"Unusually low" rolling play hold hits Sands China in 2Q26 as revenue down 15.6% quarter-on-quarter to US$1.78 billion. Macau concessionaire Sands China Ltd recorded total net revenues of US$1.78 billion in the three months to 30 June 2026, down 0.8% year-on-year and 15.6% lower than Q1, with the company pointing to "unusually low hold in rolling play" as negatively impacting the quarter's results. Releasing its 2Q26 figures this morning, parent company Las Vegas Sands Corp (LVS) also revealed a 50.0% year-on-year decline in net income in Macau to US$107 million, while Adjusted EBITDA from Macau operations fell 24.0% year-on-year and 32.1% quarter-on-quarter to US$430 million. According to LVS, the low VIP hold of 1.35% and impact of the World Cup in June hid a strong quarter for Sands China, which saw gaming volumes grow across all segments, including an all-time high in mass GGR in May. The company pointed to a 100bps increase in Macau mass market GGR share in Q2 to 25.0%, however Adjusted Property EBITDA margin decreased 750bps to 24.0%. The impact was most heavily felt at The Venetian Macao, where total revenues fell 10.9% year-on-year to US$591 million, including a 12.8% decline in casino revenues to US$457 million. Adjusted Property EBITDA was down 30.1% to US$165 million. By comparison, The Londoner Macao saw total revenues grow by 10.6% year-on-year - albeit down 5.8% sequentially - to US$710 million including a 10.7% rise in casino revenue to US$548 million. Adjusted Property EBITDA fell 6.3% to US$192 million but notably surpassed The Venetian Macao for the first time. At The Parisian Macao, net revenues grew by 12.4% year-on-year to US$218 million with casino revenue rising 15.4% to US$165 million. Adjusted Property EBITDA fell slightly to US$38 million. Elsewhere, Sands China saw a 29.4% decline in net revenues at The Plaza Macao and Four Seasons Macao to US$137 million while Sands Macao saw net revenues fall 33.8% to US$95 million. In Singapore, LVS saw a slight decline from the record-breaking performance of the March 2026 quarter, with net revenues falling by 0.6% year-on-year and 7.4% quarter-on-quarter to US$1.38 billion. Adjusted Property EBITDA fell 10.3% year-on-year and 12.6% quarter-on-quarter to US$689 million. LVS said mass win grew by 5% year-on-year while rolling win fell 7%, with the company noting a clear impact in June from the World Cup on its premium player volumes. Adjusted Property EBITDA margin decreased 540bps to 49.9%. "We continued to execute our strategic objectives during the quarter in both Singapore and Macau while continuing to increase the return of capital to shareholders," said LVS Chairman and CEO Patrick Dumont. "In Macau, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter. "At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance. "Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead." Group wide net revenue was down 0.9% year-on-year to US$3.15 billion, with net income down 28.1% to US$373 million and Adjusted Property EBITDA down 15.8% to US$1.12 billion.

Las Vegas Sands: no interest in online gambling. Las Vegas Sands has officially ruled out entering the regulated online gaming market, even through potential brand licensing agreements. Speaking at the Bernstein 42nd Annual Strategic Decisions Conference in New York, the president and chief executive officer of Las Vegas Sands, Patrick Dumont, confirmed that the corporation intends to keep its corporate focus entirely on integrated casino resorts and technological upgrades within its current properties. Dumont stated that online gaming is not something that the firm intends to pursue, affirming that the corporation will remain dedicated to geographic markets and physical products where it already maintains an established and dominant footprint. As the major parent entity of Macau-based Sands China Limited and the operator of the Marina Bay Sands resort in Singapore, Las Vegas Sands holds a significant position in the international brick-and-mortar casino landscape. Dumont explained that this established presence in major Asian hubs strengthens its position when trying to enter new markets that are considering integrated physical resorts. He added that the group does not want to expand outside of its primary commercial activities. This strategic direction separates Las Vegas Sands from several other major casino operators that have heavily invested in online betting apps, digital casinos, and sports wagering platforms to create new digital revenue streams. Despite skipping internet gambling, the company is actively researching how artificial intelligence can improve its operations. Dumont noted that artificial intelligence could enhance proprietary software tools, increase general staff efficiency, and improve overall business intelligence capabilities. Furthermore, Las Vegas Sands has directed substantial resources toward smart gaming tables, an investment program that began more than eight years ago. By utilizing a mix of radio frequency identification and optical technologies, the company seeks to gather detailed activity analytics at table games similar to the operational data already generated by modern slot machines. The physical casino business remains highly profitable for the organization. In Macau, Sands China reported a net income of 294 million dollars for the first quarter of 2026, which is an increase from the 2022 million dollars recorded during the same period in the prior year. Adjusted property earnings rose to 633 million dollars for the three-month period ending March 31. Looking forward, Las Vegas Sands is continuing to track potential future brick-and-mortar casino markets such as Texas and Thailand, while also monitoring developments in the Middle East region.

Las Vegas Sands continues on the Dow Jones Best-in-Class Indices for World and North America. Las Vegas Sands (NYSE: LVS) has been recognized on the Dow Jones Best-in-Class World and North America 2026 indices, maintaining its position on both lists since 2020. Sands China Ltd., the company's Asian subsidiary, was named to the Dow Jones Best-in-Class World and Asia Pacific 2026 indices, continuing its inclusion on both lists since 2022. Out of 16 companies invited to participate in the Casino and Gaming category, Sands and Sands China are the only two companies included on the Dow Jones Best-in-Class World index this year. Sands is the only company in the Casino and Gaming category listed on the North America index, and Sands China is one of only two companies in the Casino and Gaming category listed on the Asia Pacific index. The Dow Jones Best-in-Class World Index comprises global sustainability leaders as identified by S&P Global through the Corporate Sustainability Assessment (CSA). It represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria. The Dow Jones Best-in-Class North America and Asia Pacific indices represent the top 20% of the 600 largest North American companies and the top 20% of the 600 largest companies in the Asia-Pacific developed region in the S&P Global BMI based on the same criteria. "Our continued inclusion among this prestigious group of companies underscores our commitment to advancing a robust and disciplined environmental, social and governance program that is embedded with rigor, accountability and transparency," Katarina Tesarova, senior vice president and chief sustainability officer, said. "Our placements also demonstrate the ESG leadership position we hold in the hospitality and gaming industry, which is driven by our People, Communities and Planet corporate responsibility pillars." Under the People pillar of its corporate responsibility program, Sands surpassed its 2021-2025 ambition of investing $200 million in workforce development programs, with more than $270 million spent at the end of 2025. Sands also exceeded its Communities pillar target of contributing 250,000 Team Member volunteer hours between 2021-2025, with more than 290,000 hours amassed by the close of 2025. In out-performing its 2021-2025 Planet pillar ambition, Sands reduced its scope 1 and 2 emissions by 54% at the end 2025 from a 2018 base year, exceeding both its Science Based Targets initiative-validated 17.5% reduction target as well as its 1.5°C-aligned 30% reduction target. Sands has leveraged the CSA along with a number of external benchmarks and industry standards to shape its corporate responsibility programs and targets, which helped the company gain recognition on the Dow Jones Best-in-Class indices as well as other corporate responsibility rankings. Sands also was included on Fortune's World's Most Admired Companies 2026 list, Newsweek's 2026 America's Most Responsible Companies and 2026 America's Greenest Companies lists, and CDP's 2025 A-List for Climate Change. The Dow Jones Best-in-Class index family, including the Dow Jones Best-in-Class World Index (DJ BIC World), was originally launched in 1999 as the pioneering series of global sustainability best-in-class benchmarks available in the market and is comprised of global, regional and country benchmarks. The S&P Global CSA covers 12,000 companies globally and is an annual evaluation of corporate sustainability practices. It benchmarks performance on a wide range of industry-specific economic, environmental, and social criteria that are relevant to the growing number of sustainability-focused investors and expected to be financially relevant to corporate success. To learn more about Sands' ESG initiatives, read its latest ESG report here: https://www.sands.com/resources/reports/. About Sands (NYSE: LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit. Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.