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v3.26.1

Debt | 6 Months Ended
--- | ---
Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
| Stated Interest Rate(1) |  |  |  | June 30, 2026 |  | December 31, 2025
|  |  |  |  | (In millions)
Corporate and U.S. Related: |  |  |  |  |  |  |
LVSC Senior Notes |  |  |  |  |  |  |
Notes due August 2026 | 3.500 | % |  |  |  | $ | — |  |  | $ | 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 May 2031 | 5.300 | % |  |  |  | 500 |  |  | — |
Notes due May 2033 | 5.650 | % |  |  |  | 500 |  |  | — |
Notes due August 2034 | 6.200 | % |  |  |  | 500 |  |  | 500 |
Finance leases |  |  |  |  | 124 |  |  | 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 | 5.140 | % |  |  |  | 179 |  |  | — |
2024 SCL Term Loan Facility | 4.399 | % |  |  |  | 1,577 |  |  | 1,614 |
Finance leases |  |  |  |  | 25 |  |  | 35 |
Singapore Related: |  |  |  |  |  |  |
2025 Singapore Term Loan Facility | 2.217 | % |  |  |  | 2,828 |  |  | 2,875 |
2025 Singapore Delayed Draw Term Loan Facility | 2.217 | % |  |  |  | 1,118 |  |  | 931 |
Finance leases |  |  |  |  | 1 |  |  | 1 |
Total |  |  |  |  | 15,402 |  |  | 15,927 |
Unamortized debt discount and issuance costs(2) |  |  |  |  | (140) |  |  | (143) |
Total carrying amount of debt |  |  |  |  | 15,262 |  |  | 15,784 |
Less — current maturities |  |  |  |  | (1,568) |  |  | (1,128) |
Total debt |  |  |  |  | $ | 13,694 |  |  | $ | 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 June 30, 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 $127 million and $146 million as of June 30, 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. LVSC Senior Notes In May 2026, in an underwritten public offering, LVSC issued two series of senior unsecured notes in an aggregate principal amount of $1.0 billion, consisting of $500 million of 5.300% Senior Notes due May 15, 2031 and $500 million of 5.650% Senior Notes due May 18, 2033. Interest on the LVSC senior notes is payable semi-annually in arrears. The net proceeds from the offering, together with cash on hand, were used in June 2026 to redeem in full the outstanding principal amount of the $1.0 billion 3.500% LVSC Senior Notes due August 18, 2026 and any accrued interest, and to pay transaction-related fees and expenses. 2024 LVSC Revolving Facility As of June 30, 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 six months ended June 30, 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 and any accrued interest. Additionally, during the six months ended June 30, 2026, the Company paid HKD 4.80 billion (approximately $613 million at exchange rates in effect at the time of the transaction) toward the outstanding balance under the 2024 SCL Revolving Facility. As of June 30, 2026, the Company had HKD 18.10 billion (approximately $2.31 billion at exchange rates in effect on June 30, 2026) of available borrowing capacity under the 2024 SCL Revolving Facility. 2025 Singapore Credit Facility As of June 30, 2026, MBS had SGD 589 million (approximately $455 million at exchange rates in effect on June 30, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 161 million (approximately $125 million at exchange rates in effect on June 30, 2026). In April 2026, MBS drew down SGD 250 million (approximately $196 million at exchange rates in effect at the time of the transaction) from the 2025 Singapore Delayed Draw Term Loan Facility. As of June 30, 2026, SGD 6.05 billion (approximately $4.68 billion at exchange rates in effect on June 30, 2026) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility. Debt Covenant Compliance The senior notes and LVSC, SCL and Singapore credit facilities generally contain various covenants, including covenants which pertain to leverage ratios and interest coverage ratios. As of June 30, 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:
| Six Months Ended June 30,
| 2026 |  | 2025
| (In millions)
Proceeds from LVSC Senior Notes | $ | 998 |  |  | $ | 1,499 |
Proceeds from 2024 SCL Revolving Facility | 797 |  |  | — |
Proceeds from 2025 Singapore Credit Facility | 196 |  |  | 3,645 |
Proceeds from 2024 SCL Term Loan Facility | — |  |  | 1,637 |
| $ | 1,991 |  |  | $ | 6,781 |
Repayments on LVSC Senior Notes | $ | (1,000) |  |  | $ | (500) |
Repayments on SCL Senior Notes | (800) |  |  | (1,625) |
Repayments on 2024 SCL Revolving Facility | (613) |  |  | — |
Repayments on 2025 Singapore Credit Facility | (29) |  |  | (14) |
Repayments on 2024 SCL Term Loan Facility | (25) |  |  | — |
Repayments on 2012 Singapore Credit Facility | — |  |  | (2,708) |
Repayments on finance leases | (10) |  |  | (9) |
| $ | (2,477) |  |  | $ | (4,856) |

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