Casino — Cost of revenue
Las Vegas Sands Casino — Cost of revenue decreased by 0.7% to $1.51B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 30.1%, from $1.16B to $1.51B. Over 4 years (FY 2021 to FY 2025), Casino — Cost of revenue shows an upward trend with a 26.3% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
An increase relative to revenue suggests margin compression, while a decrease relative to revenue indicates improved operational efficiency or favorable changes in tax structures.
Detailed definition
Includes the direct costs associated with operating casino gaming facilities, such as gaming taxes, payroll for gaming s...
Peer comparison
Commonly reported as 'Casino Expenses' or 'Gaming Operating Costs' in the gaming and hospitality industry.
lvs_segment_casino_cost_of_revenueHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $574.00M | $451.00M | $465.00M | $468.00M | $445.00M | $410.00M | $469.00M | $874.00M | $1.03B | $1.10B | $1.14B | $1.18B | $1.14B | $1.12B | $1.17B | $1.16B | $1.24B | $1.35B | $1.52B | $1.51B |
| QoQ Change | — | -21.4% | +3.1% | +0.6% | -4.9% | -7.9% | +14.4% | +86.4% | +18.3% | +6.7% | +3.4% | +3.4% | -3.3% | -1.8% | +4.5% | -1.1% | +7.3% | +8.9% | +12.0% | -0.7% |
| YoY Change | — | — | — | — | -22.5% | -9.1% | +0.9% | +86.8% | +132.4% | +169.0% | +143.3% | +35.0% | +10.3% | +1.5% | +2.5% | -1.9% | +8.9% | +20.8% | +29.6% | +30.1% |
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Frequently Asked Questions
- What is Las Vegas Sands's casino — cost of revenue?
- Las Vegas Sands (LVS) reported casino — cost of revenue of $1.51B in Q1 2026.
- How has Las Vegas Sands's casino — cost of revenue changed year-over-year?
- Las Vegas Sands's casino — cost of revenue increased by 30.1% year-over-year, from $1.16B to $1.51B.
- What is the long-term trend for Las Vegas Sands's casino — cost of revenue?
- Over 4 years (2021 to 2025), Las Vegas Sands's casino — cost of revenue has grown at a 26.3% compound annual growth rate (CAGR), from $2.07B to $5.27B.
- What does casino — cost of revenue mean?
- The direct expenses incurred to operate casino gaming activities, including taxes and staff costs.