Marina Bay Sands generated adjusted property EBITDA of $590 million for the third quarter of 2026, down 20.6% from $743 million a year earlier. The drop was driven by weaker chip hold, not weaker gaming volume. Net revenue fell 9.9% to $1.29 billion.
Marina Bay Sands reported adjusted property EBITDA of $590 million for the third quarter of 2026, a 20.6% fall from $743 million. Casino revenue dropped 14.9% to $916 million as non-rolling chip win percentage fell from 24.5% to 18.7%. Slot hold held at 4.4% while room rates climbed to $1,038.
- Chip Hold, Not Volume, Cost Marina Bay Sands
- Marina Bay Sands Hotel Revenue Keeps Rising
- MBS Expansion, Loan Draw and Dividend Plans
Casino revenue, the largest line in the statement, fell 14.9% to $916 million. EBITDA margin narrowed by 6.1 percentage points to 45.6%. The headline is a warning about chip luck rather than a story about footfall.
Chairman and chief executive Patrick Dumont called the Singapore quarter one of “solid financial performance” and pointed to the MBS Expansion Project, which will add suite capacity and an arena. Las Vegas Sands filed the third quarter results on October 21. The MBS numbers tell a more complicated story than that framing.
Marina Bay Sands EBITDA falls 20.6% as chip hold drops
Gaming volume stayed healthy while win rates weakened. Non-rolling chip drop rose 12.6% to $2.87 billion. Slot handle edged up 2.1% to $6.54 billion and hold remained steady at 4.4%. The problem was concentrated at the tables.
Non-rolling chip win percentage fell to 18.7% from 24.5% in the prior-year period. That is a 580-basis-point collapse in a single metric. Rolling chip volume declined 7.1% to $8.43 billion, and the rolling chip win rate eased to 4.53% from 4.84%. Table games win per unit per day dropped to $17,920 from $21,380.
Las Vegas Sands estimated that had rolling chip hold matched its theoretical 4.6%, Marina Bay Sands would have reported $4 million more EBITDA for the quarter. A year earlier the opposite was true: rolling chip hold beat theoretical and added an estimated $43 million. The $590 million result reflects a swing in how the tables performed, not a change in how many people played.
Marina Bay Sands hotel revenue keeps rising
Rooms revenue increased to $162 million from $154 million. Occupancy reached 95.8% and average daily rate climbed to $1,038 from $982. Revenue per available room rose to $994. Food and beverage revenue grew to $104 million, and mall revenue was broadly flat at $70 million.
The stronger non-gaming numbers partially offset the gaming decline. For the first nine months of 2026, Marina Bay Sands grew net revenue 4.4% to $4.16 billion, while EBITDA was 2.3% lower at $2.07 billion. The half-year result shows that the gaming weakness is concentrated in the third quarter rather than spread across the year.
Ratings agencies have cited Marina Bay Sands’ cash generation as key support for Las Vegas Sands. Moody’s kept its LVS outlook stable despite the heavy development pipeline. The casino segment’s weaker result also lands at the same time as Macao reported a 3.8% fall in third quarter casino GGR, making the group’s outlook more mixed.
MBS expansion, loan draw and dividend plans
Capital expenditure at Marina Bay Sands totalled $121 million in the quarter. Las Vegas Sands also reported $4.57 billion available under a delayed draw term loan facility earmarked for the MBS Expansion Project. The facility will fund the new suites and arena planned for the Singapore resort.
At group level, Las Vegas Sands posted net revenue of $3.22 billion and consolidated adjusted property EBITDA of $1.12 billion, down from $1.34 billion. Its Macao operations contributed $529 million. The company bought back $950 million of its own stock during the quarter.
AGBrief tracks Singapore and Macao casino developments for investors.
Dumont also announced a 20% increase in the recurring dividend for 2027, to $1.44 per share annually. The move suggests management expects the expansion project to improve the property’s cash position despite this quarter’s weaker casino numbers. Following this, the question for Asia-focused investors is whether the expansion timeline can recover the rolling chip hold that drove the loss.
Frequently Asked Questions
How much is Marina Bay Sands adjusted property EBITDA?
Marina Bay Sands generated $590 million of adjusted property EBITDA for the third quarter of 2026, down 20.6% from $743 million. EBITDA margin narrowed to 45.6% as non-rolling chip win percentage fell from 24.5% to 18.7%.
Why did Marina Bay Sands EBITDA fall if volume grew?
Non-rolling chip drop rose 12.6% to $2.87 billion and slot handle grew 2.1% to $6.54 billion. Hold remained steady at 4.4%. The loss came from weaker win rates at the tables, not lower gaming volume.
How did Marina Bay Sands hotel performance perform?
Room revenue rose to $162 million from $154 million. Occupancy reached 95.8%, with average daily rate climbing to $1,038 from $982. Food and beverage revenue grew to $104 million, while mall revenue stayed around $70 million.
What is happening with the MBS Expansion Project?
The project will add suite capacity and an arena aimed at becoming the region’s leading entertainment venue. Las Vegas Sands has $4.57 billion available under a delayed draw term loan facility. Marina Bay Sands spent $121 million on capital expenditure in the quarter.
Did Las Vegas Sands raise its dividend?
Las Vegas Sands announced a 20% increase in the recurring dividend for 2027, to $1.44 per share annually. The company also bought back $950 million of stock in the quarter. Group adjusted property EBITDA fell to $1.12 billion from $1.34 billion.
How did Macao casino revenue perform?
Macao reported a 3.8% fall in third quarter casino GGR, matching the softness seen at Marina Bay Sands. Las Vegas Sands’ Macao operations contributed $529 million of consolidated adjusted property EBITDA, with the weaker region weighing on the group result.
This article has been thoroughly researched and reviewed by the CasinoBait editorial team to ensure accuracy and relevance for Asian casino players.
