Las Vegas Sands Corp

LVS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Las Vegas Sands Earnings: Competition Drags on Macao Margins, but Sales Strong Across All Regions

Dan Wasiolek

Apr 23, 2026

Las Vegas Sands' first-quarter revenue increased 25% with both its Macao and Singapore regions near that level. Total adjusted EBITDA margin decreased 20 basis points to 39.6% due to Macao's margin dropping to 29.9% from 31.3%.

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Las Vegas Sands Corp

Las Vegas Sands Earnings: Competition Drags on Macao Margins, but Sales Strong Across All Regions

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