Las Vegas Sands (LVS) Risk Factor Changes

Governments, investors, customers, employees and other stakeholders are increasingly focusing on corporate environmental, social and governance (“ESG”) practices and disclosures, and expectations in this area are rapi…

Our business is subject to various U.S.

Because we own real property, we are subject to environmental regulation.

We are subject to taxation and regulation by various government agencies, primarily in Macao, Singapore and the U.S.

We maintain comprehensive insurance programs for our properties in operation, as well as those in the course of construction, with coverage features and insured limits we believe are customary in their amount, breadth…

We have licensed the “Venetian” and “Palazzo” brands and certain other trademarks related to the Las Vegas Operations pursuant to the agreements effecting the Las Vegas Sale.

Our information systems and records, including those we maintain with third-party service providers, may be subject to cyber-attacks and information security breaches.

Privacy and cybersecurity laws and regulations are developing, changing frequently, and vary significantly by jurisdiction.

We depend on the continued services of key personnel.

In November 2009, our subsidiary, SCL, listed its ordinary shares on The Main Board of The Stock Exchange of Hong Kong Limited (the “SCL Offering”).

Other events also indicate greater oversight by the CAC over data security, particularly for companies with Chinese operations seeking to list on a foreign exchange.

Additionally, we entered into a shareholder dividend tax agreement with the Macao government in February 2024, effective for the period from January 1, 2023 through December 31, 2025, which provided for an annual paym…

Our Macao and Singapore operations will also compete with casinos located elsewhere in Asia, including South Korea, Malaysia, Philippines, Australia, Cambodia, Vietnam and elsewhere in the world, including Las Vegas,…

The hotel, resort and casino businesses in Macao and Singapore are highly competitive.

During the year ended December 31, 2025, approximately 9.4% and 12.3% of our table games play at our Macao properties and Marina Bay Sands, respectively, was from credit-based wagering.

Our ability to timely refinance and replace our indebtedness in the future will depend upon general economic and credit market conditions, potential approval required by local government regulators, adequate liquidity…

As of December 31, 2025, we had $15.78 billion of debt outstanding, net of original issue discount and deferred offering costs (excluding those costs related to our revolving facilities).

•Because we own real property, we are subject to environmental regulation.

•We depend on the continued services of key personnel.

Governments, investors, customers, employees and other stakeholders are increasingly focusing on corporate environmental, social and governance (“ESG”) practices and disclosures, and expectations in this area are rapi…

If changes in tax laws and regulations were to significantly increase the tax rates on gaming revenues or income, these changes could increase our tax expense and liability, and therefore, could have a material advers…

or too expensive to justify obtaining insurance.

authorized or unauthorized, increases the risk that our intellectual property and other proprietary information will be unintentionally disclosed.

Our ability to maintain our competitive position is dependent to a large degree on the services of our senior management team, including our Chairman and Chief Executive Officer, Mr.

that could have different implications for us and SCL, including contractual arrangements we have entered into or may in the future enter into with SCL, may give rise to the appearance of a potential conflict of inter…

There may be risks and uncertainties associated with the evolving laws and regulations in China, including their interpretation and implementation with respect to the enforcement of laws, rules and regulations and the…

The Macao government has granted VML quotas to permit it to hire foreign workers.

VML may have financial and other obligations to foreign workers seconded to its contractors under government labor quotas.

•VML may have financial and other obligations to foreign workers seconded to its contractors under government labor quotas.

or our legal strategy may not ultimately result in us prevailing in a matter.

inadvertent disclosure, unauthorized access or dissemination, or breach of security may result in damage to our reputation and could subject us to fines, penalties, required corrective actions, lawsuits, payment of da…

In addition, although in Macao we now require contractors to hire foreign workers directly under their Macao government labor quotas, prior to February 21, 2024, VML seconded foreign workers employed under its labor q…

If we do not retain our key personnel or attract and retain other highly qualified employees, our business will suffer.

There may be risks and uncertainties associated with the evolving laws and regulations in China, including their interpretation and implementation with respect to the enforcement of laws, rules and regulations and the…

Korea and Vietnam.