LAS VEGAS SANDS CORPLVS
LAS VEGAS SANDS CORP Debt Disclosure
Debt
Debt consists of the following:
Stated Interest Rate(1) | December 31, | ||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| (In millions) | |||||||||||||||||
Corporate and U.S. Related: | |||||||||||||||||
LVSC Senior Notes(2) | |||||||||||||||||
Notes due June 2025 | 2.900 | % | $ | — | $ | 500 | |||||||||||
Notes due August 2026 | 3.500 | % | 1,000 | 1,000 | |||||||||||||
Notes due June 2027 | 5.900 | % | 750 | 750 | |||||||||||||
Notes due June 2028 | 5.625 | % | 1,000 | — | |||||||||||||
Notes due August 2029 | 6.000 | % | 500 | 500 | |||||||||||||
Notes due August 2029 | 3.900 | % | 750 | 750 | |||||||||||||
Notes due June 2030 | 6.000 | % | 500 | — | |||||||||||||
Notes due August 2034 | 6.200 | % | 500 | 500 | |||||||||||||
Finance leases(3) | 121 | 115 | |||||||||||||||
Macao Related: | |||||||||||||||||
SCL Senior Notes(2) | |||||||||||||||||
Notes due August 2025 | 5.125 | % | — | 1,625 | |||||||||||||
Notes due January 2026 | 3.800 | % | 800 | 800 | |||||||||||||
Notes due March 2027 | 2.300 | % | 700 | 700 | |||||||||||||
Notes due August 2028 | 5.400 | % | 1,900 | 1,900 | |||||||||||||
Notes due March 2029 | 2.850 | % | 650 | 650 | |||||||||||||
Notes due June 2030 | 4.375 | % | 700 | 700 | |||||||||||||
Notes due August 2031 | 3.250 | % | 600 | 600 | |||||||||||||
2024 SCL Term Loan Facility(4)(5) | 4.764 | % | 1,614 | — | |||||||||||||
Finance Leases(3) | 35 | 12 | |||||||||||||||
Singapore Related: | |||||||||||||||||
2012 Singapore Term Facility(4) | — | 2,668 | |||||||||||||||
2012 Singapore Delayed Draw Term Facility(4) | — | 46 | |||||||||||||||
2025 Singapore Term Loan Facility(4)(5) | 2.405 | % | 2,875 | — | |||||||||||||
2025 Singapore Delayed Draw Term Loan Facility(4)(5) | 2.405 | % | 931 | — | |||||||||||||
Finance leases(3) | 1 | 1 | |||||||||||||||
Total | 15,927 | 13,817 | |||||||||||||||
Unamortized debt discount and issuance costs(6) | (143) | (65) | |||||||||||||||
Total carrying amount of debt | 15,784 | 13,752 | |||||||||||||||
| Less — current maturities | (1,128) | (3,160) | |||||||||||||||
Total debt | $ | 14,656 | $ | 10,592 | |||||||||||||
____________________
(1)The stated interest rate represents the coupon rate for each of the senior notes. For floating-rate debt, interest rates are the rates in effect as of December 31, 2025; these rates are not necessarily an indication of future interest rates. The effective interest rate for each issuance of debt approximates the stated interest rate.
(2)These notes are senior unsecured obligations with no interim principal payments and interest is payable semi-annually in arrears. None of LVSC’s or SCL’s subsidiaries guarantee the respective notes.
(3)The finance leases range in maturities from 2026 through 2066.
(4)For the 2024 SCL Term Loan Facility and the Singapore credit facilities, interest is payable monthly and quarterly, respectively.
(5)The 2024 SCL Term Loan facility matures in June 2030 and both the 2025 Singapore Term Loan Facility and the 2025 Singapore Delayed Draw Term Loan Facility mature in February 2032.
(6)Unamortized deferred financing costs of $146 million and $76 million as of December 31, 2025 and 2024, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying consolidated balance sheets.
Corporate and U.S. Related Debt
LVSC Senior Notes
Each series of LVSC senior notes ranks equally in right of payment with all of LVSC’s other unsecured and unsubordinated obligations, if any.
In May 2025, in an underwritten public offering, LVSC issued two series of senior unsecured notes in an aggregate principal amount of $1.50 billion, consisting of $1.0 billion of 5.625% Senior Notes due June 15, 2028, and $500 million of 6.000% Senior Notes due June 14, 2030. The net proceeds from the offering were used in June 2025 to redeem in full the outstanding principal amount of the $500 million 2.900% LVSC Senior Notes due June 25, 2025 and any accrued interest, and to pay transaction-related fees and expenses. The remaining proceeds were used for general corporate purposes, including share repurchases.
2024 LVSC Revolving Facility
In April 2024, LVSC entered into a revolving credit agreement (the “2024 LVSC Revolving Credit Agreement”), which provides unsecured, revolving credit commitments to LVSC in an aggregate principal amount of $1.50 billion (the “2024 LVSC Revolving Facility”), until April 3, 2029, and includes a $150 million sub-facility for letters of credit. LVSC may utilize the proceeds of the loans for general corporate purposes and working capital requirements of LVSC and its subsidiaries and any other purpose not prohibited by the 2024 LVSC Revolving Credit Agreement.
The loans made under the 2024 LVSC Revolving Credit Agreement will bear interest at LVSC’s option at either, (x) an adjusted Secured Overnight Financing Rate (“SOFR”), plus an applicable margin ranging from 1.125% to 1.550% per annum, or (y) at an alternate base rate, plus an applicable margin ranging from 0.125% to 0.550% per annum, in each case, depending on LVSC’s corporate family credit rating. Under the 2024 LVSC Revolving Credit Agreement, LVSC must pay a commitment fee quarterly in arrears on the undrawn portion of the revolving commitments, which commitment fee ranges from 0.125% to 0.250% per annum, depending on LVSC’s corporate family credit rating and was 0.200% as of December 31, 2025.
As of December 31, 2025, the Company had $1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.
Macao Related Debt
SCL Senior Notes
Each series of SCL senior notes rank equally in right of payment with all of SCL’s existing and future senior unsecured debt and will rank senior in right of payment to all of SCL’s future subordinated debt, if any. The SCL senior notes will be effectively subordinated in right of payment to all of SCL’s future secured debt (to the extent of the value of the collateral securing such debt) and will be structurally subordinated to all of the liabilities of SCL’s subsidiaries.
Upon the occurrence of certain events described in the SCL senior notes indentures, the interest rate on the SCL senior notes may be adjusted.
During the year ended December 31, 2025, proceeds from the draw down of the 2024 SCL Term Loan Facility and cash on hand, as described below, were used to redeem in full the remaining principal amount of the $1.80 billion 5.125% SCL Senior Notes due August 8, 2025, amounting to $1.63 billion (the “2025 SCL Senior Notes”) and any accrued interest. In January 2026, proceeds from the draw down of the 2024 SCL Revolving Facility and cash on hand, as described below, were used to redeem the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026 (the “2026 SCL Senior Notes”) and any accrued interest. The portion of the 2026 SCL Senior Notes paid using the proceeds from the 2024 SCL Revolving Facility were classified as noncurrent in the accompanying consolidated balance sheets as of December 31, 2025.
2024 SCL Credit Facility
In October 2024, SCL entered into a facility agreement (the “2024 SCL Credit Facility”), which provides for an HKD 19.50 billion (approximately $2.51 billion at exchange rates in effect on December 31, 2025) unsecured revolving credit facility (the “2024 SCL Revolving Facility”). SCL may draw revolving loans under the 2024 SCL Revolving Facility from time to time until September 24, 2029, for general corporate and working capital requirements of SCL and its subsidiaries, subject to certain restrictions set forth in the 2024 SCL Credit Facility. The final maturity date of all loans drawn under the 2024 SCL Revolving Facility is October 23, 2029.
The 2024 SCL Credit Facility also made available an HKD 12.95 billion (approximately $1.66 billion at exchange rates in effect on December 31, 2025) unsecured term loan facility (the “2024 SCL Term Loan Facility”) for the purpose of repaying amounts outstanding under its 2025 SCL Senior Notes. During the year ended December 31, 2025, the Company drew down HKD 12.75 billion (approximately $1.64 billion at exchange rates in effect at the time of the transaction) under the 2024 SCL Term Loan Facility, the proceeds from which together with cash on hand, were used to redeem the 2025 SCL Senior Notes.
Loans under the 2024 SCL Credit Facility will bear interest calculated by reference to the Hong Kong interbank offered rate plus a margin that is, in the case of the 2024 SCL Revolving Facility, determined by reference to the consolidated leverage ratio as defined therein. The initial margin for revolving loans drawn under the 2024 SCL Revolving Facility is 2.50% per annum. The margin for the term loan drawn under the 2024 SCL Term Loan Facility is 1.65% per annum. SCL is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the 2024 SCL Credit Facility and other customary fees.
SCL is required to pay interim quarterly amortization payments of HKD 96 million (approximately $12 million at exchange rates in effect on December 31, 2025) under the 2024 SCL Term Loan Facility.
As of December 31, 2025, the Company had HKD 19.50 billion (approximately $2.51 billion at exchange rates in effect on December 31, 2025) of available borrowing capacity under the 2024 SCL Revolving Facility.
In January 2026, the Company drew down HKD 6.20 billion (approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which, together with cash on hand, were used to redeem the 2026 SCL Senior Notes.
Singapore Related Debt
2012 Singapore Credit Facility
In February 2025, MBS entered into a new credit facility, as further described below, and the 2012 Singapore Credit Facility was terminated using the proceeds from the new credit facility. As a result, the Company recorded a $5 million loss on modification or early retirement of debt during the year ended December 31, 2025.
2025 Singapore Credit Facility
In February 2025, MBS entered into a new facility agreement (the “2025 Singapore Credit Facility”), which provides for an SGD 3.75 billion (approximately $2.92 billion at exchange rates in effect on December 31, 2025) term loan (the “2025 Singapore Term Loan Facility”), an SGD 750 million (approximately $584 million at exchange rates in effect on December 31, 2025) revolving credit facility (the “2025 Singapore Revolving Facility”), part of which may be designated as an ancillary facility, and an SGD 7.50 billion (approximately $5.84 billion at exchange rates in effect on December 31, 2025) term loan facility (the “2025 Singapore Delayed Draw Term Loan Facility,” and together with the 2025 Singapore Term Loan Facility and the 2025 Singapore Revolving Facility, the “Facilities”).
In February 2025, MBS drew the full amount of the 2025 Singapore Term Loan Facility and SGD 62 million (approximately $46 million at exchange rates in effect at the time of the transaction) from the 2025 Singapore Delayed Draw Term Loan Facility and used the proceeds to pay amounts outstanding under the 2012 Singapore Credit Facility. In April 2025, the Company drew down an additional SGD 1.13 billion (approximately $848 million at exchange rates in effect at the time of the payment) from the 2025 Singapore Delayed Draw Term Loan Facility to fund the payment due to the Singapore government, pursuant to the Second Supplemental Agreement, related to the Additional Gaming Area.
The proceeds from the 2025 Singapore Revolving Facility may be used to refinance outstanding indebtedness, pay certain fees, expenses and accrued interest, make dividend payments and for general corporate purposes. The 2025 Singapore Revolving Facility is available to MBS to be drawn until July 28, 2031.
The proceeds from the 2025 Singapore Delayed Draw Term Loan Facility may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. The 2025 Singapore Delayed Draw Term Loan Facility is available to MBS until the earlier of (1) the date which is twelve months after the date on which certain parts of the MBS Expansion Project are issued a temporary occupation permit; (2) the date which MBS and the STB agree as the date that MBS must complete construction of the MBS Expansion Project; or (3) January 29, 2032.
The obligations under the 2025 Singapore Credit Facility are secured by a first-priority security interest in substantially all of MBS’s assets, other than capital stock and similar ownership interests, certain furniture, fixtures, fittings and equipment that are financed by third parties and certain other excluded assets.
Borrowings under the Facilities for outstanding loans will bear interest at the Compounded Singapore Overnight Rate Average, plus a variable margin (the “Margin”), which is determined based on MBS’s consolidated leverage ratio. MBS pays a commitment fee
on all undrawn amounts under the 2025 Singapore Revolving Facility and the 2025 Singapore Delayed Draw Term Loan Facility equal to 35% or 40% of the applicable Margin depending on the percentage utilization of each respective facility, which was 0.48% as of December 31, 2025.
The 2025 Singapore Term Loan Facility, the 2025 Singapore Revolving Facility and the 2025 Singapore Delayed Draw Term Loan Facility mature on February 29, 2032, August 28, 2031, and February 29, 2032, respectively. In relation to the 2025 Singapore Term Loan Facility and the 2025 Singapore Delayed Draw Term Loan Facility, commencing on May 31, 2025 and May 31, 2030, respectively, and at the end of each three-month period thereafter, MBS is required to repay interim quarterly amortization payments equal to a certain percentage (as set forth in the 2025 Singapore Credit Facility agreement) of the outstanding principal amount of such facility. The outstanding aggregate principal balance of each of the Facilities is due in full on the respective maturity dates applicable to such facility.
MBS is required to prepay amounts outstanding under the Facilities with (i) a percentage of the net proceeds from the sale of certain assets outside of the ordinary course of business (subject to a reinvestment right and certain limited exceptions), (ii) the proceeds of new indebtedness other than certain permitted indebtedness and (iii) any net proceeds received in connection with the cancellation, suspension, non-issue, variation or revocation of the MBS gaming license.
As of December 31, 2025, MBS had SGD 588 million (approximately $458 million at exchange rates in effect on December 31, 2025) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $126 million at exchange rates in effect on December 31, 2025).
As of December 31, 2025, SGD 6.30 billion (approximately $4.91 billion at exchange rates in effect on December 31, 2025) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.
Debt Covenant Compliance
The senior notes and LVSC, SCL and Singapore credit facilities generally contain various covenants, including covenants which pertain to leverage ratios and interest coverage ratios. As of December 31, 2025, management believes the Company was in compliance with all debt covenants.
Cash Flows from Financing Activities
Cash flows from financing activities related to debt and finance lease obligations are as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Proceeds from LVSC Senior Notes | $ | 1,499 | $ | 1,748 | $ | — | |||||||||||
Proceeds from 2025 Singapore Credit Facility | 3,645 | — | — | ||||||||||||||
Proceeds from 2024 SCL Term Loan Facility | 1,637 | — | — | ||||||||||||||
| $ | 6,781 | $ | 1,748 | $ | — | ||||||||||||
Repayments on SCL Senior Notes | $ | (1,625) | $ | (174) | $ | — | |||||||||||
Repayments on LVSC Senior Notes | (500) | (1,750) | — | ||||||||||||||
| Repayments on 2012 Singapore Credit Facility | (2,708) | (139) | (62) | ||||||||||||||
| Repayments on 2025 Singapore Credit Facility | (43) | — | — | ||||||||||||||
| Repayments on 2018 SCL Credit Facility | — | — | (1,948) | ||||||||||||||
Repayments on 2024 SCL Term Loan Facility | (25) | — | — | ||||||||||||||
| Repayments on finance leases and other debt | (17) | (11) | (59) | ||||||||||||||
| $ | (4,918) | $ | (2,074) | $ | (2,069) | ||||||||||||
Scheduled Maturities of Debt
Maturities of debt outstanding (excluding finance leases) as of December 31, 2025, are summarized as follows:
Debt | |||||
| (In millions) | |||||
2026(1) | $ | 1,907 | |||
| 2027 | 1,557 | ||||
| 2028 | 3,008 | ||||
| 2029 | 2,007 | ||||
| 2030 | 2,691 | ||||
| Thereafter | 4,600 | ||||
| Total | $ | 15,770 | |||
____________________
(1)The 2026 amount includes $800 million related to the 2026 SCL Senior Notes, which was subsequently paid in January 2026.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.