Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | LVS | |
Entity Registrant Name | LAS VEGAS SANDS CORP | |
Entity Central Index Key | 1,300,514 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 795,909,082 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,855,466 | $ 3,506,319 |
Restricted cash and cash equivalents | 7,514 | 6,566 |
Accounts receivable, net | 1,315,191 | 1,510,772 |
Inventories | 39,755 | 41,674 |
Prepaid expenses and other | 111,297 | 125,168 |
Total current assets | 3,329,223 | 5,190,499 |
Property and equipment, net | 15,510,104 | 15,372,474 |
Deferred financing costs, net | 179,305 | 205,596 |
Deferred income taxes, net | 29,992 | 31,720 |
Leasehold interests in land, net | 1,263,390 | 1,353,090 |
Intangible assets, net | 74,869 | 86,260 |
Other assets, net | 116,007 | 122,052 |
Total assets | 20,502,890 | 22,361,691 |
Current liabilities: | ||
Accounts payable | 96,027 | 112,721 |
Construction payables | 331,850 | 270,929 |
Accrued interest payable | 9,774 | 7,943 |
Other accrued liabilities | 1,642,861 | 1,984,444 |
Deferred income taxes | 14,769 | 12,522 |
Income taxes payable | 174,687 | 224,201 |
Current maturities of long-term debt | 94,672 | 99,734 |
Total current liabilities | 2,364,640 | 2,712,494 |
Other long-term liabilities | 122,849 | 124,614 |
Deferred income taxes | 176,076 | 188,935 |
Deferred proceeds from sale of The Shoppes at The Palazzo | 268,499 | 268,710 |
Deferred gain on sale of The Grand Canal Shoppes | 35,839 | 37,968 |
Deferred rent from mall sale transactions | 114,365 | 115,475 |
Long-term debt | 9,034,271 | 9,892,913 |
Total liabilities | $ 12,116,539 | $ 13,341,109 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 829,921,359 and 829,280,328 shares issued, 795,863,082 and 798,258,172 shares outstanding | $ 830 | $ 829 |
Treasury stock, at cost, 34,058,277 shares and 31,022,156 shares | (2,382,972) | (2,237,952) |
Capital in excess of par value | 6,468,902 | 6,428,762 |
Accumulated other comprehensive income (loss) | (86,340) | 76,101 |
Retained earnings | 2,891,109 | 2,945,846 |
Total Las Vegas Sands Corp. stockholders’ equity | 6,891,529 | 7,213,586 |
Noncontrolling interests | 1,494,822 | 1,806,996 |
Total equity | 8,386,351 | 9,020,582 |
Total liabilities and equity | $ 20,502,890 | $ 22,361,691 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 829,921,359 | 829,280,328 |
Common stock, shares outstanding | 795,863,082 | 798,258,172 |
Treasury stock, shares | 34,058,277 | 31,022,156 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Casino | $ 2,242,571 | $ 2,897,084 | $ 6,920,757 | $ 9,281,959 |
Rooms | 379,878 | 386,867 | 1,102,550 | 1,162,205 |
Food and beverage | 188,073 | 185,821 | 555,902 | 582,804 |
Mall | 140,556 | 150,728 | 403,652 | 378,832 |
Convention, retail and other | 129,761 | 128,458 | 389,412 | 391,663 |
Gross revenue | 3,080,839 | 3,748,958 | 9,372,273 | 11,797,463 |
Less — promotional allowances | (187,156) | (215,836) | (545,547) | (629,607) |
Net revenues | 2,893,683 | 3,533,122 | 8,826,726 | 11,167,856 |
Operating expenses: | ||||
Casino | 1,249,861 | 1,634,960 | 3,900,258 | 5,192,809 |
Rooms | 67,360 | 66,301 | 197,991 | 194,682 |
Food and beverage | 99,956 | 95,749 | 295,740 | 291,746 |
Mall | 14,739 | 18,032 | 45,217 | 53,104 |
Convention, retail and other | 67,418 | 68,833 | 205,640 | 233,965 |
Provision for doubtful accounts | 32,757 | 31,103 | 126,163 | 142,690 |
General and administrative | 314,117 | 341,501 | 954,197 | 1,005,532 |
Corporate | 37,488 | 42,704 | 127,276 | 138,504 |
Pre-opening | 9,627 | (2,414) | 29,860 | 18,027 |
Development | 3,147 | 3,043 | 7,028 | 8,952 |
Depreciation and amortization | 247,698 | 251,002 | 750,212 | 776,065 |
Amortization of leasehold interests in land | 9,737 | 10,086 | 29,060 | 30,152 |
Loss on disposal of assets | 709 | 801 | 18,590 | 4,922 |
Total operating expenses | 2,154,614 | 2,561,701 | 6,687,232 | 8,091,150 |
Operating income | 739,069 | 971,421 | 2,139,494 | 3,076,706 |
Other income (expense): | ||||
Interest income | 2,158 | 5,609 | 12,598 | 17,109 |
Interest expense, net of amounts capitalized | (66,962) | (66,779) | (199,018) | (207,495) |
Other income (expense) | 16,275 | 95 | 31,589 | (2,368) |
Loss on modification or early retirement of debt | 0 | (1,978) | 0 | (19,942) |
Income before income taxes | 690,540 | 908,368 | 1,984,663 | 2,864,010 |
Income tax expense | (72,347) | (47,869) | (173,941) | (153,939) |
Net income | 618,193 | 860,499 | 1,810,722 | 2,710,071 |
Net income attributable to noncontrolling interests | (98,835) | (188,794) | (310,268) | (590,747) |
Net income attributable to Las Vegas Sands Corp. | $ 519,358 | $ 671,705 | $ 1,500,454 | $ 2,119,324 |
Earnings per share: | ||||
Basic (in usd per share) | $ 0.65 | $ 0.84 | $ 1.88 | $ 2.62 |
Diluted (in usd per share) | $ 0.65 | $ 0.83 | $ 1.88 | $ 2.62 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 796,559,738 | 803,064,834 | 797,400,090 | 808,247,012 |
Diluted (in shares) | 797,302,248 | 804,810,589 | 798,263,294 | 810,288,616 |
Dividends declared per common share | $ 0.65 | $ 0.50 | $ 1.95 | $ 1.50 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 618,193 | $ 860,499 | $ 1,810,722 | $ 2,710,071 |
Currency translation adjustment, net of reclassification and before tax | (112,314) | (52,349) | (160,902) | (18,151) |
Currency translation adjustment, net of reclassification and after tax | (112,314) | (52,349) | (160,902) | (18,151) |
Total comprehensive income | 505,879 | 808,150 | 1,649,820 | 2,691,920 |
Comprehensive income attributable to noncontrolling interests | (99,264) | (185,744) | (311,807) | (588,357) |
Comprehensive income attributable to Las Vegas Sands Corp. | $ 406,615 | $ 622,406 | $ 1,338,013 | $ 2,103,563 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2013 | $ 9,500,529 | $ 827 | $ (570,520) | $ 6,348,065 | $ 173,783 | $ 1,713,339 | $ 1,835,035 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,710,071 | 2,119,324 | 590,747 | ||||
Currency translation adjustment, net of reclassification and after tax | (18,151) | (15,761) | (2,390) | ||||
Exercise of stock options | 48,443 | 2 | 44,058 | 4,383 | |||
Conversion of equity awards to liability awards | 0 | ||||||
Stock-based compensation | 39,039 | 34,288 | 4,751 | ||||
Repurchase of common stock | (1,429,861) | (1,429,861) | |||||
Disposition of interest in majority owned subsidiary | (487) | (487) | |||||
Dividends declared | (1,986,820) | (1,210,250) | (776,570) | ||||
Distributions to noncontrolling interests | (7,165) | (7,165) | |||||
Ending Balance at Sep. 30, 2014 | 8,855,598 | 829 | (2,000,381) | 6,426,411 | 158,022 | 2,622,413 | 1,648,304 |
Beginning Balance at Dec. 31, 2014 | 9,020,582 | 829 | (2,237,952) | 6,428,762 | 76,101 | 2,945,846 | 1,806,996 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,810,722 | 1,500,454 | 310,268 | ||||
Currency translation adjustment, net of reclassification and after tax | (160,902) | (162,441) | 1,539 | ||||
Exercise of stock options | 13,309 | 1 | 11,325 | 1,983 | |||
Tax benefit from stock-based compensation | (17) | (17) | |||||
Conversion of equity awards to liability awards | (6,107) | (4,282) | (1,825) | ||||
Stock-based compensation | 38,243 | 33,114 | 5,129 | ||||
Repurchase of common stock | (145,020) | (145,020) | |||||
Disposition of interest in majority owned subsidiary | 0 | ||||||
Dividends declared | (2,174,311) | (1,555,191) | (619,120) | ||||
Distributions to noncontrolling interests | (10,148) | (10,148) | |||||
Ending Balance at Sep. 30, 2015 | $ 8,386,351 | $ 830 | $ (2,382,972) | $ 6,468,902 | $ (86,340) | $ 2,891,109 | $ 1,494,822 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 1,810,722 | $ 2,710,071 |
Adjustments to reconcile net income to net cash generated from operating activities: | ||
Depreciation and amortization | 750,212 | 776,065 |
Amortization of leasehold interests in land | 29,060 | 30,152 |
Amortization of deferred financing costs and original issue discount | 33,135 | 40,067 |
Amortization of deferred gain on and rent from mall sale transactions | (3,239) | (2,848) |
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo | 419 | 738 |
Non-cash loss on modification or early retirement of debt | 0 | 15,345 |
Loss on disposal of assets | 18,590 | 4,922 |
Stock-based compensation expense | 36,533 | 37,780 |
Provision for doubtful accounts | 126,163 | 142,690 |
Foreign exchange gain | (24,312) | (3,437) |
Excess tax benefits from stock-based compensation | (2,345) | 0 |
Deferred income taxes | (1,523) | (20,452) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 23,348 | 119,384 |
Inventories | 1,405 | (1,193) |
Prepaid expenses and other | 15,801 | (27,882) |
Leasehold interests in land | (4,395) | (3,433) |
Accounts payable | (14,886) | (9,155) |
Accrued interest payable | 2,456 | (5,069) |
Income taxes payable | (32,993) | (27,235) |
Other accrued liabilities | (323,665) | (159,014) |
Net cash generated from operating activities | 2,440,486 | 3,617,496 |
Cash flows from investing activities: | ||
Change in restricted cash and cash equivalents | (941) | 313 |
Capital expenditures | (1,112,967) | (793,114) |
Proceeds from disposal of property and equipment | 823 | 1,580 |
Net cash used in investing activities | (1,113,085) | (791,221) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 13,309 | 48,443 |
Excess tax benefits from stock-based compensation | 2,345 | 0 |
Repurchase of common stock | (138,418) | (1,439,231) |
Dividends paid | (2,174,223) | (1,986,378) |
Distributions to noncontrolling interests | (10,148) | (7,165) |
Proceeds from long-term debt (Note 3) | 1,759,277 | 2,247,725 |
Repayments on long-term debt (Note 3) | (2,373,703) | (2,051,878) |
Payments of deferred financing costs | (11,745) | (88,167) |
Net cash used in financing activities | (2,933,306) | (3,276,651) |
Effect of exchange rate on cash | (44,948) | (2,929) |
Increase (decrease) in cash and cash equivalents | (1,650,853) | (453,305) |
Cash and cash equivalents at beginning of period | 3,506,319 | 3,600,414 |
Cash and cash equivalents at end of period | $ 1,855,466 | $ 3,147,109 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) Supplemental Disclosures - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest, net of amounts capitalized | $ 152,660 | $ 161,062 |
Cash payments for taxes, net of refunds | 196,202 | 194,758 |
Change in construction payables | 60,921 | (164) |
Non-cash investing and financing activities: | ||
Capitalized stock-based compensation costs | 253 | 1,259 |
Change in dividends payable included in other accrued liabilities | (88) | 442 |
Property and equipment acquired under capital lease | 373 | 0 |
Disposition of interest in majority owned subsidiary | 0 | 487 |
Change in common stock repurchase payable included in other accrued liabilities | (6,602) | (9,370) |
Conversion of equity awards to liability awards | $ 6,107 | $ 0 |
Organization and Business of Co
Organization and Business of Company | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business of Company | 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”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2014 , 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 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. The Company’s common stock is traded on the New York Stock Exchange under 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. Operations Macao The Company currently owns 70.1% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20 -year gaming subconcession agreement, which expires in June 2022. The Company owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39 -floor luxury hotel with over 2,900 suites; approximately 376,000 square feet of gaming space; a 15,000 -seat arena; an 1,800 -seat theater; a mall with retail and dining space of approximately 925,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet. The Company owns the Sands Cotai Central, an integrated resort situated across the street from The Venetian Macao and Four Seasons Macao (which is further described below). The Sands Cotai Central opened in phases, beginning in April 2012. The property currently features three hotel towers: the first hotel tower, consisting of approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; the second hotel tower, consisting of approximately 1,800 rooms and suites under the Sheraton brand; and the third hotel tower, consisting of approximately 2,100 rooms and suites under the Sheraton brand. Within Sands Cotai Central, the Company also owns and currently operates approximately 370,000 square feet of gaming space, approximately 350,000 square feet of meeting space and approximately 330,000 square feet of retail space, as well as entertainment and dining facilities. The Company is constructing the remaining phase of the project, which will include a fourth hotel and mixed-use tower under the St. Regis brand that is expected to open at the end of 2015, subject to Macao government approval. The total cost to complete the remaining phase of the project is expected to be approximately $290 million . Upon completion of the project, the integrated resort will feature approximately 370,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater. As of September 30, 2015 , the Company has capitalized costs of $4.80 billion for the entire project, including the land premium (net of amortization) and $79.1 million in outstanding construction payables. The Company owns the Four Seasons Hotel Macao, Cotai Strip (the “Four Seasons Hotel Macao”), which features 360 rooms and suites under the Four Seasons brand and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao”), which features approximately 105,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 258,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and is advancing its plans to monetize units within the Four Seasons Apartments. The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 241,000 square feet of gaming space and a 289 -suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities. Singapore The Company owns and operates the Marina Bay Sands in Singapore, which features three 55 -story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. United States Las Vegas The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; and the Grand Canal Shoppes, which consist of two enclosed retail, dining and entertainment complexes that were sold to GGP Limited Partnership (“GGP,” see “— Note 2 — Property and Equipment, Net”). Pennsylvania The Company owns and operates the Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300 -room hotel tower; a 150,000 -square-foot retail facility; an arts and cultural center; and a 50,000 -square-foot multipurpose event center. The Company owns 86% of the economic interest in the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC. Development Projects Macao The Company submitted plans to the Macao government for The Parisian Macao, an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao is intended to include a gaming area (to be operated under the Company’s gaming subconcession), a hotel with over 3,000 rooms and suites and retail, entertainment, dining and meeting facilities. The Company has commenced construction and expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion , inclusive of payments made for the land premium. As with projects of this nature, the Company will continue to analyze options for both a full and phased opening of the facility, which is anticipated to open in the second half of 2016, subject to Macao government approval. The Company has capitalized costs of $1.39 billion , including the land premium (net of amortization) and $161.5 million in outstanding construction payables, as of September 30, 2015 . In addition, the Company will be completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government. Under the Company’s land concession for The Parisian Macao, the Company is required to complete the development by April 2016. The land concession for Sands Cotai Central contains a similar requirement, which was extended by the Macao government in April 2014, that the development be completed by December 2016. The Company has applied for an extension from the Macao government to complete The Parisian Macao, as the Company believes it will be unable to meet the April 2016 deadline. Should the Company determine that it is unable to complete Sands Cotai Central by December 2016, the Company would then also expect to apply for another extension from the Macao government. If the Company is unable to meet the Sands Cotai Central deadline and the deadlines for either development are not extended, the Company could lose its land concessions for The Parisian Macao or Sands Cotai Central, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $1.39 billion or $4.80 billion in capitalized construction costs and land premiums (net of amortization), as of September 30, 2015 , related to The Parisian Macao and Sands Cotai Central, respectively. United States The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company intends to recommence construction when demand and conditions improve. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty. Should demand and conditions fail to improve or management decides to abandon the project, the Company could record a charge for some portion of the $178.6 million in capitalized construction costs as of September 30, 2015 . Other The Company continues to aggressively pursue new development opportunities globally. Capital Financing Overview Through September 30, 2015 , the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets. The Company held unrestricted cash and cash equivalents of $1.86 billion and restricted cash and cash equivalents of $7.5 million as of September 30, 2015 . The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company may elect to arrange additional financing to fund the balance of its Cotai Strip developments. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update 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, with early application permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. In April 2015, the FASB issued an accounting standard update to simplify the presentation of debt issuance costs. The update requires that debt issuance costs be reported as a deduction of the face amount of the related debt (rather than as an asset) and that the amortization of debt issuance costs continue to be reported as interest expense. In August 2015, the FASB issued an accounting standard update to clarify that this guidance is not required to be applied to line-of-credit arrangements. The amendments do not affect the guidance on the recognition and measurement of debt issuance costs. The guidance will be required to be applied on a retrospective basis and will be effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance will not have a material effect on the Company's financial condition, results of operations or cash flows. In July 2015, the FASB issued an accounting standard update that requires inventory measured using any method other than last-in, first-out or the retail inventory method, to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. If the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss during the period in which it occurs. The guidance is effective for fiscal years beginning after December 15, 2016, and should be applied prospectively, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations or cash flows. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following (in thousands): September 30, December 31, Land and improvements $ 547,236 $ 551,625 Building and improvements 14,911,094 15,187,427 Furniture, fixtures, equipment and leasehold improvements 3,187,315 3,065,859 Transportation 455,433 454,278 Construction in progress 2,686,644 1,796,554 21,787,722 21,055,743 Less — accumulated depreciation and amortization (6,277,618 ) (5,683,269 ) $ 15,510,104 $ 15,372,474 Construction in progress consists of the following (in thousands): September 30, December 31, The Parisian Macao $ 1,340,716 $ 749,176 Sands Cotai Central 575,917 289,518 Four Seasons Macao (principally the Four Seasons Apartments) 427,461 417,920 Other 342,550 339,940 $ 2,686,644 $ 1,796,554 The $342.6 million in other construction in progress as of September 30, 2015 , consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao. In accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”), the Company sold the portion of the Grand Canal Shoppes located within The Palazzo (formerly referred to as "The Shoppes at the Palazzo"). Under the terms of the settlement with GGP on June 24, 2011, the Company retained the $295.4 million of proceeds previously received and participates in certain potential future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $221.9 million (net of $89.5 million of accumulated depreciation) as of September 30, 2015 , will continue to be recorded on the Company’s condensed consolidated balance sheet and will continue to be depreciated in the Company’s condensed consolidated statement of operations. During the three and nine months ended September 30, 2015 and the three and nine months ended September 30, 2014 , the Company capitalized interest expense of $7.1 million , $16.8 million , $2.9 million , and $6.2 million , respectively. During the three and nine months ended September 30, 2015 and the three and nine months ended September 30, 2014 , the Company capitalized approximately $7.0 million , $22.6 million , $9.6 million and $23.7 million , respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt consists of the following (in thousands): September 30, December 31, Corporate and U.S. Related: 2013 U.S. Credit Facility — Term B (net of original issue discount of $8,438 and $9,643, respectively) $ 2,202,188 $ 2,217,857 2013 U.S. Credit Facility — Revolving 300,000 1,020,000 Airplane Financings 60,905 63,671 HVAC Equipment Lease 15,510 16,619 Other 168 401 Macao Related: 2011 VML Credit Facility — Extended Term 2,389,688 2,388,244 2011 VML Credit Facility — Accordion Term 1,000,009 — 2011 VML Credit Facility — Extended Revolving — 820,024 Other 4,536 5,694 Singapore Related: 2012 Singapore Credit Facility — Term 3,155,939 3,460,137 9,128,943 9,992,647 Less — current maturities (94,672 ) (99,734 ) Total long-term debt $ 9,034,271 $ 9,892,913 2013 U.S. Credit Facility As of September 30, 2015 , the Company had $947.9 million of available borrowing capacity under the 2013 U.S. Revolving Facility, net of outstanding letters of credit. 2011 VML Credit Facility In April 2015, the Company entered into a joinder agreement (the "Joinder Agreement") to the 2011 VML Credit Facility. Under the Joinder Agreement, certain lenders agreed to provide term loan commitments of $1.0 billion (the "2011 VML Accordion Term"), which was funded on April 30, 2015 (the “Joinder Funding Date”). The 2011 VML Accordion Term bears interest, at the Company's option, at either the adjusted Eurodollar rate or Hong Kong Inter-bank Offered Rate (“HIBOR”), plus a credit spread, or an alternative base rate, plus a credit spread, which credit spread in each case is determined based on the consolidated total leverage ratio as set forth in the Joinder Agreement. The credit spread ranges from 0.25% to 1.125% per annum for loans accruing interest at the base rate and from 1.25% to 2.125% per annum for loans accruing interest at an adjusted Eurodollar or HIBOR rate. The initial credit spread as of April 30, 2015 (the date the term was funded), was 0.25% per annum for loans accruing interest at a base rate and 1.25% per annum for loans accruing at an adjusted Eurodollar or HIBOR rate. The 2011 VML Accordion Term will mature on March 30, 2021 . Commencing with the quarterly period ending June 30, 2018 , and at the end of each subsequent quarter through March 31, 2019, the Joinder Agreement requires the borrower to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 2.5% of the aggregate principal amount outstanding as of the Joinder Funding Date. Commencing with the quarterly period ending on June 30, 2019, and at the end of each subsequent quarter through March 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 5.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. For the quarterly periods ending on June 30 through December 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 12.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. The remaining balance on the 2011 VML Accordion Term is due on the maturity date. As of September 30, 2015 , the Company had $2.0 billion of available borrowing capacity under the Extended 2011 VML Revolving Facility. 2012 Singapore Credit Facility As of September 30, 2015 , the Company had 494.5 million Singapore dollars ("SGD," approximately $346.2 million at exchange rates in effect on September 30, 2015 ) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit. Cash Flows from Financing Activities Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands): Nine Months Ended 2015 2014 Proceeds from 2011 VML Credit Facility $ 999,277 $ 819,725 Proceeds from 2013 U.S. Credit Facility 760,000 1,428,000 $ 1,759,277 $ 2,247,725 Repayments on 2013 U.S. Credit Facility $ (1,496,874 ) $ (1,224,875 ) Repayments on 2011 VML Credit Facility (820,188 ) (819,680 ) Repayments on 2012 Singapore Credit Facility (51,001 ) — Repayments on Airplane Financings (2,766 ) (2,766 ) Repayments on HVAC Equipment Lease and Other Long-Term Debt (2,874 ) (4,557 ) $ (2,373,703 ) $ (2,051,878 ) Fair Value of Long-Term Debt The estimated fair value of the Company’s long-term debt as of September 30, 2015 and December 31, 2014 , was approximately $8.94 billion and $9.78 billion , respectively, compared to its carrying value of $9.12 billion and $9.98 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). |
Equity and Earnings Per Share
Equity and Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Equity and Earnings Per Share | EQUITY AND EARNINGS PER SHARE Common Stock Dividends On March 31, June 30 and September 30, 2015, the Company paid a dividend of $0.65 per common share as part of a regular cash dividend program. During the nine months ended September 30, 2015 , the Company recorded $1.56 billion as a distribution against retained earnings (of which $841.8 million related to the Principal Stockholder’s family and the remaining $713.4 million related to all other shareholders). On March 31, June 30 and September 30, 2014, the Company paid a dividend of $0.50 per common share as part of a regular cash dividend program. During the nine months ended September 30, 2014 , the Company recorded $1.21 billion as a distribution against retained earnings (of which $647.5 million related to the Principal Stockholder’s family and the remaining $562.5 million related to all other shareholders). In October 2015, the Company’s Board of Directors declared a quarterly dividend of $0.65 per common share (a total estimated to be approximately $517 million ) to be paid on December 31, 2015, to shareholders of record on December 22, 2015. Repurchase Program In June 2013, the Company’s Board of Directors approved a stock repurchase program with an initial authorization of $2.0 billion , which expired in June 2015 , but was substantially completed during the year ended December 31, 2014. In October 2014, the Company's Board of Directors authorized the repurchase of an additional $2.0 billion of its outstanding common stock, which expires in October 2016 . 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, 2015 and 2014 , the Company repurchased 3,036,121 and 18,565,272 shares, respectively, of its common stock for $145.0 million and $1.43 billion , respectively, (including commissions) under this program. All share repurchases of the Company’s common stock have been recorded as treasury stock. Noncontrolling Interests On February 27 and July 15, 2015, 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 ). On February 26, 2014, SCL paid a dividend of HKD 0.87 per share and a special dividend of HKD 0.77 per share, and, on June 30, 2014, paid a dividend of HKD 0.86 per share to SCL shareholders (a total of $2.60 billion , of which the Company retained $1.82 billion during the nine months ended September 30, 2014 ). During the nine months ended September 30, 2015 and 2014 , the Company distributed $10.1 million and $7.2 million , respectively, to certain of its noncontrolling interests. Earnings Per Share The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 796,559,738 803,064,834 797,400,090 808,247,012 Potential dilution from stock options and restricted stock and stock units 742,510 1,745,755 863,204 2,041,604 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 797,302,248 804,810,589 798,263,294 810,288,616 Antidilutive stock options excluded from the calculation of diluted earnings per share 6,140,784 2,941,860 6,103,786 2,833,560 Accumulated Other Comprehensive Income (Loss) As of September 30, 2015 and December 31, 2014 , accumulated other comprehensive income (loss) consisted solely of foreign currency translation adjustments. During the nine months ended September 30, 2015, a $5.3 million gain related to the dissolution of a wholly owned foreign subsidiary was reclassified from accumulated other comprehensive income (loss) and comprehensive income to net income. The amount is included in other income (expense) in the accompanying condensed consolidated statements of operations. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES The Company consolidates any variable interest entities (“VIEs”) in which it is the primary beneficiary and discloses significant variable interests in VIEs for which it is not the primary beneficiary, if any, which management determines such designation based on accounting standards for VIEs. The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and assesses the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. As of September 30, 2015 and December 31, 2014 , the Company’s consolidated joint ventures had total assets of $84.2 million and $85.0 million , respectively, and total liabilities of $147.5 million and $130.6 million , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company’s major tax jurisdictions are the U.S., Macao and Singapore. The Company is subject to examination for tax years beginning 2010 in the U.S., Macao and Singapore. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax return for tax years 2010 through 2012 . The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome, which may impact the provision for income taxes. The Company does not consider current year's tax earnings and profits of certain foreign subsidiaries to be permanently reinvested. The Company has not provided deferred taxes for these foreign earnings as the Company expects there will be sufficient creditable foreign taxes to offset the U.S. income tax that would result from the repatriation of foreign earnings. The Company recorded valuation allowances on certain net deferred tax assets of its U.S. operations and certain foreign jurisdictions. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and to the extent it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will reduce the valuation allowance in the period such determination is made. In October 2013, the Company received a 5 -year income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2018 . In May 2014, the Company entered into an agreement with the Macao government, effective through the end of 2018 , that provides for an annual payment of 42.4 million patacas (approximately $5.3 million at exchange rates in effect on September 30, 2015 ) that is a substitution for a 12% tax otherwise due from Venetian Macau Limited (“VML”) shareholders on dividend distributions paid from VML gaming profits. |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Employee Compensation | STOCK-BASED EMPLOYEE COMPENSATION Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Compensation expense: Stock options $ 5,010 $ 6,014 $ 20,302 $ 19,364 Restricted stock and stock units 4,332 5,583 16,231 18,416 $ 9,342 $ 11,597 $ 36,533 $ 37,780 Compensation cost (adjustment to compensation cost) capitalized as part of property and equipment $ (72 ) $ 144 $ 253 $ 1,259 LVSC 2004 Plan: Stock options granted — 4 435 63 Weighted average grant date fair value $ — $ 23.06 $ 12.04 $ 32.02 Restricted stock granted 10 — 49 31 Weighted average grant date fair value $ 76.72 $ — $ 59.57 $ 75.46 Restricted stock units granted — — — 6 Weighted average grant date fair value $ — $ — $ — $ 73.68 SCL Equity Plan: Stock options granted — 1,258 2,744 11,447 Weighted average grant date fair value $ — $ 2.72 $ 0.95 $ 3.43 Restricted stock units granted — — 119 189 Weighted average grant date fair value $ — $ — $ 4.90 $ 7.37 During the three and nine months ended September 30, 2015 , SCL paid $0.4 million and $3.3 million , respectively, to settle vested restricted stock units that were previously classified as equity awards. The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: Three Months Ended Nine Months Ended 2015 2014 2015 2014 LVSC 2004 Plan: Weighted average volatility — % 41.1 % 37.3 % 58.3 % Expected term (in years) 0.0 6.0 5.8 5.6 Risk-free rate — % 1.6 % 1.3 % 1.7 % Expected dividends — % 2.7 % 4.7 % 2.7 % SCL Equity Plan: Weighted average volatility — % 63.4 % 44.8 % 65.3 % Expected term (in years) 0.0 6.3 4.0 6.3 Risk-free rate — % 1.4 % 0.7 % 1.3 % Expected dividends — % 3.5 % 6.0 % 3.0 % |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table provides the assets carried at fair value (in thousands): 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) As of September 30, 2015 Cash equivalents (1) $ 526,045 $ 526,045 $ — $ — Interest rate caps (2) $ — $ — $ — $ — As of December 31, 2014 Cash equivalents (1) $ 2,072,177 $ 2,072,177 $ — $ — Interest rate caps (2) $ 3 $ — $ 3 $ — ____________________ (1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days . (2) As of September 30, 2015 and December 31, 2014 , the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements. In October 2015, the Company entered into several forward foreign currency exchange contracts in an effort to manage its foreign currency exposure. As these particular contracts do not qualify for hedge accounting, the increase or decrease in fair value will be recognized as other income or expense in the accompanying condensed consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. 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’s financial condition, results of operations or cash flows. On October 15, 2004, Richard Suen and Round Square Company Limited (“RSC”) filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the “District Court”), asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint 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 $43.8 million . On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme 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 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 began on March 27 and on May 14, 2013, the jury returned a verdict in favor of RSC in the amount of $70.0 million . On May 28, 2013, a judgment was entered in the matter in the amount of $101.6 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. On July 30, 2013, the District Court denied the Company’s motion. On October 17, 2013, the District Court entered an order granting plaintiffs' request for certain costs and fees associated with the litigation in the amount of approximately $1.0 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, RSC filed a request to the Nevada Supreme Court to file a brief exceeding the maximum number of words, which was granted. On October 10, 2014, RSC filed their answering brief. On January 9, 2015, the defendants filed their reply brief. The Company believes that it has valid bases in law and fact to appeal these verdicts. As a result, the Company believes that the likelihood that the amount of the judgments will be affirmed is not probable, and, accordingly, that the amount of any loss cannot be reasonably estimated at this time. Because the Company believes that this potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. In the event that the Company’s assumptions used to evaluate this matter as neither probable nor estimable change in future periods, it may be required to record a liability for an adverse outcome. On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the District Court’s decision. On January 17, 2012, Mr. Jacobs filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to Mr. Jacobs’ opening brief. On March 8, 2012, the District Court set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court held a hearing to determine the outcome of certain discovery disputes and issued an Order on September 14, 2012. In its Order, the District Court fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order (the “January Writ”). On January 29, 2013, the District Court granted defendants' motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the January Writ. On February 28, 2013, the District Court ordered a hearing on plaintiff’s request for sanctions and additional discovery (the “February 28 th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28 th Order (the “April Writ”); and the Nevada Supreme Court ordered the plaintiff to answer the April Writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28 th Order by the District Court until such time as the Nevada Supreme Court decides the April Writ. On June 18, 2013, the District Court scheduled the jurisdictional hearing for July 16-22, 2013 and issued an order allowing the plaintiff access to privileged communications of counsel to the Company (the “June 18 th Order”). On June 21, 2013, the Company filed another writ with the Nevada Supreme Court challenging the June 18 th Order (the “June Writ”). The Nevada Supreme Court accepted the June Writ on June 28, 2013, and issued a stay of the June 18 th Order. On June 28, 2013, the District Court vacated the jurisdictional hearing. On July 3, 2013, the Company filed a motion with the Nevada Supreme Court to consolidate the pending writs (each of which have been fully briefed to the Nevada Supreme Court as of the date of this filing). On October 9, 2013, the Nevada Supreme Court heard arguments on the January Writ and plaintiff’s appeal of the District Court’s dismissal of plaintiff’s defamation claim against Mr. Adelson. The Nevada Supreme Court has taken both matters under advisement pending a decision. On January 29, 2014, the defendants filed Supplemental Authority and a Motion to Recall Mandate with the Nevada Supreme Court to (i) inform the Nevada Supreme Court of a recently decided U.S. Supreme Court case involving similar jurisdictional issues to this matter and (ii) given this new precedent, to review anew its August 26, 2011, writ of mandamus to the District Court, respectively. On February 27, 2014, the Nevada Supreme Court ruled in favor of the Company on the January Writ, which became effective on March 24, 2014. On March 3, 2014, the Nevada Supreme Court heard oral arguments on the April and June Writs. On May 30, 2014, the Nevada Supreme Court overturned the District Court’s dismissal of Mr. Jacob’s defamation claim against Mr. Adelson and remanded the claim for further determination. On June 17, 2014, Mr. Adelson filed a petition for rehearing with the Nevada Supreme Court and, on June 20, 2014, the Nevada Supreme Court ordered Mr. Jacobs to answer the petition for rehearing, which he did on July 7, 2014. On June 26, 2014, SCL filed a Motion for Summary Judgment with respect to jurisdiction with the District Court, which was denied on July 29, 2014. On June 30, 2014, Mr. Jacobs filed a motion for leave to file a second amended complaint. The defendants filed a notice of intent to oppose the motion for leave to file the second amended complaint. On July 1, 2014, Mr. Jacobs filed a motion to reconsider the dismissal of the defamation claim. On July 3, 2014, Mr. Adelson filed a notice of intent to oppose the motion to reconsider and requested oral argument. Also on July 3, 2014, the defendants filed a motion to continue the stay of the District Court’s March 26, 2013, order compelling the production of documents from Macao and a notice of intent to oppose plaintiff’s motion to reconsider the dismissal of his defamation claim against LVSC and SCL. On July 22, 2014, the defendants filed a motion for leave to file a reply in support of their petition for rehearing on the defamation claim with the Nevada Supreme Court. On July 22, 2014, SCL filed its reply in support of its Motion for Summary Judgment on jurisdiction and opposition to plaintiff’s counter Motion for Summary Judgment. On July 25, 2014, the Nevada Supreme Court granted defendants’ motion for leave to file a reply. On July 29, 2014, the Nevada Supreme Court heard the Motions for Summary Judgment and denied them both. On August 7, 2014, the Nevada Supreme Court denied the writ challenging the District Court’s order on plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On August 7, 2014, the Nevada Supreme Court granted in part defendants’ writ with respect to the District Court’s June 19, 2013, order requiring the production of privileged material. On August 7, 2014, the Nevada Supreme Court also denied rehearing on its reversal of the dismissal of the defamation claim by a vote of 4-3. On August 13, 2014, the District Court ruled that plaintiff may amend his complaint except for the defamation claim against Mr. Adelson until the remittitur from the Nevada Supreme Court is received. The District Court also allowed the sanctions hearing to move forward and is reviewing documents in camera to determine whether they were properly withheld on privilege grounds. On September 4, 2014, SCL filed its pre-hearing memorandum regarding the sanctions hearing regarding plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On September 12, 2014, the plaintiff filed a motion for release of the privileged documents from the District Court appointed document custodian on the grounds of waiver. On September 16, 2014, the plaintiff filed a motion seeking to stop defendants from modifying their privilege log and seeking a waiver of all privilege claims as a result of alleged deficiencies in the original privilege. On September 26, 2014, after the Nevada Supreme Court issued its remittitur, plaintiff filed his motion for leave to file a third amended complaint against LVSC, SCL and Mr. Adelson. On September 26, 2014, the defendants filed their opposition to plaintiff’s motion for release of documents on the grounds of waiver. On October 3, 2014, the plaintiff filed his reply in support of his two waiver motions relating to the documents held by the District Court appointed custodian. On October 9, 2014, the District Court granted plaintiff's motion in part and denied the remainder. On October 17, 2014, SCL filed a motion to reconsider the District Court’s March 27, 2013, order concerning a discovery dispute. On October 10, 2014, Mr. Adelson filed his opposition to plaintiff's motion to file a third amended complaint, which SCL and LVSC joined on October 14, 2014. On October 30, 2014, the plaintiff filed his reply in support of his motion to file a third amended complaint. On November 5, 2014, the District Court ordered that SCL waived privilege on three confidential reports. On November 7, 2014, the District Court granted plaintiff's motion to file a third amended complaint. On November 7, 2014, defendants filed a motion for partial re-consideration of the November 5, 2014, order waiving privilege. On January 6, 2015, the District Court scheduled a sanctions hearing for February 9, 2015, and the evidentiary hearing on jurisdiction for April 20, 2015. On January 12, 2015, defendants each filed their motions to dismiss the third amended complaint. Defendants’ motions to dismiss the third amended complaint were fully briefed on February 19, 2015, and the District Court heard oral argument on February 27, 2015. In an order entered on March 30, 2015, the District Court denied Mr. Adelson’s motion to dismiss the defamation claim, but granted his motion to dismiss with respect to plaintiff’s wrongful discharge claim on the ground that Mr. Adelson was not the plaintiff’s employer. The District Court denied LVSC’s motion to dismiss and strike certain allegations in the complaint. The District Court reserved judgment on SCL’s motion to dismiss until after it ruled on jurisdiction. On April 7, 2015, LVSC filed a motion for reconsideration of the order on the limited ground that the court had erroneously stated that LVSC was in fact Plaintiff’s employer rather than stating that Plaintiff had alleged that he was LVSC’s employee. Plaintiff conceded that point in his response filed on April 20, 2015. A hearing was held on the motion for reconsideration on April 21, 2015. The sanctions hearing was held over six days, beginning on February 9 and ending on March 3, 2015. On March 6, 2015, the District Court issued a decision and order imposing sanctions on SCL for violating its September 14, 2012 Order, which the District Court construed as prohibiting SCL from redacting any documents produced in response to jurisdictional discovery requests to comply with the Macao Data Privacy Act. On March 6, 2015, the District Court ordered additional discovery to be provided by SCL. The District Court also ordered SCL to pay a total of $250,000 to five different law-related entities. Finally, the District Court imposed evidentiary sanctions on SCL, prohibiting it from offering any affirmative evidence at the hearing on jurisdiction scheduled to begin on April 20, 2015, and stating that it would adversely infer, subject to SCL’s ability to rebut the inference within the evidentiary constraints imposed on it, that any document redacted to comply with the Macao Data Privacy Act would support plaintiff’s assertion of personal jurisdiction over SCL and would contradict SCL’s denial. SCL sought a stay of the order from the District Court on March 13, 2015, and when that was denied, from the Nevada Supreme Court on March 16, 2015. The Nevada Supreme Court granted a partial stay on March 17, 2015, staying SCL’s obligation to pay $250,000 and to run additional searches, but declining to stay the April 20, 2015 hearing on jurisdiction. SCL filed a petition for mandamus in the Nevada Supreme Court on March 20, 2015. Plaintiff filed his response on March 27, 2015, and SCL filed its reply on March 31, 2015. On April 2, 2015, the Nevada Supreme Court denied the mandamus petition with respect to everything but the $250,000 sanction and lifted the stay except with respect to that sanction. The jurisdictional hearing began on April 20, 2015, and concluded on May 7, 2015. On May 28, 2015, the District Court issued an order finding specific and general jurisdiction of SCL. On June 19, 2015, SCL filed a petition for writ of mandamus seeking review of the decision. On June 23, 2015, the Nevada Supreme Court entered an Order Directing Answer to the Jurisdictional Writ Petition and staying the May 28, 2015 Order. Also on June 23, 2015, SCL filed a writ petition challenging the District Court's order requiring the deposition of an SCL independent board member on U.S. soil. In conjunction with the June 23 writ petition, SCL also moved to stay the scheduled deposition and plaintiff filed his opposition to the motion. Nevada Supreme Court filed its June 23, 2015 Order granting the emergency stay, accepting the writ and accepting plaintiff's opposition to the motion to stay as the answer to the June 23 Petition. On June 26, 2015, defendants filed a writ petition challenging the expedited trial date and discovery schedule set by the District Court, followed by a June 29, 2015 motion to stay all proceedings pending a decision on the writ petition. Plaintiff opposed the motion to stay on June 30, 2015. On July 1, 2015, the Nevada Supreme Court entered an order consolidating the three pending writ petitions, granting in part the stay sought in conjunction with the June 26, petition, ordering briefing on that petition. The Nevada Supreme Court's July 1, 2015 Order vacated the expedited trial date and the pretrial motions set by the District Court. On July 22, 2015, the plaintiff filed his answer to the writ petition challenging the expedited trial date and related pretrial deadlines, and on July 23, plaintiff answered the writ petition challenging the May 28 jurisdiction order. On September 1, 2015, the Nevada Supreme Court held a consolidated oral argument on all three pending writ petitions. No decision has yet been issued. As a result of the Nevada Supreme Court's July 1, 2015 Order, the District Court issued a scheduling order setting a fact discovery cut-off of April 18, 2016, and a trial date of June 26, 2016. On September 18, 2015, plaintiff filed, with leave of court, a Fifth Amended Complaint, adding VML as a defendant on the two breach of contract claims alleged in the complaint. The Fifth Amended Complaint alleges that LVSC entered into a term sheet with Mr. Jacobs in which it promised certain benefits in the event that Mr. Jacobs was terminated without cause. Plaintiff claims that, in connection with SCL’s initial public offering, LVSC assigned the term sheet to both SCL and VML, which (together with LVSC) allegedly assumed liability for breaches of the term sheet. In Count I of the Fifth Amended Complaint, plaintiff alleges that he was terminated without cause and that LVSC, SCL and VML breached the term sheet by not paying the severance required under those circumstances. In Count II, plaintiff claims that certain stock options in SCL purportedly awarded to him should have vested when he was terminated and seeks damages from LVSC, SCL and VML for SCL’s refusal to recognize the options. Count III is a claim for breach of an implied covenant of good faith and fair dealing against LVSC, SCL and VML. Count IV repeats plaintiff’s earlier claim for tortious discharge in violation of public policy and is alleged against LVSC alone. Count V repeats plaintiff’s claims for defamation per se and is alleged against Mr. Adelson, LVSC and SCL. Count VI repeats a tortious discharge in violation of public policy claim against Mr. Adelson, which the District Court previously dismissed with prejudice. Count VII alleges aiding and abetting tortious discharge in violation of public policy against SCL. Count VIII alleges a conspiracy between LVSC and SCL to tortious discharge of plaintiff in violation of public policy. LVSC has answered the Fifth Amended Complaint and re-filed its previously filed counterclaim against plaintiff. SCL’s obligation to respond to plaintiff’s complaint has been suspended pending a decision from the Nevada Supreme Court on the issue of personal jurisdiction. On October 19, 2015, VML moved to quash service of the summons and on October 21, 2015, further moved to dismiss all claims against VML. Mr. Jacobs is seeking unspecified damages. 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. On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above. After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ. As part of the 2012 annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls. Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings: • do not have a material impact on the financial statements of the Company; • do not warrant any restatement of the Company’s past financial statements; and • do not represent a material weakness in the Company’s internal controls over financial reporting as of September 30, 2015 . The investigation by the Audit Committee is complete. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, or the range of reasonably possible loss, if any. On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (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 August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. 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, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed 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. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing defendants’ Motion for Partial Reconsideration of the court’s order dated August 24, 2011, striking additional portions of the plaintiff’s complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiff 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, 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 has been suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard 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 Second Amended Complaint. Discovery in the matter has re-started. On January 8, 2014, plaintiffs filed a motion to expand the certified class period, which was granted by the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery is scheduled to close on December 18, 2015. 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. 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 FCPA. 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 has granted several successive stays since that time, with the case currently stayed until April 18, 2016. 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. On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a 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, 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 and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages 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 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 and Gaines actions. The complaint seeks to recover for the Company unspecified damages, 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 Novembe |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao, the St. Regis tower (the remaining phase of Sands Cotai Central) and the Four Seasons Apartments in Macao, and the Las Vegas Condo Tower (which construction is currently suspended and is included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The Company’s segment information as of September 30, 2015 and December 31, 2014 , and for the three and nine months ended September 30, 2015 and 2014 , is as follows (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net Revenues Macao: The Venetian Macao $ 699,553 $ 943,037 $ 2,226,198 $ 3,160,374 Sands Cotai Central 550,159 816,463 1,676,154 2,428,822 Four Seasons Macao 167,947 265,432 533,314 863,940 Sands Macao 207,364 280,079 674,289 906,882 Other Asia 43,422 41,439 117,428 113,286 1,668,445 2,346,450 5,227,383 7,473,304 Marina Bay Sands 750,677 735,505 2,248,535 2,375,618 United States: Las Vegas Operating Properties 385,472 380,461 1,107,871 1,116,194 Sands Bethlehem 144,003 127,338 409,204 370,644 529,475 507,799 1,517,075 1,486,838 Intersegment eliminations (54,914 ) (56,632 ) (166,267 ) (167,904 ) Total net revenues $ 2,893,683 $ 3,533,122 $ 8,826,726 $ 11,167,856 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Intersegment Revenues Macao: The Venetian Macao $ 1,563 $ 1,842 $ 4,822 $ 4,230 Sands Cotai Central 134 77 290 223 Other Asia 10,237 11,360 30,138 31,799 11,934 13,279 35,250 36,252 Marina Bay Sands 2,320 2,969 7,578 8,989 Las Vegas Operating Properties 40,660 40,384 123,439 122,663 Total intersegment revenues $ 54,914 $ 56,632 $ 166,267 $ 167,904 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Adjusted Property EBITDA (1) Macao: The Venetian Macao $ 256,381 $ 352,735 $ 781,313 $ 1,224,876 Sands Cotai Central 170,457 267,031 490,577 781,210 Four Seasons Macao 58,785 101,184 177,591 282,179 Sands Macao 51,132 88,099 174,794 261,856 Other Asia 8,427 3,130 16,780 1,248 545,182 812,179 1,641,055 2,551,369 Marina Bay Sands 389,717 351,687 1,168,243 1,204,626 United States: Las Vegas Operating Properties 79,790 90,183 208,065 235,950 Sands Bethlehem 37,530 29,846 101,522 84,292 117,320 120,029 309,587 320,242 Total adjusted property EBITDA 1,052,219 1,283,895 3,118,885 4,076,237 Other Operating Costs and Expenses Stock-based compensation (4,744 ) (7,252 ) (17,365 ) (22,909 ) Corporate (37,488 ) (42,704 ) (127,276 ) (138,504 ) Pre-opening (9,627 ) 2,414 (29,860 ) (18,027 ) Development (3,147 ) (3,043 ) (7,028 ) (8,952 ) Depreciation and amortization (247,698 ) (251,002 ) (750,212 ) (776,065 ) Amortization of leasehold interests in land (9,737 ) (10,086 ) (29,060 ) (30,152 ) Loss on disposal of assets (709 ) (801 ) (18,590 ) (4,922 ) Operating income 739,069 971,421 2,139,494 3,076,706 Other Non-Operating Costs and Expenses Interest income 2,158 5,609 12,598 17,109 Interest expense, net of amounts capitalized (66,962 ) (66,779 ) (199,018 ) (207,495 ) Other income (expense) 16,275 95 31,589 (2,368 ) Loss on modification or early retirement of debt — (1,978 ) — (19,942 ) Income tax expense (72,347 ) (47,869 ) (173,941 ) (153,939 ) Net income $ 618,193 $ 860,499 $ 1,810,722 $ 2,710,071 ____________________ (1) Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. Nine Months Ended 2015 2014 Capital Expenditures Corporate and Other $ 9,404 $ 24,271 Macao: The Venetian Macao 54,615 80,297 Sands Cotai Central 333,373 232,032 Four Seasons Macao 12,097 30,469 Sands Macao 16,592 24,264 Other Asia 1,916 1,563 The Parisian Macao 519,794 259,969 938,387 628,594 Marina Bay Sands 96,665 54,048 United States: Las Vegas Operating Properties 55,047 79,150 Sands Bethlehem 13,464 7,051 68,511 86,201 Total capital expenditures $ 1,112,967 $ 793,114 September 30, December 31, Total Assets Corporate and Other $ 516,404 $ 613,683 Macao: The Venetian Macao 2,755,651 3,900,921 Sands Cotai Central 4,383,591 4,761,907 Four Seasons Macao 1,059,305 1,157,502 Sands Macao 403,418 414,689 Other Asia 286,580 304,463 The Parisian Macao 1,396,939 805,220 Other Development Projects 84 91 10,285,568 11,344,793 Marina Bay Sands 5,595,215 6,106,397 United States: Las Vegas Operating Properties 3,459,559 3,623,808 Sands Bethlehem 646,144 673,010 4,105,703 4,296,818 Total assets $ 20,502,890 $ 22,361,691 September 30, December 31, Total Long-Lived Assets Corporate and Other $ 341,254 $ 357,071 Macao: The Venetian Macao 1,813,515 1,893,032 Sands Cotai Central 3,941,869 3,814,699 Four Seasons Macao 915,771 932,034 Sands Macao 271,390 286,640 Other Asia 169,011 177,335 The Parisian Macao 1,394,717 804,328 8,506,273 7,908,068 Marina Bay Sands 4,432,300 4,874,263 United States: Las Vegas Operating Properties 2,941,209 3,024,380 Sands Bethlehem 552,458 561,782 3,493,667 3,586,162 Total long-lived assets $ 16,773,494 $ 16,725,564 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION LVSLLC, as the issuer and primary obligor of the 2013 U.S. Credit Facility, VCR, Venetian Marketing, Inc., Sands Expo & Convention Center, Inc. and Sands Pennsylvania, Inc. (collectively, the “Restricted Subsidiaries”) are all guarantors under the 2013 U.S. Credit Facility. The noncontrolling interest amounts included in the Restricted Subsidiaries’ condensed consolidating financial information are related to non-voting preferred stock of one of the subsidiaries held by third parties. In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC (a subsidiary of VCR) was sold to GGP; however, the sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain potential future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Restricted Subsidiaries, and therefore are included in the “Restricted Subsidiaries” columns in the following condensed consolidating financial information. As a result, net liabilities of $46.6 million (consisting of $268.5 million of liabilities, primarily comprised of deferred proceeds from the sale, partially offset by $221.9 million of property and equipment) and $40.3 million (consisting of $268.8 million of liabilities, primarily comprised of deferred proceeds from the sale, partially offset by $228.5 million of property and equipment) as of September 30, 2015 and December 31, 2014 , respectively, and a net loss (consisting primarily of depreciation expense) of $2.3 million and $7.0 million for the three and nine months ended September 30, 2015 , respectively, and $2.9 million and $9.2 million for the three and nine months ended September 30, 2014 , respectively, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for the 2013 U.S. Credit Facility. The following condensed consolidating financial information of LVSC, a non-guarantor parent; the Restricted Subsidiaries, including LVSLLC as the issuer; and the non-restricted subsidiaries on a combined basis as of September 30, 2015 and December 31, 2014 , and for the three and nine months ended September 30, 2015 and 2014 , is being presented in order to meet the reporting requirements under the 2013 U.S. Credit Facility, and is not intended to comply with SEC Regulation S-X 3-10 (in thousands): CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 LVSC (Non-Guarantor Parent) Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Cash and cash equivalents $ 56,741 $ 258,992 $ 1,539,733 $ — $ 1,855,466 Restricted cash and cash equivalents — — 7,514 — 7,514 Intercompany receivables 617,230 262,307 — (879,537 ) — Intercompany notes receivable — — 376,622 (376,622 ) — Accounts receivable, net 850 269,679 1,044,662 — 1,315,191 Inventories 6,750 10,394 22,611 — 39,755 Deferred income taxes, net 6,494 30,575 629 (37,698 ) — Prepaid expenses and other 24,766 14,308 72,271 (48 ) 111,297 Total current assets 712,831 846,255 3,064,042 (1,293,905 ) 3,329,223 Property and equipment, net 118,983 2,898,677 12,492,444 — 15,510,104 Investments in subsidiaries 6,592,378 4,713,169 — (11,305,547 ) — Deferred financing costs, net 80 20,965 158,260 — 179,305 Intercompany receivables 215 17,476 — (17,691 ) — Intercompany notes receivable — 1,394,011 — (1,394,011 ) — Deferred income taxes, net — — 133,494 (103,502 ) 29,992 Leasehold interests in land, net — — 1,263,390 — 1,263,390 Intangible assets, net 690 — 74,179 — 74,869 Other assets, net 380 17,985 97,642 — 116,007 Total assets $ 7,425,557 $ 9,908,538 $ 17,283,451 $ (14,114,656 ) $ 20,502,890 Accounts payable $ 5,594 $ 30,811 $ 59,622 $ — $ 96,027 Construction payables 19 1,375 330,456 — 331,850 Intercompany payables — 533,113 346,424 (879,537 ) — Intercompany notes payable 376,622 — — (376,622 ) — Accrued interest payable 75 1,143 8,556 — 9,774 Other accrued liabilities 33,278 218,242 1,391,341 — 1,642,861 Deferred income taxes — — 52,467 (37,698 ) 14,769 Income taxes payable 438 — 174,297 (48 ) 174,687 Current maturities of long-term debt 3,688 24,033 66,951 — 94,672 Total current liabilities 419,714 808,717 2,430,114 (1,293,905 ) 2,364,640 Other long-term liabilities 1,872 8,804 112,173 — 122,849 Intercompany payables — — 17,691 (17,691 ) — Intercompany notes payable — — 1,394,011 (1,394,011 ) — Deferred income taxes 55,225 48,277 176,076 (103,502 ) 176,076 Deferred amounts related to mall sale transactions — 418,703 — — 418,703 Long-term debt 57,217 2,493,833 6,483,221 — 9,034,271 Total liabilities 534,028 3,778,334 10,613,286 (2,809,109 ) 12,116,539 Total Las Vegas Sands Corp. stockholders’ equity 6,891,529 6,129,799 5,175,748 (11,305,547 ) 6,891,529 Noncontrolling interests — 405 1,494,417 — 1,494,822 Total equity 6,891,529 6,130,204 6,670,165 (11,305,547 ) 8,386,351 Total liabilities and equity $ 7,425,557 $ 9,908,538 $ 17,283,451 $ (14,114,656 ) $ 20,502,890 CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Cash and cash equivalents $ 114,125 $ 345,399 $ 3,046,795 $ — $ 3,506,319 Restricted cash and cash equivalents — — 6,566 — 6,566 Intercompany receivables 431,754 255,371 — (687,125 ) — Intercompany notes receivable — — 370,836 (370,836 ) — Accounts receivable, net 15,144 270,838 1,224,790 — 1,510,772 Inventories 5,238 10,745 25,691 — 41,674 Deferred income taxes, net 6,803 31,240 1,196 (39,239 ) — Prepaid expenses and other 26,210 11,889 87,530 (461 ) 125,168 Total current assets 599,274 925,482 4,763,404 (1,097,661 ) 5,190,499 Property and equipment, net 130,155 2,979,485 12,262,834 — 15,372,474 Investments in subsidiaries 7,010,357 5,864,848 — (12,875,205 ) — Deferred financing costs, net 123 25,153 180,320 — 205,596 Intercompany receivables 226 38,763 — (38,989 ) — Intercompany notes receivable — 1,250,544 — (1,250,544 ) — Deferred income taxes, net — — 127,963 (96,243 ) 31,720 Leasehold interests in land, net — — 1,353,090 — 1,353,090 Intangible assets, net 690 — 85,570 — 86,260 Other assets, net 714 19,736 101,602 — 122,052 Total assets $ 7,741,539 $ 11,104,011 $ 18,874,783 $ (15,358,642 ) $ 22,361,691 Accounts payable $ 8,065 $ 25,489 $ 79,167 $ — $ 112,721 Construction payables 156 4,001 266,772 — 270,929 Intercompany payables — 430,596 256,529 (687,125 ) — Intercompany notes payable 370,836 — — (370,836 ) — Accrued interest payable 76 1,030 6,837 — 7,943 Other accrued liabilities 31,050 233,781 1,719,613 — 1,984,444 Deferred income taxes — — 51,761 (39,239 ) 12,522 Income taxes payable — — 224,662 (461 ) 224,201 Current maturities of long-term debt 3,688 24,224 71,822 — 99,734 Total current liabilities 413,871 719,121 2,677,163 (1,097,661 ) 2,712,494 Other long-term liabilities 3,014 9,255 112,345 — 124,614 Intercompany payables — — 38,989 (38,989 ) — Intercompany notes payable — — 1,250,544 (1,250,544 ) — Deferred income taxes 51,085 45,158 188,935 (96,243 ) 188,935 Deferred amounts related to mall sale transactions — 422,153 — — 422,153 Long-term debt 59,983 3,230,653 6,602,277 — 9,892,913 Total liabilities 527,953 4,426,340 10,870,253 (2,483,437 ) 13,341,109 Total Las Vegas Sands Corp. stockholders’ equity 7,213,586 6,677,266 6,197,939 (12,875,205 ) 7,213,586 Noncontrolling interests — 405 1,806,591 — 1,806,996 Total equity 7,213,586 6,677,671 8,004,530 (12,875,205 ) 9,020,582 Total liabilities and equity $ 7,741,539 $ 11,104,011 $ 18,874,783 $ (15,358,642 ) $ 22,361,691 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 127,868 $ 2,114,703 $ — $ 2,242,571 Rooms — 138,042 241,836 — 379,878 Food and beverage — 54,290 133,783 — 188,073 Mall — — 140,556 — 140,556 Convention, retail and other — 76,985 98,462 (45,686 ) 129,761 — 397,185 2,729,340 (45,686 ) 3,080,839 Less — promotional allowances (152 ) (24,559 ) (161,772 ) (673 ) (187,156 ) Net revenues (152 ) 372,626 2,567,568 (46,359 ) 2,893,683 Operating expenses: Casino — 77,301 1,173,330 (770 ) 1,249,861 Rooms — 39,148 28,212 — 67,360 Food and beverage — 28,093 72,836 (973 ) 99,956 Mall — — 14,739 — 14,739 Convention, retail and other — 20,630 53,867 (7,079 ) 67,418 Provision for doubtful accounts — 8,634 24,123 — 32,757 General and administrative — 83,559 230,841 (283 ) 314,117 Corporate 28,770 56 45,900 (37,238 ) 37,488 Pre-opening — — 9,629 (2 ) 9,627 Development 3,153 — 8 (14 ) 3,147 Depreciation and amortization 6,747 43,180 197,771 — 247,698 Amortization of leasehold interests in land — — 9,737 — 9,737 Loss on disposal of assets — — 709 — 709 38,670 300,601 1,861,702 (46,359 ) 2,154,614 Operating income (loss) (38,822 ) 72,025 705,866 — 739,069 Other income (expense): Interest income 13 53,008 4,017 (54,880 ) 2,158 Interest expense, net of amounts capitalized (2,281 ) (26,457 ) (93,104 ) 54,880 (66,962 ) Other income (expense) — (5,324 ) 21,599 — 16,275 Income from equity investments in subsidiaries 476,969 363,425 — (840,394 ) — Income before income taxes 435,879 456,677 638,378 (840,394 ) 690,540 Income tax benefit (expense) 83,479 (41,512 ) (114,314 ) — (72,347 ) Net income 519,358 415,165 524,064 (840,394 ) 618,193 Net income attributable to noncontrolling interests — (775 ) (98,060 ) — (98,835 ) Net income attributable to Las Vegas Sands Corp. $ 519,358 $ 414,390 $ 426,004 $ (840,394 ) $ 519,358 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 165,070 $ 2,732,014 $ — $ 2,897,084 Rooms — 115,620 271,247 — 386,867 Food and beverage — 39,497 146,324 — 185,821 Mall — — 150,728 — 150,728 Convention, retail and other — 73,387 100,834 (45,763 ) 128,458 — 393,574 3,401,147 (45,763 ) 3,748,958 Less — promotional allowances (255 ) (23,207 ) (191,770 ) (604 ) (215,836 ) Net revenues (255 ) 370,367 3,209,377 (46,367 ) 3,533,122 Operating expenses: Casino — 78,908 1,556,870 (818 ) 1,634,960 Rooms — 35,752 30,549 — 66,301 Food and beverage — 22,595 74,123 (969 ) 95,749 Mall — — 18,032 — 18,032 Convention, retail and other — 21,668 55,443 (8,278 ) 68,833 Provision for doubtful accounts — 10,936 20,167 — 31,103 General and administrative — 75,457 266,275 (231 ) 341,501 Corporate 37,084 798 40,887 (36,065 ) 42,704 Pre-opening — 36 (2,450 ) — (2,414 ) Development 3,039 — 10 (6 ) 3,043 Depreciation and amortization 4,951 45,368 200,683 — 251,002 Amortization of leasehold interests in land — — 10,086 — 10,086 (Gain) loss on disposal of assets — (4 ) 805 — 801 45,074 291,514 2,271,480 (46,367 ) 2,561,701 Operating income (loss) (45,329 ) 78,853 937,897 — 971,421 Other income (expense): Interest income 49 45,699 6,753 (46,892 ) 5,609 Interest expense, net of amounts capitalized (1,596 ) (27,703 ) (84,372 ) 46,892 (66,779 ) Other income (expense) — (1,690 ) 1,785 — 95 Loss on modification or early retirement of debt — — (1,978 ) — (1,978 ) Income from equity investments in subsidiaries 708,737 634,464 — (1,343,201 ) — Income before income taxes 661,861 729,623 860,085 (1,343,201 ) 908,368 Income tax benefit (expense) 9,844 (46,663 ) (11,050 ) — (47,869 ) Net income 671,705 682,960 849,035 (1,343,201 ) 860,499 Net income attributable to noncontrolling interests — (536 ) (188,258 ) — (188,794 ) Net income attributable to Las Vegas Sands Corp. $ 671,705 $ 682,424 $ 660,777 $ (1,343,201 ) $ 671,705 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 326,158 $ 6,594,599 $ — $ 6,920,757 Rooms — 402,490 700,060 — 1,102,550 Food and beverage — 163,278 392,624 — 555,902 Mall — — 403,652 — 403,652 Convention, retail and other — 241,850 286,220 (138,658 ) 389,412 — 1,133,776 8,377,155 (138,658 ) 9,372,273 Less — promotional allowances (598 ) (67,051 ) (475,899 ) (1,999 ) (545,547 ) Net revenues (598 ) 1,066,725 7,901,256 (140,657 ) 8,826,726 Operating expenses: Casino — 224,463 3,678,237 (2,442 ) 3,900,258 Rooms — 113,891 84,100 — 197,991 Food and beverage — 82,688 216,027 (2,975 ) 295,740 Mall — — 45,217 — 45,217 Convention, retail and other — 66,044 161,389 (21,793 ) 205,640 Provision for doubtful accounts — 26,914 99,249 — 126,163 General and administrative — 238,292 716,758 (853 ) 954,197 Corporate 105,962 234 133,629 (112,549 ) 127,276 Pre-opening — — 29,865 (5 ) 29,860 Development 7,052 — 16 (40 ) 7,028 Depreciation and amortization 20,441 128,497 601,274 — 750,212 Amortization of leasehold interests in land — — 29,060 — 29,060 Loss on disposal of assets — 2,191 16,399 — 18,590 133,455 883,214 5,811,220 (140,657 ) 6,687,232 Operating income (loss) (134,053 ) 183,511 2,090,036 — 2,139,494 Other income (expense): Interest income 105 151,657 18,020 (157,184 ) 12,598 Interest expense, net of amounts capitalized (6,653 ) (82,236 ) (267,313 ) 157,184 (199,018 ) Other income (expense) — (3,446 ) 35,035 — 31,589 Income from equity investments in subsidiaries 1,461,516 1,177,503 — (2,639,019 ) — Income before income taxes 1,320,915 1,426,989 1,875,778 (2,639,019 ) 1,984,663 Income tax benefit (expense) 179,539 (102,604 ) (250,876 ) — (173,941 ) Net income 1,500,454 1,324,385 1,624,902 (2,639,019 ) 1,810,722 Net income attributable to noncontrolling interests — (2,272 ) (307,996 ) — (310,268 ) Net income attributable to Las Vegas Sands Corp. $ 1,500,454 $ 1,322,113 $ 1,316,906 $ (2,639,019 ) $ 1,500,454 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 379,178 $ 8,902,781 $ — $ 9,281,959 Rooms — 377,849 784,356 — 1,162,205 Food and beverage — 153,588 429,216 — 582,804 Mall — — 378,832 — 378,832 Convention, retail and other — 237,578 292,815 (138,730 ) 391,663 — 1,148,193 10,788,000 (138,730 ) 11,797,463 Less — promotional allowances (996 ) (65,530 ) (561,457 ) (1,624 ) (629,607 ) Net revenues (996 ) 1,082,663 10,226,543 (140,354 ) 11,167,856 Operating expenses: Casino — 217,495 4,977,715 (2,401 ) 5,192,809 Rooms — 108,277 86,405 — 194,682 Food and beverage — 75,150 219,678 (3,082 ) 291,746 Mall — — 53,104 — 53,104 Convention, retail and other — 78,304 179,913 (24,252 ) 233,965 Provision for doubtful accounts — 26,820 115,870 — 142,690 General and administrative — 236,831 769,409 (708 ) 1,005,532 Corporate 124,220 1,736 122,443 (109,895 ) 138,504 Pre-opening — 133 17,895 (1 ) 18,027 Development 8,861 — 106 (15 ) 8,952 Depreciation and amortization 19,566 136,995 619,504 — 776,065 Amortization of leasehold interests in land — — 30,152 — 30,152 (Gain) loss on disposal of assets — 6,751 (1,829 ) — 4,922 152,647 888,492 7,190,365 (140,354 ) 8,091,150 Operating income (loss) (153,643 ) 194,171 3,036,178 — 3,076,706 Other income (expense): Interest income 123 130,747 20,566 (134,327 ) 17,109 Interest expense, net of amounts capitalized (4,736 ) (84,987 ) (252,099 ) 134,327 (207,495 ) Other expense — (1,447 ) (921 ) — (2,368 ) Loss on modification or early retirement of debt — — (19,942 ) — (19,942 ) Income from equity investments in subsidiaries 2,183,199 1,950,227 — (4,133,426 ) — Income before income taxes 2,024,943 2,188,711 2,783,782 (4,133,426 ) 2,864,010 Income tax benefit (expense) 94,381 (100,749 ) (147,571 ) — (153,939 ) Net income 2,119,324 2,087,962 2,636,211 (4,133,426 ) 2,710,071 Net income attributable to noncontrolling interests — (1,612 ) (589,135 ) — (590,747 ) Net income attributable to Las Vegas Sands Corp. $ 2,119,324 $ 2,086,350 $ 2,047,076 $ (4,133,426 ) $ 2,119,324 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 519,358 $ 415,165 $ 524,064 $ (840,394 ) $ 618,193 Currency translation adjustment, before and after tax (112,743 ) (95,366 ) (112,314 ) 208,109 (112,314 ) Total comprehensive income 406,615 319,799 411,750 (632,285 ) 505,879 Comprehensive income attributable to noncontrolling interests — (775 ) (98,489 ) — (99,264 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 406,615 $ 319,024 $ 313,261 $ (632,285 ) $ 406,615 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 671,705 $ 682,960 $ 849,035 $ (1,343,201 ) $ 860,499 Currency translation adjustment, before and after tax (49,299 ) (42,807 ) (52,349 ) 92,106 (52,349 ) Total comprehensive income 622,406 640,153 796,686 (1,251,095 ) 808,150 Comprehensive income attributable to noncontrolling interests — (536 ) (185,208 ) — (185,744 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 622,406 $ 639,617 $ 611,478 $ (1,251,095 ) $ 622,406 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 1,500,454 $ 1,324,385 $ 1,624,902 $ (2,639,019 ) $ 1,810,722 Currency translation adjustment, net of reclassification adjustment and before and after tax (162,441 ) (137,883 ) (160,902 ) 300,324 (160,902 ) Total comprehensive income 1,338,013 1,186,502 1,464,000 (2,338,695 ) 1,649,820 Comprehensive income attributable to noncontrolling interests — (2,272 ) (309,535 ) — (311,807 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 1,338,013 $ 1,184,230 $ 1,154,465 $ (2,338,695 ) $ 1,338,013 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 2,119,324 $ 2,087,962 $ 2,636,211 $ (4,133,426 ) $ 2,710,071 Currency translation adjustment, before and after tax (15,761 ) (14,249 ) (18,151 ) 30,010 (18,151 ) Total comprehensive income 2,103,563 2,073,713 2,618,060 (4,103,416 ) 2,691,920 Comprehensive income attributable to noncontrolling interests — (1,612 ) (586,745 ) — (588,357 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 2,103,563 $ 2,072,101 $ 2,031,315 $ (4,103,416 ) $ 2,103,563 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net cash generated from operating activities $ 1,635,949 $ 2,248,729 $ 2,286,233 $ (3,730,425 ) $ 2,440,486 Cash flows from investing activities: Change in restricted cash and cash equivalents — — (941 ) — (941 ) Capital expenditures (9,406 ) (52,519 ) (1,051,042 ) — (1,112,967 ) Proceeds from disposal of property and equipment — 13 810 — 823 Dividends received from non-restricted subsidiaries — 1,231,308 — (1,231,308 ) — Repayments of receivable from non-restricted subsidiaries — 1,964 — (1,964 ) — Capital contributions to subsidiaries — (1,143,708 ) — 1,143,708 — Net cash generated from (used in) investing activities (9,406 ) 37,058 (1,051,173 ) (89,564 ) (1,113,085 ) Cash flows from financing activities: Proceeds from exercise of stock options 10,015 — 3,294 — 13,309 Excess tax benefit from stock option exercises 2,345 — — — 2,345 Repurchase of common stock (138,418 ) — — — (138,418 ) Dividends paid (1,555,103 ) — (619,120 ) — (2,174,223 ) Distributions to noncontrolling interests — (2,272 ) (7,876 ) — (10,148 ) Dividends paid to Las Vegas Sands Corp. — (1,631,706 ) (98,841 ) 1,730,547 — Dividends paid to Restricted Subsidiaries — — (3,231,186 ) 3,231,186 — Capital contributions received — — 1,143,708 (1,143,708 ) — Repayments on borrowings from Restricted Subsidiaries — — (1,964 ) 1,964 — Proceeds from 2011 VML credit facility — — 999,277 — 999,277 Proceeds from 2013 U.S. credit facility — 760,000 — — 760,000 Repayments on 2013 U.S. credit facility — (1,496,874 ) — — (1,496,874 ) Repayments on 2011 VML credit facility — — (820,188 ) — (820,188 ) Repayments on 2012 Singapore credit facility — — (51,001 ) — (51,001 ) Repayments on airplane financings (2,766 ) — — — (2,766 ) Repayments on HVAC equipment lease and other long-term debt — (1,342 ) (1,532 ) — (2,874 ) Payments of deferred financing costs — — (11,745 ) — (11,745 ) Net cash used in financing activities (1,683,927 ) (2,372,194 ) (2,697,174 ) 3,819,989 (2,933,306 ) Effect of exchange rate on cash — — (44,948 ) — (44,948 ) Decrease in cash and cash equivalents (57,384 ) (86,407 ) (1,507,062 ) — (1,650,853 ) Cash and cash equivalents at beginning of period 114,125 345,399 3,046,795 — 3,506,319 Cash and cash equivalents at end of period $ 56,741 $ 258,992 $ 1,539,733 $ — $ 1,855,466 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net cash generated from operating activities $ 2,714,186 $ 2,593,710 $ 3,481,769 $ (5,172,169 ) $ 3,617,496 Cash flows from investing activities: Change in restricted cash and cash equivalents — — 313 — 313 Capital expenditures (23,824 ) (78,763 ) (690,527 ) — (793,114 ) Proceeds from disposal of property and equipment — 667 913 — 1,580 Dividends received from non-restricted subsidiaries — 1,238,236 — (1,238,236 ) — Repayments of receivable from non-restricted subsidiaries — 1,615 — (1,615 ) — Capital contributions to subsidiaries — (1,171,006 ) — 1,171,006 — Net cash used in investing activities (23,824 ) (9,251 ) (689,301 ) (68,845 ) (791,221 ) Cash flows from financing activities: Proceeds from exercise of stock options 40,837 — 7,606 — 48,443 Repurchase of common stock (1,439,231 ) — — — (1,439,231 ) Dividends paid (1,209,808 ) — (776,570 ) — (1,986,378 ) Distributions to noncontrolling interests — (1,612 ) (5,553 ) — (7,165 ) Dividends paid to Las Vegas Sands Corp. — (2,771,500 ) (88,131 ) 2,859,631 — Dividends paid to Restricted Subsidiaries — — (3,550,774 ) 3,550,774 — Capital contributions received — — 1,171,006 (1,171,006 ) — Repayments on borrowings from Restricted Subsidiaries — — (1,615 ) 1,615 — Proceeds from 2013 U.S. credit facility — 1,428,000 — — 1,428,000 Proceeds from 2011 VML credit facility — — 819,725 — 819,725 Repayments on 2013 U.S. credit facility — (1,224,875 ) — — (1,224,875 ) Repayments on 2011 VML credit facility — — (819,680 ) — (819,680 ) Repayments on airplane financings (2,766 ) — — — (2,766 ) Repayments on HVAC equipment lease and other long-term debt — (1,797 ) (2,760 ) — (4,557 ) Payments of deferred financing costs — — (88,167 ) — (88,167 ) Net cash used in financing activities (2,610,968 ) (2,571,784 ) (3,334,913 ) 5,241,014 (3,276,651 ) Effect of exchange rate on cash — — (2,929 ) — (2,929 ) Increase (decrease) in cash and cash equivalents 79,394 12,675 (545,374 ) — (453,305 ) Cash and cash equivalents at beginning of period 50,180 315,489 3,234,745 — 3,600,414 Cash and cash equivalents at end of period $ 129,574 $ 328,164 $ 2,689,371 $ — $ 3,147,109 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): September 30, December 31, Land and improvements $ 547,236 $ 551,625 Building and improvements 14,911,094 15,187,427 Furniture, fixtures, equipment and leasehold improvements 3,187,315 3,065,859 Transportation 455,433 454,278 Construction in progress 2,686,644 1,796,554 21,787,722 21,055,743 Less — accumulated depreciation and amortization (6,277,618 ) (5,683,269 ) $ 15,510,104 $ 15,372,474 |
Construction in Progress | Construction in progress consists of the following (in thousands): September 30, December 31, The Parisian Macao $ 1,340,716 $ 749,176 Sands Cotai Central 575,917 289,518 Four Seasons Macao (principally the Four Seasons Apartments) 427,461 417,920 Other 342,550 339,940 $ 2,686,644 $ 1,796,554 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following (in thousands): September 30, December 31, Corporate and U.S. Related: 2013 U.S. Credit Facility — Term B (net of original issue discount of $8,438 and $9,643, respectively) $ 2,202,188 $ 2,217,857 2013 U.S. Credit Facility — Revolving 300,000 1,020,000 Airplane Financings 60,905 63,671 HVAC Equipment Lease 15,510 16,619 Other 168 401 Macao Related: 2011 VML Credit Facility — Extended Term 2,389,688 2,388,244 2011 VML Credit Facility — Accordion Term 1,000,009 — 2011 VML Credit Facility — Extended Revolving — 820,024 Other 4,536 5,694 Singapore Related: 2012 Singapore Credit Facility — Term 3,155,939 3,460,137 9,128,943 9,992,647 Less — current maturities (94,672 ) (99,734 ) Total long-term debt $ 9,034,271 $ 9,892,913 |
Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations | Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands): Nine Months Ended 2015 2014 Proceeds from 2011 VML Credit Facility $ 999,277 $ 819,725 Proceeds from 2013 U.S. Credit Facility 760,000 1,428,000 $ 1,759,277 $ 2,247,725 Repayments on 2013 U.S. Credit Facility $ (1,496,874 ) $ (1,224,875 ) Repayments on 2011 VML Credit Facility (820,188 ) (819,680 ) Repayments on 2012 Singapore Credit Facility (51,001 ) — Repayments on Airplane Financings (2,766 ) (2,766 ) Repayments on HVAC Equipment Lease and Other Long-Term Debt (2,874 ) (4,557 ) $ (2,373,703 ) $ (2,051,878 ) |
Equity and Earnings Per Share (
Equity and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 796,559,738 803,064,834 797,400,090 808,247,012 Potential dilution from stock options and restricted stock and stock units 742,510 1,745,755 863,204 2,041,604 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 797,302,248 804,810,589 798,263,294 810,288,616 Antidilutive stock options excluded from the calculation of diluted earnings per share 6,140,784 2,941,860 6,103,786 2,833,560 |
Stock-Based Employee Compensa23
Stock-Based Employee Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Activity, Arrangements by Share-based Payment Award | Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Compensation expense: Stock options $ 5,010 $ 6,014 $ 20,302 $ 19,364 Restricted stock and stock units 4,332 5,583 16,231 18,416 $ 9,342 $ 11,597 $ 36,533 $ 37,780 Compensation cost (adjustment to compensation cost) capitalized as part of property and equipment $ (72 ) $ 144 $ 253 $ 1,259 LVSC 2004 Plan: Stock options granted — 4 435 63 Weighted average grant date fair value $ — $ 23.06 $ 12.04 $ 32.02 Restricted stock granted 10 — 49 31 Weighted average grant date fair value $ 76.72 $ — $ 59.57 $ 75.46 Restricted stock units granted — — — 6 Weighted average grant date fair value $ — $ — $ — $ 73.68 SCL Equity Plan: Stock options granted — 1,258 2,744 11,447 Weighted average grant date fair value $ — $ 2.72 $ 0.95 $ 3.43 Restricted stock units granted — — 119 189 Weighted average grant date fair value $ — $ — $ 4.90 $ 7.37 |
Stock-Based Compensation Activity, Allocation of Period Costs | Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Compensation expense: Stock options $ 5,010 $ 6,014 $ 20,302 $ 19,364 Restricted stock and stock units 4,332 5,583 16,231 18,416 $ 9,342 $ 11,597 $ 36,533 $ 37,780 Compensation cost (adjustment to compensation cost) capitalized as part of property and equipment $ (72 ) $ 144 $ 253 $ 1,259 LVSC 2004 Plan: Stock options granted — 4 435 63 Weighted average grant date fair value $ — $ 23.06 $ 12.04 $ 32.02 Restricted stock granted 10 — 49 31 Weighted average grant date fair value $ 76.72 $ — $ 59.57 $ 75.46 Restricted stock units granted — — — 6 Weighted average grant date fair value $ — $ — $ — $ 73.68 SCL Equity Plan: Stock options granted — 1,258 2,744 11,447 Weighted average grant date fair value $ — $ 2.72 $ 0.95 $ 3.43 Restricted stock units granted — — 119 189 Weighted average grant date fair value $ — $ — $ 4.90 $ 7.37 |
Black-Scholes Option-Pricing Model Weighted Average Assumptions | The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: Three Months Ended Nine Months Ended 2015 2014 2015 2014 LVSC 2004 Plan: Weighted average volatility — % 41.1 % 37.3 % 58.3 % Expected term (in years) 0.0 6.0 5.8 5.6 Risk-free rate — % 1.6 % 1.3 % 1.7 % Expected dividends — % 2.7 % 4.7 % 2.7 % SCL Equity Plan: Weighted average volatility — % 63.4 % 44.8 % 65.3 % Expected term (in years) 0.0 6.3 4.0 6.3 Risk-free rate — % 1.4 % 0.7 % 1.3 % Expected dividends — % 3.5 % 6.0 % 3.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements | The following table provides the assets carried at fair value (in thousands): 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) As of September 30, 2015 Cash equivalents (1) $ 526,045 $ 526,045 $ — $ — Interest rate caps (2) $ — $ — $ — $ — As of December 31, 2014 Cash equivalents (1) $ 2,072,177 $ 2,072,177 $ — $ — Interest rate caps (2) $ 3 $ — $ 3 $ — ____________________ (1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days . (2) As of September 30, 2015 and December 31, 2014 , the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company’s segment information as of September 30, 2015 and December 31, 2014 , and for the three and nine months ended September 30, 2015 and 2014 , is as follows (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net Revenues Macao: The Venetian Macao $ 699,553 $ 943,037 $ 2,226,198 $ 3,160,374 Sands Cotai Central 550,159 816,463 1,676,154 2,428,822 Four Seasons Macao 167,947 265,432 533,314 863,940 Sands Macao 207,364 280,079 674,289 906,882 Other Asia 43,422 41,439 117,428 113,286 1,668,445 2,346,450 5,227,383 7,473,304 Marina Bay Sands 750,677 735,505 2,248,535 2,375,618 United States: Las Vegas Operating Properties 385,472 380,461 1,107,871 1,116,194 Sands Bethlehem 144,003 127,338 409,204 370,644 529,475 507,799 1,517,075 1,486,838 Intersegment eliminations (54,914 ) (56,632 ) (166,267 ) (167,904 ) Total net revenues $ 2,893,683 $ 3,533,122 $ 8,826,726 $ 11,167,856 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Intersegment Revenues Macao: The Venetian Macao $ 1,563 $ 1,842 $ 4,822 $ 4,230 Sands Cotai Central 134 77 290 223 Other Asia 10,237 11,360 30,138 31,799 11,934 13,279 35,250 36,252 Marina Bay Sands 2,320 2,969 7,578 8,989 Las Vegas Operating Properties 40,660 40,384 123,439 122,663 Total intersegment revenues $ 54,914 $ 56,632 $ 166,267 $ 167,904 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Adjusted Property EBITDA (1) Macao: The Venetian Macao $ 256,381 $ 352,735 $ 781,313 $ 1,224,876 Sands Cotai Central 170,457 267,031 490,577 781,210 Four Seasons Macao 58,785 101,184 177,591 282,179 Sands Macao 51,132 88,099 174,794 261,856 Other Asia 8,427 3,130 16,780 1,248 545,182 812,179 1,641,055 2,551,369 Marina Bay Sands 389,717 351,687 1,168,243 1,204,626 United States: Las Vegas Operating Properties 79,790 90,183 208,065 235,950 Sands Bethlehem 37,530 29,846 101,522 84,292 117,320 120,029 309,587 320,242 Total adjusted property EBITDA 1,052,219 1,283,895 3,118,885 4,076,237 Other Operating Costs and Expenses Stock-based compensation (4,744 ) (7,252 ) (17,365 ) (22,909 ) Corporate (37,488 ) (42,704 ) (127,276 ) (138,504 ) Pre-opening (9,627 ) 2,414 (29,860 ) (18,027 ) Development (3,147 ) (3,043 ) (7,028 ) (8,952 ) Depreciation and amortization (247,698 ) (251,002 ) (750,212 ) (776,065 ) Amortization of leasehold interests in land (9,737 ) (10,086 ) (29,060 ) (30,152 ) Loss on disposal of assets (709 ) (801 ) (18,590 ) (4,922 ) Operating income 739,069 971,421 2,139,494 3,076,706 Other Non-Operating Costs and Expenses Interest income 2,158 5,609 12,598 17,109 Interest expense, net of amounts capitalized (66,962 ) (66,779 ) (199,018 ) (207,495 ) Other income (expense) 16,275 95 31,589 (2,368 ) Loss on modification or early retirement of debt — (1,978 ) — (19,942 ) Income tax expense (72,347 ) (47,869 ) (173,941 ) (153,939 ) Net income $ 618,193 $ 860,499 $ 1,810,722 $ 2,710,071 ____________________ (1) Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. Nine Months Ended 2015 2014 Capital Expenditures Corporate and Other $ 9,404 $ 24,271 Macao: The Venetian Macao 54,615 80,297 Sands Cotai Central 333,373 232,032 Four Seasons Macao 12,097 30,469 Sands Macao 16,592 24,264 Other Asia 1,916 1,563 The Parisian Macao 519,794 259,969 938,387 628,594 Marina Bay Sands 96,665 54,048 United States: Las Vegas Operating Properties 55,047 79,150 Sands Bethlehem 13,464 7,051 68,511 86,201 Total capital expenditures $ 1,112,967 $ 793,114 September 30, December 31, Total Assets Corporate and Other $ 516,404 $ 613,683 Macao: The Venetian Macao 2,755,651 3,900,921 Sands Cotai Central 4,383,591 4,761,907 Four Seasons Macao 1,059,305 1,157,502 Sands Macao 403,418 414,689 Other Asia 286,580 304,463 The Parisian Macao 1,396,939 805,220 Other Development Projects 84 91 10,285,568 11,344,793 Marina Bay Sands 5,595,215 6,106,397 United States: Las Vegas Operating Properties 3,459,559 3,623,808 Sands Bethlehem 646,144 673,010 4,105,703 4,296,818 Total assets $ 20,502,890 $ 22,361,691 September 30, December 31, Total Long-Lived Assets Corporate and Other $ 341,254 $ 357,071 Macao: The Venetian Macao 1,813,515 1,893,032 Sands Cotai Central 3,941,869 3,814,699 Four Seasons Macao 915,771 932,034 Sands Macao 271,390 286,640 Other Asia 169,011 177,335 The Parisian Macao 1,394,717 804,328 8,506,273 7,908,068 Marina Bay Sands 4,432,300 4,874,263 United States: Las Vegas Operating Properties 2,941,209 3,024,380 Sands Bethlehem 552,458 561,782 3,493,667 3,586,162 Total long-lived assets $ 16,773,494 $ 16,725,564 |
Condensed Consolidating Finan26
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 LVSC (Non-Guarantor Parent) Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Cash and cash equivalents $ 56,741 $ 258,992 $ 1,539,733 $ — $ 1,855,466 Restricted cash and cash equivalents — — 7,514 — 7,514 Intercompany receivables 617,230 262,307 — (879,537 ) — Intercompany notes receivable — — 376,622 (376,622 ) — Accounts receivable, net 850 269,679 1,044,662 — 1,315,191 Inventories 6,750 10,394 22,611 — 39,755 Deferred income taxes, net 6,494 30,575 629 (37,698 ) — Prepaid expenses and other 24,766 14,308 72,271 (48 ) 111,297 Total current assets 712,831 846,255 3,064,042 (1,293,905 ) 3,329,223 Property and equipment, net 118,983 2,898,677 12,492,444 — 15,510,104 Investments in subsidiaries 6,592,378 4,713,169 — (11,305,547 ) — Deferred financing costs, net 80 20,965 158,260 — 179,305 Intercompany receivables 215 17,476 — (17,691 ) — Intercompany notes receivable — 1,394,011 — (1,394,011 ) — Deferred income taxes, net — — 133,494 (103,502 ) 29,992 Leasehold interests in land, net — — 1,263,390 — 1,263,390 Intangible assets, net 690 — 74,179 — 74,869 Other assets, net 380 17,985 97,642 — 116,007 Total assets $ 7,425,557 $ 9,908,538 $ 17,283,451 $ (14,114,656 ) $ 20,502,890 Accounts payable $ 5,594 $ 30,811 $ 59,622 $ — $ 96,027 Construction payables 19 1,375 330,456 — 331,850 Intercompany payables — 533,113 346,424 (879,537 ) — Intercompany notes payable 376,622 — — (376,622 ) — Accrued interest payable 75 1,143 8,556 — 9,774 Other accrued liabilities 33,278 218,242 1,391,341 — 1,642,861 Deferred income taxes — — 52,467 (37,698 ) 14,769 Income taxes payable 438 — 174,297 (48 ) 174,687 Current maturities of long-term debt 3,688 24,033 66,951 — 94,672 Total current liabilities 419,714 808,717 2,430,114 (1,293,905 ) 2,364,640 Other long-term liabilities 1,872 8,804 112,173 — 122,849 Intercompany payables — — 17,691 (17,691 ) — Intercompany notes payable — — 1,394,011 (1,394,011 ) — Deferred income taxes 55,225 48,277 176,076 (103,502 ) 176,076 Deferred amounts related to mall sale transactions — 418,703 — — 418,703 Long-term debt 57,217 2,493,833 6,483,221 — 9,034,271 Total liabilities 534,028 3,778,334 10,613,286 (2,809,109 ) 12,116,539 Total Las Vegas Sands Corp. stockholders’ equity 6,891,529 6,129,799 5,175,748 (11,305,547 ) 6,891,529 Noncontrolling interests — 405 1,494,417 — 1,494,822 Total equity 6,891,529 6,130,204 6,670,165 (11,305,547 ) 8,386,351 Total liabilities and equity $ 7,425,557 $ 9,908,538 $ 17,283,451 $ (14,114,656 ) $ 20,502,890 CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Cash and cash equivalents $ 114,125 $ 345,399 $ 3,046,795 $ — $ 3,506,319 Restricted cash and cash equivalents — — 6,566 — 6,566 Intercompany receivables 431,754 255,371 — (687,125 ) — Intercompany notes receivable — — 370,836 (370,836 ) — Accounts receivable, net 15,144 270,838 1,224,790 — 1,510,772 Inventories 5,238 10,745 25,691 — 41,674 Deferred income taxes, net 6,803 31,240 1,196 (39,239 ) — Prepaid expenses and other 26,210 11,889 87,530 (461 ) 125,168 Total current assets 599,274 925,482 4,763,404 (1,097,661 ) 5,190,499 Property and equipment, net 130,155 2,979,485 12,262,834 — 15,372,474 Investments in subsidiaries 7,010,357 5,864,848 — (12,875,205 ) — Deferred financing costs, net 123 25,153 180,320 — 205,596 Intercompany receivables 226 38,763 — (38,989 ) — Intercompany notes receivable — 1,250,544 — (1,250,544 ) — Deferred income taxes, net — — 127,963 (96,243 ) 31,720 Leasehold interests in land, net — — 1,353,090 — 1,353,090 Intangible assets, net 690 — 85,570 — 86,260 Other assets, net 714 19,736 101,602 — 122,052 Total assets $ 7,741,539 $ 11,104,011 $ 18,874,783 $ (15,358,642 ) $ 22,361,691 Accounts payable $ 8,065 $ 25,489 $ 79,167 $ — $ 112,721 Construction payables 156 4,001 266,772 — 270,929 Intercompany payables — 430,596 256,529 (687,125 ) — Intercompany notes payable 370,836 — — (370,836 ) — Accrued interest payable 76 1,030 6,837 — 7,943 Other accrued liabilities 31,050 233,781 1,719,613 — 1,984,444 Deferred income taxes — — 51,761 (39,239 ) 12,522 Income taxes payable — — 224,662 (461 ) 224,201 Current maturities of long-term debt 3,688 24,224 71,822 — 99,734 Total current liabilities 413,871 719,121 2,677,163 (1,097,661 ) 2,712,494 Other long-term liabilities 3,014 9,255 112,345 — 124,614 Intercompany payables — — 38,989 (38,989 ) — Intercompany notes payable — — 1,250,544 (1,250,544 ) — Deferred income taxes 51,085 45,158 188,935 (96,243 ) 188,935 Deferred amounts related to mall sale transactions — 422,153 — — 422,153 Long-term debt 59,983 3,230,653 6,602,277 — 9,892,913 Total liabilities 527,953 4,426,340 10,870,253 (2,483,437 ) 13,341,109 Total Las Vegas Sands Corp. stockholders’ equity 7,213,586 6,677,266 6,197,939 (12,875,205 ) 7,213,586 Noncontrolling interests — 405 1,806,591 — 1,806,996 Total equity 7,213,586 6,677,671 8,004,530 (12,875,205 ) 9,020,582 Total liabilities and equity $ 7,741,539 $ 11,104,011 $ 18,874,783 $ (15,358,642 ) $ 22,361,691 |
Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 127,868 $ 2,114,703 $ — $ 2,242,571 Rooms — 138,042 241,836 — 379,878 Food and beverage — 54,290 133,783 — 188,073 Mall — — 140,556 — 140,556 Convention, retail and other — 76,985 98,462 (45,686 ) 129,761 — 397,185 2,729,340 (45,686 ) 3,080,839 Less — promotional allowances (152 ) (24,559 ) (161,772 ) (673 ) (187,156 ) Net revenues (152 ) 372,626 2,567,568 (46,359 ) 2,893,683 Operating expenses: Casino — 77,301 1,173,330 (770 ) 1,249,861 Rooms — 39,148 28,212 — 67,360 Food and beverage — 28,093 72,836 (973 ) 99,956 Mall — — 14,739 — 14,739 Convention, retail and other — 20,630 53,867 (7,079 ) 67,418 Provision for doubtful accounts — 8,634 24,123 — 32,757 General and administrative — 83,559 230,841 (283 ) 314,117 Corporate 28,770 56 45,900 (37,238 ) 37,488 Pre-opening — — 9,629 (2 ) 9,627 Development 3,153 — 8 (14 ) 3,147 Depreciation and amortization 6,747 43,180 197,771 — 247,698 Amortization of leasehold interests in land — — 9,737 — 9,737 Loss on disposal of assets — — 709 — 709 38,670 300,601 1,861,702 (46,359 ) 2,154,614 Operating income (loss) (38,822 ) 72,025 705,866 — 739,069 Other income (expense): Interest income 13 53,008 4,017 (54,880 ) 2,158 Interest expense, net of amounts capitalized (2,281 ) (26,457 ) (93,104 ) 54,880 (66,962 ) Other income (expense) — (5,324 ) 21,599 — 16,275 Income from equity investments in subsidiaries 476,969 363,425 — (840,394 ) — Income before income taxes 435,879 456,677 638,378 (840,394 ) 690,540 Income tax benefit (expense) 83,479 (41,512 ) (114,314 ) — (72,347 ) Net income 519,358 415,165 524,064 (840,394 ) 618,193 Net income attributable to noncontrolling interests — (775 ) (98,060 ) — (98,835 ) Net income attributable to Las Vegas Sands Corp. $ 519,358 $ 414,390 $ 426,004 $ (840,394 ) $ 519,358 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 165,070 $ 2,732,014 $ — $ 2,897,084 Rooms — 115,620 271,247 — 386,867 Food and beverage — 39,497 146,324 — 185,821 Mall — — 150,728 — 150,728 Convention, retail and other — 73,387 100,834 (45,763 ) 128,458 — 393,574 3,401,147 (45,763 ) 3,748,958 Less — promotional allowances (255 ) (23,207 ) (191,770 ) (604 ) (215,836 ) Net revenues (255 ) 370,367 3,209,377 (46,367 ) 3,533,122 Operating expenses: Casino — 78,908 1,556,870 (818 ) 1,634,960 Rooms — 35,752 30,549 — 66,301 Food and beverage — 22,595 74,123 (969 ) 95,749 Mall — — 18,032 — 18,032 Convention, retail and other — 21,668 55,443 (8,278 ) 68,833 Provision for doubtful accounts — 10,936 20,167 — 31,103 General and administrative — 75,457 266,275 (231 ) 341,501 Corporate 37,084 798 40,887 (36,065 ) 42,704 Pre-opening — 36 (2,450 ) — (2,414 ) Development 3,039 — 10 (6 ) 3,043 Depreciation and amortization 4,951 45,368 200,683 — 251,002 Amortization of leasehold interests in land — — 10,086 — 10,086 (Gain) loss on disposal of assets — (4 ) 805 — 801 45,074 291,514 2,271,480 (46,367 ) 2,561,701 Operating income (loss) (45,329 ) 78,853 937,897 — 971,421 Other income (expense): Interest income 49 45,699 6,753 (46,892 ) 5,609 Interest expense, net of amounts capitalized (1,596 ) (27,703 ) (84,372 ) 46,892 (66,779 ) Other income (expense) — (1,690 ) 1,785 — 95 Loss on modification or early retirement of debt — — (1,978 ) — (1,978 ) Income from equity investments in subsidiaries 708,737 634,464 — (1,343,201 ) — Income before income taxes 661,861 729,623 860,085 (1,343,201 ) 908,368 Income tax benefit (expense) 9,844 (46,663 ) (11,050 ) — (47,869 ) Net income 671,705 682,960 849,035 (1,343,201 ) 860,499 Net income attributable to noncontrolling interests — (536 ) (188,258 ) — (188,794 ) Net income attributable to Las Vegas Sands Corp. $ 671,705 $ 682,424 $ 660,777 $ (1,343,201 ) $ 671,705 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 326,158 $ 6,594,599 $ — $ 6,920,757 Rooms — 402,490 700,060 — 1,102,550 Food and beverage — 163,278 392,624 — 555,902 Mall — — 403,652 — 403,652 Convention, retail and other — 241,850 286,220 (138,658 ) 389,412 — 1,133,776 8,377,155 (138,658 ) 9,372,273 Less — promotional allowances (598 ) (67,051 ) (475,899 ) (1,999 ) (545,547 ) Net revenues (598 ) 1,066,725 7,901,256 (140,657 ) 8,826,726 Operating expenses: Casino — 224,463 3,678,237 (2,442 ) 3,900,258 Rooms — 113,891 84,100 — 197,991 Food and beverage — 82,688 216,027 (2,975 ) 295,740 Mall — — 45,217 — 45,217 Convention, retail and other — 66,044 161,389 (21,793 ) 205,640 Provision for doubtful accounts — 26,914 99,249 — 126,163 General and administrative — 238,292 716,758 (853 ) 954,197 Corporate 105,962 234 133,629 (112,549 ) 127,276 Pre-opening — — 29,865 (5 ) 29,860 Development 7,052 — 16 (40 ) 7,028 Depreciation and amortization 20,441 128,497 601,274 — 750,212 Amortization of leasehold interests in land — — 29,060 — 29,060 Loss on disposal of assets — 2,191 16,399 — 18,590 133,455 883,214 5,811,220 (140,657 ) 6,687,232 Operating income (loss) (134,053 ) 183,511 2,090,036 — 2,139,494 Other income (expense): Interest income 105 151,657 18,020 (157,184 ) 12,598 Interest expense, net of amounts capitalized (6,653 ) (82,236 ) (267,313 ) 157,184 (199,018 ) Other income (expense) — (3,446 ) 35,035 — 31,589 Income from equity investments in subsidiaries 1,461,516 1,177,503 — (2,639,019 ) — Income before income taxes 1,320,915 1,426,989 1,875,778 (2,639,019 ) 1,984,663 Income tax benefit (expense) 179,539 (102,604 ) (250,876 ) — (173,941 ) Net income 1,500,454 1,324,385 1,624,902 (2,639,019 ) 1,810,722 Net income attributable to noncontrolling interests — (2,272 ) (307,996 ) — (310,268 ) Net income attributable to Las Vegas Sands Corp. $ 1,500,454 $ 1,322,113 $ 1,316,906 $ (2,639,019 ) $ 1,500,454 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Revenues: Casino $ — $ 379,178 $ 8,902,781 $ — $ 9,281,959 Rooms — 377,849 784,356 — 1,162,205 Food and beverage — 153,588 429,216 — 582,804 Mall — — 378,832 — 378,832 Convention, retail and other — 237,578 292,815 (138,730 ) 391,663 — 1,148,193 10,788,000 (138,730 ) 11,797,463 Less — promotional allowances (996 ) (65,530 ) (561,457 ) (1,624 ) (629,607 ) Net revenues (996 ) 1,082,663 10,226,543 (140,354 ) 11,167,856 Operating expenses: Casino — 217,495 4,977,715 (2,401 ) 5,192,809 Rooms — 108,277 86,405 — 194,682 Food and beverage — 75,150 219,678 (3,082 ) 291,746 Mall — — 53,104 — 53,104 Convention, retail and other — 78,304 179,913 (24,252 ) 233,965 Provision for doubtful accounts — 26,820 115,870 — 142,690 General and administrative — 236,831 769,409 (708 ) 1,005,532 Corporate 124,220 1,736 122,443 (109,895 ) 138,504 Pre-opening — 133 17,895 (1 ) 18,027 Development 8,861 — 106 (15 ) 8,952 Depreciation and amortization 19,566 136,995 619,504 — 776,065 Amortization of leasehold interests in land — — 30,152 — 30,152 (Gain) loss on disposal of assets — 6,751 (1,829 ) — 4,922 152,647 888,492 7,190,365 (140,354 ) 8,091,150 Operating income (loss) (153,643 ) 194,171 3,036,178 — 3,076,706 Other income (expense): Interest income 123 130,747 20,566 (134,327 ) 17,109 Interest expense, net of amounts capitalized (4,736 ) (84,987 ) (252,099 ) 134,327 (207,495 ) Other expense — (1,447 ) (921 ) — (2,368 ) Loss on modification or early retirement of debt — — (19,942 ) — (19,942 ) Income from equity investments in subsidiaries 2,183,199 1,950,227 — (4,133,426 ) — Income before income taxes 2,024,943 2,188,711 2,783,782 (4,133,426 ) 2,864,010 Income tax benefit (expense) 94,381 (100,749 ) (147,571 ) — (153,939 ) Net income 2,119,324 2,087,962 2,636,211 (4,133,426 ) 2,710,071 Net income attributable to noncontrolling interests — (1,612 ) (589,135 ) — (590,747 ) Net income attributable to Las Vegas Sands Corp. $ 2,119,324 $ 2,086,350 $ 2,047,076 $ (4,133,426 ) $ 2,119,324 |
Condensed Consolidating Statements of Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 519,358 $ 415,165 $ 524,064 $ (840,394 ) $ 618,193 Currency translation adjustment, before and after tax (112,743 ) (95,366 ) (112,314 ) 208,109 (112,314 ) Total comprehensive income 406,615 319,799 411,750 (632,285 ) 505,879 Comprehensive income attributable to noncontrolling interests — (775 ) (98,489 ) — (99,264 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 406,615 $ 319,024 $ 313,261 $ (632,285 ) $ 406,615 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 671,705 $ 682,960 $ 849,035 $ (1,343,201 ) $ 860,499 Currency translation adjustment, before and after tax (49,299 ) (42,807 ) (52,349 ) 92,106 (52,349 ) Total comprehensive income 622,406 640,153 796,686 (1,251,095 ) 808,150 Comprehensive income attributable to noncontrolling interests — (536 ) (185,208 ) — (185,744 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 622,406 $ 639,617 $ 611,478 $ (1,251,095 ) $ 622,406 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 1,500,454 $ 1,324,385 $ 1,624,902 $ (2,639,019 ) $ 1,810,722 Currency translation adjustment, net of reclassification adjustment and before and after tax (162,441 ) (137,883 ) (160,902 ) 300,324 (160,902 ) Total comprehensive income 1,338,013 1,186,502 1,464,000 (2,338,695 ) 1,649,820 Comprehensive income attributable to noncontrolling interests — (2,272 ) (309,535 ) — (311,807 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 1,338,013 $ 1,184,230 $ 1,154,465 $ (2,338,695 ) $ 1,338,013 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net income $ 2,119,324 $ 2,087,962 $ 2,636,211 $ (4,133,426 ) $ 2,710,071 Currency translation adjustment, before and after tax (15,761 ) (14,249 ) (18,151 ) 30,010 (18,151 ) Total comprehensive income 2,103,563 2,073,713 2,618,060 (4,103,416 ) 2,691,920 Comprehensive income attributable to noncontrolling interests — (1,612 ) (586,745 ) — (588,357 ) Comprehensive income attributable to Las Vegas Sands Corp. $ 2,103,563 $ 2,072,101 $ 2,031,315 $ (4,103,416 ) $ 2,103,563 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2015 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net cash generated from operating activities $ 1,635,949 $ 2,248,729 $ 2,286,233 $ (3,730,425 ) $ 2,440,486 Cash flows from investing activities: Change in restricted cash and cash equivalents — — (941 ) — (941 ) Capital expenditures (9,406 ) (52,519 ) (1,051,042 ) — (1,112,967 ) Proceeds from disposal of property and equipment — 13 810 — 823 Dividends received from non-restricted subsidiaries — 1,231,308 — (1,231,308 ) — Repayments of receivable from non-restricted subsidiaries — 1,964 — (1,964 ) — Capital contributions to subsidiaries — (1,143,708 ) — 1,143,708 — Net cash generated from (used in) investing activities (9,406 ) 37,058 (1,051,173 ) (89,564 ) (1,113,085 ) Cash flows from financing activities: Proceeds from exercise of stock options 10,015 — 3,294 — 13,309 Excess tax benefit from stock option exercises 2,345 — — — 2,345 Repurchase of common stock (138,418 ) — — — (138,418 ) Dividends paid (1,555,103 ) — (619,120 ) — (2,174,223 ) Distributions to noncontrolling interests — (2,272 ) (7,876 ) — (10,148 ) Dividends paid to Las Vegas Sands Corp. — (1,631,706 ) (98,841 ) 1,730,547 — Dividends paid to Restricted Subsidiaries — — (3,231,186 ) 3,231,186 — Capital contributions received — — 1,143,708 (1,143,708 ) — Repayments on borrowings from Restricted Subsidiaries — — (1,964 ) 1,964 — Proceeds from 2011 VML credit facility — — 999,277 — 999,277 Proceeds from 2013 U.S. credit facility — 760,000 — — 760,000 Repayments on 2013 U.S. credit facility — (1,496,874 ) — — (1,496,874 ) Repayments on 2011 VML credit facility — — (820,188 ) — (820,188 ) Repayments on 2012 Singapore credit facility — — (51,001 ) — (51,001 ) Repayments on airplane financings (2,766 ) — — — (2,766 ) Repayments on HVAC equipment lease and other long-term debt — (1,342 ) (1,532 ) — (2,874 ) Payments of deferred financing costs — — (11,745 ) — (11,745 ) Net cash used in financing activities (1,683,927 ) (2,372,194 ) (2,697,174 ) 3,819,989 (2,933,306 ) Effect of exchange rate on cash — — (44,948 ) — (44,948 ) Decrease in cash and cash equivalents (57,384 ) (86,407 ) (1,507,062 ) — (1,650,853 ) Cash and cash equivalents at beginning of period 114,125 345,399 3,046,795 — 3,506,319 Cash and cash equivalents at end of period $ 56,741 $ 258,992 $ 1,539,733 $ — $ 1,855,466 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2014 LVSC Restricted Subsidiaries Non-Restricted Subsidiaries Consolidating/ Eliminating Entries Total Net cash generated from operating activities $ 2,714,186 $ 2,593,710 $ 3,481,769 $ (5,172,169 ) $ 3,617,496 Cash flows from investing activities: Change in restricted cash and cash equivalents — — 313 — 313 Capital expenditures (23,824 ) (78,763 ) (690,527 ) — (793,114 ) Proceeds from disposal of property and equipment — 667 913 — 1,580 Dividends received from non-restricted subsidiaries — 1,238,236 — (1,238,236 ) — Repayments of receivable from non-restricted subsidiaries — 1,615 — (1,615 ) — Capital contributions to subsidiaries — (1,171,006 ) — 1,171,006 — Net cash used in investing activities (23,824 ) (9,251 ) (689,301 ) (68,845 ) (791,221 ) Cash flows from financing activities: Proceeds from exercise of stock options 40,837 — 7,606 — 48,443 Repurchase of common stock (1,439,231 ) — — — (1,439,231 ) Dividends paid (1,209,808 ) — (776,570 ) — (1,986,378 ) Distributions to noncontrolling interests — (1,612 ) (5,553 ) — (7,165 ) Dividends paid to Las Vegas Sands Corp. — (2,771,500 ) (88,131 ) 2,859,631 — Dividends paid to Restricted Subsidiaries — — (3,550,774 ) 3,550,774 — Capital contributions received — — 1,171,006 (1,171,006 ) — Repayments on borrowings from Restricted Subsidiaries — — (1,615 ) 1,615 — Proceeds from 2013 U.S. credit facility — 1,428,000 — — 1,428,000 Proceeds from 2011 VML credit facility — — 819,725 — 819,725 Repayments on 2013 U.S. credit facility — (1,224,875 ) — — (1,224,875 ) Repayments on 2011 VML credit facility — — (819,680 ) — (819,680 ) Repayments on airplane financings (2,766 ) — — — (2,766 ) Repayments on HVAC equipment lease and other long-term debt — (1,797 ) (2,760 ) — (4,557 ) Payments of deferred financing costs — — (88,167 ) — (88,167 ) Net cash used in financing activities (2,610,968 ) (2,571,784 ) (3,334,913 ) 5,241,014 (3,276,651 ) Effect of exchange rate on cash — — (2,929 ) — (2,929 ) Increase (decrease) in cash and cash equivalents 79,394 12,675 (545,374 ) — (453,305 ) Cash and cash equivalents at beginning of period 50,180 315,489 3,234,745 — 3,600,414 Cash and cash equivalents at end of period $ 129,574 $ 328,164 $ 2,689,371 $ — $ 3,147,109 |
Organization and Business of 27
Organization and Business of Company (Details) ft² in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015USD ($)ft²ahotel_towerSeatRoomfloor | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Outstanding construction payables | $ | $ 331,850 | $ 270,929 | ||
Cash and cash equivalents | $ | 1,855,466 | $ 3,506,319 | $ 3,147,109 | $ 3,600,414 |
Restricted cash and cash equivalents | $ | $ 7,500 | |||
MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Ownership interest in Sands China Ltd., percentage | 70.10% | |||
Gaming subconcession, period | 20 years | |||
Las Vegas Condo Tower [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Capitalized costs | $ | $ 178,600 | |||
Cotai Strip [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of property (in acres) | a | 140 | |||
The Venetian Macao [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of floors | floor | 39 | |||
Number of hotel rooms | Room | 2,900 | |||
The Venetian Macao [Member] | Gaming Space [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 376 | |||
The Venetian Macao [Member] | Arena [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of seats | Seat | 15,000 | |||
The Venetian Macao [Member] | Theater [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of seats | Seat | 1,800 | |||
The Venetian Macao [Member] | Retail and Dining Space [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 925 | |||
The Venetian Macao [Member] | Convention Center and Meeting Room Complex [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 1,200 | |||
Sands Cotai Central [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Capitalized costs | $ | $ 4,800,000 | |||
Outstanding construction payables | $ | $ 79,100 | |||
Sands Cotai Central [Member] | Gaming Space [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 370 | |||
Area of real estate property, upon completion (square feet) | 370 | |||
Sands Cotai Central [Member] | Convention Center and Meeting Room Facilities [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 350 | |||
Sands Cotai Central [Member] | Convention Center and Meeting Room Facilities [Member] | MACAO [Member] | Minimum [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property, upon completion (square feet) | 550 | |||
Sands Cotai Central [Member] | Retail [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 330 | |||
Sands Cotai Central [Member] | Retail, Dining and Entertainment Space [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property, upon completion (square feet) | 800 | |||
Sands Cotai Central [Member] | Conrad and Holiday Inn Tower [Member] | Five-Star Rooms [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 600 | |||
Sands Cotai Central [Member] | Conrad and Holiday Inn Tower [Member] | Four-Star Rooms [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 1,200 | |||
Sands Cotai Central [Member] | First Sheraton Tower [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 1,800 | |||
Sands Cotai Central [Member] | Second Sheraton Tower [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 2,100 | |||
Sands Cotai Central [Member] | St. Regis Tower [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Expected cost to complete | $ | $ 290,000 | |||
Four Seasons Macao [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 360 | |||
Four Seasons Macao [Member] | Gaming Space [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 105 | |||
Four Seasons Macao [Member] | Paiza Mansion [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 19 | |||
Four Seasons Macao [Member] | Retail [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 258 | |||
Four Seasons Macao [Member] | Four Seasons Apartments [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 1,000 | |||
Sands Macao [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 289 | |||
Sands Macao [Member] | Gaming Space [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 241 | |||
Marina Bay Sands [Member] | SINGAPORE [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of floors | floor | 55 | |||
Number of hotel rooms | Room | 2,600 | |||
Number of towers | hotel_tower | 3 | |||
Marina Bay Sands [Member] | Gaming Space [Member] | SINGAPORE [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 160 | |||
Marina Bay Sands [Member] | Convention Center and Meeting Room Complex [Member] | SINGAPORE [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 1,200 | |||
Marina Bay Sands [Member] | Retail, Dining and Entertainment Space [Member] | SINGAPORE [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 800 | |||
Las Vegas Operating Properties [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 7,100 | |||
Las Vegas Operating Properties [Member] | Gaming Space [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 225 | |||
Las Vegas Operating Properties [Member] | Convention Center and Meeting Room Facilities [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 1,100 | |||
Las Vegas Operating Properties [Member] | Sands Expo Center [Member] | Convention Center and Meeting Room Complex [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 1,200 | |||
Sands Bethlehem [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 300 | |||
Sands Bethlehem [Member] | Gaming Space [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 145 | |||
Sands Bethlehem [Member] | Retail [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 150 | |||
Sands Bethlehem [Member] | Event Center [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Area of real estate property (square feet) | 50 | |||
Sands Bethlehem [Member] | Sands Bethworks Gaming LLC [Member] | UNITED STATES [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Economic interest in subsidiary, percentage | 86.00% | |||
Sands Bethlehem [Member] | Sands Bethworks Retail LLC [Member] | UNITED STATES [Member] | Minimum [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Economic interest in subsidiary, percentage | 35.00% | |||
The Parisian Macao [Member] | MACAO [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Expected cost to complete | $ | $ 2,700,000 | |||
Capitalized costs | $ | 1,390,000 | |||
Outstanding construction payables | $ | $ 161,500 | |||
The Parisian Macao [Member] | MACAO [Member] | Minimum [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number of hotel rooms | Room | 3,000 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 21,787,722 | $ 21,055,743 |
Less — accumulated depreciation and amortization | (6,277,618) | (5,683,269) |
Property and equipment, net | 15,510,104 | 15,372,474 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 547,236 | 551,625 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 14,911,094 | 15,187,427 |
Furniture, Fixtures, Equipment and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,187,315 | 3,065,859 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 455,433 | 454,278 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,686,644 | $ 1,796,554 |
Property and Equipment, Net - C
Property and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | $ 21,787,722 | $ 21,055,743 |
Construction in Progress [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 2,686,644 | 1,796,554 |
Construction in Progress [Member] | The Parisian Macao [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 1,340,716 | 749,176 |
Construction in Progress [Member] | Sands Cotai Central [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 575,917 | 289,518 |
Construction in Progress [Member] | Four Seasons Macao (Principally the Four Seasons Apartments) [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 427,461 | 417,920 |
Construction in Progress [Member] | Other [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | $ 342,550 | $ 339,940 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | Jun. 24, 2011 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, gross | $ 21,787,722 | $ 21,787,722 | $ 21,055,743 | |||
Mall sale, deferred proceeds | 268,499 | 268,499 | 268,710 | |||
Property and equipment, net | 15,510,104 | 15,510,104 | 15,372,474 | |||
Accumulated depreciation and amortization | 6,277,618 | 6,277,618 | 5,683,269 | |||
Capitalized interest expense | 7,100 | $ 2,900 | 16,800 | $ 6,200 | ||
Capitalized internal costs | 7,000 | $ 9,600 | 22,600 | $ 23,700 | ||
The Shoppes At Palazzo [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Mall sale, proceeds | $ 295,400 | |||||
Mall sale, deferred proceeds | $ 266,200 | |||||
Property and equipment, net | 221,900 | 221,900 | 228,500 | |||
Accumulated depreciation and amortization | 89,500 | 89,500 | ||||
Construction in Progress [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, gross | 2,686,644 | 2,686,644 | 1,796,554 | |||
Construction in Progress [Member] | Other [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, gross | $ 342,550 | $ 342,550 | $ 339,940 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | $ 9,128,943 | $ 9,992,647 |
Less - current maturities | (94,672) | (99,734) |
Total long-term debt | 9,034,271 | 9,892,913 |
Other [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 168 | 401 |
Other [Member] | MACAO [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 4,536 | 5,694 |
Secured Debt [Member] | 2013 U.S. Credit Facility Term B [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,202,188 | 2,217,857 |
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 300,000 | 1,020,000 |
Secured Debt [Member] | Airplane Financings [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 60,905 | 63,671 |
Secured Debt [Member] | Extended 2011 VML Credit Facility Term [Member] | MACAO [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,389,688 | 2,388,244 |
Secured Debt [Member] | 2011 VML Accordion Term [Member] | MACAO [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,000,009 | 0 |
Secured Debt [Member] | Extended 2011 VML Credit Facility Revolving [Member] | MACAO [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 820,024 |
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | SINGAPORE [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,155,939 | 3,460,137 |
Capital Lease Obligations [Member] | HVAC Equipment Lease [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 15,510 | $ 16,619 |
Long-term Debt - Schedule of 32
Long-term Debt - Schedule of Long-term Debt - OID (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Secured Debt [Member] | 2013 U.S. Credit Facility Term B [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount | $ 8,438 | $ 9,643 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) SGD in Millions, $ in Millions | Apr. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015SGD | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||
Long-term debt, fair value | $ 8,940 | $ 9,780 | |||
Long-term debt, carrying value | 9,120 | $ 9,980 | |||
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | UNITED STATES [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, available borrowing capacity | 947.9 | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,000 | $ 1,000 | |||
Debt instrument, maturity date | Mar. 30, 2021 | ||||
Debt instrument, frequency of periodic payment | quarterly | ||||
Debt instrument, date of first required payment | Jun. 30, 2018 | ||||
Debt instrument, periodic payment, principal, percentage of principal, period one | 2.50% | ||||
Debt instrument, periodic payment, principal, percentage of principal, period two | 5.00% | ||||
Debt instrument, periodic payment, principal, percentage of principal, period three | 12.00% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Base Rate [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.25% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Base Rate [Member] | Minimum [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.25% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Base Rate [Member] | Maximum [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.125% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.125% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Hong Kong Interbank Offered Rate (HIBOR) [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Hong Kong Interbank Offered Rate (HIBOR) [Member] | Minimum [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Hong Kong Interbank Offered Rate (HIBOR) [Member] | Maximum [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.125% | ||||
Secured Debt [Member] | Extended 2011 VML Credit Facility Revolving [Member] | MACAO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, available borrowing capacity | 2,000 | ||||
Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | SINGAPORE [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, available borrowing capacity | $ 346.2 | SGD 494.5 |
Long-Term Debt - Cash Flows fro
Long-Term Debt - Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | $ 1,759,277 | $ 2,247,725 |
Repayments of long-term debt and capital leases | (2,373,703) | (2,051,878) |
2011 VML Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 999,277 | 819,725 |
Repayments of long-term debt | (820,188) | (819,680) |
2013 U.S Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 760,000 | 1,428,000 |
Repayments of long-term debt | (1,496,874) | (1,224,875) |
2012 Singapore Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (51,001) | |
Airplane Financings [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (2,766) | (2,766) |
HVAC Equipment Lease and Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt and capital leases | (2,874) | (4,557) |
Secured Debt [Member] | 2011 VML Credit Facility [Member] | MACAO [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 999,277 | 819,725 |
Repayments of long-term debt | (820,188) | (819,680) |
Secured Debt [Member] | 2013 U.S Credit Facility [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 760,000 | 1,428,000 |
Repayments of long-term debt | (1,496,874) | (1,224,875) |
Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | SINGAPORE [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (51,001) | 0 |
Secured Debt [Member] | Airplane Financings [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (2,766) | (2,766) |
Other Long-Term Debt And Capital Lease Obligations [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt and capital leases | $ (2,874) | $ (4,557) |
Equity and Earnings Per Share35
Equity and Earnings Per Share (Details) | Sep. 30, 2015$ / shares | Jul. 15, 2015HKD / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Feb. 27, 2015HKD / shares | Sep. 30, 2014$ / shares | Jun. 30, 2014HKD / shares | Jun. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Feb. 26, 2014HKD / shares | Oct. 31, 2015$ / shares | Oct. 31, 2014USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($)shares |
Class of Stock [Line Items] | ||||||||||||||||
Common stock, dividends paid, per share | $ / shares | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.5 | $ 0.50 | $ 0.50 | ||||||||||
Dividends declared | $ 2,174,311,000 | $ 1,986,820,000 | ||||||||||||||
Common stock repurchased, shares | shares | 3,036,121 | 18,565,272 | ||||||||||||||
Common stock repurchased, amount | $ 145,000,000 | $ 1,430,000,000 | ||||||||||||||
Common stock, dividends, cash paid | 2,174,223,000 | 1,986,378,000 | ||||||||||||||
Distributions to noncontrolling interests | 10,148,000 | 7,165,000 | ||||||||||||||
Gain on dissolution of wholly owned foreign subsidiary | 5,300,000 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock, dividends paid, per share | $ / shares | $ 0.65 | |||||||||||||||
Sands China Ltd [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock, dividends paid, per share | HKD / shares | HKD 1 | HKD 0.99 | HKD 0.86 | HKD 0.87 | ||||||||||||
Common stock, special dividends paid, per share | HKD / shares | HKD 0.77 | |||||||||||||||
Common stock, dividends, cash paid | 2,070,000,000 | 2,600,000,000 | ||||||||||||||
Common stock, dividends, cash paid, retained by company | 1,450,000,000 | 1,820,000,000 | ||||||||||||||
June 2013 Authorization [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase program, expiration | Jun. 5, 2015 | |||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | |||||||||||||||
October 2014 Authorization [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase program, expiration | Oct. 9, 2016 | |||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | |||||||||||||||
Retained Earnings [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends declared | 1,555,191,000 | 1,210,250,000 | ||||||||||||||
Retained Earnings [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends declared | $ 517,000,000 | |||||||||||||||
Retained Earnings [Member] | Principal Stockholder's Family [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends declared | 841,800,000 | 647,500,000 | ||||||||||||||
Retained Earnings [Member] | All Other Shareholders [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends declared | $ 713,400,000 | $ 562,500,000 |
Equity and Earnings Per Share -
Equity and Earnings Per Share - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) | 796,559,738 | 803,064,834 | 797,400,090 | 808,247,012 |
Potential dilution from stock options and restricted stock and stock units | 742,510 | 1,745,755 | 863,204 | 2,041,604 |
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) | 797,302,248 | 804,810,589 | 798,263,294 | 810,288,616 |
Antidilutive stock options excluded from the calculation of diluted earnings per share | 6,140,784 | 2,941,860 | 6,103,786 | 2,833,560 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Total assets in Company's joint ventures | $ 84.2 | $ 85 |
Total liabilities in Company's joint ventures | $ 147.5 | $ 130.6 |
Income Taxes (Details)
Income Taxes (Details) - 9 months ended Sep. 30, 2015 MOP in Millions, $ in Millions | USD ($) | MOP |
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | Earliest Tax Year [Member] | SINGAPORE [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year subject to examination | 2,010 | 2,010 |
Income tax examination, year under examination | 2,010 | 2,010 |
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | Latest Tax Year [Member] | SINGAPORE [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year under examination | 2,012 | 2,012 |
Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | MACAO [Member] | ||
Income Taxes [Line Items] | ||
Macao income tax exemption, term | 5 years | 5 years |
Macao income tax exemption, termination date | end of 2018 | end of 2018 |
Macao tax agreement, annual payment, termination date | end of 2018 | end of 2018 |
Macao tax agreement, annual payment | $ 5.3 | MOP 42.4 |
Macao tax due on dividend distributions, percent | 12.00% | 12.00% |
Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | Earliest Tax Year [Member] | MACAO [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year subject to examination | 2,010 | 2,010 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | UNITED STATES [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year subject to examination | 2,010 | 2,010 |
Stock-Based Employee Compensa39
Stock-Based Employee Compensation - Stock-Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 9,342 | $ 11,597 | $ 36,533 | $ 37,780 |
Compensation cost capitalized as part of property and equipment | (72) | 144 | 253 | 1,259 |
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 5,010 | $ 6,014 | $ 20,302 | $ 19,364 |
Stock Option [Member] | LVSC 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 0 | 4 | 435 | 63 |
Stock options granted, weighted average grant date fair value | $ 0 | $ 23.06 | $ 12.04 | $ 32.02 |
Stock Option [Member] | SCL Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 0 | 1,258 | 2,744 | 11,447 |
Stock options granted, weighted average grant date fair value | $ 0 | $ 2.72 | $ 0.95 | $ 3.43 |
Restricted Stock And Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 4,332 | $ 5,583 | $ 16,231 | $ 18,416 |
Restricted Stock [Member] | LVSC 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and stock units granted | 10 | 0 | 49 | 31 |
Restricted stock and stock units granted, weighted average grant date fair value | $ 76.72 | $ 0 | $ 59.57 | $ 75.46 |
Restricted Stock Units (RSUs) [Member] | LVSC 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and stock units granted | 0 | 0 | 0 | 6 |
Restricted stock and stock units granted, weighted average grant date fair value | $ 0 | $ 0 | $ 0 | $ 73.68 |
Restricted Stock Units (RSUs) [Member] | SCL Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and stock units granted | 0 | 0 | 119 | 189 |
Restricted stock and stock units granted, weighted average grant date fair value | $ 0 | $ 0 | $ 4.90 | $ 7.37 |
Stock-Based Employee Compensa40
Stock-Based Employee Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
SCL Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based liabilities, cash paid | $ 0.4 | $ 3.3 |
Stock-Based Employee Compensa41
Stock-Based Employee Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
LVSC 2004 Plan [Member] | ||||
Black-Scholes option-pricing model, weighted average assumptions | ||||
Weighted average volatility | 0.00% | 41.10% | 37.30% | 58.30% |
Expected term (in years) | 0 years | 6 years | 5 years 10 months | 5 years 6 months 22 days |
Risk-free rate | 0.00% | 1.60% | 1.30% | 1.70% |
Expected dividends | 0.00% | 2.70% | 4.70% | 2.70% |
SCL Equity Plan [Member] | ||||
Black-Scholes option-pricing model, weighted average assumptions | ||||
Weighted average volatility | 0.00% | 63.40% | 44.80% | 65.30% |
Expected term (in years) | 0 years | 6 years 3 months 18 days | 4 years | 6 years 3 months 18 days |
Risk-free rate | 0.00% | 1.40% | 0.70% | 1.30% |
Expected dividends | 0.00% | 3.50% | 6.00% | 3.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 526,045 | $ 2,072,177 |
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate caps | [2] | 0 | 3 |
Quoted Market Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 526,045 | 2,072,177 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate caps | [2] | $ 0 | $ 3 |
[1] | The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. | ||
[2] | As of September 30, 2015 and December 31, 2014, the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements. |
Fair Value Measurements - Sch43
Fair Value Measurements - Schedule of Fair Value Measurements - Footnotes (Details) - Derivative | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, original maturities | less than 90 days | |
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap agreements, number | 1 | 4 |
Commitments and Contingencies (
Commitments and Contingencies (Details) MOP in Billions | Mar. 06, 2015USD ($) | Jul. 09, 2014USD ($) | Oct. 17, 2013USD ($) | May. 28, 2013USD ($) | May. 14, 2013USD ($) | Sep. 14, 2012USD ($) | Jan. 19, 2012USD ($) | Jan. 19, 2012MOP | Jun. 30, 2008USD ($) | May. 24, 2008USD ($) | Oct. 15, 2004USD ($) | Aug. 31, 2013USD ($) |
Suen and Round Square Company Limited [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency allegations, success fee | $ 5,000,000 | |||||||||||
Loss contingency allegations, net profit percentage | 2.00% | |||||||||||
Suen and Round Square Company Limited [Member] | Jury Verdict [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, amount awarded under appeal or stay | $ 70,000,000 | $ 43,800,000 | ||||||||||
Suen and Round Square Company Limited [Member] | Judgment Including Interest as of Judgment Date [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, amount awarded under appeal or stay | $ 101,600,000 | $ 58,600,000 | ||||||||||
Suen and Round Square Company Limited [Member] | Costs and Fees [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, amount awarded under appeal or stay | $ 1,000,000 | |||||||||||
Steven Jacobs Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, fines paid | $ 25,000 | |||||||||||
Steven Jacobs Matter [Member] | Costs and Fees [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, amount awarded under appeal or stay | $ 250,000 | |||||||||||
Asian American Entertainment Corporation, Limited [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought | $ 5,000,000,000 | $ 375,800,000 | MOP 3 | |||||||||
U.S. Attorneys Office [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Legal settlement | $ 47,400,000 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Net revenues | $ 2,893,683 | $ 3,533,122 | $ 8,826,726 | $ 11,167,856 | ||
Adjusted property EBITDA | [1] | 1,052,219 | 1,283,895 | 3,118,885 | 4,076,237 | |
Stock-based compensation | (4,744) | (7,252) | (17,365) | (22,909) | ||
Corporate | (37,488) | (42,704) | (127,276) | (138,504) | ||
Pre-opening | (9,627) | 2,414 | (29,860) | (18,027) | ||
Development | (3,147) | (3,043) | (7,028) | (8,952) | ||
Depreciation and amortization | (247,698) | (251,002) | (750,212) | (776,065) | ||
Amortization of leasehold interests in land | (9,737) | (10,086) | (29,060) | (30,152) | ||
Loss on disposal of assets | (709) | (801) | (18,590) | (4,922) | ||
Operating income | 739,069 | 971,421 | 2,139,494 | 3,076,706 | ||
Interest income | 2,158 | 5,609 | 12,598 | 17,109 | ||
Interest expense, net of amounts capitalized | (66,962) | (66,779) | (199,018) | (207,495) | ||
Other income (expense) | 16,275 | 95 | 31,589 | (2,368) | ||
Loss on modification or early retirement of debt | 0 | (1,978) | 0 | (19,942) | ||
Income tax expense | (72,347) | (47,869) | (173,941) | (153,939) | ||
Net income | 618,193 | 860,499 | 1,810,722 | 2,710,071 | ||
Capital expenditures | 1,112,967 | 793,114 | ||||
Assets | 20,502,890 | 20,502,890 | $ 22,361,691 | |||
Long-lived assets | 16,773,494 | 16,773,494 | 16,725,564 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | 9,404 | 24,271 | ||||
Assets | 516,404 | 516,404 | 613,683 | |||
Long-lived assets | 341,254 | 341,254 | 357,071 | |||
MACAO [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,668,445 | 2,346,450 | 5,227,383 | 7,473,304 | ||
Adjusted property EBITDA | [1] | 545,182 | 812,179 | 1,641,055 | 2,551,369 | |
Capital expenditures | 938,387 | 628,594 | ||||
Assets | 10,285,568 | 10,285,568 | 11,344,793 | |||
Long-lived assets | 8,506,273 | 8,506,273 | 7,908,068 | |||
MACAO [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 256,381 | 352,735 | 781,313 | 1,224,876 | |
Capital expenditures | 54,615 | 80,297 | ||||
Assets | 2,755,651 | 2,755,651 | 3,900,921 | |||
Long-lived assets | 1,813,515 | 1,813,515 | 1,893,032 | |||
MACAO [Member] | Sands Cotai Central [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 170,457 | 267,031 | 490,577 | 781,210 | |
Capital expenditures | 333,373 | 232,032 | ||||
Assets | 4,383,591 | 4,383,591 | 4,761,907 | |||
Long-lived assets | 3,941,869 | 3,941,869 | 3,814,699 | |||
MACAO [Member] | Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 58,785 | 101,184 | 177,591 | 282,179 | |
Capital expenditures | 12,097 | 30,469 | ||||
Assets | 1,059,305 | 1,059,305 | 1,157,502 | |||
Long-lived assets | 915,771 | 915,771 | 932,034 | |||
MACAO [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 51,132 | 88,099 | 174,794 | 261,856 | |
Capital expenditures | 16,592 | 24,264 | ||||
Assets | 403,418 | 403,418 | 414,689 | |||
Long-lived assets | 271,390 | 271,390 | 286,640 | |||
MACAO [Member] | Other Asia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 8,427 | 3,130 | 16,780 | 1,248 | |
Capital expenditures | 1,916 | 1,563 | ||||
Assets | 286,580 | 286,580 | 304,463 | |||
Long-lived assets | 169,011 | 169,011 | 177,335 | |||
MACAO [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | 519,794 | 259,969 | ||||
Assets | 1,396,939 | 1,396,939 | 805,220 | |||
Long-lived assets | 1,394,717 | 1,394,717 | 804,328 | |||
MACAO [Member] | Other Development Projects [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 84 | 84 | 91 | |||
SINGAPORE [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 389,717 | 351,687 | 1,168,243 | 1,204,626 | |
Capital expenditures | 96,665 | 54,048 | ||||
Assets | 5,595,215 | 5,595,215 | 6,106,397 | |||
Long-lived assets | 4,432,300 | 4,432,300 | 4,874,263 | |||
UNITED STATES [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 529,475 | 507,799 | 1,517,075 | 1,486,838 | ||
Adjusted property EBITDA | [1] | 117,320 | 120,029 | 309,587 | 320,242 | |
Capital expenditures | 68,511 | 86,201 | ||||
Assets | 4,105,703 | 4,105,703 | 4,296,818 | |||
Long-lived assets | 3,493,667 | 3,493,667 | 3,586,162 | |||
UNITED STATES [Member] | Las Vegas Operating Properties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 79,790 | 90,183 | 208,065 | 235,950 | |
Capital expenditures | 55,047 | 79,150 | ||||
Assets | 3,459,559 | 3,459,559 | 3,623,808 | |||
Long-lived assets | 2,941,209 | 2,941,209 | 3,024,380 | |||
UNITED STATES [Member] | Sands Bethlehem [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted property EBITDA | [1] | 37,530 | 29,846 | 101,522 | 84,292 | |
Capital expenditures | 13,464 | 7,051 | ||||
Assets | 646,144 | 646,144 | 673,010 | |||
Long-lived assets | 552,458 | 552,458 | $ 561,782 | |||
Operating Segments [Member] | MACAO [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 699,553 | 943,037 | 2,226,198 | 3,160,374 | ||
Operating Segments [Member] | MACAO [Member] | Sands Cotai Central [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 550,159 | 816,463 | 1,676,154 | 2,428,822 | ||
Operating Segments [Member] | MACAO [Member] | Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 167,947 | 265,432 | 533,314 | 863,940 | ||
Operating Segments [Member] | MACAO [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 207,364 | 280,079 | 674,289 | 906,882 | ||
Operating Segments [Member] | MACAO [Member] | Other Asia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 43,422 | 41,439 | 117,428 | 113,286 | ||
Operating Segments [Member] | SINGAPORE [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 750,677 | 735,505 | 2,248,535 | 2,375,618 | ||
Operating Segments [Member] | UNITED STATES [Member] | Las Vegas Operating Properties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 385,472 | 380,461 | 1,107,871 | 1,116,194 | ||
Operating Segments [Member] | UNITED STATES [Member] | Sands Bethlehem [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 144,003 | 127,338 | 409,204 | 370,644 | ||
Intersegment eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (54,914) | (56,632) | (166,267) | (167,904) | ||
Intersegment eliminations [Member] | MACAO [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (11,934) | (13,279) | (35,250) | (36,252) | ||
Intersegment eliminations [Member] | MACAO [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (1,563) | (1,842) | (4,822) | (4,230) | ||
Intersegment eliminations [Member] | MACAO [Member] | Sands Cotai Central [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (134) | (77) | (290) | (223) | ||
Intersegment eliminations [Member] | MACAO [Member] | Other Asia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (10,237) | (11,360) | (30,138) | (31,799) | ||
Intersegment eliminations [Member] | SINGAPORE [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (2,320) | (2,969) | (7,578) | (8,989) | ||
Intersegment eliminations [Member] | UNITED STATES [Member] | Las Vegas Operating Properties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | $ (40,660) | $ (40,384) | $ (123,439) | $ (122,663) | ||
[1] | Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. |
Condensed Consolidating Finan46
Condensed Consolidating Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Total liabilities | $ 12,116,539 | $ 12,116,539 | $ 13,341,109 | ||
Property and equipment, net | 15,510,104 | 15,510,104 | 15,372,474 | ||
Net loss | (519,358) | $ (671,705) | (1,500,454) | $ (2,119,324) | |
The Shoppes At Palazzo [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net liabilities | 46,600 | 46,600 | 40,300 | ||
Total liabilities | 268,500 | 268,500 | 268,800 | ||
Property and equipment, net | 221,900 | 221,900 | $ 228,500 | ||
Net loss | $ 2,300 | $ 2,900 | $ 7,000 | $ 9,200 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,855,466 | $ 3,506,319 | $ 3,147,109 | $ 3,600,414 |
Restricted cash and cash equivalents | 7,514 | 6,566 | ||
Accounts receivable, net | 1,315,191 | 1,510,772 | ||
Inventories | 39,755 | 41,674 | ||
Prepaid expenses and other | 111,297 | 125,168 | ||
Total current assets | 3,329,223 | 5,190,499 | ||
Property and equipment, net | 15,510,104 | 15,372,474 | ||
Deferred financing costs, net | 179,305 | 205,596 | ||
Deferred income taxes, net | 29,992 | 31,720 | ||
Leasehold interests in land, net | 1,263,390 | 1,353,090 | ||
Intangible assets, net | 74,869 | 86,260 | ||
Other assets, net | 116,007 | 122,052 | ||
Total assets | 20,502,890 | 22,361,691 | ||
Accounts payable | 96,027 | 112,721 | ||
Construction payables | 331,850 | 270,929 | ||
Accrued interest payable | 9,774 | 7,943 | ||
Other accrued liabilities | 1,642,861 | 1,984,444 | ||
Deferred income taxes | 14,769 | 12,522 | ||
Income taxes payable | 174,687 | 224,201 | ||
Current maturities of long-term debt | 94,672 | 99,734 | ||
Total current liabilities | 2,364,640 | 2,712,494 | ||
Other long-term liabilities | 122,849 | 124,614 | ||
Deferred income taxes | 176,076 | 188,935 | ||
Deferred amounts related to mall transactions | 418,703 | 422,153 | ||
Long-term debt | 9,034,271 | 9,892,913 | ||
Total liabilities | 12,116,539 | 13,341,109 | ||
Total Las Vegas Sands Corp. stockholders’ equity | 6,891,529 | 7,213,586 | ||
Noncontrolling interests | 1,494,822 | 1,806,996 | ||
Total equity | 8,386,351 | 9,020,582 | 8,855,598 | 9,500,529 |
Total liabilities and equity | 20,502,890 | 22,361,691 | ||
Consolidating/Eliminating Entries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany receivables | (879,537) | (687,125) | ||
Intercompany notes receivable | (376,622) | (370,836) | ||
Deferred income taxes, net | (37,698) | (39,239) | ||
Prepaid expenses and other | (48) | (461) | ||
Total current assets | (1,293,905) | (1,097,661) | ||
Investments in subsidiaries | (11,305,547) | (12,875,205) | ||
Intercompany receivables | (17,691) | (38,989) | ||
Intercompany notes receivable | (1,394,011) | (1,250,544) | ||
Deferred income taxes, net | (103,502) | (96,243) | ||
Total assets | (14,114,656) | (15,358,642) | ||
Intercompany payables | (879,537) | (687,125) | ||
Intercompany notes payable | (376,622) | (370,836) | ||
Deferred income taxes | (37,698) | (39,239) | ||
Income taxes payable | (48) | (461) | ||
Total current liabilities | (1,293,905) | (1,097,661) | ||
Intercompany payables | (17,691) | (38,989) | ||
Intercompany notes payable | (1,394,011) | (1,250,544) | ||
Deferred income taxes | (103,502) | (96,243) | ||
Total liabilities | (2,809,109) | (2,483,437) | ||
Total Las Vegas Sands Corp. stockholders’ equity | (11,305,547) | (12,875,205) | ||
Total equity | (11,305,547) | (12,875,205) | ||
Total liabilities and equity | (14,114,656) | (15,358,642) | ||
Las Vegas Sands Corp. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 56,741 | 114,125 | 129,574 | 50,180 |
Intercompany receivables | 617,230 | 431,754 | ||
Accounts receivable, net | 850 | 15,144 | ||
Inventories | 6,750 | 5,238 | ||
Deferred income taxes, net | 6,494 | 6,803 | ||
Prepaid expenses and other | 24,766 | 26,210 | ||
Total current assets | 712,831 | 599,274 | ||
Property and equipment, net | 118,983 | 130,155 | ||
Investments in subsidiaries | 6,592,378 | 7,010,357 | ||
Deferred financing costs, net | 80 | 123 | ||
Intercompany receivables | 215 | 226 | ||
Intangible assets, net | 690 | 690 | ||
Other assets, net | 380 | 714 | ||
Total assets | 7,425,557 | 7,741,539 | ||
Accounts payable | 5,594 | 8,065 | ||
Construction payables | 19 | 156 | ||
Intercompany notes payable | 376,622 | 370,836 | ||
Accrued interest payable | 75 | 76 | ||
Other accrued liabilities | 33,278 | 31,050 | ||
Income taxes payable | 438 | |||
Current maturities of long-term debt | 3,688 | 3,688 | ||
Total current liabilities | 419,714 | 413,871 | ||
Other long-term liabilities | 1,872 | 3,014 | ||
Deferred income taxes | 55,225 | 51,085 | ||
Long-term debt | 57,217 | 59,983 | ||
Total liabilities | 534,028 | 527,953 | ||
Total Las Vegas Sands Corp. stockholders’ equity | 6,891,529 | 7,213,586 | ||
Total equity | 6,891,529 | 7,213,586 | ||
Total liabilities and equity | 7,425,557 | 7,741,539 | ||
Restricted Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 258,992 | 345,399 | 328,164 | 315,489 |
Intercompany receivables | 262,307 | 255,371 | ||
Accounts receivable, net | 269,679 | 270,838 | ||
Inventories | 10,394 | 10,745 | ||
Deferred income taxes, net | 30,575 | 31,240 | ||
Prepaid expenses and other | 14,308 | 11,889 | ||
Total current assets | 846,255 | 925,482 | ||
Property and equipment, net | 2,898,677 | 2,979,485 | ||
Investments in subsidiaries | 4,713,169 | 5,864,848 | ||
Deferred financing costs, net | 20,965 | 25,153 | ||
Intercompany receivables | 17,476 | 38,763 | ||
Intercompany notes receivable | 1,394,011 | 1,250,544 | ||
Other assets, net | 17,985 | 19,736 | ||
Total assets | 9,908,538 | 11,104,011 | ||
Accounts payable | 30,811 | 25,489 | ||
Construction payables | 1,375 | 4,001 | ||
Intercompany payables | 533,113 | 430,596 | ||
Accrued interest payable | 1,143 | 1,030 | ||
Other accrued liabilities | 218,242 | 233,781 | ||
Current maturities of long-term debt | 24,033 | 24,224 | ||
Total current liabilities | 808,717 | 719,121 | ||
Other long-term liabilities | 8,804 | 9,255 | ||
Deferred income taxes | 48,277 | 45,158 | ||
Deferred amounts related to mall transactions | 418,703 | 422,153 | ||
Long-term debt | 2,493,833 | 3,230,653 | ||
Total liabilities | 3,778,334 | 4,426,340 | ||
Total Las Vegas Sands Corp. stockholders’ equity | 6,129,799 | 6,677,266 | ||
Noncontrolling interests | 405 | 405 | ||
Total equity | 6,130,204 | 6,677,671 | ||
Total liabilities and equity | 9,908,538 | 11,104,011 | ||
Non-Restricted Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1,539,733 | 3,046,795 | $ 2,689,371 | $ 3,234,745 |
Restricted cash and cash equivalents | 7,514 | 6,566 | ||
Intercompany notes receivable | 376,622 | 370,836 | ||
Accounts receivable, net | 1,044,662 | 1,224,790 | ||
Inventories | 22,611 | 25,691 | ||
Deferred income taxes, net | 629 | 1,196 | ||
Prepaid expenses and other | 72,271 | 87,530 | ||
Total current assets | 3,064,042 | 4,763,404 | ||
Property and equipment, net | 12,492,444 | 12,262,834 | ||
Deferred financing costs, net | 158,260 | 180,320 | ||
Deferred income taxes, net | 133,494 | 127,963 | ||
Leasehold interests in land, net | 1,263,390 | 1,353,090 | ||
Intangible assets, net | 74,179 | 85,570 | ||
Other assets, net | 97,642 | 101,602 | ||
Total assets | 17,283,451 | 18,874,783 | ||
Accounts payable | 59,622 | 79,167 | ||
Construction payables | 330,456 | 266,772 | ||
Intercompany payables | 346,424 | 256,529 | ||
Accrued interest payable | 8,556 | 6,837 | ||
Other accrued liabilities | 1,391,341 | 1,719,613 | ||
Deferred income taxes | 52,467 | 51,761 | ||
Income taxes payable | 174,297 | 224,662 | ||
Current maturities of long-term debt | 66,951 | 71,822 | ||
Total current liabilities | 2,430,114 | 2,677,163 | ||
Other long-term liabilities | 112,173 | 112,345 | ||
Intercompany payables | 17,691 | 38,989 | ||
Intercompany notes payable | 1,394,011 | 1,250,544 | ||
Deferred income taxes | 176,076 | 188,935 | ||
Long-term debt | 6,483,221 | 6,602,277 | ||
Total liabilities | 10,613,286 | 10,870,253 | ||
Total Las Vegas Sands Corp. stockholders’ equity | 5,175,748 | 6,197,939 | ||
Noncontrolling interests | 1,494,417 | 1,806,591 | ||
Total equity | 6,670,165 | 8,004,530 | ||
Total liabilities and equity | $ 17,283,451 | $ 18,874,783 |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Casino | $ 2,242,571 | $ 2,897,084 | $ 6,920,757 | $ 9,281,959 |
Rooms | 379,878 | 386,867 | 1,102,550 | 1,162,205 |
Food and beverage | 188,073 | 185,821 | 555,902 | 582,804 |
Mall | 140,556 | 150,728 | 403,652 | 378,832 |
Convention, retail and other | 129,761 | 128,458 | 389,412 | 391,663 |
Gross revenue | 3,080,839 | 3,748,958 | 9,372,273 | 11,797,463 |
Less — promotional allowances | (187,156) | (215,836) | (545,547) | (629,607) |
Net revenues | 2,893,683 | 3,533,122 | 8,826,726 | 11,167,856 |
Operating expenses: | ||||
Casino | 1,249,861 | 1,634,960 | 3,900,258 | 5,192,809 |
Rooms | 67,360 | 66,301 | 197,991 | 194,682 |
Food and beverage | 99,956 | 95,749 | 295,740 | 291,746 |
Mall | 14,739 | 18,032 | 45,217 | 53,104 |
Convention, retail and other | 67,418 | 68,833 | 205,640 | 233,965 |
Provision for doubtful accounts | 32,757 | 31,103 | 126,163 | 142,690 |
General and administrative | 314,117 | 341,501 | 954,197 | 1,005,532 |
Corporate | 37,488 | 42,704 | 127,276 | 138,504 |
Pre-opening | 9,627 | (2,414) | 29,860 | 18,027 |
Development | 3,147 | 3,043 | 7,028 | 8,952 |
Depreciation and amortization | 247,698 | 251,002 | 750,212 | 776,065 |
Amortization of leasehold interests in land | 9,737 | 10,086 | 29,060 | 30,152 |
(Gain) loss on disposal of assets | 709 | 801 | 18,590 | 4,922 |
Total operating expenses | 2,154,614 | 2,561,701 | 6,687,232 | 8,091,150 |
Operating income | 739,069 | 971,421 | 2,139,494 | 3,076,706 |
Other income (expense): | ||||
Interest income | 2,158 | 5,609 | 12,598 | 17,109 |
Interest expense, net of amounts capitalized | (66,962) | (66,779) | (199,018) | (207,495) |
Other income (expense) | 16,275 | 95 | 31,589 | (2,368) |
Loss on modification or early retirement of debt | 0 | (1,978) | 0 | (19,942) |
Income before income taxes | 690,540 | 908,368 | 1,984,663 | 2,864,010 |
Income tax benefit (expense) | (72,347) | (47,869) | (173,941) | (153,939) |
Net income | 618,193 | 860,499 | 1,810,722 | 2,710,071 |
Net income attributable to noncontrolling interests | (98,835) | (188,794) | (310,268) | (590,747) |
Net income attributable to Las Vegas Sands Corp. | 519,358 | 671,705 | 1,500,454 | 2,119,324 |
Consolidating/Eliminating Entries [Member] | ||||
Revenues: | ||||
Convention, retail and other | (45,686) | (45,763) | (138,658) | (138,730) |
Gross revenue | (45,686) | (45,763) | (138,658) | (138,730) |
Less — promotional allowances | (673) | (604) | (1,999) | (1,624) |
Net revenues | (46,359) | (46,367) | (140,657) | (140,354) |
Operating expenses: | ||||
Casino | (770) | (818) | (2,442) | (2,401) |
Food and beverage | (973) | (969) | (2,975) | (3,082) |
Convention, retail and other | (7,079) | (8,278) | (21,793) | (24,252) |
General and administrative | (283) | (231) | (853) | (708) |
Corporate | (37,238) | (36,065) | (112,549) | (109,895) |
Pre-opening | (2) | (5) | (1) | |
Development | (14) | (6) | (40) | (15) |
Total operating expenses | (46,359) | (46,367) | (140,657) | (140,354) |
Other income (expense): | ||||
Interest income | (54,880) | (46,892) | (157,184) | (134,327) |
Interest expense, net of amounts capitalized | 54,880 | 46,892 | 157,184 | 134,327 |
Income from equity investments in subsidiaries | (840,394) | (1,343,201) | (2,639,019) | (4,133,426) |
Income before income taxes | (840,394) | (1,343,201) | (2,639,019) | (4,133,426) |
Net income | (840,394) | (1,343,201) | (2,639,019) | (4,133,426) |
Net income attributable to Las Vegas Sands Corp. | (840,394) | (1,343,201) | (2,639,019) | (4,133,426) |
Las Vegas Sands Corp. [Member] | ||||
Revenues: | ||||
Less — promotional allowances | (152) | (255) | (598) | (996) |
Net revenues | (152) | (255) | (598) | (996) |
Operating expenses: | ||||
Corporate | 28,770 | 37,084 | 105,962 | 124,220 |
Development | 3,153 | 3,039 | 7,052 | 8,861 |
Depreciation and amortization | 6,747 | 4,951 | 20,441 | 19,566 |
Total operating expenses | 38,670 | 45,074 | 133,455 | 152,647 |
Operating income | (38,822) | (45,329) | (134,053) | (153,643) |
Other income (expense): | ||||
Interest income | 13 | 49 | 105 | 123 |
Interest expense, net of amounts capitalized | (2,281) | (1,596) | (6,653) | (4,736) |
Income from equity investments in subsidiaries | 476,969 | 708,737 | 1,461,516 | 2,183,199 |
Income before income taxes | 435,879 | 661,861 | 1,320,915 | 2,024,943 |
Income tax benefit (expense) | 83,479 | 9,844 | 179,539 | 94,381 |
Net income | 519,358 | 671,705 | 1,500,454 | 2,119,324 |
Net income attributable to Las Vegas Sands Corp. | 519,358 | 671,705 | 1,500,454 | 2,119,324 |
Restricted Subsidiaries [Member] | ||||
Revenues: | ||||
Casino | 127,868 | 165,070 | 326,158 | 379,178 |
Rooms | 138,042 | 115,620 | 402,490 | 377,849 |
Food and beverage | 54,290 | 39,497 | 163,278 | 153,588 |
Convention, retail and other | 76,985 | 73,387 | 241,850 | 237,578 |
Gross revenue | 397,185 | 393,574 | 1,133,776 | 1,148,193 |
Less — promotional allowances | (24,559) | (23,207) | (67,051) | (65,530) |
Net revenues | 372,626 | 370,367 | 1,066,725 | 1,082,663 |
Operating expenses: | ||||
Casino | 77,301 | 78,908 | 224,463 | 217,495 |
Rooms | 39,148 | 35,752 | 113,891 | 108,277 |
Food and beverage | 28,093 | 22,595 | 82,688 | 75,150 |
Convention, retail and other | 20,630 | 21,668 | 66,044 | 78,304 |
Provision for doubtful accounts | 8,634 | 10,936 | 26,914 | 26,820 |
General and administrative | 83,559 | 75,457 | 238,292 | 236,831 |
Corporate | 56 | 798 | 234 | 1,736 |
Pre-opening | 36 | 133 | ||
Depreciation and amortization | 43,180 | 45,368 | 128,497 | 136,995 |
(Gain) loss on disposal of assets | 0 | (4) | 2,191 | 6,751 |
Total operating expenses | 300,601 | 291,514 | 883,214 | 888,492 |
Operating income | 72,025 | 78,853 | 183,511 | 194,171 |
Other income (expense): | ||||
Interest income | 53,008 | 45,699 | 151,657 | 130,747 |
Interest expense, net of amounts capitalized | (26,457) | (27,703) | (82,236) | (84,987) |
Other income (expense) | (5,324) | (1,690) | (3,446) | (1,447) |
Income from equity investments in subsidiaries | 363,425 | 634,464 | 1,177,503 | 1,950,227 |
Income before income taxes | 456,677 | 729,623 | 1,426,989 | 2,188,711 |
Income tax benefit (expense) | (41,512) | (46,663) | (102,604) | (100,749) |
Net income | 415,165 | 682,960 | 1,324,385 | 2,087,962 |
Net income attributable to noncontrolling interests | (775) | (536) | (2,272) | (1,612) |
Net income attributable to Las Vegas Sands Corp. | 414,390 | 682,424 | 1,322,113 | 2,086,350 |
Non-Restricted Subsidiaries [Member] | ||||
Revenues: | ||||
Casino | 2,114,703 | 2,732,014 | 6,594,599 | 8,902,781 |
Rooms | 241,836 | 271,247 | 700,060 | 784,356 |
Food and beverage | 133,783 | 146,324 | 392,624 | 429,216 |
Mall | 140,556 | 150,728 | 403,652 | 378,832 |
Convention, retail and other | 98,462 | 100,834 | 286,220 | 292,815 |
Gross revenue | 2,729,340 | 3,401,147 | 8,377,155 | 10,788,000 |
Less — promotional allowances | (161,772) | (191,770) | (475,899) | (561,457) |
Net revenues | 2,567,568 | 3,209,377 | 7,901,256 | 10,226,543 |
Operating expenses: | ||||
Casino | 1,173,330 | 1,556,870 | 3,678,237 | 4,977,715 |
Rooms | 28,212 | 30,549 | 84,100 | 86,405 |
Food and beverage | 72,836 | 74,123 | 216,027 | 219,678 |
Mall | 14,739 | 18,032 | 45,217 | 53,104 |
Convention, retail and other | 53,867 | 55,443 | 161,389 | 179,913 |
Provision for doubtful accounts | 24,123 | 20,167 | 99,249 | 115,870 |
General and administrative | 230,841 | 266,275 | 716,758 | 769,409 |
Corporate | 45,900 | 40,887 | 133,629 | 122,443 |
Pre-opening | 9,629 | (2,450) | 29,865 | 17,895 |
Development | 8 | 10 | 16 | 106 |
Depreciation and amortization | 197,771 | 200,683 | 601,274 | 619,504 |
Amortization of leasehold interests in land | 9,737 | 10,086 | 29,060 | 30,152 |
(Gain) loss on disposal of assets | 709 | 805 | 16,399 | (1,829) |
Total operating expenses | 1,861,702 | 2,271,480 | 5,811,220 | 7,190,365 |
Operating income | 705,866 | 937,897 | 2,090,036 | 3,036,178 |
Other income (expense): | ||||
Interest income | 4,017 | 6,753 | 18,020 | 20,566 |
Interest expense, net of amounts capitalized | (93,104) | (84,372) | (267,313) | (252,099) |
Other income (expense) | 21,599 | 1,785 | 35,035 | (921) |
Loss on modification or early retirement of debt | (1,978) | (19,942) | ||
Income before income taxes | 638,378 | 860,085 | 1,875,778 | 2,783,782 |
Income tax benefit (expense) | (114,314) | (11,050) | (250,876) | (147,571) |
Net income | 524,064 | 849,035 | 1,624,902 | 2,636,211 |
Net income attributable to noncontrolling interests | (98,060) | (188,258) | (307,996) | (589,135) |
Net income attributable to Las Vegas Sands Corp. | $ 426,004 | $ 660,777 | $ 1,316,906 | $ 2,047,076 |
Condensed Consolidating State49
Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | $ 618,193 | $ 860,499 | $ 1,810,722 | $ 2,710,071 |
Currency translation adjustment, net of reclassification and before tax | (112,314) | (52,349) | (160,902) | (18,151) |
Currency translation adjustment, net of reclassification and after tax | (112,314) | (52,349) | (160,902) | (18,151) |
Total comprehensive income | 505,879 | 808,150 | 1,649,820 | 2,691,920 |
Comprehensive income attributable to noncontrolling interests | (99,264) | (185,744) | (311,807) | (588,357) |
Comprehensive income attributable to Las Vegas Sands Corp. | 406,615 | 622,406 | 1,338,013 | 2,103,563 |
Consolidating/Eliminating Entries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | (840,394) | (1,343,201) | (2,639,019) | (4,133,426) |
Currency translation adjustment, net of reclassification and before tax | 208,109 | 92,106 | 300,324 | 30,010 |
Currency translation adjustment, net of reclassification and after tax | 208,109 | 92,106 | 300,324 | 30,010 |
Total comprehensive income | (632,285) | (1,251,095) | (2,338,695) | (4,103,416) |
Comprehensive income attributable to Las Vegas Sands Corp. | (632,285) | (1,251,095) | (2,338,695) | (4,103,416) |
Las Vegas Sands Corp. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 519,358 | 671,705 | 1,500,454 | 2,119,324 |
Currency translation adjustment, net of reclassification and before tax | (112,743) | (49,299) | (162,441) | (15,761) |
Currency translation adjustment, net of reclassification and after tax | (112,743) | (49,299) | (162,441) | (15,761) |
Total comprehensive income | 406,615 | 622,406 | 1,338,013 | 2,103,563 |
Comprehensive income attributable to Las Vegas Sands Corp. | 406,615 | 622,406 | 1,338,013 | 2,103,563 |
Restricted Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 415,165 | 682,960 | 1,324,385 | 2,087,962 |
Currency translation adjustment, net of reclassification and before tax | (95,366) | (42,807) | (137,883) | (14,249) |
Currency translation adjustment, net of reclassification and after tax | (95,366) | (42,807) | (137,883) | (14,249) |
Total comprehensive income | 319,799 | 640,153 | 1,186,502 | 2,073,713 |
Comprehensive income attributable to noncontrolling interests | (775) | (536) | (2,272) | (1,612) |
Comprehensive income attributable to Las Vegas Sands Corp. | 319,024 | 639,617 | 1,184,230 | 2,072,101 |
Non-Restricted Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 524,064 | 849,035 | 1,624,902 | 2,636,211 |
Currency translation adjustment, net of reclassification and before tax | (112,314) | (52,349) | (160,902) | (18,151) |
Currency translation adjustment, net of reclassification and after tax | (112,314) | (52,349) | (160,902) | (18,151) |
Total comprehensive income | 411,750 | 796,686 | 1,464,000 | 2,618,060 |
Comprehensive income attributable to noncontrolling interests | (98,489) | (185,208) | (309,535) | (586,745) |
Comprehensive income attributable to Las Vegas Sands Corp. | $ 313,261 | $ 611,478 | $ 1,154,465 | $ 2,031,315 |
Condensed Consolidating State50
Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash generated from operating activities | $ 2,440,486 | $ 3,617,496 |
Cash flows from investing activities: | ||
Change in restricted cash and cash equivalents | (941) | 313 |
Capital expenditures | (1,112,967) | (793,114) |
Proceeds from disposal of property and equipment | 823 | 1,580 |
Net cash used in investing activities | (1,113,085) | (791,221) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 13,309 | 48,443 |
Excess tax benefit from stock option exercises | 2,345 | 0 |
Repurchase of common stock | (138,418) | (1,439,231) |
Dividends paid | (2,174,223) | (1,986,378) |
Distributions to noncontrolling interests | (10,148) | (7,165) |
Proceeds from long-term debt | 1,759,277 | 2,247,725 |
Repayments of long-term debt and capital leases | (2,373,703) | (2,051,878) |
Payments of deferred financing costs | (11,745) | (88,167) |
Net cash used in financing activities | (2,933,306) | (3,276,651) |
Effect of exchange rate on cash | (44,948) | (2,929) |
Increase (decrease) in cash and cash equivalents | (1,650,853) | (453,305) |
Cash and cash equivalents at beginning of period | 3,506,319 | 3,600,414 |
Cash and cash equivalents at end of period | 1,855,466 | 3,147,109 |
2011 VML Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from long-term debt | 999,277 | 819,725 |
Repayments of long-term debt | (820,188) | (819,680) |
2013 U.S Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from long-term debt | 760,000 | 1,428,000 |
Repayments of long-term debt | (1,496,874) | (1,224,875) |
2012 Singapore Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt | (51,001) | |
Airplane Financings [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt | (2,766) | (2,766) |
HVAC Equipment Lease and Other Long-Term Debt [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt and capital leases | (2,874) | (4,557) |
Consolidating/Eliminating Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash generated from operating activities | (3,730,425) | (5,172,169) |
Cash flows from investing activities: | ||
Dividends received from non-restricted subsidiaries | (1,231,308) | (1,238,236) |
Repayments of receivable from non-restricted subsidiaries | (1,964) | (1,615) |
Capital contributions to subsidiaries | 1,143,708 | 1,171,006 |
Net cash used in investing activities | (89,564) | (68,845) |
Cash flows from financing activities: | ||
Dividends paid to LVSC | 1,730,547 | 2,859,631 |
Dividends paid to Restricted Subsidiaries | 3,231,186 | 3,550,774 |
Capital contributions received | (1,143,708) | (1,171,006) |
Repayments on borrowings from Restricted Subsidiaries | 1,964 | 1,615 |
Net cash used in financing activities | 3,819,989 | 5,241,014 |
Las Vegas Sands Corp. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash generated from operating activities | 1,635,949 | 2,714,186 |
Cash flows from investing activities: | ||
Capital expenditures | (9,406) | (23,824) |
Net cash used in investing activities | (9,406) | (23,824) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 10,015 | 40,837 |
Excess tax benefit from stock option exercises | 2,345 | |
Repurchase of common stock | (138,418) | (1,439,231) |
Dividends paid | (1,555,103) | (1,209,808) |
Net cash used in financing activities | (1,683,927) | (2,610,968) |
Increase (decrease) in cash and cash equivalents | (57,384) | 79,394 |
Cash and cash equivalents at beginning of period | 114,125 | 50,180 |
Cash and cash equivalents at end of period | 56,741 | 129,574 |
Las Vegas Sands Corp. [Member] | Airplane Financings [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt | (2,766) | (2,766) |
Restricted Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash generated from operating activities | 2,248,729 | 2,593,710 |
Cash flows from investing activities: | ||
Capital expenditures | (52,519) | (78,763) |
Proceeds from disposal of property and equipment | 13 | 667 |
Dividends received from non-restricted subsidiaries | 1,231,308 | 1,238,236 |
Repayments of receivable from non-restricted subsidiaries | 1,964 | 1,615 |
Capital contributions to subsidiaries | (1,143,708) | (1,171,006) |
Net cash used in investing activities | 37,058 | (9,251) |
Cash flows from financing activities: | ||
Distributions to noncontrolling interests | (2,272) | (1,612) |
Dividends paid to LVSC | (1,631,706) | (2,771,500) |
Net cash used in financing activities | (2,372,194) | (2,571,784) |
Increase (decrease) in cash and cash equivalents | (86,407) | 12,675 |
Cash and cash equivalents at beginning of period | 345,399 | 315,489 |
Cash and cash equivalents at end of period | 258,992 | 328,164 |
Restricted Subsidiaries [Member] | 2013 U.S Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from long-term debt | 760,000 | 1,428,000 |
Repayments of long-term debt | (1,496,874) | (1,224,875) |
Restricted Subsidiaries [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt and capital leases | (1,342) | (1,797) |
Non-Restricted Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash generated from operating activities | 2,286,233 | 3,481,769 |
Cash flows from investing activities: | ||
Change in restricted cash and cash equivalents | (941) | 313 |
Capital expenditures | (1,051,042) | (690,527) |
Proceeds from disposal of property and equipment | 810 | 913 |
Net cash used in investing activities | (1,051,173) | (689,301) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 3,294 | 7,606 |
Dividends paid | (619,120) | (776,570) |
Distributions to noncontrolling interests | (7,876) | (5,553) |
Dividends paid to LVSC | (98,841) | (88,131) |
Dividends paid to Restricted Subsidiaries | (3,231,186) | (3,550,774) |
Capital contributions received | 1,143,708 | 1,171,006 |
Repayments on borrowings from Restricted Subsidiaries | (1,964) | (1,615) |
Payments of deferred financing costs | (11,745) | (88,167) |
Net cash used in financing activities | (2,697,174) | (3,334,913) |
Effect of exchange rate on cash | (44,948) | (2,929) |
Increase (decrease) in cash and cash equivalents | (1,507,062) | (545,374) |
Cash and cash equivalents at beginning of period | 3,046,795 | 3,234,745 |
Cash and cash equivalents at end of period | 1,539,733 | 2,689,371 |
Non-Restricted Subsidiaries [Member] | 2011 VML Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from long-term debt | 999,277 | 819,725 |
Repayments of long-term debt | (820,188) | (819,680) |
Non-Restricted Subsidiaries [Member] | 2012 Singapore Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt | (51,001) | |
Non-Restricted Subsidiaries [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member] | ||
Cash flows from financing activities: | ||
Repayments of long-term debt and capital leases | $ (1,532) | $ (2,760) |