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