Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 794,718,776 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,695,643 | $ 2,179,490 |
Restricted cash and cash equivalents | 17,254 | 7,901 |
Accounts receivable, net | 1,081,544 | 1,267,848 |
Inventories | 43,174 | 42,573 |
Prepaid expenses and other | 114,279 | 111,438 |
Total current assets | 2,951,894 | 3,609,250 |
Property and equipment, net | 15,909,760 | 15,731,638 |
Deferred income taxes, net | 10,389 | 23,681 |
Leasehold interests in land, net | 1,279,808 | 1,262,132 |
Intangible assets, net | 68,260 | 71,586 |
Other assets, net | 164,798 | 165,170 |
Total assets | 20,384,909 | 20,863,457 |
Current liabilities: | ||
Accounts payable | 110,236 | 110,408 |
Construction payables | 344,081 | 364,136 |
Accrued interest payable | 1,501 | 1,863 |
Other accrued liabilities | 1,564,274 | 1,694,305 |
Income taxes payable | 223,588 | 198,056 |
Current maturities of long-term debt | 152,020 | 95,367 |
Total current liabilities | 2,395,700 | 2,464,135 |
Other long-term liabilities | 116,179 | 113,368 |
Deferred income taxes | 207,548 | 201,734 |
Deferred proceeds from sale of The Shoppes at The Palazzo | 268,237 | 268,427 |
Deferred gain on sale of The Grand Canal Shoppes | 34,420 | 35,130 |
Deferred rent from mall sale transactions | 113,625 | 113,995 |
Long-term debt | 9,235,223 | 9,248,681 |
Total liabilities | $ 12,370,932 | $ 12,445,470 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 830,126,543 and 830,051,259 shares issued, 794,720,594 and 794,645,310 shares outstanding | $ 830 | $ 830 |
Treasury stock, at cost, 35,405,949 shares | (2,443,036) | (2,443,036) |
Capital in excess of par value | 6,496,469 | 6,484,843 |
Accumulated other comprehensive loss | (7,592) | (66,283) |
Retained earnings | 2,588,317 | 2,840,387 |
Total Las Vegas Sands Corp. stockholders’ equity | 6,634,988 | 6,816,741 |
Noncontrolling interests | 1,378,989 | 1,601,246 |
Total equity | 8,013,977 | 8,417,987 |
Total liabilities and equity | $ 20,384,909 | $ 20,863,457 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 830,126,543 | 830,051,259 |
Common stock, shares outstanding | 794,720,594 | 794,645,310 |
Treasury stock, shares | 35,405,949 | 35,405,949 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Casino | $ 2,082,196 | $ 2,376,688 |
Rooms | 366,300 | 371,413 |
Food and beverage | 187,567 | 189,411 |
Mall | 134,931 | 127,814 |
Convention, retail and other | 123,552 | 134,137 |
Gross revenue | 2,894,546 | 3,199,463 |
Less — promotional allowances | (178,306) | (187,841) |
Net revenues | 2,716,240 | 3,011,622 |
Operating expenses: | ||
Casino | 1,218,928 | 1,334,829 |
Rooms | 65,350 | 65,791 |
Food and beverage | 102,296 | 99,247 |
Mall | 14,481 | 15,137 |
Convention, retail and other | 58,533 | 68,257 |
Provision for doubtful accounts | 45,397 | 57,350 |
General and administrative | 299,200 | 324,478 |
Corporate | 46,628 | 45,223 |
Pre-opening | 8,609 | 9,579 |
Development | 2,377 | 1,533 |
Depreciation and amortization | 259,876 | 253,922 |
Amortization of leasehold interests in land | 9,547 | 9,838 |
(Gain) loss on disposal of assets | (612) | 15,323 |
Total operating expenses | 2,130,610 | 2,300,507 |
Operating income | 585,630 | 711,115 |
Other income (expense): | ||
Interest income | 2,027 | 6,378 |
Interest expense, net of amounts capitalized | (68,648) | (66,255) |
Other income (expense) | (47,071) | 15,465 |
Income before income taxes | 471,938 | 666,703 |
Income tax expense | (63,025) | (55,665) |
Net income | 408,913 | 611,038 |
Net income attributable to noncontrolling interests | (88,746) | (99,115) |
Net income attributable to Las Vegas Sands Corp. | $ 320,167 | $ 511,923 |
Earnings per share: | ||
Basic (in usd per share) | $ 0.40 | $ 0.64 |
Diluted (in usd per share) | $ 0.40 | $ 0.64 |
Weighted average shares outstanding: | ||
Basic (in shares) | 794,488,858 | 797,935,314 |
Diluted (in shares) | 795,032,018 | 798,877,040 |
Dividends declared per common share (in usd per share) | $ 0.72 | $ 0.65 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 408,913 | $ 611,038 |
Currency translation adjustment, before tax | 57,485 | (82,299) |
Currency translation adjustment, after tax | 57,485 | (82,299) |
Total comprehensive income | 466,398 | 528,739 |
Comprehensive income attributable to noncontrolling interests | (87,540) | (99,613) |
Comprehensive income attributable to Las Vegas Sands Corp. | $ 378,858 | $ 429,126 |
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 (Loss) | Retained Earnings [Member] | Noncontrolling Interests [Member] |
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 | 611,038 | 511,923 | 99,115 | ||||
Currency translation adjustment, after tax | (82,299) | (82,797) | 498 | ||||
Exercise of stock options | 6,138 | 1 | 5,024 | 1,113 | |||
Tax benefit (shortfall) from stock-based compensation | 3,927 | 3,927 | |||||
Conversion of equity awards to liability awards | 0 | ||||||
Stock-based compensation | 12,373 | 11,540 | 833 | ||||
Dividends declared | (827,224) | (519,141) | (308,083) | ||||
Distributions to noncontrolling interests | (3,652) | (3,652) | |||||
Ending Balance at Mar. 31, 2015 | 8,740,883 | 830 | (2,237,952) | 6,449,253 | (6,696) | 2,938,628 | 1,596,820 |
Beginning Balance at Dec. 31, 2015 | 8,417,987 | 830 | (2,443,036) | 6,484,843 | (66,283) | 2,840,387 | 1,601,246 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 408,913 | 320,167 | 88,746 | ||||
Currency translation adjustment, after tax | 57,485 | 58,691 | (1,206) | ||||
Exercise of stock options | 1,479 | 881 | 598 | ||||
Tax benefit (shortfall) from stock-based compensation | (225) | (225) | |||||
Conversion of equity awards to liability awards | (1,099) | (771) | (328) | ||||
Stock-based compensation | 13,240 | 11,741 | 1,499 | ||||
Dividends declared | (880,375) | (572,237) | (308,138) | ||||
Distributions to noncontrolling interests | (3,428) | (3,428) | |||||
Ending Balance at Mar. 31, 2016 | $ 8,013,977 | $ 830 | $ (2,443,036) | $ 6,496,469 | $ (7,592) | $ 2,588,317 | $ 1,378,989 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 408,913 | $ 611,038 |
Adjustments to reconcile net income to net cash generated from operating activities: | ||
Depreciation and amortization | 259,876 | 253,922 |
Amortization of leasehold interests in land | 9,547 | 9,838 |
Amortization of deferred financing costs and original issue discount | 11,077 | 10,739 |
Amortization of deferred gain on and rent from mall sale transactions | (1,080) | (1,080) |
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo | 26 | 141 |
(Gain) loss on disposal of assets | (612) | 15,323 |
Stock-based compensation expense | 13,123 | 12,201 |
Provision for doubtful accounts | 45,397 | 57,350 |
Foreign exchange (gain) loss | 9,882 | (12,366) |
Excess tax benefits from stock-based compensation | (11) | (4,335) |
Deferred income taxes | 14,225 | (10,040) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 154,843 | 20,321 |
Inventories | (401) | (650) |
Prepaid expenses and other | (3,474) | 272 |
Leasehold interests in land | 0 | (1,065) |
Accounts payable | (1,067) | (18,156) |
Accrued interest payable | (368) | 712 |
Income taxes payable | 18,705 | 58,509 |
Other accrued liabilities | (139,657) | (268,379) |
Net cash generated from operating activities | 798,944 | 734,295 |
Cash flows from investing activities: | ||
Change in restricted cash and cash equivalents | (9,360) | (332) |
Capital expenditures | (343,570) | (367,336) |
Proceeds from disposal of property and equipment | 2,175 | 417 |
Net cash used in investing activities | (350,755) | (367,251) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 1,479 | 6,138 |
Excess tax benefits from stock-based compensation | 11 | 4,335 |
Dividends paid | (880,430) | (826,960) |
Distributions to noncontrolling interests | (3,428) | (3,652) |
Proceeds from long-term debt (Note 3) | 350,247 | 0 |
Repayments of long-term debt (Note 3) | (418,656) | (624,950) |
Net cash used in financing activities | (950,777) | (1,445,089) |
Effect of exchange rate on cash | 18,741 | (21,809) |
Decrease in cash and cash equivalents | (483,847) | (1,099,854) |
Cash and cash equivalents at beginning of period | 2,179,490 | 3,506,319 |
Cash and cash equivalents at end of period | $ 1,695,643 | $ 2,406,465 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) Supplemental Disclosures - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest, net of amounts capitalized | $ 54,139 | $ 51,285 |
Cash payments for taxes, net of refunds | 31,316 | 6,410 |
Change in construction payables | (20,055) | (19,499) |
Non-cash investing and financing activities: | ||
Capitalized stock-based compensation costs | 117 | 172 |
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities | (55) | 264 |
Property and equipment acquired under capital lease | 645 | 0 |
Conversion of equity awards to liability awards | $ 1,099 | $ 0 |
Organization and Business of Co
Organization and Business of Company | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 , 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 Resort Hotel ("The Venetian Macao"); Sands Cotai Central; Four Seasons Hotel Macao, Cotai Strip (the "Four Seasons Hotel Macao") and the Plaza Casino (together with the Four Seasons Hotel Macao, the "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 . Singapore The Company owns and operates the Marina Bay Sands in Singapore. In April 2016, the Company paid $66.0 million Singapore dollars ("SGD," approximately $48.3 million at exchange rates in effect on March 31, 2016 ) to the Singapore Casino Regulatory Authority as part of the process to renew its gaming license at Marina Bay Sands and such license now expires in April 2019 . United States Las Vegas The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), The Palazzo Resort Hotel Casino (“The Palazzo”) and an expo and convention center (the “Sands Expo Center”) in Las Vegas, Nevada, and the Sands Casino Resort Bethlehem (the “Sands Bethlehem”) in Bethlehem, Pennsylvania. Development Projects Macao The Company is constructing The Parisian Macao, which is anticipated to open in the second half of 2016, subject to Macao government approval. The Company 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. The Company has capitalized costs of $1.89 billion , including the land premium (net of amortization) and $167.3 million in outstanding construction payables, as of March 31, 2016 . In addition, the Company will be completing the development of some open areas surrounding its Cotai Strip properties. Under the Company’s land concessions for Sands Cotai Central and The Parisian Macao, the Company is required to complete these developments by December 2016 and January 2017 (which was recently extended by the Macao government from November 2016), respectively. Should the Company determine that it is unable to complete Sands Cotai Central or The Parisian Macao by their respective deadlines, the Company would then expect to apply for another extension from the Macao government. If the Company is unable to meet the current deadlines and the deadlines for either development are not extended, the Company could lose its land concessions for Sands Cotai Central or The Parisian Macao, 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 $4.88 billion or $1.89 billion in capitalized construction costs and land premiums (net of amortization), as of March 31, 2016 , related to Sands Cotai Central and The Parisian Macao, 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 is evaluating the highest return opportunity for the project and 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 March 31, 2016 . Other The Company continues to aggressively pursue new development opportunities globally. Capital Financing Overview Through March 31, 2016 , 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 $1.70 billion and restricted cash and cash equivalents of $17.3 million as of March 31, 2016 . 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 is required to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2015. The Company adopted this guidance retrospectively as of January 1, 2016 (see "— Reclassification" and “— Note 3 — Long-Term Debt”). The adoption of this guidance did not have a material effect on the Company's financial condition, results of operations and 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 and cash flows. In February 2016, the FASB issued an accounting standard update on leases, which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. In March 2016, the FASB issued an accounting standard update to simplify several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within that annual period, with early adoption permitted. The guidance should be applied on a prospective, retrospective or modified retrospective approach depending on the specific portion of the guidance being applied. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. In April 2016, the FASB issued an accounting standard update on revenue recognition. The update adds clarity to the accounting standard update issued in May 2014, also regarding revenue recognition. This update specifically adds guidance to assist an entity with identifying performance obligations in contracts with customers and implementing licensing 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. Reclassification To be consistent with the current period presentation, the Company retrospectively adopted the new guidance to simplify the presentation of debt issuance costs. As a result, debt issuance costs of $124.0 million related to its term loans were reclassified from deferred financing costs, net to long-term debt and debt issuance costs of $45.7 million related to its revolving debt were reclassified from deferred financing costs, net to other assets in the accompanying condensed consolidated balance sheet as of December 31, 2015. The reclassification did not have an effect on the Company's financial condition, results of operations and cash flows. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following (in thousands): March 31, December 31, Land and improvements $ 559,478 $ 556,947 Building and improvements 15,463,427 15,308,791 Furniture, fixtures, equipment and leasehold improvements 3,339,241 3,281,161 Transportation 456,969 456,942 Construction in progress 2,870,711 2,633,340 22,689,826 22,237,181 Less — accumulated depreciation and amortization (6,780,066 ) (6,505,543 ) $ 15,909,760 $ 15,731,638 Construction in progress consists of the following (in thousands): March 31, December 31, The Parisian Macao $ 1,827,580 $ 1,588,474 Four Seasons Macao (principally the Four Seasons Apartments) 422,713 424,273 Sands Cotai Central 272,240 270,472 Other 348,178 350,121 $ 2,870,711 $ 2,633,340 The $348.2 million in other construction in progress as of March 31, 2016 , 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 $217.5 million (net of $93.9 million of accumulated depreciation) as of March 31, 2016 , 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 months ended March 31, 2016 and 2015 , the Company capitalized interest expense of $9.8 million and $4.2 million , respectively. During the three months ended March 31, 2016 and 2015 , the Company capitalized approximately $7.7 million and $7.5 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 | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt consists of the following (in thousands): March 31, December 31, Corporate and U.S. Related: 2013 U.S. Credit Facility — Term B (net of unamortized original issue discount and deferred financing costs of $15,290 and $16,102, respectively) $ 2,184,085 $ 2,188,898 2013 U.S. Credit Facility — Revolving (1) 235,000 630,000 Airplane Financings (net of unamortized deferred financing costs of $51 and $65, respectively) 59,012 59,918 HVAC Equipment Lease 14,794 15,155 Other 111 140 Macao Related: 2011 VML Credit Facility — Extended Term (net of unamortized deferred financing costs of $43,753 and $46,943, respectively) 2,344,656 2,342,608 2011 VML Credit Facility — Accordion Term (net of unamortized deferred financing costs of $9,610 and $10,147, respectively) 989,742 989,792 2011 VML Credit Facility — Extended Revolving (1) 350,226 — Other 4,494 4,353 Singapore Related: 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $57,083 and $58,743, respectively) 3,205,123 3,113,184 9,387,243 9,344,048 Less — current maturities (152,020 ) (95,367 ) Total long-term debt $ 9,235,223 $ 9,248,681 ____________________ (1) Unamortized deferred financing costs of $43.0 million and $45.7 million as of March 31, 2016 and December 31, 2015, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets. 2013 U.S. Credit Facility As of March 31, 2016 , the Company had $1.01 billion of available borrowing capacity under the 2013 U.S. Revolving Facility, net of outstanding letters of credit. 2011 VML Credit Facility As of March 31, 2016 , the Company had $1.65 billion of available borrowing capacity under the Extended 2011 VML Revolving Facility. 2012 Singapore Credit Facility As of March 31, 2016 , the Company had 494.4 million SGD (approximately $361.4 million at exchange rates in effect on March 31, 2016 ) 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): Three Months Ended 2016 2015 Proceeds from 2011 VML Credit Facility $ 350,247 $ — Repayments on 2013 U.S. Credit Facility $ (400,625 ) $ (165,625 ) Repayments on 2011 VML Credit Facility — (440,416 ) Repayments on 2012 Singapore Credit Facility (16,215 ) (17,082 ) Repayments on Airplane Financings (922 ) (922 ) Repayments on HVAC Equipment Lease and Other Long-Term Debt (894 ) (905 ) $ (418,656 ) $ (624,950 ) Fair Value of Long-Term Debt The estimated fair value of the Company’s long-term debt as of March 31, 2016 and December 31, 2015 , was approximately $9.29 billion and $9.22 billion , respectively, compared to its carrying value of $9.49 billion and $9.46 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 | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity and Earnings Per Share | EQUITY AND EARNINGS PER SHARE Common Stock Dividends On March 31, 2016, the Company paid a dividend of $0.72 per common share as part of a regular cash dividend program. During the three months ended March 31, 2016 , the Company recorded $572.2 million as a distribution against retained earnings (of which $310.9 million related to the Principal Stockholder and his family and the remaining $261.3 million related to all other shareholders). On March 31, 2015, the Company paid a dividend of $0.65 per common share as part of a regular cash dividend program. During the three months ended March 31, 2015 , the Company recorded $519.1 million as a distribution against retained earnings (of which $280.6 million related to the Principal Stockholder and his family and the remaining $238.5 million related to all other shareholders). In April 2016, the Company’s Board of Directors declared a quarterly dividend of $0.72 per common share (a total estimated to be approximately $572 million ) to be paid on June 30, 2016, to shareholders of record on June 22, 2016. Repurchase Program In October 2014, the Company's Board of Directors authorized the repurchase of $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 three months ended March 31, 2016 and 2015 , there were no share repurchases under this program. All share repurchases of the Company's common stock are recorded as treasury stock. Noncontrolling Interests On February 26, 2016, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") to SCL shareholders (a total of $1.03 billion , of which the Company retained $722.7 million during the three months ended March 31, 2016 ). On February 27, 2015, SCL paid a dividend of HKD 0.99 per share to SCL shareholders (a total of $1.03 billion , of which the Company retained $722.4 million during the three months ended March 31, 2015 ). During the three months ended March 31, 2016 and 2015 , the Company distributed $3.4 million and $3.7 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 2016 2015 Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 794,488,858 797,935,314 Potential dilution from stock options and restricted stock and stock units 543,160 941,726 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 795,032,018 798,877,040 Antidilutive stock options excluded from the calculation of diluted earnings per share 6,685,342 5,925,307 Accumulated Other Comprehensive Income (Loss) As of March 31, 2016 and December 31, 2015 , accumulated other comprehensive loss consisted solely of foreign currency translation adjustments. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 , the Company’s consolidated joint ventures had total assets of $78.7 million and $79.4 million , respectively, and total liabilities of $154.2 million and $148.4 million , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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. and Singapore, and tax years beginning in 2011 in Macao. 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 its foreign subsidiaries to be permanently reinvested. Beginning with the year ended December 31, 2015, certain of the Company’s foreign subsidiaries distributed, and may continue to distribute, earnings in excess of their current year’s tax earnings and profits in order to meet the Company’s liquidity needs. The Company has a plan for its other foreign subsidiaries demonstrating that earnings attributable to periods before January 1, 2016, will be indefinitely reinvested in the applicable jurisdictions. The Company has not provided deferred taxes for these foreign earnings as the Company expects there will be sufficient creditable foreign taxes to offset any 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 March 31, 2016 ) 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 Compensation expense: Stock options $ 8,316 $ 8,995 Restricted stock and stock units 5,378 3,206 $ 13,694 $ 12,201 Compensation cost capitalized as part of property and equipment $ 117 $ 172 LVSC 2004 Plan: Stock options granted 1,112 308 Weighted average grant date fair value $ 8.52 $ 12.35 Restricted stock granted 44 22 Weighted average grant date fair value $ 40.87 $ 55.41 Restricted stock units granted — — Weighted average grant date fair value $ — $ — SCL Equity Plan: Stock options granted 17,429 648 Weighted average grant date fair value $ 0.73 $ 1.06 Restricted stock units granted — 119 Weighted average grant date fair value $ — $ 4.90 During the three months ended March 31, 2016 , SCL paid $0.2 million 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 2016 2015 LVSC 2004 Plan: Weighted average volatility 35.3 % 38.0 % Expected term (in years) 5.8 5.8 Risk-free rate 1.5 % 1.3 % Expected dividends 6.0 % 4.7 % SCL Equity Plan: Weighted average volatility 40.9 % 44.6 % Expected term (in years) 4.4 4.0 Risk-free rate 1.3 % 1.0 % Expected dividends 5.5 % 5.5 % |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 Company currently uses certain derivatives as effective economic hedges to offset interest rate risk associated with its current and anticipated future borrowings and foreign currency forward contracts to manage its foreign currency exposure. Foreign currency forward contracts involve the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The aggregate notional value of these foreign currency contracts was $669.4 million and $672.7 million as of March 31, 2016 and December 31, 2015 , respectively. As these derivatives have not been designated and/or do not qualify for hedge accounting, the changes in fair value are recognized as other income (expense) in the accompanying consolidated statements of operations. The following table provides the assets and liabilities 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 March 31, 2016 Assets Cash equivalents (1) $ 612,291 $ 612,291 $ — $ — Interest rate caps (2) $ — $ — $ — $ — Liabilities Forward contracts (3) $ 32,865 $ — $ 32,865 $ — As of December 31, 2015 Assets Cash equivalents (1) $ 905,276 $ 905,276 $ — $ — Forward contracts (3) $ 4,197 $ — $ 4,197 $ — Interest rate caps (2) $ — $ — $ — $ — ____________________ (1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. (2) As of March 31, 2016 and December 31, 2015 , the Company had one interest rate cap agreement with a nominal aggregate fair value based on recently reported market transactions of interest rates, which was recorded in prepaid expenses and other in the accompanying condensed consolidated balance sheets. (3) As of March 31, 2016 and December 31, 2015 , the Company had 22 and 19 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2016 , the Company recorded a $35.8 million loss related to the change in fair value of the forward contracts. The Company did not have forward contracts during the three months ended March 31, 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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 and cash flows. On October 15, 2004, Richard Suen and Round Square Company Limited (“Roundsquare”) 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 Roundsquare 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 plaintiff's 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, Roundsquare 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, Roundsquare filed their answering brief. On January 12, 2015, the defendants filed their reply brief. On January 27, 2015, Roundsquare filed their reply brief. The Nevada Supreme Court set oral argument for December 17, 2015, before a panel of justices only to reset it for January 26, 2016, en banc. Oral arguments were presented to the Nevada Supreme Court as scheduled. On March 11, 2016, the Nevada Supreme Court issued an order affirming the judgment of liability, but reversing the damages award and remanding for a new trial on damages. On March 29, 2016, Roundsquare filed a petition for rehearing. The Nevada Supreme Court ordered an answer by the Company, which the Company filed on May 4, 2016. No ruling date on Roundsquare's petition for a rehearing has been set, nor is one estimable. The Company believes that the Nevada Supreme Court had valid bases in law and fact to reverse the damages award. As a result, the Company believes that the likelihood that the amount of the original 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, plaintiff 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 plaintiff's 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 decided 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 had been fully briefed to the Nevada Supreme Court on or before August 30, 2013. 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. 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 could amend his complaint except for the defamation claim against Mr. Adelson until the remittitur from the Nevada Supreme Court was received. The District Court also allowed the sanctions hearing to move forward and reviewed 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 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 17, 2014, SCL filed a motion to reconsider the District Court’s March 27, 2013, order concerning a discovery dispute. 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 District 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, sought a stay 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 over 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. The 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. 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 plaintiff in which it promised certain benefits in the event that plaintiff 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. On November 13, 2015, the District Court granted Mr. Adelson's motion to strike Count VI in light of its prior dismissal of that count. 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 tortiously discharge plaintiff in violation of public policy. LVSC, SCL and Mr. Adelson have answered the Fifth Amended Complaint and LVSC has re-filed its previously filed counterclaim against plaintiff. 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. VML also filed a peremptory challenge to the judge presiding over the case, causing it to be reassigned to another judge. On October 27, 2015, the new judge struck the peremptory challenge and the case was reassigned to the original judge. On November 3, 2015, VML filed a petition for a writ of prohibition or mandamus in the Nevada Supreme Court challenging the decision to strike its peremptory challenge; at the same time, VML filed a motion with the Nevada Supreme Court to stay all proceedings before the original judge pending the outcome of its writ petition. On November 4, 2015, the Nevada Supreme Court granted a stay with respect to proceedings against VML only and directed plaintiff to answer the writ petition within 30 days. Instead of answering, on December 18, 2015, plaintiff voluntarily dismissed VML from the action, without prejudice and then filed a notice with the Nevada Supreme Court claiming that VML’s petition was moot. On December 30, 2015, VML filed a motion with the Nevada Supreme Court asking it to grant its writ petition or, in the alternative, to permit the dismissal of VML only if it is with prejudice. The Nevada Supreme Court dismissed VML's writ petition as moot on March 17, 2016, declining to reach the question of whether VML's dismissal should be with prejudice. On November 4, 2015, the Nevada Supreme Court issued an order granting in part and denying in part the three pending writ petitions filed by SCL that were argued on September 1, 2015. The Nevada Supreme Court held that the District Court had erred in concluding that it had general and transient jurisdiction over SCL, but held that plaintiff had met his burden of making a preliminary showing of specific jurisdiction over SCL in Nevada with respect to the particular claims plaintiff had made. The Nevada Supreme Court held that defendants’ writ petition addressing the expedited trial date was moot in light of the District Court’s order vacating that date; the Nevada Supreme Court noted, however, that defendants were correct that the previous stay of proceedings tolled the five-year time period for bringing the case to trial. The Nevada Supreme Court granted SCL’s writ petition to overturn the District Court’s order compelling one of SCL’s independent directors to appear for a deposition on U.S. soil. The Nevada Supreme Court also ruled on the previously stayed $250,000 sanction, upholding the amount but requiring the payment to be reallocated on remand. Finally, the Nevada Supreme Court denied defendants’ request that the case be reassigned to a different judge. On November 17, 2015, plaintiff filed a petition for rehearing en banc in the Nevada Supreme Court, asking the Nevada Supreme Court to reconsider its ruling on the location of the deposition of SCL’s independent director. On November 24, 2015, SCL filed a petition for rehearing en banc in the Nevada Supreme Court, asking the Nevada Supreme Court to reconsider its conclusion that plaintiff had met his burden of making a preliminary showing of specific jurisdiction over SCL. On December 23, 2015, the Nevada Supreme Court issued an order requiring answers to both petitions for rehearing. Plaintiff filed his answer on January 8, 2016, and SCL filed its answer on January 22, 2016. On February 24, 2016, the Nevada Supreme Court granted plaintiff’s petition for rehearing concluding SCL is responsible for producing its director for a noticed deposition, the location of which may be determined by the District Court. On the same day, the Nevada Supreme Court denied SCL’s petition for rehearing regarding the finding of specific jurisdiction over SCL. On November 19, 2015, SCL filed its answer to plaintiffs’ Fifth Amended Complaint, denying each of plaintiff’s claims and raising a number of affirmative and other defenses. Discovery is ongoing with respect to the Company and SCL. The District Court has entered a scheduling order under which discovery will close on May 5, 2016, and the case is to be tried to a jury beginning on or after June 27, 2016. On December 18, 2015, plaintiff served a notice of the deposition of a Company executive. On December 31, 2015, counsel for the executive and defendants filed a motion for protective order. The District Court denied the motion in part and ordered the executive to appear for a deposition prior to January 12, 2016. The executive appeared for a deposition on January 11, 2016. When questions were posed during the deposition regarding the executive’s alleged communications with third parties, including the media, about media coverage of the court and the Jacobs case and about the purchase of the Las Vegas Review-Journal by members of the Adelson family, counsel for the executive instructed him not to answer. At a hearing the next day, the District Court “overruled” counsel’s instruction to the executive, but devised a procedure under which the executive’s counsel could refer objections to questions about his alleged communications with third parties, including the media, concerning the Jacobs litigation to a discovery master and/or a different judge, rather than to the presiding judge. On January 13, 2016, the executive filed a motion to expand the scope of the issues that would be referred to a discovery master to include all of the questions his counsel had instructed him not to answer, on the ground that comments the court had made to the media called into question the executive’s ability to obtain a fair and impartial hearing of his objections. On the same day, the Company filed a motion to disqualify the judge based on comments the court made to the media and during hearings related to the deposition of the executive, which raised reasonable doubts about the court’s impartiality. On January 15, 2016, the judge filed an affidavit regarding her contacts with the media involving this case and denying any bias. The motion to disqualify was set for hearing on February 18, 2016, before the Chief Judge of the District Court, but on January 29, 2016, the Chief Judge denied the motion to disqualify without providing the Company the opportunity to respond to the presiding judge’s affidavit. On February 9, 2016, the Company filed a motion requesting the Chief Judge withdraw and reconsider the order denying the Company’s motion to disqualify the presiding judge. On February 12, 2016, the presiding judge filed an additional affidavit further denying any bias toward or against defendants. On the same day, the Company filed a request for the motion for reconsideration to be heard in open court. On February 16, 2016, in support of the motion for reconsideration, the Company filed a declaration of a legal scholar confirming the presiding judge’s contacts with the media created the appearance of partiality. On February 17, 2016, from chambers, the Chief Judge denied the Company’s request for reconsideration finding the record showed no evidence of judicial bias. On February 19, 2016, plaintiff filed a reply to the Company’s counterclaim. On February 23, 2016, defendants filed a writ petition in the Nevada Supreme Court challenging the Chief Judge’s denial of the disqualification of the presiding judge. In conjunction with the writ, the defendants also filed an emergency motion to stay the proceedings in the District Court. Although the Nevada Supreme Court denied that motion, the District Court decided on March 10, 2016, not to conduct any hearings or to rule on any pending motions until the Nevada Supreme Court rules on the disqualification issue. The Nevada Supreme Court held oral arguments on defendants' writ petition on April 5, 2016. Discovery has continued and additional motions relating to discovery issues have been filed, although the District Court has not ruled on any of them. On March 8, 2016, defendants filed a motion for partial summary judgment on plaintiff's claim that certain stock options in SCL purportedly awarded to him should have vested when he was terminated. Plaintiff filed his opposition to that motion on April 1, 2016, and filed a countermotion for a determination that if the jury finds he was terminated without cause, then he would be entitled to prevail on his claim to the SCL options. Defendants filed their reply in support of their motion and their opposition to plaintiff's countermotion on April 19, 2016. On April 14, 2016, defendants filed a motion to continue the trial date and to extend the current discovery deadlines. Plaintiff filed his opposition to defendants' motion to continue the trial and extend discovery on May 2, 2016. On January 29, 2016, Mr. Jacobs filed a complaint against VML in the United States District Court for the District of Nevada (the "U.S. District Court") alleging a breach of contract claim similar to the one he had brought against VML in the District Court and then dismissed. VML filed a motion to dismiss the complaint, which was fully briefed on March 31, 2016. The Company intends to defend the matter vigorously. Mr. Jacobs is seeking unspecified damages against VML. 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 March 31, 2016 . On April 7, 2016, the SEC announced a comprehensive civil administrative settlement with the Company in which the Company neither admitted nor denied allegations related to the internal controls and books and records provi |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; 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 remainder of Sands Cotai Central and the Four Seasons Apartments in Macao, and the Las Vegas Condo Tower (which construction currently is 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 March 31, 2016 and December 31, 2015 , and for the three months ended March 31, 2016 and 2015 , is as follows (in thousands): Three Months Ended 2016 2015 Net Revenues Macao: The Venetian Macao $ 748,954 $ 787,191 Sands Cotai Central 530,280 571,764 Four Seasons Macao 148,266 161,251 Sands Macao 175,091 225,371 Other Asia 38,589 35,479 1,641,180 1,781,056 Marina Bay Sands 603,653 784,816 United States: Las Vegas Operating Properties 384,876 376,383 Sands Bethlehem 138,668 127,699 523,544 504,082 Intersegment eliminations (52,137 ) (58,332 ) Total net revenues $ 2,716,240 $ 3,011,622 Three Months Ended 2016 2015 Intersegment Revenues Macao: The Venetian Macao $ 1,682 $ 1,493 Sands Cotai Central 112 78 Other Asia 9,218 10,212 11,012 11,783 Marina Bay Sands 2,161 2,799 Las Vegas Operating Properties 38,964 43,750 Total intersegment revenues $ 52,137 $ 58,332 Three Months Ended 2016 2015 Adjusted Property EBITDA (1) Macao: The Venetian Macao $ 267,806 $ 269,942 Sands Cotai Central 163,466 155,910 Four Seasons Macao 48,186 44,472 Sands Macao 30,971 57,378 Other Asia 7,660 3,532 518,089 531,234 Marina Bay Sands 274,872 415,272 United States: Las Vegas Operating Properties 86,898 74,109 Sands Bethlehem 37,725 29,893 124,623 104,002 Total adjusted property EBITDA 917,584 1,050,508 Other Operating Costs and Expenses Stock-based compensation (5,529 ) (3,975 ) Corporate (46,628 ) (45,223 ) Pre-opening (8,609 ) (9,579 ) Development (2,377 ) (1,533 ) Depreciation and amortization (259,876 ) (253,922 ) Amortization of leasehold interests in land (9,547 ) (9,838 ) Gain (loss) on disposal of assets 612 (15,323 ) Operating income $ 585,630 $ 711,115 ____________________ (1) Adjusted property EBITDA is operating 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, gain or loss on disposal of assets and loss on modification or early retirement of debt. Adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Three Months Ended 2016 2015 Capital Expenditures Corporate and Other $ 838 $ 2,691 Macao: The Venetian Macao 12,755 24,055 Sands Cotai Central 40,195 123,416 Four Seasons Macao 2,346 5,295 Sands Macao 3,256 9,594 Other Asia 1,228 592 The Parisian Macao 247,476 163,549 307,256 326,501 Marina Bay Sands 13,058 23,465 United States: Las Vegas Operating Properties 16,200 11,578 Sands Bethlehem 6,218 3,101 22,418 14,679 Total capital expenditures $ 343,570 $ 367,336 March 31, December 31, Total Assets Corporate and Other $ 643,565 $ 463,272 Macao: The Venetian Macao 2,290,606 2,949,533 Sands Cotai Central 4,312,412 4,393,716 Four Seasons Macao 1,021,271 1,038,573 Sands Macao 329,945 373,113 Other Asia 272,675 288,178 The Parisian Macao 1,897,528 1,648,562 Other Development Projects 76 82 10,124,513 10,691,757 Marina Bay Sands 5,531,925 5,497,556 United States: Las Vegas Operating Properties 3,397,569 3,517,816 Sands Bethlehem 687,337 693,056 4,084,906 4,210,872 Total assets $ 20,384,909 $ 20,863,457 March 31, December 31, Total Long-Lived Assets Corporate and Other $ 328,485 $ 334,540 Macao: The Venetian Macao 1,761,748 1,795,042 Sands Cotai Central 3,883,482 3,943,966 Four Seasons Macao 893,297 903,649 Sands Macao 259,655 266,399 Other Asia 165,030 167,540 The Parisian Macao 1,892,871 1,645,881 8,856,083 8,722,477 Marina Bay Sands 4,572,721 4,476,064 United States: Las Vegas Operating Properties 2,882,244 2,909,294 Sands Bethlehem 550,035 551,395 3,432,279 3,460,689 Total long-lived assets $ 17,189,568 $ 16,993,770 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): March 31, December 31, Land and improvements $ 559,478 $ 556,947 Building and improvements 15,463,427 15,308,791 Furniture, fixtures, equipment and leasehold improvements 3,339,241 3,281,161 Transportation 456,969 456,942 Construction in progress 2,870,711 2,633,340 22,689,826 22,237,181 Less — accumulated depreciation and amortization (6,780,066 ) (6,505,543 ) $ 15,909,760 $ 15,731,638 |
Construction in Progress | Construction in progress consists of the following (in thousands): March 31, December 31, The Parisian Macao $ 1,827,580 $ 1,588,474 Four Seasons Macao (principally the Four Seasons Apartments) 422,713 424,273 Sands Cotai Central 272,240 270,472 Other 348,178 350,121 $ 2,870,711 $ 2,633,340 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following (in thousands): March 31, December 31, Corporate and U.S. Related: 2013 U.S. Credit Facility — Term B (net of unamortized original issue discount and deferred financing costs of $15,290 and $16,102, respectively) $ 2,184,085 $ 2,188,898 2013 U.S. Credit Facility — Revolving (1) 235,000 630,000 Airplane Financings (net of unamortized deferred financing costs of $51 and $65, respectively) 59,012 59,918 HVAC Equipment Lease 14,794 15,155 Other 111 140 Macao Related: 2011 VML Credit Facility — Extended Term (net of unamortized deferred financing costs of $43,753 and $46,943, respectively) 2,344,656 2,342,608 2011 VML Credit Facility — Accordion Term (net of unamortized deferred financing costs of $9,610 and $10,147, respectively) 989,742 989,792 2011 VML Credit Facility — Extended Revolving (1) 350,226 — Other 4,494 4,353 Singapore Related: 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $57,083 and $58,743, respectively) 3,205,123 3,113,184 9,387,243 9,344,048 Less — current maturities (152,020 ) (95,367 ) Total long-term debt $ 9,235,223 $ 9,248,681 ____________________ (1) Unamortized deferred financing costs of $43.0 million and $45.7 million as of March 31, 2016 and December 31, 2015, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets. |
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): Three Months Ended 2016 2015 Proceeds from 2011 VML Credit Facility $ 350,247 $ — Repayments on 2013 U.S. Credit Facility $ (400,625 ) $ (165,625 ) Repayments on 2011 VML Credit Facility — (440,416 ) Repayments on 2012 Singapore Credit Facility (16,215 ) (17,082 ) Repayments on Airplane Financings (922 ) (922 ) Repayments on HVAC Equipment Lease and Other Long-Term Debt (894 ) (905 ) $ (418,656 ) $ (624,950 ) |
Equity and Earnings Per Share (
Equity and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 794,488,858 797,935,314 Potential dilution from stock options and restricted stock and stock units 543,160 941,726 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 795,032,018 798,877,040 Antidilutive stock options excluded from the calculation of diluted earnings per share 6,685,342 5,925,307 |
Stock-Based Employee Compensa22
Stock-Based Employee Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 Compensation expense: Stock options $ 8,316 $ 8,995 Restricted stock and stock units 5,378 3,206 $ 13,694 $ 12,201 Compensation cost capitalized as part of property and equipment $ 117 $ 172 LVSC 2004 Plan: Stock options granted 1,112 308 Weighted average grant date fair value $ 8.52 $ 12.35 Restricted stock granted 44 22 Weighted average grant date fair value $ 40.87 $ 55.41 Restricted stock units granted — — Weighted average grant date fair value $ — $ — SCL Equity Plan: Stock options granted 17,429 648 Weighted average grant date fair value $ 0.73 $ 1.06 Restricted stock units granted — 119 Weighted average grant date fair value $ — $ 4.90 |
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 2016 2015 Compensation expense: Stock options $ 8,316 $ 8,995 Restricted stock and stock units 5,378 3,206 $ 13,694 $ 12,201 Compensation cost capitalized as part of property and equipment $ 117 $ 172 LVSC 2004 Plan: Stock options granted 1,112 308 Weighted average grant date fair value $ 8.52 $ 12.35 Restricted stock granted 44 22 Weighted average grant date fair value $ 40.87 $ 55.41 Restricted stock units granted — — Weighted average grant date fair value $ — $ — SCL Equity Plan: Stock options granted 17,429 648 Weighted average grant date fair value $ 0.73 $ 1.06 Restricted stock units granted — 119 Weighted average grant date fair value $ — $ 4.90 |
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 2016 2015 LVSC 2004 Plan: Weighted average volatility 35.3 % 38.0 % Expected term (in years) 5.8 5.8 Risk-free rate 1.5 % 1.3 % Expected dividends 6.0 % 4.7 % SCL Equity Plan: Weighted average volatility 40.9 % 44.6 % Expected term (in years) 4.4 4.0 Risk-free rate 1.3 % 1.0 % Expected dividends 5.5 % 5.5 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following table provides the assets and liabilities 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 March 31, 2016 Assets Cash equivalents (1) $ 612,291 $ 612,291 $ — $ — Interest rate caps (2) $ — $ — $ — $ — Liabilities Forward contracts (3) $ 32,865 $ — $ 32,865 $ — As of December 31, 2015 Assets Cash equivalents (1) $ 905,276 $ 905,276 $ — $ — Forward contracts (3) $ 4,197 $ — $ 4,197 $ — Interest rate caps (2) $ — $ — $ — $ — ____________________ (1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. (2) As of March 31, 2016 and December 31, 2015 , the Company had one interest rate cap agreement with a nominal aggregate fair value based on recently reported market transactions of interest rates, which was recorded in prepaid expenses and other in the accompanying condensed consolidated balance sheets. (3) As of March 31, 2016 and December 31, 2015 , the Company had 22 and 19 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2016 , the Company recorded a $35.8 million loss related to the change in fair value of the forward contracts. The Company did not have forward contracts during the three months ended March 31, 2015 . |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company’s segment information as of March 31, 2016 and December 31, 2015 , and for the three months ended March 31, 2016 and 2015 , is as follows (in thousands): Three Months Ended 2016 2015 Net Revenues Macao: The Venetian Macao $ 748,954 $ 787,191 Sands Cotai Central 530,280 571,764 Four Seasons Macao 148,266 161,251 Sands Macao 175,091 225,371 Other Asia 38,589 35,479 1,641,180 1,781,056 Marina Bay Sands 603,653 784,816 United States: Las Vegas Operating Properties 384,876 376,383 Sands Bethlehem 138,668 127,699 523,544 504,082 Intersegment eliminations (52,137 ) (58,332 ) Total net revenues $ 2,716,240 $ 3,011,622 Three Months Ended 2016 2015 Intersegment Revenues Macao: The Venetian Macao $ 1,682 $ 1,493 Sands Cotai Central 112 78 Other Asia 9,218 10,212 11,012 11,783 Marina Bay Sands 2,161 2,799 Las Vegas Operating Properties 38,964 43,750 Total intersegment revenues $ 52,137 $ 58,332 Three Months Ended 2016 2015 Adjusted Property EBITDA (1) Macao: The Venetian Macao $ 267,806 $ 269,942 Sands Cotai Central 163,466 155,910 Four Seasons Macao 48,186 44,472 Sands Macao 30,971 57,378 Other Asia 7,660 3,532 518,089 531,234 Marina Bay Sands 274,872 415,272 United States: Las Vegas Operating Properties 86,898 74,109 Sands Bethlehem 37,725 29,893 124,623 104,002 Total adjusted property EBITDA 917,584 1,050,508 Other Operating Costs and Expenses Stock-based compensation (5,529 ) (3,975 ) Corporate (46,628 ) (45,223 ) Pre-opening (8,609 ) (9,579 ) Development (2,377 ) (1,533 ) Depreciation and amortization (259,876 ) (253,922 ) Amortization of leasehold interests in land (9,547 ) (9,838 ) Gain (loss) on disposal of assets 612 (15,323 ) Operating income $ 585,630 $ 711,115 ____________________ (1) Adjusted property EBITDA is operating 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, gain or loss on disposal of assets and loss on modification or early retirement of debt. Adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Three Months Ended 2016 2015 Capital Expenditures Corporate and Other $ 838 $ 2,691 Macao: The Venetian Macao 12,755 24,055 Sands Cotai Central 40,195 123,416 Four Seasons Macao 2,346 5,295 Sands Macao 3,256 9,594 Other Asia 1,228 592 The Parisian Macao 247,476 163,549 307,256 326,501 Marina Bay Sands 13,058 23,465 United States: Las Vegas Operating Properties 16,200 11,578 Sands Bethlehem 6,218 3,101 22,418 14,679 Total capital expenditures $ 343,570 $ 367,336 March 31, December 31, Total Assets Corporate and Other $ 643,565 $ 463,272 Macao: The Venetian Macao 2,290,606 2,949,533 Sands Cotai Central 4,312,412 4,393,716 Four Seasons Macao 1,021,271 1,038,573 Sands Macao 329,945 373,113 Other Asia 272,675 288,178 The Parisian Macao 1,897,528 1,648,562 Other Development Projects 76 82 10,124,513 10,691,757 Marina Bay Sands 5,531,925 5,497,556 United States: Las Vegas Operating Properties 3,397,569 3,517,816 Sands Bethlehem 687,337 693,056 4,084,906 4,210,872 Total assets $ 20,384,909 $ 20,863,457 March 31, December 31, Total Long-Lived Assets Corporate and Other $ 328,485 $ 334,540 Macao: The Venetian Macao 1,761,748 1,795,042 Sands Cotai Central 3,883,482 3,943,966 Four Seasons Macao 893,297 903,649 Sands Macao 259,655 266,399 Other Asia 165,030 167,540 The Parisian Macao 1,892,871 1,645,881 8,856,083 8,722,477 Marina Bay Sands 4,572,721 4,476,064 United States: Las Vegas Operating Properties 2,882,244 2,909,294 Sands Bethlehem 550,035 551,395 3,432,279 3,460,689 Total long-lived assets $ 17,189,568 $ 16,993,770 |
Organization and Business of 25
Organization and Business of Company (Details) $ in Thousands, SGD in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2016USD ($) | Apr. 30, 2016SGD | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Outstanding construction payables | $ 344,081 | $ 364,136 | ||||
Cash and cash equivalents | 1,695,643 | 2,179,490 | $ 2,406,465 | $ 3,506,319 | ||
Restricted cash and cash equivalents | $ 17,300 | |||||
Non-current Liabilities [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Prior period reclassification adjustment | 124,000 | |||||
Other Non-current Assets [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Prior period reclassification adjustment | $ 45,700 | |||||
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 | |||||
Gaming subconcession, expiration date | Jun. 30, 2022 | |||||
Macao [Member] | The Parisian Macao [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Expected cost to complete | $ 2,700,000 | |||||
Capitalized costs | 1,890,000 | |||||
Outstanding construction payables | 167,300 | |||||
Macao [Member] | Sands Cotai Central [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Capitalized costs | 4,880,000 | |||||
Singapore [Member] | Marina Bay Sands [Member] | Subsequent Event [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Finite-lived gaming license, cost incurred to renew or extend | $ 48,300 | SGD 66 | ||||
Finite-lived gaming license, expiration date | Apr. 30, 2019 | Apr. 30, 2019 | ||||
United States [Member] | Las Vegas Condo Tower [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Capitalized costs | $ 178,600 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 22,689,826 | $ 22,237,181 |
Less — accumulated depreciation and amortization | (6,780,066) | (6,505,543) |
Property and equipment, net | 15,909,760 | 15,731,638 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 559,478 | 556,947 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,463,427 | 15,308,791 |
Furniture, Fixtures, Equipment and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,339,241 | 3,281,161 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 456,969 | 456,942 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,870,711 | $ 2,633,340 |
Property and Equipment, Net - C
Property and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | $ 22,689,826 | $ 22,237,181 |
Construction in Progress [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 2,870,711 | 2,633,340 |
Construction in Progress [Member] | The Parisian Macao [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 1,827,580 | 1,588,474 |
Construction in Progress [Member] | Four Seasons Macao (Principally the Four Seasons Apartments) [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 422,713 | 424,273 |
Construction in Progress [Member] | Sands Cotai Central [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | 272,240 | 270,472 |
Construction in Progress [Member] | Other [Member] | ||
Construction in Progress by Project [Line Items] | ||
Property and equipment, gross | $ 348,178 | $ 350,121 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | Jun. 24, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 22,689,826 | $ 22,237,181 | ||
Mall sale, deferred proceeds | 268,237 | 268,427 | ||
Property and equipment, net | 15,909,760 | 15,731,638 | ||
Accumulated depreciation and amortization | 6,780,066 | 6,505,543 | ||
Capitalized interest expense | 9,800 | $ 4,200 | ||
Capitalized internal costs | 7,700 | $ 7,500 | ||
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 | 217,500 | |||
Accumulated depreciation and amortization | 93,900 | |||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 2,870,711 | 2,633,340 | ||
Construction in Progress [Member] | Other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 348,178 | $ 350,121 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Long-term debt, including current maturities | $ 9,387,243 | $ 9,344,048 | |
Less - current maturities | (152,020) | (95,367) | |
Total long-term debt | 9,235,223 | 9,248,681 | |
Other [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, including current maturities | 111 | 140 | |
Other [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, including current maturities | 4,494 | 4,353 | |
Secured Debt [Member] | 2013 U.S. Credit Facility Term B [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,184,085 | 2,188,898 | |
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | [1] | 235,000 | 630,000 |
Secured Debt [Member] | Airplane Financings [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 59,012 | 59,918 | |
Secured Debt [Member] | Extended 2011 VML Credit Facility Term [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,344,656 | 2,342,608 | |
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 989,742 | 989,792 | |
Secured Debt [Member] | Extended 2011 VML Credit Facility Revolving [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | [1] | 350,226 | 0 |
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | Singapore [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 3,205,123 | 3,113,184 | |
Capital Lease Obligations [Member] | HVAC Equipment Lease [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 14,794 | $ 15,155 | |
[1] | Unamortized deferred financing costs of $43.0 million and $45.7 million as of March 31, 2016 and December 31, 2015, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Long-term Debt - Schedule of 30
Long-term Debt - Schedule of Long-term Debt - OID and DFC (Details) - Secured Debt [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
2013 U.S. Credit Facility Term B [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | $ 15,290 | $ 16,102 |
Airplane Financings [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 51 | 65 |
Extended 2011 VML Credit Facility Term [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 43,753 | 46,943 |
2011 VML Accordion Term [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 9,610 | 10,147 |
2012 Singapore Credit Facility Term [Member] | Singapore [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | $ 57,083 | $ 58,743 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Schedule of Long-Term Debt - Footnotes (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Debt issuance costs included in other assets | [1] | $ 43 | $ 45.7 |
[1] | Unamortized deferred financing costs of $43.0 million and $45.7 million as of March 31, 2016 and December 31, 2015, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) SGD in Millions, $ in Millions | Mar. 31, 2016USD ($) | Mar. 31, 2016SGD | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 9,290 | $ 9,220 | |
Long-term debt, carrying value | 9,490 | $ 9,460 | |
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, available borrowing capacity | 1,010 | ||
Secured Debt [Member] | Extended 2011 VML Credit Facility Revolving [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, available borrowing capacity | 1,650 | ||
Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | Singapore [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, available borrowing capacity | $ 361.4 | SGD 494.4 |
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | $ 350,247 | $ 0 |
Repayments of long-term debt and capital leases | (418,656) | (624,950) |
Secured Debt [Member] | 2011 VML Credit Facility [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 350,247 | 0 |
Repayments of long-term debt | 0 | (440,416) |
Secured Debt [Member] | 2013 U.S Credit Facility [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (400,625) | (165,625) |
Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (16,215) | (17,082) |
Secured Debt [Member] | Airplane Financings [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (922) | (922) |
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 | $ (894) | $ (905) |
Equity and Earnings Per Share34
Equity and Earnings Per Share (Details) | Mar. 31, 2016$ / shares | Feb. 26, 2016HKD / shares | Mar. 31, 2015$ / shares | Feb. 27, 2015HKD / shares | Apr. 30, 2016$ / shares | Oct. 31, 2014USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares |
Class of Stock [Line Items] | |||||||||
Common stock, dividends paid, per share | $ / shares | $ 0.72 | $ 0.65 | |||||||
Dividends declared | $ 880,375,000 | $ 827,224,000 | |||||||
Common stock repurchased, shares | shares | 0 | 0 | |||||||
Common stock, dividends, cash paid | $ 880,430,000 | $ 826,960,000 | |||||||
Distributions to noncontrolling interests | 3,428,000 | 3,652,000 | |||||||
Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, dividends paid, per share | $ / shares | $ 0.72 | ||||||||
Sands China Ltd [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, dividends paid, per share | HKD / shares | HKD 0.99 | HKD 0.99 | |||||||
Common stock, dividends, cash paid | 1,030,000,000 | 1,030,000,000 | |||||||
Common stock, dividends, cash paid, retained by company | 722,700,000 | 722,400,000 | |||||||
October 2014 Authorization [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | ||||||||
Stock repurchase program, expiration | Oct. 9, 2016 | ||||||||
Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared | 572,237,000 | 519,141,000 | |||||||
Retained Earnings [Member] | Scenario, Forecast [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared | $ 572,000,000 | ||||||||
Retained Earnings [Member] | Principal Stockholder and His Family [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared | 310,900,000 | 280,600,000 | |||||||
Retained Earnings [Member] | All Other Shareholders [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared | $ 261,300,000 | $ 238,500,000 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) (in shares) | 794,488,858 | 797,935,314 |
Potential dilution from stock options and restricted stock and stock units (in shares) | 543,160 | 941,726 |
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) (in shares) | 795,032,018 | 798,877,040 |
Antidilutive stock options excluded from the calculation of diluted earnings per share (in shares) | 6,685,342 | 5,925,307 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Total assets in Company's joint ventures | $ 78.7 | $ 79.4 |
Total liabilities in Company's joint ventures | $ 154.2 | $ 148.4 |
Income Taxes (Details)
Income Taxes (Details) - 3 months ended Mar. 31, 2016 MOP in Millions, $ in Millions | USD ($) | MOP |
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 |
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 | 2,011 | 2,011 |
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 |
Stock-Based Employee Compensa38
Stock-Based Employee Compensation - Stock-Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 13,694 | $ 12,201 |
Compensation cost capitalized as part of property and equipment | 117 | 172 |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 8,316 | $ 8,995 |
Stock Option [Member] | LVSC 2004 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 1,112 | 308 |
Stock options granted, weighted average grant date fair value (in usd per share) | $ 8.52 | $ 12.35 |
Stock Option [Member] | SCL Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 17,429 | 648 |
Stock options granted, weighted average grant date fair value (in usd per share) | $ 0.73 | $ 1.06 |
Restricted Stock [Member] | LVSC 2004 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock and stock units granted (in shares) | 44 | 22 |
Restricted stock and stock units granted, weighted average grant date fair value (in usd per share) | $ 40.87 | $ 55.41 |
Restricted Stock And Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 5,378 | $ 3,206 |
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 (in shares) | 0 | 0 |
Restricted stock and stock units granted, weighted average grant date fair value (in usd per share) | $ 0 | $ 0 |
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 (in shares) | 0 | 119 |
Restricted stock and stock units granted, weighted average grant date fair value (in usd per share) | $ 0 | $ 4.90 |
Stock-Based Employee Compensa39
Stock-Based Employee Compensation - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 | $ 0.2 |
Stock-Based Employee Compensa40
Stock-Based Employee Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
LVSC 2004 Plan [Member] | ||
Black-Scholes option-pricing model, weighted average assumptions | ||
Weighted average volatility | 35.30% | 38.00% |
Expected term (in years) | 5 years 9 months 15 days | 5 years 9 months 15 days |
Risk-free rate | 1.50% | 1.30% |
Expected dividends | 6.00% | 4.70% |
SCL Equity Plan [Member] | ||
Black-Scholes option-pricing model, weighted average assumptions | ||
Weighted average volatility | 40.90% | 44.60% |
Expected term (in years) | 4 years 4 months 10 days | 4 years |
Risk-free rate | 1.30% | 1.00% |
Expected dividends | 5.50% | 5.50% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, notional amount | $ 669.4 | $ 672.7 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 612,291 | $ 905,276 |
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [2] | 0 | 0 |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [3] | 4,197 | |
Derivative liability | [3] | 32,865 | |
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] | 612,291 | 905,276 |
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] | |||
Derivative assets | [2] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [3] | $ 4,197 | |
Derivative liability | [3] | $ 32,865 | |
[1] | The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. | ||
[2] | As of March 31, 2016 and December 31, 2015, the Company had one interest rate cap agreement with a nominal aggregate fair value based on recently reported market transactions of interest rates, which was recorded in prepaid expenses and other in the accompanying condensed consolidated balance sheets. | ||
[3] | As of March 31, 2016 and December 31, 2015, the Company had 22 and 19 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2016, the Company recorded a $35.8 million loss related to the change in fair value of the forward contracts. The Company did not have forward contracts during the three months ended March 31, 2015. |
Fair Value Measurements - Sch43
Fair Value Measurements - Schedule of Fair Value Measurements - Footnotes (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016USD ($)Derivative | Dec. 31, 2015Derivative | |||
Forward Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, loss on derivative | $ | [1] | $ 35.8 | ||
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of foreign currency derivatives held | [1] | 22 | 19 | |
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of interest rate derivatives held | 1 | [2] | 1 | |
[1] | As of March 31, 2016 and December 31, 2015, the Company had 22 and 19 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2016, the Company recorded a $35.8 million loss related to the change in fair value of the forward contracts. The Company did not have forward contracts during the three months ended March 31, 2015. | |||
[2] | As of March 31, 2016 and December 31, 2015, the Company had one interest rate cap agreement with a nominal aggregate fair value based on recently reported market transactions of interest rates, which was recorded in prepaid expenses and other in the accompanying condensed consolidated balance sheets. |
Commitments and Contingencies (
Commitments and Contingencies (Details) MOP in Billions | Apr. 07, 2016USD ($) | 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 ($) | Oct. 15, 2004USD ($) |
Suen and Round Square Company Limited Matter [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 Matter [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 Matter [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 Matter [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 | |||||||||||
SEC Matter [Member] | Subsequent Event [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Legal settlement | $ 9,000,000 | |||||||||||
Asian American Entertainment Corporation, Limited Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought | $ 5,000,000,000 | $ 375,500,000 | MOP 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 2,716,240 | $ 3,011,622 | ||
Adjusted property EBITDA | [1] | 917,584 | 1,050,508 | |
Stock-based compensation | (5,529) | (3,975) | ||
Corporate | (46,628) | (45,223) | ||
Pre-opening | (8,609) | (9,579) | ||
Development | (2,377) | (1,533) | ||
Depreciation and amortization | (259,876) | (253,922) | ||
Amortization of leasehold interests in land | (9,547) | (9,838) | ||
(Gain) loss on disposal of assets | 612 | (15,323) | ||
Operating income | 585,630 | 711,115 | ||
Capital expenditures | 343,570 | 367,336 | ||
Assets | 20,384,909 | $ 20,863,457 | ||
Long-lived assets | 17,189,568 | 16,993,770 | ||
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 838 | 2,691 | ||
Assets | 643,565 | 463,272 | ||
Long-lived assets | 328,485 | 334,540 | ||
Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 518,089 | 531,234 | |
Capital expenditures | 307,256 | 326,501 | ||
Assets | 10,124,513 | 10,691,757 | ||
Long-lived assets | 8,856,083 | 8,722,477 | ||
Macao [Member] | The Venetian Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 267,806 | 269,942 | |
Capital expenditures | 12,755 | 24,055 | ||
Assets | 2,290,606 | 2,949,533 | ||
Long-lived assets | 1,761,748 | 1,795,042 | ||
Macao [Member] | Sands Cotai Central [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 163,466 | 155,910 | |
Capital expenditures | 40,195 | 123,416 | ||
Assets | 4,312,412 | 4,393,716 | ||
Long-lived assets | 3,883,482 | 3,943,966 | ||
Macao [Member] | Four Seasons Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 48,186 | 44,472 | |
Capital expenditures | 2,346 | 5,295 | ||
Assets | 1,021,271 | 1,038,573 | ||
Long-lived assets | 893,297 | 903,649 | ||
Macao [Member] | Sands Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 30,971 | 57,378 | |
Capital expenditures | 3,256 | 9,594 | ||
Assets | 329,945 | 373,113 | ||
Long-lived assets | 259,655 | 266,399 | ||
Macao [Member] | Other Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 7,660 | 3,532 | |
Capital expenditures | 1,228 | 592 | ||
Assets | 272,675 | 288,178 | ||
Long-lived assets | 165,030 | 167,540 | ||
Macao [Member] | The Parisian Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 247,476 | 163,549 | ||
Assets | 1,897,528 | 1,648,562 | ||
Long-lived assets | 1,892,871 | 1,645,881 | ||
Macao [Member] | Other Development Projects [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 76 | 82 | ||
Singapore [Member] | Marina Bay Sands [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 274,872 | 415,272 | |
Capital expenditures | 13,058 | 23,465 | ||
Assets | 5,531,925 | 5,497,556 | ||
Long-lived assets | 4,572,721 | 4,476,064 | ||
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 124,623 | 104,002 | |
Capital expenditures | 22,418 | 14,679 | ||
Assets | 4,084,906 | 4,210,872 | ||
Long-lived assets | 3,432,279 | 3,460,689 | ||
United States [Member] | Las Vegas Operating Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 86,898 | 74,109 | |
Capital expenditures | 16,200 | 11,578 | ||
Assets | 3,397,569 | 3,517,816 | ||
Long-lived assets | 2,882,244 | 2,909,294 | ||
United States [Member] | Sands Bethlehem [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted property EBITDA | [1] | 37,725 | 29,893 | |
Capital expenditures | 6,218 | 3,101 | ||
Assets | 687,337 | 693,056 | ||
Long-lived assets | 550,035 | $ 551,395 | ||
Operating Segments [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,641,180 | 1,781,056 | ||
Operating Segments [Member] | Macao [Member] | The Venetian Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 748,954 | 787,191 | ||
Operating Segments [Member] | Macao [Member] | Sands Cotai Central [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 530,280 | 571,764 | ||
Operating Segments [Member] | Macao [Member] | Four Seasons Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 148,266 | 161,251 | ||
Operating Segments [Member] | Macao [Member] | Sands Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 175,091 | 225,371 | ||
Operating Segments [Member] | Macao [Member] | Other Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 38,589 | 35,479 | ||
Operating Segments [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 603,653 | 784,816 | ||
Operating Segments [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 603,653 | 784,816 | ||
Operating Segments [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 523,544 | 504,082 | ||
Operating Segments [Member] | United States [Member] | Las Vegas Operating Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 384,876 | 376,383 | ||
Operating Segments [Member] | United States [Member] | Sands Bethlehem [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 138,668 | 127,699 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (52,137) | (58,332) | ||
Intersegment Eliminations [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (11,012) | (11,783) | ||
Intersegment Eliminations [Member] | Macao [Member] | The Venetian Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (1,682) | (1,493) | ||
Intersegment Eliminations [Member] | Macao [Member] | Sands Cotai Central [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (112) | (78) | ||
Intersegment Eliminations [Member] | Macao [Member] | Other Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (9,218) | (10,212) | ||
Intersegment Eliminations [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (2,161) | (2,799) | ||
Intersegment Eliminations [Member] | United States [Member] | Las Vegas Operating Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ (38,964) | $ (43,750) | ||
[1] | Adjusted property EBITDA is operating 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, gain or loss on disposal of assets and loss on modification or early retirement of debt. Adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. |