Adjusted operating EBITDA of Singapore's Marina Bay Sands resort came to $590 million in the third quarter of 2026, down 20.6% from $743 million a year earlier. The figures were included in the parent Las Vegas Sands quarterly report, published October 21.
Net revenue at the resort fell 9.9% to $1.29 billion, while casino revenue dropped 14.9% to $916 million. The EBITDA margin contracted by 6.1 percentage points to 45.6%.
The cause lies in the casino's win rate, not in betting volumes. Drop at mass tables rose 12.6% to $2.87 billion, but the win rate fell from 24.5% to 18.7%. VIP table drop declined 7.1% to $8.43 billion, with the win rate at 4.53% versus 4.84%. Las Vegas Sands estimated that at a theoretical win rate of 4.6%, EBITDA would have been $4 million higher, whereas a year earlier results above theoretical added about $43 million.
Slot handle rose 2.1% to $6.54 billion with the hold unchanged at 4.4%. Win per table per day fell from $21,380 to $17,920.
The hotel looks stronger: room revenue increased from $154 million to $162 million, with occupancy at 95.8%. Food and beverage revenue came to $104 million and mall revenue to $70 million, with no significant changes.
For nine months, net revenue at the resort grew 4.4% to $4.16 billion, while adjusted EBITDA fell 2.3% to $2.07 billion.
Adjusted EBITDA for all of Las Vegas Sands in the quarter was $1.12 billion versus $1.34 billion, and net revenue was $3.22 billion. The company bought back shares worth $950 million. Macau contributed $529 million.
Chairman and CEO Patrick Dumont called the Marina Bay Sands result solid. He pointed to the resort's expansion, which will add suite inventory and an arena that the company wants to make the region's main entertainment venue. According to the report, $4.57 billion is available for the project under a delayed-draw credit facility, and the resort spent $121 million on capital expenditures in the quarter.
