Sands China's Q3 Results Rise on Parent Firm's Gains

Sands China Ltd. (SCL) reported increased revenue through its controlling shareholder, Las Vegas Sands Corp. (LVS), but saw a significant decline in net income for the third quarter of 2026. LVS reported SCL’s net revenues rose 1.4% to US$1.93 billion for the quarter, compared to US$1.90 billion in the same period last year. However, SCL’s net income decreased 29.8% year-over-year, falling to US$191 million from US$272 million.

The results, released via an announcement referencing LVS’s filing with the U.S. Securities and Exchange Commission, show a mixed performance for the Macau-based casino operator. While overall revenue benefited from increases in gaming volumes across all segments – rolling chip volume up 31%, non-rolling drop up 11%, and slot handle up 26% – the high-end gaming segment experienced softness, negatively impacting reported financial results. LVS noted that if rolling play had met expectations, EBITDA would have been US$11 million lower.

Across SCL’s properties, The Plaza Macao saw the largest revenue increase, up 32% to US$238 million, while The Venetian Macao experienced a US$43 million decline in net revenues to US$649 million. The Londoner Macao saw a marginal decrease in net revenues, down US$1 million to US$685 million. Total adjusted property EBITDA for SCL decreased 12.0% to US$529 million compared to US$601 million in the third quarter of 2025.

As of September 30, 2026, SCL held US$2.31 billion in available borrowing capacity. LVS also continued to increase its ownership stake in SCL, purchasing shares for HK$793 million (approximately US$101 million) during the quarter, bringing its total ownership to 75.6%.

These results come as the broader Chinese economy faces headwinds, impacting consumer spending and luxury demand. Despite these challenges, LVS expressed confidence in its long-term strategy in both Singapore and Macau, continuing to invest in property improvements like the renovation of The Venetian Macao, expected to be completed by Chinese New Year 2028. The company’s goal remains to reach US$700 million in quarterly EBITDA over time.