v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
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 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) 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 tax payments, 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 June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025 is as follows:
The Venetian MacaoThe Londoner MacaoThe Parisian MacaoThe Plaza Macao and Four Seasons MacaoSands MacaoFerry Operations and OtherTotal MacaoMarina Bay SandsInter-company RoyaltiesTotal
(In millions)
Three Months Ended June 30, 2026
Casino$457 $548 $165 $59 $88 $— $1,317 $1,024 $— $2,341 
Rooms43 100 32 28 5 — 208 151 — 359 
Food and beverage15 31 14 8 2 — 70 98 — 168 
Mall62 23 5 41 — — 131 67 — 198 
Convention, retail and other12 8 2 1 — 27 50 38 — 88 
Net revenues589 710 218 137 95 27 1,776 1,378 — 3,154 
Intersegment revenues2 — — — — 12 14 2 83 99 
Net revenues before intersegment eliminations591 710 218 137 95 39 1,790 1,380 83 3,253 
Less:
Payroll and related expenses117 116 51 30 28 12 354 207 — 561 
Gaming taxes227 301 87 59 42 — 716 249 — 965 
Other expenses(1)
82 101 42 28 14 23 290 235 83 608 
Segment expenses426 518 180 117 84 35 1,360 691 83 2,134 
Segment/Consolidated adjusted property EBITDA$165 $192 $38 $20 $11 $4 $430 $689 $— $1,119 
Other Operating Costs and Expenses
Stock-based compensation(2)
(6)
Corporate(74)
Pre-opening(5)
Development(43)
Depreciation and amortization(350)
Amortization of leasehold interests in land(21)
Loss on disposal or impairment of assets(2)
Operating income618 
Other Non-Operating Costs and Expenses
Interest income31 
Interest expense, net of amounts capitalized(189)
Other income1 
Income tax expense(88)
Net income$373 
The Venetian MacaoThe Londoner MacaoThe Parisian MacaoThe Plaza Macao and Four Seasons MacaoSands MacaoFerry Operations and OtherTotal MacaoMarina Bay SandsInter-company RoyaltiesTotal
(In millions)
Three Months Ended June 30, 2025
Casino$524 $495 $143 $122 $63 $— $1,347 $1,068 $— $2,415 
Rooms50 95 34 28 4 — 211 134 — 345 
Food and beverage15 27 11 7 3 — 63 84 — 147 
Mall62 21 5 37 — — 125 62 — 187 
Convention, retail and other10 4 1 — 1 25 41 40 — 81 
Net revenues661 642 194 194 71 25 1,787 1,388 — 3,175 
Intersegment revenues2 — — — — 8 10 — 67 77 
Net revenues before intersegment eliminations663 642 194 194 71 33 1,797 1,388 67 3,252 
Less:
Payroll and related expenses110 100 49 28 23 12 322 184 — 506 
Gaming taxes251 259 72 74 30 — 686 243 — 929 
Other expenses(1)
66 78 29 26 9 15 223 193 67 483 
Segment expenses427 437 150 128 62 27 1,231 620 67 1,918 
Segment/Consolidated adjusted property EBITDA$236 $205 $44 $66 $9 $6 $566 $768 $— $1,334 
Other Operating Costs and Expenses
Stock-based compensation(2)
(5)
Corporate(69)
Pre-opening(9)
Development(69)
Depreciation and amortization(371)
Amortization of leasehold interests in land(20)
Loss on disposal or impairment of assets(8)
Operating income783 
Other Non-Operating Costs and Expenses
Interest income42 
Interest expense, net of amounts capitalized(194)
Other expense(22)
Income tax expense(90)
Net income$519 
The Venetian MacaoThe Londoner MacaoThe Parisian MacaoThe Plaza Macao and Four Seasons MacaoSands MacaoFerry Operations and OtherTotal MacaoMarina Bay SandsInter-company RoyaltiesTotal
(In millions)
Six Months Ended June 30, 2026
Casino$1,013 $1,132 $341 $271 $173 $— $2,930 $2,150 $— $5,080 
Rooms94 204 65 58 9 — 430 306 — 736 
Food and beverage34 65 28 15 5 — 147 197 — 344 
Mall128 48 9 81 — — 266 136 — 402 
Convention, retail and other28 15 4 2 1 52 102 75 — 177 
Net revenues1,297 1,464 447 427 188 52 3,875 2,864 — 6,739 
Intersegment revenues4 — — — — 25 29 3 170 202 
Net revenues before intersegment eliminations1,301 1,464 447 427 188 77 3,904 2,867 170 6,941 
Less:
Payroll and related expenses237 230 102 60 55 25 709 411 — 1,120 
Gaming taxes494 619 182 177 84 — 1,556 521 — 2,077 
Other expenses(1)
167 200 79 56 29 45 576 458 170 1,204 
Segment expenses898 1,049 363 293 168 70 2,841 1,390 170 4,401 
Segment/Consolidated adjusted property EBITDA$403 $415 $84 $134 $20 $7 $1,063 $1,477 $— $2,540 
Other Operating Costs and Expenses
Stock-based compensation(2)
(9)
Corporate(157)
Pre-opening(9)
Development(84)
Depreciation and amortization(707)
Amortization of leasehold interests in land(42)
Loss on disposal or impairment of assets(10)
Operating income1,522 
Other Non-Operating Costs and Expenses
Interest income66 
Interest expense, net of amounts capitalized(377)
Other expense(2)
Income tax expense(195)
Net income$1,014 
The Venetian MacaoThe Londoner MacaoThe Parisian MacaoThe Plaza Macao and Four Seasons MacaoSands MacaoFerry Operations and OtherTotal MacaoMarina Bay SandsInter-company RoyaltiesTotal
(In millions)
Six Months Ended June 30, 2025
Casino$1,019 $897 $316 $254 $131 $— $2,617 $1,925 $— $4,542 
Rooms103 168 69 57 9 — 406 263 — 669 
Food and beverage30 51 23 14 5 — 123 165 — 288 
Mall121 42 10 76 — — 249 124 — 373 
Convention, retail and other24 13 3 1 1 50 92 73 — 165 
Net revenues1,297 1,171 421 402 146 50 3,487 2,550 — 6,037 
Intersegment revenues4 — — — — 15 19 1 128 148 
Net revenues before intersegment eliminations1,301 1,171 421 402 146 65 3,506 2,551 128 6,185 
Less:
Payroll and related expenses218 196 98 55 46 23 636 356 — 992 
Gaming taxes486 469 156 155 62 — 1,328 451 — 1,779 
Other expenses(1)
136 148 57 52 19 29 441 371 128 940 
Segment expenses840 813 311 262 127 52 2,405 1,178 128 3,711 
Segment/Consolidated adjusted property EBITDA$461 $358 $110 $140 $19 $13 $1,101 $1,373 $— $2,474 
Other Operating Costs and Expenses
Stock-based compensation(2)
(6)
Corporate(142)
Pre-opening(13)
Development(138)
Depreciation and amortization(733)
Amortization of leasehold interests in land(35)
Loss on disposal or impairment of assets(15)
Operating income1,392 
Other Non-Operating Costs and Expenses
Interest income84 
Interest expense, net of amounts capitalized(368)
Other expense(23)
Loss on modification or early retirement of debt(5)
Income tax expense(153)
Net income$927 
____________________
(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment.
(2)During the three months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
During the six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Six Months Ended
June 30,
20262025
(In millions)
Capital Expenditures
Corporate and Other$34 $26 
Macao:
The Venetian Macao104 86 
The Londoner Macao39 229 
The Parisian Macao21 9 
The Plaza Macao and Four Seasons Macao6 5 
Sands Macao5 6 
175 335 
Marina Bay Sands317 304 
Total capital expenditures$526 $665 
June 30,
2026		December 31,
2025
(In millions)
Total Assets
Corporate and Other$3,001 $3,614 
Macao:
The Venetian Macao2,336 2,689 
The Londoner Macao4,334 4,635 
The Parisian Macao1,565 1,636 
The Plaza Macao and Four Seasons Macao932 953 
Sands Macao260 258 
Ferry Operations and Other171 375 
9,598 10,546 
Marina Bay Sands7,310 7,760 
Total assets$19,909 $21,920