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v3.26.1

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information | The Company’s segment information as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025 is as follows:
| The Venetian Macao |  | The Londoner Macao |  | The Parisian Macao |  | The Plaza Macao and Four Seasons Macao |  | Sands Macao |  | Ferry Operations and Other |  | Total Macao |  | Marina Bay Sands |  | Inter-company Royalties |  | Total
| (In millions)
Three Months Ended June 30, 2026
Casino | $ | 457 |  |  | $ | 548 |  |  | $ | 165 |  |  | $ | 59 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 1,317 |  |  | $ | 1,024 |  |  | $ | — |  |  | $ | 2,341 |
Rooms | 43 |  |  | 100 |  |  | 32 |  |  | 28 |  |  | 5 |  |  | — |  |  | 208 |  |  | 151 |  |  | — |  |  | 359 |
Food and beverage | 15 |  |  | 31 |  |  | 14 |  |  | 8 |  |  | 2 |  |  | — |  |  | 70 |  |  | 98 |  |  | — |  |  | 168 |
Mall | 62 |  |  | 23 |  |  | 5 |  |  | 41 |  |  | — |  |  | — |  |  | 131 |  |  | 67 |  |  | — |  |  | 198 |
Convention, retail and other | 12 |  |  | 8 |  |  | 2 |  |  | 1 |  |  | — |  |  | 27 |  |  | 50 |  |  | 38 |  |  | — |  |  | 88 |
Net revenues | 589 |  |  | 710 |  |  | 218 |  |  | 137 |  |  | 95 |  |  | 27 |  |  | 1,776 |  |  | 1,378 |  |  | — |  |  | 3,154 |
Intersegment revenues | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | 14 |  |  | 2 |  |  | 83 |  |  | 99 |
Net revenues before intersegment eliminations | 591 |  |  | 710 |  |  | 218 |  |  | 137 |  |  | 95 |  |  | 39 |  |  | 1,790 |  |  | 1,380 |  |  | 83 |  |  | 3,253 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related expenses | 117 |  |  | 116 |  |  | 51 |  |  | 30 |  |  | 28 |  |  | 12 |  |  | 354 |  |  | 207 |  |  | — |  |  | 561 |
Gaming taxes | 227 |  |  | 301 |  |  | 87 |  |  | 59 |  |  | 42 |  |  | — |  |  | 716 |  |  | 249 |  |  | — |  |  | 965 |
Other expenses(1) | 82 |  |  | 101 |  |  | 42 |  |  | 28 |  |  | 14 |  |  | 23 |  |  | 290 |  |  | 235 |  |  | 83 |  |  | 608 |
Segment expenses | 426 |  |  | 518 |  |  | 180 |  |  | 117 |  |  | 84 |  |  | 35 |  |  | 1,360 |  |  | 691 |  |  | 83 |  |  | 2,134 |
Segment/Consolidated adjusted property EBITDA | $ | 165 |  |  | $ | 192 |  |  | $ | 38 |  |  | $ | 20 |  |  | $ | 11 |  |  | $ | 4 |  |  | $ | 430 |  |  | $ | 689 |  |  | $ | — |  |  | $ | 1,119 |
Other Operating Costs and Expenses |
Stock-based compensation(2) | (6) |
Corporate | (74) |
Pre-opening | (5) |
Development | (43) |
Depreciation and amortization | (350) |
Amortization of leasehold interests in land | (21) |
Loss on disposal or impairment of assets | (2) |
Operating income | 618 |
Other Non-Operating Costs and Expenses |
Interest income | 31 |
Interest expense, net of amounts capitalized | (189) |
Other income | 1 |
Income tax expense | (88) |
Net income | $ | 373 |
| The Venetian Macao |  | The Londoner Macao |  | The Parisian Macao |  | The Plaza Macao and Four Seasons Macao |  | Sands Macao |  | Ferry Operations and Other |  | Total Macao |  | Marina Bay Sands |  | Inter-company Royalties |  | Total
| (In millions)
Three Months Ended June 30, 2025
Casino | $ | 524 |  |  | $ | 495 |  |  | $ | 143 |  |  | $ | 122 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 1,347 |  |  | $ | 1,068 |  |  | $ | — |  |  | $ | 2,415 |
Rooms | 50 |  |  | 95 |  |  | 34 |  |  | 28 |  |  | 4 |  |  | — |  |  | 211 |  |  | 134 |  |  | — |  |  | 345 |
Food and beverage | 15 |  |  | 27 |  |  | 11 |  |  | 7 |  |  | 3 |  |  | — |  |  | 63 |  |  | 84 |  |  | — |  |  | 147 |
Mall | 62 |  |  | 21 |  |  | 5 |  |  | 37 |  |  | — |  |  | — |  |  | 125 |  |  | 62 |  |  | — |  |  | 187 |
Convention, retail and other | 10 |  |  | 4 |  |  | 1 |  |  | — |  |  | 1 |  |  | 25 |  |  | 41 |  |  | 40 |  |  | — |  |  | 81 |
Net revenues | 661 |  |  | 642 |  |  | 194 |  |  | 194 |  |  | 71 |  |  | 25 |  |  | 1,787 |  |  | 1,388 |  |  | — |  |  | 3,175 |
Intersegment revenues | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 10 |  |  | — |  |  | 67 |  |  | 77 |
Net revenues before intersegment eliminations | 663 |  |  | 642 |  |  | 194 |  |  | 194 |  |  | 71 |  |  | 33 |  |  | 1,797 |  |  | 1,388 |  |  | 67 |  |  | 3,252 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related expenses | 110 |  |  | 100 |  |  | 49 |  |  | 28 |  |  | 23 |  |  | 12 |  |  | 322 |  |  | 184 |  |  | — |  |  | 506 |
Gaming taxes | 251 |  |  | 259 |  |  | 72 |  |  | 74 |  |  | 30 |  |  | — |  |  | 686 |  |  | 243 |  |  | — |  |  | 929 |
Other expenses(1) | 66 |  |  | 78 |  |  | 29 |  |  | 26 |  |  | 9 |  |  | 15 |  |  | 223 |  |  | 193 |  |  | 67 |  |  | 483 |
Segment expenses | 427 |  |  | 437 |  |  | 150 |  |  | 128 |  |  | 62 |  |  | 27 |  |  | 1,231 |  |  | 620 |  |  | 67 |  |  | 1,918 |
Segment/Consolidated adjusted property EBITDA | $ | 236 |  |  | $ | 205 |  |  | $ | 44 |  |  | $ | 66 |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 566 |  |  | $ | 768 |  |  | $ | — |  |  | $ | 1,334 |
Other Operating Costs and Expenses |
Stock-based compensation(2) | (5) |
Corporate | (69) |
Pre-opening | (9) |
Development | (69) |
Depreciation and amortization | (371) |
Amortization of leasehold interests in land | (20) |
Loss on disposal or impairment of assets | (8) |
Operating income | 783 |
Other Non-Operating Costs and Expenses |
Interest income | 42 |
Interest expense, net of amounts capitalized | (194) |
Other expense | (22) |
Income tax expense | (90) |
Net income | $ | 519 |
| The Venetian Macao |  | The Londoner Macao |  | The Parisian Macao |  | The Plaza Macao and Four Seasons Macao |  | Sands Macao |  | Ferry Operations and Other |  | Total Macao |  | Marina Bay Sands |  | Inter-company Royalties |  | Total
| (In millions)
Six Months Ended June 30, 2026
Casino | $ | 1,013 |  |  | $ | 1,132 |  |  | $ | 341 |  |  | $ | 271 |  |  | $ | 173 |  |  | $ | — |  |  | $ | 2,930 |  |  | $ | 2,150 |  |  | $ | — |  |  | $ | 5,080 |
Rooms | 94 |  |  | 204 |  |  | 65 |  |  | 58 |  |  | 9 |  |  | — |  |  | 430 |  |  | 306 |  |  | — |  |  | 736 |
Food and beverage | 34 |  |  | 65 |  |  | 28 |  |  | 15 |  |  | 5 |  |  | — |  |  | 147 |  |  | 197 |  |  | — |  |  | 344 |
Mall | 128 |  |  | 48 |  |  | 9 |  |  | 81 |  |  | — |  |  | — |  |  | 266 |  |  | 136 |  |  | — |  |  | 402 |
Convention, retail and other | 28 |  |  | 15 |  |  | 4 |  |  | 2 |  |  | 1 |  |  | 52 |  |  | 102 |  |  | 75 |  |  | — |  |  | 177 |
Net revenues | 1,297 |  |  | 1,464 |  |  | 447 |  |  | 427 |  |  | 188 |  |  | 52 |  |  | 3,875 |  |  | 2,864 |  |  | — |  |  | 6,739 |
Intersegment revenues | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 29 |  |  | 3 |  |  | 170 |  |  | 202 |
Net revenues before intersegment eliminations | 1,301 |  |  | 1,464 |  |  | 447 |  |  | 427 |  |  | 188 |  |  | 77 |  |  | 3,904 |  |  | 2,867 |  |  | 170 |  |  | 6,941 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related expenses | 237 |  |  | 230 |  |  | 102 |  |  | 60 |  |  | 55 |  |  | 25 |  |  | 709 |  |  | 411 |  |  | — |  |  | 1,120 |
Gaming taxes | 494 |  |  | 619 |  |  | 182 |  |  | 177 |  |  | 84 |  |  | — |  |  | 1,556 |  |  | 521 |  |  | — |  |  | 2,077 |
Other expenses(1) | 167 |  |  | 200 |  |  | 79 |  |  | 56 |  |  | 29 |  |  | 45 |  |  | 576 |  |  | 458 |  |  | 170 |  |  | 1,204 |
Segment expenses | 898 |  |  | 1,049 |  |  | 363 |  |  | 293 |  |  | 168 |  |  | 70 |  |  | 2,841 |  |  | 1,390 |  |  | 170 |  |  | 4,401 |
Segment/Consolidated adjusted property EBITDA | $ | 403 |  |  | $ | 415 |  |  | $ | 84 |  |  | $ | 134 |  |  | $ | 20 |  |  | $ | 7 |  |  | $ | 1,063 |  |  | $ | 1,477 |  |  | $ | — |  |  | $ | 2,540 |
Other Operating Costs and Expenses |
Stock-based compensation(2) | (9) |
Corporate | (157) |
Pre-opening | (9) |
Development | (84) |
Depreciation and amortization | (707) |
Amortization of leasehold interests in land | (42) |
Loss on disposal or impairment of assets | (10) |
Operating income | 1,522 |
Other Non-Operating Costs and Expenses |
Interest income | 66 |
Interest expense, net of amounts capitalized | (377) |
Other expense | (2) |
Income tax expense | (195) |
Net income | $ | 1,014 |
| The Venetian Macao |  | The Londoner Macao |  | The Parisian Macao |  | The Plaza Macao and Four Seasons Macao |  | Sands Macao |  | Ferry Operations and Other |  | Total Macao |  | Marina Bay Sands |  | Inter-company Royalties |  | Total
| (In millions)
Six Months Ended June 30, 2025
Casino | $ | 1,019 |  |  | $ | 897 |  |  | $ | 316 |  |  | $ | 254 |  |  | $ | 131 |  |  | $ | — |  |  | $ | 2,617 |  |  | $ | 1,925 |  |  | $ | — |  |  | $ | 4,542 |
Rooms | 103 |  |  | 168 |  |  | 69 |  |  | 57 |  |  | 9 |  |  | — |  |  | 406 |  |  | 263 |  |  | — |  |  | 669 |
Food and beverage | 30 |  |  | 51 |  |  | 23 |  |  | 14 |  |  | 5 |  |  | — |  |  | 123 |  |  | 165 |  |  | — |  |  | 288 |
Mall | 121 |  |  | 42 |  |  | 10 |  |  | 76 |  |  | — |  |  | — |  |  | 249 |  |  | 124 |  |  | — |  |  | 373 |
Convention, retail and other | 24 |  |  | 13 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 50 |  |  | 92 |  |  | 73 |  |  | — |  |  | 165 |
Net revenues | 1,297 |  |  | 1,171 |  |  | 421 |  |  | 402 |  |  | 146 |  |  | 50 |  |  | 3,487 |  |  | 2,550 |  |  | — |  |  | 6,037 |
Intersegment revenues | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 19 |  |  | 1 |  |  | 128 |  |  | 148 |
Net revenues before intersegment eliminations | 1,301 |  |  | 1,171 |  |  | 421 |  |  | 402 |  |  | 146 |  |  | 65 |  |  | 3,506 |  |  | 2,551 |  |  | 128 |  |  | 6,185 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related expenses | 218 |  |  | 196 |  |  | 98 |  |  | 55 |  |  | 46 |  |  | 23 |  |  | 636 |  |  | 356 |  |  | — |  |  | 992 |
Gaming taxes | 486 |  |  | 469 |  |  | 156 |  |  | 155 |  |  | 62 |  |  | — |  |  | 1,328 |  |  | 451 |  |  | — |  |  | 1,779 |
Other expenses(1) | 136 |  |  | 148 |  |  | 57 |  |  | 52 |  |  | 19 |  |  | 29 |  |  | 441 |  |  | 371 |  |  | 128 |  |  | 940 |
Segment expenses | 840 |  |  | 813 |  |  | 311 |  |  | 262 |  |  | 127 |  |  | 52 |  |  | 2,405 |  |  | 1,178 |  |  | 128 |  |  | 3,711 |
Segment/Consolidated adjusted property EBITDA | $ | 461 |  |  | $ | 358 |  |  | $ | 110 |  |  | $ | 140 |  |  | $ | 19 |  |  | $ | 13 |  |  | $ | 1,101 |  |  | $ | 1,373 |  |  | $ | — |  |  | $ | 2,474 |
Other Operating Costs and Expenses |
Stock-based compensation(2) | (6) |
Corporate | (142) |
Pre-opening | (13) |
Development | (138) |
Depreciation and amortization | (733) |
Amortization of leasehold interests in land | (35) |
Loss on disposal or impairment of assets | (15) |
Operating income | 1,392 |
Other Non-Operating Costs and Expenses |
Interest income | 84 |
Interest expense, net of amounts capitalized | (368) |
Other expense | (23) |
Loss on modification or early retirement of debt | (5) |
Income tax expense | (153) |
Net income | $ | 927 |
____________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment.
(2)D uring the three months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
D uring the six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
| Six Months Ended June 30,
| 2026 |  | 2025
| (In millions)
Capital Expenditures |  |  |
Corporate and Other | $ | 34 |  |  | $ | 26 |
Macao: |  |  |
The Venetian Macao | 104 |  |  | 86 |
The Londoner Macao | 39 |  |  | 229 |
The Parisian Macao | 21 |  |  | 9 |
The Plaza Macao and Four Seasons Macao | 6 |  |  | 5 |
Sands Macao | 5 |  |  | 6 |
| 175 |  |  | 335 |
Marina Bay Sands | 317 |  |  | 304 |
Total capital expenditures | $ | 526 |  |  | $ | 665 |
| June 30, 2026 |  | December 31, 2025
| (In millions)
Total Assets |  |  |
Corporate and Other | $ | 3,001 |  |  | $ | 3,614 |
Macao: |  |  |
The Venetian Macao | 2,336 |  |  | 2,689 |
The Londoner Macao | 4,334 |  |  | 4,635 |
The Parisian Macao | 1,565 |  |  | 1,636 |
The Plaza Macao and Four Seasons Macao | 932 |  |  | 953 |
Sands Macao | 260 |  |  | 258 |
Ferry Operations and Other | 171 |  |  | 375 |
| 9,598 |  |  | 10,546 |
Marina Bay Sands | 7,310 |  |  | 7,760 |
Total assets | $ | 19,909 |  |  | $ | 21,920 |

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- Definition Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 + Details
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