LAS VEGAS SANDS CORP

Previous wording

The Macao government announced total visitation from mainland China to Macao increased approximately 19.3% during the six months ended June 30, 2025, as compared to the same period in 2024. The Macao government also announced gross gaming revenue increased 4.4% during the six months ended June 30, 2025, as compared to the same period in 2024.

Current wording

The Macao government announced total visitation from mainland China to Macao increased approximately 16.9% and 18.4%, respectively, during the three and nine months ended September 30, 2025, as compared to the same periods in 2024. The Macao government also announced gross gaming revenue increased 12.5% and 7.1%, respectively, during the three and nine months ended September 30, 2025, as compared to the same periods in 2024.

Previous wording

Airlift passenger movement has increased with a total of 35 million passengers having passed through Singapore’s Changi Airport for the six months ended June 30, 2025, an increase of 5.1% compared to the same period in 2024.

Current wording

Airlift passenger movement has increased with a total of 52 million passengers having passed through Singapore’s Changi Airport for the nine months ended September 30, 2025, an increase of 4.4% compared to the same period in 2024.

Previous wording

The Singapore Tourism Board (“STB”) announced total visitation to Singapore was 8.3 million for the six months ended June 30, 2025, an increase of 1.9% from the same period in 2024.

Current wording

The Singapore Tourism Board (“STB”) announced total visitation to Singapore was 4.5 million and 12.9 million, respectively, for the three and nine months ended September 30, 2025, an increase of 3.0% and 2.3% from the same periods in 2024.

Previous wording

Our Macao operations continue to face a competitive casino operating environment, with adjusted property EBITDA having increased $5 million compared with the three months ended June 30, 2024 and having decreased $70 million compared to the six months ended June 30, 2024.

Current wording

Our Macao operations continue to face a competitive casino operating environment, with adjusted property EBITDA having increased $16 million compared with the three months ended September 30, 2024 and having decreased $54 million compared to the nine months ended September 30, 2024.

Previous wording

Our Singapore operations continue to generate record adjusted property EBITDA, having increased $256 million compared to the three months ended June 30, 2024 and $264 million compared to the six months ended June 30, 2024, with the key driver being an increase in gross gaming revenue.

Current wording

Our Singapore operations continue to deliver exceptional results in terms of adjusted property EBITDA, having increased $337 million compared to the three months ended September 30, 2024 and $601 million compared to the nine months ended September 30, 2024, with the key driver being an increase in gross gaming revenue.

Previous wording

We have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.45 billion as of June 30, 2025 and access to $1.50 billion, $2.48 billion and $461 million of available borrowing capacity from our 2024 LVSC Revolving Facility, 2024 SCL Revolving Facility and 2025 Singapore Revolving Facility, respectively. We believe we are able to support our continuing operations, complete the major construction projects that are underway and maintain our share repurchase and dividend programs to continue to return excess capital to stockholders.

Current wording

We have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.35 billion as of September 30, 2025 and access to $1.50 billion, $2.51 billion and $456 million of available borrowing capacity from our 2024 LVSC Revolving Facility, 2024 SCL Revolving Facility and 2025 Singapore Revolving Facility, respectively. We believe we are able to support our continuing operations, complete the major construction projects that are underway and maintain our share repurchase and dividend programs to continue to return excess capital to stockholders.

Previous wording

There were no newly identified significant accounting policies and estimates during the six months ended June 30, 2025, nor were there any material changes to the critical accounting policies and estimates discussed in our 2024 Annual Report.

Current wording

There were no newly identified significant accounting policies and estimates during the nine months ended September 30, 2025, nor were there any material changes to the critical accounting policies and estimates discussed in our 2024 Annual Report.

Previous wording

We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold (amount won by the casino) as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Our win and hold percentages are calculated before discounts, commissions, deferring revenue associated with our loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. Our Rolling Chip table games are expected to produce a win percentage of 3.30% in Macao and 3.70% in Singapore, and our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 23.8%, 22.3%, 21.0%, 23.2%, 15.9% and 22.1% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage of 3.7%, 3.8%, 3.9%, 2.5%, 2.9% and 4.2% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Actual win and hold percentages may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 8.7% and 11.9%, respectively, of our table games play was conducted on a credit basis for the six months ended June 30, 2025.

Current wording

We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold (amount won by the casino) as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Our win and hold percentages are calculated before discounts, commissions, deferring revenue associated with our loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. Our Rolling Chip table games are expected to produce a win percentage of 3.3% in Macao. During the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Singapore to be based on the theoretical hold percentage measured by technology-enabled tables (“smart tables”). The theoretical hold percentage based on smart table data was 4.2% and 3.5% for the three months ended September 30, 2025 and 2024, respectively, in Singapore. Our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 23.5%, 22.8%, 21.6%, 23.9%, 15.7% and 23.1% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage of 3.7%, 3.8%, 3.8%, 2.4%, 2.9% and 4.2% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Actual win and hold percentages may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 8.8% and 11.3%, respectively, of our table games play was conducted on a credit basis for the nine months ended September 30, 2025.

Previous wording

Net revenues for the three months ended June 30, 2025, were $3.18 billion, compared to $2.76 billion for the three months ended June 30, 2024. Operating income was $783 million for the three months ended June 30, 2025, compared to $591 million for the three months ended June 30, 2024. Net income was $519 million for the three months ended June 30, 2025, compared to $424 million for the three months ended June 30, 2024.

Current wording

Net revenues for the three months ended September 30, 2025, were $3.33 billion, compared to $2.68 billion for the three months ended September 30, 2024. Operating income was $719 million for the three months ended September 30, 2025, compared to $504 million for the three months ended September 30, 2024. Net income was $491 million for the three months ended September 30, 2025, compared to $353 million for the three months ended September 30, 2024.

Previous wording

Net casino revenues increased $380 million compared to the three months ended June 30, 2024. The increase was due to increases of $362 million and $18 million at Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands increased due to overall increases in table games and slot activity, and increased win and hold percentages. Casino revenues at our Macao operations increased due to increases in the Rolling Chip win percentage and slot handle, partially offset by a decrease in Rolling Chip volume. The following table summarizes our casino activity:

Current wording

Net casino revenues increased $570 million compared to the three months ended September 30, 2024, due to increases of $477 million and $93 million at Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands increased due to overall increases in win and hold percentages, as well as increases in table games and slot volumes. Casino revenues at our Macao operations increased due to increases in the Non-Rolling Chip drop and win percentage and slot handle, partially offset by decreases in Rolling Chip volume and slot win percentage. The following table summarizes our casino activity:

Previous wording

Room revenues increased $32 million compared to the three months ended June 30, 2024, due to increases of $22 million and $10 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was due to increases in ADR and occupancy, partially offset by a decrease in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand. The increase at Marina Bay Sands was due to an increase in ADR, partially offset by a decrease in available rooms due to reduced inventory upon the phased completion of room renovations, which began in 2024 and concluded in May 2025. The following table summarizes the results of our room activity:

Current wording

Room revenues increased $60 million compared to the three months ended September 30, 2024, due to increases of $31 million and $29 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was due to increases in ADR and available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand, which began in November 2023 and was completed in early April 2025, partially offset by a decrease in occupancy. The increase at Marina Bay Sands was due to increases in ADR, occupancy and available rooms, primarily due to the phased completion of room renovations, which began in 2024 and concluded in May 2025. The following table summarizes the results of our room activity:

Previous wording

Mall revenues increased $13 million compared to the three months ended June 30, 2024. The increase of $9 million in our Macao operations was primarily driven by increases of $8 million in overage rent and $1 million in revenues related to common area maintenance (“CAM”). The $4 million increase at Marina Bay Sands was due to a $4 million increase in base rent. For further information related to the financial performance of our malls, see “Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our malls on the Cotai Strip in Macao and in Singapore:

Current wording

Mall revenues increased $10 million compared to the three months ended September 30, 2024, due to increases of $6 million and $4 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was due to an increase in base rent, while the increase at our Macao operations was driven by increases of $3 million in overage rent and $1 million in revenues related to common area maintenance (“CAM”). For further information related to the financial performance of our malls, see “Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our malls on the Cotai Strip in Macao and in Singapore:

Previous wording

Operating expenses were $2.39 billion for the three months ended June 30, 2025, an increase of $222 million compared to $2.17 billion for the three months ended June 30, 2024. The increase was primarily driven by increases of $101 million in casino expenses, $55 million in depreciation and amortization, and $24 million in general and administrative expenses.

Current wording

Operating expenses were $2.61 billion for the three months ended September 30, 2025, an increase of $434 million compared to $2.18 billion for the three months ended September 30, 2024. The increase was primarily driven by increases of $233 million in casino expenses, $57 million in loss on disposal or impairment of assets, $44 million in depreciation and amortization, $17 million in development, and $23 million in provision for credit losses.

Previous wording

Casino expenses increased $101 million compared to the three months ended June 30, 2024, due to increases of $78 million and $23 million at Marina Bay Sands and our Macao operations, respectively. These increases were primarily attributable to increased gaming taxes of $66 million and $4 million at Marina Bay Sands and our Macao operations, respectively, due to increased gross gaming revenues, as well as increases in casino marketing and payroll and related expenses.

Current wording

Casino expenses increased $233 million compared to the three months ended September 30, 2024, due to increases of $131 million and $102 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily attributable to a $120 million increase in gaming taxes, consistent with increased gross gaming revenues and an increase in gaming tax rates from 8% to 12% on premium play during most of the third quarter due to the tiered tax structure in Singapore as our thresholds were met in July 2025 versus November 2024. The increase at our Macao operations was primarily attributable to increased gaming taxes of $60 million due to increased gross gaming revenues, as well as increases in casino marketing and payroll and related expenses.

Previous wording

Room expenses increased $10 million compared to the three months ended June 30, 2024, due to increases of $6 million and $4 million at our Macao operations and Marina Bay Sands, respectively, consistent with increased business volume driven by increased occupancy in Macao and higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands.

Current wording

Room expenses increased $10 million compared to the three months ended September 30, 2024, due to increases of $7 million and $3 million at our Macao operations and Marina Bay Sands, respectively, consistent with increased business volume and higher costs driven by the conversion of the Sheraton towers to the Londoner Grand in Macao and higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands.

Previous wording

Provision for credit losses was $16 million for the three months ended June 30, 2025, compared to $4 million for the three months ended June 30, 2024. The $12 million increase was primarily due to increases of $6 million each at Marina Bay Sands and our Macao operations. The increase at Marina Bay Sands resulted from a $5 million increase in provision during the current quarter and a $1 million decrease in settlements of previously reserved accounts. The increase at our Macao operations resulted from a $4 million decrease in settlements of previously reserved accounts and a $2 million increase in provision during the current quarter. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

Current wording

Provision for credit losses was $18 million for the three months ended September 30, 2025, compared to recovery of credit losses of $5 million for the three months ended September 30, 2024. The $23 million increase was primarily due to increases of $20 million and $3 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an $11 million increase in provision during the current quarter and a $9 million decrease in settlements of previously reserved accounts. The increase at our Macao operations resulted from a $5 million increase in provision during the current quarter, partially offset by a $2 million increase in settlements of previously reserved accounts. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

Previous wording

Development expenses were $69 million for the three months ended June 30, 2025, compared to $61 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, the increase was primarily due to increased efforts related to our digital gaming pursuits. Development costs are expensed as incurred.

Current wording

Development expenses were $72 million for the three months ended September 30, 2025, compared to $55 million for the three months ended September 30, 2024. During the three months ended September 30, 2025, the increase was primarily due to increased efforts related to the pursuit of new business opportunities in Texas and in the digital gaming space. Development costs are expensed as incurred.

Previous wording

Depreciation and amortization increased $55 million compared to the three months ended June 30, 2024. The increase was due to increases of $43 million and $12 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was a result of the completion of renovations that were placed into service throughout 2024 and the first half of 2025. The increase at our Macao operations was a result of an increase of $35 million in depreciation from new assets placed into service from the third quarter of 2024 and onward, mainly related to the Londoner Grand and The Venetian Arena, partially offset by a $23 million decrease in depreciation due to assets fully depreciated related to Phase II of the Londoner Macao project and other assets fully depreciated during the prior year and the first half of the current year.

Current wording

Depreciation and amortization increased $44 million compared to the three months ended September 30, 2024. The increase was due to increases of $27 million and $17 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was a result of the completion of renovations that were placed into service throughout 2024 and through the first half of 2025. The increase at our Macao operations was driven by a $28 million increase due to new assets placed into service from the fourth quarter of 2024 and onward, mainly related to the Londoner Grand and the Venetian Arena, partially offset by a $12 million decrease in depreciation due to assets fully depreciated during the prior year and through the third quarter of the current year.

Previous wording

(a)During the three months ended June 30, 2025 and 2024, we recorded stock-based compensation expense of $17 million and $14 million, respectively, of which $12 million and $11 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Current wording

(a)During the three months ended September 30, 2025 and 2024, we recorded stock-based compensation expense of $26 million and $24 million, respectively, of which $15 million and $14 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Previous wording

Adjusted property EBITDA at our Macao operations increased $5 million compared with the three months ended June 30, 2024, due to increases in casino and hotel operations at our Integrated Resorts in Macao.

Current wording

Adjusted property EBITDA at our Macao operations increased $16 million compared with the three months ended September 30, 2024, due to increases in casino and hotel operations, partially offset by increased expenses driven by increased competition for gross gaming revenues in Macao.

Previous wording

Interest cost was primarily impacted by a decrease in the weighted average interest rate from 5.0% to 4.8%, partially offset by an increase in the weighted average total debt balance from $14.40 billion to $14.86 billion. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility, partially offset by higher rates on the LVSC Senior Notes issued in May 2025. The weighted average total debt balance increased primarily due to proceeds from the issuance of the LVSC Senior Notes on May 6, 2025, and from the 2025 Singapore Credit Facility to fund our share repurchases and the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area. This is partially offset by repayment of the $500 million 2.900% LVSC Senior Notes due June 2025.

Current wording

Interest cost was primarily impacted by an increase in our weighted average total debt balance from $13.87 billion to $15.94 billion, partially offset by a decrease in the weighted average interest rate from 5.1% to 4.5%. The weighted average total debt balance increased primarily due to the issuance of the LVSC Senior Notes on May 6, 2025, and from the 2025 Singapore Credit Facility, which proceeds were used to repay the $500 million 2.900% LVSC Senior Notes due June 2025 and to fund our share repurchases and the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility and 2024 SCL Term Loan Facility, partially offset by higher rates on the LVSC Senior Notes issued in May 2025.

Previous wording

Interest income was $42 million for the three months ended June 30, 2025, compared to $80 million for the three months ended June 30, 2024. The decrease was attributable to a decrease in cash available to invest due to share repurchases, dividend payments and development-related spend in the last twelve months.

Current wording

Interest income was $39 million for the three months ended September 30, 2025, compared to $67 million for the three months ended September 30, 2024. The decrease was attributable to a decrease in cash available to invest due to share repurchases, dividend payments and development-related spend in the last twelve months.

Previous wording

Our income tax expense was $90 million on income before income taxes of $609 million for the three months ended June 30, 2025, resulting in a 14.8% effective income tax rate. This compares to a 14.5% effective income tax rate for the three months ended June 30, 2024. The income tax expense for the three months ended June 30, 2025, reflects a 17% statutory tax rate on our Singapore operations, a 21% corporate income tax on our domestic operations and a zero percent rate on our Macao gaming operations due to our income tax exemption in Macao.

Current wording

Our income tax expense was $91 million on income before income taxes of $582 million for the three months ended September 30, 2025, resulting in a 15.6% effective income tax rate. This compares to a 12.4% effective income tax rate for the three months ended September 30, 2024. The income tax expense for the three months ended September 30, 2025, reflects a 17% statutory tax rate on our Singapore operations, a 21% corporate income tax on our domestic operations and a zero percent rate on our Macao gaming operations due to our income tax exemption in Macao.

Previous wording

On July 4, 2025, the U.S. enacted the budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill (“OBBB”). The OBBB includes significant changes to U.S. income tax laws, including tax cut extensions and modifications to the international tax framework, that may impact us. Management is still in the process of evaluating the OBBB and an estimate of the financial impact cannot be made at this time.

Current wording

On July 4, 2025, the U.S. enacted tax legislation referred to as the One Big Beautiful Bill (“OBBB”). The OBBB includes significant changes to U.S. income tax laws, including tax cut extensions and modifications to the international tax framework, with certain provisions effective in 2025 and others effective in 2026 and later years. The financial impact of the enactment is included in the Company’s operating results for the three months ended September 30, 2025. The OBBB is not expected to have a material impact on the Company’s 2025 effective tax rate. Management will continue to analyze and adjust future amounts as related administrative guidance, notices, implementation regulations, potential legislative amendments and interpretations of the OBBB continue to evolve.

Previous wording

The net income attributable to noncontrolling interests was $58 million for the three months ended June 30, 2025, compared to $71 million for the three months ended June 30, 2024. These amounts were related to the noncontrolling interest of SCL.

Current wording

The net income attributable to noncontrolling interests was $72 million for the three months ended September 30, 2025, compared to $78 million for the three months ended September 30, 2024. These amounts were related to the noncontrolling interest of SCL.

Previous wording

Net casino revenues increased $279 million compared to the six months ended June 30, 2024. The increase was driven by an increase of $360 million at Marina Bay Sands, partially offset by a decrease of $81 million at our Macao operations. Casino revenues at Marina Bay Sands increased due to increases in Non-Rolling Chip drop and win percentage, Rolling Chip volume and slot hold percentage, partially offset by decreases in slot handle and Rolling Chip win percentage. Casino revenues at our Macao operations decreased due to decreases in Non-Rolling Chip drop and win percentages, Rolling Chip volume and slot hold percentages, partially offset by increases in Rolling Chip win percentage and slot handle. The following table summarizes the results of our casino activity:

Current wording

Net casino revenues increased$849 million compared to the nine months ended September 30, 2024, due to increases of$837 million and$12 millionat Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands increased due to overall increases in win and hold percentages, as well as increases in table games and slot volumes. Casino revenues at our Macao operations increased due to increases in slot handle, Rolling Chip Win percentage and Non-Rolling Chip drop, partially offset by decreases in Rolling Chip volume and slot hold and Non-Rolling Chip win percentages. The following table summarizes the results of our casino activity:

Previous wording

Room revenues increased $26 million compared to the six months ended June 30, 2024. The increase was due to increases of $13 million each at Marina Bay Sands and our Macao operations. Marina Bay Sands room revenues increased primarily due to an increase in ADR, partially offset by a decrease in available rooms due to reduced inventory upon the phased completion of the room renovations, which began in 2024 and concluded in May 2025. Macao room revenues increased due to increases in ADR and occupancy, partially offset by a decrease in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand. The following table summarizes the results of our room activity:

Current wording

Room revenues increased $86 million compared to the nine months ended September 30, 2024, due to increases of $44 million and $42 million at our Macao operations and Marina Bay Sands, respectively. Macao room revenues increased due to increased ADR and occupancy, partially offset by a decrease in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand. Marina Bay Sands room revenues increased primarily due to increases in ADR and occupancy, partially offset by a decrease in available rooms due to reduced inventory upon the phased completion of the room renovations, which began in 2024 and concluded in May 2025. The following table summarizes the results of our room activity:

Previous wording

Mall revenues increased $25 million compared to the six months ended June 30, 2024. The increase of $18 million at our Macao operations was primarily driven by increases of $12 million in overage rent, $4 million in base rent and $2 million in revenues related to CAM. The $7 million increase related to Marina Bay Sands was driven by a $9 million increase in base rent and revenues related to CAM, partially offset by a $2 million decrease in overage rent.

Current wording

Mall revenues increased $35 million compared to the nine months ended September 30, 2024. The increase of $22 million at our Macao operations was primarily driven by increases of $15 million in overage rent, $4 million in base rent and $3 million in revenues related to CAM. The $13 million increase related to Marina Bay Sands was driven by a $15 million increase in base rent and revenues related to CAM, partially offset by a $2 million decrease in overage rent. For further information related to the financial performance of our malls, see “Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our malls on the Cotai Strip in Macao and in Singapore:

Previous wording

(2) During the six months ended June 30, 2025, approximately 49,000, 37,000 and 14,000 square feet of space at the Shoppes at Londoner, the Shoppes at Parisian and the Shoppes at Four Seasons, respectively, was removed from the respective gross leasable area as it was taken off the market and not available for leasing.

Current wording

(2) During the nine months ended September 30, 2025, approximately 49,000, 37,000 and 14,000 square feet of space at the Shoppes at Londoner, the Shoppes at Parisian and the Shoppes at Four Seasons, respectively, was removed from the respective gross leasable area as it was taken off the market and not available for leasing.

Previous wording

Operating expenses were $4.65 billion for the six months ended June 30, 2025, an increase of $233 million compared to $4.41 billion for the six months ended June 30, 2024. The increase was primarily driven by increases of $97 million in depreciation and amortization, $78 million in casino expenses, $24 million in development expense and $13 million in room expense.

Current wording

Operating expenses were $7.26 billion for the nine months ended September 30, 2025, an increase of $667 million compared to $6.59 billion for the nine months ended September 30, 2024. The increase was primarily driven by increases of $311 million in casino expenses, $141 million in depreciation and amortization, $41 million in development expense and $42 million in loss on disposal or impairment of assets.

Previous wording

Casino expenses increased $78 million compared to the six months ended June 30, 2024. The increase was attributable to an increase of $82 million at Marina Bay Sands, partially offset by a decrease of $4 million at our Macao operations. The increase at Marina Bay Sands was primarily due to a $69 million increase in gaming taxes, consistent with increased gross gaming revenues. The decrease at our Macao operations was primarily due to a $37 million decrease in gaming taxes, consistent with decreased gross gaming revenues, partially offset by increases in casino marketing and payroll and related expenses.

Current wording

Casino expenses increased $311 million compared to the nine months ended September 30, 2024. The increase was attributable to increases of $213 million and $98 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to a $189 million increase in gaming taxes, consistent with increased gross gaming revenues and an increase in gaming tax rates from 8% to 12% on premium play beginning in July (compared to the increased tax rate beginning in November last year) due to the tiered tax structure in Singapore. The increase at our Macao operations was primarily due to a $23 million increase in gaming taxes, consistent with increased gross gaming revenues, and increases in casino marketing and payroll and related expenses.

Previous wording

Room expenses increased $13 million compared to the six months ended June 30, 2024. The increase was due to increases of $9 million and $4 million at Marina Bay Sands and our Macao operations, respectively, driven by higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands and increased occupancy in Macao.

Current wording

Room expenses increased $23 million compared to the nine months ended September 30, 2024, due to increases of $12 million and $11 million at Marina Bay Sands and our Macao operations, respectively. These increases were driven by higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands and the conversion of the Sheraton towers to the Londoner Grand in Macao.

Previous wording

Food and beverage expenses increased $6 million compared to the six months ended June 30, 2024. The increase was due to increases of $5 million and $1 million at Marina Bay Sands and our Macao operations, respectively, driven by increased business volume at food outlets and banquets operations and new outlets that opened in the second half of 2024 at Marina Bay Sands.

Current wording

Food and beverage expenses increased $21 million compared to the nine months ended September 30, 2024, due to increases of $14 million and $7 million at Marina Bay Sands and our Macao operations, respectively. The increases were driven by increased business volumes and the opening of venues since the second half of 2024.

Previous wording

Provision for credit losses was $21 million for the six months ended June 30, 2025, compared to $15 million for the six months ended June 30, 2024. The increase in provision was due to a $7 million increase at our Macao operations, partially offset by a $1 million decrease at Marina Bay Sands. The increase at our Macao operations was primarily due to $5 million in settlements from previously reserved accounts in the prior year, and a $2 million increase in the provision for the current period. The decrease at Marina Bay Sands was primarily due to a $1 million decrease in the provision for the current period. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

Current wording

Provision for credit losses was $39 million for the nine months ended September 30, 2025, compared to $10 million for the nine months ended September 30, 2024. The increase in provision was due to increases of $19 million and $10 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to a $10 million increase in the provision for the current period and a $9 million decrease in settlements of previously reserved accounts. The increase at our Macao operations was primarily due to $7 million increase in provision for the current period and a $3 million decrease in settlements of previously reserved accounts. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

Previous wording

General and administrative expenses increased $11 million compared to the six months ended June 30, 2024. The increase was primarily due to an increase of $18 million at Marina Bay Sands, partially offset by a decrease of $7 million at our Macao operations. The increase at Marina Bay Sands was primarily due to increases in payroll, marketing and property taxes. The decrease at our Macao operations was primarily due to decreases in marketing and repairs and maintenance costs.

Current wording

General and administrative expenses increased $26 million compared to the nine months ended September 30, 2024. The increase was primarily due to an increase of $31 million at Marina Bay Sands, partially offset by a decrease of $5 million at our Macao operations. The increase at Marina Bay Sands was primarily due to increases in payroll, property taxes, maintenance contracts and software and hosting services. The decrease at our Macao operations was primarily due to decreases in marketing and repairs and maintenance costs.

Previous wording

Corporate expenses decreased $5 million compared to the six months ended June 30, 2024. The decrease was primarily due to $10 million recorded during the three months ended March 31, 2024, related to a shareholder dividend tax agreement with the Macao government, which was finalized on February 7, 2024, and covers the years from 2023 to 2025, partially offset by an increase of $6 million in charitable contributions and licensing fees.

Current wording

Corporate expenses increased $5 million compared to the nine months ended September 30, 2024. The increase was primarily due to a $9 million increase in payroll and related expenses and $5 million in legal fee recoveries recorded during the nine months ended September 30, 2024, partially offset by $10 million recorded during the three months ended March 31, 2024, related to a shareholder dividend tax agreement with the Macao government, which was finalized on February 7, 2024, and covers the years from 2023 to 2025.

Previous wording

Pre-opening expenses were $9 million for the three months ended June 30, 2025, compared to $3 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, the increase was primarily due to marketing and media expenses for the Londoner Grand.

Current wording

Pre-opening expenses were $20 million for the nine months ended September 30, 2025, compared to $10 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the increase was primarily due to increases in marketing and media expenses for the Londoner Grand and property taxes related to the MBS Expansion Project in Singapore.

Previous wording

Development expenses were $138 million for the six months ended June 30, 2025, compared to $114 million for the six months ended June 30, 2024. During the six months ended June 30, 2025, the increased costs were associated with increased efforts primarily related to our digital gaming pursuits. Development costs are expensed as incurred.

Current wording

Development expenses were $210 million for the nine months ended September 30, 2025, compared to $169 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the increased costs were associated with increased efforts primarily related to our digital gaming pursuits. Development costs are expensed as incurred.

Previous wording

Depreciation and amortization increased $97 million compared to the six months ended June 30, 2024. The increase was primarily due to increases of $85 million and $12 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to the completion of the room renovations that were placed into service throughout 2024 and the first half of 2025. The increase at our Macao operations was primarily due to $65 million in new assets placed into service from the third quarter of 2024 onward, mainly related to Phase II of the Londoner Macao project and The Venetian Arena, partially offset by a $55 million decrease in depreciation due to assets fully depreciated related to Phase II of The Londoner Macao project and other assets fully depreciated during the prior year and through the first half of the current year.

Current wording

Depreciation and amortization increased $141 million compared to the nine months ended September 30, 2024. The increase was primarily due to increases of $111 million and $28 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to the completion of the room renovations that were placed into service throughout 2024 and the first half of 2025. The increase at our Macao operations was driven by a $91 million increase due to new assets placed into service from the fourth quarter of 2024 onward, mainly related to Phase II of The Londoner Macao project and The Venetian Arena, partially offset by a $65 million decrease in depreciation due to assets fully depreciated during the prior year and through the third quarter of the current year, including Sheraton-related assets fully depreciated in connection with Phase II of The Londoner Macao project.

Previous wording

Loss on disposal or impairment of assets was $15 million for the six months ended June 30, 2025, compared to $30 million for the six months ended June 30, 2024. The losses incurred for the six months ended June 30, 2025, were due to $8 million in Macao, $6 million at Corporate, and $1 million at Marina Bay Sands. The losses at our Macao operations were due to $6 million in demolition costs primarily related room renovations at Londoner Grand and $2 million in loss on disposal. The losses at Corporate were primarily due to $6 million in asset disposals related to an aircraft remodeling.

Current wording

Loss on disposal or impairment of assets was $83 million for the nine months ended September 30, 2025, compared to $41 million for the nine months ended September 30, 2024. The losses incurred for the nine months ended September 30, 2025, consisted primarily of impairments of $51 million on assets associated with the decision to no longer pursue the development of certain digital gaming activities, $9 million related to assets associated with the decision to no longer pursue a casino license from the state of New York and $3 million related to certain assets in Texas, and losses of $13 million in Macao primarily due to the demolition costs for room renovations at Londoner Grand and $6 million at Corporate primarily due to asset disposals related to an aircraft remodeling.