LAS VEGAS SANDS CORP, 10-Q filed on 4/24/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 22, 2026
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Mar. 31, 2026  
Document transition report false  
Entity file number 001-32373  
Entity registrant name LAS VEGAS SANDS CORP.  
Entity incorporation, state or country code NV  
Entity tax identification number 27-0099920  
Entity address, address line one 5420 S. Durango Dr.  
Entity address, city Las Vegas  
Entity address, state or province NV  
Entity address, postal zip code 89113  
City area code 702  
Local phone number 923-9000  
Title of 12(b) security Common Stock ($0.001 par value)  
Trading symbol LVS  
Security exchange name NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Entity filer category Large Accelerated Filer  
Entity small business false  
Entity emerging growth company false  
Entity shell company false  
Entity common stock, shares outstanding   662,637,325
Entity central index key 0001300514  
Current fiscal year end date --12-31  
Document fiscal year focus 2026  
Document fiscal period focus Q1  
Amendment flag false  
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,330 $ 3,841
Accounts receivable, net of provision for credit losses of $230 and $225 677 742
Inventories 46 46
Prepaid expenses and other 213 203
Total current assets 4,266 4,832
Loan receivable 1,264 1,264
Property and equipment, net 11,441 11,673
Restricted cash and cash equivalents 125 125
Deferred income taxes, net 159 160
Leasehold interests in land, net 3,007 2,907
Goodwill and intangible assets, net 545 573
Other assets, net 369 386
Total assets 21,176 21,920
Current liabilities:    
Accounts payable 159 190
Construction payables 142 160
Other accrued liabilities 2,066 2,359
Income taxes payable 442 385
Current maturities of debt 1,824 1,128
Total current liabilities 4,633 4,222
Other long-term liabilities 870 934
Deferred income taxes 165 174
Debt 13,900 14,656
Total liabilities 19,568 19,986
Commitments and contingencies (Note 9)
Equity:    
Preferred stock 0 0
Common stock 1 1
Treasury stock at cost (9,774) (9,028)
Capital in excess of par value 6,180 6,159
Accumulated other comprehensive income 38 71
Retained earnings 4,753 4,387
Total Las Vegas Sands Corp. stockholders’ equity 1,198 1,590
Noncontrolling interests 410 344
Total equity 1,608 1,934
Total liabilities and equity 21,176 21,920
Accounts receivable, provision for credit loss, current $ 230 $ 225
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 50 50
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 1,000 1,000
Common stock, shares issued 841 840
Common stock, shares outstanding 663 675
Treasury stock, shares 178 165
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Net revenues $ 3,585 $ 2,862
Operating expenses:    
Provision for credit losses 29 5
General and administrative 302 273
Corporate 83 73
Pre-opening 4 4
Development 41 69
Depreciation and amortization 357 362
Amortization of leasehold interests in land 21 15
Loss on disposal or impairment of assets 8 7
Total operating expenses 2,681 2,253
Operating income 904 609
Other income (expense):    
Interest income 35 42
Interest expense, net of amounts capitalized (188) (174)
Other expense (3) (1)
Loss on modification or early retirement of debt 0 (5)
Income before income taxes 748 471
Income tax expense (107) (63)
Net income 641 408
Net income attributable to noncontrolling interests (74) (56)
Net income attributable to Las Vegas Sands Corp. $ 567 $ 352
Earnings per share:    
Basic $ 0.85 $ 0.49
Diluted $ 0.85 $ 0.49
Weighted average shares outstanding:    
Basic 669 712
Diluted 671 713
Casino [Member]    
Revenues:    
Net revenues $ 2,739 $ 2,127
Operating expenses:    
Cost of revenue 1,505 1,157
Rooms [Member]    
Revenues:    
Net revenues 377 324
Operating expenses:    
Cost of revenue 92 81
Food and Beverage [Member]    
Revenues:    
Net revenues 176 141
Operating expenses:    
Cost of revenue 149 126
Mall [Member]    
Revenues:    
Net revenues 204 186
Operating expenses:    
Cost of revenue 25 22
Convention, Retail and Other [Member]    
Revenues:    
Net revenues 89 84
Operating expenses:    
Cost of revenue $ 65 $ 59
v3.26.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 641 $ 408
Currency translation adjustment (26) 27
Foreign currency hedge adjustments (16) 10
Total comprehensive income 599 445
Comprehensive income attributable to noncontrolling interests (65) (59)
Comprehensive income attributable to Las Vegas Sands Corp. $ 534 $ 386
v3.26.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock [Member]
Treasury Stock, Common [Member]
Capital in Excess of Par Value [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings (Loss) [Member]
Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2024 $ 3,160 $ 1 $ (6,759) $ 6,245 $ (58) $ 3,455 $ 276
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 408         352 56
Currency translation adjustment 27       27   0
Foreign currency hedge adjustments 10       7   3
Stock-based compensation 11     10     1
Tax withholding on vesting of equity awards (2)     (2)      
Repurchase of common stock (454)   (454)        
Settlement of contracts for purchase of noncontrolling interest 0     2     (2)
Capped call option contract 52     52      
Dividends, common stock, cash (179)         (179)  
Ending balance at Mar. 31, 2025 $ 3,033 1 (7,213) 6,307 (24) 3,628 334
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock, dividends declared (per share) $ 0.25            
Beginning balance at Dec. 31, 2025 $ 1,934 1 (9,028) 6,159 71 4,387 344
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 641         567 74
Currency translation adjustment (26)       (22)   (4)
Foreign currency hedge adjustments (16)       (11)   (5)
Exercise of stock options 4     4      
Stock-based compensation 24     23     1
Tax withholding on vesting of equity awards (6)     (6)      
Repurchase of common stock (746)   (746)        
Dividends, common stock, cash (201)         (201)  
Ending balance at Mar. 31, 2026 $ 1,608 $ 1 $ (9,774) $ 6,180 $ 38 $ 4,753 $ 410
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock, dividends declared (per share) $ 0.30            
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 641 $ 408
Adjustments to reconcile net income to net cash generated from operating activities:    
Depreciation and amortization 357 362
Amortization of leasehold interests in land 21 15
Amortization of deferred financing costs and original issue discount 15 13
Gain (loss) on modification or early retirement of debt 0 5
Loss on disposal or impairment of assets 7 1
Stock-based compensation expense 24 11
Provision for credit losses 29 5
Foreign exchange loss 3 2
Deferred income taxes (6) (6)
Changes in operating assets and liabilities:    
Accounts receivable 32 (20)
Other assets (9) (36)
Leasehold interests in land (137) 0
Accounts payable (31) (14)
Other liabilities (215) (220)
Net cash generated from operating activities 731 526
Cash flows from investing activities:    
Capital expenditures (194) (379)
Acquisition of intangible assets and other 0 (75)
Other 8 0
Net cash used in investing activities (186) (454)
Cash flows from financing activities:    
Proceeds from exercise of stock options 4 0
Tax withholding on vesting of equity awards (6) (2)
Repurchase of common stock (753) (416)
Dividends paid (202) (179)
Proceeds from debt 797 2,797
Repayments of debt (830) (2,710)
Payments of financing costs 0 (164)
Other (50) (18)
Net cash used in financing activities (1,040) (692)
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents (16) 6
Decrease in cash, cash equivalents and restricted cash and cash equivalents (511) (614)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 3,966 3,775
Cash, cash equivalents and restricted cash and cash equivalents at end of period 3,455 3,161
Supplemental disclosure of cash flow information    
Cash payments for interest, net of amounts capitalized 212 246
Cash payments for taxes, net of refunds 58 34
Change in construction-related payables (15) (17)
Excise tax accrued on repurchase of common stock $ 6 $ 4
v3.26.1
Organization and Business of Company
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business of Company Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2025, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year.
Development Projects
Macao
The Company operates gaming areas within the Macao Special Administrative Region (“Macao”), pursuant to a 10-year concession agreement (the “Concession”), which expires on December 31, 2032. As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd. (“SCL”), a majority-owned subsidiary of the Company) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.44 billion at exchange rates in effect on March 31, 2026). Of this total, 33.39 billion patacas (approximately $4.14 billion at exchange rates in effect on March 31, 2026) must be invested in non-gaming projects. These investments must be accomplished by December 2032.
For the years ended December 31, 2024 and 2023, the Company spent a total of approximately 5.80 billion patacas (approximately $718 million at exchange rates in effect on March 31, 2026), on these projects. The annual amounts were reviewed and confirmed as qualified spend under the Concession by the Macao government following audits conducted in May 2025 and July 2024, with results issued in November 2025 and 2024, respectively. The Macao government conducts an annual audit to confirm qualified concession investments for the prior year. For the year ended December 31, 2025, the Company spent approximately 2.52 billion patacas (approximately $313 million at exchange rates in effect on March 31, 2026); however, as of the date of this filing, the audit process for the 2025 investments is in progress and the ultimate amount confirmed as qualified spend under the Concession may differ from the amount reported above based on the results of the audit.
Singapore
In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the Singapore Tourism Board (“STB”) entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development (the “MBS Expansion Project”) on a land parcel adjacent to Marina Bay Sands. The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats.
In January 2025, MBS entered into a second supplemental agreement to the Second Development Agreement with the Singapore government (the “Second Supplemental Agreement”) whereby MBS committed to assume liability for the cost of the land premium associated with (i) the additional 2,000 square meters of gaming area and 10,000 square meters of ancillary area in support of the gaming area (collectively, the “Additional Gaming Area”) and (ii) other adjustments to the land premiums resulting from the consequential changes to the allocations of gross floor area for the MBS Expansion Project since the first payment made in 2019 (the “Additional Gross Floor Area,” and collectively with the Additional Gaming Area, the “Additional Land Premium”).
The dates by which MBS has agreed with the Singapore government to commence and complete construction of the MBS Expansion Project pursuant to the Second Supplemental Agreement are July 8, 2025 and July 8, 2029, respectively. Construction works for the project commenced in May 2025. While the Company’s current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.
The Company’s estimated total project cost is approximately $8.0 billion, inclusive of financing fees and interest, and land premiums. The Company has incurred approximately $2.8 billion as of March 31, 2026, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payments of 1.13 billion Singapore dollars (“SGD”) (made in April 2025) and SGD 173 million (made in March 2026) (approximately $848 million and $137 million, respectively, at exchange rates in effect at the time of the payment) for the Additional Gaming Area and Additional Gross Floor Area, respectively.
v3.26.1
Accounts Receivable, Net and Customer Contract Related Liabilities
 3 Months Ended
Mar. 31, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net and Customer Contract Related Liabilities
Accounts Receivable and Provision for Credit Losses
Accounts receivable consisted of the following:
March 31,
2026		December 31,
2025
(In millions)
Casino
$822 $828 
Rooms
19 22 
Mall
31 80 
Other
35 37 
907 967 
Less — provision for credit losses
(230)(225)
$677 $742 
The following table shows the movement in the provision for credit losses recognized for accounts receivable:
20262025
(In millions)
Balance at January 1$225 $186 
Current period provision for credit losses29 5 
Write-offs(23)(21)
Exchange rate impact
(1)2 
Balance at March 31
$230 $172 
Customer Contract Related Liabilities
Customer Contract Related Liabilities
The Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
The following table summarizes the liability activity related to contracts with customers:
Outstanding Chip LiabilityLoyalty Program Liability
Customer Deposits and Other Deferred Revenue(1)
202620252026202520262025
(In millions)
Balance at January 1$181 $112 $39 $38 $930 $763 
Balance at March 31
116 95 36 37 959 767 
Increase (decrease)$(65)$(17)$(3)$(1)$29 $4 
____________________
(1)Of this amount, $173 million and $172 million as of March 31 and January 1, 2026, and $171 million and $175 million as of March 31 and January 1, 2025, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
Stated Interest Rate(1)
March 31,
2026		December 31,
2025
(In millions)
Corporate and U.S. Related:
LVSC Senior Notes
Notes due August 2026
3.500 %$1,000 $1,000 
Notes due June 2027
5.900 %750 750 
Notes due June 2028
5.625 %1,000 1,000 
Notes due August 2029
6.000 %500 500 
Notes due August 2029
3.900 %750 750 
Notes due June 2030
6.000 %500 500 
Notes due August 2034
6.200 %500 500 
Finance leases
122 121 
Macao Related:
SCL Senior Notes
Notes due January 2026
3.800 %— 800 
Notes due March 2027
2.300 %700 700 
Notes due August 2028
5.400 %1,900 1,900 
Notes due March 2029
2.850 %650 650 
Notes due June 2030
4.375 %700 700 
Notes due August 2031
3.250 %600 600 
2024 SCL Revolving Facility
4.855 %791 — 
2024 SCL Term Loan Facility
3.680 %1,591 1,614 
Finance leases
32 35 
Singapore Related:
2025 Singapore Term Loan Facility
2.233 %2,846 2,875 
2025 Singapore Delayed Draw Term Loan Facility
2.233 %926 931 
Finance leases
1 1 
Total
15,859 15,927 
Unamortized debt discount and issuance costs(2)
(135)(143)
Total carrying amount of debt
15,724 15,784 
Less — current maturities(1,824)(1,128)
Total debt
$13,900 $14,656 
____________________
(1)The stated interest rate represents the coupon rate for each of the senior notes. For floating-rate debt, interest rates are the rates in effect as of March 31, 2026; these rates are not necessarily an indication of future interest rates. The effective interest rate for each issuance of debt approximates the stated interest rate.
(2)Unamortized deferred financing costs of $138 million and $146 million as of March 31, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.
2024 LVSC Revolving Facility
As of March 31, 2026, the Company had $1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.
2024 SCL Credit Facility
During the three months ended March 31, 2026, the Company drew down 6.20 billion Hong Kong dollars (“HKD,” approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which together with cash on hand, were used to redeem the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026 (the “2026 SCL Senior Notes”) and any accrued interest.
As of March 31, 2026, the Company had HKD 13.30 billion (approximately $1.70 billion at exchange rates in effect on March 31, 2026) of available borrowing capacity under the 2024 SCL Revolving Facility.
In April 2026, the Company paid HKD 2.40 billion (approximately $307 million at exchange rates in effect at the time of the payment) of the outstanding balance under the 2024 SCL Revolving Facility.
2025 Singapore Credit Facility
As of March 31, 2026, MBS had SGD 588 million (approximately $456 million at exchange rates in effect on March 31, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $125 million at exchange rates in effect on March 31, 2026).
As of March 31, 2026, SGD 6.30 billion (approximately $4.88 billion at exchange rates in effect on March 31, 2026) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.
Debt Covenant Compliance
As of March 31, 2026, management believes the Company was in compliance with all debt covenants.
Cash Flows from Financing Activities
Cash flows from financing activities related to debt and finance lease obligations are as follows:
Three Months Ended
March 31,
20262025
(In millions)
Proceeds from 2024 SCL Revolving Facility
$797 $— 
Proceeds from 2025 Singapore Credit Facility
— 2,797 
$797 $2,797 
Repayment on SCL Senior Notes
$(800)$— 
Repayment on 2025 Singapore Credit Facility
(15)— 
Repayment on 2024 SCL Term Loan Facility
(12)— 
Repayment on 2012 Singapore Credit Facility
— (2,708)
Repayments on finance leases
(3)(2)
$(830)$(2,710)
v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
During the year ended December 31, 2024, the Company executed HKD/USD Swaps, designated as hedges of portions of the cash flows related to the SCL senior notes due 2027 through 2031 (the “SCL Swaps”). As of March 31, 2026, the SCL Swaps had a total notional value of $3.41 billion and expire in line with the maturity dates of the related hedged cash flows.
During the year ended December 31, 2025, the Company executed SGD/USD Swaps, designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”), and HKD/USD Forwards, designated as hedges of the Company’s net investment in SCL (the “SCL Net Investment Hedges,” and together with the “MBS Net Investment Hedges,” the “Net Investment Hedges”). As of March 31, 2026, the MBS Net Investment Hedges had a total notional value of $1.80 billion and expire on various dates beginning March 2028 through December 2030, and the SCL Net Investment Hedges had a total notional value of $387 million and expire in June and September 2026.
During the three months ended March 31, 2026, the Company executed additional HKD/USD Forwards, designated as hedges of portions of the cash flows related to the SCL senior notes due 2028 through 2031 (the “SCL Forwards”). As of March 31, 2026, the SCL Forwards had a total notional value of $527 million and expire in line with the maturity dates of the related hedged cash flows.
For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to “Accumulated other comprehensive income” (“AOCI”) in the accompanying condensed consolidated balance sheets. Refer to “Note 8 — Fair Value Disclosures” for further details. All amounts recorded in AOCI related to the Net Investment Hedges will remain in AOCI until derecognition of the investment. Portions of the amounts recorded in AOCI related to the fair value of the SCL Swaps and SCL Forwards are reclassified to “Other income (expense)” in the same period the hedged cash flows affect earnings. Additionally, upon execution of the SCL Forwards, there is an immediate foreign currency gain or loss resulting from the difference between the contractual forward exchange rate and the spot exchange rate on the execution date. This initial income or cost is reclassified from AOCI to “Other income (expense)” and “Interest expense, net of amounts capitalized” over the duration of the Forward using an appropriate amortization methodology dependent on the hedged item.
The following table presents the net changes in AOCI associated with each year’s hedging activities, net of tax:
Three Months Ended March 31,
20262025
Cash Flow HedgesNet Investment HedgesCash Flow HedgesNet Investment Hedges
(In millions)
Net loss from hedge adjustments recognized in AOCI as of January 1
$(48)$15 $(32)$— 
Hedge adjustments recognized during the current period
6 5 18 — 
Net (gain) loss reclassified from AOCI into earnings
(27)— (8)— 
Net gain (loss) from hedge adjustments recognized in AOCI as of March 31
$(69)$20 $(22)$— 
As of March 31, 2026, approximately $40 million of the net loss deferred in AOCI related to the SCL Swaps and SCL Forwards is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending March 31, 2027. The actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions.
The cash flow impact is included in operating activities for the SCL Swaps and SCL Forwards, and in investing activities for the Net Investment Hedges in the accompanying condensed consolidated statements of cash flows.
v3.26.1
Equity and Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity and Earnings Per Share
Common Stock
In April 2026, the Company’s Board of Directors declared a quarterly dividend of $0.30 per common share (a total estimated to be approximately $199 million) to be paid on May 13, 2026, to stockholders of record on May 5, 2026.
Share Repurchases
The following table presents information about our repurchases of common stock:
Three Months Ended March 31,
20262025
(Dollars in millions)
Total number of shares repurchased
13,060,239 10,086,681 
Total cost of shares repurchased
$746 $454 
Commissions and excise tax included in total cost$6 $4 
As of March 31, 2026, the remaining amount authorized under the share repurchase program was $817 million.
All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases or block trades, subject to market conditions, applicable legal requirements and other factors. The timing, method and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.
Earnings Per Share
Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
Three Months Ended
March 31,
20262025
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)
669 712 
Potential dilution from stock options and restricted stock and stock units
2 1 
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)
671 713 
Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share
3 8 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective income tax rate was 14.3% for the three months ended March 31, 2026, compared to 13.4% for the three months ended March 31, 2025. The effective income tax rate for the three months ended March 31, 2026, reflects a 17% statutory tax rate on the Company’s Singapore operations, a 21% corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.
The Company entered into a shareholder dividend tax agreement with the Macao government, which provided for a payment at an applicable rate of gross gaming revenue for the tax year 2023 through the tax year 2025 as a substitution for a 12% tax otherwise due from VML’s shareholders on dividend distributions paid from VML’s gaming profits. In January 2026, the Company requested this tax agreement be extended through December 31, 2027. The effective income tax rate for the three months ended March 31, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027; however, there is no assurance such agreement will be granted. Corporate expense included $4 million and $3 million of shareholder dividend tax for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
Lessor
Lease revenue for the Company’s mall operations consisted of the following:
Three Months Ended
March 31,
20262025
(In millions)
Minimum rents$146 $140 
Overage rents31 20 
$177 $160 
v3.26.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
The following tables present the carrying amounts and estimated fair values of financial instruments held or issued by the Company using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
March 31, 2026
Hierarchy Level
Carrying
   Amount(1)
Level 1
Level 2
(In millions)
Assets:
Cash equivalents
Cash deposits$1,749 $1,749 
Money market funds$170 $170 
U.S. Treasury Bills$220 $220 
Loan receivable(2)
$1,264 $1,228 
Prepaid expenses and other:
SCL Net Investment Hedge(3)
$3 $3 
Liabilities:
Other accrued liabilities:
SCL Swaps(3)
$2 $2 
Debt(3)(4)
$15,704 $15,605 
Other long-term liabilities:
SCL Swaps and Forwards(3)(5)
$55 $55 
MBS Net Investment Hedge(3)(6)
$8 $8 
December 31, 2025
Hierarchy Level
Carrying
   Amount(1)
Level 1
Level 2
(In millions)
Assets:
Cash equivalents
Cash deposits$1,878 $1,878 
Money market funds$288 $288 
U.S. Treasury Bills$218 $218 
Loan receivable(2)
$1,264 $1,232 
Liabilities:
Debt(3)(4)
$15,770 $15,784 
Other long-term liabilities:
SCL Swaps(3)(5)
$63 $63 
MBS Net Investment Hedge(3)(6)
$4 $4 
____________________
(1)The cross-currency swaps and net investment hedges are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.
(2)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
(3)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
(4)The carrying amount of debt is exclusive of finance leases and represents its contractual value.
(5)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $2 million as of March 31, 2026 and $4 million as of December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
(6)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $3 million as of March 31, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
As of March 31, 2026 and December 31, 2025, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations and cash flows.
Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $372 million at exchange rates in effect on March 31, 2026), which alleged a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. As described below, a judgment in favor of the Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026.
The procedural history of the case is as follows. On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision.
Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $11.95 billion at exchange rates in effect on March 31, 2026), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019.
The trial began on June 16, 2021, and, after interim adjournments and delays resulting from the COVID-19 pandemic, was completed on January 19, 2022.
On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022.
On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff’s appeal of the Macao First Instance Court’s April 28, 2022 judgment based on procedural defects, again found the Plaintiff to be litigating in bad faith, and declined to address the interlocutory appeals that had been filed by the parties.
On April 7, 2025, Plaintiff filed a notice of appeal to the Macao Last Instance Court. On June 11, 2025, the Defendants filed a notice that Plaintiff’s liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. By order dated July 14, 2025, the Macao Second Instance Court rejected AAEC’s appeal brief because AAEC did not exist at the time the brief was filed and concluded that AAEC’s shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC’s shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025.
On July 31, 2025, AAEC requested panel review of that ruling arguing, among other things, that the court should have allowed AAEC’s shareholders the opportunity to ratify the appeal brief previously filed. On August 29, 2025, the clerk for the Macao Second Instance Court issued an invoice for prepayment of court fees to AAEC’s shareholders relating to Plaintiff’s appeal. On September 18, 2025, the Macao Second Instance Court ruled that the request for panel review could proceed only after AAEC’s shareholders had paid the invoiced court fees relating to the appeal. On September 23, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record a copy of the September 18 order, along with the invoice for prepayment of court fees and a penalty. The deadline for AAEC’s shareholders to prepay court fees and an associated penalty for late payment was October 6, 2025. On October 13, 2025, the Macao Second Instance Court sent Plaintiff’s counsel of record another invoice for prepayment of court fees and another penalty.
Following the resignation of the judge rapporteur who had overseen proceedings in the Macao Second Instance Court, the Judicial Magistrates Council appointed a new judge rapporteur on January 5, 2026. On January 22, 2026, the new judge rapporteur overruled his predecessor’s decision of September 18, 2025, ruling that AAEC’s request for panel review of the order dismissing AAEC’s appeal dated July 14, 2025 is not subject to prepayment of court fees. As Plaintiff’s counsel purported to request panel review on behalf of AAEC’s shareholders, the judge rapporteur ordered Plaintiff’s counsel to submit (i) the shareholders’ identities, (ii) powers of attorney authorizing counsel to represent the shareholders, (iii) evidence that the shareholders had ratified the actions that counsel purported to take on their behalf prior to obtaining powers of attorney and (iv) justification for seeking panel review prior to obtaining powers of attorney. Plaintiff’s counsel of record failed to comply with these requirements. On February 9, 2026, the judge rapporteur ruled that Plaintiff’s challenge was therefore invalid and would not be reviewed by the full panel of judges. The judgment in favor of Defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026. The final judgment resolves all issues concerning the merits of Plaintiff’s claim.
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 
v3.26.1
Accounts Receivable, Net and Customer Contract Related Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
Accounts receivable consisted of the following:
March 31,
2026		December 31,
2025
(In millions)
Casino
$822 $828 
Rooms
19 22 
Mall
31 80 
Other
35 37 
907 967 
Less — provision for credit losses
(230)(225)
$677 $742 
Accounts Receivable, Provision for Credit Losses [Table Text Block]
The following table shows the movement in the provision for credit losses recognized for accounts receivable:
20262025
(In millions)
Balance at January 1$225 $186 
Current period provision for credit losses29 5 
Write-offs(23)(21)
Exchange rate impact
(1)2 
Balance at March 31
$230 $172 
Customer Contract Related Liabilities [Table Text Block]
The following table summarizes the liability activity related to contracts with customers:
Outstanding Chip LiabilityLoyalty Program Liability
Customer Deposits and Other Deferred Revenue(1)
202620252026202520262025
(In millions)
Balance at January 1$181 $112 $39 $38 $930 $763 
Balance at March 31
116 95 36 37 959 767 
Increase (decrease)$(65)$(17)$(3)$(1)$29 $4 
____________________
(1)Of this amount, $173 million and $172 million as of March 31 and January 1, 2026, and $171 million and $175 million as of March 31 and January 1, 2025, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
Stated Interest Rate(1)
March 31,
2026		December 31,
2025
(In millions)
Corporate and U.S. Related:
LVSC Senior Notes
Notes due August 2026
3.500 %$1,000 $1,000 
Notes due June 2027
5.900 %750 750 
Notes due June 2028
5.625 %1,000 1,000 
Notes due August 2029
6.000 %500 500 
Notes due August 2029
3.900 %750 750 
Notes due June 2030
6.000 %500 500 
Notes due August 2034
6.200 %500 500 
Finance leases
122 121 
Macao Related:
SCL Senior Notes
Notes due January 2026
3.800 %— 800 
Notes due March 2027
2.300 %700 700 
Notes due August 2028
5.400 %1,900 1,900 
Notes due March 2029
2.850 %650 650 
Notes due June 2030
4.375 %700 700 
Notes due August 2031
3.250 %600 600 
2024 SCL Revolving Facility
4.855 %791 — 
2024 SCL Term Loan Facility
3.680 %1,591 1,614 
Finance leases
32 35 
Singapore Related:
2025 Singapore Term Loan Facility
2.233 %2,846 2,875 
2025 Singapore Delayed Draw Term Loan Facility
2.233 %926 931 
Finance leases
1 1 
Total
15,859 15,927 
Unamortized debt discount and issuance costs(2)
(135)(143)
Total carrying amount of debt
15,724 15,784 
Less — current maturities(1,824)(1,128)
Total debt
$13,900 $14,656 
____________________
(1)The stated interest rate represents the coupon rate for each of the senior notes. For floating-rate debt, interest rates are the rates in effect as of March 31, 2026; these rates are not necessarily an indication of future interest rates. The effective interest rate for each issuance of debt approximates the stated interest rate.
(2)Unamortized deferred financing costs of $138 million and $146 million as of March 31, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.
Cash Flows From Financing Activities Related to Debt And Finance Lease Obligations Table
Cash flows from financing activities related to debt and finance lease obligations are as follows:
Three Months Ended
March 31,
20262025
(In millions)
Proceeds from 2024 SCL Revolving Facility
$797 $— 
Proceeds from 2025 Singapore Credit Facility
— 2,797 
$797 $2,797 
Repayment on SCL Senior Notes
$(800)$— 
Repayment on 2025 Singapore Credit Facility
(15)— 
Repayment on 2024 SCL Term Loan Facility
(12)— 
Repayment on 2012 Singapore Credit Facility
— (2,708)
Repayments on finance leases
(3)(2)
$(830)$(2,710)
v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table presents the net changes in AOCI associated with each year’s hedging activities, net of tax:
Three Months Ended March 31,
20262025
Cash Flow HedgesNet Investment HedgesCash Flow HedgesNet Investment Hedges
(In millions)
Net loss from hedge adjustments recognized in AOCI as of January 1
$(48)$15 $(32)$— 
Hedge adjustments recognized during the current period
6 5 18 — 
Net (gain) loss reclassified from AOCI into earnings
(27)— (8)— 
Net gain (loss) from hedge adjustments recognized in AOCI as of March 31
$(69)$20 $(22)$— 
v3.26.1
Equity and Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Class of Treasury Stock
The following table presents information about our repurchases of common stock:
Three Months Ended March 31,
20262025
(Dollars in millions)
Total number of shares repurchased
13,060,239 10,086,681 
Total cost of shares repurchased
$746 $454 
Commissions and excise tax included in total cost$6 $4 
Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
Three Months Ended
March 31,
20262025
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)
669 712 
Potential dilution from stock options and restricted stock and stock units
2 1 
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)
671 713 
Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share
3 8 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Lessor, Lease Revenue Components
Lease revenue for the Company’s mall operations consisted of the following:
Three Months Ended
March 31,
20262025
(In millions)
Minimum rents$146 $140 
Overage rents31 20 
$177 $160 
v3.26.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following tables present the carrying amounts and estimated fair values of financial instruments held or issued by the Company using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
March 31, 2026
Hierarchy Level
Carrying
   Amount(1)
Level 1
Level 2
(In millions)
Assets:
Cash equivalents
Cash deposits$1,749 $1,749 
Money market funds$170 $170 
U.S. Treasury Bills$220 $220 
Loan receivable(2)
$1,264 $1,228 
Prepaid expenses and other:
SCL Net Investment Hedge(3)
$3 $3 
Liabilities:
Other accrued liabilities:
SCL Swaps(3)
$2 $2 
Debt(3)(4)
$15,704 $15,605 
Other long-term liabilities:
SCL Swaps and Forwards(3)(5)
$55 $55 
MBS Net Investment Hedge(3)(6)
$8 $8 
December 31, 2025
Hierarchy Level
Carrying
   Amount(1)
Level 1
Level 2
(In millions)
Assets:
Cash equivalents
Cash deposits$1,878 $1,878 
Money market funds$288 $288 
U.S. Treasury Bills$218 $218 
Loan receivable(2)
$1,264 $1,232 
Liabilities:
Debt(3)(4)
$15,770 $15,784 
Other long-term liabilities:
SCL Swaps(3)(5)
$63 $63 
MBS Net Investment Hedge(3)(6)
$4 $4 
____________________
(1)The cross-currency swaps and net investment hedges are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.
(2)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
(3)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
(4)The carrying amount of debt is exclusive of finance leases and represents its contractual value.
(5)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $2 million as of March 31, 2026 and $4 million as of December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
(6)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $3 million as of March 31, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.
v3.26.1
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 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 $21,920 
v3.26.1
Organization and Business of Company - Additional Information (Details)
m² in Thousands, Seat in Thousands, MOP$ in Millions, $ in Millions, $ in Millions
 3 Months Ended 12 Months Ended 24 Months Ended
Mar. 31, 2026
MOP (MOP$)
Mar. 31, 2026
USD ($)
m²
Seat
Dec. 31, 2025
MOP (MOP$)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
MOP (MOP$)
Dec. 31, 2024
USD ($)
Mar. 31, 2026
SGD ($)
m²
Seat
Apr. 30, 2025
USD ($)
Apr. 30, 2025
SGD ($)
Macao Concession [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Total spend incurred     MOP$ 2,520 $ 313 MOP$ 5,800 $ 718      
Macao [Member] | Macao Concession [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Gaming and non-gaming financial concession commitment MOP$ 35,840 $ 4,440              
Non-gaming financial concession commitment MOP$ 33,390 4,140              
Singapore [Member] | Marina Bay Sands [Member] | MBS Expansion Project [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Costs incurred to date, development costs | $   2,800              
Payment for additional gaming area               $ 848 $ 1,130
Payment for additional gross floor area   137         $ 173    
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member] | MBS Expansion Project [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Expected cost to complete | $   $ 8,000              
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member] | Additional gaming area [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Additional gaming area purchased | m²   2         2    
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member] | Ancillary support area for additional gaming area [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Additional gaming area purchased | m²   10         10    
Singapore [Member] | Marina Bay Sands [Member] | Theater [Member] | Scenario, Plan [Member] | MBS Expansion Project [Member]                  
Organization, Consolidation and Presentation of Financial Statements [Line Items]                  
Number of seats | Seat   15         15    
v3.26.1
Accounts Receivable, Net and Customer Contract Related Liabilities - Schedule of Accounts, Notes, Loans and Financial Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross $ 907 $ 967
Less — provision for credit losses (230) (225)
Accounts receivable, net 677 742
Casino [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross 822 828
Rooms [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross 19 22
Mall [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross 31 80
Other [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross $ 35 $ 37
v3.26.1
Accounts Receivable, Net and Customer Contract Related Liabilities - Provision for Credit Losses Rollforward (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 225 $ 186
Provision for credit losses 29 5
Write-offs (23) (21)
Exchange rate impact (1) 2
Ending balance $ 230 $ 172
v3.26.1
Accounts Receivable, Net and Customer Contract Related Liabilities - Customer Contract Related Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Outstanding Chip Liability [Member]        
Customer contract related liabilities [Line Items]        
Contract with customer, liability $ 116 $ 95 $ 181 $ 112
Change in customer contract related liabilities (65) (17)    
Loyalty Program Liability [Member]        
Customer contract related liabilities [Line Items]        
Contract with customer, liability 36 37 39 38
Change in customer contract related liabilities (3) (1)    
Customer Deposits and Other Deferred Revenue [Member]        
Customer contract related liabilities [Line Items]        
Contract with customer, liability 959 767 930 763
Change in customer contract related liabilities 29 4    
Customer Deposits and Other Deferred Revenue [Member] | Mall [Member]        
Customer contract related liabilities [Line Items]        
Contract with customer, liability $ 173 $ 171 $ 172 $ 175
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Long-term debt, gross $ 15,704 $ 15,770
Long-term debt and lease obligation, including current maturities, gross 15,859 15,927
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (135) (143)
Debt, including current maturities 15,724 15,784
Less - current maturities (1,824) (1,128)
Debt and finance lease obligations 13,900 14,656
Other Assets, Net and Prepaid expenses and Other [Member]    
Debt Instrument [Line Items]    
Debt issuance costs, net in other assets and prepaid expenses and other 138 146
United States [Member]    
Debt Instrument [Line Items]    
Finance lease, liability 122 121
Macao [Member]    
Debt Instrument [Line Items]    
Finance lease, liability 32 35
Singapore [Member]    
Debt Instrument [Line Items]    
Finance lease, liability $ 1 1
$1.0 billion 3.500% Senior Notes due 2026 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.50%  
Long-term debt, gross $ 1,000 1,000
$750 million 5.900% Senior Notes due 2027 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.90%  
Long-term debt, gross $ 750 750
$1.0 billion 5.625% Senior Notes due 2028 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.625%  
Long-term debt, gross $ 1,000 1,000
$500 million 6.000% Senior Notes due 2029 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 6.00%  
Long-term debt, gross $ 500 500
$750 million 3.900% Senior Notes due 2029 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.90%  
Long-term debt, gross $ 750 750
$500 million 6.000% Senior Notes due 2030 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 6.00%  
Long-term debt, gross $ 500 500
$500 million 6.200% Senior Notes due 2034 [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 6.20%  
Long-term debt, gross $ 500 500
$800 million 3.800% Senior Notes due 2026 [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.80%  
Long-term debt, gross $ 0 800
$700 million 2.300% Senior Notes due 2027 [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.30%  
Long-term debt, gross $ 700 700
$1.90 billion 5.400% Senior Notes due 2028 [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.40%  
Long-term debt, gross $ 1,900 1,900
$650 million 2.850% Senior Notes due 2029 [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.85%  
Long-term debt, gross $ 650 650
$700 million 4.375% Senior Notes due 2030 [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 4.375%  
Long-term debt, gross $ 700 700
$600 million 3.250% Senior Notes due 2031 [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.25%  
Long-term debt, gross $ 600 600
2024 SCL Revolving Facility [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, period end rate 4.855%  
Long-term debt, gross $ 791 0
2024 SCL Term Loan Facility [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, period end rate 3.68%  
Long-term debt, gross $ 1,591 1,614
2025 Singapore Term Loan Facility [Member] | Singapore [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, period end rate 2.233%  
Long-term debt, gross $ 2,846 2,875
2025 Singapore Delayed Draw Term Loan Facility [Member] | Singapore [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, period end rate 2.233%  
Long-term debt, gross $ 926 $ 931
v3.26.1
Debt - Additional Information (Details)
$ in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2026
USD ($)
Apr. 30, 2026
HKD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2026
HKD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
HKD ($)
Mar. 31, 2026
SGD ($)
Debt Instrument [Line Items]              
Proceeds from debt     $ 797,000,000   $ 2,797,000,000    
2024 SCL Revolving Facility [Member]              
Debt Instrument [Line Items]              
Proceeds from debt     797,000,000   0    
2025 Singapore Credit Facility [Member]              
Debt Instrument [Line Items]              
Proceeds from debt     0   $ 2,797,000,000    
United States [Member] | 2024 LVSC Revolving Facility [Member]              
Debt Instrument [Line Items]              
Line of credit facility, available borrowing capacity     1,500,000,000        
Macao [Member] | 2024 SCL Revolving Facility [Member]              
Debt Instrument [Line Items]              
Line of credit facility, available borrowing capacity     1,700,000,000     $ 13,300  
Proceeds from debt     797,000,000 $ 6,200      
Macao [Member] | 2024 SCL Revolving Facility [Member] | Subsequent Event [Member]              
Debt Instrument [Line Items]              
Repayments of debt $ 307,000,000 $ 2,400          
Macao [Member] | $800 million 3.800% Senior Notes due 2026 [Member]              
Debt Instrument [Line Items]              
Debt instrument, face amount     $ 800,000,000        
Debt instrument, interest rate, stated percentage     3.80%     3.80% 3.80%
Singapore [Member] | 2025 Singapore Revolving Facility [Member]              
Debt Instrument [Line Items]              
Line of credit facility, available borrowing capacity     $ 456,000,000       $ 588
Letters of credit outstanding, amount     125,000,000       162
Singapore [Member] | 2025 Singapore Delayed Draw Term Loan Facility [Member]              
Debt Instrument [Line Items]              
Debt instrument, unused borrowing capacity, amount     $ 4,880,000,000       $ 6,300
v3.26.1
Debt - Cash flows from Financing Activities Related toDebt and Finance Lease Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Proceeds from debt $ 797 $ 2,797
Repayments on finance leases (3) (2)
Repayment of debt and finance leases (830) (2,710)
2024 SCL Revolving Facility [Member]    
Debt Instrument [Line Items]    
Proceeds from debt 797 0
2025 Singapore Credit Facility [Member]    
Debt Instrument [Line Items]    
Proceeds from debt 0 2,797
Repayments of debt (15) 0
SCL Senior Notes [Member]    
Debt Instrument [Line Items]    
Repayments of debt (800) 0
2024 SCL Term Loan Facility [Member]    
Debt Instrument [Line Items]    
Repayments of debt (12) 0
2012 Singapore Credit Facility [Member]    
Debt Instrument [Line Items]    
Repayments of debt $ 0 $ (2,708)
v3.26.1
Derivative Instruments - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Derivative [Line Items]  
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months $ 40
Cash Flow Hedging [Member] | Currency Swap [Member] | SCL Swaps [Member] | Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Derivative, notional amount 3,410
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | SCL Forwards [Member] | Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Derivative, notional amount 527
Net Investment Hedging [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | MBS Net Investment Hedge [Member]  
Derivative [Line Items]  
Derivative, notional amount 1,800
Net Investment Hedging [Member] | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | SCL Net Investment Hedge [Member]  
Derivative [Line Items]  
Derivative, notional amount $ 387
v3.26.1
Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
AOCI, cash flow hedge, cumulative gain (loss), after tax (beginning balance) $ (48) $ (32)
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, after tax 6 18
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax (27) (8)
AOCI, cash flow hedge, cumulative gain (loss), after tax (ending balance) (69) (22)
Derivatives used in net investment hedge, net of tax, beginning balance (beginning balance) 15 0
Derivatives used in net investment hedge, net of tax, period increase (decrease) 5 0
Derivatives used in net investment hedge, gain (loss), reclassified to earnings, net of tax 0 0
Derivatives used in net investment hedge, net of tax, ending balance (ending balance) $ 20 $ 0
v3.26.1
Equity and Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2026
Mar. 31, 2026
Mar. 31, 2025
Class of Stock [Line Items]      
Common stock, dividends declared (per share)   $ 0.30 $ 0.25
Dividends, common stock, cash   $ 201 $ 179
Share repurchase program, remaining authorized repurchase amount   817  
Subsequent Event [Member]      
Class of Stock [Line Items]      
Common stock, dividends declared (per share) $ 0.30    
Retained Earnings (Loss) [Member]      
Class of Stock [Line Items]      
Dividends, common stock, cash   $ 201 $ 179
v3.26.1
Equity - Class of Treasury Stock (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Total number of shares repurchased 13,060,239 10,086,681
Total cost of shares repurchased $ 746 $ 454
Commissions and excise tax included in total cost $ 6 $ 4
v3.26.1
Equity and Earnings Per Share - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Weighted average shares outstanding:    
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share) 669 712
Potential dilution from stock options and restricted stock and stock units (in shares) 2 1
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share) 671 713
Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share 3 8
v3.26.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Taxes [Line Items]    
Effective tax rate 14.30% 13.40%
Macao [Member] | Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member]    
Income Taxes [Line Items]    
Statutory tax rate 12.00%  
Statutory tax rate due to income tax exemption, percent 0.00%  
Macao [Member] | Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | Corporate Expense [Member]    
Income Taxes [Line Items]    
Shareholder dividend tax $ 4 $ 3
United States [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]    
Income Taxes [Line Items]    
Effective income tax rate reconciliation, at federal statutory income tax rate, percent 21.00%  
Singapore [Member] | Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member]    
Income Taxes [Line Items]    
Statutory tax rate 17.00%  
v3.26.1
Lessor, Lease Revenue Components (Details) - Mall [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessor, Lease, Description [Line Items]    
Minimum rents $ 146 $ 140
Overage rents 31 20
Lease revenue $ 177 $ 160
v3.26.1
Fair Value Disclosures (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value Disclosure, Asset and Liability [Line Items]    
Loan receivable $ 1,264 $ 1,264
Long-term debt, gross 15,704 15,770
Net Investment Hedging [Member] | MBS Net Investment Hedge [Member] | Accounts Receivable, after Allowance for Credit Loss, Current    
Fair Value Disclosure, Asset and Liability [Line Items]    
Fair value related to the accrual of the periodic swapping of interest payments 3 3
Currency Swap [Member] | SCL Net Investment Hedge [Member] | Net Investment Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Derivative asset 3  
Currency Swap [Member] | MBS Net Investment Hedge [Member] | Net Investment Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Derivative liability, noncurrent 8 4
Currency Swap [Member] | SCL Swaps [Member] | Cash Flow Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Derivative liability, current 2  
Derivative liability, noncurrent   63
Currency Swap [Member] | SCL Swaps [Member] | Accounts Receivable, after Allowance for Credit Loss, Current    
Fair Value Disclosure, Asset and Liability [Line Items]    
Fair value related to the accrual of the periodic swapping of interest payments   4
Currency Swap [Member] | SCL Swaps and Forwards [Member] | Cash Flow Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Derivative liability, noncurrent 55  
Currency Swap [Member] | SCL Swaps and Forwards [Member] | Accounts Receivable, after Allowance for Credit Loss, Current    
Fair Value Disclosure, Asset and Liability [Line Items]    
Fair value related to the accrual of the periodic swapping of interest payments 2  
Bank Time Deposits [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash equivalents, at carrying value 1,749 1,878
Money Market Funds [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash equivalents, at carrying value 170 288
US Treasury Securities [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash equivalents, at carrying value 220 218
Quoted Market Prices in Active Markets (Level 1) [Member] | Bank Time Deposits [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash and cash equivalents, fair value disclosure 1,749 1,878
Quoted Market Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash and cash equivalents, fair value disclosure 170 288
Quoted Market Prices in Active Markets (Level 1) [Member] | US Treasury Securities [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash and cash equivalents, fair value disclosure 220 218
Fair Value, Inputs, Level 2 [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Loans receivable, fair value disclosure 1,228 1,232
Long-term debt, fair value 15,605 15,784
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | SCL Net Investment Hedge [Member] | Net Investment Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Foreign currency contract, asset, fair value disclosure 3  
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | MBS Net Investment Hedge [Member] | Net Investment Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Foreign currency contracts, liability, fair value disclosure 8 4
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | SCL Swaps [Member] | Cash Flow Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Foreign currency contracts, liability, fair value disclosure 2 $ 63
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | SCL Swaps and Forwards [Member] | Cash Flow Hedging [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Foreign currency contracts, liability, fair value disclosure $ 55  
v3.26.1
Commitments and Contingencies (Details)
MOP$ in Millions, $ in Millions
Jul. 15, 2019
MOP (MOP$)
Jul. 15, 2019
USD ($)
Jan. 19, 2012
MOP (MOP$)
Jan. 19, 2012
USD ($)
Asian American Entertainment Corporation, Limited [Member]        
Commitments and Contingencies [Line Items]        
Loss contingency, damages sought (patacas converted to USD at balance sheet date) MOP$ 96,450 $ 11,950 MOP$ 3,000 $ 372
v3.26.1
Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Net revenues $ 3,585 $ 2,862  
Revenues before intercompany eliminations 3,688 2,933  
Payroll and related expenses 559 486  
Gaming taxes 1,112 850  
Other expenses 596 457  
Other cost and expense, operating 2,267 1,793  
Adjusted property ebitda 1,421 1,140  
Stock-based compensation (3) (1)  
Corporate (83) (73)  
Pre-opening (4) (4)  
Development (41) (69)  
Depreciation and amortization (357) (362)  
Amortization of leasehold interests in land (21) (15)  
Gain (loss) on sale of assets and asset impairment charges (8) (7)  
Operating income 904 609  
Interest income 35 42  
Interest expense, net of amounts capitalized (188) (174)  
Other expense (3) (1)  
Loss on modification or early retirement of debt 0 (5)  
Income tax expense (107) (63)  
Net income 641 408  
Total stock-based compensation expense 24 9  
Capital expenditures 194 379  
Assets 21,176   $ 21,920
Corporate Expense [Member]      
Segment Reporting Information [Line Items]      
Total stock-based compensation expense 21 8  
Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Capital expenditures 3 7  
Assets 3,157   3,614
Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 2,099 1,700  
Revenues before intercompany eliminations 2,114 1,709  
Payroll and related expenses 355 314  
Gaming taxes 840 642  
Other expenses 286 218  
Other cost and expense, operating 1,481 1,174  
Adjusted property ebitda 633 535  
Capital expenditures 89 197  
Assets 10,628   10,546
Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 708 636  
Revenues before intercompany eliminations 710 638  
Payroll and related expenses 120 108  
Gaming taxes 267 235  
Other expenses 85 70  
Other cost and expense, operating 472 413  
Adjusted property ebitda 238 225  
Capital expenditures 50 24  
Assets 2,693   2,689
Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 754 529  
Revenues before intercompany eliminations 754 529  
Payroll and related expenses 114 96  
Gaming taxes 318 210  
Other expenses 99 70  
Other cost and expense, operating 531 376  
Adjusted property ebitda 223 153  
Capital expenditures 25 166  
Assets 4,618   4,635
Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 229 227  
Revenues before intercompany eliminations 229 227  
Payroll and related expenses 51 49  
Gaming taxes 95 84  
Other expenses 37 28  
Other cost and expense, operating 183 161  
Adjusted property ebitda 46 66  
Capital expenditures 9 3  
Assets 1,649   1,636
Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 290 208  
Revenues before intercompany eliminations 290 208  
Payroll and related expenses 30 27  
Gaming taxes 118 81  
Other expenses 28 26  
Other cost and expense, operating 176 134  
Adjusted property ebitda 114 74  
Capital expenditures 2 2  
Assets 928   953
Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 93 75  
Revenues before intercompany eliminations 93 75  
Payroll and related expenses 27 23  
Gaming taxes 42 32  
Other expenses 15 10  
Other cost and expense, operating 84 65  
Adjusted property ebitda 9 10  
Capital expenditures 3 2  
Assets 257   258
Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Net revenues 25 25  
Revenues before intercompany eliminations 38 32  
Payroll and related expenses 13 11  
Gaming taxes 0 0  
Other expenses 22 14  
Other cost and expense, operating 35 25  
Adjusted property ebitda 3 7  
Assets 483   375
Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Net revenues 1,486 1,162  
Revenues before intercompany eliminations 1,487 1,163  
Payroll and related expenses 204 172  
Gaming taxes 272 208  
Other expenses 223 178  
Other cost and expense, operating 699 558  
Adjusted property ebitda 788 605  
Capital expenditures 102 175  
Assets 7,391   $ 7,760
United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Revenues before intercompany eliminations 87 61  
Payroll and related expenses 0 0  
Gaming taxes 0 0  
Other expenses 87 61  
Other cost and expense, operating 87 61  
Adjusted property ebitda 0 0  
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Net revenues (103) (71)  
Intersegment Eliminations [Member] | Macao [Member] | Macao Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Net revenues (15) (9)  
Intersegment Eliminations [Member] | Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues (2) (2)  
Intersegment Eliminations [Member] | Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Intersegment Eliminations [Member] | Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Intersegment Eliminations [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Intersegment Eliminations [Member] | Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Intersegment Eliminations [Member] | Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Net revenues (13) (7)  
Intersegment Eliminations [Member] | Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Net revenues (1) (1)  
Intersegment Eliminations [Member] | United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Net revenues (87) (61)  
Casino [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 2,739 2,127  
Net revenues 2,739 2,127  
Casino [Member] | Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 1,613 1,270  
Casino [Member] | Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 556 495  
Casino [Member] | Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 584 402  
Casino [Member] | Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 176 173  
Casino [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 212 132  
Casino [Member] | Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 85 68  
Casino [Member] | Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 0 0  
Casino [Member] | Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 1,126 857  
Casino [Member] | United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 0 0  
Rooms [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 377 324  
Net revenues 377 324  
Rooms [Member] | Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 222 195  
Rooms [Member] | Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 51 53  
Rooms [Member] | Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 104 73  
Rooms [Member] | Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 33 35  
Rooms [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 30 29  
Rooms [Member] | Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 4 5  
Rooms [Member] | Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 0 0  
Rooms [Member] | Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 155 129  
Rooms [Member] | United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 0 0  
Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 176 141  
Net revenues 176 141  
Food and Beverage [Member] | Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 77 60  
Food and Beverage [Member] | Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 19 15  
Food and Beverage [Member] | Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 34 24  
Food and Beverage [Member] | Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 14 12  
Food and Beverage [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 7 7  
Food and Beverage [Member] | Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 3 2  
Food and Beverage [Member] | Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 0 0  
Food and Beverage [Member] | Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 99 81  
Food and Beverage [Member] | United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 0 0  
Mall [Member]      
Segment Reporting Information [Line Items]      
Net revenues 204 186  
Mall [Member] | Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 135 124  
Mall [Member] | Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 66 59  
Mall [Member] | Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 25 21  
Mall [Member] | Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 4 5  
Mall [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 40 39  
Mall [Member] | Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Mall [Member] | Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Mall [Member] | Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Net revenues 69 62  
Mall [Member] | United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Net revenues 0 0  
Convention, Retail and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 89 84  
Net revenues 89 84  
Convention, Retail and Other [Member] | Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 52 51  
Convention, Retail and Other [Member] | Macao [Member] | The Venetian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 16 14  
Convention, Retail and Other [Member] | Macao [Member] | The Londoner Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 7 9  
Convention, Retail and Other [Member] | Macao [Member] | The Parisian Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 2 2  
Convention, Retail and Other [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 1 1  
Convention, Retail and Other [Member] | Macao [Member] | Sands Macao [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 1 0  
Convention, Retail and Other [Member] | Macao [Member] | Ferry Operations and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 25 25  
Convention, Retail and Other [Member] | Singapore [Member] | Marina Bay Sands [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 37 33  
Convention, Retail and Other [Member] | United States [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer $ 0 $ 0  
v3.26.1
Segment Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Nuber of reportable segments disclosed by definition true
Number of Operating Segments 6
Number of Reportable Segments 6