Segment Information

12 Months Ended

Dec. 31, 2025

The Company views each of its operating properties as a reportable segment, which have been identified based on various factors such as regulatory environment, geography and the level at which the information is reviewed by the Company’s chief operating decision maker (the “CODM”). The Company’s CODM is its Chief Executive Officer.

The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company’s reportable segments are: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. The Company has included Ferry Operations and Other (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to its properties in Macao) and Corporate and Other (which includes construction and development activities for projects under development not included in its reportable segments) to reconcile to the consolidated results of operations and financial condition. The Company’s reportable segments are not aggregated.

The Company’s reportable segments generate revenue from casino wagers, room sales, food and beverage and retail transactions, rental income from mall tenants, convention sales and entertainment and ferry ticket sales.

The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies (see “Note 2 — Summary of Significant Accounting Policies”). The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Intersegment transactions, with the exception of intercompany royalties, are not eliminated from segment results as management considers those transactions in assessing the results of the respective segments.

The CODM assesses the performance of each segment and allocates resources to each segment based on adjusted property EBITDA. Consolidated adjusted property EBITDA, which is a supplemental non-GAAP financial measure, is net income (loss) from continuing operations 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. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income 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, share repurchases and income taxes, which are not reflected in consolidated adjusted property EBITDA.

Consolidated adjusted property EBITDA is used by the CODM and management, as well as industry analysts, to evaluate operations and operating performance. In particular, the CODM and management utilize 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 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 LVSC, 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. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.

The Company’s segment information as of and for the years ended December 31, 2025, 2024 and 2023, is as follows:


	The Venetian Macao		The Londoner Macao		The Parisian Macao		The Plaza Macao and Four Seasons Macao		Sands Macao		Ferry Operations and Other		Total Macao		Marina Bay Sands		Inter-company Royalties		Total

	(In millions)
Year Ended December 31, 2025
Casino	$	2,146	$	1,946	$	657	$	569	$	265	$	—	$	5,583	$	4,206	$	—	$	9,789
Rooms	208		375		137		115		18		—		853		569		—		1,422
Food and beverage	64		116		52		29		9		—		270		374		—		644
Mall	254		92		19		155		1		—		521		280		—		801
Convention, retail and other	64		27		7		4		1		103		206		155		—		361
Net revenues	2,736		2,556		872		872		294		103		7,433		5,584		—		13,017
Intersegment revenues	9		—		—		—		—		28		37		6		293		336
Net revenues before intersegment eliminations	2,745		2,556		872		872		294		131		7,470		5,590		293		13,353
Less:
Payroll and related expenses	444		405		199		111		93		44		1,296		751		—		2,047
Gaming taxes	1,034		1,040		327		342		127		—		2,870		1,053		—		3,923
Other expenses(1)	321		333		128		106		43		63		994		864		293		2,151
Segment expenses	1,799		1,778		654		559		263		107		5,160		2,668		293		8,121

Segment/Consolidated adjusted property EBITDA	$	946	$	778	$	218	$	313	$	31	$	24	$	2,310	$	2,922	$	—	$	5,232
Other Operating Costs and Expenses
Stock-based compensation(2)																			(24)
Corporate																			(310)
Pre-opening																			(24)
Development																			(269)
Depreciation and amortization																			(1,464)
Amortization of leasehold interests in land																			(76)
Loss on disposal or impairment of assets																			(247)
Operating income																			2,818
Other Non-Operating Costs and Expenses
Interest income																			161
Interest expense, net of amounts capitalized																			(746)
Other expense																			(15)
Loss on modification or early retirement of debt																			(5)
Income tax expense																			(347)
Net income																			$	1,866


	The Venetian Macao		The Londoner Macao		The Parisian Macao		The Plaza Macao and Four Seasons Macao		Sands Macao		Ferry Operations and Other		Total Macao		Marina Bay Sands		Inter-company Royalties		Total

	(In millions)
Year Ended December 31, 2024
Casino	$	2,282	$	1,462	$	740	$	572	$	290	$	—	$	5,346	$	2,957	$	—	$	8,303
Rooms	210		302		137		107		18		—		774		500		—		1,274
Food and beverage	64		92		62		31		11		—		260		347		—		607
Mall	230		77		27		158		1		—		493		262		—		755
Convention, retail and other	38		51		7		4		2		98		200		159		—		359
Net revenues	2,824		1,984		973		872		322		98		7,073		4,225		—		11,298
Intersegment revenues	7		—		—		—		—		27		34		5		250		289
Net revenues before intersegment eliminations	2,831		1,984		973		872		322		125		7,107		4,230		250		11,587
Less:
Payroll and related expenses	413		355		194		106		90		41		1,199		677		—		1,876
Gaming taxes	1,073		775		365		347		134		—		2,694		751		—		3,445
Other expenses(1)	252		311		117		98		42		67		887		750		250		1,887
Segment expenses	1,738		1,441		676		551		266		108		4,780		2,178		250		7,208

Segment/Consolidated adjusted property EBITDA	$	1,093	$	543	$	297	$	321	$	56	$	17	$	2,327	$	2,052	$	—	$	4,379
Other Operating Costs and Expenses
Stock-based compensation(2)																			(27)
Corporate																			(290)
Pre-opening																			(14)
Development																			(228)
Depreciation and amortization																			(1,308)
Amortization of leasehold interests in land																			(60)
Loss on disposal or impairment of assets																			(50)
Operating income																			2,402
Other Non-Operating Costs and Expenses
Interest income																			275
Interest expense, net of amounts capitalized																			(727)
Other income																			10

Income tax expense																			(208)
Net income																			$	1,752


	The Venetian Macao		The Londoner Macao		The Parisian Macao		The Plaza Macao and Four Seasons Macao		Sands Macao		Ferry Operations and Other		Total Macao		Marina Bay Sands		Inter-company Royalties		Total

	(In millions)
Year Ended December 31, 2023
Casino	$	2,151	$	1,283	$	655	$	462	$	290	$	—	$	4,841	$	2,681	$	—	$	7,522
Rooms	191		324		135		94		17		—		761		443		—		1,204
Food and beverage	63		86		49		30		12		—		240		344		—		584
Mall	227		66		32		187		1		—		513		254		—		767
Convention, retail and other	43		33		8		6		2		80		172		123		—		295
Net revenues	2,675		1,792		879		779		322		80		6,527		3,845		—		10,372
Intersegment revenues	7		—		—		—		—		25		32		4		224		260
Net revenues before intersegment eliminations	2,682		1,792		879		779		322		105		6,559		3,849		224		10,632
Less:
Payroll and related expenses	380		330		187		102		93		35		1,127		617		—		1,744
Gaming taxes	1,012		672		317		276		134		—		2,411		652		—		3,063
Other expenses(1)	236		274		106		93		36		52		797		719		224		1,740
Segment expenses	1,628		1,276		610		471		263		87		4,335		1,988		224		6,547

Segment/Consolidated adjusted property EBITDA	$	1,054	$	516	$	269	$	308	$	59	$	18	$	2,224	$	1,861	$	—	$	4,085
Other Operating Costs and Expenses
Stock-based compensation(2)																			(29)
Corporate																			(230)
Pre-opening																			(15)
Development																			(205)
Depreciation and amortization																			(1,208)
Amortization of leasehold interests in land																			(58)
Loss on disposal or impairment of assets																			(27)
Operating income																			2,313
Other Non-Operating Costs and Expenses
Interest income																			288
Interest expense, net of amounts capitalized																			(818)
Other expense																			(8)

Income tax expense																			(344)
Net income																			$	1,431

_________________________

(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses of each segment.

(2)During the years ended December 31, 2025, 2024 and 2023, the Company recorded stock-based compensation expense of $71 million, $78 million and $72 million, respectively, of which $47 million, $51 million and $43 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.


	December 31,
	2025		2024		2023

	(In millions)
Capital Expenditures
Corporate and Other	$	39	$	40	$	200
Macao:
The Venetian Macao	186		262		71
The Londoner Macao	312		545		132
The Parisian Macao	22		39		9
The Plaza Macao and Four Seasons Macao	13		14		15
Sands Macao	21		16		6
Ferry Operations and Other	1		3		—
	555		879		233
Marina Bay Sands	574		648		584

Total capital expenditures	$	1,168	$	1,567	$	1,017


	December 31,
	2025		2024		2023

	(In millions)
Total Assets
Corporate and Other	$	3,614	$	3,353	$	5,167
Macao:
The Venetian Macao	2,689		2,806		2,548
The Londoner Macao	4,635		4,665		4,193
The Parisian Macao	1,636		1,710		1,802
The Plaza Macao and Four Seasons Macao	953		987		1,059
Sands Macao	258		253		287
Ferry Operations and Other	375		719		335

	10,546		11,140		10,224
Marina Bay Sands	7,760		6,173		6,387




Total assets	$	21,920	$	20,666	$	21,778


	December 31,
	2025		2024		2023

	(In millions)
Total Long-Lived Assets(1)
United States	$	432	$	587	$	608
Macao:
The Venetian Macao	1,498		1,503		1,337
The Londoner Macao	3,962		4,086		3,796
The Parisian Macao	1,504		1,591		1,665
The Plaza Macao and Four Seasons Macao	788		844		896
Sands Macao	175		170		169
Ferry Operations and Other	17		23		29

	7,944		8,217		7,892
Singapore:
Marina Bay Sands	6,140		5,121		5,141




Other	64		70		47
Total long-lived assets	$	14,580	$	13,995	$	13,688

_________________________

(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

LAS VEGAS SANDS CORP 10-K