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Research Alert: Las Vegas Sands Beats Estimates As Marina Bay Sands Continues To Impress

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Las Vegas Sands delivered strong Q1 results with normalized EPS of $0.91, up 54% Y/Y and improving upon Q4 2025 performance, while net revenue increased 25.3% to $3.59B driven by robust growth across both regions. Consolidated adjusted property EBITDA grew 24.6% to $1.42B, though regional margin performance diverged in Macao operations experiencing 140 bps of compression to 29.9% despite generating $633M in adjusted EBITDA (+18.3% Y/Y), while Marina Bay Sands maintained exceptional 53.0% margins (+100 bps Y/Y). Gaming performance showed strength with casino revenues increasing 28.8% to $2.74B and robust rolling chip volumes at Marina Bay Sands ($18.0B vs. $8.0B in the prior year) and The Londoner Macao ($4.7B vs. $1.7B in the prior year). The company continued aggressive capital returns, repurchasing $740M of stock during the quarter and returning $5.24B to shareholders since Q4 2023, representing 14.3% of outstanding shares while maintaining its $0.30 quarterly dividend.

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