|
☒
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ANNUAL 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)
|
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(IRS Employer
Identification No.)
|
|
3355 Las Vegas Boulevard South
|
|
|
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Las Vegas,
|
Nevada
|
|
89109
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(Address of principal executive offices)
|
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(Zip Code)
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Title of Each Class
|
|
Trading Symbol
|
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Name of Each Exchange on Which Registered
|
Common Stock ($0.001 par value)
|
|
LVS
|
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New York Stock Exchange
|
Large Accelerated Filer
|
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☒
|
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Accelerated Filer
|
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☐
|
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Emerging Growth Company
|
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☐
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Non-Accelerated Filer
|
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☐
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Smaller Reporting Company
|
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☐
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|
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DOCUMENTS INCORPORATED BY REFERENCE
|
||
Portions of the definitive Proxy Statement to be used in connection with the registrant's 2020 Annual Meeting of Stockholders are incorporated into Part III (Item 10 through Item 14) of this Annual Report on Form 10-K.
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Page
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—
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—
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Mall Name
|
|
Total GLA(1)
|
|
Selected Significant Tenants
|
|
Shoppes at Venetian
|
|
|
812,938(2)
|
|
Zara, Victoria's Secret, Uniqlo, Tiffany & Co., Rolex, H&M, Michael Kors, Bvlgari, Polo Ralph Lauren, Lululemon, FURLA
|
Shoppes at Cotai Central
|
|
|
525,222(3)
|
|
Marks & Spencer, Kid's Cavern, Zara, Omega, Nike, Chow Tai Fook, Apple, Haidilao, The Cheesecake Factory, Bottega Veneta
|
Shoppes at Parisian
|
|
|
295,920
|
|
Alexander McQueen, Isabel Marant, Lanvin, Maje, Sandro, Zadig & Voltaire, Versace Jeans Couture, Antonia
|
Shoppes at Four Seasons
|
|
|
242,425
|
|
Cartier, Chanel, Louis Vuitton, Hermès, Gucci, Dior, Versace, Zegna, Loro Piana, Saint Laurent Paris, Balenciaga, Loewe
|
The Shoppes at Marina Bay Sands
|
|
|
593,714(4)
|
|
Louis Vuitton, Zara, Chanel, Gucci, Dior, Burberry, Prada, Moncler, Hermès, Cartier
|
(1)
|
Represents Gross Leasable Area in square feet.
|
(2)
|
Excludes approximately 130,000 square feet of space on the fifth floor currently not on the market for lease.
|
(3)
|
The Shoppes at Cotai Central will feature up to an estimated 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao.
|
(4)
|
Excludes approximately 198,000 square feet of space operated by the Company.
|
Category
|
|
Square Feet
|
|
% of
Square Feet
|
|
Representative Tenants
|
||
Fashion (luxury, women's, men's, mixed)
|
|
845,215
|
|
|
37
|
%
|
|
Louis Vuitton, Dior, Gucci, Versace, Chanel, Hermès, Balenciaga, Loewe
|
Restaurants and lounges
|
|
422,608
|
|
|
19
|
%
|
|
Bambu, Lei Garden, Ce La Vi, North, Café Deco, Haidilao, The Cheesecake Factory
|
Multi-Brands
|
|
251,147
|
|
|
11
|
%
|
|
Duty Free Americas, The Atrium
|
Fashion accessories and footwear
|
|
166,820
|
|
|
7
|
%
|
|
Coach, Rimowa, Michael Kors, FURLA, Oakley & Spectacle Hut, Charles & Keith
|
Lifestyle, sports and entertainment
|
|
200,556
|
|
|
9
|
%
|
|
Manchester United, Adidas, Ferrari, Lululemon, Under Armour
|
Jewelry
|
|
161,146
|
|
|
7
|
%
|
|
Bvlgari, Omega, Cartier, Rolex, Tiffany & Co.
|
Health and beauty
|
|
83,558
|
|
|
4
|
%
|
|
Sephora, The Body Shop, Sa Sa
|
Banks and services
|
|
49,273
|
|
|
2
|
%
|
|
Bank of China, ICBC
|
Home furnishing and electronics
|
|
46,672
|
|
|
2
|
%
|
|
Apple, Samsung, Zara Home
|
Specialty foods
|
|
30,066
|
|
|
1
|
%
|
|
Godiva, Cold Storage Specialty, Haagen Dazs, Venchi, Jason's Deli
|
Arts and gifts
|
|
16,570
|
|
|
1
|
%
|
|
Emporio di Gondola
|
Total
|
|
2,273,631
|
|
|
100
|
%
|
|
|
•
|
pay that person any dividend or interest upon its shares;
|
•
|
allow that person to exercise, directly or indirectly, any voting right conferred through shares held by that person;
|
•
|
pay remuneration in any form to that person for services rendered or otherwise; or
|
•
|
fail to pursue all lawful efforts to require that unsuitable person to relinquish its shares.
|
•
|
the prevention of unsavory or unsuitable persons from having a direct or indirect involvement with gaming at any time or in any capacity;
|
•
|
the establishment and maintenance of responsible accounting practices and procedures;
|
•
|
the maintenance of effective controls over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and the safeguarding of assets and revenues, providing reliable record-keeping and requiring the filing of periodic reports with the Nevada Gaming Authorities;
|
•
|
the prevention of cheating and fraudulent practices; and
|
•
|
the establishment of a source of state and local revenues through taxation and licensing fees.
|
•
|
pay that person any dividend or interest upon any voting securities;
|
•
|
allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person;
|
•
|
pay remuneration in any form to that person for services rendered or otherwise; or
|
•
|
fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, the purchase for cash at fair market value.
|
•
|
pays to the unsuitable person any dividend, interest, or any distribution whatsoever;
|
•
|
recognizes any voting right by such unsuitable person in connection with such securities; or
|
•
|
pays the unsuitable person remuneration in any form.
|
•
|
assure the financial stability of corporate gaming operators and their affiliates;
|
•
|
preserve the beneficial aspects of conducting business in the corporate form; and
|
•
|
promote a neutral environment for the orderly governance of corporate affairs.
|
•
|
a percentage of the gross revenues received;
|
•
|
the number of gaming devices operated; or
|
•
|
the number of table games operated.
|
•
|
local economic and competitive conditions;
|
•
|
natural or man-made disasters, pandemics, epidemics, outbreaks of contagious or infectious diseases, such as the 2019 Novel Coronavirus outbreak, political instability, civil unrest, terrorist activity or war;
|
•
|
inaccessibility due to inclement weather, road construction or closure of primary access routes;
|
•
|
decline in air passenger traffic due to higher ticket costs, suspension of flights or fears concerning air travel;
|
•
|
changes in local and state governmental laws and regulations, including gaming laws and regulations;
|
•
|
changes in the availability of water; and
|
•
|
a decline in the number of visitors to Macao, Singapore or Las Vegas.
|
•
|
incur additional debt, including providing guarantees or credit support;
|
•
|
incur liens securing indebtedness or other obligations;
|
•
|
dispose of certain assets;
|
•
|
make certain acquisitions;
|
•
|
pay dividends or make distributions and make other restricted payments, such as purchasing equity interests, repurchasing junior indebtedness or making investments in third parties;
|
•
|
enter into sale and leaseback transactions;
|
•
|
engage in any new businesses;
|
•
|
issue preferred stock; and
|
•
|
enter into transactions with our stockholders and our affiliates.
|
•
|
make it more difficult for us to satisfy our debt service obligations;
|
•
|
increase our vulnerability to general adverse economic and industry conditions, such as the impact of the 2019 Novel Coronavirus;
|
•
|
impair our ability to obtain additional financing in the future for working capital needs, capital expenditures, development projects, acquisitions or general corporate purposes;
|
•
|
require us to dedicate a significant portion of our cash flow from operations to the payment of principal and interest on our debt, which would reduce the funds available for our operations and development projects;
|
•
|
limit our flexibility in planning for, or reacting to, changes in the business and the industry in which we operate;
|
•
|
place us at a competitive disadvantage compared to our competitors that have less debt; and
|
•
|
subject us to higher interest expense in the event of increases in interest rates.
|
•
|
we knowingly violate any laws of the foreign jurisdiction pertaining to the foreign gaming operation;
|
•
|
we fail to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations;
|
•
|
we engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to the gaming policies of Nevada;
|
•
|
we engage in any activity or enter into any association that interferes with the ability of the State of Nevada to collect gaming taxes and fees; or
|
•
|
we employ, contract with or associate with any person in the foreign gaming operation who has been denied a license or a finding of suitability in Nevada on the ground of personal unsuitability, or who has been found guilty of cheating at gambling.
|
•
|
pay that person any dividend or interest upon any voting securities;
|
•
|
allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person;
|
•
|
pay remuneration in any form to that person for services rendered or otherwise; or
|
•
|
fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, purchasing them for cash at fair market value.
|
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 millions)(2)
|
||||||
October 1, 2019 — October 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
1,216
|
|
November 1, 2019 — November 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
1,216
|
|
December 1, 2019 — December 31, 2019
|
|
4,682,678
|
|
|
$
|
64.07
|
|
|
4,682,678
|
|
|
$
|
916
|
|
(1)
|
Calculated excluding commissions.
|
(2)
|
In November 2016, our Board of Directors authorized the repurchase of $1.56 billion of our outstanding common stock, which expired on November 2, 2018. In June 2018, the Company's Board of Directors authorized increasing the remaining repurchase amount of $1.11 billion to $2.50 billion and extending the expiration date to November 2, 2020. All repurchases under the stock repurchase program are made from time to time at our discretion in accordance with applicable federal securities laws. All share repurchases of our common stock have been recorded as treasury shares.
|
|
Cumulative Total Return
|
||||||||||||||||||||||
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
|
12/31/2019
|
||||||||||||
Las Vegas Sands Corp.
|
$
|
100.00
|
|
|
$
|
79.50
|
|
|
$
|
102.35
|
|
|
$
|
139.41
|
|
|
$
|
109.35
|
|
|
$
|
152.47
|
|
S&P 500
|
$
|
100.00
|
|
|
$
|
101.37
|
|
|
$
|
113.49
|
|
|
$
|
138.26
|
|
|
$
|
132.19
|
|
|
$
|
173.80
|
|
Dow Jones US Gambling Index
|
$
|
100.00
|
|
|
$
|
76.66
|
|
|
$
|
98.28
|
|
|
$
|
137.73
|
|
|
$
|
95.57
|
|
|
$
|
141.02
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019(1)
|
|
2018(2)
|
|
2017(3)
|
|
2016(4)
|
|
2015
|
||||||||||
|
(In millions, except per share data)
|
||||||||||||||||||
STATEMENT OF OPERATIONS DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
13,739
|
|
|
$
|
13,729
|
|
|
$
|
12,728
|
|
|
$
|
11,271
|
|
|
$
|
11,688
|
|
Operating expenses
|
10,041
|
|
|
9,978
|
|
|
9,264
|
|
|
8,769
|
|
|
8,847
|
|
|||||
Operating income
|
3,698
|
|
|
3,751
|
|
|
3,464
|
|
|
2,502
|
|
|
2,841
|
|
|||||
Interest income
|
74
|
|
|
59
|
|
|
16
|
|
|
10
|
|
|
15
|
|
|||||
Interest expense, net of amounts capitalized
|
(555
|
)
|
|
(446
|
)
|
|
(327
|
)
|
|
(274
|
)
|
|
(265
|
)
|
|||||
Other income (expense)
|
23
|
|
|
26
|
|
|
(94
|
)
|
|
31
|
|
|
31
|
|
|||||
Gain on sale of Sands Bethlehem
|
556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on modification or early retirement of debt
|
(24
|
)
|
|
(64
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
—
|
|
|||||
Income before income taxes
|
3,772
|
|
|
3,326
|
|
|
3,054
|
|
|
2,264
|
|
|
2,622
|
|
|||||
Income tax (expense) benefit
|
(468
|
)
|
|
(375
|
)
|
|
209
|
|
|
(239
|
)
|
|
(236
|
)
|
|||||
Net income
|
3,304
|
|
|
2,951
|
|
|
3,263
|
|
|
2,025
|
|
|
2,386
|
|
|||||
Net income attributable to noncontrolling interests
|
(606
|
)
|
|
(538
|
)
|
|
(455
|
)
|
|
(346
|
)
|
|
(420
|
)
|
|||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
2,698
|
|
|
$
|
2,413
|
|
|
$
|
2,808
|
|
|
$
|
1,679
|
|
|
$
|
1,966
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted earnings per share
|
$
|
3.50
|
|
|
$
|
3.07
|
|
|
$
|
3.55
|
|
|
$
|
2.11
|
|
|
$
|
2.47
|
|
Cash dividends declared per common share(5)
|
$
|
3.08
|
|
|
$
|
3.00
|
|
|
$
|
2.92
|
|
|
$
|
2.88
|
|
|
$
|
2.60
|
|
OTHER DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
$
|
1,216
|
|
|
$
|
949
|
|
|
$
|
837
|
|
|
$
|
1,398
|
|
|
$
|
1,529
|
|
|
December 31,
|
||||||||||||||||||
|
2019(6)
|
|
2018(7)
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(In millions)
|
||||||||||||||||||
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
23,199
|
|
|
$
|
22,547
|
|
|
$
|
20,687
|
|
|
$
|
20,469
|
|
|
$
|
20,863
|
|
Long-term debt
|
$
|
12,422
|
|
|
$
|
11,874
|
|
|
$
|
9,344
|
|
|
$
|
9,428
|
|
|
$
|
9,249
|
|
Total Las Vegas Sands Corp. stockholders' equity
|
$
|
5,187
|
|
|
$
|
5,684
|
|
|
$
|
6,486
|
|
|
$
|
6,177
|
|
|
$
|
6,817
|
|
(1)
|
We completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. During the year ended December 31, 2019, we recorded a gain on the sale of Sands Bethlehem of $556 million.
|
(2)
|
During the year ended December 31, 2018, we recorded a $64 million loss on early retirement of debt primarily due to the retirement of the 2016 VML Credit Facility in connection with the issuance of the SCL Senior Notes.
|
(3)
|
During the year ended December 31, 2017, we recorded a nonrecurring non-cash income tax benefit of $526 million due to U.S. tax reform enacted at the end of 2017. We also revised the estimated useful lives of certain assets to better reflect the estimated periods during which these assets are expected to remain in service, resulting in a decrease in depreciation and amortization expense and an increase in operating income of $112 million, and an increase in net income attributable to Las Vegas Sands Corp. of $72 million, or earnings per share of $0.09 on a basic and diluted basis.
|
(4)
|
During the year ended December 31, 2016, we recorded pre-opening expenses of $130 million driven by the opening of The Parisian Macao in September 2016, a nonrecurring corporate expense of $79 million and a loss on disposal or impairment of assets of $79 million primarily related to the write-off of costs related to the Las Vegas Condo Tower, as well as other dispositions at the Company's various operating properties.
|
(5)
|
During the years ended December 31, 2019, 2018, 2017, 2016, and 2015, we paid quarterly dividends of $0.77, $0.75, $0.73, $0.72 and $0.65, respectively, per common share as part of a regular cash dividend program.
|
(6)
|
During the year ended December 31, 2019, LVSC issued four series of unsecured notes in an aggregate principal amount of $4.0 billion, a portion of which was used to repay in full the outstanding borrowings under the 2013 U.S. Credit Facility and repurchase shares of our common stock. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 8 — Long-Term Debt."
|
(7)
|
During the year ended December 31, 2018, SCL issued three series of unsecured notes in an aggregate principal amount of $5.50 billion, a portion of which was used to repay in full the outstanding borrowings under the 2016 VML Credit Facility, and amended our U.S. Credit Facility to increase the amount of the term loans by $1.35 billion. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 8 — Long-Term Debt."
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Percent
Change |
|||||
|
(Dollars in millions)
|
|||||||||
Casino
|
$
|
9,828
|
|
|
$
|
9,819
|
|
|
0.1
|
%
|
Rooms
|
1,752
|
|
|
1,733
|
|
|
1.1
|
%
|
||
Food and beverage
|
897
|
|
|
865
|
|
|
3.7
|
%
|
||
Mall
|
716
|
|
|
690
|
|
|
3.8
|
%
|
||
Convention, retail and other
|
546
|
|
|
622
|
|
|
(12.2
|
)%
|
||
Total net revenues
|
$
|
13,739
|
|
|
$
|
13,729
|
|
|
0.1
|
%
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Change
|
|||||
|
(Dollars in millions)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
The Venetian Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
2,875
|
|
|
$
|
2,829
|
|
|
1.6
|
%
|
Non-Rolling Chip drop
|
$
|
9,275
|
|
|
$
|
9,068
|
|
|
2.3
|
%
|
Non-Rolling Chip win percentage
|
26.2
|
%
|
|
24.7
|
%
|
|
1.5
|
pts
|
||
Rolling Chip volume
|
$
|
25,715
|
|
|
$
|
32,148
|
|
|
(20.0
|
)%
|
Rolling Chip win percentage
|
3.29
|
%
|
|
3.55
|
%
|
|
(0.26
|
)pts
|
||
Slot handle
|
$
|
3,952
|
|
|
$
|
3,303
|
|
|
19.6
|
%
|
Slot hold percentage
|
4.8
|
%
|
|
4.6
|
%
|
|
0.2
|
pts
|
||
Sands Cotai Central
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
1,541
|
|
|
$
|
1,622
|
|
|
(5.0
|
)%
|
Non-Rolling Chip drop
|
$
|
6,586
|
|
|
$
|
6,722
|
|
|
(2.0
|
)%
|
Non-Rolling Chip win percentage
|
22.7
|
%
|
|
21.4
|
%
|
|
1.3
|
pts
|
||
Rolling Chip volume
|
$
|
5,364
|
|
|
$
|
10,439
|
|
|
(48.6
|
)%
|
Rolling Chip win percentage
|
3.36
|
%
|
|
3.59
|
%
|
|
(0.23
|
)pts
|
||
Slot handle
|
$
|
4,107
|
|
|
$
|
4,811
|
|
|
(14.6
|
)%
|
Slot hold percentage
|
4.2
|
%
|
|
3.9
|
%
|
|
0.3
|
pts
|
||
The Parisian Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
1,376
|
|
|
$
|
1,265
|
|
|
8.8
|
%
|
Non-Rolling Chip drop
|
$
|
4,522
|
|
|
$
|
4,323
|
|
|
4.6
|
%
|
Non-Rolling Chip win percentage
|
23.1
|
%
|
|
21.1
|
%
|
|
2.0
|
pts
|
||
Rolling Chip volume
|
$
|
16,121
|
|
|
$
|
19,049
|
|
|
(15.4
|
)%
|
Rolling Chip win percentage
|
3.43
|
%
|
|
3.19
|
%
|
|
0.24
|
pts
|
||
Slot handle
|
$
|
4,217
|
|
|
$
|
4,837
|
|
|
(12.8
|
)%
|
Slot hold percentage
|
3.7
|
%
|
|
2.9
|
%
|
|
0.8
|
pts
|
||
The Plaza Macao and Four Seasons Hotel Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
650
|
|
|
$
|
502
|
|
|
29.5
|
%
|
Non-Rolling Chip drop
|
$
|
1,473
|
|
|
$
|
1,365
|
|
|
7.9
|
%
|
Non-Rolling Chip win percentage
|
24.4
|
%
|
|
24.9
|
%
|
|
(0.5
|
)pts
|
||
Rolling Chip volume
|
$
|
13,368
|
|
|
$
|
13,100
|
|
|
2.0
|
%
|
Rolling Chip win percentage
|
3.88
|
%
|
|
2.95
|
%
|
|
0.93
|
pts
|
||
Slot handle
|
$
|
518
|
|
|
$
|
565
|
|
|
(8.3
|
)%
|
Slot hold percentage
|
6.0
|
%
|
|
6.1
|
%
|
|
(0.1
|
)pts
|
||
Sands Macao
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
576
|
|
|
$
|
598
|
|
|
(3.7
|
)%
|
Non-Rolling Chip drop
|
$
|
2,634
|
|
|
$
|
2,565
|
|
|
2.7
|
%
|
Non-Rolling Chip win percentage
|
18.3
|
%
|
|
18.4
|
%
|
|
(0.1
|
)pts
|
||
Rolling Chip volume
|
$
|
4,605
|
|
|
$
|
5,705
|
|
|
(19.3
|
)%
|
Rolling Chip win percentage
|
2.52
|
%
|
|
3.12
|
%
|
|
(0.60
|
)pts
|
||
Slot handle
|
$
|
2,596
|
|
|
$
|
2,569
|
|
|
1.1
|
%
|
Slot hold percentage
|
3.3
|
%
|
|
3.1
|
%
|
|
0.2
|
pts
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Change
|
|||||
|
(Dollars in millions)
|
|||||||||
Singapore Operations:
|
|
|
|
|
|
|||||
Marina Bay Sands
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
2,167
|
|
|
$
|
2,178
|
|
|
(0.5
|
)%
|
Non-Rolling Chip drop
|
$
|
5,194
|
|
|
$
|
5,352
|
|
|
(3.0
|
)%
|
Non-Rolling Chip win percentage
|
20.7
|
%
|
|
20.0
|
%
|
|
0.7
|
pts
|
||
Rolling Chip volume
|
$
|
29,504
|
|
|
$
|
27,164
|
|
|
8.6
|
%
|
Rolling Chip win percentage
|
3.40
|
%
|
|
3.50
|
%
|
|
(0.10
|
)pts
|
||
Slot handle
|
$
|
14,183
|
|
|
$
|
14,578
|
|
|
(2.7
|
)%
|
Slot hold percentage
|
4.6
|
%
|
|
4.5
|
%
|
|
0.1
|
pts
|
||
U.S. Operations:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
444
|
|
|
$
|
357
|
|
|
24.4
|
%
|
Table games drop
|
$
|
1,945
|
|
|
$
|
1,866
|
|
|
4.2
|
%
|
Table games win percentage
|
19.2
|
%
|
|
15.0
|
%
|
|
4.2
|
pts
|
||
Slot handle
|
$
|
2,960
|
|
|
$
|
2,787
|
|
|
6.2
|
%
|
Slot hold percentage
|
8.2
|
%
|
|
8.3
|
%
|
|
(0.1
|
)pts
|
||
Sands Bethlehem(1)
|
|
|
|
|
|
|||||
Total casino revenues
|
$
|
199
|
|
|
$
|
468
|
|
|
(57.5
|
)%
|
Table games drop
|
$
|
453
|
|
|
$
|
1,134
|
|
|
(60.1
|
)%
|
Table games win percentage
|
20.2
|
%
|
|
17.9
|
%
|
|
2.3
|
pts
|
||
Slot handle
|
$
|
2,007
|
|
|
$
|
4,795
|
|
|
(58.1
|
)%
|
Slot hold percentage
|
6.3
|
%
|
|
6.4
|
%
|
|
(0.1
|
)pts
|
(1)
|
We completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Change
|
|||||
|
(Room revenues in millions)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
The Venetian Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
222
|
|
|
$
|
223
|
|
|
(0.4
|
)%
|
Occupancy rate
|
95.9
|
%
|
|
95.9
|
%
|
|
—
|
|
||
Average daily room rate (ADR)
|
$
|
227
|
|
|
$
|
225
|
|
|
0.9
|
%
|
Revenue per available room (RevPAR)
|
$
|
217
|
|
|
$
|
216
|
|
|
0.5
|
%
|
Sands Cotai Central
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
320
|
|
|
$
|
331
|
|
|
(3.3
|
)%
|
Occupancy rate
|
96.8
|
%
|
|
94.8
|
%
|
|
2.0
|
pts
|
||
Average daily room rate (ADR)
|
$
|
160
|
|
|
$
|
157
|
|
|
1.9
|
%
|
Revenue per available room (RevPAR)
|
$
|
155
|
|
|
$
|
149
|
|
|
4.0
|
%
|
The Parisian Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
130
|
|
|
$
|
124
|
|
|
4.8
|
%
|
Occupancy rate
|
97.2
|
%
|
|
96.3
|
%
|
|
0.9
|
pts
|
||
Average daily room rate (ADR)
|
$
|
159
|
|
|
$
|
155
|
|
|
2.6
|
%
|
Revenue per available room (RevPAR)
|
$
|
155
|
|
|
$
|
149
|
|
|
4.0
|
%
|
The Plaza Macao and Four Seasons Hotel Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
41
|
|
|
$
|
39
|
|
|
5.1
|
%
|
Occupancy rate
|
91.3
|
%
|
|
88.7
|
%
|
|
2.6
|
pts
|
||
Average daily room rate (ADR)
|
$
|
332
|
|
|
$
|
323
|
|
|
2.8
|
%
|
Revenue per available room (RevPAR)
|
$
|
303
|
|
|
$
|
286
|
|
|
5.9
|
%
|
Sands Macao
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
18
|
|
|
$
|
17
|
|
|
5.9
|
%
|
Occupancy rate
|
99.8
|
%
|
|
98.6
|
%
|
|
1.2
|
pts
|
||
Average daily room rate (ADR)
|
$
|
175
|
|
|
$
|
164
|
|
|
6.7
|
%
|
Revenue per available room (RevPAR)
|
$
|
175
|
|
|
$
|
162
|
|
|
8.0
|
%
|
Singapore Operations:
|
|
|
|
|
|
|||||
Marina Bay Sands
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
404
|
|
|
$
|
393
|
|
|
2.8
|
%
|
Occupancy rate
|
97.6
|
%
|
|
96.7
|
%
|
|
0.9
|
pts
|
||
Average daily room rate (ADR)
|
$
|
450
|
|
|
$
|
441
|
|
|
2.0
|
%
|
Revenue per available room (RevPAR)
|
$
|
439
|
|
|
$
|
426
|
|
|
3.1
|
%
|
U.S. Operations:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
610
|
|
|
$
|
590
|
|
|
3.4
|
%
|
Occupancy rate
|
95.3
|
%
|
|
94.6
|
%
|
|
0.7
|
pts
|
||
Average daily room rate (ADR)
|
$
|
251
|
|
|
$
|
243
|
|
|
3.3
|
%
|
Revenue per available room (RevPAR)
|
$
|
239
|
|
|
$
|
230
|
|
|
3.9
|
%
|
Sands Bethlehem(1)
|
|
|
|
|
|
|||||
Total room revenues
|
$
|
7
|
|
|
$
|
16
|
|
|
(56.3
|
)%
|
Occupancy rate
|
92.6
|
%
|
|
92.8
|
%
|
|
(0.2
|
)pts
|
||
Average daily room rate (ADR)
|
$
|
159
|
|
|
$
|
163
|
|
|
(2.5
|
)%
|
Revenue per available room (RevPAR)
|
$
|
147
|
|
|
$
|
151
|
|
|
(2.6
|
)%
|
(1)
|
We completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Change
|
|||||
|
(Mall revenues in millions)
|
|||||||||
Macao Operations:
|
|
|
|
|
|
|||||
Shoppes at Venetian
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
253
|
|
|
$
|
233
|
|
|
8.6
|
%
|
Mall gross leasable area (in square feet)
|
812,938
|
|
|
813,376
|
|
|
(0.1
|
)%
|
||
Occupancy
|
91.4
|
%
|
|
90.3
|
%
|
|
1.1
|
pts
|
||
Base rent per square foot
|
$
|
277
|
|
|
$
|
263
|
|
|
5.3
|
%
|
Tenant sales per square foot
|
$
|
1,709
|
|
|
$
|
1,746
|
|
|
(2.1
|
)%
|
Shoppes at Cotai Central(1)
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
70
|
|
|
$
|
69
|
|
|
1.4
|
%
|
Mall gross leasable area (in square feet)
|
525,222
|
|
|
519,681
|
|
|
1.1
|
%
|
||
Occupancy
|
90.1
|
%
|
|
91.5
|
%
|
|
(1.4
|
)pts
|
||
Base rent per square foot
|
$
|
107
|
|
|
$
|
108
|
|
|
(0.9
|
)%
|
Tenant sales per square foot
|
$
|
934
|
|
|
$
|
892
|
|
|
4.7
|
%
|
Shoppes at Parisian
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
53
|
|
|
$
|
57
|
|
|
(7.0
|
)%
|
Mall gross leasable area (in square feet)
|
295,920
|
|
|
295,915
|
|
|
—
|
|
||
Occupancy
|
86.2
|
%
|
|
89.8
|
%
|
|
(3.6
|
)pts
|
||
Base rent per square foot
|
$
|
149
|
|
|
$
|
156
|
|
|
(4.5
|
)%
|
Tenant sales per square foot
|
$
|
785
|
|
|
$
|
649
|
|
|
21.0
|
%
|
Shoppes at Four Seasons
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
151
|
|
|
$
|
145
|
|
|
4.1
|
%
|
Mall gross leasable area (in square feet)
|
242,425
|
|
|
241,548
|
|
|
0.4
|
%
|
||
Occupancy
|
95.0
|
%
|
|
99.0
|
%
|
|
(4.0
|
)pts
|
||
Base rent per square foot
|
$
|
544
|
|
|
$
|
460
|
|
|
18.3
|
%
|
Tenant sales per square foot
|
$
|
5,478
|
|
|
$
|
4,373
|
|
|
25.3
|
%
|
Singapore Operations:
|
|
|
|
|
|
|||||
The Shoppes at Marina Bay Sands
|
|
|
|
|
|
|||||
Total mall revenues
|
$
|
185
|
|
|
$
|
179
|
|
|
3.4
|
%
|
Mall gross leasable area (in square feet)
|
593,714
|
|
|
606,362
|
|
|
(2.1
|
)%
|
||
Occupancy
|
96.4
|
%
|
|
95.4
|
%
|
|
1.0
|
pts
|
||
Base rent per square foot
|
$
|
270
|
|
|
$
|
258
|
|
|
4.7
|
%
|
Tenant sales per square foot
|
$
|
2,062
|
|
|
$
|
1,898
|
|
|
8.6
|
%
|
Note:
|
This table excludes the results of mall operations at Sands Macao and Sands Bethlehem.
|
(1)
|
The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao.
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Percent
Change
|
|||||
|
(Dollars in millions)
|
|||||||||
Casino
|
$
|
5,304
|
|
|
$
|
5,448
|
|
|
(2.6
|
)%
|
Rooms
|
444
|
|
|
438
|
|
|
1.4
|
%
|
||
Food and beverage
|
702
|
|
|
673
|
|
|
4.3
|
%
|
||
Mall
|
78
|
|
|
79
|
|
|
(1.3
|
)%
|
||
Convention, retail and other
|
304
|
|
|
336
|
|
|
(9.5
|
)%
|
||
Provision for doubtful accounts
|
30
|
|
|
5
|
|
|
500.0
|
%
|
||
General and administrative
|
1,502
|
|
|
1,483
|
|
|
1.3
|
%
|
||
Corporate
|
313
|
|
|
202
|
|
|
55.0
|
%
|
||
Pre-opening
|
34
|
|
|
6
|
|
|
466.7
|
%
|
||
Development
|
24
|
|
|
12
|
|
|
100.0
|
%
|
||
Depreciation and amortization
|
1,165
|
|
|
1,111
|
|
|
4.9
|
%
|
||
Amortization of leasehold interests in land
|
51
|
|
|
35
|
|
|
45.7
|
%
|
||
Loss on disposal or impairment of assets
|
90
|
|
|
150
|
|
|
(40.0
|
)%
|
||
Total operating expenses
|
$
|
10,041
|
|
|
$
|
9,978
|
|
|
0.6
|
%
|
|
Year Ended December 31,
|
|||||||||
|
2019
|
|
2018
|
|
Percent
Change
|
|||||
|
(Dollars in millions)
|
|||||||||
Macao:
|
|
|
|
|
|
|||||
The Venetian Macao
|
$
|
1,407
|
|
|
$
|
1,378
|
|
|
2.1
|
%
|
Sands Cotai Central
|
726
|
|
|
759
|
|
|
(4.3
|
)%
|
||
The Parisian Macao
|
544
|
|
|
484
|
|
|
12.4
|
%
|
||
The Plaza Macao and Four Seasons Hotel Macao
|
345
|
|
|
262
|
|
|
31.7
|
%
|
||
Sands Macao
|
175
|
|
|
178
|
|
|
(1.7
|
)%
|
||
Ferry Operations and Other
|
(8
|
)
|
|
18
|
|
|
(144.4
|
)%
|
||
|
3,189
|
|
|
3,079
|
|
|
3.6
|
%
|
||
Marina Bay Sands
|
1,661
|
|
|
1,690
|
|
|
(1.7
|
)%
|
||
United States:
|
|
|
|
|
|
|||||
Las Vegas Operating Properties
|
487
|
|
|
394
|
|
|
23.6
|
%
|
||
Sands Bethlehem(1)
|
52
|
|
|
116
|
|
|
(55.2
|
)%
|
||
|
539
|
|
|
510
|
|
|
5.7
|
%
|
||
Consolidated adjusted property EBITDA(2)
|
$
|
5,389
|
|
|
$
|
5,279
|
|
|
2.1
|
%
|
(1)
|
We completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
|
(2)
|
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of our operations with those of our competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. We have significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies.
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Dollars in millions)
|
||||||
Interest cost
|
$
|
549
|
|
|
$
|
434
|
|
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo
|
15
|
|
|
15
|
|
||
Less — capitalized interest
|
(9
|
)
|
|
(3
|
)
|
||
Interest expense, net
|
$
|
555
|
|
|
$
|
446
|
|
Cash paid for interest
|
$
|
471
|
|
|
$
|
329
|
|
Weighted average total debt balance
|
$
|
12,154
|
|
|
$
|
10,992
|
|
Weighted average interest rate
|
4.5
|
%
|
|
4.0
|
%
|
|
Shoppes at Venetian
|
|
Shoppes at Four Seasons
|
|
Shoppes
at Cotai Central
|
|
Shoppes at Parisian
|
|
The Shoppes at Marina Bay Sands
|
||||||||||
|
(In millions)
|
||||||||||||||||||
For the year ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Mall revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Minimum rents(1)
|
$
|
194
|
|
|
$
|
110
|
|
|
$
|
39
|
|
|
$
|
37
|
|
|
$
|
135
|
|
Overage rents
|
26
|
|
|
31
|
|
|
13
|
|
|
3
|
|
|
24
|
|
|||||
CAM, levies and direct recoveries
|
33
|
|
|
10
|
|
|
18
|
|
|
13
|
|
|
26
|
|
|||||
Total mall revenues
|
253
|
|
|
151
|
|
|
70
|
|
|
53
|
|
|
185
|
|
|||||
Mall operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Common area maintenance
|
16
|
|
|
6
|
|
|
8
|
|
|
6
|
|
|
17
|
|
|||||
Marketing and other direct operating expenses
|
8
|
|
|
3
|
|
|
3
|
|
|
5
|
|
|
6
|
|
|||||
Mall operating expenses
|
24
|
|
|
9
|
|
|
11
|
|
|
11
|
|
|
23
|
|
|||||
Property taxes(2)
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Provision for doubtful accounts
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mall-related expenses(3)
|
$
|
25
|
|
|
$
|
10
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
29
|
|
For the year ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Mall revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Minimum rents(1)
|
$
|
180
|
|
|
$
|
110
|
|
|
$
|
38
|
|
|
$
|
42
|
|
|
$
|
129
|
|
Overage rents
|
21
|
|
|
25
|
|
|
14
|
|
|
3
|
|
|
22
|
|
|||||
CAM, levies and direct recoveries
|
32
|
|
|
10
|
|
|
17
|
|
|
12
|
|
|
28
|
|
|||||
Total mall revenues
|
233
|
|
|
145
|
|
|
69
|
|
|
57
|
|
|
179
|
|
|||||
Mall operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Common area maintenance
|
15
|
|
|
6
|
|
|
7
|
|
|
6
|
|
|
17
|
|
|||||
Marketing and other direct operating expenses
|
9
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
7
|
|
|||||
Mall operating expenses
|
24
|
|
|
9
|
|
|
10
|
|
|
10
|
|
|
24
|
|
|||||
Property taxes(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Provision for doubtful accounts
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|||||
Mall-related expenses(3)
|
$
|
24
|
|
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
30
|
|
Note:
|
This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem.
|
(1)
|
Minimum rents include base rents and straight-line adjustments of base rents.
|
(2)
|
Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. Each property is also eligible to obtain an additional six-year exemption, provided certain qualifications are met. To date, The Venetian Macao, The Plaza Macao and Four Seasons Hotel Macao and The Parisian Macao have obtained a second exemption. The second exemption for The Venetian Macao expired in July 2019, and the exemption for The Plaza Macao and Four Seasons Hotel Macao and The Parisian Macao, will be expiring in August 2020 and September 2028, respectively. Under the initial exemption, Sands Cotai Central has a distinct exemption for each hotel tower with expiration dates that range from May 2018 to April 2024. The Company is currently working on obtaining the second exemption for Sands Cotai Central.
|
(3)
|
Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for doubtful accounts, but excludes depreciation and amortization and general and administrative costs.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Net cash generated from operating activities
|
$
|
3,038
|
|
|
$
|
4,701
|
|
|
$
|
4,543
|
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net proceeds from sale of subsidiary
|
1,161
|
|
|
—
|
|
|
—
|
|
|||
Capital expenditures
|
(1,216
|
)
|
|
(949
|
)
|
|
(837
|
)
|
|||
Proceeds from disposal of property and equipment
|
5
|
|
|
19
|
|
|
15
|
|
|||
Acquisition of intangible assets
|
(53
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(103
|
)
|
|
(930
|
)
|
|
(822
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from exercise of stock options
|
54
|
|
|
79
|
|
|
40
|
|
|||
Repurchase of common stock
|
(754
|
)
|
|
(905
|
)
|
|
(375
|
)
|
|||
Dividends paid and noncontrolling interest payments
|
(3,000
|
)
|
|
(2,979
|
)
|
|
(2,943
|
)
|
|||
Proceeds from long-term debt
|
4,000
|
|
|
7,593
|
|
|
654
|
|
|||
Repayments of long-term debt
|
(3,536
|
)
|
|
(5,178
|
)
|
|
(858
|
)
|
|||
Payments of financing costs
|
(132
|
)
|
|
(132
|
)
|
|
(5
|
)
|
|||
Net cash used in financing activities
|
(3,368
|
)
|
|
(1,522
|
)
|
|
(3,487
|
)
|
|||
Effect of exchange rate on cash, cash equivalents and restricted cash
|
14
|
|
|
(18
|
)
|
|
58
|
|
|||
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
|
(419
|
)
|
|
2,231
|
|
|
292
|
|
|||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year
|
4,661
|
|
|
2,430
|
|
|
2,138
|
|
|||
Cash, cash equivalents and restricted cash and cash equivalents at end of year
|
$
|
4,242
|
|
|
$
|
4,661
|
|
|
$
|
2,430
|
|
|
Payments Due by Period(1)
|
||||||||||||||||||
|
2020
|
|
2021 - 2022
|
|
2023 - 2024
|
|
Thereafter
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Long-Term Debt Obligations(2)
|
|
|
|
|
|
|
|
|
|
||||||||||
LVSC Senior Notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,750
|
|
|
$
|
2,250
|
|
|
$
|
4,000
|
|
SCL Senior Notes
|
—
|
|
|
—
|
|
|
1,800
|
|
|
3,700
|
|
|
5,500
|
|
|||||
2012 Singapore Credit Facility
|
62
|
|
|
124
|
|
|
201
|
|
|
2,690
|
|
|
3,077
|
|
|||||
Finance Leases, Including Imputed Interest
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Fixed Interest Payments
|
417
|
|
|
824
|
|
|
742
|
|
|
727
|
|
|
2,710
|
|
|||||
Variable Interest Payments(3)
|
96
|
|
|
186
|
|
|
178
|
|
|
102
|
|
|
562
|
|
|||||
Contractual Obligations
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Leases, Including Imputed Interest(4)
|
36
|
|
|
55
|
|
|
47
|
|
|
535
|
|
|
673
|
|
|||||
Mall Deposits(5)
|
52
|
|
|
63
|
|
|
24
|
|
|
13
|
|
|
152
|
|
|||||
Macao Annual Premium(6)
|
42
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|||||
Other(7)
|
147
|
|
|
136
|
|
|
70
|
|
|
191
|
|
|
544
|
|
|||||
Total
|
$
|
861
|
|
|
$
|
1,460
|
|
|
$
|
4,812
|
|
|
$
|
10,208
|
|
|
$
|
17,341
|
|
(1)
|
As of December 31, 2019, we had an $81 million liability related to uncertain tax positions; we do not expect this liability to result in a payment of cash within the next 12 months. We are unable to reasonably estimate the timing of the liability in individual years beyond 12 months due to uncertainties in the timing of the effective settlement of tax positions; therefore, such amounts are not included in the table.
|
(2)
|
See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 8 — Long-Term Debt" for further details on these financing transactions and "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 14 — Leases" for further details on finance leases.
|
(3)
|
Based on the 1-month rate as of December 31, 2019, Singapore Swap Offer Rate ("SOR") of 1.49% plus the applicable interest rate spread in accordance with the respective debt agreements.
|
(4)
|
We are party to certain operating leases for real estate and various equipment, which primarily include $336 million related to long-term land leases in Macao with an anticipated lease term of 50-years, $134 million related to a 99-year lease agreement (84 years remaining) for a parking structure located adjacent to The Venetian Resort Las Vegas and $78 million related to certain leaseback agreements related to the sale of the Grand Canal Shoppes. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 14 — Leases" for further details on operating leases.
|
(5)
|
Mall deposits consist of refundable security deposits received from mall tenants.
|
(6)
|
In addition to the 39% gross gaming win tax in Macao (which is not included in this table as the amount we pay is variable in nature), we are required to pay an annual premium with a fixed portion and a variable portion, which is based on the number and type of gaming tables and gaming machines we operate. Based on the gaming tables and gaming machines in operation as of December 31, 2019, the annual premium payable to the Macao government is approximately $42 million through the termination of the gaming subconcession in June 2022.
|
(7)
|
Primarily consists of all other non-cancellable contractual obligations and primarily relates to certain hotel and restaurant management and service agreements. The amounts exclude open purchase orders with our suppliers
|
•
|
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;
|
•
|
disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases (such as the recent 2019 Novel Coronavirus situation), political instability, civil unrest, terrorist activity or war;
|
•
|
the uncertainty of consumer behavior related to discretionary spending and vacationing at our Integrated Resorts in Macao, Singapore and Las Vegas;
|
•
|
new developments, construction projects and ventures, including our Cotai Strip developments and MBS Expansion Project;
|
•
|
the extensive regulations to which we are subject and the costs of compliance or failure to comply with such regulations;
|
•
|
our ability to maintain our gaming licenses and subconcession in Macao, Singapore and Las Vegas;
|
•
|
fluctuations in currency exchange rates and interest rates;
|
•
|
regulatory policies in mainland China or other countries in which our customers reside, or where we have operations, 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 leverage, debt service and debt covenant compliance, including the pledge of certain of our assets (other than our equity interests in our subsidiaries) as security for our indebtedness and ability to refinance our debt obligations as they come due or to obtain sufficient funding for our planned, or any future, development projects;
|
•
|
increased competition for labor and materials due to planned construction projects in Macao and quota limits on the hiring of foreign workers;
|
•
|
our ability to obtain required visas and work permits for management and employees from outside countries to work in Macao, and our ability to compete for the managers and employees with the skills required to perform the services we offer at our properties;
|
•
|
our dependence upon properties primarily in Macao, Singapore and Las Vegas for all of our cash flow;
|
•
|
the passage of new legislation and receipt of governmental approvals for our operations in Macao and Singapore, and other jurisdictions where we are planning to operate;
|
•
|
our insurance coverage, including the risk we have not obtained sufficient coverage, may not be able to obtain sufficient coverage in the future, or will only be able to obtain additional coverage at significantly increased rates;
|
•
|
our ability to collect gaming receivables from our credit players;
|
•
|
our relationship with gaming promoters in Macao;
|
•
|
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;
|
•
|
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;
|
•
|
labor actions and other labor problems;
|
•
|
our failure to maintain the integrity of information systems that contain legally protected information about people and 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;
|
•
|
our relationship with GGP or any successor owner of the Grand Canal Shoppes; and
|
•
|
the outcome of any ongoing and future litigation.
|
Financial Statements:
|
|
Financial Statement Schedule:
|
|
•
|
We tested the operating effectiveness of controls over the granting of casino credit, controls over the collection processes and management’s review controls over the assessment of the collectability of casino receivables, including the information used by management in those controls.
|
•
|
For a selection of casino receivables, we (1) obtained evidence related to payment history and correspondence with patron or junket operator, (2) evaluated management’s use of this information in establishing allowance for doubtful accounts, and (3) examined subsequent settlement, if any.
|
•
|
Performed a retrospective analysis of historical reserves evaluating subsequent collections and write-offs.
|
/s/ Deloitte & Touche LLP
|
|
Las Vegas, Nevada
|
February 7, 2020
|
/s/ Deloitte & Touche LLP
|
|
Las Vegas, Nevada
|
February 7, 2020
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions,
except par value)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
4,226
|
|
|
$
|
4,648
|
|
Restricted cash and cash equivalents
|
16
|
|
|
13
|
|
||
Accounts receivable, net
|
844
|
|
|
726
|
|
||
Inventories
|
37
|
|
|
35
|
|
||
Prepaid expenses and other
|
182
|
|
|
144
|
|
||
Total current assets
|
5,305
|
|
|
5,566
|
|
||
Property and equipment, net
|
14,844
|
|
|
15,154
|
|
||
Deferred income taxes, net
|
282
|
|
|
368
|
|
||
Leasehold interests in land, net
|
2,272
|
|
|
1,198
|
|
||
Intangible assets, net
|
42
|
|
|
72
|
|
||
Other assets, net
|
454
|
|
|
189
|
|
||
Total assets
|
$
|
23,199
|
|
|
$
|
22,547
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
149
|
|
|
$
|
178
|
|
Construction payables
|
334
|
|
|
189
|
|
||
Other accrued liabilities
|
2,396
|
|
|
2,435
|
|
||
Income taxes payable
|
275
|
|
|
244
|
|
||
Current maturities of long-term debt
|
70
|
|
|
111
|
|
||
Total current liabilities
|
3,224
|
|
|
3,157
|
|
||
Other long-term liabilities
|
513
|
|
|
179
|
|
||
Deferred income taxes
|
183
|
|
|
191
|
|
||
Deferred amounts related to mall sale transactions
|
350
|
|
|
401
|
|
||
Long-term debt
|
12,422
|
|
|
11,874
|
|
||
Total liabilities
|
16,692
|
|
|
15,802
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 1,000 shares authorized, 833 and 832 shares issued, 764 and 775 shares outstanding
|
1
|
|
|
1
|
|
||
Treasury stock, at cost, 69 and 57 shares
|
(4,481
|
)
|
|
(3,727
|
)
|
||
Capital in excess of par value
|
6,569
|
|
|
6,680
|
|
||
Accumulated other comprehensive loss
|
(3
|
)
|
|
(40
|
)
|
||
Retained earnings
|
3,101
|
|
|
2,770
|
|
||
Total Las Vegas Sands Corp. stockholders' equity
|
5,187
|
|
|
5,684
|
|
||
Noncontrolling interests
|
1,320
|
|
|
1,061
|
|
||
Total equity
|
6,507
|
|
|
6,745
|
|
||
Total liabilities and equity
|
$
|
23,199
|
|
|
$
|
22,547
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions, except per share data)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Casino
|
$
|
9,828
|
|
|
$
|
9,819
|
|
|
$
|
9,086
|
|
Rooms
|
1,752
|
|
|
1,733
|
|
|
1,586
|
|
|||
Food and beverage
|
897
|
|
|
865
|
|
|
828
|
|
|||
Mall
|
716
|
|
|
690
|
|
|
651
|
|
|||
Convention, retail and other
|
546
|
|
|
622
|
|
|
577
|
|
|||
Net revenues
|
13,739
|
|
|
13,729
|
|
|
12,728
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Casino
|
5,304
|
|
|
5,448
|
|
|
4,876
|
|
|||
Rooms
|
444
|
|
|
438
|
|
|
411
|
|
|||
Food and beverage
|
702
|
|
|
673
|
|
|
640
|
|
|||
Mall
|
78
|
|
|
79
|
|
|
77
|
|
|||
Convention, retail and other
|
304
|
|
|
336
|
|
|
325
|
|
|||
Provision for doubtful accounts
|
30
|
|
|
5
|
|
|
96
|
|
|||
General and administrative
|
1,502
|
|
|
1,483
|
|
|
1,417
|
|
|||
Corporate
|
313
|
|
|
202
|
|
|
173
|
|
|||
Pre-opening
|
34
|
|
|
6
|
|
|
8
|
|
|||
Development
|
24
|
|
|
12
|
|
|
13
|
|
|||
Depreciation and amortization
|
1,165
|
|
|
1,111
|
|
|
1,171
|
|
|||
Amortization of leasehold interests in land
|
51
|
|
|
35
|
|
|
37
|
|
|||
Loss on disposal or impairment of assets
|
90
|
|
|
150
|
|
|
20
|
|
|||
|
10,041
|
|
|
9,978
|
|
|
9,264
|
|
|||
Operating income
|
3,698
|
|
|
3,751
|
|
|
3,464
|
|
|||
Other income (expense):
|
|
|
|
|
|
||||||
Interest income
|
74
|
|
|
59
|
|
|
16
|
|
|||
Interest expense, net of amounts capitalized
|
(555
|
)
|
|
(446
|
)
|
|
(327
|
)
|
|||
Other income (expense)
|
23
|
|
|
26
|
|
|
(94
|
)
|
|||
Gain on sale of Sands Bethlehem
|
556
|
|
|
—
|
|
|
—
|
|
|||
Loss on modification or early retirement of debt
|
(24
|
)
|
|
(64
|
)
|
|
(5
|
)
|
|||
Income before income taxes
|
3,772
|
|
|
3,326
|
|
|
3,054
|
|
|||
Income tax (expense) benefit
|
(468
|
)
|
|
(375
|
)
|
|
209
|
|
|||
Net income
|
3,304
|
|
|
2,951
|
|
|
3,263
|
|
|||
Net income attributable to noncontrolling interests
|
(606
|
)
|
|
(538
|
)
|
|
(455
|
)
|
|||
Net income attributable to Las Vegas Sands Corp.
|
$
|
2,698
|
|
|
$
|
2,413
|
|
|
$
|
2,808
|
|
Earnings per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
3.50
|
|
|
$
|
3.07
|
|
|
$
|
3.55
|
|
Diluted
|
$
|
3.50
|
|
|
$
|
3.07
|
|
|
$
|
3.55
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
771
|
|
|
786
|
|
|
792
|
|
|||
Diluted
|
771
|
|
|
786
|
|
|
792
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Net income
|
$
|
3,304
|
|
|
$
|
2,951
|
|
|
$
|
3,263
|
|
Currency translation adjustment
|
42
|
|
|
(58
|
)
|
|
125
|
|
|||
Total comprehensive income
|
3,346
|
|
|
2,893
|
|
|
3,388
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(611
|
)
|
|
(534
|
)
|
|
(447
|
)
|
|||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$
|
2,735
|
|
|
$
|
2,359
|
|
|
$
|
2,941
|
|
|
Las Vegas Sands Corp. Stockholders' Equity
|
|
|
|
|
||||||||||||||||||||||
|
Common
Stock
|
|
Treasury Stock
|
|
Capital in
Excess of
Par
Value
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||
Balance at January 1, 2017
|
$
|
1
|
|
|
$
|
(2,443
|
)
|
|
$
|
6,516
|
|
|
$
|
(119
|
)
|
|
$
|
2,213
|
|
|
$
|
1,318
|
|
|
$
|
7,486
|
|
Cumulative effect adjustment from change in accounting principle
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,808
|
|
|
455
|
|
|
3,263
|
|
|||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|
—
|
|
|
(8
|
)
|
|
125
|
|
|||||||
Exercise of stock options
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
40
|
|
|||||||
Conversion of equity awards to liability awards
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
34
|
|
|||||||
Repurchase of common stock
|
—
|
|
|
(375
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(375
|
)
|
|||||||
Dividends declared ($2.92 per share) (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,310
|
)
|
|
(632
|
)
|
|
(2,942
|
)
|
|||||||
Balance at December 31, 2017
|
1
|
|
|
(2,818
|
)
|
|
6,580
|
|
|
14
|
|
|
2,709
|
|
|
1,141
|
|
|
7,627
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,413
|
|
|
538
|
|
|
2,951
|
|
|||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(4
|
)
|
|
(58
|
)
|
|||||||
Exercise of stock options
|
—
|
|
|
(4
|
)
|
|
74
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
79
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
30
|
|
|||||||
Repurchase of common stock
|
—
|
|
|
(905
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(905
|
)
|
|||||||
Dividends declared ($3.00 per share) (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,352
|
)
|
|
(627
|
)
|
|
(2,979
|
)
|
|||||||
Balance at December 31, 2018
|
1
|
|
|
(3,727
|
)
|
|
6,680
|
|
|
(40
|
)
|
|
2,770
|
|
|
1,061
|
|
|
6,745
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,698
|
|
|
606
|
|
|
3,304
|
|
|||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
5
|
|
|
42
|
|
|||||||
Exercise of stock options
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
54
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
35
|
|
|||||||
Disposition of interest in majority-owned subsidiary, net of taxes
|
—
|
|
|
—
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
|
266
|
|
|
81
|
|
|||||||
Repurchase of common stock
|
—
|
|
|
(754
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(754
|
)
|
|||||||
Dividends declared ($3.08 per share) and noncontrolling interest payments (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,367
|
)
|
|
(633
|
)
|
|
(3,000
|
)
|
|||||||
Balance at December 31, 2019
|
$
|
1
|
|
|
$
|
(4,481
|
)
|
|
$
|
6,569
|
|
|
$
|
(3
|
)
|
|
$
|
3,101
|
|
|
$
|
1,320
|
|
|
$
|
6,507
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
3,304
|
|
|
$
|
2,951
|
|
|
$
|
3,263
|
|
Adjustments to reconcile net income to net cash generated from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
1,165
|
|
|
1,111
|
|
|
1,171
|
|
|||
Amortization of leasehold interests in land
|
51
|
|
|
35
|
|
|
37
|
|
|||
Amortization of deferred financing costs and original issue discount
|
33
|
|
|
35
|
|
|
42
|
|
|||
Amortization of deferred gain on mall sale transactions
|
(5
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|||
Loss on modification or early retirement of debt
|
24
|
|
|
64
|
|
|
5
|
|
|||
Loss on disposal or impairment of assets
|
82
|
|
|
149
|
|
|
20
|
|
|||
Gain on sale of Sands Bethlehem
|
(556
|
)
|
|
—
|
|
|
—
|
|
|||
Stock-based compensation expense
|
35
|
|
|
30
|
|
|
34
|
|
|||
Provision for doubtful accounts
|
30
|
|
|
5
|
|
|
96
|
|
|||
Foreign exchange (gain) loss
|
(21
|
)
|
|
(26
|
)
|
|
53
|
|
|||
Deferred income taxes
|
157
|
|
|
113
|
|
|
(497
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(150
|
)
|
|
(119
|
)
|
|
83
|
|
|||
Other assets
|
(63
|
)
|
|
(25
|
)
|
|
26
|
|
|||
Leasehold interests in land
|
(969
|
)
|
|
(15
|
)
|
|
(4
|
)
|
|||
Accounts payable
|
(26
|
)
|
|
8
|
|
|
40
|
|
|||
Other liabilities
|
(53
|
)
|
|
390
|
|
|
178
|
|
|||
Net cash generated from operating activities
|
3,038
|
|
|
4,701
|
|
|
4,543
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net proceeds from sale of Sands Bethlehem
|
1,161
|
|
|
—
|
|
|
—
|
|
|||
Capital expenditures
|
(1,216
|
)
|
|
(949
|
)
|
|
(837
|
)
|
|||
Proceeds from disposal of property and equipment
|
5
|
|
|
19
|
|
|
15
|
|
|||
Acquisition of intangible assets
|
(53
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(103
|
)
|
|
(930
|
)
|
|
(822
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from exercise of stock options
|
54
|
|
|
79
|
|
|
40
|
|
|||
Repurchase of common stock
|
(754
|
)
|
|
(905
|
)
|
|
(375
|
)
|
|||
Dividends paid and noncontrolling interest payments
|
(3,000
|
)
|
|
(2,979
|
)
|
|
(2,943
|
)
|
|||
Proceeds from long-term debt (Note 8)
|
4,000
|
|
|
7,593
|
|
|
654
|
|
|||
Repayments of long-term debt (Note 8)
|
(3,536
|
)
|
|
(5,178
|
)
|
|
(858
|
)
|
|||
Payments of financing costs
|
(132
|
)
|
|
(132
|
)
|
|
(5
|
)
|
|||
Net cash used in financing activities
|
(3,368
|
)
|
|
(1,522
|
)
|
|
(3,487
|
)
|
|||
Effect of exchange rate on cash, cash equivalents and restricted cash
|
14
|
|
|
(18
|
)
|
|
58
|
|
|||
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
|
(419
|
)
|
|
2,231
|
|
|
292
|
|
|||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year
|
4,661
|
|
|
2,430
|
|
|
2,138
|
|
|||
Cash, cash equivalents and restricted cash and cash equivalents at end of year
|
$
|
4,242
|
|
|
$
|
4,661
|
|
|
$
|
2,430
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash payments for interest, net of amounts capitalized
|
$
|
462
|
|
|
$
|
326
|
|
|
$
|
269
|
|
Cash payments for taxes, net of refunds
|
$
|
253
|
|
|
$
|
264
|
|
|
$
|
230
|
|
Changes in construction payables
|
$
|
145
|
|
|
$
|
37
|
|
|
$
|
(232
|
)
|
Land improvements, building and building improvements
|
10 to 50 years
|
Furniture, fixtures and equipment
|
3 to 20 years
|
Leasehold improvements
|
3 to 15 years
|
Transportation
|
5 to 20 years
|
|
Outstanding Chip Liability
|
|
Loyalty Program Liability
|
|
Customer Deposits and Other Deferred Revenue(1)
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Balance at January 1
|
$
|
551
|
|
|
$
|
478
|
|
|
$
|
66
|
|
|
$
|
63
|
|
|
$
|
827
|
|
|
$
|
714
|
|
Balance at December 31
|
540
|
|
|
551
|
|
|
68
|
|
|
66
|
|
|
724
|
|
|
827
|
|
||||||
Increase (decrease)
|
$
|
(11
|
)
|
|
$
|
73
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(103
|
)
|
|
$
|
113
|
|
(1)
|
Of this amount, $154 million, $152 million and $145 million as of December 31, 2019, December 31, 2018 and January 1, 2018, respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
|
(In millions)
|
|||||||
Weighted average common shares outstanding (used in the calculation of basic earnings per share)
|
771
|
|
|
786
|
|
|
792
|
|
Potential dilution from stock options and restricted stock and stock units
|
—
|
|
|
—
|
|
|
—
|
|
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share)
|
771
|
|
|
786
|
|
|
792
|
|
Antidilutive stock options excluded from the calculation of diluted earnings per share
|
3
|
|
|
2
|
|
|
6
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Casino
|
$
|
858
|
|
|
$
|
763
|
|
Rooms
|
88
|
|
|
98
|
|
||
Mall
|
93
|
|
|
78
|
|
||
Other
|
87
|
|
|
111
|
|
||
|
1,126
|
|
|
1,050
|
|
||
Less — allowance for doubtful accounts
|
(282
|
)
|
|
(324
|
)
|
||
|
$
|
844
|
|
|
$
|
726
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Land and improvements
|
$
|
650
|
|
|
$
|
651
|
|
Building and improvements
|
17,662
|
|
|
17,861
|
|
||
Furniture, fixtures, equipment and leasehold improvements
|
4,520
|
|
|
4,255
|
|
||
Transportation
|
520
|
|
|
458
|
|
||
Construction in progress
|
1,507
|
|
|
1,184
|
|
||
|
24,859
|
|
|
24,409
|
|
||
Less — accumulated depreciation and amortization
|
(10,015
|
)
|
|
(9,255
|
)
|
||
|
$
|
14,844
|
|
|
$
|
15,154
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Marina Bay Sands
|
$
|
1,986
|
|
|
$
|
1,006
|
|
Sands Cotai Central
|
293
|
|
|
237
|
|
||
The Venetian Macao
|
242
|
|
|
192
|
|
||
The Plaza Macao and Four Seasons Hotel Macao
|
106
|
|
|
91
|
|
||
The Parisian Macao
|
89
|
|
|
75
|
|
||
Sands Macao
|
38
|
|
|
31
|
|
||
|
2,754
|
|
|
1,632
|
|
||
Less — accumulated amortization
|
(482
|
)
|
|
(434
|
)
|
||
|
$
|
2,272
|
|
|
$
|
1,198
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Marina Bay Sands gaming license
|
$
|
53
|
|
|
$
|
48
|
|
Trademarks and other
|
1
|
|
|
1
|
|
||
|
54
|
|
|
49
|
|
||
Less — accumulated amortization
|
(12
|
)
|
|
(44
|
)
|
||
|
42
|
|
|
5
|
|
||
Sands Bethlehem gaming license and certificate
|
—
|
|
|
67
|
|
||
Total intangible assets, net
|
$
|
42
|
|
|
$
|
72
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Customer deposits
|
$
|
582
|
|
|
$
|
676
|
|
Outstanding chip liability
|
540
|
|
|
551
|
|
||
Taxes and licenses
|
389
|
|
|
403
|
|
||
Payroll and related
|
378
|
|
|
359
|
|
||
Accrued interest payable
|
165
|
|
|
115
|
|
||
Other accruals
|
342
|
|
|
331
|
|
||
|
$
|
2,396
|
|
|
$
|
2,435
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Corporate and U.S. Related(1):
|
|
|
|
||||
3.200% Senior Notes due 2024 (net of unamortized original issue discount and deferred financing costs of $14)
|
$
|
1,736
|
|
|
$
|
—
|
|
2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $5)
|
495
|
|
|
—
|
|
||
3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $12)
|
988
|
|
|
—
|
|
||
3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $8)
|
742
|
|
|
—
|
|
||
2013 U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $21)
|
—
|
|
|
3,464
|
|
||
HVAC Equipment Lease
|
—
|
|
|
12
|
|
||
Macao Related(1):
|
|
|
|
||||
4.600% Senior Notes due 2023 (net of unamortized original issue discount and deferred financing costs of $11 and $14, respectively, and a positive cumulative fair value adjustment of $11 and $5, respectively)
|
1,800
|
|
|
1,791
|
|
||
5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $13 and $16, respectively, and a positive cumulative fair value adjustment of $11 and $5, respectively)
|
1,798
|
|
|
1,789
|
|
||
5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $19 and $21, respectively, and a positive cumulative fair value adjustment of $12 and $5, respectively)
|
1,893
|
|
|
1,884
|
|
||
Other
|
17
|
|
|
4
|
|
||
Singapore Related(1):
|
|
|
|
||||
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $54 and $43, respectively)
|
3,023
|
|
|
3,041
|
|
||
|
12,492
|
|
|
11,985
|
|
||
Less — current maturities
|
(70
|
)
|
|
(111
|
)
|
||
Total long-term debt
|
$
|
12,422
|
|
|
$
|
11,874
|
|
(1)
|
Unamortized deferred financing costs of $100 million and $47 million as of December 31, 2019 and 2018, respectively, related to the Company's revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in other assets, net in the accompanying consolidated balance sheets.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Proceeds from LVSC Senior Notes
|
$
|
4,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Proceeds from SCL Senior Notes
|
—
|
|
|
5,500
|
|
|
—
|
|
|||
Proceeds from 2013 U.S. Credit Facility
|
—
|
|
|
1,347
|
|
|
5
|
|
|||
Proceeds from 2016 VML Credit Facility
|
—
|
|
|
746
|
|
|
649
|
|
|||
|
$
|
4,000
|
|
|
$
|
7,593
|
|
|
$
|
654
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Repayments on 2013 U.S. Credit Facility
|
$
|
(3,484
|
)
|
|
$
|
(26
|
)
|
|
$
|
(63
|
)
|
Repayments on 2012 Singapore Credit Facility
|
(47
|
)
|
|
(65
|
)
|
|
(67
|
)
|
|||
Repayments on 2016 VML Credit Facility
|
—
|
|
|
(5,083
|
)
|
|
(668
|
)
|
|||
Repayments on Airplane Financings
|
—
|
|
|
—
|
|
|
(56
|
)
|
|||
Repayments on HVAC Equipment Lease and Other Long-Term Debt
|
(5
|
)
|
|
(4
|
)
|
|
(4
|
)
|
|||
|
$
|
(3,536
|
)
|
|
$
|
(5,178
|
)
|
|
$
|
(858
|
)
|
|
Long-term
Debt
|
||
|
(In millions)
|
||
2020
|
$
|
62
|
|
2021
|
62
|
|
|
2022
|
62
|
|
|
2023
|
1,862
|
|
|
2024
|
1,889
|
|
|
Thereafter
|
8,640
|
|
|
Total
|
$
|
12,577
|
|
Balance as of January 1, 2017
|
794,960,092
|
|
Exercise of stock options
|
617,612
|
|
Issuance of restricted stock
|
37,270
|
|
Vesting of restricted stock units
|
64,150
|
|
Repurchase of common stock
|
(6,194,137
|
)
|
Balance as of December 31, 2017
|
789,484,987
|
|
Exercise of stock options
|
1,007,551
|
|
Issuance of restricted stock
|
10,296
|
|
Vesting of restricted stock units
|
5,000
|
|
Repurchase of common stock
|
(15,044,620
|
)
|
Balance as of December 31, 2018
|
775,463,214
|
|
Exercise of stock options
|
569,224
|
|
Issuance of restricted stock
|
11,039
|
|
Repurchase of common stock
|
(12,558,562
|
)
|
Balance as of December 31, 2019
|
763,484,915
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Foreign
|
$
|
3,145
|
|
|
$
|
3,164
|
|
|
$
|
2,806
|
|
Domestic
|
627
|
|
|
162
|
|
|
248
|
|
|||
Total income before income taxes
|
$
|
3,772
|
|
|
$
|
3,326
|
|
|
$
|
3,054
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Foreign:
|
|
|
|
|
|
||||||
Current
|
$
|
245
|
|
|
$
|
245
|
|
|
$
|
258
|
|
Deferred
|
(10
|
)
|
|
(12
|
)
|
|
12
|
|
|||
Federal:
|
|
|
|
|
|
||||||
Current
|
33
|
|
|
15
|
|
|
30
|
|
|||
Deferred
|
145
|
|
|
135
|
|
|
(509
|
)
|
|||
State:
|
|
|
|
|
|
||||||
Current
|
33
|
|
|
2
|
|
|
—
|
|
|||
Deferred
|
22
|
|
|
(10
|
)
|
|
—
|
|
|||
Total income tax expense (benefit)
|
$
|
468
|
|
|
$
|
375
|
|
|
$
|
(209
|
)
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Statutory federal income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
Increase (decrease) in tax rate resulting from:
|
|
|
|
|
|
|||
Tax exempt income of foreign subsidiary
|
(8.0
|
)%
|
|
(8.3
|
)%
|
|
(7.9
|
)%
|
Foreign and U.S. tax rate differential
|
(5.6
|
)%
|
|
(6.5
|
)%
|
|
(18.8
|
)%
|
Change in valuation allowance
|
2.7
|
%
|
|
4.5
|
%
|
|
18.3
|
%
|
Repatriation of foreign earnings
|
—
|
%
|
|
—
|
%
|
|
72.1
|
%
|
U.S. foreign tax credits
|
—
|
%
|
|
—
|
%
|
|
(105.9
|
)%
|
Other, net
|
2.3
|
%
|
|
0.6
|
%
|
|
0.4
|
%
|
Effective tax rate
|
12.4
|
%
|
|
11.3
|
%
|
|
(6.8
|
)%
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Deferred tax assets:
|
|
|
|
||||
U.S. foreign tax credit carryforwards
|
$
|
4,791
|
|
|
$
|
4,919
|
|
Net operating loss carryforwards
|
283
|
|
|
271
|
|
||
Accrued expenses
|
23
|
|
|
16
|
|
||
Stock-based compensation
|
15
|
|
|
13
|
|
||
Allowance for doubtful accounts
|
14
|
|
|
16
|
|
||
Deferred gain on mall sale transactions
|
13
|
|
|
14
|
|
||
Pre-opening expenses
|
9
|
|
|
11
|
|
||
State deferred items
|
—
|
|
|
10
|
|
||
Other
|
1
|
|
|
1
|
|
||
|
5,149
|
|
|
5,271
|
|
||
Less — valuation allowances
|
(4,786
|
)
|
|
(4,769
|
)
|
||
Total deferred tax assets
|
363
|
|
|
502
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Property and equipment
|
(251
|
)
|
|
(245
|
)
|
||
Prepaid expenses
|
(5
|
)
|
|
(3
|
)
|
||
Other
|
(8
|
)
|
|
(77
|
)
|
||
Total deferred tax liabilities
|
(264
|
)
|
|
(325
|
)
|
||
Deferred tax assets, net
|
$
|
99
|
|
|
$
|
177
|
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Balance at the beginning of the year
|
$
|
118
|
|
|
$
|
92
|
|
|
$
|
74
|
|
Additions to tax positions related to prior years
|
1
|
|
|
2
|
|
|
1
|
|
|||
Additions to tax positions related to current year
|
15
|
|
|
24
|
|
|
18
|
|
|||
Lapse in statutes of limitations
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Balance at the end of the year
|
$
|
134
|
|
|
$
|
118
|
|
|
$
|
92
|
|
Leases
|
|
Classification on the Balance Sheet
|
|
December 31,
2019 |
||
|
|
|
|
(In millions)
|
||
Assets
|
|
|
|
|
||
Operating lease ROU assets
|
|
Other assets, net
|
|
$
|
190
|
|
Finance lease ROU assets
|
|
Property and equipment, net(1)
|
|
$
|
17
|
|
Liabilities
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Other accrued liabilities
|
|
$
|
28
|
|
Finance
|
|
Current maturities of long-term debt
|
|
$
|
8
|
|
Noncurrent
|
|
|
|
|
||
Operating
|
|
Other long-term liabilities
|
|
$
|
305
|
|
Finance
|
|
Long-term debt
|
|
$
|
9
|
|
(1)
|
Finance lease ROU assets are recorded net of accumulated depreciation of $6 million as of December 31, 2019.
|
(1)
|
Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.
|
|
Year Ended December 31, 2019
|
||
|
(In millions)
|
||
Operating lease cost:
|
|
||
Amortization of leasehold interests in land
|
$
|
51
|
|
Operating lease cost
|
34
|
|
|
Short-term lease cost
|
19
|
|
|
Variable lease cost
|
5
|
|
|
Finance lease cost:
|
|
||
Amortization of ROU assets
|
5
|
|
|
Interest on lease liabilities
|
1
|
|
|
Total lease cost
|
$
|
115
|
|
|
Operating Leases
|
|
Finance Leases
|
||||
|
(In millions)
|
||||||
Year ending December 31,
|
|
|
|
||||
2020
|
$
|
36
|
|
|
$
|
9
|
|
2021
|
29
|
|
|
7
|
|
||
2022
|
26
|
|
|
2
|
|
||
2023
|
24
|
|
|
—
|
|
||
2024
|
23
|
|
|
—
|
|
||
Thereafter
|
535
|
|
|
—
|
|
||
Total future minimum lease payments
|
673
|
|
|
18
|
|
||
Less — amount representing interest
|
(340
|
)
|
|
(1
|
)
|
||
Present value of future minimum lease payments
|
333
|
|
|
17
|
|
||
Less — current lease obligations
|
(28
|
)
|
|
(8
|
)
|
||
Long-term lease obligations
|
$
|
305
|
|
|
$
|
9
|
|
|
Year Ended December 31, 2019
|
||||||
|
Mall
|
|
Other
|
||||
|
(In millions)
|
||||||
Minimum rents
|
$
|
518
|
|
|
$
|
15
|
|
Overage rents
|
98
|
|
|
2
|
|
||
|
$
|
616
|
|
|
$
|
17
|
|
|
Mall
|
|
Other
|
||||
|
(In millions)
|
||||||
Year ending December 31,
|
|
|
|
||||
2020
|
$
|
491
|
|
|
$
|
9
|
|
2021
|
398
|
|
|
10
|
|
||
2022
|
295
|
|
|
6
|
|
||
2023
|
140
|
|
|
5
|
|
||
2024
|
94
|
|
|
3
|
|
||
Thereafter
|
111
|
|
|
5
|
|
||
Total minimum future rentals
|
$
|
1,529
|
|
|
$
|
38
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Property and equipment, at cost
|
$
|
1,320
|
|
|
$
|
1,361
|
|
Accumulated depreciation
|
(532
|
)
|
|
(469
|
)
|
||
Property and equipment, net
|
$
|
788
|
|
|
$
|
892
|
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
LVSC Amended 2004 Plan:
|
|
|
|
|
|
|||
Weighted average volatility
|
24.1
|
%
|
|
25.8
|
%
|
|
26.7
|
%
|
Expected term (in years)
|
5.5
|
|
|
6.7
|
|
|
5.1
|
|
Risk-free rate
|
2.1
|
%
|
|
2.9
|
%
|
|
1.9
|
%
|
Expected dividend yield
|
5.2
|
%
|
|
5.7
|
%
|
|
4.7
|
%
|
SCL Equity Plan:
|
|
|
|
|
|
|||
Weighted average volatility
|
36.9
|
%
|
|
36.0
|
%
|
|
36.9
|
%
|
Expected term (in years)
|
4.8
|
|
|
4.7
|
|
|
4.4
|
|
Risk-free rate
|
1.7
|
%
|
|
1.7
|
%
|
|
1.3
|
%
|
Expected dividend yield
|
5.0
|
%
|
|
5.8
|
%
|
|
6.6
|
%
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
LVSC Amended 2004 Plan:
|
|
|
|
|||
Unvested Restricted Stock
|
|
|
|
|||
Balance as of January 1, 2019
|
41,703
|
|
|
$
|
55.77
|
|
Granted
|
11,039
|
|
|
63.40
|
|
|
Vested
|
(33,405
|
)
|
|
55.84
|
|
|
Balance as of December 31, 2019
|
19,337
|
|
|
$
|
60.00
|
|
SCL Equity Plan:
|
|
|
|
|||
Unvested Restricted Stock Units
|
|
|
|
|||
Balance as of January 1, 2019
|
—
|
|
|
$
|
—
|
|
Granted
|
1,412,400
|
|
|
4.99
|
|
|
Forfeited
|
(5,200
|
)
|
|
4.99
|
|
|
Balance as of December 31, 2019
|
1,407,200
|
|
|
$
|
4.99
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in millions, except weighted average grant date fair values)
|
||||||||||
Compensation expense:
|
|
|
|
|
|
||||||
Stock options
|
$
|
34
|
|
|
$
|
29
|
|
|
$
|
29
|
|
Restricted stock and stock units
|
2
|
|
|
1
|
|
|
5
|
|
|||
|
$
|
36
|
|
|
$
|
30
|
|
|
$
|
34
|
|
Income tax benefit recognized in the consolidated statements of operations
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
7
|
|
Compensation cost capitalized as part of property and equipment
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
LVSC Amended 2004 Plan:
|
|
|
|
|
|
||||||
Stock options granted
|
1,204,145
|
|
|
3,124,168
|
|
|
1,027,108
|
|
|||
Weighted average grant date fair value
|
$
|
7.23
|
|
|
$
|
7.52
|
|
|
$
|
8.95
|
|
Restricted stock granted
|
11,039
|
|
|
10,296
|
|
|
37,270
|
|
|||
Weighted average grant date fair value
|
$
|
63.40
|
|
|
$
|
77.68
|
|
|
$
|
58.51
|
|
Stock options exercised:
|
|
|
|
|
|
||||||
Intrinsic value
|
$
|
11
|
|
|
$
|
16
|
|
|
$
|
11
|
|
Cash received
|
$
|
26
|
|
|
$
|
56
|
|
|
$
|
28
|
|
SCL 2019 Equity Plan:
|
|
|
|
|
|
||||||
Stock options granted
|
19,409,600
|
|
|
18,872,800
|
|
|
17,364,000
|
|
|||
Weighted average grant date fair value
|
$
|
1.03
|
|
|
$
|
1.01
|
|
|
$
|
0.71
|
|
Restricted stock units granted
|
1,412,400
|
|
|
—
|
|
|
—
|
|
|||
Weighted average grant date fair value
|
$
|
4.99
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Stock options exercised:
|
|
|
|
|
|
||||||
Intrinsic value
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
4
|
|
Cash received
|
$
|
28
|
|
|
$
|
23
|
|
|
$
|
12
|
|
|
Casino
|
|
Rooms
|
|
Food and Beverage
|
|
Mall
|
|
Convention, Retail and Other
|
|
Net Revenues
|
||||||||||||
Year Ended December 31, 2019
|
(In millions)
|
||||||||||||||||||||||
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The Venetian Macao
|
$
|
2,875
|
|
|
$
|
222
|
|
|
$
|
73
|
|
|
$
|
254
|
|
|
$
|
86
|
|
|
$
|
3,510
|
|
Sands Cotai Central
|
1,541
|
|
|
320
|
|
|
97
|
|
|
71
|
|
|
23
|
|
|
2,052
|
|
||||||
The Parisian Macao
|
1,376
|
|
|
130
|
|
|
70
|
|
|
53
|
|
|
21
|
|
|
1,650
|
|
||||||
The Plaza Macao and Four Seasons Hotel Macao
|
650
|
|
|
41
|
|
|
31
|
|
|
151
|
|
|
4
|
|
|
877
|
|
||||||
Sands Macao
|
576
|
|
|
18
|
|
|
27
|
|
|
3
|
|
|
4
|
|
|
628
|
|
||||||
Ferry Operations and Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117
|
|
|
117
|
|
||||||
|
7,018
|
|
|
731
|
|
|
298
|
|
|
532
|
|
|
255
|
|
|
8,834
|
|
||||||
Marina Bay Sands
|
2,167
|
|
|
404
|
|
|
241
|
|
|
185
|
|
|
104
|
|
|
3,101
|
|
||||||
United States:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Las Vegas Operating Properties
|
444
|
|
|
610
|
|
|
347
|
|
|
—
|
|
|
417
|
|
|
1,818
|
|
||||||
Sands Bethlehem(1)
|
199
|
|
|
7
|
|
|
11
|
|
|
1
|
|
|
9
|
|
|
227
|
|
||||||
|
643
|
|
|
617
|
|
|
358
|
|
|
1
|
|
|
426
|
|
|
2,045
|
|
||||||
Intercompany eliminations(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(239
|
)
|
|
(241
|
)
|
||||||
Total net revenues
|
$
|
9,828
|
|
|
$
|
1,752
|
|
|
$
|
897
|
|
|
$
|
716
|
|
|
$
|
546
|
|
|
$
|
13,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
Rooms
|
|
Food and Beverage
|
|
Mall
|
|
Convention, Retail and Other
|
|
Net Revenues
|
||||||||||||
Year Ended December 31, 2018
|
|
||||||||||||||||||||||
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The Venetian Macao
|
$
|
2,829
|
|
|
$
|
223
|
|
|
$
|
81
|
|
|
$
|
234
|
|
|
$
|
107
|
|
|
$
|
3,474
|
|
Sands Cotai Central
|
1,622
|
|
|
331
|
|
|
102
|
|
|
69
|
|
|
29
|
|
|
2,153
|
|
||||||
The Parisian Macao
|
1,265
|
|
|
124
|
|
|
65
|
|
|
57
|
|
|
22
|
|
|
1,533
|
|
||||||
The Plaza Macao and Four Seasons Hotel Macao
|
502
|
|
|
39
|
|
|
29
|
|
|
145
|
|
|
4
|
|
|
719
|
|
||||||
Sands Macao
|
598
|
|
|
17
|
|
|
27
|
|
|
3
|
|
|
5
|
|
|
650
|
|
||||||
Ferry Operations and Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|
160
|
|
||||||
|
6,816
|
|
|
734
|
|
|
304
|
|
|
508
|
|
|
327
|
|
|
8,689
|
|
||||||
Marina Bay Sands
|
2,178
|
|
|
393
|
|
|
211
|
|
|
179
|
|
|
108
|
|
|
3,069
|
|
||||||
United States:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Las Vegas Operating Properties
|
357
|
|
|
590
|
|
|
324
|
|
|
—
|
|
|
411
|
|
|
1,682
|
|
||||||
Sands Bethlehem
|
468
|
|
|
16
|
|
|
26
|
|
|
4
|
|
|
22
|
|
|
536
|
|
||||||
|
825
|
|
|
606
|
|
|
350
|
|
|
4
|
|
|
433
|
|
|
2,218
|
|
||||||
Intercompany eliminations(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(246
|
)
|
|
(247
|
)
|
||||||
Total net revenues
|
$
|
9,819
|
|
|
$
|
1,733
|
|
|
$
|
865
|
|
|
$
|
690
|
|
|
$
|
622
|
|
|
$
|
13,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year Ended December 31, 2017
|
|
||||||||||||||||||||||
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The Venetian Macao
|
$
|
2,362
|
|
|
$
|
179
|
|
|
$
|
74
|
|
|
$
|
220
|
|
|
$
|
89
|
|
|
$
|
2,924
|
|
Sands Cotai Central
|
1,433
|
|
|
291
|
|
|
102
|
|
|
63
|
|
|
27
|
|
|
1,916
|
|
||||||
The Parisian Macao
|
1,120
|
|
|
128
|
|
|
61
|
|
|
66
|
|
|
20
|
|
|
1,395
|
|
||||||
The Plaza Macao and Four Seasons Hotel Macao
|
391
|
|
|
34
|
|
|
28
|
|
|
131
|
|
|
3
|
|
|
587
|
|
||||||
Sands Macao
|
574
|
|
|
19
|
|
|
27
|
|
|
—
|
|
|
6
|
|
|
626
|
|
||||||
Ferry Operations and Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161
|
|
|
161
|
|
||||||
|
5,880
|
|
|
651
|
|
|
292
|
|
|
480
|
|
|
306
|
|
|
7,609
|
|
||||||
Marina Bay Sands
|
2,333
|
|
|
358
|
|
|
183
|
|
|
167
|
|
|
93
|
|
|
3,134
|
|
||||||
United States:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Las Vegas Operating Properties
|
380
|
|
|
561
|
|
|
325
|
|
|
—
|
|
|
391
|
|
|
1,657
|
|
||||||
Sands Bethlehem
|
493
|
|
|
16
|
|
|
28
|
|
|
4
|
|
|
23
|
|
|
564
|
|
||||||
|
873
|
|
|
577
|
|
|
353
|
|
|
4
|
|
|
414
|
|
|
2,221
|
|
||||||
Intercompany eliminations(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(236
|
)
|
|
(236
|
)
|
||||||
Total net revenues
|
$
|
9,086
|
|
|
$
|
1,586
|
|
|
$
|
828
|
|
|
$
|
651
|
|
|
$
|
577
|
|
|
$
|
12,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019.
|
(2)
|
Intercompany eliminations include royalties and other intercompany services.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Intersegment Revenues
|
|
|
|
|
|
||||||
Macao:
|
|
|
|
|
|
||||||
The Venetian Macao
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
5
|
|
Ferry Operations and Other
|
27
|
|
|
25
|
|
|
23
|
|
|||
|
31
|
|
|
29
|
|
|
28
|
|
|||
Marina Bay Sands
|
4
|
|
|
9
|
|
|
8
|
|
|||
Las Vegas Operating Properties
|
206
|
|
|
209
|
|
|
200
|
|
|||
Total intersegment revenues
|
$
|
241
|
|
|
$
|
247
|
|
|
$
|
236
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Adjusted Property EBITDA
|
|
|
|
|
|
||||||
Macao:
|
|
|
|
|
|
||||||
The Venetian Macao
|
$
|
1,407
|
|
|
$
|
1,378
|
|
|
$
|
1,133
|
|
Sands Cotai Central
|
726
|
|
|
759
|
|
|
633
|
|
|||
The Parisian Macao
|
544
|
|
|
484
|
|
|
413
|
|
|||
The Plaza Macao and Four Seasons Hotel Macao
|
345
|
|
|
262
|
|
|
233
|
|
|||
Sands Macao
|
175
|
|
|
178
|
|
|
174
|
|
|||
Ferry Operations and Other
|
(8
|
)
|
|
18
|
|
|
21
|
|
|||
|
3,189
|
|
|
3,079
|
|
|
2,607
|
|
|||
Marina Bay Sands
|
1,661
|
|
|
1,690
|
|
|
1,755
|
|
|||
United States:
|
|
|
|
|
|
||||||
Las Vegas Operating Properties
|
487
|
|
|
394
|
|
|
391
|
|
|||
Sands Bethlehem(1)
|
52
|
|
|
116
|
|
|
147
|
|
|||
|
539
|
|
|
510
|
|
|
538
|
|
|||
Consolidated adjusted property EBITDA(2)
|
5,389
|
|
|
5,279
|
|
|
4,900
|
|
|||
Other Operating Costs and Expenses
|
|
|
|
|
|
||||||
Stock-based compensation(3)
|
(14
|
)
|
|
(12
|
)
|
|
(14
|
)
|
|||
Corporate
|
(313
|
)
|
|
(202
|
)
|
|
(173
|
)
|
|||
Pre-opening
|
(34
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|||
Development
|
(24
|
)
|
|
(12
|
)
|
|
(13
|
)
|
|||
Depreciation and amortization
|
(1,165
|
)
|
|
(1,111
|
)
|
|
(1,171
|
)
|
|||
Amortization of leasehold interests in land
|
(51
|
)
|
|
(35
|
)
|
|
(37
|
)
|
|||
Loss on disposal or impairment of assets
|
(90
|
)
|
|
(150
|
)
|
|
(20
|
)
|
|||
Operating income
|
3,698
|
|
|
3,751
|
|
|
3,464
|
|
|||
Other Non-Operating Costs and Expenses
|
|
|
|
|
|
||||||
Interest income
|
74
|
|
|
59
|
|
|
16
|
|
|||
Interest expense, net of amounts capitalized
|
(555
|
)
|
|
(446
|
)
|
|
(327
|
)
|
|||
Other income (expense)
|
23
|
|
|
26
|
|
|
(94
|
)
|
|||
Gain on sale of Sands Bethlehem
|
556
|
|
|
—
|
|
|
—
|
|
|||
Loss on modification or early retirement of debt
|
(24
|
)
|
|
(64
|
)
|
|
(5
|
)
|
|||
Income tax (expense) benefit
|
(468
|
)
|
|
(375
|
)
|
|
209
|
|
|||
Net income
|
$
|
3,304
|
|
|
$
|
2,951
|
|
|
$
|
3,263
|
|
(1)
|
The Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019.
|
(2)
|
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.
|
(3)
|
During the years ended December 31, 2019, 2018 and 2017, the Company recorded stock-based compensation expense of $36 million, $30 million and $34 million, respectively, of which $22 million, $18 million and $20 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Capital Expenditures
|
|
|
|
|
|
||||||
Corporate and Other
|
$
|
59
|
|
|
$
|
81
|
|
|
$
|
9
|
|
Macao:
|
|
|
|
|
|
||||||
The Venetian Macao
|
131
|
|
|
180
|
|
|
153
|
|
|||
Sands Cotai Central
|
282
|
|
|
131
|
|
|
86
|
|
|||
The Parisian Macao
|
32
|
|
|
131
|
|
|
204
|
|
|||
The Plaza Macao and Four Seasons Hotel Macao
|
298
|
|
|
63
|
|
|
22
|
|
|||
Sands Macao
|
16
|
|
|
29
|
|
|
10
|
|
|||
Ferry Operations and Other
|
3
|
|
|
1
|
|
|
4
|
|
|||
|
762
|
|
|
535
|
|
|
479
|
|
|||
Marina Bay Sands
|
195
|
|
|
182
|
|
|
196
|
|
|||
United States:
|
|
|
|
|
|
||||||
Las Vegas Operating Properties
|
198
|
|
|
127
|
|
|
123
|
|
|||
Sands Bethlehem(1)
|
2
|
|
|
24
|
|
|
30
|
|
|||
|
200
|
|
|
151
|
|
|
153
|
|
|||
Total capital expenditures
|
$
|
1,216
|
|
|
$
|
949
|
|
|
$
|
837
|
|
(1)
|
The Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019.
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Total Assets
|
|
|
|
|
|
||||||
Corporate and Other
|
$
|
1,390
|
|
|
$
|
1,296
|
|
|
$
|
953
|
|
Macao:
|
|
|
|
|
|
||||||
The Venetian Macao
|
3,243
|
|
|
3,403
|
|
|
2,640
|
|
|||
Sands Cotai Central
|
4,504
|
|
|
4,295
|
|
|
3,891
|
|
|||
The Parisian Macao
|
2,351
|
|
|
2,455
|
|
|
2,496
|
|
|||
The Plaza Macao and Four Seasons Hotel Macao
|
1,239
|
|
|
883
|
|
|
930
|
|
|||
Sands Macao
|
324
|
|
|
322
|
|
|
282
|
|
|||
Ferry Operations and Other
|
156
|
|
|
259
|
|
|
275
|
|
|||
|
11,817
|
|
|
11,617
|
|
|
10,514
|
|
|||
Marina Bay Sands
|
5,880
|
|
|
4,674
|
|
|
5,054
|
|
|||
United States:
|
|
|
|
|
|
||||||
Las Vegas Operating Properties
|
4,112
|
|
|
4,321
|
|
|
3,530
|
|
|||
Sands Bethlehem(1)
|
—
|
|
|
639
|
|
|
636
|
|
|||
|
4,112
|
|
|
4,960
|
|
|
4,166
|
|
|||
Total assets
|
$
|
23,199
|
|
|
$
|
22,547
|
|
|
$
|
20,687
|
|
(1)
|
The Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019.
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Total Long-Lived Assets(1)
|
|
|
|
|
|
||||||
Corporate and Other
|
$
|
311
|
|
|
$
|
281
|
|
|
$
|
249
|
|
Macao:
|
|
|
|
|
|
||||||
The Venetian Macao
|
1,740
|
|
|
1,750
|
|
|
1,728
|
|
|||
Sands Cotai Central
|
3,591
|
|
|
3,414
|
|
|
3,516
|
|
|||
The Parisian Macao
|
2,203
|
|
|
2,317
|
|
|
2,375
|
|
|||
The Plaza Macao and Four Seasons Hotel Macao
|
1,112
|
|
|
772
|
|
|
853
|
|
|||
Sands Macao
|
237
|
|
|
229
|
|
|
222
|
|
|||
Ferry Operations and Other
|
54
|
|
|
130
|
|
|
146
|
|
|||
|
8,937
|
|
|
8,612
|
|
|
8,840
|
|
|||
Marina Bay Sands
|
5,063
|
|
|
4,148
|
|
|
4,336
|
|
|||
United States:
|
|
|
|
|
|
||||||
Las Vegas Operating Properties
|
2,805
|
|
|
2,762
|
|
|
2,779
|
|
|||
Sands Bethlehem(2)
|
—
|
|
|
549
|
|
|
549
|
|
|||
|
2,805
|
|
|
3,311
|
|
|
3,328
|
|
|||
Total long-lived assets
|
$
|
17,116
|
|
|
$
|
16,352
|
|
|
$
|
16,753
|
|
(1)
|
Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
|
(2)
|
The Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019.
|
|
Quarter
|
||||||||||||||||||
|
First(1)
|
|
Second(2)
|
|
Third
|
|
Fourth(1)
|
|
Total
|
||||||||||
|
(In millions, except per share data)
|
||||||||||||||||||
2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
3,646
|
|
|
$
|
3,334
|
|
|
$
|
3,250
|
|
|
$
|
3,509
|
|
|
$
|
13,739
|
|
Operating income
|
971
|
|
|
894
|
|
|
899
|
|
|
934
|
|
|
3,698
|
|
|||||
Net income
|
744
|
|
|
1,108
|
|
|
669
|
|
|
783
|
|
|
3,304
|
|
|||||
Net income attributable to Las Vegas Sands Corp.
|
582
|
|
|
954
|
|
|
533
|
|
|
629
|
|
|
2,698
|
|
|||||
Basic earnings per share
|
0.75
|
|
|
1.24
|
|
|
0.69
|
|
|
0.82
|
|
|
3.50
|
|
|||||
Diluted earnings per share
|
0.75
|
|
|
1.24
|
|
|
0.69
|
|
|
0.82
|
|
|
3.50
|
|
|||||
2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
3,579
|
|
|
$
|
3,303
|
|
|
$
|
3,372
|
|
|
$
|
3,475
|
|
|
$
|
13,729
|
|
Operating income
|
1,158
|
|
|
797
|
|
|
922
|
|
|
874
|
|
|
3,751
|
|
|||||
Net income (loss)
|
1,616
|
|
|
676
|
|
|
699
|
|
|
(40
|
)
|
|
2,951
|
|
|||||
Net income (loss) attributable to Las Vegas Sands Corp.
|
1,456
|
|
|
556
|
|
|
571
|
|
|
(170
|
)
|
|
2,413
|
|
|||||
Basic earnings (loss) per share
|
1.85
|
|
|
0.70
|
|
|
0.73
|
|
|
(0.22
|
)
|
|
3.07
|
|
|||||
Diluted earnings (loss) per share
|
1.84
|
|
|
0.70
|
|
|
0.73
|
|
|
(0.22
|
)
|
|
3.07
|
|
(1)
|
During Q1 2018, the Company recorded a nonrecurring non-cash discrete income tax benefit of $670 million due to the implementation of the Global Intangible Low-Taxed Income ("GILTI") provision of U.S. tax reform. During Q4 2018, the IRS issued guidance clarifying the implementation of the GILTI and other provisions that would impact the foreign tax credit utilization and required an increase of a valuation allowance related to the Company's historical foreign tax credits. As a result, in Q4 2018, the Company recorded a nonrecurring non-cash discrete income tax expense of $727 million.
|
(2)
|
During Q2 2019, the Company closed the sale of Sands Bethlehem and recorded a gain on the sale of $556 million.
|
Description
|
|
Balance at
Beginning
of Year
|
|
Provision
for
Doubtful
Accounts
|
|
Write-offs,
Net of
Recoveries
|
|
Balance
at End
of Year
|
||||||
|
|
(In millions)
|
||||||||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
||||||
2017
|
|
$
|
576
|
|
|
96
|
|
|
(230
|
)
|
|
$
|
442
|
|
2018
|
|
$
|
442
|
|
|
5
|
|
|
(123
|
)
|
|
$
|
324
|
|
2019
|
|
$
|
324
|
|
|
30
|
|
|
(72
|
)
|
|
$
|
282
|
|
Description
|
|
Balance at
Beginning
of Year
|
|
Additions
|
|
Deductions
|
|
Balance
at End
of Year
|
||||||
|
|
(In millions)
|
||||||||||||
Deferred income tax asset valuation allowance:
|
|
|
|
|
|
|
|
|
||||||
2017
|
|
$
|
4,197
|
|
|
510
|
|
|
(17
|
)
|
|
$
|
4,690
|
|
2018
|
|
$
|
4,690
|
|
|
105
|
|
|
(26
|
)
|
|
$
|
4,769
|
|
2019
|
|
$
|
4,769
|
|
|
29
|
|
|
(12
|
)
|
|
$
|
4,786
|
|
Exhibit No.
|
|
Description of Document
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
|
4.7
|
|
Exhibit No.
|
|
Description of Document
|
4.8
|
|
|
4.9
|
|
|
4.10
|
|
|
4.11
|
|
|
4.12
|
|
|
4.13*
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
Exhibit No.
|
|
Description of Document
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
10.10
|
|
|
10.11†
|
|
|
10.12
|
|
|
10.13
|
|
|
10.14
|
|
|
10.15
|
|
|
10.16
|
|
|
10.17
|
|
|
10.18
|
|
Exhibit No.
|
|
Description of Document
|
10.19
|
|
|
10.20
|
|
|
10.21†
|
|
|
10.22
|
|
|
10.23
|
|
|
10.24
|
|
|
10.25
|
|
|
10.26
|
|
|
10.27
|
|
|
10.28
|
|
|
10.29
|
|
|
10.30
|
|
Exhibit No.
|
|
Description of Document
|
10.31+
|
|
|
10.32+
|
|
|
10.33+
|
|
|
10.34+
|
|
|
10.35+
|
|
|
10.36+
|
|
|
10.37+
|
|
|
10.38+
|
|
|
10.39+
|
|
|
10.40+
|
|
|
10.41+
|
|
|
10.42+
|
|
|
10.43+
|
|
|
10.44+
|
|
|
10.45+
|
|
|
10.46+
|
|
|
10.47+
|
|
Exhibit No.
|
|
Description of Document
|
10.48+
|
|
|
10.49+
|
|
|
10.50+
|
|
|
10.51+
|
|
|
10.52
|
|
|
10.53
|
|
|
10.54
|
|
|
10.55
|
|
|
10.56
|
|
|
10.57
|
|
|
10.58
|
|
|
10.59
|
|
|
10.60
|
|
|
10.61
|
|
Exhibit No.
|
|
Description of Document
|
10.62+
|
|
|
10.63+
|
|
|
10.64+
|
|
|
10.65+
|
|
|
10.66+
|
|
|
10.67+
|
|
|
10.68+
|
|
|
10.69+
|
|
|
10.70+
|
|
|
21.1*
|
|
|
23.1*
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1++
|
|
|
32.2++
|
|
|
101*
|
|
The following financial information from the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline Extensible Business Reporting Language ("iXBRL"): (i) Consolidated Balance Sheets as of December 31, 2019 and 2018, (ii) Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017, (iv) Consolidated Statements of Equity for the years ended December 31, 2019, 2018 and 2017, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017, and (vi) Notes to Consolidated Financial Statements.
|
104
|
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
|
*
|
Filed herewith.
|
†
|
Confidential treatment has been requested and granted with respect to portions of this exhibit, and such confidential portions have been deleted and replaced with "**" and filed separately with the Securities and Exchange Commission pursuant to Rule 406 under the Securities Act of 1933.
|
+
|
Denotes a management contract or compensatory plan or arrangement.
|
++
|
This exhibit will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
|
|
LAS VEGAS SANDS CORP.
|
||
February 7, 2020
|
/S/ SHELDON G. ADELSON
|
||
|
Sheldon G. Adelson,
Chairman of the Board and
Chief Executive Officer |
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/S/ SHELDON G. ADELSON
|
|
Chairman of the Board,
Chief Executive Officer and Director
|
|
February 7, 2020
|
Sheldon G. Adelson
|
|
|
|
|
|
|
|
|
|
/S/ ROBERT G. GOLDSTEIN
|
|
President, Chief Operating Officer
and Director
|
|
February 7, 2020
|
Robert G. Goldstein
|
|
|
|
|
|
|
|
|
|
/S/ PATRICK DUMONT
|
|
Executive Vice President,
Chief Financial Officer and Director
|
|
February 7, 2020
|
Patrick Dumont
|
|
|
|
|
|
|
|
|
|
/S/ IRWIN CHAFETZ
|
|
Director
|
|
February 7, 2020
|
Irwin Chafetz
|
|
|
|
|
|
|
|
|
|
/S/ MICHELINE CHAU
|
|
Director
|
|
February 7, 2020
|
Micheline Chau
|
|
|
|
|
|
|
|
|
|
/S/ CHARLES D. FORMAN
|
|
Director
|
|
February 7, 2020
|
Charles D. Forman
|
|
|
|
|
|
|
|
|
|
/S/ GEORGE JAMIESON
|
|
Director
|
|
February 7, 2020
|
George Jamieson
|
|
|
|
|
|
|
|
|
|
/S/ CHARLES A. KOPPELMAN
|
|
Director
|
|
February 7, 2020
|
Charles A. Koppelman
|
|
|
|
|
|
|
|
|
|
/S/ LEWIS KRAMER
|
|
Director
|
|
February 7, 2020
|
Lewis Kramer
|
|
|
|
|
|
|
|
|
|
/S/ DAVID F. LEVI
|
|
Director
|
|
February 7, 2020
|
David F. Levi
|
|
|
|
|
|
|
|
|
|
/S/ XUAN YAN
|
|
Director
|
|
February 7, 2020
|
Xuan Yan
|
|
|
|
|
|
|
|
|
|
/S/ RANDY HYZAK
|
|
Senior Vice President and
Chief Accounting Officer
|
|
February 7, 2020
|
Randy Hyzak
|
|
|
|
•
|
the director breaches his fiduciary duty to our Company or our stockholders and this breach involves intentional misconduct, fraud or a knowing violation of law; or
|
•
|
our Company makes an unlawful payment of a dividend or unlawful stock purchases, redemptions or other distributions.
|
•
|
stockholders to nominate candidates for election as a director; and
|
•
|
stockholders to propose topics for consideration at stockholders’ meetings.
|
•
|
pay that person any dividend or interest upon any voting securities;
|
•
|
allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person;
|
•
|
pay remuneration in any form to that person for services rendered or otherwise; or
|
•
|
fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, purchasing them for cash at fair market value.
|
•
|
we will not be required or permitted to pay any dividend or interest with regard to these securities;
|
•
|
the holder of these securities will not be entitled to vote on any matter as the holder of the securities and these securities will not for any purposes be included in the securities entitled to vote; and
|
•
|
we will not pay any remuneration in any form to the holder of these securities.
|
•
|
we cease to be subject to the jurisdiction of the Gaming Authorities; or
|
•
|
the applicable Gaming Authorities validate the issuance or transfer or waive any defect in the issuance or transfer.
|
•
|
the provisions requiring a 66⅔% stockholder vote for removal of directors;
|
•
|
the provisions requiring a 66⅔% stockholder vote for the amendment, repeal or adoption of our by-law provisions (described below);
|
•
|
the provisions requiring a 66⅔% stockholder vote for the amendment of certain provisions of our articles of incorporation; and
|
•
|
the provisions prohibiting stockholder action by written consent except under certain circumstances.
|
|
|
|
Legal Name
|
|
State or Other Jurisdiction of Incorporation or Organization
|
Cotai Strip Lot 2 Apart Hotel (Macao) Limited
|
|
Macao
|
Las Vegas Sands, LLC
|
|
Nevada
|
LVS (Nevada) International Holdings, Inc.
|
|
Nevada
|
LVS Dutch Finance C.V.
|
|
Netherlands
|
LVS Dutch Holding B.V.
|
|
Netherlands
|
Marina Bay Sands Pte. Ltd.
|
|
Singapore
|
MBS Holdings Pte. Ltd.
|
|
Singapore
|
Sands China Ltd.
|
|
Cayman Islands
|
Sands IP Asset Management B.V.
|
|
Netherlands
|
Venetian Casino Resort, LLC
|
|
Nevada
|
Venetian Cotai Limited
|
|
Macao
|
Venetian Macau Limited
|
|
Macao
|
Venetian Orient Limited
|
|
Macao
|
Venetian Venture Development Intermediate II
|
|
Cayman Islands
|
Venetian Venture Development Intermediate Limited
|
|
Cayman Islands
|
/s/ Deloitte & Touche LLP
|
|
Las Vegas, Nevada
|
February 7, 2020
|
Date:
|
February 7, 2020
|
By:
|
|
/s/ SHELDON G. ADELSON
|
|
|
|
|
Name: Sheldon G. Adelson
Title: Chief Executive Officer
|
Date:
|
February 7, 2020
|
By:
|
|
/S/ PATRICK DUMONT
|
|
|
|
|
Name: Patrick Dumont
Title: Executive Vice President and
Chief Financial Officer
|
Date:
|
February 7, 2020
|
By:
|
|
/s/ SHELDON G. ADELSON
|
|
|
|
|
Name: Sheldon G. Adelson
Title: Chief Executive Officer
|
Date:
|
February 7, 2020
|
By:
|
|
/S/ PATRICK DUMONT
|
|
|
|
|
Name: Patrick Dumont
Title: Executive Vice President and
Chief Financial Officer
|