Las Vegas Sands Corp: 2Q26 First Take: More than just World Cup woes

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Las Vegas Sands Corp: 2Q26 First Take: More than just World Cup woes

Update

July 23, 2026 02:54 AM GMT

Morgan Stanley & Co. LLCMLas Vegas Sands Corp | North America Stephen W Grambling

Equity Analyst

2Q26 First Take: More than just Stephen.Grambling@morganstanley.comMorgan Stanley Asia Limited+ +1 212 761-1010

Praveen K Choudhary

Equity AnalystWorld Cup woes Praveen.Choudhary@morganstanley.com +852 2848-5068

Morgan Stanley & Co. LLC

AlphaSignals Earnings Reaction Nicholas P DeValeria

Unchanged Meaningful shortfall Modest revision lower

Nick.DeValeria@morganstanley.com +1 212 761-1413

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Molly Baum

Source: Company data, Morgan Stanley Research Equity Analyst

Molly.Baum@morganstanley.com +1 212 761-0378

James F Koehne, CFA

Key Takeaways Research Associate

James.Koehne@morganstanley.com +1 212 761-2186

LVS reported a headline miss in 2Q driven primarily by weaker results in both

Singapore & Macau Las Vegas Sands Corp (LVS.N, LVS US)

Gaming & Lodging | United States of America

Macau EBITDA was down sequentially and y/y driven by weaker hold (~$87mn

Stock Rating Equal-weight

hold headwind) and mass table share down slightly Q/Q ~50bps Industry View In-Line

Price target $68.00

MBS reported its first miss in several quarters with hold-adjusted EBITDA down Shr price, close (Jul 22, 2026) $45.25

Mkt cap, curr (mm) $30,363

~1% y/y as tougher comps and June softness from WC impacted results. 52-Week Range $70.45-44.22

LVS maintained its aggressive buyback program, buying ~$790m of stock in 2Q (~

$3.2bn annualized or ~11% of current mkt cap)

With the softer results, we expect downward revisions and underperformance

tomorrow, with the first MBS hiccup in over a year and Macau weakness