金沙集团 2025年度报告

For the fiscal year ended December 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 LAS VEGAS SANDS CORP. (Exact name of registrant as specified in its charter) Nevada Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports); and (2)has been subject to such filingrequirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large Accelerated Filer☒AcceleratedFiler☐Emerging Growth CompanyNon-Accelerated Filer☐SmallerReportingCompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that preparedor issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ As of June30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of theregistrant’s common stock held by non-affiliates of the registrant was$13,023,793,216based on the closing sale price on that date as reported on the NewYork Stock Exchange. The Company had 671,910,723 shares of common stock outstanding as of February4, 2026. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement to be used in connection with the registrant’s 2026 Annual Meeting of Stockholders are incorporated into Part III(Item10throughItem14) of this Annual Report on Form 10-K. Las Vegas Sands Corp.Table of Contents PagePART IITEM1—BUSINESS3ITEM1A—RISK FACTORS18ITEM1B—UNRESOLVED STAFF COMMENTS32ITEM 1C—CYBERSECURITY32ITEM2—PROPERTIES33ITEM3—LEGAL PROCEEDINGS33ITEM4—MINE SAFETY DISCLOSURES33PART IIITEM5—MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES34ITEM6—[RESERVED]36ITEM7—MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS37ITEM7A—QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK56ITEM8—FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA57ITEM9—CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE114ITEM9A—CONTROLS AND PROCEDURES114ITEM9B—OTHER INFORMATION115ITEM 9C—DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS115PART IIIITEM10—DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE115ITEM11—EXECUTIVE COMPENSATION115ITEM12—SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ANDRELATED STOCKHOLDER MATTERS115ITEM13—CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE115ITEM14—PRINCIPAL ACCOUNTANT FEES AND SERVICES115PART IVITEM15—EXHIBITS AND FINANCIAL STATEMENT SCHEDULES116ITEM16—FORM 10-K SUMMARY121SIGNATURES122 PART I ITEM1.—BUSINESS Our Company Las Vegas Sands Corp. (“LVSC,” or together with its subsidiaries “we” or the “Company”) is a Fortune 500 company and the leadingglobal developer and operator of destination properties (“Integrated Resorts”) that feature premium accommodations, world-class gaming,entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities. We currently