Las Vegas Sands Corporation

07/24/2026 | Press release | Distributed by Public on 07/24/2026 14:03

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and the notes thereto, and other financial information included in this Quarterly Report on Form 10-Q. Certain statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" are forward-looking statements. See "- Special Note Regarding Forward-Looking Statements."
Operations
Summary Financial Results
Three Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions, except per share data)
Net revenues
$ 3,154 $ 3,175 $ (21) (0.7) %
Operating income 618 783 (165) (21.1) %
Net income 373 519 (146) (28.1) %
Diluted earnings per share
0.53 0.66 (0.13) (19.7) %
Consolidated adjusted property EBITDA(1)
1,119 1,334 (215) (16.1) %
Six Months Ended June 30,
2026 2025 Dollar
Change 		Percent
Change
(Dollars in millions, except per share data)
Net revenues $ 6,739 $ 6,037 $ 702 11.6 %
Operating income 1,522 1,392 130 9.3 %
Net income 1,014 927 87 9.4 %
Diluted earnings per share 1.38 1.15 0.23 20.0 %
Consolidated adjusted property EBITDA(1)
2,540 2,474 66 2.7 %
__________________________
(1)See "- Segment Adjusted Property EBITDA" for a reconciliation of consolidated adjusted property EBITDA to net income.
We view each of our Integrated Resort properties as an operating segment. Our operating segments in Macao consist of The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; and the Sands Macao. Our operating segment in Singapore is Marina Bay Sands.
Macao
Our Macao operations continue to face a competitive operating environment, with adjusted property EBITDA decreasing $38 million, or 3.5%, compared with the six months ended June 30, 2025, despite net revenues increasing $388 million, or 11.1%, compared with the six months ended June 30, 2025. Although net revenues showed growth year over year, this was offset by increased costs on patron reinvestment and increased payroll costs related to the competitive environment and an increase in table game hours and service levels.
Singapore
Our Singapore operations continue to deliver exceptional results, supported by the property's unique and luxurious integrated resort offerings, with adjusted property EBITDA increasing $104 million, or 7.6%, compared to the six months ended June 30, 2025. The key driver of the increase being an 11.7% increase in net gaming revenue to $2.15 billion, while non-gaming revenues also contributed meaningfully to the overall results driven by increased business volumes and the launch of new dining venues.
Summary
During the first half of 2026, we continued to execute our strategic objectives as table games and slot volumes increased year over year in both Singapore and Macao, while we also continued to increase the return of capital to stockholders, with the repurchase of $1.53 billion (exclusive of commissions and excise tax) of our common stock and dividend payments totaling $400 million. We will continue to invest in premium suites and other hospitality offerings, such as the current room renovation and premium suite expansion at The Venetian Macao, as well as increasing overall service levels for our VIPs and premium patrons in Macao.
We believe we have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.38 billion, and access to $4.26 billion of available borrowing capacity under our U.S., SCL and Singapore revolving credit facilities as of June 30, 2026. We believe we are able to support our continuing operations, complete the major construction projects that are underway and maintain our share repurchase and dividend programs to continue to return excess capital to stockholders.
Critical Accounting Policies and Estimates
For a discussion of our significant accounting policies and estimates, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" presented in our 2025 Annual Report on Form 10-K filed on February 6, 2026.
There were no newly identified significant accounting policies and estimates during the six months ended June 30, 2026, nor were there any material changes to the critical accounting policies and estimates discussed in our 2025 Annual Report.
Operating Results
Key Operating Revenue Measurements
Operating revenues at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao and Marina Bay Sands are dependent upon the volume of patrons who stay at the hotel, which affects the price charged for hotel rooms and our gaming volume. Operating revenues at Sands Macao are principally driven by the volume of gaming patrons who visit the property on a daily basis.
Management utilizes the following volume and pricing measures in order to evaluate past performance and assist in forecasting future revenues. The various volume measurements indicate our ability to attract patrons to our Integrated Resorts. In casino operations, win and hold percentages indicate the amount of revenue to be expected based on volume. In hotel operations, average daily rate and revenue per available room indicate the demand for rooms and our ability to capture that demand. In mall operations, base rent per square foot indicates our ability to attract and maintain profitable tenants for our leasable space.
The following are the key measurements we use to evaluate operating revenues:
Casino revenue measurements for Macao and Singapore: Macao and Singapore table games are segregated into two groups: Rolling Chip play (composed of VIP players) and Non-Rolling Chip play (mostly non-VIP players). The volume measurement for Rolling Chip play is non-negotiable gaming chips wagered and lost. The volume measurement for Non-Rolling Chip play is table games drop ("drop"), which is net markers issued (credit instruments), cash deposited in the table drop boxes and gaming chips purchased and exchanged at the cage. Rolling Chip and Non-Rolling Chip volume measurements are not comparable as they are two distinct measures of volume. The amounts wagered and lost for Rolling Chip play are substantially higher than the amounts dropped for Non-Rolling Chip play. Slot handle, also a volume measurement, is the gross amount wagered for the period cited.
We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold (amount won by the casino) as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Our win and hold percentages are calculated before discounts, commissions, deferring revenue associated with our loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. Our Rolling Chip table games are expected to produce a win percentage of 3.3% in Macao. During the three months ended September 30, 2025, we revised our expected win percentage for Singapore to be based on the theoretical hold percentage measured by technology-enabled tables ("smart tables"). The theoretical hold percentage based on smart table data was 3.6% and 4.2% for the three months ended March 31 and June 30, 2026, respectively, and 4.1%, 4.2% and 3.9% for the three months ended June 30, September 30 and December 31, 2025, respectively, in Singapore. Our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 22.3%, 22.4%, 21.0%, 21.4%, 14.7% and 22.9% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage of 3.8%, 3.8%, 3.5%, 2.2%, 2.2% and 4.4% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Actual win and hold percentages may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 11.7% and 12.2%, respectively, of our table games play was conducted on a credit basis for the six months ended June 30, 2026.
Hotel revenue measurements: Performance indicators used are occupancy rate (a volume indicator), which is the average percentage of available hotel rooms occupied during a period and average daily room rate ("ADR," a price indicator), which is the average price of occupied rooms per day. Available rooms exclude those rooms unavailable for occupancy during the period due to renovation, development or other requirements. The calculations of the occupancy rate and ADR include the impact of rooms provided on a complimentary basis. Revenue per available room ("RevPAR") represents a summary of hotel ADR and occupancy. Because not all available rooms are occupied, ADR is normally higher than RevPAR. Reserved rooms where the guests do not show up for their stay and lose their deposit, or where guests check out early, may be re-sold to walk-in guests.
Mall revenue measurements: Occupancy, base rent per square foot and tenant sales per square foot are used as performance indicators. Occupancy represents gross leasable occupied area ("GLOA") divided by gross leasable area ("GLA") at the end of the reporting period. GLOA is the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but paying rent. GLA does not include space currently under development or not on the market for lease. Base rent per square foot is the weighted average base or minimum rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have been open for a minimum of 12 months are included in the tenant sales per square foot calculation.
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Operating Revenues
Our net revenues consisted of the following:
Three Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions)
Casino $ 2,341 $ 2,415 $ (74) (3.1) %
Rooms 359 345 14 4.1 %
Food and beverage 168 147 21 14.3 %
Mall 198 187 11 5.9 %
Convention, retail and other 88 81 7 8.6 %
Total net revenues $ 3,154 $ 3,175 $ (21) (0.7) %
Consolidated net revenues decreased due to decreases of $11 million and $10 million at our Macao operations and Marina Bay Sands, respectively.
Net casino revenues decreased due to decreases of $44 million and $30 million at Marina Bay Sands and our Macao operations, respectively. Casino revenues at Marina Bay Sands decreased due to decreased table games win percentages, partially offset by increased table games and slot volumes. Casino revenues at our Macao operations decreased due to decreased table games win and slot hold percentages, partially offset by increased table games and slot volumes across each of our properties. The following table summarizes our casino activity:
Three Months Ended June 30,
2026 2025 Change
(Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues $ 457 $ 524 (12.8) %
Non-Rolling Chip drop $ 2,452 $ 2,348 4.4 %
Non-Rolling Chip win percentage 20.4 % 23.5 % (3.1) pts
Rolling Chip volume $ 1,028 $ 859 19.7 %
Rolling Chip win percentage 0.62 % 3.57 % (2.95) pts
Slot handle $ 1,399 $ 1,372 2.0 %
Slot hold percentage 4.1 % 3.3 % 0.8 pts
Three Months Ended June 30,
2026 2025 Change
(Dollars in millions)
The Londoner Macao
Total net casino revenues $ 548 $ 495 10.7 %
Non-Rolling Chip drop $ 2,584 $ 2,196 17.7 %
Non-Rolling Chip win percentage 20.8 % 21.9 % (1.1) pts
Rolling Chip volume $ 3,523 $ 2,090 68.6 %
Rolling Chip win percentage 3.67 % 4.09 % (0.42) pts
Slot handle $ 2,227 $ 2,114 5.3 %
Slot hold percentage 4.0 % 4.0 % - pts
The Parisian Macao
Total net casino revenues $ 165 $ 143 15.4 %
Non-Rolling Chip drop $ 816 $ 663 23.1 %
Non-Rolling Chip win percentage 21.6 % 21.4 % 0.2 pts
Rolling Chip volume(1)
$ 169 $ - N.M.
Rolling Chip win percentage
(2.26) % - % - pts
Slot handle $ 1,302 $ 872 49.3 %
Slot hold percentage 3.3 % 4.0 % (0.7) pts
The Plaza Macao and Four Seasons Macao
Total net casino revenues $ 59 $ 122 (51.6) %
Non-Rolling Chip drop $ 839 $ 655 28.1 %
Non-Rolling Chip win percentage 21.6 % 22.3 % (0.7) pts
Rolling Chip volume $ 2,824 $ 1,399 101.9 %
Rolling Chip win percentage (1.15) % 2.72 % (3.87) pts
Slot handle
$ - $ 19 (100.0) %
Slot hold percentage - % 2.3 % - pts
Sands Macao
Total net casino revenues $ 88 $ 63 39.7 %
Non-Rolling Chip drop $ 497 $ 389 27.8 %
Non-Rolling Chip win percentage 14.2 % 14.4 % (0.2) pts
Rolling Chip volume $ 26 $ 23 13.0 %
Rolling Chip win percentage 11.78 % 5.60 % 6.18 pts
Slot handle $ 1,526 $ 589 159.1 %
Slot hold percentage 2.1 % 3.0 % (0.9) pts
Singapore Operations:
Marina Bay Sands
Total net casino revenues $ 1,024 $ 1,068 (4.1) %
Non-Rolling Chip drop $ 2,597 $ 2,360 10.0 %
Non-Rolling Chip win percentage 22.9 % 23.7 % (0.8) pts
Rolling Chip volume $ 9,269 $ 8,945 3.6 %
Rolling Chip win percentage 4.74 % 5.26 % (0.52) pts
Slot handle $ 6,382 $ 6,192 3.1 %
Slot hold percentage 4.6 % 4.6 % - pts
__________________________
N.M. - Not meaningful.
(1)Rolling Chip tables were made available based on demand beginning in March 2024.
In our experience, average win percentages remain fairly consistent when measured over extended periods of time with a significant volume of wagers, but can vary considerably within shorter time periods as a result of the statistical variances associated with games of chance in which large amounts are wagered.
Room revenues increased due to a $17 million increase at Marina Bay Sands, partially offset by a $3 million decrease at our Macao operations. Marina Bay Sands room revenues increased driven by an increase in ADR, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. Room revenues at our Macao operations decreased due to a decrease in available rooms, primarily due to the room renovations at The Venetian Macao, which commenced in the first quarter of 2026, partially offset by increases in ADR and occupancy. The following table summarizes the results of our room activity:
Three Months Ended June 30,
2026 2025 Change
(Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues $ 43 $ 50 (14.0) %
Occupancy rate 98.2 % 98.6 % (0.4) pts
Average daily room rate (ADR) $ 197 $ 195 1.0 %
Revenue per available room (RevPAR) $ 194 $ 192 1.0 %
The Londoner Macao
Total room revenues $ 100 $ 95 5.3 %
Occupancy rate 96.7 % 93.3 % 3.4 pts
Average daily room rate (ADR) $ 262 $ 259 1.2 %
Revenue per available room (RevPAR) $ 254 $ 242 5.0 %
The Parisian Macao
Total room revenues $ 32 $ 34 (5.9) %
Occupancy rate 97.4 % 99.2 % (1.8) pts
Average daily room rate (ADR) $ 141 $ 147 (4.1) %
Revenue per available room (RevPAR) $ 138 $ 146 (5.5) %
The Plaza Macao and Four Seasons Macao
Total room revenues $ 28 $ 28 - %
Occupancy rate 95.1 % 92.1 % 3.0 pts
Average daily room rate (ADR) $ 507 $ 502 1.0 %
Revenue per available room (RevPAR) $ 482 $ 462 4.3 %
Sands Macao
Total room revenues $ 5 $ 4 25.0 %
Occupancy rate 99.4 % 99.4 % - pts
Average daily room rate (ADR) $ 162 $ 176 (8.0) %
Revenue per available room (RevPAR) $ 161 $ 175 (8.0) %
Singapore Operations:
Marina Bay Sands
Total room revenues $ 151 $ 134 12.7 %
Occupancy rate 95.6 % 95.0 % 0.6 pts
Average daily room rate (ADR) $ 982 $ 888 10.6 %
Revenue per available room (RevPAR) $ 939 $ 844 11.3 %
Food and beverage revenues increased due to increases of $14 million and $7 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was due to increased business volume and the opening of a new venue in July 2025. The increase at our Macao operations was due to increased business volume.
Mall revenues increased due to increases of $6 million and $5 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $4 million in overage rent and $2 million in base rent, while the increase at Marina Bay Sands was due to increases in both base rent and overage rent of $3 million each, partially offset by a $1 million decrease in common area maintenance ("CAM"). For further information related to the financial performance of our malls, see "- Additional Information Regarding our Retail Mall Operations." The following table summarizes the results of our mall activity:
Three Months Ended June 30,
2026 2025 Change
(Mall revenues in millions)
Macao Operations:
Shoppes at Venetian
Total mall revenues $ 62 $ 62 - %
Mall gross leasable area (in square feet) 829,874 825,079 0.6 %
Occupancy 89.3 % 85.1 % 4.2 pts
Base rent per square foot $ 281 $ 289 (2.8) %
Tenant sales per square foot
$ 2,161 $ 1,700 27.1 %
Shoppes at Londoner
Total mall revenues $ 23 $ 21 9.5 %
Mall gross leasable area (in square feet)
518,122 517,603 0.1 %
Occupancy 75.9 % 75.6 % 0.3 pts
Base rent per square foot $ 196 $ 176 11.4 %
Tenant sales per square foot
$ 1,886 $ 1,510 24.9 %
Shoppes at Parisian
Total mall revenues $ 5 $ 5 - %
Mall gross leasable area (in square feet)
253,784 259,506 (2.2) %
Occupancy 66.4 % 74.8 % (8.4) pts
Base rent per square foot $ 77 $ 78 (1.3) %
Tenant sales per square foot
$ 428 $ 471 (9.1) %
Shoppes at Four Seasons
Total mall revenues $ 41 $ 37 10.8 %
Mall gross leasable area (in square feet) 255,317 247,682 3.1 %
Occupancy 92.1 % 94.7 % (2.6) pts
Base rent per square foot $ 624 $ 611 2.1 %
Tenant sales per square foot
$ 4,650 $ 4,337 7.2 %
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues $ 67 $ 62 8.1 %
Mall gross leasable area (in square feet) 616,028 620,513 (0.7) %
Occupancy 100.0 % 98.8 % 1.2 pts
Base rent per square foot $ 401 $ 378 6.1 %
Tenant sales per square foot
$ 3,279 $ 2,837 15.6 %
__________________________
Note: This table excludes the results of our retail outlets at Sands Macao.
Operating Expenses
Our operating expenses consisted of the following:
Three Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions)
Casino $ 1,349 $ 1,242 $ 107 8.6 %
Rooms 94 87 7 8.0 %
Food and beverage 145 130 15 11.5 %
Mall 22 22 - - %
Convention, retail and other 64 57 7 12.3 %
Provision for credit losses 36 16 20 125.0 %
General and administrative 331 292 39 13.4 %
Corporate 74 69 5 7.2 %
Pre-opening 5 9 (4) (44.4) %
Development 43 69 (26) (37.7) %
Depreciation and amortization 350 371 (21) (5.7) %
Amortization of leasehold interests in land 21 20 1 5.0 %
Loss on disposal or impairment of assets 2 8 (6) (75.0) %
Total operating expenses $ 2,536 $ 2,392 $ 144 6.0 %
Operating expenses increased primarily due to increases of $120 million and $68 million at our Macao operations and Marina Bay Sands, respectively.
Casino expenses increased due to increases of $83 million and $24 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was primarily attributable to a $30 million increase in gaming taxes, consistent with increased gross gaming revenues and $26 million in higher payroll and related expenses due to increases in table game hours and the competitive environment in Macao. We also incurred $11 million in higher casino marketing expenses to increase gaming activities across our properties. The increase at Marina Bay Sands was primarily attributable to a $9 million increase in payroll and related expenses and a $6 million increase in gaming taxes, consistent with increased gross gaming revenues, as well as an increase in gaming tax rates from 8% to 12% on premium play due to the tiered tax structure in Singapore as we met the threshold in June 2026 versus July 2025.
Room expenses increased due to increases of $4 million and $3 million at Marina Bay Sands and our Macao operations, respectively. The increases were primarily due to increases in payroll and related expenses across our Macao operations and Marina Bay Sands.
Food and beverage expenses increased due to increases of $9 million and $6 million at Marina Bay Sands and our Macao operations, respectively. These increases were primarily due to the increased business volumes and an increase in payroll and related expenses of $6 million and $2 million at Marina Bay Sands and our Macao operations, respectively.
The provision for credit losses increased due to increases of $12 million and $8 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an increase of $15 million in provision during the current quarter, partially offset by an increase of $3 million in settlements of previously reserved accounts. The increase at our Macao operations resulted from an increase of $12 million in provision during the current quarter, partially offset by an increase of $4 million in settlements of previously reserved accounts. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
General and administrative expenses increased due to increases of $24 million and $15 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to increases of $7 million in payroll and related expenses, $5 million in property taxes, $5 million in facilities expenses, primarily related to repairs and maintenance, and $4 million in marketing expenses. The increase at our Macao operations was primarily due to increases of $8 million in facilities expenses, primarily relating to repairs and maintenance, $3 million in marketing expenses and $2 million in payroll and related expenses.
Pre-opening expenses for the three months ended June 30, 2026 were $5 million at Marina Bay Sands, primarily related to property taxes for the MBS Expansion Project, as defined below. Pre-opening expenses for the three months ended June 30, 2025,
were $6 million and $3 million at our Macao operations and Marina Bay Sands, respectively. Pre-opening expenses at our Macao operations were primarily due to marketing and media expenses for the Londoner Grand. Pre-opening expenses at Marina Bay Sands related to property taxes for the MBS Expansion Project.
Development expenses include the costs that were associated with our evaluation and pursuit of new business opportunities. During the three months ended June 30, 2026, these costs were primarily attributable to $35 million from our digital gaming related efforts and $4 million for opportunities in Texas. During the three months ended June 30, 2025, the costs were primarily attributable to $49 million from our digital gaming related efforts and $19 million for opportunities in New York and Texas.
Depreciation and amortization decreased primarily due to a $20 million decrease at Marina Bay Sands driven by an increase in assets fully depreciated during the prior year and through the first half of the current year.
Segment Adjusted Property EBITDA
The following table summarizes information related to our segments:
Three Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions)
Macao:
The Venetian Macao $ 165 $ 236 $ (71) (30.1) %
The Londoner Macao 192 205 (13) (6.3) %
The Parisian Macao 38 44 (6) (13.6) %
The Plaza Macao and Four Seasons Macao 20 66 (46) (69.7) %
Sands Macao 11 9 2 22.2 %
Ferry Operations and Other 4 6 (2) (33.3) %
430 566 (136) (24.0) %
Marina Bay Sands 689 768 (79) (10.3) %
Consolidated adjusted property EBITDA(1)
$ 1,119 $ 1,334 $ (215) (16.1) %
__________________________
(1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA 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 is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including LVSC, 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. 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. We have 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. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies.
Three Months Ended June 30,
2026 2025
(In millions)
Consolidated adjusted property EBITDA $ 1,119 $ 1,334
Other Operating Costs and Expenses
Stock-based compensation(a)
(6) (5)
Corporate (74) (69)
Pre-opening (5) (9)
Development (43) (69)
Depreciation and amortization (350) (371)
Amortization of leasehold interests in land (21) (20)
Loss on disposal or impairment of assets (2) (8)
Operating income 618 783
Other Non-Operating Costs and Expenses
Interest income 31 42
Interest expense, net of amounts capitalized (189) (194)
Other income (expense) 1 (22)
Income tax expense (88) (90)
Net income $ 373 $ 519
__________________________
(a)During the three months ended June 30, 2026 and 2025, we 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.
Adjusted property EBITDA at our Macao operations decreased $136 million compared with the three months ended June 30, 2025. The decrease was primarily due to a decrease in casino revenues and increases in sales and marketing costs to attract patrons to our properties and payroll and related expenses due to the competitive environment in Macao.
Adjusted property EBITDA at Marina Bay Sands decreased $79 million compared to the three months ended June 30, 2025. The decrease was primarily due to a decrease in casino operations, driven by decreases in table games win percentages and increases in payroll and related expenses and gaming taxes. This decrease was partially offset by an increase in room operations, due to the introduction of new and elevated suites and rooms and other amenities, which were completed in May 2025.
Interest Expense
The following table summarizes information related to interest expense:
Three Months Ended June 30,
2026 2025
(Dollars in millions)
Interest cost
$ 193 $ 196
Less - capitalized interest (4) (2)
Interest expense, net
$ 189 $ 194
Weighted average total debt balance
$ 16,058 $ 15,851
Weighted average interest rate
4.6 % 4.8 %
Interest cost was primarily impacted by a decrease in the weighted average interest rate, partially offset by an increase in our weighted average total debt balance. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility and the 2024 SCL Term Loan Facility, partially offset by higher rates on the LVSC senior notes issued in May 2026. The weighted average total debt balance increased primarily due to (i) the issuance of the LVSC senior notes in May 2026, the proceeds from which were used to repay the $1.0 billion 3.500% LVSC Senior Notes due August 2026 in June 2026; and (ii) the SGD 250 million (approximately $196 million at exchange rates in effect at the time of the transaction) drawn under the 2025 Singapore Credit Facility used for construction purposes and to reimburse the Company for the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gross Floor Area, partially offset by (iii) the repayments of HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility during the three months ended June 30, 2026.
Other Factors Affecting Earnings
Interest income was $31 million for the three months ended June 30, 2026, compared to $42 million for the three months ended June 30, 2025. The decrease was attributable to a decrease in cash available to invest in the U.S. due to share repurchases, dividend payments and development-related spend in the last twelve months and the early settlement of the seller financing loan in May 2026, which bore interest at 4.25% per annum.
Other income was $1 million for the three months ended June 30, 2026, compared to other expense of $22 million for the three months ended June 30, 2025. Other income during the three months ended June 30, 2026, was primarily attributable to foreign currency remeasurement gains on U.S. dollar denominated cash deposits held by Marina Bay Sands Pte. Ltd. ("MBS," our wholly owned subsidiary).
Our income tax expense was $88 million on income before income taxes of $461 million for the three months ended June 30, 2026, resulting in a 19.1% effective income tax rate. This compares to a 14.8% effective income tax rate for the three months ended June 30, 2025. The income tax expense for the three months ended June 30, 2026, reflects a 17% statutory tax rate on our Singapore operations and a 21% corporate income tax on our domestic operations.
Our operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, Venetian Macau Limited ("VML," a subsidiary of SCL) and its peers received a corporate income tax exemption on gaming operations through December 31, 2027. Additionally, we 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, we requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the three 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.
On July 4, 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 is not expected to have a material impact on our 2026 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 net income attributable to noncontrolling interests was $27 million for the three months ended June 30, 2026, compared to $58 million for the three months ended June 30, 2025. These amounts were related to the noncontrolling interest of SCL. The decrease of $31 million was primarily due to a decrease in the net income of SCL for the three months ended June 30, 2026, partially offset by our purchases of additional SCL shares during 2025, which resulted in our ownership of SCL having increased from 73.15% as of June 30, 2025 to 74.80% as of June 30, 2026.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Operating Revenues
Our net revenues consisted of the following:
Six Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions)
Casino $ 5,080 $ 4,542 $ 538 11.8 %
Rooms 736 669 67 10.0 %
Food and beverage 344 288 56 19.4 %
Mall 402 373 29 7.8 %
Convention, retail and other 177 165 12 7.3 %
Total net revenues $ 6,739 $ 6,037 $ 702 11.6 %
Consolidated net revenues increased due to increases of $388 million and $314 million at our Macao operations and Marina Bay Sands, respectively.
Net casino revenues increased due to increases of $313 million and $225 million at our Macao operations and Marina Bay Sands, respectively. Casino revenues at our Macao operations increased due to increases in table games and slot volumes, partially offset by decreases in table games win and slot hold percentages. Casino revenues at Marina Bay Sands increased due to increases in table games and slot volumes, partially offset by decreases in table games win and slot hold percentages. The following table summarizes the results of our casino activity:
Six Months Ended June 30,
2026 2025 Change
(Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues $ 1,013 $ 1,019 (0.6) %
Non-Rolling Chip drop $ 5,036 $ 4,608 9.3 %
Non-Rolling Chip win percentage 21.3 % 23.1 % (1.8) pts
Rolling Chip volume $ 1,985 $ 1,721 15.3 %
Rolling Chip win percentage 2.17 % 2.87 % (0.70) pts
Slot handle $ 2,940 $ 2,776 5.9 %
Slot hold percentage 4.1 % 3.7 % 0.4 pts
The Londoner Macao
Total net casino revenues $ 1,132 $ 897 26.2 %
Non-Rolling Chip drop $ 5,018 $ 3,951 27.0 %
Non-Rolling Chip win percentage 21.9 % 22.4 % (0.5) pts
Rolling Chip volume $ 8,206 $ 3,801 115.9 %
Rolling Chip win percentage 3.47 % 3.85 % (0.38) pts
Slot handle $ 4,446 $ 3,782 17.6 %
Slot hold percentage 3.9 % 3.8 % 0.1 pts
The Parisian Macao
Total net casino revenues $ 341 $ 316 7.9 %
Non-Rolling Chip drop $ 1,702 $ 1,391 22.4 %
Non-Rolling Chip win percentage 20.9 % 21.2 % (0.3) pts
Rolling Chip volume $ 1,517 $ 709 114.0 %
Rolling Chip win percentage
0.74 % 4.25 % (3.51) pts
Slot handle $ 2,445 $ 1,761 38.8 %
Slot hold percentage 3.5 % 3.9 % (0.4) pts
The Plaza Macao and Four Seasons Macao
Total net casino revenues $ 271 $ 254 6.7 %
Non-Rolling Chip drop $ 1,720 $ 1,340 28.4 %
Non-Rolling Chip win percentage 20.9 % 22.3 % (1.4) pts
Rolling Chip volume $ 5,020 $ 3,532 42.1 %
Rolling Chip win percentage 1.77 % 2.53 % (0.76) pts
Slot handle $ - $ 40 (100.0) %
Slot hold percentage - % 2.3 % - pts
Sands Macao
Total net casino revenues $ 173 $ 131 32.1 %
Non-Rolling Chip drop $ 1,028 $ 769 33.7 %
Non-Rolling Chip win percentage 14.1 % 15.0 % (0.9) pts
Rolling Chip volume $ 55 $ 82 (32.9) %
Rolling Chip win percentage 7.46 % 4.62 % 2.84 pts
Slot handle $ 2,944 $ 1,171 151.4 %
Slot hold percentage 2.1 % 3.0 % (0.9) pts
Six Months Ended June 30,
2026 2025 Change
(Dollars in millions)
Singapore Operations:
Marina Bay Sands
Total net casino revenues $ 2,150 $ 1,925 11.7 %
Non-Rolling Chip drop $ 5,522 $ 4,664 18.4 %
Non-Rolling Chip win percentage 22.2 % 23.3 % (1.1) pts
Rolling Chip volume $ 27,234 $ 16,973 60.5 %
Rolling Chip win percentage 3.96 % 4.52 % (0.56) pts
Slot handle $ 12,995 $ 12,004 8.3 %
Slot hold percentage 4.3 % 4.5 % (0.2) pts
In our experience, average win percentages remain fairly consistent when measured over extended periods of time with a significant volume of wagers, but can vary considerably within shorter time periods as a result of the statistical variances associated with games of chance in which large amounts are wagered.
Room revenues increased due to increases of $43 million and $24 million at Marina Bay Sands and our Macao operations, respectively. Marina Bay Sands rooms revenues increased driven by an increase in ADR, as well as an increase in available rooms, primarily due to the May 2025 completion of extensive renovations to introduce world class suites. Room revenues at our Macao operations increased driven by an increase in available rooms in connection with the conversion of the Sheraton towers to the Londoner Grand, which was completed in April 2025. The following table summarizes the results of our room activity:
Six Months Ended June 30,
2026 2025 Change
(Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues $ 94 $ 103 (8.7) %
Occupancy rate 98.6 % 99.2 % (0.6) pts
Average daily room rate (ADR) $ 200 $ 200 - %
Revenue per available room (RevPAR) $ 197 $ 198 (0.5) %
The Londoner Macao
Total room revenues $ 204 $ 168 21.4 %
Occupancy rate 97.3 % 95.2 % 2.1 pts
Average daily room rate (ADR) $ 267 $ 273 (2.2) %
Revenue per available room (RevPAR) $ 259 $ 259 - %
The Parisian Macao
Total room revenues $ 65 $ 69 (5.8) %
Occupancy rate 98.1 % 99.5 % (1.4) pts
Average daily room rate (ADR) $ 145 $ 151 (4.0) %
Revenue per available room (RevPAR) $ 142 $ 150 (5.3) %
The Plaza Macao and Four Seasons Macao
Total room revenues $ 58 $ 57 1.8 %
Occupancy rate 95.0 % 94.7 % 0.3 pts
Average daily room rate (ADR) $ 513 $ 502 2.2 %
Revenue per available room (RevPAR) $ 488 $ 475 2.7 %
Sands Macao
Total room revenues $ 9 $ 9 - %
Occupancy rate 99.2 % 99.1 % 0.1 pts
Average daily room rate (ADR) $ 163 $ 175 (6.9) %
Revenue per available room (RevPAR) $ 161 $ 173 (6.9) %
Singapore Operations:
Marina Bay Sands
Total room revenues $ 306 $ 263 16.3 %
Occupancy rate 95.7 % 95.3 % 0.4 pts
Average daily room rate (ADR) $ 994 $ 906 9.7 %
Revenue per available room (RevPAR) $ 951 $ 863 10.2 %
Food and beverage revenues increased due to increases of $32 million and $24 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was due to increased business volume and the opening of a new venue in July 2025. The increase at our Macao operations was due to increased business volume.
Mall revenues increased due to increases of $17 million and $12 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was driven by increases of $13 million in overage rent, $3 million in base rent and $1 million in revenues related to CAM. The increase at Marina Bay Sands was driven by an $8 million increase in base rent and a $5 million increase in overage rent, partially offset by a $1 million decrease in revenues related to CAM. For further information related to the financial performance of our malls, see "- Additional Information Regarding our Retail Mall Operations." The following table summarizes the results of our mall activity:
Six Months Ended June 30,(1)
2026 2025 Change
(Mall revenues in millions)
Macao Operations:
Shoppes at Venetian
Total mall revenues $ 128 $ 121 5.8 %
Mall gross leasable area (in square feet) 829,874 825,079 0.6 %
Occupancy 89.3 % 85.1 % 4.2 pts
Base rent per square foot $ 281 $ 289 (2.8) %
Tenant sales per square foot
$ 2,161 $ 1,700 27.1 %
Shoppes at Londoner
Total mall revenues $ 48 $ 42 14.3 %
Mall gross leasable area (in square feet) 518,122 517,603 0.1 %
Occupancy 75.9 % 75.6 % 0.3 pts
Base rent per square foot $ 196 $ 176 11.4 %
Tenant sales per square foot
$ 1,886 $ 1,510 24.9 %
Shoppes at Parisian
Total mall revenues $ 9 $ 10 (10.0) %
Mall gross leasable area (in square feet) 253,784 259,506 (2.2) %
Occupancy 66.4 % 74.8 % (8.4) pts
Base rent per square foot $ 77 $ 78 (1.3) %
Tenant sales per square foot
$ 428 $ 471 (9.1) %
Shoppes at Four Seasons
Total mall revenues $ 81 $ 76 6.6 %
Mall gross leasable area (in square feet) 255,317 247,682 3.1 %
Occupancy 92.1 % 94.7 % (2.6) pts
Base rent per square foot $ 624 $ 611 2.1 %
Tenant sales per square foot
$ 4,650 $ 4,337 7.2 %
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues $ 136 $ 124 9.7 %
Mall gross leasable area (in square feet) 616,028 620,513 (0.7) %
Occupancy 100.0 % 98.8 % 1.2 pts
Base rent per square foot $ 401 $ 378 6.1 %
Tenant sales per square foot
$ 3,279 $ 2,837 15.6 %
__________________________
Note: This table excludes the results of our retail outlets at Sands Macao.
(1) As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of June 30, 2026 and 2025, they are identical to the summary presented herein for the three months ended June 30, 2026 and 2025, respectively.
Convention, retail and other revenues increased due to increases of $10 million and $2 million at our Macao operations and Marina Bay Sands, respectively. The increase in Macao was primarily due to increases of $5 million in limo revenues, $3 million in convention revenues and $2 million in retail revenues, due to a new retail shop that opened in September 2025. The increase at Marina Bay Sands was primarily due to increases of $1 million each in SkyPark and limo revenues.
Operating Expenses
Our operating expenses consisted of the following:
Six Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions)
Casino $ 2,854 $ 2,399 $ 455 19.0 %
Rooms 186 168 18 10.7 %
Food and beverage 294 256 38 14.8 %
Mall 47 44 3 6.8 %
Convention, retail and other 129 116 13 11.2 %
Provision for credit losses 65 21 44 209.5 %
General and administrative 633 565 68 12.0 %
Corporate 157 142 15 10.6 %
Pre-opening 9 13 (4) (30.8) %
Development 84 138 (54) (39.1) %
Depreciation and amortization 707 733 (26) (3.5) %
Amortization of leasehold interests in land 42 35 7 20.0 %
Loss on disposal or impairment of assets 10 15 (5) (33.3) %
Total operating expenses $ 5,217 $ 4,645 $ 572 12.3 %
Operating expenses increased due primarily to increases of $427 million and $230 million at our Macao operations and Marina Bay Sands, respectively.
Casino expenses increased due to increases of $343 million and $112 million at our Macao operations and Marina Bay Sands, respectively. The increase at our Macao operations was primarily due to a $228 million increase in gaming taxes, consistent with increased gross gaming revenues, and increases of $60 million in payroll and related expenses and $27 million in casino marketing expenses. The increase at Marina Bay Sands was primarily due to a $70 million increase in gaming taxes, consistent with increased gross gaming revenues, as well as an increase in gaming tax rates from 8% to 12% on premium play due to the tiered tax structure in Singapore as we met the thresholds in June 2026 versus July 2025, and a $21 million increase in payroll and related expenses.
Room expenses increased due to increases of $9 million each at Marina Bay Sands and our Macao operations. These increases were driven by an increase in payroll and related expenses of $6 million and $4 million at our Macao operations and Marina Bay Sands, respectively, and higher costs associated with new and elevated suites and rooms introduced at Marina Bay Sands.
Food and beverage expenses increased due to increases of $22 million and $16 million at Marina Bay Sands and our Macao operations, respectively. The increases were driven by increased business volumes and an increase in payroll and related expenses of $13 million and $5 million at Marina Bay Sands and our Macao operations, respectively.
Convention, retail and other expenses increased due to increases of $11 million and $2 million at our Macao operations and Marina Bay Sands, respectively. The increases at our Macao operations were primarily due to increases of $5 million in limo expenses, consistent with increased revenues, $3 million in ferry operations, due to increased fuel and oil prices, $2 million in entertainment expenses, consistent with increased revenues, and $2 million in retail expenses. The increase at Marina Bay Sands was primarily due to increases of $1 million each in convention and entertainment expenses.
Provision for credit losses increased due to increases of $26 million and $18 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands resulted from an increase of $53 million in provision during the current period, partially offset by an increase of $27 million in settlement of previously reserved accounts. The increase at our Macao operations resulted from an increase of $24 million in provision for the current period, partially offset by an increase of $6 million in settlements of previously reserved accounts. The amount of this provision can vary over short periods of time because of factors specific to the patrons who owe us money from gaming activities. We believe the amount of our provision for credit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
General and administrative expenses increased due to increases of $42 million and $26 million at Marina Bay Sands and our Macao operations, respectively. The increase at Marina Bay Sands was primarily due to increases of $17 million in payroll and related expenses, $8 million in facilities expenses, primarily related to contract labor and repairs and maintenance, $7 million in property tax, and $4 million in marketing expenses, primarily related to media campaigns. The increase at our Macao operations was
primarily due to increases of $14 million in facilities expenses, primarily related to repairs and maintenance, $7 million in marketing expenses and $3 million in payroll and related expenses.
Corporate expenses increased primarily due to increases of $15 million in payroll and related expenses, driven by the acceleration of restricted stock units that were granted during the first half of the year, $2 million in information technology related costs, $2 million in travel, $2 million in professional fees and services and $5 million in other expenses, partially offset by an $11 million reversal of previously accrued legal fees.
Pre-opening expenses for the six months ended June 30, 2026 were $9 million at Marina Bay Sands, primarily related to property taxes for the MBS Expansion Project. Pre-opening expenses for the six months ended June 30, 2025 were $8 million and $5 million at our Macao operations and Marina Bay Sands, respectively. Pre-opening expenses at our Macao operations related to marketing and media expenses for the Londoner Grand. Pre-opening expenses at Marina Bay Sands were due to property taxes related to the MBS Expansion Project.
Development expenses include the costs that were associated with our evaluation and pursuit of new business opportunities. During the six months ended June 30, 2026, these costs were primarily attributable to $69 million from our digital gaming related efforts and $9 million for opportunities in Texas. During the six months ended June 30, 2025, these costs were primarily attributable to $95 million from our digital gaming related efforts and $41 million for opportunities in Texas and New York.
Depreciation and amortization decreased $26 million at Marina Bay Sands, partially offset by an increase of $2 million at our Macao operations. The decrease at Marina Bay Sands was due to an increase in assets fully depreciated during the prior year and through the first half of the current year.
Loss on disposal or impairment of assets was $10 million for the six months ended June 30, 2026, primarily related to a $5 million impairment due to our decision to not continue the development of certain digital gaming activities, $3 million in asset disposals at our Macao operations, primarily at The Londoner Macao, $3 million in demolition costs, primarily related to The Venetian Macao room renovations, and $2 million in asset disposals at Marina Bay Sands, partially offset by a $3 million gain on disposal primarily from the sale of two ferries in Macao.
Segment Adjusted Property EBITDA
The following table summarizes information related to our segments:
Six Months Ended June 30,
2026 2025
Dollar
Change
Percent
Change
(Dollars in millions)
Macao:
The Venetian Macao $ 403 $ 461 $ (58) (12.6) %
The Londoner Macao 415 358 57 15.9 %
The Parisian Macao 84 110 (26) (23.6) %
The Plaza Macao and Four Seasons Macao 134 140 (6) (4.3) %
Sands Macao 20 19 1 5.3 %
Ferry Operations and Other 7 13 (6) (46.2) %
1,063 1,101 (38) (3.5) %
Marina Bay Sands 1,477 1,373 104 7.6 %
Consolidated adjusted property EBITDA(1)
$ 2,540 $ 2,474 $ 66 2.7 %
____________________
(1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA 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 is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including LVSC, 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. 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.
We have 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. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies.
Six Months Ended June 30,
2026 2025
(In millions)
Consolidated adjusted property EBITDA $ 2,540 $ 2,474
Other Operating Costs and Expenses
Stock-based compensation(a)
(9) (6)
Corporate (157) (142)
Pre-opening (9) (13)
Development (84) (138)
Depreciation and amortization (707) (733)
Amortization of leasehold interests in land (42) (35)
Loss on disposal or impairment of assets (10) (15)
Operating income 1,522 1,392
Other Non-Operating Costs and Expenses
Interest income 66 84
Interest expense, net of amounts capitalized (377) (368)
Other expense (2) (23)
Loss on modification or early retirement of debt - (5)
Income tax expense (195) (153)
Net income $ 1,014 $ 927
____________________
(a)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.
Adjusted property EBITDA at our Macao operations decreased $38 million compared to the six months ended June 30, 2025. The decrease was primarily due to increases in casino expenses, primarily in sales and marketing costs to attract patrons to our properties, and payroll and related expenses due to the competitive environment in Macao. The decrease was partially offset by an overall increase in revenues at The Londoner Macao, primarily due to the completion of the Londoner Grand in April 2025.
Adjusted property EBITDA at Marina Bay Sands increased $104 million compared to the six months ended June 30, 2025. The increase was primarily due to an overall increase in revenues, primarily in our casino and room operations, driven by increased table games volumes and the introduction of new and elevated suites and rooms and other amenities, which were completed in May 2025.
Interest Expense
The following table summarizes information related to interest expense:
Six Months Ended June 30,
2026 2025
(Dollars in millions)
Interest cost
$ 384 $ 373
Less - capitalized interest
(7) (5)
Interest expense, net
$ 377 $ 368
Weighted average total debt balance
$ 16,027 $ 14,861
Weighted average interest rate
4.6 % 4.8 %
Interest cost was primarily impacted by an increase in our weighted average total debt balance, partially offset by a decrease in the weighted average interest rate. The weighted average total debt balance increased primarily due to (i) the issuances of the LVSC senior notes in an aggregate amount of $2.50 billion in May 2026 and May 2025, the proceeds from which were used to repay the $1.0 billion 3.500% LVSC Senior Notes due August 2026 in June 2026 and $500 million 2.900% LVSC Senior Notes due June 2025 in
June 2025, and to fund our share repurchases; and (ii) additional borrowings under the 2025 Singapore Credit Facility used to fund the payments due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Land Premium and for construction purposes, partially offset by (iii) the repayments of HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility during the three months ended June 30, 2026. The weighted average interest rate decreased primarily due to lower interest rates on the 2025 Singapore Credit Facility and 2024 SCL Term Loan Facility, partially offset by higher rates on the LVSC senior notes issued in May 2026.
Other Factors Affecting Earnings
Interest income was $66 million for the six months ended June 30, 2026, compared to $84 million for the six months ended June 30, 2025. The decrease was attributable to a decrease in cash available to invest due to share repurchases, dividend payments and development-related spend in the last twelve months and the early settlement of the seller financing loan in May 2026, which bore interest at 4.25% per annum.
Other expense was $2 million for the six months ended June 30, 2026, compared to $23 million for the six months ended June 30, 2025. Other expense during the six months ended June 30, 2026, was primarily attributable to foreign currency remeasurement losses driven by U.S. dollar denominated debt held by Sands China Ltd. ("SCL"), partially offset by foreign currency remeasurement gains on U.S. dollar denominated cash deposits held by MBS.
Our income tax expense was $195 million on income before income taxes of $1.21 billion for the six months ended June 30, 2026, resulting in a 16.1% effective income tax rate. This compares to a 14.2% effective income tax rate for the six months ended June 30, 2025. The income tax expense for the six months ended June 30, 2026, reflects a 17% statutory tax rate on our Singapore operations and a 21% corporate income tax on our domestic operations.
Our operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, VML and its peers received a corporate income tax exemption on gaming operations through December 31, 2027. Additionally, we 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, we 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.
On July 4, 2025, the U.S. enacted tax legislation referred to as the 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 is not expected to have a material impact on our 2026 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 net income attributable to noncontrolling interests was $101 million for the six months ended June 30, 2026, compared to $114 million for the six months ended June 30, 2025. These amounts were related to the noncontrolling interest of SCL. The decrease of $13 million was primarily due to a decrease in the net income of SCL for the six months ended June 30, 2026, partially offset by our purchases of additional SCL shares during 2025, which resulted in our ownership of SCL having increased from 73.15% as of June 30, 2025 to 74.80% as of June 30, 2026.
Additional Information Regarding our Retail Mall Operations
We own and operate retail malls at our Integrated Resorts at The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao, The Parisian Macao and Marina Bay Sands. Our malls are designed to complement our other unique amenities and service offerings provided by our Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our patrons and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents and reimbursements for CAM and other expenditures.
The following table summarizes the results of our mall operations on the Cotai Strip and at Marina Bay Sands for the three and six months ended June 30, 2026 and 2025:
Shoppes at
Venetian 		Shoppes at
Four
Seasons 		Shoppes at
Londoner 		Shoppes at
Parisian 		The Shoppes at Marina
Bay Sands
(In millions)
For the three months ended June 30, 2026
Mall revenues:
Minimum rents(1)
$ 48 $ 29 $ 14 $ 3 $ 51
Overage rents 5 9 4 - 9
CAM, levies and direct recoveries 9 3 5 2 7
Total mall revenues 62 41 23 5 67
Mall operating expenses:
Common area maintenance 4 1 3 1 6
Marketing and other direct operating expenses 3 2 1 1 -
Mall operating expenses
7 3 4 2 6
Property taxes(2)
1 - - - 2
Mall-related expenses(3)
$ 8 $ 3 $ 4 $ 2 $ 8
For the three months ended June 30, 2025
Mall revenues:
Minimum rents(1)
$ 48 $ 29 $ 13 $ 2 $ 48
Overage rents 5 5 2 2 6
CAM, levies and direct recoveries 9 3 6 1 8
Total mall revenues 62 37 21 5 62
Mall operating expenses:
Common area maintenance 3 2 2 1 6
Marketing and other direct operating expenses 3 2 2 1 -
Mall operating expenses
6 4 4 2 6
Property taxes(2)
1 - - - 2
Mall-related expenses(3)
$ 7 $ 4 $ 4 $ 2 $ 8
For the six months ended June 30, 2026
Mall revenues:
Minimum rents(1)
$ 97 $ 59 $ 28 $ 5 $ 102
Overage rents 14 16 8 1 19
CAM, levies and direct recoveries 17 6 12 3 15
Total mall revenues 128 81 48 9 136
Mall operating expenses:
Common area maintenance 8 3 5 2 12
Marketing and other direct operating expenses 8 4 2 2 1
Mall operating expenses
16 7 7 4 13
Property taxes(2)
1 - - - 3
Mall-related expenses(3)
$ 17 $ 7 $ 7 $ 4 $ 16
Shoppes at
Venetian 		Shoppes at
Four
Seasons 		Shoppes at
Londoner 		Shoppes at
Parisian 		The Shoppes at Marina
Bay Sands
(In millions)
For the six months ended June 30, 2025
Mall revenues:
Minimum rents(1)
$ 96 $ 58 $ 27 $ 5 $ 94
Overage rents 8 12 4 2 14
CAM, levies and direct recoveries 17 6 11 3 16
Total mall revenues 121 76 42 10 124
Mall operating expenses:
Common area maintenance 7 3 4 2 12
Marketing and other direct operating expenses 6 4 3 2 1
Mall operating expenses
13 7 7 4 13
Property taxes(2)
1 - - - 3
Mall-related expenses(3)
$ 14 $ 7 $ 7 $ 4 $ 16
____________________
Note: This table excludes the results of our retail outlets at Sands Macao.
(1)Minimum rents include base rents and straight-line adjustments of base rents.
(2)Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. If the property also qualifies for Tourism Utility Status, the property tax exemption can be extended to twelve years with effect from the opening of the property. The exemption for The Venetian Macao and The Plaza Macao and Four Seasons Macao expired, and the exemption for The Londoner Macao and The Parisian Macao will be expiring in December 2027 and September 2028, respectively.
(3)Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for credit losses, but excludes depreciation and amortization and general and administrative costs.
It is common in the mall operating industry for companies to disclose mall net operating income ("NOI") as a useful supplemental measure of a mall's operating performance. Because NOI excludes general and administrative expenses, interest expense, impairment losses, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests and provision for income taxes, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.
In the table above, we believe taking total mall revenues less mall-related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies.
Development Projects
We regularly evaluate opportunities to improve our product offerings, such as refreshing our meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and our gaming areas, as well as other anticipated revenue-generating additions to our Integrated Resorts.
Macao
As part of the gaming concession entered into by VML and the Macao government (the "Concession"), 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, we 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, MBS and the 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 our 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.
Our estimated total project cost is approximately $8.0 billion, inclusive of financing fees and interest, and land premiums. We have 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.
Other
We continue to evaluate additional development projects in each of our markets and pursue new development opportunities globally.
Liquidity and Capital Resources
Cash Flows - Summary
Our cash flows consisted of the following:
Six Months Ended June 30,
2026 2025
(In millions)
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)
Cash Flows - Operating Activities
Table games play at our properties is conducted on a cash and credit basis, while slot machine play is primarily conducted on a cash basis. Our rooms, food and beverage and other non-gaming revenues are conducted primarily on a cash basis and to a lesser extent as a trade receivable. Operating cash flows are generally affected by changes in operating income, accounts receivable, gaming related liabilities and interest payments. Cash flows from operating activities for the six months ended June 30, 2026, increased $709 million compared to the six months ended June 30, 2025. The increase in cash generated from operations was primarily due to our Singapore operations generating increased operating income and the $848 million payment for MBS' purchase of the Additional Gaming Area that occurred in 2025. The increase was partially offset by a decrease in operating income from our Macao operations, the $137 million payment for MBS' Additional Gross Floor Area in March 2026 and a decrease in cash related to changes in working capital, primarily from accounts receivable, accruals for gaming taxes and patron-related liabilities.
Cash Flows - Investing Activities
Capital expenditures for the six months ended June 30, 2026, totaled $526 million. Included in this amount were construction, development and maintenance related costs of $317 million at Marina Bay Sands in Singapore and $175 million in Macao, which consisted of $104 million for The Venetian Macao, $39 million for The Londoner Macao and $32 million for the other Macao properties, and $34 million for corporate and other costs. Additionally, in May 2026, we received $1.26 billion in proceeds from the early repayment of the seller financing loan related to the sale of our Las Vegas real property and operations.
Capital expenditures for the six months ended June 30, 2025, totaled $665 million. Included in this amount were construction, development and maintenance related costs of $335 million in Macao, which consisted of $229 million for The Londoner Macao, primarily due to the Londoner Grand, $86 million for The Venetian Macao and $20 million for the other Macao properties and $304 million at Marina Bay Sands in Singapore, primarily due to the room renovations being completed across the property, and $26 million for corporate and other costs. Additionally, in March 2025, we paid approximately $75 million to the Singapore Gambling Regulatory Authority as part of the process to renew our gaming license at Marina Bay Sands, which gaming license now expires in April 2028.
Cash Flows - Financing Activities
Net cash flows used in financing activities were $2.62 billion for the six months ended June 30, 2026. We utilized $1.54 billion for common stock repurchases (inclusive of payments for excise tax), $530 million for dividend and noncontrolling interest payments and net repayments of debt of $486 million primarily related to repayments on the 2024 SCL Revolving Facility, partially offset by proceeds from the 2025 Singapore Delayed Draw Term Loan Facility. Additionally, we paid $55 million in other financial liability payments.
Net cash flows used in financing activities were $180 million for the six months ended June 30, 2025. We utilized $1.22 billion for common stock repurchases, $425 million for dividend and noncontrolling interest payments and $201 million for deferred offering costs for the refinancing of the LVSC senior notes due June 2025 and the 2025 Singapore Credit Facility, and the draw down on the 2024 SCL Term Loan Facility. Additionally, there were net proceeds of debt of $1.93 billion, primarily related to net proceeds received from the issuance of the LVSC senior notes in May 2025 and the 2025 Singapore Credit Facility. Lastly, we paid $24 million in other financial liability payments.
Capital Financing Overview
We fund our development projects primarily through borrowings from our debt instruments and operating cash flows.
In January 2026, we 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.
In April and June 2026, we paid an aggregate of HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the payments) toward the outstanding balance under the 2024 SCL Revolving Facility.
In April 2026, we 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 for construction purposes and for the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gross Floor Area.
In May 2026, in an underwritten public offering, we issued two series of senior unsecured notes in an aggregate principal amount of $1.0 billion (see "Part I - Item 1 - Financial Statements - Notes to Condensed Consolidated Financial Statements - Note 3 - Debt"). In June 2026, the net proceeds from the offering, together with cash on hand, were used to redeem in full the outstanding
principal under 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.
Our U.S., SCL and Singapore credit facilities contain various financial covenants, which include maintaining a maximum leverage ratio, as defined per the respective facility agreements. As of June 30, 2026, our U.S., SCL and Singapore leverage ratios, as defined per the respective credit facility agreements, were 1.53x, 3.18x and 1.42x, respectively, compared to the maximum leverage ratios allowed of 4.00x, 4.00x and 4.50x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities.
We held unrestricted cash and cash equivalents of $3.38 billion and restricted cash of $125 million as of June 30, 2026, of which approximately $1.37 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $1.37 billion, approximately $1.16 billion is available to be repatriated, either in the form of dividends or via intercompany loans or advances, to the U.S., subject to levels of earnings, cash flow generated from gaming operations and various other factors, including dividend requirements to third-party public stockholders in the case of funds being repatriated from SCL, compliance with certain local statutes, laws and regulations currently applicable to our subsidiaries and restrictions in connection with their contractual arrangements. We do not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise.
We believe we have a strong balance sheet and sufficient liquidity in place, including unrestricted cash and cash equivalents of $3.38 billion and cash flow generated from operations, as well as $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
We believe we are well positioned to support our operations, maintain compliance with the financial covenants of our credit facilities and fund our working capital needs, committed and planned capital expenditures, development opportunities, debt obligations and dividend commitments, as well as meet our commitments under the Macao concession. In the normal course of our activities, we will continue to evaluate global capital markets to consider future opportunities for enhancements of our capital structure.
Dividends
In February and May 2026, we paid a quarterly dividend of $0.30 per common share as part of a regular cash dividend program and, for the six months ended June 30, 2026, we recorded $400 million as a distribution against retained earnings.
In July 2026, our 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. We expect this level of dividend to continue quarterly through the remainder of 2026. Our Board of Directors will continue to assess the level of appropriateness of any cash dividends.
In June 2026, SCL paid a dividend of HKD 0.50 per share to SCL shareholders (a total of $517 million, of which we retained $387 million during the six months ended June 30, 2026).
Share Repurchase Program
During the six months ended June 30, 2026, we repurchased 28 million shares of our common stock for $1.54 billion (including $15 million in excise tax) under our current program. As of June 30, 2026, the remaining amount authorized under the share repurchase program was $29 million. In July 2026, our 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 our common stock have been recorded as treasury stock.
Repurchases of our common stock are made at our 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 and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, cash flows, legal requirements, other investment opportunities and market conditions.
Aggregate Indebtedness and Other Contractual Obligations
As of June 30, 2026, there had been no material changes to our aggregated indebtedness and other contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2025, with the exception of the new LVSC senior notes, the draw down on the 2025 Singapore Delayed Draw Term Loan Facility and the 2024 SCL Revolving Facility and the associated interest payments and, the extinguishment of the LVSC Senior Notes due August 2026 and the repayments on the 2024 SCL Revolving Facility.
Payments Due by Period
2026(1)
2027 - 2028 2029 - 2030 Thereafter Total
(In millions)
Debt Obligations
LVSC Senior Notes(2)
$ - $ - $ - $ 1,000 $ 1,000
2024 SCL Revolving Facility(2)
- - 179 - 179
2025 Singapore Delayed Draw Term Loan Facility(2)
- - 17 1,101 1,118
Fixed interest payments
28 110 110 83 331
Variable interest payments(3)
18 73 61 24 176
Total $ 46 $ 183 $ 367 $ 2,208 $ 2,804
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(1)Represents the six-month period ending December 31, 2026.
(2)See "Item 1 - Financial Statements - Notes to Condensed Consolidated Financial Statements - Note 3 - Debt" for further details on this financing transaction.
(3)Based on the 1-month rate as of June 30, 2026, Hong Kong Interbank Offer Rate ("HIBOR") of 2.94% and Singapore Overnight Rate Average ("SORA") of 1.19%, plus the applicable interest rate spread in accordance with the respective debt agreements.
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this report, the words: "anticipates," "believes," "continues," "estimates," "expects," "intends," "may," "plans," "positions," "remains," "seeks," "will," "would," and similar expressions, as they relate to our Company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve known and unknown risks, uncertainties and other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with:
•Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy;
•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;
•Our business is sensitive to the willingness of our customers to travel;
•We are subject to extensive regulations that govern our operations in any jurisdiction where we operate;
•Certain local gaming laws apply to our gaming activities and associations in jurisdictions where we operate or plan to operate;
•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;
•Our debt instruments, current debt service obligations and substantial indebtedness may restrict our current and future operations;
•We are subject to fluctuations in foreign currency exchange rates;
•We extend credit to a portion of our patrons, and we may not be able to collect gaming receivables from our credit patrons;
•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;
•We face the risk of fraud and cheating;
•Our operations face significant competition, which may increase in the future;
•Our attempts to expand our business into new markets and new ventures, including through acquisitions or strategic transactions, may not be successful;
•There are significant risks associated with our current and planned construction projects;
•Our Macao Concession and Singapore development agreements and casino license can be terminated or redeemed under certain circumstances without compensation to us;
•The number of visitors to our Integrated Resorts, particularly visitors from mainland China, may decline or travel may be disrupted;
•The Macao and Singapore governments could grant additional rights to conduct gaming in the future and increase competition we face;
•Conducting business in Macao and Singapore has certain political and economic risks;
•Our tax arrangements with the Macao government may not be extended on terms favorable to us or at all beyond their expiration dates;
•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;
•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;
•The interests of our principal stockholders in our business may be different from yours;
•Conflicts of interest may arise because certain of our directors and officers are also directors of SCL;
•We depend on the continued services of key personnel;
•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;
•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;
•We may fail to establish and protect our IP rights and could be subject to claims of IP infringement;
•The licensing of our trademarks to third parties could result in reputational harm for us;
•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;
•We are subject to changes in tax laws and regulations;
•Because we own real property, we are subject to environmental regulation;
•We are subject to risks from litigation, investigations, enforcement actions and other disputes;
•We could be negatively impacted by environmental, social and governance and sustainability matters; and
•Other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by the Company with the SEC.
All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. The Company assumes no obligation to update any forward-looking statements, except as required by federal securities laws.
Investors and others should note we announce material financial information using our investor relations website (https://investor.sands.com), our company website, SEC filings, investor events, news and earnings releases, public conference calls and webcasts. We use these channels to communicate with our investors and the public about our company, our products and services, and other issues.
In addition, we post certain information regarding SCL, a subsidiary of LVSC with ordinary shares listed on The Stock Exchange of Hong Kong Limited, from time to time on our company website and our investor relations website. It is possible the information we post regarding SCL could be deemed to be material information.
The contents of these websites are not intended to be incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we file with or furnish to the SEC, and any reference to these websites is intended to be inactive textual references only.
Las Vegas Sands Corporation published this content on July 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 24, 2026 at 20:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]