filings.toolsItem 8. — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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Item 8. — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO FINANCIAL STATEMENTS
Financial statement schedules have been omitted because they are not applicable or the required information is included in the consolidated financial statements or the notes thereto.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Las Vegas Sands Corp.:
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Las Vegas Sands Corp. and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 6, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.
Accounts Receivable, net - Provision for Expected Credit Losses on Casino Receivables - Refer to Notes 2 and 5 to the financial statements
Critical Audit Matter Description
The Company maintains a provision for expected credit losses on casino, hotel and mall receivables and regularly evaluates the balance. A substantial portion of the provision for expected credit losses relates to gross casino receivables. The Company records the provision for expected credit losses on casino receivables by applying standard reserve percentages to aged account balances, which are grouped based on shared credit risk characteristics and days past due. The reserve percentages are based on estimated loss rates supported by historical observed default rates over the expected life of the casino receivable and are adjusted for forward-looking information. The Company also specifically analyzes the collectability of each casino patron account with a balance over a specified dollar amount, based upon the age of the casino patron’s account, the casino patron’s financial condition, collection history, and any other known information and adjusts the provision with the results from the specific reserve analysis. The Company also monitors regional and global economic conditions and forecasts in their evaluation of the adequacy of the recorded provision.
Auditing the provision of expected credit losses on casino receivables involved a high degree of auditor’s subjectivity and an increased extent of effort related to the collectability of the casino patron accounts receivable, especially as it relates to management’s judgments in evaluating the qualitative factors impacting the specific reserve adjustments.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures performed in testing management’s estimates and judgments used to determine the provision for expected credit losses on casino receivables included the following, among others:
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We tested the design and operating effectiveness of internal controls over the granting of casino credit, the collection processes, and management’s review over the assessment of the collectability of casino receivables, including the qualitative and quantitative information used by management in those internal controls.
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Performed a retrospective analysis of the historical provision for expected credit losses on casino receivables by evaluating subsequent collections and write-offs.
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For a selection of casino receivables, we (1) obtained evidence related to payment history and correspondence with the casino patron, (2) evaluated management’s use of qualitative and quantitative information in establishing a provision for expected credit losses on casino receivables, and (3) examined subsequent settlements, if any.
| /s/ Deloitte & Touche LLP | ||
| Las Vegas, Nevada | ||
| February 6, 2026 |
We have served as the Company’s auditor since 2013.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Las Vegas Sands Corp.:
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Las Vegas Sands Corp. and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 6, 2026, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
| /s/ Deloitte & Touche LLP | ||
| Las Vegas, Nevada | ||
| February 6, 2026 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions, except par value) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 3,841 | $ | 3,650 | |||||||
| Accounts receivable, net of provision for credit losses of $225 and $186 | 742 | 417 | |||||||||
| Inventories | 46 | 41 | |||||||||
| Prepaid expenses and other | 203 | 182 | |||||||||
| Total current assets | 4,832 | 4,290 | |||||||||
| Loan receivable | 1,264 | 1,264 | |||||||||
| Property and equipment, net | 11,673 | 11,993 | |||||||||
| Restricted cash and cash equivalents | 125 | 125 | |||||||||
| Deferred income taxes, net | 160 | 122 | |||||||||
| Leasehold interests in land, net | 2,907 | 2,002 | |||||||||
| Goodwill and intangible assets, net | 573 | 545 | |||||||||
| Other assets, net | 386 | 325 | |||||||||
| Total assets | $ | 21,920 | $ | 20,666 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 190 | $ | 164 | |||||||
| Construction payables | 160 | 263 | |||||||||
| Other accrued liabilities | 2,359 | 1,985 | |||||||||
| Income taxes payable | 385 | 229 | |||||||||
| Current maturities of debt | 1,128 | 3,160 | |||||||||
| Total current liabilities | 4,222 | 5,801 | |||||||||
| Other long-term liabilities | 934 | 925 | |||||||||
| Deferred income taxes | 174 | 188 | |||||||||
| Debt | 14,656 | 10,592 | |||||||||
| Total liabilities | 19,986 | 17,506 | |||||||||
| Commitments and contingencies (Note 16) | |||||||||||
| 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, 840 and 834 shares issued, 675 and 716 shares outstanding | 1 | 1 | |||||||||
| Treasury stock, at cost, 165 and 118 shares | (9,028) | (6,759) | |||||||||
| Capital in excess of par value | 6,159 | 6,245 | |||||||||
| Accumulated other comprehensive income (loss) | 71 | (58) | |||||||||
| Retained earnings | 4,387 | 3,455 | |||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | 1,590 | 2,884 | |||||||||
| Noncontrolling interests | 344 | 276 | |||||||||
| Total equity | 1,934 | 3,160 | |||||||||
| Total liabilities and equity | $ | 21,920 | $ | 20,666 |
The accompanying notes are an integral part of these consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| Revenues: | |||||||||||||||||
| Casino | $ | 9,789 | $ | 8,303 | $ | 7,522 | |||||||||||
| Rooms | 1,422 | 1,274 | 1,204 | ||||||||||||||
| Food and beverage | 644 | 607 | 584 | ||||||||||||||
| Mall | 801 | 755 | 767 | ||||||||||||||
| Convention, retail and other | 361 | 359 | 295 | ||||||||||||||
| Net revenues | 13,017 | 11,298 | 10,372 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Casino | 5,268 | 4,611 | 4,152 | ||||||||||||||
| Rooms | 352 | 313 | 283 | ||||||||||||||
| Food and beverage | 562 | 512 | 481 | ||||||||||||||
| Mall | 92 | 87 | 88 | ||||||||||||||
| Convention, retail and other | 262 | 254 | 201 | ||||||||||||||
| Provision for credit losses | 85 | 19 | 4 | ||||||||||||||
| General and administrative | 1,188 | 1,150 | 1,107 | ||||||||||||||
| Corporate | 310 | 290 | 230 | ||||||||||||||
| Pre-opening | 24 | 14 | 15 | ||||||||||||||
| Development | 269 | 228 | 205 | ||||||||||||||
| Depreciation and amortization | 1,464 | 1,308 | 1,208 | ||||||||||||||
| Amortization of leasehold interests in land | 76 | 60 | 58 | ||||||||||||||
| Loss on disposal or impairment of assets | 247 | 50 | 27 | ||||||||||||||
| 10,199 | 8,896 | 8,059 | |||||||||||||||
| Operating income | 2,818 | 2,402 | 2,313 | ||||||||||||||
| Other income (expense): | |||||||||||||||||
| Interest income | 161 | 275 | 288 | ||||||||||||||
| Interest expense, net of amounts capitalized | (746) | (727) | (818) | ||||||||||||||
| Other income (expense) | (15) | 10 | (8) | ||||||||||||||
| Loss on modification or early retirement of debt | (5) | — | — | ||||||||||||||
| Income before income taxes | 2,213 | 1,960 | 1,775 | ||||||||||||||
| Income tax expense | (347) | (208) | (344) | ||||||||||||||
| Net income | 1,866 | 1,752 | 1,431 | ||||||||||||||
| Net income attributable to noncontrolling interests | (239) | (306) | (210) | ||||||||||||||
| Net income attributable to Las Vegas Sands Corp. | $ | 1,627 | $ | 1,446 | $ | 1,221 | |||||||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 2.35 | $ | 1.97 | $ | 1.60 | |||||||||||
| Diluted | $ | 2.35 | $ | 1.96 | $ | 1.60 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 691 | 735 | 763 | ||||||||||||||
| Diluted | 693 | 737 | 765 |
The accompanying notes are an integral part of these consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Net income | $ | 1,866 | $ | 1,752 | $ | 1,431 | |||||||||||
| Currency translation adjustment | 125 | (68) | 37 | ||||||||||||||
| Foreign currency hedge adjustments | (1) | (23) | (3) | ||||||||||||||
| Total comprehensive income | 1,990 | 1,661 | 1,465 | ||||||||||||||
| Comprehensive income attributable to noncontrolling interests | (234) | (300) | (210) | ||||||||||||||
| Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,756 | $ | 1,361 | $ | 1,255 |
The accompanying notes are an integral part of these consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
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 (Deficit) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2023 | $ | 1 | $ | (4,481) | $ | 6,684 | $ | (7) | $ | 1,684 | $ | (225) | $ | 3,656 | |||||||||||||||||||||||||||
| Net income | — | — | — | — | 1,221 | 210 | 1,431 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | 36 | — | 1 | 37 | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | (2) | — | (1) | (3) | ||||||||||||||||||||||||||||||||||
| Exercise of stock options | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 45 | — | — | 1 | 46 | ||||||||||||||||||||||||||||||||||
| Tax withholding on vesting of equity awards | — | — | (2) | — | — | — | (2) | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (510) | — | — | — | — | (510) | ||||||||||||||||||||||||||||||||||
| Unsettled contract for purchase of noncontrolling interest | — | — | (250) | — | — | — | (250) | ||||||||||||||||||||||||||||||||||
| Dividends declared ($0.40 per share) | — | — | — | — | (305) | — | (305) | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 | 1 | (4,991) | 6,481 | 27 | 2,600 | (14) | 4,104 | ||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 1,446 | 306 | 1,752 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | (69) | — | 1 | (68) | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | (16) | — | (7) | (23) | ||||||||||||||||||||||||||||||||||
| Exercise of stock options | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 54 | — | — | 2 | 56 | ||||||||||||||||||||||||||||||||||
| Tax withholding on vesting of equity awards | — | — | (5) | — | — | — | (5) | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (1,768) | — | — | — | — | (1,768) | ||||||||||||||||||||||||||||||||||
| Settlement of contracts for purchase of noncontrolling interest | — | — | (203) | — | — | (12) | (215) | ||||||||||||||||||||||||||||||||||
| Unsettled contract for purchase of noncontrolling interest | — | — | (35) | — | — | — | (35) | ||||||||||||||||||||||||||||||||||
| Capped call option contract | — | — | (48) | — | — | — | (48) | ||||||||||||||||||||||||||||||||||
| Dividends declared ($0.80 per share) | — | — | — | — | (591) | — | (591) | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | 1 | (6,759) | 6,245 | (58) | 3,455 | 276 | 3,160 | ||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 1,627 | 239 | 1,866 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | 125 | — | — | 125 | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | 4 | — | (5) | (1) | ||||||||||||||||||||||||||||||||||
| Exercise of stock options | — | — | 264 | — | — | — | 264 | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 53 | — | — | 2 | 55 | ||||||||||||||||||||||||||||||||||
| Tax withholding on vesting of equity awards | — | — | (2) | — | — | — | (2) | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (2,269) | — | — | — | — | (2,269) | ||||||||||||||||||||||||||||||||||
| Settlement of contracts for purchase of noncontrolling interest | — | — | (453) | — | — | (30) | (483) | ||||||||||||||||||||||||||||||||||
| Capped call option contract | — | — | 52 | — | — | — | 52 | ||||||||||||||||||||||||||||||||||
| Dividends declared ($1.00 per share) and noncontrolling interest payments | — | — | — | — | (695) | (138) | (833) | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | 1 | $ | (9,028) | $ | 6,159 | $ | 71 | $ | 4,387 | $ | 344 | $ | 1,934 |
The accompanying notes are an integral part of these consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 1,866 | $ | 1,752 | $ | 1,431 | |||||||||||
| Adjustments to reconcile net income to net cash generated from operating activities: | |||||||||||||||||
| Depreciation and amortization | 1,464 | 1,308 | 1,208 | ||||||||||||||
| Amortization of leasehold interests in land | 76 | 60 | 58 | ||||||||||||||
| Amortization of deferred financing costs and original issue discount | 58 | 57 | 61 | ||||||||||||||
| Change in fair value of derivatives | — | — | (1) | ||||||||||||||
| Paid-in-kind interest income | — | (71) | (30) | ||||||||||||||
| Loss on modification or early retirement of debt | 5 | — | — | ||||||||||||||
| Loss on disposal or impairment of assets | 236 | 19 | 11 | ||||||||||||||
| Stock-based compensation expense | 54 | 55 | 44 | ||||||||||||||
| Provision for credit losses | 85 | 19 | 4 | ||||||||||||||
| Foreign exchange (gain) loss | 23 | (18) | 7 | ||||||||||||||
| Deferred income taxes | (60) | 4 | 44 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Accounts receivable | (392) | 43 | (217) | ||||||||||||||
| Other assets | (27) | (48) | (50) | ||||||||||||||
| Leasehold interests in land | (848) | — | — | ||||||||||||||
| Accounts payable | 22 | (1) | 76 | ||||||||||||||
| Other liabilities | 461 | 25 | 581 | ||||||||||||||
| Net cash generated from operating activities | 3,023 | 3,204 | 3,227 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Capital expenditures | (1,168) | (1,567) | (1,017) | ||||||||||||||
| Proceeds from disposal of property and equipment | 7 | 1 | 3 | ||||||||||||||
| Acquisition of intangible assets and other | (75) | (13) | (240) | ||||||||||||||
| Other | 19 | — | — | ||||||||||||||
| Net cash used in investing activities | (1,217) | (1,579) | (1,254) | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from exercise of stock options | 264 | 1 | 4 | ||||||||||||||
| Tax withholding on vesting of equity awards | (2) | (5) | (2) | ||||||||||||||
| Repurchase of common stock | (2,217) | (1,750) | (505) | ||||||||||||||
| Dividends paid and noncontrolling interest payments | (833) | (590) | (305) | ||||||||||||||
| Proceeds from debt | 6,781 | 1,748 | — | ||||||||||||||
| Repayments of debt | (4,918) | (2,074) | (2,069) | ||||||||||||||
| Payments of financing costs | (201) | (60) | (32) | ||||||||||||||
| Settled contracts for purchase of noncontrolling interest | (483) | (215) | — | ||||||||||||||
| Unsettled contracts for purchase of noncontrolling interest | — | (35) | (250) | ||||||||||||||
| Other | (34) | (80) | (29) | ||||||||||||||
| Net cash used in financing activities | (1,643) | (3,060) | (3,188) | ||||||||||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents | 28 | (19) | 8 | ||||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 191 | (1,454) | (1,207) | ||||||||||||||
| Cash, cash equivalents and restricted cash and cash equivalents at beginning of year | 3,775 | 5,229 | 6,436 | ||||||||||||||
| Cash, cash equivalents and restricted cash and cash equivalents at end of year | $ | 3,966 | $ | 3,775 | $ | 5,229 | |||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||||||||
| Cash payments for interest, net of amounts capitalized | $ | 710 | $ | 650 | $ | 746 | |||||||||||
| Changes in construction-related payables | $ | (118) | $ | 138 | $ | (43) | |||||||||||
| Excise tax accrued on repurchase of common stock | $ | 18 | $ | 17 | $ | 5 | |||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 — Organization and Business of Company
Las Vegas Sands Corp. (“LVSC” or together with its subsidiaries, the “Company”) is incorporated in Nevada and its common stock is traded on the New York Stock Exchange under the symbol “LVS.”
The ordinary shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China), are listed on The Main Board of The Stock Exchange of Hong Kong Limited. The shares were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements.
Operations
The Company is a developer of destination properties (“Integrated Resorts”) that feature premium accommodations, world-class gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities.
Macao
The Company owns 74.80% of SCL, which includes the operations of The Venetian Macao Resort Hotel (“The Venetian Macao”), The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao (the “Four Seasons Macao”), Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to the 10-year concession agreement (the “Concession”), which expires on December 31, 2032.
The Venetian Macao anchors the Cotai Strip, the Company’s master-planned development of Integrated Resorts on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39-floor luxury hotel with 2,905 suites; approximately 503,000 square feet of gaming space and gaming support area; a 14,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 960,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.
The Londoner Macao, the Company’s largest Integrated Resort on the Cotai Strip, is located across the street from The Venetian Macao, The Parisian Macao and The Plaza Macao and Four Seasons Macao. The Londoner Macao presents a range of attractions and features, including some of London’s most recognizable landmarks, such as the Houses of Parliament and the Elizabeth Tower (commonly known as “Big Ben”), and interactive guest experiences. The Integrated Resort features four hotel towers. The first hotel tower consists of Londoner Court with 368 luxury suites and 400 rooms and suites under the St. Regis brand. The second hotel tower consists of 659 five-star rooms and suites under the Conrad brand and The Londoner Hotel with 594 London-themed suites, including 14 exclusive Suites by David Beckham. The third and fourth hotel towers consists of the Londoner Grand hotel and represents Macao’s first Marriott International Luxury Collection hotel with 2,405 rooms and suites. Within The Londoner Macao, the Company also owns and currently operates approximately 400,000 square feet of gaming space and gaming support area; approximately 358,000 square feet of meeting space and approximately 518,000 square feet of retail space; a 6,000-seat arena; and a 1,701-seat theater, as well as entertainment and dining facilities.
The Parisian Macao is an Integrated Resort connected to The Venetian Macao and The Plaza Macao and Four Seasons Macao, which includes approximately 272,000 square feet of gaming space and gaming support area. The Parisian Macao also features 2,541 rooms and suites; approximately 297,000 square feet of retail and dining space; a meeting room complex of approximately 62,000 square feet; and a 1,200-seat theater.
The Plaza Macao and Four Seasons Macao features 360 rooms and suites managed and operated by FS Macau Lda. and is located adjacent and connected to The Venetian Macao. The Grand Suites at Four Seasons features 289 luxury suites. Within the Integrated Resort, the Plaza Casino features approximately 108,000 square feet of gaming space and gaming support area; 19 Paiza mansions; retail space of approximately 262,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities.
The Sands Macao, the first Las Vegas-style casino in Macao, offers approximately 176,000 square feet of gaming space and gaming support area and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.
Singapore
The Company owns and operates Marina Bay Sands in Singapore, which has three 55-story hotel towers consisting of 1,844 rooms, including 775 suites, that have recently undergone extensive renovations to introduce world class suites. Marina Bay Sands also features the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options),
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approximately 157,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 794,000 square feet, a convention center and meeting room complex of approximately 1.2 million square feet, a theater and a landmark iconic structure at the bay-front promenade that contains the ArtScience Museum. See “Development Projects” for further information on the Company’s expansion project at Marina Bay Sands.
Development Projects
The Company regularly evaluates opportunities to improve its product offerings, such as refreshing its meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and its gaming areas, as well as other anticipated revenue generating additions to the Company’s Integrated Resorts.
Macao
As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.47 billion at exchange rates in effect on December 31, 2025) in Macao (the “Investment Plan”). Of this total, 33.39 billion patacas (approximately $4.17 billion at exchange rates in effect on December 31, 2025) 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 $723 million at exchange rates in effect on December 31, 2025), 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 $315 million at exchange rates in effect on December 31, 2025); however, as of the date of this filing, the audit process for the 2025 investments has not yet commenced 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.
The Company’s Investment Plan in Macao includes investments in projects across a number of key areas including attracting international visitors, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness, themed attractions, supporting Macao’s status as a city of gastronomy, and enhancing community and maritime tourism. The key aspects of the Investment Plan remain subject to Macao government approval and include the upgrading and modernization of the Company’s MICE and entertainment facilities to continue to increase foreign visitation to Macao and the redevelopment of the tropical garden situated adjacent to The Londoner Macao, transforming the Le Jardin garden into a distinctive garden-themed attraction to include an iconic conservatory and meticulously designed themed green spaces. The Company anticipates this venue will evolve into a renowned Macao landmark and year-round attraction for tourists and local residents, further solidifying Macao’s reputation as a premier destination.
The Company is working with the Macao government to help ensure its investment plans align with Macao’s evolving economic development strategies. This may result in the reallocation of certain previously announced investments to other initiatives that support Macao’s growth objectives.
Phase II of The Londoner Macao primarily included 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, which represents Macao’s first Marriott International Luxury Collection hotel, was completed in early April 2025 and resulted in a total of 2,405 rooms and suites.
Singapore
In April 2019, the Company’s 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 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 (the “MBS Expansion Project”).
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 (collectively, the “Additional Land Premium”). The additional 2,000 square meters of gaming area increases Marina Bay Sands’ total
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approved gaming area to 17,000 square meters across the existing property and the MBS Expansion Project, while the 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 in May 2025, before the requisite commencement date under the Second Supplemental Agreement. While the Company’s current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.
The Company’s estimated total project cost is approximately $8.0 billion, inclusive of financing fees and interest, land premiums and the purchase of the Additional Gaming Area. The Company has incurred approximately $2.5 billion as of December 31, 2025, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payment of 1.13 billion Singapore dollars (“SGD,” approximately $848 million at exchange rates in effect at the time of the payment) for the Additional Gaming Area, which was made in April 2025.
The renovations of the Tower 3 hotel rooms at Marina Bay Sands into world class suites were 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 December 31, 2025, the Company has incurred $427 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.
New York
In June 2023, the Company acquired the Nassau Veterans Memorial Coliseum (the “Nassau Coliseum”) from Nassau Live Center, LLC and related entities, which included the right to lease the underlying land from the County of Nassau in the State of New York. The Company 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. In April 2025, the Company announced its decision to cease pursuit of a casino license from the State of New York in light of concerns regarding a lower anticipated return on investment due to various factors, including the impact of the potential legalization of online gaming on the New York market. The Company continues to consider potential acquirors and other development opportunities for the Nassau Coliseum site. There is no assurance the Company will be able to accomplish a sale or other development opportunity or to resolve certain matters associated with the right to lease the underlying land from Nassau County. Refer to “Note 6 — Property and Equipment, Net” and “Note 15 — Leases” for further details.
Other
The Company continues to evaluate current development projects in each of its markets and pursue new development opportunities globally.
Note 2 — Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Estimates are used for, but not limited to, income taxes, useful lives and impairment of property and equipment, valuation of acquired intangibles and goodwill, inventory valuation, collectability of receivables, and operating leases. These estimates and judgments are based on historical information, information currently available to the Company and on various other assumptions the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents consist of cash and short-term investments with original maturities of three months or less. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and include cash deposits, cash held in money market funds and U.S. Treasury Bills. U.S. Treasury Bills are held-to-maturity. Cash is considered restricted when withdrawal or general use is legally restricted. The Company determines current or noncurrent classification based on the expected duration of the restriction. The Company’s restricted cash and cash equivalents
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includes amounts held in a separate cash deposit account as collateral for a bank guarantee and other amounts contractually reserved for various items. The estimated fair value of the Company’s cash equivalents is based on level 1 inputs (quoted market prices in active markets).
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts, money market accounts, cash deposits and U.S. Treasury Bills, the balances of which, at times, may exceed insured limits. The Company seeks to reduce exposure to cash and cash equivalents credit risk by placing such deposits with major financial institutions and monitoring their credit ratings.
Accounts Receivable and Credit Risk
Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino patrons following background checks and investigations of creditworthiness. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons residing in these countries.
Accounts receivable primarily consists of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the provision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change.
The Company maintains a provision for expected credit losses on casino, hotel and mall receivables and regularly evaluates the balances. The Company applies standard reserve percentages to aged account balances, which are grouped based on shared credit risk characteristics and days past due. The reserve percentages are based on estimated loss rates supported by historical observed default rates over the expected life of the receivable and are adjusted for forward-looking information. The Company also specifically analyzes the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the customer’s financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts in its evaluation of the adequacy of the recorded reserves. Account balances are written off against the provision when the Company believes it is probable the receivable will not be recovered.
Inventories
Inventories consist primarily of food, beverage, retail products and operating supplies, which are stated at the lower of cost or net realizable value. Cost is determined by the weighted average and specific identification methods.
Loan Receivable
Loan receivables are carried at the outstanding principal amount. A provision for credit loss on loan receivables is established when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company determines this by considering several factors, including the credit risk and current financial condition of the borrower, the borrower’s ability to pay current obligations, historical trends and economic and market conditions. The Company performs a credit quality assessment on the loan receivable on a quarterly basis and reviews the need for an allowance under Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13. The Company evaluates the extent and impact of any credit deterioration that could affect the performance and the value of the secured property, as well as the financial and operating capability of the borrower. The Company also evaluates and considers the overall economic environment, casino and hospitality industry and geographic sub-market in which the secured property is located.
Interest income is recorded on an accrual basis at the stated interest rate and is recorded in “Interest income” in the accompanying consolidated statements of operations.
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Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation and amortization, and accumulated impairment losses, if any. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
| Land improvements, building and building improvements | 10 | to | 50 | years | ||||||||||
| Furniture, fixtures and equipment | 3 | to | 20 | years | ||||||||||
| Leasehold improvements | 3 | to | 15 | years | ||||||||||
| Transportation | 5 | to | 20 | years |
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations, such as contractual life, and are periodically reviewed. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets.
Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations.
The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model.
Fixed assets are reviewed for impairment whenever indicators of impairment exist. Determining the recoverability of the Company’s asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management’s intentions may result in future changes to the recoverability of these asset groups.
Gaming Assets under the Macao Concession
As the Company continues to operate the Gaming Assets, as defined in “Note 6 — Property and Equipment, Net,” in the same manner as under the previous subconcession, obtain substantially all of the economic benefits and bear all of the risks arising from the use of these assets, as well as assumes VML will be successful in being awarded a new concession upon expiry of the current concession, the Company continues to recognize these Gaming Assets as property and equipment over their remaining estimated useful lives.
Leasehold Interests in Land
Leasehold interests in land represent payments for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements.
Goodwill
Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to an annual impairment test. The Company tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired. The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the estimated fair value exceeds its carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. However, if the fair value of the reporting unit is less than its carrying amount, a goodwill impairment is recorded equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill.
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Intangible Assets other than Goodwill
The Company’s intangible assets other than goodwill consist primarily of finite-lived intangible assets, including its Macao gaming concession, Singapore gaming license and Londoner Grand franchise rights. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.
Leases
Management determines if a contract is, or contains, a lease at inception or modification of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.
Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.
The Company’s lease arrangements have lease and non-lease components. For leases in which the Company is the lessee, the Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets (primarily real estate). Leases in which the Company is the lessor are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. Leases with an expected term of twelve months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.
Capitalized Interest and Internal Costs
Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period. During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $11 million, $14 million and $7 million, respectively, of interest expense.
During the years ended December 31, 2025, 2024 and 2023, the Company capitalized approximately $51 million, $56 million and $53 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property and digital gaming software.
Deferred Financing Costs and Original Issue Discounts
Certain direct and incremental costs and discounts incurred in obtaining loans are capitalized and amortized to interest expense based on the terms of the related debt instruments using the effective interest method.
Revenue Recognition
Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, rental income from the Company’s mall tenants, convention sales and entertainment and ferry ticket sales. These contracts can be written, oral or implied by customary business practices.
Gross casino revenue is the aggregate of gaming wins and losses. The commissions rebated to gaming promoters and premium players for rolling play, cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to gross casino revenue. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Company’s loyalty programs.
For wagering contracts that include complimentary products and services provided by the Company to incentivize gaming, the Company allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Company’s control and discretion, which are supplied by third parties, are recorded as an operating expense.
For wagering contracts that include products and services provided to a patron in exchange for points earned under the Company’s loyalty programs, the Company allocates the estimated fair value of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of loyalty program points for Company-
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owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Company from the third party in connection with this transaction are recorded to other revenue.
After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino revenue as soon as the wager is settled. As all wagers have similar characteristics, the Company accounts for its gaming contracts collectively on a portfolio basis versus an individual basis.
Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Convention revenues are recognized when the related service is rendered or the event is held. Deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred revenue until the revenue recognition criteria are met. Cancellation fees for convention contracts are recognized upon cancellation by the customer and are included in other revenues. Ferry and entertainment revenue recognition criteria are met at the completion of the ferry trip or event, respectively. Revenue from contracts with a combination of these services is allocated pro rata based on each service’s relative stand-alone selling price.
Revenue from leases is primarily recorded to mall revenue and is generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-line basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the threshold is met.
Contract and Contract Related Liabilities
The Company provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers 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 outstanding chip liability represents the collective amounts owed to patrons in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. The loyalty program liability represents a deferral of revenue until patron redemption of points earned. The loyalty program points are expected to be redeemed and recognized as revenue within one year of being earned. Customer deposits and other deferred revenue represent cash deposits made by customers for future services provided by the Company. With the exception of mall deposits, which typically extend beyond a year based on the terms of the lease, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded.
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)** | |||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Balance at January 1 | $ | 112 | $ | 135 | $ | 38 | $ | 45 | $ | 763 | $ | 690 | |||||||||||||||||||||||
| Balance at December 31 | 181 | 112 | 39 | 38 | 930 | 763 | |||||||||||||||||||||||||||||
| Increase (decrease) | $ | 69 | $ | (23) | $ | 1 | $ | (7) | $ | 167 | $ | 73 |
(1)Of this amount, $172 million, $175 million and $167 million as of December 31, 2025 and 2024 and January 1, 2024, respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.
Gaming Taxes
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company’s gaming revenue and are recorded as casino expense in the accompanying consolidated statements of operations. These taxes were $3.92 billion, $3.45 billion and $3.06 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
Pre-Opening and Development Expenses
The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the
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opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred.
Advertising Costs
Costs for advertising are expensed the first time the advertising takes place or as incurred. Advertising costs are primarily included in “General and administrative” expenses in the accompanying consolidated statements of operations and were $36 million, $34 million and $47 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Corporate Expenses
Corporate expense represents payroll, travel, legal fees, professional fees and various other expenses not allocated or directly related to the Company’s Integrated Resort operations and related ancillary operations.
Foreign Currency
The functional currency of most of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income (loss).
Gains or losses from foreign currency remeasurements that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in “Other income (expense).”
Earnings (Loss) Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Weighted average common shares outstanding (used in the calculation of basic earnings (loss) per share) | 691 | 735 | 763 | ||||||||||||||
| Potential dilution from stock options and restricted stock and stock units | 2 | 2 | 2 | ||||||||||||||
| Weighted average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share) | 693 | 737 | 765 | ||||||||||||||
| Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings (loss) per share | 6 | 10 | 6 |
Diluted earnings per share is calculated using the treasury stock method.
Stock-Based Compensation
Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s stock-based compensation plans are more fully discussed in “Note 17 — Stock-Based Compensation.”
Income Taxes
The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards not expiring and tax planning strategies.
Management will reassess the realization of deferred tax assets at each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent the financial results of these operations
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improve and it becomes “more-likely-than-not” the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance in the period such determination is made as appropriate.
Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are transactions for which the ultimate tax determination is uncertain. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different.
Fair Value Measurements
Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Accounting for Derivative Instruments and Hedging Activities
Accounting standards require an entity to recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. If specific conditions are met, a derivative may be designated as a hedge of specific financial exposures. The accounting for changes in fair value of a derivative depends on the intended use of the derivative and, if used in hedging activities, on its effectiveness as a hedge. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must be designated as a hedge and must reduce the Company’s exposure to market fluctuation throughout the hedge period. Additionally, the Company has elected to present derivative assets and liabilities with the same counterparty, where appropriate, on a net basis in the accompanying consolidated balance sheets.
Changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices, can impact the Company’s results of operations. The Company’s primary exposures to market risk are interest rate risk associated with debt and foreign currency exchange rate risk associated with the Company’s operations outside the United States. The Company has a policy aimed at managing interest rate risk associated with its current and anticipated future borrowings and foreign currency exchange rate risk associated with operations of its foreign subsidiaries. This policy enables the Company to use any combination of swaps, futures, options, caps, forward contracts and similar instruments. The Company does not hold or issue financial instruments for trading purposes and does not enter into derivative transactions that would be considered speculative positions.
Recent Accounting Pronouncements
The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.
New Pronouncements Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance annual income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application permitted. The Company adopted the new accounting pronouncement on January 1, 2025, by applying the amendments retrospectively to all prior periods presented in the financial statements. The adoption of this guidance did not have an effect on the Company’s financial position, results of operations and cash flows, noting the adoption resulted in additional disclosure only. See “Note 13 — Income Taxes” for additional disclosures.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
New Pronouncements Issued
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the consolidated financial statements, disclosure of specified information about certain costs and expenses, which includes purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is assessing the guidance, noting the adoption will result in additional disclosures only and is not expected to have an impact on the Company’s financial condition, results of operations and cash flows.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 will be effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods and should be applied prospectively. The Company determined it will not apply the practical expedient and therefore ASU 2025-05 will have no impact on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which revises the approach to accounting for internal-use software costs by eliminating all references to the stages of software development projects, thereby making the guidance adaptable to a variety of software development methodologies. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective, modified or retrospective basis, with early adoption permitted. The Company is assessing the effect the guidance will have on the Company’s financial condition, results of operations and cash flows.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Subtopic 270) (“ASU 2025-11”), which is intended to improve the navigability of the guidance in Accounting Standards Codification (“ASC”) 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective or retrospective basis, with early adoption permitted. The Company is assessing the guidance, noting the amendments relate to disclosures only and does not expect the amendments to have an impact on the Company’s financial condition, results of operations and cash flows.
Note 3 — Loan Receivable
Seller Financing Loan Agreement
On February 23, 2022, the Company completed the sale of its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (the “Las Vegas Operations”), (the “Closing”), to VICI Properties L.P. (“PropCo”) and Pioneer OpCo, LLC (“OpCo”) for an aggregate purchase price of approximately $6.25 billion (the “Las Vegas Sale”). Under the terms of the agreements related to the Las Vegas Sale, OpCo acquired subsidiaries that hold the operating assets and liabilities of the Las Vegas Operations for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.20 billion in seller financing (the “Seller Loan”) in the form of a six-year term loan credit and security agreement (the “Seller Financing Loan Agreement”) and PropCo acquired subsidiaries that hold the real estate and real estate-related assets of the Las Vegas Operations for approximately $4.0 billion in cash.
The Seller Loan is guaranteed by the parent company of OpCo (“Holdings”) and certain subsidiaries of OpCo, and secured by a first-priority lien on substantially all of the assets of OpCo, Holdings and certain subsidiaries of OpCo (collectively, the “Loan Parties”) (subject to customary exceptions and limitations), including a leasehold mortgage from OpCo over certain real estate that was sold to PropCo at the Closing and leased by OpCo.
The Seller Loan bears interest at a rate equal to 1.50% per annum for the calendar years ended December 31, 2022 and 2023, and 4.25% per annum for each calendar year thereafter, and was subject to an increase of 1.00% per annum for any interest OpCo elected to pay by increasing the principal amount of the Seller Loan prior to January 1, 2024, and an increase of 1.50% per annum for any such election during the calendar year ended December 31, 2024. Any interest to be paid after December 31, 2024, will be paid in cash.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The Seller Loan can be repaid anytime on or prior to its maturity date of February 23, 2028 (six years after the date of the Closing).
The Seller Financing Loan Agreement contains certain customary representations and warranties and covenants, subject to customary exceptions and thresholds. The Seller Financing Loan Agreement’s negative covenants restrict the ability of the Loan Parties and their subsidiaries to, among other things, (i) incur debt, (ii) create certain liens on their assets, (iii) dispose of their assets, (iv) make investments or restricted payments, including dividends, (v) merge, liquidate, dissolve, change their business or consolidate with other entities and (vi) enter into affiliate transactions.
The Seller Financing Loan Agreement also contains customary events of default, including payment defaults, cross defaults to material debt, bankruptcy and insolvency, breaches of covenants and inaccuracy of representations and warranties, subject to customary grace periods. Upon an event of default, the Company may declare any then-outstanding amounts due and payable and exercise other customary remedies available to a secured lender.
Based on the Company’s assessment of the credit quality of the loan receivable, the Company believes it will collect all contractual amounts due under the loan. Accordingly, no provision for credit losses on the loan receivable was established as of December 31, 2025.
Interest income is recorded on an accrual basis at the stated interest rate and is recorded in “Interest income” in the accompanying consolidated statements of operations. Interest income recognized on the loan was $54 million, $70 million and $29 million during the years ended December 31, 2025, 2024 and 2023, respectively, and OpCo elected payment-in-kind for a portion of this interest, thereby increasing the principal amount by $70 million and $29 million for the years ended December 31, 2024 and 2023, respectively.
During the years ended December 31, 2025, 2024 and 2023 PropCo made no principal payments toward the Seller Financing Loan Agreement.
Note 4 — Restricted Cash and Cash Equivalents
The Company’s restricted cash and cash equivalents includes amounts held in a separate cash deposit account as collateral for a bank guarantee, as further described below.
In December 2022, as required by the Macao Concession, VML provided a bank guarantee in favor of the Macao government of 1.0 billion patacas (approximately $125 million at exchange rates as defined in the bank guarantee contract) to secure the fulfillment of VML’s performance of the statutory and contractual obligations under the Concession. As stipulated in the bank guarantee contract, a minimum amount of 1.0 billion patacas, or $125 million, is required to be held within a cash deposit account as collateral in order to secure the bank guarantee. Any amount in excess of the minimum amount can be withdrawn from the cash deposits. The bank guarantee will remain in effect until 180 days after the end of the term of the Concession or the rescission of the Concession and was classified as noncurrent restricted cash in the accompanying consolidated balance sheets.
Note 5 — Accounts Receivable, Net
Accounts receivable consists of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Casino | $ | 828 | $ | 462 | |||||||
| Rooms | 22 | 28 | |||||||||
| Mall | 80 | 63 | |||||||||
| Other | 37 | 50 | |||||||||
| 967 | 603 | ||||||||||
| Less — provision for credit losses | (225) | (186) | |||||||||
| $ | 742 | $ | 417 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The following table shows the movement in the provision for credit losses recognized for accounts receivable that occurred during the period:
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Balance at January 1 | $ | 186 | $ | 201 | $ | 217 | |||||||||||
| Current period provision for credit losses | 85 | 19 | 4 | ||||||||||||||
| Write-offs | (51) | (31) | (21) | ||||||||||||||
| Recoveries of receivables previously written-off | — | 1 | — | ||||||||||||||
| Exchange rate impact | 5 | (4) | 1 | ||||||||||||||
| Balance at December 31 | $ | 225 | $ | 186 | $ | 201 |
Note 6 — Property and Equipment, Net
Property and equipment consists of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Land and improvements | $ | 722 | $ | 756 | |||||||
| Building and improvements | 16,771 | 16,411 | |||||||||
| Furniture, fixtures, equipment and leasehold improvements | 6,180 | 5,556 | |||||||||
| Transportation | 466 | 476 | |||||||||
| Construction in progress | 745 | 629 | |||||||||
| 24,884 | 23,828 | ||||||||||
| Less — accumulated depreciation and amortization | (13,211) | (11,835) | |||||||||
| $ | 11,673 | $ | 11,993 |
During the year ended December 31, 2025, the Company recognized a loss on disposal or impairment of assets of $205 million. The Company had a loss on impairment of assets of $149 million for the year ended December 31, 2025, due to: (i) the Company’s decision to not pursue a casino license from the State of New York and the state’s subsequent granting of all available licenses in December 2025; and (ii) not continuing the development of certain digital gaming activities. Loss on disposal of assets of $56 million for the year ended December 31, 2025 was primarily due to the write-off of $29 million in design costs related to the cancellation of an expansion project at The Venetian Macao, $10 million in demolition and asset disposal costs at The Londoner Macao and $6 million in asset disposals related to an aircraft remodel. The $50 million loss on disposal or impairment of assets for the year ended December 31, 2024, included $32 million in Macao, primarily related to the $28 million in demolition and asset disposal costs driven by The Londoner Macao and The Venetian Macao, $9 million in Singapore primarily related to demolition costs and $9 million at corporate primarily due to the sale of an aircraft. The $27 million loss on disposal or impairment of assets for the year ended December 31, 2023, included $14 million in Singapore primarily related to demolition costs and $12 million in Macao primarily related to $8 million in asset disposals at The Parisian Macao, and $4 million related to demolition costs at The Londoner Macao and The Plaza Macao and Four Seasons Macao.
Depreciation and amortization expense was $1.39 billion, $1.24 billion and $1.14 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 7 — Leasehold Interests in Land, Net
Leasehold interests in land consist of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Marina Bay Sands | $ | 2,967 | $ | 1,969 | |||||||
| The Londoner Macao | 290 | 290 | |||||||||
| The Venetian Macao | 236 | 236 | |||||||||
| The Plaza Macao and Four Seasons Macao | 105 | 106 | |||||||||
| The Parisian Macao | 88 | 88 | |||||||||
| Sands Macao | 36 | 36 | |||||||||
| 3,722 | 2,725 | ||||||||||
| Less — accumulated amortization | (815) | (723) | |||||||||
| $ | 2,907 | $ | 2,002 |
The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease, which includes automatic extensions in Macao as discussed further below. Amortization expense of $76 million, $60 million and $58 million was included in “Amortization of leasehold interests in land” in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated future amortization expense over the expected terms of the Company’s leasehold interests in land is approximately $79 million for each of the years ending December 31, 2026 through 2030 and $2.65 billion thereafter at exchange rates in effect on December 31, 2025.
Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company anticipates a useful life of 50 years related to the land concessions in Macao. The Company has received land concessions from the Macao government to build on the sites on which Sands Macao, The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao and The Parisian Macao are located. The Company does not own these land sites in Macao; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, as well as make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government.
Land concessions in Singapore have an initial term of 60 years. The Company has received land concessions from the STB to build on the sites on which Marina Bay Sands and the future MBS Expansion Project are located. The Company does not own these land sites in Singapore; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company was required to prepay the premiums for each parcel. In January 2025, MBS entered into the Second Supplemental Agreement whereby MBS committed to assume liability for the cost of the land premium associated with the Additional Gaming Area purchase, 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 Company recognized SGD 1.13 billion (approximately $848 million at exchange rates in effect at the time of the payment) in leasehold interests in land for MBS’ purchase of the Additional Gaming Area made in April 2025. The remainder of the Additional Land Premium related to the Second Supplemental Agreement is expected to be approximately SGD 182 million (approximately $142 million at exchange rates in effect on December 31, 2025) and to be finalized during the first quarter of 2026.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 8 — Goodwill and Intangible Assets, Net
Goodwill and intangible assets consist of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Amortizable intangible assets: | |||||||||||
| Macao concession | $ | 499 | $ | 500 | |||||||
| Marina Bay Sands gaming license | 79 | 52 | |||||||||
| 578 | 552 | ||||||||||
| Less — accumulated amortization | (168) | (147) | |||||||||
| 410 | 405 | ||||||||||
| Londoner Grand franchise rights | 57 | — | |||||||||
| Less — accumulated amortization | (4) | — | |||||||||
| 53 | — | ||||||||||
| Technology, software and other | 7 | 38 | |||||||||
| Total amortizable intangible assets, net | 470 | 443 | |||||||||
| Goodwill | 103 | 102 | |||||||||
| Total goodwill and intangible assets, net | $ | 573 | $ | 545 |
Amortization expense for all intangible assets was $77 million, $68 million and $67 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The estimated future amortization expense over the expected terms of the Company’s intangible assets as of December 31, 2025, is as follows:
| Amortization Expense | |||||
| (In millions) | |||||
| Year ending December 31, | |||||
| 2026 | $ | 79 | |||
| 2027 | 80 | ||||
| 2028 | 62 | ||||
| 2029 | 54 | ||||
| 2030 | 54 | ||||
| Thereafter | 134 | ||||
| $ | 463 |
Macao Concession
In December 2022, the Macao government announced the award of six definitive gaming concessions, one of which was awarded to VML, and on January 1, 2023, VML entered into the 10-year Concession with the Macao government. Under the terms of the Concession, VML is required to pay the Macao government an annual gaming premium consisting of a fixed portion and a variable portion. The fixed portion of the premium is 30 million patacas (approximately $4 million at exchange rates in effect on December 31, 2025). The variable portion is 300,000 patacas per gaming table reserved exclusively for certain types of games or players, 150,000 patacas per gaming table not so reserved (the mass rate) and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,433, $18,716 and $125, respectively, at exchange rates in effect on December 31, 2025).
On December 30, 2022, VML and certain other subsidiaries of the Company confirmed and agreed to revert certain gaming equipment and gaming areas to the Macao government without compensation and free of any liens or charges in accordance with, and upon the expiry of, VML’s subconcession. On the same day, VML and the Macao government entered into a handover record (the “Handover Record”) granting VML the right to operate the reverted gaming equipment and gaming areas for the duration of the
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Concession in consideration for the payment of an annual fee. The annual fee is calculated based on a price per square meter of reverted gaming area, was 750 patacas per square meter in the first three years and is 2,500 patacas per square meter in the subsequent seven years (approximately $94 and $312, respectively, at exchange rates in effect on December 31, 2025). The price per square meter used to determine the annual fee will be adjusted annually based on Macao’s average price index of the corresponding preceding year. VML paid $14 million and $13 million for the years ended December 31, 2025 and 2024, respectively. The annual fee is estimated to be $42 million for each of the following five years and $84 million thereafter, subject to the aforementioned index adjustment.
On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $499 million at exchange rates in effect on December 31, 2025), representing the right to operate the gaming equipment and the gaming areas, the right to conduct games of chance in Macao and the unconditional obligation to make payments under the Concession. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Handover Record. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the maximum number of table games at the mass rate and the maximum number of gaming machines that VML is currently allowed to operate by the Macao government. In the accompanying consolidated balance sheets, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the period of the Concession, being ten years.
Marina Bay Sands Gaming License
In March 2025, the Company paid SGD 101 million (approximately $75 million at exchange rates in effect at the time of the transaction) to the Singapore Gambling Regulatory Authority (the “GRA”) as part of the process to renew its gaming license at Marina Bay Sands. This license is being amortized over its term of three years, which expires in April 2028, and is renewable upon submitting an application, paying the applicable license fee and meeting the requirements as determined by the GRA.
Londoner Grand Franchise Rights
In September 2024, Venetian Orient Limited (“VOL,” a wholly owned subsidiary of SCL) entered into an agreement with Marriott International (“Marriott”) granting VOL the right to operate the Londoner Grand as a franchise under Marriott’s “Luxury Collection Hotel” brand effective January 1, 2025, for a period of 15 years. The agreement consists of a fixed fee subject to an annual inflation adjustment capped at 3% and other variable fees.
On January 1, 2025, the Company recognized an intangible asset and a corresponding financial liability of $57 million. This intangible asset represents the present value of the contractually obligated fixed payments over the term of the agreement. In the accompanying consolidated balance sheet, the noncurrent portion of the financial liability was included in “Other long-term liabilities” and the current portion was included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the agreement term of 15 years.
Technology, Software and Other
The Company recorded a $58 million impairment charge on long-lived assets during year ended December 31, 2025, in connection with the decision to no longer pursue certain digital gaming activities. The impairment charge is included in the “Loss on disposal or impairment of assets” line item in the accompanying consolidated statement of operations. Of this amount, $31 million related to the impairment of the related technology and internal-use software.
Nassau Coliseum
In June 2023, the Company closed on its acquisition of the Nassau Coliseum, an entertainment arena in the State of New York. The Company paid an aggregate amount of $241 million, consisting of $221 million upon closing and a $20 million deposit made in 2022. The purchase of the Nassau Coliseum, which continues to operate following the closing of the sale, primarily included the fixed assets related to the arena and the right to lease the underlying land from the owner, the County of Nassau in the State of New York. This transaction resulted in the recognition of $92 million of goodwill. The Company 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. In April 2025, the Company announced its decision to cease pursuit of a casino license from the State of New York in light of concerns regarding a lower anticipated return on investment due to various factors, including the impact of the potential legalization of online gaming on the New York market. The Company continues to consider potential acquirors and other development opportunities for the Nassau Coliseum site. There is no assurance the Company will be able to accomplish a sale or other development opportunity or to resolve certain matters associated with the right to lease the underlying land from Nassau County.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 9 — Other Accrued Liabilities
Other accrued liabilities consist of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Customer deposits | $ | 773 | $ | 608 | |||||||
| Payroll and related | 419 | 382 | |||||||||
| Taxes and licenses | 440 | 316 | |||||||||
| Accrued interest payable | 152 | 193 | |||||||||
| Outstanding chip liability | 181 | 112 | |||||||||
| Other accruals | 394 | 374 | |||||||||
| $ | 2,359 | $ | 1,985 |
Note 10 — Derivative Instruments
The Company currently uses cross-currency interest rate swaps (“Swaps”) and foreign currency forward contracts (“Forwards”) as effective economic hedges against foreign currency exchange rate risk. The Swaps and Forwards involve the purchase and sale of currencies at an agreed-upon foreign currency exchange rate to be executed on a specified date. The Swaps also include the periodic swapping of interest payments in the respective currencies.
The Company entered into various Swaps (as described below) to manage the risk of changes in cash flows resulting from foreign currency gains and losses recorded upon remeasurement of U.S. dollar (“USD”) denominated SCL senior notes by swapping a specified amount of Hong Kong dollars (“HKD”) for USD at the contractual spot rate on specified dates.
During the year ended December 31, 2021, the Company entered into a Swap with a notional value of $1.0 billion, which was designated as a hedge of the cash flows related to a portion of the $1.80 billion 5.125% SCL Senior Notes (the “2021 SCL Swap”) and expired in line with the contractual maturity date of the underlying notes. In June 2025, the Company redeemed the underlying notes and discontinued hedge accounting of the 2021 SCL Swap. As a result, the related $6 million net loss previously recorded to “Accumulated other comprehensive income (loss)” (“AOCI”) in the accompanying consolidated balance sheets under hedge accounting was reclassified into “Other income (expense)” in the accompanying consolidated statements of operations. In July 2025, the 2021 SCL Swap was terminated and final settlement was completed in August 2025. In addition to the amount reclassified out of AOCI noted above, for the year ended December 31, 2025, net gains of $6 million were recorded to “Other income (expense)” related to the post-hedge accounting fair value adjustments and the final net settlement.
During the year ended December 31, 2024, the Company entered into additional Swaps, also designated as hedges of the cash flows related to a portion of the remaining SCL senior notes (the “2024 SCL Swaps,” and together with the 2021 SCL Swap, the “SCL Swaps”). As of December 31, 2025, the 2024 SCL Swaps had a total notional value of $3.41 billion and expire in line with the maturity dates of the underlying SCL senior notes.
During the year ended December 31, 2025, the Company entered into various Swaps to manage the risk of adverse changes in the foreign currency exchange rate between USD and SGD impacting the Company’s net investment in MBS. These Swaps were designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”). The MBS Net Investment Hedges have a total notional value of $1.80 billion and expire on various dates beginning March 2028 through December 2030. Additionally, in May and December 2025, the Company entered into Forwards (the “May 2025 SCL Net Investment Hedge” and the “December 2025 SCL Net Investment Hedges,” respectively, and together, the “SCL Net Investment Hedges”) for the exchange of USD to HKD to manage the risk of adverse changes in the foreign currency exchange rate between USD and pataca (which is SCL’s functional currency and is pegged to HKD) impacting the Company’s net investment in SCL. The SCL Net Investment Hedges were designated as hedges of the Company’s net investment in SCL (together with the MBS Net Investment Hedges, the “Net Investment Hedges”). The May 2025 SCL Net Investment Hedge had a total notional value of $189 million and expired in July 2025. The December 2025 SCL Net Investment Hedges have a total notional value of $387 million and expire in June and September 2026.
For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to AOCI in the accompanying consolidated balance sheets. Refer to “Note 14 — Fair Value Disclosures” for further details. For the Net Investment Hedges, all amounts will remain in AOCI until derecognition of the investment, and for the SCL Swaps, a portion of the amount recorded in AOCI is reclassified to “Other income (expense)” each reporting period to offset the foreign currency impact from the remeasurement of the related SCL senior notes.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The following table presents the net changes in AOCI associated with each year’s hedging activities, net of tax:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Cash Flow Hedges | Net Investment Hedges | Cash Flow Hedges | Cash Flow Hedges | ||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Net loss from hedge adjustments recognized in AOCI as of January 1 | $ | (32) | $ | — | $ | (9) | $ | (6) | |||||||||||||||||||||||||||
| Hedge adjustments recognized during the year | (6) | 15 | (53) | (1) | |||||||||||||||||||||||||||||||
| Net (gain) loss reclassified from AOCI into earnings | (10) | — | 30 | (2) | |||||||||||||||||||||||||||||||
| Net gain (loss) from hedge adjustments recognized in AOCI as of December 31 | $ | (48) | $ | 15 | $ | (32) | $ | (9) |
As of December 31, 2025, approximately $26 million of the net loss deferred in AOCI related to the SCL Swaps is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending December 31, 2026. 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 in investing activities for the Net Investment Hedges in the accompanying consolidated statements of cash flows.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 11 — Debt
Debt consists of the following:
| Stated Interest Rate**(1)** | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Corporate and U.S. Related: | |||||||||||||||||||||||
| LVSC Senior Notes*(2)* | |||||||||||||||||||||||
| Notes due June 2025 | 2.900 | % | $ | — | $ | 500 | |||||||||||||||||
| 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 | — | |||||||||||||||||||
| Notes due August 2029 | 6.000 | % | 500 | 500 | |||||||||||||||||||
| Notes due August 2029 | 3.900 | % | 750 | 750 | |||||||||||||||||||
| Notes due June 2030 | 6.000 | % | 500 | — | |||||||||||||||||||
| Notes due August 2034 | 6.200 | % | 500 | 500 | |||||||||||||||||||
| Finance leases(3) | 121 | 115 | |||||||||||||||||||||
| Macao Related: | |||||||||||||||||||||||
| SCL Senior Notes*(2)* | |||||||||||||||||||||||
| Notes due August 2025 | 5.125 | % | — | 1,625 | |||||||||||||||||||
| Notes due January 2026 | 3.800 | % | 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 Term Loan Facility(4)(5) | 4.764 | % | 1,614 | — | |||||||||||||||||||
| Finance Leases(3) | 35 | 12 | |||||||||||||||||||||
| Singapore Related: | |||||||||||||||||||||||
| 2012 Singapore Term Facility(4) | — | 2,668 | |||||||||||||||||||||
| 2012 Singapore Delayed Draw Term Facility(4) | — | 46 | |||||||||||||||||||||
| 2025 Singapore Term Loan Facility(4)(5) | 2.405 | % | 2,875 | — | |||||||||||||||||||
| 2025 Singapore Delayed Draw Term Loan Facility(4)(5) | 2.405 | % | 931 | — | |||||||||||||||||||
| Finance leases(3) | 1 | 1 | |||||||||||||||||||||
| Total | 15,927 | 13,817 | |||||||||||||||||||||
| Unamortized debt discount and issuance costs(6) | (143) | (65) | |||||||||||||||||||||
| Total carrying amount of debt | 15,784 | 13,752 | |||||||||||||||||||||
| Less — current maturities | (1,128) | (3,160) | |||||||||||||||||||||
| Total debt | $ | 14,656 | $ | 10,592 |
(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 December 31, 2025; 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)These notes are senior unsecured obligations with no interim principal payments and interest is payable semi-annually in arrears. None of LVSC’s or SCL’s subsidiaries guarantee the respective notes.
(3)The finance leases range in maturities from 2026 through 2066.
(4)For the 2024 SCL Term Loan Facility and the Singapore credit facilities, interest is payable monthly and quarterly, respectively.
(5)The 2024 SCL Term Loan facility matures in June 2030 and both the 2025 Singapore Term Loan Facility and the 2025 Singapore Delayed Draw Term Loan Facility mature in February 2032.
(6)Unamortized deferred financing costs of $146 million and $76 million as of December 31, 2025 and 2024, 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 consolidated balance sheets.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Corporate and U.S. Related Debt
LVSC Senior Notes
Each series of LVSC senior notes ranks equally in right of payment with all of LVSC’s other unsecured and unsubordinated obligations, if any.
In May 2025, in an underwritten public offering, LVSC issued two series of senior unsecured notes in an aggregate principal amount of $1.50 billion, consisting of $1.0 billion of 5.625% Senior Notes due June 15, 2028, and $500 million of 6.000% Senior Notes due June 14, 2030. The net proceeds from the offering were used in June 2025 to redeem in full the outstanding principal amount of 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 were used for general corporate purposes, including share repurchases.
2024 LVSC Revolving Facility
In April 2024, LVSC entered into a revolving credit agreement (the “2024 LVSC Revolving Credit Agreement”), which provides unsecured, revolving credit commitments to LVSC in an aggregate principal amount of $1.50 billion (the “2024 LVSC Revolving Facility”), until April 3, 2029, and includes a $150 million sub-facility for letters of credit. LVSC may utilize the proceeds of the loans for general corporate purposes and working capital requirements of LVSC and its subsidiaries and any other purpose not prohibited by the 2024 LVSC Revolving Credit Agreement.
The loans made under the 2024 LVSC Revolving Credit Agreement will bear interest at LVSC’s option at either, (x) an adjusted Secured Overnight Financing Rate (“SOFR”), plus an applicable margin ranging from 1.125% to 1.550% per annum, or (y) at an alternate base rate, plus an applicable margin ranging from 0.125% to 0.550% per annum, in each case, depending on LVSC’s corporate family credit rating. Under the 2024 LVSC Revolving Credit Agreement, LVSC must pay a commitment fee quarterly in arrears on the undrawn portion of the revolving commitments, which commitment fee ranges from 0.125% to 0.250% per annum, depending on LVSC’s corporate family credit rating and was 0.200% as of December 31, 2025.
As of December 31, 2025, the Company had $1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.
Macao Related Debt
SCL Senior Notes
Each series of SCL senior notes rank equally in right of payment with all of SCL’s existing and future senior unsecured debt and will rank senior in right of payment to all of SCL’s future subordinated debt, if any. The SCL senior notes will be effectively subordinated in right of payment to all of SCL’s future secured debt (to the extent of the value of the collateral securing such debt) and will be structurally subordinated to all of the liabilities of SCL’s subsidiaries.
Upon the occurrence of certain events described in the SCL senior notes indentures, the interest rate on the SCL senior notes may be adjusted.
During the year ended December 31, 2025, proceeds from the draw down of the 2024 SCL Term Loan Facility and cash on hand, as described below, were used to redeem in full the remaining principal amount of the $1.80 billion 5.125% SCL Senior Notes due August 8, 2025, amounting to $1.63 billion (the “2025 SCL Senior Notes”) and any accrued interest. In January 2026, proceeds from the draw down of the 2024 SCL Revolving Facility and cash on hand, as described below, 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. The portion of the 2026 SCL Senior Notes paid using the proceeds from the 2024 SCL Revolving Facility were classified as noncurrent in the accompanying consolidated balance sheets as of December 31, 2025.
2024 SCL Credit Facility
In October 2024, SCL entered into a facility agreement (the “2024 SCL Credit Facility”), which provides for an HKD 19.50 billion (approximately $2.51 billion at exchange rates in effect on December 31, 2025) unsecured revolving credit facility (the “2024 SCL Revolving Facility”). SCL may draw revolving loans under the 2024 SCL Revolving Facility from time to time until September 24, 2029, for general corporate and working capital requirements of SCL and its subsidiaries, subject to certain restrictions set forth in the 2024 SCL Credit Facility. The final maturity date of all loans drawn under the 2024 SCL Revolving Facility is October 23, 2029.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The 2024 SCL Credit Facility also made available an HKD 12.95 billion (approximately $1.66 billion at exchange rates in effect on December 31, 2025) unsecured term loan facility (the “2024 SCL Term Loan Facility”) for the purpose of repaying amounts outstanding under its 2025 SCL Senior Notes. During the year ended December 31, 2025, the Company drew down HKD 12.75 billion (approximately $1.64 billion at exchange rates in effect at the time of the transaction) under the 2024 SCL Term Loan Facility, the proceeds from which together with cash on hand, were used to redeem the 2025 SCL Senior Notes.
Loans under the 2024 SCL Credit Facility will bear interest calculated by reference to the Hong Kong interbank offered rate plus a margin that is, in the case of the 2024 SCL Revolving Facility, determined by reference to the consolidated leverage ratio as defined therein. The initial margin for revolving loans drawn under the 2024 SCL Revolving Facility is 2.50% per annum. The margin for the term loan drawn under the 2024 SCL Term Loan Facility is 1.65% per annum. SCL is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the 2024 SCL Credit Facility and other customary fees.
SCL is required to pay interim quarterly amortization payments of HKD 96 million (approximately $12 million at exchange rates in effect on December 31, 2025) under the 2024 SCL Term Loan Facility.
As of December 31, 2025, the Company had HKD 19.50 billion (approximately $2.51 billion at exchange rates in effect on December 31, 2025) of available borrowing capacity under the 2024 SCL Revolving Facility.
In January 2026, the Company drew down HKD 6.20 billion (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 2026 SCL Senior Notes.
Singapore Related Debt
2012 Singapore Credit Facility
In February 2025, MBS entered into a new credit facility, as further described below, and the 2012 Singapore Credit Facility was terminated using the proceeds from the new credit facility. As a result, the Company recorded a $5 million loss on modification or early retirement of debt during the year ended December 31, 2025.
2025 Singapore Credit Facility
In February 2025, MBS entered into a new facility agreement (the “2025 Singapore Credit Facility”), which provides for an SGD 3.75 billion (approximately $2.92 billion at exchange rates in effect on December 31, 2025) term loan (the “2025 Singapore Term Loan Facility”), an SGD 750 million (approximately $584 million at exchange rates in effect on December 31, 2025) revolving credit facility (the “2025 Singapore Revolving Facility”), part of which may be designated as an ancillary facility, and an SGD 7.50 billion (approximately $5.84 billion at exchange rates in effect on December 31, 2025) term loan facility (the “2025 Singapore Delayed Draw Term Loan Facility,” and together with the 2025 Singapore Term Loan Facility and the 2025 Singapore Revolving Facility, the “Facilities”).
In February 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. In April 2025, the Company drew down an additional SGD 1.13 billion (approximately $848 million at exchange rates in effect at the time of the payment) from the 2025 Singapore Delayed Draw Term Loan Facility to fund the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area.
The proceeds from the 2025 Singapore Revolving Facility may be used to refinance outstanding indebtedness, pay certain fees, expenses and accrued interest, make dividend payments and for general corporate purposes. The 2025 Singapore Revolving Facility is available to MBS to be drawn until July 28, 2031.
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. The 2025 Singapore Delayed Draw Term Loan Facility is available to MBS until the earlier of (1) the date which is twelve months after the date on which certain parts of the MBS Expansion Project are issued a temporary occupation permit; (2) the date which MBS and the STB agree as the date that MBS must complete construction of the MBS Expansion Project; or (3) January 29, 2032.
The obligations under the 2025 Singapore Credit Facility are secured by a first-priority security interest in substantially all of MBS’s assets, other than capital stock and similar ownership interests, certain furniture, fixtures, fittings and equipment that are financed by third parties and certain other excluded assets.
Borrowings under the Facilities for outstanding loans will bear interest at the Compounded Singapore Overnight Rate Average, plus a variable margin (the “Margin”), which is determined based on MBS’s consolidated leverage ratio. MBS pays a commitment fee
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
on all undrawn amounts under the 2025 Singapore Revolving Facility and the 2025 Singapore Delayed Draw Term Loan Facility equal to 35% or 40% of the applicable Margin depending on the percentage utilization of each respective facility, which was 0.48% as of December 31, 2025.
The 2025 Singapore Term Loan Facility, the 2025 Singapore Revolving Facility and the 2025 Singapore Delayed Draw Term Loan Facility mature on February 29, 2032, August 28, 2031, and February 29, 2032, respectively. In relation to the 2025 Singapore Term Loan Facility and the 2025 Singapore Delayed Draw Term Loan Facility, commencing on May 31, 2025 and May 31, 2030, respectively, and at the end of each three-month period thereafter, MBS is required to repay interim quarterly amortization payments equal to a certain percentage (as set forth in the 2025 Singapore Credit Facility agreement) of the outstanding principal amount of such facility. The outstanding aggregate principal balance of each of the Facilities is due in full on the respective maturity dates applicable to such facility.
MBS is required to prepay amounts outstanding under the Facilities with (i) a percentage of the net proceeds from the sale of certain assets outside of the ordinary course of business (subject to a reinvestment right and certain limited exceptions), (ii) the proceeds of new indebtedness other than certain permitted indebtedness and (iii) any net proceeds received in connection with the cancellation, suspension, non-issue, variation or revocation of the MBS gaming license.
As of December 31, 2025, MBS had SGD 588 million (approximately $458 million at exchange rates in effect on December 31, 2025) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $126 million at exchange rates in effect on December 31, 2025).
As of December 31, 2025, SGD 6.30 billion (approximately $4.91 billion at exchange rates in effect on December 31, 2025) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.
Debt Covenant Compliance
The senior notes and LVSC, SCL and Singapore credit facilities generally contain various covenants, including covenants which pertain to leverage ratios and interest coverage ratios. As of December 31, 2025, management believes the Company was in compliance with all debt covenants.
Cash Flows from Financing Activities
Cash flows from financing activities related to debt and finance lease obligations are as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Proceeds from LVSC Senior Notes | $ | 1,499 | $ | 1,748 | $ | — | |||||||||||
| Proceeds from 2025 Singapore Credit Facility | 3,645 | — | — | ||||||||||||||
| Proceeds from 2024 SCL Term Loan Facility | 1,637 | — | — | ||||||||||||||
| $ | 6,781 | $ | 1,748 | $ | — | ||||||||||||
| Repayments on SCL Senior Notes | $ | (1,625) | $ | (174) | $ | — | |||||||||||
| Repayments on LVSC Senior Notes | (500) | (1,750) | — | ||||||||||||||
| Repayments on 2012 Singapore Credit Facility | (2,708) | (139) | (62) | ||||||||||||||
| Repayments on 2025 Singapore Credit Facility | (43) | — | — | ||||||||||||||
| Repayments on 2018 SCL Credit Facility | — | — | (1,948) | ||||||||||||||
| Repayments on 2024 SCL Term Loan Facility | (25) | — | — | ||||||||||||||
| Repayments on finance leases and other debt | (17) | (11) | (59) | ||||||||||||||
| $ | (4,918) | $ | (2,074) | $ | (2,069) |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Scheduled Maturities of Debt
Maturities of debt outstanding (excluding finance leases) as of December 31, 2025, are summarized as follows:
| Debt | |||||
| (In millions) | |||||
| 2026(1) | $ | 1,907 | |||
| 2027 | 1,557 | ||||
| 2028 | 3,008 | ||||
| 2029 | 2,007 | ||||
| 2030 | 2,691 | ||||
| Thereafter | 4,600 | ||||
| Total | $ | 15,770 |
(1)The 2026 amount includes $800 million related to the 2026 SCL Senior Notes, which was subsequently paid in January 2026.
Note 12 — Equity
Preferred Stock
The Company is authorized to issue up to 50 million shares of preferred stock. The Company’s Board of Directors is authorized, subject to limitations prescribed by Nevada law and the Company’s articles of incorporation, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The Company’s Board of Directors also is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders.
Common Stock
Dividends
In January 2026, the Company’s Board of Directors declared a quarterly dividend of $0.30 per common share (a total estimated to be approximately $202 million) to be paid on February 18, 2026, to stockholders of record on February 9, 2026.
Share Repurchases
The following table presents information about our repurchases of common stock:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions, except total number of shares) | |||||||||||||||||
| Total number of shares repurchased | 47,632,455 | 37,552,614 | 11,121,497 | ||||||||||||||
| Total cost of shares repurchased | $ | 2,269 | $ | 1,768 | $ | 510 | |||||||||||
| Commissions and excise tax included in total cost | $ | 19 | $ | 18 | $ | 5 |
During the year ended December 31, 2025, the Company’s Board of Directors authorized increasing the remaining share repurchase amount to $2.0 billion and extending its expiration date to November 3, 2027. As of December 31, 2025, the remaining amount authorized under the share repurchase program was $1.56 billion.
As part of the current share repurchase program, the Company can utilize capped call transactions as a method to repurchase shares. These capped call transactions can result in either the receipt of shares or the return of the initial cash investment plus a cash premium, dependent on the Company’s share price relative to the cap price on the expiration date. The capped call option contracts are not considered derivative instruments as the contracts are indexed to the Company’s common stock and are therefore classified within stockholders’ equity. Upon execution of the contract, the amount of cash paid up front is recorded as a reduction to capital in excess of par value. Upon settlement, shares acquired through the exercise of the call options are included in treasury stock, or the return of the initial cash investment plus any cash premiums earned are recorded as an increase to capital in excess of par value.
In September 2024, the Company entered into a capped call option contract (the “September Capped Call”), pursuant to which the Company purchased capped call options on approximately 1 million shares of the Company’s common stock with a $0 strike price and a cap price of $39.02. The September Capped Call expired in October 2024 and resulted in the return of the initial cash investment plus a cash premium. In December 2024, the Company entered into a capped call option contract (the “December Capped
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Call”) pursuant to which the Company purchased capped call options on approximately 1 million shares of the Company’s common stock with a $0 strike price and a cap price of $53.54. The December Capped Call expired on February 7, 2025, and resulted in the Company effectively repurchasing the related shares of its common stock for $52 million (including excise tax) as the Company’s share price was below the cap price.
All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying 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.
Rollforward of Shares of Common Stock
A summary of the outstanding shares of common stock is as follows:
| Balance as of January 1, 2023 | 764,247,283 | ||||
| Exercise of stock options | 77,856 | ||||
| Issuance of restricted stock | 17,166 | ||||
| Vesting of restricted stock units | 233,654 | ||||
| Forfeiture of unvested restricted stock | (5,806) | ||||
| Repurchase of common stock | (11,121,497) | ||||
| Balance as of December 31, 2023 | 753,448,656 | ||||
| Exercise of stock options | 20,000 | ||||
| Issuance of restricted stock | 4,019 | ||||
| Vesting of restricted stock units | 379,840 | ||||
| Repurchase of common stock | (37,552,614) | ||||
| Balance as of December 31, 2024 | 716,299,901 | ||||
| Exercise of stock options | 5,790,962 | ||||
| Issuance of restricted stock | 12,037 | ||||
| Vesting of restricted stock units | 443,989 | ||||
| Repurchase of common stock | (47,632,455) | ||||
| Balance as of December 31, 2025 | 674,914,434 |
Noncontrolling Interests in SCL
Dividends
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 the Company retained $380 million during the year ended December 31, 2025).
Purchases of Noncontrolling Interest
In December 2023 and September 2024, the Company’s wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into share purchase agreements with financial institutions (the “Dealers”) relating to the purchase of the common stock of SCL (the “December 2023 Purchase Agreement” and the “September 2024 Purchase Agreement,” respectively). Pursuant to the terms of these agreements, VVDI II made up-front payments of HKD 1.95 billion and HKD 800 million, respectively, (approximately $250 million and $103 million, respectively, at exchange rates as of the date of the transaction) to the Dealers in December 2023 and September 2024, respectively (the “December 2023 Maximum Notional Amount” and the “September 2024 Maximum Notional Amount,” respectively). Once the up-front payments were made, VVDI II had no further obligation to provide any additional consideration to the Dealers. Due to the SCL share price exceeding the cap amount (as defined) during the term of the September 2024 Purchase Agreement, approximately $59 million in unused portions of the September 2024 Maximum Notional Amount was returned to VVDI II in the form of cash. The number of shares actually delivered to the Company by the Dealers was based on the volume-weighted average share price (the “VWAP”) of SCL’s common stock during the term of the agreements, subject to the cap amount, less an agreed discount. The December 2023 and September 2024 purchase agreements concluded in April and October 2024, respectively, with the Dealers having delivered 90 million and 23 million shares, respectively, of SCL common stock to the Company at an average price paid per share of HKD 21.57 and HKD 14.64, respectively.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
During October 2024, December 2024, April 2025, June 2025 and September 2025, VVDI II entered into share purchase agreements with financial institutions (the “Agents”) for the purchase of the common stock of SCL (collectively, the “SCL VWAP Purchase Agreements”). Pursuant to the terms of the SCL VWAP Purchase Agreements, VVDI II made up-front payments of HKD 2.85 billion and HKD 1.60 billion for the years ended December 31, 2025 and 2024, respectively (collectively, approximately $365 million and $206 million, respectively, at exchange rates in effect at the time of the transactions) under these agreements. Once the up-front payments were made, VVDI II had no further obligation to provide any additional consideration to the Agents.
The SCL VWAP Purchase Agreements allowed for the delivery of shares on a daily basis during the contract. The number of shares actually delivered to the Company by the Agents was based on the price paid by the Agents for SCL common stock delivered to the Company during the term of each SCL VWAP Purchase Agreement, subject to the cap amount (as defined in the agreements). Pursuant to the SCL VWAP Purchase Agreements, the Company paid the Agents a fee equal to an agreed percentage of the price per share benefit that the Agents were able to realize on SCL shares purchased compared to the volume-weighted average share price of SCL’s common stock.
The SCL VWAP Purchase Agreements were completed as of December 31, 2025 and resulted in the delivery of 172 million and 66 million shares for the years ended December 31, 2025 and 2024, respectively, at an average price paid per share of HKD 18.18 and HKD 20.26, respectively.
The Company accounted for each of the various purchase agreements as a hybrid instrument consisting of a host contract, with the prepayment amount accounted for as a reduction to equity, and an embedded derivative with nominal fair value. As the embedded derivatives had a nominal fair value, no derivative was recorded.
Additionally, during the year ended December 31, 2025, the Company purchased the common stock of SCL in open market transactions, which resulted in the purchase of 45 million shares of SCL common stock for HKD 912 million (approximately $117 million at exchange rates in effect at the time of the transactions).
The total additional shares purchased related to the above transactions resulted in an increase of the Company’s ownership of SCL to approximately 74.80% and 72.13% as of December 31, 2025 and 2024, respectively.
Transfer from Noncontrolling Interest
The following table summarizes the net income attributable to LVSC and transfers from the noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Net income attributable to LVSC | $ | 1,627 | $ | 1,446 | $ | 1,221 | |||||||||||
| Transfer from noncontrolling interest: | |||||||||||||||||
| Increase in LVSC’s paid-in-capital for purchase of subsidiary shares | 30 | 12 | — | ||||||||||||||
| Changes from net income attributable to LVSC and transfers from noncontrolling interest | $ | 1,657 | $ | 1,458 | $ | 1,221 |
Note 13 — Income Taxes
Income before taxes and noncontrolling interests for domestic and foreign operations is as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Foreign | $ | 2,691 | $ | 2,129 | $ | 1,889 | |||||||||||
| Domestic | (478) | (169) | (114) | ||||||||||||||
| Total income before income taxes | $ | 2,213 | $ | 1,960 | $ | 1,775 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The components of income tax expense are as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Foreign: | |||||||||||||||||
| Current | $ | 405 | $ | 193 | $ | 270 | |||||||||||
| Deferred | (22) | 6 | 32 | ||||||||||||||
| Total | 383 | 199 | 302 | ||||||||||||||
| Federal: | |||||||||||||||||
| Current | 2 | 11 | 30 | ||||||||||||||
| Deferred | (38) | (2) | 12 | ||||||||||||||
| Total | (36) | 9 | 42 | ||||||||||||||
| Total income tax expense | $ | 347 | $ | 208 | $ | 344 |
The reconciliation of the statutory federal income tax rate and the Company’s effective tax rate is as follows:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| U.S. federal statutory tax rate | $ | 465 | 21.0 | % | $ | 412 | 21.0 | % | $ | 373 | 21.0 | % | |||||||||||||||||||||||
| Foreign tax effects | |||||||||||||||||||||||||||||||||||
| Macao | |||||||||||||||||||||||||||||||||||
| Tax rate differential | (83) | (3.7) | % | (93) | (4.7) | % | (69) | (3.9) | % | ||||||||||||||||||||||||||
| Changes in valuation allowances | 70 | 3.2 | % | 66 | 3.4 | % | 78 | 4.4 | % | ||||||||||||||||||||||||||
| Tax exempt gaming operations income | (139) | (6.3) | % | (207) | (10.6) | % | (73) | (4.1) | % | ||||||||||||||||||||||||||
| Tax exempt rental income | (53) | (2.4) | % | (50) | (2.6) | % | (54) | (3.0) | % | ||||||||||||||||||||||||||
| Other | 3 | 0.1 | % | 10 | 0.5 | % | 5 | 0.3 | % | ||||||||||||||||||||||||||
| Singapore | |||||||||||||||||||||||||||||||||||
| Tax rate differential | (75) | (3.4) | % | (47) | (2.4) | % | (45) | (2.5) | % | ||||||||||||||||||||||||||
| Nondeductible fixed assets | 34 | 1.5 | % | 33 | 1.7 | % | 28 | 1.6 | % | ||||||||||||||||||||||||||
| Other | 39 | 1.8 | % | 23 | 1.2 | % | 33 | 1.9 | % | ||||||||||||||||||||||||||
| Other foreign jurisdictions | 22 | 1.0 | % | 16 | 0.8 | % | 2 | 0.1 | % | ||||||||||||||||||||||||||
| Effect of cross-border tax laws | |||||||||||||||||||||||||||||||||||
| Global intangible low-taxed income | 55 | 2.5 | % | 43 | 2.2 | % | 63 | 3.5 | % | ||||||||||||||||||||||||||
| Other | — | — | % | 2 | 0.1 | % | 4 | 0.2 | % | ||||||||||||||||||||||||||
| Tax credits | (16) | (0.7) | % | (15) | (0.8) | % | (12) | (0.7) | % | ||||||||||||||||||||||||||
| Changes in valuation allowances | 14 | 0.6 | % | (2) | (0.1) | % | (3) | (0.2) | % | ||||||||||||||||||||||||||
| Nontaxable or nondeductible items | 4 | 0.2 | % | 12 | 0.6 | % | 6 | 0.3 | % | ||||||||||||||||||||||||||
| Other adjustments | (2) | (0.1) | % | (2) | (0.1) | % | — | — | % | ||||||||||||||||||||||||||
| Changes in unrecognized tax benefits | 9 | 0.4 | % | 7 | 0.4 | % | 8 | 0.5 | % | ||||||||||||||||||||||||||
| Effective tax rate | $ | 347 | 15.7 | % | $ | 208 | 10.6 | % | $ | 344 | 19.4 | % |
The Company’s tax rate differential reflects the fact that the U.S. tax rate of 21% is higher than the statutory tax rates in Singapore and Macao of 17% and 12%, respectively.
The Company enjoys an income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through December 31, 2027. Net income attributable to LVSC would have been reduced by $90 million, $129 million and $46 million and diluted earnings per share would have been reduced by $0.13, $0.17 and $0.06 per share for the years ended December 31, 2025, 2024 and 2023, respectively, without the consideration of the income tax exemption in Macao. Additionally, certain rental income from commercial property in Macao is exempt from income tax as it is subject to the property tax regime.
On February 7, 2024, the Company entered into a shareholder dividend tax agreement with the Macao government, effective for the period from January 1, 2023 through December 31, 2025, which provided for an annual payment at an applicable rate of gross
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
gaming revenue as a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. The Company has applied for a renewal of the shareholder dividend tax agreement with the Macao government for the period from January 1, 2026 through December 31, 2027. For the year ended December 31, 2023, income tax expense included an anticipated $57 million shareholder dividend tax based on the information available at the balance sheet date. During the three months ended March 31, 2024, the Company reversed the $57 million of income tax expense and recorded $10 million to corporate expense related to the year ended December 31, 2023, to reflect the terms of the new shareholder dividend tax agreement.
In July 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 OBBB did not 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 components of income taxes paid, net of refunds, are as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| U.S. federal | $ | — | $ | 8 | $ | 25 | |||||||||||
| U.S. state | — | 1 | — | ||||||||||||||
| Foreign | |||||||||||||||||
| Singapore | 270 | 212 | 150 | ||||||||||||||
| Other | 1 | 1 | 1 | ||||||||||||||
| Total foreign | 271 | 213 | 151 | ||||||||||||||
| Total income taxes paid, net | $ | 271 | $ | 222 | $ | 176 |
The primary tax effected components of the Company’s net deferred tax liabilities are as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Deferred tax assets: | |||||||||||
| U.S. foreign tax credit carryforwards | $ | 1,719 | $ | 2,531 | |||||||
| Net operating loss carryforwards | 244 | 320 | |||||||||
| Research and development | 43 | 29 | |||||||||
| Pre-opening expenses | 36 | 21 | |||||||||
| Interest expense carryforward | 22 | — | |||||||||
| Accrued expenses | 15 | 14 | |||||||||
| Stock-based compensation | 6 | 9 | |||||||||
| Provision for credit losses | 1 | 1 | |||||||||
| Other | 4 | 2 | |||||||||
| 2,090 | 2,927 | ||||||||||
| Less — valuation allowances | (1,936) | (2,776) | |||||||||
| Total deferred tax assets | 154 | 151 | |||||||||
| Deferred tax liabilities: | |||||||||||
| Property and equipment | (156) | (213) | |||||||||
| Prepaid expenses | (2) | (2) | |||||||||
| Other | (10) | (2) | |||||||||
| Total deferred tax liabilities | (168) | (217) | |||||||||
| Deferred tax liabilities, net | $ | (14) | $ | (66) |
The Company’s U.S. foreign tax credit carryforwards were $1.76 billion and $2.57 billion as of December 31, 2025 and 2024, respectively, which expire beginning in 2026 and 2025, respectively. The Company’s U.S. interest expense carryforward was $103 million as of December 31, 2025, which does not have an expiration date. There was a valuation allowance of $1.69 billion and $2.46 billion as of December 31, 2025 and 2024, respectively, provided on foreign tax credit carryforwards, interest expense carryforward and other U.S. deferred tax assets, as the Company believes these assets do not meet the “more-likely-than-not” criteria
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
for recognition. Net operating loss carryforwards for the Company’s foreign subsidiaries were $1.94 billion and $2.59 billion as of December 31, 2025 and 2024, respectively, which expire beginning in 2026 and 2025, respectively. There are valuation allowances of $242 million and $314 million as of December 31, 2025 and 2024, respectively, provided on the net deferred tax assets of certain foreign jurisdictions, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition.
A reconciliation of the total amounts of deferred tax asset valuation allowance, is as follows:
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Balance at the beginning of the year | $ | 2,776 | $ | 3,879 | $ | 4,083 | |||||||||||
| Additions | 34 | 5 | — | ||||||||||||||
| Deductions | (874) | (1,108) | (204) | ||||||||||||||
| Balance at the end of the year | $ | 1,936 | $ | 2,776 | $ | 3,879 |
Undistributed earnings of subsidiaries are accounted for as a temporary difference, except deferred tax liabilities are not recorded for undistributed earnings of foreign subsidiaries deemed to be indefinitely reinvested in foreign jurisdictions. The Company does not consider current year’s tax earnings and profits of its foreign subsidiaries to be indefinitely reinvested. Beginning with the year ended December 31, 2015, the Company’s major foreign subsidiaries distributed, and may continue to distribute, earnings in excess of their current year’s tax earnings and profits in order to meet the Company’s liquidity needs. To the extent the Company has indefinitely reinvested earnings in foreign jurisdictions, it does not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows:
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Balance at the beginning of the year | $ | 148 | $ | 141 | $ | 136 | |||||||||||
| Reductions to tax positions related to prior years | — | — | (3) | ||||||||||||||
| Additions to tax positions related to current year | 8 | 8 | 8 | ||||||||||||||
| Exchange rate fluctuations | 1 | (1) | — | ||||||||||||||
| Balance at the end of the year(1) | $ | 157 | $ | 148 | $ | 141 |
(1)Includes interest and penalties of $30 million, $25 million and $19 million accrued as of December 31, 2025, 2024 and 2023, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax positions in the provision for income taxes in the accompanying consolidated statement of operations.
As of December 31, 2025, 2024 and 2023, unrecognized tax benefits of $40 million, $38 million and $36 million, respectively, were recorded as reductions to the U.S. foreign tax credit deferred tax asset. As of December 31, 2025, 2024 and 2023, unrecognized tax benefits and related interest and penalties of $117 million, $110 million and $105 million, respectively, were recorded in “Other long-term liabilities.”
Included in the unrecognized tax benefit balance as of December 31, 2025, 2024 and 2023, are $127 million, $123 million and $122 million, respectively, of uncertain tax benefits that would affect the effective income tax rate if recognized.
The Company’s major tax jurisdictions are the U.S., Macao and Singapore. The Company could be subject to examination for tax years beginning in 2021 in Macao and Singapore and tax years 2010 through 2015 and 2020 through 2024 in the U.S. The Company believes it has adequately reserved and provided for its uncertain tax positions; however, there is no assurance the taxing authorities will not propose adjustments that are different from the Company’s expected outcome, and it could impact the provision for income taxes.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 14 — 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.
| 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: | |||||||||||||||||||||||
| 2024 SCL Swaps(3)(5) | $ | 63 | $ | 63 | |||||||||||||||||||
| MBS Net Investment Hedge(3)(6) | $ | 4 | $ | 4 | |||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Hierarchy Level | |||||||||||||||||||||||
| Carrying Amount**(1)** | Level 1 | Level 2 | |||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Cash deposits | $ | 2,294 | $ | 2,294 | |||||||||||||||||||
| Money market funds | $ | 72 | $ | 72 | |||||||||||||||||||
| U.S. Treasury Bills | $ | 465 | $ | 465 | |||||||||||||||||||
| Loan Receivable(2) | $ | 1,264 | $ | 1,192 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Other accrued liabilities: | |||||||||||||||||||||||
| 2021 SCL Swaps(3) | $ | 4 | $ | 4 | |||||||||||||||||||
| Debt(3)(4) | $ | 13,689 | $ | 13,353 | |||||||||||||||||||
| Other long-term liabilities: | |||||||||||||||||||||||
| 2024 SCL Swaps(3)(5) | $ | 52 | $ | 52 |
(1)The cross-currency swaps and net investment hedges are accounted for at fair value in the accompanying 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 $4 million as of December 31, 2025 and 2024, was recorded in “Accounts receivable, net” in the accompanying 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 December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying consolidated balance sheet.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
As of December 31, 2025 and 2024, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.
Note 15 — Leases
Lessee
The Company has operating and finance leases for various real estate (including leasehold interests in land) and equipment. Certain of these lease agreements include rental payments adjusted periodically for inflation, rental payments based on usage and rental payments contingent on certain events occurring. Certain of the Company’s leases include options to extend the lease term by one month to 10 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Nassau Coliseum
In conjunction with the Nassau Coliseum transaction, the seller assigned to the Company its lease of the land on which the related assets, including the Nassau Coliseum and other improvements, are affixed (the “Original Lease”). Immediately following this assignment, the Company entered into a new land lease agreement with Nassau County, for the use and exclusive right to develop and operate assets on the land for 99 years (the “99-Year Lease”), which commenced on June 2, 2023.
On April 18, 2023, Hofstra University (“Hofstra”) filed a petition against the Nassau County Planning Commission (the “Planning Commission”) in the New York Supreme Court, County of Nassau, asserting, among other things, that certain meetings held by the Planning Commission concerning the 99-Year Lease and certain related transactions were not properly noticed and/or held, and that appropriate materials concerning the meetings were not made available to the public by the Planning Commission in connection with the meetings. On May 31, 2023, Hofstra filed an amended petition that, among other things, added additional respondents and sought to invalidate certain votes held by Nassau County and the Nassau County Legislature. Neither the original petition nor the amended petition named the Company as a respondent to the proceeding.
In a decision and order dated November 9, 2023, the New York Supreme Court annulled various votes held by the Nassau County Legislature, annulled the 99-Year Lease and remitted the matter to the Planning Commission and the Nassau County Legislature to conduct a proper public hearing in accordance with all relevant statutes and rules, including the Nassau County Administrative Code and the Open Meetings Law, and for the issuance of a positive declaration pursuant to the New York State Environmental Quality Review Act and for the preparation of an Environmental Impact Statement. On November 10, 2023, the respondents appealed the decision and order, and on November 21, 2023, Hofstra cross-appealed. On December 13, 2023, the Appellate Division, Second Judicial Department denied respondents’ motion to stay enforcement of the decision and order pending the appeal, but granted a calendar preference, indicating that the appeal will be calendared expeditiously after all briefs have been filed. With the annulment of the 99-Year Lease noted above, the Company believed it had become the lessee under the Original Lease. This was accounted for as a lease modification on December 14, 2023. Prior to the annulment of the 99-Year Lease, the Company made the required lease payments, including a one-time rent payment of $54 million. On January 29, 2024, Hofstra filed a motion seeking a declaration that the Court’s prior order included the annulment of Nassau County’s consent and the putative assignment to the Company of the Original Lease.
On February 23, 2024, the New York Supreme Court ruled the Original Lease had been terminated and the Company currently had no leasehold interest in the land upon which the Nassau Coliseum sits. On February 27, 2024, the respondents appealed the decision, order and interlocutory judgment. On March 29, 2024, the Appellate Division, Second Judicial Department denied respondents’ motion to stay enforcement of the decision, order and interlocutory judgment. Subsequent to this order, the Company entered into a use and occupancy permit (the “Permit”) with Nassau County to allow the Company to continue operating the Nassau Coliseum for a nominal $1 fee. The Company considered the accounting guidance under ASC 842, Leases, and determined the Permit met the definition of a lease as it conveyed the right to control the use of the associated assets for a specified period of time. Consequently, the Original Lease was deemed to be modified, maintaining the operating lease classification. At the request of the Nassau County respondents, the Appellate Division, Second Judicial Department deemed their appeal withdrawn on June 23, 2025.
On August 16, 2024, the Company entered into a lease agreement with Nassau County for the use and exclusive right to operate assets on approximately 72 acres of land, including the Nassau Coliseum and other improvements thereon (the “42-Year Lease”), which has a 42-year lease term (inclusive of three 5-year extensions). The Company is required to make annual rent payments in the amounts and at the times specified in the 42-Year Lease.
On October 23, 2024, the Appellate Division, Second Judicial Department issued a decision and order reversing the New York Supreme Court’s November 9, 2023 decision and order annulling the 99-Year Lease. The Appellate Division, Second Judicial Department held that because the Company was a party to the 99-Year Lease that was annulled, the Company is a necessary party to the action, and remitted the matter to the New York Supreme Court to add the Company as a respondent to the proceeding. On
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
November 13, 2024, the New York Supreme Court directed the Clerk of Court to add the Company to the proceeding as a respondent and amended the case caption. The Company filed a motion to dismiss the amended petition on January 17, 2025. On May 5, 2025, the New York Supreme Court denied the Company’s motion to dismiss. On May 23, 2025, the Company filed a motion for leave to renew its prior motion to dismiss. On June 5, 2025, the Company appealed the May 5 decision and order denying its motion to dismiss. On August 13, 2025, the New York Supreme Court granted the Company’s motion to renew, but, upon renewal, adhered to its prior decision denying the Company’s motion to dismiss. On September 5, 2025, the Nassau County respondents appealed the decision and order on the Company’s motion to renew. On September 8, 2025, the Company appealed the decision and order on its motion to renew. These appeals remain pending.
On December 6, 2024, the Incorporated Village of Garden City (“Garden City”) filed a petition in the New York Supreme Court, County of Nassau, which, among other things, challenges the validity of the 42-Year Lease. Garden City’s petition names the Company as a respondent, along with several Nassau County governmental entities, including the Planning Commission, Nassau County Planning Division, Nassau County Real Estate Planning and Development Department, Nassau County Legislature, Nassau County Open Space and Parks Advisory Committee, and Nassau County. Garden City’s petition asserts, among other things, that the Nassau County Legislature failed to comply with state environmental law statutes when considering the 42-Year Lease, that the Nassau County Planning Commission and Legislature did not properly consider the 42-Year Lease, and that the Permit violates the New York State Constitution. The petition also seeks a declaration that the 42-Year Lease is void and of no further force or effect. The Company filed a motion to dismiss the amended petition on April 14, 2025. On November 25, 2025, the New York Supreme Court issued a decision and order granting the Company and Nassau County respondents’ motions to dismiss in full. On December 19, 2025, Garden City filed a motion for leave to reargue and appealed the decision and order. The Company intends to respond to the motion for leave to reargue.
On October 8, 2025, Garden City filed another petition in the New York Supreme Court, County of Nassau, which, among other things, challenges the environmental review issued by the Nassau County Legislature and the Town of Hempstead related to the rezoning of approximately 85 acres including and surrounding the Nassau Coliseum site. Garden City’s petition names the Company as a respondent, along with the Town Board of the Town of Hempstead, the Nassau County Legislature, the Nassau County Executive and Nassau County. Garden City’s petition alleges that Nassau County and the Town of Hempstead failed to properly assess the environmental impacts of the potential pursuit of a casino and the related rezoning of the Nassau Coliseum site after the Company withdrew from the project. The Company intends to respond to Garden City’s new petition.
In April 2025, the Company announced its decision to cease pursuit of a casino license from the State of New York in light of concerns regarding a lower anticipated return on investment due to various factors, including the impact of the potential legalization of online gaming on the New York market. The Company continues to consider potential acquirors and other development opportunities for the Nassau Coliseum site. There is no assurance the Company will be able to accomplish a sale or other development opportunity or to resolve certain matters associated with the right to lease the underlying land from Nassau County.
In the accompanying consolidated balance sheets, the 42-Year Lease ROU asset is included in “Property and equipment, net” and the noncurrent portion of the related finance lease liability is included in “Debt.” As of December 31, 2025, the related ROU asset and finance lease liability were $121 million.
The future minimum lease payments are $1 million for the year ending December 31, 2026, $3 million for the year ending December 31, 2027, $6 million for each of the years ending December 31, 2028 through 2030, and $325 million thereafter.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Lessee Disclosure****s
Leases recorded on the balance sheet consist of the following (excluding the leasehold interests in land assets classified as operating leases; see “Note 7 — Leasehold Interests in Land, Net”):
| December 31, | ||||||||||||||||||||
| Leases | Classification on the Balance Sheet | 2025 | 2024 | |||||||||||||||||
| (In millions) | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Operating lease ROU assets | Other assets, net | $ | 44 | $ | 48 | |||||||||||||||
| Finance lease ROU assets | Property and equipment, net(1) | $ | 154 | $ | 167 | |||||||||||||||
| Liabilities | ||||||||||||||||||||
| Current | ||||||||||||||||||||
| Operating | Other accrued liabilities | $ | 20 | $ | 16 | |||||||||||||||
| Finance | Current maturities of debt | $ | 18 | $ | 10 | |||||||||||||||
| Noncurrent | ||||||||||||||||||||
| Operating | Other long-term liabilities | $ | 167 | $ | 172 | |||||||||||||||
| Finance | Debt | $ | 139 | $ | 118 |
(1)Finance lease ROU assets are recorded net of accumulated amortization of $28 million and $27 million as of December 31, 2025 and 2024, respectively.
Other information related to lease term and discount rate is as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted Average Remaining Lease Term | |||||||||||
| Operating leases | 25.9 years | 26.7 years | |||||||||
| Finance leases | 31.9 years | 40.0 years | |||||||||
| Weighted Average Discount Rate | |||||||||||
| Operating leases | 4.9 | % | 5.0 | % | |||||||
| Finance leases | 5.3 | % | 5.3 | % |
The components of lease expense are as follows:
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Operating lease cost: | |||||||||||||||||
| Amortization of leasehold interests in land | $ | 72 | $ | 58 | $ | 56 | |||||||||||
| Operating lease cost | 16 | 16 | 14 | ||||||||||||||
| Short-term lease cost | 4 | 4 | 5 | ||||||||||||||
| Variable lease cost | 5 | 12 | 11 | ||||||||||||||
| Finance lease cost: | |||||||||||||||||
| Amortization of leasehold interests in land | 4 | 2 | 2 | ||||||||||||||
| Amortization of ROU assets | 11 | 3 | 4 | ||||||||||||||
| Interest on lease liabilities | 8 | 3 | 6 | ||||||||||||||
| Total lease cost | $ | 120 | $ | 98 | $ | 98 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Supplemental cash flow information related to leases is as follows:
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash flows for operating leases | $ | 22 | $ | 24 | $ | 17 | |||||||||||
| Financing cash flows for finance leases | $ | 17 | $ | 9 | $ | 57 | |||||||||||
| Right-of-use assets obtained in exchange for lease liabilities: | |||||||||||||||||
| Operating leases | $ | 13 | $ | 11 | $ | 194 | |||||||||||
| Finance leases | $ | 38 | $ | 167 | $ | 1 | |||||||||||
As of December 31, 2025, the Company has short-term lease commitments of $31 million.
Maturities of lease liabilities are summarized as follows:
| Operating Leases | Finance Leases | ||||||||||
| (In millions) | |||||||||||
| Year ending December 31, | |||||||||||
| 2026 | $ | 22 | $ | 20 | |||||||
| 2027 | 19 | 12 | |||||||||
| 2028 | 15 | 14 | |||||||||
| 2029 | 8 | 9 | |||||||||
| 2030 | 6 | 6 | |||||||||
| Thereafter | 265 | 325 | |||||||||
| Total future minimum lease payments | 335 | 386 | |||||||||
| Less — amount representing interest | (148) | (229) | |||||||||
| Present value of future minimum lease payments | 187 | 157 | |||||||||
| Less — current lease obligations | (20) | (18) | |||||||||
| Long-term lease obligations | $ | 167 | $ | 139 |
Lessor
The Company leases space at several of its Integrated Resorts to various third parties as part of its mall operations that are recorded within mall revenues, as well as restaurant and retail space that are recorded within convention, retail and other revenues. These leases are non-cancelable operating leases with remaining lease periods that vary from one month to 15 years. The leases include minimum base rents with escalated contingent rent clauses.
Lease revenue consists of the following:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Mall | Other | Mall | Other | Mall | Other | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Minimum rents | $ | 570 | $ | 1 | $ | 548 | $ | 1 | $ | 503 | $ | 1 | |||||||||||||||||||||||
| Overage rents | 125 | — | 104 | — | 166 | — | |||||||||||||||||||||||||||||
| $ | 695 | $ | 1 | $ | 652 | $ | 1 | $ | 669 | $ | 1 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Future minimum rentals (excluding the escalated contingent rent clauses) on non-cancelable leases are as follows:
| Mall | Other | ||||||||||
| (In millions) | |||||||||||
| Year ending December 31, | |||||||||||
| 2026 | $ | 549 | $ | 2 | |||||||
| 2027 | 472 | 1 | |||||||||
| 2028 | 346 | 1 | |||||||||
| 2029 | 243 | 1 | |||||||||
| 2030 | 87 | — | |||||||||
| Thereafter | 202 | — | |||||||||
| Total minimum future rentals | $ | 1,899 | $ | 5 |
The cost and accumulated depreciation of property and equipment the Company is leasing to third parties are as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Property and equipment, at cost | $ | 1,598 | $ | 1,570 | |||||||
| Accumulated depreciation | (894) | (829) | |||||||||
| Property and equipment, net | $ | 704 | $ | 741 |
Note 16 — 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 $374 million at exchange rates in effect on December 31, 2025), which alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001.
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.
On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims. On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court.
Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019.
On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $12.03 billion at exchange rates in effect on December 31, 2025), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court 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.
On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants’ motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order, and that appeal is currently pending.
On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in effect on December 31, 2025) based on Plaintiff’s July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021. By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal.
From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $7.22 billion and $7.77 billion, respectively, at exchange rates in effect on December 31, 2025). 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 September 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $6 million at exchange rates in effect on December 31, 2025). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief.
On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The U.S. Defendants responded to Plaintiff’s amended appeal brief on October 30, 2023. On November 8, 2023, the Macao Second Instance Court issued an order concluding that Plaintiff may have litigated in bad faith by exceeding the scope of permissible amendments to its appeal brief and invited responses from the parties. The U.S. Defendants responded to the November 8, 2023 order on November 23, 2023, and Plaintiff moved for clarification of the November 8 order on November 27, 2023. On January 5, 2024, the Macao Second Instance Court issued an order rejecting AAEC’s request for clarification.
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 October 29 and November 1, 2024, respectively, the U.S. Defendants and Plaintiff moved for clarification of the Second Instance Court’s decision not to hear certain interlocutory appeals. On November 5, 2024, Plaintiff filed a notice stating that its time to appeal should not begin to run until after the Macao Second Instance Court resolves the clarification motions and that Plaintiff intends to file a notice of appeal at that time or, in the alternative, Plaintiff asked the Macao Second Instance Court to treat its November 5 filing as a notice of appeal. On November 14, 2024, Plaintiff applied to rectify both its notice of appeal and its request for clarification. On November 18, 2024, the U.S. Defendants responded to Plaintiff’s request for clarification. By order dated March 21, 2025, the Macao Second Instance Court denied both motions for clarification, and it found that Plaintiff’s prior filings did not constitute a notice of appeal. On April 7, 2025, Plaintiff filed a notice of appeal to the Macao Last Instance Court, and the Defendants moved to stay proceedings pending completion of the judicial liquidation proceedings against AAEC. On April 28, 2025, the U.S. Defendants moved to strike Plaintiff’s notice of appeal.
The Defendants supplemented their stay motion on May 2, 2025 to note that the Macao First Instance Court had entered a judgment liquidating Plaintiff. By order dated May 30, 2025, the Macao Second Instance Court denied the Defendants’ motion to strike, accepted Plaintiff’s notice of appeal, and concluded that it lacked jurisdiction to stay the proceedings. On June 11, 2025, the Defendants filed a notice that Plaintiff’s liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. On June 30, 2025, Plaintiff filed a notice claiming that the Macao Second Instance Court lacks jurisdiction to address its liquidation and, in the alternative sought to stay the proceedings so that it could challenge the liquidation.
On July 7, 2025, Defendants submitted a response to Plaintiff’s June 30, 2025 filing, noting that, under Macao law, Plaintiff no longer exists and should be replaced as a party in the litigation by its shareholders and urging the Macao Second Instance Court to deny Plaintiff’s request to stay the proceedings. By order dated July 14, 2025, the Macao Second Instance Court denied AAEC’s motion for a stay, rejected AAEC’s appeal brief because AAEC did not exist at the time the brief was filed, and concluded that AAEC’s shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC’s shareholders did not file
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
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.
By order dated July 14, 2025, the Macao Second Instance Court denied AAEC’s motion for a stay, rejected AAEC’s appeal brief because AAEC did not exist at the time the brief was filed, and concluded that AAEC’s shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC’s shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025. 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 21, 2025, the Macao Second Instance Court provided Defendants with notice of AAEC’s July 31 filing. On August 29, 2025, the clerk for the Second Instance Court issued an invoice for pre-payment of court fees to AAEC’s shareholders relating to Plaintiff’s appeal. On September 10, 2025, Defendants submitted a filing requesting that its August 21 notice be annulled and that notification take place only after prepayment of court fees by AAEC’s shareholders. On September 18, 2025, the Second Instance Court annulled the August 21 notice to Defendants and ruled that notification was to be carried out only after AAEC’s shareholders had paid the invoiced court fees relating to the appeal. On September 23, 2025, the Court of Second Instance 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 pre-pay court fees and an associated penalty for late payment was October 6, 2025. On October 13, 2025, the 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 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 within the deadline, which was February 2, 2026, and the proceedings are currently pending the judge rapporteur’s decision on the effects of such failure.
Management has determined that, based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Commitments
Macao Concession
Annual Premium
Under the Macao Concession, the Company is obligated to pay to the Macao government an annual gaming premium with a fixed portion and a variable portion based on the number and type of gaming tables it employs and gaming machines it operates. The fixed portion of the premium is equal to 30 million patacas (approximately $4 million at exchange rates in effect on December 31, 2025). The variable portion is equal to 300,000 patacas per gaming table reserved exclusively for certain kinds of games or players, 150,000 patacas per gaming table not so reserved and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,433, $18,716 and $125, respectively, at exchange rates in effect on December 31, 2025), subject to a minimum of 76 million patacas (approximately $9 million at exchange rates in effect on December 31, 2025). Based on the gaming tables and gaming machines (which is at the maximum number of tables and machines currently allowed by the Macao government) in operation as of December 31, 2025, the annual premium payable to the Macao government is approximately $40 million during each of the next five years ending December 31, 2030, and approximately $80 million in aggregate thereafter through the termination of the Concession in December 2032.
The Company is also obligated to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes. Under the Concession, the Company must also contribute 5% of its gross gaming revenue to utilities designated by the Macao government, a portion of which must be used for promotion of tourism in Macao. Additionally, under the Concession, the Company is also obligated to pay a special annual gaming premium if the average of the gross gaming revenues of the Company’s gaming tables and electrical or mechanical gaming machines, including slot machines, is lower than a certain minimum amount determined by the Macao government; such special premium being the difference between the gaming tax based on the actual gross gaming revenues and that of the specified minimum amount; this minimum amount has been set by the Macao government at 7 million patacas per gaming table and 300,000 patacas per gaming machine (approximately $1 million and $37,433, respectively, at exchange rates in effect on December 31, 2025), for an annual total of 4.50 billion patacas (approximately $562 million at exchange rates in effect on December
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
31, 2025) based on the maximum number of gaming tables and gaming machines the Company is currently authorized to operate. No special annual gaming premium was paid for the years ended December 31, 2025 and 2024.
Handover Record
Pursuant to the Handover Record, the Company is required to make annual payments of 2,500 patacas per square meter for the following seven years (approximately $312 at exchange rates in effect on December 31, 2025). Beginning in 2027, the annual fee per square meter will be subject to an annual adjustment based on the previous year’s average price index in Macao. The anticipated annual fee for the following seven years is approximately $42 million, subject to the price index adjustment mentioned above.
Committed Investment
Under the Concession, the Company is obligated to develop certain gaming and non-gaming investment projects by December 2032 in connection with, among others, attraction of international visitors, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness and themed attractions, as well as support Macao’s position as a city of gastronomy and increase community and maritime tourism. The Company is required to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.47 billion at exchange rates in effect on December 31, 2025), including 33.39 billion patacas (approximately $4.17 billion at exchange rates in effect on December 31, 2025) on non-gaming projects.
For the years ended December 31, 2024 and 2023, the Company spent approximately 5.80 billion patacas (approximately $723 million at exchange rates in effect on December 31, 2025) 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 $315 million at exchange rates in effect on December 31, 2025); however, as of the date of this filing, the audit process for the 2025 investments has not yet commenced 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 Committed Spend
Pursuant to the Second Supplemental Agreement to purchase the Additional Gaming Area and changes to the MBS Expansion Project gross floor area allocation, an additional payment of approximately 1.13 billion SGD (approximately $848 million at exchange rates in effect at the time of the payment) was made in April 2025. The remainder of the Additional Land Premium is expected to be approximately SGD 182 million (approximately $142 million at exchange rates in effect on December 31, 2025) and to be finalized during the first quarter of 2026. Refer to “Note 1 — Organization and Business of Company” for further information.
Non-Cancelable Contractual Obligations
The Company’s non-cancelable contractual obligations (excluding operating leases and the Macao annual gaming premium mentioned above) are $702 million as of December 31, 2025. The amount excludes open purchase orders with the Company’s suppliers that have not yet been received as these agreements generally allow the Company the option to cancel, reschedule and adjust terms based on the Company’s business needs prior to the delivery of goods or performance of services. These obligations consist primarily of certain hotel management and service agreements. Some of the Company’s hotel properties operate pursuant to management agreements with various experienced third-party hotel operators (management companies), whereby the management company controls the day-to-day operations of each of these hotels, and the Company is granted limited approval rights with respect to certain of the management company’s actions. The non-cancelable period of the Company’s management agreements ranges from 14 to 40 years with various extension provisions and some with early termination options. Each management company receives a base management fee, generally a percentage of revenue as defined. There are also monthly fees for certain support services and some also include incentive fees based on attaining certain financial thresholds. Additionally, the Company has a franchise agreement granting it the right to operate the Londoner Grand as a franchisee under Marriott International’s “Luxury Collection Hotel” brand, which primarily consists of a fixed and variable franchise fee. The non-cancelable period for the franchise agreement is 15 years.
The Company’s non-cancelable contractual obligations also include agreements with certain celebrities and professional sports leagues and teams for the hosting of events, advertising, marketing, promotional and sponsorship opportunities in order to promote the Company’s brand and services.
Note 17 — Stock-Based Compensation
The Company has two equity plans that allow for the grants of stock-based compensation awards of the Company’s common stock and ordinary shares of SCL (the “2004 Plan” and the “SCL Equity Plan,” respectively), which are described below. The 2004 Plan provides for the granting of equity awards pursuant to the applicable provisions of the Internal Revenue Code and regulations in the United States.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Las Vegas Sands Corp. 2004 Equity Award Plan
The 2004 Plan gives the Company a competitive edge in attracting, retaining and motivating employees, directors and consultants and provides the Company with a stock plan providing incentives directly related to increases in its stockholder value. Any of the Company’s subsidiaries’ or affiliates’ employees, directors or officers and many of its consultants are eligible for awards under the 2004 Plan. The 2004 Plan originally provided for an aggregate of approximately 26 million shares of the Company’s common stock to be available for awards. The 2004 Plan originally had a term of ten years, but in June 2014, the Company’s Board of Directors approved an amendment to the 2004 Plan, extending the term to December 2019. In May 2019, the Board of Directors and stockholders approved the adoption of the Las Vegas Sands Corp. Amended and Restated 2004 Equity Award Plan (the “Amended 2004 Plan”), which extended the term of the 2004 Plan through December 2024 and increased the number of shares of common stock available for grants by 10 million shares. In May 2024, the Company’s Board of Directors approved an amendment to the Amended 2004 Plan, which extended the term to December 2029 and increased the number of shares of common stock available for grants by 10 million shares. The compensation committee may grant awards of nonqualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation awards or any combination of the foregoing. As of December 31, 2025, there were approximately 11.6 million shares available for grant under the Amended 2004 Plan.
Stock option awards are granted with an exercise price equal to the fair market value (as defined in the Amended 2004 Plan) of the Company’s stock on the date of grant. The outstanding stock options generally vest over three to five years and have a contractual term of ten years. Compensation cost for all stock option grants, which generally have graded vesting, is recognized on a straight-line basis over the awards’ respective requisite service periods. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on the Company’s historical volatility for a period equal to the expected life of the stock options. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant.
Under the Amended 2004 Plan, the Company granted restricted stock to eligible employees (“restricted stock units”) and restricted stock to non-employee directors (“restricted stock”). Such restricted stock units generally vest over three years or other periods subject to approval. The restricted stock vests on the earlier to occur of the first anniversary of the date of grant and the date of the Company’s annual meeting of stockholders in the calendar year following the date of grant, in each case, provided that the director is still serving on the Board on the vesting date. Grantees are entitled to any accumulated dividends in cash upon vesting.
Sands China Ltd. Equity Award Plan
The SCL Equity Plan gives SCL a competitive edge in attracting, retaining and motivating employees, directors and consultants and provides SCL with a stock plan providing incentives directly related to increases in its stockholder value. Subject to certain criteria as defined in the SCL Equity Plan, SCL’s subsidiaries’ or affiliates’ employees, directors or officers are eligible for awards under the SCL Equity Plan.
The SCL 2009 Equity Plan had a term of ten years, which expired in November 2019. The SCL 2019 Equity Plan was approved by SCL’s shareholders in May 2019, and took effect in December 2019, with materially the same terms of the SCL 2009 Equity Plan. To comply with the latest requirements under Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules”) (which deals with equity securities - shares schemes), SCL adopted the SCL 2024 Equity Plan, which was approved by its shareholders and took effect in May 2024. All existing awards under the SCL 2009 Equity Plan and SCL 2019 Equity Plan previously granted, but unexercised or unvested (as the case may be), will remain valid and (where applicable) exercisable in accordance with their terms of grant. No further awards may be granted under the SCL 2019 Equity Plan.
Pursuant to Chapter 17 of the Hong Kong Listing Rules, the maximum number of shares that may be issued in respect of all share-based awards (under which new shares will be issued) to be granted under the SCL 2024 Equity Plan are subject to the scheme mandate limit, and the aggregation of other share-based awards granted to an eligible person in any 12-month period prior to (and including) the date of grant shall not exceed 1% of the shares in issue (excluding treasury stock, if any) on the date of grant.
As of December 31, 2025, the scheme mandate limit under the SCL 2024 Equity Plan was approximately 809 million SCL shares. SCL’s remuneration committee may grant awards of stock options, stock appreciation rights, restricted stock, restricted stock units, performance compensation awards or any combination of the foregoing pursuant to the SCL 2024 Equity Plan.
Stock option awards are granted with an exercise price not less than the highest of (i) the closing price of SCL’s stock on the date of grant, which must be a business day, (ii) the average closing price of SCL’s stock for the five business days immediately preceding
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
the date of grant and (iii) the nominal value of a SCL stock, which is $0.01. The outstanding stock options generally vest over four years and have contractual terms of ten years. Compensation cost for all stock option grants, which generally have graded vesting is recognized on a straight-line basis over the awards’ respective requisite service periods. SCL estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on SCL’s historical volatility for a period equal to the expected life of the stock options. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the Hong Kong Government Bond rate in effect at the time of the grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant.
Under the SCL 2009 Equity Plan, the SCL 2019 Equity Plan and the SCL 2024 Equity Plan, SCL granted cash-settled restricted stock units (under which no new stock will be issued) to eligible employees. Such restricted stock units generally vest over three years or other periods subject to approval. Grantees are entitled to a future cash payment that is equivalent to the fair value of the restricted stock unit and any accumulated dividends in cash upon vesting.
Stock-Based Compensation Activity
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| LVSC Amended 2004 Plan: | |||||||||||||||||
| Weighted average volatility | 40.0 | % | 25.1 | % | 26.1 | % | |||||||||||
| Expected term (in years) | 7.5 | 8.0 | 8.4 | ||||||||||||||
| Risk-free rate | 4.1 | % | 4.1 | % | 4.0 | % | |||||||||||
| Expected dividend yield | 2.3 | % | 1.7 | % | 1.7 | % | |||||||||||
No options were granted under the SCL Equity Plan during the years ended December 31, 2025, 2024 and 2023.
A summary of the stock option activity for the Company’s equity award plans for the year ended December 31, 2025, is presented below:
| Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
| LVSC Amended 2004 Plan: | |||||||||||||||||||||||
| Outstanding as of January 1, 2025 | 12,565,616 | $ | 46.47 | ||||||||||||||||||||
| Granted | 166,072 | 44.12 | |||||||||||||||||||||
| Exercised | (5,790,962) | 45.53 | |||||||||||||||||||||
| Forfeited or expired | (214,815) | 63.04 | |||||||||||||||||||||
| Outstanding as of December 31, 2025 | 6,725,911 | $ | 46.69 | 5.23 | $ | 128 | |||||||||||||||||
| Exercisable as of December 31, 2025 | 4,464,223 | $ | 48.20 | 4.42 | $ | 80 | |||||||||||||||||
| SCL Equity Plan: | |||||||||||||||||||||||
| Outstanding as of January 1, 2025 | 39,342,550 | $ | 4.59 | ||||||||||||||||||||
| Forfeited or expired | (5,734,200) | 4.05 | |||||||||||||||||||||
| Outstanding as of December 31, 2025 | 33,608,350 | $ | 4.69 | 2.64 | $ | 1 | |||||||||||||||||
| Exercisable as of December 31, 2025 | 30,308,350 | $ | 4.95 | 2.21 | $ | — |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
A summary of the unvested restricted stock and restricted stock units under the Company’s equity award plans for the year ended December 31, 2025, is presented below:
| Shares | Weighted Average Grant Date Fair Value | ||||||||||
| LVSC Amended 2004 Plan: | |||||||||||
| Unvested Restricted Stock | |||||||||||
| Balance as of January 1, 2025 | 21,185 | $ | 47.20 | ||||||||
| Granted | 33,222 | 42.14 | |||||||||
| Vested | (21,185) | 47.20 | |||||||||
| Balance as of December 31, 2025 | 33,222 | $ | 42.14 | ||||||||
| Unvested Restricted Stock Units | |||||||||||
| Balance as of January 1, 2025 | 1,585,174 | $ | 51.92 | ||||||||
| Granted | 933,022 | 44.80 | |||||||||
| Vested | (483,714) | 52.53 | |||||||||
| Forfeited | (8,236) | 46.33 | |||||||||
| Balance as of December 31, 2025 | 2,026,246 | $ | 48.32 | ||||||||
| SCL Equity Plan: | |||||||||||
| Unvested Restricted Stock Units | |||||||||||
| Balance as of January 1, 2025 | 21,323,428 | $ | 2.76 | ||||||||
| Granted | 10,105,600 | 2.10 | |||||||||
| Vested | (8,140,948) | 2.67 | |||||||||
| Forfeited | (240,764) | 2.63 | |||||||||
| Balance as of December 31, 2025 | 23,047,316 | $ | 2.50 |
The grant date fair value of SCL’s restricted stock unit awards is the share price of SCL’s ordinary stock at the respective grant date. The fair value of these awards is remeasured each reporting period until the vesting dates. Upon settlement, SCL will pay the grantees an amount in cash calculated based on the closing price of SCL’s stock on the vesting date or higher of (i) the closing price of SCL’s stock on the vesting date, and (ii) the average closing price of SCL’s stock for the five business days immediately preceding the vesting date. The accrued liability associated with these cash-settled restricted stock units was $29 million and $28 million as of December 31, 2025 and 2024, respectively.
As of December 31, 2025, under the Amended 2004 Plan there was $12 million and $50 million of unrecognized compensation cost related to unvested stock options and unvested restricted stock and stock units, respectively. The stock option and restricted stock and restricted stock unit costs are expected to be recognized over a weighted average period of 2.8 years and 1.7 years, respectively.
As of December 31, 2025, under the SCL Equity Plan there was $1 million and $30 million of unrecognized compensation cost related to unvested stock options and unvested restricted stock units, respectively. The stock option and restricted stock unit costs are expected to be recognized over a weighted average period of 1.0 years and 2.4 years, respectively.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The stock-based compensation activity for the Amended 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2025:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Dollars in millions, except weighted average grant date fair values) | |||||||||||||||||
| Compensation expense: | |||||||||||||||||
| Stock options | $ | 6 | $ | 20 | $ | 21 | |||||||||||
| Restricted stock and stock units | 65 | 58 | 51 | ||||||||||||||
| $ | 71 | $ | 78 | $ | 72 | ||||||||||||
| Income tax benefit recognized in the consolidated statements of operations | $ | 3 | $ | 4 | $ | 3 | |||||||||||
| Compensation cost capitalized as part of property and equipment | $ | 1 | $ | 1 | $ | 1 | |||||||||||
| LVSC Amended 2004 Plan: | |||||||||||||||||
| Stock options granted | 166,072 | 6,824 | 510,157 | ||||||||||||||
| Weighted average grant date fair value | $ | 16.97 | $ | 14.65 | $ | 15.58 | |||||||||||
| Restricted stock granted | 33,222 | 21,185 | 17,166 | ||||||||||||||
| Weighted average grant date fair value | $ | 42.14 | $ | 47.20 | $ | 61.15 | |||||||||||
| Restricted stock units granted | 933,022 | 1,168,501 | 577,636 | ||||||||||||||
| Weighted average grant date fair value | $ | 44.80 | $ | 50.40 | $ | 57.77 | |||||||||||
| Stock options exercised: | |||||||||||||||||
| Intrinsic value | $ | 110 | $ | — | $ | 1 | |||||||||||
| Cash received | $ | 264 | $ | 1 | $ | 3 | |||||||||||
| SCL Equity Plan: | |||||||||||||||||
| Restricted stock units granted | 10,105,600 | 14,788,400 | 6,792,000 | ||||||||||||||
| Weighted average grant date fair value | $ | 2.10 | $ | 2.66 | $ | 3.44 | |||||||||||
| Stock options exercised: | |||||||||||||||||
| Intrinsic value | $ | — | $ | — | $ | — | |||||||||||
| Cash received | $ | — | $ | — | $ | 1 | |||||||||||
Note 18 — Related Party Transactions
During the years ended December 31, 2025, 2024 and 2023, Dr. Adelson, her family members and trusts and other entities established for the benefit of Dr. Adelson’s family members (collectively, the “Principal Stockholders”) purchased certain services from the Company including security and medical support, and other goods and services for $5 million, $4 million and $2 million, respectively. For each of the years ended December 31, 2025, 2024 and 2023, the Company incurred approximately $1 million for food and beverage services, newspaper subscriptions and security support from entities in which the Principal Stockholders have an ownership interest.
During the years ended December 31, 2025, 2024 and 2023, the Company incurred certain expenses of $3 million, $5 million and $11 million, respectively, related to the Company’s use of the Principal Stockholders’ personal aircraft and aircraft refurbishment and maintenance services for business purposes. During the years ended December 31, 2025, 2024 and 2023, the Company charged the Principal Stockholders $42 million, $36 million and $21 million, respectively, related to aviation costs incurred by the Company for the Principal Stockholders’ use of Company aviation personnel and assets for personal purposes, as well as payments made by the Company to manage the Principal Stockholder’s personal aircraft.
Related party receivables were $2 million and $7 million as of December 31, 2025 and 2024, respectively. Related party payables were less than $1 million as of December 31, 2025 and 2024.
In July 2022, the Company entered into an intercompany term loan agreement with SCL, a related party, in the amount of $1.0 billion, which was repayable in July 2028. In the first two years from July 2022, SCL had the option to elect to pay cash interest
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
at 5.0% per annum or payment-in-kind interest at 6.0% per annum by adding the amount of such interest to the then-outstanding principal amount of the loan, following which only cash interest at 5.0% per annum will be payable. This loan was unsecured, subordinated to all third-party unsecured indebtedness and other obligations of SCL and its subsidiaries, and was eliminated in consolidation. In March 2025, SCL repaid in full to the Company the outstanding intercompany loan balance and any outstanding interest totaling $1.07 billion.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 19 — 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 accounting policies applied to the segments are the same as those described in the summary of significant accounting policies (see “Note 2 — Summary of Significant Accounting Policies”). 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) from continuing operations 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, share repurchases 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.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The Company’s segment information as of and for the years ended December 31, 2025, 2024 and 2023, 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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 2,146 | $ | 1,946 | $ | 657 | $ | 569 | $ | 265 | $ | — | $ | 5,583 | $ | 4,206 | $ | — | $ | 9,789 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 208 | 375 | 137 | 115 | 18 | — | 853 | 569 | — | 1,422 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 64 | 116 | 52 | 29 | 9 | — | 270 | 374 | — | 644 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 254 | 92 | 19 | 155 | 1 | — | 521 | 280 | — | 801 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 64 | 27 | 7 | 4 | 1 | 103 | 206 | 155 | — | 361 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 2,736 | 2,556 | 872 | 872 | 294 | 103 | 7,433 | 5,584 | — | 13,017 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 9 | — | — | — | — | 28 | 37 | 6 | 293 | 336 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 2,745 | 2,556 | 872 | 872 | 294 | 131 | 7,470 | 5,590 | 293 | 13,353 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 444 | 405 | 199 | 111 | 93 | 44 | 1,296 | 751 | — | 2,047 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 1,034 | 1,040 | 327 | 342 | 127 | — | 2,870 | 1,053 | — | 3,923 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 321 | 333 | 128 | 106 | 43 | 63 | 994 | 864 | 293 | 2,151 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 1,799 | 1,778 | 654 | 559 | 263 | 107 | 5,160 | 2,668 | 293 | 8,121 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 946 | $ | 778 | $ | 218 | $ | 313 | $ | 31 | $ | 24 | $ | 2,310 | $ | 2,922 | $ | — | $ | 5,232 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (310) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (269) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (1,464) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (76) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (247) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 2,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 161 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (746) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on modification or early retirement of debt | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (347) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 1,866 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
| The Venetian Macao | The Londoner Macao | The Parisian Macao | The Plaza Macao and Four Seasons Macao | Sands Macao | Ferry Operations and Other | Total Macao | Marina Bay Sands | Inter-company Royalties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 2,282 | $ | 1,462 | $ | 740 | $ | 572 | $ | 290 | $ | — | $ | 5,346 | $ | 2,957 | $ | — | $ | 8,303 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 210 | 302 | 137 | 107 | 18 | — | 774 | 500 | — | 1,274 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 64 | 92 | 62 | 31 | 11 | — | 260 | 347 | — | 607 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 230 | 77 | 27 | 158 | 1 | — | 493 | 262 | — | 755 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 38 | 51 | 7 | 4 | 2 | 98 | 200 | 159 | — | 359 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 2,824 | 1,984 | 973 | 872 | 322 | 98 | 7,073 | 4,225 | — | 11,298 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 7 | — | — | — | — | 27 | 34 | 5 | 250 | 289 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 2,831 | 1,984 | 973 | 872 | 322 | 125 | 7,107 | 4,230 | 250 | 11,587 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 413 | 355 | 194 | 106 | 90 | 41 | 1,199 | 677 | — | 1,876 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 1,073 | 775 | 365 | 347 | 134 | — | 2,694 | 751 | — | 3,445 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 252 | 311 | 117 | 98 | 42 | 67 | 887 | 750 | 250 | 1,887 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 1,738 | 1,441 | 676 | 551 | 266 | 108 | 4,780 | 2,178 | 250 | 7,208 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 1,093 | $ | 543 | $ | 297 | $ | 321 | $ | 56 | $ | 17 | $ | 2,327 | $ | 2,052 | $ | — | $ | 4,379 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (290) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (14) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (228) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (1,308) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (60) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (50) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 2,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (727) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other income | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (208) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 1,752 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
| The Venetian Macao | The Londoner Macao | The Parisian Macao | The Plaza Macao and Four Seasons Macao | Sands Macao | Ferry Operations and Other | Total Macao | Marina Bay Sands | Inter-company Royalties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 2,151 | $ | 1,283 | $ | 655 | $ | 462 | $ | 290 | $ | — | $ | 4,841 | $ | 2,681 | $ | — | $ | 7,522 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 191 | 324 | 135 | 94 | 17 | — | 761 | 443 | — | 1,204 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 63 | 86 | 49 | 30 | 12 | — | 240 | 344 | — | 584 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 227 | 66 | 32 | 187 | 1 | — | 513 | 254 | — | 767 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 43 | 33 | 8 | 6 | 2 | 80 | 172 | 123 | — | 295 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 2,675 | 1,792 | 879 | 779 | 322 | 80 | 6,527 | 3,845 | — | 10,372 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 7 | — | — | — | — | 25 | 32 | 4 | 224 | 260 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 2,682 | 1,792 | 879 | 779 | 322 | 105 | 6,559 | 3,849 | 224 | 10,632 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 380 | 330 | 187 | 102 | 93 | 35 | 1,127 | 617 | — | 1,744 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 1,012 | 672 | 317 | 276 | 134 | — | 2,411 | 652 | — | 3,063 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 236 | 274 | 106 | 93 | 36 | 52 | 797 | 719 | 224 | 1,740 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 1,628 | 1,276 | 610 | 471 | 263 | 87 | 4,335 | 1,988 | 224 | 6,547 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 1,054 | $ | 516 | $ | 269 | $ | 308 | $ | 59 | $ | 18 | $ | 2,224 | $ | 1,861 | $ | — | $ | 4,085 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (29) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (230) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (205) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (1,208) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (58) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 2,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (818) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (344) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 1,431 |
(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses of each segment.
(2)During the years ended December 31, 2025, 2024 and 2023, the Company recorded stock-based compensation expense of $71 million, $78 million and $72 million, respectively, of which $47 million, $51 million and $43 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| Corporate and Other | $ | 39 | $ | 40 | $ | 200 | |||||||||||
| Macao: | |||||||||||||||||
| The Venetian Macao | 186 | 262 | 71 | ||||||||||||||
| The Londoner Macao | 312 | 545 | 132 | ||||||||||||||
| The Parisian Macao | 22 | 39 | 9 | ||||||||||||||
| The Plaza Macao and Four Seasons Macao | 13 | 14 | 15 | ||||||||||||||
| Sands Macao | 21 | 16 | 6 | ||||||||||||||
| Ferry Operations and Other | 1 | 3 | — | ||||||||||||||
| 555 | 879 | 233 | |||||||||||||||
| Marina Bay Sands | 574 | 648 | 584 | ||||||||||||||
| Total capital expenditures | $ | 1,168 | $ | 1,567 | $ | 1,017 |
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Total Assets | |||||||||||||||||
| Corporate and Other | $ | 3,614 | $ | 3,353 | $ | 5,167 | |||||||||||
| Macao: | |||||||||||||||||
| The Venetian Macao | 2,689 | 2,806 | 2,548 | ||||||||||||||
| The Londoner Macao | 4,635 | 4,665 | 4,193 | ||||||||||||||
| The Parisian Macao | 1,636 | 1,710 | 1,802 | ||||||||||||||
| The Plaza Macao and Four Seasons Macao | 953 | 987 | 1,059 | ||||||||||||||
| Sands Macao | 258 | 253 | 287 | ||||||||||||||
| Ferry Operations and Other | 375 | 719 | 335 | ||||||||||||||
| 10,546 | 11,140 | 10,224 | |||||||||||||||
| Marina Bay Sands | 7,760 | 6,173 | 6,387 | ||||||||||||||
| Total assets | $ | 21,920 | $ | 20,666 | $ | 21,778 |
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Total Long-Lived Assets**(1)** | |||||||||||||||||
| United States | $ | 432 | $ | 587 | $ | 608 | |||||||||||
| Macao: | |||||||||||||||||
| The Venetian Macao | 1,498 | 1,503 | 1,337 | ||||||||||||||
| The Londoner Macao | 3,962 | 4,086 | 3,796 | ||||||||||||||
| The Parisian Macao | 1,504 | 1,591 | 1,665 | ||||||||||||||
| The Plaza Macao and Four Seasons Macao | 788 | 844 | 896 | ||||||||||||||
| Sands Macao | 175 | 170 | 169 | ||||||||||||||
| Ferry Operations and Other | 17 | 23 | 29 | ||||||||||||||
| 7,944 | 8,217 | 7,892 | |||||||||||||||
| Singapore: | |||||||||||||||||
| Marina Bay Sands | 6,140 | 5,121 | 5,141 | ||||||||||||||
| Other | 64 | 70 | 47 | ||||||||||||||
| Total long-lived assets | $ | 14,580 | $ | 13,995 | $ | 13,688 |
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 20 — Selected Quarterly Financial Results (Unaudited)
| Quarter | |||||||||||||||||||||||||||||
| First | Second | Third | Fourth | Total | |||||||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||
| Net revenues | $ | 2,862 | $ | 3,175 | $ | 3,331 | $ | 3,649 | $ | 13,017 | |||||||||||||||||||
| Operating income | 609 | 783 | 719 | 707 | 2,818 | ||||||||||||||||||||||||
| Net income | 408 | 519 | 491 | 448 | 1,866 | ||||||||||||||||||||||||
| Net income attributable to Las Vegas Sands Corp. | 352 | 461 | 419 | 395 | 1,627 | ||||||||||||||||||||||||
| Basic earnings per share | $ | 0.49 | $ | 0.66 | $ | 0.61 | $ | 0.59 | $ | 2.35 | |||||||||||||||||||
| Diluted earnings per share | $ | 0.49 | $ | 0.66 | $ | 0.61 | $ | 0.58 | $ | 2.35 | |||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||
| Net revenues | $ | 2,959 | $ | 2,761 | $ | 2,682 | $ | 2,896 | $ | 11,298 | |||||||||||||||||||
| Operating income | 717 | 591 | 504 | 590 | 2,402 | ||||||||||||||||||||||||
| Net income | 583 | 424 | 353 | 392 | 1,752 | ||||||||||||||||||||||||
| Net income attributable to Las Vegas Sands Corp. | 494 | 353 | 275 | 324 | 1,446 | ||||||||||||||||||||||||
| Basic earnings per share | $ | 0.66 | $ | 0.48 | $ | 0.38 | $ | 0.45 | $ | 1.97 | |||||||||||||||||||
| Diluted earnings per share | $ | 0.66 | $ | 0.48 | $ | 0.38 | $ | 0.45 | $ | 1.96 | |||||||||||||||||||
Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total earnings per share amounts for the respective year.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Previous: Item 7A. — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK · Next: Item 9. — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE