EBITDA Performance

Operating highlights focused on Singapore and Macau. Marina Bay Sands generated EBITDA of $689 million, with mass gaming revenues up 5 % YoY to $886 million. Rolling chip win percentage reached 4.7 %, beating analyst expectations of 3.9 %. In Macau, Sands China’s mass gross gaming revenue rose 8 % YoY, outperforming the 4 % market growth, yet EBITDA fell $87 million due to a low VIP rolling hold of 1.35 %. Management reiterated a target of $700 million quarterly EBITDA at Sands China and underscored ongoing multi‑year investment in high‑value segments.