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 June 30, 2025, the estimated fair value of our debt was approximately $15.66 billion, compared to its contractual value of $15.84 billion.
+Added: As of September 30, 2025, the estimated fair value of our debt was approximately $15.76 billion, compared to its contractual value of $15.78 billion.
The estimated fair value of our debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
1 unchanged sentence
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.
−Removed: Foreign currency transaction losses were $26 million for the six months ended June 30, 2025, primarily due to U.S.
+Added: Foreign currency transaction losses were $17 million for the nine months ended September 30, 2025, primarily due to U.S.
dollar denominated debt issued by SCL.
−Removed: We may be vulnerable to changes in the U.S.
−Removed: dollar/SGD and U.S.
+Added: We may be vulnerable to changes in the USD/SGD and U.S.
dollar/pataca exchange rates.
There were no material balances denominated in U.S.
−Removed: dollars related to our Singapore operations as of June 30, 2025;
+Added: dollars related to our Singapore operations as of September 30, 2025;
however, these balances fluctuate to support our operations.
−Removed: The balances denominated in U.S.
−Removed: 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.
+Added: Based on balances as of September 30, 2025, a hypothetical 1% weakening of the U.S.
+Added: dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $9 million (net of the impact from the foreign currency swap agreements).
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.