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Las Vegas Sands LVS Pre-opening costs

Pre-opening costs at other companies

Wynn Resorts logo
Wynn ResortsWYNN
$9.23M-18.2%
Churchill Downs logo
Churchill DownsCHDN
$2M-16.7%

Other financials

Income statement

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Revenue$3.2B-0.7%
Operating income$618.0M-21.1%
Net income$346.0M-24.9%
EPS (diluted)$0.53-19.7%

Balance sheet

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Cash & equivalents$3.5B-2.1%
Total debt$16.8B+0.5%
Total equity$581.0M-70.8%
Total assets$19.9B-8.9%

Cash flow

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Operating cash flow$682.0M+283%
CapEx$332.0M+16.1%
Free cash flow$350.0M—

Valuation

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Market cap$29.7B-17.9%
Enterprise value$43.03B-12.8%
P/E17.2×-8.4×
P/S2.2×-0.9×

Profitability

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Operating margin21.5%+0.1pp
Net margin12.6%+0.4pp
FCF margin19.7%+13.4pp

Returns & leverage

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Return on equity134.3%+85.1pp
Debt / equity29×+20.6×
Current ratio1×-0.2×

Where this comes from

Reported directly by Las Vegas Sands in its filing.

Tagged under the XBRL concept us-gaap:PreOpeningCosts.

The source filing: Las Vegas Sands’s 10-Q, filed July 24, 2026.

Filed
Jul 24, 2026, 4:03 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001300514-26-000085
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Provision for credit losses36166521
General and administrative331292633565
Corporate7469157142
Pre-opening59913
Development436984138
Depreciation and amortization350371707733
Amortization of leasehold interests in land21204235
Loss on disposal or impairment of assets281015

Item 1. Financial Statements (unaudited)

FAQ

What is Las Vegas Sands's pre-opening costs?
Las Vegas Sands (LVS) reported pre-opening costs of $5M in Q2 2026.
How has Las Vegas Sands's pre-opening costs changed year-over-year?
Las Vegas Sands's pre-opening costs decreased by 44.4% year-over-year, from $9M to $5M.
What is the long-term trend for Las Vegas Sands's pre-opening costs?
Over 4 years (2021 to 2025), Las Vegas Sands's pre-opening costs has grown at a 6.0% compound annual growth rate (CAGR), from $19M to $24M.
What does pre-opening costs mean?
Pre-opening costs are expenses incurred during the development and preparation phase of a new property or significant expansion before it begins generating revenue. These include staffing, training, and marketing efforts specific to the launch. These costs are non-recurring and are expected to be offset by future cash flows from the new asset.

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