Sands China Q3 revenue rises 1.4% to $1.93bn as mass market share hits three-year high

Sands China reported revenue of $1.93 billion for the July to September 2026 quarter, up 1.4% from the same period in 2025. Gaming volume and market share both increased, but weaker high-end demand and low hold at The Londoner Macao put pressure on profitability.

Macau EBITDA fell 12.0% year on year to $529 million, while net income came in at $191 million, against $272 million a year earlier. Both measures improved on the June quarter, when net income was $107 million. The company's mass gaming market share reached 26.1%, its highest level in more than three years. Rolling turnover rose 31% year on year, non-rolling volume grew 11% and electronic table games increased 26%.

Results varied across the Macau portfolio. The Venetian Macao's net revenue declined 6.2% to $649 million, and its adjusted property EBITDA dropped 15.3% to $205 million. The property is renovating all 2,900 of its hotel rooms and suites, with completion scheduled for early 2028. The Londoner Macao's revenue was flat at $685 million, while adjusted property EBITDA fell 18.7% to $178 million. The Parisian Macao grew 6.0% to $231 million, The Plaza Macao rose 15.6% to $238 million, and Sands Macao generated $99 million compared with $72 million a year earlier.

In Singapore, Marina Bay Sands posted net revenue of $1.29 billion, down 9.9% year on year and 6.2% from the previous quarter. Adjusted property EBITDA fell 20.6% annually and 23.2% sequentially to $590 million.

Las Vegas Sands Chairman and CEO Patrick Dumont credited the volume growth to continued investment in service and hospitality. He pointed to softness among premium customers in both Macau and Singapore, saying there was no single cause. He cited global uncertainties and the World Cup Final on July 19 as possible factors, and said improved customer experiences could not fully offset customers choosing not to visit.

Dumont stayed positive on Singapore's prospects, citing the ongoing Marina Bay Sands expansion, which will add substantial suite capacity and entertainment offerings, including a new arena. He reaffirmed continued investment in Macau and Singapore, saying the group's balance sheet and cash flow can support its capital programmes.