Las Vegas Sands Corp

Las Vegas Sands reported second-quarter 2026 adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 77 cents by 23.4%, while net revenues of $3.15 billion fell 6.4% short of the $3.37 billion consensus and declined 0.7% year over year. The company attributed the weakness to unusually low rolling-play hold in Macao, which reduced Macao adjusted property EBITDA by $87 million, even as gaming volumes increased across all Macao segments and Marina Bay Sands mass gaming revenues rose 5% to $886 million. Consolidated adjusted property EBITDA declined 16.1% to $1.12 billion, operating income fell to $618 million from $783 million, and net income dropped to $373 million from $519 million. The board subsequently increased the share repurchase authorization to $6 billion and extended the program to July 21, 2029. Analysts have since revised estimates downward, and the stock carries a Zacks Rank #5, or Strong Sell.

Macau gross gaming revenue fell 8.4% year over year in July to 20.3 billion patacas, or 2.5 billion dollars, according to the Gaming Inspection and Coordination Bureau. The tally was up 5.9% from June. Citi noted that premium player betting action was down 19% from a year earlier, with the World Cup a factor for the second straight month, while two typhoons also impacted traffic to and from Hong Kong and Guangdong province. For the first seven months of 2026, Macau gross gaming revenue is up 4.4% year over year to 147.2 billion patacas, or 18.2 billion dollars. Jefferies forecasts Macau gross gaming revenue will rise 2% in the third quarter and 4% in the fourth quarter, supported by events including K-pop groups Babymonster, TWS, and Enhypen, Taiwanese singer Zhao Chuan, and the NBA China Games.

Las Vegas Sands reported second-quarter revenue of $3.15 billion, missing the Zacks Consensus Estimate of $3.37 billion by 6.41% and declining 0.7% year over year. Earnings per share came in at $0.59, well below the consensus of $0.77 and down from $0.79 a year ago. Total Macao revenue was $1.79 billion, missing the $2.02 billion estimate, while Marina Bay Sands net revenue of $1.38 billion slightly exceeded the $1.36 billion forecast. Within Macao, The Londoner Macao generated $710 million versus an estimate of $777.34 million, The Venetian Macao brought in $591 million against a $733.13 million estimate, and The Plaza Macao and Four Seasons Macao posted $137 million compared to the $226.94 million estimate, though Sands Macao and The Parisian Macao beat expectations with $95 million and $218 million respectively. Ferry Operations and Other revenue rose 18.2% year over year to $39 million, surpassing the $27.57 million estimate.

Several major companies saw significant after-hours stock moves following their latest quarterly results. Alphabet shares fell more than 4% after the company raised its 2026 capital expenditures forecast to a range of $195 billion to $205 billion, citing artificial intelligence demand, even as second-quarter revenue of $119.8 billion topped expectations. Tesla dropped 3% after adjusted earnings of 33 cents per share missed estimates by 18 cents, despite revenue of $28.24 billion beating forecasts. IBM rose about 2% even though adjusted earnings of $2.93 per share and revenue of $17.16 billion both slightly missed consensus. ServiceNow gained more than 2% after beating estimates with adjusted earnings of 90 cents per share on revenue of $3.99 billion and raising its full-year subscription revenue outlook. Las Vegas Sands lost 6% after adjusted earnings of 59 cents per share and revenue of $3.15 billion fell short of expectations. United Rentals surged 10% after posting adjusted earnings of $12.76 per share on revenue of $4.41 billion, surpassing estimates, and hiking its full-year revenue guidance to a range of $17.5 billion to $17.8 billion. Medpace Holdings soared about 19% after beating second-quarter estimates and raising full-year guidance. Other notable movers included Rollins, which dropped about 10% on weaker-than-expected results, and Shutterstock, which fell 10% after suspending its quarterly dividend.

Las Vegas Sands is set to announce its fiscal second quarter 2026 results soon, with analysts forecasting an adjusted earnings per share of $0.78, down 1.3% from $0.79 in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in the last four quarters. For fiscal 2026, analysts expect an adjusted EPS of $3.38, a 12.3% increase from $3.01 in fiscal 2025. Shares of Las Vegas Sands have risen 8% over the past 52 weeks, lagging behind the S&P 500 Index's 19.8% gain but slightly outpacing the State Street Consumer Discretionary Select Sector SPDR ETF's 6.4% return. Despite reporting better-than-expected first quarter 2026 adjusted EPS of $0.91 and revenue of $3.58 billion on April 22, shares tumbled 8.6% the next day as investors focused on margin weakness in Macau driven by intense competition and rising promotional spending. Analysts' consensus view on the stock is cautiously optimistic, with a Moderate Buy rating overall and an average price target of $68.08, indicating a potential upside of 44.5% from current levels.