What changed in this filing

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Item 1. Financial Statements

2025-07-25 compared with 2025-04-25 · 376 added, 124 removed, 575 unchanged (47% of the section changed)

7 unchanged sentences

Cash and cash equivalents $ 3,450 $ 3,650

Accounts receivable, net of provision for credit losses of $ 172 and $ 186

Accounts receivable, net of provision for credit losses of $ 186

Inventories 40 41

27 unchanged sentences

Capital in excess of par value 6,093 6,245

Accumulated other comprehensive loss

( 24 ) ( 58 )

Accumulated other comprehensive income (loss) 4 ( 58 )

Retained earnings 3,914 3,455

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(In millions, except per share data)

2 unchanged sentences

Food and beverage 147 148 288 298

Mall 187 174 373 348

Convention, retail and other 81 91 165 168

2 unchanged sentences

Casino 1,242 1,141 2,399 2,321

Rooms 87 77 168 155

Food and beverage 130 124 256 250

Mall 22 19 44 39

Convention, retail and other 57 58 116 115

7 unchanged sentences

Loss on disposal or impairment of assets 8 16 15 30

2,392 2,170 4,645 4,412

Operating income 783 591 1,392 1,308

2 unchanged sentences

Interest expense, net of amounts capitalized ( 194 ) ( 186 ) ( 368 ) ( 368 )

Other expense

Other income (expense) ( 22 ) 11 ( 23 ) 5

Loss on modification or early retirement of debt — — ( 5 ) —

1 unchanged sentence

Income tax expense ( 90 ) ( 72 ) ( 153 ) ( 89 )

( 63 ) ( 17 )

Net income 519 424 927 1,007

Net income attributable to noncontrolling interests ( 58 ) ( 71 ) ( 114 ) ( 160 )

( 56 ) ( 89 )

Net income attributable to Las Vegas Sands Corp.

Earnings per share:

$ 461 $ 353 $ 813 $ 847

$ 0.49 $ 0.66

Earnings per share:

Basic $ 0.66 $ 0.48 $ 1.15 $ 1.14

Diluted $ 0.66 $ 0.48 $ 1.15 $ 1.13

Weighted average shares outstanding:

6 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(In millions)

1 unchanged sentence

Currency translation adjustment 102 ( 13 ) 129 ( 70 )

Cash flow hedge fair value adjustment 10 ( 12 )

Foreign currency hedge adjustments

( 95 ) ( 2 ) ( 85 ) ( 14 )

Total comprehensive income 526 409 971 923

2 unchanged sentences

Comprehensive income attributable to Las Vegas Sands Corp.

$ 489 $ 338 $ 875 $ 767

The accompanying notes are an integral part of these condensed consolidated financial statements.

12 unchanged sentences

(In millions)

Balance at March 31, 2024 $ 1 $ ( 5,446 ) $ 6,493 $ ( 38 ) $ 2,943 $ 72 $ 4,025

— — — — 353 71 424

Currency translation adjustment

— — — ( 13 ) — — ( 13 )

Foreign currency hedge adjustments

— — — ( 2 ) — — ( 2 )

Stock-based compensation

— — 14 — — — 14

Tax withholding on vesting of equity awards — — ( 2 ) — — — ( 2 )

Repurchase of common stock

— ( 404 ) — — — — ( 404 )

Settlement of contracts for purchase of noncontrolling interest

— — 3 — — ( 3 ) —

Dividends declared ($ 0.20 per share) (Note 7)

— — — — ( 148 ) — ( 148 )

Balance at June 30, 2024 $ 1 $ ( 5,850 ) $ 6,508 $ ( 53 ) $ 3,148 $ 140 $ 3,894

Balance at January 1, 2024 $ 1 $ ( 4,991 ) $ 6,481 $ 27 $ 2,600 $ ( 14 ) $ 4,104

2 unchanged sentences

— — — ( 70 ) — — ( 70 )

Cash flow hedge fair value adjustment

Foreign currency hedge adjustments

— — — ( 10 ) — ( 4 ) ( 14 )

4 unchanged sentences

— ( 859 ) — — — — ( 859 )

Settlement of contracts for purchase of noncontrolling interest

— — 3 — — ( 3 ) —

Dividends declared ($ 0.40 per share) (Note 7)

— — — — ( 299 ) — ( 299 )

Balance at June 30, 2024 $ 1 $ ( 5,850 ) $ 6,508 $ ( 53 ) $ 3,148 $ 140 $ 3,894

Balance at March 31, 2025 $ 1 $ ( 7,213 ) $ 6,307 $ ( 24 ) $ 3,628 $ 334 $ 3,033

Net income — — — — 461 58 519

Currency translation adjustment

— — — 105 — ( 3 ) 102

Foreign currency hedge adjustments

— — — ( 77 ) — ( 18 ) ( 95 )

Stock-based compensation — — 14 — — — 14

Repurchase of common stock

— ( 808 ) — — — — ( 808 )

Settlement of contracts for purchase of noncontrolling interest

— — ( 128 ) — — ( 9 ) ( 137 )

Unsettled contract for purchase of noncontrolling interest

— — ( 100 ) — — — ( 100 )

Dividends declared ($ 0.25 per share) and noncontrolling interest payments (Note 7)

— — — — ( 175 ) ( 71 ) ( 246 )

Balance at June 30, 2025 $ 1 $ ( 8,021 ) $ 6,093 $ 4 $ 3,914 $ 291 $ 2,282

Balance at January 1, 2025 $ 1 $ ( 6,759 ) $ 6,245 $ ( 58 ) $ 3,455 $ 276 $ 3,160

2 unchanged sentences

— — — 132 — ( 3 ) 129

Cash flow hedge fair value adjustment — — — 7 — 3 10

Foreign currency hedge adjustments

— — — ( 70 ) — ( 15 ) ( 85 )

Stock-based compensation

5 unchanged sentences

— — ( 126 ) — — ( 11 ) ( 137 )

Unsettled contract for purchase of noncontrolling interest

— — ( 100 ) — — — ( 100 )

Capped call option contract — — 52 — — — 52

Dividends declared ($ 0.25 per share) (Note 6)

Dividends declared ($ 0.50 per share) and noncontrolling interest payments (Note 7)

— — — — ( 354 ) ( 71 ) ( 425 )

Balance at March 31, 2025 $ 1 $ ( 7,213 ) $ 6,307 $ ( 24 ) $ 3,628 $ 334 $ 3,033

Balance at June 30, 2025 $ 1 $ ( 8,021 ) $ 6,093 $ 4 $ 3,914 $ 291 $ 2,282

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(In millions)

5 unchanged sentences

Amortization of deferred financing costs and original issue discount 28 30

Change in fair value of derivatives ( 7 ) —

Paid-in-kind interest income ( 1 ) ( 35 )

3 unchanged sentences

Provision for credit losses 21 15

Foreign exchange loss

Foreign exchange (gain) loss 29 ( 6 )

Deferred income taxes ( 25 ) ( 14 )

2 unchanged sentences

Other assets ( 45 ) ( 4 )

Leasehold interests in land ( 848 ) —

Accounts payable ( 6 ) ( 16 )

3 unchanged sentences

Capital expenditures ( 665 ) ( 481 )

Proceeds from disposal of property and equipment — 1

Acquisition of intangible assets and other ( 75 ) ( 8 )

Net cash used in investing activities ( 740 ) ( 488 )

( 454 ) ( 200 )

Cash flows from financing activities:

1 unchanged sentence

Repurchase of common stock ( 1,216 ) ( 850 )

Dividends paid ( 179 ) ( 151 )

Dividends paid and noncontrolling interest payments ( 425 ) ( 299 )

Proceeds from debt 6,781 1,748

Repayments of debt ( 4,856 ) ( 1,960 )

( 2,710 ) ( 17 )

Payments of financing costs ( 201 ) ( 20 )

Capped call option contract

Settled contracts for purchase of noncontrolling interest ( 137 ) —

Unsettled contracts for purchase of noncontrolling interest ( 100 ) —

Other ( 24 ) ( 23 )

Net cash used in financing activities ( 180 ) ( 1,408 )

( 692 ) ( 639 )

Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents 16 ( 25 )

Decrease in cash, cash equivalents and restricted cash and cash equivalents ( 200 ) ( 393 )

( 614 ) ( 149 )

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 3,775 5,229

19 unchanged sentences

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.

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 $ 4.43 billion at exchange rates in effect on June 30, 2025).

Of this total, 33.39 billion patacas (approximately $ 4.13 billion at exchange rates in effect on June 30, 2025) must be invested in non-gaming projects.

These investments must be accomplished by December 2032.

2 unchanged sentences

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.

As of the date of this filing, the audit process for the Company’s investments spent during the year ended December 31, 2024, has commenced.

Phase II of The Londoner Macao primarily includes the conversion of the Sheraton Grand Macao into the Londoner Grand, 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 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 was completed in early April 2025 and resulted in a total of 2,405 rooms and suites.

These projects have a total estimated cost of $ 1.2 billion and were substantially completed during the first quarter of 2025.

5 unchanged sentences

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.

Construction works for the project has commenced as of May 26, 2025, before the requisite commencement date under the Second Supplemental Agreement.

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.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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.

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

The Tower 3 hotel room renovations at Marina Bay Sands into world class suites are now complete and the Company is continuing to progress on other property renovations, which include the hotel lobby and SkyPark and additional retail, food and beverage and wellness offerings.

As of June 30, 2025, the Company has incurred $ 405 million of the estimated $ 750 million cost to complete these projects, which are in addition to the MBS Expansion Project.

The completion of the renovations of Towers 1, 2 and 3 has resulted in a total of 1,844 rooms including 775 suites.

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.

1 unchanged sentence

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.

The Company continues to consider potential acquirors and other development opportunities for the Nassau Coliseum site.

There is no assurance the Company will be able to accomplish a sale or other development opportunity or to resolve certain matters associated with the right to lease the underlying land from Nassau County.

Intercompany Loan Agreement with SCL

16 unchanged sentences

Write-offs ( 26 ) ( 7 )

Recoveries of receivables previously written-off

Exchange rate impact

Balance at March 31

Balance at June 30

Customer Contract Related Liabilities

8 unchanged sentences

Balance at January 1 $ 112 $ 135 $ 38 $ 45 $ 763 $ 690

Balance at March 31

Balance at June 30

95 109 38 39 787 713

1 unchanged sentence

____________________

(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.

(1) Of this amount, $ 175 million as of June 30 and January 1, 2025, and $ 171 million and $ 167 million as of June 30 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

10 unchanged sentences

$ 2,956 $ 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 .

The Company recognized SGD 1.13 billion (approximately $ 848 million at exchange rates in effect at the time of the payment ) in leasehold interests in land for MBS’ purchase of the Additional Gaming Area made 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 $ 143 million at exchange rates in effect on June 30, 2025 ) and to be finalized at the end of 2025 or during the first quarter of 2026.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The estimated future amortization expense over the expected terms of the Company’s leasehold interests in land is approximately $ 39 million for the six months ending December 31, 2025, $ 79 million for each of the years ending December 31, 2026 through 2029, and $ 2.74 billion thereafter.

Note 4 — Goodwill and Intangible Assets, Net

11 unchanged sentences

Total goodwill and intangible assets, net

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.

Amortization expense for all intangible assets was $ 37 million and $ 34 million for the six months ended June 30, 2025 and 2024, respectively.

The estimated future amortization expense over the expected terms of the Company’s intangible assets as of June 30, 2025, is as follows:

Amortization Expense

(In millions)

Year ending December 31,

_______________________

(1) Represents the six -month period ending December 31, 2025.

Marina Bay Sands Gaming License

1 unchanged sentence

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.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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 September 23, 2024, Venetian Orient Limited (“VOL,” a wholly owned subsidiary of SCL) entered into an agreement with Marriott International (“Marriott”) granting VOL the right to operate the Londoner Grand as a franchise under Marriott’s “Luxury Collection Hotel” brand effective January 1, 2025, for a period of 15 years.

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.

12 unchanged sentences

$ 500 million 2.900 % Senior Notes due June 2025

$ 1.0 billion 3.500 % Senior Notes due August 2026 (net of unamortized original issue discount and deferred financing costs of $ 3 )

$ 1.0 billion 3.500 % Senior Notes due August 2026 (net of unamortized original issue discount and deferred financing costs of $ 2 and $ 3 , respectively)

$ 750 million 5.900 % Senior Notes due June 2027 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively)

$ 1.0 billion 5.625 % Senior Notes due June 2028 (net of unamortized original issue discount and deferred financing costs of $ 7 )

$ 500 million 6.000 % Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively)

$ 750 million 3.900 % Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively)

$ 500 million 6.000 % Senior Notes due June 2030 (net of unamortized original issue discount and deferred financing costs of $ 5 )

$ 500 million 6.200 % Senior Notes due August 2034 (net of unamortized original issue discount and deferred financing costs of $ 5 )

Finance leases

Macao Related (1) :

3 unchanged sentences

$ 700 million 2.300 % Senior Notes due March 2027 (net of unamortized original issue discount and deferred financing costs of $ 3 )

$ 1.90 billion 5.400 % Senior Notes due August 2028 (net of unamortized original issue discount and deferred financing costs of $ 9 )

$ 1.90 billion 5.400 % Senior Notes due August 2028 (net of unamortized original issue discount and deferred financing costs of $ 8 and $ 9 , respectively)

$ 650 million 2.850 % Senior Notes due March 2029 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively)

$ 700 million 4.375 % Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $ 6 )

$ 600 million 3.250 % Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $ 4 )

$ 700 million 4.375 % Senior Notes due June 2030 (net of unamortized original issue discount and deferred financing costs of $ 5 and $ 6 , respectively)

$ 600 million 3.250 % Senior Notes due August 2031 (net of unamortized original issue discount and deferred financing costs of $ 4 )

2024 SCL Term Loan Facility (net of unamortized deferred financing costs of $ 25 )

Finance leases

Singapore Related (1) :

2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $ 12 )

2012 Singapore Credit Facility — Delayed Draw

2025 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $ 58 )

2025 Singapore Credit Facility — Delayed Draw (net of unamortized deferred financing costs of $ 1 )

2012 Singapore Term Facility (net of unamortized deferred financing costs of $ 12 )

2012 Singapore Delayed Draw Term Facility

2025 Singapore Term Loan Facility (net of unamortized deferred financing costs of $ 59 )

2025 Singapore Delayed Draw Term Loan Facility (net of unamortized deferred financing costs of $ 20 )

Finance leases

15,820 13,752

1 unchanged sentence

$ 14,897 $ 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.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(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.

____________________

(1) Unamortized deferred financing costs of $ 160 million and $ 76 million as of June 30, 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.

LVSC Senior Notes

On May 6, 2025, in an underwritten public offering, LVSC issued, two series of senior unsecured notes in an aggregate principal amount of $ 1.50 billion, consisting of $ 1.0 billion of 5.625 % Senior Notes due June 15, 2028 (the “2028 LVSC Senior Notes”) and $ 500 million of 6.000 % Senior Notes due June 14, 2030 (the “2030 LVSC Senior Notes” and, together with the 2028 LVSC Senior Notes, the “LVSC Senior Notes”).

Interest on the LVSC Senior Notes is payable semi-annually in arrears on June 15 and December 15, commencing on December 15, 2025, with respect to the 2028 LVSC Senior Notes and on June 14 and December 14, commencing on December 14, 2025, with respect to the 2030 LVSC Senior Notes.

The LVSC Senior Notes are senior unsecured obligations of LVSC.

Each series of LVSC Senior Notes ranks equally in right of payment with all of LVSC’s other unsecured and unsubordinated obligations, if any.

None of LVSC’s subsidiaries guarantee the LVSC Senior Notes.

The LVSC Senior Notes were issued pursuant to a base indenture dated as of July 31, 2019, as supplemented by supplemental indentures, dated May 6, 2025 (the “Supplemental Indentures”), each between LVSC and U.S.

Bank Trust Company, National Association, as trustee.

The Supplemental Indentures contain covenants, subject to customary exceptions and qualifications, that limit the ability of LVSC and its subsidiaries to, among other things, incur liens, enter into sale and leaseback transactions and consolidate, merge, sell or otherwise dispose of all, or substantially all, of the Company’s assets on a consolidated basis.

The Supplemental Indentures also provides for customary events of default.

The net proceeds from the offering were used to redeem in full the outstanding principal amount of the $ 500 million 2.900 % LVSC Senior Notes due June 25, 2025 (the “2025 LVSC Senior Notes”) and any accrued interest, and to pay transaction-related fees and expenses.

The remaining proceeds are being used for general corporate purposes, including share repurchases.

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.

As of June 30, 2025, the Company had $ 1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.

SCL Senior Notes

On June 11, 2025, proceeds from the draw down of the 2024 SCL Term Loan Facility and cash on hand, as described below, were used to redeem in full the remaining principal amount of the $ 1.80 billion 5.125 % SCL Senior Notes due August 8, 2025 amounting to $ 1.63 billion (the “2025 SCL Senior Notes”) and any accrued interest.

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.

On June 5, 2025, the Company drew down HKD 12.75 billion (approximately $ 1.64 billion at exchange rates in effect at the time of the transaction) under the 2024 SCL Term Loan Facility, in which the proceeds together with cash on hand, were used to redeem the 2025 SCL Senior Notes.

Under the 2024 SCL Term Loan Facility, commencing on September 5, 2025, and at the end of each three-month period thereafter, SCL is required to pay interim quarterly amortization payments equal to 0.75 % of the HKD 12.75 billion drawn.

The outstanding aggregate principal balance of the 2024 SCL Term Loan Facility is due in full on June 5, 2030.

Borrowings under the 2024 SCL Term Loan Facility bear interest at the Hong Kong Interbank Offered Rate plus a margin of 1.65 % per annum (approximately 2.38 % as of June 30, 2025).

As of June 30, 2025, the Company had HKD 19.50 billion (approximately $ 2.48 billion at exchange rates in effect on June 30, 2025 ) of available borrowing capacity under the 2024 SCL Revolving 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.

As a result, the Company recorded a $ 5 million loss on modification or early retirement of debt during the six months ended June 30, 2025.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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 2025 Singapore Credit Facility provides for an SGD 3.75 billion (approximately $ 2.94 billion at exchange rates in effect on June 30, 2025) term loan (the “2025 Singapore Term Loan Facility”), an SGD 750 million (approximately $ 588 million at exchange rates in effect on June 30, 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 $ 5.88 billion at exchange rates in effect on June 30, 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 SGD 62 million (approximately $ 46 million at exchange rates in effect at the time of the transaction) from the 2025 Singapore Delayed Draw Term Loan Facility and used the proceeds to pay amounts outstanding under the 2012 Singapore Credit 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.

5 unchanged sentences

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

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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.

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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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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 Loan Facility to fund the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area.

As of June 30, 2025, MBS had SGD 588 million (approximately $ 461 million at exchange rates in effect on June 30, 2025) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $ 127 million at exchange rates in effect on June 30, 2025).

As of June 30, 2025, SGD 6.30 billion (approximately $ 4.94 billion at exchange rates in effect on June 30, 2025) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.

Debt Covenant Compliance

As of March 31, 2025, management believes the Company was in compliance with all debt covenants.

As of June 30, 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

Six Months Ended

(In millions)

Proceeds from LVSC Senior Notes $ 1,499 $ 1,748

Proceeds from 2025 Singapore Credit Facility

Proceeds from 2024 SCL Term Loan Facility

$ 6,781 $ 1,748

Repayments on 2025 SCL Senior Notes

$ ( 1,625 ) $ ( 174 )

Repayment on 2025 LVSC Senior Notes

Repayment on 2024 LVSC Senior Notes

Repayments on 2012 Singapore Credit Facility

( 2,708 ) ( 31 )

Repayments on other debt

Repayments on 2025 Singapore Credit Facility

Repayments on finance leases

$ ( 4,856 ) $ ( 1,960 )

Note 6 — Derivative Instruments

The Company currently uses cross-currency interest rate swaps (“Swaps”) and foreign currency forward contracts (“Forwards”) as effective economic hedges against foreign currency exchange rate risk.

The Swaps and Forwards involve the purchase and sale of currencies at an agreed-upon foreign currency exchange rate to be executed on a specified date.

The Swaps also include the periodic swapping of interest payments in the respective currencies.

The Company entered into various Swaps (as described below) to manage the risk of changes in cash flows resulting from foreign currency gains and losses recorded upon remeasurement of U.S.

dollar (“USD”) denominated SCL Senior Notes by swapping a specified amount of Hong Kong dollars (“HKD”) for USD at the contractual spot rate on specified dates.

During the year ended December 31, 2021, the Company entered into a Swap with a notional value of $ 1.0 billion, which was designated as a hedge of the cash flows related to a portion of the $1.80 billion 5.125% Senior Notes (the “2021 SCL Swap”) and expires in line with the contractual maturity date of the underlying notes.

On June 11, 2025, the Company redeemed the underlying notes and discontinued hedge accounting of the 2021 SCL Swap.

As a result, the related $ 6 million net loss previously recorded to “Accumulated other comprehensive income (loss)” (“AOCI”) in the accompanying condensed consolidated balance sheets under hedge accounting was reclassified into “Other income (expense)” in the accompanying condensed consolidated statements of operations.

During the year ended December 31, 2024, the Company entered into additional Swaps, also designated as a hedge of the cash flows related to a portion of the remaining SCL Senior Notes (the “2024 SCL Swaps,” and together with the 2021 SCL Swap, the “SCL Swaps”).

The 2024 SCL Swaps have a total notional value of $ 4.01 billion and expire in line with the maturity dates of the underlying SCL Senior Notes.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Additionally, during the six months ended June 30, 2025, the Company entered into various Swaps to manage the risk of adverse changes in the foreign currency exchange rate between USD and SGD impacting the Company’s net investment in MBS.

These Swaps were designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedge”).

The MBS Net Investment Hedge has a total notional value of $ 1.80 billion and the related swaps expire on various dates beginning March 1, 2028 through December 1, 2030.

Also during the six months ended June 30, 2025, the Company entered into a Forward for the exchange of USD to HKD to manage the risk of adverse changes in the foreign currency exchange rate between USD and pataca (which is SCL’s functional currency and pegged to HKD) impacting the Company’s net investment in SCL.

This Forward was designated as a hedge of the Company’s net investment in SCL (the “SCL Net Investment Hedge,” and together with the MBS Net Investment Hedge, the “Net Investment Hedges”).

The SCL Net Investment Hedge had a total notional value of $ 189 million and expired on July 7, 2025.

For each reporting period, the fair value of each derivative is recorded to an asset or liability with the offset recorded to AOCI in the accompanying condensed consolidated balance sheets.

Refer to “Note 9 — Fair Value Disclosures” for further details.

The following tables present the net changes in AOCI associated with the current period hedging transactions and the net amount of any reclassification into earnings, net of tax:

Three Months Ended June 30,

Cash Flow Hedges Net Investment Hedges Cash Flow Hedges Net Investment Hedges

(In millions)

Net loss from hedge adjustments recognized in AOCI as of April 1

$ ( 22 ) $ — $ ( 21 ) $ —

Hedge adjustments recognized during the current period

( 26 ) ( 31 ) ( 7 ) —

Net (gain) loss reclassified from AOCI into earnings

Net loss from hedge adjustments recognized in AOCI as of June 30

$ ( 86 ) $ ( 31 ) $ ( 23 ) $ —

Six Months Ended June 30,

Cash Flow Hedges Net Investment Hedges Cash Flow Hedges Net Investment Hedges

(In millions)

Net loss from hedge adjustments recognized in AOCI as of January 1

$ ( 32 ) $ — $ ( 9 ) $ —

Hedge adjustments recognized during the current period

( 8 ) ( 31 ) ( 17 ) —

Net (gain) loss reclassified from AOCI into earnings

Net loss from hedge adjustments recognized in AOCI as of June 30

$ ( 86 ) $ ( 31 ) $ ( 23 ) $ —

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

Note 7 — Equity and Earnings Per Share

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.

On February 19 and May 14, 2025, the Company paid a quarterly dividend of $ 0.25 per common share as part of a regular cash dividend program.

During the six months ended June 30, 2025, the Company recorded $ 354 million as a distribution against retained earnings.

On February 14 and May 15, 2024, the Company paid a dividend of $ 0.20 per common share as part of a regular cash dividend program.

During the six months ended June 30, 2024, the Company recorded $ 299 million as a distribution against retained earnings.

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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.

In July 2025, the Company’s Board of Directors declared a quarterly dividend of $ 0.25 per common share (a total estimated to be approximately $ 172 million) to be paid on August 13, 2025, to stockholders of record on August 5, 2025.

Share Repurchases

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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.

During the six months ended June 30, 2025, the Company repurchased 30,295,410 shares of its common stock for approximately $ 1.26 billion (including commissions and $ 12 million in excise tax) under the Company’s current program (inclusive of the shares repurchased with the December Capped Call).

During the six months ended June 30, 2024, the Company repurchased 17,316,119 shares of its common stock for $ 859 million (including commissions and $ 9 million in excise tax).

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.

As of June 30, 2025, the remaining amount authorized under the share repurchase program was $ 1.20 billion.

All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets.

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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.

Noncontrolling Interests

On June 20, 2025, SCL paid a dividend of HKD 0.25 per share to SCL shareholders (a total of $ 261 million, of which the Company retained $ 190 million during the six months ended June 30, 2025).

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.

On December 4, 2024, April 25 and June 13, 2025, the Company’s wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into share purchase agreements (the “December SCL Purchase Agreement,” the “April SCL Purchase Agreement” and the “June SCL Purchase Agreement,” respectively, collectively the “SCL Purchase Agreements”) with financial institutions (the “Agents”) for the purchase of the common stock of SCL.

Pursuant to the terms of the SCL Purchase Agreements, VVDI II made an up-front payment of HKD 800 million under each of the December and April SCL Purchase Agreements and HKD 1.05 billion under the June SCL Purchase Agreement (collectively, approximately $ 340 million at exchange rates as of the date of the transactions) to the Agents on December 4, 2024, April 25 and June 13, 2025, respectively.

Once the up-front payments were made related to all the transactions above, VVDI II had no further obligation to provide any additional consideration to the Agents.

The SCL Purchase Agreements allowed for the delivery of shares on a daily basis.

The December and April SCL Purchase Agreements concluded on January 7 and June 13, 2025, respectively, with the June SCL Purchase Agreement still in progress.

The SCL Share Purchase Agreements resulted in the delivery of 107,895,839 shares as of June 30, 2025 (of which 25,112,000 shares were delivered during December 2024), and an additional 17,959,600 shares from July 1 through July 23, 2025, of SCL common stock to the Company.

The above represented a total average daily price of HKD 17.27 up to June 30, 2025, and HKD 18.50 from July 1 through July 23, 2025.

The number of shares actually delivered to the Company by the Agents was based on the price paid by the Agents for SCL common stock delivered to the Company during the term of the various SCL purchase agreements, subject to the cap amount (as defined in the agreements).

Pursuant to the SCL Purchase Agreements, the Company paid the Agents a fee equal to an agreed percentage of the price per share benefit that the Agents were able to realize on SCL shares purchased compared to the volume-weighted average share price of SCL’s common stock.

The total additional shares delivered related to the above transactions resulted in an increase of the Company’s ownership of SCL to approximately 73.15 % as of June 30, 2025, and 73.37 % as of July 23, 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Transfer from Noncontrolling Interest

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(In millions)

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Changes from net income attributable to LVSC and transfers from noncontrolling interest $ 470 $ 356 $ 824 $ 850

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Earnings Per Share

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(In millions)

Weighted-average common shares outstanding (used in the calculation of basic earnings per share)

695 740 704 745

Potential dilution from stock options and restricted stock and stock units

Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)

Antidilutive stock options excluded from the calculation of diluted earnings per share

696 741 704 747

Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share

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

Note 8 — Leases

Lease revenue for the Company’s mall operations consists of the following:

Three Months Ended

Three Months Ended June 30,

Mall Other Mall Other

(In millions)

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Overage rents 20 — 13 —

$ 160 $ 1 $ 149 $ 1

Six Months Ended June 30,

Mall Other Mall Other

(In millions)

Minimum rents $ 280 $ 1 $ 268 $ 1

Overage rents 40 — 30 —

$ 320 $ 1 $ 298 $ 1

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 9 — Fair Value Disclosures

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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

June 30, 2025

Hierarchy Level

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Cash deposits

$ 1,385 $ 1,385

Money market funds

2 unchanged sentences

$ 1,264 $ 1,222

Prepaid expenses and other:

2021 SCL Swap (3)(5)

SCL Net Investment Hedge

Other accrued liabilities:

2024 SCL Swaps (3)

$ 15,835 $ 15,662

Cross-currency swaps (3)

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Other long-term liabilities:

2024 SCL Swaps (3)(6)

MBS Net Investment Hedge (3)(7)

December 31, 2024

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$ 1,264 $ 1,192

Other accrued liabilities:

2021 SCL Swaps (3)

$ 13,689 $ 13,353

Cross-currency swaps (3)

Other long-term liabilities:

2024 SCL Swaps (3)(6)

____________________

(1) The cross-currency swaps are accounted for at fair value in the accompanying condensed consolidated financial statements.

(1) The cross-currency swaps and net investment hedges 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.

1 unchanged sentence

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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(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.

(5) During the three months ended June 30, 2025, hedge accounting for this derivative was discontinued.

Refer to “Note 6 — Derivative Instruments” for related disclosures.

(6) These amounts exclude the portion of the fair value related to the accrual of the periodic swapping of interest payments.

These accrual components, amounting to $ 4 million as of June 30, 2025 and December 31, 2024, are recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

(7) This amount excludes the portion of the fair value related to the accrual of the periodic swapping of interest payments.

This accrual component, amounting to $ 3 million as of June 30, 2025, is recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

As of June 30, 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 10 — Commitments and Contingencies

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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.

(“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 June 30, 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.

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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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

allowed AAEC’s amended request.

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 June 30, 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 allowed AAEC’s amended request.

Defendants appealed the decision allowing the amended claim on September 17, 2019;

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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.

Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $ 12 million at exchange rates in effect on June 30, 2025) based on Plaintiff’s July 15, 2019 amendment.

By motion dated July 20, 2021, the U.S.

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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).

By order dated

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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 $ 7.16 billion and $ 7.70 billion, respectively, at exchange rates in effect on June 30, 2025).

On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S.

2 unchanged sentences

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).

Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $ 6 million at exchange rates in effect on June 30, 2025).

By motion dated September 29, 2022, the U.S.

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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.

On April 28, 2025, the Defendants moved to strike Plaintiff’s notice of appeal.

The Defendants supplemented their stay motion on May 2, 2025 to note that the Macao First Instance Court had entered a judgment liquidating Plaintiff.

By order dated May 30, 2025, the Macao Second Instance Court denied the Defendants’ motion to strike, accepted Plaintiff’s notice of appeal, and concluded that it lacked jurisdiction to stay the proceedings.

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.

On June 30, 2025, Plaintiff filed a notice claiming that the Macao Second Instance Court lacks jurisdiction to address its liquidation and, in the alternative sought to stay the proceedings so that it could challenge the liquidation.

On July 7, 2025, Defendants submitted a response to Plaintiff’s June 30, 2025 filing, noting that, under Macao law, Plaintiff no longer exists and should be replaced as a party in the litigation by its shareholders and urging the Macao Second Instance Court to deny Plaintiff’s request to stay the proceedings.

By order dated July 14, 2025, the Macao Second Instance Court denied AAEC’s motion for a stay, 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.

The deadline to challenge the July 14, 2025 order is July 31, 2025.

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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

The Company’s segment information as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 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

Three Months Ended June 30, 2025

Casino $ 524 $ 495 $ 143 $ 122 $ 63 $ — $ 1,347 $ 1,068 $ — $ 2,415

26 unchanged sentences

Income tax expense ( 90 )

Loss on modification or early retirement of debt ( 5 )

Net income $ 519

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

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

Three Months Ended June 30, 2024

Casino $ 556 $ 318 $ 207 $ 178 $ 70 $ — $ 1,329 $ 706 $ — $ 2,035

24 unchanged sentences

Interest expense, net of amounts capitalized ( 186 )

Other income 11

Income tax expense ( 72 )

Net income $ 424

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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)

Six Months Ended June 30, 2025

Casino $ 1,019 $ 897 $ 316 $ 254 $ 131 $ — $ 2,617 $ 1,925 $ — $ 4,542

Rooms 103 168 69 57 9 — 406 263 — 669

Food and beverage 30 51 23 14 5 — 123 165 — 288

Mall 121 42 10 76 — — 249 124 — 373

Convention, retail and other 24 13 3 1 1 50 92 73 — 165

Net revenues 1,297 1,171 421 402 146 50 3,487 2,550 — 6,037

Intersegment revenues 4 — — — — 15 19 1 128 148

Net revenues before intersegment eliminations 1,301 1,171 421 402 146 65 3,506 2,551 128 6,185

Payroll and related expenses 218 196 98 55 46 23 636 356 — 992

Gaming taxes 486 469 156 155 62 — 1,328 451 — 1,779

Other expenses (1)

136 148 57 52 19 29 441 371 128 940

Segment expenses 840 813 311 262 127 52 2,405 1,178 128 3,711

Segment/Consolidated adjusted property EBITDA $ 461 $ 358 $ 110 $ 140 $ 19 $ 13 $ 1,101 $ 1,373 $ — $ 2,474

Other Operating Costs and Expenses

Stock-based compensation (2)

Corporate ( 142 )

Pre-opening ( 13 )

Development ( 138 )

Depreciation and amortization ( 733 )

Amortization of leasehold interests in land ( 35 )

Loss on disposal or impairment of assets ( 15 )

Operating income 1,392

Other Non-Operating Costs and Expenses

Interest income 84

Interest expense, net of amounts capitalized ( 368 )

Other expense ( 23 )

Loss on modification or early retirement of debt ( 5 )

Income tax expense ( 153 )

Net income $ 927

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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)

Six Months Ended June 30, 2024

Casino $ 1,194 $ 737 $ 380 $ 248 $ 139 $ — $ 2,698 $ 1,565 $ — $ 4,263

Rooms 102 166 66 50 9 — 393 250 — 643

Food and beverage 33 49 31 16 6 — 135 163 — 298

Mall 108 33 14 76 — — 231 117 — 348

Convention, retail and other 16 21 4 2 1 47 91 77 — 168

Net revenues 1,453 1,006 495 392 155 47 3,548 2,172 — 5,720

Intersegment revenues 4 — — — — 13 17 2 126 145

Net revenues before intersegment eliminations 1,457 1,006 495 392 155 60 3,565 2,174 126 5,865

Payroll and related expenses 205 180 97 53 45 19 599 331 — 930

Gaming taxes 559 394 187 158 67 — 1,365 382 — 1,747

Other expenses (1)

117 157 57 45 21 33 430 352 126 908

Segment expenses 881 731 341 256 133 52 2,394 1,065 126 3,585

Segment/Consolidated adjusted property EBITDA $ 576 $ 275 $ 154 $ 136 $ 22 $ 8 $ 1,171 $ 1,109 $ — $ 2,280

Other Operating Costs and Expenses

Stock-based compensation (2)

Corporate ( 147 )

Pre-opening ( 6 )

Development ( 114 )

Depreciation and amortization ( 636 )

Amortization of leasehold interests in land ( 30 )

Loss on disposal or impairment of assets ( 30 )

Operating income 1,308

Other Non-Operating Costs and Expenses

Interest income 151

Interest expense, net of amounts capitalized ( 368 )

Other income 5

Income tax expense ( 89 )

Net income $ 1,007

____________________

(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.

(2) D uring the three months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense of $ 17 million and $ 14 million, respectively, of which $ 12 million and $ 11 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

D uring the six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense of $ 26 million and $ 34 million, respectively, of which $ 20 million and $ 25 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Three Months Ended

Six Months Ended

(In millions)

6 unchanged sentences

Sands Macao 6 6

Ferry Operations and Other — 1

Marina Bay Sands 304 239

15 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements