Income StatementBalance SheetCash FlowSegments
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Las Vegas Sands Business Segments

Business, geographic, and product segment breakdowns

Las Vegas Sands generates $13.7B in annual revenue across 4 key segments: Marina Bay Sands ($3.0B), Sands Macao ($36.0M), The Londoner Macao ($290.0M), and The Parisian Macao ($88.0M). The company-wide operating margin is 22.66%. Based on the Q1 2026 filing.

Marina Bay Sands$3.0BSands Macao$36.0MThe Londoner Macao$290.0MThe Parisian Macao$88.0MThe Plaza Macao and Four Seasons Macao$105.0MThe Venetian Macao$236.0M
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$33.6B
P/E Ratio18.22
ROE94.53%

Products & Services

Accounts receivable, gross

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Casino$519.0M$633.0M$636.0M$828.0M$822.0M—
Mall$31.0M$30.0M$46.0M$80.0M$31.0M—
Rooms$19.0M$21.0M$23.0M$22.0M$19.0M—

Area of real estate property

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Casino———$1.6M——
Meetings, Incentives, Conferences and Exhibition Facilities———$2.8M——
Retail And Dining Space———$2.1M——
Retail———$780.0K——

Cost of revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Casino$1.2B$1.2B$1.4B$1.5B$1.5B—
Food and Beverage$126.0M$130.0M$144.0M$162.0M$149.0M—
Mall$22.0M$22.0M$25.0M$23.0M$25.0M—
Rooms$81.0M$87.0M$89.0M$95.0M$92.0M—

Net revenues

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Casino$2.1B$2.4B$2.5B$2.7B$2.7B—
Food and Beverage$141.0M$147.0M$165.0M$191.0M$176.0M—
Mall$186.0M$187.0M$199.0M$229.0M$204.0M—
Rooms$324.0M$345.0M$374.0M$379.0M$377.0M—

2026

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Convention, Retail and Other———$2.0M——
Mall———$549.0M——

Minimum annual gaming tax due on gross gaming revenue per unit (patacas converted to USD at balance sheet date)

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Electrical Or Mechanical Gaming Machine$75.0K$75.0K$75.0K$75.0K——
Gaming Table$1.8M$1.8M$1.8M$1.8M——

Contract with customer, liability

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Mall$171.0M$175.0M$173.0M$172.0M$173.0M—

Lease Income

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Mall$160.0M$160.0M$173.0M$202.0M$177.0M—

Minimum rents

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Mall$140.0M$140.0M$144.0M$146.0M$146.0M—

Overage rents

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Mall$20.0M$20.0M$29.0M$56.0M$31.0M—

Number of hotel rooms

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Paiza Mansion———19.00——

Number of seats

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Theater15000.0015000.0015000.0019701.0015000.00—

Geographic

Deferred tax assets, valuation allowance

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Foreign Subsidiaries———$242.0M——

Operating loss carryforward, amount

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Foreign Subsidiaries———$1.9B——

Adjusted property ebitda

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$535.0M$566.0M$601.0M—$633.0M—
Singapore$605.0M$768.0M$743.0M—$788.0M—
United States$0.0$0.0$0.0—$0.0—

Total Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$10.2B$10.1B$10.2B$10.5B$10.6B—
Singapore$6.9B$7.5B$7.5B$7.8B$7.4B—

CapEx

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$197.0M$138.0M$99.0M—$89.0M—
Singapore$175.0M$129.0M$121.0M—$102.0M—

Debt instrument, face amount

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao————$800.0M—

Debt instrument, interest rate, period end rate

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao—2.4%5.2%—4.9%—
Singapore3.3%3.3%2.7%—2.2%—

Debt instrument, interest rate, stated percentage

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao————5.4%—
United States—6.0%——6.2%—

Finance lease, liability

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$23.0M$26.0M$23.0M$35.0M$32.0M—
Singapore$1.0M$1.0M$1.0M$1.0M$1.0M—
United States$117.0M$118.0M$119.0M$121.0M$122.0M—

Gaming and non-gaming financial concession commitment

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$35.8B$0.0$0.0—$35.8B—

Gaming taxes

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$642.0M$686.0M$734.0M—$840.0M—
Singapore$208.0M$243.0M$280.0M—$272.0M—
United States$0.0$0.0$0.0—$0.0—

Line of Credit Facility, Remaining Borrowing Capacity

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$32.5B$19.5B$19.5B—$13.3B—
Singapore$588.0M$588.0M$588.0M—$588.0M—
United States$1.5B$1.5B$1.5B—$1.5B—

Long-term debt, gross

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao———$1.9B$1.9B—
Singapore———$2.9B$2.8B—
United States———$1.0B$1.0B—

Net revenues

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$1.7B$1.8B$1.9B—$2.1B—
Singapore$1.2B$1.4B$1.4B—$1.5B—
United States-$61.0M-$67.0M-$80.0M—-$87.0M—

Non-gaming financial concession commitment

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$33.4B$0.0$0.0—$33.4B—

Other Cost and Expense, Operating

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$1.2B$1.2B$1.3B—$1.5B—
Singapore$558.0M$620.0M$693.0M—$699.0M—
United States$61.0M$67.0M$80.0M—$87.0M—

Other expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$218.0M$223.0M$257.0M—$286.0M—
Singapore$178.0M$193.0M$217.0M—$223.0M—
United States$61.0M$67.0M$80.0M—$87.0M—

Payroll and related expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$314.0M$322.0M$314.0M—$355.0M—
Singapore$172.0M$184.0M$196.0M—$204.0M—
United States$0.0$0.0$0.0—$0.0—

Proceeds from debt

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao—$12.8B——$6.2B—

Debt Repayments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao—————$2.4B

Revenues before intercompany eliminations

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$1.7B$1.8B$1.9B—$2.1B—
Singapore$1.2B$1.4B$1.4B—$1.5B—
United States$61.0M$67.0M$80.0M—$87.0M—

Shareholder dividend tax

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao$3.0M———$4.0M—

Statutory tax rate

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao————12.0%—
Singapore————17.0%—

Statutory tax rate due to income tax exemption, percent

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Macao————0.0%—

Long-Lived Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Other———$64.0M——

Additional gaming area purchased

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Singapore—10000.0010000.00—10000.00—

Costs incurred to date, development costs

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Singapore$2.3B$100.0M$0.0—$2.8B—

Debt instrument, unused borrowing capacity, amount

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Singapore$7.4B$6.3B$6.3B—$6.3B—

Expected cost to complete

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Singapore————$8.0B—

Letters of credit outstanding, amount

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Singapore$162.0M$162.0M$162.0M—$162.0M—

Payment for additional gross floor area

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Singapore————$173.0M—

Effective income tax rate reconciliation, at federal statutory income tax rate, percent

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
United States————21.0%—

Business Segments

Total Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Corporate and Other$4.1B$4.3B$3.9B$3.6B$3.2B—

CapEx

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Corporate and Other$7.0M$19.0M$9.0M$4.0M$3.0M—

Gain (Loss) on Disposition of Property Plant Equipment

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Corporate and Other-$1.5M-$1.5M-$1.5M-$1.5M——
The Venetian Macao-$7.3M-$7.3M-$7.3M-$7.3M——

Expected cost for additional land premium

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Marina Bay Sands———$182.0M——

Leasehold interests in land, gross

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Marina Bay Sands———$3.0B——
Sands Macao———$36.0M——
The Londoner Macao———$290.0M——
The Parisian Macao———$88.0M——
The Plaza Macao and Four Seasons Macao———$105.0M——
The Venetian Macao———$236.0M——

Gain (loss) on disposition and demolition costs of property and equipment

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
The Londoner Macao-$2.5M-$2.5M-$2.5M-$2.5M——