olivLaw · US equity research
Las Vegas Sands Corp. LVS
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Las Vegas Sands (LVS) reported third quarter 2026 net revenue of $3.22 billion and net income of $352 million, both down from the prior year. For the first nine months of 2026, net revenues rose 6.3% to $9.96 billion. The company continues to return capital to shareholders, but margin pressure in Macao keeps quarterly performance below last year's level.
At the close of 04 Nov 2026, Las Vegas Sands Corp. (LVS) stock was 40.74 USD (+6.48% on the day), with market capitalisation 25.5 bn USD, P/E 16.7 on diluted EPS of 2.44 USD over the last 12 months, dividend yield 2.82%, beta 0.94, 52-week range 35.68–69.49 USD. Latest reported quarter (Q3 2026): revenue of 3.2 bn USD (−3.5% YoY), net income of 304.0 m USD (−27.4% YoY), diluted EPS 0.48 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.1
- strong (55–70)
- Bollinger (20, 2)
- 34.92 – 39.57
- above the upper band · %B 1.25 · band width 12.5%
- SMA 50 / 200
- 39.46 / 48.67
- mixed trend
- MACD (12, 26, 9)
- -0.18 / -0.72
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.3% | −1.1% | +12.4 pp | — |
| 3 months | −11.1% | −0.5% | −10.7 pp | — |
| 6 months | −23.4% | +4.4% | −27.8 pp | — |
| Year to date | −37.4% | +12.3% | −49.7 pp | — |
| 1 year | −33.5% | +13.5% | −47.1 pp | +9.5% |
| 3 years | −16.6% | +76.4% | −93.0 pp | +9.3% |
| 5 years | −4.5% | +63.7% | −68.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 2.9 bn | 3.2 bn | 3.3 bn | 3.6 bn | 3.6 bn | 3.2 bn | 3.2 bn |
| Research & development | 59.0 m | 69.0 m | 69.0 m | 72.0 m | 59.0 m | 41.0 m | 43.0 m | 37.0 m |
| SG&A | 303.0 m | 273.0 m | 292.0 m | 308.0 m | 315.0 m | 302.0 m | 331.0 m | 333.0 m |
| Operating income | 590.0 m | 609.0 m | 783.0 m | 719.0 m | 707.0 m | 904.0 m | 618.0 m | 618.0 m |
| Depreciation & amortisation | 348.0 m | 362.0 m | 371.0 m | 368.0 m | 363.0 m | 357.0 m | 350.0 m | 340.0 m |
| Interest expense | 180.0 m | 174.0 m | 194.0 m | 187.0 m | 191.0 m | 188.0 m | 189.0 m | 186.0 m |
| Pre-tax income | 461.0 m | 471.0 m | 609.0 m | 582.0 m | 551.0 m | 748.0 m | 461.0 m | 454.0 m |
| Income tax | 69.0 m | 63.0 m | 90.0 m | 91.0 m | 103.0 m | 107.0 m | 88.0 m | 102.0 m |
| Net income | 324.0 m | 352.0 m | 461.0 m | 419.0 m | 395.0 m | 567.0 m | 346.0 m | 304.0 m |
| Diluted EPS | 0.45 | 0.49 | 0.66 | 0.61 | 0.58 | 0.85 | 0.53 | 0.48 |
| Operating cash flow | 915.0 m | 526.0 m | 178.0 m ≈ | 1.1 bn ≈ | 1.2 bn | 731.0 m | 682.0 m ≈ | 870.0 m ≈ |
| Capex | 547.0 m | 379.0 m | 286.0 m ≈ | 229.0 m ≈ | 274.0 m | 194.0 m | 332.0 m ≈ | 281.0 m ≈ |
| Dividends paid | 145.0 m | 179.0 m | 246.0 m ≈ | 239.0 m ≈ | 169.0 m | 202.0 m | 328.0 m ≈ | 193.0 m ≈ |
| Share repurchases | 450.0 m | 416.0 m | 800.0 m ≈ | 500.0 m ≈ | 501.0 m | 753.0 m | 788.0 m ≈ | 950.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 22 percentile of its own 37-quarter history (min 12.4, median 22.0, max 828.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.7 bn | 12.1 bn | 2.9 bn | 4.2 bn | 4.1 bn | 10.4 bn | 11.3 bn | 13.0 bn |
| Revenue YoY | +7.9% | −11.7% | −75.8% | +44.0% | −2.9% | +152.4% | +8.9% | +15.2% |
| Net income | 2.4 bn | 2.7 bn | -1.7 bn | -961.0 m | 1.8 bn | 1.2 bn | 1.4 bn | 1.6 bn |
| Net income YoY | −14.1% | +11.8% | −162.5% | unavailable | unavailable | −33.4% | +18.4% | +12.5% |
| Diluted EPS | 3.07 | 3.50 | -2.21 | -1.26 | 2.40 | 1.60 | 1.96 | 2.35 |
| Diluted EPS YoY | −13.5% | +14.0% | −163.1% | unavailable | unavailable | −33.3% | +22.5% | +19.9% |
| net % | 17.6% | 22.2% | -57.3% | -22.7% | 44.6% | 11.8% | 12.8% | 12.5% |
| Free cash flow | 3.8 bn | 2.0 bn | -2.5 bn | unavailable | unavailable | 2.2 bn | 1.6 bn | 1.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.8 bn USD
- Financial debt
- 1.1 bn USD
- Net debt
- -2.7 bn USD
- Equity
- 1.9 bn USD
- Total assets
- 21.9 bn USD
- Debt / equity
- 0.58x
- Current ratio
- 1.14x
- ROE
- 63.9%
- ROA
- 7.6%
- FCF margin
- 14.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 4.2 bn | 4.1 bn | 10.4 bn | 11.3 bn | 13.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Research & development | — | 109.0 m | 143.0 m | 205.0 m | 228.0 m | 269.0 m | SEC (XBRL)· 06 Feb 2026verified |
| SG&A | 798.0 m | 831.0 m | 936.0 m | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Operating income | -1.4 bn | -689.0 m | -792.0 m | 2.3 bn | 2.4 bn | 2.8 bn | SEC (XBRL)· 06 Feb 2026verified |
| Depreciation & amortisation | 997.0 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 06 Feb 2026verified |
| EBITDA | -396.0 m ≈ | 352.0 m ≈ | 244.0 m ≈ | 3.5 bn ≈ | 3.7 bn ≈ | 4.3 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Interest expense | 523.0 m | 621.0 m | 702.0 m | 818.0 m | 727.0 m | 746.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Pre-tax income | -1.9 bn | -1.5 bn | -1.4 bn | 1.8 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Income tax | 24.0 m | -5.0 m | 154.0 m | 344.0 m | 208.0 m | 347.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Net income | -1.7 bn | -961.0 m | 1.8 bn | 1.2 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Diluted EPS | -2.21 | -1.26 | 2.40 | 1.60 | 1.96 | 2.35 | SEC (XBRL)· 06 Feb 2026verified |
| Weighted average diluted shares | 764.0 m | 764.0 m | 764.0 m | 765.0 m | 737.0 m | 693.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Dividend per share | 0.79 | — | — | 0.40 | 0.80 | 1.00 | SEC (XBRL)· 06 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.1 bn | 1.9 bn | 6.3 bn | 5.1 bn | 3.7 bn | 3.8 bn | SEC (XBRL)· 06 Feb 2026verified |
| Receivables | 252.0 m | 202.0 m | 267.0 m | 484.0 m | 417.0 m | 742.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Inventories | 22.0 m | 22.0 m | 28.0 m | 38.0 m | 41.0 m | 46.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Current assets | 5.7 bn | 5.5 bn | 6.7 bn | 5.8 bn | 4.3 bn | 4.8 bn | SEC (XBRL)· 06 Feb 2026verified |
| Property, plant & equipment, net | 12.3 bn | 11.9 bn | 11.5 bn | 11.4 bn | 12.0 bn | 11.7 bn | SEC (XBRL)· 06 Feb 2026verified |
| Goodwill | — | — | 10.0 m | 103.0 m | 102.0 m | 103.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Intangibles (excl. goodwill) | 25.0 m | 19.0 m | 64.0 m | 495.0 m | 443.0 m | 470.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Total assets | 20.8 bn | 20.1 bn | 22.0 bn | 21.8 bn | 20.7 bn | 21.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Accounts payable | 89.0 m | 77.0 m | 89.0 m | 167.0 m | 164.0 m | 190.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Short-term debt | 75.0 m | 74.0 m | 2.0 bn | 1.9 bn | 3.2 bn | 1.1 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current liabilities | 2.8 bn | 2.6 bn | 3.9 bn | 4.4 bn | 5.8 bn | 4.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total liabilities | 17.3 bn | 17.8 bn | 18.4 bn | 17.7 bn | 17.5 bn | 20.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Equity | 3.5 bn | 2.2 bn | 3.7 bn | 4.1 bn | 3.2 bn | 1.9 bn | SEC (XBRL)· 06 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.3 bn | — | — | 3.2 bn | 3.2 bn | 3.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Capex | 1.2 bn | 828.0 m | 651.0 m | 1.0 bn | 1.6 bn | 1.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Free cash flow | -2.5 bn ≈ | — | — | 2.2 bn ≈ | 1.6 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Investing cash flow | -1.3 bn | — | — | -1.3 bn | -1.6 bn | -1.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Financing cash flow | 560.0 m | — | — | -3.2 bn | -3.1 bn | -1.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Dividends paid | 911.0 m | 0 | 0 | 305.0 m | 590.0 m | 833.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Share repurchases | 0 | 0 | 0 | 505.0 m | 1.8 bn | 2.2 bn | SEC (XBRL)· 06 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet56
- Valuation89
- Quality82
- Growth50
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.14 – 129.30 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)84.05 – 129.30 (Mid 101.52)WACC 9.0% · starting FCFF 3.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -23.9%
- Peers: EV/EBITDA54.65 – 113.73 (Mid 78.63)14 companies used · median multiple 11.3x · quartiles 7.7x – 16.4xBYD, CHH, CNTY, CZR, FLL, HLT, IHG, MGM, MLCO, PK, TNL, WH, WYNN, XHR
- Peers: P/E48.72 – 99.65 (Mid 71.92)14 companies used · median multiple 29.5x · quartiles 20.0x – 40.8xATAT, BYD, CHH, HLT, IHG, MAR, MCRI, MGM, MLCO, RRR, SHO, TNL, WH, WYNN
- Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.8% | 64 (vs peers) | 7% |
| FCF conversion · Quality | 149.3% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 46.9% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -0.7% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.3x | 89 (vs peers) | 12% |
| Interest coverage · Balance sheet | 3.8x | 35 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.7x | 88 (vs peers) | 12% |
| EV/EBITDA · Valuation | 5.7x | 81 (vs peers) | 12% |
| FCF yield · Valuation | 9.4% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 15.2% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 37.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation89/100 · 3/3 factors with a value
Memo
LAS VEGAS SANDS CORP. (LVS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 13.0 bn USD in 2025; YoY growth 15.2%; net margin 11.8%; ROE 262.8%; net debt/EBITDA -0.3x.
The estimated value range is 51.69–106.69 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 75.28 USD, the price of 40.74 USD leaves a potential of 84.8% (value / price − 1) and a margin of safety of 45.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 149.3%
- Revenue CAGR 3Y: 46.9%
- Net debt / EBITDA: -0.3x
- P/E (TTM): 16.7x
- EV/EBITDA: 5.7x
- FCF yield: 9.4%
- Shareholder yield (distributions): 15.2%
- Payout ratio (FCF): 37.1%
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -0.7%
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −34% / −17% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for LVS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.05 Total return -29% · Per year -29% | 49.37 Total return 25% · Per year 25% | 74.05 Total return 86% · Per year 86% |
| 3 years | 33.27 Total return -10% · Per year -3% | 65.29 Total return 72% · Per year 20% | 106.63 Total return 177% · Per year 40% |
| 5 years | 39.47 Total return 12% · Per year 2% | 86.34 Total return 135% · Per year 19% | 153.55 Total return 307% · Per year 32% |
- Exit P/E± 16.32
- Net margin± 11.43
- Annual revenue growth± 8.52
- Annual dilution± 0.96
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Las Vegas Sands (LVS) reported third quarter 2026 net revenue of $3.22 billion and net income of $352 million, both down from the prior year 2. For the first nine months of 2026, net revenues rose 6.3% to $9.96 billion 1. The company continues to return capital to shareholders, but margin pressure in Macao keeps quarterly performance below last year's level 12.
SWOT
Strengths
- Solid liquidity and access to financing through revolving credit facilities and substantial cash resources 12.
- A premium Integrated Resort portfolio in two jurisdictions, Macao and Singapore, with globally recognised properties 2.
- Ability to return capital to shareholders through buybacks and dividends, supported by operating cash flows 2.
Weaknesses
Opportunities
Threats
Risks
- Margin pressure in Macaohigh
Higher patron reinvestment and payroll costs could continue to reduce profitability in Macao even as revenues grow.
- Gaming regulationhigh
Changes to Macao gaming laws or the Singapore licence framework could directly affect the company's operations.
- Debt and financing costmedium
Significant debt and a rising average borrowing cost could reduce financial flexibility if market conditions worsen.
- Gaming win volatilitymedium
Win rates in VIP and mass gaming can fluctuate significantly, affecting quarterly revenue.
- Macroeconomic and travel riskslow
Disasters, pandemics or political instability could reduce visitor numbers and disrupt operations.
Investment thesis
What would need to be true (bull case)
- Net revenues for the first nine months rose, and management reports higher gaming volumes in Macao and Singapore, which could support a recovery in profitability if the trend holds 12.
- The company returns capital to shareholders, and the announced dividend increase for 2027 signals confidence in future cash flows 2.
- The Marina Bay Sands expansion and investments in premium suites could create new revenue sources if completed as planned 2.
What would break the thesis
- The decline in third quarter adjusted EBITDA, including in Macao, shows that rising revenue has not automatically translated into profit, which could persist if costs stay high 12.
- Total debt and the average borrowing cost limit flexibility, especially if interest rates or financing conditions move unfavourably 2.
- If Macao regulations become more restrictive, the impact on revenue from the company's largest market could be significant 2.
What to watch
- Trajectory of Macao adjusted EBITDA and patron reinvestment costsQ4 2026
- Progress and completion timing of the Marina Bay Sands expansion2027
- Level of total debt and average borrowing costnext 10-K
- Quarterly dividend payment and pace of share repurchasesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Las Vegas Sands is a global developer and operator of Integrated Resorts, combining hotels, casinos, shopping malls and convention facilities. Its main assets are in Macao, where it operates The Venetian Macao and The Parisian Macao, and in Singapore, where it runs Marina Bay Sands 1. The company held 75.56% of Sands China Ltd. as of 30 September 2026 2.
Operations are grouped by individual property, each treated as an operating segment, and revenue depends on casino patron volume, hotel room rates and mall rents 1. Breaking down gaming into Rolling Chip, Non-Rolling Chip and slot play shows which type of play drives revenue 1. The company repurchases its shares frequently and pays quarterly dividends 2.
The financial structure includes revolving credit lines and a delayed draw term loan linked to the Marina Bay Sands expansion, giving flexibility for capital investment 2. Total debt outstanding, excluding finance leases, was $15.30 billion as of 30 September 2026 2.
Trends
- Competitive pressure in Macaoheadwind
Higher costs for patron reinvestment and payroll reduced Macao EBITDA even as revenues grew, pointing to margin pressure 1.
- Rising gaming volumestailwind
Rolling Chip, Non-Rolling Chip and slot volumes grew in Macao and Singapore, according to management, supporting revenue 12.
- Investment in premium servicesmixed
The company invests in premium suites and VIP service, including the renovation of rooms at The Venetian Macao; these investments could support margins over the long term if premium demand holds 1.
- Capital returnsmixed
Share repurchases and dividends are rising while debt remains significant; the balance between the two could shape financial flexibility 2.
Competitive position
The company operates in a competitive environment in Macao, where management points to higher patron and payroll costs as a response to competition 1. Competition in Singapore and Macao affects win rates and customer volumes 1.
Competitive position depends on the ability to attract VIP and premium customers, and investments in service and suites are meant to maintain market share 12. Direct competitors are not named explicitly in the sources reviewed.
- Other Macao casino operators
The sources mention a competitive environment in Macao but do not name individual competitors; the pressure shows up in higher patron costs 1.
- Integrated resort operators in Singapore
Marina Bay Sands competes in Singapore's integrated resort market, but the sources do not name other operators 1.
- Premium resort operators in the region
Competition for premium regional visitors is cited as a factor, without naming specific companies 2.
- Luxury hotel operators
The sources do not identify these competitors by name, but competition for luxury rooms is relevant to hotel rates 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Las Vegas Sands CEO: Remain Bullish on Macau OutlookBloomberg Markets · 09 Oct 2026 · EN
The latest news item in our archive is from 09 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report28 Oct 2026Other events · Financial statements and exhibits
- Current report27 Oct 2026Other events · Financial statements and exhibits
- Quarterly report23 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Shareholder vote
- Current report13 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report05 May 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-Q, quarter ended 2026-09-30 · SEC / Las Vegas Sands Corp. · 23 Oct 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Las Vegas Sands Corp. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.