Las Vegas Sands Reports First Quarter 2025 Results

For the quarter ended March 31, 2025 Net Revenue of $2.86 billion and Net Income of $408 million Consolidated Adjusted Property EBITDA of $1.14 billion Macao Adjusted Property EBITDA of $535 million Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $10 million Marina Bay Sands Adjusted Property EBITDA of $605 million LVS Repurchased $450 million of Common Stock LVS Board of Directors Increased Stock Repurchase Authorization to $2.0 billion , /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended March 31, 2025. "We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets," said Robert G. Goldstein, chairman and chief executive officer. "In Macao, while market growth has softened in the current environment, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth. "In Singapore, Marina Bay Sands continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands. "Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders. "We repurchased $450 million of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders." Net revenue was $2.86 billion, compared to $2.96 billion in the prior year quarter. Operating income was $609 million, compared to $717 million in the prior year quarter. Net income in the first quarter of 2025 was $408 million, compared to $583 million in the first quarter of 2024. Consolidated adjusted property EBITDA was $1.14 billion, compared to $1.21 billion in the prior year quarter. Sands China Ltd. Consolidated Financial ResultsOn a GAAP basis, total net revenues for SCL decreased 5.7% to $1.70 billion, compared to the first quarter of 2024. Net income for SCL was $202 million, compared to $297 million in the first quarter of 2024. Other Factors Affecting EarningsInterest expense, net of amounts capitalized, was $174 million for the first quarter of 2025, compared to $182 million in the prior year quarter. Our weighted average borrowing cost was 4.9% during the first quarter of 2025, compared to 5.0% during the first quarter of 2024. Our effective income tax rate for the first quarter of 2025 was 13.4%, compared to 2.8% in the prior year quarter. The income tax rate for the first quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations. Stockholder ReturnsDuring the first quarter of 2025, we repurchased $450 million of our common stock (approximately 10 million shares at a weighted average price of $44.59). The remaining amount authorized under our share repurchase program was $1.10 billion as of March 31, 2025. Subsequently, on April 22, 2025, the company's Board of Directors authorized increasing the remaining share repurchase amount of $1.10 billion to $2.0 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions. We paid a quarterly dividend of $0.25 per common share during the quarter. Our next quarterly dividend of $0.25 per common share will be paid on May 14, 2025, to Las Vegas Sands stockholders of record on May 6, 2025. Balance Sheet ItemsUnrestricted cash balances as of March 31, 2025 were $3.04 billion. The company has access to $4.44 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of March 31, 2025, total debt outstanding, excluding finance leases, was $13.71 billion. On February 21, 2025, MBS entered into a new facility agreement, which provides for a 3.75 billion Singapore dollars ("SGD," approximately $2.80 billion at exchange rates in effect on March 31, 2025) term loan and makes available an SGD 750 million (approximately $559 million at exchange rates in effect on March 31, 2025) revolving credit facility and an SGD 7.50 billion (approximately $5.59 billion at exchange rates in effect on March 31, 2025) delayed draw term loan facility. Proceeds from the term loan and delayed draw term loan were used to repay the outstanding balances and associated interest under the 2012 Singapore Credit Facility and pay certain fees associated with the new facility agreement. MBS may draw under the revolving credit facility for general corporate purposes, including payment of dividends. Future proceeds from the delayed draw term loan facility may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. In connection with entering into the new facility agreement, the commitments under MBS's amended and restated credit facility agreement, the 2012 Singapore Credit Facility, were terminated. Capital ExpendituresCapital expenditures during the first quarter totaled $379 million, including construction, development and maintenance activities of $197 million in Macao and $175 million at Marina Bay Sands. Conference Call InformationThe company will host a conference call to discuss the company's results on Wednesday, April 23, 2025, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com. About Sands (NYSE: LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit. Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian Macao®, The Plaza Macao and Four Seasons Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd. Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America. To learn more, visit www.sands.com. Forward-Looking StatementsThis press release 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 operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "look forward to," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information. Las Vegas Sands Corp.First Quarter 2025 ResultsNon-GAAP Financial Measures Within the company's first quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below. The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis. Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations. Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies. Exhibit 1 Las Vegas Sands Corp. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) Three Months Ended March 31, 2025 2024 Revenues: Casino $ 2,127 $ 2,228 Rooms 324 330 Food and beverage 141 150 Mall 186 174 Convention, retail and other 84 77 Net revenues 2,862 2,959 Operating expenses: Resort operations 1,723 1,758 Corporate 73 78 Pre-opening 4 3 Development 69 53 Depreciation and amortization 362 320 Amortization of leasehold interests in land 15 16 Loss on disposal or impairment of assets 7 14 2,253 2,242 Operating income 609 717 Other income (expense): Interest income 42 71 Interest expense, net of amounts capitalized (174) (182) Other expense (1) (6) Loss on modification or early retirement of debt (5) — Income before income taxes 471 600 Income tax expense (63) (17) Net income 408 583 Net income attributable to noncontrolling interests (56) (89) Net income attributable to Las Vegas Sands Corp. $ 352 $ 494 Earnings per share: Basic $ 0.49 $ 0.66 Diluted $ 0.49 $ 0.66 Weighted average shares outstanding: Basic 712 750 Diluted 713 752 Exhibit 2 Las Vegas Sands Corp. and Subsidiaries Net Revenues and Adjusted Property EBITDA (In millions) (Unaudited) Three Months Ended March 31, 2025 2024 Net Revenues The Venetian Macao $ 638 $ 771 The Londoner Macao 529 562 The Parisian Macao 227 230 The Plaza Macao and Four Seasons Macao 208 142 Sands Macao 75 76 Ferry Operations and Other 32 30 Macao Operations 1,709 1,811 Marina Bay Sands 1,163 1,158 Intercompany Royalties 61 63 Intersegment Eliminations(1) (71) (73) $ 2,862 $ 2,959 Adjusted Property EBITDA The Venetian Macao $ 225 $ 314 The Londoner Macao 153 172 The Parisian Macao 66 71 The Plaza Macao and Four Seasons Macao 74 36 Sands Macao 10 12 Ferry Operations and Other 7 5 Macao Operations 535 610 Marina Bay Sands 605 597 $ 1,140 $ 1,207 Adjusted Property EBITDA as a Percentage of Net Revenues The Venetian Macao 35.3 % 40.7 % The Londoner Macao 28.9 % 30.6 % The Parisian Macao 29.1 % 30.9 % The Plaza Macao and Four Seasons Macao 35.6 % 25.4 % Sands Macao 13.3 % 15.8 % Ferry Operations and Other 21.9 % 16.7 % Macao Operations 31.3 % 33.7 % Marina Bay Sands 52.0 % 51.6 % Total 39.8 % 40.8 % ____________________ (1) Intersegment eliminations include royalties and other intercompany services. Exhibit 3 Las Vegas Sands Corp. and Subsidiaries Non-GAAP Financial Measure Reconciliation (In millions) (Unaudited) The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA: Three Months Ended March 31, 2025 2024 Net income $ 408 $ 583 Add (deduct): Income tax expense 63 17 Loss on modification or early retirement of debt 5 — Other expense 1 6 Interest expense, net of amounts capitalized 174 182 Interest income (42) (71) Loss on disposal or impairment of assets 7 14 Amortization of leasehold interests in land 15 16 Depreciation and amortization 362 320 Development expense 69 53 Pre-opening expense 4 3 Stock-based compensation(1) 1 6 Corporate expense 73 78 Consolidated Adjusted Property EBITDA $ 1,140 $ 1,207 ____________________ (1) During the three months ended March 31, 2025 and 2024, the company recorded stock-based compensation expense of $9 million and $20 million, respectively, of which $8 million and $14 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Exhibit 4 Las Vegas Sands Corp. and Subsidiaries Non-GAAP Financial Measure Reconciliation (In millions, except per share data) (Unaudited) The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income: Three Months Ended March 31, 2025 2024 Net income attributable to LVS $ 352 $ 494 Pre-opening expense 4 3 Development expense 69 53 Loss on disposal or impairment of assets 7 14 Other expense 1 6 Loss on modification or early retirement of debt 5 — Income tax impact on net income adjustments(1) (14) (11) Noncontrolling interest impact on net income adjustments (3) (7) Adjusted net income attributable to LVS $ 421 $ 552 The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share: Three Months Ended March 31, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $ 0.49 $ 0.66 Pre-opening expense 0.01 — Development expense 0.10 0.07 Loss on disposal or impairment of assets 0.01 0.02 Other expense — 0.01 Loss on modification or early retirement of debt 0.01 — Income tax impact on net income adjustments (0.03) (0.02) Noncontrolling interest impact on net income adjustments — (0.01) Adjusted earnings per diluted share $ 0.59 $ 0.73 Weighted average diluted shares outstanding 713 752 ____________________ (1) The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. Exhibit 5 Las Vegas Sands Corp. and Subsidiaries Supplemental Data (In millions) (Unaudited) The following reflects the impact on Net Revenues for hold-adjusted win percentage: Three Months Ended March 31, 2025 2024 Macao Operations $ 17 $ 52 Marina Bay Sands(1) — (67) $ 17 $ (15) The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage: Three Months Ended March 31, 2025 2024 Macao Operations $ 10 $ 31 Marina Bay Sands(1) — (52) $ 10 $ (21) ____________________ Note: These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled 3.30% for the Macao operations and 3.70% for Marina Bay Sands. Included are 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. (1) We revised the expected rolling chip win percentage from 3.30% to 3.70% during the three months ended March 31, 2025, due to the increase in Rolling Chip win percentage experienced over the last several years. The prior year non-GAAP expected rolling chip win percentage for Marina Bay Sands has also been adjusted to conform to the current period presentation. Exhibit 6 Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended March 31, 2025 2024 Casino Statistics: The Venetian Macao: Table games win per unit per day(1) $ 8,834 $ 10,901 Slot machine win per unit per day(2) $ 367 $ 435 Average number of table games 668 686 Average number of slot machines 1,683 1,467 The Londoner Macao: Table games win per unit per day(1) $ 10,437 $ 10,671 Slot machine win per unit per day(2) $ 420 $ 483 Average number of table games 495 490 Average number of slot machines 1,557 1,467 The Parisian Macao: Table games win per unit per day(1) $ 8,205 $ 7,128 Slot machine win per unit per day(2) $ 284 $ 383 Average number of table games 248 279 Average number of slot machines 1,292 834 The Plaza Macao and Four Seasons Macao: Table games win per unit per day(1) $ 21,638 $ 16,619 Slot machine win per unit per day(2) $ 107 $ 64 Average number of table games 105 93 Average number of slot machines 49 22 Sands Macao: Table games win per unit per day(1) $ 6,130 $ 6,753 Slot machine win per unit per day(2) $ 237 $ 319 Average number of table games 112 104 Average number of slot machines 798 571 Marina Bay Sands: Table games win per unit per day(1) $ 16,846 $ 17,597 Slot machine win per unit per day(2) $ 931 $ 896 Average number of table games 543 512 Average number of slot machines 2,999 2,942 ____________________ (1) Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. (2) Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. Exhibit 7 Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended The Venetian Macao March 31, (Dollars in millions) 2025 2024 Change Revenues: Casino $ 495 $ 638 $ (143) Rooms 53 52 1 Food and beverage 15 17 (2) Mall 60 54 6 Convention, retail and other 15 10 5 Net revenues $ 638 $ 771 $ (133) Adjusted Property EBITDA $ 225 $ 314 $ (89) EBITDA Margin % 35.3 % 40.7 % (5.4) pts Gaming Statistics (Dollars in millions) Rolling Chip volume $ 862 $ 1,035 $ (173) Rolling Chip win %(1) 2.18 % 6.71 % (4.53) pts Non-Rolling Chip drop $ 2,260 $ 2,414 $ (154) Non-Rolling Chip win % 22.7 % 25.3 % (2.6) pts Slot handle $ 1,404 $ 1,490 $ (86) Slot hold % 4.0 % 3.9 % 0.1 pts Hotel Statistics Occupancy % 99.8 % 97.7 % 2.1 pts Average daily room rate (ADR) $ 204 $ 202 $ 2 Revenue per available room (RevPAR) $ 204 $ 198 $ 6 ____________________ (1) This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended The Londoner Macao March 31, (Dollars in millions) 2025 2024 Change Revenues: Casino $ 402 $ 419 $ (17) Rooms 73 89 (16) Food and beverage 24 27 (3) Mall 21 16 5 Convention, retail and other 9 11 (2) Net revenues $ 529 $ 562 $ (33) Adjusted Property EBITDA $ 153 $ 172 $ (19) EBITDA Margin % 28.9 % 30.6 % (1.7) pts Gaming Statistics (Dollars in millions) Rolling Chip volume $ 1,712 $ 1,879 $ (167) Rolling Chip win %(1) 3.56 % 3.81 % (0.25) pts Non-Rolling Chip drop $ 1,755 $ 1,915 $ (160) Non-Rolling Chip win % 23.0 % 21.1 % 1.9 pts Slot handle $ 1,668 $ 1,624 $ 44 Slot hold % 3.5 % 4.0 % (0.5) pts Hotel Statistics(2) Occupancy % 98.1 % 96.5 % 1.6 pts Average daily room rate (ADR) $ 291 $ 188 $ 103 Revenue per available room (RevPAR) $ 286 $ 182 $ 104 ____________________ (1) This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). (2) During the three months ended March 31, 2025 and 2024, approximately 2,850 and 5,400 rooms, respectively, were available for occupancy. Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended The Parisian Macao March 31, (Dollars in millions) 2025 2024 Change Revenues: Casino $ 173 $ 173 $ — Rooms 35 34 1 Food and beverage 12 14 (2) Mall 5 7 (2) Convention, retail and other 2 2 — Net revenues $ 227 $ 230 $ (3) Adjusted Property EBITDA $ 66 $ 71 $ (5) EBITDA Margin % 29.1 % 30.9 % (1.8) pts Gaming Statistics (Dollars in millions) Rolling Chip volume $ 709 $ 16 $ 693 Rolling Chip win %(1) 4.25 % 4.58 % (0.33) pts Non-Rolling Chip drop $ 728 $ 805 $ (77) Non-Rolling Chip win % 21.0 % 22.4 % (1.4) pts Slot handle $ 889 $ 663 $ 226 Slot hold % 3.7 % 4.4 % (0.7) pts Hotel Statistics Occupancy % 99.8 % 95.4 % 4.4 pts Average daily room rate (ADR) $ 154 $ 156 $ (2) Revenue per available room (RevPAR) $ 154 $ 148 $ 6 ____________________ (1) This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended The Plaza Macao and Four Seasons Macao March 31, (Dollars in millions) 2025 2024 Change Revenues: Casino $ 132 $ 70 $ 62 Rooms 29 25 4 Food and beverage 7 8 (1) Mall 39 38 1 Convention, retail and other 1 1 — Net revenues $ 208 $ 142 $ 66 Adjusted Property EBITDA $ 74 $ 36 $ 38 EBITDA Margin % 35.6 % 25.4 % 10.2 pts Gaming Statistics (Dollars in millions) Rolling Chip volume $ 2,132 $ 2,500 $ (368) Rolling Chip win %(1) 2.40 % (0.58) % 2.98 pts Non-Rolling Chip drop $ 686 $ 593 $ 93 Non-Rolling Chip win % 22.2 % 26.2 % (4.0) pts Slot handle $ 21 $ 1 $ 20 Slot hold % 2.2 % 16.2 % (14.0) pts Hotel Statistics Occupancy % 97.2 % 85.4 % 11.8 pts Average daily room rate (ADR) $ 502 $ 482 $ 20 Revenue per available room (RevPAR) $ 488 $ 412 $ 76 ____________________ (1) This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended Sands Macao March 31, (Dollars in millions) 2025 2024 Change Revenues: Casino $ 68 $ 69 $ (1) Rooms 5 4 1 Food and beverage 2 3 (1) Net revenues $ 75 $ 76 $ (1) Adjusted Property EBITDA $ 10 $ 12 $ (2) EBITDA Margin % 13.3 % 15.8 % (2.5) pts Gaming Statistics (Dollars in millions) Rolling Chip volume $ 59 $ 11 $ 48 Rolling Chip win %(1) 4.23 % 3.41 % 0.82 pts Non-Rolling Chip drop $ 380 $ 399 $ (19) Non-Rolling Chip win % 15.6 % 15.9 % (0.3) pts Slot handle $ 582 $ 523 $ 59 Slot hold % 2.9 % 3.2 % (0.3) pts Hotel Statistics Occupancy % 98.8 % 98.5 % 0.3 pts Average daily room rate (ADR) $ 174 $ 176 $ (2) Revenue per available room (RevPAR) $ 172 $ 173 $ (1) ____________________ (1) This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Three Months Ended Marina Bay Sands March 31, (Dollars in millions) 2025 2024 Change Revenues: Casino $ 857 $ 859 $ (2) Rooms 129 126 3 Food and beverage 81 81 — Mall 62 59 3 Convention, retail and other 34 33 1 Net revenues $ 1,163 $ 1,158 $ 5 Adjusted Property EBITDA $ 605 $ 597 $ 8 EBITDA Margin % 52.0 % 51.6 % 0.4 pts Gaming Statistics (Dollars in millions) Rolling Chip volume $ 8,028 $ 8,241 $ (213) Rolling Chip win %(1) 3.70 % 4.52 % (0.82) pts Non-Rolling Chip drop $ 2,304 $ 2,163 $ 141 Non-Rolling Chip win % 22.8 % 20.7 % 2.1 pts Slot handle $ 5,812 $ 6,624 $ (812) Slot hold % 4.3 % 3.6 % 0.7 pts Hotel Statistics(2) Occupancy % 95.6 % 95.0 % 0.6 pts Average daily room rate (ADR) $ 925 $ 713 $ 212 Revenue per available room (RevPAR) $ 884 $ 677 $ 207 ____________________ (1) This compares to our expected Rolling Chip win percentage of 3.70% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). We revised the expected rolling chip win percentage due to the increase in Rolling Chip win percentage experienced over the last several years. (2) During the three months ended March 31, 2025 and 2024, approximately 1,650 and 2,100 rooms, respectively, were available for occupancy. Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Asian Retail Mall Operations (Unaudited) For the Three Months Ended March 31, 2025 TTM March 31, 2025 (Dollars in millions except per square foot data) Gross Revenue(1) Operating Profit Operating Profit Margin Gross Leasable Area (sq. ft.) Occupancy % at End of Period Tenant SalesPer Sq. Ft.(2) Shoppes at Venetian $ 59 $ 52 88.1 % 821,670 84.4 % $ 1,588 Shoppes at Four Seasons Luxury Retail 29 27 93.1 % 164,144 100.0 % 5,938 Other Stores 10 9 90.0 % 97,754 91.0 % 2,108 39 36 92.3 % 261,898 96.6 % 4,724 Shoppes at Londoner(3) 21 18 85.7 % 517,610 75.1 % 1,356 Shoppes at Parisian(3) 5 3 60.0 % 259,953 76.4 % 482 Total Cotai Strip in Macao 124 109 87.9 % 1,861,131 82.4 % 1,922 The Shoppes at Marina Bay Sands 62 55 88.7 % 622,561 98.8 % 2,845 Total $ 186 $ 164 88.2 % 2,483,692 86.5 % $ 2,215 ____________________ Note: This table excludes the results of our retail outlets at Sands Macao. (1) Gross revenue figures are net of intersegment revenue eliminations. (2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. (3) During the three months ended March 31, 2025, approximately 49,000 and 37,000 square feet of space at the Shoppes at Londoner and the Shoppes at Parisian, respectively, was removed from the gross leasable area as it was taken off the market and not available for leasing. SOURCE Las Vegas Sands Corp. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Las Vegas Sands Reports First Quarter 2025 Results

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