Item 1. Financial Statements
ITEM 1 — FINANCIAL STATEMENTS
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
2026 December 31,
2025
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,330 $ 3,841
Accounts receivable, net of provision for credit losses of $ 230 and $ 225
677 742
Inventories 46 46
Prepaid expenses and other 213 203
Total current assets 4,266 4,832
Loan receivable 1,264 1,264
Property and equipment, net 11,441 11,673
Restricted cash and cash equivalents 125 125
Deferred income taxes, net 159 160
Leasehold interests in land, net 3,007 2,907
Goodwill and intangible assets, net 545 573
Other assets, net 369 386
Total assets $ 21,176 $ 21,920
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 159 $ 190
Construction payables 142 160
Other accrued liabilities 2,066 2,359
Income taxes payable 442 385
Current maturities of debt 1,824 1,128
Total current liabilities 4,633 4,222
Other long-term liabilities 870 934
Deferred income taxes 165 174
Debt 13,900 14,656
Total liabilities 19,568 19,986
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $ 0.001 par value, 50 shares authorized, zero shares issued and outstanding
— —
Common stock, $ 0.001 par value, 1,000 shares authorized, 841 and 840 shares issued, 663 and 675 shares outstanding
1 1
Treasury stock, at cost, 178 and 165 shares
( 9,774 ) ( 9,028 )
Capital in excess of par value 6,180 6,159
Accumulated other comprehensive income 38 71
Retained earnings 4,753 4,387
Total Las Vegas Sands Corp. stockholders’ equity 1,198 1,590
Noncontrolling interests 410 344
Total equity 1,608 1,934
Total liabilities and equity $ 21,176 $ 21,920
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
2026 2025
(In millions, except per share data)
(Unaudited)
Revenues:
Casino $ 2,739 $ 2,127
Rooms 377 324
Food and beverage 176 141
Mall 204 186
Convention, retail and other 89 84
Net revenues 3,585 2,862
Operating expenses:
Casino 1,505 1,157
Rooms 92 81
Food and beverage 149 126
Mall 25 22
Convention, retail and other 65 59
Provision for credit losses 29 5
General and administrative 302 273
Corporate 83 73
Pre-opening 4 4
Development 41 69
Depreciation and amortization 357 362
Amortization of leasehold interests in land 21 15
Loss on disposal or impairment of assets 8 7
2,681 2,253
Operating income 904 609
Other income (expense):
Interest income 35 42
Interest expense, net of amounts capitalized ( 188 ) ( 174 )
Other expense ( 3 ) ( 1 )
Loss on modification or early retirement of debt — ( 5 )
Income before income taxes 748 471
Income tax expense ( 107 ) ( 63 )
Net income 641 408
Net income attributable to noncontrolling interests ( 74 ) ( 56 )
Net income attributable to Las Vegas Sands Corp. $ 567 $ 352
Earnings per share:
Basic $ 0.85 $ 0.49
Diluted $ 0.85 $ 0.49
Weighted average shares outstanding:
Basic 669 712
Diluted 671 713
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
March 31,
2026 2025
(In millions)
(Unaudited)
Net income $ 641 $ 408
Currency translation adjustment ( 26 ) 27
Foreign currency hedge adjustments ( 16 ) 10
Total comprehensive income 599 445
Comprehensive income attributable to noncontrolling interests ( 65 ) ( 59 )
Comprehensive income attributable to Las Vegas Sands Corp. $ 534 $ 386
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Las Vegas Sands Corp. Stockholders’ Equity
Common
Stock Treasury
Stock Capital in
Excess of
Par Value Accumulated
Other
Comprehensive
Income (Loss) Retained
Earnings
Noncontrolling
Interests Total
(In millions)
(Unaudited)
Balance at January 1, 2025 $ 1 $ ( 6,759 ) $ 6,245 $ ( 58 ) $ 3,455 $ 276 $ 3,160
Net income — — — — 352 56 408
Currency translation adjustment — — — 27 — — 27
Foreign currency hedge adjustments — — — 7 — 3 10
Stock-based compensation — — 10 — — 1 11
Tax withholding on vesting of equity awards — — ( 2 ) — — — ( 2 )
Repurchase of common stock — ( 454 ) — — — — ( 454 )
Settlement of contracts for purchase of noncontrolling interest — — 2 — — ( 2 ) —
Capped call option contract
— — 52 — — — 52
Dividends declared ($ 0.25 per share)
— — — — ( 179 ) — ( 179 )
Balance at March 31, 2025 $ 1 $ ( 7,213 ) $ 6,307 $ ( 24 ) $ 3,628 $ 334 $ 3,033
Balance at January 1, 2026 $ 1 $ ( 9,028 ) $ 6,159 $ 71 $ 4,387 $ 344 $ 1,934
Net income — — — — 567 74 641
Currency translation adjustment — — — ( 22 ) — ( 4 ) ( 26 )
Foreign currency hedge adjustments — — — ( 11 ) — ( 5 ) ( 16 )
Exercise of stock options — — 4 — — — 4
Stock-based compensation — — 23 — — 1 24
Tax withholding on vesting of equity awards — — ( 6 ) — — — ( 6 )
Repurchase of common stock — ( 746 ) — — — — ( 746 )
Dividends declared ($ 0.30 per share)
— — — — ( 201 ) — ( 201 )
Balance at March 31, 2026 $ 1 $ ( 9,774 ) $ 6,180 $ 38 $ 4,753 $ 410 $ 1,608
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
2026 2025
(In millions)
(Unaudited)
Cash flows from operating activities:
Net income $ 641 $ 408
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization 357 362
Amortization of leasehold interests in land 21 15
Amortization of deferred financing costs and original issue discount 15 13
Loss on modification or early retirement of debt — 5
Loss on disposal or impairment of assets 7 1
Stock-based compensation expense 24 11
Provision for credit losses 29 5
Foreign exchange loss 3 2
Deferred income taxes ( 6 ) ( 6 )
Changes in operating assets and liabilities:
Accounts receivable 32 ( 20 )
Other assets ( 9 ) ( 36 )
Leasehold interests in land ( 137 ) —
Accounts payable ( 31 ) ( 14 )
Other liabilities ( 215 ) ( 220 )
Net cash generated from operating activities 731 526
Cash flows from investing activities:
Capital expenditures ( 194 ) ( 379 )
Acquisition of intangible assets and other — ( 75 )
Other
8 —
Net cash used in investing activities ( 186 ) ( 454 )
Cash flows from financing activities:
Proceeds from exercise of stock options 4 —
Tax withholding on vesting of equity awards ( 6 ) ( 2 )
Repurchase of common stock ( 753 ) ( 416 )
Dividends paid
( 202 ) ( 179 )
Proceeds from debt
797 2,797
Repayments of debt ( 830 ) ( 2,710 )
Payments of financing costs — ( 164 )
Other
( 50 ) ( 18 )
Net cash used in financing activities ( 1,040 ) ( 692 )
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents ( 16 ) 6
Decrease in cash, cash equivalents and restricted cash and cash equivalents ( 511 ) ( 614 )
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 3,966 3,775
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 3,455 $ 3,161
Supplemental disclosure of cash flow information
Cash payments for interest, net of amounts capitalized $ 212 $ 246
Cash payments for taxes, net of refunds $ 58 $ 34
Change in construction-related payables $ ( 15 ) $ ( 17 )
Excise tax accrued on repurchase of common stock $ 6 $ 4
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 — Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2025, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year.
Development Projects
Macao
The Company operates gaming areas within the Macao Special Administrative Region (“Macao”), pursuant to a 10-year concession agreement (the “Concession”), which expires on December 31, 2032. As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd. (“SCL”), a majority-owned subsidiary of the Company) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $ 4.44 billion at exchange rates in effect on March 31, 2026). Of this total, 33.39 billion patacas (approximately $ 4.14 billion at exchange rates in effect on March 31, 2026) must be invested in non-gaming projects. These investments must be accomplished by December 2032.
For the years ended December 31, 2024 and 2023, the Company spent a total of approximately 5.80 billion patacas (approximately $ 718 million at exchange rates in effect on March 31, 2026 ), on these projects. The annual amounts were reviewed and confirmed as qualified spend under the Concession by the Macao government following audits conducted in May 2025 and July 2024, with results issued in November 2025 and 2024, respectively. The Macao government conducts an annual audit to confirm qualified concession investments for the prior year. For the year ended December 31, 2025, the Company spent approximately 2.52 billion patacas (approximately $ 313 million at exchange rates in effect on March 31, 2026); however, as of the date of this filing, the audit process for the 2025 investments is in progress and the ultimate amount confirmed as qualified spend under the Concession may differ from the amount reported above based on the results of the audit.
Singapore
In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the Singapore Tourism Board (“STB”) entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development (the “MBS Expansion Project”) on a land parcel adjacent to Marina Bay Sands. The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats.
In January 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 (i) 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”) and (ii) 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 Gross Floor Area,” and collectively with the Additional Gaming Area, the “Additional Land Premium”).
The dates by which MBS has agreed with the Singapore government to commence and complete construction of the MBS Expansion Project pursuant to the Second Supplemental Agreement are July 8, 2025 and July 8, 2029, respectively. Construction works for the project commenced in May 2025. While the Company’s current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Company’s estimated total project cost is approximately $ 8.0 billion, inclusive of financing fees and interest, and land premiums. The Company has incurred approximately $ 2.8 billion as of March 31, 2026, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payments of 1.13 billion Singapore dollars (“SGD”) (made in April 2025) and SGD 173 million (made in March 2026) (approximately $ 848 million and $ 137 million, respectively, at exchange rates in effect at the time of the payment) for the Additional Gaming Area and Additional Gross Floor Area, respectively.
Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities
Accounts Receivable and Provision for Credit Losses
Accounts receivable consisted of the following:
March 31,
2026 December 31,
2025
(In millions)
Casino
$ 822 $ 828
Rooms
19 22
Mall
31 80
Other
35 37
907 967
Less — provision for credit losses
( 230 ) ( 225 )
$ 677 $ 742
The following table shows the movement in the provision for credit losses recognized for accounts receivable:
2026 2025
(In millions)
Balance at January 1 $ 225 $ 186
Current period provision for credit losses 29 5
Write-offs ( 23 ) ( 21 )
Exchange rate impact
( 1 ) 2
Balance at March 31
$ 230 $ 172
Customer Contract Related Liabilities
The Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
The following table summarizes the liability activity related to contracts with customers:
Outstanding Chip Liability Loyalty Program Liability Customer Deposits and Other Deferred Revenue (1)
2026 2025 2026 2025 2026 2025
(In millions)
Balance at January 1 $ 181 $ 112 $ 39 $ 38 $ 930 $ 763
Balance at March 31
116 95 36 37 959 767
Increase (decrease) $ ( 65 ) $ ( 17 ) $ ( 3 ) $ ( 1 ) $ 29 $ 4
____________________
(1) Of this amount, $ 173 million and $ 172 million as of March 31 and January 1, 2026, and $ 171 million and $ 175 million as of March 31 and January 1, 2025, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 3 — Debt
Debt consisted of the following:
Stated Interest Rate (1)
March 31,
2026 December 31,
2025
(In millions)
Corporate and U.S. Related:
LVSC Senior Notes
Notes due August 2026
3.500 % $ 1,000 $ 1,000
Notes due June 2027
5.900 % 750 750
Notes due June 2028
5.625 % 1,000 1,000
Notes due August 2029
6.000 % 500 500
Notes due August 2029
3.900 % 750 750
Notes due June 2030
6.000 % 500 500
Notes due August 2034
6.200 % 500 500
Finance leases
122 121
Macao Related:
SCL Senior Notes
Notes due January 2026
3.800 % — 800
Notes due March 2027
2.300 % 700 700
Notes due August 2028
5.400 % 1,900 1,900
Notes due March 2029
2.850 % 650 650
Notes due June 2030
4.375 % 700 700
Notes due August 2031
3.250 % 600 600
2024 SCL Revolving Facility
4.855 % 791 —
2024 SCL Term Loan Facility
3.680 % 1,591 1,614
Finance leases
32 35
Singapore Related:
2025 Singapore Term Loan Facility
2.233 % 2,846 2,875
2025 Singapore Delayed Draw Term Loan Facility
2.233 % 926 931
Finance leases
1 1
Total
15,859 15,927
Unamortized debt discount and issuance costs (2)
( 135 ) ( 143 )
Total carrying amount of debt
15,724 15,784
Less — current maturities ( 1,824 ) ( 1,128 )
Total debt
$ 13,900 $ 14,656
____________________
(1) The stated interest rate represents the coupon rate for each of the senior notes. For floating-rate debt, interest rates are the rates in effect as of March 31, 2026; these rates are not necessarily an indication of future interest rates. The effective interest rate for each issuance of debt approximates the stated interest rate.
(2) Unamortized deferred financing costs of $ 138 million and $ 146 million as of March 31, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
2024 LVSC Revolving Facility
As of March 31, 2026, the Company had $ 1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.
2024 SCL Credit Facility
During the three months ended March 31, 2026, the Company drew down 6.20 billion Hong Kong dollars (“HKD,” approximately $ 797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which together with cash on hand, were used to redeem the outstanding principal amount of the $ 800 million 3.800 % SCL Senior Notes due January 8, 2026 (the “2026 SCL Senior Notes”) and any accrued interest.
As of March 31, 2026, the Company had HKD 13.30 billion (approximately $ 1.70 billion at exchange rates in effect on March 31, 2026 ) of available borrowing capacity under the 2024 SCL Revolving Facility.
In April 2026, the Company paid HKD 2.40 billion (approximately $ 307 million at exchange rates in effect at the time of the payment) of the outstanding balance under the 2024 SCL Revolving Facility.
2025 Singapore Credit Facility
As of March 31, 2026, MBS had SGD 588 million (approximately $ 456 million at exchange rates in effect on March 31, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $ 125 million at exchange rates in effect on March 31, 2026).
As of March 31, 2026, SGD 6.30 billion (approximately $ 4.88 billion at exchange rates in effect on March 31, 2026) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.
Debt Covenant Compliance
As of March 31, 2026, management believes the Company was in compliance with all debt covenants.
Cash Flows from Financing Activities
Cash flows from financing activities related to debt and finance lease obligations are as follows:
Three Months Ended
March 31,
2026 2025
(In millions)
Proceeds from 2024 SCL Revolving Facility
$ 797 $ —
Proceeds from 2025 Singapore Credit Facility
— 2,797
$ 797 $ 2,797
Repayment on SCL Senior Notes
$ ( 800 ) $ —
Repayment on 2025 Singapore Credit Facility
( 15 ) —
Repayment on 2024 SCL Term Loan Facility
( 12 ) —
Repayment on 2012 Singapore Credit Facility
— ( 2,708 )
Repayments on finance leases
( 3 ) ( 2 )
$ ( 830 ) $ ( 2,710 )
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 4 — Derivative Instruments
During the year ended December 31, 2024, the Company executed HKD/USD Swaps, designated as hedges of portions of the cash flows related to the SCL senior notes due 2027 through 2031 (the “SCL Swaps”). As of March 31, 2026, the SCL Swaps had a total notional value of $ 3.41 billion and expire in line with the maturity dates of the related hedged cash flows.
During the year ended December 31, 2025, the Company executed SGD/USD Swaps, designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”), and HKD/USD Forwards, designated as hedges of the Company’s net investment in SCL (the “SCL Net Investment Hedges,” and together with the “MBS Net Investment Hedges,” the “Net Investment Hedges”). As of March 31, 2026, the MBS Net Investment Hedges had a total notional value of $ 1.80 billion and expire on various dates beginning March 2028 through December 2030, and the SCL Net Investment Hedges had a total notional value of $ 387 million and expire in June and September 2026.
During the three months ended March 31, 2026, the Company executed additional HKD/USD Forwards, designated as hedges of portions of the cash flows related to the SCL senior notes due 2028 through 2031 (the “SCL Forwards”). As of March 31, 2026, the SCL Forwards had a total notional value of $ 527 million and expire in line with the maturity dates of the related hedged cash flows.
For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to “Accumulated other comprehensive income” (“AOCI”) in the accompanying condensed consolidated balance sheets. Refer to “Note 8 — Fair Value Disclosures ” for further details. All amounts recorded in AOCI related to the Net Investment Hedges will remain in AOCI until derecognition of the investment. Portions of the amounts recorded in AOCI related to the fair value of the SCL Swaps and SCL Forwards are reclassified to “Other income (expense)” in the same period the hedged cash flows affect earnings. Additionally, upon execution of the SCL Forwards, there is an immediate foreign currency gain or loss resulting from the difference between the contractual forward exchange rate and the spot exchange rate on the execution date. This initial income or cost is reclassified from AOCI to “Other income (expense)” and “Interest expense, net of amounts capitalized” over the duration of the Forward using an appropriate amortization methodology dependent on the hedged item.
The following table presents the net changes in AOCI associated with each year’s hedging activities, net of tax:
Three Months Ended March 31,
2026 2025
Cash Flow Hedges Net Investment Hedges Cash Flow Hedges Net Investment Hedges
(In millions)
Net loss from hedge adjustments recognized in AOCI as of January 1
$ ( 48 ) $ 15 $ ( 32 ) $ —
Hedge adjustments recognized during the current period
6 5 18 —
Net (gain) loss reclassified from AOCI into earnings
( 27 ) — ( 8 ) —
Net gain (loss) from hedge adjustments recognized in AOCI as of March 31
$ ( 69 ) $ 20 $ ( 22 ) $ —
As of March 31, 2026, approximately $ 40 million of the net loss deferred in AOCI related to the SCL Swaps and SCL Forwards is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending March 31, 2027. The actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions.
The cash flow impact is included in operating activities for the SCL Swaps and SCL Forwards, and in investing activities for the Net Investment Hedges in the accompanying condensed consolidated statements of cash flows.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 5 — Equity and Earnings Per Share
Common Stock
In April 2026, the Company’s Board of Directors declared a quarterly dividend of $ 0.30 per common share (a total estimated to be approximately $199 million) to be paid on May 13, 2026, to stockholders of record on May 5, 2026.
Share Repurchases
The following table presents information about our repurchases of common stock:
Three Months Ended March 31,
2026 2025
(Dollars in millions)
Total number of shares repurchased
13,060,239 10,086,681
Total cost of shares repurchased
$ 746 $ 454
Commissions and excise tax included in total cost $ 6 $ 4
As of March 31, 2026, the remaining amount authorized under the share repurchase program was $ 817 million.
All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases or block trades, subject to market conditions, applicable legal requirements and other factors. The timing, method and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.
Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
Three Months Ended
March 31,
2026 2025
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)
669 712
Potential dilution from stock options and restricted stock and stock units
2 1
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)
671 713
Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share
3 8
Diluted earnings per share is calculated using the treasury stock method.
Note 6 — Income Taxes
The Company’s effective income tax rate was 14.3 % for the three months ended March 31, 2026, compared to 13.4 % for the three months ended March 31, 2025. The effective income tax rate for the three months ended March 31, 2026, reflects a 17 % statutory tax rate on the Company’s Singapore operations, a 21 % corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.
The Company entered into a shareholder dividend tax agreement with the Macao government, which provided for a payment at an applicable rate of gross gaming revenue for the tax year 2023 through the tax year 2025 as a substitution for a 12 % tax otherwise due from VML’s shareholders on dividend distributions paid from VML’s gaming profits. In January 2026, the Company requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the three months ended March 31, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027; however, there is no assurance such agreement will be granted. Corporate expense included $ 4 million and $ 3 million of shareholder dividend tax for the three months ended March 31, 2026 and 2025, respectively.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 7 — Leases
Lessor
Lease revenue for the Company’s mall operations consisted of the following:
Three Months Ended
March 31,
2026 2025
(In millions)
Minimum rents $ 146 $ 140
Overage rents 31 20
$ 177 $ 160
Note 8 — Fair Value Disclosures
The following tables present the carrying amounts and estimated fair values of financial instruments held or issued by the Company using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
March 31, 2026
Hierarchy Level
Carrying
Amount (1)
Level 1
Level 2
(In millions)
Assets:
Cash equivalents
Cash deposits $ 1,749 $ 1,749
Money market funds $ 170 $ 170
U.S. Treasury Bills $ 220 $ 220
Loan receivable (2)
$ 1,264 $ 1,228
Prepaid expenses and other:
SCL Net Investment Hedge (3)
$ 3 $ 3
Liabilities:
Other accrued liabilities:
SCL Swaps (3)
$ 2 $ 2
Debt (3)(4)
$ 15,704 $ 15,605
Other long-term liabilities:
SCL Swaps and Forwards (3)(5)
$ 55 $ 55
MBS Net Investment Hedge (3)(6)
$ 8 $ 8
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
December 31, 2025
Hierarchy Level
Carrying
Amount (1)
Level 1
Level 2
(In millions)
Assets:
Cash equivalents
Cash deposits $ 1,878 $ 1,878
Money market funds $ 288 $ 288
U.S. Treasury Bills $ 218 $ 218
Loan receivable (2)
$ 1,264 $ 1,232
Liabilities:
Debt (3)(4)
$ 15,770 $ 15,784
Other long-term liabilities:
SCL Swaps (3)(5)
$ 63 $ 63
MBS Net Investment Hedge (3)(6)
$ 4 $ 4
____________________
(1) The cross-currency swaps and net investment hedges are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.
(2) The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
(3) The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
(4) The carrying amount of debt is exclusive of finance leases and represents its contractual value.
(5) This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $ 2 million as of March 31, 2026 and $ 4 million as of December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
(6) This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $ 3 million as of March 31, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
As of March 31, 2026 and December 31, 2025, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.
Note 9 — Commitments and Contingencies
Litigation
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations and cash flows.
Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $ 372 million at exchange rates in effect on March 31, 2026), which alleged a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. As described below, a judgment in favor of the Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026.
The procedural history of the case is as follows. On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.95 billion at exchange rates in effect on March 31, 2026), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019.
The trial began on June 16, 2021, and, after interim adjournments and delays resulting from the COVID-19 pandemic, was completed on January 19, 2022.
On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022.
On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff’s appeal of the Macao First Instance Court’s April 28, 2022 judgment based on procedural defects, again found the Plaintiff to be litigating in bad faith, and declined to address the interlocutory appeals that had been filed by the parties.
On April 7, 2025, Plaintiff filed a notice of appeal to the Macao Last Instance Court. On June 11, 2025, the Defendants filed a notice that Plaintiff’s liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. By order dated July 14, 2025, the Macao Second Instance Court rejected AAEC’s appeal brief because AAEC did not exist at the time the brief was filed and concluded that AAEC’s shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC’s shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025.
On July 31, 2025, AAEC requested panel review of that ruling arguing, among other things, that the court should have allowed AAEC’s shareholders the opportunity to ratify the appeal brief previously filed. On August 29, 2025, the clerk for the Macao Second Instance Court issued an invoice for prepayment of court fees to AAEC’s shareholders relating to Plaintiff’s appeal. On September 18, 2025, the Macao Second Instance Court ruled that the request for panel review could proceed only after AAEC’s shareholders had paid the invoiced court fees relating to the appeal. On September 23, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record a copy of the September 18 order, along with the invoice for prepayment of court fees and a penalty. The deadline for AAEC’s shareholders to prepay court fees and an associated penalty for late payment was October 6, 2025. On October 13, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record another invoice for prepayment of court fees and another penalty.
Following the resignation of the judge rapporteur who had overseen proceedings in the Macao Second Instance Court, the Judicial Magistrates Council appointed a new judge rapporteur on January 5, 2026. On January 22, 2026, the new judge rapporteur overruled his predecessor’s decision of September 18, 2025, ruling that AAEC’s request for panel review of the order dismissing AAEC’s appeal dated July 14, 2025 is not subject to prepayment of court fees. As Plaintiff’s counsel purported to request panel review on behalf of AAEC’s shareholders, the judge rapporteur ordered Plaintiff’s counsel to submit (i) the shareholders’ identities, (ii) powers of attorney authorizing counsel to represent the shareholders, (iii) evidence that the shareholders had ratified the actions that counsel purported to take on their behalf prior to obtaining powers of attorney and (iv) justification for seeking panel review prior to obtaining powers of attorney. Plaintiff’s counsel of record failed to comply with these requirements. On February 9, 2026, the judge rapporteur ruled that Plaintiff’s challenge was therefore invalid and would not be reviewed by the full panel of judges. The judgment in favor of Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026. The final judgment resolves all issues concerning the merits of Plaintiff’s claim.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 10 — Segment Information
The Company views each of its operating properties as a reportable segment, which have been identified based on various factors such as regulatory environment, geography and the level at which the information is reviewed by the Company’s chief operating decision maker (the “CODM”). The Company’s CODM is its Chief Executive Officer.
The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company’s reportable segments are: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands . The Company has included Ferry Operations and Other (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to its properties in Macao) and Corporate and Other (which includes construction and development activities for projects under development not included in its reportable segments) to reconcile to the consolidated results of operations and financial condition. The Company’s reportable segments are not aggregated.
The Company’s reportable segments generate revenue from casino wagers, room sales, food and beverage and retail transactions, rental income from mall tenants, convention sales and entertainment and ferry ticket sales.
The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Intersegment transactions, with the exception of intercompany royalties, are not eliminated from segment results as management considers those transactions in assessing the results of the respective segments.
The CODM assesses the performance of each segment and allocates resources to each segment based on adjusted property EBITDA. Consolidated adjusted property EBITDA, which is a supplemental non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA.
Consolidated adjusted property EBITDA is used by the CODM and management, as well as industry analysts, to evaluate operations and operating performance. In particular, the CODM and management utilize consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including LVSC, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Company’s segment information as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025 is as follows:
The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total
(In millions)
Three Months Ended March 31, 2026
Casino $ 556 $ 584 $ 176 $ 212 $ 85 $ — $ 1,613 $ 1,126 $ — $ 2,739
Rooms 51 104 33 30 4 — 222 155 — 377
Food and beverage 19 34 14 7 3 — 77 99 — 176
Mall 66 25 4 40 — — 135 69 — 204
Convention, retail and other 16 7 2 1 1 25 52 37 — 89
Net revenues 708 754 229 290 93 25 2,099 1,486 — 3,585
Intersegment revenues 2 — — — — 13 15 1 87 103
Net revenues before intersegment eliminations 710 754 229 290 93 38 2,114 1,487 87 3,688
Less:
Payroll and related expenses 120 114 51 30 27 13 355 204 — 559
Gaming taxes 267 318 95 118 42 — 840 272 — 1,112
Other expenses (1)
85 99 37 28 15 22 286 223 87 596
Segment expenses 472 531 183 176 84 35 1,481 699 87 2,267
Segment/Consolidated adjusted property EBITDA $ 238 $ 223 $ 46 $ 114 $ 9 $ 3 $ 633 $ 788 $ — $ 1,421
Other Operating Costs and Expenses
Stock-based compensation (2)
( 3 )
Corporate ( 83 )
Pre-opening ( 4 )
Development ( 41 )
Depreciation and amortization ( 357 )
Amortization of leasehold interests in land ( 21 )
Loss on disposal or impairment of assets ( 8 )
Operating income 904
Other Non-Operating Costs and Expenses
Interest income 35
Interest expense, net of amounts capitalized ( 188 )
Other expense ( 3 )
Income tax expense ( 107 )
Net income $ 641
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total
(In millions)
Three Months Ended March 31, 2025
Casino $ 495 $ 402 $ 173 $ 132 $ 68 $ — $ 1,270 $ 857 $ — $ 2,127
Rooms 53 73 35 29 5 — 195 129 — 324
Food and beverage 15 24 12 7 2 — 60 81 — 141
Mall 59 21 5 39 — — 124 62 — 186
Convention, retail and other 14 9 2 1 — 25 51 33 — 84
Net revenues 636 529 227 208 75 25 1,700 1,162 — 2,862
Intersegment revenues 2 — — — — 7 9 1 61 71
Net revenues before intersegment eliminations 638 529 227 208 75 32 1,709 1,163 61 2,933
Less:
Payroll and related expenses 108 96 49 27 23 11 314 172 — 486
Gaming taxes 235 210 84 81 32 — 642 208 — 850
Other expenses (1)
70 70 28 26 10 14 218 178 61 457
Segment expenses 413 376 161 134 65 25 1,174 558 61 1,793
Segment/Consolidated adjusted property EBITDA $ 225 $ 153 $ 66 $ 74 $ 10 $ 7 $ 535 $ 605 $ — $ 1,140
Other Operating Costs and Expenses
Stock-based compensation (2)
( 1 )
Corporate ( 73 )
Pre-opening ( 4 )
Development ( 69 )
Depreciation and amortization ( 362 )
Amortization of leasehold interests in land ( 15 )
Loss on disposal or impairment of assets ( 7 )
Operating income 609
Other Non-Operating Costs and Expenses
Interest income 42
Interest expense, net of amounts capitalized ( 174 )
Other expense ( 1 )
Loss on modification or early retirement of debt ( 5 )
Income tax expense ( 63 )
Net income $ 408
____________________
(1) Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment.
(2) D uring the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense of $ 24 million and $ 9 million, respectively, of which $ 21 million and $ 8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Three Months Ended
March 31,
2026 2025
(In millions)
Capital Expenditures
Corporate and Other $ 3 $ 7
Macao:
The Venetian Macao 50 24
The Londoner Macao 25 166
The Parisian Macao 9 3
The Plaza Macao and Four Seasons Macao 2 2
Sands Macao 3 2
89 197
Marina Bay Sands 102 175
Total capital expenditures $ 194 $ 379
March 31,
2026 December 31,
2025
(In millions)
Total Assets
Corporate and Other $ 3,157 $ 3,614
Macao:
The Venetian Macao 2,693 2,689
The Londoner Macao 4,618 4,635
The Parisian Macao 1,649 1,636
The Plaza Macao and Four Seasons Macao 928 953
Sands Macao 257 258
Ferry Operations and Other 483 375
10,628 10,546
Marina Bay Sands 7,391 7,760
Total assets $ 21,176 $ 21,920
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