LAS Vegas Sands Corp

For the transition period from to Commission file number 001-32373

LAS VEGAS SANDS CORP. (Exact name of registrant as specified in its charter)

Nevada 27-0099920 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

5420 S. Durango Dr. , Las Vegas , Nevada , 89113

(Address of principal executive offices) (Zip Code)

( 702 ) 923-9000 (Registrant's telephone number, including area code)

LAS VEGAS SANDS CORP. AND SUBSIDIARIES Table of Contents

Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024 3 Condensed Consolidated Statements of Operations for the Three and Ni ne Months Ended September 30, 2025 and 2024 4 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 5 Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 8 Notes to Condensed Consolidated Financial Statements 9 Note 1 - Organization and Business of Company 9

Note 2 - Accounts Receivable, Net and Customer Contract Related Liabilities 11

Note 3 - Leasehold Interests in Land, Net 12 Note 4 - Goodwill and Intangible Assets, Net 12

Note 5 - Debt 14 Note 6 - Derivative Instruments 17 Note 7 - Equity and Earnings Per Share 19

Note 8 - Leases 21 Note 9 - Fair Value Disclosures 21 Note 10 - Commitments and Contingencies 22 Note 11 - Segment Information 25 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3. Quantitative and Qualitative Disclosures about Market Risk 58 Item 4. Controls and Procedures 58

Item 1. Legal Proceedings 59 Item 1A. Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 5. Other Information 59 Item 6. Exhibits 60