filings.toolsItem 1. FINANCIAL STATEMENTS
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Item 1. FINANCIAL STATEMENTS
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions, except par value) (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 3,376 | $ | 3,841 | |||||||
| Accounts receivable, net of provision for credit losses of $237 and $225 | 622 | 742 | |||||||||
| Inventories | 46 | 46 | |||||||||
| Prepaid expenses and other | 253 | 203 | |||||||||
| Total current assets | 4,297 | 4,832 | |||||||||
| Loan receivable | — | 1,264 | |||||||||
| Property and equipment, net | 11,470 | 11,673 | |||||||||
| Restricted cash and cash equivalents | 125 | 125 | |||||||||
| Deferred income taxes, net | 152 | 160 | |||||||||
| Leasehold interests in land, net | 2,985 | 2,907 | |||||||||
| Goodwill and intangible assets, net | 529 | 573 | |||||||||
| Other assets, net | 351 | 386 | |||||||||
| Total assets | $ | 19,909 | $ | 21,920 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 150 | $ | 190 | |||||||
| Construction payables | 182 | 160 | |||||||||
| Other accrued liabilities | 2,026 | 2,359 | |||||||||
| Income taxes payable | 385 | 385 | |||||||||
| Current maturities of debt | 1,568 | 1,128 | |||||||||
| Total current liabilities | 4,311 | 4,222 | |||||||||
| Other long-term liabilities | 848 | 934 | |||||||||
| Deferred income taxes | 159 | 174 | |||||||||
| Debt | 13,694 | 14,656 | |||||||||
| Total liabilities | 19,012 | 19,986 | |||||||||
| Commitments and contingencies (Note 9) | |||||||||||
| Equity: | |||||||||||
| Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding | — | — | |||||||||
| Common stock, $0.001 par value, 1,000 shares authorized, 842 and 840 shares issued, 648 and 675 shares outstanding | 1 | 1 | |||||||||
| Treasury stock, at cost, 194 and 165 shares | (10,570) | (9,028) | |||||||||
| Capital in excess of par value | 6,193 | 6,159 | |||||||||
| Accumulated other comprehensive income | 57 | 71 | |||||||||
| Retained earnings | 4,900 | 4,387 | |||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | 581 | 1,590 | |||||||||
| Noncontrolling interests | 316 | 344 | |||||||||
| Total equity | 897 | 1,934 | |||||||||
| Total liabilities and equity | $ | 19,909 | $ | 21,920 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In millions, except per share data) (Unaudited) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Casino | $ | 2,341 | $ | 2,415 | $ | 5,080 | $ | 4,542 | |||||||||||||||
| Rooms | 359 | 345 | 736 | 669 | |||||||||||||||||||
| Food and beverage | 168 | 147 | 344 | 288 | |||||||||||||||||||
| Mall | 198 | 187 | 402 | 373 | |||||||||||||||||||
| Convention, retail and other | 88 | 81 | 177 | 165 | |||||||||||||||||||
| Net revenues | 3,154 | 3,175 | 6,739 | 6,037 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Casino | 1,349 | 1,242 | 2,854 | 2,399 | |||||||||||||||||||
| Rooms | 94 | 87 | 186 | 168 | |||||||||||||||||||
| Food and beverage | 145 | 130 | 294 | 256 | |||||||||||||||||||
| Mall | 22 | 22 | 47 | 44 | |||||||||||||||||||
| Convention, retail and other | 64 | 57 | 129 | 116 | |||||||||||||||||||
| Provision for credit losses | 36 | 16 | 65 | 21 | |||||||||||||||||||
| General and administrative | 331 | 292 | 633 | 565 | |||||||||||||||||||
| Corporate | 74 | 69 | 157 | 142 | |||||||||||||||||||
| Pre-opening | 5 | 9 | 9 | 13 | |||||||||||||||||||
| Development | 43 | 69 | 84 | 138 | |||||||||||||||||||
| Depreciation and amortization | 350 | 371 | 707 | 733 | |||||||||||||||||||
| Amortization of leasehold interests in land | 21 | 20 | 42 | 35 | |||||||||||||||||||
| Loss on disposal or impairment of assets | 2 | 8 | 10 | 15 | |||||||||||||||||||
| 2,536 | 2,392 | 5,217 | 4,645 | ||||||||||||||||||||
| Operating income | 618 | 783 | 1,522 | 1,392 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest income | 31 | 42 | 66 | 84 | |||||||||||||||||||
| Interest expense, net of amounts capitalized | (189) | (194) | (377) | (368) | |||||||||||||||||||
| Other income (expense) | 1 | (22) | (2) | (23) | |||||||||||||||||||
| Loss on modification or early retirement of debt | — | — | — | (5) | |||||||||||||||||||
| Income before income taxes | 461 | 609 | 1,209 | 1,080 | |||||||||||||||||||
| Income tax expense | (88) | (90) | (195) | (153) | |||||||||||||||||||
| Net income | 373 | 519 | 1,014 | 927 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (27) | (58) | (101) | (114) | |||||||||||||||||||
| Net income attributable to Las Vegas Sands Corp. | $ | 346 | $ | 461 | $ | 913 | $ | 813 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.53 | $ | 0.66 | $ | 1.38 | $ | 1.15 | |||||||||||||||
| Diluted | $ | 0.53 | $ | 0.66 | $ | 1.38 | $ | 1.15 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 654 | 695 | 661 | 704 | |||||||||||||||||||
| Diluted | 656 | 696 | 663 | 704 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In millions) (Unaudited) | |||||||||||||||||||||||
| Net income | $ | 373 | $ | 519 | $ | 1,014 | $ | 927 | |||||||||||||||
| Currency translation adjustment | (2) | 102 | (28) | 129 | |||||||||||||||||||
| Foreign currency hedge adjustments | 30 | (95) | 14 | (85) | |||||||||||||||||||
| Total comprehensive income | 401 | 526 | 1,000 | 971 | |||||||||||||||||||
| Comprehensive income attributable to noncontrolling interests | (36) | (37) | (101) | (96) | |||||||||||||||||||
| Comprehensive income attributable to Las Vegas Sands Corp. | $ | 365 | $ | 489 | $ | 899 | $ | 875 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
| Las Vegas Sands Corp. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
| Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||
| (In millions) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2026 | $ | 1 | $ | (9,774) | $ | 6,180 | $ | 38 | $ | 4,753 | $ | 410 | $ | 1,608 | |||||||||||||||||||||||||||
| Net income | — | — | — | — | 346 | 27 | 373 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | (2) | — | — | (2) | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | 21 | — | 9 | 30 | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 13 | — | — | — | 13 | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (796) | — | — | — | — | (796) | ||||||||||||||||||||||||||||||||||
| Dividends declared ($0.30 per share) and noncontrolling interest payments | — | — | — | — | (199) | (130) | (329) | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | 1 | $ | (10,570) | $ | 6,193 | $ | 57 | $ | 4,900 | $ | 316 | $ | 897 | |||||||||||||||||||||||||||
| Balance at January 1, 2026 | $ | 1 | $ | (9,028) | $ | 6,159 | $ | 71 | $ | 4,387 | $ | 344 | $ | 1,934 | |||||||||||||||||||||||||||
| Net income | — | — | — | — | 913 | 101 | 1,014 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | (24) | — | (4) | (28) | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | 10 | — | 4 | 14 | ||||||||||||||||||||||||||||||||||
| Exercise of stock options | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 36 | — | — | 1 | 37 | ||||||||||||||||||||||||||||||||||
| Tax withholding on vesting of equity awards | — | — | (6) | — | — | — | (6) | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (1,542) | — | — | — | — | (1,542) | ||||||||||||||||||||||||||||||||||
| Dividends declared ($0.60 per share) and noncontrolling interest payments | — | — | — | — | (400) | (130) | (530) | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | 1 | $ | (10,570) | $ | 6,193 | $ | 57 | $ | 4,900 | $ | 316 | $ | 897 | |||||||||||||||||||||||||||
| LAS VEGAS SANDS CORP. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED) | |||||||||||||||||||||||||||||||||||||||||
| Las Vegas Sands Corp. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
| Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||
| (In millions) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | 1 | $ | (7,213) | $ | 6,307 | $ | (24) | $ | 3,628 | $ | 334 | $ | 3,033 | |||||||||||||||||||||||||||
| Net income | — | — | — | — | 461 | 58 | 519 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | 105 | — | (3) | 102 | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | (77) | — | (18) | (95) | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 14 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (808) | — | — | — | — | (808) | ||||||||||||||||||||||||||||||||||
| Settlement of contracts for purchase of noncontrolling interest | — | — | (128) | — | — | (9) | (137) | ||||||||||||||||||||||||||||||||||
| Unsettled contract for purchase of noncontrolling interest | — | — | (100) | — | — | — | (100) | ||||||||||||||||||||||||||||||||||
| Dividends declared ($0.25 per share) and noncontrolling interest payments | — | — | — | — | (175) | (71) | (246) | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 1 | $ | (8,021) | $ | 6,093 | $ | 4 | $ | 3,914 | $ | 291 | $ | 2,282 | |||||||||||||||||||||||||||
| Balance at January 1, 2025 | $ | 1 | $ | (6,759) | $ | 6,245 | $ | (58) | $ | 3,455 | $ | 276 | $ | 3,160 | |||||||||||||||||||||||||||
| Net income | — | — | — | — | 813 | 114 | 927 | ||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | 132 | — | (3) | 129 | ||||||||||||||||||||||||||||||||||
| Foreign currency hedge adjustments | — | — | — | (70) | — | (15) | (85) | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 24 | — | — | 1 | 25 | ||||||||||||||||||||||||||||||||||
| Tax withholding on vesting of equity awards | — | — | (2) | — | — | — | (2) | ||||||||||||||||||||||||||||||||||
| Repurchase of common stock | — | (1,262) | — | — | — | — | (1,262) | ||||||||||||||||||||||||||||||||||
| Settlement of contracts for purchase of noncontrolling interest | — | — | (126) | — | — | (11) | (137) | ||||||||||||||||||||||||||||||||||
| Unsettled contract for purchase of noncontrolling interest | — | — | (100) | — | — | — | (100) | ||||||||||||||||||||||||||||||||||
| Capped call option contract | — | — | 52 | — | — | — | 52 | ||||||||||||||||||||||||||||||||||
| Dividends declared ($0.50 per share) and noncontrolling interest payments | — | — | — | — | (354) | (71) | (425) | ||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 1 | $ | (8,021) | $ | 6,093 | $ | 4 | $ | 3,914 | $ | 291 | $ | 2,282 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (In millions) (Unaudited) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 1,014 | $ | 927 | |||||||
| Adjustments to reconcile net income to net cash generated from operating activities: | |||||||||||
| Depreciation and amortization | 707 | 733 | |||||||||
| Amortization of leasehold interests in land | 42 | 35 | |||||||||
| Amortization of deferred financing costs and original issue discount | 31 | 28 | |||||||||
| Change in fair value of derivatives | — | (7) | |||||||||
| Paid-in-kind interest income | (1) | (1) | |||||||||
| Loss on modification or early retirement of debt | — | 5 | |||||||||
| Loss on disposal or impairment of assets | 7 | 8 | |||||||||
| Stock-based compensation expense | 37 | 25 | |||||||||
| Provision for credit losses | 65 | 21 | |||||||||
| Foreign exchange loss | 2 | 29 | |||||||||
| Deferred income taxes | (2) | (25) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 50 | (119) | |||||||||
| Other assets | (39) | (45) | |||||||||
| Leasehold interests in land | (137) | (848) | |||||||||
| Accounts payable | (40) | (6) | |||||||||
| Other liabilities | (323) | (56) | |||||||||
| Net cash generated from operating activities | 1,413 | 704 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (526) | (665) | |||||||||
| Proceeds from disposal of property and equipment | 6 | — | |||||||||
| Acquisition of intangible assets and other | (3) | (75) | |||||||||
| Proceeds from loan receivable | 1,264 | — | |||||||||
| Other | 19 | — | |||||||||
| Net cash generated from (used in) investing activities | 760 | (740) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from exercise of stock options | 4 | — | |||||||||
| Tax withholding on vesting of equity awards | (6) | (2) | |||||||||
| Repurchase of common stock | (1,541) | (1,216) | |||||||||
| Dividends paid and noncontrolling interest payments | (530) | (425) | |||||||||
| Proceeds from debt | 1,991 | 6,781 | |||||||||
| Repayments of debt | (2,477) | (4,856) | |||||||||
| Payments of financing costs | (9) | (201) | |||||||||
| Settled contracts for purchase of noncontrolling interest | — | (137) | |||||||||
| Unsettled contracts for purchase of noncontrolling interest | — | (100) | |||||||||
| Other | (55) | (24) | |||||||||
| Net cash used in financing activities | (2,623) | (180) | |||||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents | (15) | 16 | |||||||||
| Decrease in cash, cash equivalents and restricted cash and cash equivalents | (465) | (200) | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 3,966 | 3,775 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents at end of period | $ | 3,501 | $ | 3,575 | |||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash payments for interest, net of amounts capitalized | $ | 360 | $ | 363 | |||||||
| Cash payments for taxes, net of refunds | $ | 209 | $ | 135 | |||||||
| Change in construction-related payables | $ | 28 | $ | (76) | |||||||
| Excise tax accrued on repurchase of common stock | $ | 15 | $ | 12 | |||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 — Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2025, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year.
Development Projects
Macao
The Company operates gaming areas within the Macao Special Administrative Region (“Macao”), pursuant to a 10-year concession agreement (the “Concession”), which expires on December 31, 2032. As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd. (“SCL”), a majority-owned subsidiary of the Company) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.44 billion at exchange rates in effect on June 30, 2026). Of this total, 33.39 billion patacas (approximately $4.13 billion at exchange rates in effect on June 30, 2026) must be invested in non-gaming projects. These investments must be accomplished by December 2032.
The Macao government conducts annual audits to verify qualified concession investments for the prior year. For the years ended December 31, 2024 and 2023, approximately 5.80 billion patacas (approximately $718 million at exchange rates in effect on June 30, 2026) was confirmed as qualified spend under the Concession. For the year ended December 31, 2025, the Company spent approximately 2.52 billion patacas (approximately $312 million at exchange rates in effect on June 30, 2026); however, as of the date of this filing, the audit process for the 2025 investments is in progress and the ultimate amount confirmed as qualified spend under the Concession may differ from the amount reported above based on the results of the audit.
Singapore
In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the Singapore Tourism Board (“STB”) entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development (the “MBS Expansion Project”) on a land parcel adjacent to Marina Bay Sands. The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats.
In January 2025, MBS entered into a second supplemental agreement to the Second Development Agreement with the Singapore government (the “Second Supplemental Agreement”) whereby MBS committed to assume liability for the cost of the land premium associated with (i) the additional 2,000 square meters of gaming area and 10,000 square meters of ancillary area in support of the gaming area (collectively, the “Additional Gaming Area”) and (ii) other adjustments to the land premiums resulting from the consequential changes to the allocations of gross floor area for the MBS Expansion Project since the first payment made in 2019 (the “Additional Gross Floor Area,” and collectively with the Additional Gaming Area, the “Additional Land Premium”).
Construction works for the MBS Expansion project commenced in May 2025 and, pursuant to the Second Supplemental Agreement, MBS has agreed with the Singapore government to complete construction by July 8, 2029. 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, and land premiums. The Company has incurred approximately $3.0 billion as of June 30, 2026, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payments of 1.13 billion Singapore dollars (“SGD”) (made in April 2025) and SGD 173 million (made in March 2026) (approximately $848 million and $137 million, respectively, at exchange rates in effect at the time of the payment) for the Additional Gaming Area and Additional Gross Floor Area, respectively.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Loan Receivable
In May 2026, the Company received $1.26 billion of proceeds from the early repayment in full of the seller financing loan related to the sale of the Company’s Las Vegas real property and operations. Interest income recognized on the loan was $6 million and $20 million for the three and six months ended June 30, 2026, respectively.
Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities
Accounts Receivable and Provision for Credit Losses
Accounts receivable consisted of the following:
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Casino | $ | 767 | $ | 828 | |||||||
| Rooms | 22 | 22 | |||||||||
| Mall | 39 | 80 | |||||||||
| Other | 31 | 37 | |||||||||
| 859 | 967 | ||||||||||
| Less — provision for credit losses | (237) | (225) | |||||||||
| $ | 622 | $ | 742 |
The following table shows the movement in the provision for credit losses recognized for accounts receivable:
| 2026 | 2025 | ||||||||||
| (In millions) | |||||||||||
| Balance at January 1 | $ | 225 | $ | 186 | |||||||
| Current period provision for credit losses | 65 | 21 | |||||||||
| Write-offs | (52) | (26) | |||||||||
| Exchange rate impact | (1) | 5 | |||||||||
| Balance at June 30 | $ | 237 | $ | 186 |
Customer Contract Related Liabilities
The Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
The following table summarizes the liability activity related to contracts with customers:
| Outstanding Chip Liability | Loyalty Program Liability | Customer Deposits and Other Deferred Revenue**(1)** | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Balance at January 1 | $ | 181 | $ | 112 | $ | 39 | $ | 38 | $ | 930 | $ | 763 | |||||||||||||||||||||||
| Balance at June 30 | 100 | 95 | 39 | 38 | 920 | 787 | |||||||||||||||||||||||||||||
| Increase (decrease) | $ | (81) | $ | (17) | $ | — | $ | — | $ | (10) | $ | 24 |
(1)Of this amount, $172 million as of June 30 and January 1, 2026, and $175 million as of June 30 and January 1, 2025, related to mall deposits that are accounted for based on lease terms usually greater than one year.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 3 — Debt
Debt consisted of the following:
| Stated Interest Rate**(1)** | June 30, 2026 | December 31, 2025 | |||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Corporate and U.S. Related: | |||||||||||||||||||||||
| LVSC Senior Notes | |||||||||||||||||||||||
| Notes due August 2026 | 3.500 | % | $ | — | $ | 1,000 | |||||||||||||||||
| Notes due June 2027 | 5.900 | % | 750 | 750 | |||||||||||||||||||
| Notes due June 2028 | 5.625 | % | 1,000 | 1,000 | |||||||||||||||||||
| Notes due August 2029 | 6.000 | % | 500 | 500 | |||||||||||||||||||
| Notes due August 2029 | 3.900 | % | 750 | 750 | |||||||||||||||||||
| Notes due June 2030 | 6.000 | % | 500 | 500 | |||||||||||||||||||
| Notes due May 2031 | 5.300 | % | 500 | — | |||||||||||||||||||
| Notes due May 2033 | 5.650 | % | 500 | — | |||||||||||||||||||
| Notes due August 2034 | 6.200 | % | 500 | 500 | |||||||||||||||||||
| Finance leases | 124 | 121 | |||||||||||||||||||||
| Macao Related: | |||||||||||||||||||||||
| SCL Senior Notes | |||||||||||||||||||||||
| Notes due January 2026 | 3.800 | % | — | 800 | |||||||||||||||||||
| Notes due March 2027 | 2.300 | % | 700 | 700 | |||||||||||||||||||
| Notes due August 2028 | 5.400 | % | 1,900 | 1,900 | |||||||||||||||||||
| Notes due March 2029 | 2.850 | % | 650 | 650 | |||||||||||||||||||
| Notes due June 2030 | 4.375 | % | 700 | 700 | |||||||||||||||||||
| Notes due August 2031 | 3.250 | % | 600 | 600 | |||||||||||||||||||
| 2024 SCL Revolving Facility | 5.140 | % | 179 | — | |||||||||||||||||||
| 2024 SCL Term Loan Facility | 4.399 | % | 1,577 | 1,614 | |||||||||||||||||||
| Finance leases | 25 | 35 | |||||||||||||||||||||
| Singapore Related: | |||||||||||||||||||||||
| 2025 Singapore Term Loan Facility | 2.217 | % | 2,828 | 2,875 | |||||||||||||||||||
| 2025 Singapore Delayed Draw Term Loan Facility | 2.217 | % | 1,118 | 931 | |||||||||||||||||||
| Finance leases | 1 | 1 | |||||||||||||||||||||
| Total | 15,402 | 15,927 | |||||||||||||||||||||
| Unamortized debt discount and issuance costs(2) | (140) | (143) | |||||||||||||||||||||
| Total carrying amount of debt | 15,262 | 15,784 | |||||||||||||||||||||
| Less — current maturities | (1,568) | (1,128) | |||||||||||||||||||||
| Total debt | $ | 13,694 | $ | 14,656 |
(1)The stated interest rate represents the coupon rate for each of the senior notes. For floating-rate debt, interest rates are the rates in effect as of June 30, 2026; these rates are not necessarily an indication of future interest rates. The effective interest rate for each issuance of debt approximates the stated interest rate.
(2)Unamortized deferred financing costs of $127 million and $146 million as of June 30, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
LVSC Senior Notes
In May 2026, in an underwritten public offering, LVSC issued two series of senior unsecured notes in an aggregate principal amount of $1.0 billion, consisting of $500 million of 5.300% Senior Notes due May 15, 2031 and $500 million of 5.650% Senior Notes due May 18, 2033. Interest on the LVSC senior notes is payable semi-annually in arrears.
The net proceeds from the offering, together with cash on hand, were used in June 2026 to redeem in full the outstanding principal amount of the $1.0 billion 3.500% LVSC Senior Notes due August 18, 2026 and any accrued interest, and to pay transaction-related fees and expenses.
2024 LVSC Revolving Facility
As of June 30, 2026, the Company had $1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.
2024 SCL Credit Facility
During the six months ended June 30, 2026, the Company drew down 6.20 billion Hong Kong dollars (“HKD,” approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which together with cash on hand, were used to redeem the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026 and any accrued interest.
Additionally, during the six months ended June 30, 2026, the Company paid HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the transaction) toward the outstanding balance under the 2024 SCL Revolving Facility.
As of June 30, 2026, the Company had HKD 18.10 billion (approximately $2.31 billion at exchange rates in effect on June 30, 2026) of available borrowing capacity under the 2024 SCL Revolving Facility.
2025 Singapore Credit Facility
As of June 30, 2026, MBS had SGD 589 million (approximately $455 million at exchange rates in effect on June 30, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 161 million (approximately $125 million at exchange rates in effect on June 30, 2026).
In April 2026, MBS drew down SGD 250 million (approximately $196 million at exchange rates in effect at the time of the transaction) from the 2025 Singapore Delayed Draw Term Loan Facility. As of June 30, 2026, SGD 6.05 billion (approximately $4.68 billion at exchange rates in effect on June 30, 2026) 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 June 30, 2026, management believes the Company was in compliance with all debt covenants.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Cash Flows from Financing Activities
Cash flows from financing activities related to debt and finance lease obligations are as follows:
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (In millions) | |||||||||||
| Proceeds from LVSC Senior Notes | $ | 998 | $ | 1,499 | |||||||
| Proceeds from 2024 SCL Revolving Facility | 797 | — | |||||||||
| Proceeds from 2025 Singapore Credit Facility | 196 | 3,645 | |||||||||
| Proceeds from 2024 SCL Term Loan Facility | — | 1,637 | |||||||||
| $ | 1,991 | $ | 6,781 | ||||||||
| Repayments on LVSC Senior Notes | $ | (1,000) | $ | (500) | |||||||
| Repayments on SCL Senior Notes | (800) | (1,625) | |||||||||
| Repayments on 2024 SCL Revolving Facility | (613) | — | |||||||||
| Repayments on 2025 Singapore Credit Facility | (29) | (14) | |||||||||
| Repayments on 2024 SCL Term Loan Facility | (25) | — | |||||||||
| Repayments on 2012 Singapore Credit Facility | — | (2,708) | |||||||||
| Repayments on finance leases | (10) | (9) | |||||||||
| $ | (2,477) | $ | (4,856) |
Note 4 — Derivative Instruments
During the year ended December 31, 2024, the Company executed HKD/USD swaps, designated as hedges of portions of the cash flows related to the SCL senior notes due 2027 through 2031 (the “SCL Swaps”). As of June 30, 2026, the SCL Swaps had a total notional value of $3.41 billion and expire in line with the maturity dates of the related hedged cash flows.
During the year ended December 31, 2025, the Company executed SGD/USD swaps, designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”), and HKD/USD forwards, designated as hedges of the Company’s net investment in SCL (the “SCL Net Investment Hedges,” and together with the MBS Net Investment Hedges, the “Net Investment Hedges”). Two of the SCL Net Investment Hedges, with a total notional value of $258 million, expired in June 2026.
As of June 30, 2026, the MBS Net Investment Hedges had a total notional value of $1.80 billion and expire on various dates beginning March 2028 through December 2030, and the remaining SCL Net Investment Hedges had a total notional value of $129 million and expire in September 2026.
During the six months ended June 30, 2026, the Company executed additional HKD/USD forwards, designated as hedges of portions of the cash flows related to the SCL senior notes due 2028 through 2031 (the “SCL Forwards”). As of June 30, 2026, the SCL Forwards had a total notional value of $527 million and expire in line with the maturity dates of the related hedged cash flows.
For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to “Accumulated other comprehensive income” (“AOCI”) in the accompanying condensed consolidated balance sheets. Refer to “Note 8 — Fair Value Disclosures” for further details. All amounts recorded in AOCI related to the Net Investment Hedges will remain in AOCI until derecognition of the investment. Portions of the amounts recorded in AOCI related to the fair value of the SCL Swaps and SCL Forwards are reclassified to “Other income (expense)” in the same period the hedged cash flows affect earnings. Additionally, upon execution of the SCL Forwards, there was an immediate foreign currency gain or loss resulting from the difference between the contractual forward exchange rate and the spot exchange rate on the execution date. This initial income or cost is reclassified from AOCI to “Other income (expense)” and “Interest expense, net of amounts capitalized” over the duration of the forward using an appropriate amortization methodology dependent on the hedged item.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The following table presents the net changes in AOCI associated with each period’s hedging activities, net of tax:
| Three Months Ended June 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Cash Flow Hedges | Net Investment Hedges | Cash Flow Hedges | Net Investment Hedges | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Net gain (loss) from hedge adjustments recognized in AOCI as of April 1 | $ | (69) | $ | 20 | $ | (22) | $ | — | |||||||||||||||
| Hedge adjustments recognized during the current period | 38 | (5) | (26) | (31) | |||||||||||||||||||
| Net gain reclassified from AOCI into earnings | (3) | — | (38) | — | |||||||||||||||||||
| Net gain (loss) from hedge adjustments recognized in AOCI as of June 30 | $ | (34) | $ | 15 | $ | (86) | $ | (31) | |||||||||||||||
| Six Months Ended June 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Cash Flow Hedges | Net Investment Hedges | Cash Flow Hedges | Net Investment Hedges | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Net gain (loss) from hedge adjustments recognized in AOCI as of January 1 | $ | (48) | $ | 15 | $ | (32) | $ | — | |||||||||||||||
| Hedge adjustments recognized during the current period | 44 | — | (8) | (31) | |||||||||||||||||||
| Net gain reclassified from AOCI into earnings | (30) | — | (46) | — | |||||||||||||||||||
| Net gain (loss) from hedge adjustments recognized in AOCI as of June 30 | $ | (34) | $ | 15 | $ | (86) | $ | (31) |
As of June 30, 2026, approximately $28 million of the net loss deferred in AOCI related to the SCL Swaps and SCL Forwards is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending June 30, 2027. The actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions.
The cash flow impact is included in operating activities for the SCL Swaps and SCL Forwards, and in investing activities for the Net Investment Hedges in the accompanying condensed consolidated statements of cash flows.
Note 5 — Equity and Earnings Per Share
Common Stock
In July 2026, the Company’s Board of Directors declared a quarterly dividend of $0.30 per common share (a total estimated to be approximately $194 million) to be paid on August 12, 2026, to stockholders of record on August 4, 2026.
Share Repurchases
The following table presents information about our repurchases of common stock:
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (Dollars in millions) | |||||||||||
| Total number of shares repurchased | 28,094,695 | 30,295,410 | |||||||||
| Total cost of shares repurchased | $ | 1,542 | $ | 1,262 | |||||||
| Commissions and excise tax included in total cost | $ | 15 | $ | 12 |
As of June 30, 2026, the remaining amount authorized under the share repurchase program was $29 million. In July 2026, the Company’s Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the share repurchase program’s expiration date to July 21, 2029.
All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
applicable federal securities laws in the open market or otherwise, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases or block trades, subject to market conditions, applicable legal requirements and other factors. The timing, method and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.
Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Weighted-average common shares outstanding (used in the calculation of basic earnings per share) | 654 | 695 | 661 | 704 | |||||||||||||||||||
| Potential dilution from stock options and restricted stock and stock units | 2 | 1 | 2 | — | |||||||||||||||||||
| Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) | 656 | 696 | 663 | 704 | |||||||||||||||||||
| Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share | 3 | 9 | 3 | 9 |
Diluted earnings per share is calculated using the treasury stock method.
Noncontrolling Interests
In June 2026, SCL paid a dividend of HKD 0.50 per share to SCL shareholders (a total of $517 million, of which the Company retained $387 million during the six months ended June 30, 2026).
Note 6 — Income Taxes
The Company’s effective income tax rate was 16.1% for the six months ended June 30, 2026, compared to 14.2% for the six months ended June 30, 2025. The effective income tax rate for the six months ended June 30, 2026, reflects a 17% statutory tax rate on the Company’s Singapore operations, a 21% corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.
The Company entered into a shareholder dividend tax agreement with the Macao government, which provided for a payment at an applicable rate of gross gaming revenue for the tax year 2023 through the tax year 2025 as a substitution for a 12% tax otherwise due from VML’s shareholders on dividend distributions paid from VML’s gaming profits. In January 2026, the Company requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the six months ended June 30, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027; however, there is no assurance such agreement will be granted. Corporate expense included $7 million and $6 million of shareholder dividend tax for the six months ended June 30, 2026 and 2025, respectively.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 7 — Leases
Lessor
Lease revenue consisted of the following:
| Three Months Ended June 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Mall | Other | Mall | Other | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Minimum rents | $ | 145 | $ | 1 | $ | 140 | $ | 1 | |||||||||||||||
| Overage rents | 27 | — | 20 | — | |||||||||||||||||||
| $ | 172 | $ | 1 | $ | 160 | $ | 1 | ||||||||||||||||
| Six Months Ended June 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Mall | Other | Mall | Other | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Minimum rents | $ | 291 | $ | 1 | $ | 280 | $ | 1 | |||||||||||||||
| Overage rents | 58 | — | 40 | — | |||||||||||||||||||
| $ | 349 | $ | 1 | $ | 320 | $ | 1 |
Note 8 — Fair Value Disclosures
The following tables present the carrying amounts and estimated fair values of financial instruments held or issued by the Company using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
| June 30, 2026 | |||||||||||||||||
| Hierarchy Level | |||||||||||||||||
| Carrying Amount**(1)** | Level 1 | Level 2 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Assets: | |||||||||||||||||
| Cash equivalents | |||||||||||||||||
| Cash deposits | $ | 1,046 | $ | 1,046 | |||||||||||||
| Money market funds | $ | 602 | $ | 602 | |||||||||||||
| U.S. Treasury Bills | $ | 222 | $ | 222 | |||||||||||||
| Prepaid expenses and other | |||||||||||||||||
| SCL Net Investment Hedge(2) | $ | 1 | $ | 1 | |||||||||||||
| Other assets, net | |||||||||||||||||
| SCL Forwards(2) | $ | 3 | $ | 3 | |||||||||||||
| Liabilities: | |||||||||||||||||
| Debt(2)(3) | $ | 15,252 | $ | 15,169 | |||||||||||||
| Other long-term liabilities | |||||||||||||||||
| SCL Swaps(2)(4) | $ | 22 | $ | 22 | |||||||||||||
| MBS Net Investment Hedge(2)(5) | $ | 24 | $ | 24 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
| December 31, 2025 | |||||||||||||||||||||||
| Hierarchy Level | |||||||||||||||||||||||
| Carrying Amount**(1)** | Level 1 | Level 2 | |||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Cash deposits | $ | 1,878 | $ | 1,878 | |||||||||||||||||||
| Money market funds | $ | 288 | $ | 288 | |||||||||||||||||||
| U.S. Treasury Bills | $ | 218 | $ | 218 | |||||||||||||||||||
| Loan receivable(6) | $ | 1,264 | $ | 1,232 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Debt(2)(3) | $ | 15,770 | $ | 15,784 | |||||||||||||||||||
| Other long-term liabilities | |||||||||||||||||||||||
| SCL Swaps(2)(4) | $ | 63 | $ | 63 | |||||||||||||||||||
| MBS Net Investment Hedge(2)(5) | $ | 4 | $ | 4 | |||||||||||||||||||
(1)The cross-currency swaps and net investment hedges are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.
(2)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
(3)The carrying amount of debt is exclusive of finance leases and represents its contractual value.
(4)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 June 30, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
(5)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 June 30, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
(6)The fair value was estimated based on level 2 inputs and reflected the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
As of June 30, 2026 and December 31, 2025, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.
Note 9 — Commitments and Contingencies
Litigation
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations and cash flows.
Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $371 million at exchange rates in effect on June 30, 2026), which alleged a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. As described below, a judgment in favor of the Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026.
The procedural history of the case is as follows. On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $11.94 billion at exchange rates in effect on June 30, 2026), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019.
The trial began on June 16, 2021, and, after interim adjournments and delays resulting from the COVID-19 pandemic, was completed on January 19, 2022.
On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022.
On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff’s appeal of the Macao First Instance Court’s April 28, 2022 judgment based on procedural defects, again found the Plaintiff to be litigating in bad faith, and declined to address the interlocutory appeals that had been filed by the parties.
On April 7, 2025, Plaintiff filed a notice of appeal to the Macao Last Instance Court. On June 11, 2025, the Defendants filed a notice that Plaintiff’s liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. By order dated July 14, 2025, the Macao Second Instance Court rejected AAEC’s appeal brief because AAEC did not exist at the time the brief was filed and concluded that AAEC’s shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC’s shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025.
On July 31, 2025, AAEC requested panel review of that ruling arguing, among other things, that the court should have allowed AAEC’s shareholders the opportunity to ratify the appeal brief previously filed. On August 29, 2025, the clerk for the Macao Second Instance Court issued an invoice for prepayment of court fees to AAEC’s shareholders relating to Plaintiff’s appeal. On September 18, 2025, the Macao Second Instance Court ruled that the request for panel review could proceed only after AAEC’s shareholders had paid the invoiced court fees relating to the appeal. On September 23, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record a copy of the September 18 order, along with the invoice for prepayment of court fees and a penalty. The deadline for AAEC’s shareholders to prepay court fees and an associated penalty for late payment was October 6, 2025. On October 13, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record another invoice for prepayment of court fees and another penalty.
Following the resignation of the judge rapporteur who had overseen proceedings in the Macao Second Instance Court, the Judicial Magistrates Council appointed a new judge rapporteur on January 5, 2026. On January 22, 2026, the new judge rapporteur overruled his predecessor’s decision of September 18, 2025, ruling that AAEC’s request for panel review of the order dismissing AAEC’s appeal dated July 14, 2025 is not subject to prepayment of court fees. As Plaintiff’s counsel purported to request panel review on behalf of AAEC’s shareholders, the judge rapporteur ordered Plaintiff’s counsel to submit (i) the shareholders’ identities, (ii) powers of attorney authorizing counsel to represent the shareholders, (iii) evidence that the shareholders had ratified the actions that counsel purported to take on their behalf prior to obtaining powers of attorney and (iv) justification for seeking panel review prior to obtaining powers of attorney. Plaintiff’s counsel of record failed to comply with these requirements. On February 9, 2026, the judge rapporteur ruled that Plaintiff’s challenge was therefore invalid and would not be reviewed by the full panel of judges. The judgment in favor of Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026. The final judgment resolves all issues concerning the merits of Plaintiff’s claim.
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 10 — Segment Information
The Company views each of its operating properties as a reportable segment, which have been identified based on various factors such as regulatory environment, geography and the level at which the information is reviewed by the Company’s chief operating decision maker (the “CODM”). The Company’s CODM is its Chief Executive Officer.
The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company’s reportable segments are: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. The Company has included Ferry Operations and Other (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to its properties in Macao) and Corporate and Other (which includes construction and development activities for projects under development not included in its reportable segments) to reconcile to the consolidated results of operations and financial condition. The Company’s reportable segments are not aggregated.
The Company’s reportable segments generate revenue from casino wagers, room sales, food and beverage and retail transactions, rental income from mall tenants, convention sales and entertainment and ferry ticket sales.
The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Intersegment transactions, with the exception of intercompany royalties, are not eliminated from segment results as management considers those transactions in assessing the results of the respective segments.
The CODM assesses the performance of each segment and allocates resources to each segment based on adjusted property EBITDA. Consolidated adjusted property EBITDA, which is a supplemental non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, 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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Company’s segment information as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025 is as follows:
| The Venetian Macao | The Londoner Macao | The Parisian Macao | The Plaza Macao and Four Seasons Macao | Sands Macao | Ferry Operations and Other | Total Macao | Marina Bay Sands | Inter-company Royalties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 457 | $ | 548 | $ | 165 | $ | 59 | $ | 88 | $ | — | $ | 1,317 | $ | 1,024 | $ | — | $ | 2,341 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 43 | 100 | 32 | 28 | 5 | — | 208 | 151 | — | 359 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 15 | 31 | 14 | 8 | 2 | — | 70 | 98 | — | 168 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 62 | 23 | 5 | 41 | — | — | 131 | 67 | — | 198 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 12 | 8 | 2 | 1 | — | 27 | 50 | 38 | — | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 589 | 710 | 218 | 137 | 95 | 27 | 1,776 | 1,378 | — | 3,154 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 2 | — | — | — | — | 12 | 14 | 2 | 83 | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 591 | 710 | 218 | 137 | 95 | 39 | 1,790 | 1,380 | 83 | 3,253 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 117 | 116 | 51 | 30 | 28 | 12 | 354 | 207 | — | 561 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 227 | 301 | 87 | 59 | 42 | — | 716 | 249 | — | 965 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 82 | 101 | 42 | 28 | 14 | 23 | 290 | 235 | 83 | 608 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 426 | 518 | 180 | 117 | 84 | 35 | 1,360 | 691 | 83 | 2,134 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 165 | $ | 192 | $ | 38 | $ | 20 | $ | 11 | $ | 4 | $ | 430 | $ | 689 | $ | — | $ | 1,119 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (74) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (43) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 618 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (189) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other income | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (88) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
| The Venetian Macao | The Londoner Macao | The Parisian Macao | The Plaza Macao and Four Seasons Macao | Sands Macao | Ferry Operations and Other | Total Macao | Marina Bay Sands | Inter-company Royalties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 524 | $ | 495 | $ | 143 | $ | 122 | $ | 63 | $ | — | $ | 1,347 | $ | 1,068 | $ | — | $ | 2,415 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 50 | 95 | 34 | 28 | 4 | — | 211 | 134 | — | 345 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 15 | 27 | 11 | 7 | 3 | — | 63 | 84 | — | 147 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 62 | 21 | 5 | 37 | — | — | 125 | 62 | — | 187 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 10 | 4 | 1 | — | 1 | 25 | 41 | 40 | — | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 661 | 642 | 194 | 194 | 71 | 25 | 1,787 | 1,388 | — | 3,175 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 2 | — | — | — | — | 8 | 10 | — | 67 | 77 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 663 | 642 | 194 | 194 | 71 | 33 | 1,797 | 1,388 | 67 | 3,252 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 110 | 100 | 49 | 28 | 23 | 12 | 322 | 184 | — | 506 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 251 | 259 | 72 | 74 | 30 | — | 686 | 243 | — | 929 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 66 | 78 | 29 | 26 | 9 | 15 | 223 | 193 | 67 | 483 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 427 | 437 | 150 | 128 | 62 | 27 | 1,231 | 620 | 67 | 1,918 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 236 | $ | 205 | $ | 44 | $ | 66 | $ | 9 | $ | 6 | $ | 566 | $ | 768 | $ | — | $ | 1,334 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (69) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (69) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (371) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (194) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (90) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
| The Venetian Macao | The Londoner Macao | The Parisian Macao | The Plaza Macao and Four Seasons Macao | Sands Macao | Ferry Operations and Other | Total Macao | Marina Bay Sands | Inter-company Royalties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 1,013 | $ | 1,132 | $ | 341 | $ | 271 | $ | 173 | $ | — | $ | 2,930 | $ | 2,150 | $ | — | $ | 5,080 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 94 | 204 | 65 | 58 | 9 | — | 430 | 306 | — | 736 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 34 | 65 | 28 | 15 | 5 | — | 147 | 197 | — | 344 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 128 | 48 | 9 | 81 | — | — | 266 | 136 | — | 402 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 28 | 15 | 4 | 2 | 1 | 52 | 102 | 75 | — | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 1,297 | 1,464 | 447 | 427 | 188 | 52 | 3,875 | 2,864 | — | 6,739 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 4 | — | — | — | — | 25 | 29 | 3 | 170 | 202 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 1,301 | 1,464 | 447 | 427 | 188 | 77 | 3,904 | 2,867 | 170 | 6,941 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 237 | 230 | 102 | 60 | 55 | 25 | 709 | 411 | — | 1,120 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 494 | 619 | 182 | 177 | 84 | — | 1,556 | 521 | — | 2,077 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 167 | 200 | 79 | 56 | 29 | 45 | 576 | 458 | 170 | 1,204 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 898 | 1,049 | 363 | 293 | 168 | 70 | 2,841 | 1,390 | 170 | 4,401 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 403 | $ | 415 | $ | 84 | $ | 134 | $ | 20 | $ | 7 | $ | 1,063 | $ | 1,477 | $ | — | $ | 2,540 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (157) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (84) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (707) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (42) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 1,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (377) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (195) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 1,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
| The Venetian Macao | The Londoner Macao | The Parisian Macao | The Plaza Macao and Four Seasons Macao | Sands Macao | Ferry Operations and Other | Total Macao | Marina Bay Sands | Inter-company Royalties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Casino | $ | 1,019 | $ | 897 | $ | 316 | $ | 254 | $ | 131 | $ | — | $ | 2,617 | $ | 1,925 | $ | — | $ | 4,542 | |||||||||||||||||||||||||||||||||||||||
| Rooms | 103 | 168 | 69 | 57 | 9 | — | 406 | 263 | — | 669 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | 30 | 51 | 23 | 14 | 5 | — | 123 | 165 | — | 288 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mall | 121 | 42 | 10 | 76 | — | — | 249 | 124 | — | 373 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Convention, retail and other | 24 | 13 | 3 | 1 | 1 | 50 | 92 | 73 | — | 165 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | 1,297 | 1,171 | 421 | 402 | 146 | 50 | 3,487 | 2,550 | — | 6,037 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | 4 | — | — | — | — | 15 | 19 | 1 | 128 | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues before intersegment eliminations | 1,301 | 1,171 | 421 | 402 | 146 | 65 | 3,506 | 2,551 | 128 | 6,185 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related expenses | 218 | 196 | 98 | 55 | 46 | 23 | 636 | 356 | — | 992 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming taxes | 486 | 469 | 156 | 155 | 62 | — | 1,328 | 451 | — | 1,779 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other expenses(1) | 136 | 148 | 57 | 52 | 19 | 29 | 441 | 371 | 128 | 940 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment expenses | 840 | 813 | 311 | 262 | 127 | 52 | 2,405 | 1,178 | 128 | 3,711 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment/Consolidated adjusted property EBITDA | $ | 461 | $ | 358 | $ | 110 | $ | 140 | $ | 19 | $ | 13 | $ | 1,101 | $ | 1,373 | $ | — | $ | 2,474 | |||||||||||||||||||||||||||||||||||||||
| Other Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation(2) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (142) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Development | (138) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (733) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of leasehold interests in land | (35) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal or impairment of assets | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 1,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (368) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on modification or early retirement of debt | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | (153) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 927 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ____________________ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2)During the three months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| During the six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (In millions) | |||||||||||
| Capital Expenditures | |||||||||||
| Corporate and Other | $ | 34 | $ | 26 | |||||||
| Macao: | |||||||||||
| The Venetian Macao | 104 | 86 | |||||||||
| The Londoner Macao | 39 | 229 | |||||||||
| The Parisian Macao | 21 | 9 | |||||||||
| The Plaza Macao and Four Seasons Macao | 6 | 5 | |||||||||
| Sands Macao | 5 | 6 | |||||||||
| 175 | 335 | ||||||||||
| Marina Bay Sands | 317 | 304 | |||||||||
| Total capital expenditures | $ | 526 | $ | 665 |
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Total Assets | |||||||||||
| Corporate and Other | $ | 3,001 | $ | 3,614 | |||||||
| Macao: | |||||||||||
| The Venetian Macao | 2,336 | 2,689 | |||||||||
| The Londoner Macao | 4,334 | 4,635 | |||||||||
| The Parisian Macao | 1,565 | 1,636 | |||||||||
| The Plaza Macao and Four Seasons Macao | 932 | 953 | |||||||||
| Sands Macao | 260 | 258 | |||||||||
| Ferry Operations and Other | 171 | 375 | |||||||||
| 9,598 | 10,546 | ||||||||||
| Marina Bay Sands | 7,310 | 7,760 | |||||||||
| Total assets | $ | 19,909 | $ | 21,920 |
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
Previous: Cover and table of contents · Next: Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS