Sands China Ltd. (SCL) reported total net revenue of USD 3.88 billion for the six months ended 30 June 2026, an 11.1% increase year-on-year, driven chiefly by a 12.0% rise in casino takings to USD 2.93 billion. However, rising operating costs compressed profitability: net profit eased 3.6% to USD 398 million, while adjusted property EBITDA edged 3.4% lower to USD 1.07 billion.
Casino performance remained the growth engine. Rolling-chip volume surged at The Londoner Macao (+115.9%) and The Parisian Macao (+114.0%), though lower win percentages and intensified patron incentives tempered revenue conversion. Slot handle also expanded across the portfolio, most notably at Sands Macao (+151.4%).
Property-level EBITDA trends diverged. The Londoner Macao’s contribution rose 15.9% to USD 415 million, reflecting the April 2025 completion of Londoner Grand. Conversely, The Venetian Macao’s EBITDA fell 12.6% to USD 403 million and The Parisian Macao dropped 23.6% to USD 84 million, weighed by softer win rates and heightened promotional spending.
Cost pressures intensified. Total operating expenses rose 14.2% to USD 3.32 billion, outpacing revenue growth. Gaming taxes climbed USD 228 million in tandem with higher gross gaming revenue, payroll costs advanced USD 60 million, and marketing outlays increased USD 27 million. Provision for expected credit losses tripled to USD 28 million.
Liquidity remains solid. Unrestricted cash and equivalents stood at USD 851 million, complemented by HKD 18.10 billion (USD 2.31 billion) of undrawn revolver capacity under the 2024 SCL Credit Facility. Net debt was broadly stable at USD 5.42 billion, producing a gearing ratio of 80.8%. Finance costs declined 12.8% to USD 170 million after the March 2025 early repayment of a USD 1.06 billion term loan and January 2026 redemption of USD 800 million 3.8% senior notes.
Capital expenditure moderated to USD 174 million (H1 2025: USD 333 million), focused on room renovations at The Venetian Macao (USD 103 million) and enhancements at The Londoner Macao (USD 39 million). Outstanding capital commitments totaled USD 416 million. Under its Concession, VML must invest at least MOP 35.84 billion (USD 4.44 billion) by 2032, with MOP 5.80 billion (USD 0.72 billion) already validated for 2023-24.
Shareholders continue to benefit from robust cash returns. After paying a final dividend of HKD 0.50 per share (USD 0.064) in June—amounting to USD 0.52 billion—the Board has declared an interim dividend of the same amount, payable on 9 October 2026 to shareholders on record 18 September.
Management reaffirmed its Cotai-focused integrated-resort strategy, citing ongoing investments in premium suites, MICE facilities and retail offerings, while acknowledging a highly competitive Macao market and elevated cost environment.