LAS VEGAS SANDS CORP

Note 10 —Derivative Instruments

The Company currently uses cross-currency interest rate swaps (“Swaps”) and foreign currency forward contracts (“Forwards”) as effective economic hedges against foreign currency exchange rate risk. The Swaps and Forwards involve the purchase and sale of currencies at an agreed-upon foreign currency exchange rate to be executed on a specified date. The Swaps also include the periodic swapping of interest payments in the respective currencies.

The Company entered into various Swaps (as described below) to manage the risk of changes in cash flows resulting from foreign currency gains and losses recorded upon remeasurement of U.S. dollar (“USD”) denominated SCL senior notes by swapping a specified amount of Hong Kong dollars (“HKD”) for USD at the contractual spot rate on specified dates.

During the year ended December 31, 2021, the Company entered into a Swap with a notional value of $1.0 billion, which was designated as a hedge of the cash flows related to a portion of the $1.80 billion 5.125% SCL Senior Notes (the “2021 SCL Swap”) and expired in line with the contractual maturity date of the underlying notes. In June 2025, the Company redeemed the underlying notes and discontinued hedge accounting of the 2021 SCL Swap. As a result, the related $6 million net loss previously recorded to “Accumulated other comprehensive income (loss)” (“AOCI”) in the accompanying consolidated balance sheets under hedge accounting was reclassified into “Other income (expense)” in the accompanying consolidated statements of operations. In July 2025, the 2021 SCL Swap was terminated and final settlement was completed in August 2025. In addition to the amount reclassified out of AOCI noted above, for the year ended December 31, 2025, net gains of $6 million were recorded to “Other income (expense)” related to the post-hedge accounting fair value adjustments and the final net settlement.

During the year ended December 31, 2024, the Company entered into additional Swaps, also designated as hedges of the cash flows related to a portion of the remaining SCL senior notes (the “2024 SCL Swaps,” and together with the 2021 SCL Swap, the “SCL Swaps”). As of December 31, 2025, the 2024 SCL Swaps had a total notional value of $3.41 billion and expire in line with the maturity dates of the underlying SCL senior notes.

During the year ended December 31, 2025, the Company entered into various Swaps to manage the risk of adverse changes in the foreign currency exchange rate between USD and SGD impacting the Company’s net investment in MBS. These Swaps were designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”). The MBS Net Investment Hedges have a total notional value of $1.80 billion and expire on various dates beginning March 2028 through December 2030. Additionally, in May and December 2025, the Company entered into Forwards (the “May 2025 SCL Net Investment Hedge” and the “December 2025 SCL Net Investment Hedges,” respectively, and together, the “SCL Net Investment Hedges”) for the exchange of USD to HKD to manage the risk of adverse changes in the foreign currency exchange rate between USD and pataca (which is SCL’s functional currency and is pegged to HKD) impacting the Company’s net investment in SCL. The SCL Net Investment Hedges were designated as hedges of the Company’s net investment in SCL (together with the MBS Net Investment Hedges, the “Net Investment Hedges”). The May 2025 SCL Net Investment Hedge had a total notional value of $189 million and expired in July 2025. The December 2025 SCL Net Investment Hedges have a total notional value of $387 million and expire in June and September 2026.

For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to AOCI in the accompanying consolidated balance sheets. Refer to “Note 14 —Fair Value Disclosures” for further details. For the Net Investment Hedges, all amounts will remain in AOCI until derecognition of the investment, and for the SCL Swaps, a portion of the amount recorded in AOCI is reclassified to “Other income (expense)” each reporting period to offset the foreign currency impact from the remeasurement of the related SCL senior notes.

The following table presents the net changes in AOCI associated with each year’s hedging activities, net of tax:

As of December 31, 2025, approximately $26 million of the net loss deferred in AOCI related to the SCL Swaps is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending December 31, 2026. The actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions.

The cash flow impact is included in operating activities for the SCL Swaps and in investing activities for the Net Investment Hedges in the accompanying consolidated statements of cash flows.