Las Vegas Sands Corp

Quarterly performance (good but mixed) - Singapore (Marina Bay Sands): $590m EBITDA for the quarter; high-end softer hurt results. Management says if they had “held” as expected in rolling play, EBITDA would have been ~$4m higher ($594m). They emphasize Singapore remains strong for high-value tourism and that current results reflect structural earnings power elevation post investments/renovations. - Macao (Sands China): $529m EBITDA; but would have been ~$11m lower ($518m) if rolling play had been held “as expected.” Despite the softer high-end this quarter, Sands China outperformed the Macao market—notably mass share improvements.

Demand signals + market share/volume (surprising strength vs. earnings drag) - Macao market share: Mass gaming revenue share = 26.1%, strongest since Q4 2023. - YoY volume growth (Macao): Rolling volume +31%, non-rolling drop +11%, slot ETG handle +26% (all YoY vs. prior year). - Interpretation: Management attributes the progress to product/service improvements and continued reinvestment consistency—but acknowledges earnings were still impacted by high-end softness and hold/volatility outcomes.

Outlook / expectations (no change in run-rate; longer-term confidence) - Singapore outlook: Management says nothing has fundamentally changed; views this as aberrational. They frame it as a $2.7–$2.8B run-rate property and remain focused on a baseline EBITDA range that can grow over time. - Macao outlook: They remain confident in long-term growth; they target $700m quarterly EBITDA “and more over time” as investment and operating strategies fully roll through and the market grows. - Seasonality note (Macao): Management expects Q4 to be relatively stronger due to Golden Week (including NBA-related lengthening this year) and December.