LAS VEGAS SANDS CORP

Previous wording

We view each of our Integrated Resort properties as an operating segment. Our operating segments in Macao consist of The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; and the Sands Macao. Our operating segment in Singapore is Marina Bay Sands.

Current wording

We view each of our Integrated Resort properties as an operating segment. Our operating segments in Macao consist of The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; and Sands Macao. Our operating segment in Singapore is Marina Bay Sands.

Previous wording

Our Macao operations continue to face a competitive operating environment, with adjusted property EBITDA decreasing $38 million, or 3.5%, compared with the six months ended June 30, 2025, despite net revenues increasing $388 million, or 11.1%, compared with the six months ended June 30, 2025. Although net revenues showed growth year over year, this was offset by increased costs on patron reinvestment and increased payroll costs related to the competitive environment and an increase in table game hours and service levels.

Current wording

Our Macao operations continue to face a competitive operating environment, with adjusted property EBITDA decreasing $110 million, or 6.5%, compared with the nine months ended September 30, 2025, despite net revenues increasing $415 million, or 7.7%, compared with the nine months ended September 30, 2025. Although net revenues showed growth year over year, this was offset by increased costs on patron reinvestment and increased payroll costs related to the competitive environment and an increase in table game hours and service levels.

Previous wording

During the first half of 2026, we continued to execute our strategic objectives as table games and slot volumes increased year over year in both Singapore and Macao, while we also continued to increase the return of capital to stockholders, with the repurchase of $1.53 billion (exclusive of commissions and excise tax) of our common stock and dividend payments totaling $400 million. We will continue to invest in premium suites and other hospitality offerings, such as the current room renovation and premium suite expansion at The Venetian Macao, as well as increasing overall service levels for our VIPs and premium patrons in Macao.

Current wording

During the nine months ended September 30, 2026, we continued to execute our strategic objectives as table games and slot volumes increased year over year in both Singapore and Macao, while we also continued to increase the return of capital to stockholders, with the repurchase of $2.48 billion (exclusive of commissions and excise tax) of our common stock and dividend payments totaling $593 million. We will continue to invest in premium suites and other hospitality offerings, such as the current room renovation and premium suite expansion at The Venetian Macao, as well as increasing overall service levels for our VIPs and premium patrons in Macao.

Previous wording

We believe we have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.38 billion, and access to $4.26 billion of available borrowing capacity under our U.S., SCL and Singapore revolving credit facilities as of June 30, 2026. 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 $2.86 billion, and access to $4.27 billion of available borrowing capacity under our U.S., SCL and Singapore revolving credit facilities as of September 30, 2026. 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, 2026, nor were there any material changes to the critical accounting policies and estimates discussed in our 2025 Annual Report.

Current wording

There were no newly identified significant accounting policies and estimates during the nine months ended September 30, 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 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 4.2% for the three months ended March 31 and June 30, 2026, respectively, and 4.1%, 4.2% and 3.9% for the three months ended June 30, September 30 and December 31, 2025, respectively, in Singapore. Our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 22.3%, 22.4%, 21.0%, 21.4%, 14.7% and 22.9% 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 3.8%, 3.8%, 3.5%, 2.2%, 2.2% 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, 11.7% and 12.2%, respectively, of our table games play was conducted on a credit basis for the six months ended June 30, 2026.

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%, 4.2% and 4.6% for the three months ended March 31, June 30 and September 30, 2026, respectively, and 4.2% and 3.9% for the three months ended September 30 and December 31, 2025, respectively, in Singapore. Our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 22.0%, 21.2%, 21.3%, 20.7%, 14.6% and 21.4% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage of 3.8%, 3.8%, 3.5%, 1.9%, 2.1% 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, 10.9% and 11.1%, respectively, of our table games play was conducted on a credit basis for the nine months ended September 30, 2026.

Previous wording

Consolidated net revenues decreased due to decreases of $11 million and $10 million at our Macao operations and Marina Bay Sands, respectively.

Current wording

Consolidated net revenues decreased due to a $142 million decrease at Marina Bay Sands, partially offset by a $27 million increase at our Macao operations.

Previous wording

Net casino revenues decreased due to decreases of $44 million and $30 million at Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands decreased due to decreased table games win percentages, partially offset by increased table games and slot volumes. Casino revenues at our Macao operations decreased due to decreased table games win and slot hold percentages, partially offset by increased table games and slot volumes across each of our properties. The following table summarizes our casino activity:

Current wording

Net casino revenues decreased due to a $161 million decrease at Marina Bay Sands, partially offset by a $25 million increase at our Macao operations. Casino revenues at Marina Bay Sands decreased as lower win percentages reduced Non-Rolling Chip win despite higher volume, while lower volume and win percentages reduced Rolling Chip win. Casino revenues at our Macao operations increased on higher table game and slot volumes, partially offset by lower Non-Rolling Chip win percentages. The following table summarizes our casino activity:

Previous wording

(1)Rolling Chip tables were made available based on demand beginning in March 2024.

Current wording

(1) Rolling Chip tables are made available based on demand.

Previous wording

Room revenues increased due to a $17 million increase at Marina Bay Sands, partially offset by a $3 million decrease at our Macao operations. Marina Bay Sands room revenues increased driven by an increase in ADR, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. Room revenues at our Macao operations decreased due to a decrease in available rooms, primarily due to the room renovations at The Venetian Macao, which commenced in the first quarter of 2026, partially offset by increases in ADR and occupancy. The following table summarizes the results of our room activity:

Current wording

Room revenues increased due to an $8 million increase at Marina Bay Sands, partially offset by a $6 million decrease at our Macao operations. Marina Bay Sands room revenues increased driven by an increase in ADR, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. Room revenues at our Macao operations decreased due to a decrease in available rooms, primarily due to the room renovations at The Venetian Macao, which commenced in the first quarter of 2026, partially offset by increases in ADR and occupancy. The following table summarizes the results of our room activity:

Previous wording

Food and beverage revenues increased due to increases of $32 million and $24 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.

Current wording

Food and beverage revenues increased due to increases of $9 million and $2 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was due to increased volume at existing outlets, while the increase at our Macao operations was due to increased business volume at existing outlets and banquet operations.

Previous wording

Mall revenues increased due to increases of $6 million and $5 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $4 million in overage rent and $2 million in base rent, while the increase at Marina Bay Sands was due to increases in both base rent and overage rent of $3 million each, partially offset by a $1 million decrease in 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 mall activity:

Current wording

Mall revenues increased due to increases of $2 million and $1 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $2 million in base rent and $1 million in overage rent, partially offset by a $1 million decrease in revenues related to common area maintenance (“CAM”). The increase at Marina Bay Sands was due to an increase of $1 million 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 mall activity:

Previous wording

Casino expenses increased due to increases of $83 million and $24 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was primarily attributable to a $30 million increase in gaming taxes, consistent with increased gross gaming revenues and $26 million in higher payroll and related expenses due to increases in table game hours and the competitive environment in Macao. We also incurred $11 million in higher casino marketing expenses to increase gaming activities across our properties. The increase at Marina Bay Sands was primarily attributable to a $9 million increase in payroll and related expenses and a $6 million increase in gaming taxes, consistent with increased gross gaming revenues, as well as an increase in gaming tax rates from 8% to 12% on premium play due to the tiered tax structure in Singapore as we met the threshold in June 2026 versus July 2025.

Current wording

Casino expenses increased due to a $60 million increase at our Macao operations, partially offset by a $5 million decrease at Marina Bay Sands. The increase at our Macao operations was primarily attributable to a $23 million increase in gaming taxes, consistent with increased gross gaming revenues, and $20 million in higher payroll and related expenses due to increases in table game hours and the competitive environment in Macao. The decrease at Marina Bay Sands was primarily attributable to a $19 million decrease in gaming taxes, consistent with decreased gross gaming revenues, partially offset by an increase in gaming tax rates from 8% to 12% on premium play due to the tiered tax structure in Singapore as we met the threshold in June 2026 versus July 2025, and a $6 million increase in payroll and related expenses.

Previous wording

Room expenses increased due to increases of $4 million and $3 million at Marina Bay Sands and our Macao operations, respectively. The increases were primarily due to increases in payroll and related expenses across our Macao operations and Marina Bay Sands.

Current wording

Room expenses increased due to increases of $4 million and $1 million at our Macao operations and Marina Bay Sands, respectively, primarily due to increased payroll and related expenses across our properties.

Previous wording

Food and beverage expenses increased 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 increased business volumes and an increase in payroll and related expenses of $6 million and $2 million at Marina Bay Sands and our Macao operations, respectively.

Current wording

Food and beverage expenses increased due to increases of $4 million and $3 million at our Macao operations and Marina Bay Sands, respectively, primarily due to increased payroll and related costs and business volumes across our properties.

Previous wording

The provision for credit losses increased due to increases of $12 million and $8 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an increase of $15 million in provision during the current quarter, partially offset by an increase of $3 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 $4 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.

Current wording

The provision for credit losses increased due to a $6 million increase at our Macao operations, partially offset by a $3 million decrease at Marina Bay Sands. The increase at our Macao operations resulted from a $10 million increase in provision during the current quarter, partially offset by a $4 million increase in settlements of previously reserved accounts. The decrease at Marina Bay Sands resulted from a $9 million decrease in provision during the current quarter, partially offset by a $6 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 due to increases of $42 million and $26 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to increases of $17 million in payroll and related expenses, $8 million in facilities expenses, primarily related to contract labor and repairs and maintenance, $7 million in property tax, and $4 million in marketing expenses, primarily related to media campaigns. The increase at our Macao operations was primarily due to increases of $14 million in facilities expenses, primarily related to repairs and maintenance, $7 million in marketing expenses and $3 million in payroll and related expenses.

Current wording

General and administrative expenses increased primarily due to a $12 million increase at each of Marina Bay Sands and our Macao operations. The increase at Marina Bay Sands was primarily due to increases of $6 million in payroll and related expenses, mainly due to increased salaries and headcount, $2 million in property taxes and $2 million in facilities expenses, primarily related to increased utility costs. The increase at our Macao operations was primarily due to increases of $6 million in facilities expenses, primarily relating to repairs and maintenance, and $4 million in marketing expenses.

Previous wording

Pre-opening expenses for the three months ended June 30, 2026 were $5 million at Marina Bay Sands, primarily related to property taxes for the MBS Expansion Project, as defined below. Pre-opening expenses for the three months ended June 30, 2025, were $6 million and $3 million at our Macao operations and Marina Bay Sands, respectively. Pre-opening expenses at our Macao operations were primarily due to marketing and media expenses for the Londoner Grand. Pre-opening expenses at Marina Bay Sands related to property taxes for the MBS Expansion Project.

Current wording

Pre-opening expenses for the three months ended September 30, 2026 and 2025, were $5 million and $7 million, respectively, primarily related to property taxes for the MBS Expansion Project, as defined below.

Previous wording

Development expenses include the costs that were associated with our evaluation and pursuit of new business opportunities. During the three months ended June 30, 2026, these costs were primarily attributable to $35 million from our digital gaming related efforts and $4 million for opportunities in Texas. During the three months ended June 30, 2025, the costs were primarily attributable to $49 million from our digital gaming related efforts and $19 million for opportunities in New York and Texas.

Current wording

Development expenses include the costs that were associated with our evaluation and pursuit of new business opportunities. During the three months ended September 30, 2026, these costs were primarily attributable to $31 million from our digital gaming related efforts and $4 million for opportunities in Texas. During the three months ended September 30, 2025, the costs were primarily attributable to $51 million from our digital gaming related efforts and $20 million for opportunities in New York and Texas.

Previous wording

(a)During the three months ended June 30, 2026 and 2025, we recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 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, 2026 and 2025, we recorded stock-based compensation expense of $18 million and $26 million, respectively, of which $12 million and $15 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Previous wording

Adjusted property EBITDA at our Macao operations decreased $136 million compared with the three months ended June 30, 2025. The decrease was primarily due to a decrease in casino revenues and increases in sales and marketing costs to attract patrons to our properties and payroll and related expenses due to the competitive environment in Macao.

Current wording

Adjusted property EBITDA at our Macao operations decreased primarily due to increases in casino expenses, primarily in sales and marketing costs to attract patrons to our properties, and payroll and related expenses due to the competitive environment in Macao.

Previous wording

Interest cost was primarily impacted by a decrease in the weighted average interest rate, partially offset by an increase in our weighted average total debt balance. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility and the 2024 SCL Term Loan Facility, partially offset by higher rates on the LVSC senior notes issued in May 2026. The weighted average total debt balance increased primarily due to (i) the issuance of the LVSC senior notes in May 2026, the proceeds from which were used to repay the $1.0 billion 3.500% LVSC Senior Notes due August 2026 in June 2026; and (ii) the SGD 250 million (approximately $196 million at exchange rates in effect at the time of the transaction) drawn under the 2025 Singapore Credit Facility used for construction purposes and to reimburse the Company for the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gross Floor Area, partially offset by (iii) the repayments of HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility during the three months ended June 30, 2026.

Current wording

Interest cost was primarily impacted by an increase in the weighted average interest rate, partially offset by a decrease in our weighted average total debt balance. The weighted average interest rate increased primarily due to higher rates on the LVSC senior notes issued in May 2026 and the 2024 SCL Credit Facility, partially offset by lower rates on the 2025 Singapore Credit Facility. The weighted average total debt balance decreased primarily due to the repayments of HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the payments) under the 2024 SCL Revolving Facility during the nine months ended September 30, 2026, partially offset by the SGD 458 million (approximately $358 million at exchange rates in effect at the time of the transactions) drawn under the 2025 Singapore Credit Facility during the nine months ended September 30, 2026, which was used for construction purposes and to reimburse the Company for the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gross Floor Area.

Previous wording

Interest income was $31 million for the three months ended June 30, 2026, compared to $42 million for the three months ended June 30, 2025. The decrease was attributable to a decrease in cash available to invest in the U.S. due to share repurchases, dividend payments and development-related spend in the last twelve months and the early settlement of the seller financing loan in May 2026, which bore interest at 4.25% per annum.

Current wording

Interest income was $23 million for the three months ended September 30, 2026, compared to $39 million for the three months ended September 30, 2025. The decrease was attributable to the early settlement of the seller financing loan in May 2026, which bore interest at 4.25% per annum.

Previous wording

Other income was $1 million for the three months ended June 30, 2026, compared to other expense of $22 million for the three months ended June 30, 2025. Other income during the three months ended June 30, 2026, was primarily attributable to foreign currency remeasurement gains on U.S. dollar denominated cash deposits held by Marina Bay Sands Pte. Ltd. (“MBS,” our wholly owned subsidiary).

Current wording

Other expense was $1 million for the three months ended September 30, 2026, compared to other income of $11 million for the three months ended September 30, 2025. Other expense during the three months ended September 30, 2026, was primarily attributable to foreign currency remeasurement losses on U.S. dollar denominated cash deposits held by Marina Bay Sands Pte. Ltd. (“MBS,” our wholly owned subsidiary).

Previous wording

Our income tax expense was $88 million on income before income taxes of $461 million for the three months ended June 30, 2026, resulting in a 19.1% effective income tax rate. This compares to a 14.8% effective income tax rate for the three months ended June 30, 2025. The income tax expense for the three months ended June 30, 2026, reflects a 17% statutory tax rate on our Singapore operations and a 21% corporate income tax on our domestic operations.

Current wording

Our income tax expense was $102 million on income before income taxes of $454 million for the three months ended September 30, 2026, resulting in a 22.5% effective income tax rate. This compares to a 15.6% effective income tax rate for the three months ended September 30, 2025. The increased effective income tax rate was primarily due to income tax benefits recognized in 2025 in connection with the impairment recorded during the three months ended September 30, 2025, related to our decision to no longer pursue the development of certain digital gaming activities, as well as changes in our geographic mix of earnings. The income tax expense for the three months ended September 30, 2026, reflects a 17% statutory tax rate on our Singapore operations and a 21% corporate income tax on our domestic operations.

Previous wording

Our operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, Venetian Macau Limited (“VML,” a subsidiary of SCL) and its peers received a corporate income tax exemption on gaming operations through December 31, 2027. Additionally, we entered into a shareholder dividend tax agreement with the Macao government, which provided for a payment at an applicable rate of gross gaming revenue for the tax year 2023 through the tax year 2025 as a substitution for a 12% tax otherwise due from VML’s shareholders on dividend distributions paid from VML’s gaming profits. In January 2026, we requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the three months ended June 30, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027; however, there is no assurance such agreement will be granted.

Current wording

Our operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, Venetian Macau Limited (“VML”), a subsidiary of Sands China Ltd. (“SCL”) and its peers received a corporate income tax exemption on gaming operations through December 31, 2027. Additionally, we entered into a shareholder dividend tax agreement with the Macao government, which provided for a payment at an applicable rate of gross gaming revenue for the tax year 2023 through the tax year 2025 as a substitution for a 12% tax otherwise due from VML’s shareholders on dividend distributions paid from VML’s gaming profits. In January 2026, we requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the three months ended September 30, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027; however, there is no assurance such agreement will be granted.

Previous wording

The net income attributable to noncontrolling interests was $27 million for the three months ended June 30, 2026, compared to $58 million for the three months ended June 30, 2025. These amounts were related to the noncontrolling interest of SCL. The decrease of $31 million was primarily due to a decrease in the net income of SCL for the three months ended June 30, 2026, partially offset by our purchases of additional SCL shares during 2025, which resulted in our ownership of SCL having increased from 73.15% as of June 30, 2025 to 74.80% as of June 30, 2026.

Current wording

The net income attributable to noncontrolling interests was $48 million for the three months ended September 30, 2026, compared to $72 million for the three months ended September 30, 2025. These amounts were related to the noncontrolling interest of SCL. The decrease of $24 million was primarily due to a decrease in the net income of SCL for the three months ended September 30, 2026 and our purchases of additional SCL shares during 2026, which resulted in our ownership of SCL having increased from 74.49% as of September 30, 2025 to 75.56% as of September 30, 2026.

Previous wording

Consolidated net revenues increased due to increases of $388 million and $314 million at our Macao operations and Marina Bay Sands, respectively.

Current wording

Consolidated net revenues increased due to increases of $415 million and $172 million at our Macao operations and Marina Bay Sands, respectively.

Previous wording

Net casino revenues increased due to increases of$313 million and$225 millionat our Macao operations and Marina Bay Sands, respectively. Casino revenues at our Macao operations increased due to increases in table games and slot volumes, partially offset by decreases in table games win and slot hold percentages. Casino revenues at Marina Bay Sands increased due to increases in table games and slot volumes, partially offset by decreases in table games win and slot hold percentages. The following table summarizes the results of our casino activity:

Current wording

Net casino revenues increased due to increases of$338 million and$64 millionat our Macao operations and Marina Bay Sands, respectively. Casino revenues increased across our properties, except for The Venetian Macao. We experienced higher table games and slot volumes, partially offset by lower table games win and slot hold percentages and increased patron investment. The following table summarizes the results of our casino activity:

Previous wording

Room revenues increased due to increases of $43 million and $24 million at Marina Bay Sands and our Macao operations, respectively. Marina Bay Sands rooms revenues increased driven by an increase in ADR, as well as an increase in available rooms, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. Room revenues at our Macao operations increased driven by an increase in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand, which was completed in April 2025. The following table summarizes the results of our room activity:

Current wording

Room revenues increased due to increases of $51 million and $18 million at Marina Bay Sands and our Macao operations, respectively. Marina Bay Sands room revenues increased driven by an increase in ADR, as well as an increase in available rooms, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. Room revenues at our Macao operations increased driven by an increase in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand, which was completed in April 2025, partially offset by a decrease in available rooms due to the room renovations at The Venetian Macao, which commenced in the first quarter of 2026. The following table summarizes the results of our room activity:

Previous wording

Food and beverage revenues increased due to increases of $14 million and $7 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.

Current wording

Food and beverage revenues increased due to increases of $41 million and $26 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 at existing outlets and banquet operations.

Previous wording

Mall revenues increased due to increases of $17 million and $12 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $13 million in overage rent, $3 million in base rent and $1 million in revenues related to CAM. The increase at Marina Bay Sands was driven by an $8 million increase in base rent and a $5 million increase in overage rent, partially offset by a $1 million decrease in revenues related to 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 mall activity:

Current wording

Mall revenues increased due to increases of $19 million and $13 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $14 million in overage rent and $5 million in base rent. The increase at Marina Bay Sands was driven by increases of $9 million in base rent and $5 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 mall activity:

Previous wording

Convention, retail and other revenues increased due to increases of $10 million and $2 million at our Macao operations and Marina Bay Sands, respectively. The increase in Macao was primarily due to increases of $5 million in limo revenues, $3 million in convention revenues and $2 million in retail revenues, due to a new retail shop that opened in September 2025. The increase at Marina Bay Sands was primarily due to increases of $1 million each in SkyPark and limo revenues.

Current wording

Convention, retail and other revenues increased due to increases of $14 million and $3 million at our Macao operations and Marina Bay Sands, respectively. The increase in Macao was primarily due to increases of $6 million in limo revenues, $4 million in entertainment revenues, $3 million in retail revenues, due to a new retail shop that opened in September 2025 and increased business volume, $2 million in convention revenues and $3 million in other revenues, partially offset by a decrease of $5 million in ferry operations. The increase at Marina Bay Sands was primarily due to increases of $1 million each in SkyPark, limo and ArtScience revenues due to increased business volume.

Previous wording

Casino expenses increased due to increases of $343 million and $112 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was primarily due to a $228 million increase in gaming taxes, consistent with increased gross gaming revenues, and increases of $60 million in payroll and related expenses and $27 million in casino marketing expenses. The increase at Marina Bay Sands was primarily due to a $70 million increase in gaming taxes, consistent with increased gross gaming revenues, as well as an increase in gaming tax rates from 8% to 12% on premium play due to the tiered tax structure in Singapore as we met the thresholds in June 2026 versus July 2025, and a $21 million increase in payroll and related expenses.

Current wording

Casino expenses increased due to increases of $403 million and $107 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was primarily due to a $251 million increase in gaming taxes, consistent with increased gross gaming revenues, and increases of $79 million in payroll and related expenses and $29 million in casino marketing expenses. The increase at Marina Bay Sands was primarily due to a $51 million increase in gaming taxes, consistent with increased gross gaming revenues, as well as an increase in gaming tax rates from 8% to 12% on premium play due to the tiered tax structure in Singapore as we met the thresholds in June 2026 versus July 2025, and a $27 million increase in payroll and related expenses.

Previous wording

Room expenses increased due to increases of $9 million each at Marina Bay Sands and our Macao operations. These increases were driven by an increase in payroll and related expenses of $6 million and $4 million at our Macao operations and Marina Bay Sands, respectively, 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 $13 million and $10 million at our Macao operations and Marina Bay Sands, respectively. These increases were driven by increased payroll and related expenses of $8 million and $5 million at our Macao operations and Marina Bay Sands, respectively, and higher costs associated with new and elevated suites and rooms introduced at our properties.

Previous wording

Food and beverage expenses increased due to increases of $22 million and $16 million at Marina Bay Sands and our Macao operations, respectively. The increases were driven by increased business volumes and an increase in payroll and related expenses of $13 million and $5 million at Marina Bay Sands and our Macao operations, respectively.

Current wording

Food and beverage expenses increased due to increases of $25 million and $20 million at Marina Bay Sands and our Macao operations, respectively. The increases were driven by increased payroll and related expenses of $18 million and $7 million at Marina Bay Sands and our Macao operations, respectively, as well as increased business volumes.

Previous wording

Convention, retail and other expenses increased due to increases of $11 million and $2 million at our Macao operations and Marina Bay Sands, respectively. The increases at our Macao operations were primarily due to increases of $5 million in limo expenses, consistent with increased revenues, $3 million in ferry operations, due to increased fuel and oil prices, $2 million in entertainment expenses, consistent with increased revenues, and $2 million in retail expenses. The increase at Marina Bay Sands was primarily due to increases of $1 million each in convention and entertainment expenses.

Current wording

Convention, retail and other expenses increased primarily due to increases of $21 million and $4 million at our Macao operations and Marina Bay Sands, respectively. The increases at our Macao operations were primarily due to increases of $9 million in limo expenses, $7 million in entertainment expenses, $3 million in retail expenses, consistent with increased related revenues, and $3 million in ferry operations, due to increased fuel and oil prices. The increase at Marina Bay Sands was primarily due to increases of $2 million in convention expenses, $1 million in entertainment expenses and $1 million in other expenses.

Previous wording

Provision for credit losses increased due to increases of $26 million and $18 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an increase of $53 million in provision during the current period, partially offset by an increase of $27 million in settlement of previously reserved accounts. The increase at our Macao operations resulted from an increase of $24 million in provision for the current period, partially offset by an increase of $6 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.

Current wording

Provision for credit losses increased due to increases of $24 million and $23 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations resulted from a $34 million increase in provision for the current period, partially offset by a $10 million increase in settlements of previously reserved accounts. The increase at Marina Bay Sands resulted from a $44 million increase in provision during the current period, partially offset by a $21 million increase in settlement 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 due to increases of $24 million and $15 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to increases of $7 million in payroll and related expenses, $5 million in property taxes, $5 million in facilities expenses, primarily related to repairs and maintenance, and $4 million in marketing expenses. The increase at our Macao operations was primarily due to increases of $8 million in facilities expenses, primarily relating to repairs and maintenance, $3 million in marketing expenses and $2 million in payroll and related expenses.

Current wording

General and administrative expenses increased due to increases of $54 million and $39 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to increases of $23 million in payroll and related expenses, mainly due to increased salaries and headcount, $10 million in facilities expenses, primarily related to contract labor and repairs and maintenance, $8 million in property taxes, $5 million in information technology expenses and $3 million in marketing expenses. The increase at our Macao operations was primarily due to increases of $21 million in facilities expenses, primarily related to repairs and maintenance, $11 million in marketing expenses, $5 million in information technology expenses and $2 million in payroll and related expenses.

Previous wording

Corporate expenses increased primarily due to increases of $15 million in payroll and related expenses, driven by the acceleration of restricted stock units that were granted during the first half of the year, $2 million in information technology related costs, $2 million in travel, $2 million in professional fees and services and $5 million in other expenses, partially offset by an $11 million reversal of previously accrued legal fees.

Current wording

Corporate expenses increased primarily due to increases of $15 million in payroll and related expenses, driven by the acceleration of restricted stock units that were granted during the first half of the year, $11 million in professional fees and services, $6 million in travel, $2 million in information technology related costs and $2 million in other expenses, partially offset by an $11 million reversal of previously accrued legal fees.