LVS beats Q1 forecasts, targets USD700 million Macau EBITDA

Las Vegas Sands Corp. (LVS) showcased strong first-quarter 2026 results, fueled by robust growth in its Macau and Singapore operations. The casino operator reported revenue of USD3.59 billion, topping analysts’ forecasts of $3.35 billion, and earnings per share of $0.85, surpassing expectations of $0.76.

Adjusted EBITDA reached $1.32 billion overall, with Singapore’s Marina Bay Sands contributing $788 million – a 30% year-over-year increase – and Macau delivering $633 million, up 18.3%.

Among Sands’ Macau properties, The Venetian Macao led with $238 million in adjusted property EBITDA, followed by The Londoner Macao at $223 million, Four Seasons Macao at $114 million, The Parisian Macao at $46 million, and Sands Macau at $9 million.

Since the release of the results, analysts have reacted positively to Las Vegas Sands’ first-quarter 2026 performance, with several major brokerages lifting their price targets on the company’s shares. Barclays raised its target on LVS from $64 to $65 while maintaining an Overweight rating, citing confidence in the company’s operational momentum and outlook. Mizuho increased its target to $67 from $65 and kept an Outperform rating, highlighting sequential market share gains in Macau alongside a reduction in promotional intensity.

Meanwhile, Stifel lifted its target from $72 to $74 while retaining a Buy rating, noting that Macau’s hold-adjusted margins fell about 200 basis points year over year but beat market expectations.

Dumont Charts $700m Macau Path

LVS executives used the first-quarter earnings call to lay out a clear roadmap for Macau, blending near-term renovations, premium-segment bets, and long-run capital-return discipline. Patrick Dumont, chairman, CEO, president, and treasurer, began by outlining the group’s ambition for Macau.

“We have a goal of reaching $700 million in quarterly EBITDA and beyond over time as we fully implement our investment in operating strategies and as the Macau market continues to grow,” he said.

Dumont underscored that the target is tied not just to the market’s expansion but to how well Sands executes its own operating playbook. Dumont stressed that winning in the premium segment requires a mix most operators cannot easily replicate.

“Luxurious suite product, coupled with outstanding service levels, are critical to success,” he said, pointing to recent changes in reinvestment programs as a key driver of the company’s gains.

The LVS CEO also noted that the group has “meaningfully increased” gaming revenues, gaming volumes, and premium customer patronage “since implementing the recent changes to our reinvestment programs.”

Turning to the broader capital-allocation plan, Dumont emphasized projects that promise the highest return over the next three years. “We are focused on the highest-return projects to increase cash flow over the next three years,” he said, singling out The Venetian Macao as the starting point for a developing refresh.

Dumont said, “We will begin with The Venetian, where work is already in progress, with refreshed room product beginning to come into service in the third quarter of 2026. Additional luxury suite product and the total product refresh are targeted to be completed by the end of 2027.”

“The meaningful patron growth we have seen in The Londoner and Grand Suites at the Four Seasons provides support for these investments,” Dumont added.

Market share, Venetian refresh, and entertainment edge

Grant Chum, president, CEO, and executive director of Sands China, reinforced the message that the broader market is still expanding. “The market continues to grow. We had 14% growth year over year this quarter,” he said, adding that the company has gained share in every segment, both on a year-over-year and sequential basis.

Linking results generated by newer product and reinvestments, Chum said, “We can see exceptional results from our new product throughout the last three to four quarters.”

The plan, he explained, is to bring back standard suites at The Venetian Macao in the second half of 2026 and then progressively roll out high-end suites and villas into 2027, with the entire project expected to finish by the end of 2027 or early 2028.

On entertainment, Chum highlighted that Sands China ran 11–12 shows in the first quarter alone. “The calendar was strong in the first quarter for us, which helped our performance,” he said. “We will continue to use entertainment content as a driver for resort visitation, and it helps us across every segment of the patron value chain.”

Chum also pointed to the physical scale of the company’s venues as a differentiator for entertainment bookings. “We’re able to bring a more diverse range of acts and content because we do have the scale of the performance venues,” Chum said.

Margins and Buybacks

Addressing the margin picture, Chum said, “We are driving revenue growth. We’re achieving revenue share gains. And over time, we intend to grow margins as the revenue levels continue to increase.”

At the same time, Chum noted, “In terms of the reinvestment levels, we have been able to spend less on reinvestment relative to revenue on a sequential basis.”

“The market continues to be very competitive, so we have to continue to monitor the dynamics very carefully. But for this quarter, we were able to achieve both revenue growth and sequential stabilization and improvement in our reinvestment strategy,” Chum added.

Dumont shifted focus to the balance sheet and shareholder value, stating, “We see significant value in both LVS and SCL equity, and we’re going to continue repurchasing shares,” describing buybacks as a core part of the company’s capital-return strategy.

“We repurchased $740 million of LVS stock during the quarter,” and “paid our recurring quarterly dividend of $0.30 per share,” said the LVS CEO, characterizing the first-quarter repurchase activity as “a little more aggressive” than in prior quarters.

“But our goal is to continue to repurchase shares in a meaningful way,” he added, stressing that the buyback program is not a one-off but a deliberate effort to enhance long-term value for investors. “We think it’s an important part of our return of capital strategy, and it’s something that really creates long-term value for our shareholders over time,” he said.

“It’s very meaningful, and we’re going to continue to look in that direction as we think about return of capital,” Dumont concluded.

Factors fueling momentum

When asked about the impact of Middle East tensions and oil-price volatility on outbound Chinese travel, Chum framed the environment as a relative tailwind for Macau and Singapore. “The way to think about this is the number of options available to the outbound Chinese visitor,” he said, noting that closer-to-home destinations have become more attractive in recent months.

Chum said, “The net effect from a demand standpoint is, I think, a positive one for both Macau and Singapore because these destinations are going to be more desirable and more preferred during the current geopolitical climate and also the cost of air travel.”

LVS said that Macau visitation from China hit 118% of 2019 levels in January–February 2026 (5.1 million total, per DSEC and China’s National Bureau of Statistics).

The nearly 5.1 million figure was led by Guangdong’s 154% recovery (3.5 million). Excluding Guangdong, it reached 89% (nearly 2.5 million).