Sands China Doubles Interim Dividend with US$516 Million Payout

Macau.- 18 August 2026 | www.zonadeazar.com Sands China has doubled its interim dividend for the first half of 2026, approving a distribution of HK$0.50 per share, representing an aggregate payout of approximately HK$4.05 billion (US$516 million).

The decision comes despite weaker profitability during the first six months of the year and underlines the Macau operator’s continued focus on returning capital to shareholders.

Dividend Doubled

The interim dividend is twice the HK$0.25 per share distributed for the same period in 2025.

Shareholders registered as of 18 September will be entitled to receive the payment.

Shares will trade ex-dividend from 16 September, with the distribution expected to be paid on 9 October 2026.

More Than US$1 Billion in 2026 Dividends

The new distribution follows the final dividend for 2025 of HK$0.50 per share, which was paid in June.

That payment also amounted to approximately HK$4.05 billion.

Together, Sands China has paid or declared HK$1.00 per share in dividends during 2026, representing an aggregate value of approximately HK$8.10 billion (US$1.03 billion).

Revenue Growth

For the six months ended 30 June, Sands China’s net revenue increased 11.1% year-on-year to US$3.88 billion.

Growth was primarily driven by higher casino revenue.

The business also benefited from performance at The Londoner Macao following the completion of The Londoner Grand in April 2025.

Profitability Pressure

Despite higher revenue, first-half profit declined 3.6% to US$398 million.

Adjusted property EBITDA fell 3.4% to US$1.07 billion.

Sands China attributed some of the pressure to increased customer incentives and higher payroll costs amid a competitive operating environment in Macau.

Second-Quarter Performance

During the second quarter, net income declined 50% year-on-year to US$107 million.

Quarterly net revenue slipped 0.8% to US$1.78 billion, while adjusted property EBITDA fell 24% to US$430 million.

An unfavourable rolling-table result reduced EBITDA by an estimated US$87 million, despite higher gaming volumes across all segments.

Industry Context

The decision to double the dividend comes as Macau’s major integrated resort operators continue balancing revenue recovery, property investment and shareholder returns.

Competition for premium and mass-market customers is also increasing commercial costs, particularly through incentives and customer-acquisition initiatives.

Next Steps or Impact

The dividend strengthens Sands China’s capital returns during 2026 and signals confidence in its cash-generation capacity despite recent margin pressure.

Performance at The Londoner Macao, payroll expenses, promotional spending and the normalisation of table hold will remain important factors during the second half of the year.

Editó: @fonta