{
  "report_rows": [
    {
      "kpi": "Macao adjusted property EBITDA",
      "prediction": "MISS",
      "answer": "pred ~$590M vs. cons $600M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Marina Bay Sands adjusted property EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$742M vs. cons $727M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.80 vs. cons $0.77",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Macao adjusted property EBITDA run-rate",
      "prediction": "LOWER",
      "answer": "guide ~$600M vs. cons $620M (quarterly, 2H26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Marina Bay Sands normalized adjusted property EBITDA run-rate",
      "prediction": "LOWER",
      "answer": "guide ~$710M vs. cons $730M (quarterly, 2H26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Capital expenditures",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.35B vs. cons $2.35B (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Property-level mix likely outweighs the EPS beat: implied 2H26 quarterly EBITDA of ~$1.31B versus consensus ~$1.35B should pull forward estimates lower, extending the day-1 decline.",
  "day5_confidence": "MEDIUM"
}