LVS · Las Vegas Sands Q2 FY2026 earnings call record财报电话会记录

“Despite these headwinds, mass gaming revenues of Marina Bay Sands grew 5% for the quarter compared to the second quarter of 2025, which highlights the resilience and underlying strength of the business.”

“Our $430 million in EBITDA for the quarter was negatively impacted by the exceptionally low VIP rolling hold of 1.35% for the quarter.”

“When compared to the second quarter of 2025, we delivered strong growth in gaming volumes in all segments.”

“Sands China's mass gross gaming revenue grew 8% for the quarter year-over-year, twice as fast as the overall market's 4% mass GGR growth for the quarter.”

“Our goal is to remain consistent with our reinvestment strategy going forward and to achieve greater profitability as revenues grow in the future.”

“We remain singularly focused today on matching that suite and room product with the service levels that the most discerning and valuable customers in Macao increasingly demand.”

“We expect growth in EBITDA and EBITDA margins as revenues grow over time.”

“We have now repurchased 16.3% of the company's outstanding shares over the last 11 quarters.”

“While we didn't get the hold that we wanted this quarter, the volumes were there, the visitation was there, and even though World Cup had an impact, we felt like we're headed in the right direction.”

“We are gaining the customers, we're gaining the volume, and they will be back, and the luck will even out in the end.”

“We can also see higher margins when we have higher volumes from those patrons and things happen to go our way on the gaming tables.”

“The big step change in those investments have largely happened, and what we expect into the second half into 2027 is a more moderate rate of OpEx growth, and we should therefore be able to achieve some operating leverage on the EBITDA margin as revenues grow.”