LAS VEGAS SANDS CORP Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||
| Hierarchy Level | |||||||||||||||||
Carrying Amount(1) | Level 1 | Level 2 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Cash deposits | $ | 1,878 | $ | 1,878 | |||||||||||||
Money market funds | $ | 288 | $ | 288 | |||||||||||||
| U.S. Treasury Bills | $ | 218 | $ | 218 | |||||||||||||
Loan Receivable(2) | $ | 1,264 | $ | 1,232 | |||||||||||||
| Liabilities: | |||||||||||||||||
Debt(3)(4) | $ | 15,770 | $ | 15,784 | |||||||||||||
| Other long-term liabilities: | |||||||||||||||||
2024 SCL Swaps(3)(5) | $ | 63 | $ | 63 | |||||||||||||
MBS Net Investment Hedge(3)(6) | $ | 4 | $ | 4 | |||||||||||||
| December 31, 2024 | |||||||||||||||||
| Hierarchy Level | |||||||||||||||||
Carrying Amount(1) | Level 1 | Level 2 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Cash deposits | $ | 2,294 | $ | 2,294 | |||||||||||||
Money market funds | $ | 72 | $ | 72 | |||||||||||||
| U.S. Treasury Bills | $ | 465 | $ | 465 | |||||||||||||
Loan Receivable(2) | $ | 1,264 | $ | 1,192 | |||||||||||||
| Liabilities: | |||||||||||||||||
Other accrued liabilities: | |||||||||||||||||
2021 SCL Swaps(3) | $ | 4 | $ | 4 | |||||||||||||
Debt(3)(4) | $ | 13,689 | $ | 13,353 | |||||||||||||
Other long-term liabilities: | |||||||||||||||||
2024 SCL Swaps(3)(5) | $ | 52 | $ | 52 | |||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 7, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.