金沙集团 2025年季度报告

company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. ☐Smaller Reporting Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No ClassOutstanding at July 23, 2025Common Stock ($0.001 par value)686,453,606shares Condensed Consolidated Statements of Cash Flows for theSixMonths EndedJune30, 2025 and 2024Notes to Condensed Consolidated Financial Statements Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities Note 3 — Leasehold Interests in Land, NetNote 4 — Goodwill and Intangible Assets, NetNote 5 — DebtNote6— Derivative InstrumentsNote7— Equity and Earnings Per ShareNote8— LeasesNote9—Fair Value DisclosuresNote10—Commitments and ContingenciesNote 11—Segment InformationManagement’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures about Market RiskControls and ProceduresPARTIIOTHER INFORMATIONLegal ProceedingsItem1A.Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsOther InformationExhibitsSignatures2 The Company’s estimated total project cost is approximately $8.0billion, inclusive of financing fees and interest, land premiums The Company has incurred approximately $2.4billion as of June 30, 2025, inclusive of the payment made in 2019 for the lease The Tower 3 hotel room renovations at Marina Bay Sands into world class suites are now complete and the Company iscontinuing to progress on other property renovations, which include the hotel lobby and SkyPark and additional retail, food and beverage and wellness offerings. As of June 30, 2025, the Company has incurred $405millionof the estimated $750million cost tocomplete these projects, which are in addition to the MBS Expansion Project. The completion of the renovations of Towers 1, 2 and 3has resulted in a total of1,844rooms including775suites.New YorkOn June 2, 2023, the Company acquired the Nassau Veterans Memorial Coliseum (the “Nassau Coliseum”) from Nassau Live other development opportunities for the Nassau Coliseum site. There is no assurance the Company will be able to accomplish a sale orother development opportunity or to resolve certain matters associated with the right to lease the underlying land from Nassau County. Intercompany Loan Agreement with SCL On March 27, 2025, Sands China Ltd. (“SCL”) repaid in full to LVSC the outstanding intercompany loan balance and anyoutstanding interest totaling $1.07billion.Note 2 —Accounts Receivable, Net and Customer Contract Related Liabilities June 30,2025December 31,2024(In millions) 35719Less - provision for credit losses(186)$533$ (UNAUDITED)The following table shows the movement in the provision for credit losses recognized for accounts receivable:20252024(In millions) Balance at June 30$186$ and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.The following table summarizes the liability activity related to contracts with customers: Outstanding Chip LiabilityLoyalty Program Liability2025202420252024 Balance at January 1$112$135$38$45$763$Balance at June 30951093839787Increase (decrease)$(17)$(26)$—$(6)$24$ (1)Of this amount, $175million as of June 30 and January 1, 2025, and $171million and $167million as of June 30 and January 1, 2024,respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year. Leasehold interests in land consist of the following:June 30,2025December 31,2024(In millions) The Venetian MacaoThe Plaza Macao and Four Seasons Macao 104The Parisian Macao88Sands Macao353,735Less — accumulated amortization(779) (approximately $143million at exchange rates in effect onJune 30, 2025) and to be finalized at the end of 2025 or during the firstquarter of 2026. 10 The estimated future amortization expense over the expected terms of the Company’s leasehold interests in land is approximately$39million for the six months ending December 31, 2025, $79million for each of the years ending December 31, 2026 through 2029, and $2.74billion thereafter. $ Collection Hotel” brand effective January 1, 2025, for a period of15years. The agreement consists of a fixed fee subject to an annualinflation adjustment capped at3% and other variable fees. On January 1, 2025, the Company recognized an intangible asset and a corresponding financial liability of $57million. Thisintangible asset represents the present value of the contractually obligated fixed payments over the term of the agreement. In the accomp