Slides
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3Q26 Earnings PresentationOctober 21, 2026
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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,” “can,” “continues,” “estimates,” “expects,” “goals,” “intends,” “looks forward to,” “may,” “opportunities,” “plans,” “positions,” “remains,” “seeks,” “should,” “targets,” “will,” “would” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries’ ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.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-GAAP financial measures to the most directly comparable GAAP measures, are included in the company’s Form 8-K dated October 21, 2026, 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 returnsLargest scale operator in the most important markets with industry-leading revenues and marginsStrong balance sheet and cash flow generation enable investments in both promising growth opportunities and robust program toreturn capital to shareholdersExperienced leadership team dedicated to driving long-term shareholder value and maximizing shareholder returnsStrategic Priorities:Creating unique and memorable hospitality and entertainment experiencesLeveraging market-leading suite capacity in both Singapore and Macao to attract more high-value businessReturning excess capital to shareholders through share repurchase and dividend programsPursuing development opportunities in new jurisdictions Investment Case and Strategic Priorities We believe our market-leading assets coupled with our focus on delivering unique and memorable hospitality and entertainment experiences to our customers will drive growth and produce strong returns for our shareholders in the years ahead
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4 CONSOLIDATED FINANCIALSNet revenue decreased 3.5% to $3.22 billionNet income decreased 28.3% to $352 millionDiluted earnings per share decreased 21.3% to $0.48 per share Consolidated Adjusted Property EBITDA decreased 16.7% to $1.12 billionQuarterly Highlights3Q26 Summary OverviewRETURN OF CAPITAL TO SHAREHOLDERS & PURCHASE OF SANDS CHINA STOCKLVS repurchased $950 million of common stock in 3Q26LVS has repurchased 19.0% of outstanding shares over the last 12 quarters,1returning approximately $7.0 billion to shareholdersRepurchases in the quarter totaled 20.97 million LVS shares at a weighted average price of $45.31, 627.0 million shares outstanding at quarter-endThe remaining amount authorized under our share repurchase program was $5.06 billion at September 30, 2026 LVS paid dividends of $193 million ($0.30 per share) in 3Q26LVS purchased 62 million Sands China shares for $101 million, increasing its ownership percentage to 75.56% at September 30, 2026SANDS CHINA LTD.SCL continues to focus on enhancing service levels, improving the customer experience and investing in our productSCL delivered growth in gaming volumes in every segment: Rolling tables, Non-Rolling tables and Slots/ETGsSCL’s Macao mass GGR market-share was 26.1%, the highest result since 4Q23The Macao Market revenue and growth continue to be led by the premium segment, which remains deeply competitiveMacao Adjusted Property EBITDA decreased 12.0% to $529 million- Higher hold on rolling play positively impacted Adjusted Property EBITDA by $11 millionAdjusted Property EBITDA margin decreased 420bps to 27.3%MARINA BAY SANDSThe high end of the premium gaming segment was softer during the quarterMarina Bay Sands Adjusted Property EBITDA decreased 20.6% to $590 million- Lower hold on rolling play negatively impacted Adjusted Property EBITDA by $4 millionMass win (including tables and slots) decreased 9% to $826 millionRolling win decreased 13% to $382 millionAdjusted Property EBITDA margin decreased 610bps to 45.6%OPERATING PERFORMANCEFINANCIAL PERFORMANCE & RETURN OF CAPITAL 1. Reflects LVS shares repurchased as a percentage of shares outstanding as of September 30, 2023.Note: all increases/decreases above reflect 3Q26 results compared to 3Q25, unless otherwise stated.
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($ in US millions, except per share information)LVS Consolidated Third Quarter Financial Results3Q25 3Q26 $ Change % Change Net Revenue $3,331$3,216($115) -3.5%Net Income 491 352 (139) -28.3%Net Income Attributable to LVS 419 304 (115) -27.4%Diluted EPS $0.61$0.48($0.13) -21.3%Dividends per Common Share $0.25$0.30$0.05 20.0%Adjusted Net Income Attributable to LVS 536 343 (193) -36.0%Adjusted Diluted EPS $0.78$0.54($0.24) -30.8%Adjusted Property EBITDA 1,344 1,119 (225) -16.7%Adjusted Property EBITDA Margin 40.3%34.8%-550 bps - Third Quarter 2026 Financial HighlightsQuarter Ended September 30, 2026 v. September 30, 2025 5$950 million of LVS stock repurchased in 3Q26−20.97 million LVS shares repurchased at a weighted average price of $45.31−627.0 million shares outstanding at quarter-end 3Q26 (down from 677.3 at quarter-end 3Q25)$193 million of dividends paid by LVS ($0.30 per share) in 3Q26$101 million of SCL stock purchased during the quarter, increasing LVS ownership of SCL to 75.56%
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6 LVS Adjusted Property EBITDASelect Quarterly Results($ in US millions)LVS Adjusted Property EBITDAAssuming Expected Hold in our Rolling Play1-$45 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3% for Sands China. For Marina Bay Sands in 3Q25 - 3Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 4.2%, 3.9%, 3.6%, 4.2%, and 4.6%, 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. -$71-$9+$50-$7$1,344$1,414$1,421$1,119 $1,119$0$300$600$900$1,200$1,500 3Q25 4Q25 1Q26 2Q26 3Q26
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($ in US millions)Adjusted Property EBITDA 3Q25 3Q26 Change % Change Marina Bay Sands $743 $590 ($153) -20.6%Adjusted Property EBITDA Margin 51.7% 45.6% -610 bpsMacao Operations $601 $529 ($72) -12.0%Adjusted Property EBITDA Margin 31.5% 27.3% -420 bpsLVS Total $1,344 $1,119 ($225) -16.7%Adjusted Property EBITDA Margin 40.3% 34.8% -550 bps 7 Third Quarter 2026 Adjusted Property EBITDA See slides 58 and 59 in the appendix for the presentation of the illustrative impact of hold in our rolling play in Singapore and MacaoIn 3Q26 hold on rolling play negatively impacted Adjusted Property EBITDA in Singapore by $4 million1 and positively impacted Adjusted Property EBITDA by $11 million1in MacaoIn 3Q25 hold on rolling play positively impacted Adjusted Property EBITDA in Singapore by $43 million1 and positively impacted Adjusted Property EBITDA by $2 million1in Macao1. For Marina Bay Sands in 3Q25 and 3Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 4.2% and 4.6%, respectively. The theoretical hold percentages on Rolling Chip at MBS play during each quarter were calculated utilizing smart table data. For Sands China the amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. 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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Ma rin a B ay S a nd s
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$743$806$788$689$590$0$200$400$600$800$1,0003Q25 4Q25 1Q26 2Q26 3Q26Adjusted Property EBITDA1Marina Bay SandsMarket-leading Premium Suites and Service Offerings Drive Strong Financial Performance 9 Mass Gaming Revenue($ in US millions)Slot Machines Non-Rolling Tables ($ in US millions)Assuming Expected Hold in Our Rolling Play2The high end of the premium gaming segment was softer during the quarterFinancial results for the quarter ended September 30, 2026:Adjusted Property EBITDA was $590 million, a decrease of 21% compared to 3Q25─ Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $4 million2higherAdjusted Property EBITDA margin was 45.6%─ Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 45.7%2Mass gaming revenue (Non-Rolling tables and slots):─ Mass gaming revenue decreased 9% to $826 million─ Non-Rolling table win decreased 14% to $537 million─ Slot win increased 3% to reach $289 millionRolling volume decreased 7% to $8.4 billion─ Rolling win: $382 million, hold percentage 4.53%Occupancy: 95.8%ADR: $1,038Retail revenues: $70 million -$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. The threshold was met in July in 2025 and in June in 2026.2. In 3Q25 - 3Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 4.2%, 3.9%, 3.6%, 4.2%, and 4.6%, 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, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. -$45+$6-$37 $625$656$630$595$537$280$295$272$291$289$905$951$902$886$826$0$250$500$750$1,0003Q254Q251Q262Q263Q26 +$4
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$275$390$424$477$549$580$569$584$687$604$668$746$778$843$905$951$902$886$826$200$250$300$350$400$450$500$550$600$650$700$750$800$850$900$950$1,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26Mass Win (Tables & Slots) Marina Bay SandsMass Gaming Revenue (Tables & Slots) 10 MBS Mass Gaming Revenue (Tables & Slots)($ 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. Completion of 775 upgraded suitesInitial delivery of upgraded suite product
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11 Marina Bay Sands: Hold Impact DisclosuresImplementation of Smart Table Technology Enables Calculation of Theoretical Hold RatesMarina Bay Sands introduction of smart tables:Marina Bay Sands (MBS) has rolled out smart table technology across its baccarat gaming areasThis smart table system uses a combination of RFID technology and table-top cameras to capture data on placed betsOne 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 periodUpdate:Smart table technology has been installed on all baccarat Rolling Chip tables at MBS since the third quarter of 2024We introduced a new disclosure methodology for the calculation of expected hold impact on our results at MBS in 3Q25, including four prior quarters using the smart table dataThe 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 quarterSince 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%3.9%3.6%4.2%4.6%2.5%3.0%3.5%4.0%4.5%5.0%3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26($ in US billions)Rolling Volume $6.6 $8.1 $8.0 $8.9 $9.1 $13.4 $18.0 $9.3 $8.4
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S an ds C h in a
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$601$608$633$430$529$0$200$400$600$8003Q25 4Q25 1Q26 2Q26 3Q261. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.2. Excludes results from retail outlets at Sands Macao. Sands ChinaMarket-leading Asset Portfolio Positioned for Growth 13Mass Gaming Revenue($ in US millions)Slot Machines Non-Rolling Tables Adjusted Property EBITDA ($ in US millions)Assuming Expected Hold in Our Rolling Play1SCL continues to focus on enhancing service levels, improving the customer experience and investing in our productMarket share of mass revenue in the Macao market reached 26.1%, our strongest performance since 4Q23Gaming volumes reflected growth in all segments: Rolling table volumes +31% YoY, Non-Rolling table volumes +11% YoY, Slots/ETGs +26% YoYFinancial results for the quarter ended September 30, 2026:Adjusted Property EBITDA decreased 12% to $529 million─ Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $11 million1lowerAdjusted Property EBITDA margin was 27.3%─ Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 27.0%1Gaming Revenues:─ Non-Rolling table win decreased 2% to $1.47 billion─ Slot win increased 18% to reach $223 million─ Rolling win increased 41% to $209 million, hold percentage was 3.64% (an increase of 25 bps)Occupancy: 97.9%; ADR: $231Retail revenues: $131 million2 -$2-$26-$15+$87 $1,500$1,542$1,564$1,466 $1,468$189$196$217$222$223$1,689$1,738$1,781$1,688$1,691$0$500$1,000$1,500$2,0003Q254Q251Q262Q263Q26 -$11
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Sands China Financial PerformanceQuarter Ended September 30, 2026 v. September 30, 2025 141. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.Sands China continues to invest in enhanced service levels and improving the customer experience throughout the property portfolioSands China delivered 26.1% share of Macao mass market revenue, its highest share since 4Q23Additional investment in premium suites and other hospitality offerings will be completed throughout the property portfolio through 2028SCL property portfolio increased gaming volumes across all gaming segments:─ Rolling table volumes +31%─ Non-Rolling table volumes +11%─ Slots/ETGs +26% ($ in US millions)Net RevenueAdj. Property EBITDAAdj. Property EBITDA MarginGrowthGrowthGrowth3Q253Q26$ %3Q253Q26$ %3Q253Q26bpsThe Venetian Macao $692 $649 (43) -6.2% $242 $205 ($37) -15.3% 35.0% 31.6% (340) The Londoner Macao 686 685 (1) -0.1% 219 178 (41) -18.7% 31.9% 26.0% (590)Four Seasons/Plaza Casino 206 238 32 15.5% 74 85 11 14.9% 35.9% 35.7% (20)The Parisian Macao 218 231 13 6.0% 53 46 (7) -13.2% 24.3% 19.9% (440) Sands Macao 72 99 27 37.5% 8 14 6 75.0% 11.1% 14.1% 300Ferry Operations and Other 32 38 6 18.8% 5 1 (4) -80.0% 15.6% 2.6% (1,300)Total Macao Portfolio 1,906 1,940 34 1.8% 601 529 (72) -12.0% 31.5% 27.3% (420)Total Macao Portfolio Margins Assuming Expected Hold in Our Rolling Play1 31.5% 27.0% (450)
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$746$791$822$732$747$0$300$600$900 3Q25 4Q25 1Q26 2Q26 3Q26$754$751$742$734$721$0$300$600$900 3Q25 4Q25 1Q26 2Q26 3Q26 Avg. Win per Table per Day: $7,924 15 SCL Base Mass Table Win by QuarterSands China Mass Market Table UpdateBase Mass and Premium Mass Table Win Note: Sands China’s base mass and premium mass table revenues as presented above are based on the geographic position of Non-Rolling (mass) tables on the gaming floor. Some high-end mass play occurs in the base mass geographic area. ($ in US millions)SCL Premium Mass Table Win by Quarter Avg.Tables Avg. Win per Table per Day: $15,092 Avg.Tables1,008 991 998 989 989 ($ in US millions) 519 540 525 534 538 -4% v. 3Q25Flat v. 3Q25
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$383 $210 $148 $284 $1,029 $1,321 $1,445 $1,580 $1,583 $1,531 $1,505 $1,529 $1,447 $1,559 $1,689 $1,738 $1,781 $1,688 $1,691 21.5%23.6%23.8%24.5%27.7%27.9%27.0%26.6%25.6%24.9%24.9%24.3%23.6%24.0%25.3%25.3%25.8%25.0%26.1%20%25%30%35%40% $0$500$1,000$1,500$2,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26SCL Mass WinSCL Mass Market Share % Sands China Mass Market Revenue Share UpdateMass GGR Tables & Slots 16 SCL Mass Gaming Revenue (Tables & Slots) and Mass Market Revenue Share1,2 Sands China mass revenue share reached 26.1%, its best result since 4Q23 ($ in US millions) 1. Market-wide mass GGR for all periods through 2Q26 is defined as mass win (tables and slots) as reported by the casino operators 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 3Q26 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 first quarter of 2020. In early 2023, most of those restrictions were reduced or removed. Source: Public company filings, Macao DSEC, Macao DICJ.
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23.5%20.3%20.7%19.3%19.4%21.3%20.3%21.7%22.3%23.0%21.2%26.1%22.3%24.7%13.8%15.3%14.2%15.2%16.7%14.5%14.0%15.4%12.9%12.4%14.8%12.5%12.9%16.2%10.8%13.3%12.5%12.8%12.3%12.9%13.9%11.9%15.3%16.5%15.2%13.0%15.5%13.6%16.2%14.0%13.5%14.5%15.9%16.3%13.6%14.4%15.7%15.9%14.7%16.4%14.7%16.4%0.4%3.5%4.1%4.6%5.5%5.8%7.1%6.7%6.3%4.4%5.4%4.0%5.5%5.5%35.3%33.7%35.0%33.5%30.1%29.1%31.1%29.9%27.4%27.8%28.8%28.1%29.3%23.5%0%20%40%60%80%100% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Sands China: Macao Market EBITDA ShareMacao Concessionaire Adjusted Property EBITDA Share 171. Had we held as expected in our rolling play, SCL’s Adjusted Property EBITDA would have been $87 million higher in 2Q26.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: Public company filings (does not include Adj. Property EBITDA from Galaxy’s City Clubs business). SCL SJM MGM China Melco GalaxyWynn Macau 1
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B al an ce S he et, L i qu idi ty, Retu rn o f C ap ital to S h areh ol ders an d C ap ita l E x pen di tures
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As of September 30, 2026:Cash Balance1–$2.86 billionLiquidity2–$7.13 billionDebt –$15.30 billionNet Debt –$12.44 billionStrong Balance Sheet and Liquidity 191. Excludes restricted cash.2. Denotes cash plus total revolver availability. Does not include $4.57 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. Includes the impact of $137 million land premium payment made in 1Q26, related to the Marina Bay Sands Expansion, which is recorded under US GAAP as a reduction in cash flow from operations.4. Debt balances shown here are net of deferred financing costs and original issue discounts of $135 million and exclude finance leases.5. Excludes Marina Bay Sands’ Delayed Draw Facility balance of $1.27 billion (net of deferred financing costs and original issue discount of $22 million). Trailing Twelve Months Ended September 30, 2026:Adjusted Property EBITDA –$5.07 billionCash Flow from Operations3–$3.49 billion($ in US millions)Marina Bay LVS Corp. TotalAs of September 30, 2026Sands China Sands and Other ConsolidatedCash and Cash Equivalents1 $1,093 $627 $1,138 $2,858Debt4 6,257 4,069 4,970 15,296Net Debt (Cash)4 5,164 3,442 3,832 12,438Trailing Twelve Months Adjusted Property EBITDA 2,200 2,873 - 5,073Gross Debt to TTM Adjusted Property EBITDA 2.8x 1.4x - 3.0xNet Debt to TTM Adjusted Property EBITDA 2.3x 1.2x - 2.5xExcluding MBS Expansion Delayed Draw Facility5Gross Debt to TTM Adjusted Property EBITDA 2.8x 1.0x - 2.8xNet Debt to TTM Adjusted Property EBITDA 2.3x 0.8x - 2.2x
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(Share amounts and $ in US millions)Total 3Q23 - 3Q263Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $ %LVS Share Repurchas es1- $505 $450 $400 $450 $450 $450 $800 $500 $500 $740 $787 $950 $6,982 76.2%LVS Di vidends Pa id2153 152 151 148 147 145 179 175 171 169 202 197 193 2,182 23.8%Tota l Return of Ca pital $153 $657 $601 $548 $597 $595 $629 $975 $671 $669 $942 $984 $1,143$9,164 100.0%Total at 3Q263Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Shares % S/OLVS Shares Repurchas ed - 11.12 8.58 8.74 11.43 8.81 10.09 20.21 9.19 8.14 13.06 15.03 20.97145.37 19.0%LVS Shares Outs ta nding3764.5 753.4 745.0 736.4 725.0 716.3 706.6 686.5 677.3 674.9 662.9 647.9 627.0201. 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, and in 1Q26 the dividend was increased to $0.30 per share.3. Reflects basic shares outstanding at quarter end.4. Reflects LVS shares repurchased as a percentage of shares outstanding as of September 30, 2023. Total Capital Returned to LVS Shareholders 3Q23 – 3Q26LVS Return of CapitalReturn of Capital 2023 – 2026 Predominantly Share Repurchases4LVS has repurchased 145.37 million shares, or 19.0% of shares outstanding, over the last 12 quarters ended September 30, 2026 Repurchases Comprise ~76% of Capital Return
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$265$298$426$319$420$500 $500 $500$475$157$172$785$428$300$750 $750$88$196$419$409$103$100$200 $200$54$217$450$500$1,150$848$137$828$651$1,017$1,567$2,016$1,487$1,950$2,600$0$500$1,000$1,500$2,000$2,500$3,0002021A 2022A 2023A 2024A 2025A 2026E 2027E 2028EMarina Bay SandsSCL1 Capital Expenditures ExpectationsInvestments to enhance our industry-leading portfolio of Integrated Resorts in Singapore and Macao($ in US millions) 21 LVS Capex Expectations 1. Includes SCL capital expenditure commitment related to new concession, through 2032 (~$2.7 billion), and additional capital expenditure 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.Maintenance and Other Investment in high-quality assets drives revenue growthScale and quality of assets create competitive advantage Marina Bay Sands Expansion Project2,3Marina Bay Sands Land Premium
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A pp endi ces- M a r i n a B a y S a n d s R e c e n t l y C o m p l e t e d I n v e s t m e n t s a n d E x p a n s i o n P r o j e c t U p d a t e- M a c a o M a r k e t a n d S a n d s C h i n a A d d i t i o n a l I n f o r m a t i o n- E n v i r o n m e n t a l , S o c i a l a n d G o v e r n a n c e ( E S G )- R e t a i l M a l l O p e r a t i o n s a n d S u p p l e m e n t a l I n f o r m a t i o n- I l l u s t r a t i v e I m p a c t o f H o l d i n O u r R o l l i n g P l a y- R e c o n c i l i a t i o n o f N o n - G A A P F i n a n c i a l M e a s u r e s a n d O t h e r F i n a n c i a l I n f o r m a t i o n2 5 - 3 23 4 - 4 85 0 - 5 25 4 - 5 65 8 - 5 96 1 - 6 9
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Ma rin a B ay S a nd s Re c ent ly C o mpl eted I nvestment s an d Ex p ans ion P ro jec t U pd ate
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25 Marina Bay Sands: Suite Renovation and Refurbishment Program Completed in 2Q25Elevation of Hotel Towers, Premium Gaming Areas, Public Spaces, Lifestyle ExperiencesRenovation 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 experiencesThe 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 offeringsInvesting in the future of high-value tourism in SingaporeMBS 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 OfferingsMBS 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
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Marina Bay Sands Completed Capital InvestmentSuite Renovation and Refurbishment Program Completed in 2Q25 26
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27 Marina Bay Sands Completed Capital InvestmentIntroduction of New Suites and Amenities Completed in 2Q25
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28 Marina Bay Sands Expansion ProjectNew 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 attractionsAll-Suite Ultra Luxury Hotel: up to 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 experiencesPremium MICE Facilities: ~110,000 net sq. ft. including a grand ballroom and premium meeting amenitiesEntertainment:including signature dining experiences, luxury retail boutiques, podium and sky gaming, as well as additional lifestyle and wellness amenities
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29 MBS Expansion Project Development Cost Estimate Summary 1. Denotes $985 million of additional land premium, $848 million of which the Company paid in April 2025, and the remaining $137 million of which was paid in March 2026. 2. Soft construction costs and other includes design and development.3. Development cost is estimated and subject to substantial revision based on project schedule and other factors.Investing in the growth of Singapore’s high-value leisure and business tourism market Note: Land Premium for 47-Year Leasehold($ in US billions)Original Land Premium (paid 2019) $1.0Additional Land Premium11.0Total Land Premiums $2.0 25%Additional Development Costs:Hard Construction Costs $3.5Soft Construction Costs and Other21.2Design, Construction and Other Costs $4.7 59%Pre-Opening Expense 0.3Financing Fees and Interest 1.0Pre-Opening and Finance Costs $1.3 16%Total Development Cost3$8.0 100%
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30 Marina Bay Sands Expansion ProjectEstimated Development TimelineSubmission of development application to the Urban Redevelopment AuthorityCommencement of piling and foundation workEstimated 55 to 60 month construction periodEstimated opening date; subject to government approvalEstimated 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 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. StatusCompleteCompleteOctober 2024May 2025May 2025 - 20301January 20311 On Track
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$200$217$450$1,000$848$137$1,200$1,065$587$500$1,150$1,850$350$0$500$1,000$1,500$2,000 2024 and Prior 2025A 2026E 2027E 2028E 2029E 2030E Marina Bay Sands Expansion ProjectDevelopment Capital Expenditure Expectations1,2,3($ in US millions) 31 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 substantial revision based on project schedule and other factors.Capital expendituresLand Premium
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Marina Bay Sands Expansion ProjectContributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal 32 Marina Bay Sands Original Integrated ResortContributed meaningfully to economic growth and to Singapore’s appeal as an exciting global cityDelivered iconic architecture to Singapore’s central business district areaMBS is an important contributor 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 ProjectFurther enhance MBS’ status as an iconic architectural landmarkProvide suite product and customer experiences that are designed to be the finest and most exclusive in the worldIntroduce a ‘state-of-the-art’ arena designed for live musical performances that can attract the highest-caliber global entertainment events and artists to SingaporeExtend the success of Singapore as a MICE destinationEnsure MBS is positioned to grow its economic, employment, SME support and tourism destination contributions to Singapore in thedecades ahead
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Ma cao M arket an d S a nd s Ch in aA dd it ional In formatio n
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$1,779 $890 $621 $1,157 $3,715 $4,730 $5,350 $5,936 $6,171 $6,139 $6,051 $6,292 $6,141 $6,503 $6,673 $6,873 $6,891 $6,758 $6,473 $0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Macao Market: Mass GamingMass GGR Tables & Slots 34 Macao Market Mass Gaming Revenue (Tables & Slots)1,2 Mass win in Macao decreased 3% to ~$6.5 billion in 3Q26 ($ in US millions)-3% 1. Market-wide mass GGR for all periods through 2Q26 is defined as mass win (tables and slots) as reported by the casino operators 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 3Q26 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)Mass Win (Tables and Slots)1Q1 Q2 Q3 Q4 Total2024 $6,171 $6,139 $6,051 $6,292 $24,653Growth ('24 v '23) 66.1% 29.8% 13.1% 6.0% 24.9%2025 $6,141 $6,503 $6,673 $6,873 $26,190Growth ('25 v '24) -0.5% 5.9% 10.3% 9.2% 6.2%2026 $6,891 $6,758 $6,473Growth ('26 v '25) 12.2% 3.9% -3.0%Macao Market: Mass Gaming Revenue 35 Macao Market Mass Gaming Revenue 1. Market-wide mass GGR for all periods through 2Q26 is defined as mass win (tables and slots) as reported by the casino operators in their public filings (does not include revenue from Galaxy’s City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate.2. Market-wide mass GGR for 3Q26 is estimated by LVS management based on DICJ reported data and LVS management’s estimated differences between DICJ reporting and win reported by operators in public filings.Source: Public company filings, Macao DICJ. 2
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($ in US millions)VIP Win1Q1 Q2 Q3 Q4 Total2024 $902 $850 $813 $839 $3,404Growth ('24 v '23) 55.4% -3.0% 12.5% 10.9% 15.9%2025 $996 $1,058 $1,030 $1,308 $4,392Growth ('25 v '24) 10.4% 24.6% 26.7% 55.9% 29.0%2026 $1,195 $750 $940Growth ('26 v '25) 19.9% -29.1% -8.7%Macao Market VIP Gaming RevenueMacao Market: VIP Gaming Revenue 361. Market-wide VIP GGR for all periods through 2Q26 is defined as rolling win as reported by the casino operators 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 VIP GGR for 3Q26 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. 2
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37 Macao Market: Visitation OverviewJuly and August Visitation1– 2026 v. 2025 and 2019 1. September visitation is not yet available. Source: Macao DSEC statistical database. (millions)July and August Visitation12026 v. 20252026 v. 201920262025VarianceGrowth2019Variance% of 2019China, excluding Guangdong Province2.43 2.44 (0.01) -0.4%2.79 (0.36) 87%Guangdong Province3.83 3.38 0.45 13.4%2.42 1.41 158%Hong Kong1.21 1.31 (0.10) -7.8%1.30 (0.10) 93%All Other Visitation0.55 0.55 0.00 0.6%0.64 (0.08) 87%Total Macao Visitation8.02 7.68 0.34 4.5%7.15 0.87 112%
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381. 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 2025 GDP divided by 2025 population (the latest provincial and national data available).Source: Macao DSEC statistical database, National Bureau of Statistics of China. July and Aug. 2026 Visitation - % of July and Aug. 2025Visitation from China to Macao1Macao Market: Visitation from China to Macao1Exclusive of Guangdong Province, Visitation2Was Consistent with 2025 Level Data not available≥ 100% - < 105%< 100%% of 2025≥ 105% - < 110%> 110% July and August Visitation Population GDP Per PenetrationProvince 2025 2026 % of 2025 (MM) Capita (US$) RateJiangsu177,143 189,512 107%85 $23,258 0.2%Hunan159,080 170,421 107%65 $11,857 0.3%Zhejiang175,465 170,203 97%67 $19,636 0.3%Guangxi161,959 162,878 101%50 $8,293 0.3%Fujian146,700 159,983 109%42 $19,995 0.4%Shanghai141,225 142,311 101%25 $31,759 0.6%Hubei130,826 132,731 101%58 $15,007 0.2%Sichuan110,826 113,154 102%83 $11,321 0.1%Jiangxi92,091 94,441 103%45 $11,205 0.2%Beijing91,424 91,056 100%22 $33,244 0.4%Henan73,426 86,090 117%97 $9,517 0.1%Shandong68,578 74,848 109%100 $14,301 0.1%Anhui64,275 70,979 110%61 $12,125 0.1%Chongqing53,034 53,732 101%32 $14,742 0.2%Shaanxi46,764 50,082 107%40 $12,868 0.1%Hebei43,216 47,359 110%74 $9,331 0.1%Shanxi39,664 39,947 101%34 $10,363 0.1%Liaoning37,201 38,138 103%41 $11,179 0.1%Jilin30,997 36,945 119%23 $9,072 0.2%Heilongjiang28,641 29,689 104%30 $7,827 0.1%Tianjin25,457 25,554 100%14 $18,930 0.2%Other Provinces (Ex. GD)545,220 452,727 83%192 N/A 0.2%China ExcludingGuangdong2,443,212 2,432,780 100%1,279 $13,582 0.2%Guangdong3,377,874 3,830,090 113% 126 $16,123 3.0%Total China 5,821,086 6,262,870 108% 1,405 $13,810 0.4%
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2,3372,3842,5182,3727571,1961,6051,5931,7991,9312,0131,8981,8381,7741,8872,0222,1171,7791,87132%50%64%67%77%81%80%80%79%74%75%85%91%75%74%0%20%40%60%80%100% 05001,0001,5002,0002,5003,0003,500 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 2Q26 % of 2019 39 Macao Market: Macao Airport Passenger VolumeMacao Airport Monthly Passenger Volume in 3Q26 was ~74% of 3Q19 Volume(000’s)Macao Airport Passenger Volume2023 - 2026 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 3Q26 the Macao Airport passenger volume averaged ~74% of the 3Q19 volume 2019Passenger Volume in 3Q26 ~74% of 3Q19
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$189$196$217$222$223$0$50$100$150$200$250 3Q25 4Q25 1Q26 2Q26 3Q26$1,500$1,542$1,564$1,466$1,468$0$300$600$900$1,200$1,500$1,800 3Q25 4Q25 1Q26 2Q26 3Q2640 Sands China: Mass Market Table and Slots UpdateTotal Mass Table Win and Slots Win 1. Excludes rolling play.2. Includes slots and electronic table games. SCL Mass Table1Win by Quarter($ in US millions)SCL Slots2Win by Quarter($ in US millions) Avg.TablesAvg.Slots1,527 1,531 1,523 1,523 1,5275,489 5,224 5,385 5,344 5,511 Avg. Win per Table per Day: $10,450-2% v. 3Q25Avg. Win per Unit per Day: $440+18% v. 3Q25
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$148$280$329$102$209$0$50$100$150$200$250$300$350 3Q25 4Q25 1Q26 2Q26 3Q26$4.4$7.2$9.2$7.6$5.7$0$1$2$3$4$5$6$7$8$9$10 3Q25 4Q25 1Q26 2Q26 3Q26109 107 110 112 11141 Sands China: VIP Table Metrics In 3Q26 Sands China rolling volume increased 31% to reach ~$5.7 billion; rolling win grew 41% SCL Rolling Win by Quarter($ in US billions)SCL Rolling Volume by Quarter($ in US millions, except per table amounts) Avg.Tables Avg. Win per Table per Day: $20,466Rolling Win %3.39% 3.92% 3.58% 1.35% 3.64%+31% v. 3Q25
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42 Sands China: The Londoner Macao Was Completed in 2Q25 The Londoner Macao has significantly elevated our market-leading Macao property portfolio, enhancing our product offerings and the customer experience Phase I─ Londoner Court (luxury residential style 368-suite hotel ~ one million SF of new suites)─ The Londoner Hotel (594 suites)─ Crystal Palace Atrium─ New dining, entertainment, gaming and London-themed attractions─ Suites by David Beckham─ Shakespeare’s Hall Atrium in south towers─ Big Ben and Houses of Parliament external façade─ Re-themed Shoppes at Londoner ─ The Londoner Arena Phase II─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms─ Renovation of the Pacifica casino─ Creation of new dining, retail and entertainment offerings─ Introduction of new health and wellness experiences
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43 Sands China: Completed Capital InvestmentInvestments in Increased Capacity and Elevated Customer ExperienceGrand Suites at Four Seasons MacaoThe Londoner Grand
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Investment Amount ($ in US billions)Sands China: Long-Term Commitment to MacaoCapital Investment Commitment in Macao Through 2032 44 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 periodSource: Public company filings, Macao DICJ. $3.4$1.1$4.5Capital Expenditure Commitment−Renovation and Refurbishment Program−Investment in upgrades in MICE and Entertainment facilities−Themed Attractions including a new garden-themed attraction in the current Le Jardin Tropical Garden adjacent to The Londoner−Investment in new F&B and Health & Wellness amenitiesOperating Expenditure Commitment −Increasing International Visitation including MICE−Sporting Events−Entertainment, Arts & Culture−Community TourismTotal Capital and Operating Expenditure Commitment Through 2032
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45 Sands ChinaMarket Leading Investment in MacaoInvestment~$18 billion~30 million SF of interconnected facilities on CotaiHotel Inventory~10,800 rooms including 3,730 suites~42% of hotel inventory on CotaiRetail~1.87 million SF of gross leasable retailEntertainmentThe Macao leader in entertainment – more seats, shows and venues than any other operatorThe Venetian Arena is an important entertainment venue in Macao, featuring 14,000 seats and premium VIP amenities MICEThe Macao leader in convention and group meetings~70% of all MICE square footage in Macao is owned and operated by Sands China Expansion and Reinvestment289 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 2022The 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
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46 Sands ChinaMarket-Leading Cotai Strip Property PortfolioCOTAISTRIPGrand Suites at Four Seasons Macao289 Suites (Opened October 2020)The Parisian Macao2,541 Rooms & SuitesPaiza Mansions19 SuitesFour Seasons Macao360 SuitesThe Venetian Macao2,905 Rooms and SuitesSt. Regis Hotel400 SuitesConrad659 Rooms & SuitesLondoner Hotel594 Suites (Opened January 2021)Tropical GardensLondoner Court 368 Suites (Opened September 2021)Londoner Grand12,405 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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Total Macao ~ 29,000 Rooms by Gaming OperatorsCotai ~ 25,000 Rooms by Gaming Operators Sands China: Market Leading Hotel CapacitySands China is the Leader in Macao Hotel Room and Suite Inventory 47 Macao Market 4/5 Star Hotel Rooms at September 30, 20261– Gaming Operators With a market-leading ~US$18 billion of investment, Sands China’s hotel inventory represents ~38% of concessionaire hotel rooms and ~42% of concessionaire hotel rooms on Cotai1. See slide 48 titled ‘Sands China: Market Leading Hotel Capacity (cont’d)’ for further detail.Source: Public company filings, Macao DSEC, Macao Government Tourism Office. 10,540 Rooms and Suites at SCL1 10,829 Rooms and Suites at SCL1Sands China42%Galaxy20%Melco18%SJM8%Wynn Macau7%MGM China5% Sands China38%Galaxy19%Melco16%SJM11%Wynn Macau9%MGM China7%
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Londoner Macao (Conrad, Londoner Court, Londoner Hotel, Londoner Grand, St. Regis Hotel)4,426The Venetian Macao2,905The Parisian Macao2,541Galaxy Macau14,683Broadway Macau 314Starworld 500City of Dreams1,199Macau Studio City1,600Morpheus Tower 783Grand Lisboa, 431SJM Cotai1,892Sofitel Macau, 408Wynn Macau, 1,014Wynn Palace1,706MGM Grand, 595MGM Cotai1,306W Hotel 55710,8295,4974,6933,1462,7201,90102,0004,0006,0008,00010,00012,00014,00016,000 Sands China Galaxy Entertainment Melco SJM Holdings Wynn Macau Ltd. MGM China48 Four Seasons Macao, 379With a market-leading ~US$18 billion of investment, Sands China’s hotel inventory represents ~42% of hotel rooms on CotaiSands Macao, 289Altira Macau, 216Jai Alai Hotel, 132Grand Suites at Four Seasons Macao, 289Epic Tower, 3382 Sands China: Market Leading Hotel Capacity (cont’d)Macao Market 4/5 Star Hotel Rooms at September 30, 2026 1. Reflects the opening of Galaxy Phase I and Phase II, specifically Galaxy, Banyan Tree, Hotel Okura, JW Marriott, Ritz-Carlton, Raffles, Andaz and Capella rooms and suites.2. Reflects SJM Holdings owned hotels.3. In addition to the hotel rooms that are owned by gaming operators, there are approximately 10,464 additional four- and five-star hotel rooms owned by non-gaming operators in Macao at September 30, 2026.Source: Public company filings and websites, Macao DSEC, Macao Government Tourism Office.1 L’Arc Hotel, 283CotaiTotal Market% of % of % of TotalConcessionaire Rooms Concessionaires Rooms Concessionaires MarketSands China 10,540 42% 10,829 38% 28%Galaxy Entertainment14,997 20% 5,497 19% 14%Melco 4,477 18% 4,693 16% 12%SJM Holdings21,892 8% 3,146 11% 8%Wynn Macau Ltd. 1,706 7% 2,720 9% 7%MGM China 1,306 5% 1,901 7% 4%Subtotal Concessionaires 24,918 100% 28,786 100% 73%Other 4/5 Star3- - 10,464 0% 27%Total 24,918 100% 39,250 100% 100%
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E nviro nmental, S oc i al an d G ove rnan ce ( ES G )
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50 Environmental, Social and Governance (ESG)Industry Leading ESG PlatformLVS is committed to providing leadership in ESG through collaboration with Team Members, guests, SMEs and community organizations where we operateMinimizing our environmental impact, practicing good governance, operating with integrity and being an employer of choice are fundamental to the way we conduct our businessOur industry-leading ESG program is structured around three pillars: ─ People─ Communities ─ PlanetOur governance structure supports our commitment to operating our business ethically and with accountability Our 2025 ESG Report is available at www.sands.comLVS’ 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:Listed on the Dow Jones Best-in Class World and North America Indices and earned top 10% in the casinos and gaming industry on the S&P Global Sustainability YearbookRe-earned CDP A-List for Climate Change, the gold standard of environmental reporting, in 2025Received distinction of Prime status by ISS ESG and included in the FTSE4Good Index Series, which recognizes companies demonstrating strong ESG practices and performanceNamed one of Fortune’s World’s Most Admired Companies 2026, a compilation of the top global organizations rated on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talentSands was included in Newsweek’s America’s Most Responsible Companies 2026 for the fifth consecutive year, and also recognized by Newsweek as one of the World’s Greenest Companies 2026 and America’s Greatest Workplaces for Parents and Families 2026Included on TIME and Statista’s World’s Best Companies of 2026 and World’s Most Sustainable Companies of 2026 listsSands was included in 3BL’s 100 Best Corporate Citizens list in 2026 for the fourth consecutive year51 Sustainability Awards and CertificationsRecognized 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 SandsDow Jones Sustainability Index, North America(2015 – 2016, 2018 – 2026)Dow Jones Sustainability Index, World(2020 – 2026)CDP Climate A List(2015 – 2021, 2025)CDP Water A List(2018, 2019, 2020, 2021)FTSE4Good(2019 – 2026)Fortune’s Most Admired Companies(2015, 2017, 2018, 2019, 2020, 2021, 2022, 2024, 2026)Newsweek’s Most Responsible Companies(2022, 2023, 2024, 2025, 2026)Newsweek’s World’s Greenest Companies(2025, 2026)Newsweek’s America’s Greatest Workplaces for Parents and Families(2025, 2026)TIME’s World’s Most Sustainable Companies (2025, 2026)LEED Gold for Building Design and ConstructionCorporate Headquarters (since 2023)Forbes Net Zero Leaders List(2025, 2026) MacaoDow Jones Sustainability Index, Asia Pacific(2021 – 2026)Dow Jones Sustainability Index, World(2022 – 2026)FTSE4Good(2018 – 2026)LEED Silver for Building Design and ConstructionThe Parisian Macao (2019)Macao Green Hotel GoldThe Venetian Macao (2023), The Parisian Macao (2023), Four Seasons Macao (2023), The Londoner Macao Hotel (2025), Sands Macao (2024), Conrad Macao (2025), The St. Regis Macao (2025), Londoner Grand (2025)ISO 20121 Event Sustainability ManagementThe Venetian Macao, The Parisian Macao (since 2014)ISO 45001 Occupational Health and Safety ManagementISO 14001 Environmental Management Systems 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, 2024)Global (Asia-Pacific) Business Sustainability Index (2022, 2023, 2024) SingaporeLEED Platinum for Building Operations and MaintenanceSands Expo and Convention Center at Marina Bay Sands (since 2019)LEED Platinum for Building Operations and MaintenanceArtScience Museum at Marina Bay Sands (since 2024, Gold since 2018)Singapore BCA Green Mark PlatinumSands Expo and Convention Center (since 2015)Global Sustainable Tourism Council Industry CriteriaMarina Bay Sands (since 2023)Singapore MICE Sustainability CertificationSands Expo and Convention Center at Marina Bay Sands (since 2024)EIC Sustainable Events Platinum Sands Expo and Convention Center (since 2022, Gold since 2020)Enabling Mark PlatinumMarina Bay Sands (since 2021)Health Venue GoldMarina Bay Sands (2022)ISO 20121 Event Sustainability ManagementSands Expo and Convention Center at Marina Bay Sands (since 2014)ISO 45001 Occupational Health and Safety Management ISO 14001 Environmental Management Systems
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Reta il M all O p erat ion san d S u pp lemental I nfo rmat ion
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MBS$3,318Trailing Twelve Months Retail Mall Revenue Retail Mall Portfolio in Asia 54 ($ in US millions) Operating Profit Margin1. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation.Operating Profit TTM 3Q26 Sales per Sq. Foot1Venetian Macao$2,201Parisian Macao$421$696M $708M $723M $734M $736M88% 89% 88% 89% 89%Four SeasonsLuxury: $5,614Other: $2,116The Venetian MacaoFour Seasons MacaoThe Londoner MacaoThe Parisian MacaoMarina Bay SandsLondoner Macao$1,924$248$254$261 $261$260$156$155$156$160$159$89$92$96$98$101$22$19$18$18$18$275$280$287$292$293$790$800$818$829$831 $0$100$200$300$400$500$600$700$800$900 3Q25 4Q25 1Q26 2Q26 3Q26
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Retail Mall Portfolio in Asia Tenant Sales 551. Denotes gross leasable area.2. Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. ($ per Sq. Foot, Unless Otherwise Indicated)3Q26Sales per Sq. Ft.2GLA1Occupancy % at(Sq. Ft.) Period End TTM 3Q26 TTM 2Q26 TTM 1Q26 TTM 4Q25 TTM 3Q25The Shoppes at Marina Bay Sands616,037 99.5% $3,318 $3,279 $3,068 $2,967 $2,893Shoppes at Venetian839,415 94.1% $2,201 $2,161 $2,137 $1,894 $1,798Shoppes at Four SeasonsLuxury Retail161,025 100.0% $5,614 $5,670 $5,658 $5,389 $5,372Other Stores100,644 80.7% $2,116 $2,115 $2,077 $1,973 $1,996Shoppes at Londoner518,620 82.4% $1,924 $1,886 $1,765 $1,589 $1,454Shoppes at Parisian252,775 69.5% $421 $428 $430 $458 $455
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110111110 11011111611411398100103107 107110 110114112111112114 1141131123 8 14 38 4 7 15 47 11 15 29 49 8 6 15 22 12 14 18 27 21 18 19 $113$119$124$148$115$123$129$160$109$115$132$156$115$116$125$136$124$125$130$141$135$131$131$0$30$60$90$120$150$1801Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q263839 39414038414246474950 50515256545658 585958594 3 5 10 3 4 5 12 7 10 19 26 9 7 11 26 8 6 11 29 10 9 11 $42 $42$44$51$43$42$46$54$53$57$68$76$59$58$63$82$62 $62$69$87$69$67$70$0$30$60$901Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q2656 Sands China Mall RevenueRetail Mall RevenueQuarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 3Q26 1. Denotes minimum rent, common area maintenance (‘CAM’), levies and direct recoveries.2. Denotes turnover/overage rent.Note: data shown excludes results from retail outlets at Sands Macao. ($ in US millions)Base Rent, CAM, Other1Turnover Rent2Marina Bay Sands Mall Revenue
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I ll ustrative I mp ac t of H ol din Ou r Rol ling P lay
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58 Illustrative Impact of Hold in Our Rolling Play1Marina Bay Sands – Select Quarterly Results 1. In 3Q25 - 3Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 4.2%, 3.9%, 3.6%, 4.2%, and 4.6%, 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, discounts 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 and in June in 2026. ($ in US millions) Marina Bay Sands 3Q25 4Q25 1Q26 2Q26 3Q26 Actual Hold % 4.84% 4.36% 3.56% 4.74% 4.53%Expected Hold %1 4.2% 3.9% 3.6% 4.2% 4.6%Net Revenue $1,436 $1,603 $1,487 $1,380 $1,294Expected hold impact1 (57) (60) 7 (49) 6Had we held as expected in our rolling play, Net Revenue would have been $6 million higher in 3Q26Adjusted Property EBITDA2$743 $806 $788 $689 $590Expected hold impact1,2(43) (45) 6 (37) 4Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $4 million higher in 3Q26Adjusted Property EBITDA Margin251.7% 50.3% 53.0% 49.9% 45.6%Expected hold impact1,250.8% 49.3% 53.1% 49.0% 45.7%Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 45.7% in 3Q26
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59 Illustrative Impact of Hold in Our Rolling Play1Macao – Select Quarterly Results 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. ($ in US millions) Macao Operations 3Q25 4Q25 1Q26 2Q26 3Q26 Actual Hold % 3.39% 3.92% 3.58% 1.35% 3.64%Expected Hold %1 3.3% 3.3% 3.3% 3.3% 3.3%Net Revenue $1,906 $2,058 $2,114 $1,790 $1,940Expected hold impact1 (4) (44) (25) 147 (19)Had we held as expected in our rolling play, Net Revenue would have been $19 million lower in 3Q26Adjusted Property EBITDA 601 608 633 430 529Expected hold impact1 (2) (26) (15) 87 (11)Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $11 million lower in 3Q26Adjusted Property EBITDA Margin 31.5% 29.5% 29.9% 24.0% 27.3%Expected hold impact1 31.5% 28.9% 29.6% 26.7% 27.0%Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 27.0% in 3Q26
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Reco nc ili ati on of N on -G A AP F in anc ia l Me as ures an d O th er Fi na nc ial I nformation
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Non-GAAP ReconciliationNet Income to Consolidated Adjusted Property EBITDA 61 ($ in US millions)3Q25 4Q25 1Q26 2Q26 3Q26Net income $491 $448 $641 $373 $352 Add (deduct): Income tax expense 91 103 107 88 102 Other (income) expense (11) 3 3 (1) 1 Interest expense, net of amounts capitalized 187 191 188 189 186 Interest income (39) (38) (35) (31) (23) Loss on disposal or impairment of assets 68 164 8 2 4 Amortization of leasehold interests in land 21 20 21 21 21 Depreciation and amortization 368 363 357 350 340 Development expense 72 59 41 43 37 Pre-opening expense 7 4 4 5 5 Stock-based compensation 11 7 3 6 6 Corporate expense 78 90 83 74 88Consolidated Adjusted Property EBITDA $1,344 $1,414 $1,421 $1,119 $1,119
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Non-GAAP MeasuresAdjusted Net Income 621. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. ($ in US millions)Three Months EndedSeptember 30,2026 2025Net income attributable to LVS $304 $419Pre-opening expense 5 7Development expense 37 72 Loss on disposal or impairment of assets 4 68Other (income) expense 1 (11)Income tax impact on net income adjustments1(7) (21) Noncontrolling interest impact on net income adjustments(1) 2 Adjusted net income attributable to LVS $343 $536
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Non-GAAP MeasuresAdjusted Earnings per Diluted Share 631. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. ($ in per share amounts)Three Months EndedSeptember 30,2026 2025Per diluted share of common stock:Net income attributable to LVS $0.48 $0.61Pre-opening expense 0.01 0.01 Development expense 0.05 0.11 Loss on disposal or impairment of assets 0.01 0.10Other (income) expense - (0.02) Income tax impact on net income adjustments1(0.01) (0.03) Noncontrolling interest impact on net income adjustments- - Adjusted earnings per diluted share $0.54 $0.78Weighted average diluted shares outstanding (in millions) 640 685
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Non-GAAP ReconciliationTrailing Twelve Month Supplemental Schedule 64 ($ in US millions)3Q25 4Q25 1Q26 2Q26 3Q26 TTM 3Q26Cash Flows From Operations $1,115 $1,204 $731 $682 $870 $3,487Adjust for:Provision for credit losses (18) (46) (29) (36) (21) (132)Foreign exchange gains (losses) 10 (4) (3) 1 (1) (7)Other non-cash items (3) (25) (32) (30) (35) (122)Leasehold interest in land - - 137 - - 137 Changes in working capital (156) (134) 223 129 (96) 122Add: Stock-based compensation expense 11 7 3 6 6 22Add: Corporate expense 78 90 83 74 88 335Add: Pre-opening and development expense 79 63 45 48 42 198Add: Interest expense, net of amounts capitalized 187 191 188 189 186 754Add: Interest and other income (50) (35) (32) (32) (22) (121)Add: Income tax expense 91 103 107 88 102 400LVS Consolidated Adjusted Property EBITDA $1,344 $1,414 $1,421 $1,119 $1,119 $5,073Adjusted Property EBITDAMacao:The Venetian Macao $242 $243 $238 $165 $205 $851The Londoner Macao 219 201 223 192 178 794The Parisian Macao 53 55 46 38 46 185The Plaza Macao and Four Seasons Macao 74 99 114 20 85 318Sands Macao 8 4 9 11 14 38Ferry Operations and Other 5 6 3 4 1 14 Macao Operations 601 608 633 430 529 2,200Marina Bay Sands 743 806 788 689 590 2,873LVS Consolidated Adjusted Property EBITDA $1,344 $1,414 $1,421 $1,119 $1,119 $5,073
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Supplemental Information 3Q26 and 3Q25 65 ($ in US millions)Three Months Ended September 30, 2026Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and AdjustedOperating and Interests Impairment Development Royalty Stock-Based Corporate PropertyIncome (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDAMacao: The Venetian Macao $145 $44 $1 $2 - $11 $2 - $20570 93 1 1 - 11 2 - 178 The Parisian Macao5361 - - 4 - - 46 The Plaza Macao and Four Seasons Macao 64 16 1 1 - 3 - - 85 Sands Macao661 - - 1 - - 14 Ferry Operations and Other (1) 2 - - - - - - 1Macao Operations 289 197 5 4 - 30 4 - 529Marina Bay Sands 389 135 15 - 5 44 2 - 590Other Development (39) 1 1 - 37 - - - - Corporate and Other (21) 7 - - - (74) - 88 - $618 $340 $21 $4 $42- $6 $88 $1,119Three Months Ended September 30, 2025Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and AdjustedOperating and Interests Impairment Development Royalty Stock-Based Corporate PropertyIncome (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDAMacao: The Venetian Macao $180 $42 $1 $3 - $11 $5 - $242109 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)51 - - 2 1 - 8 Ferry Operations and Other 3 2 - - - - - - 5Macao Operations 359 191 5 5 - 31 10 - 601Marina Bay Sands 504 167 15 - 7 49 1 - 743Other Development(136)2 1 61 72- - - - Corporate and Other (8) 8 - 2 - (80) - 78 - $719 $368 $21 $68 $79- $11 $78 $1,344 The Londoner Macao The Londoner Macao
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Supplemental Information YTD 3Q26 and YTD 3Q25 66 ($ in US millions)Nine Months Ended September 30, 2026AmortizationLoss (Gain)Pre-Opening Depreciation of Leasehold on Disposal or and AdjustedOperating and Interests Impairment Development Royalty Stock-Based Corporate PropertyIncome (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDAMacao: The Venetian Macao $433 $129 $4 $5 - $32 $5 - $608267 279 5 3 - 36 3 - 593 The Parisian Macao81072 1 - 11 1 - 130 The Plaza Macao and Four Seasons Macao 157 48 2 1 - 10 1 - 219 Sands Macao10181 - - 5 - - 34 Ferry Operations and Other 5 6 - (3) - - - - 8Macao Operations 880 587 14 7 - 94 10 - 1,592Marina Bay Sands 1,412 437 47 2 14 150 5 - 2,067Other Development (130) 2 2 5 121 - - - - Corporate and Other (22) 21 - - - (244) - 245 - $2,140 $1,047 $63 $14 $135 - $15 $245 $3,659Nine Months Ended September 30, 2025Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and AdjustedOperating and Interests Impairment Development Royalty Stock-Based Corporate PropertyIncome (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDAMacao: The Venetian Macao $526 $130 $4 $4 - $32 $7 - $703247 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 Macao5161 - - 4 1 - 27 Ferry Operations and Other 10 8 - - - - - - 18Macao Operations 989 579 14 13 8 85 14 - 1,702Marina Bay Sands 1,443 495 39 1 12 123 3 - 2,116Other Development(280)6 3 61 210- - - - Corporate and Other (41) 21 - 8 - (208) - 220 - $2,111 $1,101 $56 $83 $230 - $17 $220 $3,818 The Londoner Macao The Londoner Macao
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67 Impact of Hold-Adjustment 1. For Marina Bay Sands, these amounts present the illustrative impact if the Rolling Chip win percentage was 3.7% from 1Q22 - 2Q24 based on historical analysis. For Sands China, these amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.2. In 3Q24 - 3Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5%, 3.7%, 3.8%, 4.1%, 4.2%, 3.9%, 3.6%, 4.2%, and 4.6%, respectively. These theoretical hold percentages on Rolling Chip play during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.3. Macao operations reflect amounts from The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Ferry Operations and Other. ($ in US millions)1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26Marina Bay Sands3.7% Theoretical Rolling Chip Hold %1 Theoretical Smart Table Rolling Chip Hold %2Net Revenues $399 $679 $756 $682 $848 $925 $1,015 $1,061 $1,158 $1,016 $919 $1,137 $1,163 $1,388 $1,436 $1,603 $1,487 $1,380 $1,294Impact of hold-adjustment17 (31) 15 172 51 - (12) (62) (67) (59) 114 29 8 (102) (57) (60) 7 (49) 6 Adjusted Property EBITDA 121 319 343 273 394 432 491 544 597 512 406 537 605 768 743 806 788 689 590Impact of hold-adjustment16 (25) 12 135 40 - (9) (49) (52) (46) 88 21 6 (80) (43) (45) 6 (37) 4Adjusted 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% 50.3% 53.0% 49.9% 45.6%Impact of hold-adjustment11.0% -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% -1.0% 0.1% -0.9% 0.1%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% 49.3% 53.1% 49.0% 45.7%Macao Operations3 3.3% Theoretical Rolling Chip Hold %1Net 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 $2,058 $2,114 $1,790 $1,940Impact of hold-adjustment1(12)(22)(10)(10)(22)(19)(25)6852643817(11)(4)(44)(25)147 (19) Adjusted Property EBITDA(11)(110)(152)(51)398541631654610561585571535566601608633430529Impact of hold-adjustment1(7)(13)(6)(6)(13)(11)(15)4031422210(7)(2)(26)(15)87(11)Adjusted Property EBITDA Marginn/mn/mn/mn/m31.1%33.2%35.3%35.1%33.7%32.0%33.0%32.2%31.3%31.5%31.5%29.5%29.9%24.0%27.3%Impact of hold-adjustment1n/mn/mn/mn/m-0.5%-0.3%-0.4%0.8%0.7%0.1%0.1%0.6%0.3%-0.2%0.0%-0.6%-0.3%2.7%-0.3%n/mn/mn/mn/m30.6%32.9%34.9%35.9%34.4%32.1%33.1%32.8%31.6%31.3%31.5%28.9%29.6%26.7%27.0%
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LVS Bonds MBS Credit Facility3 Debt Maturity ProfileDebt Maturity by Year($ in US millions) 68% of TotalSCL Bonds21. Amount maturing October 1 through December 31, 2026.2. SCL Term Loan Facility amortization at quarter-end HKD exchange rate and balance: 2026: $12 million, 2027 through 2029: $49 million per annum, 2030: $1,405 million.3. MBS combined Term Loan Facility and Delayed Draw Term Loan Facility amortization at quarter-end SGD exchange rate and balances: 2026: $15 million, 2027 through 2028: $58 million per annum, 2029: $59 million, 2030: $79 million, 2031: $2,180 million, 2032: $1,691 million. SCL Term Loan21SCL Revolving Credit Facility700 1,900 650 700 600 750 1,000 1,250 500 500 500 500 2,180 1,691 1,405 178 $27$1,557$3,007$2,186$2,684$3,280$1,691$500$500$0$500$1,000$1,500$2,000$2,500$3,000$3,500 2026 2027 2028 2029 2030 2031 2032 2033 20340% 10% 20% 14% 18% 21% 11% 3% 3%
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($ in US millions)Total 2012 - 20202012 2013 2014 2015 2016 2017 2018 201920203$ %LVS Sha re Repurchas es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0%LVS Dividends Pai d1,2824 1,153 1,610 2,074 2,290 2,310 2,352 2,367 603 15,583 69.8%LVS Specia l Dividend Paid12,262 - - - - - - - - 2,262 10.1%Tota l Divi 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% 69 LVS Return of Capital2012 - 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 Total capital returned to shareholders in the period from 2012 to 2020 was $22.3 billion with dividends representing 80% and repurchases 20%