Slides
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2Q25 Earnings Presentation July 23, 2025
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2 This presentation 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 presentation, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “positions,” “remains,” “seeks,” “will,” 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, 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 factors detailed in the reports 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. Within this presentation, the company may make reference to certain non-GAAP financial measures including “adjusted net income/loss,” “adjusted earnings/loss per diluted share,” and “consolidated Adjusted Property EBITDA,” which have directly comparable financial measures presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The specific reasons why the company’s management believes the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands’ financial condition, results of operations and cash flows, as well as reconciliations of the non-GAAPf i n a n c i a l measures to the most directly comparable GAAP measures, are included in the company’s Form 8-K dated July 23, 2025, which is available on the company’s website at www.sands.com. Reconciliations also are available in the Reconciliation of Non-GAAP Financial Measures and Other Financial Information section of this presentation. Forward Looking Statements
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3 Global leader in Integrated Resort development and operation delivering industry-leading returns Largest scale operator in the most important markets with industry-leading revenues and margins Investing in promising growth opportunities Experienced leadership team dedicated to driving long-term shareholder value and maximizing shareholder returns The Investment Case for Las Vegas Sands
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4 Strategic Priorities: Capital investment programs to increase suite capacity in both Macao and Singapore now completed − Increased suite capacity in both markets to attract more high-value business Returning excess capital to shareholders through share repurchase program Pursuing development opportunities in new jurisdictions Strategic Priorities and Market Updates Macao: The growth rate of the Macao market improved in the second quarter of 2025 The Macao market recovery has been led by the premium mass segment The Macao market recovery in the base mass segment remains below 2019 levels Investments to contribute to growth in 2025 and beyond Singapore: Operating environment remains strong Investments to contribute to growth in 2025 and beyond
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($ in US millions, except per share information) LVS Consolidated Second Quarter Financial Results 2Q24 2Q25 Change Net Revenue $2,761 $3,175 $414 Net Income 424 519 95 Net Income Attributable to LVS 353 461 108 Diluted EPS $0.48 $0.66 $0.18 Dividends per Common Share $0.20 $0.25 $0.05 Adjusted Net Income Attributable to LVS 411 547 136 Adjusted Diluted EPS $0.55 $0.79 $0.24 Adjusted Property EBITDA 1,073 1,334 261 Adjusted Property EBITDA Margin 38.9% 42.0% 310 bps Second Quarter 2025 Financial Highlights Quarter Ended June 30, 2025 vs June 30, 2024 5 $800 million of LVS stock repurchased − 20.21 million LVS shares at a weighted average price of $39.59 $175 million of dividends paid by LVS ($0.25 per share) $179 million of SCL shares purchased during the second quarter of 2025, and through July 23, 2025, increasing ownership in SCL to 73.4%
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($ in US millions) Adjusted Property EBITDA 2Q24 2Q25 Change % Change Macao Operations $561 $566 $5 0.9% Adjusted Property EBITDA Margin 32.0% 31.5% -50 bps Marina Bay Sands $512 $768 $256 50.0% Adjusted Property EBITDA Margin 50.4% 55.3% 490 bps LVS Total $1,073 $1,334 $261 24.3% Adjusted Property EBITDA Margin 38.9% 42.0% 310 bps 6 Second Quarter 2025 Adjusted Property EBITDA See slides 7 and 8 for the impact of expected hold in our rolling play in Macao and Singapore In 2Q25 hold on rolling play positively impacted Adjusted Property EBITDA by $7 million in Macao and positively impacted Adjusted Property EBITDA in Singapore by $107 million1 In 2Q24 hold on rolling play negatively impacted Adjusted Property EBITDA by $4 million in Macao and positively impacted Adjusted Property EBITDA in Singapore by $46 million1 1. We revised the expected hold-adjusted win percentage from 3.30% to 3.70% for Marina Bay Sands beginning January 1, 2025, due to the increase in Rolling Chip win percentage experienced over previous two years. The prior year non-GAAP measurement for Marina Bay Sands has also been adjusted to conform to the current period presentation.
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7 Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.30%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. ($ in US millions) Macao Operations 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue $1,754 $1,771 $1,771 $1,709 $1,797 Expected hold impact1 6 4 38 17 (11) Had we held as expected in our rolling play, Net Revenue would have been $11 million lower in 2Q25 Adjusted Property EBITDA 561 585 571 535 566 Expected hold impact1 4 2 22 10 (7) Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $7 million lower in 2Q25 Adjusted Property EBITDA Margin 32.0% 33.0% 32.2% 31.3% 31.5% Expected hold impact1 32.1% 33.1% 32.8% 31.6% 31.3% Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 31.3% in 2Q25
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8 Illustrative Impact of Hold in Our Rolling Play1,2 Marina Bay Sands – Select Quarterly Results 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.70%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. 2. The prior periods’ non-GAAP measurement for Marina Bay Sands have also been adjusted to conform to the current period presen tation. We revised the expected hold-adjusted win percentage from 3.30% to 3.70% beginning January 1, 2025, due to the increase in Rolling Chip win percentage experienced over the previous two years ($ in US millions) Marina Bay Sands 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue $1,016 $919 $1,137 $1,163 $1,388 Expected hold impact1,2 (59) 126 29 - (137) Had we held as expected in our rolling play, Net Revenue would have been $137 million lower in 2Q25 Adjusted Property EBITDA 512 406 537 605 768 Expected hold impact1,2 (46) 98 22 - (107) Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $107 million lower in 2Q25 Adjusted Property EBITDA Margin 50.4% 44.2% 47.2% 52.0% 55.3% Expected hold impact1,2 48.7% 48.2% 47.9% 52.0% 52.8% Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 52.8% in 2Q25
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Macao market overview: The Macao market generated gaming revenue of ~$7.6 billion for 2Q25, up 8% from 2Q24 − Mass gaming revenue was ~$6.5 billion, up 6% compared to 2Q24 Visitation from China excluding Guangdong province in April and May of 2Q251 remained below 2019 level at ~65% of the comparable period in 2019 Total visitation in April and May of 2Q251 was ~0.4 million below the comparable period in 2019 9 Operating Update: Macao Property Portfolio Quarter Ended June 30, 2025 1. Official June 2025 visitation is not yet available from the DSEC; reflects April and May figures for 2025 and 2019. 2. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.30%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. Source: Macao DSEC. Macao portfolio quarterly financial results: Adjusted Property EBITDA was $566 million − Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $7 million2 Mass win was $1.56 billion during 2Q25, up 2% compared to 2Q24 Adjusted Property EBITDA margin was 31.5%
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10 Operating Update: Marina Bay Sands in Singapore Quarter Ended June 30, 2025 Marina Bay Sands property update: Suite renovation and refurbishment program is now completed The resort now features 1,844 keys, including 775 suites Marina Bay Sands quarterly financial results: Adjusted Property EBITDA of $768 million − Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $107 million1 Mass win was $843 million, up 40% from $604 million in 2Q24 Rolling volume was $8.9 billion, up 47% from $6.1 billion in 2Q24 Adjusted Property EBITDA margin was 55.3% 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.70%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.
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$1,073 $991 $1,108 $1,140 $1,334 $0 $300 $600 $900 $1,200 $1,500 2Q24 3Q24 4Q24 1Q25 2Q25 +$100 11 LVS Adjusted Property EBITDA Select Quarterly Results ($ in US millions) LVS Adjusted Property EBITDA Assuming Expected Hold in our Rolling Play1,2 -$42 +$44 +$10 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.30% and 3.70% for Sand s China and Marina Bay Sands, respectively. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxe s and bad debt expense that would have been incurred or avoided. 2. We revised the expected hold-adjusted win percentage from 3.30% to 3.70% for Marina Bay Sands beginning January 1, 2025, due to the increase in Rolling Chip win percentage experienced over the last two years. The prior periods’ non-GAAP measurement for Marina Bay Sands have also been adjusted to conform to the current period presentation. -$114
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Sands China
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1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.30%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. Sands China Ltd. Positioned for Future Growth 13 Non-Rolling Table and Slot Win ($ in US millions) Slot Machines Non-Rolling Tables Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in Our Rolling Play1 +$4 Capital investment programs to increase suite capacity at the Londoner Macao are now completed All 2,405 Londoner Grand rooms and suites are now open Financial results for the quarter ended June 30, 2025: Adjusted Property EBITDA: $566 million with a margin of 31.5% ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $7 million1 lower ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 31.3%1, a decrease of 80 basis points compared to 2Q24 Mass (Non-Rolling tables and slots): ─ Non-Rolling table win was $1.38 billion ─ Slot win was $183 million Rolling volume was $4.4 billion ─ Rolling win was $156 million, hold percentage of 3.56% Occupancy was 96.2% with ADR of $226 Retail revenues: $125 million +$2 +$22 +$10 $1,365 $1,338 $1,366 $1,282 $1,376 $166 $167 $163 $165 $183 $1,531 $1,505 $1,529 $1,447 $1,559 $0 $500 $1,000 $1,500 $2,000 2Q24 3Q24 4Q24 1Q25 2Q25 $561 $585 $571 $535 $566 $0 $200 $400 $600 $800 $1,000 $1,200 2Q24 3Q24 4Q24 1Q25 2Q25 -$7
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($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 2Q24 2Q25 $ % 2Q24 2Q25 $ % 2Q24 2Q25 bps The Venetian Macao $686 $663 ($23) -3.4% $262 $236 ($26) -9.9% 38.2% 35.6% (260) The Londoner Macao 444 642 198 44.6% 103 205 102 99.0% 23.2% 31.9% 870 The Parisian Macao 265 194 (71) -26.8% 83 44 (39) -47.0% 31.3% 22.7% (860) Four Seasons/Plaza Casino 250 194 (56) -22.4% 100 66 (34) -34.0% 40.0% 34.0% (600) Sands Macao 79 71 (8) -10.1% 10 9 (1) -10.0% 12.7% 12.7% 0 Ferry Operations and Other 30 33 3 10.0% 3 6 3 100.0% 10.0% 18.2% 820 Total Macao Portfolio 1,754 1,797 43 2.5% 561 566 5 0.9% 32.0% 31.5% (50) Total Macao Portfolio Margins Assuming Expected Hold in Our Rolling Play 1 32.1% 31.3% (80) Macao Financial Performance Quarter Ended June 30, 2025 vs June 30, 2024 14 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.30%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. Assuming expected hold in our rolling play1, margins would have decreased by 80 bps compared to 2Q24
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$690 $636 $671 $642 $703 $0 $200 $400 $600 $800 2Q24 3Q24 4Q24 1Q25 2Q25 $675 $702 $695 $640 $673 $0 $200 $400 $600 $800 2Q24 3Q24 4Q24 1Q25 2Q25 Avg. Win per Table per Day: $7,626 15 SCL Base Mass Table Win by Quarter Sands China Mass Market Table Update Base Mass and Premium Mass Table Win Note: Sands China’s base mass and premium mass table revenues as presented above are ba sed on the geographic position of non-rolling (mass) tables on the gaming floor. Some high-end mass play occurs in the base mass geographic area. ($ in US millions) SCL Premium Mass Table Win by Quarter Avg. Tables Avg. Win per Table per Day: $14,558 Avg. Tables1,027 1,024 1,006 979 1,013 ($ in US millions) 511 505 517 536 508
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$166 $167 $163 $165 $183 $0 $50 $100 $150 $200 2Q24 3Q24 4Q24 1Q25 2Q25 $1,365 $1,338 $1,366 $1,282 $1,376 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2Q24 3Q24 4Q24 1Q25 2Q25 Avg. Win per Table per Day: $9,941 16 Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win 1. Excludes rolling play. 2. Includes slots and electronic table games. SCL Mass Table1 Win by Quarter ($ in US millions) SCL Slots2 Win by Quarter ($ in US millions) Avg. Win per Unit per Day: $370 Avg. Tables Avg. Slots1,538 1,529 1,523 1,515 1,521 4,494 4,740 4,979 5,380 5,442
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Macao Concessionaire Adjusted Property EBITDA Share SCL Has Consistently Generated the Leading Share of Macao Market EBITDA 17 Note: Covid-19 related travel restrictions were put in place in China in the fi rst quarter of 2020. In early 2023, most of tho se restrictions were reduced or removed. Source: Public company filings (does not include Adj. Property EBITDA from Galaxy’s City Clubs business). SCL has consistently generated the leading share of Macao market EBITDA 21.0% 23.2% 22.9% 21.8% 23.5% 20.3% 20.7% 19.3% 19.4% 21.3% 20.3% 21.7% 22.3% 15.8% 14.8% 13.4% 14.6% 13.8% 15.3% 14.2% 15.2% 16.7% 14.5% 14.0% 15.4% 12.9% 14.1% 15.5% 16.0% 14.6% 10.8% 13.3% 12.5% 12.8% 12.3% 12.9% 13.9% 11.9% 15.3% 8.5% 8.1% 8.9% 8.5% 16.2% 14.0% 13.5% 14.5% 15.9% 16.3% 13.6% 14.4% 15.7% 5.7% 5.6% 5.4% 6.4% 0.4% 3.5% 4.1% 4.6% 5.5% 5.8% 7.1% 6.7% 6.3% 35.0% 32.9% 33.5% 34.1% 35.3% 33.7% 35.0% 33.5% 30.1% 29.1% 31.1% 29.9% 27.4% 0% 20% 40% 60% 80% 100% 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q 23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Competitor A Competitor B Competitor C Competitor D Competitor E SCL
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$5,440 $5,356 $5,523 $5,608 $3,715 $4,730 $5,350 $5,936 $6,171 $6,139 $6,051 $6,292 $6,141 $6,510 $525 $540 $557 $609 $751 $706 $646 $717 $695 $783 $658 $699 $623 $695 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 $7,000 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Mass Win (Tables & Slots) Mass Win per Visit Macao Market: Mass Gaming Mass GGR Tables & Slots 18 Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1,2 Mass win in Macao was ~$6.5 billion for 2Q25, up 6% from 2Q24 ($ US in millions) 1. Market-wide mass GGR for all periods through 1Q25 is defined as mass win (tables and slots) as reported by the casino operat ors in their public filings (does not include revenue from Galaxy’s City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. 2. Market-wide mass GGR for 2Q25 is estimated by LVS management based on DICJ reported data and LVS management’s estimated differences between DICJ reporting and win reported by operators in public filings. Note: Covid-19 related travel restrictions were put in place in China in the fi rst quarter of 2020. In early 2023, most of tho se restrictions were reduced or removed. Source: Public company filings, Macao DSEC, Macao DICJ.
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Tour Group visitation totaled ~330,000 visitors for April and May; this compares to 1.74 million in 2019 ─ There were ~1.41 million fewer tour group visitors to Macao in April and May of 2025 compared to April and May of 2019 19 Macao Visitation Overview April and May 2025 vs April and May 20191 1. June visitation data is not yet available. Source: Macao DSEC statistical database. Visitation to Macao remains below 2019 levels; approximately one million fewer visitors from China excluding Guangdong Province in April and May 2025 (millions) April and May Macao Visitation1 2019 2025 Variance % of 2019 China, excluding Guangdong Province 2.84 1.84 (1.00) 65% Guangdong Province 1.93 2.73 0.80 141% Hong Kong 1.28 1.28 0.00 100% All Other Visitation 0.78 0.62 (0.17) 79% Total Macao Visitation 6.83 6.46 (0.36) 95%
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≥ 125% 20 1. Visitation figures shown exclude visitation from Hong Kong SAR. 2. June visitation data is not yet available. Note: Penetration rates assume that each visitor to Macao is a unique visitor. GDP per Capita defined as 2024 GDP divided by 2024 population (the latest provincial and national data available). Source: Macao DSEC statistical database, Na tional Bureau of Statistics of China. April and May 2025 Visitation - % April and May 2019 Visitation from China to Macao 1 Visitation from China to Macao1 Exclusive of Guangdong Province, Visitation2 Was 65% of 2019 Level Data not available ≥ 100% - < 125%< 100% % of 2019 April and May Visitation Population GDP Per Penetration Province 2019 2025 % of 2019 (MM) Capita (US$) Rate Zhejiang 136,065 141,967 104% 67 $18,767 0.2% Shanghai 119,650 125,469 105% 25 $30,200 0.5% Jiangsu 150,717 115,278 76% 85 $22,318 0.1% Fujian 169,724 103,656 61% 42 $19,132 0.2% Hunan 238,665 100,554 42% 65 $11,306 0.2% Guangxi 193,306 96,051 50% 50 $7,937 0.2% Hubei 177,792 94,151 53% 58 $14,287 0.2% Beijing 64,487 80,328 125% 22 $31,711 0.4% Sichuan 112,581 75,138 67% 84 $10,743 0.1% Jiangxi 96,303 53,230 55% 45 $10,551 0.1% Shandong 53,217 47,852 90% 101 $13,581 0.0% Liaoning 56,763 45,059 79% 42 $10,901 0.1% Henan 108,594 43,871 40% 98 $9,026 0.0% Anhui 60,966 40,240 66% 61 $11,483 0.1% Chongqing 60,467 37,276 62% 32 $14,016 0.1% Hebei 46,492 32,225 69% 74 $8,947 0.0% Jilin 44,347 31,843 72% 23 $8,608 0.1% Shanxi 44,525 31,619 71% 34 $10,275 0.1% Shaanxi 42,939 30,890 72% 40 $12,486 0.1% Heilongjiang 61,074 29,439 48% 30 $7,555 0.1% Tianjin 20,795 17,133 82% 14 $18,353 0.1% Other Provinces (Ex. GD) 778,398 465,758 60% 189 N/A 0.2% China Excluding Guangdong 2,837,867 1,839,027 65% 1,280 $13,096 0.1% Guangdong 1,927,742 2,727,121 141% 128 $15,392 2.1% Total China 4,765,609 4,566,148 96% 1,408 $13,305 0.3%
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Marina Bay Sands
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$512 $406 $537 $605 $768 $0 $200 $400 $600 $800 $1,000 2Q24 3Q24 4Q24 1Q25 2Q25 $362 $433 $500 $527 $560 $242 $235 $246 $251 $283$604 $668 $746 $778 $843 $0 $300 $600 $900 2Q24 3Q24 4Q24 1Q25 2Q25 Adjusted Property EBITDA Marina Bay Sands Suite Renovation Program Now Completed – Record Financial Performance 22 Non-Rolling Table and Slot Win ($ in US millions) Slot Machines Non-Rolling Tables ($ in US millions) Assuming Expected Hold in Our Rolling Play1,2 MBS Phase II suite renovation and refurbishment program is now completed: MBS now features 775 suites and 1,069 rooms Additional lobby, Skypark, dining and F&B, spa and wellness amenities will be introduced throughout 2025 and 2026 Financial results for the quarter ended June 30, 2025: Adjusted Property EBITDA: $768 million with margin of 55.3% ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $107 million1,2 lower ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 52.8%1,2, an increase of 410 basis points compared to 2Q24 ─ Mass revenue: property all-time record $843 million Mass (Non-Rolling tables and slots): ─ Non-Rolling table win: $560 million ─ Slot win: $283 million Rolling volume was $8.9 billion ─ Rolling win: $470 million, hold percentage of 5.26% Occupancy: 95.0% with ADR: $888 -$46 +$98 +$22 Property Record 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.70%. Included are the estimated commissions paid, discounts and other in centives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. 2. We revised the expected hold-adjusted win percentage from 3.30% to 3.70% beginning January 1, 2025, due to the increase in Rolling Chip win percentage experienced over the last two years. The prior periods’ non-GAAP measurement for Marina Bay Sands have also been adjusted to conform to the current period presentation. $0 -$107
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$428 $441 $428 $430 $449 $427 $408 $437 $390 $424 $477 $549 $580 $569 $584 $687 $604 $668 $746 $778 $843 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Mass Win (Tables & Slots) Marina Bay Sands Mass Gaming Revenue (Tables & Slots) 23 MBS Mass Gaming Revenue (Tables & Slots) Marina Bay Sands continues to deliver strong growth in mass gaming revenue ($ US in millions) Note: Covid-19 related travel restrictions were put in place in Singapore in first quarter of 2020. Beginning in the second quarter of 2022, most of those restrictions were reduced or removed. ~97% growth vs 2Q19, ~40% growth vs 2Q24
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Retail Mall Operations
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$232 $233 $230 $235 $243 $188 $178 $158 $159 $158 $69 $72 $77 $82 $86 $30 $29 $27 $25 $23 $261 $256 $262 $265 $269 $780 $768 $754 $766 $779 $0 $100 $200 $300 $400 $500 $600 $700 $800 2Q24 3Q24 4Q24 1Q25 2Q25 MBS $2,837 Trailing Twelve Months Retail Mall Revenue Retail Mall Portfolio in Asia 25 ($ in US millions) Operating Profit Margin 1. Tenant sales per square foot is the sum of reported compa rable sales for the trailing 12 mont hs divided by the comparable square footage for the same period. Only tenant s that have occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation. Operating Profit TTM 2Q25 Sales per Sq. Foot1 Venetian Macao $1,700 Parisian Macao $471 $695M $681M $667M $677M $686M 89% 89% 88% 88% 88% Four Seasons Luxury: $5,295 Other: $2,036 The Venetian Macao Four Seasons Macao The Londoner Macao The Parisian Macao Marina Bay Sands Londoner Macao $1,510
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Retail Mall Portfolio in Asia Tenant Sales 26 1. Denotes gross leasable area. 2. Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. 3. In 2Q25 GLA of retail space as presented decreased by ~14,000 Sq. Ft. compared to 1Q25, as a result of space being re-allocat ed for non-retail use. 4. In 1Q25 GLA of retail space as presented decreased by ~49,000 Sq. Ft. compared to 4Q24, as a result of space being re-allocat ed for non-retail use. 5. In 1Q25 GLA of retail space as presented decreased by ~37,000 Sq. Ft. compared to 4Q24, as a result of space being re-allocat ed for non-retail use. . ($ per Sq. Foot, Unless Otherwise Indicated) 2Q25 Sales per Sq. Ft.2 GLA1 Occupancy % at (Sq. Ft.) Period End TTM 2Q25 TTM 1Q25 TTM 4Q24 TTM 3Q24 TTM 2Q24 The Shoppes at Marina Bay Sands 620,513 98.8% $2,837 $2,845 $2,878 $2,919 $2,945 Shoppes at Venetian 825,079 85.1% $1,700 $1,588 $1,581 $1,615 $1,737 Shoppes at Four Seasons Luxury Retail 164,144 100.0% $5,295 $5,938 $6,831 $7,501 $7,905 Other Stores3 83,538 84.2% $2,036 $2,108 $2,312 $2,429 $2,452 Shoppes at Londoner4 517,603 75.6% $1,510 $1,356 $1,457 $1,491 $1,575 Shoppes at Parisian5 259,506 74.8% $471 $482 $489 $525 $592
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110 111 110 110 111 116 114 113 98 100 103 107 107 110 110 114 112 111 3 8 14 38 4 7 15 47 11 15 29 49 8 6 15 22 12 14 $113 $119 $124 $148 $115 $123 $129 $160 $109 $115 $132 $156 $115 $116 $125 $136 $124 $125 $0 $30 $60 $90 $120 $150 $180 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 38 39 39 41 40 38 41 42 46 47 49 50 50 51 52 56 54 56 4 3 5 10 3 4 5 12 7 10 19 26 9 7 11 26 8 6 $42 $42 $44 $51 $43 $42 $46 $54 $53 $57 $68 $76 $59 $58 $63 $82 $62 $62 $0 $30 $60 $90 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 27 SCL Mall Revenue Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 2Q25 1. Denotes minimum rent, common area maintenanc e (‘CAM’), levies and direct recoveries. 2. Denotes turnover/overage rent. ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 MBS Mall Revenue
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Balance Sheet, Liquidity and Return of Capital to Shareholders
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As of June 30, 2025: Cash Balance1 – $3.45 billion Liquidity2 – $7.90 billion Debt – $15.68 billion Net Debt – $12.23 billion Strong Balance Sheet and Liquidity 29 1. Excludes restricted cash. 2. Denotes cash plus total revolver availability. 3. Debt balances shown here are net of deferred financing costs and original issue discounts of $160 million and exclude finance leases. 4. Reflects $848 million land premium payment in 2Q25 related to Marina Bay Sands Expansion. Trailing Twelve Months Ended June 30, 2025: Adjusted Property EBITDA – $4.57 billion Cash Flow from Operations4 – $2.38 billion ($ in US millions) Sands China LVS Corp. Total As of June 30, 2025 Ltd. Singapore and Other Consolidated Cash and Cash Equivalents1 $985 $575 $1,890 $3,450 Debt3 6,924 3,782 4,969 15,675 Net Debt (Cash)3 5,939 3,207 3,079 12,225 Trailing Twelve Months Adjusted Property EBITDA 2,257 2,316 - 4,573 Gross Debt to TTM Adjusted Property EBITDA 3.1x 1.6x - 3.4x Net Debt to TTM Adjusted Property EBITDA 2.6x 1.4x - 2.7x
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LVS Bonds MBS Credit Facility Debt Maturity Profile Debt Maturity by Year ($ in US millions) 30 % of Total SCL Bonds 2 1. Amount maturing July 1 through December 31, 2025. 1 SCL Term Loan 800 700 1,900 650 700 600 1,000 750 1,000 1,250 500 500 29 59 59 59 59 73 1,974 1,550 24 49 49 49 49 1,405 $53 $1,908 $1,558 $3,008 $2,008 $2,678 $2,574 $1,550 $500 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 0% 12% 10% 19% 13% 17% 16% 10% 0% 3%
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($ in US millions) Total 2012 - 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 3 $% LVS Sha re Repurcha s es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% LVS Dividends Paid 1,2 824 1,153 1,610 2,074 2,290 2,310 2,352 2,367 603 15,583 69.8% LVS Spec ial Div idend P aid 1 2,262 - - - - - - - - 2,262 10.1% Tota l Di vi dends 3,085 1,153 1,610 2,074 2,290 2,310 2,352 2,367 603 17,845 80.0% Tota l $3,085 $1,723 $3,275 $2,279 $2,290 $2,685 $3,257 $3,121 $603 $22,319 100.0% 31 LVS Return of Capital 2012 - 2020 1. Excludes dividends paid by Sands China. 2. Excludes the $2.75 per share special dividend paid in December 2012. 3. The Company suspended its return of capital program at the onset of the Covid-19 pandemic and reinstated the program in the second half of 2023. Total Capital Returned to LVS Shareholders 2012 - 2020 Composition of return of capital in the period from 2012 to 2020 was 80% dividends and 20% repurchases
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(Share amounts and $US in millions) Total 3Q24 - 2Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $ % LVS Share Repurchases1 - $505 $450 $400 $450 $450 $450 $800 $3,505 73.7% LVS Dividends Paid 2 153 152 151 148 147 145 179 175 1,250 26.3% Total Return of Capital $153 $657 $601 $548 $597 $595 $629 $975 $4,755 100.0% Total at 2Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Shares % S/O LVS Shares Repurchased - 11.12 8.58 8.74 11.43 8.81 10.09 20.21 78.98 10.3% 32 1. LVS share repurchases were suspended at the onset of the Covid-19 pandemic and were reinstated in 4Q23. 2. A quarterly dividend of $0.20 per share was initiated in 3Q23, in 1Q25 the dividend was increased to $0.25 per share. 3. Reflects LVS shares repurchased as a percenta ge of shares outstanding as of September 30, 2023. Total Capital Returned to LVS Shareholders 3Q23 – 2Q25 Capital Return Update for 2Q25 LVS Return of Capital (cont’d) Return of Capital 2023 – 2025 Predominantly Share Repurchases 3 $800 million of LVS stock repurchased − 20.21 million LVS shares at a weighted average price of $39.59 $175 million of dividends paid ($0.25 per share) Composition of return of capital in the period from 3Q23 through 2Q25 was ~74% repurchases and ~26% dividends; LVS has repurchased 10.3% of shares outstanding over last 7 quarters
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Investment and Capital Expenditures
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$359 $265 $298 $426 $319 $325 $325 $325 $835 $475 $157 $172 $785 $650 $325 $325 $33 $88 $196 $419 $409 $175 $175 $175 $54 $1,050 $500 $400 $1,227 $828 $651 $1,017 $1,567 $2,200 $1,325 $1,225 $0 $500 $1,000 $1,500 $2,000 $2,500 2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E Marina Bay SandsSCL1 Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore ($ US in millions) 34 LVS Capex Expectations 1. Includes SCL capital expenditure commitment related to new concession, through 2032 (~$2.7 billion), and additional capex commitments (~$0.7 billion) at a Macao market GGR of ~$22.5 billion. 2. Total capital expenditures presented for the MBS Expansion Project in Singapore exclude financing fees, interest costs, and pre-opening expenses. 3. While the Company is contractually obligated to complete the MBS Expansion Project by July 2029, the current estimate is that construction will be complete in June 2030 with an anticipated opening date in January 2031. Any extension of the completion date beyond July 2029 is subject to the approval of the Singapore government. 4. Includes payment of $1.0 billion of additional land premium, $848 million of which the Company paid in April 2025, with the remainder to be paid in late 2025 or early 2026. Maintenance and Other Investment in high quality assets drives revenue growth Scale and quality of assets create competitive advantage MBS Expansion Project2,3 4 4
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35 Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Grand
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36 The Londoner Macao is Now Completed The Londoner Macao has significantly elevated our market-leading Macao property portfolio, enhancing our product offerings and the customer experience Phase I ─ Londoner Court (luxury residential style 368-suite hotel ~ one million SF of new suites) ─ The Londoner Hotel (594 suites) ─ Crystal Palace Atrium ─ New dining, entertainment, gaming and London-themed attractions ─ Suites by David Beckham ─ Shakespeare’s Hall Atrium in south towers ─ Big Ben and Houses of Parliament external façade ─ Re-themed Shoppes at Londoner ─ The Londoner Arena Phase II ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduction of new health and wellness experiences
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Investment Amount ($ in US billions) Long-Term Commitment to Macao Capital Investment Commitment in Macao Through 2032 37 In conjunction with the award of our concession to operate in Macao through 2032, Sands committed to spend at least $4.5 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects Capital and operating investment commitment of ~$4.5 billion over the 10-year concession period Source: Public company filings, Macao DICJ. $3.4 $1.1 $4.5 Capital Expenditure Commitment − Renovation and Refurbishment Program − MICE Expansion - Podium Development Adjacent to Venetian Expo − Themed Attractions Including a new garden-themed attraction in the current Le Jardin Tropical Garden adjacent to The Londoner − Investment in upgrades in MICE and Entertainment facilities − Investment in new F&B and Health & Wellness amenities Operating Expenditure Commitment − Increasing International Visitation including MICE − Sporting Events − Entertainment, Arts & Culture − Community Tourism Total Capital and Operating Expenditure Commitment Through 2032
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38 Marina Bay Sands: Suite Renovation and Refurbishment Program Now Completed Elevation of hotel towers, premium gaming areas, public spaces, lifestyle experiences Renovation and Refurbishment Program to elevate and enhance room and suite product and conduct refurbishments to increase Singapore’s business and leisure tourism appeal and target our service offerings to the region’s most valuable and discerning visitors seeking immersive travel experiences The resort now features: − 1,844 keys including 775 suites − The Paiza collection with dedicated arrival and departure experiences − Enhancements to premium gaming areas including Tower gaming − Enhancements to dining, entertainment and retail offerings Investing in the future of high-value tourism in Singapore MBS Renovation Phase I ─ Hotel Towers 1 and 2 – introduction of redesigned rooms and suites and VIP arrival ─ Premium Gaming ─ Tower Gaming ─ Paiza Sky Residence ─ Premium Retail and F&B Offerings MBS Renovation Phase II ─ Hotel Tower 3 – introduction of redesigned rooms and suites ─ VIP arrival renovation ─ Additional lobby, Skypark, dining and F&B, spa and wellness amenities to be introduced throughout 2025 and 2026
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Marina Bay Sands Recent Capital Investment Suite Renovation and Refurbishment Program Now Completed 39
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40 Marina Bay Sands Recent Capital Investment (cont’d) Introduction of New Suites and Amenities
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Marina Bay Sands Expansion Project Development Update
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42 Marina Bay Sands Expansion Project New Offerings and Amenities to Enhance Tourism Appeal of Singapore The Marina Bay Sands Expansion Project will complement and enhance the existing resort by introducing a new luxurious and exclusive hotel experience, a 15,000-seat arena, additional MICE capacity and entertainment offerings including premium gaming areas Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline The Skyloop: Multi-story signature rooftop experience with infinity pools, destination F&B and nightlife, and public attractions All-Suite Ultra Luxury Hotel: 570 luxury suites featuring the highest level of design Arena: A 15,000-seat arena designed to be the leading live entertainment venue in Asia featuring unique premium hospitality experiences Premium MICE Facilities: ~110,000 net sq. ft. including a grand ballroom and premium meeting amenities Entertainment including signature dining experiences, luxury retail boutiques, podium and sky gaming, as well as additional lifestyle and wellness amenities
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43 MBS Expansion Project Development Cost Estimate Summary 1. Denotes $1.0 billion of additional land premium, $848 million of which the Company paid in April 2025, with the remainder to be paid in late 2025 or early 2026. 2. Development cost is estimated and subject to substant ial revision based on project schedule and other factors. Investing in the growth of Singapore’s high-value leisure and business tourism market Note: Land Premium for 47-Year Leasehold ($ in US billions) Original Land Premium (paid 2019) $1.0 Additional Land Premium1 1.0 Total Land Premiums $2.0 25% Design and Development paid through 2Q25 0.3 Additional Development Costs: Hard Construction Costs $3.5 Soft Construction Costs and Other 0.9 Design, Construction and Other Costs $4.7 59% Pre-opening Expense 0.3 Financing Fees and Interest 1.0 Pre-Opening and Finance Costs $1.3 16% Total Development Cost 2 $8.0 100%
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44 Estimated Development Timeline Marina Bay Sands Expansion Project Submission of development application to the Urban Redevelopment Authority - completed Piling and foundation work commencement Estimated 55 to 60 month construction period Estimated opening date; subject to government approval October 2024 Estimated Date Key Milestone 1. While the Company is contractually obligated to complete the MBS Expansion Project by July 2029, the current estimate is that construction will be complete in June 2030 wi th an anticipated opening date in January 2031. Any extension of the completion date beyond July 2029 is subject to the approval of the Singapore government. May 2025 May 2025 - 20301 January 1, 20311
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$200 $200 $350 $1,000 $850 $150 $1,200 $1,050 $500 $400 $1,150 $1,850 $450 $100 $0 $500 $1,000 $1,500 $2,000 2024 and Prior 2025E 2026 E 2027E 2028E 2029E 2030E 2031E Marina Bay Sands Expansion Project Development Capital Expenditure Expectations1,2,3 ($ US in millions) 45 MBS Expansion Project Capital Expenditure Expectations 1. While the Company is contractually obligated to complete the MBS Expansion Project by July 2029, the current estimate is that construction will be complete in June 2030 with an anticipated opening date in January 2031. Any extension of the completion date beyond July 2029 is subject to the approval of the Singapore government. 2. Total expenditures presented exclude financing fees and interest costs of ~$1.0 billion and pre-opening expenses of $300 million. 3. Development cost is estimated and subject to substant ial revision based on project schedule and other factors. 4. Includes ~$1.0 billion of land premium paid in 2019. 5. Includes payment of $1.0 billion of additional land premium, $848 million of which the Company paid in April 2025, with the remainder to be paid in late 2025 or early 2026. 45 Capital expenditures Land Premium4 5
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Marina Bay Sands Contributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal 46 Marina Bay Sands Original Integrated Resort Contributed meaningfully to economic growth and to Singapore’s appeal as an exciting global city Delivered iconic architecture to Singapore’s CBD area MBS is central to the MICE business in Singapore creating thousands of jobs for Singaporeans (MBS employed >10,000 FTEs in each of the last four years) Created procurement and sourcing opportunities for Singapore-based small and medium enterprises (SMEs) Marina Bay Sands Expansion Project Further enhance MBS’ status as an iconic architectural landmark Provide suite product and customer experiences that are designed to be the finest and most exclusive in the world Introduce a ‘state-of-the-art’ arena designed for live musical performances that can attract the highest-caliber global entertainment events and artists to Singapore Extend the success of Singapore as a MICE destination Ensure MBS is positioned to grow its economic, employment, SME support and tourism destination contributions to Singapore in the decades ahead
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Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities Balance sheet strength designed to support future large-scale development projects Development opportunity objectives: ─ Target minimum of 20% return on total invested capital ─ 25% - 35% of total project costs to be funded with equity (project financing to fund 65% - 75% of total project costs) Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities 47
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Environmental, Social and Governance (ESG)
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49 Environmental, Social and Governance (ESG) Industry Leading ESG Platform LVS is committed to providing leadership in ESG through collaboration with Team Members, guests, SMEs and community organizations where we operate Minimizing our environmental impact, practicing good governance, operating with integrity and being an employer of choice are fundamental to the way we conduct our business Our industry-leading ESG program is structured around three pillars: ─ People ─ Communities ─ Planet Our governance structure supports our commitment to operating our business ethically and with accountability Our 2024 ESG Report is available at www.sands.com LVS’ ESG Report includes data disclosure in formats that conform with the reporting requirements of the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), IFRS S2 Climate-related disclosures and Task Force on Climate-related Financial Disclosures (TCFD) LVS has a long-term commitment to its ESG platform; our ESG Report provides details on the key components of our program and our performance
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Highlights: In 2024, Sands was named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the fifth consecutive year and DJSI North America for the seventh consecutive year Sands continued disclosure to CDP, the gold standard of environmental reporting, earning A- for CDP Climate Change in 2024 In 2024, Sands was awarded Prime status by ISS for Corporate ESG Performance Sands was included in the FTSE4Good Index Series, which recognizes companies demonstrating strong ESG practices and performance Sands was included in Newsweek’s America’s Most Responsible Companies 2025 for the fourth consecutive year, and also recognized by Newsweek as one of the World’s Greenest Companies 2025 and America’s Greatest Workplaces for Parents and Families 2025 Sands was recognized as one of TIME’s World’s Most Sustainable Companies 2025 50 Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability
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51 Sustainability Awards and Certifications (cont’d) Recognized by Independent Third Parties as a Global Leader in Sustainability VERIFIED Las Vegas Sands Dow Jones Sustainability Index, North America (2015, 2016, 2018, 2019, 2020, 2021, 2022, 2023, 2024) Dow Jones Sustainability Index, World (2020, 2021, 2022, 2023, 2024) CDP Climate A List (2015, 2016, 2017, 2018, 2019, 2020, 2021) CDP Water A List (2018, 2019, 2020, 2021) FTSE4Good (2019, 2021, 2022, 2023, 2024) Fortune’s Most Admired Companies (2015, 2017, 2018, 2019, 2020, 2021, 2022, 2024) Newsweek’s Most Responsible Companies (2022, 2023, 2024, 2025) Newsweek’s World’s Greenest Companies (2025) Newsweek’s America’s Greatest Workplaces for Parents and Families (2025) TIME’s World’s Most Sustainable Companies (2025) LEED Gold for Building Design and Construction Corporate Headquarters (since 2023) Macao Dow Jones Sustainability Index, Asia Pacific (2021, 2022, 2023, 2024) Dow Jones Sustainability Index, World (2022, 2023, 2024) FTSE4Good (2018, 2019, 2020, 2021, 2022, 2023, 2024) LEED Silver for Building Design and Construction The Parisian Macao (2019) Macao Green Hotel Gold The Venetian Macao (2023), The Parisian Macao (2023), Four Seasons Macao (2023), The Londoner Macao (2022), Sands Macao (2021) ISO 20121 Event Sustainability Management The Venetian Macao, The Parisian Macao (since 2014) ISO 45001 Occupational Health and Safety Management ISO 27001 Global Cyber Security Operation and Vulnerability Management Hong Kong Business Sustainability Index (2019, 2020, 2021, 2022, 2023) Greater Bay Area Business Sustainability Index (2019, 2020, 2021, 2022, 2023) Greater China Business Sustainability Index (2020, 2021, 2022, 2023) Hotel Business Sustainability Index (2020, 2021, 2022, 2023) Global (Asia-Pacific) Business Sustainability Index (2022, 2023) Singapore LEED Platinum for Building Operations and Maintenance Sands Expo and Convention Center at Marina Bay Sands (since 2019) LEED Platinum for Building Operations and Maintenance ArtScience Museum at Marina Bay Sands (since 2024, Gold since 2018) Singapore BCA Green Mark Platinum Marina Bay Sands (since 2015) Global Sustainable Tourism Council Industry Criteria Marina Bay Sands (2023) Singapore MICE Sustainability Certification Sands Expo and Convention Center at Marina Bay Sands (since 2024) EIC Sustainable Events Platinum Sands Expo and Convention Center (2022, Gold since 2020) Enabling Mark Platinum Marina Bay Sands (since 2021) Health Venue Gold Marina Bay Sands (2022) ISO 20121 Event Sustainability Management Sands Expo and Convention Center at Marina Bay Sands (since 2014) ISO 45001 Occupational Health and Safety Management ISO 27001 Global Cyber Security Operation and Vulnerability Management
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Appendices
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Total Macao ~ 29,000 Rooms by Gaming OperatorsCotai ~ 25,000 Rooms by Gaming Operators Market Leading Hotel Capacity SCL is the Leader in Macao Hotel Room and Suite Inventory 53 Macao Market 4/5 Star Hotel Rooms at June 30, 20251,2 –G a m i n g O p e r a t o r s With a market-leading ~US$17 billion of investment, SCL hotel inventory represents ~38% of concessionaire hotel rooms and ~42% of concessionaire hotel rooms on Cotai 1. See slide 56 titled ‘Market-Leading Hotel Capacity at SCL’ for further detail. 2. Sands China figures reflect Londoner Grand’s 2,405 keys, including 1,500 suites. Source: Public company filings, Macao DS EC, Macao Government Tourism Office. 10,540 Rooms and Suites at SCL2 10,829 Rooms and Suites at SCL2 Sands China 42% Galaxy 20% Melco 18% SJM 7% Wynn Macau 7% MGM China 6% Sands China 38% Galaxy 20% Melco 17% SJM 9% Wynn Macau 9% MGM China 7%
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54 Sands China Market Leading Investment in Macao Investment ~$17 billion ~30 million SF of interconnected facilities on Cotai Hotel Inventory ~10,800 rooms including 3,730 suites1 ~42% of hotel inventory on Cotai Retail ~1.85 million square feet of gross leasable retail Entertainment The Macao leader in entertainment – more seats, shows and venues than any other operator The Venetian Arena is an important entertainment venue in Macao, featuring 14,000 seats and premium VIP amenities MICE The Macao leader in convention and group meetings ~70% of all MICE square footage in Macao is owned and operated by Sands China Expansion and Reinvestment 289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product) 368 suites in Londoner Court opened September 2021 (~1.0 million SF of suite product) The Londoner Macao introduced a third European-themed iconic destination resort on Cotai with additional MICE, retail, entertainment and luxurious suite offerings throughout 2021 and 2022 The Londoner Macao Phase II commenced in 3Q24 and is now completed; The Londoner Grand includes the introduction of the Londoner Grand Casino and features 1,500 new suites and 905 refreshed rooms, new retail, dining, entertainment and health and wellness experiences 1. Reflects Londoner Grand’s 2,405 keys, including 1,500 suites.
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55 Sands China Market-Leading Cotai Strip Property Portfolio C O T A I S T R I P New Luxury Suites Suite Conversion and Renovation Grand Suites at Four Seasons Macao 289 Suites (Opened October 2020) The Parisian Macao 2,541 Rooms & Suites The Parisian Macao 2,541 Rooms & Suites Paiza Mansions 19 Suites Paiza Mansions 19 Suites Four Seasons Macao 360 Suites Four Seasons Macao 360 Suites The Venetian Macao 2,905 Rooms and Suites The Venetian Macao 2,905 Rooms and Suites St. Regis Hotel 400 Suites St. Regis Hotel 400 Suites Conrad 659 Rooms & Suites Conrad 659 Rooms & Suites Londoner Hotel 594 Suites (Opened January 2021) Tropical GardensTropical Gardens Londoner Court 368 Suites (Opened September 2021) Londoner Grand1 2,405 Rooms & Suites (Opened in phases from Sept. 2024 - 2Q25) 1. Reflects Londoner Grand’s 2,405 keys, including 1,500 suites.
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Londoner Macao (Conrad, Londoner Court, Londoner Hotel, Londoner Grand, St. Regis Hotel) 4,426 The Venetian Macao 2,905 The Parisian Macao 2,541 Galaxy Macau2 3,600 Broadway Macau 314 Starworld 500 Andaz 700 Raffles 450 City of Dreams 1,350 Macau Studio City 1,600 Morpheus Tower 780 Grand Lisboa, 431 SJM Cotai 1,892 Wynn Macau, 1,010 Wynn Palace 1,706 MGM Grand, 585 MGM Cotai 1,418 W Hotel 557 10,829 5,659 4,855 2,731 2,716 2,003 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Sands China Galaxy Entertainment Melco SJM Holdings Wynn Macau Ltd. MGM China 56 Four Seasons Macao, 379 With a market-leading ~US$17 billion of investment, SCL hotel inventory represents ~42% of hotel rooms on Cotai Sands Macao, 289 Altira Macau, 230 Sofitel Macau, 408 Grand Suites at Four Seasons Macao, 289 Epic Tower, 338 3 Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at June 30, 2025 1. Reflects Londoner Grand’s 2,405 keys, including 1,500 suites. 2. Reflects the opening of Galaxy Phase I and Phase II. 3. Reflects only SJM Holdings owned hotels. 4. In addition to the hotel rooms that are owned by gaming oper ators, there are approximately 10,667 additional four- and five-star hotel rooms owned by non-gaming operators in Macao at June 30, 2025. Source: Public company filings, Macao DS EC, Macao Government Tourism Office. Capella, 95 1 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market Sands China1 10,540 42% 10,829 38% 27% Galaxy Entertainment2 5,159 20% 5,659 20% 14% Melco 4,625 18% 4,855 17% 12% SJM Holdings3 1,892 7% 2,731 9% 7% Wynn Macau Ltd. 1,706 7% 2,716 9% 7% MGM China 1,418 6% 2,003 7% 5% Subtotal Concessionaires 25,340 100% 28,793 100% 72% Other 4/5 Star4 - - 10,667 0% 28% Total 25,340 100% 39,460 100% 100%
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2,337 2,384 2,518 2,372 757 1,196 1,605 1,593 1,799 1,931 2,013 1,898 1,838 1,774 32% 50% 64% 67% 77% 81% 80% 80% 79% 74% 0% 20% 40% 60% 80% 100% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 % of 2019 57 Sands China Macao Airport Monthly Passenger Volume in 2Q25 was ~74% of 1Q19 Volume (000’s) Macao Airport Passenger Volume 2023 - 2025 Source: CAM/Macau International Airport Co., Ltd. Note: Covid-19 related travel restrictions were put in place in China in the first quarter of 2020. In early 2023, most of those restrictions were reduced or removed. In 2Q25 the recovery in Macao Airport passenger volume averaged ~74% of the 2Q19 volume 2019 Passenger Volume in 2Q25 ~74% of 2Q19
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Supplemental Data
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($ in US millions) Mass Win (Tables and Slots)1 Q1 Q2 Q3 Q4 Total 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5% 6.8% 10.1% 2022 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -42.7% -45.7% 2023 $3,715 $4,730 $5,350 $5,936 $19,731 Growth ('23 v '22) 108.8% 431.4% 761.6% 413.1% 343.7% 2024 $6,171 $6,139 $6,051 $6,292 $24,653 Growth ('24 v '23) 66.1% 29.8% 13.1% 6.0% 24.9% 2025 $6,141 $6,510 Growth ('25 v '24) -0.5% 6.0% % of 2019 112.9% 121.5% Macao Market: Mass Gaming Revenue 59 Macao Market Mass Gaming Revenue Macao market-wide mass GGR was ~$6.5 billion in 2Q25 (~122% of 2Q19) 2 2 2 2 1. Market-wide mass GGR for all periods through 1Q25 is defined as mass win (tables and slots) as reported by the casino operat ors in their public filings (does not include revenue from Galaxy’s City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. 2. Covid-19 related travel restrictions ha ve been in place in China since the first quarter of 2020. In early 2023, most of those restrictions were reduced or removed. 3. Market-wide mass GGR for 2Q25 is estimated by LVS management based on DICJ reported data and LVS management’s estimated differences between DICJ reporting and win reported by operators in public filings. Source: Public company filings, Macao DICJ. 3
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($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 2019 $3,892 $3,640 $3,173 $3,301 $14,006 Growth ('19 v '18) -12.1% -13.5% -26.0% -25.2% -19.2% 2022 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2023 $581 $876 $723 $757 $2,937 Growth ('23 v '22) 56.2% 525.7% 849.2% 486.8% 309.8% 2024 $902 $850 $813 $839 $3,404 Growth ('24 v '23) 55.4% -3.0% 12.5% 10.9% 15.9% 2025 $996 $1,056 Growth ('25 v '24) 10.4% 24.3% % of 2019 25.6% 29.0% Macao Market VIP Gaming Revenue Macao Market: VIP Gaming Revenue 60 In 2Q25 Macao Market VIP revenue reached ~29% of 2019 level 2 2 2 2 1. Market-wide VIP GGR for all periods through 1Q25 is defined as rolling win as reported by the casino operators in their publ ic filings (does not include revenue from Galaxy’s City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. 2. Covid-19 related travel restrictions ha ve been in place in China since the first quarter of 2020. In early 2023, most of those restrictions were reduced or removed. 3. Market-wide VIP GGR for 2Q25 is estimated by LVS management based on DICJ re ported data and LVS management’s estimated differences between DICJ reporting and win reported by operators in public filings. Source: Public company filings, Macao DICJ. 3
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$179 $177 $110 $163 $156 $0 $25 $50 $75 $100 $125 $150 $175 $200 2Q24 3Q24 4Q24 1Q25 2Q25 116 119 115 113 109 61 Sands China VIP Table Metrics In 2Q25 Sands China rolling volume was ~$4.4 billion; rolling win was ~$156 million SCL Rolling Win by Quarter ($ in US billions) SCL Rolling Volume by Quarter ($ in US millions, except per table amounts) Avg. Tables Avg. Win per Table per Day: $15,727 Rolling Win % 3.19% 3.23% 2.45% 2.99% 3.56% $5.6 $5.5 $4.5 $5.5 $4.4 $0 $1 $2 $3 $4 $5 $6 2Q24 3Q24 4Q24 1Q25 2Q25
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Reconciliation of Non-GAAP Financial Measures and Other Financial Information
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Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA 63 ($ in US millions) 2Q24 3Q24 4Q24 1Q25 2Q25 Net income $424 $353 $392 $408 $519 Add (deduct): Income tax expense 72 50 69 63 90 Loss on modification or early retirement of debt - - - 5 - Other (income) expense (11) (11) 6 1 22 Interest expense, net of amounts capitalized 186 179 180 174 194 Interest income (80) (67) (57) (42) (42) Loss on disposal or impairment of assets 16 11 9 7 8 Amortization of leasehold interests in land 14 15 15 15 20 Depreciation and amortization 316 324 348 362 371 Development expense 61 55 59 69 69 Pre-opening expense 3 4 4 4 9 Stock-based compensation 3 10 8 1 5 Corporate expense 69 68 75 73 69 Consolidated Adjusted Property EBITDA $1,073 $991 $1,108 $1,140 $1,334
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Non-GAAP Measures Adjusted Net Income 64 1. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. ($ in US millions) Three Months Ended June 30, 2025 2024 Net income attributable to LVS $461 $353 Pre-opening expense 9 3 Development expense 69 61 Loss on disposal or impairment of assets 8 16 Other (income) expense 22 (11) Income tax impact on net income adjustments 1 (14) (13) Noncontrolling interest impact on net income adjustments (8) 2 Adjusted net income attributable to LVS $547 $411
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Non-GAAP Measures Adjusted Earnings per Diluted Share 65 1. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. ($ in per share amounts) Three Months Ended June 30, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $0.66 $0.48 Pre-opening expense 0.01 - Development expense 0.10 0.08 Loss on disposal or impairment of assets 0.01 0.02 Other (income) expense 0.03 (0.01) Income tax impact on net income adjustments1 (0.01) (0.02) Noncontrolling interest impact on net income adjustments (0.01) - Adjusted earnings per diluted share $0.79 $0.55 Weighted average diluted shares outstanding (in millions) 696 741
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Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule 66 ($ in US millions) 2Q24 3Q24 4Q24 1Q25 2Q25 TTM 2Q25 Cash Flows From Operations $814 $761 $915 $526 $178 $2,380 Adjust for: Recovery of (provision for) doubtful accounts (4) 5 (9) (5) (16) (25) Foreign exchange gains (losses) 11 11 1 (2) (27) (17) Other non-cash items (1) - (22) (12) (1) (35) Leasehold interest in land - - - - 848 848 Changes in working capital (50) (74) (121) 290 (64) 31 A d d : S t o c k - b a s e d c o m p e n s a t i o n e x p e n s e 3 1 08152 4 A d d : C o r p o r a t e e x p e n s e 6 96 87 57 36 92 8 5 Add: Pre-opening and development expense 64 59 63 73 78 273 Add: Interest expense, net of amounts capitalized 186 179 180 174 194 727 Add: Interest and other income (91) (78) (51) (41) (20) (190) A d d : I n c o m e t a x e x p e n s e 7 25 06 96 39 02 7 2 LVS Consolidated Adjusted Property EBITDA $1,073 $991 $1,108 $1,140 $1,334 $4,573 Adjusted Property EBITDA Macao: The Venetian Macao $262 $267 $250 $225 $236 $978 The Londoner Macao 103 124 144 153 205 626 T h e P a r i s i a n M a c a o 8 37 46 96 64 42 5 3 The Plaza Macao and Four Seasons Macao 100 102 83 74 66 325 S a n d s M a c a o 1 01 42 01 0 9 5 3 F e r r i e s a n d O t h e r 345762 2 Macao Operations 561 585 571 535 566 2,257 Marina Bay Sands 512 406 537 605 768 2,316 LVS Consolidated Adjusted Property EBITDA $1,073 $991 $1,108 $1,140 $1,334 $4,573
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Supplemental Information 2Q25 and 2Q24 67 ($ in US millions) Three Months Ended June 30, 2025 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA Macao: The Venetian Macao $178 $43 $2 - - $11 $2 - $236 92 94 2 - 6 10 1 - 205 The Parisian Macao 6 34 - - - 3 1 - 44 The Plaza Macao and Four Seasons Macao 46 16 - 1 - 3 - - 66 Sands Macao 2 6 - - - 1 - - 9 Ferry Operations and Other 3 3 - - - - - - 6 Macao Operations 327 196 4 1 6 28 4 - 566 Marina Bay Sands 542 167 15 1 3 39 1 - 768 Other Development (72) 2 1 - 69 - - - - Corporate and Other (14) 6 - 6 - (67) - 69 - $783 $371 $20 $8 $78 - $5 $69 $1,334 Three Months Ended June 30, 2024 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA Macao: The Venetian Macao $215 $32 $3 $2 - $10 - - $262 (2) 92 1 3 1 7 1 - 103 The Parisian Macao 47 32 - - - 4 - - 83 The Plaza Macao and Four Seasons Macao 77 17 - 1 - 4 1 - 100 Sands Macao 3 5 - - - 2 - - 10 Ferry Operations and Other (1) 4 - - - - - - 3 Macao Operations 339 182 4 6 1 27 2 - 561 Marina Bay Sands 335 125 10 3 2 36 1 - 512 Other Development (63) 2 - - 61 - - - - Corporate and Other (20) 7 - 7 - (63) - 69 - $591 $316 $14 $16 $64 - $3 $69 $1,073 The Londoner Macao The Londoner Macao
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Supplemental Information YTD 2Q25 and YTD 2Q24 68 ($ in US millions) Six Months Ended June 30, 2025 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA Macao: The Venetian Macao $346 $88 $3 $1 - $21 $2 - $461 138 183 4 6 8 18 1 - 358 The Parisian Macao 34 67 1 - - 7 1 - 110 The Plaza Macao and Four Seasons Macao 99 33 1 1 - 6 - - 140 Sands Macao 6 11 - - - 2 - - 19 Ferry Operations and Other 7 6 - - - - - - 13 Macao Operations 630 388 9 8 8 54 4 - 1,101 Marina Bay Sands 939 328 24 1 5 74 2 - 1,373 Other Development (144) 4 2 - 138 - - - - Corporate and Other (33) 13 - 6 - (128) - 142 - $1,392 $733 $35 $15 $151 - $6 $142 $2,474 Six Months Ended June 30, 2024 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA Macao: The Venetian Macao $470 $67 $4 $10 - $22 $3 - $576 55 192 3 6 1 16 2 - 275 The Parisian Macao 80 64 1 - - 8 1 - 154 The Plaza Macao and Four Seasons Macao 92 35 1 1 - 6 1 - 136 Sands Macao 9 10 - - - 3 - - 22 Ferry Operations and Other 1 7 - - - - - - 8 Macao Operations 707 375 9 17 1 55 7 - 1,171 Marina Bay Sands 762 244 19 6 5 71 2 - 1,109 Other Development (119) 3 2 - 114 - - - - Corporate and Other (42) 14 - 7 - (126) - 147 - $1,308 $636 $30 $30 $120 - $9 $147 $2,280 The Londoner Macao The Londoner Macao
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69 Impact of Hold-Adjustment 1. Macao operations reflect amounts from The Venetian Macao, Th e Londoner Macao, The Parisian Macao, The Plaza Macao and Four Se asons Macao, Sands Macao and Ferry Operations and Other. 2. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.30% and 3.70% for Maca o operations and Marina Bay Sands, respectively. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxe s and bad debt expense that would have been incurred or avoided. 3. We revised the expected hold-adjusted win percentage from 3.30% to 3.70% for Marina Bay Sands beginning January 1, 2025, due to the increase in Rolling Chip win percentage experienced over the last two years. The prior periods’ non-GAAP measurement for Marina Bay Sands have also been adjusted to conform to the current period presentation. ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Macao Operations1 Net Revenues $551 $374 $258 $444 $1,279 $1,628 $1, 789 $1,863 $1,811 $1,754 $1,771 $1,771 $1,709 $1,797 Impact of hold-adjustment 2 (12) (22) (10) (10) (22) (19) (25) 68 52 6 4 38 17 (11) Adjusted Property EBITDA (11) (110) (152) (51) 398 541 631 654 610 561 585 571 535 566 Impact of hold-adjustment 2 (7) (13) (6) (6) (13) (11) (15) 40 31 4 2 22 10 (7) Adjusted Property EBITDA Margin n/m n/m n/m n/m 31.1% 33.2% 35.3% 35.1% 33.7% 32.0% 33.0% 32.2% 31.3% 31.5% Impact of hold-adjustment 2 n/m n/m n/m n/m -0.5% -0.3% -0.4% 0.8% 0.7% 0.1% 0.1% 0.6% 0.3% -0.2% n/m n/m n/m n/m 30.6% 32.9% 34.9% 35.9% 34.4% 32.1% 33.1% 32.8% 31.6% 31.3% Marina Bay Sands3 Net Revenues $399 $679 $756 $682 $848 $925 $1,015 $1,061 $1,158 $1,016 $919 $1,137 $1,163 $1,388 Impact of hold-adjustment 2 7 (31) 15 172 51 - (12) (62) (67) (59) 126 29 - (137) Adjusted Property EBITDA 121 319 343 273 394 432 491 544 597 512 406 537 605 768 Impact of hold-adjustment 2 6 (25) 12 135 40 - (9) (49) (52) (46) 98 22 - (107) Adjusted Property EBITDA Margin 30.3% 47.0% 45.4% 40.0% 46.5% 46.7% 48.4% 51.3% 51.6% 50.4% 44.2% 47.2% 52.0% 55.3% Impact of hold-adjustment 2 1.0% -1.6% 0.6% 7.8% 1.8% 0.0% -0.3% -1.8% -1.6% -1.7% 4.0% 0.7% - -2.5% 31.3% 45.4% 46.0% 47.8% 48.3% 46.7% 48.1% 49.5% 50.0% 48.7% 48.2% 47.9% 52.0% 52.8%