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 June 3 0 , 2025 and December 31, 2024 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2025 and 2024 4 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 3 0 , 2025 and 2024 5 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 3 0 , 2025 and 2024 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2025 and 2024 7 Notes to Condensed Consolidated Financial Statements 8 Note 1 - Organization and Business of Company 8

Note 2 - Accounts Receivable, Net and Customer Contract Related Liabilities 9

Note 3 - Leasehold Interests in Land, Net 10 Note 4 - Goodwill and Intangible Assets, Net 11

Note 5 - Debt 13 Note 6 - Derivative Instruments 16 Note 7 - Equity and Earnings Per Share 17

Note 8 - Leases 19 Note 9 - Fair Value Disclosures 20 Note 10 - Commitments and Contingencies 21 Note 1 1 - Segment Information 23 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures about Market Risk 55 Item 4. Controls and Procedures 55

Item 1. Legal Proceedings 56 Item 1A. Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibits 57