Overview
- Las Vegas Sands is set to report first‑quarter 2026 results, and the key question is whether Macao’s profit margins are firming or slipping further.
- In the fourth quarter of 2025, revenue beat at $3.649 billion and adjusted EPS was $0.85, yet Macao EBITDA fell to $608 million with a 28.9% margin, down 390 basis points year over year.
- Management set a goal of $700 million in Macao EBITDA per quarter and described the market as a low‑30s margin business under the current customer mix.
- Executives point to heavier VIP rolling play, rich promotions, event costs, and wage increases starting in March as the drivers that are compressing Macao margins; rolling play delivers volume but lower hold‑adjusted margins than base mass gaming.
- Singapore’s Marina Bay Sands helped offset weakness with $806 million of EBITDA at a 50.3% margin, powered by rolling chip volume that nearly doubled, which the CEO called the strongest quarter he has seen for a casino hotel.