Sands China (1928) H1 2026 earnings summary

Executive summary

• Net revenues rose 11.1% year-over-year to US$3.88 billion for the six months ended June 30, 2026, driven mainly by casino revenue growth.

• Profit decreased 3.6% year-over-year to US$398 million, reflecting higher costs despite revenue growth.

• Adjusted property EBITDA declined 3.4% to US$1.07 billion, impacted by increased patron reinvestment and payroll costs.

• Interim dividend of HK$0.50 per share (US$0.064) declared, totaling US$516 million.

Financial highlights

• Casino revenues increased 12.0% year-over-year to US$2.93 billion, with higher table games and slot volumes but lower win percentages.

• Room revenues rose 5.9% to US$430 million, supported by new room supply at The Londoner Grand.

• Mall revenues grew 6.8% to US$266 million, mainly from higher overage and base rent.

• Food and beverage revenues surged 19.5% to US$147 million; convention, ferry, retail, and other revenues up 9.3% to US$106 million.

• Operating expenses increased 14.2% to US$3.32 billion, mainly due to higher gaming taxes, payroll, and marketing costs.

Outlook and guidance

• Competitive environment expected to persist, with continued investment in premium suites and hospitality offerings.

• Ongoing focus on enhancing integrated resort product mix and guest experience.