Total net revenue at Sands China Ltd. (SCL) reached US$2.10 billion for the three months ended 31 March 2026, a 23.6 % year-on-year increase. Net income rose 45.5 % to US$294 million, while adjusted property EBITDA expanded 18.3 % to US$633 million.
Property-level results showed The Londoner Macao overtaking The Venetian Macao as the largest revenue contributor, posting net revenue of US$754 million (+42.5 %) and adjusted EBITDA of US$223 million (+45.8 %), with margin improving 70 basis points to 29.6 %. The Venetian Macao generated net revenue of US$710 million (+11.3 %) and EBITDA of US$238 million (+5.8 %), though margin compressed 180 basis points to 33.5 %.
The Plaza Macao delivered the sharpest margin expansion, up 370 basis points to 39.3 %, on net revenue of US$290 million (+39.4 %) and EBITDA of US$114 million (+54.1 %). The Parisian Macao’s EBITDA contracted to US$46 million (-30.3 %) as rolling-chip win rate dropped to 1.11 %. Sands Macao reported EBITDA of US$9 million (-10.0 %), with margin slipping to 9.7 %.
Portfolio-wide EBITDA margin stood at 29.6 % on a hold-normalized basis, 200 basis points lower year-on-year, reflecting higher operating costs tied to service-level investments.
Net interest expense increased to US$188 million (+8.0 %), in line with a higher average debt balance of US$16.00 billion (average cost 4.6 %, versus 4.9 % a year earlier). In April 2026, SCL repaid HK$2.40 billion (approximately US$307 million) under its 2024 revolving facility.
First-quarter capital expenditure totaled US$194 million, of which US$89 million was allocated to Macao construction, development and maintenance projects.
Retail operations on Cotai generated gross revenue of US$135 million and operating profit of US$117 million, reflecting an 86.7 % margin and an average tenant sales density of US$2,282 per square foot.
Management reiterated a medium-term goal of exceeding US$700 million in quarterly EBITDA, supported by targeted investments in premium-segment suite renovations, service-level enhancements and workforce expansion. Refurbishment at The Venetian Macao is already under way, with initial upgraded rooms scheduled for delivery in Q3 2026 and full completion expected by late 2027 or early 2028.
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