Las Vegas Sands Corp. Q1 FY2026 earnings call

• Strategic priorities are investing with discipline and creating meaningful shareholder returns. • At Marina Bay Sands, EBITDA increased over 30% to $788 million, with focus on unique entertainment and hospitality experiences driving success. • In Macau, EBITDA was $633 million, up over 18%, with mass market revenue share at 25.7%. Operating pillars of people, product, and service underpin strategy. Goal to reach $700 million in quarterly EBITDA in Macau over time. • Focused on improving products and service levels in Macau, with progress in gaming revenues, volumes, and premium customer patronage. • Plan to introduce refreshed room and suite products, starting with Venetian in third quarter of 2026, total product refresh targeted by end of 2027. • Investing in training and hiring customer-focused team members throughout portfolio. • Repurchased $740 million of LVS stock during the quarter and paid recurring quarterly dividend of $0.30 per share.

In Singapore, Marina Bay Sands had EBITDA of $788 million for the quarter with a margin of 53%. If the rolling program hold had been as expected, EBITDA would have been $6 million higher. In Macau, EBITDA was $633 million for the quarter, an increase of over 18%. Mass market revenue share reached 25.7% for the quarter, the strongest since the first quarter of 2024. Adjusted for a higher than expected hold in the rolling segment, the Macau portfolio's EBITDA margin was 29.6%, down 200 basis points from the first quarter of 2025.

• Goal of reaching $700 million in quarterly EBITDA in Macau over time as investment and operating strategies are fully implemented and Macau market grows. • Expect margins to improve over time as revenue grows in lower end of premium and non-premium segments. • Repurchasing shares through share repurchase program is seen as meaningfully accretive to the company and shareholders over long term.

Q: Dan Pulitzer from J.P. Morgan asked about what's driving Singapore's strength and geopolitical impact.

A: Driver is investment in high-quality assets, service levels, and product differentiation. VIP segment is competitive, main driver of profitability at Marina Bay Sands is mass winning slots.

Q: Brant Montour from Barclays asked about betting behavior in Singapore.

A: VIP business is volatile, with a barbell of patrons: some betting traditionally and some on side bets.

Q: Robin Farley from UBS asked about IR2 in Singapore.

A: IR2 will be most luxurious hotel, attract high-end patrons, set new standard for luxury hospitality, enhance experience across portfolio.

Q: Steven Grambling from Morgan Stanley asked about customer concentration in Marina Bay Sands.

A: Went from 132 suites to 770, need more capacity, IR2 will help attract highest-end customers.

Q: Lizzy Dove from Goldman Sachs asked about buyback and capital returns.

A: Continue repurchasing shares as see value in LVS and SEL equity, goal is meaningful share repurchasing for long-term value.

Q: Chad Baynon from Macquarie asked about Macau entertainment calendar and mass customer sentiment.

A: Entertainment calendar has strong first quarter, using entertainment to drive visitation. Mass gaming has 30% year-over-year growth, Middle East disruption makes Macau and Singapore more popular with Chinese market.

Q: George Choi from Citigroup asked about side bets in Macau and Singapore.

A: Take-up of side bets higher in Marina Bay Sands than Macau, take-up in Macau is increasing.

Q: Joe Steff from SIG asked about rolling chip volume in MBS.

A: VIP segment is volatile, about bringing in highest value patrons who enjoy total experience.

Q: Trey Bowers from Wells Fargo asked about CapEx and promotional activity in Macau.

A: CapEx increase based on deploying capital efficiently for growth. Promotional activity optimized, leveraging product advantage.

Q: Steve Wychinski from Stifel asked about getting to $700 million EBITDA in Macau.

A: Market is growing, investment, marketing, and asset utilization important, with seasonality in business.

Q: David Katz from Jefferies asked about Venetian renovation and CapEx.

A: No meaningful disruption expected from Venetian renovation, CapEx is necessary to maintain business and maximize cash flow.

Q: John Decree from CBRE asked about OPEX in Macau.

A: Hiring to enhance service levels, ideally with operating leverage as revenue grows, some hiring already in OPEX and continuing over next quarters