Las Vegas Sands Blames World Cup, Low VIP Hold for Macau Q2 Decline but Stays Bullish on $700m Target

Las Vegas Sands (LVS) has pointed to an “unusually low” VIP rolling hold rate and the distraction of the FIFA World Cup as key factors behind weaker-than-expected results from its Sands China operations in the second quarter. The operator reported Macau net revenue of $1.79bn for the period, down marginally from $1.8bn a year earlier, while net income plunged more than 50% to $107m. Adjusted property EBITDA from Macau reached $430m, compared with $566m in Q2 2025.

Chief Executive Officer and Chair Patrick Dumont noted during the earnings call that the VIP rolling hold rate stood at just 1.35% for the quarter. If that figure had come in at normal levels, Dumont said, EBITDA would have been roughly $87m higher, reaching $517m. “While we didn’t get the hold that we wanted this quarter, the volumes were there, the visitation was there,” Dumont stated, adding that the World Cup had an impact on high-value patrons splitting their wagering between tables and the tournament.

Despite the quarterly dip, Dumont reaffirmed that the company still sees $700m in adjusted property EBITDA for Macau as an attainable target. “If we held better, we’d be having a little bit of a different discussion,” he remarked, while noting that year-over-year growth and the resilience during the World Cup cycle point to positive momentum. Grant Chum, CEO and President of Sands China, added that gaming revenue was very strong for two of the three months in the quarter.

Across the border in Singapore, LVS also felt the World Cup effect. Singapore revenue slipped to $1.38bn from $1.39bn, and adjusted EBITDA fell to $689m from $768m. Dumont described the Singapore market as “very strong” and emphasised that the company will continue investing there given the long-term growth potential.

On a consolidated group basis, Las Vegas Sands reported net revenue of $3.15bn (down from $3.18bn), casino revenue of $2.34bn (down from $2.42bn), and operating income of $618m (down from $783m). Net income dropped to $373m from $519m, while consolidated adjusted property EBITDA came in at $1.12bn, down from $1.33bn in the prior-year period.

Dumont expressed confidence that the operator is “headed in the right direction,” citing early successes from improved service levels and customer experience initiatives. The group’s investment programme, he believes, positions LVS well for future growth across its Asian properties.