Las Vegas Sands (LVS) Q2 FY26 earnings call

Las Vegas Sands navigated a seasonally soft Q2 and the World Cup impact, which significantly affected reported EBITDA in both Singapore and Macau due to adverse hold. Despite these headwinds, the company demonstrated strong underlying volume growth and market share gains in Macau, driven by strategic investments in product and service. Management remains committed to its long-term EBITDA targets and aggressive capital returns, with OpEx growth expected to moderate in the second half of the year.