LAS VEGAS SANDS CORP

Note 6 —Property and Equipment, Net

Property and equipment consists of the following:

During the year ended December 31, 2025, the Company recognized a loss on disposal or impairment of assets of $205 million. The Company had a loss on impairment of assets of $149 million for the year ended December 31, 2025, due to: (i) the Company’s decision to not pursue a casino license from the State of New York and the state’s subsequent granting of all available licenses in December 2025; and (ii) not continuing the development of certain digital gaming activities. Loss on disposal of assets of $56 million for the year ended December 31, 2025 was primarily due to the write-off of $29 million in design costs related to the cancellation of an expansion project at The Venetian Macao, $10 million in demolition and asset disposal costs at The Londoner Macao and $6 million in asset disposals related to an aircraft remodel. The $50 million loss on disposal or impairment of assets for the year ended December 31, 2024, included $32 million in Macao, primarily related to the $28 million in demolition and asset disposal costs driven by The Londoner Macao and The Venetian Macao, $9 million in Singapore primarily related to demolition costs and $9 million at corporate primarily due to the sale of an aircraft. The $27 million loss on disposal or impairment of assets for the year ended December 31, 2023, included $14 million in Singapore primarily related to demolition costs and $12 million in Macao primarily related to $8 million in asset disposals at The Parisian Macao, and $4 million related to demolition costs at The Londoner Macao and The Plaza Macao and Four Seasons Macao.

Depreciation and amortization expense was $1.39 billion, $1.24 billion and $1.14 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Note 7 —Leasehold Interests in Land, Net

Leasehold interests in land consist of the following:

The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease, which includes automatic extensions in Macao as discussed further below. Amortization expense of $76 million, $60 million and $58 million was included in “Amortization of leasehold interests in land” in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated future amortization expense over the expected terms of the Company’s leasehold interests in land is approximately $79 million for each of the years ending December 31, 2026 through 2030 and $2.65 billion thereafter at exchange rates in effect on December 31, 2025.

Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company anticipates a useful life of 50 years related to the land concessions in Macao. The Company has received land concessions from the Macao government to build on the sites on which Sands Macao, The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao and The Parisian Macao are located. The Company does not own these land sites in Macao; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, as well as make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government.

Land concessions in Singapore have an initial term of 60 years. The Company has received land concessions from the STB to build on the sites on which Marina Bay Sands and the future MBS Expansion Project are located. The Company does not own these land sites in Singapore; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company was required to prepay the premiums for each parcel. In January 2025, MBS entered into the Second Supplemental Agreement whereby MBS committed to assume liability for the cost of the land premium associated with the Additional Gaming Area purchase, as well as other adjustments to the land premiums resulting from the consequential changes to the allocations of gross floor area for the MBS Expansion Project since the first payment made in 2019. The Company recognized SGD 1.13 billion (approximately $848 million at exchange rates in effect at the time of the payment)in leasehold interests in land for MBS’ purchase of the Additional Gaming Area made in April 2025. The remainder of the Additional Land Premium related to the Second Supplemental Agreement is expected to be approximately SGD 182 million (approximately $142 million at exchange rates in effect on December 31, 2025) and to be finalized during the first quarter of 2026.