Form 8-K

8-K — LAS VEGAS SANDS CORP

Accession: 0001300514-26-000039

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0001300514

SIC: 7011 (HOTELS & MOTELS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lvs-20260422.htm (Primary)

EX-99.1 (lvs_ex991x03312026.htm)

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8-K

8-K (Primary)

Filename: lvs-20260422.htm · Sequence: 1

lvs-20260422

0001300514false00013005142026-04-222026-04-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 22, 2026

LAS VEGAS SANDS CORP.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation)

001-32373 27-0099920

(Commission File Number) (IRS Employer Identification No.)

5420 S. Durango Dr., Las Vegas, Nevada, 89113

(Address of principal executive offices) (Zip Code)

(702) 923-9000

(Registrant's Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock ($0.001 par value) LVS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 - Results of Operations and Financial Condition.

On April 22, 2026, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the first quarter ended March 31, 2026. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s first quarter ended March 31, 2026 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) including “adjusted net income (loss),” “adjusted earnings (loss) per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The Company believes these measures represent important internal measures of financial performance. The specific reasons why the Company’s management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are set forth in the press release.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1

Press Release, dated April 22, 2026

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: April 22, 2026

LAS VEGAS SANDS CORP.

By:

/S/ RANDY HYZAK

Name: Randy Hyzak

Title: Executive Vice President and Chief Financial Officer

EX-99.1

Filename: lvs_ex991x03312026.htm · Sequence: 2

Document

EXHIBIT 99.1

Las Vegas Sands Reports

First Quarter 2026 Results

For the quarter ended March 31, 2026

•Net Revenue Increased 25.3% to $3.59 billion

•Net Income Increased 57.1% to $641 million

•Diluted Earnings per Share Increased 73.5% to $0.85 per Share

•Consolidated Adjusted Property EBITDA Increased 24.6% to $1.42 billion

•LVS Repurchased $740 million of Common Stock

LAS VEGAS, April 22, 2026 - Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended March 31, 2026.

“We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders,” said Patrick Dumont, chairman and chief executive officer.

“Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”

Net revenue was $3.59 billion, compared to $2.86 billion in the prior year quarter. Operating income was $904 million, compared to $609 million in the prior year quarter. Net income in the first quarter of 2026 was $641 million, compared to $408 million in the first quarter of 2025.

Consolidated adjusted property EBITDA was $1.42 billion, compared to $1.14 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL increased 23.6% to $2.10 billion, compared to the first quarter of 2025. Net income for SCL increased 45.5% to $294 million, compared to $202 million in the first quarter of 2025.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $188 million for the first quarter of 2026, compared to $174 million in the prior year quarter. Our weighted average debt balance was $16.0 billion during the first quarter of 2026, compared to $13.86 billion during the first quarter of 2025. Our weighted average borrowing cost was 4.6% during the first quarter of 2026, compared to 4.9% during the first quarter of 2025.

Our effective income tax rate for the first quarter of 2026 was 14.3%, compared to 13.4% in the prior year quarter. The income tax rate for the first quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns

During the first quarter of 2026, we repurchased $740 million of our common stock (approximately 13 million shares at a weighted average price of $56.64). The remaining amount authorized under our share repurchase program was $817 million as of March 31, 2026. Since the resumption of our share repurchase program in the fourth quarter of 2023 through March 31, 2026, we have repurchased 14.3% of our outstanding shares, approximately 109 million shares of our common stock at an average price of $47.95, for a total investment of $5.24 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.

We paid a quarterly dividend of $0.30 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on May 13, 2026, to Las Vegas Sands stockholders of record on May 5, 2026.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2026 were $3.33 billion.

As of March 31, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.57 billion.

In April 2026, the company repaid HKD 2.40 billion (approximately $307 million at exchange rates in effect at the time of the transaction) of the outstanding balance under the 2024 SCL Revolving Facility.

As of April 22, 2026, the company has access to $3.97 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.94 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.

Capital Expenditures

Capital expenditures during the first quarter totaled $194 million, including construction, development and maintenance activities of $102 million at Marina Bay Sands and $89 million in Macao.

###

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, April 22, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.

About Sands (NYSE: LVS)

Sands is the leading global developer and operator of integrated resorts. The company’s iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

Sands’ portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company’s ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune’s list of the World’s Most Admired Companies. To learn more, visit www.sands.com.

Forward-Looking Statements

This press release 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 press release, the words “anticipates,” “believes,” “can,” “continues,” “estimates,” “expects,” “goals,” “intends,” “looks forward to,” “may,” “opportunities,” “plans,” “positions,” “remains,” “seeks,” “targets,” “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 a number of risks, uncertainties or 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 gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations

due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries’ ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Contacts:

Investment Community:

Daniel Briggs

daniel.briggs@sands.com

Media:

Ron Reese

ron.reese@sands.com

Las Vegas Sands Corp.

First Quarter 2026 Results

Non-GAAP Financial Measures

Within the company’s first quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company’s consolidated financial information prepared in accordance with GAAP including “adjusted net income (loss),” “adjusted earnings (loss) per diluted share” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company’s website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company’s management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company’s financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company’s operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many

as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, 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 Las Vegas Sands, 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 (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

March 31,

2026 2025

Revenues:

Casino $ 2,739 $ 2,127

Rooms 377 324

Food and beverage 176 141

Mall 204 186

Convention, retail and other 89 84

Net revenues 3,585 2,862

Operating expenses:

Resort operations 2,167 1,723

Corporate 83 73

Pre-opening 4 4

Development 41 69

Depreciation and amortization 357 362

Amortization of leasehold interests in land 21 15

Loss on disposal or impairment of assets 8 7

2,681 2,253

Operating income

904 609

Other income (expense):

Interest income 35 42

Interest expense, net of amounts capitalized (188) (174)

Other expense (3) (1)

Loss on modification or early retirement of debt — (5)

Income before income taxes 748 471

Income tax expense (107) (63)

Net income 641 408

Net income attributable to noncontrolling interests (74) (56)

Net income attributable to Las Vegas Sands Corp. $ 567 $ 352

Earnings per share:

Basic

$ 0.85 $ 0.49

Diluted

$ 0.85 $ 0.49

Weighted average shares outstanding:

Basic 669 712

Diluted 671 713

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

March 31,

2026 2025

Net Revenues

The Venetian Macao $ 710 $ 638

The Londoner Macao 754 529

The Parisian Macao 229 227

The Plaza Macao and Four Seasons Macao 290 208

Sands Macao 93 75

Ferry Operations and Other 38 32

Macao Operations 2,114 1,709

Marina Bay Sands 1,487 1,163

Intercompany Royalties 87 61

Intersegment Eliminations(1)

(103) (71)

$ 3,585 $ 2,862

Adjusted Property EBITDA

The Venetian Macao $ 238 $ 225

The Londoner Macao 223 153

The Parisian Macao 46 66

The Plaza Macao and Four Seasons Macao 114 74

Sands Macao 9 10

Ferry Operations and Other 3 7

Macao Operations 633 535

Marina Bay Sands 788 605

$ 1,421 $ 1,140

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao 33.5 % 35.3 %

The Londoner Macao 29.6 % 28.9 %

The Parisian Macao 20.1 % 29.1 %

The Plaza Macao and Four Seasons Macao 39.3 % 35.6 %

Sands Macao 9.7 % 13.3 %

Ferry Operations and Other 7.9 % 21.9 %

Macao Operations 29.9 % 31.3 %

Marina Bay Sands 53.0 % 52.0 %

Total 39.6 % 39.8 %

____________________

(1) Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Financial Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:

Three Months Ended

March 31

2026 2025

Net income

$ 641 $ 408

Add (deduct):

Income tax expense 107 63

Loss on modification or early retirement of debt — 5

Other expense 3 1

Interest expense, net of amounts capitalized 188 174

Interest income (35) (42)

Loss on disposal or impairment of assets 8 7

Amortization of leasehold interests in land 21 15

Depreciation and amortization 357 362

Development expense 41 69

Pre-opening expense 4 4

Stock-based compensation(1)

3 1

Corporate expense 83 73

Consolidated Adjusted Property EBITDA $ 1,421 $ 1,140

____________________

(1)

During the three months ended March 31, 2026 and 2025, the company recorded stock-based compensation expense of $24 million and $9 million, respectively, of which $21 million and $8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Financial Measure Reconciliation

(In millions, except per share data)

(Unaudited)

The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:

Three Months Ended

March 31,

2026 2025

Net income attributable to LVS $ 567 $ 352

Pre-opening expense 4 4

Development expense 41 69

Loss on disposal or impairment of assets 8 7

Other expense 3 1

Loss on modification or early retirement of debt — 5

Income tax impact on net income adjustments(1)

(9) (14)

Noncontrolling interest impact on net income adjustments (2) (3)

Adjusted net income attributable to LVS $ 612 $ 421

The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:

Three Months Ended

March 31,

2026 2025

Per diluted share of common stock:

Net income attributable to LVS $ 0.85 $ 0.49

Pre-opening expense 0.01 0.01

Development expense 0.06 0.10

Loss on disposal or impairment of assets 0.01 0.01

Loss on modification or early retirement of debt — 0.01

Income tax impact on net income adjustments (0.02) (0.03)

Adjusted earnings per diluted share $ 0.91 $ 0.59

Weighted average diluted shares outstanding 671 713

____________________

(1) The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(In millions)

(Unaudited)

The following reflects the impact on Net Revenues for hold-adjusted win percentage:

Three Months Ended

March 31,

2026 2025

Macao Operations $ (25) $ 17

Marina Bay Sands(1)

7 8

$ (18) $ 25

The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:

Three Months Ended

March 31,

2026 2025

Macao Operations $ (15) $ 10

Marina Bay Sands(1)

6 6

$ (9) $ 16

____________________

Note:

These amounts represent the estimated impact of the hold adjustment that would have occurred had the company’s Rolling Chip win percentage for the three months ended March 31, 2026 and 2025, equaled 3.3% for the Macao operations and 3.6% and 3.8%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

(1)

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. Presentation of the prior year period has been revised to be consistent with that methodology.

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

March 31,

2026 2025

Casino Statistics:

The Venetian Macao:

Table games win per unit per day(1)

$ 10,557 $ 8,834

Slot machine win per unit per day(2)

$ 481 $ 367

Average number of table games 638 668

Average number of slot machines 1,457 1,683

The Londoner Macao:

Table games win per unit per day(1)

$ 15,992 $ 10,437

Slot machine win per unit per day(2)

$ 630 $ 420

Average number of table games 498 495

Average number of slot machines 1,457 1,557

The Parisian Macao:

Table games win per unit per day(1)

$ 8,997 $ 8,205

Slot machine win per unit per day(2)

$ 368 $ 284

Average number of table games 241 248

Average number of slot machines 1,280 1,292

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day(1)

$ 29,872 $ 21,638

Slot machine win per unit per day(2)

$ — $ 107

Average number of table games 112 105

Average number of slot machines(3)

4 49

Sands Macao:

Table games win per unit per day(1)

$ 5,789 $ 6,130

Slot machine win per unit per day(2)

$ 267 $ 237

Average number of table games 144 112

Average number of slot machines 1,187 798

Marina Bay Sands:

Table games win per unit per day(1)

$ 24,834 $ 16,846

Slot machine win per unit per day(2)

$ 1,014 $ 931

Average number of table games 568 543

Average number of slot machines 2,982 2,999

____________________

(1)

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(2) Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(3)

Slot machines were relocated to other properties during the three months ended March 31, 2026.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao March 31,

(Dollars in millions) 2026 2025 Change

Revenues:

Casino $ 556 $ 495 $ 61

Rooms 51 53 (2)

Food and beverage

19 15 4

Mall 66 60 6

Convention, retail and other

18 15 3

Net revenues

$ 710 $ 638 $ 72

Adjusted Property EBITDA $ 238 $ 225 $ 13

EBITDA Margin % 33.5 % 35.3 % (1.8) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$ 957 $ 862 $ 95

Rolling Chip win %(1)

3.85 % 2.18 % 1.67 pts

Non-Rolling Chip drop

$ 2,584 $ 2,260 $ 324

Non-Rolling Chip win %

22.0 % 22.7 % (0.7) pts

Slot handle

$ 1,541 $ 1,404 $ 137

Slot hold %

4.1 % 4.0 % 0.1 pts

Hotel Statistics

Occupancy % 98.9 % 99.8 % (0.9) pts

Average daily room rate (ADR)

$ 202 $ 204 $ (2)

Revenue per available room (RevPAR)

$ 200 $ 204 $ (4)

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Londoner Macao March 31,

(Dollars in millions) 2026 2025 Change

Revenues:

Casino $ 584 $ 402 $ 182

Rooms 104 73 31

Food and beverage

34 24 10

Mall 25 21 4

Convention, retail and other

7 9 (2)

Net revenues

$ 754 $ 529 $ 225

Adjusted Property EBITDA $ 223 $ 153 $ 70

EBITDA Margin % 29.6 % 28.9 % 0.7 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$ 4,683 $ 1,712 $ 2,971

Rolling Chip win %(1)

3.31 % 3.56 % (0.25) pts

Non-Rolling Chip drop

$ 2,435 $ 1,755 $ 680

Non-Rolling Chip win %

23.1 % 23.0 % 0.1 pts

Slot handle

$ 2,219 $ 1,668 $ 551

Slot hold %

3.7 % 3.5 % 0.2 pts

Hotel Statistics

Occupancy %

97.8 % 98.1 % (0.3) pts

Average daily room rate (ADR)

$ 271 $ 291 $ (20)

Revenue per available room (RevPAR)

$ 265 $ 286 $ (21)

____________________

(1)

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao March 31,

(Dollars in millions) 2026 2025 Change

Revenues:

Casino $ 176 $ 173 $ 3

Rooms 33 35 (2)

Food and beverage

14 12 2

Mall 4 5 (1)

Convention, retail and other

2 2 —

Net revenues

$ 229 $ 227 $ 2

Adjusted Property EBITDA $ 46 $ 66 $ (20)

EBITDA Margin % 20.1 % 29.1 % (9.0) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$ 1,348 $ 709 $ 639

Rolling Chip win %(1)

1.11 % 4.25 % (3.14) pts

Non-Rolling Chip drop

$ 886 $ 728 $ 158

Non-Rolling Chip win %

20.3 % 21.0 % (0.7) pts

Slot handle

$ 1,143 $ 889 $ 254

Slot hold %

3.7 % 3.7 % — pts

Hotel Statistics

Occupancy %

98.7 % 99.8 % (1.1) pts

Average daily room rate (ADR)

$ 148 $ 154 $ (6)

Revenue per available room (RevPAR)

$ 146 $ 154 $ (8)

____________________

(1)

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao March 31,

(Dollars in millions) 2026 2025 Change

Revenues:

Casino $ 212 $ 132 $ 80

Rooms 30 29 1

Food and beverage

7 7 —

Mall 40 39 1

Convention, retail and other

1 1 —

Net revenues

$ 290 $ 208 $ 82

Adjusted Property EBITDA $ 114 $ 74 $ 40

EBITDA Margin % 39.3 % 35.6 % 3.7 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$ 2,195 $ 2,132 $ 63

Rolling Chip win %(1)

5.54 % 2.40 % 3.14 pts

Non-Rolling Chip drop

$ 881 $ 686 $ 195

Non-Rolling Chip win %

20.3 % 22.2 % (1.9) pts

Slot handle

$ — $ 21 $ (21)

Slot hold %

— % 2.2 % (2.2) pts

Hotel Statistics

Occupancy %

94.9 % 97.2 % (2.3) pts

Average daily room rate (ADR)

$ 520 $ 502 $ 18

Revenue per available room (RevPAR)

$ 493 $ 488 $ 5

____________________

(1)

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao March 31,

(Dollars in millions) 2026 2025 Change

Revenues:

Casino $ 85 $ 68 $ 17

Rooms 4 5 (1)

Food and beverage

3 2 1

Convention, retail and other

1 — 1

Net revenues

$ 93 $ 75 $ 18

Adjusted Property EBITDA $ 9 $ 10 $ (1)

EBITDA Margin % 9.7 % 13.3 % (3.6) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$ 29 $ 59 $ (30)

Rolling Chip win %(1)

3.63 % 4.23 % (0.60) pts

Non-Rolling Chip drop

$ 531 $ 380 $ 151

Non-Rolling Chip win %

14.0 % 15.6 % (1.6) pts

Slot handle

$ 1,419 $ 582 $ 837

Slot hold %

2.0 % 2.9 % (0.9) pts

Hotel Statistics

Occupancy %

99.0 % 98.8 % 0.2 pts

Average daily room rate (ADR)

$ 163 $ 174 $ (11)

Revenue per available room (RevPAR)

$ 161 $ 172 $ (11)

____________________

(1)

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands March 31,

(Dollars in millions) 2026 2025 Change

Revenues:

Casino $ 1,126 $ 857 $ 269

Rooms 155 129 26

Food and beverage

99 81 18

Mall 69 62 7

Convention, retail and other

38 34 4

Net revenues

$ 1,487 $ 1,163 $ 324

Adjusted Property EBITDA $ 788 $ 605 $ 183

EBITDA Margin % 53.0 % 52.0 % 1.0 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$ 17,965 $ 8,028 $ 9,937

Rolling Chip win %(1)

3.56 % 3.70 % (0.14) pts

Non-Rolling Chip drop

$ 2,925 $ 2,304 $ 621

Non-Rolling Chip win %

21.5 % 22.8 % (1.3) pts

Slot handle

$ 6,613 $ 5,812 $ 801

Slot hold %

4.1 % 4.3 % (0.2) pts

Hotel Statistics

Occupancy %

95.7 % 95.6 % 0.1 pts

Average daily room rate (ADR)

$ 1,006 $ 925 $ 81

Revenue per available room (RevPAR)

$ 963 $ 884 $ 79

____________________

(1)

This compares to our theoretical Rolling Chip win percentage of 3.6% and 3.8% for the three months ended March 31, 2026 and 2025, respectively (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended March 31, 2026 TTM

March 31, 2026

(Dollars in millions except per square foot data)

Gross Revenue(1)

Operating Profit Operating Profit Margin Gross Leasable Area (sq. ft.) Occupancy % at End of Period

Tenant Sales Per Sq. Ft.(2)

Shoppes at Venetian $ 66 $ 57 86.4 % 829,874 89.1 % $ 2,137

Shoppes at Four Seasons

Luxury Retail 30 28 93.3 % 163,929 100.0 % 5,658

Other Stores

10 8 80.0 % 91,388 84.5 % 2,077

40 36 90.0 % 255,317 94.4 % 4,606

Shoppes at Londoner

25 22 88.0 % 518,122 78.0 % 1,765

Shoppes at Parisian

4 2 50.0 % 253,806 72.4 % 430

Total Cotai Strip in Macao 135 117 86.7 % 1,857,119 84.4 % 2,282

The Shoppes at Marina Bay Sands

69 62 89.9 % 620,562 96.6 % 3,068

Total $ 204 $ 179 87.7 % 2,477,681 87.5 % $ 2,512

____________________

Note: This table excludes the results of our retail outlets at Sands Macao.

(1) Gross revenue figures are net of intersegment revenue eliminations.

(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

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