Slides
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3Q25 Earnings Presentation October 22, 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 October 22, 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 Investment Case: 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 Balance sheet strength enables investment in promising growth opportunities Experienced leadership team dedicated to driving long-term shareholder value and maximizing shareholder returns Strategic Priorities: Leveraging recently completed suite capacity in both Macao and Singapore to attract more high-value business Returning excess capital to shareholders through share repurchase program Pursuing development opportunities in new jurisdictions Market Updates: Investment Case, Strategic Priorities and Market Updates Macao: Macao market gross gaming revenue grew 12% in the third quarter of 2025 reaching $7.7 billion The Macao market growth continues to be led by the premium segments Completed capital investment programs will contribute to growth Singapore: Operating environment remains strong Completed capital investment programs will contribute to growth
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($ in US millions, except per share information) LVS Consolidated Third Quarter Financial Results 3Q24 3Q25 Change Net Revenue $2,682 $3,331 $649 Net Income 353 491 138 Net Income Attributable to LVS 275 419 144 Diluted EPS $0.38 $0.61 $0.23 Dividends per Common Share $0.20 $0.25 $0.05 Adjusted Net Income Attributable to LVS 323 536 213 Adjusted Diluted EPS $0.44 $0.78 $0.34 Adjusted Property EBITDA 991 1,344 353 Adjusted Property EBITDA Margin 37.0% 40.3% 330 bps Third Quarter 2025 Financial Highlights Quarter Ended September 30, 2025 vs September 30, 2024 4 $500 million of LVS stock repurchased in 3Q25 − 9.19 million LVS shares at a weighted average price of $54.39 $171 million of dividends paid by LVS ($0.25 per share) The LVS Board of Directors announced a 20% increase in LVS’ recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $1.20 per share ($0.30 per share per quarter) $337 million of SCL shares purchased from July 1, 2025 through October 10, 2025, increasing LVS ownership interest in SCL to 74.76%
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($ in US millions) Adjusted Property EBITDA 3Q24 3Q25 Change % Change Macao Operations $585 $601 $16 2.7% Adjusted Property EBITDA Margin 33.0% 31.5% -150 bps Marina Bay Sands $406 $743 $337 83.0% Adjusted Property EBITDA Margin 44.2% 51.7% 750 bps LVS Total $991 $1,344 $353 35.6% Adjusted Property EBITDA Margin 37.0% 40.3% 330 bps 5 Third Quarter 2025 Adjusted Property EBITDA See slides 6 and 8 for the impact of expected hold in our rolling play in Macao and Singapore In 3Q25 hold on rolling play positively impacted Adjusted Property EBITDA by $2 million1 in Macao and positively impacted Adjusted Property EBITDA in Singapore by $43 million1 In 3Q24 hold on rolling play negatively impacted Adjusted Property EBITDA by $2 million1 in Macao and negatively impacted Adjusted Property EBITDA in Singapore by $88 million1 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3% for Sands China. F or Marina Bay Sands in 3Q24 and 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5% and 4.2%, respectively. These theoretical hold percentages on Rolling Chip play during each quart er were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebate d directly or indirectly to cu stomers, gaming taxes and bad debt expense that would have been incurred or avoided.
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6 Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold imp act calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. ($ in US millions) Macao Operations 3Q24 4Q24 1Q25 2Q25 3Q25 Net Revenue $1,771 $1,771 $1,709 $1,797 $1,906 Expected hold impact1 43 81 7 ( 1 1 )( 4 ) Had we held as expected in our rolling play, Net Revenue would have been $4 million lower in 3Q25 Adjusted Property EBITDA 585 571 535 566 601 Expected hold impact1 22 21 0 ( 7 )( 2 ) Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $2 million lower in 3Q25 Adjusted Property EBITDA Margin 33.0% 32.2% 31.3% 31.5% 31.5% Expected hold impact1 33.1% 32.8% 31.6% 31.3% 31.5% Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have remained 31.5% in 3Q25
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7 Marina Bay Sands: Refinement of Hold Impact Disclosures Implementation of Smart Table Technology Enables Calculation of Theoretical Hold Rates Marina Bay Sands introduction of smart tables: Marina Bay Sands (MBS) has rolled out smart table technology across its baccarat gaming areas This smart table system uses a combination of RFID technology and table-top cameras to capture data on placed bets A key benefit of this digital data collection includes the ability to provide a theoretical hold percentage based on the expected outcome for different wager types and the distribution of specific wagers during each quarterly period Update: The smart table technology has now been installed on all baccarat Rolling Chip tables at MBS for more than 12 months We are introducing a new disclosure methodology for the calculation of expected hold impact on our results at MBS beginning 3Q25; we have also presented the prior four quarters using the smart table data The specific wagers made by players in each quarter will determine the theoretical hold, and as a result, the theoretical hold will vary from quarter to quarter Since 3Q24, the theoretical hold rates calculated based upon data captured by smart table technology have been as follows: 3.5% 3.7% 3.8% 4.1% 4.2% 2.5% 3.0% 3.5% 4.0% 4.5% Q324 Q424 Q125 Q225 Q325
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8 Illustrative Impact of Hold in Our Rolling Play1 Marina Bay Sands – Select Quarterly Results 1. In 3Q24 - 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5%, 3.7%, 3.8%, 4.1% and 4.2%, respectively. These theoretical hold percentages on Rolling Chip play during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discount s and other incentives rebated directly or indi rectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. 2. Due to the tiered gaming tax structure in Singapore gaming tax rates at MBS increase from 8% to 12% on premium play when certain annual GGR thresholds are exceeded. These thresholds were met in July in 2025, versus November in 2024. The higher gaming tax rate was in place during much of the quarter ended September 30, 2025. ($ in US millions) Marina Bay Sands 3Q24 4Q24 1Q25 2Q25 3Q25 Actual Hold % 1.75% 3.34% 3.70% 5.26% 4.84% Expected Hold %1 3.5% 3.7% 3.8% 4.1% 4.2% Net Revenue $919 $1,137 $1,163 $1,388 $1,436 Expected hold impact1 114 29 8 (102) (57) Had we held as expected in our rolling play, Net Revenue would have been $57 million lower in 3Q25 Adjusted Property EBITDA $406 $537 $605 $768 $743 Expected hold impact1,2 88 21 6 (80) (43) Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $43 million lower in 3Q25 Adjusted Property EBITDA Margin2 44.2% 47.2% 52.0% 55.3% 51.7% Expected hold impact1,2 47.8% 47.9% 52.2% 53.5% 50.8% Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 50.8% in 3Q25
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Macao market overview: The Macao market generated gaming revenue of ~$7.7 billion for 3Q25, up 12% from 3Q24 − Mass gaming revenue was ~$6.7 billion, up 10% compared to 3Q24 Visitation1 from China excluding Guangdong province in July and August remained below 2019 level at ~87% of the comparable period Total visitation 1 in July and August was 7% above the comparable period in 2019, with Guangdong province visitation up 39% compared to 2019 Spend per visitor in the lower tier customer segments remains subdued 9 Operating Update: Macao Property Portfolio Quarter Ended September 30, 2025 1. September visitation is not yet available. 2. In 3Q25 the amount presents the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected ho ld impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to custom ers, 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 $601 million − Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $2 million2 Mass win was $1.69 billion during 3Q25, up 12% compared to 3Q24 Adjusted Property EBITDA margin was 31.5%
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10 Operating Update: Marina Bay Sands in Singapore Quarter Ended September 30, 2025 Marina Bay Sands property update: Suite renovation and refurbishment program completed in 2Q25 The resort now features 1,844 keys, including 775 suites Marina Bay Sands quarterly financial results: Adjusted Property EBITDA of $743 million − Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $43 million1 Mass win was $905 million, up 35% from $668 million in 3Q24 Rolling volume was $9.1 billion, up 38% from $6.6 billion in 3Q24 Adjusted Property EBITDA margin was 51.7%2 1. In 3Q25 the amount presents the illustrative impact if the Rolling Chip win percentage was 4.2%. The theoretical hold perce ntage on Rolling Chip play during the quarter is calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, disco unts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. 2. Due to the tiered gaming tax structure in Singapore gaming tax rates at MBS increase from 8% to 12% on premium play when certain annual GGR thresholds are exceeded. These thresholds were met in July in 2025, versus November in 2024. The higher gaming tax rate was in place during much of the quarter ended September 30, 2025.
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$991 $1,108 $1,140 $1,334 $1,344 $0 $300 $600 $900 $1,200 $1,500 3Q24 4Q24 1Q25 2Q25 3Q25 +$90 11 LVS Adjusted Property EBITDA Select Quarterly Results ($ in US millions) LVS Adjusted Property EBITDA Assuming Expected Hold in our Rolling Play1 +$43 +$16 -$87 -$45 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3% for Sands China. F or Marina Bay Sands in 3Q24 - 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5%, 3.7%, 3.8%, 4.1% and 4.2%, respectively. These theoretical hold percentages on Rolling Chip play at Marina Bay Sands during each quarter were calculated utilizing smart table data. Expected hold impact calculations include 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.
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Sands China
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$585 $571 $535 $566 $601 $0 $200 $400 $600 $800 3Q24 4Q24 1Q25 2Q25 3Q25 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold imp act calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. Sands China Positioned for Growth 13 Non-Rolling Table and Slot Win ($ in US millions) Slot Machines Non-Rolling Tables Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in Our Rolling Play1 Capital investment programs to increase suite capacity at the Londoner Macao were completed in 2Q25 Financial results for the quarter ended September 30, 2025: Adjusted Property EBITDA: $601 million with a margin of 31.5% ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $2 million 1 lower ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have remained 31.5%1, a decrease of 160 basis points compared to 3Q24 Mass (Non-Rolling tables and slots): ─ Non-Rolling table win was $1.50 billion ─ Slot win was $189 million Rolling volume was $4.4 billion ─ Rolling win was $148 million, hold percentage of 3.39% Occupancy was 96.8% with ADR of $230 Retail revenues: $130 million +$2 +$22 +$10 -$7 -$2 $1,338 $1,366 $1,282 $1,376 $1,500 $167 $163 $165 $183 $189$1,505 $1,529 $1,447 $1,559 $1,689 $0 $500 $1,000 $1,500 $2,000 3Q24 4Q24 1Q25 2Q25 3Q25
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($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 3Q24 3Q25 $ % 3Q24 3Q25 $ % 3Q24 3Q25 bps The Venetian Macao $692 $692 - 0.0% $267 $2 42 ($25) -9.4% 38.6% 35.0% (360) The Londoner Macao 460 686 226 49.1% 124 219 95 76.6% 27.0% 31.9% 490 The Parisian Macao 250 218 (32) -12.8% 74 53 (21) -28.4% 29.6% 24.3% (530) Four Seasons/Plaza Casino 257 206 (51) -19.8% 102 74 (28) -27.5% 39.7% 35.9% (380) Sands Macao 81 72 (9) -11.1% 14 8 (6) -42.9% 17.3% 11.1% (620) Ferry Operations and Other 31 32 1 3.2% 4 5 1 25.0% 12.9% 15.6% 270 Total Macao Portfolio 1,771 1,906 135 7.6% 585 601 16 2.7% 33.0% 31.5% (150) Total Macao Portfolio Margins Assuming Expected Hold in Our Rolling Play 1 33.1% 31.5% (160) Macao Financial Performance Quarter Ended September 30, 2025 vs September 30, 2024 14 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold imp act calculations include 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. Assuming expected hold in our rolling play1, margins would have decreased by 160 bps compared to 3Q24
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$636 $671 $642 $703 $754 $0 $300 $600 $900 3Q24 4Q24 1Q25 2Q25 3Q25 Avg. Win per Table per Day: $8,131 15 SCL Base Mass Table Win by Quarter Sands China Mass Market Table Update Base Mass and Premium Mass Table Win Note: Sands China’s base mass and premium mass table revenues as presented above are ba sed on the geographic position of non-rolling (mass) tables on the gaming floor. Some high-end mass play occurs in the base mass geographic area. ($ in US millions) SCL Premium Mass Table Win by Quarter Avg. Tables Avg. Win per Table per Day: $15,624 Avg. Tables1,024 1,006 979 1,013 1,008 ($ in US millions) 505 517 536 508 519 $702 $695 $640 $673 $746 $0 $300 $600 $900 3Q24 4Q24 1Q25 2Q25 3Q25
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Avg. Win per Table per Day: $10,677 16 Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win 1. Excludes rolling play. 2. Includes slots and electronic table games. SCL Mass Table1 Win by Quarter ($ in US millions) SCL Slots2 Win by Quarter ($ in US millions) Avg. Win per Unit per Day: $374 Avg. Tables Avg. Slots1,529 1,523 1,515 1,521 1,527 4,740 4,979 5,380 5,442 5,489 $1,338 $1,366 $1,282 $1,376 $1,500 $0 $300 $600 $900 $1,200 $1,500 $1,800 3Q24 4Q24 1Q25 2Q25 3Q25 $167 $163 $165 $183 $189 $0 $50 $100 $150 $200 $250 3Q24 4Q24 1Q25 2Q25 3Q25
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$1,673 $1,553 $1,596 $1,625 $1,029 $1,321 $1,445 $1,580 $1,583 $1,531 $1,505 $1,529 $1,447 $1,559 $1,689 30.8% 29.0% 28.9% 29.0% 27.7% 27.9% 27.0% 26.6% 25.6% 24.9% 24.9% 24.3% 23.6% 24.0% 25.4% 20% 25% 30% 35% 40% $0 $500 $1,000 $1,500 $2,000 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 SCL Mass Win SCL Mass Market Share % Sands China Mass Market Revenue Share Update Mass GGR Tables & Slots 17 SCL Mass Gaming Revenue (Tables & Slots) and Mass Market Revenue Share1,2 Sands China mass win was ~$1.7 billion for 3Q25, up 12% from 3Q24 ($ US in millions) 1. Market-wide mass GGR for all periods through 2Q25 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 3Q25 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 DICJ.
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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% 23.0% 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% 12.4% 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% 16.5% 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% 15.9%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% 4.4% 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% 27.8% 0% 20% 40% 60% 80% 100% 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Competitor A Competitor B Competitor C Competitor D Competitor E SCL Macao Concessionaire Adjusted Property EBITDA Share Sands China Has Consistently Generated the Leading Share of Macao Market EBITDA 18 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). Sands China has consistently generated the leading share of Macao market EBITDA
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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 $6,503 $6,656 $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 3Q25 Macao Market: Mass Gaming Mass GGR Tables & Slots 19 Macao Market Mass Gaming Revenue (Tables & Slots)1,2 Mass win in Macao was ~$6.7 billion for 3Q25, up 10% from 3Q24 ($ US in millions) 1. Market-wide mass GGR for all periods through 2Q25 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 3Q25 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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20 Macao Visitation Overview July and August Visitation1 - 2025 vs 2019 1. September visitation is not yet available. Source: Macao DSEC statistical database. Visitation to Macao from China excluding Guangdong Province remains below 2019 levels (millions) July and August Visitation1 2019 2025 Variance % of 2019 China, excluding Guangdong Province 2.79 2.44 (0.35) 87% Guangdong Province 2.42 3.38 0.95 139% Hong Kong 1.30 1.31 0.01 101% All Other Visitation 0.64 0.55 (0.09) 86% Total Macao Visitation 7.15 7.68 0.52 107%
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21 1. Visitation figures shown exclude visitation from Hong Kong SAR. 2. September visitation 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. July and Aug. 2025 Visitation - % of July and Aug. 2019 Visitation from China to Macao 1,2 Visitation from China to Macao1 Exclusive of Guangdong Province, Visitation2 Was 87% of 2019 Level Data not available ≥ 100% - < 125%< 100% % of 2019 July and August Visitation Population GDP Per Penetration Province 2019 2025 % of 2019 (MM) Capita (US$) Rate Jiangsu 150,564 177,143 118% 85 $22,318 0.2% Zhejiang 150,872 175,465 116% 67 $18,767 0.3% Guangxi 178,313 161,959 91% 50 $7,937 0.3% Hunan 227,928 159,080 70% 65 $11,306 0.2% Fujian 169,654 146,700 86% 42 $19,132 0.3% Shanghai 119,029 141,225 119% 25 $30,200 0.6% Hubei 180,833 130,826 72% 58 $14,287 0.2% Sichuan 94,359 110,826 117% 84 $10,743 0.1% Jiangxi 108,453 92,091 85% 45 $10,551 0.2% Beijing 58,243 91,424 157% 22 $31,711 0.4% Henan 91,413 73,426 80% 98 $9,026 0.1% Shandong 52,663 68,578 130% 101 $13,581 0.1% Anhui 58,318 64,275 110% 61 $11,483 0.1% Chongqing 53,693 53,034 99% 32 $14,016 0.2% Shaanxi 38,432 46,764 122% 40 $12,486 0.1% Hebei 40,622 43,216 106% 74 $8,947 0.1% Shanxi 30,513 39,664 130% 34 $10,275 0.1% Liaoning 39,574 37,201 94% 42 $10,901 0.1% Jilin 32,191 30,997 96% 23 $8,608 0.1% Heilongjiang 42,229 28,641 68% 30 $7,555 0.1% Tianjin 19,998 25,457 127% 14 $18,353 0.2% Other Provinces (Ex. GD) 855,114 545,220 64% 189 N/A 0.3% China Excluding Guangdong 2,793,008 2,443,212 87% 1,280 $13,096 0.2% Guangdong 2,423,339 3,377,874 139% 128 $15,392 2.6% Total China 5,216,347 5,821,086 112% 1,408 $13,305 0.4% ≥ 125% - < 150% > 150%
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Marina Bay Sands
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$406 $537 $605 $768 $743 $0 $200 $400 $600 $800 $1,000 3Q24 4Q24 1Q25 2Q25 3Q25 $433 $500 $527 $560 $625 $235 $246 $251 $283 $280$668 $746 $778 $843 $905 $0 $300 $600 $900 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted Property EBITDA Marina Bay Sands Completed Suite Renovation Program Drives Record Financial Performance 23 Non-Rolling Table and Slot Win ($ in US millions) Slot Machines Non-Rolling Tables ($ in US millions) Assuming Expected Hold in Our Rolling Play1 MBS Phase II suite renovation and refurbishment program completed in 2Q25 Financial results for the quarter ended September 30, 2025: Adjusted Property EBITDA: $743 million with margin of 51.7% 1 ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $43 million2 lower ─ Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 50.8%1,2 ─ Mass revenue: property all-time record $905 million Mass (Non-Rolling tables and slots): ─ Non-Rolling table win: $625 million ─ Slot win: $280 million Rolling volume was $9.1 billion ─ Rolling win: $439 million, hold percentage of 4.84% Occupancy: 95.5% with ADR: $982 +$88 +$21 Property Record +$6 -$80 -$43 1. Due to the tiered gaming tax structure in Singapore gaming tax rates at MBS increase from 8% to 12% on premium play when certain annual GGR thresholds are exceeded. These thresholds were met in July in 2025, versus November in 2024. The higher gaming tax rate was in place during much of the quarter ended September 30, 2025. 2. In 3Q24 - 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5%, 3.7%, 3.8%, 4.1% and 4.2%, respectively. These theoretical hold percentages on Rolling Chip play during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discount s and other incentives rebated directly or indi rectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.
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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 $905 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 $950 $1,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Mass Win (Tables & Slots) Marina Bay Sands Mass Gaming Revenue (Tables & Slots) 24 MBS Mass Gaming Revenue (Tables & Slots) Marina Bay Sands continues to deliver strong growth in mass gaming revenue ($ 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. ~122% growth vs 3Q19, ~35% growth vs 3Q24
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Retail Mall Operations
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MBS $2,893 Trailing Twelve Months Retail Mall Revenue Retail Mall Portfolio in Asia 26 ($ 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 3Q25 Sales per Sq. Foot1 Venetian Macao $1,798 Parisian Macao $455 $681M $667M $677M $686M $696M 89% 88% 88% 88% 88% Four Seasons Luxury: $5,372 Other: $1,996 The Venetian Macao Four Seasons Macao The Londoner Macao The Parisian Macao Marina Bay Sands Londoner Macao $1,454 $233 $230 $235 $243 $248 $178 $158 $159 $158 $156 $72 $77 $82 $86 $89 $29 $27 $25 $23 $22 $256 $262 $265 $269 $275 $768 $754 $766 $779 $790 $0 $100 $200 $300 $400 $500 $600 $700 $800 3Q24 4Q24 1Q25 2Q25 3Q25
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Retail Mall Portfolio in Asia Tenant Sales 27 1. Denotes gross leasable area. 2. Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. 3. In 2Q25 GLA of retail space as presented decreased by ~14,000 Sq. Ft. compared to 1Q25, as a result of space being re-alloca ted for non-retail use. 4. In 1Q25 GLA of retail space as presented decreased by ~49,000 Sq. Ft. compared to 4Q24, as a result of space being re-alloca ted for non-retail use. 5. In 1Q25 GLA of retail space as presented decreased by ~37,000 Sq. Ft. compared to 4Q24, as a result of space being re-alloca ted for non-retail use. . ($ per Sq. Foot, Unless Otherwise Indicated) 3Q25 Sales per Sq. Ft.2 GLA1 Occupancy % at (Sq. Ft.) Period End TTM 3Q25 TTM 2Q25 TTM 1Q25 TTM 4Q24 TTM 3Q24 The Shoppes at Marina Bay Sands 620,530 95.9% $2,893 $2,837 $2,845 $2,878 $2,919 Shoppes at Venetian 829,395 87.8% $1,798 $1,700 $1,588 $1,581 $1,615 Shoppes at Four Seasons Luxury Retail 163,929 100.0% $5,372 $5,295 $5,938 $6,831 $7,501 Other Stores3 84,375 83.0% $1,996 $2,036 $2,108 $2,312 $2,429 Shoppes at Londoner4 518,267 78.1% $1,454 $1,510 $1,356 $1,457 $1,491 Shoppes at Parisian5 257,918 70.4% $455 $471 $482 $489 $525
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110 111 110 110 111 116 114 113 98 100 103 107 107 110 110 114 112 111 112 3 8 14 38 4 7 15 47 11 15 29 49 8 6 15 22 12 14 18 $113 $119 $124 $148 $115 $123 $129 $160 $109 $115 $132 $156 $115 $116 $125 $136 $124 $125 $130 $0 $30 $60 $90 $120 $150 $180 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q 23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 38 39 39 41 40 38 41 42 46 47 49 50 50 51 52 56 54 56 58 4 3 5 10 3 4 5 12 7 10 19 26 9 7 11 26 8 6 11 $42 $42 $44 $51 $43 $42 $46 $54 $53 $57 $68 $76 $59 $58 $63 $82 $62 $62 $69 $0 $30 $60 $90 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q 23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 28 Sands China Mall Revenue Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 3Q25 1. Denotes minimum rent, common area maintenanc e (‘CAM’), levies and direct recoveries. 2. Denotes turnover/overage rent. ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 Marina Bay Sands Mall Revenue
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Balance Sheet, Liquidity and Return of Capital to Shareholders
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As of September 30, 2025: Cash Balance1 – $3.35 billion Liquidity2 – $7.81 billion Debt – $15.63 billion Net Debt – $12.28 billion Strong Balance Sheet and Liquidity 30 1. Excludes restricted cash. 2. Denotes cash plus total revolver availability. Does not include $4.89 billion available under a delayed draw term loan facility that may be used to finance costs related to the Marina Bay Sands Expansion Project. 3. Debt balances shown here are net of deferred financing costs and original issue discounts of $152 million and exclude finance leases. 4. Includes the impact of $848 million land premium payment in 2Q25 related to the Marina Bay Sands Expansion which is recorded under US GAAP as a reduction in cash flow from operations. Trailing Twelve Months Ended September 30, 2025: Adjusted Property EBITDA – $4.93 billion Cash Flow from Operations4 – $2.73 billion ($ in US millions) Marina Bay LVS Corp. Total As of September 30, 2025 Sands China Sands and Other Consolidated Cash and Cash Equivalents1 $1,133 $700 $1,520 $3,353 Debt3 6,928 3,730 4,971 15,629 Net Debt (Cash)3 5,795 3,030 3,451 12,276 Trailing Twelve Months Adjusted Property EBITDA 2,273 2,653 - 4,926 Gross Debt to TTM Adjusted Property EBITDA 3.0x 1.4x - 3.2x Net Debt to TTM Adjusted Property EBITDA 2.5x 1.1x - 2.5x
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LVS Bonds MBS Credit Facility 2 Debt Maturity Profile Debt Maturity by Year ($ in US millions) 31 % of Total SCL Bonds 2 1. Amount maturing October 1, 2025 through December 31, 2025. 2. MBS combined Term Loan Facility and Delay Draw Term Loan Facility amortization at quarter-end SGD exchange rate and balances : 4Q25: $15 million, 2026 through 2029: $58 million per annum, 2030: $72 million, 2031: $1,952 million, 2032: $1,533 million. 3. SCL Term Loan Facility amortization at quarter-end HKD exchange rate and balance: 4Q25: $12 million, 2026 through 2029: $49 million per annum, 2030: $1,417 million. 1 SCL Term Loan3 0% 12% 10% 19% 13% 17% 16% 10% 0% 3% 800 700 1,900 650 700 600 1,000 750 1,000 1,250 500 500 1,952 1,533 1,417 $27 $1,907 $1,557 $3,007 $2,008 $2,690 $2,552 $1,533 $500 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2025 2026 2027 2028 20 29 2030 2031 2032 2033 2034
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($ 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% 32 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 - 3Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $ % LVS Share Repurchases1 - $505 $450 $400 $450 $450 $450 $800 $500 $4,005 73.8% LVS Dividends Paid 2 153 152 151 148 147 145 179 175 171 1,421 26.2% Total Return of Capital $153 $657 $601 $548 $597 $595 $629 $975 $671 $5,426 100.0% Total at 3Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Shares % S/O LVS Shares Repurchased - 11.12 8.58 8.74 11.43 8.81 10.09 20.21 9.19 88.16 11.5% LVS Shares Outstanding3 764.5 753.4 745.0 736.4 725.0 716.3 706.6 686.5 677.3 $500 million of LVS stock repurchased in 3Q25 − 9.19 million LVS shares at a weighted average price of $54.39 $171 million of dividends paid by LVS ($0.25 per share) 33 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 basic shares outstanding at quarter end. 4. Reflects LVS shares repurchased as a percenta ge of shares outstanding as of September 30, 2023. Total Capital Returned to LVS Shareholders 3Q23 – 3Q25 Capital Return Update for 3Q25 LVS Return of Capital (cont’d) Return of Capital 2023 – 2025 Predominantly Share Repurchases 4 LVS has repurchased 11.5% of shares outstanding over last 8 quarters Repurchases Comprise ~74% of Capital Return
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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 $450 $400 $400 $33 $88 $196 $419 $409 $175 $175 $175 $54 $200 $350 $400 $850 $150$1,227 $828 $651 $1,017 $1,567 $2,000 $1,400 $1,300 $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) 35 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, $848 million of which the Company paid in April 2025, with the remainder to be paid in late 2025 or early 2026. Maintenance and Other Investment in high quality assets drives revenue growth Scale and quality of assets create competitive advantage Marina Bay Sands Expansion Project2,3 4 4 Marina Bay Sands Land Premium4
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36 Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Grand
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37 The Londoner Macao Was Completed in 2Q25 The Londoner Macao has significantly elevated our market-leading Macao property portfolio, enhancing our product offerings and the customer experience Phase I ─ Londoner Court (luxury residential style 368-suite hotel ~ one million SF of new suites) ─ The Londoner Hotel (594 suites) ─ Crystal Palace Atrium ─ New dining, entertainment, gaming and London-themed attractions ─ Suites by David Beckham ─ Shakespeare’s Hall Atrium in south towers ─ Big Ben and Houses of Parliament external façade ─ Re-themed Shoppes at Londoner ─ The Londoner Arena Phase II ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduction of new health and wellness experiences
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Investment Amount ($ in US billions) Long-Term Commitment to Macao Capital Investment Commitment in Macao Through 2032 38 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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39 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 Completed in 2Q25 40
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41 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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43 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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44 MBS Expansion Project Development Cost Estimate Summary 1. Denotes $1.0 billion of additional land premium, $848 million of which the Company paid in April 2025, with the remainder to be paid in late 2025 or early 2026. 2. Soft construction costs and ot her includes design and development. 3. Development cost is estimated and subject to substant ial revision based on project schedule and other factors. Investing in the growth of Singapore’s high-value leisure and business tourism market Note: Land Premium for 47-Year Leasehold ($ in US billions) Original Land Premium (paid 2019) $1.0 Additional Land Premium1 1.0 Total Land Premiums $2.0 25% Additional Development Costs: Hard Construction Costs $3.5 Soft Construction Costs and Other2 1.2 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 3 $8.0 100%
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45 Estimated Development Timeline Marina Bay Sands Expansion Project Submission of development application to the Urban Redevelopment Authority Commencement of piling and foundation work Estimated 55 to 60 month construction period Estimated opening date; subject to government approval 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. Status Complete Complete October 2024 May 2025 May 2025 - 2030 1 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) 46 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 47 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 48
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Environmental, Social and Governance (ESG)
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50 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, and included in Forbes 2025 Net Zero Leaders List 51 Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability
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52 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) Forbes Net Zero Leaders List (2025) 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 Hotel (2022), Sands Macao (2024), Conrad Macao (2022), The St. Regis Macao (2022), Sheraton Grand Macao (2022) 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, 2024) Greater Bay Area Business Sustainability Index (2019, 2020, 2021, 2022, 2023, 2024) Greater China Business Sustainability Index (2020, 2021, 2022, 2023, 2024) Greater China Hotel Business Sustainability Index (2020, 2021, 2022, 2023, 2025) Global (Asia-Pacific) Business Sustainability Index (2022, 2023, 2024) Singapore LEED Platinum for Building Operations and Maintenance Sands Expo and Convention Center at Marina Bay Sands (since 2019, recertified 2025) 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 Sands China is the Leader in Macao Hotel Room and Suite Inventory 54 Macao Market 4/5 Star Hotel Rooms at September 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, Sands China’s hotel inventory represents ~38% of concessionaire hotel rooms and ~42% of concessionaire hotel rooms on Cotai 1. See slide 57 titled ‘Market-Leading Hotel Capacity at Sands China’ 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 19% Melco 17% SJM 10% Wynn Macau 9% MGM China 7%
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55 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 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 was completed in 2Q25; 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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56 Sands China Market-Leading Cotai Strip Property Portfolio C O T A I S T R I P Grand Suites at Four Seasons Macao 289 Suites (Opened October 2020) The Parisian Macao 2,541 Rooms & Suites Paiza Mansions 19 Suites Four Seasons Macao 360 Suites The Venetian Macao 2,905 Rooms and Suites St. Regis Hotel 400 Suites Conrad 659 Rooms & Suites Londoner Hotel 594 Suites (Opened January 2021) Tropical 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 4,588 Broadway Macau 314 Starworld 500 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 5,497 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 57 Four Seasons Macao, 379 With a market-leading ~US$17 billion of investment, Sands China’s 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 Sands China Macao Market 4/5 Star Hotel Rooms at September 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, specifically Galaxy, Banyan Tree, Hotel Okura, JW Marriott, Ritz-Carlto n, Raffles and Andaz rooms and suites. 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 September 30, 2025. Source: Public company filings and websites, Macao DSEC, 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% 28% Galaxy Entertainment2 4,997 20% 5,497 19% 14% Melco 4,625 18% 4,855 17% 12% SJM Holdings3 1,892 7% 2,731 10% 7% Wynn Macau Ltd. 1,706 7% 2,716 9% 7% MGM China 1,418 6% 2,003 7% 5% Subtotal Concessionaires 25,178 100% 28,631 100% 73% Other 4/5 Star4 - - 10,667 0% 27% Total 25,178 100% 39,298 100% 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 1,887 32% 50% 64% 67% 77% 81% 80% 80% 79% 74% 75% 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 3Q25 % of 2019 58 Macao Airport Passenger Volume Macao Airport Monthly Passenger Volume in 3Q25 was ~75% of 3Q19 Volume (000’s) Macao Airport Passenger Volume 2023 - 2025 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. Source: CAM/Macau International Airport Co., Ltd. In 3Q25 the Macao Airport passenger volume averaged ~75% of the 3Q19 volume 2019 Passenger Volume in 3Q25 ~75% of 3Q19
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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 $6,503 $6,656 Growth ('25 v '24) -0.5% 5.9% 10.0% % of 2019 112.9% 121.4% 120.5% Macao Market: Mass Gaming Revenue 60 Macao Market Mass Gaming Revenue Macao market-wide mass GGR was ~$6.7 billion in 3Q25 (~121% of 3Q19) 2 2 2 3 1. Market-wide mass GGR for all periods through 2Q25 is defined as mass win (tables and slots) as reported by the casino operat ors in their public filings (does not include revenue from Galaxy’s City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. 2. Covid-19 related travel restrictions ha ve been in place in China since the first quarter of 2020. In early 2023, most of those restrictions were reduced or removed. 3. Market-wide mass GGR for 3Q25 is estimated by LVS management based on DICJ reported data and LVS management’s estimated differences between DICJ reporting and win reported by operators in public filings. Source: Public company filings, Macao DICJ.
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($ 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 $1,058 $1,032 Growth ('25 v '24) 10.4% 24.6% 26.9% % of 2019 25.6% 29.1% 32.5% Macao Market VIP Gaming Revenue Macao Market: VIP Gaming Revenue 61 In 3Q25 Macao Market VIP revenue reached ~33% of 2019 level 2 2 2 3 1. Market-wide VIP GGR for all periods through 2Q25 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 3Q25 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.
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$177 $110 $163 $156 $148 $0 $25 $50 $75 $100 $125 $150 $175 $200 3Q24 4Q24 1Q25 2Q25 3Q25 119 115 113 109 109 62 Sands China VIP Table Metrics In 3Q25 Sands China rolling volume was ~$4.4 billion; rolling win was ~$148 million SCL Rolling Win by Quarter ($ in US billions) SCL Rolling Volume by Quarter ($ in US millions, except per table amounts) Avg. Tables Avg. Win per Table per Day: $14,759 Rolling Win % 3.23% 2.45% 2.99% 3.56% 3.39% $5.5 $4.5 $5.5 $4.4 $4.4 $0 $1 $2 $3 $4 $5 $6 3Q24 4Q24 1Q25 2Q25 3Q25
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Reconciliation of Non-GAAP Financial Measures and Other Financial Information
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Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA 64 ($ in US millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Net income $353 $392 $408 $519 $491 Add (deduct): Income tax expense 50 69 63 90 91 Loss on modification or early retirement of debt - - 5 - - Other (income) expense (11) 6 1 22 (11) Interest expense, net of amounts capitalized 179 180 174 194 187 Interest income (67) (57) (42) (42) (39) Loss on disposal or impairment of assets 11 9 7 8 68 Amortization of leasehold interests in land 15 15 15 20 21 Depreciation and amortization 324 348 362 371 368 Development expense 55 59 69 69 72 Pre-opening expense 4 4 4 9 7 Stock-based compensation 10 8 1 5 11 Corporate expense 68 75 73 69 78 Consolidated Adjusted Property EBITDA $991 $1,108 $1,140 $1,334 $1,344
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Non-GAAP Measures Adjusted Net Income 65 1. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. ($ in US millions) Three Months Ended September 30, 2025 2024 Net income attributable to LVS $419 $275 Pre-opening expense 7 4 Development expense 72 55 Loss on disposal or impairment of assets 68 11 Other income (11) (11) Income tax impact on net income adjustments 1 (21) (11) Noncontrolling interest impact on net income adjustments 2 - Adjusted net income attributable to LVS $536 $323
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Non-GAAP Measures Adjusted Earnings per Diluted Share 66 1. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. ($ in per share amounts) Three Months Ended September 30, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $0.61 $0.38 Pre-opening expense 0.01 0.01 Development expense 0.11 0.08 Loss on disposal or impairment of assets 0.10 0.02 Other income (0.02) (0.02) Income tax impact on net income adjustments1 (0.03) (0.03) Noncontrolling interest impact on net income adjustments - - Adjusted earnings per diluted share $0.78 $0.44 Weighted average diluted shares outstanding (in millions) 685 731
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Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule 67 ($ in US millions) 3Q24 4Q24 1Q25 2Q25 3Q25 TTM 3Q25 Cash Flows From Operations $761 $915 $526 $178 $1,115 $2,734 Adjust for: Recovery of (provision for) doubtful accounts 5 (9) (5) (16) (18) (48) Foreign exchange gains (losses) 11 1 (2) (27) 10 (18) Other non-cash items - (22) (12) (1) (3) (38) Leasehold interest in land - - - 848 - 848 Changes in working capital (74) (121) 290 (64) (156) (51) 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 1 0815 1 12 5 A d d : C o r p o r a t e e x p e n s e 6 87 57 36 97 82 9 5 Add: Pre-opening and development expense 59 63 73 78 79 293 Add: Interest expense, net of amounts capitalized 179 180 174 194 187 735 Add: Interest and other income (78) (51) (41) (20) (50) (162) A d d : I n c o m e t a x e x p e n s e 5 06 96 39 09 13 1 3 LVS Consolidated Adjusted Property EBITDA $991 $1,108 $1,140 $1,334 $1,344 $4,926 Adjusted Property EBITDA Macao: The Venetian Macao $267 $250 $225 $236 $242 $953 The Londoner Macao 124 144 153 205 219 721 T h e P a r i s i a n M a c a o 7 46 96 64 45 32 3 2 The Plaza Macao and Four Seasons Macao 102 83 74 66 74 297 S a n d s M a c a o 1 42 01 0 9 8 4 7 F e r r i e s a n d O t h e r 457652 3 Macao Operations 585 571 535 566 601 2,273 Marina Bay Sands 406 537 605 768 743 2,653 LVS Consolidated Adjusted Property EBITDA $991 $1,108 $1,140 $1,334 $1,344 $4,926
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Supplemental Information 3Q25 and 3Q24 68 ($ in US millions) Three Months Ended September 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 $180 $42 $1 $3 - $11 $5 - $242 109 93 1 2 - 12 2 - 219 The Parisian Macao 15 33 1 - - 3 1 - 53 The Plaza Macao and Four Seasons Macao 53 16 1 - - 3 1 - 74 Sands Macao (1) 5 1 - - 2 1 - 8 Ferry Operations and Other 3 2 - - - - - - 5 Macao Operations 359 191 5 5 - 31 10 - 601 Marina Bay Sands 504 167 15 - 7 49 1 - 743 Other Development (136) 2 1 61 72 - - - - Corporate and Other (8) 8 - 2 - (80) - 78 - $719 $368 $21 $68 $79 - $11 $78 $1,344 Three Months Ended September 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 $212 $36 - - - $13 $6 - $267 23 84 2 6 1 7 1 - 124 The Parisian Macao 35 32 1 2 - 3 1 - 74 The Plaza Macao and Four Seasons Macao 81 16 1 - - 4 - - 102 Sands Macao 6 5 1 - - 1 1 - 14 Ferry Operations and Other 1 3 - - - - - - 4 Macao Operations 358 176 5 8 1 28 9 - 585 Marina Bay Sands 220 139 9 2 3 32 1 - 406 Other Development (58) 2 1 - 55 - - - - Corporate and Other (16) 7 - 1 - (60) - 68 - $504 $324 $15 $11 $59 - $10 $68 $991 The Londoner Macao The Londoner Macao
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Supplemental Information YTD 3Q25 and YTD 3Q24 69 ($ in US millions) Nine Months Ended September 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 $526 $130 $4 $4 - $32 $7 - $703 247 276 5 8 8 30 3 - 577 The Parisian Macao 49 100 2 - - 10 2 - 163 The Plaza Macao and Four Seasons Macao 152 49 2 1 - 9 1 - 214 Sands Macao 5 16 1 - - 4 1 - 27 Ferry Operations and Other 10 8 - - - - - - 18 Macao Operations 989 579 14 13 8 85 14 - 1,702 Marina Bay Sands 1,443 495 39 1 12 123 3 - 2,116 Other Development (280) 6 3 61 210 - - - - Corporate and Other (41) 21 - 8 - (208) - 220 - $2,111 $1,101 $56 $83 $230 - $17 $220 $3,818 Nine Months Ended September 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 $682 $103 $4 $10 - $35 $9 - $843 78 276 5 12 2 23 3 - 399 The Parisian Macao 115 96 2 2 - 11 2 - 228 The Plaza Macao and Four Seasons Macao 173 51 2 1 - 10 1 - 238 Sands Macao 15 15 1 - - 4 1 - 36 Ferry Operations and Other 2 10 - - - - - - 12 Macao Operations 1,065 551 14 25 2 83 16 - 1,756 Marina Bay Sands 982 383 28 8 8 103 3 - 1,515 Other Development (177) 5 3 - 169 - - - - Corporate and Other (58) 21 - 8 - (186) - 215 - $1,812 $960 $45 $41 $179 - $19 $215 $3,271 The Londoner Macao The Londoner Macao
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70 Impact of Hold-Adjustment 1. Macao operations reflect amounts from The Venetian Macao, Th e Londoner Macao, The Parisian Macao, The Plaza Macao and Four Se asons Macao, Sands Macao and Ferry Operations and Other. 2. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3% for Sands China. F or Marina Bay Sands these amounts present the illustrative impact if the Rolling Chip win percentage was 3.7% from 1Q22 - 2Q24 based on historical analysis. Expected hold impact calculations include the estimated comm issions paid, discounts and other incentives re bated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. 3. In 3Q24 - 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5%, 3.7%, 3.8%, 4.1% and 4.2%, respectively. These theore tical hold percentages on Rolling Chip play during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discount s and other incentives rebated directly or indire ctly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 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 $1,906 Impact of hold-adjustment 2 (12) (22) (10) (10) (22) (19) (25) 68 52 6 4 38 17 (11) (4) Adjusted Property EBITDA (11) (110) (152) (51) 398 541 631 654 610 561 585 571 535 566 601 Impact of hold-adjustment 2 (7) (13) (6) (6) (13) (11) (15) 40 31 4 2 22 10 (7) (2) 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% 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% 0.0% 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% 31.5% Marina Bay Sands 3.7% Theoretical Rolling Chip Hold % 2 Theoretical Smart Table Rolling Chip Hold % 3 Net Revenues $399 $679 $756 $682 $848 $925 $1,015 $1,061 $1,158 $1,016 $919 $1,137 $1,163 $1,388 $1,436 Impact of hold-adjustment 2 7 (31) 15 172 51 - (12) (62) (67) (59) 114 29 8 (102) (57) Adjusted Property EBITDA 121 319 343 273 394 432 491 544 597 512 406 537 605 768 743 Impact of hold-adjustment 2 6 (25) 12 135 40 - (9) (49) (52) (46) 88 21 6 (80) (43) 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% 51.7% 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% 3.6% 0.7% 0.2% -1.8% -0.9% 31.3% 45.4% 46.0% 47.8% 48.3% 46.7% 48.1% 49.5% 50.0% 48.7% 47.8% 47.9% 52.2% 53.5% 50.8%