LAS VEGAS SANDS CORP (LVS) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that LAS VEGAS SANDS CORP surfaced in its latest filing.

• On February 23, 2022, we entered into a seller financing loan agreement in connection with the sale of our Las Vegas Operations for approximately $6.25 billion. The loan is a six-year senior secured term loan with a principal amount of $1.26 billion as of December 31, 2025.February 23, 2022
• We suspended our quarterly dividend program between April 2020 and July 2023, resuming in August 2023.
• SCL suspended its dividend payments beginning in February 2020, resuming in June 2025.
• As of December 31, 2025, we had $15.78 billion of debt outstanding, net of original issue discount and deferred offering costs (excluding costs related to revolving facilities).December 31, 2025
• We have principal amounts of $1.93 billion, $1.57 billion, $3.02 billion, $2.02 billion and $2.70 billion in debt maturing during the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively.
• During the year ended December 31, 2025, approximately 9.4% of table games play at our Macao properties was from credit-based wagering.December 31, 2025
• During the year ended December 31, 2025, approximately 12.3% of table games play at Marina Bay Sands was from credit-based wagering.December 31, 2025
• There is litigation associated with our right to lease the underlying land of the Nassau Coliseum from the County of Nassau in the State of New York.
• Construction of the Singapore development under the Second Development Agreement is estimated to be complete by June 2030 with an anticipated opening date in January 2031. Any extension of the completion date beyond July 8, 2029 requires approval of the Singapore government.
• We hold one of only six gaming concessions in Macao, expiring December 31, 2032.December 31, 2032
• We hold one of two casino licenses in Singapore, exclusive period expiring December 31, 2030.December 31, 2030
• 12% corporate income tax exemption on gaming profits expires December 31, 2027.December 31, 2027
• Shareholder dividend tax agreement with Macao government entered February 2024, effective January 1, 2023 through December 31, 2025, substituting a 12% tax on dividends from VML gaming profits. Extension request made January 19, 2026 for dividend tax agreement through December 31, 2027.February 2024
• The Macao government can redeem the Concession starting January 1, 2029 with at least one-year advance notice.January 1, 2029