First Quarter 2026 Presentation

1Q26 Earnings Presentation

April 22, 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 quarters1

• 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%

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

• $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 Play1

$1,140

$1,344

$1,334

$1,421

$1,414

($ in US millions)

$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

• 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 million1 and positively impacted Adjusted Property EBITDA by $15 million1 in Macao

• In 1Q25 hold on rolling play negatively impacted Adjusted Property EBITDA in Singapore by $6 million1 and negatively impacted Adjusted Property EBITDA by $10 million1 in Macao

  1. 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 EBITDA1

     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 million2 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 Play2

($ in US millions)

$768

$806

$743

$788

$605

$1,000

$800

$600

$400

$200

$0

1Q25 2Q25 3Q25 4Q25 1Q26

Mass Gaming Revenue

($ in US millions)

$905

$951

$902

$843

$778

$630

$656

$625

$272

$280

$1,000

$750

$500

$250

$0

1Q25 2Q25 3Q25 4Q25 1Q26

Slot Machines Non-Rolling Tables

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.

2. 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

$843

$746

$687

$668

$580

$584

$604

$549

$569

$477

$424

$390

$275

$902

$778

($ 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)

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 million1 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

$800

$600

$400

$200

$0

Adjusted Property EBITDA

• • 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)

$1,689

$1,738

$1,781

$1,447

$165

$1,559

$183

$1,564

$1,500

$2,000

$1,500

$1,000

$500

$0

1Q25 2Q25 3Q25 4Q25 1Q26

Slot Machines Non-Rolling Tables

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.

   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 Macao1	$529	$754	225	42.5%	$153	$223	$70	45.8%	28.9%	29.6%	70
   Four Seasons/Plaza Casino1	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 Play2					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

1. Denotes property where investment in premium suite and hospitality products has been introduced since 2020.

2. 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)

$900

$900

$600 $600

$300 $300

$0

Avg. Tables

$0

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 Share1,2

($ US in millions)

$2,000

$1,500

$1,321

$1,445

$1,580 $1,583

$1,531

$1,505

$1,529

$1,559

$1,447

$1,689

$1,738 $1,781

40%

35%

$1,000

$500

$383 21.5%

23.6%

$210

23.8%

$148

24.5%

$284

$1,029

27.7% 27.9%

27.0% 26.6%

25.6%

24.9% 24.9%

24.3%

23.6%

24.0%

25.3% 25.3% 25.7%

30%

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%

1. Market-wide mass GGR for all periods through 4Q25 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 1Q26 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.

Balance Sheet, Liquidity, Return of Capital to Shareholders and Capital Expenditures

($ in US millions)

As of March 31, 2026

Sands China

Marina Bay

Sands

LVS Corp.

and Other

Total

Consolidated

Strong Balance Sheet and Liquidity

Trailing Twelve Months Ended March 31, 2026:

• Adjusted Property EBITDA - $5.51 billion

• Cash Flow from Operations3 - $3.23 billion

As of March 31, 2026:

• Cash Balance1 - $3.33 billion

• Liquidity2 - $6.98 billion

• Debt - $15.57 billion

• Net Debt - $12.24 billion

1. Excludes restricted cash.

2. 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.

3. 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.

4. 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

Return of Capital 2023 - 2026 Predominantly Share Repurchases

Total at 1Q26

1. LVS share repurchases were suspended at the onset of the Covid-19 pandemic and were reinstated in 4Q23.

2. A quarterly dividend of $0.20 per share was initiated in 3Q23, in 1Q25 the dividend was increased to $0.25 per share, 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.

   Capital Expenditures Expectations

   Investments to enhance our industry-leading portfolio of Integrated Resorts in Singapore and Macao

   • Investment in high quality assets drives revenue growth

   • Scale and quality of assets create competitive advantage

($ US in millions) LVS Capex Expectations

$600

$600

$2,350

$2,016

$319

$1,600

$54

$1,487

$1,017

$828

$651

$298

$265

$420

$1,567

$426

$500

$500

$500

$2,500

$2,000

$1,500

$1,000

$500

$0

2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E

SCL1

Marina Bay Sands

Marina Bay Sands Expansion Project2,3 Marina Bay Sands Land Premium

Maintenance and Other

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.