Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

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 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)



































































Three Months Ended March 31, 2026
Casino			$	556					$	584					$	176					$	212					$	85					$	—					$	1,613					$	1,126					$	—					$	2,739
Rooms			51						104						33						30						4						—						222						155						—						377
Food and beverage			19						34						14						7						3						—						77						99						—						176
Mall			66						25						4						40						—						—						135						69						—						204
Convention, retail and other			16						7						2						1						1						25						52						37						—						89
Net revenues			708						754						229						290						93						25						2,099						1,486						—						3,585
Intersegment revenues			2						—						—						—						—						13						15						1						87						103
Net revenues before intersegment eliminations			710						754						229						290						93						38						2,114						1,487						87						3,688
Less:
Payroll and related expenses			120						114						51						30						27						13						355						204						—						559
Gaming taxes			267						318						95						118						42						—						840						272						—						1,112
Other expenses(1)			85						99						37						28						15						22						286						223						87						596
Segment expenses			472						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 income																																																									904
Other Non-Operating Costs and Expenses
Interest income																																																									35
Interest expense, net of amounts capitalized																																																									(188)
Other expense																																																									(3)

Income tax expense																																																									(107)
Net income																																																									$	641


			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)
Three Months Ended March 31, 2025
Casino			$	495					$	402					$	173					$	132					$	68					$	—					$	1,270					$	857					$	—					$	2,127
Rooms			53						73						35						29						5						—						195						129						—						324
Food and beverage			15						24						12						7						2						—						60						81						—						141
Mall			59						21						5						39						—						—						124						62						—						186
Convention, retail and other			14						9						2						1						—						25						51						33						—						84
Net revenues			636						529						227						208						75						25						1,700						1,162						—						2,862
Intersegment revenues			2						—						—						—						—						7						9						1						61						71
Net revenues before intersegment eliminations			638						529						227						208						75						32						1,709						1,163						61						2,933
Less:
Payroll and related expenses			108						96						49						27						23						11						314						172						—						486
Gaming taxes			235						210						84						81						32						—						642						208						—						850
Other expenses(1)			70						70						28						26						10						14						218						178						61						457
Segment expenses			413						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 income																																																									609
Other Non-Operating Costs and Expenses
Interest income																																																									42
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,
			2026						2025

			(In millions)
Capital Expenditures
Corporate and Other			$	3					$	7
Macao:
The Venetian Macao			50						24
The Londoner Macao			25						166
The Parisian Macao			9						3
The Plaza Macao and Four Seasons Macao			2						2
Sands Macao			3						2

			89						197
Marina Bay Sands			102						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 Macao			2,693						2,689
The Londoner Macao			4,618						4,635
The Parisian Macao			1,649						1,636
The Plaza Macao and Four Seasons Macao			928						953
Sands Macao			257						258
Ferry Operations and Other			483						375

			10,628						10,546
Marina Bay Sands			7,391						7,760
Total assets			$	21,176					$	21,920