Las Vegas Sands profit slides 28%, but casino operator buys back $950 million of stock and lifts 2027 dividend 20%

Las Vegas Sands earned less in the third quarter as revenue dipped and taxes rose, but the casino operator stepped up returns to shareholders with a $950 million buyback and a 20% dividend increase for next year.

Net income fell to $352 million from $491 million a year earlier, according to the earnings release the company filed with an 8-K on Wednesday. Diluted EPS was 48 cents. Net revenue slipped to $3.22 billion from $3.33 billion, and operating income declined to $618 million from $719 million.

Consolidated adjusted property EBITDA fell to $1.12 billion from $1.34 billion.

Macao and Singapore

At Sands China, total net revenue rose 1.4% to $1.93 billion, while net income fell 29.8% to $191 million.

"We are encouraged by our progress in Macao during the quarter," Chairman and CEO Patrick Dumont said in the release, adding that investments in service contributed to volume growth across all gaming segments. He said Marina Bay Sands in Singapore delivered "solid financial performance" and pointed to an expansion project there that will add suites and an arena.

The effective tax rate rose to 22.5% from 15.6%, driven mainly by the 17% statutory rate on the Singapore operations, the company said.

Cash back to shareholders

Las Vegas Sands repurchased about 21 million shares for $950 million in the quarter, at a weighted average price of $45.31. It had $5.06 billion left under its buyback authorization at Sept. 30, and said it has repurchased 19.0% of its outstanding shares since restarting the program in late 2023.

The board raised the recurring dividend for calendar 2027 by 20% to $1.44 a share a year, or 36 cents a quarter.

By the numbers

• Net revenue: $3.22 billion, vs. $3.33 billion
• Net income: $352 million, vs. $491 million
• Diluted EPS: $0.48
• Adjusted property EBITDA: $1.12 billion, vs. $1.34 billion
• Q3 buybacks: $950 million
• 2027 dividend: $1.44 a share, up 20%

Sources

1. Las Vegas Sands Corp., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001300514-26-000099

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