Financial Highlights - Net revenues increased by 16% from $2682 million in 3Q24 to $3331 million in 3Q25[7] - Net income attributable to LVS increased from $339 million in 3Q24 to $541 million in 3Q25[7] - Adjusted net income attributable to LVS increased from $275 million in 3Q24 to $419 million in 3Q25[7] - Adjusted Property EBITDA increased by 35.6% from $991 million in 3Q24 to $1344 million in 3Q25[7,8] Capital Allocation - $500 million of LVS stock was repurchased in 3Q25[7] - 919 million LVS shares were repurchased at a weighted average price of $5439[7] - $171 million of dividends were paid by LVS ($025 per share)[7] - LVS Board of Directors announced a 20% increase in LVS' recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $120 per share ($030 per share per quarter)[7] - $337 million of SCL shares were purchased from July 1, 2025 through October 10, 2025, increasing LVS ownership interest in SCL to 7476%[7] Macao Market - Macao market gross gaming revenue grew 12% in 3Q25, reaching $77 billion[6,23] - Mass win was $169 billion during 3Q25, up 12% compared to 3Q24[23] - Adjusted Property EBITDA was $601 million[23] - Adjusted Property EBITDA margin was 315%[23] - Assuming expected hold in rolling play, Adjusted Property EBITDA would have been lower by $2 million[23] - Assuming expected hold in rolling play, Adjusted Property EBITDA margin would have remained 315%, a decrease of 160 basis points compared to 3Q24[35,36] Marina Bay Sands (Singapore) - Adjusted Property EBITDA was $743 million[26] - Adjusted Property EBITDA margin was 517%[26] - Mass win was $905 million, up 35% from $668 million in 3Q24[26] - Rolling volume was $91 billion, up 38% from $66 billion in 3Q24[26] - Assuming expected hold in rolling play, Adjusted Property EBITDA would have been lower by $43 million[26] - Assuming expected hold in rolling play, Adjusted Property EBITDA margin would have been 508%[71] Sands China Mass Market - Sands China mass win was ~$17 billion for 3Q25, up 12% from 3Q24[48] - SCL Mass Market Share was 254% in 3Q25[46] Capital Expenditures - Sands committed to spend at least $45 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects[119]