Sands China pulling forward Le Jardin redevelopment 

The redevelopment of the extensive Le Jardin site adjacent to the Londoner Macao – and in the foreground to the Parisian’s Eiffel Tower replica – is set to come online earlier after Sands China revised its capital expenditure (capex) guidance. 

Initially proposed in 2022, the 50,000-square-meter garden themed attraction is slated to include a conservatory and other year-round amenities, though additional details have yet to be disclosed. 

[See more: Sands China announces unaudited third quarter EBITDA of US$529 million]

The development of the Tropical Garden coincides with the release of unaudited financials for Sands China, which lifted its total capex guidance from 2026 to 2028 by 12.5 percent to US$1.8 billion. The figures include an additional outlay of US$150 million for 2027 and 2028, totalling US$1.5 billion, with 2026 representing only maintenance spending, writes Jeffrey Kiang of CLSA in a research note following the announcement. 

According to its latest presentation, Sands China has allocated US$4.5 billion over the 10-year concession period, of which 93 percent will be used for non-gambling projects. That figure has steadily increased since the US$3.75 billion announced in 2022. 

Sands China: quarterly results 

For the three-month period ending September, total net revenues for the group’s Macao operations rose 1.8 percent to US$1.9 billion while net income decreased 29.8 percent to US$191 million. 

Property earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at US$529 million, a 12 percent drop from the US$566 million achieved in the third quarter of 2025. Management reiterated its target of reaching US$700 million in quarterly EBITDA.

With Macao’s growth led by the highly competitive premium segment, EBITDA margins contracted to 27.3 percent from 31.5 percent a year ago. Mass revenue market share reached 26.1 percent, an improvement from the 25 percent achieved in the second quarter and its strongest performance since the fourth quarter of 2023.

[See more: CLSA: VIP win rates to drive Macao casino quarterly earnings]

In a research note published earlier this month, gambling analyst Kiang projected EBITDA margins to rise 40 basis points from the previous quarter to 24.6 percent, but remain below the third quarter of last year, cautioning that the uplift would be short-lived since cost pressures and player rebates continue to persist.

Changing customer profiles are amplifying the challenges. The incremental growth in day trippers has not translated into higher gambling revenues. Despite cumulative arrivals rising 4.5 percent to 8 million arrivals during those two months, GGR per total visitor fell by 7 to 11 percent, highlighting the mismatch between overall visitor volumes and per-visitor play.

On a year-to-date basis, Sands China’s net revenue increased 7.8 percent to US$5.8 billion while net income dropped 14 percent to US$592 million.