LAS VEGAS SANDS CORP 10-Q

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and the notes thereto, and other financial information included in this Quarterly Report on Form 10-Q. Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. See “Special Note Regarding Forward-Looking Statements.” Operations We view each of our Integrated Resort properties as an operating segment. Our operating segments in Macao consist of The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; and the Sands Macao. Our operating segment in Singapore is Marina Bay Sands. Macao The Macao government announced total visitation from mainland China to Macao increased approximately 16.9% and 18.4% , respectively, during the three and nine months ended September 30, 2025, as compared to the same periods in 2024. The Macao government also announced gross gaming revenue increased 12.5% and 7.1%, respectively, during the three and nine months ended September 30, 2025, as compared to the same periods in 2024 . Singapore Airlift passenger movement has increased with a total of 52 million passengers having passed through Singapore’s Changi Airport for the nine months ended September 30, 2025, an increase of 4.4% compared to the same period in 2024 . The Singapore Tourism Board (“STB”) announced total visitation to Singapore was 4.5 million and 12.9 million, respectively, for the three and nine months ended September 30, 2025, an increase of 3.0% and 2.3% from the same periods in 2024 . Summary Our Macao operations continue to face a competitive casino operating environment, with adjusted property EBITDA having increased $16 million compared with the three months ended September 30, 2024 and having decreased $54 million compared to the nine months ended September 30, 2024. Our Singapore operations continue to deliver exceptional results in terms of adjusted property EBITDA, having increased $337 million compared to the three months ended September 30, 2024 and $601 million compared to the nine months ended September 30, 2024, with the key driver being an increase in gross gaming revenue. We have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.35 billion as of September 30, 2025 and access to $1.50 billion, $2.51 billion and $456 million of available borrowing capacity from our 2024 LVSC Revolving Facility, 2024 SCL Revolving Facility and 2025 Singapore Revolving Facility, respectively. We believe we are able to support our continuing operations, complete the major construction projects that are underway and maintain our share repurchase and dividend programs to continue to return excess capital to stockholders. Critical Accounting Policies and Estimates For a discussion of our significant accounting policies and estimates, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” presented in our 2024 Annual Report on Form 10-K filed on February 7, 2025. There were no newly identified significant accounting policies and estimates during the nine months ended September 30, 2025, nor were there any material changes to the critical accounting policies and estimates discussed in our 2024 Annual Report. Recent Accounting Pronouncements See related disclosure at “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 1 — Organization and Business of Company — Recent Accounting Pronouncements.” 31 Table of Contents Operating Results Key Operating Revenue Measurements Operating revenues at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao and Marina Bay Sands are dependent upon the volume of patrons who stay at the hotel, which affects the price charged for hotel rooms and our gaming volume. Operating revenues at Sands Macao are principally driven by the volume of gaming patrons who visit the property on a daily basis. Management utilizes the following volume and pricing measures in order to evaluate past performance and assist in forecasting future revenues. The various volume measurements indicate our ability to attract patrons to our Integrated Resorts. In casino operations, win and hold percentages indicate the amount of revenue to be expected based on volume. In hotel operations, average daily rate and revenue per available room indicate the demand for rooms and our ability to capture that demand. In mall operations, base rent per square foot indicates our ability to attract and maintain profitable tenants for our leasable space. The following are the key measurements we use to evaluate operating revenues: Casino revenue measurements for Macao and Singapore: Macao and Singapore table games are segregated into two groups: Rolling Chip play (composed of VIP players) and Non-Rolling Chip play (mostly non-VIP players). The volume measurement for Rolling Chip play is non-negotiable gaming chips wagered and lost. The volume measurement for Non-Rolling Chip play is table games drop (“drop”), which is net markers issued (credit instruments), cash deposited in the table drop boxes and gaming chips purchased and exchanged at the cage. Rolling Chip and Non-Rolling Chip volume measurements are not comparable as they are two distinct measures of volume. The amounts wagered and lost for Rolling Chip play are substantially higher than the amounts dropped for Non-Rolling Chip play. Slot handle, also a volume measurement, is the gross amount wagered for the period cited. We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold (amount won by the casino) as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Our win and hold percentages are calculated before discounts, commissions, deferring revenue associated with our loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. Our Rolling Chip table games are expected to produce a win percentage of 3.3% in Macao. During the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Singapore to be based on the theoretical hold percentage measured by technology-enabled tables (“smart tables”). The theoretical hold percentage based on smart table data was 4.2% and 3.5% for the three months ended September 30, 2025 and 2024, respectively, in Singapore. Our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 23.5%, 22.8%, 21.6%, 23.9%, 15.7% and 23.1% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage of 3.7%, 3.8%, 3.8%, 2.4%, 2.9% and 4.2% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Actual win and hold percentages may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 8.8% and 11.3%, respectively, of our table games play was conducted on a credit basis for the nine months ended September 30, 2025. Hotel revenue measurements: Performance indicators used are occupancy rate (a volume indicator), which is the average percentage of available hotel rooms occupied during a period and average daily room rate (“ADR,” a price indicator), which is the average price of occupied rooms per day. Available rooms exclude those rooms unavailable for occupancy during the period due to renovation, development or other requirements. The calculations of the occupancy rate and ADR include the impact of rooms provided on a complimentary basis. Revenue per available room (“RevPAR”) represents a summary of hotel ADR and occupancy. Because not all available rooms are occupied, ADR is normally higher than RevPAR. Reserved rooms where the guests do not show up for their stay and lose their deposit, or where guests check out early, may be re-sold to walk-in guests. Mall revenue measurements: Occupancy, base rent per square foot and tenant sales per square foot are used as performance indicators. Occupancy represents gross leasable occupied area (“GLOA”) divided by gross leasable area (“GLA”) at the end of the reporting period. GLOA is the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but paying rent. GLA does not include space currently under development or not on the market for lease. Base rent per square foot is the weighted average base or minimum rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have been open for a minimum of 12 months are included in the tenant sales per square foot calculation. 32 Table of Contents Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024 Summary Financial Results Net revenues for the three months ended September 30, 2025, were $3.33 billion, compared to $2.68 billion for the three months ended September 30, 2024. Operating income was $719 million for the three months ended September 30, 2025, compared to $504 million for the three months ended September 30, 2024. Net income was $491 million for the three months ended September 30, 2025, compared to $353 million for the three months ended September 30, 2024. Operating Revenues Our net revenues consisted of the following: Three Months Ended September 30, 2025 2024 Percent Change (Dollars in millions) Casino $ 2,506 $ 1,936 29.4 % Rooms 374 314 19.1 % Food and beverage 165 152 8.6 % Mall 199 189 5.3 % Convention, retail and other 87 91 (4.4) % Total net revenues $ 3,331 $ 2,682 24.2 % Consolidated net revenues were $3.33 billion for the three months ended September 30, 2025, an increase of $649 million compared to $2.68 billion for the three months ended September 30, 2024, due to increases of $514 million and $135 million at Marina Bay Sands and our Macao operations, respectively. Net casino revenues increased $570 million compared to the three months ended September 30, 2024, due to increases of $477 million and $93 million at Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands increased due to overall increases in win and hold percentages, as well as increases in table games and slot volumes. Casino revenues at our Macao operations increased due to increases in the Non-Rolling Chip drop and win percentage and slot handle, partially offset by decreases in Rolling Chip volume and slot win percentage. The following table summarizes our casino activity: Three Months Ended September 30, 2025 2024 Change (Dollars in millions) Macao Operations: The Venetian Macao Total net casino revenues $ 543 $ 554 (2.0) % Non-Rolling Chip drop $ 2,390 $ 2,252 6.1 % Non-Rolling Chip win percentage 23.6 % 24.7 % (1.1) pts Rolling Chip volume $ 635 $ 1,126 (43.6) % Rolling Chip win percentage 5.87 % 3.64 % 2.23 pts Slot handle $ 1,430 $ 1,441 (0.8) % Slot hold percentage 3.6 % 3.9 % (0.3) pts The Londoner Macao Total net casino revenues $ 525 $ 338 55.3 % Non-Rolling Chip drop $ 2,268 $ 1,598 41.9 % Non-Rolling Chip win percentage 23.4 % 21.9 % 1.5 pts Rolling Chip volume $ 2,312 $ 1,548 49.4 % Rolling Chip win percentage 3.65 % 2.89 % 0.76 pts Slot handle $ 2,141 $ 1,290 66.0 % Slot hold percentage 3.9 % 4.0 % (0.1) pts 33 Table of Contents Three Months Ended September 30, 2025 2024 Change (Dollars in millions) The Parisian Macao Total net casino revenues $ 163 $ 189 (13.8) % Non-Rolling Chip drop $ 785 $ 1,054 (25.5) % Non-Rolling Chip win percentage 21.5 % 19.6 % 1.9 pts Rolling Chip volume (1) $ — $ 169 N.M. Rolling Chip win percentage — % (7.14) % 7.14 pts Slot handle $ 1,007 $ 997 1.0 % Slot hold percentage 3.6 % 4.2 % (0.6) pts The Plaza Macao and Four Seasons Macao Total net casino revenues $ 132 $ 182 (27.5) % Non-Rolling Chip drop $ 683 $ 684 (0.1) % Non-Rolling Chip win percentage 25.7 % 22.9 % 2.8 pts Rolling Chip volume $ 1,402 $ 2,616 (46.4) % Rolling Chip win percentage 1.84 % 3.92 % (2.08) pts Slot handle $ 15 $ 26 (42.3) % Slot hold percentage 2.5 % 3.0 % (0.5) pts Sands Macao Total net casino revenues $ 66 $ 73 (9.6) % Non-Rolling Chip drop $ 371 $ 407 (8.8) % Non-Rolling Chip win percentage 16.4 % 16.8 % (0.4) pts Rolling Chip volume $ 18 $ 26 (30.8) % Rolling Chip win percentage 3.08 % 4.39 % (1.31) pts Slot handle $ 626 $ 560 11.8 % Slot hold percentage 2.8 % 2.9 % (0.1) pts Singapore Operations: Marina Bay Sands Total net casino revenues $ 1,077 $ 600 79.5 % Non-Rolling Chip drop $ 2,552 $ 2,126 20.0 % Non-Rolling Chip win percentage 24.5 % 20.4 % 4.1 pts Rolling Chip volume $ 9,069 $ 6,558 38.3 % Rolling Chip win percentage 4.84 % 1.75 % 3.09 pts Slot handle $ 6,406 $ 5,855 9.4 % Slot hold percentage 4.4 % 4.0 % 0.4 pts __________________________ N.M. — Not meaningful. (1) Rolling Chip tables were made available based on demand beginning in March 2024. In our experience, average win percentages remain fairly consistent when measured over extended periods of time with a significant volume of wagers, but can vary considerably within shorter time periods as a result of the statistical variances associated with games of chance in which large amounts are wagered. 34 Table of Contents Room revenues increased $60 million compared to the three months ended September 30, 2024, due to increases of $31 million and $29 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was due to increases in ADR and available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand, which began in November 2023 and was completed in early April 2025, partially offset by a decrease in occupancy. The increase at Marina Bay Sands was due to increases in ADR, occupancy and available rooms, primarily due to the phased completion of room renovations, which began in 2024 and concluded in May 2025. The following table summarizes the results of our room activity: Three Months Ended September 30, 2025 2024 Change (Room revenues in millions) Macao Operations: The Venetian Macao Total room revenues $ 52 $ 54 (3.7) % Occupancy rate 98.0 % 98.8 % (0.8) pts Average daily room rate (ADR) $ 200 $ 204 (2.0) % Revenue per available room (RevPAR) $ 196 $ 202 (3.0) % The Londoner Macao Total room revenues $ 102 $ 68 50.0 % Occupancy rate 96.4 % 97.7 % (1.3) pts Average daily room rate (ADR) $ 262 $ 230 13.9 % Revenue per available room (RevPAR) $ 253 $ 225 12.4 % The Parisian Macao Total room revenues $ 34 $ 36 (5.6) % Occupancy rate 97.0 % 98.5 % (1.5) pts Average daily room rate (ADR) $ 151 $ 153 (1.3) % Revenue per available room (RevPAR) $ 147 $ 151 (2.6) % The Plaza Macao and Four Seasons Macao Total room revenues $ 28 $ 27 3.7 % Occupancy rate 92.6 % 93.2 % (0.6) pts Average daily room rate (ADR) $ 493 $ 474 4.0 % Revenue per available room (RevPAR) $ 456 $ 442 3.2 % Sands Macao Total room revenues $ 4 $ 4 — % Occupancy rate 98.4 % 99.4 % (1.0) pts Average daily room rate (ADR) $ 166 $ 172 (3.5) % Revenue per available room (RevPAR) $ 164 $ 171 (4.1) % Singapore Operations: Marina Bay Sands Total room revenues $ 154 $ 125 23.2 % Occupancy rate 95.5 % 94.7 % 0.8 pts Average daily room rate (ADR) $ 982 $ 903 8.7 % Revenue per available room (RevPAR) $ 937 $ 855 9.6 % Food and beverage revenues increased $13 million compared to the three months ended September 30, 2024, due to increases of $7 million and $6 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was due to increased business volume and the opening of new venues since September 2024. The increase at Marina Bay Sands was due to the opening of venues in June and July 2025, as well as increased business volume. 35 Table of Contents Mall revenues increased $10 million compared to the three months ended September 30, 2024, due to increases of $6 million and $4 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was due to an increase in base rent, while the increase at our Macao operations was driven by increases of $3 million in overage rent and $1 million in revenues related to common area maintenance (“CAM”). For further information related to the financial performance of our malls, see “Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our malls on the Cotai Strip in Macao and in Singapore: Three Months Ended September 30, 2025 2024 Change (Mall revenues in millions) Macao Operations: Shoppes at Venetian Total mall revenues $ 64 $ 59 8.5 % Mall gross leasable area (in square feet) 829,395 822,456 0.8 % Occupancy 87.8 % 83.6 % 4.2 pts Base rent per square foot $ 286 $ 289 (1.0) % Tenant sales per square foot $ 1,798 $ 1,615 11.3 % Shoppes at Londoner (1) Total mall revenues $ 23 $ 20 15.0 % Mall gross leasable area (in square feet) 518,267 566,272 (8.5) % Occupancy 78.1 % 70.5 % 7.6 pts Base rent per square foot $ 177 $ 155 14.2 % Tenant sales per square foot $ 1,454 $ 1,491 (2.5) % Shoppes at Parisian (1) Total mall revenues $ 5 $ 6 (16.7) % Mall gross leasable area (in square feet) 257,918 296,818 (13.1) % Occupancy 70.4 % 67.7 % 2.7 pts Base rent per square foot $ 84 $ 103 (18.4) % Tenant sales per square foot $ 455 $ 525 (13.3) % Shoppes at Four Seasons (1) Total mall revenues $ 38 $ 40 (5.0) % Mall gross leasable area (in square feet) 248,304 261,845 (5.2) % Occupancy 94.2 % 90.1 % 4.1 pts Base rent per square foot $ 615 $ 630 (2.4) % Tenant sales per square foot $ 4,366 $ 5,832 (25.1) % Singapore Operations: The Shoppes at Marina Bay Sands Total mall revenues $ 69 $ 63 9.5 % Mall gross leasable area (in square feet) 620,530 615,944 0.7 % Occupancy 95.9 % 99.1 % (3.2) pts Base rent per square foot $ 385 $ 354 8.8 % Tenant sales per square foot $ 2,893 $ 2,919 (0.9) % __________________________ Note: This table excludes the results of our retail outlets at Sands Macao. (1) Due to gross leasable area being taken off the market and not available for leasing, approximately 49,000 and 37,000 square feet of space at the Shoppes at Londoner and the Shoppes at Parisian, respectively, was removed during the three months ended March 31, 2025, and approximately 14,000 square feet of space at the Shoppes at Four Seasons was removed during the three months ended June 30, 2025. 36 Table of Contents Operating Expenses Our operating expenses consisted of the following: Three Months Ended September 30, 2025 2024 Percent Change (Dollars in millions) Casino $ 1,353 $ 1,120 20.8 % Rooms 89 79 12.7 % Food and beverage 144 129 11.6 % Mall 25 23 8.7 % Convention, retail and other 61 62 (1.6) % Provision for (recovery of) credit losses 18 (5) (460.0) % General and administrative 308 293 5.1 % Corporate 78 68 14.7 % Pre-opening 7 4 75.0 % Development 72 55 30.9 % Depreciation and amortization 368 324 13.6 % Amortization of leasehold interests in land 21 15 40.0 % Loss on disposal or impairment of assets 68 11 518.2 % Total operating expenses $ 2,612 $ 2,178 19.9 % Operating expenses were $2.61 billion for the three months ended September 30, 2025, an increase of $434 million compared to $2.18 billion for the three months ended September 30, 2024. The increase was primarily driven by increases of $233 million in casino expenses, $57 million in loss on disposal or impairment of assets, $44 million in depreciation and amortization, $17 million in development, and $23 million in provision for credit losses. Casino expenses increased $233 million compared to the three months ended September 30, 2024, due to increases of $131 million and $102 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily attributable to a $120 million increase in gaming taxes, consistent with increased gross gaming revenues and an increase in gaming tax rates from 8% to 12% on premium play during most of the third quarter due to the tiered tax structure in Singapore as our thresholds were met in July 2025 versus November 2024. The increase at our Macao operations was primarily attributable to increased gaming taxes of $60 million due to increased gross gaming revenues, as well as increases in casino marketing and payroll and related expenses. Room expenses increased $10 million compared to the three months ended September 30, 2024, due to increases of $7 million and $3 million at our Macao operations and Marina Bay Sands, respectively, consistent with increased business volume and higher costs driven by the conversion of the Sheraton towers to the Londoner Grand in Macao and higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands. Food and beverage expenses increased $15 million compared to the three months ended September 30, 2024, due to increases of $9 million and $6 million at Marina Bay Sands and our Macao operations, respectively. These increases were primarily due to the opening of venues since the second half of 2024 and increases in payroll and business volumes. Provision for credit losses was $18 million for the three months ended September 30, 2025, compared to recovery of credit losses of $5 million for the three months ended September 30, 2024. The $23 million increase was primarily due to increases of $20 million and $3 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an $11 million increase in provision during the current quarter and a $9 million decrease in settlements of previously reserved accounts. The increase at our Macao operations resulted from a $5 million increase in provision during the current quarter, partially offset by a $2 million increase in settlements of previously reserved accounts. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit. General and administrative expenses increased $15 million compared to the three months ended September 30, 2024. The increase was primarily due to a $15 million increase at Marina Bay Sands, driven by increased payroll, maintenance and utility costs. 37 Table of Contents Corporate expense increased $10 million compared to the three months ended September 30, 2024. The increase was primarily due to a $5 million increase in payroll and related expenses and $5 million in legal fee recoveries recorded during the three months ended September 30, 2024. Development expenses were $72 million for the three months ended September 30, 2025, compared to $55 million for the three months ended September 30, 2024. During the three months ended September 30, 2025, the increase was primarily due to increased efforts related to the pursuit of new business opportunities in Texas and in the digital gaming space. Development costs are expensed as incurred. Depreciation and amortization increased $44 million compared to the three months ended September 30, 2024. The increase was due to increases of $27 million and $17 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was a result of the completion of renovations that were placed into service throughout 2024 and through the first half of 2025. The increase at our Macao operations was driven by a $28 million increase due to new assets placed into service from the fourth quarter of 2024 and onward, mainly related to the Londoner Grand and the Venetian Arena, partially offset by a $12 million decrease in depreciation due to assets fully depreciated during the prior year and through the third quarter of the current year. Loss on disposal or impairment of assets was $68 million for the three months ended September 30, 2025. The losses incurred for the three months ended September 30, 2025, consisted primarily of impairments of $51 million on assets associated with the decision to no longer pursue the development of certain digital gaming activities, $9 million related to assets associated with the decision to no longer pursue a casino license from the state of New York and $3 million related to certain assets in Texas, and losses of $4 million in Macao due to asset disposals at The Londoner Macao and The Venetian Macao. Segment Adjusted Property EBITDA The following table summarizes information related to our segments: Three Months Ended September 30, 2025 2024 Percent Change (Dollars in millions) Macao: The Venetian Macao $ 242 $ 267 (9.4) % The Londoner Macao 219 124 76.6 % The Parisian Macao 53 74 (28.4) % The Plaza Macao and Four Seasons Macao 74 102 (27.5) % Sands Macao 8 14 (42.9) % Ferry Operations and Other 5 4 25.0 % 601 585 2.7 % Marina Bay Sands 743 406 83.0 % Consolidated adjusted property EBITDA (1) $ 1,344 $ 991 35.6 % __________________________ (1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including LVSC, 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. 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. We have 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. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies. 38 Table of Contents Three Months Ended September 30, 2025 2024 (In millions) Consolidated adjusted property EBITDA $ 1,344 $ 991 Other Operating Costs and Expenses Stock-based compensation (a) (11) (10) Corporate (78) (68) Pre-opening (7) (4) Development (72) (55) Depreciation and amortization (368) (324) Amortization of leasehold interests in land (21) (15) Loss on disposal or impairment of assets (68) (11) Operating income 719 504 Other Non-Operating Costs and Expenses Interest income 39 67 Interest expense, net of amounts capitalized (187) (179) Other income 11 11 Income tax expense (91) (50) Net income $ 491 $ 353 __________________________ (a) During the three months ended September 30, 2025 and 2024, we recorded stock-based compensation expense of $26 million and $24 million, respectively, of which $15 million and $14 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Adjusted property EBITDA at our Macao operations increased $16 million compared with the three months ended September 30, 2024, due to increases in casino and hotel operations, partially offset by increased expenses driven by increased competition for gross gaming revenues in Macao. Adjusted property EBITDA at Marina Bay Sands increased $337 million compared to the three months ended September 30, 2024, primarily due to increases in casino revenue, driven by increased win and hold percentages, and hotel revenue, driven by increased ADR and available rooms due to the completion of room renovations. Interest Expense The following table summarizes information related to interest expense: Three Months Ended September 30, 2025 2024 (Dollars in millions) Interest cost $ 190 $ 183 Less — capitalized interest (3) (4) Interest expense, net $ 187 $ 179 Weighted average total debt balance $ 15,942 $ 13,865 Weighted average interest rate 4.5 % 5.1 % Interest cost was primarily impacted by an increase in our weighted average total debt balance from $13.87 billion to $15.94 billion, partially offset by a decrease in the weighted average interest rate from 5.1% to 4.5%. The weighted average total debt balance increased primarily due to the issuance of the LVSC Senior Notes on May 6, 2025, and from the 2025 Singapore Credit Facility, which proceeds were used to repay the $500 million 2.900% LVSC Senior Notes due June 2025 and to fund our share repurchases and the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility and 2024 SCL Term Loan Facility, partially offset by higher rates on the LVSC Senior Notes issued in May 2025. 39 Table of Contents Other Factors Affecting Earnings Interest income was $39 million for the three months ended September 30, 2025, compared to $67 million for the three months ended September 30, 2024. The decrease was attributable to a decrease in cash available to invest due to share repurchases, dividend payments and development-related spend in the last twelve months. Other income was $11 million for the three months ended September 30, 2025 and 2024. Other income during the three months ended September 30, 2025, was primarily attributable to foreign currency remeasurement gains on U.S. dollar denominated debt held by SCL. Our income tax expense was $91 million on income before income taxes of $582 million for the three months ended September 30, 2025, resulting in a 15.6% effective income tax rate. This compares to a 12.4% effective income tax rate for the three months ended September 30, 2024. The income tax expense for the three months ended September 30, 2025, reflects a 17% statutory tax rate on our Singapore operations, a 21% corporate income tax on our domestic operations and a zero percent rate on our Macao gaming operations due to our income tax exemption in Macao. On July 4, 2025, the U.S. enacted tax legislation referred to as the One Big Beautiful Bill (“OBBB”). The OBBB includes significant changes to U.S. income tax laws, including tax cut extensions and modifications to the international tax framework, with certain provisions effective in 2025 and others effective in 2026 and later years. The financial impact of the enactment is included in the Company’s operating results for the three months ended September 30, 2025. The OBBB is not expected to have a material impact on the Company’s 2025 effective tax rate. Management will continue to analyze and adjust future amounts as related administrative guidance, notices, implementation regulations, potential legislative amendments and interpretations of the OBBB continue to evolve. The net income attributable to noncontrolling interests was $72 million for the three months ended September 30, 2025, compared to $78 million for the three months ended September 30, 2024. These amounts were related to the noncontrolling interest of SCL. Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 Operating Revenues Our net revenues consisted of the following: Nine Months Ended September 30, 2025 2024 Percent Change (Dollars in millions) Casino $ 7,048 $ 6,199 13.7 % Rooms 1,043 957 9.0 % Food and beverage 453 450 0.7 % Mall 572 537 6.5 % Convention, retail and other 252 259 (2.7) % Total net revenues $ 9,368 $ 8,402 11.5 % Consolidated net revenues were $9.37 billion for the nine months ended September 30, 2025, an increase of $966 million compared to $8.40 billion for the nine months ended September 30, 2024, due to increases of $892 million and $74 million at Marina Bay Sands and our Macao operatio ns, respectively. 40 Table of Contents Net casino revenues increased $849 million compared to the nine months ended September 30, 2024, due to increases of $837 million and $12 million at Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands increased due to overall increases in win and hold percentages, as well as increases in table games and slot volumes. Casino revenues at our Macao operations increased due to increases in slot handle, Rolling Chip Win percentage and Non-Rolling Chip drop, partially offset by decreases in Rolling Chip volume and slot hold and Non-Rolling Chip win percentages. The following table summarizes the results of our casino activity: Nine Months Ended September 30, 2025 2024 Change (Dollars in millions) Macao Operations: The Venetian Macao Total net casino revenues $ 1,562 $ 1,748 (10.6) % Non-Rolling Chip drop $ 6,997 $ 6,990 0.1 % Non-Rolling Chip win percentage 23.2 % 24.9 % (1.7) pts Rolling Chip volume $ 2,356 $ 2,955 (20.3) % Rolling Chip win percentage 3.68 % 5.05 % (1.37) pts Slot handle $ 4,206 $ 4,479 (6.1) % Slot hold percentage 3.6 % 3.8 % (0.2) pts The Londoner Macao Total net casino revenues $ 1,422 $ 1,075 32.3 % Non-Rolling Chip drop $ 6,219 $ 5,160 20.5 % Non-Rolling Chip win percentage 22.8 % 21.1 % 1.7 pts Rolling Chip volume $ 6,113 $ 5,784 5.7 % Rolling Chip win percentage 3.78 % 3.02 % 0.76 pts Slot handle $ 5,923 $ 4,460 32.8 % Slot hold percentage 3.8 % 3.9 % (0.1) pts The Parisian Macao Total net casino revenues $ 479 $ 569 (15.8) % Non-Rolling Chip drop $ 2,176 $ 2,947 (26.2) % Non-Rolling Chip win percentage 21.3 % 20.5 % 0.8 pts Rolling Chip volume (1) $ 709 $ 185 283.2 % Rolling Chip win percentage 4.25 % (6.12) % 10.37 pts Slot handle $ 2,768 $ 2,603 6.3 % Slot hold percentage 3.8 % 4.2 % (0.4) pts The Plaza Macao and Four Seasons Macao Total net casino revenues $ 386 $ 430 (10.2) % Non-Rolling Chip drop $ 2,023 $ 2,025 (0.1) % Non-Rolling Chip win percentage 23.4 % 24.0 % (0.6) pts Rolling Chip volume $ 4,934 $ 7,565 (34.8) % Rolling Chip win percentage 2.33 % 2.24 % 0.09 pts Slot handle (2) $ 55 $ 28 96.4 % Slot hold percentage 2.3 % 4.4 % (2.1) pts Sands Macao Total net casino revenues $ 197 $ 212 (7.1) % Non-Rolling Chip drop $ 1,140 $ 1,208 (5.6) % Non-Rolling Chip win percentage 15.5 % 16.6 % (1.1) pts Rolling Chip volume $ 100 $ 62 61.3 % Rolling Chip win percentage 4.35 % 4.31 % 0.04 pts Slot handle $ 1,798 $ 1,625 10.6 % Slot hold percentage 2.9 % 3.0 % (0.1) pts 41 Table of Contents Nine Months Ended September 30, 2025 2024 Change (Dollars in millions) Singapore Operations: Marina Bay Sands Total net casino revenues $ 3,002 $ 2,165 38.7 % Non-Rolling Chip drop $ 7,217 $ 6,329 14.0 % Non-Rolling Chip win percentage 23.7 % 19.6 % 4.1 pts Rolling Chip volume $ 26,042 $ 20,874 24.8 % Rolling Chip win percentage 4.63 % 3.69 % 0.94 pts Slot handle $ 18,409 $ 18,473 (0.3) % Slot hold percentage 4.4 % 3.9 % 0.5 pts __________________________ (1) Rolling Chip tables were made available based on demand beginning in March 2024. (2) During the prior year, a majority of the slot machines were relocated to other properties, with the remaining slot machines reserved for high-end patrons. In our experience, average win percentages remain fairly consistent when measured over extended periods of time with a significant volume of wagers, but can vary considerably within shorter time periods as a result of the statistical variances associated with games of chance in which large amounts are wagered. 42 Table of Contents Room revenues increased $86 million compared to the nine months ended September 30, 2024, due to increases of $44 million and $42 million at our Macao operations and Marina Bay Sands, respectively. Macao room revenues increased due to increased ADR and occupancy, partially offset by a decrease in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand. Marina Bay Sands room revenues increased primarily due to increases in ADR and occupancy, partially offset by a decrease in available rooms due to reduced inventory upon the phased completion of the room renovations, which began in 2024 and concluded in May 2025. The following table summarizes the results of our room activity: Nine Months Ended September 30, 2025 2024 Change (Room revenues in millions) Macao Operations: The Venetian Macao Total room revenues $ 155 $ 156 (0.6) % Occupancy rate 98.8 % 97.6 % 1.2 pts Average daily room rate (ADR) $ 200 $ 202 (1.0) % Revenue per available room (RevPAR) $ 197 $ 197 — % The Londoner Macao Total room revenues $ 270 $ 234 15.4 % Occupancy rate 95.7 % 96.1 % (0.4) pts Average daily room rate (ADR) $ 269 $ 201 33.8 % Revenue per available room (RevPAR) $ 257 $ 193 33.2 % The Parisian Macao Total room revenues $ 103 $ 102 1.0 % Occupancy rate 98.7 % 96.5 % 2.2 pts Average daily room rate (ADR) $ 151 $ 152 (0.7) % Revenue per available room (RevPAR) $ 149 $ 147 1.4 % The Plaza Macao and Four Seasons Macao Total room revenues $ 85 $ 77 10.4 % Occupancy rate 94.0 % 89.0 % 5.0 pts Average daily room rate (ADR) $ 499 $ 482 3.5 % Revenue per available room (RevPAR) $ 469 $ 429 9.3 % Sands Macao Total room revenues $ 13 $ 13 — % Occupancy rate 98.9 % 99.0 % (0.1) pts Average daily room rate (ADR) $ 172 $ 173 (0.6) % Revenue per available room (RevPAR) $ 170 $ 171 (0.6) % Singapore Operations: Marina Bay Sands Total room revenues $ 417 $ 375 11.2 % Occupancy rate 95.3 % 95.0 % 0.3 pts Average daily room rate (ADR) $ 933 $ 796 17.2 % Revenue per available room (RevPAR) $ 889 $ 757 17.4 % 43 Table of Contents Mall revenues increased $35 million compared to the nine months ended September 30, 2024. The increase of $22 million at our Macao operations was primarily driven by increases of $15 million in overage rent, $4 million in base rent and $3 million in revenues related to CAM. The $13 million increase related to Marina Bay Sands was driven by a $15 million increase in base rent and revenues related to CAM, partially offset by a $2 million decrease in overage rent. For further information related to the financial performance of our malls, see “Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our malls on the Cotai Strip in Macao and in Singapore: Nine Months Ended September 30, (1) 2025 2024 Change (Mall revenues in millions) Macao Operations: Shoppes at Venetian Total mall revenues $ 185 $ 167 10.8 % Mall gross leasable area (in square feet) 829,395 822,456 0.8 % Occupancy 87.8 % 83.6 % 4.2 pts Base rent per square foot $ 286 $ 289 (1.0) % Tenant sales per square foot $ 1,798 $ 1,615 11.3 % Shoppes at Londoner (2) Total mall revenues $ 65 $ 53 22.6 % Mall gross leasable area (in square feet) 518,267 566,272 (8.5) % Occupancy 78.1 % 70.5 % 7.6 pts Base rent per square foot $ 177 $ 155 14.2 % Tenant sales per square foot $ 1,454 $ 1,491 (2.5) % Shoppes at Parisian (2) Total mall revenues $ 15 $ 20 (25.0) % Mall gross leasable area (in square feet) 257,918 296,818 (13.1) % Occupancy 70.4 % 67.7 % 2.7 pts Base rent per square foot $ 84 $ 103 (18.4) % Tenant sales per square foot $ 455 $ 525 (13.3) % Shoppes at Four Seasons (2) Total mall revenues $ 114 $ 116 (1.7) % Mall gross leasable area (in square feet) 248,304 261,845 (5.2) % Occupancy 94.2 % 90.1 % 4.1 pts Base rent per square foot $ 615 $ 630 (2.4) % Tenant sales per square foot $ 4,366 $ 5,832 (25.1) % Singapore Operations: The Shoppes at Marina Bay Sands Total mall revenues $ 193 $ 180 7.2 % Mall gross leasable area (in square feet) 620,530 615,944 0.7 % Occupancy 95.9 % 99.1 % (3.2) pts Base rent per square foot $ 385 $ 354 8.8 % Tenant sales per square foot $ 2,893 $ 2,919 (0.9) % __________________________ Note: This table excludes the results of our retail outlets at Sands Macao. (1) As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of September 30, 2025 and 2024, they are identical to the summary presented herein for the three months ended September 30, 2025 and 2024, respectively. (2) During the nine months ended September 30, 2025, approximately 49,000, 37,000 and 14,000 square feet of space at the Shoppes at Londoner, the Shoppes at Parisian and the Shoppes at Four Seasons, respectively, was removed from the respective gross leasable area as it was taken off the market and not available for leasing. 44 Table of Contents Operating Expenses Our operating expenses consisted of the following: Nine Months Ended September 30, 2025 2024 Percent Change (Dollars in millions) Casino $ 3,752 $ 3,441 9.0 % Rooms 257 234 9.8 % Food and beverage 400 379 5.5 % Mall 69 62 11.3 % Convention, retail and other 177 177 — % Provision for credit losses 39 10 290.0 % General and administrative 873 847 3.1 % Corporate 220 215 2.3 % Pre-opening 20 10 100.0 % Development 210 169 24.3 % Depreciation and amortization 1,101 960 14.7 % Amortization of leasehold interests in land 56 45 24.4 % Loss on disposal or impairment of assets 83 41 102.4 % Total operating expenses $ 7,257 $ 6,590 10.1 % Operating expenses were $7.26 billion for the nine months ended September 30, 2025, an increase of $667 million compared to $6.59 billion for the nine months ended September 30, 2024. The increase was primarily driven by increases of $311 million in casino expenses, $141 million in depreciation and amortization, $41 million in development expense and $42 million in loss on disposal or impairment of assets. Casino expenses increased $311 million compared to the nine months ended September 30, 2024. The increase was attributable to increases of $213 million and $98 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to a $189 million increase in gaming taxes, consistent with increased gross gaming revenues and an increase in gaming tax rates from 8% to 12% on premium play beginning in July (compared to the increased tax rate beginning in November last year) due to the tiered tax structure in Singapore. The increase at our Macao operations was primarily due to a $23 million increase in gaming taxes, consistent with increased gross gaming revenues, and increases in casino marketing and payroll and related expenses. Room expenses increased $23 million compared to the nine months ended September 30, 2024, due to increases of $12 million and $11 million at Marina Bay Sands and our Macao operations, respectively. These increases were driven by higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands and the conversion of the Sheraton towers to the Londoner Grand in Macao. Food and beverage expenses increased $21 million compared to the nine months ended September 30, 2024, due to increases of $14 million and $7 million at Marina Bay Sands and our Macao operations, respectively. The increases were driven by increased business volumes and the opening of venues since the second half of 2024 . Provision for credit losses was $39 million for the nine months ended September 30, 2025, compared to $10 million for the nine months ended September 30, 2024. The increase in provision was due to increases of $19 million and $10 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to a $10 million increase in the provision for the current period and a $9 million decrease in settlements of previously reserved accounts. The increase at our Macao operations was primarily due to $7 million increase in provision for the current period and a $3 million decrease in settlements of previously reserved accounts. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit. General and administrative expenses increased $26 million compared to the nine months ended September 30, 2024. The increase was primarily due to an increase of $31 million at Marina Bay Sands, partially offset by a decrease of $5 million at our Macao operations. The increase at Marina Bay Sands was primarily due to increases in payroll, property taxes, maintenance contracts and software and hosting services. The decrease at our Macao operations was primarily due to decreases in marketing and repairs and maintenance costs. 45 Table of Contents Corporate expenses increased $5 million compared to the nine months ended September 30, 2024. The increase was primarily due to a $9 million increase in payroll and related expenses and $5 million in legal fee recoveries recorded during the nine months ended September 30, 2024, partially offset by $10 million recorded during the three months ended March 31, 2024, related to a shareholder dividend tax agreement with the Macao government, which was finalized on February 7, 2024, and covers the years from 2023 to 2025. Pre-opening expenses were $20 million for the nine months ended September 30, 2025, compared to $10 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the increase was primarily due to increases in marketing and media expenses for the Londoner Grand and property taxes related to the MBS Expansion Project in Singapore. Development expenses were $210 million for the nine months ended September 30, 2025, compared to $169 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the increased costs were associated with increased efforts primarily related to our digital gaming pursuits. Development costs are expensed as incurred. Depreciation and amortization increased $141 million compared to the nine months ended September 30, 2024. The increase was primarily due to increases of $111 million and $28 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to the completion of the room renovations that were placed into service throughout 2024 and the first half of 2025. The increase at our Macao operations was driven by a $91 million increase due to new assets placed into service from the fourth quarter of 2024 onward, mainly related to Phase II of The Londoner Macao project and The Venetian Arena, partially offset by a $65 million decrease in depreciation due to assets fully depreciated during the prior year and through the third quarter of the current year, including Sheraton-related assets fully depreciated in connection with Phase II of The Londoner Macao project. Loss on disposal or impairment of assets was $83 million for the nine months ended September 30, 2025, compared to $41 million for the nine months ended September 30, 2024. The losses incurred for the nine months ended September 30, 2025, consisted primarily of impairments of $51 million on assets associated with the decision to no longer pursue the development of certain digital gaming activities, $9 million related to assets associated with the decision to no longer pursue a casino license from the state of New York and $3 million related to certain assets in Texas, and losses of $13 million in Macao primarily due to the demolition costs for room renovations at Londoner Grand and $6 million at Corporate primarily due to asset disposals related to an aircraft remodeling. Segment Adjusted Property EBITDA The following table summarizes information related to our segments: Nine Months Ended September 30, 2025 2024 Percent Change (Dollars in millions) Macao: The Venetian Macao $ 703 $ 843 (16.6) % The Londoner Macao 577 399 44.6 % The Parisian Macao 163 228 (28.5) % The Plaza Macao and Four Seasons Macao 214 238 (10.1) % Sands Macao 27 36 (25.0) % Ferry Operations and Other 18 12 50.0 % 1,702 1,756 (3.1) % Marina Bay Sands 2,116 1,515 39.7 % Consolidated adjusted property EBITDA (1) $ 3,818 $ 3,271 16.7 % ____________________ (1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including LVSC, 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 46 Table of Contents calculations. 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. We have 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. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies. Nine Months Ended September 30, 2025 2024 (In millions) Consolidated adjusted property EBITDA $ 3,818 $ 3,271 Other Operating Costs and Expenses Stock-based compensation (a) (17) (19) Corporate (220) (215) Pre-opening (20) (10) Development (210) (169) Depreciation and amortization (1,101) (960) Amortization of leasehold interests in land (56) (45) Loss on disposal or impairment of assets (83) (41) Operating income 2,111 1,812 Other Non-Operating Costs and Expenses Interest income 123 218 Interest expense, net of amounts capitalized (555) (547) Other income (expense) (12) 16 Loss on modification or early retirement of debt (5) — Income tax expense (244) (139) Net income $ 1,418 $ 1,360 ____________________ (a) During the nine months ended September 30, 2025 and 2024, the Company recorded stock-based compensation expense of $52 million and $58 million, respectively, of which $35 million and $39 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Adjusted property EBITDA at our Macao operations decreased $54 million compared to the nine months ended September 30, 2024, primarily due to increased expenses driven by increased competition for gross gaming revenues in Macao. Adjusted property EBITDA at Marina Bay Sands increased $601 million compared to the nine months ended September 30, 2024. The increase was primarily due to increased casino and room operations driven by the introduction of new and elevated suites and rooms and other amenities at Marina Bay Sands. Interest Expense The following table summarizes information related to interest expense: Nine Months Ended September 30, 2025 2024 (Dollars in millions) Interest cost $ 563 $ 557 Less — capitalized interest (8) (10) Interest expense, net $ 555 $ 547 Weighted average total debt balance $ 15,225 $ 14,219 Weighted average interest rate 4.7 % 5.0 % Interest cost was primarily impacted by an increase in the weighted average total debt balance from $14.22 billion to $15.23 billion, partially offset by a decrease in the weighted average interest rate from 5.0% to 4.7%. The weighted average total debt balance increased primarily due to the issuance of the LVSC Senior Notes on May 6, 2025, and from the 2025 Singapore Credit Facility, which proceeds were used to repay the $500 million 2.900% LVSC Senior Notes due June 2025 and to fund our share repurchases and the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the 47 Table of Contents Additional Gaming Area. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility and 2024 SCL Term Loan Facility, partially offset by higher rates on the LVSC Senior Notes issued in May 2025. Other Factors Affecting Earnings Interest income was $123 million for the nine months ended September 30, 2025, compared to $218 million for the nine months ended September 30, 2024, a decrease of $95 million, which was primarily attributable to a decrease in cash available to invest due to share repurchases, dividend payments and development-related spend in the last twelve months. Other expense was $12 million for the nine months ended September 30, 2025, compared to other income of $16 million for the nine months ended September 30, 2024. Other expense during the nine months ended September 30, 2025, was primarily attributable to foreign currency transaction losses related to the early redemption of the remaining outstanding balance of the 5.125% SCL Senior Notes due August 2025 of $1.63 billion and a debt investment impairment loss. This was partially offset by foreign currency remeasurement gains on U.S. dollar denominated debt held by SCL. Our income tax expense was $244 million on income before income taxes of $1.66 billion for the nine months ended September 30, 2025, resulting in a 14.7% effective income tax rate. This compares to a 9.3% effective income tax rate for the nine months ended September 30, 2024. The income tax expense for the nine months ended September 30, 2025, reflects a 17% statutory tax rate on our Singapore operations, a 21% corporate income tax on our domestic operations, and a zero percent rate on our Macao gaming operations due to our income tax exemption in Macao. The income tax expense for the nine months ended September 30, 2024, reflects an income tax benefit of $57 million related to the reversal of the anticipated Macao shareholder dividend tax previously recorded, due to the shareholder dividend tax agreement entered into with the Macao government in February 2024 and covering the years from 2023 through 2025. On July 4, 2025, the U.S. enacted tax legislation referred to as the OBBB. The OBBB includes significant changes to U.S. income tax laws, including tax cut extensions and modifications to the international tax framework, with certain provisions effective in 2025 and others effective in 2026 and later years. The financial impact of the enactment is included in the Company’s operating results for the nine months ended September 30, 2025. The OBBB is not expected to have a material impact on the Company’s 2025 effective tax rate. Management will continue to analyze and adjust future amounts as related administrative guidance, notices, implementation regulations, potential legislative amendments and interpretations of the OBBB continue to evolve. The net income attributable to noncontrolling interests was $186 million for the nine months ended September 30, 2025, compared to $238 million for the nine months ended September 30, 2024. These amounts were related to the noncontrolling interest of SCL. 48 Table of Contents Additional Information Regarding our Retail Mall Operations We own and operate retail malls at our Integrated Resorts at The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao, The Parisian Macao and Marina Bay Sands. Management believes being in the retail mall business and, specifically, owning some of the largest retail properties in Asia provides meaningful value for us, particularly as the retail market in Asia continues to grow. Our malls are designed to complement our other unique amenities and service offerings provided by our Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our patrons and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents and reimbursements for common area maintenance and other expenditures. The following tables summarize the results of our mall operations on the Cotai Strip and at Marina Bay Sands for the three and nine months ended September 30, 2025 and 2024: Shoppes at Venetian Shoppes at Four Seasons Shoppes at Londoner Shoppes at Parisian The Shoppes at Marina Bay Sands (In millions) For the three months ended September 30, 2025 Mall revenues: Minimum rents (1) $ 49 $ 29 $ 14 $ 2 $ 50 Overage rents 7 7 4 — 11 CAM, levies and direct recoveries 8 2 5 3 8 Total mall revenues 64 38 23 5 69 Mall operating expenses: Common area maintenance 4 1 3 2 7 Marketing and other direct operating expenses 4 2 1 — 1 Mall operating expenses 8 3 4 2 8 Property taxes (2) — — — — 1 Mall-related expenses (3) $ 8 $ 3 $ 4 $ 2 $ 9 For the three months ended September 30, 2024 Mall revenues: Minimum rents (1) $ 47 $ 32 $ 11 $ 3 $ 44 Overage rents 4 6 4 1 11 CAM, levies and direct recoveries 8 2 5 2 8 Total mall revenues 59 40 20 6 63 Mall operating expenses: Common area maintenance 4 1 3 1 5 Marketing and other direct operating expenses 3 3 1 1 2 Mall operating expenses 7 4 4 2 7 Property taxes (2) — — — — 1 Mall-related expenses (3) $ 7 $ 4 $ 4 $ 2 $ 8 49 Table of Contents Shoppes at Venetian Shoppes at Four Seasons Shoppes at Londoner Shoppes at Parisian The Shoppes at Marina Bay Sands (In millions) For the nine months ended September 30, 2025 Mall revenues: Minimum rents (1) $ 145 $ 87 $ 41 $ 7 $ 144 Overage rents 15 19 8 2 25 CAM, levies and direct recoveries 25 8 16 6 24 Total mall revenues 185 114 65 15 193 Mall operating expenses: Common area maintenance 11 4 7 4 19 Marketing and other direct operating expenses 10 6 4 2 2 Mall operating expenses 21 10 11 6 21 Property taxes (2) 1 — — — 4 Mall-related expenses (3) $ 22 $ 10 $ 11 $ 6 $ 25 For the nine months ended September 30, 2024 Mall revenues: Minimum rents (1) $ 137 $ 94 $ 32 $ 12 $ 130 Overage rents 6 14 7 2 27 CAM, levies and direct recoveries 24 8 14 6 23 Total mall revenues 167 116 53 20 180 Mall operating expenses: Common area maintenance 11 4 7 3 16 Marketing and other direct operating expenses 6 5 3 2 5 Mall operating expenses 17 9 10 5 21 Property taxes (2) 1 — — — 3 Mall-related expenses (3) $ 18 $ 9 $ 10 $ 5 $ 24 ____________________ Note: This table excludes the results of our retail outlets at Sands Macao. (1) Minimum rents include base rents and straight-line adjustments of base rents. (2) Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. If the property also qualifies for Tourism Utility Status, the property tax exemption can be extended to twelve years with effect from the opening of the property. The exemption for The Venetian Macao and The Plaza Macao and Four Seasons Macao expired, and the exemption for The Londoner Macao and The Parisian Macao will be expiring in December 2027 and September 2028, respectively. (3) Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for credit losses, but excludes depreciation and amortization and general and administrative costs. It is common in the mall operating industry for companies to disclose mall net operating income (“NOI”) as a useful supplemental measure of a mall’s operating performance. Because NOI excludes general and administrative expenses, interest expense, impairment losses, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests and provision for income taxes, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs. In the tables above, we believe taking total mall revenues less mall-related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies. 50 Table of Contents Development Projects We regularly evaluate opportunities to improve our product offerings, such as refreshing our meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and our gaming areas, as well as other anticipated revenue-generating additions to our Integrated Resorts. Macao As part of the gaming concession entered into by VML and the Macao government (the “Concession”), 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 September 30, 2025). Of this total, 33.39 billion patacas (approximately $4.16 billion at exchange rates in effect on September 30, 2025) must be invested in non-gaming projects. These investments must be accomplished by December 2032. Pursuant to the Concession, we have 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 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 was completed in the second quarter of 2025 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 were substantially completed during the first quarter of 2025. Singapore In April 2019, our wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the 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. Construction works for the project commenced as of May 26, 2025, before the requisite commencement date under the Second Supplemental Agreement. Our 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. Our 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. We have incurred approximately $2.4 billion as of September 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 SGD 1.13 billion (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 was completed in the second quarter of 2025 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 September 30, 2025, we have incurred $416 million in costs to complete these projects, which are in addition to the MBS Expansion Project. The completion of the renovations of Towers 1, 2 and 3 resulted in a total of 1,844 rooms including 775 suites. 51 Table of Contents New York On June 2, 2023, we 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. We 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, we announced our 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. We continue to consider potential acquirors and other development opportunities for the Nassau Coliseum site. There is no assurance we 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. Other We continue to evaluate additional development projects in each of our markets and pursue new development opportunities globally. Liquidity and Capital Resources Cash Flows — Summary Our cash flows consisted of the following: Nine Months Ended September 30, 2025 2024 (In millions) Net cash generated from operating activities $ 1,819 $ 2,289 Cash flows from investing activities: Capital expenditures (894) (1,020) Proceeds from disposal of property and equipment 7 1 Acquisition of intangible assets and other (75) (10) Other 11 — Net cash used in investing activities (951) (1,029) Cash flows from financing activities: Proceeds from exercise of stock options 1 1 Tax withholding on vesting of equity awards (2) (4) Repurchase of common stock (1,716) (1,300) Dividends paid and noncontrolling interest payments (664) (445) Proceeds from debt 6,781 1,748 Repayments of debt (4,887) (1,979) Payments of financing costs (201) (21) Settled contracts for purchase of noncontrolling interest (416) — Unsettled contracts for purchase of noncontrolling interest (59) (103) Other (29) (78) Net cash used in financing activities $ (1,192) $ (2,181) Cash Flows — Operating Activities Table games play at our properties is conducted on a cash and credit basis, while slot machine play is primarily conducted on a cash basis. Our rooms, food and beverage and other non-gaming revenues are conducted primarily on a cash basis and to a lesser extent as a trade receivable. Operating cash flows are generally affected by changes in operating income, accounts receivable, gaming related liabilities and interest payments. Cash flows from operating activities for the nine months ended September 30, 2025, decreased $470 million compared to the nine months ended September 30, 2024. The decrease in cash generated from operations was primarily related to the $848 million payment for MBS’ purchase of the Additional Gaming Area and a decrease in operating income from our Macao properties, partially offset by an increase in operating income from Marina Bay Sands and an increase in cash related to changes in working capital. 52 Table of Contents Cash Flows — Investing Activities Capital expenditures for the nine months ended September 30, 2025, totaled $894 million. Included in this amount was $434 million for construction and development activities in Macao, which consisted of $271 million for The Londoner Macao, primarily due to the Londoner Grand, $131 million for The Venetian Macao and $32 million for the other Macao properties, $425 million for construction activities at Marina Bay Sands in Singapore, primarily due to the room renovations being completed across the property, and $35 million for corporate and other costs. Additionally, in March 2025, we paid approximately $75 million to the Singapore Gambling Regulatory Authority as part of the process to renew our gaming license at Marina Bay Sands, which gaming license now expires in April 2028 . Capital expenditures for the nine months ended September 30, 2024, totaled $1.02 billion. Included in this amount was $534 million for construction and development activities in Macao, which consisted of $348 million for The Londoner Macao, $155 million for The Venetian Macao and $31 million for other Macao properties, and $454 million for construction activities at Marina Bay Sands in Singapore, primarily due to the room renovations being completed across the property. Additionally, we funded $32 million for corporate and other costs. Cash Flows — Financing Activities Net cash flows used in financing activities were $1.19 billion for the nine months ended September 30, 2025. We utilized $1.72 billion for common stock repurchases, $664 million for dividend payments, $475 million to purchase SCL shares through open market transactions and forward contracts, and $201 million for deferred offering costs for the refinancing of the 2025 LVSC Senior Notes and the 2025 Singapore Credit Facility, and the draw down on the 2024 SCL Term Loan Facility. Additionally, there were net proceeds of debt of $1.89 billion, primarily related to proceeds received from the issuance of the 2025 LVSC Senior Notes and the 2025 Singapore Credit Facility. Lastly, we paid $30 million in other financial liability payments. Net cash flows used in financing activities were $2.18 billion for the nine months ended September 30, 2024. We utilized $1.30 billion for common stock repurchases and $445 million for dividend payments related to our stockholder return of capital program, and funded $103 million for a forward contract to purchase common stock of SCL to increase our equity ownership in SCL and $50 million for a capped call contract to purchase common stock of LVSC. There were net repayments of debt of $231 million primarily related to the repurchase of $175 million of SCL senior notes for $174 million. Lastly, we paid $21 million in deferred offering costs, primarily related to the new LVSC revolving credit agreement and the issuance of new LVSC senior notes, and $28 million in other financial liability payments. Capital Financing Overview We fund our development projects primarily through borrowings from our debt instruments and operating cash flows. On February 21, 2025, MBS entered into a new facility agreement, the 2025 Singapore Credit Facility, which provides for a SGD 3.75 billion (approximately $2.91 billion at exchange rates in effect on September 30, 2025) term loan (the “2025 Singapore Term Loan Facility”) and makes available a SGD 750 million (approximately $581 million at exchange rates in effect on September 30, 2025) revolving credit facility (the “2025 Singapore Revolving Facility”) and a SGD 7.50 billion (approximately $5.81 billion at exchange rates in effect on September 30, 2025) term loan facility (the “2025 Singapore Delayed Draw Term Loan Facility”). 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. MBS may draw under the 2025 Singapore Revolving Facility to refinance outstanding indebtedness, pay certain fees, expenses and accrued interest, make dividend payments and for general corporate purposes. 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. In connection with entering into the 2025 Singapore Credit Facility, the commitments under MBS’s amended and restated credit facility agreement, the 2012 Singapore Credit Facility, were terminated. Refer to “Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 5 — Debt” for further details. On April 1, 2025, MBS 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. On May 6, 2025, in an underwritten public offering, we issued, two series of senior unsecured notes in an aggregate principal amount of $1.50 billion (see “Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 5 — Debt”). The net proceeds from the offering were used to redeem in full the outstanding principal under the $500 million 2.900% LVSC Senior Notes due June 25, 2025 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. 53 Table of Contents On June 5, 2025, we 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 in full the outstanding principal amount of $1.63 billion of the 5.125% SCL Senior Notes due August 8, 2025. Our U.S., SCL and Singapore credit facilities, as amended, contain various financial covenants, which include maintaining a maximum leverage ratio, as defined per the respective facility agreements. As of September 30, 2025, our U.S., SCL and Singapore leverage ratios, as defined per the respective credit facility agreements, were 1.39x, 3.37x and 1.51x, respectively, compared to the maximum leverage ratios allowed of 4.00x, 4.00x and 4.50x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities. We held unrestricted cash and cash equivalents of $3.35 billion and restricted cash of $125 million as of September 30, 2025, of which approximately $1.86 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $1.86 billion, approximately $1.57 billion is available to be repatriated, either in the form of dividends or via intercompany loans or advances, to the U.S., subject to levels of earnings, cash flow generated from gaming operations and various other factors, including dividend requirements to third-party public stockholders in the case of funds being repatriated from SCL, compliance with certain local statutes, laws and regulations currently applicable to our subsidiaries and restrictions in connection with their contractual arrangements. We do not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise. We believe we have a strong balance sheet and sufficient liquidity in place, including unrestricted cash and cash equivalents of $3.35 billion and cash flow generated from operations, as well as $4.46 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. We believe we are well positioned to support our operations, maintain compliance with the financial covenants of our credit facilities and fund our working capital needs, committed and planned capital expenditures, development opportunities, debt obligations and dividend commitments, as well as meet our commitments under the Macao concession. In the normal course of our activities, we will continue to evaluate global capital markets to consider future opportunities for enhancements of our capital structure. On June 20 and September 12, 2025 SCL paid a dividend of HKD 0.25 per share to SCL shareholders (a total of $518 million, of which we retained $380 million during the nine months ended September 30, 2025). On February 19, May 14 and August 13, 2025, we paid a quarterly dividend of $0.25 per common share as part of a regular cash dividend program and, during the nine months ended September 30, 2025, recorded $526 million as a distribution against retained earnings. In October 2025, our Board of Directors declared a quarterly dividend of $0.25 per common share (a total estimated to be approximately $169 million) to be paid on November 12, 2025, to stockholders of record on November 4, 2025. Our Board of Directors announced a $0.20 increase in the Company’s recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $1.20 per share ($0.30 per share per quarter). Our Board of Directors will continue to assess the level of appropriateness of any cash dividends. During December 2024 and April, June and September 2025, our wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into four separate share purchase agreements with financial institutions (the “Agents”) for the purchase of the common stock of SCL (the “SCL Purchase Agreements”). Pursuant to the terms of the SCL Purchase Agreements, VVDI II made up-front payments totaling HKD 3.65 billion (HKD 800 million in December 2024 and HKD 2.85 billion during 2025) under the SCL Purchase Agreements (collectively, approximately $468 million at exchange rates as of the date of the transactions) to the Agents. The SCL Purchase Agreements allowed for the delivery of shares on a daily basis. All share purchase transactions have concluded, with the last transaction having concluded on October 10, 2025. As of September 30, 2025, 174,801,839 shares (of which 25,112,000 shares were delivered during December 2024) in total of SCL common stock were delivered to the Company and an additional 21,938,400 shares were delivered from October 1 through October 10, 2025. Additionally, during the three months ended September 30, 2025, we purchased the common stock of SCL in open market transactions, which resulted in the purchase of 41,944,000 shares of SCL common stock for HKD 852 million ( approximately $109 million at exchange rates in effect on September 30, 2025). The total additional SCL shares purchased related to these transactions resulted in an increase of our ownership of SCL to approximately 74.49% as of September 30, 2025, and 74.76% as of October 10, 2025. 54 Table of Contents Share Repurchase Program During the nine months ended September 30, 2025, we repurchased 39,487,824 shares of our common stock for $1.77 billion (including $1 million in commissions and $17 million in excise tax) under our share repurchase program. On April 22, 2025, our Board of Directors authorized increasing the remaining share repurchase amount from $1.10 billion to $2.0 billion. All share repurchases of our common stock have been recorded as treasury stock. As of September 30, 2025, the remaining amount authorized under the share repurchase program was $700 million. Subsequently, on October 21, 2025, our Board of Directors authorized increasing the remaining share repurchase amount to $2.0 billion and extending the share repurchase program’s expiration date to November 3, 2027. Repurchases of our common stock are made at our discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, cash flows, legal requirements, other investment opportunities and market conditions. Aggregate Indebtedness and Other Contractual Obligations As of September 30, 2025, there had been no material changes to our aggregated indebtedness and other contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024, with the exception of the new 2025 Singapore Credit Facility and LVSC Senior Notes and the associated interest payments, the draw down on the 2025 Singapore Delayed Draw Term Loan Facility and the 2024 SCL Term Loan and the associated interest payments and, the extinguishment of the 2025 LVSC Senior Notes, the 2025 SCL Senior Notes and the 2012 Singapore Credit Facility. Payments Due by Period 2025 (1) 2026 - 2027 2028 - 2029 Thereafter Total (In millions) Debt Obligations LVSC Senior Notes (2) $ — $ — $ 1,000 $ 500 $ 1,500 2025 Singapore Credit Facility (2) 15 116 116 3,558 3,805 2024 SCL Term Loan Facility (2) 12 98 99 1,417 1,626 Fixed interest payments 52 173 88 15 328 Variable interest payments (3) 44 342 326 190 902 Total $ 123 $ 729 $ 1,629 $ 5,680 $ 8,161 _______________________ (1) Represents the three-month period ending December 31, 2025. (2) See “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 5 — Debt” for further details on this financing transaction. (3) Based on the 1-month rate as of September 30, 2025, Hong Kong Interbank Offer Rate (“HIBOR) of 3.54% and Singapore Overnight Rate Average (“SORA”) of 1.20% , plus the applicable interest rate spread in accordance with the respective debt agreements. Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this Annual Report on Form 10-K, the words: “anticipates,” “believes,” “continues,” “estimates,” “expects,” “intends,” “may,” “plans,” “positions,” “remains,” “seeks,” “will,” “would,” and similar expressions, as they relate to our Company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve known and unknown risks, uncertainties and other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: 55 Table of Contents • Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy; • Natural or man-made disasters, an outbreak of highly infectious or contagious disease, political instability, civil unrest, terrorist activity or war could materially adversely affect the number of visitors to our facilities and disrupt our operations; • Our business is sensitive to the willingness of our customers to travel; • We are subject to extensive regulations that govern our operations in any jurisdiction where we operate; • Certain local gaming laws apply to our gaming activities and associations in jurisdictions where we operate or plan to operate; • We depend primarily on our properties in two markets for all of our cash flow, and because we are a parent company, our primary source of cash is and will be distributions from our subsidiaries; • Our debt instruments, current debt service obligations and substantial indebtedness may restrict our current and future operations; • We are subject to fluctuations in foreign currency exchange rates; • We extend credit to a portion of our patrons, and we may not be able to collect gaming receivables from our credit patrons; • Win rates for our gaming operations depend on a variety of factors, some beyond our control, and the winnings of our gaming patrons could exceed our casino winnings; • We face the risk of fraud and cheating; • Our operations face significant competition, which may increase in the future; • Our attempts to expand our business into new markets and new ventures, including through acquisitions or strategic transactions, may not be successful; • Our loan receivable is subject to certain risks, which could materially adversely affect our financial position, results of operations and cash flows; • There are significant risks associated with our current and planned construction projects; • Our Macao Concession and Singapore development agreements and casino license can be terminated or redeemed under certain circumstances without compensation to us; • The number of visitors to our Integrated Resorts, particularly visitors from mainland China, may decline or travel may be disrupted; • The Macao and Singapore governments could grant additional rights to conduct gaming in the future and increase competition we face; • Conducting business in Macao and Singapore has certain political and economic risks; • Our tax arrangements with the Macao government may not be extended on terms favorable to us or at all beyond their expiration dates; • We are subject to limitations on the transfers of cash to and from our subsidiaries, limitations of the pataca and HKD exchange markets and restrictions on the export of the Renminbi; • VML may have financial and other obligations to foreign workers seconded to its contractors under government labor quotas; • Our business, financial condition and results of operations and/or the value of our securities or our ability to offer or continue to offer securities to investors may be materially and adversely affected to the extent the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong or economic, political and legal developments in Macao adversely affect our Macao operations; • The interests of our principal stockholders in our business may be different from yours; • Conflicts of interest may arise because certain of our directors and officers are also directors of SCL; • We depend on the continued services of key officers; 56 Table of Contents • We compete for limited management and labor resources in Macao and Singapore, and policies of those governments may also affect our ability to employ imported managers or labor; • Failure to maintain the integrity of our information and information systems or comply with applicable privacy and cybersecurity requirements and regulations could harm our reputation and adversely affect our business; • We may fail to establish and protect our IP rights and could be subject to claims of IP infringement; • The licensing of our trademarks to third parties could result in reputational harm for us; • Our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, and our insurance costs may increase in the future; • We are subject to changes in tax laws and regulations; • We could be negatively impacted by environmental, social and governance and sustainability matters; and • Other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by the Company with the SEC. All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. The Company assumes no obligation to update any forward-looking statements, except as required by federal securities laws. Investors and others should note we announce material financial information using our investor relations website ( https://investor.sands.com ), our company website, SEC filings, investor events, news and earnings releases, public conference calls and webcasts. We use these channels to communicate with our investors and the public about our company, our products and services, and other issues. In addition, we post certain information regarding SCL, a subsidiary of LVSC with ordinary shares listed on The Stock Exchange of Hong Kong Limited, from time to time on our company website and our investor relations website. It is possible the information we post regarding SCL could be deemed to be material information. The contents of these websites are not intended to be incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we file, and any reference to these websites are intended to be inactive textual references only. 57 Table of Contents