LAS VEGAS SANDS CORP 10-Q

ITEM 1 — FINANCIAL STATEMENTS LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2025 December 31, 2024 (In millions, except par value) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,036 $ 3,650 Accounts receivable, net of provision for credit losses of $ 172 and $ 186 435 417 Inventories 41 41 Prepaid expenses and other 209 182 Total current assets 3,721 4,290 Loan receivable 1,264 1,264 Property and equipment, net 12,058 11,993 Restricted cash and cash equivalents 125 125 Deferred income taxes, net 122 122 Leasehold interests in land, net 2,855 2,002 Goodwill and intangible assets, net 660 545 Other assets, net 442 325 Total assets $ 21,247 $ 20,666 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 151 $ 164 Construction payables 245 263 Other accrued liabilities 2,586 1,985 Income taxes payable 279 229 Current maturities of debt 2,994 3,160 Total current liabilities 6,255 5,801 Other long-term liabilities 917 925 Deferred income taxes 185 188 Debt 10,857 10,592 Total liabilities 18,214 17,506 Commitments and contingencies (Note 9) Equity: Preferred stock, $ 0.001 par value, 50 shares authorized, zero shares issued and outstanding — — Common stock, $ 0.001 par value, 1,000 shares authorized, 835 and 834 shares issued, 707 and 716 shares outstanding 1 1 Treasury stock, at cost, 128 and 118 shares ( 7,213 ) ( 6,759 ) Capital in excess of par value 6,307 6,245 Accumulated other comprehensive loss ( 24 ) ( 58 ) Retained earnings 3,628 3,455 Total Las Vegas Sands Corp. stockholders’ equity 2,699 2,884 Noncontrolling interests 334 276 Total equity 3,033 3,160 Total liabilities and equity $ 21,247 $ 20,666 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2025 2024 (In millions, except per share data) (Unaudited) Revenues: Casino $ 2,127 $ 2,228 Rooms 324 330 Food and beverage 141 150 Mall 186 174 Convention, retail and other 84 77 Net revenues 2,862 2,959 Operating expenses: Casino 1,157 1,180 Rooms 81 78 Food and beverage 126 126 Mall 22 20 Convention, retail and other 59 57 Provision for credit losses 5 11 General and administrative 273 286 Corporate 73 78 Pre-opening 4 3 Development 69 53 Depreciation and amortization 362 320 Amortization of leasehold interests in land 15 16 Loss on disposal or impairment of assets 7 14 2,253 2,242 Operating income 609 717 Other income (expense): Interest income 42 71 Interest expense, net of amounts capitalized ( 174 ) ( 182 ) Other expense ( 1 ) ( 6 ) Loss on modification or early retirement of debt ( 5 ) — Income before income taxes 471 600 Income tax expense ( 63 ) ( 17 ) Net income 408 583 Net income attributable to noncontrolling interests ( 56 ) ( 89 ) Net income attributable to Las Vegas Sands Corp. $ 352 $ 494 Earnings per share: Basic $ 0.49 $ 0.66 Diluted $ 0.49 $ 0.66 Weighted average shares outstanding: Basic 712 750 Diluted 713 752 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2025 2024 (In millions) (Unaudited) Net income $ 408 $ 583 Currency translation adjustment 27 ( 57 ) Cash flow hedge fair value adjustment 10 ( 12 ) Total comprehensive income 445 514 Comprehensive income attributable to noncontrolling interests ( 59 ) ( 85 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 386 $ 429 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EQUITY Las Vegas Sands Corp. Stockholders’ Equity Common Stock Treasury Stock Capital in Excess of Par Value Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Total (In millions) (Unaudited) Balance at January 1, 2024 $ 1 $ ( 4,991 ) $ 6,481 $ 27 $ 2,600 $ ( 14 ) $ 4,104 Net income — — — — 494 89 583 Currency translation adjustment — — — ( 57 ) — — ( 57 ) Cash flow hedge fair value adjustment — — — ( 8 ) — ( 4 ) ( 12 ) Stock-based compensation — — 14 — — 1 15 Tax withholding on vesting of equity awards — — ( 2 ) — — — ( 2 ) Repurchase of common stock — ( 455 ) — — — — ( 455 ) Dividends declared ($ 0.20 per share) (Note 6) — — — — ( 151 ) — ( 151 ) Balance at March 31, 2024 $ 1 $ ( 5,446 ) $ 6,493 $ ( 38 ) $ 2,943 $ 72 $ 4,025 Balance at January 1, 2025 $ 1 $ ( 6,759 ) $ 6,245 $ ( 58 ) $ 3,455 $ 276 $ 3,160 Net income — — — — 352 56 408 Currency translation adjustment — — — 27 — — 27 Cash flow hedge fair value adjustment — — — 7 — 3 10 Stock-based compensation — — 10 — — 1 11 Tax withholding on vesting of equity awards — — ( 2 ) — — — ( 2 ) Repurchase of common stock — ( 454 ) — — — — ( 454 ) Settlement of contracts for purchase of noncontrolling interest — — 2 — — ( 2 ) — Capped call option contract — — 52 — — — 52 Dividends declared ($ 0.25 per share) (Note 6) — — — — ( 179 ) — ( 179 ) Balance at March 31, 2025 $ 1 $ ( 7,213 ) $ 6,307 $ ( 24 ) $ 3,628 $ 334 $ 3,033 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2025 2024 (In millions) (Unaudited) Cash flows from operating activities: Net income $ 408 $ 583 Adjustments to reconcile net income to net cash generated from operating activities: Depreciation and amortization 362 320 Amortization of leasehold interests in land 15 16 Amortization of deferred financing costs and original issue discount 13 15 Paid-in-kind interest income — ( 17 ) Loss on modification or early retirement of debt 5 — Loss on disposal or impairment of assets 1 3 Stock-based compensation expense 11 14 Provision for credit losses 5 11 Foreign exchange loss 2 5 Deferred income taxes ( 6 ) ( 10 ) Changes in operating assets and liabilities: Accounts receivable ( 20 ) 48 Other assets ( 36 ) 5 Accounts payable ( 14 ) ( 10 ) Other liabilities ( 220 ) ( 269 ) Net cash generated from operating activities 526 714 Cash flows from investing activities: Capital expenditures ( 379 ) ( 196 ) Acquisition of intangible assets and other ( 75 ) ( 4 ) Net cash used in investing activities ( 454 ) ( 200 ) Cash flows from financing activities: Tax withholding on vesting of equity awards ( 2 ) ( 2 ) Repurchase of common stock ( 416 ) ( 450 ) Dividends paid ( 179 ) ( 151 ) Proceeds from debt 2,797 — Repayments of debt ( 2,710 ) ( 17 ) Payments of financing costs ( 164 ) — Capped call option contract 1 — Other ( 19 ) ( 19 ) Net cash used in financing activities ( 692 ) ( 639 ) Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents 6 ( 24 ) Decrease in cash, cash equivalents and restricted cash and cash equivalents ( 614 ) ( 149 ) Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 3,775 5,229 Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 3,161 $ 5,080 Supplemental disclosure of cash flow information Cash payments for interest, net of amounts capitalized $ 246 $ 260 Cash payments for taxes, net of refunds $ 34 $ 31 Change in construction-related payables $ ( 17 ) $ 21 Excise tax accrued on repurchase of common stock $ 4 $ 5 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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, 2024, 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., 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 $ 4.47 billion at exchange rates in effect on March 31, 2025) in Macao. Of this total, 33.39 billion patacas (approximately $ 4.17 billion at exchange rates in effect on March 31, 2025) must be invested in non-gaming projects. These investments must be accomplished by December 2032. Pursuant to the Concession, the Company has 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 not yet commenced. The Company continued work on Phase II of The Londoner Macao, which primarily includes the renovation of the rooms in the Sheraton hotel towers, an upgrade of the gaming areas and the addition of attractions, dining, retail and entertainment offerings. The conversion of the Sheraton Grand Macao into the Londoner Grand hotel is now complete and represents Macao’s first Marriott International Luxury Collection hotel. Construction of the newly renovated rooms and suites at the Londoner Grand resulted in a total of 2,405 rooms and suites, with 1,746 rooms and suites licensed for occupancy as of March 31, 2025 and the remaining rooms and suites licensed for occupancy in early April 2025. These projects have a total estimated cost of $ 1.2 billion and were substantially completed during the first quarter of 2025. Singapore 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. 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. These dates were previously agreed by way of the letter agreement, dated April 1, 2024, between the STB and MBS. 8 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 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, land premiums and the purchase of the additional 2,000 square meters of gaming area, increasing Marina Bay Sands’ total approved gaming area to 17,000 square meters across the existing property and the MBS Expansion Project. The Company has incurred approximately $ 2.3 billion as of March 31, 2025, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the accrual of 1.13 billion Singapore dollars (“SGD,” approximately $ 845 million at exchange rates in effect on March 31, 2025) for the Additional Gaming Area payment, which was made on April 2, 2025. The Company is continuing with the renovation of the Tower 3 hotel rooms at Marina Bay Sands into world class suites and other property changes at an estimated cost of approximately $ 750 million to be completed in phases during the first half of 2025. These renovations will result in a total of 1,844 rooms and suites upon completion and are substantially upgrading the overall guest experience for its premium customers, including new dining and retail experiences, and upgrading the casino floor including the introduction of tower gaming, among other things. These projects are in addition to the MBS Expansion Project. New York On June 2, 2023, the Company acquired the Nassau Veterans Memorial Coliseum (the “Nassau Coliseum”) from Nassau Live Center, LLC and related entities, which included the right to lease the underlying land from the County of Nassau in the State of New York. The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. On April 23, 2025, the Company announced its decision to cease pursuit of a casino license from the state of New York in light of concerns regarding a lower anticipated return on investment due to various factors, including the impact of the potential legalization of online gaming on the New York market. The Company is in the process of seeking a potential acquiror to whom it can transact the opportunity to bid for a casino license on the Nassau Coliseum site. There is no assurance the Company will be able to transact such opportunity or to resolve certain matters associated with the right to lease the underlying land from Nassau County. Intercompany Loan Agreement with SCL On March 27, 2025, Sands China Ltd. (“SCL”) repaid in full to LVSC the outstanding intercompany loan balance and any outstanding interest totaling $ 1.07 billion. Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities Accounts Receivable and Provision for Credit Losses Accounts receivable consists of the following: March 31, 2025 December 31, 2024 (In millions) Casino $ 519 $ 462 Rooms 19 28 Mall 31 63 Other 38 50 607 603 Less - provision for credit losses ( 172 ) ( 186 ) $ 435 $ 417 9 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) The following table shows the movement in the provision for credit losses recognized for accounts receivable: 2025 2024 (In millions) Balance at January 1 $ 186 $ 201 Current period provision for credit losses 5 11 Write-offs ( 21 ) ( 4 ) Exchange rate impact 2 ( 2 ) Balance at March 31 $ 172 $ 206 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: Outstanding Chip Liability Loyalty Program Liability Customer Deposits and Other Deferred Revenue (1) 2025 2024 2025 2024 2025 2024 (In millions) Balance at January 1 $ 112 $ 135 $ 38 $ 45 $ 763 $ 690 Balance at March 31 95 83 37 45 767 705 Increase (decrease) $ ( 17 ) $ ( 52 ) $ ( 1 ) $ — $ 4 $ 15 ____________________ (1) Of this amount, $ 171 million and $ 175 million as of March 31 and January 1, 2025, respectively, and $ 166 million and $ 167 million as of March 31 and January 1, 2024, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year. Note 3 — Leasehold Interests in Land, Net Leasehold interests in land consist of the following: March 31, 2025 December 31, 2024 (In millions) Marina Bay Sands $ 2,841 $ 1,969 The Londoner Macao 290 290 The Venetian Macao 236 236 The Plaza Macao and Four Seasons Macao 105 106 The Parisian Macao 88 88 Sands Macao 36 36 3,596 2,725 Less — accumulated amortization ( 741 ) ( 723 ) $ 2,855 $ 2,002 The Company recognized SGD 1.13 billion (approximately $ 845 million at exchange rates in effect on March 31, 2025) in leasehold interests in land for MBS’ purchase of Additional Gaming Area and a corresponding liability in “Other accrued liabilities” as of March 31, 2025, which was paid on April 2, 2025. The remainder of the Additional Land Premium related to the Second Supplemental Agreement is expected to be approximately SGD 182 million (approximately $ 136 million at exchange rates in effect on March 31, 2025 ) and to be finalized at the end of 2025 or during the first quarter of 2026. The estimated future amortization expense over the expected terms of the Company’s leasehold interests in land is approximately $ 57 million for the nine months ending December 31, 2025, $ 76 million for each of the years ending December 31, 2026 through 2029, and $ 2.64 billion thereafter . 10 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) Note 4 — Goodwill and Intangible Assets, Net Goodwill and intangible assets consist of the following: March 31, 2025 December 31, 2024 (In millions) Amortizable intangible assets: Macao concession $ 499 $ 500 Marina Bay Sands gaming license 129 52 628 552 Less — accumulated amortization ( 164 ) ( 147 ) 464 405 Londoner Grand franchise rights 57 — Less — accumulated amortization ( 1 ) — 56 — Technology, software and other 38 38 Total amortizable intangible assets, net 558 443 Goodwill 102 102 Total goodwill and intangible assets, net $ 660 $ 545 Amortization expense for all intangible assets was $ 18 million and $ 17 million for the three months ended March 31, 2025 and 2024, respectively. The estimated future amortization expense for all intangible assets is approximately $ 58 million for the nine months ending December 31, 2025, and $ 79 million, $ 79 million, $ 62 million and $ 54 million for the years ending December 31, 2026, 2027, 2028 and 2029, respectively, and $ 188 million thereafter. Marina Bay Sands Gaming License In March 2025, the Company paid SGD 101 million (approximately $ 75 million at exchange rates in effect at the time of the transaction) to the Singapore Gambling Regulatory Authority (the “GRA”) as part of the process to renew its gaming license at Marina Bay Sands. This license is being amortized over its term of three years , which expires in April 2028 , and is renewable upon submitting an application, paying the applicable license fee and meeting the requirements as determined by the GRA. Londoner Grand Franchise Rights On September 23, 2024, Venetian Orient Limited (“VOL,” a wholly owned subsidiary of SCL) entered in an agreement with Marriott International (“Marriott”) granting VOL the right to operate the hotel after the Sheraton Grand Macao room conversion as a franchise under Marriott’s “Luxury Collection Hotel” brand effective January 1, 2025, for a period of 15 years, renaming the hotel to “Londoner Grand, a Luxury Collection Hotel.” The agreement consists of a fixed fee subject to an annual inflation adjustment capped at 3 % and other variable fees. On January 1, 2025, the Company recognized an intangible asset and a corresponding financial liability of $ 57 million. This intangible asset represents the present value of the contractually obligated fixed payments over the term of the agreement. In the accompanying condensed consolidated balance sheet, the noncurrent portion of the financial liability was included in “Other long-term liabilities” and the current portion was included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the agreement term of 15 years. 11 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) Note 5 — Debt Debt consists of the following: March 31, 2025 December 31, 2024 (In millions) Corporate and U.S. Related (1) : LVSC Senior Notes $ 500 million 2.900 % Senior Notes due June 2025 $ 500 $ 500 $ 1.0 billion 3.500 % Senior Notes due August 2026 (net of unamortized original issue discount and deferred financing costs of $ 3 ) 997 997 $ 750 million 5.900 % Senior Notes due June 2027 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively) 746 745 $ 500 million 6.000 % Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively) 496 495 $ 750 million 3.900 % Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively) 746 745 $ 500 million 6.200 % Senior Notes due August 2034 (net of unamortized original issue discount and deferred financing costs of $ 5 ) 495 495 Other (2) 117 115 Macao Related (1) : SCL Senior Notes $ 1.80 billion 5.125 % Senior Notes due August 2025 (net of unamortized original issue discount and deferred financing costs of $ 1 ) 1,624 1,624 $ 800 million 3.800 % Senior Notes due January 2026 (net of unamortized original issue discount and deferred financing costs of $ 1 and $ 2 , respectively) 799 798 $ 700 million 2.300 % Senior Notes due March 2027 (net of unamortized original issue discount and deferred financing costs of $ 3 ) 697 697 $ 1.90 billion 5.400 % Senior Notes due August 2028 (net of unamortized original issue discount and deferred financing costs of $ 9 ) 1,891 1,891 $ 650 million 2.850 % Senior Notes due March 2029 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively) 646 645 $ 700 million 4.375 % Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $ 6 ) 694 694 $ 600 million 3.250 % Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $ 4 ) 596 596 Other (2) 23 12 Singapore Related (1) : 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $ 12 ) — 2,656 2012 Singapore Credit Facility — Delayed Draw — 46 2025 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $ 58 ) 2,738 — 2025 Singapore Credit Facility — Delayed Draw (net of unamortized deferred financing costs of $ 1 ) 45 — Other (2) 1 1 13,851 13,752 Less — current maturities ( 2,994 ) ( 3,160 ) Total debt $ 10,857 $ 10,592 ____________________ (1) Unamortized deferred financing costs of $ 181 million and $ 76 million as of March 31, 2025 and December 31, 2024, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore delayed draw term facilities, are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets. 12 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) (2) Includes finance leases related to the U.S., Macao and Singapore of $ 117 million, $ 23 million and $ 1 million as of March 31, 2025, and $ 115 million, $ 12 million and $ 1 million as of December 31, 2024, respectively. 2024 LVSC Revolving Facility As of March 31, 2025, 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 As of March 31, 2025, the Company had HKD 32.45 billion (approximately $ 4.17 billion at exchange rates in effect on March 31, 2025 ) of available borrowing capacity under the 2024 SCL Credit Facility, comprised of commitments of HKD 19.50 billion (approximately $ 2.51 billion at exchange rates in effect on March 31, 2025 ) under the 2024 SCL Revolving Facility and HKD 12.95 billion (approximately $ 1.66 billion at exchange rates in effect on March 31, 2025 ) under the 2024 SCL Term Loan Facility. 2012 Singapore Credit Facility On February 21, 2025, MBS entered into a new credit facility, as further described below, and on February 28, 2025, the 2012 Singapore Credit Facility was terminated using the proceeds from the new credit facility. As a result, the Company recorded a $ 5 million loss on modification or early retirement of debt during the three months ended March 31, 2025. 2025 Singapore Credit Facility On February 21, 2025, MBS entered into a new facility agreement (the “2025 Singapore Credit Facility”) with the lenders party thereto and DBS Bank Ltd., as agent and security trustee, and certain other parties. The 2025 Singapore Credit Facility provides for an SGD 3.75 billion (approximately $ 2.80 billion at exchange rates in effect on March 31, 2025) term loan (the “2025 Singapore Term Loan Facility”), an SGD 750 million (approximately $ 559 million at exchange rates in effect on March 31, 2025) revolving credit facility (the “2025 Singapore Revolving Facility”), part of which may be designated as an ancillary facility, and an SGD 7.50 billion (approximately $ 5.59 billion at exchange rates in effect on March 31, 2025) term loan facility (the “2025 Singapore Delayed Draw Term Loan Facility” and together with the 2025 Singapore Term Loan Facility and the 2025 Singapore Revolving Facility, the “Facilities”). On February 28, 2025, MBS drew the full amount of the 2025 Singapore Term Loan Facility and used the proceeds to pay amounts outstanding under the 2012 Singapore Term Facility. The proceeds from the 2025 Singapore Revolving Facility may be used to refinance outstanding indebtedness, pay certain fees, expenses and accrued interest, make dividend payments and for general corporate purposes. The 2025 Singapore Revolving Facility is available to MBS to be drawn until July 31, 2031. The proceeds from the 2025 Singapore Delayed Draw Term Loan Facility may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. The 2025 Singapore Delayed Draw Term Loan Facility is available to MBS until the earlier of (1) the date which is twelve months after the date on which certain parts of the MBS Expansion Project are issued a temporary occupation permit; (2) the date which MBS and the STB agree as the date that MBS must complete construction of the MBS Expansion Project; or (3) January 31, 2032. The obligations under the 2025 Singapore Credit Facility are secured by a first-priority security interest in substantially all of MBS’s assets, other than capital stock and similar ownership interests, certain furniture, fixtures, fittings and equipment that are financed by third parties and certain other excluded assets. Borrowings under the Facilities for outstanding loans will bear interest at the Compounded Singapore Overnight Rate Average, plus a variable margin (the “Margin”), which is determined based on MBS’s consolidated leverage ratio (approximately 3.34 % as of March 31, 2025). MBS pays a standby commitment fee on all undrawn amounts under the 2025 Singapore Revolving Facility and the 2025 Singapore Delayed Draw Term Loan Facility equal to 35 % or 40 % of the applicable Margin depending on the percentage utilization of each respective facility, which was 0.48 % as of March 31, 2025. The 2025 Singapore Term Loan Facility, the 2025 Singapore Revolving Facility and the 2025 Singapore Delayed Draw Term Loan Facility mature on February 29, 2032, August 31, 2031, and February 29, 2032, respectively (each such date, a “Maturity Date”). In relation to the 2025 Singapore Term Loan Facility and the 2025 Singapore Delayed Draw Term Loan Facility, commencing on May 31, 2025 and May 31, 2030, respectively, and at the end of each three-month period thereafter, MBS is required to repay interim quarterly amortization payments equal to a certain percentage (as set forth in the 2025 Singapore Credit Facility agreement) of the 13 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) outstanding principal amount of such facility. The outstanding aggregate principal balance of each of the Facilities is due in full on the Maturity Date applicable to such facility. MBS is required to prepay amounts outstanding under the Facilities with (i) a percentage of the net proceeds from the sale of certain assets outside of the ordinary course of business (subject to a reinvestment right and certain limited exceptions), (ii) the proceeds of new indebtedness other than certain permitted indebtedness and (iii) any net proceeds received in connection with the cancellation, suspension, non-issue, variation or revocation of the MBS gaming license. Under the 2025 Singapore Credit Facility, MBS must maintain a maximum ratio of debt to consolidated adjusted EBITDA of 4.50 x on the last day of each fiscal quarter falling on or before the date which is twelve months following the date on which a temporary occupation permit is issued with respect to the MBS Expansion Project. Thereafter, MBS must comply with a maximum consolidated leverage ratio of 4.00 x as of the last day of each fiscal quarter through maturity. Additionally, MBS must maintain a minimum ratio of consolidated adjusted EBITDA to consolidated total interest expense of 3.50 x on the last day of each fiscal quarter and a positive consolidated net worth at all times. In order to satisfy any of these financial covenants, MBS may, subject to certain limits set forth in the 2025 Singapore Credit Facility, cure any shortfall by obtaining a contribution of equity or subordinated debt, repaying or prepaying indebtedness, providing cash cover or obtaining a letter of credit in favor of the agent. The 2025 Singapore Credit Facility contains customary events of default (some of which are subject to grace periods), including, but not limited to, nonpayment of principal or interest when due and certain events with respect to the Marina Bay Sands integrated resort. As of March 31, 2025, MBS had SGD 588 million (approximately $ 438 million at exchange rates in effect on March 31, 2025) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $ 121 million at exchange rates in effect on March 31, 2025). As of March 31, 2025, SGD 7.44 billion (approximately $ 5.54 billion at exchange rates in effect on March 31, 2025) remains available to be drawn under the 2025 Singapore Delayed Draw Term Facility. On April 1, 2025 , the Company drew down an additional SGD 1.13 billion (approximately $ 848 million at exchange rates in effect at the time of the payment) from the 2025 Singapore Delayed Draw Term Facility to fund the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area. Debt Covenant Compliance As of March 31, 2025, 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: Three Months Ended March 31, 2025 2024 (In millions) Proceeds from 2025 Singapore Credit Facility $ 2,797 $ — $ 2,797 $ — Repayments on 2012 Singapore Credit Facility $ ( 2,708 ) $ ( 15 ) Repayments on other debt ( 2 ) ( 2 ) $ ( 2,710 ) $ ( 17 ) Note 6 — Equity and Earnings Per Share Common Stock Dividends On February 19, 2025, the Company paid a quarterly dividend of $ 0.25 per common share as part of a regular cash dividend program. During the three months ended March 31, 2025, the Company recorded $ 179 million as a distribution against retained earnings. 14 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) On February 14, 2024, the Company paid a dividend of $ 0.20 per common share as part of a regular cash dividend program. During the three months ended March 31, 2024, the Company recorded $ 151 million as a distribution against retained earnings. In April 2025, the Company’s Board of Directors declared a quarterly dividend of $ 0.25 per common share (a total estimated to be approximately $ 177 million) to be paid on May 14, 2025, to stockholders of record on May 6, 2025. Share Repurchases On December 11, 2024, the Company entered into a capped call option contract (the “December Capped Call”) pursuant to which the Company purchased capped call options on 993,240 shares of the Company’s common stock with a $ 0 strike price and a cap price of $ 53.54 . On February 7, 2025, the expiration date of the December Capped Call, the Company’s share price was below the cap price, which resulted in the Company effectively repurchasing the related shares of its common stock for $ 52 million (including excise tax). During the three months ended March 31, 2025, the Company repurchased 10,086,681 shares of its common stock for approximately $ 454 million (including commissions and $ 4 million in excise tax) under the Company’s current program (inclusive of the shares repurchased with the December Capped Call). During the three months ended March 31, 2024, the Company repurchased 8,576,873 shares of its common stock for $ 455 million (including commissions and $ 5 million in excise tax). Subsequently, on April 22, 2025, the Company’s Board of Directors authorized increasing the remaining share repurchase amount from $ 1.10 billion to $ 2.0 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. 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. Purchase of Noncontrolling Interest On December 4, 2024, the Company’s wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into a share purchase agreement (the “December 2024 SCL Purchase Agreement”) with a financial institution (the “Agent”) for the purchase of the common stock of SCL. Pursuant to the terms of the December 2024 SCL Purchase Agreement, VVDI II made an up-front payment of HKD 800 million (approximately $ 103 million at exchange rates as of the date of the transaction) to the Agent on December 4, 2024. The December 2024 SCL Purchase Agreement, which allowed for delivery of shares on a daily basis, concluded on January 7, 2025, and resulted in the delivery of 38,678,639 shares of SCL common stock to the Company, representing an average daily price of HKD 20.68 per share. The additional shares delivered resulted in an increase of the Company’s ownership of SCL to approximately 72.29 % as of January 7, 2025. The Company accounted for the purchase agreement as a hybrid instrument consisting of a host contract, with the prepayment amount accounted for as a reduction to equity, and an embedded derivative with nominal fair value. As the embedded derivatives had a nominal fair value, no derivative was recorded. 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: Three Months Ended March 31, 2025 2024 (In millions) Net income attributable to LVSC $ 352 $ 494 Transfer from noncontrolling interest: Increase in LVSC’s paid-in-capital for purchase of subsidiary shares 2 — Changes from net income attributable to LVSC and transfers from noncontrolling interest $ 354 $ 494 15 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 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: Three Months Ended March 31, 2025 2024 (In millions) Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 712 750 Potential dilution from stock options and restricted stock and stock units 1 2 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 713 752 Antidilutive stock options excluded from the calculation of diluted earnings per share 8 6 Note 7 — Leases Lessor Lease revenue for the Company’s mall operations consists of the following: Three Months Ended March 31, 2025 2024 (In millions) Minimum rents $ 140 $ 132 Overage rents 20 17 $ 160 $ 149 Note 8 — Fair Value Disclosures The following table presents 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 table excludes cash, restricted cash, accounts receivables, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. March 31, 2025 Hierarchy Level Carrying Amount (1) Level 1 Level 2 (in millions) Assets: Cash equivalents Cash deposits $ 907 $ 907 Money market funds $ 387 $ 387 U.S. Treasury Bills $ 208 $ 208 Loan receivable (2) $ 1,264 $ 1,211 Liabilities: Debt (3)(4) $ 13,817 $ 13,538 Cross-currency swaps (3) $ 38 $ 38 16 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) December 31, 2024 Hierarchy Level Carrying Amount (1) Level 1 Level 2 (in millions) Assets: Cash equivalents Cash deposits $ 2,294 $ 2,294 Money market funds $ 72 $ 72 U.S. Treasury Bills $ 465 $ 465 Loan receivable (2) $ 1,264 $ 1,192 Liabilities: Debt (3)(4) $ 13,689 $ 13,353 Cross-currency swaps (3) $ 56 $ 56 ____________________ (1) The cross-currency swaps 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 fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021. (3) The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). (4) The carrying amount of debt is exclusive of finance leases and represents its contractual value. As of March 31, 2025 and December 31, 2024, 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 $ 374 million at exchange rates in effect on March 31, 2025), which alleges 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. 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. On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims. On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court. 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 $ 12.04 billion at exchange rates in effect on March 31, 2025), 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 17 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 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. On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants’ motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021. The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order. On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $ 12 million at exchange rates in effect on March 31, 2025) based on Plaintiff’s July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021. By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal. From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $ 7.22 billion and $ 7.77 billion, respectively, at exchange rates in effect on March 31, 2025). 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 September 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $ 6 million at exchange rates in effect on March 31, 2025). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief. On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The U.S. Defendants responded to Plaintiff’s amended appeal brief on October 30, 2023. On November 8, 2023, the Macao Second Instance Court issued an order concluding that Plaintiff may have litigated in bad faith by exceeding the scope of permissible amendments to its appeal brief and invited responses from the parties. The U.S. Defendants responded to the November 8, 2023 order on November 23, 2023, and Plaintiff moved for clarification of the November 8 order on November 27, 2023. On January 5, 2024, the Macao Second Instance Court rejected AAEC’s request for clarification. 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 October 29 and November 1, 2024, respectively, the U.S. Defendants and Plaintiff moved for clarification of the Second Instance Court’s decision not to hear certain interlocutory appeals. On November 5, 2024, Plaintiff filed a notice stating that its time to appeal should not begin to run until after the Macao Second Instance Court resolves the clarification motions and that Plaintiff intends to file a notice of appeal at that time or, in the alternative, Plaintiff asked the Macao Second Instance Court to treat its November 5 filing as a notice of appeal. On November 14, 2024, Plaintiff applied to rectify both its notice of appeal and its request for clarification. On November 18, 2024, the U.S. Defendants responded to Plaintiff’s request for clarification. By order dated March 21, 2025, the Macao Second Instance Court denied both motions for clarification, and it found that Plaintiff’s prior filings did not constitute a notice of appeal. On April 7, 2025, Plaintiff filed a notice of appeal to the Court of Final Appeal, and the Defendants moved to stay proceedings pending completion of the judicial liquidation proceedings against AAEC. Both the notice of appeal and the motion to stay are currently pending decision of the Macao Second Instance Court. Management has determined that, based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. 18 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 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) from continuing operations 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 and income taxes, 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. 19 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) The Company’s segment information as of March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 is as follows: The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total (In millions) Three Months Ended March 31, 2025 Casino $ 495 $ 402 $ 173 $ 132 $ 68 $ — $ 1,270 $ 857 $ — $ 2,127 Rooms 53 73 35 29 5 — 195 129 — 324 Food and beverage 15 24 12 7 2 — 60 81 — 141 Mall 59 21 5 39 — — 124 62 — 186 Convention, retail and other 14 9 2 1 — 25 51 33 — 84 Net revenues 636 529 227 208 75 25 1,700 1,162 — 2,862 Intersegment revenues 2 — — — — 7 9 1 61 71 Net revenues before intersegment eliminations 638 529 227 208 75 32 1,709 1,163 61 2,933 Less: Payroll and related expenses 108 96 49 27 23 11 314 172 — 486 Gaming taxes 235 210 84 81 32 — 642 208 — 850 Other expenses (1) 70 70 28 26 10 14 218 178 61 457 Segment expenses 413 376 161 134 65 25 1,174 558 61 1,793 Segment/Consolidated adjusted property EBITDA $ 225 $ 153 $ 66 $ 74 $ 10 $ 7 $ 535 $ 605 $ — $ 1,140 Other Operating Costs and Expenses Stock-based compensation (2) ( 1 ) Corporate ( 73 ) Pre-opening ( 4 ) Development ( 69 ) Depreciation and amortization ( 362 ) Amortization of leasehold interests in land ( 15 ) Loss on disposal or impairment of assets ( 7 ) Operating income 609 Other Non-Operating Costs and Expenses Interest income 42 Interest expense, net of amounts capitalized ( 174 ) Other expense ( 1 ) Income tax expense ( 63 ) Loss on modification or early retirement of debt ( 5 ) Net income $ 408 20 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total (In millions) Three Months Ended March 31, 2024 Casino $ 638 $ 419 $ 173 $ 70 $ 69 $ — $ 1,369 $ 859 $ — $ 2,228 Rooms 52 89 34 25 4 — 204 126 — 330 Food and beverage 17 27 14 8 3 — 69 81 — 150 Mall 54 16 7 38 — — 115 59 — 174 Convention, retail and other 8 11 2 1 — 24 46 31 — 77 Net revenues 769 562 230 142 76 24 1,803 1,156 — 2,959 Intersegment revenues 2 — — — — 6 8 2 63 73 Net revenues before intersegment eliminations 771 562 230 142 76 30 1,811 1,158 63 3,032 Less: Payroll and related expenses 102 92 47 26 23 9 299 166 — 465 Gaming taxes 295 216 84 56 32 — 683 205 — 888 Other expenses (1) 60 82 28 24 9 16 219 190 63 472 Segment expenses 457 390 159 106 64 25 1,201 561 63 1,825 Segment/Consolidated adjusted property EBITDA $ 314 $ 172 $ 71 $ 36 $ 12 $ 5 $ 610 $ 597 $ — $ 1,207 Other Operating Costs and Expenses Stock-based compensation (2) ( 6 ) Corporate ( 78 ) Pre-opening ( 3 ) Development ( 53 ) Depreciation and amortization ( 320 ) Amortization of leasehold interests in land ( 16 ) Loss on disposal or impairment of assets ( 14 ) Operating income 717 Other Non-Operating Costs and Expenses Interest income 71 Interest expense, net of amounts capitalized ( 182 ) Other expense ( 6 ) Income tax expense ( 17 ) Net income $ 583 ____________________ (1) Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment. (2) D uring the three months ended March 31, 2025 and 2024, the Company recorded stock-based compensation expense of $ 9 million and $ 20 million, respectively, of which $ 8 million and $ 14 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. 21 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) Three Months Ended March 31, 2025 2024 (In millions) Capital Expenditures Corporate and Other $ 7 $ 7 Macao: The Venetian Macao 24 38 The Londoner Macao 166 41 The Parisian Macao 3 4 The Plaza Macao and Four Seasons Macao 2 3 Sands Macao 2 4 197 90 Marina Bay Sands 175 99 Total capital expenditures $ 379 $ 196 March 31, 2025 December 31, 2024 (In millions) Total Assets Corporate and Other $ 4,125 $ 3,353 Macao: The Venetian Macao 2,389 2,806 The Londoner Macao 4,696 4,665 The Parisian Macao 1,692 1,710 The Plaza Macao and Four Seasons Macao 979 987 Sands Macao 250 253 Ferry Operations and Other 169 719 10,175 11,140 Marina Bay Sands 6,947 6,173 Total assets $ 21,247 $ 20,666 22 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES