Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q4 2025 Earnings Presentation

71 slides from Las Vegas Sands's earnings presentation, Jan 28, 2026

1. Slide 1: 4Q25 Earnings Presentation

   4Q25 Earnings Presentation January 28, 2026

2. Slide 2: Forward Looking Statements

   Forward Looking Statements 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

3. Slide 3: Investment Case and Strategic Priorities

   Investment Case and Strategic Priorities 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 i

4. Slide 4: Fourth Quarter 2025 Financial Highlights

   Fourth Quarter 2025 Financial Highlights Quarter Ended December 31, 2025 vs December 31, 2024 ($ in US millions, except per share information) LVS Consolidated Fourth Quarter Financial Results 4Q24 4Q25 Change Net Revenue $2,896 $3,649 $753 Net Income 392 448 56 Net Income Attributable to LVS 324 39

5. Slide 5: Fourth Quarter 2025 Adjusted Property EBITDA

   Fourth Quarter 2025 Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA 4Q24 4Q25 Change % Change Macao Operations $571 $608 $37 6.5% Adjusted Property EBITDA Margin 32.2% 29.5% -270 bps Marina Bay Sands $537 $806 $269 50.1% Adjusted Property EBITDA Margin 47.2% 50.3% 310 bps LVS To

6. Slide 6: Illustrative Impact of Hold in Our Rolling Play (Macao)

   Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 4Q24 1Q25 2Q25 3Q25 4Q25 Actual Hold % 2.45% 2.99% 3.56% 3.39% 3.92% Expected Hold %1 3.3% 3.3% 3.3% 3.3% 3.3% Net Revenue $1,771 $1,709 $1,797 $1,906 $2,058 Expected hold impact1 38

7. Slide 7: Illustrative Impact of Hold in Our Rolling Play (MBS)

   Illustrative Impact of Hold in Our Rolling Play1 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 4Q24 1Q25 2Q25 3Q25 4Q25 Actual Hold % 3.34% 3.70% 5.26% 4.84% 4.36% Expected Hold %1 3.7% 3.8% 4.1% 4.2% 3.9% Net Revenue $1,137 $1,163 $1,388 $1,436 $1,603 Expected hold

8. Slide 8: Operating Update: Macao Property Portfolio

   Operating Update: Macao Property Portfolio Quarter Ended December 31, 2025 Macao market overview: Macao portfolio quarterly financial results:  The Macao market generated gaming revenue of ~$8.2 billion for  SCL’s property portfolio increased total gaming revenue by 23% 4Q25, up 15% from 4Q24 from

9. Slide 9: Operating Update: Marina Bay Sands in Singapore

   Operating Update: Marina Bay Sands in Singapore Quarter Ended December 31, 2025 Marina Bay Sands property update: Marina Bay Sands quarterly financial results:  Suite renovation and refurbishment program completed in 2Q25  Adjusted Property EBITDA of $806 million  The resort now features 1,844 ke

10. Slide 10: LVS Adjusted Property EBITDA

    LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in our Rolling Play1 -$71 $1,500 -$87 -$45 $1,414 $1,334 $1,344 +$43 +$16 $1,200 $1,108 $1,140 $900 $600 $300 $0 4Q24 1Q25 2Q25 3Q25 4Q25 1. These amounts present the illustra

11. Slide 11: Sands China

    Sands China HESares

12. Slide 12: Sands China

    Sands China Market-leading Asset Portfolio Positioned for Growth Capital investment programs to increase suite capacity at the Londoner Adjusted Property EBITDA Macao were completed in 2Q25 ($ in US millions) Assuming Expected Hold Financial results for the quarter ended December 31, 2025: in Our Ro

13. Slide 13: Macao Financial Performance

    Macao Financial Performance Quarter Ended December 31, 2025 vs December 31, 2024 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 4Q24 4Q25 $ % 4Q24 4Q25 $ % 4Q24 4Q25 bps The Venetian Macao $682 $752 70 10.3% $250 $243 ($7) -2.8% 36.7% 32.3% (440)

14. Slide 14: Sands China Mass Market Table Update

    Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter ($ in US millions) ($ in US millions) $900 Avg. Win per Table per Day: $8,237 $900 Avg. Win per Table per Day: $15,922 $791 $754 $751 $746 $703 $695 $671

15. Slide 15: Sands China Mass Market Table and Slots Update

    Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win SCL Mass Table1 Win by Quarter SCL Slots2 Win by Quarter ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $10,948 Avg. Win per Unit per Day: $408 $1,800 $250 $1,500 $1,542 $1,500 $200 $1,376 $196 $1,36

16. Slide 16: Sands China Mass Market Revenue Share Update

    Sands China Mass Market Revenue Share Update Mass GGR Tables & Slots SCL Mass Gaming Revenue (Tables & Slots) and Mass Market Revenue Share1,2 ($ US in millions) $2,000 40% $1,738 $1,673 $1,689 $1,596 $1,625 $1,580 $1,583 $1,559 $1,553 $1,531 $1,529 $1,505 $1,500 $1,445 $1,447 35% $1,321 30.8% $1,02

17. Slide 17: Macao Concessionaire Adjusted Property EBITDA Share

    Macao Concessionaire Adjusted Property EBITDA Share Sands China Has Consistently Generated the Leading Share of Macao Market EBITDA 100% 30.1% 29.1% 31.1% 29.9% 27.4% 27.8% 28.8% 80% 35.0% 32.9% 33.5% 34.1% 35.3% 33.7% 35.0% 33.5% 5.8% 6.3% 4.4% 5.4% 5.5% 7.1% 6.7% 5.6% 5.4% 6.4% 0.4% 3.5% 4.1% 4.6%

18. Slide 18: Macao Market: Mass Gaming

    Macao Market: Mass Gaming Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots)1,2 ($ US in millions) $8,000 $7,500 $6,889 $7,000 $6,673 $6,503 $6,500 $6,292 $6,171 $6,139 $6,141 $6,051 $5,936 $6,000 $5,523 $5,608 $5,440 $5,500 $5,356 $5,350 $5,000 $4,730 $4,500 $4,000 $3,715 $3,

19. Slide 19: Macao Visitation Overview

    Macao Visitation Overview Quarter Ended December 31, 2025 vs December 31, 2019 (millions) Visitation 4Q19 4Q25 Variance % of 2019 China, excluding Guangdong Province 3.04 2.81 (0.23) 92% Guangdong Province 3.42 4.63 1.20 135% Hong Kong 1.79 1.82 0.03 102% All Other Visitation 0.94 1.14 0.20 121% Tot

20. Slide 20: Visitation from China to Macao

    Visitation from China to Macao1 Exclusive of Guangdong Province, 4Q25 Visitation Was 92% of 2019 Level 4Q25 Visitation - % of 2019 Visitation from China to Macao1 Three Months Ended December 31, Population GDP Per Penetration Province 2019 2025 % of 2019 (MM) Capita (US$) Rate Shanghai 150,900 214,7

21. Slide 21: Marina Bay Sands

    Marina Bay Sands HESares

22. Slide 22: Marina Bay Sands

    Marina Bay Sands Market-leading Suite and Service Offerings Drive Record Financial Performance Adjusted Property EBITDA MBS Phase II suite renovation and refurbishment program completed in 2Q25 ($ in US millions) Assuming Expected Hold in Our Rolling Play2 $1,000 -$45 Financial results for the quart

23. Slide 23: Marina Bay Sands Mass Gaming Revenue

    Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~118% growth vs 4Q19, ~27% growth vs 4Q24 $1,000 $951 $950 $905 $900 $843 $850 $800 $778 $746 $750 $700 $687 $668 $650 $604 $600 $580 $569 $584 $549 $550 $500 $477 $449 $450 $428 $441 $4

24. Slide 24: Retail Mall Operations

    Retail Mall Operations HESares

25. Slide 25: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $779 $790 $800 TTM 4Q25 $800 $754 $766 Sales per Sq. Foot1 $700 $269 $275 $280 MBS $262 $265 $2,967 $600 Parisian Macao $500 $23 $22 $19 $27 $25 $458 $86 $89 $92 Londoner Macao $77 $82 $400 $1,589 Four Season

26. Slide 26: Retail Mall Portfolio in Asia: Tenant Sales

    Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 4Q25 Sales per Sq. Ft. 1 GLA Occupancy % at (Sq. Ft.) Period End TTM 4Q25 TTM 3Q25 TTM 2Q25 TTM 1Q25 TTM 4Q24 The Shoppes at Marina Bay Sands 620,562 97.0% $2,967 $2,893 $2,837 $2,845 $2,878 Shoppes at Venetian

27. Slide 27: Retail Mall Revenue

    Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 4Q25 ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 Sands China Mall Revenue $180 $160 $156 $148 $150 $141 $132 $136 $129 47 $130 $124 38 $123 49 $125 $124 $125 $119 $116 22 27 $120 $113 $115 7 15 $115 $115

28. Slide 28: Balance Sheet, Liquidity and Return of Capital to Shareholders

    B a l a n c e S h e e t , L i q u i d i t y a n d Re t u r n o f C a p i ta l to S h a re h o l d e rs

29. Slide 29: Strong Balance Sheet and Liquidity

    Strong Balance Sheet and Liquidity As of December 31, 2025: Trailing Twelve Months Ended December 31, 2025:  Cash Balance1 – $3.84 billion  Adjusted Property EBITDA – $5.23 billion  Liquidity2 – $8.31 billion  Cash Flow from Operations4 – $3.02 billion  Debt – $15.63 billion  Net Debt – $11.79

30. Slide 30: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $3,500 $3,008 $3,000 $2,691 $2,560 $2,500 1,000 $2,007 $2,000 $1,907 1,418 $1,557 $1,540 1,960 $1,500 1,000 1,250 750 $1,000 1,900 500 1,540 $500 2 $500 1 800 1 700 700 650 600 500 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 % of Tot

31. Slide 31: LVS Return of Capital 2012 - 2020

    LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ in US millions) Total 2012 - 2020 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ % LVS Share Repurcha s es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 1,2 LVS Di vi dends Pai d 824 1,153 1,610 2,074

32. Slide 32: LVS Return of Capital (cont'd)

    LVS Return of Capital (cont’d) Return of Capital 2023 – 2025 Predominantly Share Repurchases Repurchases Comprise ~74% of Capital Return Total Capital Returned to LVS Shareholders 3Q23 – 4Q25 (Share amounts and $US in millions) Total 3Q23 - 4Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $ %

33. Slide 33: Investment and Capital Expenditures

    I nve st m e nt a n d C a p i ta l E x p e n d i t u re s

34. Slide 34: Capital Expenditures Expectations

    Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore  Investment in high quality assets drives revenue growth  Scale and quality of assets create competitive advantage ($ US in millions) LVS Capex Expectations $2,500 $

35. Slide 35: Sands China: Completed Capital Investment

    Sands China: Completed Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Grand 35

36. Slide 36: The Londoner Macao Was Completed in 2Q25

    The Londoner Macao Was Completed in 2Q25  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  Phase I ─ Londoner Court

37. Slide 37: Long-Term Commitment to Macao

    Long-Term Commitment to Macao Capital Investment Commitment in Macao Through 2032 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 Investm

38. Slide 38: Marina Bay Sands: Suite Renovation and Refurbishment Program Now Completed

    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 bus

39. Slide 39: Marina Bay Sands Completed Capital Investment

    Marina Bay Sands Completed Capital Investment Suite Renovation and Refurbishment Program Completed in 2Q25 39

40. Slide 40: Marina Bay Sands Completed Capital Investment

    Marina Bay Sands Completed Capital Investment Introduction of New Suites and Amenities 40

41. Slide 41: Marina Bay Sands Expansion Project Development Update

    M a r i n a B ay S a n d s E x p a n s i o n P ro j e c t D e ve l o p m e nt U p d ate

42. Slide 42: Marina Bay Sands Expansion Project

    Marina Bay Sands Expansion Project New Offerings and Amenities to Enhance Tourism Appeal of Singapore  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 experi

43. Slide 43: MBS Expansion Project Development Cost Estimate Summary

    MBS Expansion Project Development Cost Estimate Summary ($ in US billions) Original Land Premium (paid 2019) $1.0 Note: Land Premium Additional Land Premium1 1.0 for 47-Year Leasehold Total Land Premiums $2.0 25% Additional Development Costs: Hard Construction Costs $3.5 Soft Construction Costs and

44. Slide 44: Estimated Development Timeline

    Estimated Development Timeline Marina Bay Sands Expansion Project Estimated Date Key Milestone Status October 2024  Submission of development application to the Urban Redevelopment Authority Complete May 2025  Commencement of piling and foundation work Complete May 2025 - 20301  Estimated 55 to 6

45. Slide 45: Marina Bay Sands Expansion Project Capital Expenditure Expectations

    Marina Bay Sands Expansion Project Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS Expansion Project Capital Expenditure Expectations $2,000 $1,850 $1,500 $1,200 $1,150 $1,065 $1,000 $1,000 $848 $502 $500 $450 $400 $152 $350 $100 $200 $217 $0 2024 and Prior 4 2025A 5 2026E 5

46. Slide 46: Marina Bay Sands: Contributing to Singapore's Economic Growth

    Marina Bay Sands Contributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal 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 central

47. Slide 47: Disciplined Execution of Our Global Growth Strategy

    Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities  Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities  Balanc

48. Slide 48: Environmental, Social and Governance (ESG)

    E nv i ro n m e nta l , S o c i a l a n d G o ve r n a n c e ( ES G )

49. Slide 49: Environmental, Social and Governance (ESG)

    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 w

50. Slide 50: Sustainability Awards and Certifications

    Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability 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

51. Slide 51: Sustainability Awards and Certifications (cont'd)

    Sustainability Awards and Certifications (cont’d) Recognized by Independent Third Parties as a Global Leader in Sustainability Las Vegas Sands Singapore Macao Dow Jones Sustainability Index, North LEED Platinum for Building Operations and Dow Jones Sustainability Index, Asia Pacific America Maintena

52. Slide 52: Appendices

    Appendices HESares

53. Slide 53: Market Leading Hotel Capacity

    Market Leading Hotel Capacity Sands China is the Leader in Macao Hotel Room and Suite Inventory Macao Market 4/5 Star Hotel Rooms at December 31, 20251 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 29,000 Rooms by Gaming Operators MGM 10,540 Rooms and MGM 10,829 Rooms and

54. Slide 54: Sands China: Market Leading Investment in Macao

    Sands China Market Leading Investment in Macao Investment Expansion and Reinvestment  ~$17 billion  289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product)  ~30 million SF of interconnected facilities on Cotai  368 suites in Londoner Court opened

55. Slide 55: Market-Leading Cotai Strip Property Portfolio

    Sands China Market-Leading Cotai Strip Property Portfolio The Venetian St. Regis Hotel Macao 400 Suites 2,905 Rooms and Suites Londoner Court 368 Suites C (Opened September 2021) O Grand Suites at Four Seasons T Conrad Macao 289 Suites (Opened A 659 Rooms & Suites October 2020) I Londoner Hotel 594

56. Slide 56: Market Leading Hotel Capacity at Sands China

    Market Leading Hotel Capacity at Sands China Macao Market 4/5 Star Hotel Rooms at December 31, 2025 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 10,540 42% 10,829 37% 27% 1 Galaxy Entertainment 4,997 20% 5,497 19% 14% 14

57. Slide 57: Macao Airport Passenger Volume

    Macao Airport Passenger Volume Macao Airport Monthly Passenger Volume in 4Q25 was ~85% of 4Q19 Volume Macao Airport Passenger Volume (000’s) 2019 2023 - 2025 Passenger Volume in % of 2019 4Q25 ~85% of 4Q19 3,500 100% 85% 3,000 81% 80% 80% 77% 79% 74% 75% 80% 2,518 2,337 2,384 2,372 67% 2,500 64% 2,0

58. Slide 58: Supplemental Data

    Supplemental Data HESares

59. Slide 59: Macao Market: Mass Gaming Revenue

    Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ 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 2 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -

60. Slide 60: Macao Market: VIP Gaming Revenue

    Macao Market: VIP Gaming Revenue Macao Market VIP Gaming Revenue ($ 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 2 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2023 2 $5

61. Slide 61: Sands China VIP Table Metrics

    Sands China VIP Table Metrics SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) Avg. Win per Table per $8 $350 Day: $28,444 $7 $7.2 $300 $6 $280 $250 $5 $5.5 $200 $4 $4.5 $4.4 $4.4 $150 $163 $156 $3 $148 $100 $110 $2 $1 $50 $0 $0

62. Slide 62: Reconciliation of Non-GAAP Financial Measures and Other Financial Information

    Re c o n c i l i at 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 re s a n d O t h e r F i n a n c i a l I n fo r m at i o n

63. Slide 63: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 4Q24 1Q25 2Q25 3Q25 4Q25 Net income $392 $408 $519 $491 $448 Add (deduct): Income tax expense 69 63 90 91 103 Loss on modification or early retirement of debt - 5 - - - Other (income) expense 6 1 22 (11) 3

64. Slide 64: Non-GAAP Measures: Adjusted Net Income

    Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended December 31, 2025 2024 Net income attributable to LVS $395 $324 Pre-opening expense 4 4 Development expense 59 59 Loss on disposal or impairment of assets 164 9 Other expense 3 6 Income tax impact on net income adjustments1

65. Slide 65: Non-GAAP Measures: Adjusted Earnings per Diluted Share

    Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended December 31, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $0.58 $0.45 Pre-opening expense 0.01 0.01 Development expense 0.09 0.08 Loss on disposal or impairment of assets

66. Slide 66: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 4Q24 1Q25 2Q25 3Q25 4Q25 TTM 4Q25 Cash Flows From Operations $915 $526 $178 $1,115 $1,204 $3,023 Adjust for: Provision for credit losses (9) (5) (16) (18) (46) (85) Foreign exchange gains (losses) 1 (2) (27) 10 (4

67. Slide 67: Supplemental Information

    Supplemental Information 4Q25 and 4Q24 ($ in US millions) Three Months Ended December 31, 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

68. Slide 68: Supplemental Information

    Supplemental Information YTD 4Q25 and YTD 4Q24 ($ in US millions) Twelve Months Ended December 31, 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

69. Slide 69: Marina Bay Sands: Refinement of Hold Impact Disclosures

    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 t

70. Slide 70: Impact of Hold-Adjustment

    Impact of Hold-Adjustment ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 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 $2,058 Impact of hold-adjustment2 (12) (22) (10

71. Slide 71: Sands

    n< Sands We S

Las Vegas Sands — Q4 2025 Earnings Presentation on 6ix