The casino-resort operator Las Vegas Sands Corp. (LVS) reported lower second-quarter revenue and earnings as unfavorable gaming hold weighed on its Macao and Singapore properties.

The quarter reversed the momentum from early 2026. Revenue declined 12.1% from the first quarter and remained 13.6% below the fourth-quarter 2025 level, while adjusted property EBITDA swung from 24.6% year-over-year growth in the first quarter to a 16.1% decline.

Net revenue fell 0.7% from a year earlier to $3.154 billion. Net income declined 28.1% to $373 million, and diluted earnings fell to $0.53 a share from $0.66. Operating income dropped 21.1% to $618 million, while the adjusted property EBITDA margin narrowed to 35.5% from 42.0%.

The revenue mix shifted toward nongaming operations. Casino revenue fell $74 million to $2.341 billion, while rooms, food and beverage, malls and other operations each posted gains. Normalized win rates would have added $147 million of revenue and $87 million of EBITDA in Macao, partly offset by reductions of $49 million and $37 million, respectively, at Marina Bay Sands.

Macao revenue slipped 0.4% to $1.790 billion, while adjusted property EBITDA fell 24.0% to $430 million and its margin contracted 7.5 percentage points to 24.0%. Gaming volumes rose across several properties, though lower win rates undercut the benefit. The Londoner Macao increased revenue by $68 million to $710 million as rolling-chip volume climbed to $3.523 billion, while EBITDA declined $13 million to $192 million.

Marina Bay Sands revenue was nearly unchanged at $1.380 billion, while EBITDA fell $79 million to $689 million and its margin narrowed 5.4 percentage points to 49.9%. Higher room, food-and-beverage and mall revenue offset part of a $44 million decline in casino revenue; average daily room rates rose $94 to $982.

Las Vegas Sands repurchased $787 million of shares during the quarter, up from $740 million in the first quarter. After the remaining authorization fell to $29 million, the board increased it to $6.0 billion and extended the program through July 2029, giving the company additional capacity to return capital as gaming results remained sensitive to quarterly hold.