LAS VEGAS SANDS CORP

Previous 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.

Current wording

We believe we have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.33 billion as of March 31, 2026 and access to $3.97 billion of available borrowing capacity under our U.S., SCL and Singapore revolving credit facilities as of the date of this report. 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 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.

Current wording

There were no newly identified significant accounting policies and estimates during the three months ended March 31, 2026, nor were there any material changes to the critical accounting policies and estimates discussed in our 2025 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 3.3% 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.

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 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 3.6% and 3.8% for the three months ended March 31, 2026 and 2025, respectively, in Singapore. Our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 23.1%, 22.8%, 21.0%, 21.6%, 14.8% 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 3.6%, 3.8%, 3.7%, 2.3%, 2.4% and 4.4% 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, 11.3% and 12.0%, respectively, of our table games play was conducted on a credit basis for the three months ended March 31, 2026.

Previous 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:

Current wording

Net casino revenues increased due to increases of $343 million and $269 million at our Macao operations and Marina Bay Sands, respectively. Casino revenues at our Macao operations increased due to increased table games and slot volumes and an increase in Rolling Chip win percentages, partially offset by decreases in Non-Rolling Chip win and slot hold percentages. Casino revenues at Marina Bay Sands increased due to increased table games and slot volumes, partially offset by decreases in win and hold percentages. The following table summarizes our casino activity:

Previous 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:

Current wording

Room revenues increased due to increases of $27 million and $26 million at our Macao operations and Marina Bay Sands, respectively. Macao room revenues increased due to an increase in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand, which was completed in April 2025. Marina Bay Sands room revenues increased due to increases in available rooms and ADR, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. The following table summarizes the results of our room activity:

Previous wording

Food and beverage revenues increased $13 million compared to the three months ended September 30, 2024, due to increases of $7 million and $6 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was due to increased business volume and the opening of new venues since September 2024. The increase at Marina Bay Sands was due to the opening of venues in June and July 2025, as well as increased business volume.

Current wording

Food and beverage revenues increased due to increases of $18 million and $17 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was due to increased business volume and the opening of a new venue in July 2025. The increase at our Macao operations was due to increased business volume.

Previous 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:

Current wording

Mall revenues increased due to increases of $11 million and $7 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $9 million in overage rent, $1 million in base rent and $1 million in revenues related to common area maintenance (“CAM”) and other revenues, while the increase at Marina Bay Sands was due to increases of $5 million in base rent and $2 million 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

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.

Current wording

Casino expenses increased due to increases of $260 million and $88 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was primarily attributable to a $198 million increase in gaming taxes, consistent with increased gross gaming revenues, and increases of $34 million in payroll expenses and $16 million in casino marketing expenses. The increase at Marina Bay Sands was primarily attributable to a $64 million increase in gaming taxes, consistent with increased gross gaming revenues, and an increase of $12 million in payroll expenses.

Previous 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.

Current wording

Room expenses increased due to increases of $6 million and $5 million at our Macao operations and Marina Bay Sands, respectively. The increases were consistent with increased revenues and the conversion of the Sheraton towers to the Londoner Grand in Macao, which concluded in April 2025, and higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands, which concluded in May 2025.

Previous wording

Food and beverage expenses increased $15 million compared to the three months ended September 30, 2024, due to increases of $9 million and $6 million at Marina Bay Sands and our Macao operations, respectively. These increases were primarily due to the opening of venues since the second half of 2024 and increases in payroll and business volumes.

Current wording

Food and beverage expenses increased due to increases of $13 million and $10 million at Marina Bay Sands and our Macao operations, respectively. These increases were primarily due to the increased business volumes and an increase in payroll expenses of $7 million and $3 million at Marina Bay Sands and our Macao operations, respectively.

Previous 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.

Current wording

The provision for credit losses increased due to increases of $14 million and $10 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an increase of $38 million in provision during the current quarter, partially offset by an increase of $24 million in settlements of previously reserved accounts. The increase at our Macao operations resulted from an increase of $12 million in provision during the current quarter, partially offset by an increase of $2 million 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

(1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including LVSC, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including LVSC, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. We have significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies.

Current wording

(1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including LVSC, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including LVSC, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. We have significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies.

Previous 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.

Current wording

(a)During the three months ended March 31, 2026 and 2025, we recorded stock-based compensation expense of $24 million and $9 million, respectively, of which $21 million and $8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Previous wording

Adjusted property EBITDA at Marina Bay Sands increased $601 million compared to the nine months ended September 30, 2024. The increase was primarily due to increased casino and room operations driven by the introduction of new and elevated suites and rooms and other amenities at Marina Bay Sands.

Current wording

Adjusted property EBITDA at Marina Bay Sands increased $183 million compared to the three months ended March 31, 2025. The increase was primarily due to an overall increase in revenues, primarily in our casino operations, driven by increased table games volumes. Additionally, revenue in hotel operations increased, driven by the introduction of new suites, rooms and other amenities, which were completed in May 2025.

Previous 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.

Current wording

Interest cost was primarily impacted by an increase in our weighted average total debt balance, partially offset by a decrease in the weighted average interest rate. The weighted average total debt balance increased primarily due to (i) the issuance of the LVSC Senior Notes in May 2025, the proceeds from which were used to repay the $500 million 2.900% LVSC Senior Notes due June 2025 and to fund our share repurchases; and (ii) additional borrowings under the 2025 Singapore Credit Facility used to fund 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 $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.

Current wording

Interest income was $35 million for the three months ended March 31, 2026, compared to $42 million for the three months ended March 31, 2025. 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

Other income was $11 million for the three months ended September 30, 2025 and 2024. Other income during the three months ended September 30, 2025, was primarily attributable to foreign currency remeasurement gains on U.S. dollar denominated debt held by SCL.

Current wording

Other expense was $3 million for the three months ended March 31, 2026, compared to $1 million for the three months ended March 31, 2025. Other expense during the three months ended March 31, 2026, was primarily attributable to foreign currency remeasurement losses on U.S. dollar denominated debt held by Sands China Ltd. (“SCL”).

Previous 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.

Current wording

Our income tax expense was $107 million on income before income taxes of $748 million for the three months ended March 31, 2026, resulting in a 14.3% effective income tax rate. This compares to a 13.4% effective income tax rate for the three months ended March 31, 2025. The income tax expense for the three months ended March 31, 2026, reflects a 17% statutory tax rate on our Singapore operations and a 21% corporate income tax on our domestic operations.

Previous 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.

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 OBBB is not expected to have a material impact on the Company’s 2026 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 $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.

Current wording

The net income attributable to noncontrolling interests was $74 million for the three months ended March 31, 2026, compared to $56 million for the three months ended March 31, 2025. These amounts were related to the noncontrolling interest of SCL. The increase of $18 million was primarily due to an increase in the net income of SCL for the three months ended March 31, 2026, partially offset by the purchase of additional SCL shares by us during 2025, which resulted in our ownership of SCL having increased from 72.29% as of March 31, 2025 to 74.80% as of March 31, 2026.

Previous wording

Our malls are designed to complement our other unique amenities and service offerings provided by our Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our patrons and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents and reimbursements for common area maintenance and other expenditures.

Current wording

We own and operate retail malls at our Integrated Resorts at The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao, The Parisian Macao and Marina Bay Sands. Our malls are designed to complement our other unique amenities and service offerings provided by our Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our patrons and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents and reimbursements for CAM and other expenditures.

Previous wording

The following tables summarize the results of our mall operations on the Cotai Strip and at Marina Bay Sands for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table summarizes the results of our mall operations on the Cotai Strip and at Marina Bay Sands for the three months ended March 31, 2026 and 2025:

Previous wording

In the tables above, we believe taking total mall revenues less mall-related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies.

Current wording

In the table above, we believe taking total mall revenues less mall-related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies.

Previous wording

As part of the gaming concession entered into by VML and the Macao government (the “Concession”), VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.47 billion at exchange rates in effect on September 30, 2025). Of this total, 33.39 billion patacas (approximately $4.16 billion at exchange rates in effect on September 30, 2025) must be invested in non-gaming projects. These investments must be accomplished by December 2032.

Current wording

As part of the gaming concession entered into by VML and the Macao government (the “Concession”), VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.44 billion at exchange rates in effect on March 31, 2026). Of this total, 33.39 billion patacas (approximately $4.14 billion at exchange rates in effect on March 31, 2026) must be invested in non-gaming projects. These investments must be accomplished by December 2032.

Previous wording

Pursuant to the Concession, we have spent approximately $168 million on these projects for the year ended December 31, 2023. This amount was reviewed and confirmed as qualified spend under the Concession by the Macao government following an audit conducted in July 2024, with results issued in November 2024. The Macao government conducts an annual audit to confirm qualified concession investments for the prior year. As of the date of this filing, the audit process for the Company’s investments spent during the year ended December 31, 2024, has commenced.

Current wording

For the years ended December 31, 2024 and 2023, we spent a total of approximately 5.80 billion patacas (approximately $718 millionat exchange rates in effect on March 31, 2026)on these projects. The annual amounts were reviewed and confirmed as qualified spend under the Concession by the Macao government following audits conducted in May 2025 and July 2024, with results issued in November 2025 and 2024, respectively. The Macao government conducts an annual audit to confirm qualified concession investments for the prior year. For the year ended December 31, 2025, we spent approximately 2.52 billion patacas (approximately $313 millionat exchange rates in effect on March 31, 2026); however, as of the date of this filing, the audit process for the 2025 investments is in progress and the ultimate amount confirmed as qualified spend under the Concession may differ from the amount reported above based on the results of the audit.

Previous wording

In April 2019, our wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development (the “MBS Expansion Project”) on a land parcel adjacent to Marina Bay Sands. The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats.

Current wording

In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development (the “MBS Expansion Project”) on a land parcel adjacent to Marina Bay Sands. The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats.

Previous wording

On January 8, 2025, MBS entered into a second supplemental agreement to the Second Development Agreement with the Singapore government (the “Second Supplemental Agreement”) whereby MBS committed to assume liability for the cost of the land premium associated with the additional 2,000 square meters of gaming area and 10,000 square meters of ancillary area in support of the gaming area (collectively, the “Additional Gaming Area”) 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 “Additional Land Premium”). These allocations prescribe and limit the use of the gross floor area for hotel, gaming, retail, food and beverage, MICE and arena at the MBS Expansion Project site. The Second Supplemental Agreement also formalized the dates by which MBS has agreed with the Singapore government to commence and complete construction of the MBS Expansion Project, being July 8, 2025 and July 8, 2029, respectively. Construction works for the project commenced as of May 26, 2025, before the requisite commencement date under the Second Supplemental Agreement.

Current wording

In January 2025, MBS entered into a second supplemental agreement to the Second Development Agreement with the Singapore government (the “Second Supplemental Agreement”) whereby MBS committed to assume liability for the cost of the land premium associated with (i) the additional 2,000 square meters of gaming area and 10,000 square meters of ancillary area in support of the gaming area (collectively, the “Additional Gaming Area”) and (ii) 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 “Additional Gross Floor Area,” and collectively with the Additional Gaming Area, the “Additional Land Premium”).

Previous wording

Our current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.

Current wording

The dates by which MBS has agreed with the Singapore government to commence and complete construction of the MBS Expansion Project pursuant to the Second Supplemental Agreement are July 8, 2025 and July 8, 2029, respectively. Construction works for the project commenced in May 2025. While our current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.

Previous wording

We have incurred approximately $2.4 billion as of September 30, 2025, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payment of SGD 1.13 billion (approximately $848 million at exchange rates in effect at the time of the payment) for the Additional Gaming Area payment, which was made on April 2, 2025.

Current wording

Our estimated total project cost is approximately $8.0 billion, inclusive of financing fees and interest, and land premiums. We have incurred approximately $2.8 billion as of March 31, 2026, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payments of 1.13 billion Singapore dollars (“SGD”) (made in April 2025) and SGD 173 million (made in March 2026) (approximately $848 million and $137 million, respectively, at exchange rates in effect at the time of the payment) for the Additional Gaming Area and Additional Gross Floor Area, respectively.

Previous wording

Table games play at our properties is conducted on a cash and credit basis, while slot machine play is primarily conducted on a cash basis. Our rooms, food and beverage and other non-gaming revenues are conducted primarily on a cash basis and to a lesser extent as a trade receivable. Operating cash flows are generally affected by changes in operating income, accounts receivable, gaming related liabilities and interest payments. Cash flows from operating activities for the nine months ended September 30, 2025, decreased $470 million compared to the nine months ended September 30, 2024. The decrease in cash generated from operations was primarily related to the $848 million payment for MBS’ purchase of the Additional Gaming Area and a decrease in operating income from our Macao properties, partially offset by an increase in operating income from Marina Bay Sands and an increase in cash related to changes in working capital.

Current wording

Table games play at our properties is conducted on a cash and credit basis, while slot machine play is primarily conducted on a cash basis. Our rooms, food and beverage and other non-gaming revenues are conducted primarily on a cash basis and to a lesser extent as a trade receivable. Operating cash flows are generally affected by changes in operating income, accounts receivable, gaming related liabilities and interest payments. Cash flows from operating activities for the three months ended March 31, 2026, increased $205 million compared to the three months ended March 31, 2025. The increase in cash generated from operations was primarily due to our Macao and Singapore operations generating increased operating income, as well as an increase in cash related to changes in working capital, exclusive of the $137 million payment for the Additional Gross Floor Area.

Previous wording

Capital expenditures for the nine months ended September 30, 2024, totaled $1.02 billion. Included in this amount was $534 million for construction and development activities in Macao, which consisted of $348 million for The Londoner Macao, $155 million for The Venetian Macao and $31 million for other Macao properties, and $454 million for construction activities at Marina Bay Sands in Singapore, primarily due to the room renovations being completed across the property. Additionally, we funded $32 million for corporate and other costs.

Current wording

Capital expenditures for the three months ended March 31, 2026, totaled $194 million. Included in this amount was $102 million for construction activities at Marina Bay Sands in Singapore and $89 million for construction and development activities in Macao, which consisted of $50 million for The Venetian Macao, $25 million for The Londoner Macao and $14 million for the other Macao properties, and $3 million for corporate and other costs.

Previous wording

Capital expenditures for the nine months ended September 30, 2025, totaled $894 million. Included in this amount was $434 million for construction and development activities in Macao, which consisted of $271 million for The Londoner Macao, primarily due to the Londoner Grand, $131 million for The Venetian Macao and $32 million for the other Macao properties, $425 million for construction activities at Marina Bay Sands in Singapore, primarily due to the room renovations being completed across the property, and $35 million for corporate and other costs. Additionally, in March 2025, we paid approximately $75 million to the Singapore Gambling Regulatory Authority as part of the process to renew our gaming license at Marina Bay Sands, which gaming license now expires in April 2028.

Current wording

Capital expenditures for the three months ended March 31, 2025, totaled $379 million. Included in this amount was $197 million for construction and development activities in Macao, which consisted of $166 million for The Londoner Macao, primarily due to the Londoner Grand, $24 million for The Venetian Macao and $7 million for other Macao properties, and $175 million for construction activities at Marina Bay Sands in Singapore, primarily due to the room renovations being completed across the property, and $7 million for corporate and other costs. Additionally, in March 2025, we paid approximately $75 million to the Singapore Gambling Regulatory Authority as part of the process to renew our gaming license at Marina Bay Sands, which gaming license now expires in April 2028.

Previous wording

Net cash flows used in financing activities were $1.19 billion for the nine months ended September 30, 2025. We utilized $1.72 billion for common stock repurchases, $664 million for dividend payments, $475 million to purchase SCL shares through open market transactions and forward contracts, and $201 million for deferred offering costs for the refinancing of the 2025 LVSC Senior Notes and the 2025 Singapore Credit Facility, and the draw down on the 2024 SCL Term Loan Facility. Additionally, there were net proceeds of debt of $1.89 billion, primarily related to proceeds received from the issuance of the 2025 LVSC Senior Notes and the 2025 Singapore Credit Facility. Lastly, we paid $30 million in other financial liability payments.

Current wording

Net cash flows used in financing activities were $692 million for the three months ended March 31, 2025. We utilized $416 million for common stock repurchases, $179 million for dividend payments related to our stockholder return of capital program and $164 million for deferred offering costs for the 2025 Singapore Credit Facility. Additionally, there were net proceeds of debt of $87 million, primarily related to proceeds received from the 2025 Singapore Credit Facility and the extinguishment of the 2012 Singapore Credit Facility. Lastly, we paid $19 million in other financial liability payments.

Previous wording

Our U.S., SCL and Singapore credit facilities, as amended, contain various financial covenants, which include maintaining a maximum leverage ratio, as defined per the respective facility agreements. As of September 30, 2025, our U.S., SCL and Singapore leverage ratios, as defined per the respective credit facility agreements, were 1.39x, 3.37x and 1.51x, respectively, compared to the maximum leverage ratios allowed of 4.00x, 4.00x and 4.50x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities.

Current wording

Our U.S., SCL and Singapore credit facilities, as amended, contain various financial covenants, which include maintaining a maximum leverage ratio, as defined per the respective facility agreements. As of March 31, 2026, our U.S., SCL and Singapore leverage ratios, as defined per the respective credit facility agreements, were 1.90x, 3.29x and 1.30x, respectively, compared to the maximum leverage ratios allowed of 4.00x, 4.00x and 4.50x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities.

Previous wording

We held unrestricted cash and cash equivalents of $3.35 billion and restricted cash of $125 million as of September 30, 2025, of which approximately $1.86 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $1.86 billion, approximately $1.57 billion is available to be repatriated, either in the form of dividends or via intercompany loans or advances, to the U.S., subject to levels of earnings, cash flow generated from gaming operations and various other factors, including dividend requirements to third-party public stockholders in the case of funds being repatriated from SCL, compliance with certain local statutes, laws and regulations currently applicable to our subsidiaries and restrictions in connection with their contractual arrangements. We do not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise.

Current wording

We held unrestricted cash and cash equivalents of $3.33 billion and restricted cash of $125 million as of March 31, 2026, of which approximately $2.38 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $2.38 billion, approximately $1.93 billion is available to be repatriated, either in the form of dividends or via intercompany loans or advances, to the U.S., subject to levels of earnings, cash flow generated from gaming operations and various other factors, including dividend requirements to third-party public stockholders in the case of funds being repatriated from SCL, compliance with certain local statutes, laws and regulations currently applicable to our subsidiaries and restrictions in connection with their contractual arrangements. We do not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise.

Previous wording

We believe we have a strong balance sheet and sufficient liquidity in place, including unrestricted cash and cash equivalents of $3.35 billion and cash flow generated from operations, as well as $4.46 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

Current wording

We believe we have a strong balance sheet and sufficient liquidity in place, including unrestricted cash and cash equivalents of $3.33 billion as of March 31, 2026 and cash flow generated from operations, as well as $3.97 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, as of the date of this report.

Previous wording

On February 19, May 14 and August 13, 2025, we paid a quarterly dividend of $0.25 per common share as part of a regular cash dividend program and, during the nine months ended September 30, 2025, recorded $526 million as a distribution against retained earnings. In October 2025, our Board of Directors declared a quarterly dividend of $0.25 per common share (a total estimated to be approximately $169 million) to be paid on November 12, 2025, to stockholders of record on November 4, 2025. Our Board of Directors announced a $0.20 increase in the Company’s recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $1.20 per share ($0.30 per share per quarter). Our Board of Directors will continue to assess the level of appropriateness of any cash dividends.

Current wording

In April 2026, our Board of Directors declared a quarterly dividend of $0.30 per common share (a total estimated to be approximately $199 million) to be paid on May 13, 2026, to stockholders of record on May 5, 2026. We expect this level of dividend to continue quarterly through the remainder of 2026. Our Board of Directors will continue to assess the level of appropriateness of any cash dividends.

Previous wording

During the nine months ended September 30, 2025, we repurchased 39,487,824 shares of our common stock for $1.77 billion (including $1 million in commissions and $17 million in excise tax) under our share repurchase program. On April 22, 2025, our Board of Directors authorized increasing the remaining share repurchase amount from $1.10 billion to $2.0 billion. All share repurchases of our common stock have been recorded as treasury stock. As of September 30, 2025, the remaining amount authorized under the share repurchase program was $700 million. Subsequently, on October 21, 2025, our Board of Directors authorized increasing the remaining share repurchase amount to $2.0 billion and extending the share repurchase program’s expiration date to November 3, 2027.

Current wording

During the three months ended March 31, 2026, we repurchased 13 million shares of our common stock for $746 million (including $6 million in excise tax) under our current program. All share repurchases of our common stock have been recorded as treasury stock.

Previous wording

Repurchases of our common stock are made at our discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, cash flows, legal requirements, other investment opportunities and market conditions.

Current wording

We have approximately $817 million remaining under our authorized share repurchase program. Repurchases of our common stock are made at our discretion in accordance with applicable federal securities laws in the open market or otherwise, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases or block trades, subject to market conditions, applicable legal requirements and other factors. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, cash flows, legal requirements, other investment opportunities and market conditions.

Previous wording

This Quarterly Report on Form 10-Q contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this Annual Report on Form 10-K, the words: “anticipates,” “believes,” “continues,” “estimates,” “expects,” “intends,” “may,” “plans,” “positions,” “remains,” “seeks,” “will,” “would,” and similar expressions, as they relate to our Company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve known and unknown risks, uncertainties and other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with:

Current wording

This Quarterly Report on Form 10-Q contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this report, the words: “anticipates,” “believes,” “continues,” “estimates,” “expects,” “intends,” “may,” “plans,” “positions,” “remains,” “seeks,” “will,” “would,” and similar expressions, as they relate to our Company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve known and unknown risks, uncertainties and other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: