ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
|
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27-0099920
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
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Large accelerated filer
|
|
ý
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Accelerated filer
|
|
¨
|
|
|
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|||
Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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|
Smaller reporting company
|
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¨
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Class
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|
Outstanding at July 31, 2014
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Common Stock ($0.001 par value)
|
|
805,329,433 shares
|
|
|
|
|
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Item 1.
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||
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||
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||
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||
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||
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||
|
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Item 2.
|
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Item 3.
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Item 4.
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||
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Item 1.
|
||
Item 1A.
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||
Item 2.
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Item 6.
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||
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June 30, 2014
|
|
December 31, 2013
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||||
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(In thousands, except share
and per share data)
(Unaudited)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,292,727
|
|
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$
|
3,600,414
|
|
Restricted cash and cash equivalents
|
6,282
|
|
|
6,839
|
|
||
Accounts receivable, net
|
1,531,555
|
|
|
1,762,110
|
|
||
Inventories
|
43,083
|
|
|
41,946
|
|
||
Prepaid expenses and other
|
104,470
|
|
|
104,230
|
|
||
Total current assets
|
4,978,117
|
|
|
5,515,539
|
|
||
Property and equipment, net
|
15,403,354
|
|
|
15,358,953
|
|
||
Deferred financing costs, net
|
204,096
|
|
|
185,964
|
|
||
Deferred income taxes, net
|
19,614
|
|
|
13,821
|
|
||
Leasehold interests in land, net
|
1,426,812
|
|
|
1,428,819
|
|
||
Intangible assets, net
|
95,002
|
|
|
102,081
|
|
||
Other assets, net
|
122,128
|
|
|
119,087
|
|
||
Total assets
|
$
|
22,249,123
|
|
|
$
|
22,724,264
|
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LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
118,538
|
|
|
$
|
119,194
|
|
Construction payables
|
214,399
|
|
|
241,560
|
|
||
Accrued interest payable
|
1,545
|
|
|
6,551
|
|
||
Other accrued liabilities
|
1,880,173
|
|
|
2,194,866
|
|
||
Deferred income taxes
|
16,678
|
|
|
13,309
|
|
||
Income taxes payable
|
191,073
|
|
|
176,678
|
|
||
Current maturities of long-term debt
|
435,794
|
|
|
377,507
|
|
||
Total current liabilities
|
2,858,200
|
|
|
3,129,665
|
|
||
Other long-term liabilities
|
116,223
|
|
|
112,195
|
|
||
Deferred income taxes
|
169,371
|
|
|
173,211
|
|
||
Deferred proceeds from sale of The Shoppes at The Palazzo
|
268,624
|
|
|
268,541
|
|
||
Deferred gain on sale of The Grand Canal Shoppes
|
38,762
|
|
|
40,416
|
|
||
Deferred rent from mall sale transactions
|
116,215
|
|
|
116,955
|
|
||
Long-term debt
|
9,943,170
|
|
|
9,382,752
|
|
||
Total liabilities
|
13,510,565
|
|
|
13,223,735
|
|
||
Commitments and contingencies (Note 9)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 829,034,614 and 827,273,217 shares issued, 806,261,255 and 818,702,936 shares outstanding
|
829
|
|
|
827
|
|
||
Treasury stock, at cost, 22,773,359 and 8,570,281 shares
|
(1,700,565
|
)
|
|
(570,520
|
)
|
||
Capital in excess of par value
|
6,416,298
|
|
|
6,348,065
|
|
||
Accumulated other comprehensive income
|
207,321
|
|
|
173,783
|
|
||
Retained earnings
|
2,351,879
|
|
|
1,713,339
|
|
||
Total Las Vegas Sands Corp. stockholders’ equity
|
7,275,762
|
|
|
7,665,494
|
|
||
Noncontrolling interests
|
1,462,796
|
|
|
1,835,035
|
|
||
Total equity
|
8,738,558
|
|
|
9,500,529
|
|
||
Total liabilities and equity
|
$
|
22,249,123
|
|
|
$
|
22,724,264
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
(In thousands, except share and per share data)
(Unaudited)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Casino
|
$
|
3,012,810
|
|
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$
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2,674,129
|
|
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$
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6,384,875
|
|
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$
|
5,410,183
|
|
Rooms
|
375,116
|
|
|
324,629
|
|
|
775,338
|
|
|
649,645
|
|
||||
Food and beverage
|
194,196
|
|
|
174,772
|
|
|
396,983
|
|
|
360,101
|
|
||||
Mall
|
119,073
|
|
|
107,993
|
|
|
228,104
|
|
|
193,454
|
|
||||
Convention, retail and other
|
125,829
|
|
|
123,050
|
|
|
263,205
|
|
|
249,111
|
|
||||
|
3,827,024
|
|
|
3,404,573
|
|
|
8,048,505
|
|
|
6,862,494
|
|
||||
Less — promotional allowances
|
(202,674
|
)
|
|
(161,632
|
)
|
|
(413,771
|
)
|
|
(316,834
|
)
|
||||
Net revenues
|
3,624,350
|
|
|
3,242,941
|
|
|
7,634,734
|
|
|
6,545,660
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Casino
|
1,690,237
|
|
|
1,519,721
|
|
|
3,557,849
|
|
|
3,046,000
|
|
||||
Rooms
|
64,118
|
|
|
65,685
|
|
|
128,381
|
|
|
134,375
|
|
||||
Food and beverage
|
95,828
|
|
|
89,294
|
|
|
195,997
|
|
|
186,025
|
|
||||
Mall
|
17,709
|
|
|
18,147
|
|
|
35,072
|
|
|
35,405
|
|
||||
Convention, retail and other
|
74,664
|
|
|
80,094
|
|
|
165,132
|
|
|
158,943
|
|
||||
Provision for doubtful accounts
|
49,669
|
|
|
62,058
|
|
|
111,587
|
|
|
126,737
|
|
||||
General and administrative
|
327,532
|
|
|
307,869
|
|
|
664,031
|
|
|
598,283
|
|
||||
Corporate
|
45,123
|
|
|
46,481
|
|
|
95,800
|
|
|
102,753
|
|
||||
Pre-opening
|
16,141
|
|
|
1,031
|
|
|
20,441
|
|
|
7,868
|
|
||||
Development
|
4,217
|
|
|
6,002
|
|
|
5,909
|
|
|
11,353
|
|
||||
Depreciation and amortization
|
264,016
|
|
|
251,048
|
|
|
525,063
|
|
|
503,605
|
|
||||
Amortization of leasehold interests in land
|
10,040
|
|
|
10,108
|
|
|
20,066
|
|
|
20,275
|
|
||||
Loss on disposal of assets
|
3,596
|
|
|
4,762
|
|
|
4,121
|
|
|
6,694
|
|
||||
|
2,662,890
|
|
|
2,462,300
|
|
|
5,529,449
|
|
|
4,938,316
|
|
||||
Operating income
|
961,460
|
|
|
780,641
|
|
|
2,105,285
|
|
|
1,607,344
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
5,697
|
|
|
3,236
|
|
|
11,500
|
|
|
7,029
|
|
||||
Interest expense, net of amounts capitalized
|
(69,590
|
)
|
|
(68,376
|
)
|
|
(140,716
|
)
|
|
(137,208
|
)
|
||||
Other income (expense)
|
2,194
|
|
|
3,893
|
|
|
(2,463
|
)
|
|
1,785
|
|
||||
Loss on modification or early retirement of debt
|
—
|
|
|
—
|
|
|
(17,964
|
)
|
|
—
|
|
||||
Income before income taxes
|
899,761
|
|
|
719,394
|
|
|
1,955,642
|
|
|
1,478,950
|
|
||||
Income tax expense
|
(46,917
|
)
|
|
(47,721
|
)
|
|
(106,070
|
)
|
|
(103,303
|
)
|
||||
Net income
|
852,844
|
|
|
671,673
|
|
|
1,849,572
|
|
|
1,375,647
|
|
||||
Net income attributable to noncontrolling interests
|
(181,410
|
)
|
|
(141,920
|
)
|
|
(401,953
|
)
|
|
(273,933
|
)
|
||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
671,434
|
|
|
$
|
529,753
|
|
|
$
|
1,447,619
|
|
|
$
|
1,101,714
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.83
|
|
|
$
|
0.64
|
|
|
$
|
1.79
|
|
|
$
|
1.34
|
|
Diluted
|
$
|
0.83
|
|
|
$
|
0.64
|
|
|
$
|
1.78
|
|
|
$
|
1.33
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
807,038,086
|
|
|
823,974,421
|
|
|
810,881,047
|
|
|
823,671,664
|
|
||||
Diluted
|
809,224,051
|
|
|
827,901,261
|
|
|
813,304,140
|
|
|
827,701,270
|
|
||||
Dividends declared per common share
|
$
|
0.50
|
|
|
$
|
0.35
|
|
|
$
|
1.00
|
|
|
$
|
0.70
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
(In thousands)
(Unaudited)
|
||||||||||||||
Net income
|
$
|
852,844
|
|
|
$
|
671,673
|
|
|
$
|
1,849,572
|
|
|
$
|
1,375,647
|
|
Currency translation adjustment, before and after tax
|
23,975
|
|
|
(41,081
|
)
|
|
34,198
|
|
|
(89,537
|
)
|
||||
Total comprehensive income
|
876,819
|
|
|
630,592
|
|
|
1,883,770
|
|
|
1,286,110
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(182,695
|
)
|
|
(143,034
|
)
|
|
(402,613
|
)
|
|
(272,367
|
)
|
||||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$
|
694,124
|
|
|
$
|
487,558
|
|
|
$
|
1,481,157
|
|
|
$
|
1,013,743
|
|
|
Las Vegas Sands Corp. Stockholders’ Equity
|
|
|
|
|
||||||||||||||||||||||
|
Common
Stock
|
|
Treasury
Stock |
|
Capital in
Excess of
Par Value
|
|
Accumulated
Other
Comprehensive
Income
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||
|
(In thousands)
(Unaudited)
|
||||||||||||||||||||||||||
Balance at January 1, 2013
|
$
|
824
|
|
|
$
|
—
|
|
|
$
|
6,237,488
|
|
|
$
|
263,078
|
|
|
$
|
560,452
|
|
|
$
|
1,596,570
|
|
|
$
|
8,658,412
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,101,714
|
|
|
273,933
|
|
|
1,375,647
|
|
|||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(87,971
|
)
|
|
—
|
|
|
(1,566
|
)
|
|
(89,537
|
)
|
|||||||
Exercise of stock options
|
1
|
|
|
—
|
|
|
20,453
|
|
|
—
|
|
|
—
|
|
|
2,381
|
|
|
22,835
|
|
|||||||
Tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
3,107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,107
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
25,176
|
|
|
—
|
|
|
—
|
|
|
1,696
|
|
|
26,872
|
|
|||||||
Repurchase of common stock
|
—
|
|
|
(46,562
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,562
|
)
|
|||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(577,655
|
)
|
|
(411,359
|
)
|
|
(989,014
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,713
|
)
|
|
(4,713
|
)
|
|||||||
Balance at June 30, 2013
|
$
|
825
|
|
|
$
|
(46,562
|
)
|
|
$
|
6,286,224
|
|
|
$
|
175,107
|
|
|
$
|
1,084,511
|
|
|
$
|
1,456,942
|
|
|
$
|
8,957,047
|
|
Balance at January 1, 2014
|
$
|
827
|
|
|
$
|
(570,520
|
)
|
|
$
|
6,348,065
|
|
|
$
|
173,783
|
|
|
$
|
1,713,339
|
|
|
$
|
1,835,035
|
|
|
$
|
9,500,529
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,447,619
|
|
|
401,953
|
|
|
1,849,572
|
|
|||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
33,538
|
|
|
—
|
|
|
660
|
|
|
34,198
|
|
|||||||
Exercise of stock options
|
2
|
|
|
—
|
|
|
41,287
|
|
|
—
|
|
|
—
|
|
|
3,829
|
|
|
45,118
|
|
|||||||
Tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
2,755
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,755
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
24,191
|
|
|
—
|
|
|
—
|
|
|
3,107
|
|
|
27,298
|
|
|||||||
Repurchase of common stock
|
—
|
|
|
(1,130,045
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,130,045
|
)
|
|||||||
Disposition of interest in majority owned subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(487
|
)
|
|
(487
|
)
|
|||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(809,079
|
)
|
|
(776,570
|
)
|
|
(1,585,649
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,731
|
)
|
|
(4,731
|
)
|
|||||||
Balance at June 30, 2014
|
$
|
829
|
|
|
$
|
(1,700,565
|
)
|
|
$
|
6,416,298
|
|
|
$
|
207,321
|
|
|
$
|
2,351,879
|
|
|
$
|
1,462,796
|
|
|
$
|
8,738,558
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
1,849,572
|
|
|
$
|
1,375,647
|
|
Adjustments to reconcile net income to net cash generated from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
525,063
|
|
|
503,605
|
|
||
Amortization of leasehold interests in land
|
20,066
|
|
|
20,275
|
|
||
Amortization of deferred financing costs and original issue discount
|
27,629
|
|
|
28,241
|
|
||
Amortization of deferred gain on and rent from mall sale transactions
|
(2,394
|
)
|
|
(2,472
|
)
|
||
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo
|
491
|
|
|
684
|
|
||
Non-cash loss on modification or early retirement of debt
|
13,467
|
|
|
—
|
|
||
Loss on disposal of assets
|
4,121
|
|
|
6,694
|
|
||
Stock-based compensation expense
|
26,183
|
|
|
26,508
|
|
||
Provision for doubtful accounts
|
111,587
|
|
|
126,737
|
|
||
Foreign exchange (gain) loss
|
4,779
|
|
|
(9,966
|
)
|
||
Excess tax benefits from stock-based compensation
|
(2,755
|
)
|
|
(3,107
|
)
|
||
Deferred income taxes
|
(12,224
|
)
|
|
(5,307
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
129,067
|
|
|
(139,154
|
)
|
||
Inventories
|
(1,022
|
)
|
|
2,375
|
|
||
Prepaid expenses and other
|
(2,341
|
)
|
|
4,955
|
|
||
Leasehold interests in land
|
(3,419
|
)
|
|
(25,387
|
)
|
||
Accounts payable
|
(1,074
|
)
|
|
15,611
|
|
||
Accrued interest payable
|
(5,037
|
)
|
|
(3,623
|
)
|
||
Income taxes payable
|
14,229
|
|
|
15,903
|
|
||
Other accrued liabilities
|
(305,144
|
)
|
|
85,988
|
|
||
Net cash generated from operating activities
|
2,390,844
|
|
|
2,024,207
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Change in restricted cash and cash equivalents
|
559
|
|
|
(532
|
)
|
||
Capital expenditures
|
(526,838
|
)
|
|
(394,015
|
)
|
||
Proceeds from disposal of property and equipment
|
1,106
|
|
|
1,716
|
|
||
Acquisition of intangible assets
|
—
|
|
|
(45,857
|
)
|
||
Net cash used in investing activities
|
(525,173
|
)
|
|
(438,688
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
45,118
|
|
|
22,835
|
|
||
Excess tax benefits from stock-based compensation
|
2,755
|
|
|
3,107
|
|
||
Repurchase of common stock
|
(1,139,415
|
)
|
|
—
|
|
||
Dividends paid
|
(1,585,655
|
)
|
|
(988,898
|
)
|
||
Distributions to noncontrolling interests
|
(4,731
|
)
|
|
(4,713
|
)
|
||
Proceeds from long-term debt (Note 3)
|
1,857,725
|
|
|
80,496
|
|
||
Repayments on long-term debt (Note 3)
|
(1,296,058
|
)
|
|
(688,431
|
)
|
||
Payments of deferred financing costs
|
(57,244
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(2,177,505
|
)
|
|
(1,575,604
|
)
|
||
Effect of exchange rate on cash
|
4,147
|
|
|
(8,540
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
(307,687
|
)
|
|
1,375
|
|
||
Cash and cash equivalents at beginning of period
|
3,600,414
|
|
|
2,512,766
|
|
||
Cash and cash equivalents at end of period
|
$
|
3,292,727
|
|
|
$
|
2,514,141
|
|
|
|
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
(Unaudited) |
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash payments for interest, net of amounts capitalized
|
$
|
110,499
|
|
|
$
|
105,294
|
|
Cash payments for taxes, net of refunds
|
$
|
102,387
|
|
|
$
|
96,257
|
|
Change in construction payables
|
$
|
(27,161
|
)
|
|
$
|
(57,711
|
)
|
Non-cash investing and financing activities:
|
|
|
|
||||
Capitalized stock-based compensation costs
|
$
|
1,115
|
|
|
$
|
364
|
|
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities
|
$
|
(6
|
)
|
|
$
|
116
|
|
Property and equipment acquired under capital lease
|
$
|
—
|
|
|
$
|
2,668
|
|
Disposition of interest in minority owned subsidiary
|
$
|
487
|
|
|
$
|
—
|
|
Change in common stock repurchase payable included in other accrued liabilities
|
$
|
(9,370
|
)
|
|
$
|
46,562
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||
Land and improvements
|
$
|
554,140
|
|
|
$
|
553,561
|
|
Building and improvements
|
15,356,228
|
|
|
15,226,566
|
|
||
Furniture, fixtures, equipment and leasehold improvements
|
2,932,600
|
|
|
2,849,502
|
|
||
Transportation
|
445,972
|
|
|
439,976
|
|
||
Construction in progress
|
1,457,184
|
|
|
1,150,349
|
|
||
|
20,746,124
|
|
|
20,219,954
|
|
||
Less — accumulated depreciation and amortization
|
(5,342,770
|
)
|
|
(4,861,001
|
)
|
||
|
$
|
15,403,354
|
|
|
$
|
15,358,953
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||
The Parisian Macao
|
$
|
509,818
|
|
|
$
|
318,914
|
|
Four Seasons Macao (principally the Four Seasons Apartments)
|
417,554
|
|
|
394,404
|
|
||
Sands Cotai Central
|
199,303
|
|
|
111,704
|
|
||
Other
|
330,509
|
|
|
325,327
|
|
||
|
$
|
1,457,184
|
|
|
$
|
1,150,349
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||
Corporate and U.S. Related:
|
|
|
|
||||
2013 U.S. Credit Facility — Term B (net of original issue discount of $10,446 and $11,250, respectively)
|
$
|
2,228,304
|
|
|
$
|
2,238,750
|
|
2013 U.S. Credit Facility — Revolving
|
1,168,000
|
|
|
590,000
|
|
||
Airplane Financings
|
65,515
|
|
|
67,359
|
|
||
HVAC Equipment Lease
|
17,352
|
|
|
18,140
|
|
||
Other
|
847
|
|
|
2,335
|
|
||
Macao Related:
|
|
|
|
||||
2011 VML Credit Facility — Extended Term A
|
2,389,455
|
|
|
—
|
|
||
2011 VML Credit Facility — Term A
|
—
|
|
|
3,208,869
|
|
||
2011 VML Credit Facility — Extended Revolving
|
820,430
|
|
|
—
|
|
||
Other
|
6,899
|
|
|
7,910
|
|
||
Singapore Related:
|
|
|
|
||||
2012 Singapore Credit Facility — Term
|
3,682,162
|
|
|
3,626,896
|
|
||
|
10,378,964
|
|
|
9,760,259
|
|
||
Less — current maturities
|
(435,794
|
)
|
|
(377,507
|
)
|
||
Total long-term debt
|
$
|
9,943,170
|
|
|
$
|
9,382,752
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
Proceeds from 2013 U.S. Credit Facility
|
$
|
1,038,000
|
|
|
$
|
—
|
|
Proceeds from 2011 VML Credit Facility
|
819,725
|
|
|
—
|
|
||
Proceeds from 2012 Singapore Credit Facility
|
—
|
|
|
80,496
|
|
||
|
$
|
1,857,725
|
|
|
$
|
80,496
|
|
|
|
|
|
||||
Repayments on 2011 VML Credit Facility
|
$
|
(819,680
|
)
|
|
$
|
—
|
|
Repayments on 2013 U.S. Credit Facility
|
(471,250
|
)
|
|
—
|
|
||
Repayments on 2012 Singapore Credit Facility
|
—
|
|
|
(406,870
|
)
|
||
Repayments on Senior Secured Credit Facility
|
—
|
|
|
(276,479
|
)
|
||
Repayments on Airplane Financings
|
(1,844
|
)
|
|
(1,844
|
)
|
||
Repayments on HVAC Equipment Lease and Other Long-Term Debt
|
(3,284
|
)
|
|
(3,238
|
)
|
||
|
$
|
(1,296,058
|
)
|
|
$
|
(688,431
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)
|
807,038,086
|
|
|
823,974,421
|
|
|
810,881,047
|
|
|
823,671,664
|
|
Potential dilution from stock options, warrants and restricted stock and stock units
|
2,185,965
|
|
|
3,926,840
|
|
|
2,423,093
|
|
|
4,029,606
|
|
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)
|
809,224,051
|
|
|
827,901,261
|
|
|
813,304,140
|
|
|
827,701,270
|
|
Antidilutive stock options excluded from the calculation of diluted earnings per share
|
1,441,300
|
|
|
4,554,859
|
|
|
1,441,300
|
|
|
4,544,859
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Compensation expense:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
$
|
4,520
|
|
|
$
|
7,057
|
|
|
$
|
13,350
|
|
|
$
|
16,090
|
|
Restricted stock and stock units
|
5,561
|
|
|
4,834
|
|
|
12,833
|
|
|
10,418
|
|
||||
|
$
|
10,081
|
|
|
$
|
11,891
|
|
|
$
|
26,183
|
|
|
$
|
26,508
|
|
Compensation cost capitalized as part of property and equipment
|
$
|
125
|
|
|
$
|
92
|
|
|
$
|
1,115
|
|
|
$
|
364
|
|
LVSC 2004 Plan:
|
|
|
|
|
|
|
|
||||||||
Stock options granted
|
4
|
|
|
160
|
|
|
59
|
|
|
218
|
|
||||
Weighted average grant date fair value
|
$
|
26.77
|
|
|
$
|
36.19
|
|
|
$
|
32.68
|
|
|
$
|
35.01
|
|
Restricted stock granted
|
7
|
|
|
25
|
|
|
31
|
|
|
43
|
|
||||
Weighted average grant date fair value
|
$
|
76.18
|
|
|
$
|
56.98
|
|
|
$
|
75.46
|
|
|
$
|
54.55
|
|
Restricted stock units granted
|
6
|
|
|
26
|
|
|
6
|
|
|
34
|
|
||||
Weighted average grant date fair value
|
$
|
73.68
|
|
|
$
|
57.28
|
|
|
$
|
73.68
|
|
|
$
|
56.14
|
|
SCL Equity Plan:
|
|
|
|
|
|
|
|
||||||||
Stock options granted
|
4,348
|
|
|
1,242
|
|
|
10,189
|
|
|
2,729
|
|
||||
Weighted average grant date fair value
|
$
|
3.33
|
|
|
$
|
2.41
|
|
|
$
|
3.52
|
|
|
$
|
2.29
|
|
Restricted stock units granted
|
—
|
|
|
1,000
|
|
|
189
|
|
|
1,000
|
|
||||
Weighted average grant date fair value
|
$
|
—
|
|
|
$
|
5.26
|
|
|
$
|
7.37
|
|
|
$
|
5.26
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
LVSC 2004 Plan:
|
|
|
|
|
|
|
|
||||
Weighted average volatility
|
46.2
|
%
|
|
94.8
|
%
|
|
59.5
|
%
|
|
94.8
|
%
|
Expected term (in years)
|
6.0
|
|
|
5.5
|
|
|
5.5
|
|
|
5.5
|
|
Risk-free rate
|
1.6
|
%
|
|
1.3
|
%
|
|
1.7
|
%
|
|
1.2
|
%
|
Expected dividends
|
2.6
|
%
|
|
2.5
|
%
|
|
2.7
|
%
|
|
2.5
|
%
|
SCL Equity Plan:
|
|
|
|
|
|
|
|
||||
Weighted average volatility
|
65.3
|
%
|
|
68.1
|
%
|
|
65.5
|
%
|
|
68.2
|
%
|
Expected term (in years)
|
6.3
|
|
|
6.3
|
|
|
6.3
|
|
|
6.3
|
|
Risk-free rate
|
1.4
|
%
|
|
0.4
|
%
|
|
1.3
|
%
|
|
0.4
|
%
|
Expected dividends
|
3.1
|
%
|
|
3.3
|
%
|
|
3.0
|
%
|
|
3.4
|
%
|
(1)
|
The Company has short-term investments classified as cash equivalents as the original maturities are
less than 90 days
.
|
(2)
|
As of
June 30, 2014
and
December 31, 2013
, the Company had
15
and
22
interest rate cap agreements, respectively, with an aggregate fair value of approximately
$0.1 million
and
$0.2 million
, respectively, based on quoted market values from the institutions holding the agreements.
|
•
|
do not have a material impact on the financial statements of the Company;
|
•
|
do not warrant any restatement of the Company’s past financial statements; and
|
•
|
do not represent a material weakness in the Company’s internal controls over financial reporting as of
June 30, 2014
.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net Revenues:
|
|
|
|
|
|
|
|
||||||||
Macao:
|
|
|
|
|
|
|
|
||||||||
The Venetian Macao
|
$
|
1,032,746
|
|
|
$
|
894,706
|
|
|
$
|
2,217,337
|
|
|
$
|
1,766,918
|
|
Sands Cotai Central
|
784,776
|
|
|
584,002
|
|
|
1,612,359
|
|
|
1,171,181
|
|
||||
Four Seasons Macao
|
228,492
|
|
|
274,089
|
|
|
598,508
|
|
|
497,309
|
|
||||
Sands Macao
|
312,842
|
|
|
294,667
|
|
|
626,803
|
|
|
604,940
|
|
||||
Other Asia
|
36,686
|
|
|
36,408
|
|
|
71,847
|
|
|
70,281
|
|
||||
|
2,395,542
|
|
|
2,083,872
|
|
|
5,126,854
|
|
|
4,110,629
|
|
||||
Marina Bay Sands
|
804,690
|
|
|
739,490
|
|
|
1,640,113
|
|
|
1,534,354
|
|
||||
United States:
|
|
|
|
|
|
|
|
||||||||
Las Vegas Operating Properties
|
353,075
|
|
|
345,730
|
|
|
735,733
|
|
|
757,271
|
|
||||
Sands Bethlehem
|
126,123
|
|
|
126,759
|
|
|
243,306
|
|
|
249,675
|
|
||||
|
479,198
|
|
|
472,489
|
|
|
979,039
|
|
|
1,006,946
|
|
||||
Intersegment eliminations
|
(55,080
|
)
|
|
(52,910
|
)
|
|
(111,272
|
)
|
|
(106,269
|
)
|
||||
Total net revenues
|
$
|
3,624,350
|
|
|
$
|
3,242,941
|
|
|
$
|
7,634,734
|
|
|
$
|
6,545,660
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Adjusted Property EBITDA
(1)
|
|
|
|
|
|
|
|
||||||||
Macao:
|
|
|
|
|
|
|
|
||||||||
The Venetian Macao
|
$
|
402,057
|
|
|
$
|
360,864
|
|
|
$
|
872,141
|
|
|
$
|
709,346
|
|
Sands Cotai Central
|
248,973
|
|
|
146,147
|
|
|
514,179
|
|
|
277,668
|
|
||||
Four Seasons Macao
|
67,954
|
|
|
61,809
|
|
|
180,995
|
|
|
115,361
|
|
||||
Sands Macao
|
82,319
|
|
|
88,338
|
|
|
173,757
|
|
|
184,940
|
|
||||
Other Asia
|
(468
|
)
|
|
(2,135
|
)
|
|
(1,882
|
)
|
|
(5,724
|
)
|
||||
|
800,835
|
|
|
655,023
|
|
|
1,739,190
|
|
|
1,281,591
|
|
||||
Marina Bay Sands
|
417,778
|
|
|
355,349
|
|
|
852,939
|
|
|
752,130
|
|
||||
United States:
|
|
|
|
|
|
|
|
||||||||
Las Vegas Operating Properties
|
66,115
|
|
|
62,969
|
|
|
145,767
|
|
|
176,397
|
|
||||
Sands Bethlehem
|
27,915
|
|
|
33,579
|
|
|
54,446
|
|
|
63,435
|
|
||||
|
94,030
|
|
|
96,548
|
|
|
200,213
|
|
|
239,832
|
|
||||
Total adjusted property EBITDA
|
1,312,643
|
|
|
1,106,920
|
|
|
2,792,342
|
|
|
2,273,553
|
|
||||
Other Operating Costs and Expenses
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation
|
(8,050
|
)
|
|
(6,847
|
)
|
|
(15,657
|
)
|
|
(13,661
|
)
|
||||
Corporate
|
(45,123
|
)
|
|
(46,481
|
)
|
|
(95,800
|
)
|
|
(102,753
|
)
|
||||
Pre-opening
|
(16,141
|
)
|
|
(1,031
|
)
|
|
(20,441
|
)
|
|
(7,868
|
)
|
||||
Development
|
(4,217
|
)
|
|
(6,002
|
)
|
|
(5,909
|
)
|
|
(11,353
|
)
|
||||
Depreciation and amortization
|
(264,016
|
)
|
|
(251,048
|
)
|
|
(525,063
|
)
|
|
(503,605
|
)
|
||||
Amortization of leasehold interests in land
|
(10,040
|
)
|
|
(10,108
|
)
|
|
(20,066
|
)
|
|
(20,275
|
)
|
||||
Loss on disposal of assets
|
(3,596
|
)
|
|
(4,762
|
)
|
|
(4,121
|
)
|
|
(6,694
|
)
|
||||
Operating income
|
961,460
|
|
|
780,641
|
|
|
2,105,285
|
|
|
1,607,344
|
|
||||
Other Non-Operating Costs and Expenses
|
|
|
|
|
|
|
|
||||||||
Interest income
|
5,697
|
|
|
3,236
|
|
|
11,500
|
|
|
7,029
|
|
||||
Interest expense, net of amounts capitalized
|
(69,590
|
)
|
|
(68,376
|
)
|
|
(140,716
|
)
|
|
(137,208
|
)
|
||||
Other income (expense)
|
2,194
|
|
|
3,893
|
|
|
(2,463
|
)
|
|
1,785
|
|
||||
Loss on modification or early retirement of debt
|
—
|
|
|
—
|
|
|
(17,964
|
)
|
|
—
|
|
||||
Income tax expense
|
(46,917
|
)
|
|
(47,721
|
)
|
|
(106,070
|
)
|
|
(103,303
|
)
|
||||
Net income
|
$
|
852,844
|
|
|
$
|
671,673
|
|
|
$
|
1,849,572
|
|
|
$
|
1,375,647
|
|
(1)
|
Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Intersegment Revenues
|
|
|
|
|
|
|
|
||||||||
Macao:
|
|
|
|
|
|
|
|
||||||||
The Venetian Macao
|
$
|
1,261
|
|
|
$
|
1,414
|
|
|
$
|
2,388
|
|
|
$
|
2,488
|
|
Sands Cotai Central
|
77
|
|
|
89
|
|
|
146
|
|
|
178
|
|
||||
Other Asia
|
10,573
|
|
|
9,607
|
|
|
20,439
|
|
|
18,861
|
|
||||
|
11,911
|
|
|
11,110
|
|
|
22,973
|
|
|
21,527
|
|
||||
Marina Bay Sands
|
3,146
|
|
|
2,344
|
|
|
6,020
|
|
|
4,752
|
|
||||
Las Vegas Operating Properties
|
40,023
|
|
|
39,456
|
|
|
82,279
|
|
|
79,990
|
|
||||
Total intersegment revenues
|
$
|
55,080
|
|
|
$
|
52,910
|
|
|
$
|
111,272
|
|
|
$
|
106,269
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
Capital Expenditures
|
|
|
|
||||
Corporate and Other
|
$
|
19,670
|
|
|
$
|
21,646
|
|
Macao:
|
|
|
|
||||
The Venetian Macao
|
44,103
|
|
|
44,091
|
|
||
Sands Cotai Central
|
156,725
|
|
|
124,841
|
|
||
Four Seasons Macao
|
21,850
|
|
|
5,668
|
|
||
Sands Macao
|
14,787
|
|
|
9,740
|
|
||
Other Asia
|
1,116
|
|
|
217
|
|
||
The Parisian Macao
|
192,648
|
|
|
59,342
|
|
||
|
431,229
|
|
|
243,899
|
|
||
Marina Bay Sands
|
30,677
|
|
|
96,974
|
|
||
United States:
|
|
|
|
||||
Las Vegas Operating Properties
|
40,320
|
|
|
27,339
|
|
||
Sands Bethlehem
|
4,942
|
|
|
4,157
|
|
||
|
45,262
|
|
|
31,496
|
|
||
Total capital expenditures
|
$
|
526,838
|
|
|
$
|
394,015
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||
Total Assets
|
|
|
|
||||
Corporate and Other
|
$
|
1,364,512
|
|
|
$
|
630,673
|
|
Macao:
|
|
|
|
||||
The Venetian Macao
|
3,206,076
|
|
|
4,367,533
|
|
||
Sands Cotai Central
|
4,389,315
|
|
|
4,669,358
|
|
||
Four Seasons Macao
|
1,134,407
|
|
|
1,273,654
|
|
||
Sands Macao
|
418,746
|
|
|
383,444
|
|
||
Other Asia
|
313,892
|
|
|
328,332
|
|
||
The Parisian Macao
|
566,324
|
|
|
376,014
|
|
||
Other Development Projects
|
131
|
|
|
169
|
|
||
|
10,028,891
|
|
|
11,398,504
|
|
||
Marina Bay Sands
|
6,561,528
|
|
|
6,354,231
|
|
||
United States:
|
|
|
|
||||
Las Vegas Operating Properties
|
3,623,087
|
|
|
3,653,127
|
|
||
Sands Bethlehem
|
671,105
|
|
|
687,729
|
|
||
|
4,294,192
|
|
|
4,340,856
|
|
||
Total assets
|
$
|
22,249,123
|
|
|
$
|
22,724,264
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||
Total Long-Lived Assets
|
|
|
|
||||
Corporate and Other
|
$
|
389,329
|
|
|
$
|
388,448
|
|
Macao:
|
|
|
|
||||
The Venetian Macao
|
1,885,575
|
|
|
1,925,040
|
|
||
Sands Cotai Central
|
3,769,789
|
|
|
3,772,095
|
|
||
Four Seasons Macao
|
934,975
|
|
|
928,396
|
|
||
Sands Macao
|
278,961
|
|
|
279,395
|
|
||
Other Asia
|
182,741
|
|
|
189,136
|
|
||
The Parisian Macao
|
565,935
|
|
|
376,014
|
|
||
|
7,617,976
|
|
|
7,470,076
|
|
||
Marina Bay Sands
|
5,234,747
|
|
|
5,277,126
|
|
||
United States:
|
|
|
|
||||
Las Vegas Operating Properties
|
3,022,968
|
|
|
3,073,793
|
|
||
Sands Bethlehem
|
565,146
|
|
|
578,329
|
|
||
|
3,588,114
|
|
|
3,652,122
|
|
||
Total long-lived assets
|
$
|
16,830,166
|
|
|
$
|
16,787,772
|
|
|
LVSC
(Non-Guarantor
Parent)
|
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Cash and cash equivalents
|
$
|
216,527
|
|
|
$
|
345,536
|
|
|
$
|
2,730,664
|
|
|
$
|
—
|
|
|
$
|
3,292,727
|
|
Restricted cash and cash equivalents
|
—
|
|
|
—
|
|
|
6,282
|
|
|
—
|
|
|
6,282
|
|
|||||
Intercompany receivables
|
339,187
|
|
|
243,099
|
|
|
—
|
|
|
(582,286
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
—
|
|
|
—
|
|
|
254,094
|
|
|
(254,094
|
)
|
|
—
|
|
|||||
Accounts receivable, net
|
4,753
|
|
|
269,113
|
|
|
1,257,689
|
|
|
—
|
|
|
1,531,555
|
|
|||||
Inventories
|
5,910
|
|
|
11,953
|
|
|
25,220
|
|
|
—
|
|
|
43,083
|
|
|||||
Deferred income taxes, net
|
9,489
|
|
|
32,627
|
|
|
162
|
|
|
(42,278
|
)
|
|
—
|
|
|||||
Prepaid expenses and other
|
34,220
|
|
|
12,532
|
|
|
72,568
|
|
|
(14,850
|
)
|
|
104,470
|
|
|||||
Total current assets
|
610,086
|
|
|
914,860
|
|
|
4,346,679
|
|
|
(893,508
|
)
|
|
4,978,117
|
|
|||||
Property and equipment, net
|
159,380
|
|
|
3,011,426
|
|
|
12,232,548
|
|
|
—
|
|
|
15,403,354
|
|
|||||
Investments in subsidiaries
|
6,900,534
|
|
|
5,928,181
|
|
|
—
|
|
|
(12,828,715
|
)
|
|
—
|
|
|||||
Deferred financing costs, net
|
151
|
|
|
27,945
|
|
|
176,000
|
|
|
—
|
|
|
204,096
|
|
|||||
Intercompany receivables
|
243
|
|
|
38,763
|
|
|
—
|
|
|
(39,006
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
—
|
|
|
1,162,723
|
|
|
—
|
|
|
(1,162,723
|
)
|
|
—
|
|
|||||
Deferred income taxes, net
|
—
|
|
|
—
|
|
|
93,046
|
|
|
(73,432
|
)
|
|
19,614
|
|
|||||
Leasehold interests in land, net
|
—
|
|
|
—
|
|
|
1,426,812
|
|
|
—
|
|
|
1,426,812
|
|
|||||
Intangible assets, net
|
690
|
|
|
—
|
|
|
94,312
|
|
|
—
|
|
|
95,002
|
|
|||||
Other assets, net
|
714
|
|
|
23,338
|
|
|
98,076
|
|
|
—
|
|
|
122,128
|
|
|||||
Total assets
|
$
|
7,671,798
|
|
|
$
|
11,107,236
|
|
|
$
|
18,467,473
|
|
|
$
|
(14,997,384
|
)
|
|
$
|
22,249,123
|
|
Accounts payable
|
$
|
14,910
|
|
|
$
|
32,802
|
|
|
$
|
70,826
|
|
|
$
|
—
|
|
|
$
|
118,538
|
|
Construction payables
|
1,079
|
|
|
6,028
|
|
|
207,292
|
|
|
—
|
|
|
214,399
|
|
|||||
Intercompany payables
|
—
|
|
|
347,319
|
|
|
234,967
|
|
|
(582,286
|
)
|
|
—
|
|
|||||
Intercompany notes payable
|
254,094
|
|
|
—
|
|
|
—
|
|
|
(254,094
|
)
|
|
—
|
|
|||||
Accrued interest payable
|
70
|
|
|
1,073
|
|
|
402
|
|
|
—
|
|
|
1,545
|
|
|||||
Other accrued liabilities
|
23,618
|
|
|
208,538
|
|
|
1,648,017
|
|
|
—
|
|
|
1,880,173
|
|
|||||
Deferred income taxes
|
—
|
|
|
—
|
|
|
58,956
|
|
|
(42,278
|
)
|
|
16,678
|
|
|||||
Income taxes payable
|
—
|
|
|
—
|
|
|
205,923
|
|
|
(14,850
|
)
|
|
191,073
|
|
|||||
Current maturities of long-term debt
|
3,688
|
|
|
24,646
|
|
|
407,460
|
|
|
—
|
|
|
435,794
|
|
|||||
Total current liabilities
|
297,459
|
|
|
620,406
|
|
|
2,833,843
|
|
|
(893,508
|
)
|
|
2,858,200
|
|
|||||
Other long-term liabilities
|
3,038
|
|
|
10,148
|
|
|
103,037
|
|
|
—
|
|
|
116,223
|
|
|||||
Intercompany payables
|
—
|
|
|
—
|
|
|
39,006
|
|
|
(39,006
|
)
|
|
—
|
|
|||||
Intercompany notes payable
|
—
|
|
|
—
|
|
|
1,162,723
|
|
|
(1,162,723
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
33,712
|
|
|
39,720
|
|
|
169,371
|
|
|
(73,432
|
)
|
|
169,371
|
|
|||||
Deferred amounts related to mall sale transactions
|
—
|
|
|
423,601
|
|
|
—
|
|
|
—
|
|
|
423,601
|
|
|||||
Long-term debt
|
61,827
|
|
|
3,389,857
|
|
|
6,491,486
|
|
|
—
|
|
|
9,943,170
|
|
|||||
Total liabilities
|
396,036
|
|
|
4,483,732
|
|
|
10,799,466
|
|
|
(2,168,669
|
)
|
|
13,510,565
|
|
|||||
Total Las Vegas Sands Corp. stockholders’ equity
|
7,275,762
|
|
|
6,623,099
|
|
|
6,205,616
|
|
|
(12,828,715
|
)
|
|
7,275,762
|
|
|||||
Noncontrolling interests
|
—
|
|
|
405
|
|
|
1,462,391
|
|
|
—
|
|
|
1,462,796
|
|
|||||
Total equity
|
7,275,762
|
|
|
6,623,504
|
|
|
7,668,007
|
|
|
(12,828,715
|
)
|
|
8,738,558
|
|
|||||
Total liabilities and equity
|
$
|
7,671,798
|
|
|
$
|
11,107,236
|
|
|
$
|
18,467,473
|
|
|
$
|
(14,997,384
|
)
|
|
$
|
22,249,123
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Cash and cash equivalents
|
$
|
50,180
|
|
|
$
|
315,489
|
|
|
$
|
3,234,745
|
|
|
$
|
—
|
|
|
$
|
3,600,414
|
|
Restricted cash and cash equivalents
|
—
|
|
|
—
|
|
|
6,839
|
|
|
—
|
|
|
6,839
|
|
|||||
Intercompany receivables
|
271,993
|
|
|
236,259
|
|
|
—
|
|
|
(508,252
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
—
|
|
|
—
|
|
|
251,537
|
|
|
(251,537
|
)
|
|
—
|
|
|||||
Accounts receivable, net
|
11,815
|
|
|
295,333
|
|
|
1,454,962
|
|
|
—
|
|
|
1,762,110
|
|
|||||
Inventories
|
3,895
|
|
|
12,609
|
|
|
25,442
|
|
|
—
|
|
|
41,946
|
|
|||||
Deferred income taxes, net
|
7,509
|
|
|
37,233
|
|
|
—
|
|
|
(44,742
|
)
|
|
—
|
|
|||||
Prepaid expenses and other
|
21,311
|
|
|
11,592
|
|
|
71,327
|
|
|
—
|
|
|
104,230
|
|
|||||
Total current assets
|
366,703
|
|
|
908,515
|
|
|
5,044,852
|
|
|
(804,531
|
)
|
|
5,515,539
|
|
|||||
Property and equipment, net
|
155,806
|
|
|
3,056,678
|
|
|
12,146,469
|
|
|
—
|
|
|
15,358,953
|
|
|||||
Investments in subsidiaries
|
7,568,252
|
|
|
6,112,507
|
|
|
—
|
|
|
(13,680,759
|
)
|
|
—
|
|
|||||
Deferred financing costs, net
|
181
|
|
|
30,737
|
|
|
155,046
|
|
|
—
|
|
|
185,964
|
|
|||||
Intercompany receivables
|
483
|
|
|
38,931
|
|
|
—
|
|
|
(39,414
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
—
|
|
|
1,081,710
|
|
|
—
|
|
|
(1,081,710
|
)
|
|
—
|
|
|||||
Deferred income taxes, net
|
—
|
|
|
—
|
|
|
—
|
|
|
13,821
|
|
|
13,821
|
|
|||||
Leasehold interests in land, net
|
—
|
|
|
—
|
|
|
1,428,819
|
|
|
—
|
|
|
1,428,819
|
|
|||||
Intangible assets, net
|
690
|
|
|
—
|
|
|
101,391
|
|
|
—
|
|
|
102,081
|
|
|||||
Other assets, net
|
264
|
|
|
22,288
|
|
|
96,535
|
|
|
—
|
|
|
119,087
|
|
|||||
Total assets
|
$
|
8,092,379
|
|
|
$
|
11,251,366
|
|
|
$
|
18,973,112
|
|
|
$
|
(15,592,593
|
)
|
|
$
|
22,724,264
|
|
Accounts payable
|
$
|
8,381
|
|
|
$
|
25,679
|
|
|
$
|
85,134
|
|
|
$
|
—
|
|
|
$
|
119,194
|
|
Construction payables
|
2,161
|
|
|
3,226
|
|
|
236,173
|
|
|
—
|
|
|
241,560
|
|
|||||
Intercompany payables
|
—
|
|
|
278,309
|
|
|
229,943
|
|
|
(508,252
|
)
|
|
—
|
|
|||||
Intercompany notes payable
|
251,537
|
|
|
—
|
|
|
—
|
|
|
(251,537
|
)
|
|
—
|
|
|||||
Accrued interest payable
|
77
|
|
|
224
|
|
|
6,250
|
|
|
—
|
|
|
6,551
|
|
|||||
Other accrued liabilities
|
54,071
|
|
|
224,759
|
|
|
1,916,036
|
|
|
—
|
|
|
2,194,866
|
|
|||||
Deferred income taxes
|
—
|
|
|
—
|
|
|
58,051
|
|
|
(44,742
|
)
|
|
13,309
|
|
|||||
Income taxes payable
|
—
|
|
|
17
|
|
|
176,661
|
|
|
—
|
|
|
176,678
|
|
|||||
Current maturities of long-term debt
|
3,688
|
|
|
24,892
|
|
|
348,927
|
|
|
—
|
|
|
377,507
|
|
|||||
Total current liabilities
|
319,915
|
|
|
557,106
|
|
|
3,057,175
|
|
|
(804,531
|
)
|
|
3,129,665
|
|
|||||
Other long-term liabilities
|
3,775
|
|
|
10,175
|
|
|
98,245
|
|
|
—
|
|
|
112,195
|
|
|||||
Intercompany payables
|
—
|
|
|
—
|
|
|
39,414
|
|
|
(39,414
|
)
|
|
—
|
|
|||||
Intercompany notes payable
|
—
|
|
|
—
|
|
|
1,081,710
|
|
|
(1,081,710
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
39,523
|
|
|
54,668
|
|
|
65,199
|
|
|
13,821
|
|
|
173,211
|
|
|||||
Deferred amounts related to mall sale transactions
|
—
|
|
|
425,912
|
|
|
—
|
|
|
—
|
|
|
425,912
|
|
|||||
Long-term debt
|
63,672
|
|
|
2,823,269
|
|
|
6,495,811
|
|
|
—
|
|
|
9,382,752
|
|
|||||
Total liabilities
|
426,885
|
|
|
3,871,130
|
|
|
10,837,554
|
|
|
(1,911,834
|
)
|
|
13,223,735
|
|
|||||
Total Las Vegas Sands Corp. stockholders’ equity
|
7,665,494
|
|
|
7,379,831
|
|
|
6,300,928
|
|
|
(13,680,759
|
)
|
|
7,665,494
|
|
|||||
Noncontrolling interests
|
—
|
|
|
405
|
|
|
1,834,630
|
|
|
—
|
|
|
1,835,035
|
|
|||||
Total equity
|
7,665,494
|
|
|
7,380,236
|
|
|
8,135,558
|
|
|
(13,680,759
|
)
|
|
9,500,529
|
|
|||||
Total liabilities and equity
|
$
|
8,092,379
|
|
|
$
|
11,251,366
|
|
|
$
|
18,973,112
|
|
|
$
|
(15,592,593
|
)
|
|
$
|
22,724,264
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
$
|
—
|
|
|
$
|
104,318
|
|
|
$
|
2,908,492
|
|
|
$
|
—
|
|
|
$
|
3,012,810
|
|
Rooms
|
—
|
|
|
126,516
|
|
|
248,600
|
|
|
—
|
|
|
375,116
|
|
|||||
Food and beverage
|
—
|
|
|
54,554
|
|
|
139,642
|
|
|
—
|
|
|
194,196
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
119,073
|
|
|
—
|
|
|
119,073
|
|
|||||
Convention, retail and other
|
—
|
|
|
75,781
|
|
|
95,539
|
|
|
(45,491
|
)
|
|
125,829
|
|
|||||
|
—
|
|
|
361,169
|
|
|
3,511,346
|
|
|
(45,491
|
)
|
|
3,827,024
|
|
|||||
Less — promotional allowances
|
(348
|
)
|
|
(20,519
|
)
|
|
(181,386
|
)
|
|
(421
|
)
|
|
(202,674
|
)
|
|||||
Net revenues
|
(348
|
)
|
|
340,650
|
|
|
3,329,960
|
|
|
(45,912
|
)
|
|
3,624,350
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
—
|
|
|
66,368
|
|
|
1,624,606
|
|
|
(737
|
)
|
|
1,690,237
|
|
|||||
Rooms
|
—
|
|
|
36,505
|
|
|
27,613
|
|
|
—
|
|
|
64,118
|
|
|||||
Food and beverage
|
—
|
|
|
24,328
|
|
|
72,536
|
|
|
(1,036
|
)
|
|
95,828
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
17,709
|
|
|
—
|
|
|
17,709
|
|
|||||
Convention, retail and other
|
—
|
|
|
25,482
|
|
|
57,190
|
|
|
(8,008
|
)
|
|
74,664
|
|
|||||
Provision for doubtful accounts
|
—
|
|
|
9,280
|
|
|
40,389
|
|
|
—
|
|
|
49,669
|
|
|||||
General and administrative
|
—
|
|
|
79,349
|
|
|
248,401
|
|
|
(218
|
)
|
|
327,532
|
|
|||||
Corporate
|
40,201
|
|
|
709
|
|
|
40,120
|
|
|
(35,907
|
)
|
|
45,123
|
|
|||||
Pre-opening
|
—
|
|
|
—
|
|
|
16,142
|
|
|
(1
|
)
|
|
16,141
|
|
|||||
Development
|
4,185
|
|
|
—
|
|
|
37
|
|
|
(5
|
)
|
|
4,217
|
|
|||||
Depreciation and amortization
|
7,244
|
|
|
45,119
|
|
|
211,653
|
|
|
—
|
|
|
264,016
|
|
|||||
Amortization of leasehold interests in land
|
—
|
|
|
—
|
|
|
10,040
|
|
|
—
|
|
|
10,040
|
|
|||||
(Gain) loss on disposal of assets
|
—
|
|
|
7,040
|
|
|
(3,444
|
)
|
|
—
|
|
|
3,596
|
|
|||||
|
51,630
|
|
|
294,180
|
|
|
2,362,992
|
|
|
(45,912
|
)
|
|
2,662,890
|
|
|||||
Operating income (loss)
|
(51,978
|
)
|
|
46,470
|
|
|
966,968
|
|
|
—
|
|
|
961,460
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
49
|
|
|
43,592
|
|
|
6,796
|
|
|
(44,740
|
)
|
|
5,697
|
|
|||||
Interest expense, net of amounts capitalized
|
(1,578
|
)
|
|
(28,809
|
)
|
|
(83,943
|
)
|
|
44,740
|
|
|
(69,590
|
)
|
|||||
Other income
|
—
|
|
|
1,637
|
|
|
557
|
|
|
—
|
|
|
2,194
|
|
|||||
Income from equity investments in subsidiaries
|
673,617
|
|
|
612,150
|
|
|
—
|
|
|
(1,285,767
|
)
|
|
—
|
|
|||||
Income before income taxes
|
620,110
|
|
|
675,040
|
|
|
890,378
|
|
|
(1,285,767
|
)
|
|
899,761
|
|
|||||
Income tax benefit (expense)
|
51,324
|
|
|
(34,912
|
)
|
|
(63,329
|
)
|
|
—
|
|
|
(46,917
|
)
|
|||||
Net income
|
671,434
|
|
|
640,128
|
|
|
827,049
|
|
|
(1,285,767
|
)
|
|
852,844
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
(479
|
)
|
|
(180,931
|
)
|
|
—
|
|
|
(181,410
|
)
|
|||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
671,434
|
|
|
$
|
639,649
|
|
|
$
|
646,118
|
|
|
$
|
(1,285,767
|
)
|
|
$
|
671,434
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-
Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
$
|
—
|
|
|
$
|
105,067
|
|
|
$
|
2,569,062
|
|
|
$
|
—
|
|
|
$
|
2,674,129
|
|
Rooms
|
—
|
|
|
120,567
|
|
|
204,062
|
|
|
—
|
|
|
324,629
|
|
|||||
Food and beverage
|
—
|
|
|
51,523
|
|
|
123,249
|
|
|
—
|
|
|
174,772
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
107,993
|
|
|
—
|
|
|
107,993
|
|
|||||
Convention, retail and other
|
—
|
|
|
76,829
|
|
|
89,651
|
|
|
(43,430
|
)
|
|
123,050
|
|
|||||
|
—
|
|
|
353,986
|
|
|
3,094,017
|
|
|
(43,430
|
)
|
|
3,404,573
|
|
|||||
Less — promotional allowances
|
(342
|
)
|
|
(20,510
|
)
|
|
(140,409
|
)
|
|
(371
|
)
|
|
(161,632
|
)
|
|||||
Net revenues
|
(342
|
)
|
|
333,476
|
|
|
2,953,608
|
|
|
(43,801
|
)
|
|
3,242,941
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
—
|
|
|
71,464
|
|
|
1,448,853
|
|
|
(596
|
)
|
|
1,519,721
|
|
|||||
Rooms
|
—
|
|
|
38,880
|
|
|
26,805
|
|
|
—
|
|
|
65,685
|
|
|||||
Food and beverage
|
—
|
|
|
23,883
|
|
|
66,484
|
|
|
(1,073
|
)
|
|
89,294
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
18,147
|
|
|
—
|
|
|
18,147
|
|
|||||
Convention, retail and other
|
—
|
|
|
23,777
|
|
|
62,380
|
|
|
(6,063
|
)
|
|
80,094
|
|
|||||
Provision for doubtful accounts
|
—
|
|
|
9,748
|
|
|
52,310
|
|
|
—
|
|
|
62,058
|
|
|||||
General and administrative
|
—
|
|
|
70,351
|
|
|
237,694
|
|
|
(176
|
)
|
|
307,869
|
|
|||||
Corporate
|
41,184
|
|
|
134
|
|
|
41,053
|
|
|
(35,890
|
)
|
|
46,481
|
|
|||||
Pre-opening
|
—
|
|
|
—
|
|
|
1,030
|
|
|
1
|
|
|
1,031
|
|
|||||
Development
|
5,997
|
|
|
—
|
|
|
9
|
|
|
(4
|
)
|
|
6,002
|
|
|||||
Depreciation and amortization
|
6,323
|
|
|
45,645
|
|
|
199,080
|
|
|
—
|
|
|
251,048
|
|
|||||
Amortization of leasehold interests in land
|
—
|
|
|
—
|
|
|
10,108
|
|
|
—
|
|
|
10,108
|
|
|||||
Loss on disposal of assets
|
—
|
|
|
551
|
|
|
4,211
|
|
|
—
|
|
|
4,762
|
|
|||||
|
53,504
|
|
|
284,433
|
|
|
2,168,164
|
|
|
(43,801
|
)
|
|
2,462,300
|
|
|||||
Operating income (loss)
|
(53,846
|
)
|
|
49,043
|
|
|
785,444
|
|
|
—
|
|
|
780,641
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
32
|
|
|
44,792
|
|
|
4,386
|
|
|
(45,974
|
)
|
|
3,236
|
|
|||||
Interest expense, net of amounts capitalized
|
(1,492
|
)
|
|
(21,806
|
)
|
|
(91,052
|
)
|
|
45,974
|
|
|
(68,376
|
)
|
|||||
Other income (expense)
|
32
|
|
|
(481
|
)
|
|
4,342
|
|
|
—
|
|
|
3,893
|
|
|||||
Income from equity investments in subsidiaries
|
571,639
|
|
|
503,614
|
|
|
—
|
|
|
(1,075,253
|
)
|
|
—
|
|
|||||
Income before income taxes
|
516,365
|
|
|
575,162
|
|
|
703,120
|
|
|
(1,075,253
|
)
|
|
719,394
|
|
|||||
Income tax benefit (expense)
|
13,388
|
|
|
(34,730
|
)
|
|
(26,379
|
)
|
|
—
|
|
|
(47,721
|
)
|
|||||
Net income
|
529,753
|
|
|
540,432
|
|
|
676,741
|
|
|
(1,075,253
|
)
|
|
671,673
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
(606
|
)
|
|
(141,314
|
)
|
|
—
|
|
|
(141,920
|
)
|
|||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
529,753
|
|
|
$
|
539,826
|
|
|
$
|
535,427
|
|
|
$
|
(1,075,253
|
)
|
|
$
|
529,753
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
$
|
—
|
|
|
$
|
214,108
|
|
|
$
|
6,170,767
|
|
|
$
|
—
|
|
|
$
|
6,384,875
|
|
Rooms
|
—
|
|
|
262,229
|
|
|
513,109
|
|
|
—
|
|
|
775,338
|
|
|||||
Food and beverage
|
—
|
|
|
114,091
|
|
|
282,892
|
|
|
—
|
|
|
396,983
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
228,104
|
|
|
—
|
|
|
228,104
|
|
|||||
Convention, retail and other
|
—
|
|
|
164,191
|
|
|
191,981
|
|
|
(92,967
|
)
|
|
263,205
|
|
|||||
|
—
|
|
|
754,619
|
|
|
7,386,853
|
|
|
(92,967
|
)
|
|
8,048,505
|
|
|||||
Less — promotional allowances
|
(741
|
)
|
|
(42,323
|
)
|
|
(369,687
|
)
|
|
(1,020
|
)
|
|
(413,771
|
)
|
|||||
Net revenues
|
(741
|
)
|
|
712,296
|
|
|
7,017,166
|
|
|
(93,987
|
)
|
|
7,634,734
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
—
|
|
|
138,587
|
|
|
3,420,845
|
|
|
(1,583
|
)
|
|
3,557,849
|
|
|||||
Rooms
|
—
|
|
|
72,525
|
|
|
55,856
|
|
|
—
|
|
|
128,381
|
|
|||||
Food and beverage
|
—
|
|
|
52,555
|
|
|
145,555
|
|
|
(2,113
|
)
|
|
195,997
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
35,072
|
|
|
—
|
|
|
35,072
|
|
|||||
Convention, retail and other
|
—
|
|
|
56,636
|
|
|
124,470
|
|
|
(15,974
|
)
|
|
165,132
|
|
|||||
Provision for doubtful accounts
|
—
|
|
|
15,884
|
|
|
95,703
|
|
|
—
|
|
|
111,587
|
|
|||||
General and administrative
|
—
|
|
|
161,374
|
|
|
503,134
|
|
|
(477
|
)
|
|
664,031
|
|
|||||
Corporate
|
87,136
|
|
|
938
|
|
|
81,556
|
|
|
(73,830
|
)
|
|
95,800
|
|
|||||
Pre-opening
|
—
|
|
|
97
|
|
|
20,345
|
|
|
(1
|
)
|
|
20,441
|
|
|||||
Development
|
5,822
|
|
|
—
|
|
|
96
|
|
|
(9
|
)
|
|
5,909
|
|
|||||
Depreciation and amortization
|
14,615
|
|
|
91,627
|
|
|
418,821
|
|
|
—
|
|
|
525,063
|
|
|||||
Amortization of leasehold interests in land
|
—
|
|
|
—
|
|
|
20,066
|
|
|
—
|
|
|
20,066
|
|
|||||
(Gain) loss on disposal of assets
|
—
|
|
|
6,755
|
|
|
(2,634
|
)
|
|
—
|
|
|
4,121
|
|
|||||
|
107,573
|
|
|
596,978
|
|
|
4,918,885
|
|
|
(93,987
|
)
|
|
5,529,449
|
|
|||||
Operating income (loss)
|
(108,314
|
)
|
|
115,318
|
|
|
2,098,281
|
|
|
—
|
|
|
2,105,285
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
74
|
|
|
85,048
|
|
|
13,813
|
|
|
(87,435
|
)
|
|
11,500
|
|
|||||
Interest expense, net of amounts capitalized
|
(3,140
|
)
|
|
(57,284
|
)
|
|
(167,727
|
)
|
|
87,435
|
|
|
(140,716
|
)
|
|||||
Other income (expense)
|
—
|
|
|
243
|
|
|
(2,706
|
)
|
|
—
|
|
|
(2,463
|
)
|
|||||
Loss on modification or early retirement of debt
|
—
|
|
|
—
|
|
|
(17,964
|
)
|
|
—
|
|
|
(17,964
|
)
|
|||||
Income from equity investments in subsidiaries
|
1,474,462
|
|
|
1,315,763
|
|
|
—
|
|
|
(2,790,225
|
)
|
|
—
|
|
|||||
Income before income taxes
|
1,363,082
|
|
|
1,459,088
|
|
|
1,923,697
|
|
|
(2,790,225
|
)
|
|
1,955,642
|
|
|||||
Income tax benefit (expense)
|
84,537
|
|
|
(54,086
|
)
|
|
(136,521
|
)
|
|
—
|
|
|
(106,070
|
)
|
|||||
Net income
|
1,447,619
|
|
|
1,405,002
|
|
|
1,787,176
|
|
|
(2,790,225
|
)
|
|
1,849,572
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
(1,076
|
)
|
|
(400,877
|
)
|
|
—
|
|
|
(401,953
|
)
|
|||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
1,447,619
|
|
|
$
|
1,403,926
|
|
|
$
|
1,386,299
|
|
|
$
|
(2,790,225
|
)
|
|
$
|
1,447,619
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
$
|
—
|
|
|
$
|
264,964
|
|
|
$
|
5,145,219
|
|
|
$
|
—
|
|
|
$
|
5,410,183
|
|
Rooms
|
—
|
|
|
241,681
|
|
|
407,964
|
|
|
—
|
|
|
649,645
|
|
|||||
Food and beverage
|
—
|
|
|
106,344
|
|
|
253,757
|
|
|
—
|
|
|
360,101
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
193,454
|
|
|
—
|
|
|
193,454
|
|
|||||
Convention, retail and other
|
—
|
|
|
163,265
|
|
|
173,693
|
|
|
(87,847
|
)
|
|
249,111
|
|
|||||
|
—
|
|
|
776,254
|
|
|
6,174,087
|
|
|
(87,847
|
)
|
|
6,862,494
|
|
|||||
Less — promotional allowances
|
(614
|
)
|
|
(42,740
|
)
|
|
(272,613
|
)
|
|
(867
|
)
|
|
(316,834
|
)
|
|||||
Net revenues
|
(614
|
)
|
|
733,514
|
|
|
5,901,474
|
|
|
(88,714
|
)
|
|
6,545,660
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino
|
—
|
|
|
151,047
|
|
|
2,896,379
|
|
|
(1,426
|
)
|
|
3,046,000
|
|
|||||
Rooms
|
—
|
|
|
78,031
|
|
|
56,344
|
|
|
—
|
|
|
134,375
|
|
|||||
Food and beverage
|
—
|
|
|
47,914
|
|
|
140,250
|
|
|
(2,139
|
)
|
|
186,025
|
|
|||||
Mall
|
—
|
|
|
—
|
|
|
35,405
|
|
|
—
|
|
|
35,405
|
|
|||||
Convention, retail and other
|
—
|
|
|
55,067
|
|
|
115,647
|
|
|
(11,771
|
)
|
|
158,943
|
|
|||||
Provision for doubtful accounts
|
—
|
|
|
19,326
|
|
|
107,411
|
|
|
—
|
|
|
126,737
|
|
|||||
General and administrative
|
—
|
|
|
139,160
|
|
|
459,516
|
|
|
(393
|
)
|
|
598,283
|
|
|||||
Corporate
|
87,924
|
|
|
250
|
|
|
87,554
|
|
|
(72,975
|
)
|
|
102,753
|
|
|||||
Pre-opening
|
—
|
|
|
115
|
|
|
7,753
|
|
|
—
|
|
|
7,868
|
|
|||||
Development
|
10,968
|
|
|
—
|
|
|
395
|
|
|
(10
|
)
|
|
11,353
|
|
|||||
Depreciation and amortization
|
12,477
|
|
|
92,000
|
|
|
399,128
|
|
|
—
|
|
|
503,605
|
|
|||||
Amortization of leasehold interests in land
|
—
|
|
|
—
|
|
|
20,275
|
|
|
—
|
|
|
20,275
|
|
|||||
Loss on disposal of assets
|
—
|
|
|
1,114
|
|
|
5,580
|
|
|
—
|
|
|
6,694
|
|
|||||
|
111,369
|
|
|
584,024
|
|
|
4,331,637
|
|
|
(88,714
|
)
|
|
4,938,316
|
|
|||||
Operating income (loss)
|
(111,983
|
)
|
|
149,490
|
|
|
1,569,837
|
|
|
—
|
|
|
1,607,344
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
1,095
|
|
|
92,328
|
|
|
8,284
|
|
|
(94,678
|
)
|
|
7,029
|
|
|||||
Interest expense, net of amounts capitalized
|
(2,870
|
)
|
|
(44,550
|
)
|
|
(184,466
|
)
|
|
94,678
|
|
|
(137,208
|
)
|
|||||
Other income (expense)
|
32
|
|
|
(2,465
|
)
|
|
4,218
|
|
|
—
|
|
|
1,785
|
|
|||||
Income from equity investments in subsidiaries
|
1,172,900
|
|
|
983,727
|
|
|
—
|
|
|
(2,156,627
|
)
|
|
—
|
|
|||||
Income before income taxes
|
1,059,174
|
|
|
1,178,530
|
|
|
1,397,873
|
|
|
(2,156,627
|
)
|
|
1,478,950
|
|
|||||
Income tax benefit (expense)
|
42,540
|
|
|
(73,252
|
)
|
|
(72,591
|
)
|
|
—
|
|
|
(103,303
|
)
|
|||||
Net income
|
1,101,714
|
|
|
1,105,278
|
|
|
1,325,282
|
|
|
(2,156,627
|
)
|
|
1,375,647
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
(1,085
|
)
|
|
(272,848
|
)
|
|
—
|
|
|
(273,933
|
)
|
|||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
1,101,714
|
|
|
$
|
1,104,193
|
|
|
$
|
1,052,434
|
|
|
$
|
(2,156,627
|
)
|
|
$
|
1,101,714
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-
Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Net income
|
$
|
671,434
|
|
|
$
|
640,128
|
|
|
$
|
827,049
|
|
|
$
|
(1,285,767
|
)
|
|
$
|
852,844
|
|
Currency translation adjustment, before and after tax
|
22,690
|
|
|
19,675
|
|
|
23,975
|
|
|
(42,365
|
)
|
|
23,975
|
|
|||||
Total comprehensive income
|
694,124
|
|
|
659,803
|
|
|
851,024
|
|
|
(1,328,132
|
)
|
|
876,819
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(479
|
)
|
|
(182,216
|
)
|
|
—
|
|
|
(182,695
|
)
|
|||||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$
|
694,124
|
|
|
$
|
659,324
|
|
|
$
|
668,808
|
|
|
$
|
(1,328,132
|
)
|
|
$
|
694,124
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-
Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Net income
|
$
|
529,753
|
|
|
$
|
540,432
|
|
|
$
|
676,741
|
|
|
$
|
(1,075,253
|
)
|
|
$
|
671,673
|
|
Currency translation adjustment, before and after tax
|
(42,195
|
)
|
|
(23,213
|
)
|
|
(41,081
|
)
|
|
65,408
|
|
|
(41,081
|
)
|
|||||
Total comprehensive income
|
487,558
|
|
|
517,219
|
|
|
635,660
|
|
|
(1,009,845
|
)
|
|
630,592
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(606
|
)
|
|
(142,428
|
)
|
|
—
|
|
|
(143,034
|
)
|
|||||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$
|
487,558
|
|
|
$
|
516,613
|
|
|
$
|
493,232
|
|
|
$
|
(1,009,845
|
)
|
|
$
|
487,558
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Net income
|
$
|
1,447,619
|
|
|
$
|
1,405,002
|
|
|
$
|
1,787,176
|
|
|
$
|
(2,790,225
|
)
|
|
$
|
1,849,572
|
|
Currency translation adjustment, before and after tax
|
33,538
|
|
|
28,558
|
|
|
34,198
|
|
|
(62,096
|
)
|
|
34,198
|
|
|||||
Total comprehensive income
|
1,481,157
|
|
|
1,433,560
|
|
|
1,821,374
|
|
|
(2,852,321
|
)
|
|
1,883,770
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(1,076
|
)
|
|
(401,537
|
)
|
|
—
|
|
|
(402,613
|
)
|
|||||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$
|
1,481,157
|
|
|
$
|
1,432,484
|
|
|
$
|
1,419,837
|
|
|
$
|
(2,852,321
|
)
|
|
$
|
1,481,157
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Net income
|
$
|
1,101,714
|
|
|
$
|
1,105,278
|
|
|
$
|
1,325,282
|
|
|
$
|
(2,156,627
|
)
|
|
$
|
1,375,647
|
|
Currency translation adjustment, before and after tax
|
(87,971
|
)
|
|
(75,041
|
)
|
|
(89,537
|
)
|
|
163,012
|
|
|
(89,537
|
)
|
|||||
Total comprehensive income
|
1,013,743
|
|
|
1,030,237
|
|
|
1,235,745
|
|
|
(1,993,615
|
)
|
|
1,286,110
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(1,085
|
)
|
|
(271,282
|
)
|
|
—
|
|
|
(272,367
|
)
|
|||||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$
|
1,013,743
|
|
|
$
|
1,029,152
|
|
|
$
|
964,463
|
|
|
$
|
(1,993,615
|
)
|
|
$
|
1,013,743
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Net cash generated from operating activities
|
$
|
2,094,753
|
|
|
$
|
1,609,083
|
|
|
$
|
2,309,084
|
|
|
$
|
(3,622,076
|
)
|
|
$
|
2,390,844
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in restricted cash and cash equivalents
|
—
|
|
|
—
|
|
|
559
|
|
|
—
|
|
|
559
|
|
|||||
Capital expenditures
|
(19,271
|
)
|
|
(39,995
|
)
|
|
(467,572
|
)
|
|
—
|
|
|
(526,838
|
)
|
|||||
Proceeds from disposal of property and equipment
|
—
|
|
|
667
|
|
|
439
|
|
|
—
|
|
|
1,106
|
|
|||||
Dividends received from non-restricted subsidiaries
|
—
|
|
|
1,092,406
|
|
|
—
|
|
|
(1,092,406
|
)
|
|
—
|
|
|||||
Repayments of receivable from non-restricted subsidiaries
|
—
|
|
|
935
|
|
|
—
|
|
|
(935
|
)
|
|
—
|
|
|||||
Capital contributions to subsidiaries
|
—
|
|
|
(1,047,406
|
)
|
|
—
|
|
|
1,047,406
|
|
|
—
|
|
|||||
Net cash generated from (used in) investing activities
|
(19,271
|
)
|
|
6,607
|
|
|
(466,574
|
)
|
|
(45,935
|
)
|
|
(525,173
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from exercise of stock options
|
38,454
|
|
|
—
|
|
|
6,664
|
|
|
—
|
|
|
45,118
|
|
|||||
Excess tax benefit from stock option exercises
|
2,755
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,755
|
|
|||||
Repurchase of common stock
|
(1,139,415
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,139,415
|
)
|
|||||
Dividends paid
|
(809,085
|
)
|
|
—
|
|
|
(776,570
|
)
|
|
—
|
|
|
(1,585,655
|
)
|
|||||
Distributions to noncontrolling interests
|
—
|
|
|
(1,076
|
)
|
|
(3,655
|
)
|
|
—
|
|
|
(4,731
|
)
|
|||||
Dividends paid to Las Vegas Sands Corp.
|
—
|
|
|
(2,150,104
|
)
|
|
(42,252
|
)
|
|
2,192,356
|
|
|
—
|
|
|||||
Dividends paid to Restricted Subsidiaries
|
—
|
|
|
—
|
|
|
(2,522,126
|
)
|
|
2,522,126
|
|
|
—
|
|
|||||
Capital contributions received
|
—
|
|
|
—
|
|
|
1,047,406
|
|
|
(1,047,406
|
)
|
|
—
|
|
|||||
Repayments on borrowings from Restricted Subsidiaries
|
—
|
|
|
—
|
|
|
(935
|
)
|
|
935
|
|
|
—
|
|
|||||
Proceeds from 2013 U.S. credit facility
|
—
|
|
|
1,038,000
|
|
|
—
|
|
|
—
|
|
|
1,038,000
|
|
|||||
Proceeds from 2011 VML credit facility
|
—
|
|
|
—
|
|
|
819,725
|
|
|
—
|
|
|
819,725
|
|
|||||
Repayments on 2011 VML credit facility
|
—
|
|
|
—
|
|
|
(819,680
|
)
|
|
—
|
|
|
(819,680
|
)
|
|||||
Repayments on 2013 U.S. credit facility
|
—
|
|
|
(471,250
|
)
|
|
—
|
|
|
—
|
|
|
(471,250
|
)
|
|||||
Repayments on airplane financings
|
(1,844
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,844
|
)
|
|||||
Repayments on HVAC equipment lease and other long-term debt
|
—
|
|
|
(1,213
|
)
|
|
(2,071
|
)
|
|
—
|
|
|
(3,284
|
)
|
|||||
Payments of deferred financing costs
|
—
|
|
|
—
|
|
|
(57,244
|
)
|
|
—
|
|
|
(57,244
|
)
|
|||||
Net cash used in financing activities
|
(1,909,135
|
)
|
|
(1,585,643
|
)
|
|
(2,350,738
|
)
|
|
3,668,011
|
|
|
(2,177,505
|
)
|
|||||
Effect of exchange rate on cash
|
—
|
|
|
—
|
|
|
4,147
|
|
|
—
|
|
|
4,147
|
|
|||||
Increase (decrease) in cash and cash equivalents
|
166,347
|
|
|
30,047
|
|
|
(504,081
|
)
|
|
—
|
|
|
(307,687
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
50,180
|
|
|
315,489
|
|
|
3,234,745
|
|
|
—
|
|
|
3,600,414
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
216,527
|
|
|
$
|
345,536
|
|
|
$
|
2,730,664
|
|
|
$
|
—
|
|
|
$
|
3,292,727
|
|
|
LVSC
(Non-Guarantor Parent) |
|
Restricted
Subsidiaries
|
|
Non-Restricted
Subsidiaries
|
|
Consolidating/
Eliminating
Entries
|
|
Total
|
||||||||||
Net cash generated from operating activities
|
$
|
600,618
|
|
|
$
|
1,051,308
|
|
|
$
|
1,899,484
|
|
|
$
|
(1,527,203
|
)
|
|
$
|
2,024,207
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in restricted cash and cash equivalents
|
—
|
|
|
—
|
|
|
(532
|
)
|
|
—
|
|
|
(532
|
)
|
|||||
Capital expenditures
|
(15,850
|
)
|
|
(26,138
|
)
|
|
(352,027
|
)
|
|
—
|
|
|
(394,015
|
)
|
|||||
Proceeds from disposal of property and equipment
|
—
|
|
|
106
|
|
|
1,610
|
|
|
—
|
|
|
1,716
|
|
|||||
Acquisition of intangible assets
|
—
|
|
|
—
|
|
|
(45,857
|
)
|
|
—
|
|
|
(45,857
|
)
|
|||||
Dividends received from non-restricted subsidiaries
|
—
|
|
|
610,998
|
|
|
—
|
|
|
(610,998
|
)
|
|
—
|
|
|||||
Repayments of receivable from non-restricted subsidiaries
|
—
|
|
|
790
|
|
|
—
|
|
|
(790
|
)
|
|
—
|
|
|||||
Capital contributions to subsidiaries
|
(33
|
)
|
|
(567,998
|
)
|
|
—
|
|
|
568,031
|
|
|
—
|
|
|||||
Net cash generated from (used in) investing activities
|
(15,883
|
)
|
|
17,758
|
|
|
(396,806
|
)
|
|
(43,757
|
)
|
|
(438,688
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from exercise of stock options
|
18,171
|
|
|
—
|
|
|
4,664
|
|
|
—
|
|
|
22,835
|
|
|||||
Excess tax benefit from stock option exercises
|
3,107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,107
|
|
|||||
Dividends paid
|
(577,539
|
)
|
|
—
|
|
|
(411,359
|
)
|
|
—
|
|
|
(988,898
|
)
|
|||||
Distributions to noncontrolling interests
|
—
|
|
|
(1,085
|
)
|
|
(3,628
|
)
|
|
—
|
|
|
(4,713
|
)
|
|||||
Dividends paid to Las Vegas Sands Corp.
|
—
|
|
|
(640,153
|
)
|
|
(30,326
|
)
|
|
670,479
|
|
|
—
|
|
|||||
Dividends paid to Restricted Subsidiaries
|
—
|
|
|
—
|
|
|
(1,467,722
|
)
|
|
1,467,722
|
|
|
—
|
|
|||||
Capital contributions received
|
—
|
|
|
—
|
|
|
568,031
|
|
|
(568,031
|
)
|
|
—
|
|
|||||
Repayments on borrowings from Restricted Subsidiaries
|
—
|
|
|
—
|
|
|
(790
|
)
|
|
790
|
|
|
—
|
|
|||||
Proceeds from 2012 Singapore credit facility
|
—
|
|
|
—
|
|
|
80,496
|
|
|
—
|
|
|
80,496
|
|
|||||
Repayments on 2012 Singapore credit facility
|
—
|
|
|
—
|
|
|
(406,870
|
)
|
|
—
|
|
|
(406,870
|
)
|
|||||
Repayments on senior secured credit facility
|
—
|
|
|
(276,479
|
)
|
|
—
|
|
|
—
|
|
|
(276,479
|
)
|
|||||
Repayments on airplane financings
|
(1,844
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,844
|
)
|
|||||
Repayments on HVAC equipment lease and other long-term debt
|
—
|
|
|
(1,187
|
)
|
|
(2,051
|
)
|
|
—
|
|
|
(3,238
|
)
|
|||||
Net cash used in financing activities
|
(558,105
|
)
|
|
(918,904
|
)
|
|
(1,669,555
|
)
|
|
1,570,960
|
|
|
(1,575,604
|
)
|
|||||
Effect of exchange rate on cash
|
—
|
|
|
—
|
|
|
(8,540
|
)
|
|
—
|
|
|
(8,540
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
26,630
|
|
|
150,162
|
|
|
(175,417
|
)
|
|
—
|
|
|
1,375
|
|
|||||
Cash and cash equivalents at beginning of period
|
7,962
|
|
|
182,402
|
|
|
2,322,402
|
|
|
—
|
|
|
2,512,766
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
34,592
|
|
|
$
|
332,564
|
|
|
$
|
2,146,985
|
|
|
$
|
—
|
|
|
$
|
2,514,141
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
Percent
Change
|
|
2014
|
|
2013
|
|
Percent
Change
|
||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||
Net revenues
|
|
$
|
3,624,350
|
|
|
$
|
3,242,941
|
|
|
11.8
|
%
|
|
$
|
7,634,734
|
|
|
$
|
6,545,660
|
|
|
16.6
|
%
|
Operating expenses
|
|
2,662,890
|
|
|
2,462,300
|
|
|
8.1
|
%
|
|
5,529,449
|
|
|
4,938,316
|
|
|
12.0
|
%
|
||||
Operating income
|
|
961,460
|
|
|
780,641
|
|
|
23.2
|
%
|
|
2,105,285
|
|
|
1,607,344
|
|
|
31.0
|
%
|
||||
Income before income taxes
|
|
899,761
|
|
|
719,394
|
|
|
25.1
|
%
|
|
1,955,642
|
|
|
1,478,950
|
|
|
32.2
|
%
|
||||
Net income
|
|
852,844
|
|
|
671,673
|
|
|
27.0
|
%
|
|
1,849,572
|
|
|
1,375,647
|
|
|
34.5
|
%
|
||||
Net income attributable to Las Vegas Sands Corp.
|
|
671,434
|
|
|
529,753
|
|
|
26.7
|
%
|
|
1,447,619
|
|
|
1,101,714
|
|
|
31.4
|
%
|
|
|
Percent of Net Revenues
|
||||||||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Operating expenses
|
|
73.5
|
%
|
|
75.9
|
%
|
|
72.4
|
%
|
|
75.4
|
%
|
Operating income
|
|
26.5
|
%
|
|
24.1
|
%
|
|
27.6
|
%
|
|
24.6
|
%
|
Income before income taxes
|
|
24.8
|
%
|
|
22.2
|
%
|
|
25.6
|
%
|
|
22.6
|
%
|
Net income
|
|
23.5
|
%
|
|
20.7
|
%
|
|
24.2
|
%
|
|
21.0
|
%
|
Net income attributable to Las Vegas Sands Corp.
|
|
18.5
|
%
|
|
16.3
|
%
|
|
19.0
|
%
|
|
16.8
|
%
|
|
Three Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Percent
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Casino
|
$
|
3,012,810
|
|
|
$
|
2,674,129
|
|
|
12.7
|
%
|
Rooms
|
375,116
|
|
|
324,629
|
|
|
15.6
|
%
|
||
Food and beverage
|
194,196
|
|
|
174,772
|
|
|
11.1
|
%
|
||
Mall
|
119,073
|
|
|
107,993
|
|
|
10.3
|
%
|
||
Convention, retail and other
|
125,829
|
|
|
123,050
|
|
|
2.3
|
%
|
||
|
3,827,024
|
|
|
3,404,573
|
|
|
12.4
|
%
|
||
Less — promotional allowances
|
(202,674
|
)
|
|
(161,632
|
)
|
|
(25.4
|
)%
|
||
Total net revenues
|
$
|
3,624,350
|
|
|
$
|
3,242,941
|
|
|
11.8
|
%
|
|
Three Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
The Venetian Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
927,560
|
|
|
$
|
800,551
|
|
|
15.9%
|
|
Non-Rolling Chip drop
|
$
|
2,234,919
|
|
|
$
|
1,593,825
|
|
|
40.2%
|
|
Non-Rolling Chip win percentage
|
25.7
|
%
|
|
28.2
|
%
|
|
(2.5) pts
|
|
||
Rolling Chip volume
|
$
|
12,329,747
|
|
|
$
|
11,837,962
|
|
|
4.2%
|
|
Rolling Chip win percentage
|
3.45
|
%
|
|
3.41
|
%
|
|
0.04 pts
|
|
||
Slot handle
|
$
|
1,345,866
|
|
|
$
|
1,149,675
|
|
|
17.1%
|
|
Slot hold percentage
|
5.0
|
%
|
|
5.6
|
%
|
|
(0.6) pts
|
|
||
Sands Cotai Central
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
712,764
|
|
|
$
|
530,526
|
|
|
34.4%
|
|
Non-Rolling Chip drop
|
$
|
1,881,653
|
|
|
$
|
1,228,197
|
|
|
53.2%
|
|
Non-Rolling Chip win percentage
|
21.5
|
%
|
|
22.1
|
%
|
|
(0.6) pts
|
|
||
Rolling Chip volume
|
$
|
12,404,368
|
|
|
$
|
14,335,395
|
|
|
(13.5)%
|
|
Rolling Chip win percentage
|
2.97
|
%
|
|
2.35
|
%
|
|
0.62 pts
|
|
||
Slot handle
|
$
|
1,966,706
|
|
|
$
|
1,249,631
|
|
|
57.4%
|
|
Slot hold percentage
|
3.5
|
%
|
|
3.8
|
%
|
|
(0.3) pts
|
|
||
Four Seasons Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
197,689
|
|
|
$
|
242,137
|
|
|
(18.4)%
|
|
Non-Rolling Chip drop
|
$
|
366,630
|
|
|
$
|
186,051
|
|
|
97.1%
|
|
Non-Rolling Chip win percentage
|
21.9
|
%
|
|
22.5
|
%
|
|
(0.6) pts
|
|
||
Rolling Chip volume
|
$
|
5,647,929
|
|
|
$
|
9,944,261
|
|
|
(43.2)%
|
|
Rolling Chip win percentage
|
3.08
|
%
|
|
2.93
|
%
|
|
0.15 pts
|
|
||
Slot handle
|
$
|
170,407
|
|
|
$
|
181,998
|
|
|
(6.4)%
|
|
Slot hold percentage
|
6.5
|
%
|
|
6.2
|
%
|
|
0.3 pts
|
|
||
Sands Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
306,972
|
|
|
$
|
287,499
|
|
|
6.8%
|
|
Non-Rolling Chip drop
|
$
|
1,081,280
|
|
|
$
|
822,867
|
|
|
31.4%
|
|
Non-Rolling Chip win percentage
|
17.5
|
%
|
|
20.3
|
%
|
|
(2.8) pts
|
|
||
Rolling Chip volume
|
$
|
4,651,520
|
|
|
$
|
5,818,168
|
|
|
(20.1)%
|
|
Rolling Chip win percentage
|
3.20
|
%
|
|
2.62
|
%
|
|
0.58 pts
|
|
||
Slot handle
|
$
|
832,422
|
|
|
$
|
637,214
|
|
|
30.6%
|
|
Slot hold percentage
|
3.7
|
%
|
|
4.1
|
%
|
|
(0.4) pts
|
|
||
Singapore Operations:
|
|
|
|
|
|
|||||
Marina Bay Sands
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
646,435
|
|
|
$
|
590,326
|
|
|
9.5%
|
|
Non-Rolling Chip drop
|
$
|
1,106,260
|
|
|
$
|
1,163,667
|
|
|
(4.9)%
|
|
Non-Rolling Chip win percentage
|
24.8
|
%
|
|
23.4
|
%
|
|
1.4 pts
|
|
||
Rolling Chip volume
|
$
|
10,446,508
|
|
|
$
|
14,371,639
|
|
|
(27.3)%
|
|
Rolling Chip win percentage
|
3.45
|
%
|
|
2.53
|
%
|
|
0.92 pts
|
|
||
Slot handle
|
$
|
3,066,718
|
|
|
$
|
2,744,474
|
|
|
11.7%
|
|
Slot hold percentage
|
4.9
|
%
|
|
5.0
|
%
|
|
(0.1) pts
|
|
||
U.S. Operations:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
104,318
|
|
|
$
|
105,066
|
|
|
(0.7)%
|
|
Table games drop
|
$
|
439,964
|
|
|
$
|
551,326
|
|
|
(20.2)%
|
|
Table games win percentage
|
18.2
|
%
|
|
15.9
|
%
|
|
2.3 pts
|
|
||
Slot handle
|
$
|
483,630
|
|
|
$
|
475,430
|
|
|
1.7%
|
|
Slot hold percentage
|
8.3
|
%
|
|
8.7
|
%
|
|
(0.4) pts
|
|
||
Sands Bethlehem
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
117,072
|
|
|
$
|
118,024
|
|
|
(0.8)%
|
|
Table games drop
|
$
|
260,610
|
|
|
$
|
258,853
|
|
|
0.7%
|
|
Table games win percentage
|
16.1
|
%
|
|
16.2
|
%
|
|
(0.1) pts
|
|
||
Slot handle
|
$
|
1,018,294
|
|
|
$
|
1,055,101
|
|
|
(3.5)%
|
|
Slot hold percentage
|
7.2
|
%
|
|
7.0
|
%
|
|
0.2 pts
|
|
|
Three Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|||||
|
(Room revenues in thousands)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
The Venetian Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
61,248
|
|
|
$
|
51,068
|
|
|
19.9%
|
|
Occupancy rate
|
89.1
|
%
|
|
87.4
|
%
|
|
1.7 pts
|
|
||
Average daily room rate
|
$
|
262
|
|
|
$
|
227
|
|
|
15.4%
|
|
Revenue per available room
|
$
|
233
|
|
|
$
|
199
|
|
|
17.1%
|
|
Sands Cotai Central
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
73,244
|
|
|
$
|
47,959
|
|
|
52.7%
|
|
Occupancy rate
|
84.9
|
%
|
|
67.5
|
%
|
|
17.4 pts
|
|
||
Average daily room rate
|
$
|
169
|
|
|
$
|
143
|
|
|
18.2%
|
|
Revenue per available room
|
$
|
143
|
|
|
$
|
97
|
|
|
47.4%
|
|
Four Seasons Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
12,040
|
|
|
$
|
9,716
|
|
|
23.9%
|
|
Occupancy rate
|
85.8
|
%
|
|
80.7
|
%
|
|
5.1 pts
|
|
||
Average daily room rate
|
$
|
410
|
|
|
$
|
352
|
|
|
16.5%
|
|
Revenue per available room
|
$
|
352
|
|
|
$
|
284
|
|
|
23.9%
|
|
Sands Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
5,539
|
|
|
$
|
5,939
|
|
|
(6.7)%
|
|
Occupancy rate
|
98.5
|
%
|
|
95.0
|
%
|
|
3.5 pts
|
|
||
Average daily room rate
|
$
|
216
|
|
|
$
|
242
|
|
|
(10.7)%
|
|
Revenue per available room
|
$
|
213
|
|
|
$
|
230
|
|
|
(7.4)%
|
|
Singapore Operations:
|
|
|
|
|
|
|||||
Marina Bay Sands
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
93,078
|
|
|
$
|
86,536
|
|
|
7.6%
|
|
Occupancy rate
|
99.1
|
%
|
|
99.4
|
%
|
|
(0.3) pts
|
|
||
Average daily room rate
|
$
|
409
|
|
|
$
|
379
|
|
|
7.9%
|
|
Revenue per available room
|
$
|
405
|
|
|
$
|
377
|
|
|
7.4%
|
|
U.S. Operations:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
126,516
|
|
|
$
|
120,567
|
|
|
4.9%
|
|
Occupancy rate
|
90.1
|
%
|
|
91.6
|
%
|
|
(1.5) pts
|
|
||
Average daily room rate
|
$
|
223
|
|
|
$
|
205
|
|
|
8.8%
|
|
Revenue per available room
|
$
|
201
|
|
|
$
|
188
|
|
|
6.9%
|
|
Sands Bethlehem
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
3,451
|
|
|
$
|
2,844
|
|
|
21.3%
|
|
Occupancy rate
|
87.2
|
%
|
|
72.5
|
%
|
|
14.7 pts
|
|
||
Average daily room rate
|
$
|
144
|
|
|
$
|
143
|
|
|
0.7%
|
|
Revenue per available room
|
$
|
126
|
|
|
$
|
104
|
|
|
21.2%
|
|
|
Three Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|||||
|
(Mall revenues in thousands)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
Shoppes at Venetian
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
41,992
|
|
|
$
|
37,413
|
|
|
12.2%
|
|
Mall gross leasable area (in square feet)
|
755,876
|
|
|
759,077
|
|
|
(0.4)%
|
|
||
Occupancy
|
95.9
|
%
|
|
95.6
|
%
|
|
0.3 pts
|
|
||
Base rent per square foot
|
$
|
188
|
|
|
$
|
150
|
|
|
25.3%
|
|
Tenant sales per square foot
|
$
|
1,563
|
|
|
$
|
1,357
|
|
|
15.2%
|
|
Shoppes at Cotai Central
(1)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
11,176
|
|
|
$
|
8,694
|
|
|
28.5%
|
|
Mall gross leasable area (in square feet)
|
312,848
|
|
|
210,143
|
|
|
48.9%
|
|
||
Occupancy
|
97.8
|
%
|
|
100.0
|
%
|
|
(2.2) pts
|
|
||
Base rent per square foot
|
$
|
136
|
|
|
$
|
121
|
|
|
12.4%
|
|
Tenant sales per square foot
|
$
|
1,461
|
|
|
$
|
—
|
|
|
—
|
|
Shoppes at Four Seasons
(2
)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
24,816
|
|
|
$
|
25,436
|
|
|
(2.4)%
|
|
Mall gross leasable area (in square feet)
|
255,888
|
|
|
241,416
|
|
|
6.0%
|
|
||
Occupancy
|
96.2
|
%
|
|
89.9
|
%
|
|
6.3 pts
|
|
||
Base rent per square foot
|
$
|
354
|
|
|
$
|
155
|
|
|
128.4%
|
|
Tenant sales per square foot
|
$
|
5,593
|
|
|
$
|
4,661
|
|
|
20.0%
|
|
Singapore Operations:
|
|
|
|
|
|
|||||
The Shoppes at Marina Bay Sands
(3)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
40,265
|
|
|
$
|
35,753
|
|
|
12.6%
|
|
Mall gross leasable area (in square feet)
|
651,750
|
|
|
640,648
|
|
|
1.7%
|
|
||
Occupancy
|
89.5
|
%
|
|
86.7
|
%
|
|
2.8 pts
|
|
||
Base rent per square foot
|
$
|
220
|
|
|
$
|
219
|
|
|
0.5%
|
|
Tenant sales per square foot
|
$
|
1,497
|
|
|
$
|
1,552
|
|
|
(3.5)%
|
|
U.S. Operations:
|
|
|
|
|
|
|||||
The Outlets at Sands Bethlehem
(4)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
824
|
|
|
$
|
697
|
|
|
18.2%
|
|
Mall gross leasable area (in square feet)
|
151,029
|
|
|
134,907
|
|
|
12.0%
|
|
||
Occupancy
|
94.3
|
%
|
|
75.9
|
%
|
|
18.4 pts
|
|
||
Base rent per square foot
|
$
|
25
|
|
|
$
|
22
|
|
|
13.6%
|
|
Tenant sales per square foot
|
$
|
410
|
|
|
$
|
—
|
|
|
—
|
|
(1)
|
The first, second and third phases of the Shoppes at Cotai Central opened in April and September 2012, and June 2014, respectively. At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
|
(2)
|
Beginning in August 2013, a significant portion of the rent paid by the duty-free luxury shops was converted from overage rent to base rent in accordance with the respective lease agreements, resulting in an increase in base rent per square foot.
|
(3)
|
Approximately 44,000 square feet of gross leasable area is currently undergoing new fit-out as part of an ongoing repositioning of the mall that will bring in several new key luxury tenants and is not considered occupied as of June 30, 2014, compared to approximately 56,000 square feet as of June 30, 2013.
|
(4)
|
Tenant sales per square foot for the three months ended June 30, 2013, is excluded from the table as certain co-tenancy requirements were not met during 2012 as the mall was only partially occupied.
|
|
Three Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Percent
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Casino
|
$
|
1,690,237
|
|
|
$
|
1,519,721
|
|
|
11.2
|
%
|
Rooms
|
64,118
|
|
|
65,685
|
|
|
(2.4
|
)%
|
||
Food and beverage
|
95,828
|
|
|
89,294
|
|
|
7.3
|
%
|
||
Mall
|
17,709
|
|
|
18,147
|
|
|
(2.4
|
)%
|
||
Convention, retail and other
|
74,664
|
|
|
80,094
|
|
|
(6.8
|
)%
|
||
Provision for doubtful accounts
|
49,669
|
|
|
62,058
|
|
|
(20.0
|
)%
|
||
General and administrative
|
327,532
|
|
|
307,869
|
|
|
6.4
|
%
|
||
Corporate
|
45,123
|
|
|
46,481
|
|
|
(2.9
|
)%
|
||
Pre-opening
|
16,141
|
|
|
1,031
|
|
|
N.M.
|
|
||
Development
|
4,217
|
|
|
6,002
|
|
|
(29.7
|
)%
|
||
Depreciation and amortization
|
264,016
|
|
|
251,048
|
|
|
5.2
|
%
|
||
Amortization of leasehold interests in land
|
10,040
|
|
|
10,108
|
|
|
(0.7
|
)%
|
||
Loss on disposal of assets
|
3,596
|
|
|
4,762
|
|
|
(24.5
|
)%
|
||
Total operating expenses
|
$
|
2,662,890
|
|
|
$
|
2,462,300
|
|
|
8.1
|
%
|
|
Three Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Percent
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Macao:
|
|
|
|
|
|
|||||
The Venetian Macao
|
$
|
402,057
|
|
|
$
|
360,864
|
|
|
11.4
|
%
|
Sands Cotai Central
|
248,973
|
|
|
146,147
|
|
|
70.4
|
%
|
||
Four Seasons Macao
|
67,954
|
|
|
61,809
|
|
|
9.9
|
%
|
||
Sands Macao
|
82,319
|
|
|
88,338
|
|
|
(6.8
|
)%
|
||
Other Asia
|
(468
|
)
|
|
(2,135
|
)
|
|
78.1
|
%
|
||
|
800,835
|
|
|
655,023
|
|
|
22.3
|
%
|
||
Marina Bay Sands
|
417,778
|
|
|
355,349
|
|
|
17.6
|
%
|
||
United States:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
66,115
|
|
|
62,969
|
|
|
5.0
|
%
|
||
Sands Bethlehem
|
27,915
|
|
|
33,579
|
|
|
(16.9
|
)%
|
||
|
94,030
|
|
|
96,548
|
|
|
(2.6
|
)%
|
||
Total adjusted property EBITDA
|
$
|
1,312,643
|
|
|
$
|
1,106,920
|
|
|
18.6
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
|
(Dollars in thousands)
|
||||||
Interest cost (which includes the amortization of deferred financing costs)
|
$
|
67,294
|
|
|
$
|
65,163
|
|
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo
|
3,797
|
|
|
3,791
|
|
||
Less — capitalized interest
|
(1,501
|
)
|
|
(578
|
)
|
||
Interest expense, net
|
$
|
69,590
|
|
|
$
|
68,376
|
|
Cash paid for interest
|
$
|
54,164
|
|
|
$
|
42,944
|
|
Weighted average total debt balance
|
$
|
10,178,055
|
|
|
$
|
9,799,933
|
|
Weighted average interest rate
|
2.6
|
%
|
|
2.7
|
%
|
|
Six Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Percent
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Casino
|
$
|
6,384,875
|
|
|
$
|
5,410,183
|
|
|
18.0
|
%
|
Rooms
|
775,338
|
|
|
649,645
|
|
|
19.3
|
%
|
||
Food and beverage
|
396,983
|
|
|
360,101
|
|
|
10.2
|
%
|
||
Mall
|
228,104
|
|
|
193,454
|
|
|
17.9
|
%
|
||
Convention, retail and other
|
263,205
|
|
|
249,111
|
|
|
5.7
|
%
|
||
|
8,048,505
|
|
|
6,862,494
|
|
|
17.3
|
%
|
||
Less — promotional allowances
|
(413,771
|
)
|
|
(316,834
|
)
|
|
(30.6
|
)%
|
||
Total net revenues
|
$
|
7,634,734
|
|
|
$
|
6,545,660
|
|
|
16.6
|
%
|
|
Six Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
The Venetian Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
2,003,228
|
|
|
$
|
1,579,090
|
|
|
26.9%
|
|
Non-Rolling Chip drop
|
$
|
4,645,147
|
|
|
$
|
2,927,717
|
|
|
58.7%
|
|
Non-Rolling Chip win percentage
|
25.9
|
%
|
|
30.0
|
%
|
|
(4.1) pts
|
|
||
Rolling Chip volume
|
$
|
27,645,155
|
|
|
$
|
23,508,883
|
|
|
17.6%
|
|
Rolling Chip win percentage
|
3.47
|
%
|
|
3.49
|
%
|
|
(0.02) pts
|
|
||
Slot handle
|
$
|
2,798,251
|
|
|
$
|
2,341,207
|
|
|
19.5%
|
|
Slot hold percentage
|
5.0
|
%
|
|
5.5
|
%
|
|
(0.5) pts
|
|
||
Sands Cotai Central
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
1,463,093
|
|
|
$
|
1,064,312
|
|
|
37.5%
|
|
Non-Rolling Chip drop
|
$
|
3,682,321
|
|
|
$
|
2,263,537
|
|
|
62.7%
|
|
Non-Rolling Chip win percentage
|
22.2
|
%
|
|
21.8
|
%
|
|
0.4 pts
|
|
||
Rolling Chip volume
|
$
|
27,909,672
|
|
|
$
|
27,957,800
|
|
|
(0.2)%
|
|
Rolling Chip win percentage
|
2.89
|
%
|
|
2.71
|
%
|
|
0.18 pts
|
|
||
Slot handle
|
$
|
3,788,146
|
|
|
$
|
2,478,094
|
|
|
52.9%
|
|
Slot hold percentage
|
3.6
|
%
|
|
3.9
|
%
|
|
(0.3) pts
|
|
||
Four Seasons Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
537,879
|
|
|
$
|
448,588
|
|
|
19.9%
|
|
Non-Rolling Chip drop
|
$
|
718,594
|
|
|
$
|
296,580
|
|
|
142.3%
|
|
Non-Rolling Chip win percentage
|
25.1
|
%
|
|
32.3
|
%
|
|
(7.2) pts
|
|
||
Rolling Chip volume
|
$
|
14,841,591
|
|
|
$
|
19,424,410
|
|
|
(23.6)%
|
|
Rolling Chip win percentage
|
3.42
|
%
|
|
2.58
|
%
|
|
0.84 pts
|
|
||
Slot handle
|
$
|
460,196
|
|
|
$
|
366,407
|
|
|
25.6%
|
|
Slot hold percentage
|
5.1
|
%
|
|
5.6
|
%
|
|
(0.5) pts
|
|
||
Sands Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
613,579
|
|
|
$
|
589,866
|
|
|
4.0%
|
|
Non-Rolling Chip drop
|
$
|
2,173,194
|
|
|
$
|
1,586,091
|
|
|
37.0%
|
|
Non-Rolling Chip win percentage
|
17.7
|
%
|
|
20.7
|
%
|
|
(3.0) pts
|
|
||
Rolling Chip volume
|
$
|
10,032,059
|
|
|
$
|
12,197,159
|
|
|
(17.8)%
|
|
Rolling Chip win percentage
|
2.87
|
%
|
|
2.69
|
%
|
|
0.18 pts
|
|
||
Slot handle
|
$
|
1,635,643
|
|
|
$
|
1,343,677
|
|
|
21.7%
|
|
Slot hold percentage
|
3.8
|
%
|
|
3.9
|
%
|
|
(0.1) pts
|
|
||
Singapore Operations:
|
|
|
|
|
|
|||||
Marina Bay Sands
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
1,326,880
|
|
|
$
|
1,230,526
|
|
|
7.8%
|
|
Non-Rolling Chip drop
|
$
|
2,263,612
|
|
|
$
|
2,358,296
|
|
|
(4.0)%
|
|
Non-Rolling Chip win percentage
|
24.1
|
%
|
|
23.3
|
%
|
|
0.8 pts
|
|
||
Rolling Chip volume
|
$
|
23,387,991
|
|
|
$
|
32,578,931
|
|
|
(28.2)%
|
|
Rolling Chip win percentage
|
3.43
|
%
|
|
2.52
|
%
|
|
0.91 pts
|
|
||
Slot handle
|
$
|
6,116,693
|
|
|
$
|
5,529,794
|
|
|
10.6%
|
|
Slot hold percentage
|
4.9
|
%
|
|
5.0
|
%
|
|
(0.1) pts
|
|
||
U.S. Operations:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
214,108
|
|
|
$
|
264,964
|
|
|
(19.2)%
|
|
Table games drop
|
$
|
958,500
|
|
|
$
|
1,057,722
|
|
|
(9.4)%
|
|
Table games win percentage
|
17.6
|
%
|
|
21.5
|
%
|
|
(3.9) pts
|
|
||
Slot handle
|
$
|
956,784
|
|
|
$
|
970,536
|
|
|
(1.4)%
|
|
Slot hold percentage
|
8.4
|
%
|
|
8.8
|
%
|
|
(0.4) pts
|
|
||
Sands Bethlehem
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
226,108
|
|
|
$
|
232,837
|
|
|
(2.9)%
|
|
Table games drop
|
$
|
508,200
|
|
|
$
|
503,547
|
|
|
0.9%
|
|
Table games win percentage
|
16.1
|
%
|
|
15.9
|
%
|
|
0.2 pts
|
|
||
Slot handle
|
$
|
1,966,804
|
|
|
$
|
2,089,032
|
|
|
(5.9)%
|
|
Slot hold percentage
|
7.1
|
%
|
|
7.1
|
%
|
|
—
|
|
|
Six Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|||||
|
(Room revenues in thousands)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
The Venetian Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
126,552
|
|
|
$
|
105,501
|
|
|
20.0%
|
|
Occupancy rate
|
91.7
|
%
|
|
89.5
|
%
|
|
2.2 pts
|
|
||
Average daily room rate
|
$
|
265
|
|
|
$
|
229
|
|
|
15.7%
|
|
Revenue per available room
|
$
|
243
|
|
|
$
|
205
|
|
|
18.5%
|
|
Sands Cotai Central
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
152,690
|
|
|
$
|
94,201
|
|
|
62.1%
|
|
Occupancy rate
|
86.9
|
%
|
|
69.0
|
%
|
|
17.9 pts
|
|
||
Average daily room rate
|
$
|
173
|
|
|
$
|
148
|
|
|
16.9%
|
|
Revenue per available room
|
$
|
150
|
|
|
$
|
102
|
|
|
47.1%
|
|
Four Seasons Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
24,671
|
|
|
$
|
19,881
|
|
|
24.1%
|
|
Occupancy rate
|
86.4
|
%
|
|
81.0
|
%
|
|
5.4 pts
|
|
||
Average daily room rate
|
$
|
419
|
|
|
$
|
361
|
|
|
16.1%
|
|
Revenue per available room
|
$
|
363
|
|
|
$
|
292
|
|
|
24.3%
|
|
Sands Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
12,800
|
|
|
$
|
11,974
|
|
|
6.9%
|
|
Occupancy rate
|
97.6
|
%
|
|
94.9
|
%
|
|
2.7 pts
|
|
||
Average daily room rate
|
$
|
254
|
|
|
$
|
244
|
|
|
4.1%
|
|
Revenue per available room
|
$
|
248
|
|
|
$
|
232
|
|
|
6.9%
|
|
Singapore Operations:
|
|
|
|
|
|
|||||
Marina Bay Sands
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
190,207
|
|
|
$
|
171,118
|
|
|
11.2%
|
|
Occupancy rate
|
99.2
|
%
|
|
99.0
|
%
|
|
0.2 pts
|
|
||
Average daily room rate
|
$
|
418
|
|
|
$
|
379
|
|
|
10.3%
|
|
Revenue per available room
|
$
|
415
|
|
|
$
|
375
|
|
|
10.7%
|
|
U.S. Operations:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
262,230
|
|
|
$
|
241,681
|
|
|
8.5%
|
|
Occupancy rate
|
89.5
|
%
|
|
91.0
|
%
|
|
(1.5) pts
|
|
||
Average daily room rate
|
$
|
232
|
|
|
$
|
208
|
|
|
11.5%
|
|
Revenue per available room
|
$
|
207
|
|
|
$
|
189
|
|
|
9.5%
|
|
Sands Bethlehem
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
6,188
|
|
|
$
|
5,289
|
|
|
17.0%
|
|
Occupancy rate
|
78.0
|
%
|
|
68.9
|
%
|
|
9.1 pts
|
|
||
Average daily room rate
|
$
|
145
|
|
|
$
|
141
|
|
|
2.8%
|
|
Revenue per available room
|
$
|
113
|
|
|
$
|
97
|
|
|
16.5%
|
|
|
Six Months Ended June 30,
(1)
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|||||
|
(Mall revenues in thousands)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
Shoppes at Venetian
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
80,132
|
|
|
$
|
67,270
|
|
|
19.1%
|
|
Mall gross leasable area (in square feet)
|
755,876
|
|
|
759,077
|
|
|
(0.4)%
|
|
||
Occupancy
|
95.9
|
%
|
|
95.6
|
%
|
|
0.3 pts
|
|
||
Base rent per square foot
|
$
|
188
|
|
|
$
|
150
|
|
|
25.3%
|
|
Tenant sales per square foot
|
$
|
1,563
|
|
|
$
|
1,357
|
|
|
15.2%
|
|
Shoppes at Cotai Central
(2)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
19,896
|
|
|
$
|
16,624
|
|
|
19.7%
|
|
Mall gross leasable area (in square feet)
|
312,848
|
|
|
210,143
|
|
|
48.9%
|
|
||
Occupancy
|
97.8
|
%
|
|
100.0
|
%
|
|
(2.2) pts
|
|
||
Base rent per square foot
|
$
|
136
|
|
|
$
|
121
|
|
|
12.4%
|
|
Tenant sales per square foot
|
$
|
1,461
|
|
|
$
|
—
|
|
|
—
|
|
Shoppes at Four Seasons
(3
)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
47,841
|
|
|
$
|
35,726
|
|
|
33.9%
|
|
Mall gross leasable area (in square feet)
|
255,888
|
|
|
241,416
|
|
|
6.0%
|
|
||
Occupancy
|
96.2
|
%
|
|
89.9
|
%
|
|
6.3 pts
|
|
||
Base rent per square foot
|
$
|
354
|
|
|
$
|
155
|
|
|
128.4%
|
|
Tenant sales per square foot
|
$
|
5,593
|
|
|
$
|
4,661
|
|
|
20.0%
|
|
Singapore Operations:
|
|
|
|
|
|
|||||
The Shoppes at Marina Bay Sands
(4)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
78,780
|
|
|
$
|
72,548
|
|
|
8.6%
|
|
Mall gross leasable area (in square feet)
|
651,750
|
|
|
640,648
|
|
|
1.7%
|
|
||
Occupancy
|
89.5
|
%
|
|
86.7
|
%
|
|
2.8 pts
|
|
||
Base rent per square foot
|
$
|
220
|
|
|
$
|
219
|
|
|
0.5%
|
|
Tenant sales per square foot
|
$
|
1,497
|
|
|
$
|
1,552
|
|
|
(3.5)%
|
|
U.S. Operations:
|
|
|
|
|
|
|||||
The Outlets at Sands Bethlehem
(5)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
1,455
|
|
|
$
|
1,286
|
|
|
13.1%
|
|
Mall gross leasable area (in square feet)
|
151,029
|
|
|
134,907
|
|
|
12.0%
|
|
||
Occupancy
|
94.3
|
%
|
|
75.9
|
%
|
|
18.4 pts
|
|
||
Base rent per square foot
|
$
|
25
|
|
|
$
|
22
|
|
|
13.6%
|
|
Tenant sales per square foot
|
$
|
410
|
|
|
$
|
—
|
|
|
—
|
|
(1)
|
As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of June 30, 2014 and 2013, they are identical to the summary presented herein for the three months ended June 30, 2014 and 2013, respectively.
|
(2)
|
The first, second and third phases of the Shoppes at Cotai Central opened in April and September 2012, and June 2014, respectively. At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
|
(3)
|
Beginning in August 2013, a significant portion of the rent paid by the duty-free luxury shops was converted from overage rent to base rent in accordance with the respective lease agreements, resulting in an increase in base rent per square foot.
|
(4)
|
Approximately 44,000 square feet of gross leasable area is currently undergoing new fit-out as part of an ongoing repositioning of the mall that will bring in several new key luxury tenants and is not considered occupied as of June 30, 2014, compared to approximately 56,000 square feet as of June 30, 2013.
|
(5)
|
Tenant sales per square foot for the
six
months ended
June 30, 2013
, is excluded from the table as certain co-tenancy requirements were not met during 2012 as the mall was only partially occupied.
|
|
Six Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Percent
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Casino
|
$
|
3,557,849
|
|
|
$
|
3,046,000
|
|
|
16.8
|
%
|
Rooms
|
128,381
|
|
|
134,375
|
|
|
(4.5
|
)%
|
||
Food and beverage
|
195,997
|
|
|
186,025
|
|
|
5.4
|
%
|
||
Mall
|
35,072
|
|
|
35,405
|
|
|
(0.9
|
)%
|
||
Convention, retail and other
|
165,132
|
|
|
158,943
|
|
|
3.9
|
%
|
||
Provision for doubtful accounts
|
111,587
|
|
|
126,737
|
|
|
(12.0
|
)%
|
||
General and administrative
|
664,031
|
|
|
598,283
|
|
|
11.0
|
%
|
||
Corporate
|
95,800
|
|
|
102,753
|
|
|
(6.8
|
)%
|
||
Pre-opening
|
20,441
|
|
|
7,868
|
|
|
159.8
|
%
|
||
Development
|
5,909
|
|
|
11,353
|
|
|
(48.0
|
)%
|
||
Depreciation and amortization
|
525,063
|
|
|
503,605
|
|
|
4.3
|
%
|
||
Amortization of leasehold interests in land
|
20,066
|
|
|
20,275
|
|
|
(1.0
|
)%
|
||
Loss on disposal of assets
|
4,121
|
|
|
6,694
|
|
|
(38.4
|
)%
|
||
Total operating expenses
|
$
|
5,529,449
|
|
|
$
|
4,938,316
|
|
|
12.0
|
%
|
|
Six Months Ended June 30,
|
|||||||||
|
2014
|
|
2013
|
|
Percent
Change
|
|||||
|
(Dollars in thousands)
|
|||||||||
Macao:
|
|
|
|
|
|
|||||
The Venetian Macao
|
$
|
872,141
|
|
|
$
|
709,346
|
|
|
23.0
|
%
|
Sands Cotai Central
|
514,179
|
|
|
277,668
|
|
|
85.2
|
%
|
||
Four Seasons Macao
|
180,995
|
|
|
115,361
|
|
|
56.9
|
%
|
||
Sands Macao
|
173,757
|
|
|
184,940
|
|
|
(6.0
|
)%
|
||
Other Asia
|
(1,882
|
)
|
|
(5,724
|
)
|
|
67.1
|
%
|
||
|
1,739,190
|
|
|
1,281,591
|
|
|
35.7
|
%
|
||
Marina Bay Sands
|
852,939
|
|
|
752,130
|
|
|
13.4
|
%
|
||
United States:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
145,767
|
|
|
176,397
|
|
|
(17.4
|
)%
|
||
Sands Bethlehem
|
54,446
|
|
|
63,435
|
|
|
(14.2
|
)%
|
||
|
200,213
|
|
|
239,832
|
|
|
(16.5
|
)%
|
||
Total adjusted property EBITDA
|
$
|
2,792,342
|
|
|
$
|
2,273,553
|
|
|
22.8
|
%
|
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
|
(Dollars in thousands)
|
||||||
Interest cost (which includes the amortization of deferred financing costs)
|
$
|
136,370
|
|
|
$
|
131,989
|
|
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo
|
7,594
|
|
|
7,580
|
|
||
Less — capitalized interest
|
(3,248
|
)
|
|
(2,361
|
)
|
||
Interest expense, net
|
$
|
140,716
|
|
|
$
|
137,208
|
|
Cash paid for interest
|
$
|
113,747
|
|
|
$
|
107,655
|
|
Weighted average total debt balance
|
$
|
10,095,750
|
|
|
$
|
9,942,247
|
|
Weighted average interest rate
|
2.7
|
%
|
|
2.7
|
%
|
|
Shoppes at
Venetian
|
|
Shoppes at
Four Seasons
|
|
Shoppes at
Cotai Central
|
|
The Shoppes
at Marina Bay
Sands
|
|
The Outlets
at Sands
Bethlehem
(1)
|
|
Total
|
||||||||||||
For the three months ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mall revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Minimum rents
(2)
|
$
|
31,488
|
|
|
$
|
20,603
|
|
|
$
|
6,375
|
|
|
$
|
30,225
|
|
|
$
|
349
|
|
|
$
|
89,040
|
|
Overage rents
|
3,744
|
|
|
2,343
|
|
|
2,281
|
|
|
3,109
|
|
|
475
|
|
|
11,952
|
|
||||||
CAM, levies and management fees
|
6,760
|
|
|
1,870
|
|
|
2,520
|
|
|
6,931
|
|
|
—
|
|
|
18,081
|
|
||||||
Total mall revenues
|
41,992
|
|
|
24,816
|
|
|
11,176
|
|
|
40,265
|
|
|
824
|
|
|
119,073
|
|
||||||
Mall operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common area maintenance
|
4,736
|
|
|
1,486
|
|
|
1,590
|
|
|
6,310
|
|
|
318
|
|
|
14,440
|
|
||||||
Management fees and other direct operating expenses
|
1,952
|
|
|
348
|
|
|
341
|
|
|
463
|
|
|
165
|
|
|
3,269
|
|
||||||
Mall operating expenses
|
6,688
|
|
|
1,834
|
|
|
1,931
|
|
|
6,773
|
|
|
483
|
|
|
17,709
|
|
||||||
Property taxes
(3)
|
(2,602
|
)
|
|
—
|
|
|
—
|
|
|
1,762
|
|
|
303
|
|
|
(537
|
)
|
||||||
Provision for doubtful accounts
|
128
|
|
|
34
|
|
|
—
|
|
|
514
|
|
|
—
|
|
|
676
|
|
||||||
Mall-related expenses
(4)
|
4,214
|
|
|
1,868
|
|
|
1,931
|
|
|
9,049
|
|
|
786
|
|
|
17,848
|
|
||||||
For the three months ended June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mall revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Minimum rents
(2)
|
$
|
24,493
|
|
|
$
|
16,789
|
|
|
$
|
5,743
|
|
|
$
|
24,742
|
|
|
$
|
267
|
|
|
$
|
72,034
|
|
Overage rents
|
6,572
|
|
|
6,833
|
|
|
1,110
|
|
|
2,919
|
|
|
430
|
|
|
17,864
|
|
||||||
CAM, levies and management fees
|
6,348
|
|
|
1,814
|
|
|
1,841
|
|
|
8,092
|
|
|
—
|
|
|
18,095
|
|
||||||
Total mall revenues
|
37,413
|
|
|
25,436
|
|
|
8,694
|
|
|
35,753
|
|
|
697
|
|
|
107,993
|
|
||||||
Mall operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common area maintenance
|
4,348
|
|
|
1,373
|
|
|
1,391
|
|
|
6,746
|
|
|
328
|
|
|
14,186
|
|
||||||
Management fees and other direct operating expenses
|
1,673
|
|
|
316
|
|
|
211
|
|
|
1,610
|
|
|
151
|
|
|
3,961
|
|
||||||
Mall operating expenses
|
6,021
|
|
|
1,689
|
|
|
1,602
|
|
|
8,356
|
|
|
479
|
|
|
18,147
|
|
||||||
Property taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
1,790
|
|
|
267
|
|
|
2,057
|
|
||||||
Provision for (recovery of) doubtful accounts
|
(395
|
)
|
|
35
|
|
|
(140
|
)
|
|
(24
|
)
|
|
—
|
|
|
(524
|
)
|
||||||
Mall-related expenses
(4)
|
5,626
|
|
|
1,724
|
|
|
1,462
|
|
|
10,122
|
|
|
746
|
|
|
19,680
|
|
|
Shoppes at
Venetian
|
|
Shoppes at
Four Seasons
|
|
Shoppes at
Cotai Central
|
|
The Shoppes
at Marina Bay
Sands
|
|
The Outlets
at Sands
Bethlehem
(1)
|
|
Total
|
||||||||||||
For the six months ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mall revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Minimum rents
(2)
|
$
|
62,788
|
|
|
$
|
40,382
|
|
|
$
|
12,309
|
|
|
$
|
59,250
|
|
|
$
|
739
|
|
|
$
|
175,468
|
|
Overage rents
|
4,085
|
|
|
3,838
|
|
|
2,653
|
|
|
5,596
|
|
|
716
|
|
|
16,888
|
|
||||||
CAM, levies and management fees
|
13,259
|
|
|
3,621
|
|
|
4,934
|
|
|
13,934
|
|
|
—
|
|
|
35,748
|
|
||||||
Total mall revenues
|
80,132
|
|
|
47,841
|
|
|
19,896
|
|
|
78,780
|
|
|
1,455
|
|
|
228,104
|
|
||||||
Mall operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common area maintenance
|
8,704
|
|
|
2,717
|
|
|
2,970
|
|
|
12,272
|
|
|
632
|
|
|
27,295
|
|
||||||
Management fees and other direct operating expenses
|
3,810
|
|
|
802
|
|
|
674
|
|
|
2,212
|
|
|
279
|
|
|
7,777
|
|
||||||
Mall operating expenses
|
12,514
|
|
|
3,519
|
|
|
3,644
|
|
|
14,484
|
|
|
911
|
|
|
35,072
|
|
||||||
Property taxes
(3)
|
(1,488
|
)
|
|
—
|
|
|
—
|
|
|
3,519
|
|
|
574
|
|
|
2,605
|
|
||||||
Provision for (recovery of) doubtful accounts
|
267
|
|
|
112
|
|
|
(21
|
)
|
|
772
|
|
|
—
|
|
|
1,130
|
|
||||||
Mall-related expenses
(4)
|
11,293
|
|
|
3,631
|
|
|
3,623
|
|
|
18,775
|
|
|
1,485
|
|
|
38,807
|
|
||||||
For the six months ended June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mall revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Minimum rents
(2)
|
$
|
48,098
|
|
|
$
|
24,334
|
|
|
$
|
11,521
|
|
|
$
|
51,240
|
|
|
$
|
536
|
|
|
$
|
135,729
|
|
Overage rents
|
7,247
|
|
|
7,821
|
|
|
1,428
|
|
|
5,412
|
|
|
750
|
|
|
22,658
|
|
||||||
CAM, levies and management fees
|
11,925
|
|
|
3,571
|
|
|
3,675
|
|
|
15,896
|
|
|
—
|
|
|
35,067
|
|
||||||
Total mall revenues
|
67,270
|
|
|
35,726
|
|
|
16,624
|
|
|
72,548
|
|
|
1,286
|
|
|
193,454
|
|
||||||
Mall operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common area maintenance
|
7,865
|
|
|
2,552
|
|
|
2,711
|
|
|
13,276
|
|
|
597
|
|
|
27,001
|
|
||||||
Management fees and other direct operating expenses
|
3,508
|
|
|
743
|
|
|
546
|
|
|
3,346
|
|
|
261
|
|
|
8,404
|
|
||||||
Mall operating expenses
|
11,373
|
|
|
3,295
|
|
|
3,257
|
|
|
16,622
|
|
|
858
|
|
|
35,405
|
|
||||||
Property taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
3,600
|
|
|
530
|
|
|
4,130
|
|
||||||
Provision for (recovery of) doubtful accounts
|
(419
|
)
|
|
155
|
|
|
(122
|
)
|
|
(3
|
)
|
|
—
|
|
|
(389
|
)
|
||||||
Mall-related expenses(4)
|
10,954
|
|
|
3,450
|
|
|
3,135
|
|
|
20,219
|
|
|
1,388
|
|
|
39,146
|
|
(1)
|
Revenues from CAM, levies and management fees are included in minimum rents for The Outlets at Sands Bethlehem.
|
(2)
|
Minimum rents include base rents and straight-line adjustments of base rents.
|
(3)
|
Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. This property tax exemption expired in August 2013 for The Venetian Macao. In May 2014, the Company received an additional six-year property tax exemption for The Venetian Macao. As a result, the Company reversed $2.6 million of previously recognized property taxes during the three months ended June 30, 2014.
|
(4)
|
Mall-related expenses consist of CAM, management fees and other direct operating expenses, property taxes and provision for (recovery of) doubtful accounts, but excludes depreciation and amortization and general and administrative costs.
|
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Net cash generated from operating activities
|
$
|
2,390,844
|
|
|
$
|
2,024,207
|
|
Cash flows from investing activities:
|
|
|
|
||||
Change in restricted cash and cash equivalents
|
559
|
|
|
(532
|
)
|
||
Capital expenditures
|
(526,838
|
)
|
|
(394,015
|
)
|
||
Proceeds from disposal of property and equipment
|
1,106
|
|
|
1,716
|
|
||
Aquisition of intangible assets
|
—
|
|
|
(45,857
|
)
|
||
Net cash used in investing activities
|
(525,173
|
)
|
|
(438,688
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
45,118
|
|
|
22,835
|
|
||
Excess tax benefits from stock-based compensation
|
2,755
|
|
|
3,107
|
|
||
Repurchase of common stock
|
(1,139,415
|
)
|
|
—
|
|
||
Dividends paid
|
(1,585,655
|
)
|
|
(988,898
|
)
|
||
Distributions to noncontrolling interests
|
(4,731
|
)
|
|
(4,713
|
)
|
||
Proceeds from long-term debt
|
1,857,725
|
|
|
80,496
|
|
||
Repayments on long-term debt
|
(1,296,058
|
)
|
|
(688,431
|
)
|
||
Payments of deferred financing costs
|
(57,244
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(2,177,505
|
)
|
|
(1,575,604
|
)
|
||
Effect of exchange rate on cash
|
4,147
|
|
|
(8,540
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
$
|
(307,687
|
)
|
|
$
|
1,375
|
|
•
|
general economic and business conditions in the U.S. and internationally, which may impact levels of disposable income, consumer spending, group meeting business, pricing of hotel rooms and retail and mall sales;
|
•
|
our leverage, debt service and debt covenant compliance, including the pledge of our assets (other than our equity interests in our subsidiaries) as security for our indebtedness;
|
•
|
disruptions in the global financing markets and our ability to obtain sufficient funding for our current and future developments;
|
•
|
the extensive regulations to which we are subject to and the costs of compliance with such regulations;
|
•
|
increased competition for labor and materials due to other planned construction projects in Macao and quota limits on the hiring of foreign workers;
|
•
|
our ability to meet certain development deadlines;
|
•
|
the uncertainty of tourist behavior related to discretionary spending and vacationing at casino-resorts in Macao, Singapore, Las Vegas and Pennsylvania;
|
•
|
regulatory policies in mainland China or other countries in which our customers reside, including visa restrictions limiting the number of visits or the length of stay for visitors from mainland China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts;
|
•
|
our dependence upon properties primarily in Macao, Singapore and Las Vegas for all of our cash flow;
|
•
|
our relationship with GGP or any successor owner of the Grand Canal Shoppes;
|
•
|
new developments, construction and ventures, including our Cotai Strip developments;
|
•
|
the passage of new legislation and receipt of governmental approvals for our proposed developments in Macao and other jurisdictions where we are planning to operate;
|
•
|
our insurance coverage, including the risk that we have not obtained sufficient coverage or will only be able to obtain additional coverage at significantly increased rates;
|
•
|
disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, outbreaks of infectious diseases, terrorist activity or war;
|
•
|
our ability to collect gaming receivables from our credit players;
|
•
|
our dependence on chance and theoretical win rates;
|
•
|
fraud and cheating;
|
•
|
our ability to establish and protect our IP rights;
|
•
|
conflicts of interest that arise because certain of our directors and officers are also directors of SCL;
|
•
|
government regulation of the casino industry (as well as new laws and regulations and changes to existing laws and regulations), including gaming license regulation, the requirement for certain beneficial owners of our securities to be found suitable by gaming authorities, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet;
|
•
|
increased competition in Macao and Las Vegas, including recent and upcoming increases in hotel rooms, meeting and convention space, retail space, potential additional gaming licenses and online gaming;
|
•
|
the popularity of Macao, Singapore and Las Vegas as convention and trade show destinations;
|
•
|
new taxes, changes to existing tax rates or proposed changes in tax legislation;
|
•
|
our ability to maintain our gaming licenses, certificate and subconcession;
|
•
|
the continued services of our key management and personnel;
|
•
|
any potential conflict between the interests of our Principal Stockholder and us;
|
•
|
the ability of our subsidiaries to make distribution payments to us;
|
•
|
our failure to maintain the integrity of our customer or company data, including against past or future cybersecurity attacks, and any litigation or disruption to our operations resulting from such loss of data integrity;
|
•
|
the completion of infrastructure projects in Macao; and
|
•
|
the outcome of any ongoing and future litigation.
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
|
Fair
Value
(1)
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||||||||||||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate
|
$
|
431.2
|
|
|
$
|
836.3
|
|
|
$
|
1,208.2
|
|
|
$
|
1,720.4
|
|
|
$
|
1,835.7
|
|
|
$
|
4,332.5
|
|
|
$
|
10,364.3
|
|
|
$
|
10,158.4
|
|
Average interest rate
(2)
|
1.9
|
%
|
|
1.9
|
%
|
|
1.9
|
%
|
|
1.8
|
%
|
|
1.7
|
%
|
|
2.4
|
%
|
|
2.1
|
%
|
|
|
|||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cap agreements
(3)
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
(1)
|
The estimated fair values are based on level 2 inputs (quoted prices in markets that are not active).
|
(2)
|
Based upon contractual interest rates for current LIBOR, HIBOR and SOR for variable-rate indebtedness. Based on variable rate debt levels as of
June 30, 2014
, an assumed 100 basis point change in LIBOR, HIBOR and SOR would cause our annual interest cost to change by approximately $91.5 million.
|
(3)
|
As of
June 30, 2014
, we had
15
interest rate cap agreements with an aggregate fair value of approximately
$0.1 million
based on quoted market values from the institutions holding the agreements.
|
Period
|
Total
Number of
Shares
Purchased
|
|
Weighted
Average
Price Paid
per Share
(1)
|
|
Total Number
of Shares
Purchased as
Part of a Publicly
Announced Program
|
|
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Program
(in thousands)
(2)
|
||||||
April 1, 2014 — April 30, 2014
|
2,262,339
|
|
|
$
|
77.35
|
|
|
2,262,339
|
|
|
$
|
444,449
|
|
May 1, 2014 — May 31, 2014
|
991,142
|
|
|
$
|
75.67
|
|
|
991,142
|
|
|
$
|
369,434
|
|
June 1, 2014 — June 30, 2014
|
926,244
|
|
|
$
|
75.56
|
|
|
926,244
|
|
|
$
|
299,435
|
|
(1)
|
Calculated excluding commissions.
|
(2)
|
On June 5, 2013, the Company announced a stock repurchase program pursuant to which the Company has been authorized to repurchase up to $2.0 billion of its outstanding common stock. As of
June 30, 2014
, approximately
$299.4 million
of shares remained available for repurchase. The stock repurchase program will expire on June 5, 2015. All repurchases under the stock repurchase program are made from time to time at the Company’s discretion in accordance with applicable federal securities laws. All share repurchases of the Company’s common stock have been recorded as treasury shares.
|
Exhibit No.
|
|
Description of Document
|
10.1
|
|
Las Vegas Sands Corp. 2004 Equity Award Plan.
|
10.2
|
|
Form of Director Restricted Stock Award Agreement under the 2004 Equity Award Plan.
|
10.3
|
|
Form of Restricted Stock Award Agreement under the 2004 Equity Award Plan.
|
10.4
|
|
Form of Director Restricted Stock Units Award Agreement under the Company’s 2004 Equity Award Plan.
|
10.5
|
|
Form of Director Restricted Stock Units Award Agreement (with deferred settlement) under the 2004 Equity Award Plan.
|
10.6
|
|
Form of Restricted Stock Units Award Agreement under the 2004 Equity Award Plan.
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of Chief Executive Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
|
Certification of Principal Financial Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
LAS VEGAS SANDS CORP.
|
||
|
|
|
|
August 7, 2014
|
By:
|
|
/s/ Sheldon G. Adelson
|
|
|
|
Sheldon G. Adelson
Chairman of the Board and
Chief Executive Officer |
|
|
|
|
August 7, 2014
|
By:
|
|
/s/ Michael A. Quartieri
|
|
|
|
Michael A. Quartieri
Chief Accounting Officer
(Principal Financial Officer) |
|
(A)
|
On the effective date of the initial public offering of the Common Stock, each Non-Employee Director shall be automatically granted without further action by the Committee a Nonqualified Stock Option to purchase such number of shares of Stock as shall be determined by the Board to be necessary for such Nonqualified Stock Option to have an aggregate grant date value (based on the Black-Scholes option valuation model) of $100,000; and
|
|
(B)
|
On the date any person first becomes a Non-Employee Director following the effective date of the initial public offering of the Common Stock, such person shall be automatically granted without further action by the Committee a Nonqualified Stock Option to purchase such number of shares of Stock as shall be determined by the Board to be necessary for such Nonqualified Stock Option to have an aggregate grant date value (based on the Black-Scholes option valuation model) of $100,000.
|
|
(A)
|
Option Price.
All Directors Stock Options shall have an Option Price per share equal to the Fair Market Value of a share of Stock on the Date of Grant.
|
|
(B)
|
Vesting.
All Director Stock Options shall vest and become exercisable over a period of five years at the rate of 20% on each of the five consecutive anniversaries of the applicable Date of Grant, provided the Non-Employee Director’s services as a director continues through each such anniversary.
|
|
(C)
|
Term
. The term of each Director Stock Option (the “
Director Option Term
”), after which each such Director Stock Option shall expire, shall be ten years from the Date of Grant.
|
|
(D)
|
Expiration
. If prior to the expiration of the Director Option Term of a Director Stock Option a Non-Employee Director shall cease to be a member of the Board, the Director Stock Option shall expire on the earlier of the expiration of the Director Option Term or (i) one year after
|
|
(E)
|
Director Stock Option Agreement
. Each Director Stock Option shall be evidenced by a Director Stock Option Agreement, which shall contain such additional provisions as may be determined by the Board.
|
|
(A)
|
any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 (collectively, the “
Immediate Family Members
”);
|
|
(B)
|
a trust solely for the benefit of the Participant and his or her Immediate Family Members;
|
|
(C)
|
a partnership or limited liability company whose only partners or shareholders are the Participant and his or her Immediate Family Members; or
|
|
(D)
|
any other transferee as may be approved either (a) by the Board or the Committee in its sole discretion, or (b) as provided in the applicable Award agreement;
|
Las Vegas Sands Corp.
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
[type in name of participant]
|
Las Vegas Sands Corp.
|
|||
By: | |||
Name:
|
|||
Title:
|
|||
[type in name of participant]
|
|||
Las Vegas Sands Corp.
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
[NAME OF PARTICIPANT]
|
Las Vegas Sands Corp.
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
[NAME OF PARTICIPANT]
|
Las Vegas Sands Corp.
|
|||
By:
|
|
||
Name:
|
|||
Title:
|
|||
[NAME OF PARTICIPANT]
|
|||
Date:
|
August 7, 2014
|
By:
|
|
/s/ Sheldon G. Adelson
|
|
|
|
|
Sheldon G. Adelson
Chief Executive Officer
|
Date:
|
August 7, 2014
|
By:
|
|
/s/ Michael A. Quartieri
|
|
|
|
|
Michael A. Quartieri
Chief Accounting Officer
(Principal Financial Officer)
|
Date:
|
August 7, 2014
|
By:
|
|
/s/ Sheldon G. Adelson
|
|
|
|
|
Sheldon G. Adelson
Chief Executive Officer
|
Date:
|
August 7, 2014
|
By:
|
|
/s/ Michael A. Quartieri
|
|
|
|
|
Michael A. Quartieri
Chief Accounting Officer
(Principal Financial Officer)
|