J P M O R G A N North America Equity Research 23 July 2026 Las Vegas Sands Corp. 2Q26 Takes; Red Cards for Both Macau and Singapore, but Risk/Reward Compelling for LT Investors; Stay OW, PT $60 (-$4) LVS reported a worse than expected 2Q26 result, with Macau falling short of very low expectations, and perhaps more importantly, Singapore missing for the first time in years. Across both markets, LVS experienced typical seasonality (2Q below 1Q), but this was exacerbated by incremental softness among premium p ...