v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 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 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 March 31, 2026 and December 31, 2025, and for the three months ended March 31, 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 March 31, 2026
Casino$556 $584 $176 $212 $85 $— $1,613 $1,126 $— $2,739 
Rooms51 104 33 30 4 — 222 155 — 377 
Food and beverage19 34 14 7 3 — 77 99 — 176 
Mall66 25 4 40 — — 135 69 — 204 
Convention, retail and other16 7 2 1 1 25 52 37 — 89 
Net revenues708 754 229 290 93 25 2,099 1,486 — 3,585 
Intersegment revenues2 — — — — 13 15 1 87 103 
Net revenues before intersegment eliminations710 754 229 290 93 38 2,114 1,487 87 3,688 
Less:
Payroll and related expenses120 114 51 30 27 13 355 204 — 559 
Gaming taxes267 318 95 118 42 — 840 272 — 1,112 
Other expenses(1)
85 99 37 28 15 22 286 223 87 596 
Segment expenses472 531 183 176 84 35 1,481 699 87 2,267 
Segment/Consolidated adjusted property EBITDA$238 $223 $46 $114 $9 $3 $633 $788 $— $1,421 
Other Operating Costs and Expenses
Stock-based compensation(2)
(3)
Corporate(83)
Pre-opening(4)
Development(41)
Depreciation and amortization(357)
Amortization of leasehold interests in land(21)
Loss on disposal or impairment of assets(8)
Operating income904 
Other Non-Operating Costs and Expenses
Interest income35 
Interest expense, net of amounts capitalized(188)
Other expense(3)
Income tax expense(107)
Net income$641 
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 March 31, 2025
Casino$495 $402 $173 $132 $68 $— $1,270 $857 $— $2,127 
Rooms53 73 35 29 5 — 195 129 — 324 
Food and beverage15 24 12 7 2 — 60 81 — 141 
Mall59 21 5 39 — — 124 62 — 186 
Convention, retail and other14 9 2 1 — 25 51 33 — 84 
Net revenues636 529 227 208 75 25 1,700 1,162 — 2,862 
Intersegment revenues2 — — — — 7 9 1 61 71 
Net revenues before intersegment eliminations638 529 227 208 75 32 1,709 1,163 61 2,933 
Less:
Payroll and related expenses108 96 49 27 23 11 314 172 — 486 
Gaming taxes235 210 84 81 32 — 642 208 — 850 
Other expenses(1)
70 70 28 26 10 14 218 178 61 457 
Segment expenses413 376 161 134 65 25 1,174 558 61 1,793 
Segment/Consolidated adjusted property EBITDA$225 $153 $66 $74 $10 $7 $535 $605 $— $1,140 
Other Operating Costs and Expenses
Stock-based compensation(2)
(1)
Corporate(73)
Pre-opening(4)
Development(69)
Depreciation and amortization(362)
Amortization of leasehold interests in land(15)
Loss on disposal or impairment of assets(7)
Operating income609 
Other Non-Operating Costs and Expenses
Interest income42 
Interest expense, net of amounts capitalized(174)
Other expense(1)
Loss on modification or early retirement of debt(5)
Income tax expense(63)
Net income$408 
____________________
(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment.
(2)During the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense of $24 million and $9 million, respectively, of which $21 million and $8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Three Months Ended
March 31,
20262025
(In millions)
Capital Expenditures
Corporate and Other$3 $7 
Macao:
The Venetian Macao50 24 
The Londoner Macao25 166 
The Parisian Macao9 3 
The Plaza Macao and Four Seasons Macao2 2 
Sands Macao3 2 
89 197 
Marina Bay Sands102 175 
Total capital expenditures$194 $379 
March 31,
2026		December 31,
2025
(In millions)
Total Assets
Corporate and Other$3,157 $3,614 
Macao:
The Venetian Macao2,693 2,689 
The Londoner Macao4,618 4,635 
The Parisian Macao1,649 1,636 
The Plaza Macao and Four Seasons Macao928 953 
Sands Macao257 258 
Ferry Operations and Other483 375 
10,628 10,546 
Marina Bay Sands7,391 7,760 
Total assets$21,176 $21,920