Las Vegas Sands : Bernstein 42nd Annual Strategic Decisions Conference

About this update from Las Vegas Sands Corp.

Bernstein Strategic Decisions Conference May 2026 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 in promising growth opportunities Experienced leadership team dedicated to driving long-term shareholder value and maximizing shareholder returns Strategic Priorities: Creating unique and memorable hospitality and entertainment experiences Leveraging market-leading suite capacity in both Singapore and Macao to attract more high-value business Returning excess capital to shareholders through share repurchase and dividend programs Pursuing development opportunities in new jurisdictions 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 Quarterly Highlights 1Q26 Summary Overview FINANCIAL PERFORMANCE & RETURN OF CAPITAL CONSOLIDATED FINANCIALS ▪ ▪ ▪ ▪ Net revenue increased 25.3% to $3.59 billion Net income increased 57.1% to $641 million Diluted earnings per share increased 73.5% to $0.85 per share Consolidated Adjusted Property EBITDA increased 24.6% to $1.42 billion RETURN OF CAPITAL TO SHAREHOLDERS ▪ ▪ LVS repurchased $740 million of common stock Repurchases in the quarter totaled 13.06 million LVS shares at a weighted average price of $56.64 - We have repurchased 14.3% of outstanding shares over the last 10 quarters 1 LVS paid dividends of $202 million ($0.30 per share) OPERATING PERFORMANCE MARINA BAY SANDS Marina Bay Sands Adjusted Property EBITDA increased 30.2% to reach $788 million - Low hold on rolling play negatively impacted Adjusted Property EBITDA by $6 million Mass win (including tables and slots) increased 16% to reach $902 million ▪ ▪ Rolling win increased 115% to reach $639 million Adjusted Property EBITDA margin increased 100bps to reach 53.0% SANDS CHINA LTD. The Macao Market revenue composition and growth remain highly skewed toward the premium segment, which remains deeply competitive Macao Adjusted Property EBITDA increased 18.3% to reach $633 million - High hold on rolling play positively impacted Adjusted Property EBITDA by $15 million SCL continued to gain Macao mass market GGR market-share, reaching 25.8%, its highest share since 1Q24 Adjusted Property EBITDA margin decreased 140bps to reach 29.9%, but increased 40bps compared to 4Q25 1. Reflects LVS shares repurchased as a percentage of shares outstanding as of September 30, 2023. Note: all increases/decreases above reflect 1Q26 results compared to 1Q25, unless otherwise stated. First Quarter 2026 Financial Highlights Quarter Ended March 31, 2026 vs March 31, 2025 ($ in US millions, except per share information) LVS Consolidated First Quarter Financial Results 1Q25 1Q26 $ Change % Change Net Revenue $2,862 $3,585 $723 25.3% Net Income 408 641 233 57.1% Net Income Attributable to LVS 352 567 215 61.1% Diluted EPS $0.49 $0.85 $0.36 73.5% Dividends per Common Share $0.25 $0.30 $0.05 20.0% Adjusted Net Income Attributable to LVS 421 612 191 45.4% Adjusted Diluted EPS $0.59 $0.91 $0.32 54.2% Adjusted Property EBITDA 1,140 1,421 281 24.6% Adjusted Property EBITDA Margin 39.8% 39.6% -20 bps - $740 million of LVS stock repurchased in 1Q26 - 13.06 million LVS shares repurchased at a weighted average price of $56.64 $202 million of dividends paid by LVS ($0.30 per share) LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA Assuming Expected Hold in our Rolling Play 1 -$9 -$71 -$45 $1,140 $1,344 $1,334 $1,421 $1,414 +$16 ($ in US millions) -$87 $1,500 $1,200 $900 $600 $300 $0 1Q25 2Q25 3Q25 4Q25 1Q26 1. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3% for Sands China. For Marina Bay Sands in 1Q25 - 1Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.8%, 4.1%, 4.2%, 3.9% and 3.6%, respectively. These theoretical hold percentages on Rolling Chip play at Marina Bay Sands during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. ($ in US millions) Adjusted Property EBITDA 1Q25 1Q26 Change % Change First Quarter 2026 Adjusted Property EBITDA Marina Bay Sands $605 $788 $183 30.2% Adjusted Property EBITDA Margin 52.0% 53.0% 100 bps Macao Operations $535 $633 $98 18.3% Adjusted Property EBITDA Margin 31.3% 29.9% -140 bps LVS Total $1,140 $1,421 $281 24.6% Adjusted Property EBITDA Margin 39.8% 39.6% -20 bps See slides 58 and 59 in the appendix for the presentation of the illustrative impact of hold in our rolling play in Singapore and Macao In 1Q26 hold on rolling play negatively impacted Adjusted Property EBITDA in Singapore by $6 million 1 and positively impacted Adjusted Property EBITDA by $15 million 1 in Macao In 1Q25 hold on rolling play negatively impacted Adjusted Property EBITDA in Singapore by $6 million 1 and negatively impacted Adjusted Property EBITDA by $10 million 1 in Macao For Marina Bay Sands in 1Q25 and 1Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.8% and 3.6%, 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. Marina Bay Sands Marina Bay Sands Market-leading Premium Suites and Service Offerings Drive Strong Financial Performance Adjusted Property EBITDA 1 Financial results for the quarter ended March 31, 2026: Adjusted Property EBITDA increased 30% to reach $788 million Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $6 million 2 higher Adjusted Property EBITDA margin was 53.0% Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 53.1% 2 Mass gaming revenue increased 16% to reach $902 million Mass gaming revenue (Non-Rolling tables and slots): Non-Rolling table win increased 20% to reach $630 million Assuming Expected Hold in Our Rolling Play 2 ($ in US millions) $768 $806 $743 $788 $605 +$6 -$43 -$80 +$6 -$45 $1,000 $800 $600 $400 $200 $0 1Q25 2Q25 3Q25 4Q25 1Q26 Mass Gaming Revenue Slot win increased 8% to reach $272 million Rolling volume increased 124% to reach $18.0 billion Rolling win: $639 million, hold percentage 3.56% Occupancy: 95.7% ADR: $1,006 Retail revenues: $69 million ($ in US millions) $560 $527 $905 $951 $902 $843 $778 $630 $656 $625 $251 $283 $272 $280 $295 $1,000 $750 $500 $250 $0 1Q25 2Q25 3Q25 4Q25 1Q26 Slot Machines Non-Rolling Tables 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. In 1Q25 - 1Q26 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.8%, 4.1%, 4.2% and 3.9% and 3.6%, 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. Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) $951 $905 $902 $843 $778 $746 $687 $668 $580 $549 $569 $584 $604 $477 $424 $390 $275 Initial delivery of upgraded suite product ~16% growth vs 1Q25 Completion of 775 upgraded suites ($ US in millions) $1,000 $950 $900 $850 $800 $750 $700 $650 $600 $550 $500 $450 $400 $350 $300 $250 $200 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Mass Win (Tables & Slots) Marina Bay Sands continues to deliver strong growth in mass gaming revenue Note: Covid-19 related travel restrictions were put in place in Singapore in first quarter of 2020. Beginning in the second quarter of 2022, most of those restrictions were reduced or removed. Marina Bay Sands: Refinement of Hold Impact Disclosures Implementation of Smart Table Technology Enables Calculation of Theoretical Hold Rates Marina Bay Sands introduction of smart tables: Marina Bay Sands (MBS) has rolled out smart table technology across its baccarat gaming areas This smart table system uses a combination of RFID technology and table-top cameras to capture data on placed bets One benefit of this digital data collection includes the ability to provide a theoretical hold percentage based on the expected outcome for different wager types and the distribution of specific wagers during each quarterly period Update: The smart table technology has now been installed on all baccarat Rolling Chip tables at MBS for more than 18 months We introduced a new disclosure methodology for the calculation of expected hold impact on our results at MBS in 3Q25, including four prior quarters using the smart table data The specific wagers made by players in each quarter will determine the theoretical hold, and as a result, the theoretical hold will vary from quarter to quarter 4.5% 4.1% 4.2% 4.0% 3.9% 3.7% 3.8% 3.5% 3.6% 3.5% 3.0% 2.5% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Since 3Q24, the theoretical hold rates calculated based upon data captured by smart table technology have been as follows: ($ in US billions) Rolling Volume $6.6 $8.1 $8.0 $8.9 $9.1 $13.4 $18.0 Sands China Sands China Market-leading Asset Portfolio Positioned for Growth Financial results for the quarter ended March 31, 2026: Adjusted Property EBITDA increased 18% to reach $633 million Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been $15 million 1 lower Adjusted Property EBITDA margin was 29.9% Assuming expected hold in our rolling play, Adjusted Property EBITDA margin would have been 29.6% 1 , a decrease of 200 basis points compared to 1Q25 Mass Gaming Revenue (Non-Rolling tables and slots): Non-Rolling table win increased 22% to reach $1.56 billion ($ in US millions) $608 $633 $535 $566 $601 +$10 -$7 -$26 -$2 -$15 $800 $600 $400 $200 $0 Adjusted Property EBITDA Assuming Expected Hold in Our Rolling Play 1 Slot win increased 32% to reach $217 million Rolling volume increased 68% to reach $9.2 billion Rolling win increased 102% to reach $329 million, hold percentage of 3.58% Occupancy: 98.2% ADR: $235 Retail revenues: $135 million 1Q25 2Q25 3Q25 4Q25 1Q26 Mass Gaming Revenue ($ in US millions) $1,376 $1,282 $1,689 $1,738 $1,781 $1,447 $165 $1,559 $183 $1,564 $1,500 $1,542 $189 $217 $196 $2,000 $1,500 $1,000 $500 $0 1Q25 2Q25 3Q25 4Q25 1Q26 Slot Machines Non-Rolling Tables These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. Sands China Financial Performance Quarter Ended March 31, 2026 vs March 31, 2025 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 1Q25 1Q26 $ % 1Q25 1Q26 $ % 1Q25 1Q26 bps The Londoner Macao 1 $529 $754 225 42.5% $153 $223 $70 45.8% 28.9% 29.6% 70 Four Seasons/Plaza Casino 1 208 290 82 39.4% 74 114 40 54.1% 35.6% 39.3% 370 The Venetian Macao 638 710 72 11.3% 225 238 13 5.8% 35.3% 33.5% (180) The Parisian Macao 227 229 2 0.9% 66 46 (20) -30.3% 29.1% 20.1% (900) Sands Macao 75 93 18 24.0% 10 9 (1) -10.0% 13.3% 9.7% (360) Ferry Operations and Other 32 38 6 18.8% 7 3 (4) -57.1% 21.9% 7.9% (1,400) Total Macao Portfolio 1,709 2,114 405 23.7% 535 633 98 18.3% 31.3% 29.9% (140) Total Macao Portfolio Margins Assuming Expected Hold in Our Rolling Play 2 31.6% 29.6% (200) The Macao market revenue growth has been led by the premium segment The premium segment remains highly competitive The Sands China property portfolio has seen improving financial performance, particularly in properties where new and refreshed premium suite and hospitality offerings have been introduced since 2020 Additional investment in premium suites and other hospitality offerings will be completed throughout the property portfolio over the next three years Denotes property where investment in premium suite and hospitality products has been introduced since 2020. These amounts present the illustrative impact if the current period Rolling Chip win percentage was 3.3%. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter ($ in US millions) SCL Premium Mass Table Win by Quarter ($ in US millions) $822 $791 $746 $673 $640 Avg. Win per Table per Day: $17,397 $754 $751 $742 $703 $642 Avg. Win per Table per Day: $8,261 $900 $900 $600 $600 $300 $300 $0 Avg. Tables $0 1Q25 2Q25 3Q25 4Q25 1Q26 536 508 519 540 525 1Q25 2Q25 3Q25 4Q25 1Q26 979 1,013 1,008 991 998 Avg. Tables Note: Sands China's base mass and premium mass table revenues as presented above are based on the geographic position of Non-Rolling (mass) tables on the gaming floor. Some high-end mass play occurs in the base mass geographic area. Sands China Mass Market Revenue Share Update Mass GGR Tables & Slots SCL Mass Gaming Revenue (Tables & Slots) and Mass Market Revenue Share 1 ($ US in millions) 25.6% $148 25.8% 24.5% 24.9% 24.9% 25.3% 25.3% $383 24.3% 23.6% 23.8% 23.6% 24.0% $284 21.5% $210 26.6% 27.0% 27.7% 27.9% $1,029 $1,321 $1,447 $1,445 $1,559 $1,529 $1,505 $1,531 $1,583 $1,580 $1,689 $1,781 $1,738 $2,000 40% $1,500 35% Highest Share of Macao Market Mass GGR Since 1Q24 $1,000 30% $500 25% $0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 SCL Mass Win SCL Mass Market Share % 20% Sands China mass win increased 23% to reach ~$1.8 billion in 1Q26 Market -wide mass GGR for all periods through 1Q26 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. 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. Sands China: Consistently Generating the Leading Share of Macao Market EBITDA Macao Concessionaire Adjusted Property EBITDA Share 33.7% 35.0% 33.5% 30.1% 29.1% 31.1% 29.9% 27.4% 27.8% 28.8% 28.1% 29.3% 5.5% 5.8% 6.7% 6.3% 4.4% 5.4% 4.0% 5.5% 4.1% 4.6% 7.1% 15.9% 13.5% 14.5% 15.9% 16.3% 15.7% 14.7% 16.4% 13.6% 14.4% 14.7% 12.5% 12.8% 12.3% 12.9% 13.9% 11.9% 15.3% 16.5% 15.2% 13.0% 15.5% 13.8% 15.3% 14.2% 15.2% 16.7% 14.5% 14.0% 15.4% 12.5% 12.9% 12.4% 14.8% 12.9% 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% 35.3% 100% 80% 0.4% 3.5% 16.2% 14.0% 10.8% 13.3% 60% 40% 20% 0% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Competitor A Competitor B Competitor C Competitor D Competitor E SCL Sands China has consistently generated the leading share of Macao market EBITDA 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). Balance Sheet, L iquidity, Return of Capital to Shareholders and Capital Expenditures Strong Balance Sheet and Liquidity Trailing Twelve Months Ended March 31, 2026: Adjusted Property EBITDA - $5.51 billion Cash Flow from Operations 3 - $3.23 billion As of March 31, 2026: Cash Balance 1 - $3.33 billion Liquidity 2 - $6.98 billion Debt - $15.57 billion Net Debt - $12.24 billion Cash and Cash Equivalents 1 $1,761 $598 $971 $3,330 Debt 4 6,891 3,702 4,976 15,569 Net Debt (Cash) 4 5,130 3,104 4,005 12,239 Trailing Twelve Months Adjusted Property EBITDA 2,408 3,105 - 5,513 Gross Debt to TTM Adjusted Property EBITDA 2.9x 1.2x - 2.8x Net Debt to TTM Adjusted Property EBITDA 2.1x 1.0x - 2.2x ($ in US millions) As of March 31, 2026 Sands China Marina Bay Sands LVS Corp. and Other Total Consolidated Excludes restricted cash. Denotes cash plus total revolver availability. Does not include $4.88 billion available under a delayed draw term loan facility that may be used to finance costs related to the Marina Bay Sands Expansion Project. Includes the impact of $848 million and $137 million in land premium payments made in 2Q25 and 1Q26, respectively, related to the Marina Bay Sands Expansion, which is recorded under US GAAP as a reduction in cash flow from operations. Debt balances shown here are net of deferred financing costs and original issue discounts of $135 million and exclude finance leases. LVS Return of Capital Total Capital Returned to LVS Shareholders 3Q23 - 1Q26 Repurchases Comprise ~75% of Capital Return Return of Capital 2023 - 2026 Predominantly Share Repurchases (Share amounts and $US in millions) Total 3Q23 - 1Q26 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $ % LVS Share Repurchases 1 - $505 $450 $400 $450 $450 $450 $800 $500 $500 $740 $5,245 74.5% LVS Dividends Paid 2 153 152 151 148 147 145 179 175 171 169 202 1,792 25.5% Total Return of Capital $153 $657 $601 $548 $597 $595 $629 $975 $671 $669 $942 $7,037 100.0% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Shares % S/ 4 O LVS Shares Repurchased - 11.12 8.58 8.74 11.43 8.81 10.09 20.21 9.19 8.14 13.06 109.37 14.3% LVS Shares Outstanding 3 764.5 753.4 745.0 736.4 725.0 716.3 706.6 686.5 677.3 674.9 662.9 LVS has repurchased 109.37 million shares, or 14.3% of shares outstanding, over the last 10 quarters ended March 31, 2026 Total at 1Q26 LVS share repurchases were suspended at the onset of the Covid-19 pandemic and were reinstated in 4Q23. A quarterly dividend of $0.20 per share was initiated in 3Q23, in 1Q25 the dividend was increased to $0.25 per share, in 1Q26 the dividend was increased to $0.30 per share. Reflects basic shares outstanding at quarter end. Reflects LVS shares repurchased as a percentage of shares outstanding as of September 30, 2023. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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