Financial Analysis

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 Companys 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 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

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 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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 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 financ …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Companys 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 Companys 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 Companys 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 VMLs shareholders on dividend distributions paid from VMLs 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. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

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. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Companys chief operating decision maker (the CODM). The Companys CODM is its Chief Executive Officer. The Companys principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Companys 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 Companys 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 Companys reportable segments are not aggregated. The Companys 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 th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equity and Earnings Per Share Common Stock In July 2026, the Companys 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 Companys Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the share repurchase programs expiration date to July 21, 2029. All share repurchases of the Companys common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets. Repurchases of the Companys common stock are made at the Companys 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 timi …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing