Las Vegas Sands (LVS) risk factors: FY2025 10-K

1. Human Capital Related Risk Factors

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1. Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy.
2. Natural or man-made disasters, an outbreak of highly infectious or contagious disease, political instability, civil unrest, terrorist activity or war could materially adversely affect the number of visitors to our facilities and disrupt our operations.
3. Our business is sensitive to the willingness of our customers to travel.
4. We are subject to extensive regulations that govern our operations in any jurisdiction where we operate.
5. Certain local gaming laws apply to our gaming activities and associations in jurisdictions where we operate or plan to operate.
6. We depend primarily on our properties in two markets for all of our cash flow, and because we are a parent company, our primary source of cash is and will be distributions from our subsidiaries.
7. Our debt instruments, current debt service obligations and substantial indebtedness may restrict our current and future operations.
8. We are subject to fluctuations in foreign currency exchange rates.
9. We extend credit to a portion of our patrons, and we may not be able to collect gaming receivables from our credit patrons.
10. Win rates for our gaming operations depend on a variety of factors, some beyond our control, and the winnings of our gaming patrons could exceed our casino winnings.
11. We face the risk of fraud and cheating.
12. Our operations face significant competition, which may increase in the future.
13. Our attempts to expand our business into new markets and new ventures, including through acquisitions or strategic transactions, may not be successful.
14. Our loan receivable is subject to certain risks, which could materially adversely affect our financial position, results of operations and cash flows.
15. There are significant risks associated with our current and planned construction projects.

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1. Our Macao Concession and Singapore development agreements and casino license can be terminated or redeemed under certain circumstances without compensation to us.
2. The number of visitors to our Integrated Resorts, particularly visitors from mainland China, may decline or travel may be disrupted.China
3. The Macao and Singapore governments could grant additional rights to conduct gaming in the future and increase competition we face.
4. Conducting business in Macao and Singapore has certain political and economic risks.
5. Our tax arrangements with the Macao government may not be extended on terms favorable to us or at all beyond their expiration dates.
6. We are subject to limitations on the transfers of cash to and from our subsidiaries, limitations of the pataca and HKD exchange markets and restrictions on the export of the Renminbi.

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1. Our business, financial condition and results of operations and/or the value of our securities or our ability to offer or continue to offer securities to investors may be materially and adversely affected to the extent the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong or economic, political and legal developments in Macao adversely affect our Macao operations.China

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1. The interests of our principal stockholders in our business may be different from yours.
2. Conflicts of interest may arise because certain of our directors and officers are also directors of SCL.
3. Human Capital Related Risk Factors
4. We depend on the continued services of key personnel.reworded
5. We compete for limited management and labor resources in Macao and Singapore, and policies of those governments may also affect our ability to employ imported managers or labor.

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1. Failure to maintain the integrity of our information and information systems or comply with applicable privacy and cybersecurity requirements and regulations could harm our reputation and adversely affect our business.Cybersecurity
2. We may fail to establish and protect our IP rights and could be subject to claims of IP infringement.
3. The licensing of our trademarks to third parties could result in reputational harm for us.
4. Our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, and our insurance costs may increase in the future.
5. We are subject to changes in tax laws and regulations.
6. Because we own real property, we are subject to environmental regulation.reworded
7. We are subject to risks from litigation, investigations, enforcement actions and other disputes.
8. We could be negatively impacted by environmental, social and governance and sustainability matters.

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