Las Vegas Sands (LVS) raised its 2027 recurring common dividend 20% to $1.44 a share, or $0.36 a share per quarter, even as third-quarter net revenue slipped to $3.22 billion from $3.33 billion a year earlier.

The integrated-resort operator said Macao net revenues were $1.94 billion, up from $1.91 billion in the year-ago quarter, while Marina Bay Sands net revenues were $1.29 billion, down from $1.44 billion. Consolidated adjusted property EBITDA was $1.12 billion, compared with $1.34 billion a year earlier. Net income was $352 million, versus $491 million a year earlier; diluted earnings were $0.48 a share, versus $0.61. Operating income was $618 million.

Macao Operations adjusted property EBITDA was $529 million, down from $601 million a year earlier. Marina Bay Sands adjusted property EBITDA was $590 million, down from $743 million. Consolidated adjusted property EBITDA margin was 34.8% of net revenues, versus 40.3% a year earlier; Marina Bay Sands margin was 45.6%, versus 51.7%.

Casino revenues were $2.37 billion, down from $2.51 billion a year earlier. Rooms were $376 million, food and beverage $176 million, mall $202 million, and convention, retail and other $92 million. Sands China GAAP net revenues increased 1.4% to $1.93 billion; SCL net income decreased 29.8% to $191 million from $272 million.

The company said it was encouraged by progress in Macao, with ongoing investments in enhanced service and hospitality contributing to growth in volumes across all gaming segments as compared with the prior year. Marina Bay Sands table games win per unit per day was $17,920, down from $21,380 a year earlier; slot win per unit per day was $1,069, versus $1,027. The hold-adjusted win impact on net revenues was a $13 million drag, versus a $61 million drag a year earlier; on adjusted property EBITDA it was a $7 million drag, versus $45 million.

The effective income tax rate was 22.5%, versus 15.6% a year earlier, which the company said was primarily driven by a 17% statutory rate on Singapore operations. Weighted average debt was $15.53 billion, versus $15.94 billion a year earlier; the weighted average borrowing cost was 4.7%, versus 4.5%. Interest expense, net of amounts capitalized, was $186 million.

During the quarter the company repurchased $950 million of common stock, about 21 million shares at a weighted average price of $45.31, leaving $5.06 billion authorized. It also purchased 62 million shares of SCL common stock for about $101 million, raising ownership of SCL to 75.56%. The quarterly dividend paid in the quarter remained $0.30 a share.

Unrestricted cash was $2.86 billion as of September 30, 2026. Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.30 billion. Capital expenditures totaled $281 million, including $154 million in Macao, $121 million at Marina Bay Sands and $6 million in corporate and other.

Chairman and chief executive Patrick Dumont said the company remained confident in its long-term strategy in both Singapore and Macao and would continue to invest in future growth, citing balance-sheet and cash-flow strength to support capital investment programs.