3 unchanged sentences
We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions.
−Removed: As of March 31, 2025, the estimated fair value of our debt was approximately $13.54 billion, compared to its contractual value of $13.82 billion.
+Added: As of June 30, 2025, the estimated fair value of our debt was approximately $15.66 billion, compared to its contractual value of $15.84 billion.
The estimated fair value of our debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
A hypothetical 100 basis point change in market rates would cause the fair value of our debt to change by $296 million.
−Removed: A hypothetical 100 basis point change in Secured Overnight Financing Rate (“SOFR”), Hong Kong Interbank Offered Rate (“HIBOR”) and Singapore Overnight Rate Average (“SORA”) would cause our annual interest cost on our debt to change by approximately $28 million.
−Removed: Foreign currency transaction losses were $1 million for the three months ended March 31, 2025, primarily due to U.S.
+Added: A hypothetical 100 basis point change in Secured Overnight Financing Rate (“SOFR”), HIBOR and SORA would cause our annual interest cost on our debt to change by approximately $54 million.
+Added: Foreign currency transaction losses were $26 million for the six months ended June 30, 2025, primarily due to U.S.
dollar denominated debt issued by SCL.
3 unchanged sentences
There were no material balances denominated in U.S.
−Removed: dollars related to our Singapore operations as of March 31, 2025;
+Added: dollars related to our Singapore operations as of June 30, 2025;
however, these balances fluctuate to support our operations.
−Removed: Based on balances as of March 31, 2025, a hypothetical 1% weakening of the U.S.
−Removed: dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $17 million (net of the impact from the foreign currency swap agreements).
+Added: The balances denominated in U.S.
+Added: dollars related to our Macao operations were significant as of June 30, 2025, however, the foreign currency exchange risk is mitigated by our cross-currency interest rate swaps.
The pataca is pegged to the Hong Kong dollar and the Hong Kong dollar is pegged to the U.S.
2 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.