A month has gone by since the last earnings report for Las Vegas Sands (LVS). Shares have lost about 0.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Las Vegas Sands due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Las Vegas Sands Corp. before we dive into how investors and analysts have reacted as of late.

Las Vegas Sands Q2 Earnings & Revenues Miss Estimates, Down Y/Y

Las Vegas Sands reported weak second-quarter 2026 results, with adjusted earnings and net revenues missing the Zacks Consensus Estimate and declining on a year-over-year basis. 

The company’s results were hurt by unusually low rolling-play hold in Macao. Nonetheless, gaming volumes increased across all Macao segments, while Marina Bay Sands’ mass gaming revenues rose 5% year over year to $886 million.

LVS’ Q2 Highlights

Las Vegas Sands reported adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 77 cents by 23.4%. In the second quarter of 2025, the company reported adjusted earnings of 79 cents per share.

Quarterly net revenues of $3.15 billion missed the consensus mark of $3.37 billion by 6.4% and declined 0.7% from $3.18 billion reported in the prior-year quarter.

Las Vegas Sands’ Asian Operations

Macao operations generated net revenues of $1.79 billion in the second quarter of 2026, down 0.4% from $1.80 billion reported in the prior-year quarter.

Adjusted property EBITDA declined 24% year over year to $430 million from $566 million. Gaming volumes increased year over year across rolling tables, non-rolling tables and slots or electronic table games. However, unusually low rolling-play hold reduced Macao adjusted property EBITDA by $87 million in the reported quarter.

The Venetian Macao

Net revenues from The Venetian Macao were $591 million in the second quarter of 2026, down 10.9% from $663 million reported in the prior-year quarter.

Adjusted property EBITDA declined 30.1% to $165 million from $236 million reported in the year-ago quarter. Table games win per unit per day decreased to $8,819 from $9,710 in the second quarter of 2025, while slot machine win per unit per day increased to $446 from $305 reported in the prior-year quarter.

The Londoner Macao

Net revenues from The Londoner Macao increased 10.6% year over year to $710 million in the reported quarter from $642 million.

Adjusted property EBITDA decreased 6.3% to $192 million from $205 million reported in the prior-year quarter. Rolling-chip volume increased to $3.52 billion from $2.09 billion in the year-ago quarter, while non-rolling chip drop rose to $2.58 billion from $2.20 billion.

The property’s hotel revenue per available room increased to $254 from $242 reported in the second quarter of 2025. Occupancy improved to 96.7% from 93.3% in the prior-year quarter.

The Parisian Macao

Net revenues from The Parisian Macao increased 12.4% to $218 million in the second quarter of 2026 from $194 million reported in the prior-year quarter. Casino revenues rose to $165 million from $143 million in the year-ago period.

Adjusted property EBITDA decreased 13.6% to $38 million from $44 million reported in the second quarter of 2025. Non-rolling chip drop increased to $816 million from $663 million in the prior-year quarter.

The property’s hotel RevPAR declined to $138 from $146 reported in the year-ago quarter. Occupancy decreased to 97.4% from 99.2% in the prior-year period.

The Plaza Macao and Four Seasons Macao

Net revenues from The Plaza Macao and Four Seasons Macao declined 29.4% to $137 million in the reported quarter from $194 million in the second quarter of 2025.

Casino revenues decreased to $59 million from $122 million reported in the prior-year quarter, while mall revenues increased to $41 million from $37 million.

Adjusted property EBITDA fell 69.7% to $20 million from $66 million reported in the prior-year quarter. Rolling-chip volume increased to $2.82 billion from $1.40 billion in the second quarter of 2025, while non-rolling chip drop rose to $839 million from $655 million.

The property’s RevPAR increased to $482 from $462 in the prior-year period. Occupancy improved to 95.1% from 92.1% reported in the second quarter of 2025.

Sands Macao

Net revenues from Sands Macao increased 33.8% to $95 million in the second quarter of 2026 from $71 million reported in the prior-year quarter. Casino revenues rose to $88 million from $63 million in the year-ago period.

Adjusted property EBITDA increased 22.2% year over year to $11 million from $9 million. Non-rolling chip drop rose to $497 million from $389 million in the prior-year quarter.

The property’s hotel RevPAR decreased to $161 from $175 reported in the year-ago quarter, while occupancy remained unchanged at 99.4%.

Marina Bay Sands, Singapore

Net revenues from Marina Bay Sands decreased 0.6% year over year to $1.38 billion in the reported quarter.

Adjusted property EBITDA declined 10.3% year over year to $689 million. Rolling-chip volume increased to $9.27 billion from $8.95 billion in the year-ago quarter, while non-rolling chip drop rose to $2.60 billion from $2.36 billion.

The property’s hotel RevPAR increased to $939 from $844 in the second quarter of 2025. Occupancy improved to 95.6% from 95% reported in the prior-year quarter.

Las Vegas Sands’ Operating Results

On a consolidated basis, adjusted property EBITDA declined 16.1% year over year to $1.12 billion in the second quarter of 2026.

Operating income decreased to $618 million from $783 million reported in the year-ago quarter, while net income declined to $373 million from $519 million.

Las Vegas Sands’ Financials

As of June 30, 2026, Las Vegas Sands had unrestricted cash balances of $3.38 billion compared with $3.45 billion as of June 30, 2025. Total debt outstanding, net of deferred financing costs and original issue discounts and excluding finance leases, was $15.11 billion compared with $15.68 billion reported in the prior-year quarter.

In the reported quarter, capital expenditures totaled $332 million, up from $286 million in the year-ago quarter. The latest-quarter expenditures comprised construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other activities.

As of June 30, 2026, $29 million remained available under the share repurchase program. Subsequently, on July 21, 2026, the board increased the remaining authorization to $6 billion and extended the program’s expiration date to July 21, 2029.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

VGM Scores

Currently, Las Vegas Sands has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Las Vegas Sands has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

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Las Vegas Sands Corp. (LVS): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research