Las Vegas Sands (LVS) Bernstein 42nd Annual Strategic Decisions Conference summary

Singapore market and expansion

• Singapore is a leading market, driven by long-term investment and a focus on high-end tourism and hospitality experiences.

• Recent $1.75 billion reinvestment enhanced luxury offerings, including new suite categories and upgraded amenities.

• An $8 billion expansion (IR2) will add a new luxury tower, a 15,000-seat live performance venue, and expanded MICE facilities, with estimated opening January 2031.

• Marina Bay Sands completed a major suite renovation in 2Q25, enhancing premium offerings and guest experiences.

• Management is optimistic about sustaining high EBITDA margins and long-term returns in Singapore.

Macao market outlook and strategy

• Macao's recovery post-pandemic has been gradual, with a shift toward younger, wealthier, and more premium customers.

• Investments focus on product renovation, service improvement, and targeting high-value patrons, including suite upgrades and themed properties like The Londoner.

• Capital expenditure commitment of ~$4.5 billion in Macao through 2032, with 93% for non-gaming projects.

• Entertainment and MICE are important pillars, with partnerships like the NBA and K-pop events enhancing Macao's tourism appeal.

• Sands China maintained the leading share of Macao market EBITDA and hotel room inventory.

Capital allocation and growth opportunities

• Capital allocation prioritizes ground-up development, asset maintenance, and shareholder returns through dividends and share buybacks.

• $740 million in share repurchases and $202 million in dividends paid in 1Q26; 14.3% of outstanding shares repurchased over the last 10 quarters.

• Texas and Thailand are identified as potential new markets, contingent on legalization; Middle East is being monitored for industry growth.

• Diversification is desirable but only if returns are attractive; focus remains on high-return projects.

• Dividend growth is emphasized for Sands China, while share repurchases are prioritized at the parent company.