS Unveiled a Dividend Increase

LVS’s chair and chief executive, Robert Goldstein, commented on the favorable results, saying that his team remains enthusiastic about its continued growth in Macau and Singapore. He said that the company will continue to eye lucrative opportunities in new markets too.

Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.

Robert Goldstein, chair & CEO, LVS

Goldstein also noted that, in Q3, his company repurchased $500 million of its common stock. The company’s success has also led to a $0.20 increase in its recurring common stock dividend for 2026.