3Q25 Earnings Presentation

October 22, 2025

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 recently completed 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

    Market Updates: Macao:

    • Macao market gross gaming revenue grew 12% in the third quarter of 2025 reaching $7.7 billion

    • The Macao market growth continues to be led by the premium segments

    • Completed capital investment programs will contribute to growth

      Singapore:

    • Operating environment remains strong

    • Completed capital investment programs will contribute to growth

      Third Quarter 2025 Financial Highlights




      Quarter Ended September 30, 2025 vs September 30, 2024

      ($ in US millions, except per share information)

      LVS Consolidated Third Quarter Financial Results

      3Q24

      3Q25

      Change

      Net Revenue $2,682

      Net Income 353

      Net Income Attributable to LVS 275

      Diluted EPS $0.38

      Dividends per Common Share $0.20

      $3,331

      491

      419

      $0.61

      $0.25

      $649 138

      144

      $0.23

      $0.05

      Adjusted Net Income Attributable to LVS 323

      Adjusted Diluted EPS $0.44

      536

      $0.78

      213

      $0.34

      Adjusted Property EBITDA 991

      Adjusted Property EBITDA Margin 37.0%

      1,344

      40.3%

      353

      330 bps

  • $500 million of LVS stock repurchased in 3Q25

    - 9.19 million LVS shares at a weighted average price of $54.39

  • $171 million of dividends paid by LVS ($0.25 per share)

  • 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)

  • $337 million of SCL shares purchased from July 1, 2025 through October 10, 2025, increasing LVS ownership interest in SCL to 74.76%

    Third Quarter 2025 Adjusted Property EBITDA

    ($ in US millions)

    Adjusted Property EBITDA

    3Q24

    3Q25

    Change

    % Change

    Macao Operations

    $585

    $601

    $16

    2.7%

    Adjusted Property EBITDA Margin

    33.0%

    31.5%

    -150 bps

    Marina Bay Sands

    $406

    $743

    $337

    83.0%

    Adjusted Property EBITDA Margin

    44.2%

    51.7%

    750 bps

    LVS Total

    $991

    $1,344

    $353

    35.6%

    Adjusted Property EBITDA Margin

    37.0%

    40.3%

    330 bps

  • See slides 6 and 8 for the impact of expected hold in our rolling play in Macao and Singapore

  • In 3Q25 hold on rolling play positively impacted Adjusted Property EBITDA by $2 million1 in Macao and positively impacted Adjusted Property EBITDA in Singapore by $43 million1

  • In 3Q24 hold on rolling play negatively impacted Adjusted Property EBITDA by $2 million1 in Macao and negatively impacted Adjusted Property EBITDA in Singapore by $88 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 3Q24 and 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5% and 4.2%, 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.

Illustrative Impact of Hold in Our Rolling Play1

Macao - Select Quarterly Results

($ in US millions) Macao Operations 3Q24 4Q24 1Q25 2Q25 3Q25

Net Revenue

$1,771

$1,771

$1,709

$1,797

$1,906

Expected hold impact1

4

38

17

(11)

(4)

Had we held as expected in our rolling play, Net Revenue would have been $4 million lower in 3Q25

Adjusted Property EBITDA 585 571 535

566

601

Expected hold impact12 22 10

Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $2 million lower in

(7)

3Q25

(2)

Adjusted Property EBITDA Margin 33.0% 32.2% 31.3%

31.5%

31.5%

Expected hold impact133.1% 32.8% 31.6%

31.3%

31.5%

Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have remained 31.5% in 3Q25

  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.

    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

    • A key 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 12 months

    • We are introducing a new disclosure methodology for the calculation of expected hold impact on our results at MBS beginning 3Q25; we have also presented the prior four 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

    • Since 3Q24, the theoretical hold rates calculated based upon data captured by smart table technology have been as follows:

4.1%

4.2%

3.7%

3.8%

3.5%

4.5%

4.0%

3.5%

3.0%

2.5%

Q324 Q424 Q125 Q225 Q325

Illustrative Impact of Hold in Our Rolling Play1

Marina Bay Sands - Select Quarterly Results

($ in US millions) Marina Bay Sands

3Q24

4Q24

1Q25

2Q25

3Q25

Actual Hold %

1.75%

3.34%

3.70%

5.26%

4.84%

Expected Hold %1

3.5%

3.7%

3.8%

4.1%

4.2%

Net Revenue

$919

$1,137

$1,163

$1,388

$1,436

Expected hold impact1

114

29

8

(102)

(57)

Had we held as expected in our rolling play, Net Revenue would have been $57 million lower in 3Q25

Adjusted Property EBITDA

$406

$537

$605

$768

$743

Expected hold impact1,2

88

21

6

(80)

(43)

Had we held as expected in our rolling play, Adjusted Property EBITDA would have been $43 million lower in 3Q25

Adjusted Property EBITDA Margin244.2% 47.2% 52.0% 55.3% 51.7%

Expected hold impact1,247.8% 47.9% 52.2% 53.5% 50.8% Had we held as expected in our rolling play, Adjusted Property EBITDA margin would have been 50.8% in 3Q25

  1. In 3Q24 - 3Q25 the amounts present the illustrative impact if the Rolling Chip win percentage was 3.5%, 3.7%, 3.8%, 4.1% and 4.2%, 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 during much of the quarter ended September 30, 2025.

    Operating Update: Macao Property Portfolio

    Quarter Ended September 30, 2025

    Macao market overview:

    • The Macao market generated gaming revenue of ~$7.7 billion for 3Q25, up 12% from 3Q24

      • Mass gaming revenue was ~$6.7 billion, up 10% compared to 3Q24

    • Visitation1 from China excluding Guangdong province in July and August remained below 2019 level at ~87% of the comparable period

    • Total visitation1 in July and August was 7% above the comparable period in 2019, with Guangdong province visitation up 39% compared to 2019

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

      Macao portfolio quarterly financial results:

    • Adjusted Property EBITDA was $601 million

      • Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $2 million2

    • Mass win was $1.69 billion during 3Q25, up 12% compared to 3Q24

    • Adjusted Property EBITDA margin was 31.5%

  1. September visitation is not yet available.

  2. In 3Q25 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 September 30, 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 $743 million

      - Assuming expected hold in our rolling play, Adjusted Property EBITDA would have been lower by $43 million1

    • Mass win was $905 million, up 35% from $668 million in 3Q24

    • Rolling volume was $9.1 billion, up 38% from $6.6 billion in 3Q24

    • Adjusted Property EBITDA margin was 51.7%2

  1. In 3Q25 the amount presents the illustrative impact if the Rolling Chip win percentage was 4.2%. 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 during much of the quarter ended September 30, 2025.

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Las Vegas Sands Corporation published this content on October 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 24, 2025 at 20:30 UTC.