Las Vegas Sands earns money from casino play, hotels, restaurants and shopping malls in Macao and Singapore. Its third-quarter 2026 filing shows that operating cash flow rose 25.5% in the first nine months, mainly because it paid less for Singapore land rights. Resort profits weakened, while share repurchases helped shrink the company’s available cash by $983 million. Sands has substantial financing available, but the smaller cash cushion makes the pace of shareholder payments more important as construction continues.
Research cutoff: October 25, 2026, New York date. The latest company disclosures used are dated October 23; later developments are not assumed to have been verified.
1. The cash-flow increase came mainly from a smaller land payment
Sands’ operating cash flow increased because a large land payment became smaller, even as other cash generation weakened. The company paid $848 million for additional Singapore gaming-area rights in the first nine months of 2025, compared with $137 million for additional floor-area rights in the same period of 2026. Both payments sit inside operating cash flow, although they support a resort expansion that will take years to finish.
That $711 million reduction in payments was larger than the $464 million increase in reported operating cash flow. Adding the land payments back to both periods makes the comparison clearer: cash generated before those payments fell $247 million, or 9.3%. This calculation isolates the land-payment timing while retaining all other reported cash movements.
| Consolidated cash measure, US$ millions | First nine months 2025 | First nine months 2026 |
|---|---|---|
| Reported operating cash flow | 1,819 | 2,283 |
| Land-rights payments included above, shown as positive amounts | 848 | 137 |
| Operating cash flow before those land payments, calculated | 2,667 | 2,420 |
| Capital spending reported in investing activities, positive outflow | 894 | 807 |
| Operating cash flow less that capital spending, calculated | 925 | 1,476 |
Source: Las Vegas Sands third-quarter 2026 Form 10-Q, consolidated cash-flow statement, p. 8; Note 1, pp. 9–10; cash-flow discussion, p. 48. Calculations use the first nine months in both years.
The business also used more cash to settle ordinary operating balances. Excluding the land payments, changes in customer receivables, other assets, supplier bills and other liabilities consumed $256 million, against $70 million a year earlier. The receivables line improved, but lower balances owed for taxes and other operating obligations pulled cash in the opposite direction. Cash taxes paid increased to $362 million from $232 million. These payment movements help explain why the cash comparison weakened beyond the land transaction.
The final row of the table is this report’s definition of free cash flow: reported operating cash flow minus the cash-flow statement’s capital expenditures. It already includes the Singapore land payments through operating cash flow. Subtracting them again would count the same payment twice. It does not deduct acquisitions of intangible assets or shareholder payments.
Sands used $2.491 billion in cash to repurchase its own shares and paid $723 million in dividends and payments to outside subsidiary owners. Together, those payments exceeded free cash flow by $1.738 billion. A separate $1.264 billion collection of the loan from its earlier Las Vegas property sale supplied substantial cash, but that was the repayment of an existing asset, rather than cash earned by the resorts during 2026.
The company also spent $102 million buying additional Sands China shares and made $354 million of net debt repayments. After all investing, financing and currency movements, unrestricted cash fell from $3.841 billion to $2.858 billion. Restricted cash remained $125 million. Higher operating cash flow therefore did not produce a larger pool of money available for the next stage of investment.
Source: 2026 third-quarter Form 10-Q, p. 8, Note 1, p. 10, and liquidity discussion, pp. 48–50. Cash-flow reconciliation appears in the calculation notes.
2. Lower development charges softened the decline in resort earnings
The resorts’ profit measure weakened more than reported operating profit suggests. In the third quarter, revenue fell 3.5%, operating profit fell 14.0%, and consolidated net income fell 28.3%. Singapore accounted for the revenue decline: its revenue from outside customers fell $142 million, while Macao’s increased $27 million.
Looking back another year puts the decline in context. Revenue and operating profit remained above the third quarter of 2024, but net income was almost unchanged from that earlier period.
| Consolidated reported results, US$ millions except margins | Third quarter 2024 | Third quarter 2025 | Third quarter 2026 |
|---|---|---|---|
| Revenue | 2,682 | 3,331 | 3,216 |
| Operating profit | 504 | 719 | 618 |
| Operating margin, calculated | 18.8% | 21.6% | 19.2% |
| Net income, including outside subsidiary owners’ share | 353 | 491 | 352 |
| Net margin, calculated | 13.2% | 14.7% | 10.9% |
Sources: 2026 third-quarter Form 10-Q, pp. 4, 22–23 and 29; 2024 third-quarter Form 10-Q, consolidated statements of operations. Historical and current consolidated facts were cross-checked against SEC company facts.
For the first nine months of 2026, revenue rose 6.3% to $9.955 billion, but operating profit rose only 1.4% to $2.140 billion. Management’s adjusted property EBITDA fell from $3.818 billion to $3.659 billion. This measure removes depreciation—the expense for using buildings and equipment over time—along with interest, income taxes and several corporate or development costs. Casino gaming taxes remain included. It is useful for comparing resort operations, but it leaves out real costs that Sands must fund.
Those excluded costs explain the apparent disagreement. Across the nine months, development expense fell $89 million, disposal and impairment losses fell $69 million, and depreciation and amortization fell $54 million. Lower charges outside the resort measure helped reported operating profit even though the resorts themselves earned less by management’s measure.
The prior-year comparison included $60 million of impairments associated with abandoned digital-gaming activities and the decision not to pursue a New York casino license. That is a pretax expense figure, not an after-tax earnings adjustment. Spending on digital-gaming efforts had not disappeared: it still accounted for $100 million of development expense in the first nine months of 2026. The company has reduced that spending, but it remains a meaningful cost.
Source: 2026 third-quarter Form 10-Q, pp. 4, 24–25, 33–36 and 41–44. The exact bridge from reported operating profit to adjusted property EBITDA is in the calculation notes.
Taxes and interest income further reduced the profit reaching owners. Third-quarter interest income fell $16 million after the Las Vegas seller-financing loan was repaid. Income-tax expense increased to $102 million from $91 million despite lower pretax profit. The effective tax rate rose from 15.6% to 22.5%, reflecting prior-year tax benefits linked to digital-gaming impairments and changes in where earnings arose.
Sands also assumes that Macao will renew an agreement replacing a 12% tax on certain gaming-profit dividends with payments based on gross gaming revenue. That renewal had not been assured in the filing. It is separate from the corporate income-tax exemption on Macao gaming operations, which runs through December 2027. Tax treatment therefore remains a condition affecting how much operating profit can ultimately become earnings for owners.
Source: 2026 third-quarter Form 10-Q, Note 6, p. 17, and earnings discussion, p. 36.
3. Singapore attracted more ordinary table play but kept less of it
Marina Bay Sands’ weaker quarter reflected lower casino win percentages alongside higher operating costs. Casino revenue fell to $916 million from $1.077 billion. That decline outweighed improvements in rooms, restaurants, shops and other activities.
Casino revenue depends on both how much customers play and how much the casino wins. In non-rolling-chip play, which is mostly non-VIP, the amount deposited or exchanged for play increased 12.6%, yet the casino’s win percentage fell sharply. VIP rolling-chip volume also declined, and its win percentage was lower.
| Marina Bay Sands gaming measure | Third quarter 2025 | Third quarter 2026 |
|---|---|---|
| Non-rolling-chip drop, US$ millions | 2,552 | 2,874 |
| Non-rolling-chip win percentage | 24.5% | 18.7% |
| Rolling-chip volume, US$ millions | 9,069 | 8,429 |
| Rolling-chip win percentage | 4.84% | 4.53% |
| Adjusted property EBITDA, US$ millions | 743 | 590 |
Source: 2026 third-quarter Form 10-Q, pp. 22–23 and 28–30. Drop measures money or credit supplied for non-rolling play; rolling-chip volume is a different measure of VIP activity. They should not be added together. Win percentages precede discounts, incentives and revenue allocations.
The company’s adjustment for VIP game outcomes does not erase the decline. Using its disclosed theoretical rolling-chip win percentages gives calculated Singapore adjusted property EBITDA of $594 million for the quarter, against $700 million a year earlier—a decline of 15.1%. That adjustment includes estimated related incentives, gaming taxes and credit costs. It does not normalize non-rolling-chip results, where the reported win percentage fell most sharply. Changing VIP outcomes alone would not restore last year’s earnings.
Source: October 21, 2026 earnings release, Exhibit 5, p. 13. Calculation and scope are set out in the notes.
The hotel provides stronger evidence that recent upgrades are working. After extensive suite renovations were completed in May 2025, the average daily room rate rose to $1,038 from $982. Occupancy increased slightly to 95.8%, and quarterly room revenue rose to $162 million from $154 million. Guests were paying more while the available rooms remained heavily occupied.
That benefit came with higher service costs. In the first nine months, Singapore’s payroll costs increased across casino, hotel, restaurant and administrative operations. Gaming taxes also increased, partly because premium play reached the threshold for the higher 12% tax tier in June 2026, a month earlier than in 2025. The premium-resort strategy is producing higher room revenue, but casino outcomes, staffing costs and taxes determine how much of that revenue becomes profit.
Source: 2026 third-quarter Form 10-Q, room results, p. 31; operating expenses, pp. 33–34 and 41–42.
4. Macao’s higher customer spending is costing more to attract and serve
Macao’s sales growth has not yet covered the added cost of competing for customers. In the first nine months, revenue from outside customers rose 7.7% to $5.800 billion, while adjusted property EBITDA fell 6.5% to $1.592 billion. Management identified more spending on customer incentives and services, together with higher payroll costs and longer table-game operating hours.
The third quarter showed the same problem. Macao revenue increased to $1.925 billion from $1.898 billion, but adjusted property EBITDA fell to $529 million from $601 million. Across the Macao segments, payroll rose $29 million, gaming taxes rose $23 million and other expenses rose $54 million. More business therefore came with substantially more expense.
The Londoner illustrates why volume alone is an incomplete test. Its non-rolling-chip drop rose 23.6%, but its win percentage fell from 23.4% to 18.6%. Casino revenue declined slightly, and adjusted property EBITDA fell from $219 million to $178 million. The property attracted more play without keeping enough additional revenue to cover its higher costs.
Source: 2026 third-quarter Form 10-Q, segment results, pp. 22–25; management discussion, pp. 27, 30 and 33–35. Segment payroll, tax and other-cost figures use the filing’s segment scope, including intersegment activity.
At The Venetian Macao, renovations create a different constraint: fewer rooms are available to sell. Quarterly room revenue fell to $44 million from $52 million even though the average room rate was unchanged and occupancy remained above 98%. Sands expects about 500 rooms, on average, to remain unavailable through the fourth quarter of 2027. Occupancy excludes those closed rooms, so a nearly full hotel does not mean the property is operating at full physical capacity.
Management’s purpose is to add premium suites and better hospitality, attracting customers who spend more. Singapore’s higher room rates provide evidence that such upgrades can help. Macao still has to demonstrate that its upgraded rooms and service can earn enough additional revenue to pay for the higher ongoing expense.
Source: 2026 third-quarter Form 10-Q, strategy and measurement definitions, pp. 28–29; hotel results and renovation footnote, p. 31.
The wider market has become less supportive. Macao’s official gross gaming revenue was about MOP60.215 billion in the third quarter of 2026, down 3.8% from the same quarter of 2025. That followed growth of 12.5% in the third quarter of 2025 over 2024. Sands’ modest quarterly casino-revenue growth offers some counterevidence to a broad loss of customer demand, but its net revenue and the market’s gross gaming revenue are different measures; they do not establish an exact market-share change.
Competition for premium customers is also concrete. Galaxy Entertainment reported that Capella at Galaxy Macau opened in February 2026 and that it expanded the private gaming salons at Horizon Plus from six to ten. Sands is therefore upgrading its product while a rival is expanding similar offerings. The business test is whether the extra spending produces more profit per customer, rather than simply keeping pace with competing resorts.
Sources: Macao Gaming Inspection and Coordination Bureau, 2026 monthly gross gaming revenue and 2025 table with 2024 comparisons, through September; Galaxy Entertainment interim-results announcement, August 12, 2026, pp. 1–3. Market calculations are reproduced in the notes.
5. The largest construction commitment still lies ahead
Lower capital spending this year does not mean Sands’ major investment needs are behind it. Cash capital expenditures declined from $894 million to $807 million in the first nine months. The allocation changed: spending at The Londoner fell as its renovation work progressed, while The Venetian’s room programme and Singapore construction continued.
| Capital expenditures, US$ millions | First nine months 2025 | First nine months 2026 |
|---|---|---|
| The Venetian Macao | 131 | 195 |
| The Londoner Macao | 271 | 79 |
| Other Macao properties and operations | 32 | 55 |
| Marina Bay Sands | 425 | 438 |
| Corporate and other | 35 | 40 |
| Total cash capital expenditures | 894 | 807 |
Source: 2026 third-quarter Form 10-Q, Note 10, p. 26, and cash-flow discussion, p. 48. These amounts combine construction, development and maintenance; the filing does not provide a complete split among those purposes. Land payments classified in operating cash flow are excluded from this table.
The Singapore expansion is intended to bring additional luxury rooms and suites, premium gaming areas, meeting space and an approximately 15,000-seat entertainment arena. Management estimates an $8.0 billion total project cost, including land, financing fees and interest. About $3.1 billion had been incurred by September 30, leaving roughly $4.9 billion of estimated cost still to be incurred. That is an estimate of remaining project cost, not a schedule of cash payments due immediately.
Sands had $4.57 billion of undrawn project-loan capacity earmarked for the expansion. That is a substantial funding source, but it is not unrestricted cash and cannot simply be treated as money available for buybacks. Drawing it increases future debt service.
Timing is a material condition. The contractual construction deadline is July 8, 2029. Management now estimates completion in June 2030 and opening in January 2031. Extending the deadline requires Singapore government approval. The project promises a larger operating business, but its major new revenues arrive only after years of spending, and the filing’s expected timetable still depends on that approval.
Singapore’s term loan and expansion loan mature in February 2032 under their existing terms. A January 2031 opening would leave about a year before their remaining balances become due. Timely opening and the ability to arrange later financing therefore matter together.
Sources: 2026 third-quarter Form 10-Q, Note 1, pp. 9–10; Note 3, p. 13; development discussion, p. 47; 2025 Form 10-K, Note 11, 2025 Singapore Credit Facility. Remaining estimated cost is calculated as $8.0 billion less $3.1 billion.
Macao brings a second, separate investment obligation. Under its concession, Sands must invest at least MOP35.84 billion, approximately $4.43 billion at September exchange rates, by December 2032. Most must support non-gaming activities. The government had confirmed MOP5.80 billion of qualifying spending for 2023–2024; the MOP2.52 billion reported for 2025 was still being audited. Those figures do not establish a precise remaining obligation because later qualifying spending and audit outcomes must also be considered.
On October 23, Venetian Macau Limited committed approximately MOP2.30 billion, or $285 million, to a government-led investment fund supporting economic diversification. Contributions count toward the existing non-gaming commitment and replace other planned projects or spending. The change redirects part of the existing investment programme without increasing the overall commitment by another $285 million.
Source: 2026 third-quarter Form 10-Q, Note 1, p. 9, and development discussion, pp. 46–47, including the October 23 fund agreement.
6. Credit lines provide flexibility, but distributions have reduced the cushion
Sands has borrowing capacity and complies with its covenants, while its cash buffer and accounting equity have fallen. At September 30, unrestricted cash was $2.858 billion and available revolving credit was approximately $4.27 billion. The revolving facilities provide potential access to money; they are not cash already held, and their use remains subject to their terms.
Debt’s reported carrying amount, including finance leases, declined from $15.784 billion to $15.444 billion. Cash fell much faster. Debt due within the next year increased $438 million to $1.566 billion as repayments moved closer. That explains most of the rise in current liabilities, even though total debt fell. Current liabilities exceeded current assets by $802 million. They also include customer deposits and unpaid operating costs, which differ from money borrowed from lenders.
The next major bond repayments are $700 million in March 2027 and $750 million in June 2027. Another $2.9 billion of bonds mature in 2028. These concentrations matter alongside construction spending, even though Sands has already refinanced its 2026 bond maturities.
Source: 2026 third-quarter Form 10-Q, balance sheet, p. 3; debt terms, pp. 12–14; liquidity discussion, p. 49. Bond amounts exclude bank-loan amortization and lease payments.
The refinancing extended the repayment dates to May 2031 and May 2033 at a higher fixed cost. Sands replaced $1 billion of 3.5% parent-company notes with two $500 million issues carrying 5.3% and 5.65% coupons. Their combined annual contractual interest is $54.75 million, compared with $35 million on the replaced notes, before fees. Nevertheless, third-quarter interest expense was nearly unchanged at $186 million versus $187 million. Lower average debt and lower Singapore borrowing rates helped offset the higher rates on other borrowing. Floating-rate borrowing adds another sensitivity: the company estimates that a one-percentage-point change in the relevant benchmark rates would change annual interest cost by approximately $58 million at September balances.
The credit agreements limit borrowing relative to earnings as defined in each agreement. Sands reported the following ratios:
| Borrower group | September 30, 2026 leverage ratio | Maximum permitted ratio |
|---|---|---|
| U.S. | 1.74 times | 4.00 times |
| Sands China | 3.29 times | 4.00 times |
| Singapore | 1.54 times | 4.50 times |
Source: 2026 third-quarter Form 10-Q, Note 3, pp. 12–13; interest discussion, pp. 35–36; covenant discussion, p. 49; interest-rate sensitivity, p. 54. These are agreement-specific calculations, not debt divided by the EBITDA printed elsewhere in this report.
Sands China has the least room under its stated limit. Its margin pressure therefore affects funding flexibility as well as earnings. Cash is also spread across legal entities: about $1.74 billion of unrestricted cash was held outside the United States, with about $1.48 billion described as available for transfer subject to conditions. Moving subsidiary cash to the parent may require payments to outside Sands China shareholders and compliance with local rules.
Lease obligations add scheduled payments beyond bonds and bank facilities. Finance leases of $147 million are already included in September debt. The latest full operating-lease schedule, dated December 31, 2025, showed $335 million of future payments, including interest, spread over the lease terms. That historical schedule should not be mistaken for a fresh September balance or added to debt at its undiscounted amount.
Sources: 2026 third-quarter Form 10-Q, pp. 12 and 49–51; 2025 Form 10-K, contractual obligations, p. 51, and Note 15, lease maturity schedule.
Customer credit deserves attention too. Net receivables declined from $742 million to $664 million, but that does not mean all of the reduction was cash collected. Sands charged $86 million for expected credit losses, compared with $39 million a year earlier, and wrote off $62 million of receivables. Its allowance for losses rose from $225 million to $249 million. Higher provisions in both markets show that a portion of casino revenue carries collection risk; roughly 11% of table-game play in each market was conducted on credit during the nine months.
Source: 2026 third-quarter Form 10-Q, Note 2, pp. 10–11; credit-play disclosure, p. 29; credit-loss discussion, p. 41. The allowance reconciliation is in the calculation notes.
The main asset reduction came from cash and collection of the Las Vegas sale loan. Property and equipment declined modestly despite continued investment, while land rights increased following the Singapore payment. Goodwill and intangible assets fell $60 million; these include gaming and franchise rights whose recorded values decline over their terms. Inventory increased only $3 million and was not a material source of cash use. A compact balance-sheet comparison appears in the notes.
Share repurchases explain much of the fall in equity. Total equity moved from positive $1.934 billion to negative $115 million, even though the company earned $1.366 billion. Repurchases recorded in equity were $2.502 billion, and declared dividends and distributions reduced equity by another $852 million. Retained earnings still increased; the negative total reflects the large accumulated cost of shares bought back and held by the company. These shares were recorded as treasury shares, not retired.
That smaller share count lifted earnings per share. Nine-month income attributable to Las Vegas Sands fell 1.2% to $1.217 billion, while diluted EPS rose from $1.77 to $1.86. Average diluted shares fell from 698 million to 655 million. The improvement per share therefore came from dividing profit among fewer shares, rather than from higher total profit for the parent’s owners.
Source: 2026 third-quarter Form 10-Q, pp. 3–8 and Note 5, pp. 15–17. Equity, cash repurchases and declared distributions use different accounting scopes, reconciled below.
Management describes repurchases and dividends as returning excess capital while continuing to invest. It also announced an increase in the annual dividend rate from $1.20 to $1.44 per share for 2027. At a constant 627 million shares, that would require about $150 million more cash annually; actual payments depend on declarations and the share count. Repurchases remain discretionary, giving management a practical way to preserve cash if resort earnings or construction funding become less favourable.
One significant historical legal exposure has meanwhile ended. The filing says the judgment in Sands’ favour in the Asian American Entertainment Corporation case became final on March 4, 2026, and was certified on March 13. The plaintiff’s earlier claim of approximately $11.93 billion should therefore not be presented as an unresolved current loss estimate. This removes that specific uncertainty while leaving the operating, funding and tax conditions described above as the more relevant business issues.
Source: 2026 third-quarter Form 10-Q, management’s capital-allocation discussion, pp. 28 and 50; Note 9, pp. 19–20.
7. The business needs better profit from each additional customer
Sands’ central challenge is to turn more play and better rooms into profit while preserving enough cash for expansion. Singapore’s room results support the case for premium hospitality investment, and lower casino win percentages explain an important part of its quarterly setback. Macao’s higher payroll and customer spending present a different challenge: stronger sales are not yet paying for the fuller service offering.
Available credit and project financing give Sands time to execute. They do not replace the earnings needed to service debt, fund the concession commitments and support shareholder payments. A stronger outcome would combine better casino profitability with successful room upgrades and an approved, controlled Singapore construction timetable. If those improvements take longer, slowing discretionary repurchases offers a direct way to protect the cash needed for the operating business.
Reporting basis and calculation notes
Reporting basis: This analysis uses Las Vegas Sands Corp. and its consolidated subsidiaries under U.S. GAAP. The selected document is Form 10-Q, accession 0001300514-26-000103, filed October 23, 2026, for the quarter ended September 30, 2026. Quarterly comparisons cover July 1–September 30; cumulative comparisons cover January 1–September 30. Balance-sheet comparisons use September 30, 2026 and December 31, 2025. Dollar figures are U.S. dollars unless another currency is identified.
Sands China is consolidated in full because Sands controls it; Sands’ ownership reached 75.56% in September. Outside owners’ share is deducted separately when calculating income attributable to Las Vegas Sands. Marina Bay Sands is wholly owned. Regional revenue figures in the narrative exclude intersegment sales unless explicitly stated. The report uses the company’s reconciled segment EBITDA rather than adding separately published subsidiary profits.
Sources: SEC filing metadata; selected 10-Q, cover, Note 5 and Note 10. SEC facts were checked for accession, currency units and exact date ranges. In this filing, the SEC’s consolidated profit fact includes outside owners, while its net-income fact represents income attributable to Las Vegas Sands; they are not interchangeable.
Calculation notes: Cash generation and cash balances. All inputs below are US$ millions. The noncash adjustments reverse expenses or income that did not use or provide current-period operating cash.
| Reconciliation of profit to operating cash | First nine months 2025 | First nine months 2026 |
|---|---|---|
| Consolidated net income | 1,418 | 1,366 |
| Depreciation and amortization, including land rights | +1,157 | +1,110 |
| Credit-loss provisions | +39 | +86 |
| Other noncash adjustments, net | +123 | +114 |
| Operating balance movements excluding land payments | −70 | −256 |
| Land-rights payments | −848 | −137 |
| Reported operating cash flow | 1,819 | 2,283 |
Other noncash adjustments in 2026 comprise financing-cost amortization of $46 million, paid-in-kind interest income of negative $1 million, disposal/impairment adjustments of $8 million, noncash stock compensation of $51 million, foreign-exchange losses of $3 million and deferred taxes of $7 million. The 2025 equivalents are $43 million, negative $1 million, $74 million, $39 million, $19 million and negative $56 million, plus $5 million of debt-retirement losses. These add to $114 million and $123 million, respectively.
The complete cash bridge for the first nine months of 2026 is: opening cash and restricted cash of $3,966 million + operating inflow of $2,283 million + investing inflow of $487 million − financing outflow of $3,742 million − currency effect of $11 million = closing cash and restricted cash of $2,983 million. Subtracting $125 million of restricted cash gives $2,858 million available cash. The 2025 bridge is $3,775 million + $1,819 million − $951 million − $1,192 million + $27 million = $3,478 million.
Source: 2026 third-quarter Form 10-Q, p. 8. Land-adjusted cash flow is an analytical comparison, not a company-reported GAAP or non-GAAP measure.
Calculation notes: What management removes from resort earnings. The table starts with reported operating profit and adds back the expenses excluded from adjusted property EBITDA. All amounts are US$ millions. This is a pretax operating bridge; no tax benefit is assigned to individual adjustments.
| Operating-profit reconciliation | Third quarter 2025 | Third quarter 2026 | First nine months 2025 | First nine months 2026 |
|---|---|---|---|---|
| Reported operating profit | 719 | 618 | 2,111 | 2,140 |
| Stock compensation outside corporate expense | +11 | +6 | +17 | +15 |
| Corporate expense, including its stock compensation | +78 | +88 | +220 | +245 |
| Pre-opening expense | +7 | +5 | +20 | +14 |
| Development expense | +72 | +37 | +210 | +121 |
| Depreciation and amortization, including land rights | +389 | +361 | +1,157 | +1,110 |
| Disposal and impairment losses | +68 | +4 | +83 | +14 |
| Adjusted property EBITDA | 1,344 | 1,119 | 3,818 | 3,659 |
The measure still includes casino gaming taxes, payroll, customer incentives and credit-loss provisions. Total stock-compensation expense was $57 million in the first nine months of 2026; $42 million was included in corporate expense and $15 million elsewhere. The cash-flow statement adds back $51 million of noncash stock compensation; that amount is not the full expense total.
Source: 2026 third-quarter Form 10-Q, Note 10, pp. 21–25, and cash-flow statement, p. 8.
Calculation notes: Singapore’s VIP outcome adjustment. For the third quarter, reported property EBITDA plus management’s estimated rolling-chip adjustment gives $743 million − $43 million = $700 million in 2025, and $590 million + $4 million = $594 million in 2026. The decline is $106 million ÷ $700 million = 15.1%. The theoretical VIP win rates are 4.2% and 4.6%, respectively; the resulting property measures are pretax.
Source: October 21, 2026 earnings release, Exhibit 5, p. 13.
Calculation notes: Assets, obligations and equity. Selected balances below are US$ millions; they show where the principal changes occurred rather than presenting a complete balance sheet.
| Consolidated balance | December 31, 2025 | September 30, 2026 |
|---|---|---|
| Unrestricted cash | 3,841 | 2,858 |
| Las Vegas sale loan receivable | 1,264 | 0 |
| Net customer and other receivables | 742 | 664 |
| Inventory | 46 | 49 |
| Property and equipment, net | 11,673 | 11,477 |
| Land leasehold interests, net | 2,907 | 2,995 |
| Goodwill and intangible assets, net | 573 | 513 |
| Current liabilities | 4,222 | 4,621 |
| Total liabilities | 19,986 | 19,533 |
| Total equity, including outside owners | 1,934 | −115 |
| Total assets | 21,920 | 19,418 |
Cash and collection of the sale loan account for $2,247 million of the $2,502 million decline in total assets. Construction spending and depreciation affect property balances, while the $137 million land payment and $63 million of land amortization are major movements in land rights; currency and other movements prevent those two items alone from forming a complete bridge. Intangible assets include finite-life rights. The prior annual report scheduled $79 million of intangible amortization for 2026, but the interim filing does not provide a complete current-period intangible roll-forward.
Gross receivables of $913 million less the $249 million allowance equal net receivables of $664 million; the December equivalents are $967 million less $225 million = $742 million. The 2026 allowance reconciles as opening $225 million + $86 million provision − $62 million write-offs = $249 million. The comparable 2025 allowance reconciles as $186 million + $39 million − $36 million + $5 million currency movement = $194 million. Write-offs use the allowance; they are not cash collections.
Retained earnings are accumulated profit left after dividends. For the parent, they reconcile as $4,387 million + $1,217 million of attributable profit − $594 million of declared dividends = $5,010 million. Paid-in capital records share contributions and related equity adjustments. It reconciles as $6,159 million + $5 million of option exercises + $51 million of equity compensation − $7 million of award-related tax withholding − $94 million from acquiring outside subsidiary interests = $6,114 million. Currency and hedge adjustments recorded outside profit reduced accumulated other comprehensive income from $71 million to $61 million. Treasury stock increased by $2,502 million to a negative equity balance of $11,530 million.
Including $1 million of common-stock capital, parent equity is $1 million − $11,530 million + $6,114 million + $61 million + $5,010 million = negative $344 million. Adding outside owners’ equity of $229 million gives total equity of negative $115 million. The balance-sheet checks are $19,533 million of liabilities − $115 million of equity = $19,418 million of assets in September, and $19,986 million + $1,934 million = $21,920 million in December.
Sands repurchased 49.1 million shares during the nine months. Issued shares, which include treasury shares, rose from approximately 840 million to 842 million; outstanding shares, which exclude treasury shares, fell from 675 million to 627 million. Cash repurchases were $2,491 million, while the equity entry was $2,502 million, including $25 million of commissions and excise tax. The filing separately identifies $24 million of accrued repurchase excise tax; amounts recognized and cash paid need not fall in the same period. Declared dividends and outside-owner distributions of $852 million exceed the $723 million paid by $129 million, matching the disclosed increase in dividends payable. The Sands China dividend paid on October 9 belongs to cash movements after the September reporting period. Transfers within the consolidated group are not additional consolidated dividend outflows.
Sources: 2026 third-quarter Form 10-Q, pp. 3, 6–8, 10 and 15–17; 2025 Form 10-K, Note 8, goodwill and intangible assets, pp. 80–81.
Calculation notes: Market comparisons and per-share effects. Macao’s third-quarter 2026 gross gaming revenue is the September cumulative MOP187,116 million less June cumulative MOP126,901 million = MOP60,215 million. The 2025 equivalent is MOP181,341 million less MOP118,771 million = MOP62,570 million. The 2024 comparison sums July MOP18,595 million, August MOP19,754 million and September MOP17,253 million = MOP55,602 million. These produce growth of negative 3.8% in 2026 and positive 12.5% in 2025. Published monthly rounding can produce a MOP1 million difference from cumulative totals.
Nine-month EPS uses approximately $1,217 million ÷ 655 million diluted shares = $1.86 in 2026. At the prior-year 698 million diluted shares, the same profit would be about $1.74. This is a share-count illustration, not a profit forecast. The 2027 dividend illustration holds shares constant at 627 million: 627 million × the $0.24 annual increase = $150.48 million of additional annual cash payments. Percentage growth elsewhere is current amount divided by the comparable prior amount, less one; margins are profit divided by revenue.
Sources: DICJ 2026 table, DICJ 2025 table; 2026 third-quarter Form 10-Q, pp. 3–4, 16 and 50. Calculations use reported rounded figures.
This report is for information only and is not investment advice.