Las Vegas Sands Corp

Strong earnings, but pressured by “hold” and World Cup demand shifts (Singapore & Macau) - Marina Bay Sands (MBS): Q2 EBITDA $689M; ~$37M lower than rolling hold expectation ($652M). Despite seasonally softer tourism and lower visitation by high-value patrons during the World Cup, mass gaming revenue grew 5% YoY—sign of underlying resilience and elevated structural earnings power post-investments. - Macau: Q2 EBITDA $430M; VIP rolling hold only 1.35%, causing ~$87M negative impact vs expectation ($517M). Management emphasized the quarter is not reflective of true normalized earnings power due to hold/seasonality.

Operational momentum: volumes and share gains are solid, especially in premium/high value segments - Sands China (Macau) gaming volumes: rolling volume +73% YoY, non-rolling drop +15% YoY, slot/ETG handle +30% YoY (suggests strong demand and share capture even amid headwinds). - Revenue growth mix: - Mass GGR +8% YoY for Sands China (~2x the overall Macau market’s ~4% mass growth). - Total GGR +4% YoY for Sands China while Macau market total GGR was flat. - If Macau had held as expected on VIP: Sands China’s total GGR growth would have been 14% YoY. - VIP rolling chip volume share reached 26% (management describes this as market-leading); they attribute gains to the service model + product upgrades, though they lost on luck/hold this quarter.

Target outlook remains unchanged: “$700M quarterly EBITDA” is still the goal for Macau - Management explicitly reiterated the $700M quarterly EBITDA target for Macau (even though this quarter was held down by unusually low hold and seasonality). - They noted typical seasonality (e.g., February is often softest) and highlighted that February/seasonality + June World Cup drove part of the softness. - No guidance, but tone is confident: the plan/process is working and volumes/share are improving; they expect more normalized hold outcomes over time.