金沙集团2026年Q3调整后EPS 0.54美元、营收32.16亿美元均低于预期，澳门与新加坡EBITDA同比下滑

Third Quarter 2026 Results
Non-GAAP Financial Measures
Within the company's third quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Revenues:
Casino
$      2,370
$      2,506
$      7,450
$      7,048
Rooms
376
374
1,112
1,043
Food and beverage
176
165
520
453
Mall
202
199
604
572
Convention, retail and other
92
87
269
252
Net revenues
3,216
3,331
9,955
9,368
Operating expenses:
Resort operations
2,103
1,998
6,311
5,567
Corporate
88
78
245
220
Pre-opening
5
7
14
20
Development
37
72
121
210
Depreciation and amortization
340
368
1,047
1,101
Amortization of leasehold interests in land
21
21
63
56
Loss on disposal or impairment of assets
4
68
14
83
2,598
2,612
7,815
7,257
Operating income
618
719
2,140
2,111
Other income (expense):
Interest income
23
39
89
123
Interest expense, net of amounts capitalized
(186)
(187)
(563)
(555)
Other income (expense)
(1)
11
(3)
(12)
Loss on modification or early retirement of debt
—
—
—
(5)
Income before income taxes
454
582
1,663
1,662
Income tax expense
(102)
(91)
(297)
(244)
Net income
352
491
1,366
1,418
Net income attributable to noncontrolling interests
(48)
(72)
(149)
(186)
Net income attributable to Las Vegas Sands Corp.
$         304
$         419
$      1,217
$      1,232
Earnings per share:
Basic
$        0.48
$        0.61
$        1.86
$        1.77
Diluted
$        0.48
$        0.61
$        1.86
$        1.77
Weighted average shares outstanding:
Basic
639
682
654
696
Diluted
640
685
655
698
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net Revenues
The Venetian Macao
$      649
$      692
$    1,950
$    1,993
The Londoner Macao
685
686
2,149
1,857
The Parisian Macao
231
218
678
639
The Plaza Macao and Four Seasons Macao
238
206
665
608
Sands Macao
99
72
287
218
Ferry Operations and Other
38
32
115
97
Macao Operations
1,940
1,906
5,844
5,412
Marina Bay Sands
1,294
1,436
4,161
3,987
Intercompany Royalties
74
80
244
208
Intersegment Eliminations
(1)
(92)
(91)
(294)
(239)
$    3,216
$    3,331
$    9,955
$    9,368
Adjusted Property EBITDA
The Venetian Macao
$      205
$      242
$      608
$      703
The Londoner Macao
178
219
593
577
The Parisian Macao
46
53
130
163
The Plaza Macao and Four Seasons Macao
85
74
219
214
Sands Macao
14
8
34
27
Ferry Operations and Other
1
5
8
18
Macao Operations
529
601
1,592
1,702
Marina Bay Sands
590
743
2,067
2,116
$    1,119
$    1,344
$    3,659
$    3,818
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao
31.6 %
35.0 %
31.2 %
35.3 %
The Londoner Macao
26.0 %
31.9 %
27.6 %
31.1 %
The Parisian Macao
19.9 %
24.3 %
19.2 %
25.5 %
The Plaza Macao and Four Seasons Macao
35.7 %
35.9 %
32.9 %
35.2 %
Sands Macao
14.1 %
11.1 %
11.8 %
12.4 %
Ferry Operations and Other
2.6 %
15.6 %
7.0 %
18.6 %
Macao Operations
27.3 %
31.5 %
27.2 %
31.4 %
Marina Bay Sands
45.6 %
51.7 %
49.7 %
53.1 %
Total
34.8 %
40.3 %
36.8 %
40.8 %
(1)
Intersegment eliminations include royalties and other intercompany services.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income
$         352
$         491
$      1,366
$      1,418
Add (deduct):
Income tax expense
102
91
297
244
Loss on modification or early retirement of debt
—
—
—
5
Other (income) expense
1
(11)
3
12
Interest expense, net of amounts capitalized
186
187
563
555
Interest income
(23)
(39)
(89)
(123)
Loss on disposal or impairment of assets
4
68
14
83
Amortization of leasehold interests in land
21
21
63
56
Depreciation and amortization
340
368
1,047
1,101
Development expense
37
72
121
210
Pre-opening expense
5
7
14
20
Stock-based compensation
(1)
6
11
15
17
Corporate expense
88
78
245
220
Consolidated Adjusted Property EBITDA
$      1,119
$      1,344
$      3,659
$      3,818
(1)
During the three months ended September 30, 2026 and 2025, the company recorded stock-based compensation expense of $18 million and $26 million, respectively, of which $12 million and $15 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
During the nine months ended September 30, 2026 and 2025, the company recorded stock-based compensation expense of $57 million and $52 million, respectively, of which $42 million and $35 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income attributable to LVS
$         304
$         419
$      1,217
$      1,232
Pre-opening expense
5
7
14
20
Development expense
37
72
121
210
Loss on disposal or impairment of assets
4
68
14
83
Other (income) expense
1
(11)
3
12
Loss on modification or early retirement of debt
—
—
—
5
Income tax impact on net income adjustments
(1)
(7)
(21)
(27)
(49)
Noncontrolling interest impact on net income adjustments
(1)
2
(3)
(9)
Adjusted net income attributable to LVS
$         343
$         536
$      1,339
$      1,504
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Per diluted share of common stock:
Net income attributable to LVS
$        0.48
$        0.61
$        1.86
$        1.77
Pre-opening expense
0.01
0.01
0.02
0.03
Development expense
0.05
0.11
0.18
0.30
Loss on disposal or impairment of assets
0.01
0.10
0.02
0.12
Other (income) expense
—
(0.02)
—
0.02
Loss on modification or early retirement of debt
—
—
—
0.01
Income tax impact on net income adjustments
(0.01)
(0.03)
(0.04)
(0.08)
Noncontrolling interest impact on net income adjustments
—
—
—
(0.02)
Adjusted earnings per diluted share
$        0.54
$        0.78
$        2.04
$        2.15
Weighted average diluted shares outstanding
640
685
655
698
(1)
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(In millions)
(Unaudited)
The following reflects the impact on Net Revenues for hold-adjusted win percentage:
Three Months Ended
September 30,
2026
2025
Macao Operations
$                                      (19)
$                          (4)
Marina Bay Sands
6
(57)
$                                      (13)
$                        (61)
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
Three Months Ended
September 30,
2026
2025
Macao Operations
$                                      (11)
$                          (2)
Marina Bay Sands
4
(43)
$                                        (7)
$                        (45)
Note:
These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's Rolling Chip win percentage for the three months ended September 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.6% and 4.2%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.
Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Casino
Statistics:
The Venetian Macao:
Table games win per unit per day
(1)
$      9,715
$      9,931
$      9,697
$      9,492
Slot machine win per unit per day
(2)
$         370
$         336
$         433
$         336
Average number of table games
629
657
633
661
Average number of slot machines
1,410
1,660
1,421
1,664
The Londoner Macao:
Table games win per unit per day
(1)
$     12,929
$     13,115
$     14,264
$     11,843
Slot machine win per unit per day
(2)
$          696
$          579
$          680
$          531
Average number of table games
531
511
517
510
Average number of slot machines
1,396
1,563
1,411
1,562
The Parisian Macao:
Table games win per unit per day
(1)
$      7,687
$      7,553
$      8,162
$      7,552
Slot machine win per unit per day
(2)
$         420
$         285
$         387
$         281
Average number of table games
242
243
242
239
Average number of slot machines
1,344
1,403
1,305
1,369
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day
(1)
$     21,840
$     20,891
$     21,801
$     20,605
Slot machine win per unit per day
(2)(3)
$            —
$           76
$            —
$            91
Average number of table games
116
105
115
105
Average number of slot machines
(3)
—
53
1
52
Sands Macao:
Table games win per unit per day
(1)
$      7,056
$      5,516
$      6,461
$      5,684
Slot machine win per unit per day
(2)
$         268
$         234
$         270
$         242
Average number of table games
119
121
128
116
Average number of slot machines
1,362
810
1,276
790
Marina Bay Sands:
Table games win per unit per day
(1)
$     17,920
$     21,380
$     20,965
$     19,754
Slot machine win per unit per day
(2)
$       1,069
$       1,027
$      1,056
$       1,003
Average number of table games
557
541
563
541
Average number of slot machines
2,940
2,961
2,956
2,973
(1)
Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(2)
Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(3)
Slot machines were relocated to other properties during the three months ended March 31, 2026.
Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Venetian Macao
September 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$      507
$      543
$     (36)
Rooms
44
52
(8)
Food and beverage
15
16
(1)
Mall
64
64
—
Convention, retail and other
19
17
2
Net revenues
$      649
$      692
$     (43)
Adjusted Property EBITDA
$      205
$      242
$     (37)
EBITDA Margin %
31.6 %
35.0 %
(3.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$      917
$      635
$     282
Rolling Chip win %
(1)
3.97 %
5.87 %
(1.90)pts
Non-Rolling Chip drop
$    2,354
$    2,390
$     (36)
Non-Rolling Chip win %
22.4 %
23.6 %
(1.2) pts
Slot handle
$    1,367
$    1,430
$     (63)
Slot hold %
3.5 %
3.6 %
(0.1) pts
Hotel Statistics
(2)
Occupancy %
98.3 %
98.0 %
0.3 pts
Average daily room rate (ADR)
$      200
$      200
$       —
Revenue per available room (RevPAR)
$      197
$      196
$        1
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
(2)
We anticipate approximately 500 rooms, on average, to be out of service through the fourth quarter of 2027 due to room renovations.
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Londoner Macao
September 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$      514
$      525
$     (11)
Rooms
103
102
1
Food and beverage
34
31
3
Mall
26
23
3
Convention, retail and other
8
5
3
Net revenues
$      685
$      686
$       (1)
Adjusted Property EBITDA
$      178
$      219
$     (41)
EBITDA Margin %
26.0 %
31.9 %
(5.9) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$    3,216
$    2,312
$     904
Rolling Chip win %
(1)
3.43 %
3.65 %
(0.22) pts
Non-Rolling Chip drop
$    2,803
$    2,268
$     535
Non-Rolling Chip win %
18.6 %
23.4 %
(4.8) pts
Slot handle
$    2,256
$    2,141
$     115
Slot hold %
4.0 %
3.9 %
0.1 pts
Hotel Statistics
Occupancy %
97.5 %
96.4 %
1.1 pts
Average daily room rate (ADR)
$      264
$      262
$        2
Revenue per available room (RevPAR)
$      257
$      253
$        4
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Parisian Macao
September 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$      178
$      163
$      15
Rooms
33
34
(1)
Food and beverage
14
14
—
Mall
5
5
—
Convention, retail and other
1
2
(1)
Net revenues
$      231
$      218
$      13
Adjusted Property EBITDA
$        46
$        53
$       (7)
EBITDA Margin %
19.9 %
24.3 %
(4.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
(1)
$         —
$         —
$       —
Rolling Chip win %
(1)
— %
— %
— pts
Non-Rolling Chip drop
$       761
$       785
$      (24)
Non-Rolling Chip win %
22.5 %
21.5 %
1.0 pts
Slot handle
$    1,404
$    1,007
$     397
Slot hold %
3.7 %
3.6 %
0.1 pts
Hotel Statistics
Occupancy %
98.3 %
97.0 %
1.3 pts
Average daily room rate (ADR)
$      144
$      151
$       (7)
Revenue per available room (RevPAR)
$      142
$      147
$       (5)
(1)
Rolling Chip tables are made available based on demand.
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Plaza Macao and Four Seasons Macao
September 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$      163
$      132
$      31
Rooms
30
28
2
Food and beverage
7
7
—
Mall
37
38
(1)
Convention, retail and other
1
1
—
Net revenues
$      238
$      206
$      32
Adjusted Property EBITDA
$        85
$        74
$      11
EBITDA Margin %
35.7 %
35.9 %
(0.2) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$    1,584
$    1,402
$     182
Rolling Chip win %
(1)
3.76 %
1.84 %
1.92 pts
Non-Rolling Chip drop
$      785
$      683
$     102
Non-Rolling Chip win %
22.2 %
25.7 %
(3.5) pts
Slot handle
(2)
$        —
$        15
$      (15)
Slot hold %
(2)
— %
2.5 %
— pts
Hotel Statistics
Occupancy %
96.1 %
92.6 %
3.5 pts
Average daily room rate (ADR)
$      504
$      493
$      11
Revenue per available room (RevPAR)
$      485
$      456
$      29
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
(2)
Slot machines were relocated to other properties during the three months ended March 31, 2026.
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Sands Macao
September 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$        92
$        66
$      26
Rooms
4
4
—
Food and beverage
2
2
—
Mall
1
—
1
Net revenues
$        99
$        72
$      27
Adjusted Property EBITDA
$        14
$          8
$        6
EBITDA Margin %
14.1 %
11.1 %
3.0 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$        22
$        18
$        4
Rolling Chip win %
(1)
11.22 %
3.08 %
8.14 pts
Non-Rolling Chip drop
$      480
$      371
$     109
Non-Rolling Chip win %
15.5 %
16.4 %
(0.9) pts
Slot handle
$    1,568
$      626
$     942
Slot hold %
2.1 %
2.8 %
(0.7) pts
Hotel Statistics
Occupancy %
99.4 %
98.4 %
1.0 pts
Average daily room rate (ADR)
$      162
$      166
$       (4)
Revenue per available room (RevPAR)
$      161
$      164
$       (3)
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Marina Bay Sands
September 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$      916
$    1,077
$    (161)
Rooms
162
154
8
Food and beverage
104
95
9
Mall
70
69
1
Convention, retail and other
42
41
1
Net revenues
$    1,294
$    1,436
$    (142)
Adjusted Property EBITDA
$       590
$       743
$    (153)
EBITDA Margin %
45.6 %
51.7 %
(6.1) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$    8,429
$    9,069
$    (640)
Rolling Chip win %
(1)
4.53 %
4.84 %
(0.31) pts
Non-Rolling Chip drop
$    2,874
$    2,552
$     322
Non-Rolling Chip win %
18.7 %
24.5 %
(5.8) pts
Slot handle
$    6,539
$    6,406
$     133
Slot hold %
4.4 %
4.4 %
— pts
Hotel Statistics
Occupancy %
95.8 %
95.5 %
0.3 pts
Average daily room rate (ADR)
$    1,038
$      982
$      56
Revenue per available room (RevPAR)
$       994
$      937
$      57
(1)
This compares to our theoretical Rolling Chip win percentage of 4.6% and 4.2% for the three months ended September 30, 2026 and 2025, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
For the Three Months Ended September 30, 2026
TTM
September
30, 2026
(Dollars in millions except per square foot data)
Gross
Revenue
(1)
Operating
Profit
Operating
Profit
Margin
Gross
Leasable
Area (sq. ft.)
Occupancy
% at End
of Period
Tenant Sales
Per Sq. Ft.
(2)
Shoppes at Venetian
$         63
$       56
88.9 %
839,415
94.1 %
$        2,201
Shoppes at Four Seasons
Luxury Retail
28
25
89.3 %
161,025
100.0 %
5,614
Other Stores
9
8
88.9 %
100,644
80.7 %
2,116
37
33
89.2 %
261,669
92.6 %
4,608
Shoppes at Londoner
26
22
84.6 %
518,620
82.4 %
1,924
Shoppes at Parisian
5
3
60.0 %
252,775
69.5 %
421
Total Cotai Strip in Macao
131
114
87.0 %
1,872,479
87.3 %
2,349
The Shoppes at Marina Bay Sands
70
62
88.6 %
616,037
99.5 %
3,318
Total
$        201
$      176
87.6 %
2,488,516
90.3 %
$        2,632
Note:
This table excludes the results of our retail outlets at Sands Macao.
(1)
Gross revenue figures are net of intersegment revenue eliminations.
(2)
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
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SOURCE Las Vegas Sands Corp.