金沙集团二季度业绩低于预期，回购授权上调难以抵消经营下滑

For the quarter ended June 30, 2026
Net Revenue $3.15 billion
Net Income $373 million
Diluted Earnings per Share $0.53 per Share
Consolidated Adjusted Property EBITDA $1.12 billion
LVS Repurchased $787 million of Common Stock during the quarter
LVS Board of Directors Increased Stock Repurchase Authorization to $6.0 billion
LAS VEGAS , July 22, 2026 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2026.
"We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.
"In Macao, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter.
"At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance.
"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."
Net revenue was $3.15 billion, compared to $3.18 billion in the prior year quarter.  Operating income was $618 million, compared to $783 million in the prior year quarter.  Net income in the second quarter of 2026 was $373 million, compared to $519 million in the second quarter of 2025.
Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 0.8% to $1.78 billion, compared to the second quarter of 2025.  Net income for SCL decreased 50.0% to $107 million, compared to $214 million in the second quarter of 2025.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $189 million for the second quarter of 2026, compared to $194 million in the prior year quarter.  Our weighted average debt balance was $16.06 billion during the second quarter of 2026, compared to $15.85 billion during the second quarter of 2025.  Our weighted average borrowing cost was 4.6% during the second quarter of 2026, compared to 4.8% during the second quarter of 2025.
Our effective income tax rate for the second quarter of 2026 was 19.1%, compared to 14.8% in the prior year quarter.  The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the second quarter of 2026, we repurchased $787 million of our common stock (approximately 15 million shares at a weighted average price of $52.37).  The remaining amount authorized under our share repurchase program was $29 million as of June 30, 2026.  Subsequently, on July 21, 2026, the company's Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2026, we have repurchased 16.3% of our outstanding shares, approximately 124 million shares of our common stock at an average price of $48.49, for a total investment of $6.03 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We paid a quarterly dividend of $0.30 per common share during the quarter.  Our next quarterly dividend of $0.30 per common share will be paid on August 12, 2026, to Las Vegas Sands stockholders of record on August 4, 2026.
Balance Sheet Items
Unrestricted cash balances as of June 30, 2026 were $3.38 billion.
In May 2026, the company received $1.26 billion of proceeds from the repayment in full of the seller financing loan related to the sale of the Las Vegas real property and operations.
The company has access to $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.68 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.  As of June 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.
Capital Expenditures
Capital expenditures during the second quarter totaled $332 million, including construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 22, 2026, at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com .
About Sands (NYSE:  LVS )
Sands is the leading global developer and operator of integrated resorts.  The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes  Marina Bay Sands ®  in Singapore and  The Venetian ®  Macao ,  The Londoner Macao ® ,  The Parisian ®  Macao ,  The Plaza ®  Macao  and  Four Seasons ®  Hotel Macao , and  Sands ®  Macao  in Macao SAR, China, through majority ownership in  Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet.  The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies.  To learn more, visit  www.sands.com .
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "should," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or