Las Vegas Sands reported weaker third-quarter results on Oct. 21, with revenue falling to $3. 22 billion from $3. 33 billion a year earlier and adjusted earnings per diluted share reaching 54 cents. The adjusted earnings figure missed the 68-cent consensus estimate supplied in the company’s market coverage, while GAAP diluted earnings per share was 48 cents, down from 61 cents a year earlier.
Operating income declined to $618 million from $719 million, and net income fell to $352 million from $491 million. Consolidated adjusted property EBITDA, a non-GAAP measure used to evaluate property-level operating performance, dropped to $1. 12 billion from $1. 34 billion. Its margin fell to 34. 8% of net revenue from 40. 3% a year earlier.
Marina Bay Sands generated $1. 29 billion in revenue, down from $1. 44 billion, while its adjusted property EBITDA fell to $590 million from $743 million. Marina Bay Sands still posted the strongest property EBITDA margin at 45. 6%, followed by The Plaza Macao and Four Seasons Macao at 35.
The company said its Macau investments contributed to higher volumes across all gaming segments compared with the prior year, while its Singapore expansion is intended to add suites and entertainment capacity, including a new arena.
Capital expenditures totaled $281 million, including $154 million in Macau, $121 million at Marina Bay Sands and $6 million for corporate and other activities. The board also announced a 20% increase in the recurring annual dividend for 2027, raising it to $1. 44 per share, or 36 cents per quarter.