Macau casino operator Sands China Ltd reported net income of US$294 million for the first three months of 2026, compared to US$202 million a year earlier.
On a United States-GAAP basis, total net revenues for Sands China increased 23.7 percent year-on-year to US$2.11 billion. The figure was up 2.7 percent sequentially, according to results published on Wednesday by the firm’s parent, U.S.-based Las Vegas Sands Corp.
Sands China’s adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at US$633 million for the three months to March 31, up from US$535 million in the prior-year period.
The increase in first-quarter net revenues generated by the Macau operations reflected a broad-based growth across the group’s Cotai portfolio.
The Londoner Macao (pictured) recorded the strongest gains, with net revenues rising to US$754 million, from US$529 million a year earlier. The Venetian Macao generated US$710 million in revenue, while The Plaza Macao and Four Seasons Macao reported US$290 million.
The Parisian Macao posted relatively flat revenue year-on-year at US$229 million, while Sands Macao recorded revenue of US$93 million, compared with US$75 million in the prior-year period.
Based on property-level data, Sands China reported aggregate casino revenue of US$1.61 billion for the first quarter of 2026, a 26.8-percent increase from US$1.27 billion a year earlier.
The group’s Macau adjusted property EBITDA margin however was down to 29.9 percent, compared with 31.3 percent in the first quarter of 2025.
Banking group JP Morgan stated in a Thursday note that Sands China’s first quarter EBITDA – “one of the best sequential momentum achievements among the [Macau] operators” – was in line with investment analysts’ expectations.
It added: “The real story, though, is underneath the headline: Sands China gained meaningful market share while simultaneously pulling back on reinvestment spend – a combination we think the Street will like – and the print can be viewed as ‘better than feared,’ in our view.”
Analysts DS Kim, Selina Li and Lindsey Qian wrote that Sands China “was the standout share gainer in the first quarter, with GGR [gross gaming revenue] up 5 percent quarter-on-quarter against a flat industry”.
The JP Morgan team also noted Sands China’s “improving” player reinvestment rate in Macau, as operators vie for patrons in the premium-mass segment.
“Our analysis shows Sands China’s mass reinvestment rate (loosely calculated as contra revenue as percentage of mass GGR) fell around 100 basis points quarter-on-quarter to circa 21 percent to 22 percent, snapping a four-quarter rising trend,” it said.
“Gaining share while spending less is the dynamic we and the market wanted to see; this indicates an improving reinvestment efficiency,” the analysts added.
Brokerage Jefferies Hong Kong Ltd said in a separate note on Thursday that initiatives by Sands China’s management “show some progress, with share gain in every segment (especially slots and electronic table games), both on year-on-year and quarter-on-quarter basis for the period.”
Dividend, Singapore growth
On Wednesday, Las Vegas Sands reported group-wide net income of US$641 million for the opening quarter of 2026, up 57.1 percent year-on-year, according to its filing in the United States.
The parent’s latest result was based on net revenues that rose 25.3 percent year-on-year, to US$3.59 billion. Operating income for the period was US$904 million, compared to US$609 million a year earlier.
The group operates casinos in Macau via Sands China, and the Marina Bay Sands property in Singapore via its Marina Bay Sands Pte Ltd unit.
In the January to March period, Las Vegas Sands’ consolidated adjusted property EBITDA was US$1.42 billion, up 24.6 percent year-on-year.
Las Vegas Sands repurchased US$740 million of its own shares during the first quarter. It also paid a quarterly dividend of US$0.30 per share, and said the next dividend of US$0.30 would be paid on May 13.
Wednesday’s announcement cited Patrick Dumont, chairman and chief executive of Las Vegas Sands, as saying: “We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macau while continuing to increase the return of capital to shareholders.”
The CEO said the group remained confident that its portfolio and ongoing investment programmes would support further business expansion.
In Singapore, first-quarter net revenues rose to nearly US$1.49 billion, from US$1.16 billion a year earlier. Marina Bay Sands recorded adjusted property EBITDA of US$788 million for the reporting period, 30.3-percent higher than in the prior-year period.
The property’s EBITDA margin was 53.0 percent, up from 52.0 percent a year earlier, maintaining its position as the Las Vegas Sands’ most profitable asset.
Casino revenues at the complex were US$1.13 billion, compared to US$857 million a year earlier. Non-gaming segments – including rooms, food and beverage, and retail – also recorded year-on-year gains.
Las Vegas Sands noted capital expenditure of US$194 million during the quarter, including US$89 million in Macau and US$102 million at Marina Bay Sands, as it continues development and enhancement works across its portfolio.
Marina Bay Sands is currently pursuing a multi-billion-dollar expansion, aimed at enhancing its position. The US$8-billion expansion project – often referred as ‘MBS 2.0’ – is slated for completion in 2030.
