Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________________________________________ 
Form 10-Q
____________________________________________________ 
_________________________________________________________ 
ý☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2017
2023
¨☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-32373
____________________________________________________ _________________________________________________________ 
sands Logo.jpg
LAS VEGAS SANDS CORP.
(Exact name of registration as specified in its charter)
____________________________________________________ 
_________________________________________________________ 
Nevada27-0099920
(State or other jurisdiction of

incorporation or organization)
(I.R.S. Employer

Identification No.)
3355 Las Vegas Boulevard South5420 S. Durango Dr.
Las Vegas, NevadaNevada8910989113
(Address of principal executive offices)(Zip Code)
(702) 414-1000923-9000
(Registrant'sRegistrant’s telephone number, including area code)
 ___________________________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)LVSNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý☒    No  ¨☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý☒    No  ¨☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large“large accelerated filer," "accelerated” “accelerated filer," "smaller” “smaller reporting company,"” and "emerging“emerging growth company"company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒Accelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Large accelerated filerEmerging Growth Companyý☐Accelerated filer¨
Non-accelerated filer
¨ (Do not check if a smaller reporting company)
Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨☐    No  ý☒
Indicate the number of shares outstanding of each of the Registrant'sRegistrant’s classes of common stock, as of the latest practicable date.
ClassOutstanding at November 1, 2017October 18, 2023
Common Stock ($0.001 par value)790,480,010764,490,874 shares



Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
Table of Contents
 
PART I
FINANCIAL INFORMATION
Item 1.
PART I
FINANCIAL INFORMATION
Item 1.
Financial Statements (unaudited)
3
Condensed Consolidated Balance Sheets at September 30, 20172023 and December 31, 20162022
3
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 20172023 and 20162022
4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 20172023 and 20162022
5
Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 20172023 and 20162022
6
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 20172023 and 20162022
7
Notes to Condensed Consolidated Financial Statements
98
Note 1 — Organization and Business of Company
8
Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities
10
Note 3 — Goodwill and Intangible Assets, Net
11
Note 4 — Long-Term Debt
13
Note 5 — Equity and Earnings (Loss) Per Share
16
Note 6 — Income Taxes
16
Note 7 — Leases
17
Note 8 — Fair Value Measurements
19
Note 9 — Commitments and Contingencies
20
Note 10 — Segment Information
23
Item 2.
Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations
2527
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
4956
Item 4.
Controls and Procedures
4956
PART II
OTHER INFORMATION
Item 1.
Legal Proceedings
5157
Item 1A.
Risk Factors
51
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
51
Item 6.
Exhibits
52
SignaturesItem 1A.
53Risk Factors
57
Item 5.
Other Information
57
Item 6.
Exhibits
58
Signatures
59

2


Table of Contents
PART 1I FINANCIAL INFORMATION
ITEM 1— FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 September 30,
2017		 December 31,
2016
 
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:   
Cash and cash equivalents$2,001
 $2,128
Restricted cash and cash equivalents11
 10
Accounts receivable, net637
 776
Inventories45
 46
Prepaid expenses and other142
 138
Total current assets2,836
 3,098
Property and equipment, net15,498
 15,903
Leasehold interests in land, net1,234
 1,210
Intangible assets, net93
 103
Other assets, net147
 155
Total assets$19,808
 $20,469
LIABILITIES AND EQUITY
Current liabilities:   
Accounts payable$141
 $128
Construction payables165
 384
Other accrued liabilities1,992
 1,935
Income taxes payable229
 192
Current maturities of long-term debt134
 167
Total current liabilities2,661
 2,806
Other long-term liabilities136
 126
Deferred income taxes229
 200
Deferred amounts related to mall sale transactions408
 413
Long-term debt9,483
 9,428
Total liabilities12,917
 12,973
Commitments and contingencies (Note 6)
 
Equity:   
Common stock, $0.001 par value, 1,000 shares authorized, 831 and 830 shares issued, 790 and 795 shares outstanding1
 1
Treasury stock, at cost, 41 and 35 shares(2,743) (2,443)
Capital in excess of par value6,569
 6,516
Accumulated other comprehensive loss(13) (119)
Retained earnings2,082
 2,222
Total Las Vegas Sands Corp. stockholders' equity5,896
 6,177
Noncontrolling interests995
 1,319
Total equity6,891
 7,496
Total liabilities and equity$19,808
 $20,469
The accompanying notes are an integral part of these condensed consolidated financial statements.


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 
(In millions, except per share data)
(Unaudited)
Revenues:       
Casino$2,511
 $2,307
 $7,379
 $6,406
Rooms411
 402
 1,194
 1,123
Food and beverage198
 184
 610
 559
Mall160
 147
 476
 422
Convention, retail and other128
 141
 400
 389
 3,408

3,181
 10,059
 8,899
Less — promotional allowances(209) (212) (613) (564)
Net revenues3,199
 2,969
 9,446
 8,335
Operating expenses:       
Casino1,342
 1,198
 3,968
 3,531
Rooms74
 67
 216
 197
Food and beverage109
 101
 329
 306
Mall18
 16
 52
 44
Convention, retail and other69
 66
 200
 184
Provision for doubtful accounts23
 51
 77
 139
General and administrative358
 330
 1,050
 931
Corporate51
 39
 136
 208
Pre-opening1
 86
 7
 128
Development3
 3
 8
 7
Depreciation and amortization265
 277
 913
 792
Amortization of leasehold interests in land9
 10
 28
 29
Loss on disposal or impairment of assets21
 5
 27
 15
 2,343
 2,249
 7,011
 6,511
Operating income856
 720
 2,435
 1,824
Other income (expense):       
Interest income4
 2
 11
 6
Interest expense, net of amounts capitalized(83) (65) (240) (198)
Other income (expense)(19) 21
 (80) (33)
Loss on modification or early retirement of debt—
 (3) (5) (3)
Income before income taxes758
 675
 2,121
 1,596
Income tax expense(73) (69) (220) (187)
Net income685
 606
 1,901
 1,409
Net income attributable to noncontrolling interests(115) (93) (306) (248)
Net income attributable to Las Vegas Sands Corp.$570
 $513
 $1,595
 $1,161
Earnings per share:       
Basic$0.72
 $0.65
 $2.01
 $1.46
Diluted$0.72
 $0.65
 $2.01
 $1.46
Weighted average shares outstanding:       
Basic791
 795
 792
 795
Diluted792
 795
 793
 795
Dividends declared per common share$0.73
 $0.72
 $2.19
 $2.16
The accompanying notes are an integral part of these condensed consolidated financial statements.


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 
(In millions)
(Unaudited)
Net income$685
 $606
 $1,901
 $1,409
Currency translation adjustment, before and after tax33
 (25) 98
 62
Total comprehensive income718
 581
 1,999
 1,471
Comprehensive income attributable to noncontrolling interests(115) (93) (298) (247)
Comprehensive income attributable to Las Vegas Sands Corp.$603
 $488
 $1,701
 $1,224
September 30,
2023		December 31,
2022
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$5,574 $6,311 
Accounts receivable, net of provision for credit losses of $200 and $217390 267 
Inventories35 28 
Prepaid expenses and other173 138 
Total current assets6,172 6,744 
Loan receivable1,186 1,165 
Property and equipment, net11,589 11,451 
Restricted cash124 125 
Deferred income taxes, net127 131 
Leasehold interests in land, net2,053 2,128 
Goodwill and intangible assets, net609 64 
Other assets, net264 231 
Total assets$22,124 $22,039 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$150 $89 
Construction payables153 189 
Other accrued liabilities1,768 1,458 
Income taxes payable213 135 
Current maturities of long-term debt1,818 2,031 
Total current liabilities4,102 3,902 
Other long-term liabilities844 382 
Deferred income taxes150 152 
Long-term debt12,576 13,947 
Total liabilities17,672 18,383 
Commitments and contingencies (Note 9)
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 shares issued, 764 shares outstanding1 1 
Treasury stock, at cost, 69 shares(4,481)(4,481)
Capital in excess of par value6,720 6,684 
Accumulated other comprehensive loss(57)(7)
Retained earnings2,370 1,684 
Total Las Vegas Sands Corp. stockholders’ equity4,553 3,881 
Noncontrolling interests(101)(225)
Total equity4,452 3,656 
Total liabilities and equity$22,124 $22,039 
The accompanying notes are an integral part of these condensed consolidated financial statements.


3


Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY 
 Las Vegas Sands Corp. Stockholders' Equity    
 
Common
Stock
 Treasury
Stock		 
Capital in
Excess of
Par Value
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Noncontrolling
Interests
 Total
 
(In millions)
(Unaudited)
Balance at January 1, 2016$1
 $(2,443) $6,485
 $(66) $2,840
 $1,601
 $8,418
Net income—
 —
 —
 —
 1,161
 248
 1,409
Currency translation adjustment—
 —
 —
 63
 —
 (1) 62
Exercise of stock options—
 —
 4
 —
 —
 1
 5
Tax shortfall from stock-based compensation—
 —
 (8) —
 —
 —
 (8)
Conversion of equity awards to liability awards—
 —
 (1) —
 —
 —
 (1)
Stock-based compensation—
 —
 24
 —
 —
 4
 28
Dividends declared—
 —
 —
 —
 (1,716) (630) (2,346)
Balance at September 30, 2016$1
 $(2,443) $6,504
 $(3) $2,285
 $1,223
 $7,567
Balance at January 1, 2017$1
 $(2,443) $6,516
 $(119) $2,222
 $1,319
 $7,496
Cumulative effect adjustment from change in accounting principle—
 —
 3
 —
 (2) (1) —
Net income—
 —
 —
 —
 1,595
 306
 1,901
Currency translation adjustment—
 —
 —
 106
 —
 (8) 98
Exercise of stock options—
 —
 28
 —
 —
 4
 32
Stock-based compensation—
 —
 22
 —
 —
 4
 26
Repurchase of common stock—
 (300) —
 —
 —
 —
 (300)
Dividends declared—
 —
 —
 —
 (1,733) (629) (2,362)
Balance at September 30, 2017$1
 $(2,743) $6,569
 $(13) $2,082
 $995
 $6,891
OPERATIONS
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions, except per share data)
(Unaudited)
Revenues:
Casino$2,008 $637 $5,411 $1,973 
Rooms342 123 881 315 
Food and beverage156 82 423 198 
Mall201 119 535 416 
Convention, retail and other88 44 207 91 
Net revenues2,795 1,005 7,457 2,993 
Operating expenses:
Casino1,103 410 3,011 1,323 
Rooms80 41 207 125 
Food and beverage128 83 349 221 
Mall23 16 65 53 
Convention, retail and other52 27 141 73 
Provision for credit losses3 8 2 14 
General and administrative290 238 820 694 
Corporate49 53 166 167 
Pre-opening3 4 13 11 
Development44 26 140 108 
Depreciation and amortization313 260 875 780 
Amortization of leasehold interests in land15 14 43 42 
Loss on disposal or impairment of assets4 2 22 8 
2,107 1,182 5,854 3,619 
Operating income (loss)688 (177)1,603 (626)
Other income (expense):
Interest income79 38 225 56 
Interest expense, net of amounts capitalized(200)(183)(628)(501)
Other income (expense)4 2 (17)(29)
Income (loss) from continuing operations before income taxes571 (320)1,183 (1,100)
Income tax expense(122)(60)(221)(172)
Net income (loss) from continuing operations449 (380)962 (1,272)
Discontinued operations:
Income from operations of discontinued operations, net of tax— — — 46 
Gain on disposal of discontinued operations, net of tax— — — 2,861 
Adjustment to gain on disposal of discontinued operations, net of tax— (1)— (4)
Income (loss) from discontinued operations, net of tax— (1)— 2,903 
Net income (loss)449 (381)962 1,631 
Net (income) loss attributable to noncontrolling interests from continuing operations(69)142 (123)370 
Net income (loss) attributable to Las Vegas Sands Corp.$380 $(239)$839 $2,001 
Earnings (loss) per share - basic:
Income (loss) from continuing operations$0.50 $(0.31)$1.10 $(1.18)
Income from discontinued operations, net of tax— — — 3.80 
Net income (loss) attributable to Las Vegas Sands Corp.$0.50 $(0.31)$1.10 $2.62 
Earnings (loss) per share - diluted:
Income (loss) from continuing operations$0.50 $(0.31)$1.09 $(1.18)
Income from discontinued operations, net of tax— — — 3.80 
Net income (loss) attributable to Las Vegas Sands Corp.$0.50 $(0.31)$1.09 $2.62 
Weighted average shares outstanding:
Basic764 764 764 764 
Diluted766 764 767 764 
The accompanying notes are an integral part of these condensed consolidated financial statements.


4


Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSCOMPREHENSIVE INCOME (LOSS)

 Nine Months Ended 
 September 30,
 2017 2016
 
(In millions)
(Unaudited)
Cash flows from operating activities:   
Net income$1,901
 $1,409
Adjustments to reconcile net income to net cash generated from operating activities:   
Depreciation and amortization913
 792
Amortization of leasehold interests in land28
 29
Amortization of deferred financing costs and original issue discount31
 33
Amortization of deferred gain on and rent from mall sale transactions(3) (3)
Loss on modification or early retirement of debt5
 2
Loss on disposal or impairment of assets27
 15
Stock-based compensation expense26
 28
Provision for doubtful accounts77
 139
Foreign exchange loss38
 20
Deferred income taxes21
 24
Changes in operating assets and liabilities:   
Accounts receivable76
 280
Other assets(4) (22)
Accounts payable11
 12
Other liabilities75
 73
Net cash generated from operating activities3,222
 2,831
Cash flows from investing activities:   
Change in restricted cash and cash equivalents(1) (1)
Capital expenditures(592) (1,103)
Proceeds from disposal of property and equipment2
 4
Acquisition of intangible assets—
 (47)
Net cash used in investing activities(591) (1,147)
Cash flows from financing activities:   
Proceeds from exercise of stock options32
 5
Repurchase of common stock(300) —
Dividends paid(2,362) (2,348)
Proceeds from long-term debt (Note 3)654
 2,260
Repayments of long-term debt (Note 3)(828) (1,963)
Payments of financing costs(5) (31)
Net cash used in financing activities(2,809) (2,077)
Effect of exchange rate on cash51
 4
Decrease in cash and cash equivalents(127) (389)
Cash and cash equivalents at beginning of period2,128
 2,179
Cash and cash equivalents at end of period$2,001
 $1,790



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 Nine Months Ended 
 September 30,
 2017 2016
 (In millions)
(Unaudited)
Supplemental disclosure of cash flow information:   
Cash payments for interest, net of amounts capitalized$198
 $154
Cash payments for taxes, net of refunds$202
 $194
Change in construction payables$(219) $136
Non-cash investing and financing activities:   
Change in dividends payable included in other accrued liabilities$—
 $(2)
Property and equipment acquired under capital lease$—
 $6
Conversion of equity awards to liability awards$—
 $1

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions)
(Unaudited)
Net income (loss)$449 $(381)$962 $1,631 
Currency translation adjustment(17)(64)(46)(129)
Cash flow hedge fair value adjustment2 1 (4)1 
Total comprehensive income (loss)434 (444)912 1,503 
Comprehensive (income) loss attributable to noncontrolling interests(70)143 (123)372 
Comprehensive income (loss) attributable to Las Vegas Sands Corp.$364 $(301)$789 $1,875 
The accompanying notes are an integral part of these condensed consolidated financial statements.



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Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Las Vegas Sands Corp. Stockholders’ Equity  
Common
Stock		Treasury
Stock		Capital in
Excess of
Par Value		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings (Deficit)		Noncontrolling
Interests		Total
(In millions)
(Unaudited)
Balance at June 30, 2022$1 $(4,481)$6,665 $(86)$2,092 $24 $4,215 
Net loss— — — — (239)(142)(381)
Currency translation adjustment— — — (63)— (1)(64)
Cash flow hedge fair value adjustment— — — 1 — — 1 
Stock-based compensation— — 10 — — — 10 
Balance at September 30, 2022$1 $(4,481)$6,675 $(148)$1,853 $(119)$3,781 
Balance at January 1, 2022$1 $(4,481)$6,646 $(22)$(148)$252 $2,248 
Net income (loss)— — — — 2,001 (370)1,631 
Currency translation adjustment— — — (127)— (2)(129)
Cash flow hedge fair value adjustment— — — 1 — — 1 
Stock-based compensation— — 30 — — 1 31 
Tax withholding on vesting of equity awards— — (1)— — — (1)
Balance at September 30, 2022$1 $(4,481)$6,675 $(148)$1,853 $(119)$3,781 
Balance at June 30, 2023$1 $(4,481)$6,708 $(41)$2,143 $(171)$4,159 
Net income— — — — 380 69 449 
Currency translation adjustment— — — (18)— 1 (17)
Cash flow hedge fair value adjustment— — — 2 — — 2 
Exercise of stock options— — 1 — — — 1 
Stock-based compensation— — 11 — — — 11 
Dividends declared ($0.20 per share) (Note 5)— — — — (153)— (153)
Balance at September 30, 2023$1 $(4,481)$6,720 $(57)$2,370 $(101)$4,452 
Balance at January 1, 2023$1 $(4,481)$6,684 $(7)$1,684 $(225)$3,656 
Net income— — — — 839 123 962 
Currency translation adjustment— — — (47)— 1 (46)
Cash flow hedge fair value adjustment— — — (3)— (1)(4)
Exercise of stock options— — 4 — — — 4 
Stock-based compensation— — 33 — — 1 34 
Tax withholding on vesting of equity awards— — (1)— — — (1)
Dividends declared ($0.20 per share) (Note 5)— — — — (153)— (153)
Balance at September 30, 2023$1 $(4,481)$6,720 $(57)$2,370 $(101)$4,452 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
20232022
(In millions)
(Unaudited)
Cash flows from operating activities from continuing operations:
Net income (loss) from continuing operations$962 $(1,272)
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities:
Depreciation and amortization875 780 
Amortization of leasehold interests in land43 42 
Amortization of deferred financing costs and original issue discount46 43 
Change in fair value of derivative asset/liability(1)(2)
Paid-in-kind interest income(22)(8)
Loss on disposal or impairment of assets10 7 
Stock-based compensation expense33 30 
Provision for credit losses2 14 
Foreign exchange loss15 28 
Deferred income taxes5 (28)
Changes in operating assets and liabilities:
Accounts receivable(129)(28)
Other assets(64)4 
Accounts payable62 15 
Other liabilities384 (465)
Net cash generated from (used in) operating activities from continuing operations2,221 (840)
Cash flows from investing activities from continuing operations:
Capital expenditures(692)(504)
Proceeds from disposal of property and equipment3 9 
Acquisition of intangible assets and other(236)(104)
Net cash used in investing activities from continuing operations(925)(599)
Cash flows from financing activities from continuing operations:
Proceeds from exercise of stock options4 — 
Tax withholding on vesting of equity awards(1)(1)
Dividends paid(153)— 
Proceeds from long-term debt— 700 
Repayments of long-term debt(1,803)(50)
Payments of financing costs(32)(9)
Other(25)— 
Transactions with discontinued operations— 5,032 
Net cash generated from (used in) financing activities from continuing operations(2,010)5,672 
Cash flows from discontinued operations:
Net cash generated from operating activities— 149 
Net cash generated from investing activities— 4,883 
Net cash used in financing activities— (5,032)
Net cash provided to (used in) discontinued operations— — 
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents(24)(33)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents(738)4,200 
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period6,436 1,925 
Cash, cash equivalents and restricted cash and cash equivalents at end of period for continuing operations$5,698 $6,125 
Supplemental disclosure of cash flow information
Cash payments for interest, net of amounts capitalized$670 $528 
Cash payments for taxes, net of refunds$144 $494 
Change in construction payables$(36)$(49)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1 — Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. ("LVSC"(“LVSC”), a Nevada corporation, and its subsidiaries (collectively the "Company"“Company”) for the year ended December 31, 2016,2022, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"(“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year.
Operations
Macao
From 2020 through the beginning of 2023, the Company’s operations in Macao were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. The Company's common stock is tradedMacao government's policy regarding the management of COVID-19 and general travel restrictions was relaxed in late December 2022 and early January 2023. Since then, visitation to the Company’s Macao Integrated Resorts and operations have improved.
The Macao government announced total visitation from mainland China to Macao increased approximately 243.6% and decreased approximately 39.7%, during the eight months ended August 31, 2023 (the latest statistics currently available), as compared to the same period in 2022 and 2019 (pre-pandemic), respectively. The Macao government also announced gross gaming revenue increased approximately 779.7% and decreased approximately31.1%, during the three months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively. Additionally, gross gaming revenue increased approximately 305.3% and decreased approximately41.5%, during the nine months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively.
Singapore
From 2020 through early 2022, the Company’s operations in Singapore were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. However, the Vaccinated Travel Framework (“VTF”), launched in April 2022, facilitated the resumption of travel and had a positive impact on operations at Marina Bay Sands. During February 2023, any remaining COVID-19 border measures were lifted.
Visitation to Marina Bay Sands continues to improve since the travel restrictions have been lifted. The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 3.7 millionin 2022 to 10.1 million for the nine months ended September 30, 2023, while visitation decreased 29.2% when compared to the same period in 2019.
Summary
While the disruptions arising from the COVID-19 pandemic have subsided, given the dynamic nature of these circumstances, the potential future impact, if any, on the New York Stock Exchange underCompany’s consolidated results of operations, cash flows and financial condition is uncertain. However, the symbol "LVS."
The ordinary shares of the Company's subsidiary, Sands China Ltd. ("SCL," the indirect owner and operator of the majority of the Company's operations in the Macao Special Administrative Region ("Macao") of the People's Republic of China), are listed on The Main Board of The Stock Exchange of Hong Kong Limited ("SEHK"). The shares were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements. The Company currently owns 70.1% of SCL.
The Company has entered into various joint venture agreements with independent third parties, which have been consolidated based on accounting standards for variable interest entities. Asa strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of September 30, 2017$5.57 billion and December 31, 2016,access to $1.50 billion, $2.24 billion and $431 million of available borrowing capacity from the Company's consolidated joint ventures had total assets of $80 millionCompany’s LVSC Revolving Facility, 2018 SCL Revolving Facility and $79 million,2012 Singapore Revolving Facility, respectively, and total liabilities of $194 million and $173 million, respectively. The Company's joint ventures had intercompany liabilities of $193 million and $171 million as of September 30, 20172023. The Company believes it is able to support continuing operations and December 31, 2016, respectively.complete the Company’s major construction projects that are underway.
8

Table of Contents


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Development Projects
As the Company's integrated resorts mature,New York
On June 2, 2023, the Company continuesacquired the Nassau Coliseum from Nassau Live Center, LLC and related entities, which included the right to reinvest in its portfoliolease the underlying land from the County of properties to maintain the high quality products and remain competitiveNassau in the markets in which it operates.State of New York (the “Nassau Coliseum Transaction”). The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. There is constantly evaluating opportunities to improve its product offerings, such as refreshing its meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and its gaming areas, as well as other anticipated revenue generating additions to the Company's integrated resorts.
Macao
The Plaza Casino and Four Seasons Hotel Macao
In October 2017,no assurance the Company announced thatwill be able to obtain such casino license.
Singapore
In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development, which will include a hotel tower with luxury rooms and suites, a rooftop attraction, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”). The Plaza CasinoSecond Development Agreement provides for a total minimum project cost of approximately 4.50 billion Singapore dollars (“SGD,” approximately $3.29 billion at exchange rates in effect on September 30, 2023). The estimated cost and Four Seasons Hotel Macao will feature an additional 295 new suites in a separate tower, The Four Seasons Macao Hotel Tower Suites. The Company has completed the structural worktiming of the towertotal project will be updated as the Company completes design and plans to commence build out of the suites in 2018.begins construction. The Company expects the total project cost will materially exceed the amounts referenced above from April 2019 based on current market conditions due to be completedinflation, higher material and labor costs and other factors. The Company has incurred approximately$1.08 billion as of September 30, 2023, inclusive of the payment made in 2019.
Sands Cotai Central
In October 2017,2019 for the Company announced that it will renovate, expandlease of the parcels of land underlying the MBS Expansion Project site. On March 22, 2023, MBS and rebrand the Sands Cotai CentralSTB entered into a supplemental agreement, which further extended the construction commencement date to April 8, 2024 and the construction completion date to April 8, 2028, and allowed for changes to the construction and operation plans under the Second Development Agreement.
The Company is nearing completion of the renovation of Towers 1 and 2 of Marina Bay Sands. This renovation has introduced world class suites and other luxury amenities at a cost estimated at approximately $1.0 billion upon completion. The Company also announced the next phase with the renovation of the Tower 3 hotel rooms into world class suites and other property changes at an estimated cost of approximately $750 million. These renovations at Marina Bay Sands are substantially upgrading the overall guest experience for our premium customers, including new destination integrated resort, dining and retail experiences, and upgrading the casino floor, among other things. These projects are in addition to the previously announced plans for the MBS Expansion Project.
Macao
The Londoner Macao. TheCompany has commenced work on Phase II of the Londoner Macao, will featurewhich includes the renovation of the rooms in the Sheraton and Conrad hotel towers and the addition of new attractions, dining, retail and features from London, including someentertainment offerings. These projects have a total estimated cost of London’s most recognizable landmarks, an expanded retail mall$1.0 billion.
Recent Accounting Pronouncements
The Company’s management has evaluated the accounting standards that have been recently issued, but not yet effective, or those proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the St. Regis Macao Tower Suites, offering approximately 350 luxurious new suites. The projectfuture adoption of any such pronouncements will commence in 2018have a material effect on the Company’s financial position, results of operations and be phased to minimize disruption during the property’s peak periods. The Company expects the project to be completed in 2020.cash flows.

9







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities
Capital Financing OverviewAccounts Receivable and Provision for Credit Losses
Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company funds its development projectsextends credit to approved casino patrons following background checks and investigations of creditworthiness. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons in these countries.
Accounts receivable primarily through borrowings under itsconsists of casino receivables. Other than casino receivables, there is no other concentration of credit facilities and operating cash flows.
The Company held unrestricted cash and cash equivalents of $2.0 billion and restricted cash and cash equivalents of $11 million as of September 30, 2017.risk with respect to accounts receivable. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenantsconcentration of its credit facilities. Inrisk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the normal courseprovision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change.
The Company maintains a provision for expected credit losses on casino, hotel and mall receivables and regularly evaluates the balances. The Company applies standard reserve percentages to aged account balances, which are grouped based on shared credit risk characteristics and days past due. The reserve percentages are based on estimated loss rates supported by historical observed default rates over the expected life of the receivable and are adjusted for forward-looking information. The Company also specifically analyzes the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the patron's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts in its activities,evaluation of the adequacy of the recorded reserves. Account balances are written off against the provision when the Company believes it is probable the receivable will continue to evaluate its capital structure and opportunities for enhancements thereof. In March 2017, the Company entered into an agreement to amend its U.S. credit facility, which refinanced the term loans in an aggregate amount of $2.18 billion, extended the maturitynot be recovered.
Accounts receivable consists of the term loans to March 29, 2024, removedfollowing:
September 30,
2023		December 31,
2022
(In millions)
Casino$463 $341 
Rooms24 34 
Mall62 64 
Other41 45 
590 484 
Less - provision for credit losses(200)(217)
$390 $267 
The following table shows the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances and lowered the applicable margin credit spread for borrowings under the term loans (see "— Note 3 — Long-Term Debt — 2013 U.S. Credit Facility").
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Boards ("FASB") issued an accounting standard update (as subsequently amended) on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017. The Company plans to adopt the new standard on January 1, 2018, on a full retrospective basis. The Company continues to assess the impact the new standard will have on the Company's financial condition, results of operations, cash flows and related disclosures. Upon adoption, management expects the standard to change the presentation of, and accounting for, complimentary revenues and promotional allowances currently presentedmovement in the statements of operations in accordance with current industry standards. It is anticipated a majority of total promotional allowances will be netted against casino revenue and expenses will be allocated among the respective categories in a different manner. Management also anticipates a change in the manner the Company assigns value to accrued customer benefits related to its frequent players programs. The resulting liability will be recorded using the retail value of such benefits less estimated breakage and will be offset against casino revenue. When the benefits are redeemed, revenue will be recognized in the resulting category of the goods or services provided. The adoption of this guidance is not expected to have a material impact on the Company's financial condition or results of operations.
In March 2016, the FASB issued an accounting standard update to simplify several aspects of accountingprovision for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification in the statement of cash flows and electing an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. The Company adopted this guidance effective January 1, 2017, and as a result, excess tax benefits or deficiencies related to the exercise or vesting of share-based awards are now reflected in the accompanying condensed consolidated statements of operations as a component of income tax expense, whereas previously they were recognized in stockholders' equity when realized. As a result of the prior guidance that required that deferred tax assets are notcredit losses recognized for net operating loss carryforwards or credit carryforwards resulting from windfall tax benefits, the Company had windfall tax benefits of $379 million as of December 31, 2016, that were not reflected in deferred tax assets. With the adoption of the new accounting standard, the Company recorded these deferred tax assets, but established a full valuation allowance against those deferred tax assets based on the determination that it was "more-likely-than-not" that those deferred tax assets would not be realized. The accompanying condensed consolidated statements of cash flows present excess tax benefits as an operating activity on a retrospective basis. The reclassification of the prior period had an immaterial impact on the Company's cash flows from operating and financing activities. The Company has elected to account for forfeitures as they occur rather than account for forfeitures based upon an estimated rate. This change in accounting policy was adopted on a modified retrospective basis and resulted in a $2 million cumulative effect adjustment to retained earnings.accounts receivable:

20232022
(In millions)
Balance at January 1$217 $232 
Provision for credit losses2 14 
Write-offs(16)(30)
Exchange rate impact(3)(7)
Balance at September 30$200 $209 
10







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Customer Contract Related Liabilities
ReclassificationThe Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
Certain amounts inThe following table summarizes the condensed consolidated balance sheet liability activity related to contracts with customers:
Outstanding Chip LiabilityLoyalty Program Liability
Customer Deposits and Other Deferred Revenue(1)
202320222023202220232022
(In millions)
Balance at January 1$81 $74 $72 $61 $614 $618 
Balance at September 30130 92 65 68 711 611 
Increase (decrease)$49 $18 $(7)$7 $97 $(7)
____________________
(1)Of this amount, $160 million and $149 millionas of December 31, 2016, and the condensed consolidated statement of cash flows for the nine months ended September 30 2016, have been reclassifiedand January 1, 2023, respectively, and $148 million and $145 million as of September 30 and January 1, 2022, related to be consistent with the current year presentation. The reclassification had no impactmall deposits that are accounted for based on the Company's financial condition, results of operations or cash flows.lease terms usually greater than one year.
Note 23 — PropertyGoodwill and Equipment,Intangible Assets, Net
PropertyGoodwill and equipment consistsintangible assets consist of the following:
September 30,
2023		December 31,
2022
(In millions)
Amortizable intangible assets:
Macao concession$496 $— 
Marina Bay Sands gaming license53 54 
549 54 
Less — accumulated amortization(63)(12)
486 42 
Technology, software and other21 12 
Total amortizable intangible assets, net507 54 
Goodwill102 10 
Total goodwill and intangible assets, net$609 $64 
 September 30,
2017		 December 31,
2016
 (In millions)
Land and improvements$659
 $626
Building and improvements17,598
 17,478
Furniture, fixtures, equipment and leasehold improvements3,890
 3,720
Transportation455
 454
Construction in progress1,141
 1,094
 23,743
 23,372
Less — accumulated depreciation and amortization(8,245) (7,469)
 $15,498
 $15,903
Macao Concession
Construction in progress consistsOn December 16, 2022, the Macao government announced the award of six definitive gaming concessions, one of which was awarded to Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.), and on January 1, 2023, VML entered into a ten-year gaming concession contract with the Macao government (the “Concession”). Under the terms of the following:
 September 30,
2017		 December 31,
2016
 (In millions)
The Plaza Macao and Four Seasons Hotel Macao$441
 $430
Sands Cotai Central292
 286
Other408
 378
 $1,141
 $1,094
Concession, VML is required to pay the Macao government an annual gaming premium consisting of a fixed portion and a variable portion. The $408fixed portion of the premium is 30 million patacas (approximately$4 million at exchange rates in other construction in progress as ofeffect on September 30, 2017, consists primarily2023). The variable portion is 300,000 patacas per gaming table reserved exclusively for certain types of construction of a high-rise residential condominium towergames or players, 150,000 patacas per gaming table not so reserved (the "Las Vegas Condo Tower")mass rate) and various projects1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,200, $18,600 and $124, respectively, at The Venetian Macao.
During the nine months endedexchange rates in effect on September 30, 2017 and the three and nine months ended September 30, 2016, the Company capitalized $1 million, $12 million and $33 million, respectively, of interest expense. During the three and nine months ended September 30, 2017 and the three and nine months ended September 30, 2016, the Company capitalized approximately $6 million, $18 million, $8 million and $22 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.
During the three months ended September 30, 2017, the Company completed an evaluation of the estimated useful lives of its property and equipment. The timing of this review was based on a combination of factors accumulating over time that provided the Company with updated information to make a better estimate on the economic lives of certain property and equipment. These factors included (1) the accumulation of historical asset replacement data at the Company's operating properties, which reflects the actual length of time the Company uses certain property and equipment, (2) the stabilization of the operating, regulatory and competitive environment in each jurisdiction the Company operates in, which includes meeting the final land concession government imposed deadlines for the Company's Macao properties on the Cotai Strip, (3) transitioning to more predictable renovation cycles at the Company's operating properties and (4) consideration of the estimated useful lives assigned to buildings of the Company's peers in the gaming and hospitality industry. Based on these factors, as well as the anticipated use and condition of the assets

2023).
11







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

evaluated, the Company determined that changes to the useful lives of certain property and equipment were appropriate. As a result, the Company revised the estimated useful lives of its buildings, building improvements and land improvements from a range of 15 to 40 years to 10 to 50 yearsOn December 30, 2022, VML and certain other furniture, fixturessubsidiaries of the Company, confirmed and agreed to revert certain gaming equipment from 3and gaming areas to 6the Macao government without compensation and free of any liens or charges in accordance with, and upon the expiry of, VML’s subconcession. On the same day, VML and the Macao government entered into a handover record (the “Handover Record”) granting VML the right to operate the reverted gaming equipment and gaming areas for the duration of the Concession in consideration for the payment of an annual fee. The annual fee is calculated based on a price per square meter of reverted gaming area, being 750 patacas per square meter in the first three years and 2,500 patacas per square meter in the subsequent seven years (approximately $93 and $310, respectively, at exchange rates in effect on September 30, 2023). The price per square meter used to 5determine the annual fee will be adjusted annually based on Macao’s average price index of the corresponding preceding year. The annual fee is estimated to 10be $13 million for the first three years and $42 million for the following seven years, subject to better reflect the estimated periods during which theseaforementioned adjustment.
On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $496 million at exchange rates in effect on September 30, 2023), representing the right to operate the gaming equipment and the gaming areas, the right to conduct games of chance in Macao and the unconditional obligation to make payments under the Concession. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Handover Record. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the maximum number of table games at the mass rate and the maximum number of gaming machines that VML is currently allowed to operate by the Macao government. In the accompanying condensed consolidated balance sheet, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the period of the Concession, being ten years.
Amortization expense for all intangible assets are expected to remain in service.
This change in estimated useful lives was accounted for as a change in accounting estimate effective July 1, 2017. The impact of this change$17 million and $7 million for the three months ended September 30, 2023 and 2022, respectively, and $51 million and $16 million for the nine months ended September 30, 2017, was a decrease in depreciation2023 and 2022, respectively. The estimated future amortization expense for all intangible assets is approximately $17 million for the three months ending December 31, 2023, and an increase in operating income of $51$67 million, $55 million, $50 million, $50 million for the years ending December 31, 2024, 2025, 2026 and an increase in net income of $462027, respectively, and $248 million or earnings per share of $0.06thereafter.
Nassau Coliseum
On June 2, 2023, the Company closed on a basic and diluted basis.
Note 3 — Long-Term Debt
Long-term debt consistsits acquisition of the following:
 September 30,
2017		 December 31,
2016
 (In millions)
Corporate and U.S. Related(1):
   
2013 U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $11)$2,155
 $—
2013 U.S. Credit Facility — Term B (net of unamortized original issue discount and deferred financing costs of $13)—
 2,170
2013 U.S. Credit Facility — Extended Revolving—
 36
Airplane Financings—
 56
HVAC Equipment Lease13
 14
Macao Related(1):
   
2016 VML Credit Facility — Term (net of unamortized deferred financing costs of $59 and $69, respectively)4,041
 4,049
2016 VML Credit Facility — Non-Extended Term (net of unamortized deferred financing costs of $3 and $4, respectively)252
 266
Other6
 8
Singapore Related(1):
   
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $35 and $44, respectively)3,150
 2,996
 9,617
 9,595
Less — current maturities(134) (167)
Total long-term debt$9,483
 $9,428
____________________
(1)Unamortized deferred financing costs of $27 million and $35 million as of September 30, 2017 and December 31, 2016, respectively, related to the U.S., Macao and Singapore revolving credit facilities are includedNassau Coliseum, an entertainment arena in other assets, net in the accompanying condensed consolidated balance sheets.

2013 U.S. Credit Facility
During March 2017, the State of New York. The Company entered into an agreement (the "Amendment Agreement") to amend the existing 2013 U.S. Credit Facility to, among other things, refinance the term loans (by way of continuing or replacing existing term loans) inpaid an aggregate amount of $2.18 billion (the "2013 Extended U.S. Term B Facility")$241 million, consisting of $221 million upon closing and to lower the applicable margin credit spread for adjusted Eurodollar rate term loans from 2.25% to 2.00% per annum and for alternative base rate term loans from 1.25% to 1.00% per annum (the interest rate was set at 3.2% as of September 30, 2017). Additionally, the Amendment Agreement removed the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitmentsa $20 million deposit made in certain circumstances and extended the maturity date2022. The purchase of the term loansNassau Coliseum, which continues to operate following the closing of the sale, primarily included the fixed assets related to the arena and the right to lease the underlying land from December 19, 2020the owner, the County of Nassau in the State of New York. This transaction resulted in the recognition of $92 million of goodwill. The Company purchased the Nassau Coliseum with the intent to March 29, 2024. The 2013 Extended U.S. Term B Facilityobtain a casino license from the State of New York to develop and operate an Integrated Resort. There is subjectno assurance the Company will be able to quarterlyobtain such casino license.

12







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Note 4 — Long-Term Debt
amortization paymentsLong-term debt consists of $5the following:
September 30,
2023		December 31,
2022
(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 $3 and $5, respectively)$1,747 $1,745 
2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $2)498 498 
3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $5 and $7, respectively)995 993 
3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $6)744 744 
Other(2)
202 — 
Macao Related(1):
5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $5 and $7, respectively)1,795 1,793 
3.800% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $4 and $5, respectively)796 795 
2.300% Senior Notes due 2027 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively)695 694 
5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $12 and $13, respectively)1,888 1,887 
2.850% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively)645 644 
4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $7 and $8, respectively)693 692 
3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $5)595 595 
2018 SCL Credit Facility — Revolving250 1,958 
Other(2)
19 22 
Singapore Related(1):
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $25 and $33, respectively)2,785 2,870 
2012 Singapore Credit Facility — Delayed Draw Term46 46 
Other1 2 
14,394 15,978 
Less — current maturities(1,818)(2,031)
Total long-term debt$12,576 $13,947 
____________________
(1)Unamortized deferred financing costs of $66 million which began on March 31, 2017, followed by a balloon paymentand $60 million as of $2.03 billion due on March 29, 2024. The Company recorded a $5 million loss on modification of debt during the nine months ended September 30, 2017,2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in connection with“Other assets, net,” and “Prepaid expenses and other” in the Amendment Agreement.accompanying condensed consolidated balance sheets.
(2)Includes finance leases related to the U.S. of $202 million as of September 30, 2023 and Macao of$18 million and $21 million as of September 30, 2023 and December 31, 2022, respectively.
13



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
LVSC Revolving Facility
As of September 30, 2017,2023, the Company had $1.15$1.50 billion of available borrowing capacity under the 2013 Extended U.S.LVSC Revolving Facility, net of outstanding letters of credit.
Airplane FinancingsOn January 30, 2023, LVSC entered into Amendment No. 4 (the “Fourth Amendment”) with lenders to the LVSC Revolving Credit Agreement. Pursuant to the Fourth Amendment, the existing LVSC Revolving Credit Agreement was amended to (a) determine consolidated adjusted EBITDA on a year-to-date annualized basis during the period commencing on the effective date and ending on and including December 31, 2023, as follows: (i) for the fiscal quarter ending March 31, 2023, consolidated adjusted EBITDA for such fiscal quarter multiplied by four, (ii) for the fiscal quarter ending June 30, 2023, consolidated adjusted EBITDA for such fiscal quarter and the immediately preceding fiscal quarter multiplied by two, and (iii) for the fiscal quarter ending September 30, 2023, consolidated adjusted EBITDA for such fiscal quarter and the two immediately preceding fiscal quarters, multiplied by four-thirds; (b) extend the period during which LVSC is required to maintain a specified amount of minimum liquidity as of the last day of each month to December 31, 2023; and (c) extend the period during which LVSC is unable to declare or pay any dividend or other distribution, unless liquidity is greater than $1.0 billion on a pro forma basis after giving effect to such dividend or distribution, to December 31, 2023.
In March 2017,On June 30, 2023, LVSC entered into Amendment No. 5 (the “Fifth Amendment”) with lenders to the LVSC Revolving Credit Agreement. Pursuant to the Fifth Amendment, the existing LVSC Revolving Credit Agreement was amended to update the terms therein and provide for the adoption of the Secured Overnight Financing Rate (“SOFR”) as the benchmark interest rate.
SCL Senior Notes
On July 26, 2023, Standard & Poor’s (“S&P”) upgraded the credit rating for the Company repaidand Sands China Ltd. (“SCL,” a majority-owned subsidiary of the Company) to BBB–. As a result of the upgrade, the coupon on each series of the outstanding $56 million balanceSCL senior notes decreased by 0.25% per annum effective on the first interest payment date after July 26, 2023.
2018 SCL Credit Facility
On May 11, 2023, SCL entered into an amended and restated facility agreement (the “A&R Facility Agreement”) with respect to certain provisions of the 2018 SCL Credit Facility, pursuant to which lenders have (a) extended the termination date for the Hong Kong Dollar (“HKD”) commitments and U.S. dollar commitments of the lenders that consented to the waivers and amendments in the A&R Facility Agreement (the “Extending Lenders”) from July 31, 2023 to July 31, 2025; (b) extended to (and including) January 1, 2024, the waiver period for the requirement for SCL to comply with the requirements that SCL ensure (i) the consolidated leverage ratio does not exceed 4.0x and (ii) the consolidated interest coverage ratio is not less than 2.5x; (c) amended the definition of consolidated total debt such that it excludes any financial indebtedness that is subordinated and subject in right of payment to the prior payment in full of the A&R Facility Agreement (including the $1.0 billion subordinated unsecured term loan facility made available by the Company to SCL); (d) amended the maximum permitted consolidated leverage ratio as of the last day of each of the financial quarters ending March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and subsequent financial quarters to be 6.25x, 5.5x, 5.0x, 4.5x, and 4.0x, respectively; and (e) extended to (and including) January 1, 2025, the period during which SCL’s ability to declare or make any dividend payment or similar distribution is restricted if at such time (x) the Total Commitments (as defined in the A&R Facility Agreement) exceed $2.0 billion by SCL’s exercise of the option to increase the Total Commitments by an aggregate amount of up to $1.0 billion and (y) the consolidated leverage ratio is greater than 4.0x, unless, after giving effect to such payment, the sum of (i) the aggregate amount of cash and cash equivalents of SCL on such date and (ii) the aggregate amount of the undrawn facility under the Airplane Financings.A&R Facility Agreement and unused commitments under other credit facilities of SCL is greater than $2.0 billion. The amendments with respect to the Extended Commitments took effect on July 31, 2023. Pursuant to the A&R Facility Agreement, SCL paid a customary fee to the Extending Lenders that consented.
2016 VML Credit
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Extending Lenders’ HKD commitments total HKD 17.63 billion (approximately $2.25 billion at exchange rates in effect on May 11, 2023) and U.S. dollar commitments total $237 million, which together represent 100% of the total available commitments under the A&R Facility Agreement.
As of September 30, 2017, the Company2023, SCL had $1.99$2.24 billion of available borrowing capacity under the 2016 VML2018 SCL Revolving Facility.Facility comprised of HKD commitments of HKD 15.86 billion (approximately $2.03 billion at exchange rates in effect on September 30, 2023) and U.S. dollar commitments of$213 million.
2012 Singapore Credit Facility
As of September 30, 2017, the Company2023, MBS had 495SGD 589 million Singapore dollars ("SGD," approximately $364(approximately $431 million at exchange rates in effect on September 30, 2017)2023) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit.credit, primarily consisting of a banker’s guarantee for SGD153 million (approximately $112 million at exchange rates in effect on September 30, 2023) pursuant to a development agreement.
During 2021, the Company amended its 2012 Singapore Credit Facility, which, among other things, extended to March 31, 2022, the deadline for delivering the construction cost estimate and the construction schedule for the MBS Expansion Project. The Company is in the process of reviewing the budget and timing of the MBS expansion due to various factors. As a result, the construction cost estimate and construction schedule were not delivered to the lenders by the March 31, 2022 deadline. As of September 30, 2023, there was SGD3.69 billion (approximately $2.70 billion at exchange rates in effect on September 30, 2023) left of total borrowing capacity, which is only available to be drawn under the Singapore Delayed Draw Term Facility after the construction cost estimate and construction schedule for the MBS Expansion Project are delivered to lenders. The Company does not anticipate material spend related to the MBS Expansion Project prior to the delivery of these items to the lenders.
Debt Covenant Compliance
As of September 30, 2017,2023, management believes the Company was in compliance with all debt covenants. The Company amended its 2018 SCL Credit Facility to, among other things, waive SCL’s requirement to comply with financial covenants through January 1, 2024, which include a maximum leverage ratio of total debt to trailing twelve-months adjusted earnings before interest, income taxes, depreciation and amortization, calculated in accordance with the A&R Facility Agreement.
Cash Flows from Financing Activities
Cash flows from financing activities related to long-term debt and capitalfinance lease obligations are as follows:
Nine Months Ended
September 30,
20232022
(In millions)
Proceeds from 2018 SCL Credit Facility$— $700 
$— $700 
Repayments on 2018 SCL Credit Facility$(1,698)$— 
Repayments on 2012 Singapore Credit Facility(46)(45)
Repayments on Other Long-Term Debt(59)(5)
$(1,803)$(50)
15

 Nine Months Ended 
 September 30,
 2017 2016
 (In millions)
Proceeds from 2016 VML Credit Facility$649
 $1,000
Proceeds from 2013 U.S. Credit Facility5
 260
Proceeds from 2011 VML Credit Facility—
 1,000
 $654
 $2,260
Repayments on 2016 VML Credit Facility$(662) $(1,000)
Repayments on 2013 U.S. Credit Facility(57) (907)
Repayments on 2012 Singapore Credit Facility(50) (50)
Repayments on Airplane Financings(56) (3)
Repayments on HVAC Equipment Lease and Other Long-Term Debt(3) (3)
 $(828) $(1,963)
Fair Value of Long-Term Debt
The estimated fair value of the Company's long-term debt as of September 30, 2017 and December 31, 2016, was approximately $9.57 billion and $9.58 billion, respectively, compared to its carrying value of $9.71 billion and $9.70 billion, respectively. The estimated fair value of the Company's long-term debt is based on level 2 inputs (quoted prices in markets that are not active).

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Note 45 — Equity and Earnings (Loss) Per Share
Common Stock
Dividends
On March 31, June 30 and September 29, 2017,August 16, 2023, the Company paid a dividend of $0.73$0.20 per common share as part of a regular cash dividend program. During the nine months ended September 30, 2017,2023, the Company recorded $1.73 billion $153 millionas a distribution against retained earnings (of which $946 million related to the Principal Stockholder and his family and the remaining $787 million related to all other shareholders).earnings.
On March 31, June 30 and September 30, 2016, the Company paid a dividend of $0.72 per common share as part of a regular cash dividend program. During the nine months ended September 30, 2016, the Company recorded $1.72 billion as a distribution against retained earnings (of which $933 million related to the Principal Stockholder and his family and the remaining $784 million related to all other shareholders).
In October 2017,2023, the Company'sCompany’s Board of Directors declared a quarterly dividend of $0.73$0.20 per common share (a total estimated to be approximately$577 $153 million) to be paid on December 29, 2017,November 15, 2023, to shareholdersstockholders of record on December 21, 2017.November 7, 2023.
InShare Repurchases
On October 2017,16, 2023, the Company announced that its Board of Directors increased the dividend for the 2018 calendar year to $3.00 per common share, or $0.75 per common share per quarter.
Repurchase Program
In October 2014, the Company'sCompany’s Board of Directors authorized increasing the remaining share repurchase amount of $916 million to $2.0 billion of its outstanding common stock, which expired in October 2016. Inand extending the expiration date from November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which expires in2024 to November 2018.3, 2025. Repurchases of the Company's common stock are made at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, legal requirements, other investment opportunities and market conditions. During the nine months ended September 30, 2017, the Company repurchased 5,107,2372023, no shares of its common stock for $300 million (including commissions) under the current program. During the nine months ended September 30, 2016, no shares were repurchased under the previous program.repurchased. All share repurchases of the Company's common stock have been recorded as treasury stock.
Noncontrolling Interests
On February 24 and June 23, 2017, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which the Company retained $1.45 billion during the nine months ended September 30, 2017). On February 26 and June 24, 2016, SCL paid a dividend of HKD 0.99 and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which the Company retained $1.45 billion during the nine months ended September 30, 2016).
During the nine months ended September 30, 2017 and 2016, the Company distributed $10 million and $11 million, respectively, to certain of its noncontrolling interests.

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)764 764 764 764 
Potential dilution from stock options and restricted stock and stock units2 — 3 — 
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)766 764 767 764 
Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share5 15 3 15 
Note 6 — Income Taxes
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)791
 795
 792
 795
Potential dilution from stock options and restricted stock and stock units1
 —
 1
 —
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)792
 795
 793
 795
Antidilutive stock options excluded from the calculation of diluted earnings per share6
 7
 7
 7
Accumulated Other Comprehensive Loss
As ofThe Company’s effective income tax rate from continuing operations was18.7% for the nine months ended September 30, 20172023, compared to 15.6% for the nine months ended September 30, 2022. The effective income tax rate for the nine months ended September 30, 2023 reflects a 17% statutory tax rate on the Company’s Singapore operations and a 21% corporate income tax rate on its domestic operations.
The Company’s operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, VML and its peers received a corporate income tax exemption on gaming operations through December 31, 2016, accumulated other comprehensive loss consisted solely2022. In December 2022, VML requested a corporate tax exemption on profits generated by the operation of foreign currency translation adjustments.
Note 5 — Fair Value Measurements
The Company currently uses foreign currency forward contracts ascasino games in Macao for the new gaming concession period effective economic hedges to manage a portion of its foreign currency exposure. Foreign currency forward contracts involve the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The aggregate notional value of these foreign currency contracts was $144 million and $427 million as of September 30, 2017 andfrom January 1, 2023 through December 31, 2016, respectively. As these derivatives have not been designated and/2032, or do not qualify for hedge accounting,a period of corporate tax exemption that the changes in fair value are recognized as other income (expense) inChief Executive of Macao may deem more appropriate. Additionally, the accompanying condensed consolidated statements of operations.
The following table providesCompany entered into a shareholder dividend tax agreement with the assets and liabilities carried at fair value:Macao
   Fair Value Measurements Using:
 
Total Carrying
Value
 
Quoted Market
Prices in Active
Markets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 (In millions)
As of September 30, 2017       
Assets       
Cash equivalents(1)
$694
 $694
 $—
 $—
Liabilities       
Forward contracts(2)
$4
 $—
 $4
 $—
As of December 31, 2016       
Assets       
Cash equivalents(1)
$931
 $931
 $—
 $—
Forward contracts(2)
$12
 $—
 $12
 $—
____________________
(1)The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

16
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

government in April 2019, effective through June 26, 2022, providing an annual payment as a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. The Company is evaluating the timing of an application for a new shareholder dividend tax agreement. The effective income tax rate for the nine months ended September 30, 2023, anticipates similar tax agreements for the new Concession period; however, there is no assurance such agreements will be entered into.
(2)As of September 30, 2017 and December 31, 2016, the Company had 8 and 18 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. During the nine months ended September 30, 2017 and the three and nine months ended September 30, 2016, the Company recorded in other income (expense) a $16 million loss, $10 million gain and $18 million loss, respectively, related to the change in fair value of the forward contracts.
In accordance with interim accounting guidance, the Company calculated an estimated annual effective tax rate based on expected annual income and statutory rates in the jurisdictions in which the Company operates. This estimated annual effective tax rate is applied to actual year-to-date operating results to determine the provision for income taxes.
Note 67 — Leases
Lessee
The Company has operating and finance leases for various real estate (including leasehold interests in land) and equipment. Certain of these lease agreements include rental payments adjusted periodically for inflation, rental payments based on usage and rental payments contingent on certain events occurring (e.g., the Nassau Land Lease rental payments will increase in the event the Company is awarded a gaming license in New York). Certain of the Company’s leases include options to extend the lease term by one month to 10 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Nassau Coliseum
In conjunction with the Nassau Coliseum Transaction, the Company entered into a lease agreement with the County of Nassau in the State of New York, for the use and exclusive right to develop and operate assets on approximately 72 acres of land, including the Nassau Coliseum and other improvements thereon (the “Nassau Land Lease”), which commenced on June 2, 2023, and has a 99-year lease term. The Company is required to make annual rent payments in the amounts and at the times specified in the Nassau Land Lease agreement, including additional rent payments contingent on certain events occurring as defined in the agreement. As of September 30, 2023, the related right-of-use (“ROU”) asset and finance lease liability were $279 million and $201 million, respectively. Refer to “Note 3 — Goodwill and Intangible Assets, Net” for further details on this transaction.
In the accompanying condensed consolidated balance sheet, the Nassau Land Lease ROU asset is included in “Property and equipment, net” and the noncurrent portion of the related finance lease liability is included in “Long-term debt.” A one-time rent payment of $54 million was made under the finance lease liability within two business days of the lease term commencement date and is included in cash flows used in financing activities.
The future minimum lease payments are $1 million for the period ending December 31, 2023, $6 million for each of the years ending December 31, 2024 through 2027, and $1.77 billion thereafter.
17



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Lessor
Lease revenue for the Company’s mall operations consists of the following:
Three Months Ended September 30,
20232022
MallOtherMallOther
(In millions)
Minimum rents$128 $— $119 $— 
Overage rents48 — 16 — 
Rent concessions(1)
— — (37)— 
Total overage rents and rent concessions48 — (21)— 
$176 $— $98 $— 
Nine Months Ended September 30,
20232022
MallOtherMallOther
(In millions)
Minimum rents$372 $1 $369 $1 
Overage rents91 — 42 — 
Rent concessions(1)
— — (61)— 
Total overage rents and rent concessions91 — (19)— 
$463 $1 $350 $1 
___________________
(1)Rent concessions were provided to tenants as a result of the COVID-19 pandemic and the impact on mall operations.
18



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 8 — Fair Value Disclosures
As of September 30, 2023 and December 31, 2022, the amounts of the Company's assets and liabilities that were accounted for at fair value were immaterial.
As of September 30, 2023 and December 31, 2022, certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivables, net, and accounts payable, had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The Company considers all highly liquid short-term investments with original maturities of three months or less to be cash equivalents. Cash equivalents include cash deposits, cash held in money market funds and U.S. Treasury Bills. U.S. Treasury Bills are held-to-maturity.
The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of September 30, 2023 and December 31, 2022, using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies.
September 30, 2023
Hierarchy Level
Carrying AmountLevel 1Level 2
(in millions)
Assets:
Cash equivalents
Cash deposits$2,316 $2,316 
Money market funds122 122 
U.S. Treasury Bills914 913 
Loan Receivable(1)
1,186 $1,073 
Liabilities:
Long-term debt(2)
14,257 13,301 
December 31, 2022
Hierarchy Level
Carrying AmountLevel 1Level 2
(in millions)
Assets:
Cash equivalents
Cash deposits$3,249 $3,249 
Money market funds134 134 
Loan Receivable(1)
1,165 $1,078 
Liabilities:
Long-term debt(2)
16,060 15,140 
____________________
(1)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
(2)The estimated fair value of the Company’s long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). The carrying amount in the table represents the contractual amount.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 9 — Commitments and Contingencies
Litigation
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel and has accrued a nominal amount for such costs as of September 30, 2017.counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company'sCompany’s financial condition, results of operations and cash flows.
Round Square CompanyAsian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, Corp.
On October 15, 2004, Richard SuenLLC (“LVSLLC”) and Round Square Company Limited ("Roundsquare"Venetian Casino Resort (“VCR”) filed an action against LVSC, Las Vegas Sands, Inc. ("LVSI"(collectively, the “Defendants”) for 3.0 billion patacas (approximately $372 million at exchange rates in effect on September 30, 2023), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the "District Court"), assertingwhich alleges a breach of an alleged agreement to payagreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a success fee of $5 million and 2.0% of the net profit from the Company's Macao resort operationsbid in response to the plaintiffs as well as other related claims. Inpublic tender held by the Macao government for the award of gaming concessions at the end of 2001.
On March 2005, LVSC was dismissed24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party without prejudiceto the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision and the appeal is currently pending.
On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on a stipulation to do so between the parties. Pursuant to an order fileddismissal of prior action in the United States that had alleged similar claims. On March 16, 2006, plaintiffs' fraud claims set forth in2016, the first amended complaintMacao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $44 million. On June 30, 2008, a judgment was entered in this matter in the amount of $59 million (including pre-judgment interest). The Company appealed the verdicttransferred to the Nevada SupremeMacao Second Instance Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs' breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made
Evidence gathering by the District Court. On February 27, 2012, the District Court set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court granted both requests. The retrial beganMacao First Instance commenced by letters rogatory, which was completed on March 27 and on May 14, 2013, the jury returned a verdict in favor of Roundsquare in the amount of $70 million. On May 28, 2013, a judgment was entered in the matter in the amount of $102 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. 2019.
On July 30, 2013, the District Court denied the Company's motion. On October 17, 2013, the District Court entered an order granting plaintiff's request for certain costs and fees associated with the litigation in the amount of approximately $1 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company filed its opening appellate brief with the Nevada Supreme Court on June 16, 2014. On August 19, 2014, the Nevada Supreme Court issued an order granting plaintiffs additional time until September 15, 2014, to file their answering brief. On September 15, 2014, Roundsquare filed2019, AAEC submitted a request to the Nevada SupremeMacao First Instance Court to file a brief exceedingincrease the maximum numberamount of words, which was granted.its claim to 96.45 billion patacas (approximately $11.96 billion at exchange rates in effect on September 30, 2023), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On OctoberSeptember 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019, and that appeal is currently pending.
On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants’ motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021, and that appeal is currently pending.
The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order, and that appeal is currently pending.
On July 10, 2014, Roundsquare filed its answering brief. On January 12, 2015,2021, the defendants filed their reply brief. On January 27, 2015, Roundsquare filed its reply brief. The Nevada Supreme Court set oral argumentU.S. Defendants were notified of an invoice for December 17, 2015, before a panel of justices only to reset itsupplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in effect on September 30, 2023) based on Plaintiff’s July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for January 26, 2016, en banc. Oral arguments were presented to the Nevada Supreme Court as scheduled. On March 11, 2016, the Nevada Supreme Court issued an order affirmingwithdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021, and that appeal is currently pending. By order dated September 29, 2021, the judgmentMacao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of liability, but reversing the damages award and remanding for a new trial on damages. On March 29, 2016, Roundsquare filed a petition for

that appeal.
16
20







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately$7.18 billion and$7.72 billion, respectively, at exchange rates in effect on September 30, 2023). On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith.
rehearing. The Nevada Supreme Court ordered an answer byPlaintiff filed a notice of appeal from the Company, which the Company filedMacao First Instance Court’s judgment on May 4, 2016. 13, 2022. That appeal is fully briefed and remains pending with the Macao Second Instance Court.
On May 12, 2016, Roundsquare filed aSeptember 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately$6 million at exchange rates in effect on September 30, 2023). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for leave to file a reply brief in support of its petition for rehearing,an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022 and on May 19, 2016, the Company filed an opposition to that motion. On June 24, 2016, the Nevada Supreme Court issued an order granting Roundsquare's petition for rehearing and submittingJanuary 6, 2023, submitted the appeal brief, and that appeal remains pending.
On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The deadline for decisionU.S. Defendants to respond is October 30, 2023.
Management has determined that, based on rehearing without further briefing or oral argument. On July 22, 2016,proceedings to date, it is currently unable to determine the Nevada Supreme Court once again ordered a new trial as to plaintiff Roundsquare on the issue of quantum merit damages. A pre-trial hearing was set in District Court for December 12, 2016. At the December 12, 2016 hearing, the District Court indicated that it would allow a scope of trial and additional discovery into areas the Company opposed as inconsistent with the Nevada Supreme Court's remand. The District Court issued a written order on the scope of retrial and discovery dated December 15, 2016. On January 5, 2017, the Company moved for a stay of proceedings in the District Court, pending the Nevada Supreme Court's resolutionprobability of the Company's petition for writoutcome of mandamusthis matter or prohibition, which was filed on January 13, 2017. On February 13, 2017, the District Court denied the motion to stay proceedings and, on February 16, 2017, the Nevada Supreme Court denied the writ. The parties are presently engaged in document discovery.range of reasonably possible loss, if any. The Company has accrued a nominal amount for estimated costs relatedintends to this legal matter as of September 30, 2017. In the event that the Company's assumptions used to evaluatedefend this matter change in future periods, it may be required to record an additional liability for an adverse outcome.vigorously.
Frank J. Fosbre, Jr.The Daniels Family 2001 Revocable Trust v. Las Vegas Sands Corp., Sheldon G. Adelson and William P. WeidnerLVSC, et al.
On May 24, 2010, Frank J. Fosbre, Jr.October 22, 2020, The Daniels Family 2001 Revocable Trust, a putative purchaser of the Company’s shares, filed a purported class action complaint in the U.S. District Court against LVSC, Sheldon G. Adelson and William P. Weidner.Patrick Dumont. The complaint allegedasserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that LVSC through the individual defendants, disseminated or approvedmade materially false information,or misleading statements, or failed to disclose material facts, from February 27, 2016 through press releases, investor conference callsSeptember 15, 2020, with respect to its operations at Marina Bay Sands, its compliance with Singapore laws and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damagesregulations, and attorneys' feesits disclosure controls and costs. procedures.
On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys' fees and costs. On August 31, 2010,January 5, 2021, the U.S. District Court entered an order consolidating the Fosbreappointing Carl S. Ciaccio and Combs cases, and appointedDonald M. DeSalvo as lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter.(“Lead Plaintiffs”). On November 1, 2010,March 8, 2021, Lead Plaintiffs filed a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson, Patrick Dumont, and William P. Weidner. The amended complaint alleges that LVSC,Robert G. Goldstein, alleging similar violations of Sections 10(b) and 20(a) of the Exchange Act over the same time period of February 27, 2016 through September 15, 2020. On March 22, 2021, the individual defendants, disseminated or approved materially false and misleading information, or failedU.S. District Court granted Lead Plaintiffs’ motion to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys' fees and costs. substitute Dr. Miriam Adelson, in her capacity as the Special Administrator for the estate of Sheldon G. Adelson, for Sheldon G. Adelson as a defendant in this action.
On January 10, 2011,May 7, 2021, the defendants filed a motion to dismiss the amended complaint, which on March 28, 2022, the U.S. District Court granted in its entirety. The U.S. District Court dismissed certain claims with prejudice, but granted Lead Plaintiffs leave to amend the complaint with respect to the other claims by April 18, 2022. On April 8, 2022, Lead Plaintiffs filed a motion for reconsideration and to extend time to file an Amended Complaint. The defendants filed an opposition to the motion on April 22, 2022.
On April 18, 2022, Lead Plaintiffs filed a second amended complaint. On May 18, 2022, the defendants filed a motion to dismiss the second amended complaint, and briefing was completed on July 8, 2022.
On August 24, 2011, was8, 2023, the U.S. District Court denied Lead Plaintiffs’ motion for reconsideration, and granted in part and denied in part with the dismissal of certain allegations.defendants’ motion to dismiss the second amended complaint. The U.S. District Court dismissed Lead Plaintiffs’ allegations pertaining to challenged statements that were made in 2016, 2017 and 2018, but allowed the challenged statements from 2019 and 2020 to proceed. On November 7, 2011,August 22, 2023, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012,a motion for partial reconsideration, requesting that the U.S. District Court issued an order allowing defendants' Motion for Partial Reconsiderationreconsider its denial of the U.S. District Court's order dated August 24, 2011, striking additional portions of the plaintiffs' complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiffs filed a purported class action second amended complaint (the "Second Amended Complaint") seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012,with respect to the challenged statements from 2019 and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process was suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard2020. If the motion to dismiss and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants' motions to dismiss. On December 13, 2013, the defendants filed their answer to the

for partial reconsideration is
17
21







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Second Amended Complaint. Discoverygranted, this would result in dismissal of the second amended complaint. The defendants also moved, in the matter resumed. On January 8, 2014, plaintiffsevent the motion for partial reconsideration is not granted, for certification for interlocutory appeal of the U.S. District Court’s order allowing the challenged statements from 2019 and 2020 to proceed. The defendants simultaneously filed a motion for a stay pending adjudication of the motion for reconsideration, which requests a stay of all discovery and case deadlines. Lead Plaintiffs filed oppositions to expandboth motions on September 5, 2023, and the certified class period, which was granted bydefendants filed their replies on September 12, 2023. These motions are pending before the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery closed on December 18, 2015. On January 22, 2016, defendants filed motions for summary judgment. Plaintiffs filed an opposition to the motions for summary judgment on March 11, 2016. Defendants filed their replies in support of summary judgment on April 8, 2016. Summary judgment in favor of the defendants was entered on January 4, 2017. The plaintiffs filed a notice of appeal on February 2, 2017, and their opening brief in support of their appeal on July 14, 2017. Defendants filed their answering briefs in opposition to the appeal on October 13, 2017. The Company intends to defend this matter vigorously.Court.
Benyamin Kohanim v. Adelson, et al.
On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the "Kohanim action") on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the Foreign Corrupt Practices Act. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the "Gaines action") on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the District Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the District Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until July 22, 2013. The District Court granted several successive stays since that time, but lifted the stay on April 25, 2017, following an in-chambers status check. On July 20, 2017, the District Court ordered counsel of record for all parties to appear for an August 10, 2017 status check. The District Court subsequently ordered the parties to submit supplemental briefing on the pending motion to dismiss and a hearing on that motion is scheduled for November 9, 2017. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Nasser Moradi, et al.Turesky v. Sheldon G. Adelson, et al.
On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt AbbedutoDecember 28, 2020, Andrew Turesky filed a putative shareholder derivative action (the "Moradi action"), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader,Patrick Dumont, Robert G. Goldstein, Irwin Chafetz, Micheline Chau, Charles D. Forman, Steven L. Gerard, George P. Koo, MichaelJamieson, Charles A. Leven, Jeffrey H. SchwartzKoppelman, Lewis Kramer and Irwin A. Siegel, the membersDavid F. Levi, all of whom are current or former directors and/or officers of LVSC. The complaint asserts claims for breach of fiduciary duty, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, violations of Sections 10(b), 14(a) and 20(a) of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the KohanimExchange Act and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damagescontribution under Sections 10(b) and restitution, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the "LAMPERS action") on behalf21D of the Company inExchange Act. On February 24, 2021, the U.S. District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel,entered an order granting the membersparties’ stipulation to stay this action in light of the Board of Directors atDaniels Family 2001 Revocable Trust putative securities class action (the “Securities Action”). Subject to the time, and Wing T. Chao, a former memberterms of the Boardparties’ stipulation, this action is stayed until 30 days after the final resolution of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages,

18





LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the "Zaremba action") on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stayin the federal action due to the parallel District Court action described above.Securities Action. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012,March 11, 2021, the U.S. District Court granted the plaintiff’s motion to stay pending a further update ofsubstitute Dr. Miriam Adelson, in her capacity as the Special Litigation Committee due on October 30, 2012. On October 30, 2012,Administrator for the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants requestestate of Sheldon G. Adelson, for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned toSheldon G. Adelson as a new judge. On April 11, 2014, the judge denied the motion to dismiss without prejudice and ordered the case stayed pending the outcome of the District Court actiondefendant in Kohanim described above. Pursuant to a series of court orders, the parties have filed a number of status reports during the pendency of the stay, including most recently on June 16, 2017.This consolidatedthis action. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.Commitments
On January 19, 2012, Asian American Entertainment Corporation, Limited ("AAEC") filedMacao Concession - Committed Investment
Under the Concession, the Company is required to invest a claim (the "Macao action") with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. ("LVS (Nevada)"), Las Vegas Sands, LLC ("LVSLLC") and VCR (collectively, the "Defendants"). The claim is for 3.0minimum of 30.24 billion patacas (approximately $373 million$3.75 billion at exchange rates in effect on September 30, 2017) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC2023), in certain gaming and LVS (Nevada), LVSLLCnon-gaming projects in Macao by December 2032. The specific investments to be carried out are determined annually by VML and VCR (collectively, the "U.S. Defendants") for their joint presentation of a bid in responseproposed to the public tender held by the Macao government for approval. VML submitted the awardlist of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defenseinvestments and projects it intends to carry out in 2023 to the Macao action withgovernment on March 31, 2023, which has been approved by the Macao Judicial Court. AAEC then filed a reply that included several amendmentsgovernment.
Sponsorship and Similar Agreements
The Company has agreements with certain celebrities and professional sports leagues and teams for the hosting of events, advertising, marketing, promotional and sponsorship opportunities in order to promote the original claim, although the amountCompany’s brand and services. As of the claim was not amended. On January 4, 2013, the Defendants filed an amended defenseSeptember 30, 2023, obligations related to the amended claimthese agreements were $300 million, with the Macao Judicial Court. On September 23, 2013, the U.S. Defendants filed a motion with the Macao Second Instance Court, seeking recognition and enforcement of the U.S. Court of Appeals ruling in the Prior Action, referred to below, given on April 10, 2009, which partially dismissed AAEC's claims against the U.S. Defendants.
On March 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC's claim against VML is unfounded and that VML be removed as a party to the proceedings, and that the claim should proceed exclusively against the U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. The Macao Judicial Court further held that the existence of the pending application for recognition and enforcement of the U.S. Court of Appeals ruling before the Macao Second Instance Court did not justify a stay of the proceedings against the U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the U.S. Defendants could be reviewed after the Macao Second Instance Court had issued its decision. On June 25, 2014, the Macao Second Instance Court delivered a decision, which gave formal recognition to and allowed enforcement in Macao of the judgment of the U.S. Court of Appeals, dismissing AAEC's claims against the U.S. Defendants.
AAEC appealed against the recognition decision to the Macao Court of Final Appeal, which, on May 6, 2015, dismissed the appeal and held the U.S. judgment to be final and have preclusive effect. The Macao Court of Final Appeal's decision became final on May 21, 2015. On June 5, 2015, the U.S. Defendants applied to the Macao Judicial

contracts extending through 2029.
19
22







LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Note 10 — Segment Information
CourtThe Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company reviews the results of operations and construction and development activities for each of its operating segments: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. The Company also reviews construction and development activities for its primary projects under development, in addition to dismissits reportable segments noted above. The Company has included Ferry Operations and Other (comprised primarily of the claims against them as res judicata. AAEC filedCompany’s ferry operations and various other operations that are ancillary to its responseproperties in Macao) and Corporate and Other to that application on June 30, 2015. The U.S. Defendants filed their reply on July 23, 2015. On September 14, 2015, the Macao Judicial Court admitted two further legal opinions from Portuguese and U.S. law experts. On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata. An appeal against that decision was lodged on April 7, 2016, together with a request that the appeal be heard immediately. By a decision dated April 13, 2016, the Macao Judicial Court accepted that the appeal be heard immediately. Legal arguments were submitted May 23, 2016. AAEC repliedreconcile to the legal arguments on or about July 14, 2016, which was three days late, upon paymentcondensed consolidated results of operations and financial condition. The operations that comprised the Company’s former Las Vegas Operating Properties reportable business segment were classified as a penalty. The U.S. Defendants submitted a response on September 20, 2016. On December 13, 2016, the Macao Judicial Court confirmed its earlier decision not to stay the proceedings pending appeal. As of the end of December 2016, all appeals (including VML's dismissaldiscontinued operation through February 22, 2022, and the res judicata appeals) were being transferred toinformation below for the Macao Second Instance Court. On May 11, 2017,nine months ended September 30, 2022, excludes these results.
The Company’s segment information as of September 30, 2023 and December 31, 2022, and for the Macao Second Instance Court notified the parties of its decision of refusal to deal with the appeals at the present time. The Macao Second Instance Court ordered that the court file be transferred back to the Macao Judicial Court. Evidence gathering by the Macao Judicial Court has commenced by letters rogatory. On Junethree and nine months ended September 30, 2017, the Macao Judicial Court sent letters rogatory to the Public Prosecutor's office, for onward transmission to relevant authorities in the U.S.2023 and Hong Kong.2022 is as follows:
On March 25, 2015, application was made by the U.S. Defendants to the Macao Judicial Court to revoke the legal aid granted to AAEC, accompanied by a request for evidence taking from AAEC, relating to the fees and expenses that they incurred and paid in the U.S. subsequent action referred to below. The Macao Public Prosecutor has opposed the action on the ground of lack of evidence that AAEC's financial position has improved. No decision has been issued in respect to that application up to the present time. A complaint against AAEC's Macao lawyer arising from certain conduct in relation to recent U.S. proceedings was submitted to the Macao Lawyer's Association on October 19, 2015. A letter dated February 26, 2016, has been received from the Conselho Superior de Advocacia of the Macao Bar Association advising that disciplinary proceedings have commenced. A further letter dated April 5, 2016, was received from the Conselho Superior de Advocacia requesting confirmation that the signatories of the complaint were acting within their corporate authority. By a letter dated April 14, 2016, such confirmation has been provided. On September 28, 2016, the Conselho Superior de Advocacia invited comments on the defense, which had been lodged by AAEC's Macao lawyer.
On July 9, 2014, the plaintiff filed another action in the U.S. District Court against LVSC, LVSLLC, VCR (collectively, the "LVSC entities"), Sheldon G. Adelson, William P. Weidner, David Friedman and Does 1-50 for declaratory judgment, equitable accounting, misappropriation of trade secrets, breach of confidence and conversion based on a theory of copyright law. The claim is for $5.0 billion. On November 4, 2014, plaintiff finally effected notice on the LVSC entities, which was followed by a motion to dismiss by the LVSC entities on November 10, 2014. Plaintiff failed to timely respond and on December 2, 2014, the LVSC entities moved for immediate dismissal and sanctions against plaintiff and his counsel for bringing a frivolous lawsuit. On December 19, 2014, plaintiff filed an incomplete and untimely response, which was followed by plaintiff's December 27, 2014 notice of withdrawal of the lawsuit and the LVSC entities' December 29, 2014, reply in favor of sanctions and dismissal with prejudice. On August 31, 2015, the judge dismissed the U.S. action and the LVSC entities' sanctions motion. The Macao action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the "Prior Action") in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the "Nevada Action") against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC's filing, and the U.S. District Court's dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

CasinoRoomsFood and BeverageMallConvention, Retail and OtherNet Revenues
(In millions)
Three Months Ended September 30, 2023
Macao:
The Venetian Macao$575 $55 $17 $58 $18 $723 
The Londoner Macao371 97 25 17 8 518 
The Parisian Macao181 37 15 7 4 244 
The Plaza Macao and Four Seasons Macao108 24 7 50 3 192 
Sands Macao75 4 3 1 — 83 
Ferry Operations and Other— — — — 29 29 
1,310 217 67 133 62 1,789 
Marina Bay Sands698 125 89 68 35 1,015 
Intercompany royalties— — — — 61 61 
Intercompany eliminations(1)
— — — — (70)(70)
Total net revenues$2,008 $342 $156 $201 $88 $2,795 
Three Months Ended September 30, 2022
Macao:
The Venetian Macao$60 $10 $3 $27 $4 $104 
The Londoner Macao24 10 4 9 10 57 
The Parisian Macao8 5 1 5 2 21 
The Plaza Macao and Four Seasons Macao27 5 2 23 — 57 
Sands Macao8 1 1 1 — 11 
Ferry Operations and Other— — — — 8 8 
127 31 11 65 24 258 
Marina Bay Sands510 92 71 55 28 756 
Intercompany royalties— — — — 28 28 
Intercompany eliminations(1)
— — — (1)(36)(37)
Total net revenues$637 $123 $82 $119 $44 $1,005 
20
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

CasinoRoomsFood and BeverageMallConvention, Retail and OtherNet Revenues
(In millions)
Nine Months Ended September 30, 2023
Macao:
The Venetian Macao$1,544 $142 $47 $162 $39 $1,934 
The Londoner Macao850 232 59 47 15 1,203 
The Parisian Macao492 100 35 23 7 657 
The Plaza Macao and Four Seasons Macao367 69 21 125 5 587 
Sands Macao218 12 9 1 1 241 
Ferry Operations and Other— — — — 74 74 
3,471 555 171 358 141 4,696 
Marina Bay Sands1,940 326 252 178 92 2,788 
Intercompany royalties— — — — 164 164 
Intercompany eliminations(1)
— — — (1)(190)(191)
Total net revenues$5,411 $881 $423 $535 $207 $7,457 
Nine Months Ended September 30, 2022
Macao:
The Venetian Macao$308 $38 $12 $112 $11 $481 
The Londoner Macao145 43 19 35 15 257 
The Parisian Macao83 23 7 20 4 137 
The Plaza Macao and Four Seasons Macao120 20 7 90 1 238 
Sands Macao39 5 3 1 — 48 
Ferry Operations and Other— — — — 22 22 
695 129 48 258 53 1,183 
Marina Bay Sands1,278 186 150 159 61 1,834 
Intercompany royalties— — — — 78 78 
Intercompany eliminations(1)
— — — (1)(101)(102)
Total net revenues$1,973 $315 $198 $416 $91 $2,993 
Note 7 — Segment Information____________________
The Company's principal operating(1)Intercompany eliminations include royalties and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; The Parisian Macao, which opened in September 2016; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and Sands Bethlehem. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above, which include the renovation, expansion and rebranding of Sands Cotai Central and the Four Seasons Macao Hotel Tower Suites in Macao, and our Las Vegas Condo Tower (which construction currently is suspended) in the United States. The Company has included Ferry Operations and Other (comprised primarily of the Company's ferry operations and various other operations that are ancillary to its properties in Macao) to reconcile to condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to condensed consolidated financial condition. The Company's segment information as of September 30, 2017 and December 31, 2016, and for the three and nine months ended September 30, 2017 and 2016, is as follows:intercompany services.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions)
Intersegment Revenues
Macao:
The Venetian Macao$1 $2 $5 $5 
Ferry Operations and Other6 6 18 17 
7 8 23 22 
Marina Bay Sands2 1 4 2 
Intercompany royalties61 28 164 78 
Total intersegment revenues$70 $37 $191 $102 
24
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Net Revenues       
Macao:       
The Venetian Macao$718
 $773
 $2,146
 $2,188
Sands Cotai Central474
 518
 1,386
 1,521
The Parisian Macao418
 69
 1,097
 69
The Plaza Macao and Four Seasons Hotel Macao147
 161
 427
 434
Sands Macao143
 167
 486
 527
Ferry Operations and Other44
 46
 130
 126
 1,944
 1,734
 5,672
 4,865
Marina Bay Sands793
 762
 2,329
 2,076
United States:       
Las Vegas Operating Properties378
 384
 1,196
 1,125
Sands Bethlehem148
 147
 437
 432
 526
 531
 1,633
 1,557
Intersegment eliminations(64) (58) (188) (163)
Total net revenues$3,199
 $2,969
 $9,446
 $8,335

 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Intersegment Revenues       
Macao:       
The Venetian Macao$1
 $2
 $4
 $5
Ferry Operations and Other10
 10
 30
 29
 11
 12
 34
 34
Marina Bay Sands2
 2
 6
 6
Las Vegas Operating Properties51
 44
 148
 123
Total intersegment revenues$64
 $58
 $188
 $163


21






LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao$290 $(37)$752 $(39)
The Londoner Macao167 (60)326 (147)
The Parisian Macao81 (37)201 (77)
The Plaza Macao and Four Seasons Macao71 6 237 55 
Sands Macao17 (22)42 (61)
Ferry Operations and Other5 (2)12 (4)
631 (152)1,570 (273)
Marina Bay Sands491 343 1,317 783 
Consolidated adjusted property EBITDA(1)
1,122 191 2,887 510 
Other Operating Costs and Expenses
Stock-based compensation(2)
(6)(9)(25)(20)
Corporate(49)(53)(166)(167)
Pre-opening(3)(4)(13)(11)
Development(44)(26)(140)(108)
Depreciation and amortization(313)(260)(875)(780)
Amortization of leasehold interests in land(15)(14)(43)(42)
Loss on disposal or impairment of assets(4)(2)(22)(8)
Operating income (loss)688 (177)1,603 (626)
Other Non-Operating Costs and Expenses
Interest income79 38 225 56 
Interest expense, net of amounts capitalized(200)(183)(628)(501)
Other income (expense)4 2 (17)(29)
Income tax expense(122)(60)(221)(172)
Net income (loss) from continuing operations$449 $(380)$962 $(1,272)
____________________
(1)Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations 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 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.
25
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Adjusted Property EBITDA       
Macao:       
The Venetian Macao$263
 $315
 $808
 $827
Sands Cotai Central155
 176
 431
 484
The Parisian Macao135
 19
 323
 19
The Plaza Macao and Four Seasons Hotel Macao52
 62
 162
 154
Sands Macao41
 46
 134
 125
Ferry Operations and Other6
 10
 18
 25
 652
 628
 1,876
 1,634
Marina Bay Sands442
 391
 1,299
 1,023
United States:       
Las Vegas Operating Properties76
 86
 277
 245
Sands Bethlehem40
 37
 113
 113
 116
 123
 390
 358
Consolidated adjusted property EBITDA(1)
1,210
 1,142
 3,565
 3,015
Other Operating Costs and Expenses       
Stock-based compensation(4) (2) (11) (12)
Corporate(51) (39) (136) (208)
Pre-opening(1) (86) (7) (128)
Development(3) (3) (8) (7)
Depreciation and amortization(265) (277) (913) (792)
Amortization of leasehold interests in land(9) (10) (28) (29)
Loss on disposal or impairment of assets(21) (5) (27) (15)
Operating income856
 720
 2,435
 1,824
Other Non-Operating Costs and Expenses       
Interest income4
 2
 11
 6
Interest expense, net of amounts capitalized(83) (65) (240) (198)
Other income (expense)(19) 21
 (80) (33)
Loss on modification or early retirement of debt—
 (3) (5) (3)
Income tax expense(73) (69) (220) (187)
Net income$685
 $606
 $1,901
 $1,409

____________________
(1)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 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 and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA.

22






LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

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.
(2)During the three months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $10 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $58 million and $47 million, respectively, of which $33 million and $27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Nine Months Ended
September 30,
20232022
(In millions)
Capital Expenditures
Corporate and Other$168 $50 
Macao:
The Venetian Macao44 35 
The Londoner Macao66 153 
The Parisian Macao3 2 
The Plaza Macao and Four Seasons Macao8 7 
Sands Macao3 2 
124 199 
Marina Bay Sands400 255 
Total capital expenditures$692 $504 
September 30,
2023		December 31,
2022
(In millions)
Total Assets
Corporate and Other$6,027 $5,422 
Macao:
The Venetian Macao2,156 2,135 
The Londoner Macao4,247 4,489 
The Parisian Macao1,838 1,828 
The Plaza Macao and Four Seasons Macao1,055 1,020 
Sands Macao257 208 
Ferry Operations and Other450 870 
10,003 10,550 
Marina Bay Sands6,094 6,067 
Total assets$22,124 $22,039 
26

 Nine Months Ended 
 September 30,
 2017 2016
 (In millions)
Capital Expenditures   
Corporate and Other$5
 $6
Macao:   
The Venetian Macao113
 50
Sands Cotai Central58
 97
The Parisian Macao149
 798
The Plaza Macao and Four Seasons Hotel Macao19
 9
Sands Macao6
 13
Ferry Operations and Other4
 3
 349
 970
Marina Bay Sands137
 50
United States:   
Las Vegas Operating Properties86
 57
Sands Bethlehem15
 20
 101
 77
Total capital expenditures$592
 $1,103
 September 30,
2017		 December 31,
2016
 (In millions)
Total Assets   
Corporate and Other$463
 $465
Macao:   
The Venetian Macao2,173
 2,642
Sands Cotai Central3,722
 4,152
The Parisian Macao2,523
 2,711
The Plaza Macao and Four Seasons Hotel Macao928
 966
Sands Macao300
 316
Ferry Operations and Other271
 281
 9,917
 11,068
Marina Bay Sands4,988
 5,031
United States:   
Las Vegas Operating Properties3,749
 3,214
Sands Bethlehem691
 691
 4,440
 3,905
Total assets$19,808
 $20,469

23

Table of Contents




LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

 September 30,
2017		 December 31,
2016
 (In millions)
Total Long-Lived Assets(1)
   
Corporate and Other$251
 $264
Macao:   
The Venetian Macao1,705
 1,726
Sands Cotai Central3,532
 3,720
The Parisian Macao2,400
 2,572
The Plaza Macao and Four Seasons Hotel Macao859
 874
Sands Macao225
 245
Ferry Operations and Other149
 157
 8,870
 9,294
Marina Bay Sands4,294
 4,192
United States:   
Las Vegas Operating Properties2,773
 2,815
Sands Bethlehem544
 548
 3,317
 3,363
Total long-lived assets$16,732
 $17,113
 ____________________
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
ITEM 2 — MANAGEMENT'SMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and the notes thereto, and other financial information included in this Form 10-Q. Certain statements in this "Management's“Management’s Discussion and Analysis of Financial Condition and Results of Operations"Operations” are forward-looking statements. See "—Special“Special Note Regarding Forward-Looking Statements."”
Operations
Generally, weWe view each of our integrated resortIntegrated Resort properties as an operating segment. Our operating segments in the Macao Special Administrative Region ("Macao") of the People's Republic of China consist of The Venetian Macao; Sands Cotai Central;The Londoner Macao; The Parisian Macao, which opened on September 13, 2016;Macao; The Plaza Macao and Four Seasons Hotel Macao; and the Sands Macao. Our operating segment in Singapore is Marina Bay Sands.
Macao
From 2020 through the beginning of 2023, our operations in Macao were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. The Macao government's policy regarding the management of COVID-19 and general travel restrictions was relaxed in late December 2022 and early January 2023. Since then, visitation to our Macao Integrated Resorts and operations have improved.
The Macao government announced total visitation from mainland China to Macao increased approximately 243.6% and decreased approximately 39.7%, during the eight months ended August 31, 2023 (the latest statistics currently available), as compared to the same period in 2022 and 2019 (pre-pandemic), respectively. The Macao government also announced gross gaming revenue increased approximately 779.7% and decreased approximately31.1%, during the three months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively. Additionally, gross gaming revenue increased approximately 305.3% and decreased approximately41.5%, during the nine months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively.
Singapore
From 2020 through early 2022, our operations in Singapore were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. However, the Vaccinated Travel Framework (“VTF”), launched in April 2022, facilitated the resumption of travel and had a positive impact on operations at Marina Bay Sands. Our operating segmentsDuring February 2023, any remaining COVID-19 border measures were lifted. Airlift passenger movement has increased with a total of 38 million passengers having passed through Singapore's Changi Airport from January through August 2023 (the latest statistics currently available), an increase of 130% and a decrease of 16% compared to the same period in 2022 and 2019, respectively.
Visitation to Marina Bay Sands continues to improve since the U.S. consisttravel restrictions have been lifted. The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 3.7 millionin 2022 to 10.1 million for the nine months ended September 30, 2023, while visitation decreased 29.2% when compared to the same period in 2019.
Summary
While the disruptions arising from the COVID-19 pandemic have subsided, given the dynamic nature of these circumstances, the Las Vegas Operating Properties, which includes The Venetian Las Vegas, The Palazzopotential future impact, if any, on our consolidated results of operations, cash flows and the Sands Expo Center;financial condition is uncertain. However, we have a strong balance sheet and the Sands Bethlehem.sufficient liquidity in place, including total unrestricted cash and cash equivalents of $5.57 billion and access to $1.50 billion, $2.24 billion and $431 million of available borrowing capacity from our LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, as of September 30, 2023. We believe we are able to support continuing operations and complete our major construction projects that are underway.
27

Table of Contents
Critical Accounting Policies and Estimates
The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information currently available to us and on various other assumptions management believes to be reasonable under the circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations. Changes in these estimates and assumptions may have a material effect on our financial condition and results of operations. We believe these critical accounting policies affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. For a discussion of our significant accounting policies and estimates, please refer to "Management's“Management’s Discussion and Analysis of Financial Condition and Results of Operations"Operations” presented in our 20162022 Annual Report on Form 10-K filed on February 24, 2017.3, 2023.
With the exception of the change in the useful lives of certain property and equipment (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net"), thereThere were no newly identified significant accounting policies and estimates during the nine months ended September 30, 2017,2023, nor were there any material changes to the critical accounting policies and estimates discussed in our 20162022 Annual Report.
Recent Accounting Pronouncements
See related disclosure at "Item“Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 1 — Organization and Business of Company — Recent Accounting Pronouncements."”
Summary Financial Results
The following table summarizes our results of operations:
  Three Months Ended September 30, Nine Months Ended September 30,
  2017 2016 
Percent
Change
 2017 2016 
Percent
Change
  (Dollars in millions)
Net revenues $3,199
 $2,969
 7.7% $9,446
 $8,335
 13.3%
Operating expenses 2,343
 2,249
 4.2% 7,011
 6,511
 7.7%
Operating income 856
 720
 18.9% 2,435
 1,824
 33.5%
Income before income taxes 758
 675
 12.3% 2,121
 1,596
 32.9%
Net income 685
 606
 13.0% 1,901
 1,409
 34.9%
Net income attributable to Las Vegas Sands Corp. 570
 513
 11.1% 1,595
 1,161
 37.4%


The increase in operating income was due to The Parisian Macao, which opened in September 2016, stronger results at Marina Bay Sands in Singapore and the impact of the change in useful lives of certain property and equipment. The increase in net income and net income attributable to Las Vegas Sands Corp. reflected the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests, other expense, interest expense and income tax expense, as further described below.
Operating Results
Key Operating Revenue Measurements
Operating revenues at The Venetian Macao, Sands Cotai Central,The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao and Marina Bay Sands and our Las Vegas Operating Properties are dependent upon the volume of customerspatrons who stay at the hotel, which affects the price that can be charged for hotel rooms and our gaming volume. Operating revenues at Sands Macao and Sands Bethlehem are principally driven by casino customersthe volume of gaming patrons who visit the propertiesproperty on a daily basis.
Management utilizes the following volume and pricing measures in order to evaluate past performance and assist in forecasting future revenues. The various volume measurements indicate our ability to attract patrons to our Integrated Resorts. In casino operations, win and hold percentages indicate the amount of revenue to be expected based on volume. In hotel operations, average daily rate and revenue per available room indicate the demand for rooms and our ability to capture that demand. In mall operations, base rent per square foot indicates our ability to attract and maintain profitable tenants for our leasable space.
The following are the key measurements we use to evaluate operating revenues:
Casino revenue measurements for Macao and Singapore: Macao and Singapore table games are segregated into two groups: Rolling Chip play (composed of VIP players) and Non-Rolling Chip play (mostly non-VIP players). The volume measurement for Rolling Chip play is non-negotiable gaming chips wagered and lost. The volume measurement for Non-Rolling Chip play is table games drop ("drop"(“drop”), which is net markers issued (credit instruments), cash deposited in the table drop boxes and gaming chips purchased and exchanged at the cage. Rolling Chip and Non-Rolling Chip volume measurements are not comparable as they are two distinct measures of volume. The amounts wagered and lost for Rolling Chip play are substantially higher than the amounts dropped for Non-Rolling Chip play. Slot handle, ("handle"), also a volume measurement, is the gross amount wagered for the period cited.
We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold (amount won by the casino) as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. BeginningOur win and hold percentages are calculated before discounts, commissions, deferring revenue associated with the three months ended March 31, 2017, we revised the expected range for our Macao operations dueloyalty programs and allocating casino revenues related to the Rolling Chip win percentage experience over the last several years.goods and services provided to patrons on a complimentary basis. Our Rolling Chip table games are expected to produce a win percentage (calculated before discounts and commissions) is expectedof 3.15% to be 3.0% to 3.3%3.45% in Macao and 2.7% to 3.0% in Singapore, and our Non-Rolling Chip table games have produced a trailing 12-month win percentage (calculated before discounts) of 24.7%24.2%, 20.1%20.9%, 19.3%21.5%, 21.8%24.1%, 19.4%17.2% and 28.5%18.4% at The Venetian Macao, Sands Cotai Central,The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 5.0%4.3%, 3.9%, 3.7%4.0%, 7.1%6.0%, 3.4%3.3% and 4.4%4.0% at The Venetian Macao, Sands Cotai Central,The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Marina Bay Sands, respectively. Actual win and hold percentages may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 14.9%10.5% and 34.9%11.7%, respectively, of our table games play was conducted on a credit basis for the nine months ended September 30, 2017.2023.
Casino revenue measurements for the U.S.: The volume measurements in the U.S. are slot handle, as previously described, and table games drop, which is the total amount
28

Table of cash and net markers issued that are deposited in the table drop box. We view table games win as a percentage of drop and slot hold as a percentage of handle. Beginning with the three months ended March 31, 2017, we revised the expected range for our Las Vegas Operating Properties due to the win percentage experienced over the last several years. Based upon our mix of table games, our table games are expected to produce a win percentage (calculated before discounts) of 18% to 26% for Baccarat and 16% to 24% for non-Baccarat. Table games at Sands Bethlehem have produced a trailing 12-month win percentage of 20.0%. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 8.0% and 6.6% at our Las Vegas Operating Properties and at Sands Bethlehem, respectively. Actual win may vary from our expected win percentage and the trailing 12-month win and hold percentages. Similar to Macao and Singapore, slot machine play is generally conducted on a cash basis. Approximately 59.2% of our table games play at our Las Vegas Operating Properties, for the nine months ended September 30, 2017, was conducted on a credit basis, while our table games play in Pennsylvania is primarily conducted on a cash basis.Contents


Hotel revenue measurements: Performance indicators used are occupancy rate (a volume indicator), which is the average percentage of available hotel rooms occupied during a period and average daily room rate ("(“ADR,"” a price indicator), which is the average price of occupied rooms per day. Available rooms exclude those rooms unavailable for occupancy during the period due to renovation, development or other requirements.requirements (such as government mandated closure, lodging for team members and usage by the Macao government for quarantine measures). The calculations of the occupancy rate and ADR include the impact of rooms provided on a complimentary basis. Complimentary room rates are determined based on an analysis of retail (or cash) room rates by type of customer and room product to ensure the complimentary room rates are consistent with retail rates. Revenue per available room ("RevPAR"(“RevPAR”) represents a summary of hotel ADR and occupancy. Because not all available rooms are occupied, ADR is normally higher than RevPAR. Reserved rooms where the guests do not show up for their stay and lose their deposit, or where guests check out early, may be resoldre-sold to walk-in guests. These rooms are considered to be occupied twice for statistical purposes due to obtaining the original deposit and the walk-in guest revenue. In cases where a significant number of rooms are resold, occupancy rates may be in excess of 100% and RevPAR may be higher than the ADR.
Mall revenue measurements: Occupancy, base rent per square foot and tenant sales per square foot are used as performance indicators. Occupancy represents gross leasable occupied area ("GLOA"(“GLOA”) divided by gross leasable area ("GLA"(“GLA”) at the end of the reporting period. GLOA is the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but paying rent. GLA does not include space that is currently under development or not on the market for lease. Base rent per square foot is the weighted average base or minimum rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have been open for a minimum of 12 months are included in the tenant sales per square foot calculation.
Three Months Ended September 30, 20172023 Compared to the Three Months Ended September 30, 20162022
Summary Financial Results
We continue to see positive financial results in the third quarter of 2023 due to the lift of COVID-19 restrictions in Macao beginning in late December 2022, as well as a 72.5% increase in visitation to Singapore during the third quarter of 2023, as compared to the same period in 2022, driven by a 57.4% increase in airlift passenger movement during July and August 2023 (the latest statistics currently available) as compared to the same period in 2022.
Net revenues for the three months ended September 30, 2023, were $2.80 billion, compared to $1.01 billion for the three months ended September 30, 2022. Operating income was $688 million for the three months ended September 30, 2023, compared to an operating loss of $177 million for the three months ended September 30, 2022. Net income from continuing operations was $449 million for the three months ended September 30, 2023, compared to a net loss from continuing operations of $380 million for the three months ended September 30, 2022.
Operating Revenues
Our net revenues consisted of the following:
Three Months Ended September 30,
20232022Percent
Change
(Dollars in millions)
Casino$2,008 $637 215.2 %
Rooms342 123 178.0 %
Food and beverage156 82 90.2 %
Mall201 119 68.9 %
Convention, retail and other88 44 100.0 %
Total net revenues$2,795 $1,005 178.1 %
 Three Months Ended September 30,
 2017 2016 
Percent
Change
 (Dollars in millions)
Casino$2,511
 $2,307
 8.8%
Rooms411
 402
 2.2%
Food and beverage198
 184
 7.6%
Mall160
 147
 8.8%
Convention, retail and other128
 141
 (9.2)%
 3,408
 3,181
 7.1%
Less — promotional allowances(209) (212) 1.4%
Total net revenues$3,199
 $2,969
 7.7%
Consolidated net revenues were $3.20$2.80 billion for the three months ended September 30, 2017,2023, an increase of $230 million$1.79 billion compared to $2.97$1.01 billion for the three months ended September 30, 2016.2022. The increase was primarily due to increasesof $349$1.53 billion and$258 million at The Parisianour Macao which opened in September 2016,operations and $31 million at Marina Bay Sands, primarily due to increasedrespectively.
Net casino revenues partially offset by a $137 million decrease at our Macao properties (excluding The Parisian Macao), driven by decreased casino revenues.


Casino revenues increased $204 million$1.37 billion compared to the three months ended September 30, 2016.2022. The increase was due to increases of $321$1.18 billion and$188 million at The Parisianour Macao operations and $37 million at Marina Bay Sands, driven primarily by an increaserespectively. The lift of COVID-19 restrictions in Rolling Chip volume. This increase was partially offset by a $145 million decrease atMacao beginning in late December 2022 and increased visitation
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Table of Contents
and airlift passenger movement in Singapore during the current period resulted in increased visitation across our Macao properties (excluding The Parisian Macao), driven primarily by a decrease in Rolling Chip win percentage.driving higher table games and slot volumes. The following table summarizes the results of our casino activity:
Three Months Ended September 30,
 20232022Change
 (Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues$575 $60 858.3 %
Non-Rolling Chip drop$2,313 $292 692.1 %
Non-Rolling Chip win percentage24.3 %24.3 %— pts
Rolling Chip volume$953 $115 728.7 %
Rolling Chip win percentage6.00 %1.70 %4.30 pts
Slot handle$1,319 $158 734.8 %
Slot hold percentage4.3 %4.0 %0.3 pts
The Londoner Macao
Total net casino revenues$371 $24 1,445.8 %
Non-Rolling Chip drop$1,737 $116 1,397.4 %
Non-Rolling Chip win percentage20.7 %20.2 %0.5 pts
Rolling Chip volume$1,561 $179 772.1 %
Rolling Chip win percentage3.93 %5.27 %(1.34)pts
Slot handle$1,498 $104 1,340.4 %
Slot hold percentage4.0 %4.0 %— pts
The Parisian Macao
Total net casino revenues$181 $8 2,162.5 %
Non-Rolling Chip drop$789 $60 1,215.0 %
Non-Rolling Chip win percentage22.0 %24.1 %(2.1)pts
Rolling Chip volume$277 $26 965.4 %
Rolling Chip win percentage6.76 %(14.10)%20.86 pts
Slot handle$670 $34 1,870.6 %
Slot hold percentage4.0 %4.4 %(0.4)pts
The Plaza Macao and Four Seasons Macao
Total net casino revenues$108 $27 300.0 %
Non-Rolling Chip drop$570 $90 533.3 %
Non-Rolling Chip win percentage21.5 %17.6 %3.9 pts
Rolling Chip volume$2,068 $212 875.5 %
Rolling Chip win percentage2.28 %9.37 %(7.09)pts
Slot handle$10 $4 150.0 %
Slot hold percentage(1.7)%14.4 %(16.1)pts
Sands Macao
Total net casino revenues$75 $8 837.5 %
Non-Rolling Chip drop$414 $47 780.9 %
Non-Rolling Chip win percentage16.8 %16.5 %0.3 pts
Rolling Chip volume$14 $16 (12.5)%
Rolling Chip win percentage13.84 %2.98 %10.86 pts
Slot handle$473 $72 556.9 %
Slot hold percentage3.3 %3.4 %(0.1)pts
30

Table of Contents
 Three Months Ended September 30,
 2017 2016 Change
 (Dollars in millions)
Macao Operations:     
The Venetian Macao     
Total casino revenues$617
 $670
 (7.9)%
Non-Rolling Chip drop$1,892
 $1,714
 10.4%
Non-Rolling Chip win percentage22.8% 25.6% (2.8) pts
Rolling Chip volume$6,898
 $6,868
 0.4%
Rolling Chip win percentage3.28% 3.75% (0.47) pts
Slot handle$718
 $958
 (25.1)%
Slot hold percentage5.1% 4.7% 0.4 pts
Sands Cotai Central     
Total casino revenues$390
 $443
 (12.0)%
Non-Rolling Chip drop$1,442
 $1,557
 (7.4)%
Non-Rolling Chip win percentage20.4% 20.2% 0.2 pts
Rolling Chip volume$2,846
 $2,817
 1.0%
Rolling Chip win percentage2.66% 4.16% (1.50) pts
Slot handle$1,182
 $1,477
 (20.0)%
Slot hold percentage4.4% 3.6% 0.8 pts
The Parisian Macao     
Total casino revenues$379
 $58
 553.4%
Non-Rolling Chip drop$1,001
 $190
 426.8%
Non-Rolling Chip win percentage20.9% 19.9% 1.0 pts
Rolling Chip volume$6,948
 $748
 828.9%
Rolling Chip win percentage3.11% 3.01% 0.10 pts
Slot handle$927
 $171
 442.1%
Slot hold percentage3.1% 5.2% (2.1) pts
The Plaza Macao and Four Seasons Hotel Macao     
Total casino revenues$109
 $124
 (12.1)%
Non-Rolling Chip drop$297
 $270
 10.0%
Non-Rolling Chip win percentage23.1% 23.8% (0.7) pts
Rolling Chip volume$3,132
 $2,007
 56.1%
Rolling Chip win percentage2.23% 3.67% (1.44) pts
Slot handle$117
 $113
 3.5%
Slot hold percentage6.6% 5.5% 1.1 pts
Sands Macao     
Total casino revenues$138
 $162
 (14.8)%
Non-Rolling Chip drop$603
 $671
 (10.1)%
Non-Rolling Chip win percentage18.7% 19.3% (0.6) pts
Rolling Chip volume$680
 $1,416
 (52.0)%
Rolling Chip win percentage1.13% 2.03% (0.90) pts
Slot handle$602
 $665
 (9.5)%
Slot hold percentage3.4% 3.3% 0.1 pts
Singapore Operations:     
Marina Bay Sands     
Total casino revenues$629
 $592
 6.3%
Non-Rolling Chip drop$943
 $985
 (4.3)%
Non-Rolling Chip win percentage28.4% 28.8% (0.4) pts
Rolling Chip volume$9,443
 $7,258
 30.1%
Rolling Chip win percentage3.29% 3.25% 0.04 pts
Slot handle$3,658
 $3,457
 5.8%
Slot hold percentage4.2% 4.5% (0.3) pts


 Three Months Ended September 30,
 2017 2016 Change
 (Dollars in millions)
U.S. Operations:     
Las Vegas Operating Properties     
Total casino revenues$111
 $122
 (9.0)%
Table games drop$401
 $431
 (7.0)%
Table games win percentage17.1% 20.0% (2.9) pts
Slot handle$658
 $634
 3.8%
Slot hold percentage8.1% 8.2% (0.1) pts
Sands Bethlehem     
Total casino revenues$138
 $136
 1.5%
Table games drop$293
 $284
 3.2%
Table games win percentage20.1% 19.6% 0.5 pts
Slot handle$1,210
 $1,169
 3.5%
Slot hold percentage6.5% 6.7% (0.2) pts
Three Months Ended September 30,
 20232022Change
 (Dollars in millions)
Singapore Operations:
Marina Bay Sands
Total net casino revenues$698 $510 36.9 %
Non-Rolling Chip drop$1,936 $1,258 53.9 %
Non-Rolling Chip win percentage17.6 %18.6 %(1.0)pts
Rolling Chip volume$8,149 $6,837 19.2 %
Rolling Chip win percentage3.85 %3.47 %0.38 pts
Slot handle$6,364 $4,424 43.9 %
Slot hold percentage3.6 %4.3 %(0.7)pts
In our experience, average win percentages remain fairly consistent when measured over extended periods of time with a significant volume of wagers, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.


Room revenues increased $9$219 million compared to the three months ended September 30, 2016.2022. The increase was primarily due to a $29increases of $186 million and $33 million at our Macao operations and Marina Bay Sands, respectively, due to increased occupancy rates and ADR driven by increased visitation. Increased visitation at our Macao operations during the current period was due to the lifting of pandemic-related restrictions in Macao that began in December 2022 and the grand opening of The Londoner Macao in May 2023. Increased visitation to Marina Bay Sands during the quarter was due to an increase at The Parisian Macao, partially offset by a $16 million decreasein airlift passenger movement in Singapore, as well as introducing new and elevated suites and rooms and other amenities at Marina Bay Sands driven by a decrease in ADR. During the three months ended September 30, 2017, there were approximately 8%, 7%, 6% and 3% fewer rooms available at The Venetian Macao, Marina Bay Sands, The Plaza Macao and Four Seasons Hotel Macao, and our Las Vegas Operating Properties, respectively, compared to the three months ended September 30, 2016.throughout 2023. The following table summarizes the results of our room activity:
 Three Months Ended September 30,
 20232022Change
 (Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues$55 $10 450.0 %
Occupancy rate98.0 %36.7 %61.3 pts
Average daily room rate (ADR)$212 $135 57.0 %
Revenue per available room (RevPAR)$207 $50 314.0 %
The Londoner Macao
Total room revenues$97 $10 870.0 %
Occupancy rate95.3 %23.2 %72.1 pts
Average daily room rate (ADR)$190 $159 19.5 %
Revenue per available room (RevPAR)$181 $37 389.2 %
The Parisian Macao
Total room revenues$37 $5 640.0 %
Occupancy rate97.0 %37.1 %59.9 pts
Average daily room rate (ADR)$165 $98 68.4 %
Revenue per available room (RevPAR)$160 $36 344.4 %
The Plaza Macao and Four Seasons Macao
Total room revenues$24 $5 380.0 %
Occupancy rate86.4 %19.8 %66.6 pts
Average daily room rate (ADR)$472 $453 4.2 %
Revenue per available room (RevPAR)$408 $90 353.3 %
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Table of Contents
Three Months Ended September 30,
Three Months Ended September 30, 20232022Change
2017 2016 Change
(Room revenues in millions) (Room revenues in millions)
Macao Operations:    
The Venetian Macao    
Total room revenues$45
 $47
 (4.3)%
Occupancy rate90.7% 93.2% (2.5) pts
Average daily room rate (ADR)$224
 $209
 7.2%
Revenue per available room (RevPAR)$203
 $195
 4.1%
Sands Cotai Central    
Total room revenues$79
 $73
 8.2%
Occupancy rate93.0% 89.2% 3.8 pts
Average daily room rate (ADR)$148
 $145
 2.1%
Revenue per available room (RevPAR)$138
 $129
 7.0%
The Parisian Macao    
Total room revenues$35
 $6
 483.3%
Occupancy rate94.1% 87.5% 6.6 pts
Average daily room rate (ADR)$144
 $138
 4.3%
Revenue per available room (RevPAR)$136
 $121
 12.4%
The Plaza Macao and Four Seasons Hotel Macao    
Total room revenues$9
 $9
 —
Occupancy rate80.8% 80.8% —
Average daily room rate (ADR)$335
 $345
 (2.9)%
Revenue per available room (RevPAR)$271
 $279
 (2.9)%
Sands Macao    Sands Macao
Total room revenues$5
 $5
 —Total room revenues$4 $1 300.0 %
Occupancy rate95.7% 97.9% (2.2) ptsOccupancy rate98.7 %43.8 %54.9 pts
Average daily room rate (ADR)$191
 $190
 0.5%Average daily room rate (ADR)$173 $157 10.2 %
Revenue per available room (RevPAR)$183
 $186
 (1.6)%Revenue per available room (RevPAR)$171 $69 147.8 %
Singapore Operations:    Singapore Operations:
Marina Bay Sands    
Marina Bay Sands(1)
Marina Bay Sands(1)
Total room revenues$93
 $109
 (14.7)%Total room revenues$125 $92 35.9 %
Occupancy rate96.6% 98.3% (1.7) ptsOccupancy rate96.3 %96.0 %0.3 pts
Average daily room rate (ADR)$445
 $475
 (6.3)%Average daily room rate (ADR)$681 $515 32.2 %
Revenue per available room (RevPAR)$430
 $467
 (7.9)%Revenue per available room (RevPAR)$656 $494 32.8 %
U.S. Operations:    
Las Vegas Operating Properties    
Total room revenues$141
 $149
 (5.4)%
Occupancy rate97.0% 96.5% 0.5 pts
Average daily room rate (ADR)$232
 $240
 (3.3)%
Revenue per available room (RevPAR)$225
 $232
 (3.0)%
Sands Bethlehem    
Total room revenues$4
 $4
 —
Occupancy rate96.1% 97.2% (1.1) pts
Average daily room rate (ADR)$164
 $164
 —
Revenue per available room (RevPAR)$158
 $160
 (1.3)%

__________________________

(1)    During the three months ended September 30, 2023 and 2022, approximately 2,200 and 2,100 rooms, respectively, were available for use.
MallFood and beverage revenues increased $13$74 million compared to the three months ended September 30, 2016.2022. Increased business volume across our food and beverage outlets and in banquet operations were in line with increased property visitation resulting in increases of $56 millionand$18 million at our Macao operations and Marina Bay Sands, respectively.
Mall revenues increased $82 million compared to the three months ended September 30, 2022. The increase was due to increases of $69 million in Macao, driven by a decrease in rent concessions granted to our mall tenants and an $11increase in turnover and overage rents, and $13 million at Marina Bay Sands, driven by an increase at the Shoppes at Parisian. in overage and base rent.
For further information related to the financial performance of our malls, see "— Additional“Additional Information Regarding our Retail Mall Operations."” The following table summarizes the results of our mall activity:malls on the Cotai Strip in Macao and in Singapore:
 Three Months Ended September 30,
 20232022Change
 (Mall revenues in millions)
Macao Operations:
Shoppes at Venetian
Total mall revenues$58 $26 123.1 %
Mall gross leasable area (in square feet)818,773 814,771 0.5 %
Occupancy80.0 %79.1 %0.9 pts
Base rent per square foot$277 $286 (3.1)%
Tenant sales per square foot(1)
$1,743 $1,021 70.7 %
Shoppes at Londoner
Total mall revenues$17 $9 88.9 %
Mall gross leasable area (in square feet)611,192 605,461 0.9 %
Occupancy54.2 %54.9 %(0.7)pts
Base rent per square foot$152 $136 11.8 %
Tenant sales per square foot(1)
$1,701 $1,112 53.0 %
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Table of Contents
Three Months Ended September 30,
Three Months Ended September 30, 20232022Change
2017 2016 Change
(Mall revenues in millions) (Mall revenues in millions)
Macao Operations:    
Shoppes at Venetian    
Shoppes at ParisianShoppes at Parisian
Total mall revenues$55
 $52
 5.8%Total mall revenues$7 $5 40.0 %
Mall gross leasable area (in square feet)785,973
 781,304
 0.6%Mall gross leasable area (in square feet)296,352 296,322 — %
Occupancy97.3% 97.1% 0.2 ptsOccupancy66.1 %73.8 %(7.7)pts
Base rent per square foot$244
 $237
 3.0%Base rent per square foot$110 $121 (9.1)%
Tenant sales per square foot$1,357
 $1,359
 (0.1)%
Shoppes at Cotai Central(1)
    
Total mall revenues$15
 $15
 —
Mall gross leasable area (in square feet)425,581
 407,102
 4.5%
Occupancy93.0% 98.2% (5.2) pts
Base rent per square foot$113
 $130
 (13.1)%
Tenant sales per square foot$711
 $868
 (18.1)%
Shoppes at Parisian(2)
    
Total mall revenues$16
 $5
 220.0%
Mall gross leasable area (in square feet)299,125
 299,458
 (0.1)%
Occupancy92.5% 92.6% (0.1) pts
Base rent per square foot$223
 $222
 0.5%
Tenant sales per square foot$531
 —
 N/M
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$641 $376 70.5 %
Shoppes at Four Seasons    Shoppes at Four Seasons
Total mall revenues$31
 $31
 —Total mall revenues$50 $23 117.4 %
Mall gross leasable area (in square feet)258,392
 259,410
 (0.4)%Mall gross leasable area (in square feet)249,303 248,674 0.3 %
Occupancy100.0% 97.3% 2.7 ptsOccupancy92.7 %94.4 %(1.7)pts
Base rent per square foot$453
 $458
 (1.1)%Base rent per square foot$595 $542 9.8 %
Tenant sales per square foot$3,247
 $2,971
 9.3%
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$6,714 $4,301 56.1 %
Singapore Operations:    Singapore Operations:
The Shoppes at Marina Bay Sands    The Shoppes at Marina Bay Sands
Total mall revenues$42
 $43
 (2.3)%Total mall revenues$68 $55 23.6 %
Mall gross leasable area (in square feet)606,946
 618,649
 (1.9)%Mall gross leasable area (in square feet)616,699 622,007 (0.9)%
Occupancy97.2% 97.2% —Occupancy99.5 %99.8 %(0.3)pts
Base rent per square foot$243
 $236
 3.0%Base rent per square foot$315 $283 11.3 %
Tenant sales per square foot$1,506
 $1,396
 7.9%
U.S. Operations:    
The Outlets at Sands Bethlehem    
Total mall revenues$1
 $1
 —
Mall gross leasable area (in square feet)151,044
 151,029
 N/M
Occupancy95.9% 90.4% 5.5 pts
Base rent per square foot$20
 $21
 (4.8)%
Tenant sales per square foot$346
 $357
 (3.1)%
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$2,998 $2,359 27.1 %
__________________________
N/M - Not Meaningful
(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.
(2)The Shoppes at Parisian opened in September 2016.

Note:    This table excludes the results of our retail outlets at Sands Macao. As a result of the COVID-19 pandemic, tenants were provided rent concessions during the three months ended September 30, 2022. Base rent per square foot presented above excludes the impact of these rent concessions.

(1)    Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period.
Convention, retail and other revenues decreased $13increased $44 million compared to the three months ended September 30, 2016.2022. The decrease isincrease was due to a $38 million increase at our Macao operations, primarily driven by decreasesa $17 million increase in ferry operations due to the resumption of $6ferry services in January 2023. Increased visitation to our Macao operations led to increases of $10 million in retail and other revenues (e.g., limo and spa) and $7 million in entertainment revenue. Included in retail and other revenues was a $12 million insurance recovery at The Venetianour Macao $4operations due to Typhoon Saola in September 2023. A $6 million increase at Marina Bay Sands was driven primarily by increases of $3 millionin convention revenue and$3 million in conventionother revenues at our Las Vegas Operating Properties(e.g. museum, SkyPark and $3 million in our passenger ferry service operations in Macao.transportation).
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Table of Contents
Operating Expenses
Our operating expenses consisted of the following:
Three Months Ended September 30,
Three Months Ended September 30, 20232022Percent
Change
2017 2016 
Percent
Change
(Dollars in millions) (Dollars in millions)
Casino$1,342
 $1,198
 12.0%Casino$1,103 $410 169.0 %
Rooms74
 67
 10.4%Rooms80 41 95.1 %
Food and beverage109
 101
 7.9%Food and beverage128 83 54.2 %
Mall18
 16
 12.5%Mall23 16 43.8 %
Convention, retail and other69
 66
 4.5%Convention, retail and other52 27 92.6 %
Provision for doubtful accounts23
 51
 (54.9)%
Provision for credit lossesProvision for credit losses3 8 (62.5)%
General and administrative358
 330
 8.5%General and administrative290 238 21.8 %
Corporate51
 39
 30.8%Corporate49 53 (7.5)%
Pre-opening1
 86
 (98.8)%Pre-opening3 4 (25.0)%
Development3
 3
 —%Development44 26 69.2 %
Depreciation and amortization265
 277
 (4.3)%Depreciation and amortization313 260 20.4 %
Amortization of leasehold interests in land9
 10
 (10.0)%Amortization of leasehold interests in land15 14 7.1 %
Loss on disposal or impairment of assets21
 5
 320.0%Loss on disposal or impairment of assets4 2 100.0 %
Total operating expenses$2,343
 $2,249
 4.2%Total operating expenses$2,107 $1,182 78.3 %
Operating expenses were $2.34$2.11 billion for the three months ended September 30, 2017,2023, an increase of $94$925 million compared to $2.25$1.18 billion for the three months ended September 30, 2016. The increase in operating expenses was2022, primarily driven by the openingincreases of The Parisian Macao$693 million in September 2016.casino expenses, $53 million in depreciation and amortization, $52 million in general and administrative expenses, $45 million in food and beverage expenses, $39 million in rooms expenses, $25 million in convention, retail and other expenses, and $18 million in development expenses.
Casino expenses increased $144$693 million compared to the three months ended September 30, 2016.2022. The increase was primarily driven by a $197 million increase at The Parisian Macao, partially offset by decreasesattributable to increases of $27$574 million and $19$46 million in gaming taxes at our Macao operations and Marina Bay Sands, respectively, consistent with increased casino revenues. We also had increases in gaming tax rates of1% in Macao and3% in Singapore, and a 1% increase in value added tax in Singapore.
Room expenses increased $39 million compared to the three months ended September 30, 2022. The increase was attributable to increases of $30 million and $9 million at Sands Cotai Centralour Macao operations and Marina Bay Sands, Macao, respectively, driven by a decreaseincreased occupancy in gaming taxesMacao and higher costs associated with the new and elevated suites and rooms introduced at Marina Bay Sands during the year.
Food and beverage expenses increased$45 million compared to the three months ended September 30, 2022. The increase was due to decreased casino revenues.increases of $29 million and$16 million at our Macao operations and Marina Bay Sands, respectively, primarily driven by increased food outlet and banquet operation volumes.
Convention, retail and other expenses increased $25 million compared to the three months ended September 30, 2022, primarily driven by increases of $21 million and $4 million at our Macao operations and Marina Bay Sands, respectively. The provisionincreases were primarily driven by increases of$10 million in ferry operation expenses due to the resumption of ferry services in January 2023, $7 million in entertainment expenses due to increased event volume, $3 million in limo expenses, $2 million in convention expenses and $1 million in retail expenses.
Provision for doubtful accountscredit losses was $23$3 million for three months ended September 30, 2023, compared to $8 million for the three months ended September 30, 2017, compared to $512022. The $5 million for the three months ended September 30, 2016. The decrease was primarily resulted from increased collections of previously reserved customer balances during the three months ended September 30, 2017, as compared to the prior year period.driven by a decrease in casino provisions in Singapore. The amount of this provision can vary over short periods of time because of factors specific to the customerspatrons who owe us money from gaming activities. We believe that the amount of our provision for doubtful accountscredit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
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Table of Contents
General and administrative expenses increased $28$52 million compared to the three months ended September 30, 2016.2022. The increase was primarily due to increases of $31 million and $21 million at our Macao operations and Marina Bay Sands, respectively, driven by a $25increases in payroll and marketing costs, utilities and property taxes.
Development expenses were $44 million increase at The Parisian Macao.for the three months ended September 30, 2023, compared to $26 million for the three months ended September 30, 2022. During the three months ended September 30, 2023, the costs were associated with our evaluation and pursuit of new business opportunities, primarily in New York, Texas and digital gaming related efforts. Development costs are expensed as incurred.
Corporate expensesDepreciation and amortization increased $12$53 million compared to the three months ended September 30, 2016.2022. The increase was primarily due to payroll-related costsa $32 million increase at Marina Bay Sands as a result of the completion of renovations that were placed into service during the second quarter and a charitable donation committed$21 million increase at our Macao operations primarily as a result of accelerated depreciation related to assistthe second phase of the renovations at The Londoner Macao and amortization of the intangible asset related to the Macao community with long-term relief, recovery and rebuilding efforts due to Typhoon Hato.gaming concession.
Pre-opening expense represents personnel and other costs incurred prior to the openingLoss on disposal or impairment of new ventures, which are expensed as incurred. Pre-opening expenses decreased $85assets was $4 million compared to thefor three months ended September 30, 2016.2023. The decrease was primarily due to pre-opening activities at The Parisian Macao, which opened in September 2016. Development expenses include the costs associated with the Company's evaluation and pursuit of new business opportunities, which are also expensed as incurred.
Depreciation and amortization expense decreased $12 million compared to the three months ended September 30, 2016. The decrease was primarily driven by a $51 million decrease resulting from a change in the estimated useful


lives of certain property and equipment (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net"), partially offset by a $38 million increase at The Parisian Macao.
The loss on disposal of assets of $21 millionlosses incurred for the three months ended September 30, 2017,2023, were primarily due to $2 million in demolition costs related to dispositionsthe renovation at our Macao operations due to property damages caused by Typhoon Hato.Marina Bay Sands.
Segment Adjusted Property EBITDA
The following table summarizes information related to our segments (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 7 — Segment Information" for discussion of our operating segments and a reconciliation of consolidated adjusted property EBITDA to net income).segments:
Three Months Ended September 30,
20232022Percent
Change
(Dollars in millions)
Macao:
The Venetian Macao$290 $(37)(883.8)%
The Londoner Macao167 (60)(378.3)%
The Parisian Macao81 (37)(318.9)%
The Plaza Macao and Four Seasons Macao71 6 1,083.3 %
Sands Macao17 (22)(177.3)%
Ferry Operations and Other5 (2)(350.0)%
631 (152)(515.1)%
Marina Bay Sands491 343 43.1 %
Consolidated adjusted property EBITDA(1)
$1,122 $191 487.4 %
__________________________
(1)    Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA is net income (loss) from continuing operations 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 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 itsour operations with those of itsour competitors, as well as a basis for determining certain incentive compensation. Integrated resortResort 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 resortIntegrated 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, and 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.
35

Table of Contents
 Three Months Ended September 30,
 2017 2016 
Percent
Change
 (Dollars in millions)
Macao:     
The Venetian Macao$263
 $315
 (16.5)%
Sands Cotai Central155
 176
 (11.9)%
The Parisian Macao135
 19
 610.5%
The Plaza Macao and Four Seasons Hotel Macao52
 62
 (16.1)%
Sands Macao41
 46
 (10.9)%
Ferry Operations and Other6
 10
 (40.0)%
 652
 628
 3.8%
Marina Bay Sands442
 391
 13.0%
United States:     
Las Vegas Operating Properties76
 86
 (11.6)%
Sands Bethlehem40
 37
 8.1%
 116
 123
 (5.7)%
Consolidated adjusted property EBITDA$1,210
 $1,142
 6.0%
Three Months Ended September 30,
20232022
(In millions)
Consolidated adjusted property EBITDA$1,122 $191 
Other Operating Costs and Expenses
Stock-based compensation(a)
(6)(9)
Corporate(49)(53)
Pre-opening(3)(4)
Development(44)(26)
Depreciation and amortization(313)(260)
Amortization of leasehold interests in land(15)(14)
Loss on disposal or impairment of assets(4)(2)
Operating income (loss)688 (177)
Other Non-Operating Costs and Expenses
Interest income79 38 
Interest expense, net of amounts capitalized(200)(183)
Other income4 2 
Income tax expense(122)(60)
Net income (loss) from continuing operations$449 $(380)
__________________________
(a)During the three months ended September 30, 2023 and 2022, we recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $10 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Adjusted property EBITDA at our Macao operations increased $24$783 million compared with the three months ended September 30, 2022, primarily due to increases in revenues across our operations due to increased visitation at our Macao properties driven by the lift of most COVID-19 restrictions in late December 2022 and early January 2023.
Adjusted property EBITDA at Marina Bay Sands increased $148 million compared to the three months ended September 30, 2016. The increase was2022, primarily due to a $116 million increase at The Parisian Macao, which openedincreases in September 2016. This increase was partially offset by an $88 million decrease atrevenues across our Macao properties (excluding The Parisian Macao), mainly due to decreased casino operations driven by a lower Rolling Chip win percentage.


Adjusted property EBITDAincreased visitation and airlift passenger movement in Singapore, as well as new and elevated suites and rooms and other amenities introduced at Marina Bay Sands increased $51 million compared toduring the three months ended September 30, 2016. As previously described, the increase was primarily due to increased casino revenues, driven by an increase in Rolling Chip volume.
Adjusted property EBITDA at our Las Vegas Operating Properties decreased $10 million compared to the three months ended September 30, 2016. The decrease was primarily due to decreased casino revenues, driven by a decrease in table games drop and lower win percentage.year.
Interest Expense
The following table summarizes information related to interest expense:
Three Months Ended September 30,
Three Months Ended September 30,20232022
2017 2016
(Dollars in millions)(Dollars in millions)
Interest cost (which includes the amortization of deferred financing costs and original issue discount)$80
 $72
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo4
 4
Interest costInterest cost$202 $184 
Less — capitalized interest(1) (11) Less — capitalized interest(2)(1)
Interest expense, net$83
 $65
Interest expense, net$200 $183 
Cash paid for interest$70
 $63
Weighted average total debt balance$10,074
 $10,055
Weighted average total debt balance$14,863 $15,491 
Weighted average interest rate3.2% 2.9%Weighted average interest rate5.4 %4.8 %
Interest cost increased $8$18 million compared to the three months ended September 30, 2016,2022, primarily resulting primarily from an increase in ourthe weighted average interest rate. Capitalized interest decreased $10 millionrate from 4.8% to 5.4% during the three months ended September 30, 2023 when compared to the three months ended September 30, 2016, primarily2022. This is due to the openingincrease in the underlying benchmark rates on our SCL Revolving Facility and our Singapore Credit Facility. Interest cost was also impacted by an overall decrease in our weighted average total debt balance, due primarily to the $1.20 billion and $500 million paid on the SCL Revolving Facility in May 2023 and August 2023, respectively, partially offset by the addition of The Parisianthe $201 million finance lease entered into in June 2023 for the New York land lease. We also had
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$8 million in imputed interest expense on the Macao gaming concession financial liability in September 2016.the third quarter of 2023.
Other Factors EffectingAffecting Earnings
Other expenseInterest income was $19$79 million for the three months ended September 30, 2017,2023, compared to other income of $21$38 million for the three months ended September 30, 2016. Other expense2022, an increase of $41 million. The increase was attributable to an increase of interest income on money market funds, bank deposits and treasury bills driven by higher market interest rates. Our average interest rate on cash and cash equivalents during the three months ended September 30, 2017,2023 was primarily attributable5.6%, compared to a depreciation of the U.S. dollar versus the Singapore dollar during the period. This resulted in $19 million of foreign currency transaction losses, driven by Singapore dollar denominated intercompany debt reported in U.S. dollars.
Our effective income tax rate was 9.6%2.1% for the three months ended September 30, 2017, compared to 10.2%2022.
Other income was $4 million for the three months ended September 30, 2016. The decrease in2023, compared to $2 million for the effectivethree months ended September 30, 2022. Other income tax rate relates primarily to the valuation allowances recorded during the three months ended September 30, 2016, as we determined that certain deferred2023, was primarily attributable to foreign currency transaction gains driven by the U.S. dollar-denominated debt held by Sands China Ltd. (“SCL”).
Our income tax assets were no longer "more-likely than-not" realizable. Theexpense was $122 million on income before income taxes of $571 million for the three months ended September 30, 2023, resulting in an 21.4% effective income tax rates reflectrate. This compares to a 18.8% effective income tax rate for the three months ended September 30, 2022. The income tax expense for the three months ended September 30, 2023, reflects a 17% statutory tax rate on our Singapore operations and a zero percent21% corporate income tax on our domestic operations.
Our operations in Macao are subject to a 12% statutory income tax rate, on ourbut in connection with the 35% gaming tax, Venetian Macao gaming operations due to ourLimited (“VML,” a subsidiary of SCL) and its peers received an income tax exemption on gaming operations through December 31, 2022. Additionally, we entered into a shareholder dividend tax agreement with the Macao government in April 2019, effective through June 26, 2022, providing an annual payment as a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. In December 2022, we requested a corporate tax exemption on profits generated by the operation of casino games in Macao for the new gaming concession period effective from January 1, 2023 through the endDecember 31, 2032, or for a period of 2018. We have recorded a valuation allowance related to certain deferredcorporate tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extentexemption that the financialChief Executive of Macao may deem more appropriate. We are evaluating the timing of an application for a new shareholder dividend tax agreement with the Macao government. Our income tax expense is based on our estimated annual effective tax rate for the year applied to year-to-date operating results of these operations improve and it becomes "more-likely-than-not" that these deferred tax assets, or a portion thereof, are realizable, we will reduce the valuation allowances in the period such determination is made, as appropriate.accordance with interim accounting guidelines.
The net income attributable to our noncontrolling interests was $115$69 million for the three months ended September 30, 2017,2023, compared to $93a net loss attributable to our noncontrolling interests of $142 million for the three months ended September 30, 2016.2022. These amounts are primarilywere related to the noncontrolling interest of Sands China Ltd. ("SCL").

SCL.

Nine Months Ended September 30, 20172023 Compared to the Nine Months Ended September 30, 20162022
Operating Revenues
Our net revenues consisted of the following:
Nine Months Ended September 30,
20232022Percent
Change
(Dollars in millions)
Casino$5,411 $1,973 174.3 %
Rooms881 315 179.7 %
Food and beverage423 198 113.6 %
Mall535 416 28.6 %
Convention, retail and other207 91 127.5 %
Total net revenues$7,457 $2,993 149.1 %
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 Nine Months Ended September 30,
 2017 2016 
Percent
Change
 (Dollars in millions)
Casino$7,379
 $6,406
 15.2%
Rooms1,194
 1,123
 6.3%
Food and beverage610
 559
 9.1%
Mall476
 422
 12.8%
Convention, retail and other400
 389
 2.8%
 10,059
 8,899
 13.0%
Less — promotional allowances(613) (564) (8.7)%
Total net revenues$9,446
 $8,335
 13.3%
Consolidated net revenues were $9.45$7.46 billion for the nine months ended September 30, 2017,2023, an increase of $1.11$4.46 billion compared to $8.34$2.99 billion for the nine months ended September 30, 2016.2022, due primarily to an increase of $3.51 billion at our Macao operations. The increase at our Macao operations was due to increased visitation as COVID-19 restrictions were lifted in Macao and the surrounding region in late December 2022 and early January 2023. In addition, a $952 million increase at Marina Bay Sands was primarily due to increasesincreased visitation resulting from the reopening of $1.03borders and elimination of pandemic-related restrictions in April 2022.
Net casino revenues increased $3.44 billion compared to the nine months ended September 30, 2022. The increase was driven by a $2.78 billion increase at The Parisianour Macao which openedoperations due to increased visitation across our properties resulting in September 2016,increased table games and $253 millionslot volumes. Casino revenues at Marina Bay Sands primarilyincreased by $662 million due to increased table games and slot volumes. The lift of COVID-19 restrictions in Macao beginning in late December 2022 and elimination of restrictions in April 2022 in Singapore led to increased visitation and table games and slot volumes. The following table summarizes the results of our casino revenues.activity:
Casino
 Nine Months Ended September 30,
 20232022Change
 (Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues$1,544 $308 401.3 %
Non-Rolling Chip drop$6,256 $1,260 396.5 %
Non-Rolling Chip win percentage23.9 %25.1 %(1.2)pts
Rolling Chip volume$3,299 $1,099 200.2 %
Rolling Chip win percentage4.88 %3.45 %1.43 pts
Slot handle$3,699 $835 343.0 %
Slot hold percentage4.3 %3.8 %0.5 pts
The Londoner Macao
Total net casino revenues$850 $145 486.2 %
Non-Rolling Chip drop$3,990 $645 518.6 %
Non-Rolling Chip win percentage20.9 %22.1 %(1.2)pts
Rolling Chip volume$5,013 $770 551.0 %
Rolling Chip win percentage2.97 %4.74 %(1.77)pts
Slot handle$3,585 $499 618.4 %
Slot hold percentage4.0 %3.6 %0.4 pts
The Parisian Macao
Total net casino revenues$492 $83 492.8 %
Non-Rolling Chip drop$2,148 $331 548.9 %
Non-Rolling Chip win percentage21.3 %24.4 %(3.1)pts
Rolling Chip volume$938 $235 299.1 %
Rolling Chip win percentage7.18 %6.78 %0.40 pts
Slot handle$1,887 $220 757.7 %
Slot hold percentage4.0 %3.8 %0.2 pts
The Plaza Macao and Four Seasons Macao
Total net casino revenues$367 $120 205.8 %
Non-Rolling Chip drop$1,563 $406 285.0 %
Non-Rolling Chip win percentage24.3 %24.2 %0.1 pts
Rolling Chip volume$4,473 $1,275 250.8 %
Rolling Chip win percentage3.14 %4.92 %(1.78)pts
Slot handle$85 $16 431.3 %
Slot hold percentage5.9 %9.7 %(3.8)pts
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Table of Contents
 Nine Months Ended September 30,
 20232022Change
 (Dollars in millions)
Sands Macao
Total net casino revenues$218 $39 459.0 %
Non-Rolling Chip drop$1,165 $181 543.6 %
Non-Rolling Chip win percentage17.2 %18.1 %(0.9)pts
Rolling Chip volume$80 $163 (50.9)%
Rolling Chip win percentage6.67 %4.49 %2.18 pts
Slot handle$1,377 $316 335.8 %
Slot hold percentage3.2 %3.1 %0.1 pts
Singapore Operations:
Marina Bay Sands
Total net casino revenues$1,940 $1,278 51.8 %
Non-Rolling Chip drop$5,482 $3,191 71.8 %
Non-Rolling Chip win percentage18.2 %18.4 %(0.2)pts
Rolling Chip volume$21,237 $14,130 50.3 %
Rolling Chip win percentage3.51 %3.76 %(0.25)pts
Slot handle$17,926 $11,797 52.0 %
Slot hold percentage3.9 %4.3 %(0.4)pts
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Room revenues increased $973$566 million compared to the nine months ended September 30, 2016.2022. The increase was due to increases of $922$426 million and $140 million at The Parisianour Macao operations and $267 million at Marina Bay Sands, driven by increases in Rolling Chip win percentage and volume, partially offset by a $154 million decrease at Sands Cotai Central, driven by a decrease in Non-Rolling Chip drop, as well as decreases in Rolling Chip win percentage and volume. The following table summarizes the results of our casino activity:
 Nine Months Ended September 30,
 2017 2016 Change
 (Dollars in millions)
Macao Operations:     
The Venetian Macao     
Total casino revenues$1,849
 $1,893
 (2.3)%
Non-Rolling Chip drop$5,315
 $5,141
 3.4%
Non-Rolling Chip win percentage24.6% 25.2% (0.6) pts
Rolling Chip volume$18,218
 $21,963
 (17.1)%
Rolling Chip win percentage3.61% 3.23% 0.38 pts
Slot handle$2,052
 $3,007
 (31.8)%
Slot hold percentage5.2% 4.6% 0.6 pts
Sands Cotai Central     
Total casino revenues$1,153
 $1,307
 (11.8)%
Non-Rolling Chip drop$4,278
 $4,571
 (6.4)%
Non-Rolling Chip win percentage20.5% 20.5% —
Rolling Chip volume$8,267
 $9,502
 (13.0)%
Rolling Chip win percentage2.92% 3.52% (0.60) pts
Slot handle$3,509
 $4,521
 (22.4)%
Slot hold percentage4.1% 3.6% 0.5 pts
The Parisian Macao     
Total casino revenues$980
 $58
 N/M
Non-Rolling Chip drop$2,957
 $190
 N/M
Non-Rolling Chip win percentage19.6% 19.9% (0.3) pts
Rolling Chip volume$14,430
 $748
 N/M
Rolling Chip win percentage3.24% 3.01% 0.23 pts
Slot handle$2,716
 $171
 N/M
Slot hold percentage3.4% 5.2% (1.8) pts


 Nine Months Ended September 30,
 2017 2016 Change
 (Dollars in millions)
The Plaza Macao and Four Seasons Hotel Macao     
Total casino revenues$317
 $324
 (2.2)%
Non-Rolling Chip drop$894
 $800
 11.8%
Non-Rolling Chip win percentage23.1% 23.3% (0.2) pts
Rolling Chip volume$7,379
 $6,511
 13.3%
Rolling Chip win percentage2.48% 3.05% (0.57) pts
Slot handle$311
 $306
 1.6%
Slot hold percentage7.1% 5.9% 1.2 pts
Sands Macao     
Total casino revenues$471
 $512
 (8.0)%
Non-Rolling Chip drop$1,842
 $2,021
 (8.9)%
Non-Rolling Chip win percentage19.2% 18.1% 1.1 pts
Rolling Chip volume$3,561
 $5,610
 (36.5)%
Rolling Chip win percentage2.65% 2.64% 0.01 pts
Slot handle$1,811
 $1,990
 (9.0)%
Slot hold percentage3.3% 3.3% —
Singapore Operations:     
Marina Bay Sands     
Total casino revenues$1,869
 $1,602
 16.7%
Non-Rolling Chip drop$2,821
 $2,927
 (3.6)%
Non-Rolling Chip win percentage28.6% 28.7% (0.1) pts
Rolling Chip volume$27,068
 $23,630
 14.5%
Rolling Chip win percentage3.40% 2.58% 0.82 pts
Slot handle$10,481
 $10,058
 4.2%
Slot hold percentage4.3% 4.5% (0.2) pts
U.S. Operations:     
Las Vegas Operating Properties     
Total casino revenues$332
 $308
 7.8%
Table games drop$1,186
 $1,289
 (8.0)%
Table games win percentage18.5% 15.7% 2.8 pts
Slot handle$1,867
 $1,882
 (0.8)%
Slot hold percentage8.0% 8.0% —
Sands Bethlehem     
Total casino revenues$408
 $402
 1.5%
Table games drop$838
 $853
 (1.8)%
Table games win percentage20.3% 19.3% 1.0 pts
Slot handle$3,550
 $3,367
 5.4%
Slot hold percentage6.6% 6.9% (0.3) pts
 ____________________
N/M - Not Meaningful
In our experience, average win percentages remain fairly consistent when measured over extended periods of time with a significant volume of wagers, but can vary considerably within shorter time periodsrespectively. Macao room revenues increased as a result of an increase in occupancy rates and ADR, driven by increased visitation as pandemic-related restrictions were lifted beginning in December 2022 and the statistical variances that are associated with gamesgrand opening of chanceThe Londoner Macao in which large amounts are wagered.



Room revenues increased $71 million compared to the nine months ended September 30, 2016. The increase is primarily due to a $90 million increase at The Parisian Macao, partially offset by a $14 million decrease atMay 2023. At Marina Bay Sands, driven by a decrease in available rooms. During the nine months ended September 30, 2017, there were approximately 16%, 12%, 6% and 2% fewer rooms available at The Plaza Macao and Four Seasons Hotel Macao, The Venetian Macao, Marina Bay Sands and our Las Vegas Operating Properties, respectively, comparedroom revenues increased due to the nine months ended September 30, 2016.elimination of pandemic-related restrictions in April 2022, and from the introduction of new and elevated suites and rooms and other amenities. The following table summarizes the results of our room activity:
Nine Months Ended September 30,
20232022Change
(Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues$142 $38 273.7 %
Occupancy rate93.1 %38.9 %54.2 pts
Average daily room rate (ADR)$209 $143 46.2 %
Revenue per available room (RevPAR)$195 $56 248.2 %
The Londoner Macao
Total room revenues$232 $43 439.5 %
Occupancy rate74.9 %25.7 %49.2 pts
Average daily room rate (ADR)$201 $149 34.9 %
Revenue per available room (RevPAR)$150 $38 294.7 %
The Parisian Macao
Total room revenues$100 $23 334.8 %
Occupancy rate91.0 %38.7 %52.3 pts
Average daily room rate (ADR)$159 $107 48.6 %
Revenue per available room (RevPAR)$145 $41 253.7 %
The Plaza Macao and Four Seasons Macao
Total room revenues$69 $20 245.0 %
Occupancy rate79.3 %26.3 %53.0 pts
Average daily room rate (ADR)$490 $435 12.6 %
Revenue per available room (RevPAR)$389 $114 241.2 %
Sands Macao
Total room revenues$12 $5 140.0 %
Occupancy rate94.8 %53.5 %41.3 pts
Average daily room rate (ADR)$170 $137 24.1 %
Revenue per available room (RevPAR)$161 $74 117.6 %
Singapore Operations:
Marina Bay Sands(1)
Total room revenues$326 $186 75.3 %
Occupancy rate96.9 %91.3 %5.6 pts
Average daily room rate (ADR)$626 $375 66.9 %
Revenue per available room (RevPAR)$607 $343 77.0 %
 Nine Months Ended September 30,
 2017 2016 Change
 (Room revenues in millions)
Macao Operations:     
The Venetian Macao     
Total room revenues$130
 $138
 (5.8)%
Occupancy rate90.0% 83.7% 6.3 pts
Average daily room rate$214
 $215
 (0.5)%
Revenue per available room$193
 $180
 7.2%
Sands Cotai Central     
Total room revenues$210
 $204
 2.9%
Occupancy rate84.6% 80.9% 3.7 pts
Average daily room rate$147
 $149
 (1.3)%
Revenue per available room$124
 $121
 2.5%
The Parisian Macao     
Total room revenues$96
 $6
 N/M
Occupancy rate87.9% 87.5% 0.4 pts
Average daily room rate$140
 $138
 1.4%
Revenue per available room$123
 $121
 1.7%
The Plaza Macao and Four Seasons Hotel Macao     
Total room revenues$25
 $26
 (3.8)%
Occupancy rate80.4% 73.0% 7.4 pts
Average daily room rate$352
 $348
 1.1%
Revenue per available room$283
 $254
 11.4%
Sands Macao     
Total room revenues$15
 $15
 —
Occupancy rate97.4% 96.6% 0.8 pts
Average daily room rate$192
 $200
 (4.0)%
Revenue per available room$187
 $193
 (3.1)%
Singapore Operations:     
Marina Bay Sands     
Total room revenues$267
 $281
 (5.0)%
Occupancy rate95.9% 97.6% (1.7) pts
Average daily room rate$426
 $415
 2.7%
Revenue per available room$409
 $405
 1.0%
U.S. Operations:     
Las Vegas Operating Properties     
Total room revenues$440
 $442
 (0.5)%
Occupancy rate94.7% 94.5% 0.2 pts
Average daily room rate$248
 $244
 1.6%
Revenue per available room$235
 $230
 2.2%
Sands Bethlehem     
Total room revenues$11
 $11
 —
Occupancy rate93.4% 94.9% (1.5) pts
Average daily room rate$161
 $159
 1.3%
Revenue per available room$151
 $151
 —
__________________________
 ____________________(1)During the nine months ended September 30, 2023 and 2022, approximately 2,000 and 2,100 rooms, respectively, were available for use.
N/M - Not Meaningful


MallFood and beverage revenues increased $54$225 million compared to the nine months ended September 30, 2016.2022. The increase was primarily due to increases of $45$123 million and $102 million at the Shoppes at Parisianour Macao operations and $9 million at the Shoppes at Venetian,Marina Bay Sands, respectively, driven by new outlets and increased business volume at food and beverage outlets and banquet operations.
40

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Mall revenues increased $119 million compared to the nine months ended September 30, 2022. The increase of $100 million in our Macao operation was primarily driven by a $101 million increase due to a decrease in rent concessions and an increase in overage rent, partially offset by a $4 million decrease in base rents. rent. The $19 million increase at Marina Bay Sands was driven by a $9 million increase in overage rent and a $7 million increase in base rent.
For further information related to the financial performance of our malls, see "— Additional“Additional Information Regarding our Retail Mall Operations."” The following table summarizes the results of our mall activity:malls on the Cotai Strip in Macao and in Singapore:
 Nine Months Ended September 30,(1)
Nine Months Ended September 30,(1)
 20232022Change
2017 2016 Change
(Mall revenues in millions) (Mall revenues in millions)
Macao Operations:    Macao Operations:
Shoppes at Venetian    Shoppes at Venetian
Total mall revenues$161
 $152
 5.9%Total mall revenues$161 $111 45.0 %
Mall gross leasable area (in square feet)785,973
 781,304
 0.6%Mall gross leasable area (in square feet)818,773 814,771 0.5 %
Occupancy97.3% 97.1% 0.2 ptsOccupancy80.0 %79.1 %0.9 pts
Base rent per square foot$244
 $237
 3.0%Base rent per square foot$277 $286 (3.1)%
Tenant sales per square foot$1,357
 $1,359
 (0.1)%
Shoppes at Cotai Central(2)
    
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$1,743 $1,021 70.7 %
Shoppes at LondonerShoppes at Londoner
Total mall revenues$48
 $46
 4.3%Total mall revenues$47 $35 34.3 %
Mall gross leasable area (in square feet)425,581
 407,102
 4.5%Mall gross leasable area (in square feet)611,192 605,461 0.9 %
Occupancy93.0% 98.2% (5.2) ptsOccupancy54.2 %54.9 %(0.7)pts
Base rent per square foot$113
 $130
 (13.1)%Base rent per square foot$152 $136 11.8 %
Tenant sales per square foot$711
 $868
 (18.1)%
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$1,701 $1,112 53.0 %
Shoppes at Parisian(3)
    
Total mall revenues$50
 $5
 900.0%Total mall revenues$23 $20 15.0 %
Mall gross leasable area (in square feet)299,125
 299,458
 (0.1)%Mall gross leasable area (in square feet)296,352 296,322 — %
Occupancy92.5% 92.6% (0.1) ptsOccupancy66.1 %73.8 %(7.7)pts
Base rent per square foot$223
 $222
 0.5%Base rent per square foot$110 $121 (9.1)%
Tenant sales per square foot$531
 —
 N/M
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$641 $376 70.5 %
Shoppes at Four Seasons    Shoppes at Four Seasons
Total mall revenues$94
 $94
 —Total mall revenues$125 $90 38.9 %
Mall gross leasable area (in square feet)258,392
 259,410
 (0.4)%Mall gross leasable area (in square feet)249,303 248,674 0.3 %
Occupancy100.0% 97.3% 2.7 ptsOccupancy92.7 %94.4 %(1.7)pts
Base rent per square foot$453
 $458
 (1.1)%Base rent per square foot$595 $542 9.8 %
Tenant sales per square foot$3,247
 $2,971
 9.3%
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$6,714 $4,301 56.1 %
Singapore Operations:    Singapore Operations:
The Shoppes at Marina Bay Sands    The Shoppes at Marina Bay Sands
Total mall revenues$120
 $122
 (1.6)%Total mall revenues$178 $159 11.9 %
Mall gross leasable area (in square feet)606,946
 618,649
 (1.9)%Mall gross leasable area (in square feet)616,699 622,007 (0.9)%
Occupancy97.2% 97.2% —Occupancy99.5 %99.8 %(0.3)pts
Base rent per square foot$243
 $236
 3.0%Base rent per square foot$315 $283 11.3 %
Tenant sales per square foot(2)$1,506
 $1,396
 7.9%$2,998 $2,359 27.1 %
U.S. Operations:    
The Outlets at Sands Bethlehem    
Total mall revenues$3
 $3
 —
Mall gross leasable area (in square feet)151,044
 151,029
 N/M
Occupancy95.9% 90.4% 5.5 pts
Base rent per square foot$20
 $21
 (4.8)%
Tenant sales per square foot$346
 $357
 (3.1)%
__________________________
N/M - Not Meaningful
(1)As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of September 30, 2017 and 2016, they are identical to the summary presented herein for the three months ended September 30, 2017 and 2016, respectively.
(2)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.
(3)The Shoppes at Parisian opened in September 2016.

Note: This table excludes the results of our retail outlets at Sands Macao. As a result of the COVID-19 pandemic, tenants were provided rent concessions during the nine months ended September 30, 2022. Base rent per square foot presented above excludes the impact of these rent concessions.

(1)    As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of September 30, 2023 and 2022, they are identical to the summary presented herein for the three months ended September 30, 2023 and 2022, respectively.
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(2)    Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period.
Convention, retail and other revenues increased $116 million compared to the nine months ended September 30, 2022, due primarily to increases of $87 million and $29 million at our Macao operations and Marina Bay Sands, respectively, driven by increases of $40 million in ferry operations due to the resumption of ferry services in January 2023, $20 million in convention revenue, $23 million in retail and other operating revenues (e.g. limo and spa), including $12 million in insurance recovery due to Typhoon Saola in September 2023, and $18 million in entertainment revenue.
Operating Expenses
Our operating expenses consisted of the following:
Nine Months Ended September 30,
Nine Months Ended September 30,20232022Percent
Change
2017 2016 
Percent
Change
(Dollars in millions)(Dollars in millions)
Casino$3,968
 $3,531
 12.4%Casino$3,011 $1,323 127.6 %
Rooms216
 197
 9.6%Rooms207 125 65.6 %
Food and beverage329
 306
 7.5%Food and beverage349 221 57.9 %
Mall52
 44
 18.2%Mall65 53 22.6 %
Convention, retail and other200
 184
 8.7%Convention, retail and other141 73 93.2 %
Provision for doubtful accounts77
 139
 (44.6)%
Provision for credit lossesProvision for credit losses2 14 (85.7)%
General and administrative1,050
 931
 12.8%General and administrative820 694 18.2 %
Corporate136
 208
 (34.6)%Corporate166 167 (0.6)%
Pre-opening7
 128
 (94.5)%Pre-opening13 11 18.2 %
Development8
 7
 14.3%Development140 108 29.6 %
Depreciation and amortization913
 792
 15.3%Depreciation and amortization875 780 12.2 %
Amortization of leasehold interests in land28
 29
 (3.4)%Amortization of leasehold interests in land43 42 2.4 %
Loss on disposal or impairment of assets27
 15
 80.0%Loss on disposal or impairment of assets22 8 175.0 %
Total operating expenses$7,011
 $6,511
 7.7%Total operating expenses$5,854 $3,619 61.8 %
Operating expenses were $7.01$5.85 billion for the nine months ended September 30, 2017,2023, an increase of $500 million$2.24 billion compared to $6.51$3.62 billion for the nine months ended September 30, 2016.2022. The increase in operating expenses was primarily driven by the opening of The Parisian Macao.a $1.69 billion increase in casino expenses.
Casino expenses increased $437$1.69 billion compared to the nine months ended September 30, 2022. The increase was primarily attributable to increases of $1.34 billion and $175 million in gaming taxes at our Macao operations and Marina Bay Sands, respectively, consistent with increased casino revenues. We also had increases in gaming taxes of 1% in Macao and 3% in Singapore, and a 1% increase in value added tax in Singapore.
Room expenses increased $82 million compared to the nine months ended September 30, 2016.2022. The increase was primarily attributabledue to a $589 million increase at The Parisian Macao, partially offset by decreasesincreases of $92 million, $48$59 million and $30$23 million at our Macao operations and Marina Bay Sands, Cotai Central, Sandsrespectively, consistent with increased occupancy in both Macao and Marina Bay Sands and higher costs associated with the new and elevated suites and rooms introduced at Marina Bay Sands during the year.
Food and beverage expensesincreased $128 million compared to the nine months ended September 30, 2022. The Venetianincrease was due to increases of $75 millionand $53 million at Marina Bay Sands and our Macao operations, respectively, driven by a decreaseincreased business volume at food outlets and banquets operations in gaming taxesline with increased property visitation.
Convention, retail and other expenses increased $68 million compared to the nine months ended September 30, 2022, due to decreased casino revenues.increases of $54 million and $14 million at our Macao operations and Marina Bay Sands, respectively. The increases were primarily due to increases of $26 million in ferry operation expenses due to the resumption of ferry services in January 2023, $16 million in entertainment expenses, $6 million in convention expenses, $3 million in limo expenses and $2 million in retail expenses.
The provision
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Provision for doubtful accountscredit losses was $77$2 million for the nine months ended September 30, 2017,2023, compared to $139$14 million for the nine months ended September 30, 2016.2022. The $12 million decrease resulted from increasedwas primarily driven by collections of previously reserved customer balances during the nine months ended September 30, 2017, as compared to the prior year period, and continuing improvement in the quality ofMacao casino credit currently being extended.receivables that were fully reserved. The amount of this provision can vary over short periods of time because of factors specific to the customerspatrons who owe us money from gaming activities at any given time.activities. We believe that the amount of our provision for doubtful accountscredit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
General and administrative expenses increased $119$126 million compared to the nine months ended September 30, 2016.2022. The increase was primarily due to increases of $91$69 million and $57 million at The ParisianMarina Bay Sands and our Macao and $18 million and $9 million at our Las Vegas Operating Properties and The Venetian Macao,operations, respectively, driven by an increaseincreases in payroll and marketing costs, utilities and advertisingproperty taxes.
Development expenses were $140 million for the nine months ended September 30, 2023, compared to $108 million for the nine months ended September 30, 2022. During the nine months ended September 30, 2023, the costs were associated with our evaluation and pursuit of new business opportunities primarily in New York, Texas and digital gaming related efforts. Development costs are expensed as incurred.
Corporate expenses decreased $72Depreciation and amortization increased $95 million compared to the nine months ended September 30, 2016.2022. The decreaseincrease was primarily due to nonrecurring legal costs incurreda $68 million increase at Marina Bay Sands as a result of the completion of renovations that were placed into service during the second quarter and a $27 million increase at our Macao operations primarily as a result of accelerated depreciation related to the second phase of the renovations at The Londoner Macao and amortization of the intangible asset related to the Macao gaming concession.
Loss on disposal or impairment of assets was $22 million for the nine months ended September 30, 2016.2023, compared to $8 million for the nine months ended September 30, 2022. The losses incurred for the nine months ended September 30, 2023 were primarily due to $13 million in demolition costs related to renovations at Marina Bay Sands and $9 million in disposals and demolition costs at our Macao operations. The losses incurred for the nine months ended September 30, 2022 were primarily due to asset disposals and demolition costs related to asset disposals related to aircraft parts.
Pre-openingSegment Adjusted Property EBITDA
The following table summarizes information related to our segments:
 Nine Months Ended September 30,
 20232022Percent
Change
 (Dollars in millions)
Macao:
The Venetian Macao$752 $(39)(2,028.2)%
The Londoner Macao326 (147)(321.8)%
The Parisian Macao201 (77)(361.0)%
The Plaza Macao and Four Seasons Macao237 55 330.9 %
Sands Macao42 (61)(168.9)%
Ferry Operations and Other12 (4)(400.0)%
1,570 (273)(675.1)%
Marina Bay Sands1,317 783 68.2 %
Consolidated adjusted property EBITDA(1)
$2,887 $510 466.1 %
____________________
(1)    Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA is net income (loss) from continuing operations before stock-based compensation expense, represents personnelcorporate 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 costs incurred priorincome or expense, 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
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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 openingmanagement of new ventures,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 expensed as incurred. Pre-opening expenses decreased $121not 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.

 Nine Months Ended September 30,
 20232022
 (In millions)
Consolidated adjusted property EBITDA$2,887 $510 
Other Operating Costs and Expenses
Stock-based compensation(a)
(25)(20)
Corporate(166)(167)
Pre-opening(13)(11)
Development(140)(108)
Depreciation and amortization(875)(780)
Amortization of leasehold interests in land(43)(42)
Loss on disposal or impairment of assets(22)(8)
Operating income (loss)1,603 (626)
Other Non-Operating Costs and Expenses
Interest income225 56 
Interest expense, net of amounts capitalized(628)(501)
Other expense(17)(29)
Income tax expense(221)(172)
Net income (loss) from continuing operations$962 $(1,272)
____________________
(a)During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $58 million and $47 million, respectively, of which $33 million and $27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Adjusted property EBITDA at our Macao operations increased $1.84 billion compared to the nine months ended September 30, 2022, primarily due to increased casino and room revenues driven by increased visitation at our properties due to the lift of COVID-19 restrictions in late December 2022 and early January 2023.
Adjusted property EBITDA at Marina Bay Sands increased $534 million compared to the nine months ended September 30, 2016.2022. The decrease was primarily due to pre-opening activities at The Parisian Macao, which opened in September 2016. Development expenses include the costs associated with the Company's evaluation and pursuit of new business opportunities, which are also expensed as incurred.
Depreciation and amortization expense increased $121 million compared to the nine months ended September 30, 2016. The increase was primarily attributable to a $150 million increase at The Parisian Macao, partially offset by a $51 million decrease resulting from a change in the estimated useful lives of certain property and equipment (see "Item


1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net").
The loss on disposal of assets of $27 million for the nine months ended September 30, 2017, primarily related to dispositions at our Macao operations due to property damages caused by Typhoon Hato.
Adjusted Property EBITDA
The following table summarizes information related to our segments (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 7 — Segment Information" for discussion of our operating segments and a reconciliation of consolidated adjusted property EBITDA to net income):
 Nine Months Ended September 30,
 2017 2016 
Percent
Change
 (Dollars in millions)
Macao:     
The Venetian Macao$808
 $827
 (2.3)%
Sands Cotai Central431
 484
 (11.0)%
The Parisian Macao323
 19
 N/M
The Plaza Macao and Four Seasons Hotel Macao162
 154
 5.2%
Sands Macao134
 125
 7.2%
Ferry Operations and Other18
 25
 (28.0)%
 1,876
 1,634
 14.8%
Marina Bay Sands1,299
 1,023
 27.0%
United States:     
Las Vegas Operating Properties277
 245
 13.1%
Sands Bethlehem113
 113
 —%
 390
 358
 8.9%
Consolidated adjusted property EBITDA$3,565
 $3,015
 18.2%
 ____________________
N/M - Not Meaningful
Adjusted property EBITDA at our Macao operations increased $242 million compared to the nine months ended September 30, 2016. The increase was primarily attributable to a $304 million increase at The Parisian Macao. This increase was partially offset by a $55 million decrease at our Macao properties (excluding The Parisian Macao), mainly due to decreased casino operations, driven by a decrease in Rolling Chip volume.
Adjusted property EBITDA at Marina Bay Sands increased $276 million compared to the nine months ended September 30, 2016. As previously described, the increase was primarily due to increased casino revenues across our operations driven by increasesthe reopening of borders and elimination of most pandemic-related restrictions in Rolling Chip win percentageApril 2022, as well as introducing new and volume.elevated suites and rooms and other amenities at Marina Bay Sands during the year.
Adjusted property EBITDA at our Las Vegas Operating Properties increased $32 million compared to the nine months ended September 30, 2016. The increase was primarily due to a $43 million increase in net revenues (excluding intersegment royalty revenue), driven by increased casino revenue.
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Interest Expense
The following table summarizes information related to interest expense:
Nine Months Ended September 30,
Nine Months Ended September 30,20232022
2017 2016
(Dollars in millions)(Dollars in millions)
Interest cost (which includes the amortization of deferred financing costs and original issue discounts)$230
 $219
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo11
 11
Interest costInterest cost$633 $504 
Less — capitalized interest(1) (32)Less — capitalized interest(5)(3)
Interest expense, net$240
 $198
Interest expense, net$628 $501 
Cash paid for interest$199
 $186
Weighted average total debt balance$9,970
 $9,740
Weighted average total debt balance$15,500 $15,188 
Weighted average interest rate3.1% 3.0%Weighted average interest rate5.4 %4.4 %
Interest cost increased $11$129 million compared to the nine months ended September 30, 2016,2022, primarily resulting primarily from an increase in ourthe weighted average total debt balance. Capitalized interest decreased $31 millionrate from 4.4% to 5.4% during the nine months ended September 30, 2023, when compared to the nine months ended September 30, 2016,2022. This is due to the increase in the underlying benchmark rates on our SCL Revolving Facility and our Singapore Credit Facility. Interest cost was also impacted by an overall increase in our weighted average total debt balance, primarily due to the opening$1.20 billion drawn on the SCL Revolving Facility in 2022, and the addition of The Parisianthe $201 million finance lease entered into in June 2023 for the New York land lease. This increase was offset by the $1.20 billion and $500 million paid on the SCL Revolving Facility in May 2023 and August 2023, respectively. We also had $23 million in imputed interest expense on the Macao gaming concession financial liability in September 2016.2023.
Other Factors EffectingAffecting Earnings
Other expenseInterest income was $80 million for the nine months ended September 30, 2017, compared to $33$225 million for the nine months ended September 30, 2016.2023, compared to $56 million for the nine months ended September 30, 2022, an increase of $169 million, which was primarily attributable to an increase of $159 million in interest income on money market funds, bank deposits and treasury bills driven by higher interest rates. Our average interest rates on cash and cash equivalents during the nine months ended September 30, 2023 was 4.9%, compared to 1.1% for the nine months ended September 30, 2022. We also had an increase of $8 million in interest income on the seller financing loan provided in connection with the sale of the Las Vegas properties due to an increase in the interest rate as the buyer elected payment-in-kind for the interest payments effective July 1, 2022 and an increase in the period in which the loan balance was outstanding in 2023.
Other expense was $17 million for the nine months ended September 30, 2023, compared to $29 million for the nine months ended September 30, 2022. Other expense during the nine months ended September 30, 2017,2023, was primarily attributable to a depreciation of the U.S. dollar versus the Singapore dollar during the period. This resulted in $65$27 million of foreign currency transaction losses driven by SingaporeU.S. dollar denominated intercompany debt reported in U.S. dollars, and a $16held by SCL, partially offset by $12 million fair value adjustment on our Singapore forward contracts.of foreign currency transaction gains at MBS.
Our effective income tax rateexpense was 10.4%$221 million on income before income taxes of $1.18 billion for the nine months ended September 30, 2017, compared2023, resulting in a18.7%effective income tax rate. This compares to 11.7%a 15.6% effective income tax rate for the nine months ended September 30, 2016.2022. The decrease in the effective income tax rate relates primarily to the valuation allowances recorded duringexpense for the nine months ended September 30, 2016, as we determined that certain deferred tax assets were no longer "more-likely-than-not" realizable. The effective income tax rates reflect2023, reflects a 17% statutory tax rate on our Singapore operations and a zero percent21% corporate income tax on our domestic operations.
Our operations in Macao are subject to a 12% statutory income tax rate, on our Macaobut in connection with the 35% gaming operations due to ourtax, VML and its peers received an income tax exemption on gaming operations through December 31, 2022. Additionally, we entered into a shareholder dividend tax agreement with the Macao government in April 2019, effective through June 26, 2022, providing an annual payment as a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. In December 2022, we requested a corporate tax exemption on profits generated by the operation of casino games in Macao for the new gaming concession period effective from January 1, 2023 through the endDecember 31, 2032, or for a period of 2018. We have recorded a valuation allowance related to certain deferredcorporate tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extentexemption that the financialChief Executive of Macao may deem more appropriate. We are evaluating the timing of an application for a new shareholder dividend tax agreement with the Macao government. Our income tax expense is based on our estimated annual effective tax rate for the year applied to year-to-date operating results in accordance with interim accounting guidelines.
45

Table of these operations improve and it becomes "more-likely-than-not" that these deferred tax assets, or a portion thereof, are realizable, we will reduce the valuation allowances in the period such determination is made, as appropriate.Contents
The net income attributable to our noncontrolling interests was $306$123 million for the nine months ended September 30, 2017,2023, compared to $248a net loss attributable to our noncontrolling interests of $370 million for the nine months ended September 30, 2016.2022. These amounts are primarilywere related to the noncontrolling interest of SCL.
Additional Information Regarding our Retail Mall Operations
We own and operate retail malls at our integrated resortsIntegrated Resorts at The Venetian Macao, Sands Cotai Central, The Plaza Macao and Four Seasons HotelMacao, The Londoner Macao, The Parisian Macao and Marina Bay Sands and Sands Bethlehem.Sands. Management believes that being in the retail mall business and, specifically, owning some of the largest retail properties in Asia will provide meaningful value for us, particularly as the retail market in Asia continues to grow.
Our malls are designed to complement our other unique amenities and service offerings provided by our integrated resorts.Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our customerspatrons and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents, and reimbursements for common area maintenance ("CAM"(“CAM”) and other expenditures.


The following tables summarize the results of our mall operations on the Cotai Strip and at Marina Bay Sands for the three and nine months ended September 30, 20172023 and 2016:2022:
Shoppes at
Venetian		Shoppes at
Four
Seasons		Shoppes at
Londoner		Shoppes at
Parisian		The Shoppes at Marina
Bay Sands
(In millions)
For the three months ended September 30, 2023
Mall revenues:
Minimum rents(1)
$43 $31 $9 $4 $40 
Overage rents7 17 4 1 19 
CAM, levies and direct recoveries8 2 4 2 9 
Total mall revenues58 50 17 7 68 
Mall operating expenses:
Common area maintenance3 2 2 1 6 
Marketing and other direct operating expenses2 2 2 — 2 
Mall operating expenses5 4 4 1 8 
Property taxes(3)
— — — — 2 
Mall-related expenses(4)
$5 $4 $4 $1 $10 
For the three months ended September 30, 2022
Mall revenues:
Minimum rents(1)
$40 $29 $7 $5 $37 
Overage rents2 1 2 — 11 
Rent concessions(2)
(22)(9)(3)(3)— 
CAM, levies and direct recoveries6 2 3 3 7 
Total mall revenues26 23 9 5 55 
Mall operating expenses:
Common area maintenance2 1 2 1 6 
Marketing and other direct operating expenses1 1 1 — 1 
Mall operating expenses3 2 3 1 7 
Property taxes(3)
— — — — 1 
Mall-related expenses(4)
$3 $2 $3 $1 $8 
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Shoppes at
Venetian
 
Shoppes at
Four
Seasons
 
Shoppes at
Cotai
Central
 
Shoppes at
Parisian(1)
 
The Shoppes 
at Marina
Bay Sands
 
The Outlets 
at Sands
Bethlehem(2)
 Total
 (In millions)
For the three months ended September 30, 2017             
Mall revenues:             
Minimum rents(3)
$45
 $28
 $9
 $13
 $31
 $—
 $126
Overage rents2
 1
 1
 —
 5
 1
 10
CAM, levies and direct recoveries8
 2
 5
 3
 6
 —
 24
Total mall revenues55
 31
 15
 16
 42
 1
 160
Mall operating expenses:             
Common area maintenance4
 1
 1
 2
 4
 —
 12
Marketing and other direct operating expenses2
 1
 1
 1
 1
 —
 6
Mall operating expenses6
 2
 2
 3
 5
 —
 18
Property taxes(4)
—
 —
 —
 —
 1
 —
 1
Provision for doubtful accounts—
 —
 —
 1
 —
 —
 1
Mall-related expenses(5)
$6
 $2
 $2
 $4
 $6
 $—
 $20
For the three months ended September 30, 2016             
Mall revenues:             
Minimum rents(3)
$42
 $29
 $11
 $2
 $31
 $—
 $115
Overage rents2
 —
 1
 —
 5
 1
 9
CAM, levies and direct recoveries8
 2
 3
 3
 7
 —
 23
Total mall revenues52
 31
 15
 5
 43
 1
 147
Mall operating expenses:             
Common area maintenance4
 1
 2
 1
 4
 —
 12
Marketing and other direct operating expenses1
 1
 —
 —
 2
 —
 4
Mall operating expenses5
 2
 2
 1
 6
 —
 16
Property taxes(4)
—
 —
 —
 —
 1
 1
 2
Provision for doubtful accounts—
 —
 —
 —
 1
 —
 1
Mall-related expenses(5)
$5
 $2
 $2
 $1
 $8
 $1
 $19


Shoppes at
Venetian		Shoppes at
Four
Seasons		Shoppes at
Londoner		Shoppes at
Parisian		The Shoppes at Marina
Bay Sands
Shoppes at
Venetian
 
Shoppes at
Four
Seasons
 
Shoppes at
Cotai
Central
 
Shoppes at
Parisian(1)
 
The Shoppes 
at Marina
Bay Sands
 
The Outlets 
at Sands
Bethlehem(2)
 Total
For the nine months ended September 30, 2017             
(In millions)
For the nine months ended September 30, 2023For the nine months ended September 30, 2023
Mall revenues:             Mall revenues:
Minimum rents(3)
$132
 $85
 $30
 $41
 $92
 $1
 $381
Minimum rents(1)
Minimum rents(1)
$124 $92 $25 $13 $117 
Overage rents5
 2
 2
 —
 10
 2
 21
Overage rents14 26 11 4 36 
CAM, levies and direct recoveries24
 7
 16
 9
 18
 —
 74
CAM, levies and direct recoveries23 7 11 6 25 
Total mall revenues161
 94
 48
 50
 120
 3
 476
Total mall revenues161 125 47 23 178 
Mall operating expenses:             Mall operating expenses:
Common area maintenance11
 4
 4
 5
 11
 1
 36
Common area maintenance10 4 6 3 17 
Marketing and other direct operating expenses5
 2
 2
 3
 4
 —
 16
Marketing and other direct operating expenses7 7 4 2 4 
Mall operating expenses16
 6
 6
 8
 15
 1
 52
Mall operating expenses17 11 10 5 21 
Property taxes(4)
—
 —
 —
 —
 3
 1
 4
Provision for doubtful accounts—
 —
 1
 1
 —
 —
 2
Mall-related expenses(5)
$16
 $6
 $7
 $9
 $18
 $2
 $58
For the nine months ended September 30, 2016             
Property taxes(3)
Property taxes(3)
1 — — — 5 
Mall-related expenses(4)
Mall-related expenses(4)
$18 $11 $10 $5 $26 
For the nine months ended September 30, 2022For the nine months ended September 30, 2022
Mall revenues:             Mall revenues:
Minimum rents(3)
$125
 $86
 $34
 $2
 $92
 $1
 $340
Minimum rents(1)
Minimum rents(1)
$128 $90 $22 $18 $110 
Overage rents4
 1
 2
 —
 10
 2
 19
Overage rents3 3 8 1 27 
Rent concessions(2)
Rent concessions(2)
(41)(10)(4)(6)— 
CAM, levies and direct recoveries23
 7
 10
 3
 20
 —
 63
CAM, levies and direct recoveries21 7 9 7 22 
Total mall revenues152
 94
 46
 5
 122
 3
 422
Total mall revenues111 90 35 20 159 
Mall operating expenses:             Mall operating expenses:
Common area maintenance12
 4
 5
 1
 12
 —
 34
Common area maintenance8 3 5 3 15 
Marketing and other direct operating expenses3
 1
 1
 —
 4
 1
 10
Marketing and other direct operating expenses5 4 3 2 4 
Mall operating expenses15
 5
 6
 1
 16
 1
 44
Mall operating expenses13 7 8 5 19 
Property taxes(4)
—
 —
 —
 —
 3
 1
 4
Provision for doubtful accounts1
 —
 —
 —
 3
 —
 4
Mall-related expenses(5)
$16
 $5
 $6
 $1
 $22
 $2
 $52
Property taxes(3)
Property taxes(3)
1 — — — 3 
Mall-related expenses(4)
Mall-related expenses(4)
$14 $7 $8 $5 $22 
____________________
(1)The Shoppes at Parisian opened in September 2016.
(2)Revenues from CAM, levies and direct recoveries are included in minimum rents for The Outlets at Sands Bethlehem.
(3)Minimum rents include base rents and straight-line adjustments of base rents.
(4)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 and The Plaza Macao and Four Seasons Hotel Macao have obtained a second exemption, extending the property tax exemption to the end of July 2019 and the end of July 2020, respectively. Under the initial exemption, The Parisian Macao is tax exempt until the end of July 2022 and Sands Cotai Central has a distinct exemption for each hotel tower, which have varying expiration dates that range from the end of March 2018 to the end of November 2021. The Company is currently working on obtaining the second exemption for The Parisian Macao and Sands Cotai Central.
(5)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.
Note: This table excludes the results of our retail outlets at Sands Macao.
(1)Minimum rents include base rents and straight-line adjustments of base rents.
(2)Rent concessions were provided to tenants as a result of the COVID-19 pandemic and the impact on mall operations.
(3)Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. If the property also qualifies for Tourism Utility Status, the property tax exemption can be extended to twelve years with effect from the opening of the property. The exemption for The Venetian Macao and The Plaza Macao and Four Seasons Macao expired, and the exemption for The Londoner Macao and The Parisian Macao will be expiring in December 2027 and September 2028, respectively.
(4)Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for credit losses, but excludes depreciation and amortization and general and administrative costs.
It is common in the mall operating industry for companies to disclose mall net operating income ("NOI"(“NOI”) as a useful supplemental measure of a mall'small’s operating performance. Because NOI excludes general and administrative expenses, interest expense, impairment losses, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests and provision for income taxes, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.


In the tables above, we believe that taking total mall revenues less mall-related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving
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mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies.
Development Projects
As our integrated resorts mature, we continue to reinvest in our portfolio of properties to maintain our high quality products and remain competitive in the markets in which we operate. We are constantly evaluatingregularly evaluate opportunities to improve our product offerings, such as refreshing our meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and our gaming areas, as well as other anticipated revenue generatingrevenue-generating additions to our integrated resorts.Integrated Resorts.
MacaoNew York
On June 2, 2023, we paid $241 million to acquire Nassau Live Center, LLC and related entities (the “Nassau Coliseum”), the owners and operators of an entertainment arena in the State of New York. The purchase of the Nassau Coliseum, which continues to operate following the closing of the sale, primarily included the fixed assets related to the arena and the right to lease the underlying land from the owner, the County of Nassau in the State of New York. We purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. There is no assurance we will be able to obtain such casino license.
Singapore
In April 2019, our wholly owned subsidiary, MBS and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development, which will include a hotel tower with luxury rooms and suites, a rooftop attraction, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”).
The Plaza CasinoSecond Development Agreement provides for a total minimum project cost of approximately 4.50 billion Singapore dollars (“SGD,” approximately $3.29 billion at exchange rates in effect on September 30, 2023). The estimated cost and Four Seasons Hotel Macao
In October 2017, we announced that The Plaza Casino and Four Seasons Hotel Macao will feature an additional 295 new suites in a separate tower, The Four Seasons Macao Hotel Tower Suites. We have completed the structural worktiming of the towertotal project will be updated as we complete design and plan to commence build out of the suites in 2018.begin construction. We expect the total project cost will materially exceed the amounts referenced above from April 2019 based on current market conditions due to inflation, higher material and labor costs and other factors. We have incurred approximately $1.08 billion as of September 30, 2023, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS Expansion Project site.
On March 22, 2023, MBS and the STB entered into a supplemental agreement (the “Supplemental Agreement”), which further extended the construction commencement date to April 8, 2024 and the construction completion date to April 8, 2028, and allowed for changes to the construction and operation plans under the Second Development Agreement.
We amended our 2012 Singapore Credit Facility to provide for the financing of the development and construction costs, fees and other expenses related to the MBS Expansion Project pursuant to the Second Development Agreement. On September 7, 2021, we amended the 2012 Singapore Credit Facility, which, among other things, extended the deadline for delivering the construction cost estimate and the construction schedule for the MBS Expansion Project to March 31, 2022. As noted above, we are in the process of completing the design and reviewing the budget and timing of the MBS expansion due to various factors. As a result, the construction cost estimate and construction schedule were not delivered to the lenders by the extended deadline, and we will not be permitted to make further draws on the Singapore Delayed Draw Term Facility until these items are delivered. We do not anticipate material spend related to the MBS Expansion Project prior to the delivery of these items to lenders.
We are nearing completion of the renovation of Towers 1 and 2 of Marina Bay Sands. This renovation has introduced world class suites and other luxury amenities at a cost estimated at approximately $1.0 billion upon completion. We also announced the next phase with the renovation of the Tower 3 hotel rooms into world class suites and other property changes at an estimated cost of approximately $750 million. These renovations at Marina Bay Sands are substantially upgrading the overall guest experience for our premium customers, including new dining and retail experiences, and upgrading the casino floor, among other things. These projects are in addition to the previously announced plans for the MBS Expansion Project.
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Macao
Under the Concession, we are required to invest a minimum of 30.24 billion patacas (approximately $3.75 billion at exchange rates in effect on September 30, 2023) in certain gaming and non-gaming projects in Macao by December 2032. The specific investments to be completedcarried out are determined annually by VML and proposed to the Macao government for approval. These investments will be in 2019.connection with, among others, attracting international visitors to Macao, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness, themed attractions, supporting Macao’s position as a city of gastronomy, and increasing community and maritime tourism. We expect to invest 27.80 billion patacas (approximately $3.45 billion at exchange rates in effect on September 30, 2023) in non-gaming projects. VML submitted the list of investments and projects it intends to carry out in 2023 to the Macao government on March 31, 2023, which has been approved by the Macao government.
Sands Cotai Central
In October 2017, we announced that we will renovate, expand and rebrandWe have commenced works on Phase II of the Sands Cotai Central into a new destination integrated resort, The Londoner Macao. The Londoner Macao, will featurewhich includes the renovation of the rooms in the Sheraton and Conrad hotel towers and the addition of new attractions, dining, retail and features from London, including someentertainment offerings. These projects have a total estimated cost of London’s most recognizable landmarks, an expanded retail mall$1.0 billion.
Other
We continue to evaluate additional development projects in each of our markets and the St. Regis Macao Tower Suites, offering approximately 350 luxuriouspursue new suites. The project will commence in 2018 and be phased to minimize disruption during the property’s peak periods. We expect the project to be completed in 2020.development opportunities globally.
Liquidity and Capital Resources
Cash Flows — Summary
Our cash flows consisted of the following:
 Nine Months Ended September 30,
 2017 2016
 (In millions)
Net cash generated from operating activities$3,222
 $2,831
Cash flows from investing activities:   
Change in restricted cash and cash equivalents(1) (1)
Capital expenditures(592) (1,103)
Proceeds from disposal of property and equipment2
 4
Acquisition of intangible assets—
 (47)
Net cash used in investing activities(591) (1,147)
Cash flows from financing activities:   
Proceeds from exercise of stock options32
 5
Repurchase of common stock(300) —
Dividends paid(2,362) (2,348)
Proceeds from long-term debt654
 2,260
Repayments on long-term debt(828) (1,963)
Payments of financing costs(5) (31)
Net cash used in financing activities(2,809) (2,077)
Effect of exchange rate on cash51
 4
Decrease in cash and cash equivalents(127) (389)
Cash and cash equivalents at beginning of period2,128
 2,179
Cash and cash equivalents at end of period$2,001
 $1,790


Nine Months Ended September 30,
20232022
(In millions)
Net cash generated from (used in) operating activities from continuing operations$2,221 $(840)
Cash flows from investing activities from continuing operations:
Capital expenditures(692)(504)
Proceeds from disposal of property and equipment3 9 
Acquisition of intangible assets and other(236)(104)
Net cash used in investing activities from continuing operations(925)(599)
Cash flows from financing activities from continuing operations:
Proceeds from exercise of stock options4 — 
Tax withholding on vesting of equity awards(1)(1)
Dividends paid(153)— 
Proceeds from long-term debt— 700 
Repayments on long-term debt(1,803)(50)
Payments of financing costs(32)(9)
Other(25)— 
Transactions with discontinued operations— 5,032 
Net cash generated from (used in) financing activities from continuing operations$(2,010)$5,672 
Cash Flows — Operating Activities
Table games play at our properties is conducted on a cash and credit basis, while slot machine play is primarily conducted on a cash basis. Our rooms, food and beverage and other non-gaming revenues are conducted primarily on a cash basis orand to a lesser extent as a trade receivable, resulting in operatingreceivable. Operating cash flows beingare generally affected by changes in operating income, accounts receivable, gaming related liabilities and accounts receivable. Net cash generatedinterest payments. Cash flows from
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operating activities for the nine months ended September 30, 2017,2023, increased $391 million$3.06 billion as compared to the nine months ended September 30, 2016.2022. The increase in cash generated from operations was primarily attributabledue to an increase in netour Macao and Singapore operations generating increased operating income partially offset by the level of contribution of our working capital accounts, driven by the changeacceleration of visitation and the elimination of most pandemic-related restrictions in accounts receivable.Singapore, beginning in April 2022, and in Macao, beginning in late December 2022, and increased working capital.
Cash Flows — Investing Activities
Capital expenditures for the nine months ended September 30, 2023, totaled $692 million. Included in this amount was $400 millionfor construction activities at Marina Bay Sands in Singapore and $124 million for construction and development activities in Macao, which consisted of $66 million for The Londoner Macao, $44 million for The Venetian Macao,$8 million for The Plaza Macao and Four Seasons Macao, $3 million for Sands Macao and $3 million for The Parisian Macao. Additionally, this amount included $168 million for corporate and other costs.
Included in net cash flows from investing activities was a payment of $221 million related to the purchase of the Nassau Coliseum.
Capital expenditures for the nine months ended September 30, 2017,2022, totaled $592$504 million. Included in this amount was $255 million including $349at Marina Bay Sands in Singapore and $199 million for construction and development activities in Macao, which consisted primarily of $149$153 million for The ParisianLondoner Macao, $113$35 million for The Venetian Macao, $7 million for The Plaza Macao and $58Four Seasons Macao, $2 million for Sands Cotai Central; $137Macao and $2 million at Marina Bay Sands; and $86 million at our Las Vegas Operating Properties.
Capital expenditures for the nine months ended September 30, 2016, totaled $1.10 billion, including $970Parisian Macao. Additionally, this amount included $50 million for constructioncorporate and development activities in Macao, which consisted primarily of $798 million for The Parisian Macao and $97 million for Sands Cotai Central; $57 million at our Las Vegas Operating Properties; and $50 million in Singapore. Additionally, during the nine months ended September 30, 2016, we paid 66 million Singapore dollars ("SGD," approximately $47 million at exchange rates in effect at the time of the transaction) to renew our Singapore gaming license for a three-year term.other costs.
Cash Flows — Financing Activities
Net cash flows used in financing activities were $2.81$2.01 billion for the nine months ended September 30, 2017,2023, which was primarily attributable to $2.36$1.80 billion in repayments on long-term debt, primarily related to the repayment on the SCL revolving facility of $1.70 billion, $153 million in dividend payments, $300$32 million in common stock repurchasesdeferred offering costs primarily relating to the amendment and $174restatement of the 2018 SCL Credit Facility and $25 million of net repayments on our various credit facilities.in other financial liability payments.
Net cash flows used ingenerated from financing activities were $2.08$5.67 billion for the nine months ended September 30, 2016,2022, which was primarily attributable to $2.34 billion in dividend payments,the net proceeds from the sale of the Las Vegas properties of $4.89 billion. Additionally, $700 million was received from the drawdown of our SCL revolving facility. These items were partially offset by $297$50 million of net proceeds from our various credit facilities.in repayments on long-term debt and $9 million in deferred offering costs relating to obtaining LVSC Revolving Facility lender consents to consummate the Las Vegas sale.
Capital Financing Overview
We fund our development projects primarily through borrowings from our credit facilities (see, "Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-Term Debt")debt instruments and operating cash flows.
Our U.S., MacaoSCL and Singapore credit facilities, as amended, contain various financial covenants. The U.S. credit facility requires our Las Vegas operations to comply with a financial covenant at the end of each quarter to the extent that any revolving loans or certain letters of credit are outstanding. This financial covenant requires our Las Vegas operations to maintain a maximum leverage ratio of net debt, as defined, to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined ("Adjusted EBITDA"). The maximum leverage ratio is 5.5x for all quarterly periods through maturity. We can elect to contribute cash on hand to our Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio. Our Macao credit facility requires our Macao operations to comply with similar financial covenants, includingwhich include maintaining a maximum leverage ratio, of debt to Adjusted EBITDA. The maximum leverage ratio is 3.5x for all quarterly periods through maturity. Our Singapore creditas defined per the respective facility requires our Marina Bay Sands operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.5x for the quarterly periods ending September 30, 2017 through September 30, 2019, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity.agreements. As of September 30, 2017,2023, our U.S., Macao and Singapore leverage ratios, as defined per the respective credit facility agreements, were 0.5x, 1.8x3.5x and 2.0x, respectively, compared to the maximum leverage ratios allowed of 5.5x, 3.5x4.0x and 3.5x,4.5x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities. Any defaults under these agreements would allow
On May 11, 2023, SCL entered into an amended and restated facility agreement (the “A&R Facility Agreement”) with respect to certain provisions of the 2018 SCL Credit Facility, pursuant to which lenders have (a) extended the termination date for the Hong Kong Dollar (“HKD”) commitments and U.S. dollar commitments of the lenders that consented to the waivers and amendments in each case,the A&R Facility Agreement (the “Extending Lenders”) from July 31, 2023 to exercise their rightsJuly 31, 2025; (b) extended to (and including) January 1, 2024, the waiver period for the requirement for SCL to comply with the requirements that SCL ensure (i) the consolidated leverage ratio does not exceed 4.0x and remedies as defined under their respective agreements. If(ii) the lenders wereconsolidated interest coverage ratio is not less than 2.5x; (c) amended the definition of consolidated total debt such that it excludes any financial indebtedness that is subordinated and subject in right of payment to exercise their rights to accelerate the due datesprior payment in full of the indebtedness outstanding, there canA&R Facility Agreement (including the $1.0 billion subordinated unsecured term loan facility made available by the Company to SCL); (d) amended the maximum permitted
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consolidated leverage ratio as of the last day of each of the financial quarters ending March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and subsequent financial quarters to be no assurance6.25x, 5.5x, 5.0x, 4.5x, and 4.0x respectively; and (e) extended to (and including) January 1, 2025 the period during which SCL’s ability to declare or make any dividend payment or similar distribution is restricted if at such time (x) the Total Commitments (as defined in the A&R Facility Agreement) exceed $2.0 billion by SCL’s exercise of the option to increase the Total Commitments by an aggregate amount of up to $1.0 billion and (y) the consolidated leverage ratio is greater than 4.0x, unless, after giving effect to such payment, the sum of (i) the aggregate amount of cash and cash equivalents of SCL on such date and (ii) the aggregate amount of the undrawn facility under the A&R Facility Agreement and unused commitments under other credit facilities of SCL is greater than $2.0 billion. Pursuant to the A&R Facility Agreement, SCL paid a customary fee to the Extending Lenders that we would be ableconsented. The amendments with respect to repaythe Extended Commitments took effect on July 31, 2023.
On January 30, 2023, LVSC entered into the Fourth Amendment with lenders to the LVSC Revolving Credit Agreement. Pursuant to the Fourth Amendment, the existing LVSC Revolving Credit Agreement was amended to (a) determine consolidated adjusted EBITDA on a year-to-date annualized basis during the period commencing on the effective date and ending on and including December 31, 2023, as follows: (i) for the fiscal quarter ending March 31, 2023, consolidated adjusted EBITDA for such fiscal quarter multiplied by four, (ii) for the fiscal quarter ending June 30, 2023, consolidated adjusted EBITDA for such fiscal quarter and the immediately preceding fiscal quarter multiplied by two, and (iii) for the fiscal quarter ending September 30, 2023, consolidated adjusted EBITDA for such fiscal quarter and the two immediately preceding fiscal quarters, multiplied by four-thirds; (b) extend the period during which LVSC is required to maintain a specified amount of minimum liquidity as of the last day of each month to December 31, 2023; and (c) extend the period during which LVSC is unable to declare or refinancepay any amounts that may


become due and payable underdividend or other distribution, unless liquidity is greater than $1.0 billion on a pro forma basis after giving effect to such agreements, which could force usdividend or distribution, to restructure or alter our operations or debt obligations.December 31, 2023.
We held unrestricted cash and cash equivalents of approximately $2.0$5.57 billion and restricted cash and cash equivalents of approximately $11$124 million as of September 30, 2017, of2023, which approximately $1.04$1.94 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $1.04$1.94 billion, approximately $857 million$1.61 billion is available to be repatriated, either in the form of dividends or via intercompany loans or advances, to the U.S. with minimal taxes owed on such amounts due, subject to the significant foreign taxes we paid, which would ultimately generate U.S. foreign tax credits iflevels of earnings, cash is repatriated. The remaining unrestricted amounts are not available for repatriation primarily due toflow generated from gaming operations and various other factors, including dividend requirements to third partythird-party public shareholdersstockholders in the case of funds being repatriated from SCL. SCL, compliance with certain local statutes, laws and regulations currently applicable to our subsidiaries and restrictions in connection with their contractual arrangements. We do not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise.
We believe thewe have a strong balance sheet and sufficient liquidity in place, including unrestricted cash on handand cash equivalents of $5.57 billion and cash flow generated from operations, as well as the $3.51$4.17 billion available for borrowing under our U.S., MacaoSCL and Singapore revolving credit facilities, net of outstanding letters of credit, and SGD 3.69 billion (approximately $2.70 billion at exchange rates in effect on September 30, 2023) under our Singapore Delayed Draw Term Facility as of September 30, 2017, will be sufficient2023 (only available for draws after the construction cost estimate and construction schedule for the MBS Expansion Project have been delivered to the lenders). We believe we are well positioned to support our continuing operations, maintain compliance with the financial covenants of our credit facilities and fund our working capital needs, committed and planned capital expenditures, development opportunities, debt obligations and dividend commitments.commitments, as well as meet our commitments under the Macao Concession. In the normal course of our activities, we will continue to evaluate ourglobal capital structure andmarkets to consider future opportunities for enhancements thereof.of our capital structure.
In March 2017,July 2023, we entered into an agreement to amendannounced the resumption of our U.S. credit facility, which refinanced the term loans in an aggregate amountreturn of $2.18 billion, extended the maturity of the term loans to March 2024, removed the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances and lowered the applicable margin credit spread for borrowings under the term loans (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-Term Debt — 2013 U.S. Credit Facility"). During the nine months ended September 30, 2017, we had net repayments of $36 million on our 2013 U.S. Extended Revolving Facility.
capital program. On February 24 and June 23, 2017, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which we retained $1.45 billion during the nine months ended September 30, 2017). On March 31, June 30 and September 30, 2017,August 16, 2023, we paid a quarterly dividend of $0.73$0.20 per common share as part of a regular cash dividend program and, recorded $1.73 billion as a distribution against retained earnings (of which $946 million related to our Principal Stockholder's family and the remaining $787 million related to all other shareholders) during the nine months ended September 30, 2017.2023, recorded $153 million as a distribution against retained earnings. In October 2017, the Company's2023, our Board of Directors declared a quarterly dividend of $0.73 $0.20per common share (a total estimated to be approximately $577$153 million) to be paid on December 29, 2017,November 15, 2023, to shareholdersstockholders of record on December 21, 2017. InNovember 7, 2023.
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Share Repurchase Program
On October 2017, we announced that our Board of Directors increased the dividend for the 2018 calendar year to $3.00 per common share, or $0.75 per common share per quarter.
In November 2016,16, 2023, our Board of Directors authorized increasing the remaining repurchase amount of $1.56$916 million to $2.0 billion of our outstanding common stock, which expires inand extending the expiration date from November 2018.2024 to November 3, 2025. During the nine months ended September 30, 2017, we repurchased 5,107,2372023, no shares of our common stock for $300 million (including commissions) under this program.were repurchased. We intend to resume our share repurchase program in the fourth quarter of 2023. All share repurchases of our common stock arehave been recorded as treasury stock. As of September 30, 2017, we have remaining authorization to repurchase $1.26 billion of our outstanding common shares. Repurchases of our common stock are made at our discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, cash flows, legal requirements, other investment opportunities and market conditions.
Aggregate Indebtedness and Other Known Contractual Obligations
As of September 30, 2017,2023, there had been no material changes to our aggregated indebtedness and other known contractual obligations which are set forth in the table includedpreviously reported in our Annual Report on Form 10-K for the year ended December 31, 2016,2022, with the exception of the following:
amendment and extension of our 2013 U.S.the maturity date for the 2018 SCL Revolving Credit Facility, (see "Itema $1.70 billion repayment and the accompanying interest on this facility; the decrease in fixed interest payments on the SCL senior notes due to an upgraded credit rating from Standard & Poor’s, the decrease being effective on the first payment date after July 26, 2023; the land lease related to the purchase of the Nassau Coliseum; and new sponsorship and similar agreements entered into. These transactions are summarized below:
Payments Due by Period
2023(1)
2024 - 20252026 - 2027ThereafterTotal
(In millions)
Long-Term Debt Obligations(2)
2018 SCL Credit Facility — Revolving$— $250 $— $— $250 
Fixed Interest Payments17 657 405 303 1,382 
Variable Interest Payments(3)
5 31 — — 36 
Other(4)
1 12 13 1,570 1,596 
Contractual Obligations
Other(5)
2 91 117 90 300 
Total$25 $1,041 $535 $1,963 $3,564 
_______________________
(1)Represents the three-month period ending December 31, 2023.
(2)See “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 34 — Long-Term DebtDebt” for further details on these financing transactions.
(3)Based on the 1-month rate as of September 30, 2023, Hong Kong Interbank Offered Rate (“HIBOR”) of 5.40% plus the applicable interest rate spread in accordance with the respective debt agreement.
(4)Other consists of payments associated with the Nassau Coliseum land lease entered into June 2, 2023. Refer to “Note 7 — 2013 U.S. Credit Facility");Leases” for further details on the Nassau Coliseum transaction.
(5)Consists of non-cancellable contractual obligations related to various sponsorship and similar agreements. Refer to "Note 9 — Commitments and Contingencies" for further details on the sponsorship and similar agreements.
net repayments
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Table of $36 million on our 2013 U.S. Extended Revolving Facility (which would have matured in December 2018 with no interim amortization).Contents


Restrictions on Distributions
We are a parent company with limited business operations. Our main asset is the stock and membership interests of our subsidiaries. The debt instruments of our U.S., Macao and Singapore subsidiaries contain certain restrictions that, among other things, limit the ability of certain subsidiaries to incur additional indebtedness, issue disqualified stock or equity interests, pay dividends or make other distributions, repurchase equity interests or certain indebtedness, create certain liens, enter into certain transactions with affiliates, enter into certain mergers or consolidations or sell our assets of our company without prior approval of the lenders or noteholders.
Special Note Regarding Forward-Looking Statements
This report contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this report, the words: "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends"“anticipates,” “believes,” “estimates,” “seeks,” “expects,” “plans,” “intends” and similar expressions, as they relate to our companyCompany or management, are intended to identify forward-looking statements. Although we believe that these forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements involve known and unknown risks, uncertainties and other factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among others, the risks associated with:
•our ability to maintain our Concession in Macao and gaming license in Singapore;
•our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures;
•the ability to execute our previously announced capital expenditure programs and produce future returns;
•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 tenant sales;
•uncertainty about the pace of recovery of travel and tourism in Asia from the impacts of the COVID-19 pandemic;
•disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases, political instability, civil unrest, terrorist activity or war;
•the uncertainty of consumer behavior related to discretionary spending and vacationing at casino-resortsour Integrated Resorts in Macao Singapore, Las Vegas and Bethlehem, Pennsylvania;Singapore;
•the extensive regulations to which we are subject and the costs of compliance or failure to comply with such regulations;
•new developments and construction projects at our existing properties (for example, development at our Cotai Strip properties and the MBS Expansion Project);
•regulatory policies in China or other countries in which our patrons reside, or where we have operations, including visa restrictions limiting the number of visits or the length of stay for visitors from China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts;
•the possibility that the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong;
•the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao;
•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;
•fluctuations in currency exchange rates and interest rates;rates, and the possibility of increased expense as a result;
•increased competition for labor and materials due to planned construction projects in Macao and Singapore 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
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•our ability to compete for thelimited management and labor resources in Macao and Singapore, and policies of those governments that may also affect our ability to employ imported managers and employees with the skills required to perform the services we offer at our properties;or labor from other countries;
new developments, construction projects and ventures;
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 dependence upon properties primarily in Macao Singapore and Las VegasSingapore for all of our cash flow;flow and the ability of our subsidiaries to make distribution payments to us;
•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;
•the ability of our insurance coverage includingto cover all possible losses that our properties could suffer and the risk that we have not obtained sufficient coverage, may not be ablepotential for our insurance costs to obtain sufficient coverageincrease in the future, or will only be able to obtain additional coverage at significantly increased rates;future;
disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, outbreaks of infectious diseases, terrorist activity or war;


•our ability to collect gaming receivables from our credit players;
•the collectability of our relationship with gaming promoters in Macao;outstanding loan receivable;
•our dependence on chance and theoretical win rates;
•fraud and cheating;
•our ability to establish and protect our IPintellectual property rights;
•reputational risk related to the license of certain of our trademarks;
•the possibility that our securities may be prohibited from being traded in the U.S. securities market under the Holding Foreign Companies Accountable Act;
•conflicts of interest that arise because certain of our directors and officers are also directors and officers 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;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 VegasSingapore as convention and trade show destinations;
•new taxes, changes to existing tax rates or proposed changes in tax legislation;
our ability to maintain our gaming licenses, certificate and subconcession in Macao, Singapore, Las Vegas and Bethlehem, Pennsylvania;
•the continued services of our key management and personnel;officers;
•any potential conflict between the interests of our Principal StockholderStockholders 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 our customerinformation and information systems or companycomply with applicable privacy and data including against past or future cybersecurity attacks,security requirements and any litigation or disruption to our operations resulting from such loss of data integrity;regulations;
•the completion of infrastructure projects in Macao;
•limitations on the transfers of cash to and from our relationship with GGP or any successor ownersubsidiaries, limitations of the Grand Canal Shoppes;pataca exchange markets and restrictions on the export of the renminbi;
•the outcome of any ongoing and future litigation.litigation; and
•potential negative impacts from environmental, social and governance and sustainability matters.
All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Readers are cautioned not to place undue reliance on these forward-looking statements. We assume no
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obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities laws.
Investors and others should note that we announce material financial information using our investor relations website (http:https://investor.sands.com), our company website, SEC filings, investor events, news and earnings releases, public conference calls and webcasts. We use these channels to communicate with our investors and the public about our company, our products and services, and other issues.
In addition, we post certain information regarding SCL, a subsidiary of Las Vegas Sands Corp. with ordinary shares listed on The Stock Exchange of Hong Kong Limited, from time to time on our company website and our investor relations website. It is possible that the information we post regarding SCL could be deemed to be material information.
The contents of these websites are not intended to be incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we file, and any reference to these websites are intended to be inactive textual references only.

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ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposureexposures to market risk isare interest rate risk associated with our variable rate long-term debt and foreign currency exchange rate risk associated with our operations outside the United States, which we may manage through the use of interest rate swaps, futures, options, caps, forward contracts and similar instruments. We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions. Our derivative financial instruments currently consist primarily of foreign currency forward contracts, none of which have been designated as hedging instruments for accounting purposes.
To manage exposure to counterparty credit risk in foreign currency forward contracts, we enter into agreements with highly rated institutions that can be expected to fully perform under the terms of such agreements. Frequently, these institutions are also members of the bank group providing our credit facilities, which management believes further minimizes the risk of nonperformance.
As of September 30, 2017,2023, the estimated fair value of our long-term debt was approximately $9.57$13.30 billion, compared to its carryingcontractual value of $9.71$14.26 billion. The estimated fair value of our long-term debt is based on levelrecent trades, if available, and indicative pricing from market information (level 2 inputs (quoted prices in markets that are not active)inputs). As our long-term debt obligations are primarily variable-rate debt, aA hypothetical 100 basis point change in LIBOR, HIBOR and SOR is not expected to have a material impact onmarket rates would cause the fair value of our long-term debt. Based on variable-rate debt levels as of September 30, 2017, ato change by $309 million. A hypothetical 100 basis point change in LIBOR, HIBORSecured Overnight Financing Rate (“SOFR”), Hong Kong Inter-Bank Offered Rate (“HIBOR”) and SOR for the duration of a yearSwap Offer Rate (“SOR”) would cause our annual interest cost on our long-term debt to change by approximately $98$31 million.
Foreign currency transaction losses were $65$17 million for the nine months ended September 30, 2017,2023, primarily due to Singapore dollar denominated intercompany debt reported in U.S. dollars and U.S. dollar denominated intercompany debt held in Macao.issued by SCL. We may be vulnerable to changes in the U.S. dollar/SGD and U.S. dollar/pataca exchange rates. Based on balances as of September 30, 2017,2023, a hypothetical10% strengthening or weakening of the U.S. dollar against the dollar/SGD (excluding the impact of foreign currency forward contracts)exchange rate would cause a foreign currency transaction gain of approximately $105 million or a loss of approximately $129$21 million, and a hypothetical 100 basis point change in1% weakening of the U.S. dollar/pataca exchange rate would cause a foreign currency transaction gain/loss of approximately $15 million.$70 million (net of the impact from the foreign currency swap agreements). The pataca is pegged to the Hong Kong dollar and the Hong Kong dollar is pegged to the U.S. dollar (within a narrow range). We maintain a significant amount of our operating funds in the same currencies in which we have obligations thereby reducing our exposure to currency fluctuations.
We manage a portion of our exposure to currency fluctuations with foreign currency forward contracts. As of September 30, 2017, we had eight foreign currency forward contracts with a total notional value of $144 million, contract expirations through December 2017 and a total liability fair value of $4 million. As of September 30, 2017, a hypothetical unfavorable 10% change in the U.S. dollar/SGD exchange rate would cause an increase in our unrealized loss by approximately $14 million.
See also "Liquidity and Capital Resources."
ITEM 4 —CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission'sCommission’s rules and forms and that such information is accumulated and communicated to the Company'sCompany’s management, including its principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. The Company'sCompany’s Chief Executive Officer and its Chief Financial Officer have evaluated the disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) of the Company as of September 30, 2017,2023, and have concluded that they are effective at the reasonable assurance level.
It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent


limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control over Financial Reporting
There were no changes in the Company'sCompany’s internal control over financial reporting that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that had a material effect, or waswere reasonably likely to have a material effect, on the Company'sCompany’s internal control over financial reporting.

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PART II OTHER INFORMATION
ITEM 1 —LEGAL PROCEEDINGS
The Company is party to litigation matters and claims related to its operations. For more information, see the Company'sCompany’s Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q for the quarterly periods ended March 312022, and June 30, 2017, and "Part“Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 69 — Commitments and Contingencies"Contingencies” of this Quarterly Report on Form 10-Q.
ITEM 1A —RISK FACTORS
There have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.2022.
ITEM 25 —UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSOTHER INFORMATION
The following table provides information about share repurchases made by the Company of its common stock duringDuring the quarter ended September 30, 2017:2023, there were no Rule 10b5‑1 trading arrangements (as defined in Item 408(a) of Regulation S-K) or non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K) adopted or terminated by any director or officer (as defined in Rule 16a‑1(f) under the Exchange Act) of the Company.
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Period
Total
Number of
Shares
Purchased
 
Weighted
Average
Price Paid
per Share
 
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)(1)
July 1, 2017 — July 31, 2017—
 $—
 —
 $1,335
August 1, 2017 — August 31, 2017—
 $—
 —
 $1,335
September 1, 2017 — September 30, 20171,173,500
 $63.90
 1,173,500
 $1,260
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__________________________ITEM 6 — EXHIBITS
List of Exhibits
(1)In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which expires on November 2, 2018. All repurchases under the stock repurchase program are made from time to time at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise. All share repurchases of the Company's common stock have been recorded as treasury stock.


ITEM 6 —EXHIBITS
List of Exhibits
Exhibit No.Description of Document
10.1+31.1
Amended & Restated Employment Agreement among Las Vegas Sands Corp., Las Vegas Sands, LLC and Sheldon G. Adelson, effective as of January 1, 2017 (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-32373) filed on September 7, 2017).
31.1
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1++
Certification of Chief Executive Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2++
Certification of Chief Financial Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS101XBRL Instance DocumentThe following financial information from the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023, formatted in Inline Extensible Business Reporting Language (“iXBRL”): (i) Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, (iv) Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2023 and 2022, (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, and (vi) Notes to Condensed Consolidated Financial Statements.
101.SCH104Cover Page Interactive Data File - the cover page XBRL Taxonomy Extension Schema Document
101.CALtags are embedded within the Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Documentdocument
____________________
+Denotes a management contract or compensatory plan or arrangement.
++This exhibit will not be deemed "filed"
+    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.





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LAS VEGAS SANDS CORP.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.
LAS VEGAS SANDS CORP.
October 20, 2023LAS VEGAS SANDS CORP.By:
/S/ ROBERT G. GOLDSTEIN
November 3, 2017By:/s/ SheldonRobert G. Adelson
Sheldon G. Adelson
Goldstein
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
October 20, 2023By:
/S/RANDY HYZAK
November 3, 2017By:/s/ Patrick Dumont
Patrick Dumont
Randy Hyzak
Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

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