Las Vegas Sands Corp. 2Q26 Takes; Red Cards for Both Macau and Singapore, but Risk/Reward Compelling for LT Investors; Stay OW, PT $60 (-$4)

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Las Vegas Sands Corp. 2Q26 Takes; Red Cards for Both Macau and Singapore, but Risk/Reward Compelling for LT Investors; Stay OW, PT $60 (-$4)

J P M O R G A N North America Equity Research

23 July 2026

Las Vegas Sands Corp.

2Q26 Takes; Red Cards for Both Macau and Singapore, Overweight

but Risk/Reward Compelling for LT Investors; Stay OW, LVS, LVS US

PT $60 (-$4) Price (22 Jul 26):$45.25

▼Price Target (Dec-27):$60.00

Prior (Dec-27):$64.00

LVS reported a worse than expected 2Q26 result, with Macau falling short of very

low expectations, and perhaps more importantly, Singapore missing for the first Gaming & Lodging

time in years. Across both markets, LVS experienced typical seasonality (2Q Daniel Politzer, CFA AC

below 1Q), but this was exacerbated by incremental softness among premium (1-212) 622-0110

players, with the World Cup an incremental headwind. Hold-adj Macau EBITDAR daniel.politzer@jpmorgan.com

of $517m (reported: $430m) compared to JPMe $522m and buy-side expectations Samuel Nielsen

that we think were in the low $500m range, while hold-adj Singapore EBITDAR (1-212) 622-1366

samuel.nielsen@jpmchase.com

of $652m (reported: $689m) was 5% below JPMe/Street’s ~$725m.

Michael Hirsh, CFA

• We’d be buyers of the stock in the low $40s. Heading into 2Q, we thought (1-212) 622-0295

Singapore performance would dictate the path forward for LVS, as Macau michael.hirsh@jpmchase.com

J.P. Morgan Securities LLC

expectations were already low. Given the surprising miss in Singapore, we

wouldn’t be surprised to see shares under pressure, but for patient investors, we

think LVS in the low-$40 range offers an attractive risk/reward. At current Key Changes (FYE Dec)

levels, LVS’ stake in 1928 HK is worth $17/sh, implying just $26/sh for Prev Cur Δ