Las Vegas Sands Corp.NYSE: LVS

Fourth Quarter 2025 Presentation

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Watch Las Vegas Sands explain itLas Vegas Sands Corp. (LVS) Q2 2026 Earnings Call · Replay · Jul 22


4Q25 Earnings Presentation

January 28, 2026

Investment Case, Strategic Priorities and Market Updates

Investment Case:

  • Global leader in Integrated Resort development and operation delivering industry-leading returns

  • Largest scale operator in the most important markets with industry-leading revenues and margins

  • Balance sheet strength enables investment in promising growth opportunities

  • Experienced leadership team dedicated to driving long-term shareholder value and maximizing shareholder returns

    Strategic Priorities:

  • Leveraging market-leading suite capacity in both Macao and Singapore to attract more high-value business

  • Returning excess capital to shareholders through share repurchase program

  • Pursuing development opportunities in new jurisdictions

    Fourth Quarter 2025 Financial Highlights

    ($ in US millions, except per share information)

    LVS Consolidated Fourth Quarter Financial Results

    4Q24

    4Q25

    Change



    Quarter Ended December 31, 2025 vs December 31, 2024

    Net Revenue $2,896

    Net Income 392

    Net Income Attributable to LVS 324

    Diluted EPS $0.45

    Dividends per Common Share $0.20

    $3,649

    448

    395

    $0.58

    $0.25

    $753

    56

    71

    $0.13

    $0.05

    Adjusted Net Income Attributable to LVS 387

    Adjusted Diluted EPS $0.54

    579

    $0.85

    192

    $0.31

    Adjusted Property EBITDA 1,108

    Adjusted Property EBITDA Margin 38.3%

    1,414

    38.8%

    306

    50 bps

  • $500 million of LVS stock repurchased in 4Q25

    - 8.14 million LVS shares at a weighted average price of $61.39

  • $169 million of dividends paid by LVS ($0.25 per share)

  • In October 2025, the LVS Board of Directors announced a 20% increase in LVS' recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $1.20 per share ($0.30 per share per quarter)

  • $66 million of SCL shares purchased in 4Q25, increasing LVS ownership interest in SCL to 74.80% as of December 31, 2025

    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 Total

    $1,108

    $1,414

    $306

    27.6%

    Adjusted Property EBITDA Margin

    38.3%

    38.8%

    50 bps

  • See slides 6 and 7 for the impact of expected hold in our rolling play in Macao and Singapore

  • In 4Q25 hold on rolling play positively impacted Adjusted Property EBITDA by $26 million1in Macao and positively impacted Adjusted Property EBITDA in Singapore by $45 million1

  • In 4Q24 hold on rolling play negatively impacted Adjusted Property EBITDA by $22 million1in Macao and negatively impacted Adjusted Property EBITDA in Singapore by $21 million1

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 4Q24 and 4Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.7% and 3.9%, respectively. The theoretical hold percentages on Rolling Chip at MBS 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.

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

17

(11)

(4)

(44)

Had we held as expected in our rolling play, Net Revenue would have been $44 million lower in 4Q25

Adjusted Property EBITDA

571

535

566

601

608

Expected hold impact1

22

10

(7)

(2)

(26)

Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $26 million lower in 4Q25

Adjusted Property EBITDA Margin

32.2%

31.3%

31.5%

31.5%

29.5%

Expected hold impact1

32.8%

31.6%

31.3%

31.5%

28.9%

Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 28.9% in 4Q25

  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.

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 impact1

29

8

(102)

(57)

(60)

Had we held as expected in our rolling play, Net Revenue would have been $60 million lower in 4Q25

Adjusted Property EBITDA2

$537

$605

$768

$743

$806

Expected hold impact1,2

21

6

(80)

(43)

(45)

Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $45 million lower in 4Q25

Adjusted Property EBITDA Margin2

47.2%

52.0%

55.3%

51.7%

50.3%

Expected hold impact1,2

47.9%

52.2%

53.5%

50.8%

49.3%

Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 49.3% in 4Q25

  1. In 4Q24 - 4Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.7%, 3.8%, 4.1%, 4.2% and 3.9%, 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, versus November in 2024. The higher gaming tax rate was in place throughout the quarter ended December 31, 2025.

    Operating Update: Macao Property Portfolio

    Quarter Ended December 31, 2025

    Macao market overview:

    • The Macao market generated gaming revenue of ~$8.2 billion for 4Q25, up 15% from 4Q24

      - Mass gaming revenue was ~$6.9 billion, up 9% compared to 4Q24

    • Visitation from China excluding Guangdong province in 4Q25 remained below 2019 level at ~92% of the comparable period

    • Total visitation in 4Q25 was 113% above the comparable period in 2019, with Guangdong province visitation up 35% compared to 2019

    • Spend per visitor in the lower tier customer segments remains subdued

      Macao portfolio quarterly financial results:

    • SCL's property portfolio increased total gaming revenue by 23% from 4Q24

      • Mass win was $1.74 billion during 4Q25, up 14% compared to 4Q24

    • Adjusted Property EBITDA was $608 million

      • Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $26 million1

    • Adjusted Property EBITDA margin was 29.5%

  1. In 4Q25 the amount presents 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.

    Source: Macao DSEC.

    Operating Update: Marina Bay Sands in Singapore

    Quarter Ended December 31, 2025

    Marina Bay Sands property update:

    • Suite renovation and refurbishment program completed in 2Q25

    • The resort now features 1,844 keys, including 775 suites

      Marina Bay Sands quarterly financial results:

    • Adjusted Property EBITDA of $806 million

      - Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $45 million1

    • Mass win was $951 million, up 27% from $746 million in 4Q24

    • Rolling volume was $13.4 billion, up 66% from $8.1 billion in 4Q24

    • Adjusted Property EBITDA margin was 50.3%2

  1. In 4Q25 the amount presents the illustrative impact if the Rolling Chip win percentage was 3.9%. The theoretical hold percentage on Rolling Chip play during the quarter is 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, versus November in 2024. The higher gaming tax rate was in place throughout the quarter ended December 31, 2025.

LVS Adjusted Property EBITDA

Select Quarterly Results

LVS Adjusted Property EBITDA $1,414 $1,334 $1,344 $1,108 $1,140

+$43

+$16

-$87

-$45

-$71

Assuming Expected Hold in our Rolling Play1



($ in US millions)

$1,500

$1,200

$900

$600

$300

$0

4Q24 1Q25 2Q25 3Q25 4Q25

  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 4Q24 - 4Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.7%, 3.8%, 4.1%, 4.2% and 3.9%, respectively. These theoretical hold percentages on Rolling Chip play at Marina Bay Sands during each quarter were calculated utilizing smart table data. Expected hold impact calculations include the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

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