LAS VEGAS SANDS CORP

Note 1 —Organization and Business of Company

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2025, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year.

Development Projects

Macao

The Company operates gaming areas within the Macao Special Administrative Region (“Macao”), pursuant to a 10-year concession agreement (the “Concession”), which expires on December 31, 2032. As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd. (“SCL”), a majority-owned subsidiary of the Company) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.43 billion at exchange rates in effect on September 30, 2026). Of this total,33.39 billion patacas (approximately $4.13 billion at exchange rates in effect on September 30, 2026) must be invested in non-gaming projects. These investments must be accomplished by December 2032.

The Macao government conducts annual audits to verify qualified concession investments for the prior year. For the years ended December 31, 2024 and 2023, approximately 5.80 billion patacas (approximately $717 millionat exchange rates in effect on September 30, 2026) was confirmed as qualified spend under the Concession. For the year ended December 31, 2025, the Company spent approximately 2.52 billion patacas (approximately $312 millionat exchange rates in effect on September 30, 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.

On October 23, 2026, VML entered into a limited partnership agreement to participate as a limited partner in the Macao SAR Government Guidance Fund No. 2, Limited Partnership Fund (the “GG Fund”), which was established to support Macao’s economic diversification. The general partner and management entity are entities ultimately owned and controlled by the Macao government.

Amounts contributed to the GG Fund will be credited toward VML’s non-gaming investment commitments under the Concession. Accordingly, the GG Fund commitment replaces other projects and spend anticipated within VML’s previously approved 33.39 billion patacas (approximately $4.13 billion at exchange rates in effect on September 30, 2026) non-gaming investment commitment under the Concession.

Pursuant to the limited partnership agreement and other related documentation relating to VML’s participation, VML has committed to contribute approximately 2.30 billion patacas (approximately $285 million at exchange rates in effect on September 30, 2026) to the GG Fund.

In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the Singapore Tourism Board (“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.

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”).

Construction works for the MBS Expansion Project commenced in May 2025 and, pursuant to the Second Supplemental Agreement, MBS has agreed with the Singapore government to complete construction by July 8, 2029. While the Company’s 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.

The Company’s estimated total project cost is approximately $8.0 billion, inclusive of financing fees and interest, and land premiums. The Company has incurred approximately $3.1 billion as of September 30, 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.

Loan Receivable

In May 2026, the Company received $1.26 billion of proceeds from the early repayment in full of the seller financing loan related to the sale of the Company’s Las Vegas real property and operations. Interest income recognized on the loan was $20 million for the nine months ended September 30, 2026.

Note 2 —Accounts Receivable, Net and Customer Contract Related Liabilities

Accounts Receivable and Provision for Credit Losses

Accounts receivable consisted of the following:

The following table shows the movement in the provision for credit losses recognized for accounts receivable:

Customer Contract Related Liabilities

The Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.

The following table summarizes the liability activity related to contracts with customers:

(1)Of this amount, $176 million and $172 million as of September 30 and January 1, 2026, respectively, and $173 million and $175 million as of September 30 and January 1, 2025, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.

Note 3 —Debt

Debt consisted of the following:

(1)The stated interest rate represents the coupon rate for each of the senior notes. For floating-rate debt, interest rates are the rates in effect as of September 30, 2026; these rates are not necessarily an indication of future interest rates. The effective interest rate for each issuance of debt approximates the stated interest rate.

(2)Unamortized deferred financing costs of $119 million and $146 million as of September 30, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Loan Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

LVSC Senior Notes

In May 2026, in an underwritten public offering, LVSC issued two series of senior unsecured notes in an aggregate principal amount of $1.0 billion, consisting of $500 million of 5.300% Senior Notes due May 15, 2031, and $500 million of 5.650% Senior Notes due May 18, 2033. Interest on the LVSC senior notes is payable semi-annually in arrears.

The net proceeds from the offering, together with cash on hand, were used in June 2026 to redeem in full the outstanding principal amount of the $1.0 billion 3.500% LVSC Senior Notes due August 18, 2026, and any accrued interest, and to pay transaction-related fees and expenses.

2024 LVSC Revolving Facility

As of September 30, 2026, the Company had $1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.

2024 SCL Credit Facility

During the nine months ended September 30, 2026, the Company drew down 6.20 billion Hong Kong dollars (“HKD”) (approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which, together with cash on hand, were used to redeem the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026, and any accrued interest.

Additionally, during the nine months ended September 30, 2026, the Company paid HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the payments) toward the outstanding balance under the 2024 SCL Revolving Facility.

As of September 30, 2026, the Company had HKD 18.10 billion (approximately$2.31 billion at exchange rates in effect on September 30, 2026) of available borrowing capacity under the 2024 SCL Revolving Facility.

2025 Singapore Credit Facility

As of September 30, 2026, MBS had SGD 589 million (approximately $461 million at exchange rates in effect on September 30, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 161 million (approximately $126 million at exchange rates in effect on September 30, 2026).

During the nine months ended September 30, 2026, MBS drew down SGD 458 million (approximately $358 million at exchange rates in effect at the time of the transactions) from the 2025 Singapore Delayed Draw Term Loan Facility. As of September 30, 2026, SGD 5.85 billion (approximately $4.57 billion at exchange rates in effect on September 30, 2026) remained available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.

Debt Covenant Compliance

The senior notes and LVSC, SCL and Singapore credit facilities generally contain various covenants, including covenants which pertain to leverage ratios and interest coverage ratios. As of September 30, 2026, management believes the Company was in compliance with all debt covenants.

Cash Flows from Financing Activities

Cash flows from financing activities related to debt and finance lease obligations are as follows:

Note 4 —Derivative Instruments

During the year ended December 31, 2024, the Company executed HKD/USD swaps, designated as hedges of portions of the cash flows related to the SCL senior notes due 2027 through 2031 (the “SCL Swaps”). As of September 30, 2026, the SCL Swaps had a total notional value of $3.41 billion and expire in line with the maturity dates of the related hedged cash flows.

During the year ended December 31, 2025, the Company executed SGD/USD swaps, designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”), and HKD/USD forwards, designated as hedges of the Company’s net investment in SCL (the “SCL Net Investment Hedges,” and together with the MBS Net Investment Hedges, the “Net Investment Hedges”). During the nine months ended September 30, 2026, all remaining SCL Net Investment Hedges expired.

As of September 30, 2026, the MBS Net Investment Hedges had a total notional value of $1.80 billion and expire on various dates beginning March 2028 through December 2030.

During the nine months ended September 30, 2026, the Company executed additional HKD/USD forwards, designated as hedges of portions of the cash flows related to the SCL senior notes due 2028 through 2031 (the “SCL Forwards”). As of September 30, 2026, the SCL Forwards had a total notional value of $527 million and expire in line with the maturity dates of the related hedged cash flows.

For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to “Accumulated other comprehensive income” (“AOCI”) in the accompanying condensed consolidated balance sheets. Refer to “Note 8 —Fair Value Disclosures” for further details. All amounts recorded in AOCI related to the Net Investment Hedges will remain in AOCI until derecognition of the investment. Portions of the amounts recorded in AOCI related to the fair value of the SCL Swaps and SCL Forwards are reclassified to “Other income (expense)” in the same period the hedged cash flows affect earnings. Additionally, upon execution of the SCL Forwards, there was an immediate foreign currency gain or loss resulting from the difference between the contractual forward exchange rate and the spot exchange rate on the execution date. This initial income or cost is reclassified from AOCI to “Other income (expense)” and “Interest expense, net of amounts capitalized” over the duration of the forward using an appropriate amortization methodology dependent on the hedged item.

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

As of September 30, 2026, approximately $31 million of the net loss deferred in AOCI related to the cash flow hedges is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending September 30, 2027. The actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions.

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

Note 5 —Equity and Earnings Per Share

Common Stock

In October 2026, the Company’s Board of Directors declared a quarterly dividend of $0.30 per common share (a total estimated to be approximately $188 million) to be paid on November 10, 2026, to stockholders of record on November 2, 2026.

Share Repurchases

The following table presents information about our repurchases of common stock:

In July 2026, the Company’s Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the share repurchase program’s expiration date to July 21, 2029. As of September 30, 2026, the remaining amount authorized under the share repurchase program was $5.06 billion.

All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets. Repurchases of the Company’s common stock are made at the Company’s 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, method and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.

Earnings Per Share

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:

Diluted earnings per share is calculated using the treasury stock method.

Noncontrolling Interests

In June 2026, SCL paid a dividend of HKD 0.50 per share to SCL shareholders and in August 2026, SCL’s Board of Directors declared a dividend of HKD 0.50 per share, which was paid on October 9,2026 (a total of $1.03 billion, of which $774 million was attributable to the Company during the nine months ended September 30, 2026).

Purchase of Noncontrolling Interest

During September 2026, the Company’s wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into a share purchase agreement with a financial institution (the “Agent”) for the purchase of the common stock of SCL (the “SCL VWAP Purchase Agreement”). Pursuant to the terms of the SCL VWAP Purchase Agreement, VVDI II made an up-front payment of HKD 550 million (approximately $70 million at exchange rates in effect at the time of the transaction) to the Agent in September 2026. Once the up-front payment was made, VVDI II had no further obligation to provide any additional consideration for the SCL shares to the Agent.

The SCL VWAP Purchase Agreement allowed for the delivery of shares on a daily basis. The number of shares actually delivered to the Company by the Agent was based on the price paid by the Agent for SCL common stock delivered to the Company during the term of the SCL VWAP Purchase Agreement, subject to the cap amount (as defined in the agreement). The SCL VWAP Purchase Agreement was completed in September 2026 and resulted in the delivery of 45 million shares of SCL common stock to the Company, at an average price per share of HKD 12.31. Pursuant to the SCL VWAP Purchase Agreement, the Company paid the Agent a fee equal to an agreed percentage of the price per share benefit that the Agent was able to realize on SCL shares purchased compared to the volume-weighted average share price of SCL’s common stock.

Additionally, during the three months ended September 30, 2026, the Company purchased common stock of SCL in open market transactions, which resulted in the purchase of 17 million shares of SCL common stock for HKD 243 million (approximately $31 million at exchange rates in effect at the time of the transactions).

The total additional shares purchased related to the above transactions resulted in an increase of the Company’s ownership of SCL to approximately 75.56% as of September 30, 2026.

Transfer from Noncontrolling Interest

The following table summarizes the net income attributable to LVSC and transfers from the noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:

Note 6 —Income Taxes

The Company’s effective income tax rate was 17.9% for the nine months ended September 30, 2026, compared to 14.7% for the nine 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 nine months ended September 30, 2025, related to the Company’s decision to no longer pursue the development of certain digital gaming activities, as well as changes in the Company’s geographic mix of earnings. The effective income tax rate for the nine months ended September 30, 2026, reflects a 17% statutory tax rate on the Company’s Singapore operations, a 21% corporate income tax rate on its domestic operations, and azero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.

The Company 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, the Company requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the nine 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. Corporate expense included $10 million and $9 million of shareholder dividend tax for the nine months ended September 30, 2026 and 2025, respectively.

Note 7 —Leases

Lessor

Lease revenue consisted of the following:

Note 8 —Fair Value Disclosures

The following tables present the carrying amounts and estimated fair values of financial instruments held or issued by the Company using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

(1)The cross-currency swaps, net investment hedges and forward contracts are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.

(2)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).

(3)The carrying amount of debt is exclusive of finance leases and represents its contractual value.

(4)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $2 million and $4 million as of September 30, 2026 and December 31, 2025, respectively, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

(5)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $3 million as of September 30, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

(6)The fair value was estimated based on level 2 inputs and reflected the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.

As of September 30, 2026 and December 31, 2025, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.

Note 9 —Commitments and Contingencies

Litigation

The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations and cash flows.

Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.

On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $371 million at exchange rates in effect on September 30, 2026), which alleged a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. As described below, a judgment in favor of the Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026.

The procedural history of the case is as follows. On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision.

Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $11.93 billion at exchange rates in effect on September 30, 2026), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019.

The trial began on June 16, 2021, and, after interim adjournments and delays resulting from the COVID-19 pandemic, was completed on January 19, 2022.

On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022.

On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff’s appeal of the Macao First Instance Court’s April 28, 2022 judgment based on procedural defects, again found the Plaintiff to be litigating in bad faith, and declined to address the interlocutory appeals that had been filed by the parties.

On April 7, 2025, Plaintiff filed a notice of appeal to the Macao Last Instance Court. On June 11, 2025, the Defendants filed a notice that Plaintiff’s liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. By order dated July 14, 2025, the Macao Second Instance Court rejected AAEC’s appeal brief because AAEC did not exist at the time the brief was filed and concluded that AAEC’s shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC’s shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025.

On July 31, 2025, AAEC requested panel review of that ruling arguing, among other things, that the court should have allowed AAEC’s shareholders the opportunity to ratify the appeal brief previously filed. On August 29, 2025, the clerk for the Macao Second Instance Court issued an invoice for prepayment of court fees to AAEC’s shareholders relating to Plaintiff’s appeal. On September 18, 2025, the Macao Second Instance Court ruled that the request for panel review could proceed only after AAEC’s shareholders had paid the invoiced court fees relating to the appeal. On September 23, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record a copy of the September 18 order, along with the invoice for prepayment of court fees and a penalty. The deadline for AAEC’s shareholders to prepay court fees and an associated penalty for late payment was October 6, 2025. On October 13, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record another invoice for prepayment of court fees and another penalty.

Following the resignation of the judge rapporteur who had overseen proceedings in the Macao Second Instance Court, the Judicial Magistrates Council appointed a new judge rapporteur on January 5, 2026. On January 22, 2026, the new judge rapporteur overruled his predecessor’s decision of September 18, 2025, ruling that AAEC’s request for panel review of the order dismissing AAEC’s appeal dated July 14, 2025 is not subject to prepayment of court fees. As Plaintiff’s counsel purported to request panel review on behalf of AAEC’s shareholders, the judge rapporteur ordered Plaintiff’s counsel to submit (i) the shareholders’ identities, (ii) powers of attorney authorizing counsel to represent the shareholders, (iii) evidence that the shareholders had ratified the actions that counsel purported to take on their behalf prior to obtaining powers of attorney and (iv) justification for seeking panel review prior to obtaining powers of attorney. Plaintiff’s counsel of record failed to comply with these requirements. On February 9, 2026, the judge rapporteur ruled that Plaintiff’s challenge was therefore invalid and would not be reviewed by the full panel of judges. The judgment in favor of Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026. The final judgment resolves all issues concerning the merits of Plaintiff’s claim.

Note 10 —Segment Information

The Company views each of its operating properties as a reportable segment, which have been identified based on various factors such as regulatory environment, geography and the level at which the information is reviewed by the Company’s chief operating decision maker (the “CODM”). The Company’s CODM is its Chief Executive Officer.

The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company’s reportable segments are: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. The Company has included Ferry Operations and Other (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to its properties in Macao) and Corporate and Other (which includes construction and development activities for projects under development not included in its reportable segments) to reconcile to the consolidated results of operations and financial condition. The Company’s reportable segments are not aggregated.

The Company’s reportable segments generate revenue from casino wagers, room sales, food and beverage and retail transactions, rental income from mall tenants, convention sales and entertainment and ferry ticket sales.

The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Intersegment transactions, with the exception of intercompany royalties, are not eliminated from segment results as management considers those transactions in assessing the results of the respective segments.

The CODM assesses the performance of each segment and allocates resources to each segment based on adjusted property EBITDA. Consolidated adjusted property EBITDA, which is a supplemental non-GAAP financial measure, 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 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. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA.

Consolidated adjusted property EBITDA is used by the CODM and management, as well as industry analysts, to evaluate operations and operating performance. In particular, the CODM and management utilize consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies 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. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.

The Company’s segment information as of September 30, 2026 and December 31, 2025, and for the three and nine months ended September 30, 2026 and 2025 is as follows: