LVS CEO exercises 300,000 options, sells shares at ~$59 avg

Rhea-AI Filing Summary

Las Vegas Sands (LVS) reported insider activity by Chairman & CEO Robert G. Goldstein. On 10/27/2025, he exercised options for 300,000 shares of common stock at an exercise price of $34.28, then sold 35,412 shares at a weighted average price of $58.75 and 264,588 shares at a weighted average price of $59.4. Following these sales, his direct common stock holdings were 0 shares.

He reported 129,005 shares held indirectly by The Robert and Sheryl Goldstein Trust. For derivatives, the filing shows 1,700,000 options of the reported award remaining beneficially owned after the transactions, and notes the options exercised on this date were part of grants vesting in three equal annual installments beginning 12/03/2022. The remarks add that Mr. Goldstein holds 4,200,000 vested options and 403,800 unvested restricted stock units.

Insights

Equity compensation and insider-transactions analyst

Form 4 shows option exercise and same-day sell-to-cover at market prices.

The reporting person exercised options for 300,000 shares at an exercise price of $34.28 and sold the resulting shares in two tranches at weighted averages of $58.75 and $59.4 on 10/27/2025. This is a classic exercise-and-sell sequence, often used to monetize vested awards.

Direct common stock holdings moved to 0 shares after the sales, while 129,005 shares remain held indirectly via a trust. The derivative table shows 1,700,000 options remaining for the reported award; the remarks state a broader inventory of 4,200,000 vested options and 403,800 unvested RSUs, indicating substantial outstanding equity incentives.

Because this is routine insider equity activity with no operational changes, the investment thesis impact is neutral. Actual market effect depends on investor interpretation of insider sales and the pace of future equity award exercises disclosed in subsequent filings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Goldstein Robert G

(Last) (First) (Middle)

5420 S. DURANGO DRIVE

(Street)

LAS VEGAS NV 89113

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LAS VEGAS SANDS CORP [ LVS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/27/2025		M		300,000	A	$34.28	300,000	D
Common Stock	10/27/2025		S		35,412	D	$58.75(1)	264,588	D
Common Stock	10/27/2025		S		264,588	D	$59.4(2)	0	D
Common Stock								129,005	I	By The Robert and Sheryl Goldstein Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$34.28	10/27/2025		M			300,000	(3)	12/02/2031	Common Stock	300,000	$0	1,700,000	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $58.20 to $59.19, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $59.20 to $59.66, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

3. These options vested in three equal annual installments beginning on December 3, 2022.

Remarks:

In addition to the options exercised on October 27, 2025, Mr. Goldstein holds options to purchase 4,200,000 shares that are vested and 403,800 restricted stock units that are unvested.

	/s/ Judy Tomkins, Attorney-in-Fact	10/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did LVS Chairman & CEO Robert G. Goldstein report on Form 4?

He exercised options for 300,000 shares at $34.28 and sold the shares at weighted averages of $58.75 and $59.4 on 10/27/2025.

How many LVS shares did Robert G. Goldstein sell and at what prices?

He sold 35,412 shares at a weighted average of $58.75 and 264,588 shares at a weighted average of $59.4.

What are Robert G. Goldstein’s LVS holdings after the transactions?

Direct common stock holdings were 0 shares; he reported 129,005 shares held indirectly by The Robert and Sheryl Goldstein Trust.

How many LVS options remain after the reported transactions?

The filing shows 1,700,000 options of the reported award beneficially owned following the transactions.

What additional equity awards does Robert G. Goldstein hold?

Remarks state he holds 4,200,000 vested options and 403,800 unvested restricted stock units.

When did the exercised LVS options vest?

They vested in three equal annual installments beginning on 12/03/2022.

What is Robert G. Goldstein’s role at LVS?

He is a Director and serves as Chairman & CEO.