LVSLas Vegas Sands

1 paragraph in Risk Factors of the 10-K filed Feb 6, 2026 with nothing like it in the 10-K filed Feb 7, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

Korea and Vietnam. In addition, certain countries, such as Japan, have legalized casino gaming, while others, such as Thailand, may in the future legalize casino gaming.

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New in the latest 10-Q

22 paragraphs in the 10-Q filed Oct 23, 2026 with nothing like them in the 10-Q filed Jul 24, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

(Unaudited) ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 1,366 $ 1,418 Adjustments to reconcile net income to net cash generated from operating activities: Depreciation and amortization 1,047 1,101 Amortization of leasehold interests in land 63 56 Amortization of deferred financing costs and original issue discount 46 43 Paid-in-kind interest income (1) (1) Loss on modification or early retirement of debt — 5 Loss on disposal or impairment of assets 8 74 Stock-based compensation expense 51 39 Provision for credit losses 86 39 Foreign exchange loss 3 19 Deferred income taxes 7 (56) Changes in operating assets and liabilities: Accounts receivable (9) (155) Other assets (38) (26) Leasehold interests in land (137) (848) Accounts payable (45) 1 Other liabilities (164) 110 Net cash generated from operating activities 2,283 1,819 Cash flows from investing activities: Capital expenditures (807) (894) Proceeds from disposal of property and equipment 6 7 Acquisition of intangible assets and other (5) (75) Proceeds from loan receivable 1,264 — Other 29 11 Net cash generated from (used in) investing activities 487 (951) Cash flows from financing activities: Proceeds from exercise of stock options 5 1 Tax withholding on vesting of equity awards (7) (2) Repurchase of common stock (2,491) (1,716) Dividends paid and noncontrolling interest payments (723) (664) Proceeds from debt 2,153 6,781 Repayments of debt (2,507) (4,887) Payments of financing costs (9) (201) Purchase of noncontrolling interest, including settled contracts (102) (416) Unsettled contracts for purchase of noncontrolling interest — (59) Other (61) (29) Net cash used in financing activities (3,742) (1,192) Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents (11) 27 Decrease in cash, cash equivalents and restricted cash and cash equivalents (983) (297) Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 3,966 3,775 Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 2,983 $ 3,478 Supplemental disclosure of cash flow information Cash payments for interest, net of amounts capitalized $ 532 $ 567 Cash payments for taxes, net of refunds $ 362 $ 232 Change in construction-related payables $ 40 $ (83) Excise tax accrued on repurchase of common stock $ 24 $ 17 Change in dividends payable included in other accrued liabilities $ 129 $ 1

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On October 23, 2026, VML entered into a limited partnership agreement to participate as a limited partner in the Macao SAR Government Guidance Fund No. 2, Limited Partnership Fund (the “GG Fund”), which was established to support Macao’s economic diversification. The general partner and management entity are entities ultimately owned and controlled by the Macao government.

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Amounts contributed to the GG Fund will be credited toward VML’s non-gaming investment commitments under the Concession. Accordingly, the GG Fund commitment replaces other projects and spend anticipated within VML’s previously approved 33.39 billion patacas (approximately $ 4.13 billion at exchange rates in effect on September 30, 2026) non-gaming investment commitment under the Concession.

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Pursuant to the limited partnership agreement and other related documentation relating to VML’s participation, VML has committed to contribute approximately 2.30 billion patacas (approximately $ 285 million at exchange rates in effect on September 30, 2026) to the GG Fund.

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During September 2026, the Company’s wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into a share purchase agreement with a financial institution (the “Agent”) for the purchase of the common stock of SCL (the “SCL VWAP Purchase Agreement”). Pursuant to the terms of the SCL VWAP Purchase Agreement, VVDI II made an up-front payment of HKD 550 million (approximately $ 70 million at exchange rates in effect at the time of the transaction) to the Agent in September 2026. Once the up-front payment was made, VVDI II had no further obligation to provide any additional consideration for the SCL shares to the Agent.

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The SCL VWAP Purchase Agreement allowed for the delivery of shares on a daily basis. The number of shares actually delivered to the Company by the Agent was based on the price paid by the Agent for SCL common stock delivered to the Company during the term of the SCL VWAP Purchase Agreement, subject to the cap amount (as defined in the agreement). The SCL VWAP Purchase Agreement was completed in September 2026 and resulted in the delivery of 45 million shares of SCL common stock to the Company, at an average price per share of HKD 12.31. Pursuant to the SCL VWAP Purchase Agreement, the Company paid the Agent a fee equal to an agreed percentage of the price per share benefit that the Agent was able to realize on SCL shares purchased compared to the volume-weighted average share price of SCL’s common stock.

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The total additional shares purchased related to the above transactions resulted in an increase of the Company’s ownership of SCL to approximately 75.56 % as of September 30, 2026.

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The following table summarizes the net income attributable to LVSC and transfers from the noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:

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the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 10.9% and 11.1%, respectively, of our table games play was conducted on a credit basis for the nine months ended September 30, 2026.

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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

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(2) Slot machines were relocated to other properties during the three months ended March 31, 2026.

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(1) We anticipate approximately 500 rooms, on average, to be out of service through the fourth quarter of 2027 due to room renovations.

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Operating expenses decreased primarily due to our decisions to no longer pursue certain digital gaming activities or a casino license from the state of New York, which resulted in an aggregate $60 million impairment charge recorded during the three months ended September 30, 2025, and a decrease in the related development costs. Operating expenses at Marina Bay Sands decreased $27 million, while they increased $97 million at our Macao operations.

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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

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(2) Slot machines were relocated to other properties during the three months ended March 31, 2026.

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(1) We anticipate approximately 500 rooms, on average, to be out of service through the fourth quarter of 2027 due to room renovations.

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On October 23, 2026, VML entered into a limited partnership agreement to participate as a limited partner in the Macao SAR Government Guidance Fund No. 2, Limited Partnership Fund (the “GG Fund”), which was established to support Macao’s economic diversification. The general partner and management entity are entities ultimately owned and controlled by the Macao government.

Read in the 10-Q ↗

Amounts contributed to the GG Fund will be credited toward VML’s non-gaming investment commitments under the Concession. Accordingly, the GG Fund commitment replaces other projects and spend anticipated within VML’s previously approved 33.39 billion patacas (approximately $4.13 billion at exchange rates in effect on September 30, 2026) non-gaming investment commitment under the Concession.

Read in the 10-Q ↗

Pursuant to the limited partnership agreement and other related documentation relating to VML’s participation, VML has committed to contribute approximately 2.30 billion patacas (approximately $285 million at exchange rates in effect on September 30, 2026) to the GG Fund.

Read in the 10-Q ↗

During September 2026, our wholly owned subsidiary, Venetian Venture Development Intermediate II (“VVDI II”), entered into a share purchase agreement with a financial institution (the “Agent”) for the purchase of the common stock of SCL (the “SCL VWAP Purchase Agreement”). Pursuant to the terms of the SCL VWAP Purchase Agreement, VVDI II made an up-front payment of HKD 550 million (approximately $70 million at exchange rates in effect at the time of the transaction) to the Agent in September 2026.

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The SCL VWAP Purchase Agreement was completed in September 2026 and resulted in the delivery of 45 million shares of SCL common stock to us.

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The total additional SCL shares purchased related to the above transactions resulted in an increase of our ownership of SCL to approximately 75.56% as of September 30, 2026.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Oct 23, 2026 against Item 1A of the 10-K filed Feb 6, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.