Venetian Macao set for major facelift as LVS targets premium market rebound

Las Vegas Sands Corp. (LVS) announced a sweeping upgrade of its flagship property in Macau, even as second-quarter earnings fell on softer hold rates and a temporary dip in high-end visitation.

The U.S.-listed casino operator said it plans to complete a full renovation of all 2,900 hotel rooms and suites at The Venetian Macao by Chinese New Year 2028, alongside the introduction of new premium gaming salons and upgraded amenities for its high-value customers.

During the second-quarter 2026 earnings call, LVS chairman and chief executive officer Patrick Dumont said the investment is intended to support growth in the premium mass and VIP segments, which remain the core of the market’s recovery.

He said the company is focusing on “the highest return projects” to drive cash flow and strengthen its product mix.

LVS’s Macau operations generated $430 million in EBITDA in the quarter, but Dumont said that figure would have been $517 million under normal hold conditions, noting that the second quarter was hurt by “exceptionally low VIP rolling hold” and a drop in visitation from high-value patrons during the World Cup period.

Even with that pressure, the underlying operating picture was stronger than the headline profit suggested. Rolling chip volume rose 73% from a year earlier, non-rolling drop increased 15%, and slot and electronic table game handle climbed 30%.

Sands China’s mass gross gaming revenue rose 8%, twice the pace of the broader Macau market, while total gross gaming revenue increased 4% in a flat market.

Sands China Ltd. President, CEO and executive director Grant Chum said the company is already seeing the benefits of earlier property upgrades, including The Londoner Macao and the Grand Suites at Four Seasons. “So that’s very positive evidence of how these product upgrades can drive the revenue growth and market share gains,” Chum said.

On refurbishment works, the company said work at the Venetian will be phased to limit disruption.

Chum said the Venetian’s renovation should begin to show benefits in 2027 as more refurbished rooms return to inventory.

“By the end of that, we’re going to have a completely new hotel in, I think, what is still an amazing property for people to visit, but with an entirely upgraded, refreshed product, both in hotel and also in parts of the premium gaming sections,” Chum said.

Chum also indicated that about 400 keys were out of inventory on average during the second quarter at The Venetian Macao, and that figure is expected to fluctuate between 400 and 500 rooms per quarter through 2027. He said the phased approach should allow Sands China Ltd. to keep serving guests across its wider Cotai portfolio while work continues at The Venetian Macao.

In entertainment, Chum said competition for top-tier acts remains intense across the region, but he added that Sands China is well positioned with a strong calendar in Macau. “The competition in entertainment content is fairly intense across the region,” Chum said.

Chum added, “So it will be acts that are starting in Asia where Macau as the destination is competing with the other cities in the region.”

“That hasn’t really changed versus the last two years.”

On events, Chum said the company has seen a positive effect from events in the first half of the year and expects the second half to be strong, especially as it builds toward August, September and NBA games in October.

Looking forward, Dumont affirmed that LVS remains committed to its long-term Macau EBITDA target, despite the latest shortfall. “We retain our goal of reaching $700 million in quarterly EBITDA and beyond over time as we fully implement our investment and operating strategies and as the Macau market grows in the future,” Dumont said, adding that the quarter reflected the volatility of hold and that the company remains on the right path.

Moreover, Dumont told analysts on the call that the second quarter is typically the weakest because of seasonal factors.