Las Vegas Sands Corp. (LVS) Earnings Call Transcripts

Las Vegas Sands Corp.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Las Vegas Sands Corp. (LVS) reported strong financial results, with total revenue reaching $1.12 billion and EBITDA of $1.12 billion, despite facing headwinds from seasonally softer tourism and the World Cup's impact on visitation. The company's EBITDA was negatively affected by a low VIP rolling hold of 1.35%, which, if normalized, would have resulted in an additional $87 million. Management maintained its long-term EBITDA target of $700 million per quarter, signaling confidence in future growth driven by strategic investments and an improving market environment.

Reported metrics

Guidance from management

Management maintained its target of reaching $700 million in quarterly EBITDA over time, emphasizing confidence in growth driven by strategic investments and operational improvements.

What management said

And I do want to come back to MBS as well. I just want to highlight that this was an incredibly powerful quarter in several of our segments. But the key is we were impacted by World Cup there as well given the high-value nature of our patrons. And I think as we look to that asset in the future, we see a very strong market, very strong visitation. And for us, we're going to continue to invest there because we see the ...

Stephen, just to clarify, in Macau, our reinvestment level sequentially remained flat. So second quarter versus first quarter when we adjust for the hold percentage and the difference in business mix. Year-over-year, we see obviously a higher level of reinvestment because we only started to adopt a more aggressive reinvestment strategy to adjust to the market in the second half of last year.

What analysts pressed on

Analysts expressed concerns about the impact of the World Cup on visitation and the low VIP rolling hold affecting EBITDA. There were questions about the sustainability of growth in Macau and the competitive landscape for high-value patrons.

Main topics on the call

• Strong Performance at Marina Bay Sands — Marina Bay Sands generated EBITDA of $689 million, with mass gaming revenues growing 5% year-over-year, showcasing resilience despite tourism challenges. Management stated, "Singapore remains an ideal market for high-val...
• Macau's VIP Rolling Hold Impact — Macau's EBITDA of $430 million was significantly impacted by a low VIP rolling hold of 1.35%. Management noted, "If we had held as expected in our rolling play, our EBITDA would have been $87 million higher or $517 milli...
• Reinvestment Strategy — The company is optimizing reinvestment levels, with a focus on high-return projects. Management emphasized, "Our goal is to continue to remain consistent with our reinvestment strategy going forward and to achieve greate...
• Share Repurchase Program — LVS repurchased $787 million of its stock during the quarter and has increased its repurchase authorization to $6 billion. Management believes these repurchases will be "meaningfully accretive to the company and its shar...

Read the full Las Vegas Sands Corp. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 Las Vegas Sands Corp. earnings call transcripts on record, spanning January 29, 2020 to July 22, 2026. Based on this history, Las Vegas Sands Corp. reports quarterly. The most recent call on file is dated July 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

LVS

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

34

First call

January 29, 2020

Most recent

July 22, 2026

Reporting cadence

quarterly