New York, January 9, 2026, 15:40 (EST) — Regular session
- Las Vegas Sands shares fell about 4% in afternoon trade, lagging a firmer U.S. market.
- Analysts pointed to fresh worries over Macau operating costs and fourth-quarter margins.
- Focus is turning to the company’s next results update later this month.
Las Vegas Sands shares were down about 4.3% at $59.25 in afternoon trade on Friday, after touching a session low near $59.18.
The drop matters now because Sands is one of the U.S. market’s purest plays on Macau casinos, where small swings in costs and promotions can move profits quickly. Traders have been quick to fade anything that hints at weaker margins going into the next round of quarterly reports.
JPMorgan said it had been fielding calls from dozens of investors after shares of Hong Kong-listed Sands China fell 4.5% on Thursday, while Melco Resorts dropped 7%, with “no obvious negative event” behind the move. The bank wrote: “We’re not sure why the market would be pricing in this risk today,” while flagging concern around a possible fourth-quarter margin miss. 1
Citi analysts George Choi and Timothy Chau said higher operating costs in the December quarter may have blunted operating leverage in Macau, pointing to spending tied to events including the NBA China Games and the 15th National Games, plus disruption from satellite casino closures. They forecast industry EBITDA — earnings before interest, taxes, depreciation and amortisation, a common yardstick for operating profit — rising 13% year-on-year to $2.25 billion, assuming gaming revenue growth of about 15%, and put industry margins at 27.5%. 2
Other casino names with Macau exposure were also lower. Wynn Resorts fell about 0.5%, MGM Resorts slipped roughly 2% and Melco was down about 3.2%, while the S&P 500 ETF SPY rose about 0.8%.
Sands is still well below recent highs, and the stock is about 16% under its 52-week peak of $70.45 hit on Dec. 1, MarketWatch data showed. 3
Analysts expect Las Vegas Sands to earn about $0.78 per share for the December quarter, according to a recent Barchart earnings preview. Investors are likely to focus less on the headline profit number and more on any read-through on Macau cost control and promotional intensity.
But Macau remains a policy-driven market, and the downside case is not hard to sketch: costs stay sticky, customer mix shifts the wrong way, or fresh friction around cross-border travel and money flows chills demand. Any sign that Singapore slows would only add to the pressure.
