LVSC(US:LVS)2025-07-25 20:10PART I FINANCIAL INFORMATION ITEM 1. Financial Statements (unaudited) This section presents the unaudited condensed consolidated financial statements, including balance sheets, income, equity, and cash flows, with detailed notes on key financial areas Condensed Consolidated Balance Sheets Total assets and liabilities increased, while total equity decreased, with a notable shift from current to long-term debt Condensed Consolidated Balance Sheets | Metric | June 30, 2025 (In millions) | December 31, 2024 (In millions) | Change (In millions) | | :-------------------------------- | :--------------------------- | :----------------------------- | :------------------- | | Total assets | $21,850 | $20,666 | +$1,184 | | Total liabilities | $19,568 | $17,506 | +$2,062 | | Total equity | $2,282 | $3,160 | -$878 | | Current maturities of debt | $923 | $3,160 | -$2,237 | | Debt (long-term) | $14,897 | $10,592 | +$4,305 | Condensed Consolidated Statements of Operations Net revenues and operating income increased for both periods, with quarterly net income rising and half-year net income slightly decreasing Key Financial Results (Three Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | Change (%) | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Net revenues | $3,175 | $2,761 | +15.0% | | Operating income | $783 | $591 | +32.5% | | Net income attributable to LVSC | $461 | $353 | +30.6% | | Diluted EPS | $0.66 | $0.48 | +37.5% | Key Financial Results (Six Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | Change (%) | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Net revenues | $6,037 | $5,720 | +5.5% | | Operating income | $1,392 | $1,308 | +6.4% | | Net income attributable to LVSC | $813 | $847 | -4.0% | | Diluted EPS | $1.15 | $1.13 | +1.8% | Condensed Consolidated Statements of Comprehensive Income Positive currency translation adjustments in 2025, contrasting with prior year's negative adjustments, led to increased total comprehensive income for both periods Comprehensive Income (Three Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | | :--------------------------------------- | :----------------- | :----------------- | | Net income | $519 | $424 | | Currency translation adjustment | $102 | $(13) | | Total comprehensive income | $526 | $409 | Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | | :--------------------------------------- | :----------------- | :----------------- | | Net income | $927 | $1,007 | | Currency translation adjustment | $129 | $(70) | | Total comprehensive income | $971 | $923 | Condensed Consolidated Statements of Equity Total equity decreased from $3,160 million to $2,282 million due to share repurchases and dividends, partially offset by net income and currency adjustments Equity Changes (Six Months Ended June 30, 2025) | Metric | January 1, 2025 (In millions) | June 30, 2025 (In millions) | | :----------------------------------- | :---------------------------- | :-------------------------- | | Total equity | $3,160 | $2,282 | | Net income | — | $927 | | Repurchase of common stock | — | $(1,262) | | Dividends declared and noncontrolling interest payments | — | $(425) | Condensed Consolidated Statements of Cash Flows Operating cash flow decreased, investing cash flow increased, and financing cash flow decreased due to debt proceeds offsetting share repurchases and dividends Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 (In millions) | 2024 (In millions) | Change (In millions) | | :----------------------------------- | :----------------- | :----------------- | :------------------- | | Net cash generated from operating activities | $704 | $1,528 | -$824 | | Net cash used in investing activities | $(740) | $(488) | -$252 | | Net cash used in financing activities | $(180) | $(1,408) | +$1,228 | | Decrease in cash, cash equivalents and restricted cash | $(200) | $(393) | +$193 | Notes to Condensed Consolidated Financial Statements These notes provide detailed disclosures on financial statements, covering organization, projects, debt, equity, leases, fair value, commitments, and segment performance Note 1 — Organization and Business of Company This note outlines the company's business, updates on Macao and Singapore development projects, cessation of a New York casino license pursuit, and an intercompany loan repayment - VML committed to invest at least 35.84 billion patacas (approximately $4.43 billion) in Macao by December 2032, with 33.39 billion patacas (approximately $4.13 billion) allocated to non-gaming projects. As of December 31, 2023, approximately $168 million has been spent on these projects2223229 - Phase II of The Londoner Macao, including the conversion of the Sheraton Grand Macao into the Londoner Grand (2,405 rooms/suites), was substantially completed in Q1 2025 with an estimated total cost of $1.2 billion24231 - The MBS Expansion Project in Singapore has an estimated total cost of approximately $8.0 billion. Construction commenced on May 26, 2025, with an anticipated completion by July 8, 2029 (expected opening January 2031). Approximately $2.4 billion has been incurred as of June 30, 2025, including an $848 million payment for the Additional Gaming Area262829235236 - The company ceased pursuit of a casino license in New York for the Nassau Coliseum site on April 23, 2025, due to concerns regarding a lower anticipated return on investment31238 - Sands China Ltd. (SCL) repaid its outstanding intercompany loan balance and interest totaling $1.07 billion to LVSC on March 27, 202532 Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities This note details accounts receivable composition, credit loss provision movement, and customer contract-related liabilities like outstanding chip liability and customer deposits Accounts Receivable, Net (In millions) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Casino | $633 | $462 | | Rooms | $21 | $28 | | Mall | $30 | $63 | | Other | $35 | $50 | | Less - provision for credit losses | $(186) | $(186) | | Total Accounts Receivable, Net | $533 | $417 | Movement in Provision for Credit Losses (In millions) | Metric | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Balance at January 1 | $186 | $201 | | Current period provision for credit losses | $21 | $15 | | Write-offs | $(26) | $(7) | | Recoveries of receivables previously written-off | — | $1 | | Exchange rate impact | $5 | $(4) | | Balance at June 30 | $186 | $206 | Customer Contract Related Liabilities (In millions) | Liability Type | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :-------------- | :-------------- | | Outstanding Chip Liability | $95 | $109 | | Loyalty Program Liability | $38 | $39 | | Customer Deposits and Other Deferred Revenue | $7