Las Vegas Sands has reported the financial results for the quarter ended March 31, 2026.

“We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders,” said Patrick Dumont, chairman and chief executive officer.

“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.”

Net revenue was $3.59 billion, compared to $2.86 billion in the prior year quarter. Operating income was $904 million, compared to $609 million in the prior year quarter. Net income in the first quarter of 2026 was $641 million, compared to $408 million in the first quarter of 2025.

Consolidated adjusted property EBITDA was $1.42 billion, compared to $1.14 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL increased 23.6% to $2.10 billion, compared to the first quarter of 2025. Net income for SCL increased 45.5% to $294 million, compared to $202 million in the first quarter of 2025.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $188 million for the first quarter of 2026, compared to $174 million in the prior year quarter. The weighted average debt balance was $16.0 billion during the first quarter of 2026, compared to $13.86 billion during the first quarter of 2025. The weighted average borrowing cost was 4.6% during the first quarter of 2026, compared to 4.9% during the first quarter of 2025.

The effective income tax rate for the first quarter of 2026 was 14.3%, compared to 13.4% in the prior year quarter. The income tax rate for the first quarter of 2026 was primarily driven by a 17% statutory rate on the Singapore operations.

Stockholder Returns

“During the first quarter of 2026, we repurchased $740 million of our common stock (approximately 13 million shares at a weighted average price of $56.64). The remaining amount authorized under our share repurchase program was $817 million as of March 31, 2026. Since the resumption of our share repurchase program in the fourth quarter of 2023 through March 31, 2026, we have repurchased 14.3% of our outstanding shares, approximately 109 million shares of our common stock at an average price of $47.95, for a total investment of $5.24 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions,” the Company reported.

Michigan commercial and tribal operators reported a combined $372.1 million in internet gaming (iGaming) and online sports betting gross receipts in March, an 18.9% increase from February 2026.

Monthly Gross Receipts

March iGaming gross receipts totaled $322.1 million, the highest to date. The previous high was $315.8 million recorded in December 2025. March online sports betting gross receipts reached $50.0 million.

Monthly Adjusted Gross Receipts

Combined adjusted gross receipts (AGR) totaled $341.8 million for March, including $309.1 million from iGaming and $32.7 million from online sports betting.

Compared with February 2026, iGaming AGR increased 17.9% and online sports betting AGR rose 28.6%. Year-over-year, iGaming AGR was up 25.6%, while online sports betting AGR increased by $18.1 million.

Monthly Handle

Online sports betting handle totaled $485.1 million, a 26.1% increase from February 2026.

Monthly State Taxes and Payments

Operators submitted $66.4 million in taxes and payments to the State of Michigan in March, including:

• iGaming taxes and fees: $64.1 million

• Online sports betting taxes and fees: $2.3 million

Monthly City of Detroit Taxes and Payments

The three Detroit casinos reported $16.1 million in wagering taxes and municipal services fees paid to the City of Detroit in March, including:

• iGaming taxes and fees: $15.4 million

• Online sports betting taxes and fees: $684,547

Monthly Tribal Operators’ Payments

Tribal operators reported $8.2 million in payments to governing bodies in March.

Additional Information

A revenue distribution table for online gaming and sports betting is available on the agency’s website.

As of March 2026, 15 commercial and tribal operators have been authorized to offer iGaming and/or online sports betting in Michigan. Of those, 12 operators offer online sports betting, while all 15 offer iGaming. Detailed results by operator are available on the MGCB website.

Detroit’s three commercial casinos reported $112.3 million in aggregate revenue (AGR) for March 2026. Table games and slots generated $111.5 million, while retail sports betting produced $810,424 in qualified adjusted gross receipts (QAGR).

March market shares were:

• MGM, 47%

• MotorCity, 31%

• Hollywood Casino at Greektown, 22%

Table Games and Slot Revenue

March 2026 table games and slot revenue decreased 4.5% compared with March 2025 and increased 11.5% from February 2026. For the period Jan. 1-March 31, revenue was down by 0.8% year-over-year.

Casino-level results compared with March 2025 were:

• MGM: down 3.5% to $51.9 million

• MotorCity: down 2.7% to $34.9 million

• Hollywood Casino at Greektown: down 8.9% to $24.7 million

The casinos paid $9.0 million in state gaming taxes in March, compared with $9.5 million in March 2025. They also reported submitting $13.3 million in wagering taxes and development agreement payments to the City of Detroit.

Retail Sports Betting Revenue

Detroit casinos reported $8.95 million in total retail sports betting handle for March. Total gross receipts were $826,098. QAGR increased 41.9% from March 2025 and 44.5% from February 2026.

March QAGR by casino:

• MGM: $166,676

• MotorCity: $218,643

• Hollywood Casino at Greektown: $425,105

The casinos paid $30,634 in state taxes and submitted $37,442 in wagering taxes to the City of Detroit based on March retail sports betting activity.

Fantasy Contests

For February 2026, fantasy contest operators reported $491,317 in adjusted revenues and paid $41,271 in taxes.