Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 22, 2020 | |
Cover [Abstract] | ||
Document type | 10-Q | |
Document quarterly report | true | |
Document period end date | Mar. 31, 2020 | |
Document transition report | false | |
Entity file number | 001-32373 | |
Entity registrant name | LAS VEGAS SANDS CORP. | |
Entity incorporation, state or country code | NV | |
Entity tax identification number | 27-0099920 | |
Entity address, address line one | 3355 Las Vegas Boulevard South | |
Entity address, city | Las Vegas, | |
Entity address, state or province | NV | |
Entity address, postal zip code | 89109 | |
City area code | 702 | |
Local phone number | 414-1000 | |
Title of 12(b) security | Common Stock ($0.001 par value) | |
Trading symbol | LVS | |
Security exchange name | NYSE | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity small business | false | |
Entity emerging growth company | false | |
Entity shell company | false | |
Entity common stock, shares outstanding | 763,729,715 | |
Entity central index key | 0001300514 | |
Current fiscal year end date | --12-31 | |
Document fiscal year focus | 2020 | |
Document fiscal period focus | Q1 | |
Amendment flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 2,602 | $ 4,226 |
Restricted cash and cash equivalents | 16 | 16 |
Accounts receivable, net of provision for credit losses of $271 and $282 | 653 | 844 |
Inventories | 36 | 37 |
Prepaid expenses and other | 186 | 182 |
Total current assets | 3,493 | 5,305 |
Property and equipment, net | 14,706 | 14,844 |
Deferred income taxes, net | 279 | 282 |
Leasehold interests in land, net | 2,169 | 2,272 |
Intangible assets, net | 36 | 42 |
Other assets, net | 484 | 454 |
Total assets | 21,167 | 23,199 |
Current liabilities: | ||
Accounts payable | 82 | 149 |
Construction payables | 303 | 334 |
Other accrued liabilities | 1,693 | 2,396 |
Income taxes payable | 272 | 275 |
Current maturities of long-term debt | 69 | 70 |
Total current liabilities | 2,419 | 3,224 |
Other long-term liabilities | 521 | 513 |
Deferred income taxes | 169 | 183 |
Deferred amounts related to mall sale transactions | 348 | 350 |
Long-term debt | 12,253 | 12,422 |
Total liabilities | 15,710 | 16,692 |
Commitments and contingencies (Note 7) | ||
Equity: | ||
Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 1,000 shares authorized, 833 shares issued, 764 shares outstanding | 1 | 1 |
Treasury stock, at cost, 69 shares | (4,481) | (4,481) |
Capital in excess of par value | 6,591 | 6,569 |
Accumulated other comprehensive loss | (119) | (3) |
Retained earnings | 2,497 | 3,101 |
Total Las Vegas Sands Corp. stockholders’ equity | 4,489 | 5,187 |
Noncontrolling interests | 968 | 1,320 |
Total equity | 5,457 | 6,507 |
Total liabilities and equity | $ 21,167 | $ 23,199 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50 | 50 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 833 | 833 |
Common stock, shares outstanding | 764 | 764 |
Treasury stock, shares | 69 | 69 |
Accounts receivable, provision for credit loss, current | $ 271 | $ 282 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Net revenues | $ 1,782 | $ 3,646 |
Operating expenses: | ||
Provision for credit losses | 18 | 4 |
General and administrative | 319 | 369 |
Corporate | 59 | 152 |
Pre-opening | 5 | 4 |
Development | 6 | 5 |
Depreciation and amortization | 290 | 301 |
Amortization of leasehold interests in land | 14 | 9 |
Loss on disposal or impairment of assets | 5 | 7 |
Total operating expenses | 1,727 | 2,675 |
Operating income | 55 | 971 |
Other income (expense): | ||
Interest income | 13 | 20 |
Interest expense, net of amounts capitalized | (131) | (141) |
Other income (expense) | 37 | (21) |
Income (loss) before income taxes | (26) | 829 |
Income tax expense | (25) | (85) |
Net income (loss) | (51) | 744 |
Net (income) loss attributable to noncontrolling interests | 50 | (162) |
Net income (loss) attributable to Las Vegas Sands Corp. | $ (1) | $ 582 |
Earnings per share: | ||
Basic (in usd per share) | $ 0 | $ 0.75 |
Diluted (in usd per share) | $ 0 | $ 0.75 |
Weighted average shares outstanding: | ||
Basic (in shares) | 764 | 774 |
Diluted (in shares) | 764 | 775 |
Casino [Member] | ||
Revenues: | ||
Net revenues | $ 1,177 | $ 2,661 |
Operating expenses: | ||
Cost of revenue | 707 | 1,439 |
Rooms [Member] | ||
Revenues: | ||
Net revenues | 268 | 450 |
Operating expenses: | ||
Cost of revenue | 92 | 110 |
Food and Beverage [Member] | ||
Revenues: | ||
Net revenues | 139 | 232 |
Operating expenses: | ||
Cost of revenue | 139 | 178 |
Mall [Member] | ||
Revenues: | ||
Net revenues | 103 | 160 |
Operating expenses: | ||
Cost of revenue | 17 | 17 |
Convention, Retail and Other [Member] | ||
Revenues: | ||
Net revenues | 95 | 143 |
Operating expenses: | ||
Cost of revenue | $ 56 | $ 80 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (51) | $ 744 |
Currency translation adjustment | (111) | 5 |
Total comprehensive income (loss) | (162) | 749 |
Comprehensive (income) loss attributable to noncontrolling interests | 45 | (159) |
Comprehensive income (loss) attributable to Las Vegas Sands Corp. | $ (117) | $ 590 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning balance at Dec. 31, 2018 | $ 6,745 | $ 1 | $ (3,727) | $ 6,680 | $ (40) | $ 2,770 | $ 1,061 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 744 | 582 | 162 | ||||
Currency translation adjustment | 5 | 8 | (3) | ||||
Exercise of stock options | 14 | 12 | 2 | ||||
Stock-based compensation | 9 | 8 | 1 | ||||
Repurchase of common stock | (174) | (174) | |||||
Dividends declared and noncontrolling interest payments | (903) | (595) | (308) | ||||
Ending balance at Mar. 31, 2019 | 6,440 | 1 | (3,901) | 6,700 | (32) | 2,757 | 915 |
Beginning balance at Dec. 31, 2019 | 6,507 | 1 | (4,481) | 6,569 | (3) | 3,101 | 1,320 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (51) | (1) | (50) | ||||
Currency translation adjustment | (111) | (116) | 5 | ||||
Exercise of stock options | 16 | 16 | |||||
Stock-based compensation | 7 | 6 | 1 | ||||
Dividends declared and noncontrolling interest payments | (911) | (603) | (308) | ||||
Ending balance at Mar. 31, 2020 | $ 5,457 | $ 1 | $ (4,481) | $ 6,591 | $ (119) | $ 2,497 | $ 968 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | Mar. 26, 2020 | Mar. 28, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends declared (in usd per share) | $ 0.79 | $ 0.77 | $ 0.79 | $ 0.77 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (51) | $ 744 |
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities: | ||
Depreciation and amortization | 290 | 301 |
Amortization of leasehold interests in land | 14 | 9 |
Amortization of deferred financing costs and original issue discount | 10 | 8 |
Amortization of deferred gain on mall sale transactions | (1) | (1) |
Loss on disposal or impairment of assets | 4 | 5 |
Stock-based compensation expense | 7 | 9 |
Provision for credit losses | 18 | 4 |
Foreign exchange (gain) loss | (39) | 22 |
Deferred income taxes | (4) | 1 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 166 | (15) |
Other assets | (48) | (4) |
Accounts payable | (66) | (26) |
Other liabilities | (670) | (237) |
Net cash generated from (used in) operating activities | (370) | 820 |
Cash flows from investing activities: | ||
Capital expenditures | (320) | (240) |
Proceeds from disposal of property and equipment | 1 | 0 |
Net cash used in investing activities | (319) | (240) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 16 | 14 |
Repurchase of common stock | 0 | (174) |
Dividends paid and noncontrolling interest payments | (911) | (903) |
Repayments of long-term debt | (16) | (26) |
Payments of financing costs | (3) | 0 |
Net cash used in financing activities | (914) | (1,089) |
Effect of exchange rate on cash, cash equivalents and restricted cash | (21) | (4) |
Decrease in cash, cash equivalents and restricted cash | (1,624) | (513) |
Cash, cash equivalents and restricted cash at beginning of period | 4,242 | 4,661 |
Cash, cash equivalents and restricted cash at end of period | 2,618 | 4,148 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest, net of amounts capitalized | 180 | 159 |
Cash payments for taxes, net of refunds | 27 | 40 |
Change in construction payables | $ (31) | $ 1 |
Organization and Business of Co
Organization and Business of Company | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 , and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes 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. COVID-19 Coronavirus Pandemic In January 2020, an outbreak of a respiratory illness caused by a new strain of coronavirus was identified. The disease has since spread rapidly across the world, causing the World Health Organization to declare the outbreak a pandemic (the “COVID-19 Pandemic”) on March 12, 2020. Since that time, people across the globe have been advised to avoid non-essential travel. Steps have also been taken by various countries around the world, including those in which we operate, to restrict inbound international travel and implement closures of non-essential operations to contain the spread of the virus. Macao Visitation to Macao has decreased substantially, driven by the outbreak’s strong deterrent effect on travel and social activities. The China Individual Visit Scheme to Macao ("China IVS") and group tour schemes to Macao have been suspended and a ban on entry or enhanced quarantine requirements, depending on the person’s residency and their recent travel history, for any Macao residents, citizens of the People’s Republic of China (“PRC”), Hong Kong residents and Taiwan residents attempting to enter Macao is currently in place. Additionally, restrictions required the Company’s ferry operations between Macao and Hong Kong to be suspended until further notice. On February 4, 2020, in response to the outbreak, the Macao government announced the suspension of all Macao casino operations beginning on February 5, 2020. The Company’s Macao casino operations resumed on February 20, 2020, except for casino operations at Sands Cotai Central, which resumed on February 27, 2020. Certain health safeguards, however, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection and health declarations remain in effect at the present time. Management is currently unable to determine when these measures will be modified or cease to be necessary. Some of the Company’s Macao hotel facilities were also closed during the casino suspension in response to the drop in visitation and, with the exception of one of the hotel towers at Sands Cotai Central (which features rooms and suites under the Conrad brand), these hotels were gradually reopened beginning February 20, 2020. The remaining hotel tower at Sands Cotai Central is expected to reopen in line with operational needs and demand, but the timing of this currently cannot be determined. On March 28, 2020, in support of the Macao government’s initiatives to fight the COVID-19 Pandemic, up to 2,000 hotel rooms at the Sheraton Grand Macao Hotel, Cotai Strip at Sands Cotai Central were provided to the Macao government for quarantine purposes. A number of restaurants and food outlets across the Company’s properties in Macao are currently closed, as are a number of retail outlets in the retail malls and a number of entertainment amenities. The timing or manner in which these operations will return is currently not able to be determined. The Hong Kong government temporarily closed the Hong Kong China Ferry Terminal in Kowloon beginning on January 30, 2020 and the Hong Kong Macao Ferry Terminal in Hong Kong beginning on February 4, 2020. In response, the Company was forced to immediately suspend its Macao ferry operations between Macao and Hong Kong. The timing and manner in which the Company’s ferry operations will be able to resume is currently unknown. Total visitation from China to Macao in February 2020 declined 97% compared to the same period in 2019, according to the Statistics and Census Services of the Macao government. Singapore For the three months ended March 31, 2020 , the operations at Marina Bay Sands remained open; however, visitation to the property declined throughout the quarter due to the COVID-19 Pandemic. Subsequent to quarter-end, the Singapore government suspended all casino and non-essential operations, including all operations at Marina Bay Sands, beginning on April 7, 2020 through at least June 1, 2020, which could be extended in the future. Total visitation to Marina Bay Sands, per Company data, for the three months ended March 31, 2020 , has decreased over 36% as compared to visitation for the same period in the prior year. Las Vegas Since the COVID-19 Pandemic began in January, visitation to the Las Vegas Operating Properties declined steadily. On March 17, 2020, the Nevada government suspended all casino and non-essential operations, including all operations at the Las Vegas Operating Properties, beginning on March 18, 2020 through at least April 30, 2020, which could be extended in the future. Summary The disruptions arising from the COVID-19 Pandemic had a significant adverse impact on the Company's financial condition and operations during the three months ended March 31, 2020 . The duration and intensity of this global health emergency and related disruptions is uncertain. Given the dynamic nature of these circumstances, the impact on the Company’s consolidated results of operations, cash flows and financial condition in 2020 will be material, but cannot be reasonably estimated at this time as it is unknown when the COVID-19 Pandemic will end, when or how quickly the current travel restrictions will be modified or cease to be necessary and the resulting impact on the Company’s business and the willingness of tourism customers to spend on travel and entertainment and business customers to spend on meetings, incentives, conventions and exhibitions (“MICE”). The Company has a strong balance sheet and sufficient liquidity in place, including total cash and cash equivalents balance, excluding restricted cash and cash equivalents, of $2.60 billion and access to $1.50 billion , $2.02 billion and $416 million of available borrowing capacity from the LVSC Revolving Facility, 2018 SCL Revolving Facility and the 2012 Singapore Credit Facility, respectively, and 3.75 billion Singapore dollars (“SGD,” approximately $2.63 billion at exchange rates in effect on March 31, 2020 ) under the Singapore Delayed Draw Term Facility, exclusively for capital expenditures for the MBS Expansion Project , as of March 31, 2020 . The Company believes it is able to support continuing operations, complete the major construction projects that are underway and respond to the current COVID-19 Pandemic challenges. The Company has taken various mitigating measures to manage through the current environment, including a cost and capital expenditure reduction program to minimize cash outflow of non-essential items. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following: March 31, December 31, (In millions) Corporate and U.S. Related (1) : 3.200% Senior Notes due 2024 (net of unamortized original issue discount and deferred financing costs of $14) $ 1,736 $ 1,736 2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $5) 495 495 3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $11 and $12, respectively) 989 988 3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $8) 742 742 Macao Related (1) : 4.600% Senior Notes due 2023 (net of unamortized original issue discount and deferred financing costs of $10 and $11, respectively, and a positive cumulative fair value adjustment of $11) 1,801 1,800 5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $13 and a positive cumulative fair value adjustment of $11) 1,798 1,798 5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $18 and $19, respectively, and a positive cumulative fair value adjustment of $11 and $12, respectively) 1,893 1,893 Other 19 17 Singapore Related (1) : 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $49 and $54, respectively) 2,849 3,023 12,322 12,492 Less — current maturities (69 ) (70 ) Total long-term debt $ 12,253 $ 12,422 ____________________ (1) Unamortized deferred financing costs of $94 million and $100 million as of March 31, 2020 and December 31, 2019 , respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in other assets, net in the accompanying condensed consolidated balance sheets. LVSC Revolving Facility As of March 31, 2020, the Company had $1.50 billion of available borrowing capacity under the LVSC Revolving Facility, net of outstanding letters of credit. 2018 SCL Credit Facility During March 2020, Sands China Ltd. (“SCL”) entered into a waiver and amendment request letter (the “Waiver Letter”) with respect to certain provisions of the 2018 SCL Credit Facility, pursuant to which lenders (a) waived the requirements for SCL to comply with the requirements that SCL ensure the maximum consolidated leverage ratio does not exceed 4.0 x and minimum consolidated interest coverage ratio of 2.5 x for any quarterly period ending during the period beginning on, and including, January 1, 2020 and ending on, and including, July 1, 2021 (the “Relevant Period”) (other than with respect to the financial year ended on December 31, 2019); (b) waived any default that may arise as a result of any breach of said requirements during the Relevant Period (other than with respect to the financial year ended on December 31, 2019); and (c) extended the period of time during which SCL may supply the agent with (i) its audited consolidated financial statements for the financial year ended on December 31, 2019, to April 30, 2020; and (ii) its audited consolidated financial statements for the financial year ending on December 31, 2020, to April 30, 2021. Pursuant to the Waiver Letter, SCL agreed to pay a customary fee to the lenders that consented. As of March 31, 2020 , SCL had $2.02 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of Hong Kong dollar commitments ( 13.81 billion Hong Kong dollars or “HKD,” approximately $1.78 billion at exchange rates in effect on March 31, 2020) and U.S. dollar commitments ( $237 million ). 2012 Singapore Credit Facility As of March 31, 2020 , the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”), had SGD 592 million (approximately $416 million at exchange rates in effect on March 31, 2020 ) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee pursuant to a development agreement for SGD 153 million (approximately $107 million at exchange rates in effect on March 31, 2020 ). There were no loans borrowed under the Delayed Draw Term Facility as of March 31, 2020 . Debt Covenant Compliance As of March 31, 2020 , management believes the Company was in compliance with all debt covenants. Fair Value of Long-Term Debt The estimated fair value of the Company’s long-term debt as of March 31, 2020 and December 31, 2019 , was approximately $11.65 billion and $13.21 billion , respectively, compared to its contractual value of $12.40 billion and $12.58 billion , respectively. The estimated fair value of our long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). |
Accounts Receivable, Net
Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net Accounts Receivable and Provision for Credit Losses Accounts receivable are comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino customers following background checks and investigations of creditworthiness. The Company also extends credit to gaming promoters in Macao. These receivables can be offset against commissions payable to the respective gaming promoters. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from customers and gaming promoters residing in these countries. Accounts receivable primarily consist of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable as the Company has a large number of customers. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the provision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change. The Company maintains a provision for expected credit losses on casino, hotel and mall receivables and regularly evaluates the balances. The Company applies standard reserve percentages, to aged account balances, which are grouped based on shared credit risk characteristics and days past due. The reserve percentages are based on estimated loss rates supported by historical observed default rates over the expected life of the receivable and are adjusted for forward-looking information. The Company also specifically analyzes the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the customer's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts in its evaluation of the adequacy of the recorded reserves. Account balances are written off against the provision when the Company believes it is probable the receivable will not be recovered. Credit or marker play was 22.1% , 14.9% and 70.0% of table games play at the Company’s Macao properties, Marina Bay Sands and Las Vegas Operating Properties, respectively, during the period ended March 31, 2020 . The Company’s provision for casino credit losses was 34.7% and 32.3% of gross casino receivables as of March 31, 2020 and December 31, 2019 , respectively. The Company’s provision for credit losses from its hotel and other receivables is not material. Accounts receivable, net consists of the following: March 31, December 31, (In millions) Casino $ 752 $ 858 Rooms 48 88 Mall 78 93 Other 46 87 924 1,126 Less - provision for credit losses (271 ) (282 ) $ 653 $ 844 The following table shows the movement in the provision for credit losses recognized for accounts receivable that occurred during the period: March 31, March 31, (In millions) Balance at beginning of year $ 282 $ 324 Current period provision for credit losses 18 4 Write-offs (23 ) (17 ) Recoveries of receivables previously written-off — 1 Exchange rate impact (6 ) 1 Balance at end of period $ 271 $ 313 Impacts of Adoption On January 1, 2020, the Company adopted the guidance under the accounting standard update (“ASU”) issued in June 2016 by the Financial Accounting Standards Board (“FASB”). The ASU revised the methodology for measuring credit losses on financial losses on financial instruments and the timing of when such losses are recorded. The adoption, which was applied on a modified retrospective basis, did not have a material impact on the Company's financial condition and results of operations and therefore did not result in an adjustment to retained earnings as of January 1, 2020. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In August 2018, the Company entered into interest rate swap agreements (the “IR Swaps”), which qualified and were designated as fair value hedges, swapping fixed-rate for variable-rate interest to hedge changes in the fair value of the SCL Senior Notes. These IR Swaps have a total notional value of $5.50 billion and expire in August 2020 . The total fair value of the IR Swaps as of March 31, 2020 , was $43 million . In the accompanying condensed consolidated balance sheet, $33 million was recorded as an asset in prepaid expenses and other with an equal corresponding adjustment recorded against the carrying value of the SCL Senior Notes. The fair value of the IR Swaps was estimated using level 2 inputs from recently reported market forecasts of interest rates. Gains and losses due to changes in fair value of the IR Swaps completely offset changes in the fair value of the hedged portion of the underlying debt. Additionally, for the three months ended March 31, 2020 and 2019 , the Company recorded a $14 million and $2 million reduction to interest expense, respectively, related to the realized amount associated with the IR Swaps. |
Equity and Earnings Per Share
Equity and Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity and Earnings Per Share Common Stock Dividends On March 26, 2020 , the Company paid a dividend of $0.79 per common share as part of a regular cash dividend program. During the three months ended March 31, 2020 , the Company recorded $603 million as a distribution against retained earnings (of which $342 million related to the principal stockholder and his family and the remaining $261 million related to all other stockholders). On March 28, 2019, the Company paid a dividend of $0.77 per common share as part of a regular cash dividend program. During the three months ended March 31, 2019 , the Company recorded $595 million as a distribution against retained earnings (of which $333 million related to the principal stockholder and his family and the remaining $262 million related to all other shareholders). In April 2020, the Company suspended the quarterly dividend program due to the impact of the COVID-19 Pandemic. Noncontrolling Interests On February 21 , 2020, SCL paid a dividend of HKD 0.99 to SCL stockholders (a total of $1.03 billion , of which the Company retained $717 million during the three months ended March 31, 2020 ). On February 22, 2019, SCL paid a dividend of HKD 0.99 to SCL stockholders (a total of $1.02 billion , of which the Company retained $716 million during the three months ended March 31, 2019 ) . On April 17, 2020, SCL announced it will not pay a final dividend for 2019 due to the impact of the COVID-19 Pandemic. |
Earnings Per Share | 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 2020 2019 (In millions) Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 764 774 Potential dilution from stock options and restricted stock and stock units — 1 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 764 775 Antidilutive stock options excluded from the calculation of diluted earnings per share 3 5 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Lessor Lease revenue consists of the following: Three Months Ended March 31, 2020 2019 Mall Other Mall Other (In millions) Minimum rents $ 134 $ 3 $ 128 $ 4 Overage rents 5 1 7 1 Rent concessions (1) (59 ) (1 ) — — Total overage rents and rent concessions (54 ) — 7 1 $ 80 $ 3 $ 135 $ 5 ____________________ (1) Rent concessions were provided to tenants as a result of the COVID-19 Pandemic and the impact on mall and other operations. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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. Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al. On February 5, 2007, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) brought a claim (the “Prior Action”) in the U.S. District Court for the District of Nevada (the “U.S. District Court”) against Las Vegas Sands, Inc. (now known as Las Vegas Sands, LLC (“LVSLLC”)), Venetian Casino Resort, LLC (“VCR”) and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The Prior Action sought damages based on an alleged breach of agreements entered into between AAEC and the aforementioned defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. The U.S. District Court entered an order dismissing the Prior Action on April 16, 2010. On January 19, 2012, AAEC filed another claim (the “Macao Action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), LVSLLC and VCR (collectively, the “Defendants”). The claim was for 3.0 billion patacas (approximately $376 million at exchange rates in effect on March 31, 2020 ). The Macao Action alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao Action with the Macao Judicial Court and amended the defense on January 4, 2013. On March 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings, and the claim should proceed exclusively against the U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. On June 5, 2015, the U.S. Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata based on the dismissal of the Prior Action. On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. As of the end of December 2016, all appeals (including VML’s dismissal and the res judicata appeals) were being transferred to the Macao Second Instance Court. On May 11, 2017, the Macao Second Instance Court notified the parties of its decision of refusal to deal with the appeals at the present time. The Macao Second Instance Court ordered the court file be transferred back to the Macao Judicial Court. Evidence gathering by the Macao Judicial Court commenced by letters rogatory, which was completed on March 14, 2019, and the trial of this matter was scheduled for September 2019. On July 15, 2019, AAEC submitted a request to the Macao Judicial Court to increase the amount of its claim to 96.45 billion patacas (approximately $12.08 billion at exchange rates in effect on March 31, 2020 ), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022 in due course at the enforcement stage. On September 2, 2019, the U.S. Defendants moved to revoke the legal aid granted to AAEC, which excuses AAEC from paying its share of court costs. On September 4, 2019, the Macao Judicial Court deferred ruling on the U.S. Defendants’ motion regarding legal aid until the entry of final judgment. The U.S. Defendants appealed that deferral on September 17, 2019. On September 26, 2019, the Macao Judicial Court rejected that appeal on procedural grounds; The U.S. Defendants requested clarification of that order on October 29, 2019. By order dated December 4, 2019, the Macao Judicial Court stated it would reconsider the U.S. Defendants’ motion to revoke legal aid and, as part of that reconsideration, it would reanalyze portions of the record, seek an opinion from the Macao Public Prosecutor regarding the propriety of legal aid and consult with the trial court overseeing AAEC’s separate litigation against Galaxy Entertainment Group Ltd., Galaxy Entertainment Group S.A. and Messrs. Weidner and Friedman, individually. The Macao Judicial Court denied the motion to revoke legal aid on January 14, 2020. On September 4, 2019, the Macao Judicial Court allowed AAEC’s request to increase the amount of its claim. On September 17, 2019, the U.S. Defendants appealed the decision granting AAEC’s request. On September 26, 2019, the Macao Judicial Court accepted that appeal and it is currently pending before the Macao Second Instance Court. On September 10, 2019, AAEC moved to reschedule the trial of the Macao Action, which had been scheduled to begin on September 12, 2019. The Macao Judicial Court granted that motion and rescheduled the trial to begin on September 16, 2020. The Macao Action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
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 and construction and development activities for each of its operating segments: The Venetian Macao; Sands Cotai Central; The Parisian Macao; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and, through May 30, 2019, Sands Bethlehem. The Company has included Ferry Operations and Other (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to its properties in Macao) to reconcile to the condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to the condensed consolidated financial condition. The Company’s segment information as of March 31, 2020 and December 31, 2019 , and for the three months ended March 31, 2020 and 2019 is as follows: Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues Three Months Ended March 31, 2020 (In millions) Macao: The Venetian Macao $ 251 $ 21 $ 5 $ 29 $ 9 $ 315 Sands Cotai Central 123 27 8 9 3 170 The Parisian Macao 115 13 5 6 2 141 The Plaza Macao and Four Seasons Hotel Macao 83 4 3 17 — 107 Sands Macao 64 2 2 — 1 69 Ferry Operations and Other — — — — 12 12 636 67 23 61 27 814 Marina Bay Sands 439 74 41 42 16 612 Las Vegas Operating Properties 102 127 75 — 96 400 Intercompany eliminations (1) — — — — (44 ) (44 ) Total net revenues $ 1,177 $ 268 $ 139 $ 103 $ 95 $ 1,782 Three Months Ended March 31, 2019 Macao: The Venetian Macao $ 740 $ 57 $ 22 $ 56 $ 22 $ 897 Sands Cotai Central 445 84 26 16 6 577 The Parisian Macao 387 32 18 12 5 454 The Plaza Macao and Four Seasons Hotel Macao 173 10 9 31 1 224 Sands Macao 139 4 7 1 1 152 Ferry Operations and Other — — — — 30 30 1,884 187 82 116 65 2,334 Marina Bay Sands 544 102 53 43 25 767 United States: Las Vegas Operating Properties 113 157 90 — 111 471 Sands Bethlehem (2) 120 4 7 1 5 137 233 161 97 1 116 608 Intercompany eliminations (1) — — — — (63 ) (63 ) Total net revenues $ 2,661 $ 450 $ 232 $ 160 $ 143 $ 3,646 ____________________ (1) Intercompany eliminations include royalties and other intercompany services. (2) The Company completed the sale of Sands Bethlehem on May 31, 2019. Three Months Ended 2020 2019 (In millions) Intersegment Revenues Macao: The Venetian Macao $ 1 $ 1 Ferry Operations and Other 7 6 8 7 Marina Bay Sands 1 1 Las Vegas Operating Properties (1) 35 55 Total intersegment revenues $ 44 $ 63 ____________________ (1) Primarily consists of royalties from the Company’s international operations. Three Months Ended 2020 2019 (In millions) Adjusted Property EBITDA Macao: The Venetian Macao $ 49 $ 361 Sands Cotai Central — 212 The Parisian Macao (3 ) 163 The Plaza Macao and Four Seasons Hotel Macao 28 85 Sands Macao (1 ) 40 Ferry Operations and Other (6 ) (3 ) 67 858 Marina Bay Sands 282 423 United States: Las Vegas Operating Properties 88 138 Sands Bethlehem (1) — 33 88 171 Consolidated adjusted property EBITDA (2) 437 1,452 Other Operating Costs and Expenses Stock-based compensation (3) (3 ) (3 ) Corporate (59 ) (152 ) Pre-opening (5 ) (4 ) Development (6 ) (5 ) Depreciation and amortization (290 ) (301 ) Amortization of leasehold interests in land (14 ) (9 ) Loss on disposal or impairment of assets (5 ) (7 ) Operating income 55 971 Other Non-Operating Costs and Expenses Interest income 13 20 Interest expense, net of amounts capitalized (131 ) (141 ) Other income (expense) 37 (21 ) Income tax expense (25 ) (85 ) Net income (loss) $ (51 ) $ 744 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019. (2) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies. (3) During the three months ended March 31, 2020 and 2019 , the Company recorded stock-based compensation expense of $7 million and $9 million , respectively, of which $4 million and $6 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Three Months Ended 2020 2019 (In millions) Capital Expenditures Corporate and Other $ 3 $ 23 Macao: The Venetian Macao 23 24 Sands Cotai Central 131 64 The Parisian Macao 4 8 The Plaza Macao and Four Seasons Hotel Macao 82 30 Sands Macao 1 2 241 128 Marina Bay Sands 46 49 United States: Las Vegas Operating Properties 30 38 Sands Bethlehem (1) — 2 30 40 Total capital expenditures $ 320 $ 240 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019. March 31, December 31, (In millions) Total Assets Corporate and Other $ 1,041 $ 1,390 Macao: The Venetian Macao 2,370 3,243 Sands Cotai Central 3,954 4,504 The Parisian Macao 2,287 2,351 The Plaza Macao and Four Seasons Hotel Macao 1,272 1,239 Sands Macao 283 324 Ferry Operations and Other 150 156 10,316 11,817 Marina Bay Sands 5,521 5,880 Las Vegas Operating Properties 4,289 4,112 Total assets $ 21,167 $ 23,199 |
Accounts Receivable, Net _Polic
Accounts Receivable, Net [Policies] | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts receivable and provision for credit losses | Accounts Receivable and Provision for Credit Losses Accounts receivable are comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino customers following background checks and investigations of creditworthiness. The Company also extends credit to gaming promoters in Macao. These receivables can be offset against commissions payable to the respective gaming promoters. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from customers and gaming promoters residing in these countries. Accounts receivable primarily consist of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable as the Company has a large number of customers. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the provision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change. The Company maintains a provision for expected credit losses on casino, hotel and mall receivables and regularly evaluates the balances. The Company applies standard reserve percentages, to aged account balances, which are grouped based on shared credit risk characteristics and days past due. The reserve percentages are based on estimated loss rates supported by historical observed default rates over the expected life of the receivable and are adjusted for forward-looking information. The Company also specifically analyzes the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the customer's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts in its evaluation of the adequacy of the recorded reserves. Account balances are written off against the provision when the Company believes it is probable the receivable will not be recovered. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following: March 31, December 31, (In millions) Corporate and U.S. Related (1) : 3.200% Senior Notes due 2024 (net of unamortized original issue discount and deferred financing costs of $14) $ 1,736 $ 1,736 2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $5) 495 495 3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $11 and $12, respectively) 989 988 3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $8) 742 742 Macao Related (1) : 4.600% Senior Notes due 2023 (net of unamortized original issue discount and deferred financing costs of $10 and $11, respectively, and a positive cumulative fair value adjustment of $11) 1,801 1,800 5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $13 and a positive cumulative fair value adjustment of $11) 1,798 1,798 5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $18 and $19, respectively, and a positive cumulative fair value adjustment of $11 and $12, respectively) 1,893 1,893 Other 19 17 Singapore Related (1) : 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $49 and $54, respectively) 2,849 3,023 12,322 12,492 Less — current maturities (69 ) (70 ) Total long-term debt $ 12,253 $ 12,422 ____________________ (1) Unamortized deferred financing costs of $94 million and $100 million as of March 31, 2020 and December 31, 2019 , respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of accounts, notes, loans and financing receivable | Accounts receivable, net consists of the following: March 31, December 31, (In millions) Casino $ 752 $ 858 Rooms 48 88 Mall 78 93 Other 46 87 924 1,126 Less - provision for credit losses (271 ) (282 ) $ 653 $ 844 |
Accounts receivable, provision for credit losses | The following table shows the movement in the provision for credit losses recognized for accounts receivable that occurred during the period: March 31, March 31, (In millions) Balance at beginning of year $ 282 $ 324 Current period provision for credit losses 18 4 Write-offs (23 ) (17 ) Recoveries of receivables previously written-off — 1 Exchange rate impact (6 ) 1 Balance at end of period $ 271 $ 313 |
Equity and Earnings Per Share (
Equity and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019 (In millions) Weighted-average common shares outstanding (used in the calculation of basic earnings per share) 764 774 Potential dilution from stock options and restricted stock and stock units — 1 Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) 764 775 Antidilutive stock options excluded from the calculation of diluted earnings per share 3 5 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessor, Lease Revenue Components | Lease revenue consists of the following: Three Months Ended March 31, 2020 2019 Mall Other Mall Other (In millions) Minimum rents $ 134 $ 3 $ 128 $ 4 Overage rents 5 1 7 1 Rent concessions (1) (59 ) (1 ) — — Total overage rents and rent concessions (54 ) — 7 1 $ 80 $ 3 $ 135 $ 5 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company’s segment information as of March 31, 2020 and December 31, 2019 , and for the three months ended March 31, 2020 and 2019 is as follows: Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues Three Months Ended March 31, 2020 (In millions) Macao: The Venetian Macao $ 251 $ 21 $ 5 $ 29 $ 9 $ 315 Sands Cotai Central 123 27 8 9 3 170 The Parisian Macao 115 13 5 6 2 141 The Plaza Macao and Four Seasons Hotel Macao 83 4 3 17 — 107 Sands Macao 64 2 2 — 1 69 Ferry Operations and Other — — — — 12 12 636 67 23 61 27 814 Marina Bay Sands 439 74 41 42 16 612 Las Vegas Operating Properties 102 127 75 — 96 400 Intercompany eliminations (1) — — — — (44 ) (44 ) Total net revenues $ 1,177 $ 268 $ 139 $ 103 $ 95 $ 1,782 Three Months Ended March 31, 2019 Macao: The Venetian Macao $ 740 $ 57 $ 22 $ 56 $ 22 $ 897 Sands Cotai Central 445 84 26 16 6 577 The Parisian Macao 387 32 18 12 5 454 The Plaza Macao and Four Seasons Hotel Macao 173 10 9 31 1 224 Sands Macao 139 4 7 1 1 152 Ferry Operations and Other — — — — 30 30 1,884 187 82 116 65 2,334 Marina Bay Sands 544 102 53 43 25 767 United States: Las Vegas Operating Properties 113 157 90 — 111 471 Sands Bethlehem (2) 120 4 7 1 5 137 233 161 97 1 116 608 Intercompany eliminations (1) — — — — (63 ) (63 ) Total net revenues $ 2,661 $ 450 $ 232 $ 160 $ 143 $ 3,646 ____________________ (1) Intercompany eliminations include royalties and other intercompany services. (2) The Company completed the sale of Sands Bethlehem on May 31, 2019. Three Months Ended 2020 2019 (In millions) Intersegment Revenues Macao: The Venetian Macao $ 1 $ 1 Ferry Operations and Other 7 6 8 7 Marina Bay Sands 1 1 Las Vegas Operating Properties (1) 35 55 Total intersegment revenues $ 44 $ 63 ____________________ (1) Primarily consists of royalties from the Company’s international operations. Three Months Ended 2020 2019 (In millions) Adjusted Property EBITDA Macao: The Venetian Macao $ 49 $ 361 Sands Cotai Central — 212 The Parisian Macao (3 ) 163 The Plaza Macao and Four Seasons Hotel Macao 28 85 Sands Macao (1 ) 40 Ferry Operations and Other (6 ) (3 ) 67 858 Marina Bay Sands 282 423 United States: Las Vegas Operating Properties 88 138 Sands Bethlehem (1) — 33 88 171 Consolidated adjusted property EBITDA (2) 437 1,452 Other Operating Costs and Expenses Stock-based compensation (3) (3 ) (3 ) Corporate (59 ) (152 ) Pre-opening (5 ) (4 ) Development (6 ) (5 ) Depreciation and amortization (290 ) (301 ) Amortization of leasehold interests in land (14 ) (9 ) Loss on disposal or impairment of assets (5 ) (7 ) Operating income 55 971 Other Non-Operating Costs and Expenses Interest income 13 20 Interest expense, net of amounts capitalized (131 ) (141 ) Other income (expense) 37 (21 ) Income tax expense (25 ) (85 ) Net income (loss) $ (51 ) $ 744 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019. (2) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies. (3) During the three months ended March 31, 2020 and 2019 , the Company recorded stock-based compensation expense of $7 million and $9 million , respectively, of which $4 million and $6 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Three Months Ended 2020 2019 (In millions) Capital Expenditures Corporate and Other $ 3 $ 23 Macao: The Venetian Macao 23 24 Sands Cotai Central 131 64 The Parisian Macao 4 8 The Plaza Macao and Four Seasons Hotel Macao 82 30 Sands Macao 1 2 241 128 Marina Bay Sands 46 49 United States: Las Vegas Operating Properties 30 38 Sands Bethlehem (1) — 2 30 40 Total capital expenditures $ 320 $ 240 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019. March 31, December 31, (In millions) Total Assets Corporate and Other $ 1,041 $ 1,390 Macao: The Venetian Macao 2,370 3,243 Sands Cotai Central 3,954 4,504 The Parisian Macao 2,287 2,351 The Plaza Macao and Four Seasons Hotel Macao 1,272 1,239 Sands Macao 283 324 Ferry Operations and Other 150 156 10,316 11,817 Marina Bay Sands 5,521 5,880 Las Vegas Operating Properties 4,289 4,112 Total assets $ 21,167 $ 23,199 |
Organization and Business of _2
Organization and Business of Company Organization and Business of Company - Additional Information (Details) $ in Millions | Mar. 31, 2020USD ($) | Mar. 31, 2020SGD ($) | Dec. 31, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Cash and cash equivalents | $ 2,602 | $ 4,226 | |
Unsecured Debt [Member] | LVSC Revolving Facility [Member] | United States [Member] | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Line of credit facility, available borrowing capacity (SGD converted to USD at balance sheet date) | 1,500 | ||
Unsecured Debt [Member] | Two Thousand and Eighteen SCL Revolving Facility [Member] | Macao [Member] | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Line of credit facility, available borrowing capacity (SGD converted to USD at balance sheet date) | 2,020 | ||
Secured Debt [Member] | Two Thousand And Twelve Singapore Credit Facility Revolving [Member] | Singapore [Member] | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Line of credit facility, available borrowing capacity (SGD converted to USD at balance sheet date) | 416 | $ 592,000,000 | |
Secured Debt [Member] | Two Thousand And Twelve Singapore Credit Facility Delayed Draw Term [Member] | Singapore [Member] | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Debt instrument, face amount | $ 2,630 | $ 3,750,000,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Other | $ 12,322 | $ 12,492 | |
Long-term debt, including current maturities | 12,322 | 12,492 | |
Less - current maturities | (69) | (70) | |
Total long-term debt | 12,253 | 12,422 | |
Other [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Other | 19 | 17 | |
Long-term debt, including current maturities | 19 | 17 | |
Unsecured Debt [Member] | 3.200% Senior Notes due 2024 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 1,736 | 1,736 |
Unsecured Debt [Member] | 2.900% Senior Notes due 2025 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 495 | 495 |
Unsecured Debt [Member] | 3.500% Senior Notes due 2026 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 989 | 988 |
Unsecured Debt [Member] | 3.900% Senior Notes due 2029 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 742 | 742 |
Unsecured Debt [Member] | 4.600% Senior Notes due 2023 [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 1,801 | 1,800 |
Unsecured Debt [Member] | 5.125% Senior Notes due 2025 [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 1,798 | 1,798 |
Unsecured Debt [Member] | 5.400% Senior Notes due 2028 [Member] | Macao [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 1,893 | 1,893 |
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | Singapore [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | $ 2,849 | $ 3,023 |
[1] | Unamortized deferred financing costs of $94 million and $100 million as of March 31, 2020 and December 31, 2019 , respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Long-Term Debt - Schedule of _2
Long-Term Debt - Schedule of Long-term Debt - OID, DFC and Fair Value Adjustment (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | Singapore [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | $ 49 | $ 54 |
Unsecured Debt [Member] | 3.200% Senior Notes due 2024 [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 14 | 14 |
Unsecured Debt [Member] | 2.900% Senior Notes due 2025 [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 5 | 5 |
Unsecured Debt [Member] | 3.500% Senior Notes due 2026 [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 11 | 12 |
Unsecured Debt [Member] | 3.900% Senior Notes due 2029 [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 8 | 8 |
Unsecured Debt [Member] | 4.600% Senior Notes due 2023 [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 10 | 11 |
Cumulative fair value hedging adjustment included in the carrying amount of the SCL Senior Notes | 11 | 11 |
Unsecured Debt [Member] | 5.125% Senior Notes due 2025 [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 13 | 13 |
Cumulative fair value hedging adjustment included in the carrying amount of the SCL Senior Notes | 11 | 11 |
Unsecured Debt [Member] | 5.400% Senior Notes due 2028 [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 18 | 19 |
Cumulative fair value hedging adjustment included in the carrying amount of the SCL Senior Notes | $ 11 | $ 12 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Schedule of Long-Term Debt - Footnotes (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Other Assets, Net [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs, net | [1] | $ 94 | $ 100 |
[1] | Unamortized deferred financing costs of $94 million and $100 million as of March 31, 2020 and December 31, 2019 , respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Millions, $ in Millions | Mar. 31, 2020HKD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020SGD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ 11,650,000,000 | $ 13,210,000,000 | ||
Long-term debt, carrying value | 12,400,000,000 | $ 12,580,000,000 | ||
Two Thousand And Twelve Singapore Credit Facility Delayed Draw Term [Member] | ||||
Debt Instrument [Line Items] | ||||
Delayed draw term loan, amount drawn | 0 | |||
United States [Member] | Unsecured Debt [Member] | LVSC Revolving Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 1,500,000,000 | |||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 2,020,000,000 | |||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Hong Kong, Dollars | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | $ 13,810 | 1,780,000,000 | ||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | United States of America, Dollars | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 237,000,000 | |||
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 416,000,000 | $ 592 | ||
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving - Banker's Guarantee [Member] | ||||
Debt Instrument [Line Items] | ||||
Banker's guarantee | $ 107,000,000 | $ 153 | ||
Maximum [Member] | Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maximum leverage ratio, through maturity, waived | 4 | 4 | 4 | |
Minimum [Member] | Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, ratio of adjusted EBITDA to net interest expense, through maturity, waived | 2.5 | 2.5 | 2.5 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional information (Details) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of casino credit losses | 34.70% | 32.30% |
Macao [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of marker play | 22.10% | |
Singapore [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of marker play | 14.90% | |
United States [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of marker play | 70.00% |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before provision for credit loss, current | $ 924 | $ 1,126 |
Accounts receivable, provision for credit loss, current | 271 | 282 |
Accounts receivable, net of provision for credit losses of $271 and $282 | 653 | 844 |
Casino [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before provision for credit loss, current | 752 | 858 |
Rooms [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before provision for credit loss, current | 48 | 88 |
Mall [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before provision for credit loss, current | 78 | 93 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before provision for credit loss, current | $ 46 | $ 87 |
Accounts Receivable, Net - Prov
Accounts Receivable, Net - Provision for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 282 | $ 324 |
Accounts receivable, provision for credit loss, period increase | 18 | 4 |
Accounts receivable, provision for credit loss, writeoff | (23) | (17) |
Accounts receivable, provision for credit loss, recovery | 0 | 1 |
Accounts receivable, provision for credit loss, foreign exchange | (6) | 1 |
Ending balance | $ 271 | $ 313 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Aug. 31, 2018 | |
SCL Senior Notes [Member] | |||
Derivative [Line Items] | |||
Cumulative fair value hedging adjustment included in the carrying amount of the SCL Senior Notes | $ 33 | ||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 5,500 | ||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Derivative, realized gain on interest rate swaps | 14 | $ 2 | |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivative [Line Items] | |||
Derivative asset | 33 | ||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, fair value | $ 43 |
Equity and Earnings Per Share_2
Equity and Earnings Per Share (Details) $ / shares in Units, $ in Millions | Mar. 26, 2020$ / shares | Feb. 21, 2020$ / shares | Mar. 28, 2019$ / shares | Feb. 22, 2019$ / shares | Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares |
Class of Stock [Line Items] | ||||||
Common stock, dividends declared (per share) | $ / shares | $ 0.79 | $ 0.77 | $ 0.79 | $ 0.77 | ||
Common stock, dividends declared | $ 911 | $ 903 | ||||
Sands China Ltd [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, dividends declared (per share) | $ / shares | $ 0.99 | $ 0.99 | ||||
Common stock, dividends declared | 1,030 | 1,020 | ||||
Sands China Ltd [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from dividends received | 717 | 716 | ||||
Retained Earnings [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, dividends declared | 603 | 595 | ||||
Retained Earnings [Member] | Principal Stockholder and His Family [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, dividends declared | 342 | 333 | ||||
Retained Earnings [Member] | All Other Shareholders [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, dividends declared | $ 261 | $ 262 |
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 shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) (in shares) | 764 | 774 |
Potential dilution from stock options and restricted stock and stock units (in shares) | 0 | 1 |
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) (in shares) | 764 | 775 |
Antidilutive stock options excluded from the calculation of diluted earnings per share (in shares) | 3 | 5 |
Lessor, Lease Revenue Component
Lessor, Lease Revenue Components (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Mall | |||
Lessor, Lease, Description [Line Items] | |||
Minimum rents | $ 134 | $ 128 | |
Overage rents | 5 | 7 | |
Rent concessions | [1] | (59) | 0 |
Total overage rents and rent concessions | (54) | 7 | |
Lease revenue | 80 | 135 | |
Other | |||
Lessor, Lease, Description [Line Items] | |||
Minimum rents | 3 | 4 | |
Overage rents | 1 | 1 | |
Rent concessions | [1] | (1) | 0 |
Total overage rents and rent concessions | 0 | 1 | |
Lease revenue | $ 3 | $ 5 | |
[1] | Rent concessions were provided to tenants as a result of the COVID-19 Pandemic and the impact on mall and other operations. |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jul. 15, 2019USD ($) | Jul. 15, 2019MOP (MOP$) | Jan. 19, 2012USD ($) | Jan. 19, 2012MOP (MOP$) |
Asian American Entertainment Corporation, Limited [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss contingency, damages sought (patacas converted to USD at balance sheet date) | $ 12,080 | MOP$ 96450000000 | $ 376 | MOP$ 3000000000.0 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,782 | $ 3,646 | ||
Adjusted property EBITDA | [1] | 437 | 1,452 | |
Stock-based compensation | [2] | (3) | (3) | |
Corporate | (59) | (152) | ||
Pre-opening | (5) | (4) | ||
Development | (6) | (5) | ||
Depreciation and amortization | (290) | (301) | ||
Amortization of leasehold interests in land | (14) | (9) | ||
Loss on disposal or impairment of assets | (5) | (7) | ||
Operating income | 55 | 971 | ||
Interest income | 13 | 20 | ||
Interest expense, net of amounts capitalized | (131) | (141) | ||
Other income (expense) | 37 | (21) | ||
Income tax expense | (25) | (85) | ||
Net income (loss) | (51) | 744 | ||
Total stock-based compensation expense | [2] | 7 | 9 | |
Stock-based compensation expense included in corporate expense | [2] | 4 | 6 | |
Capital expenditures | 320 | 240 | ||
Assets | 21,167 | $ 23,199 | ||
Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 814 | 2,334 | ||
Adjusted property EBITDA | 67 | 858 | ||
Capital expenditures | 241 | 128 | ||
Assets | 10,316 | 11,817 | ||
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 608 | |||
Adjusted property EBITDA | 88 | 171 | ||
Capital expenditures | 30 | 40 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [3] | (44) | (63) | |
Intersegment Eliminations [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (8) | (7) | ||
The Venetian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 315 | 897 | ||
Adjusted property EBITDA | 49 | 361 | ||
Capital expenditures | 23 | 24 | ||
Assets | 2,370 | 3,243 | ||
The Venetian Macao [Member] | Intersegment Eliminations [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (1) | (1) | ||
Sands Cotai Central [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 170 | 577 | ||
Adjusted property EBITDA | 0 | 212 | ||
Capital expenditures | 131 | 64 | ||
Assets | 3,954 | 4,504 | ||
The Parisian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 141 | 454 | ||
Adjusted property EBITDA | (3) | 163 | ||
Capital expenditures | 4 | 8 | ||
Assets | 2,287 | 2,351 | ||
The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 107 | 224 | ||
Adjusted property EBITDA | 28 | 85 | ||
Capital expenditures | 82 | 30 | ||
Assets | 1,272 | 1,239 | ||
Sands Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 69 | 152 | ||
Adjusted property EBITDA | (1) | 40 | ||
Capital expenditures | 1 | 2 | ||
Assets | 283 | 324 | ||
Ferry Operations and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 12 | 30 | ||
Adjusted property EBITDA | (6) | (3) | ||
Assets | 150 | 156 | ||
Ferry Operations and Other [Member] | Intersegment Eliminations [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (7) | (6) | ||
Marina Bay Sands [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 612 | 767 | ||
Adjusted property EBITDA | 282 | 423 | ||
Capital expenditures | 46 | 49 | ||
Assets | 5,521 | 5,880 | ||
Marina Bay Sands [Member] | Intersegment Eliminations [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (1) | (1) | ||
Las Vegas Operating Properties [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 400 | 471 | ||
Adjusted property EBITDA | 88 | 138 | ||
Capital expenditures | 30 | 38 | ||
Assets | 4,289 | 4,112 | ||
Las Vegas Operating Properties [Member] | Intersegment Eliminations [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [4] | (35) | (55) | |
Sands Bethlehem [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [5] | 137 | ||
Adjusted property EBITDA | [6] | 0 | 33 | |
Capital expenditures | [7] | 0 | 2 | |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 3 | 23 | ||
Assets | 1,041 | $ 1,390 | ||
Casino [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 1,177 | 2,661 | ||
Net revenues | 1,177 | 2,661 | ||
Casino [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 636 | 1,884 | ||
Casino [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 233 | |||
Casino [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [3] | 0 | 0 | |
Casino [Member] | The Venetian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 251 | 740 | ||
Casino [Member] | Sands Cotai Central [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 123 | 445 | ||
Casino [Member] | The Parisian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 115 | 387 | ||
Casino [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 83 | 173 | ||
Casino [Member] | Sands Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 64 | 139 | ||
Casino [Member] | Ferry Operations and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Casino [Member] | Marina Bay Sands [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 439 | 544 | ||
Casino [Member] | Las Vegas Operating Properties [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 102 | 113 | ||
Casino [Member] | Sands Bethlehem [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [5] | 120 | ||
Rooms [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 268 | 450 | ||
Net revenues | 268 | 450 | ||
Rooms [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 67 | 187 | ||
Rooms [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 161 | |||
Rooms [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [3] | 0 | 0 | |
Rooms [Member] | The Venetian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 21 | 57 | ||
Rooms [Member] | Sands Cotai Central [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 27 | 84 | ||
Rooms [Member] | The Parisian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 13 | 32 | ||
Rooms [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 4 | 10 | ||
Rooms [Member] | Sands Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 2 | 4 | ||
Rooms [Member] | Ferry Operations and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Rooms [Member] | Marina Bay Sands [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 74 | 102 | ||
Rooms [Member] | Las Vegas Operating Properties [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 127 | 157 | ||
Rooms [Member] | Sands Bethlehem [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [5] | 4 | ||
Food and Beverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 139 | 232 | ||
Net revenues | 139 | 232 | ||
Food and Beverage [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 23 | 82 | ||
Food and Beverage [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 97 | |||
Food and Beverage [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [3] | 0 | 0 | |
Food and Beverage [Member] | The Venetian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 5 | 22 | ||
Food and Beverage [Member] | Sands Cotai Central [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 8 | 26 | ||
Food and Beverage [Member] | The Parisian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 5 | 18 | ||
Food and Beverage [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 3 | 9 | ||
Food and Beverage [Member] | Sands Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 2 | 7 | ||
Food and Beverage [Member] | Ferry Operations and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Food and Beverage [Member] | Marina Bay Sands [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 41 | 53 | ||
Food and Beverage [Member] | Las Vegas Operating Properties [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 75 | 90 | ||
Food and Beverage [Member] | Sands Bethlehem [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [5] | 7 | ||
Mall [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 103 | 160 | ||
Mall [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 61 | 116 | ||
Mall [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1 | |||
Mall [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [3] | 0 | 0 | |
Mall [Member] | The Venetian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 29 | 56 | ||
Mall [Member] | Sands Cotai Central [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 9 | 16 | ||
Mall [Member] | The Parisian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 6 | 12 | ||
Mall [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 17 | 31 | ||
Mall [Member] | Sands Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 1 | ||
Mall [Member] | Ferry Operations and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | ||
Mall [Member] | Marina Bay Sands [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 42 | 43 | ||
Mall [Member] | Las Vegas Operating Properties [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | ||
Mall [Member] | Sands Bethlehem [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [5] | 1 | ||
Convention, Retail and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 95 | 143 | ||
Net revenues | 95 | 143 | ||
Convention, Retail and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 27 | 65 | ||
Convention, Retail and Other [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 116 | |||
Convention, Retail and Other [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [3] | (44) | (63) | |
Convention, Retail and Other [Member] | The Venetian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 9 | 22 | ||
Convention, Retail and Other [Member] | Sands Cotai Central [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 3 | 6 | ||
Convention, Retail and Other [Member] | The Parisian Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 2 | 5 | ||
Convention, Retail and Other [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 0 | 1 | ||
Convention, Retail and Other [Member] | Sands Macao [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 1 | 1 | ||
Convention, Retail and Other [Member] | Ferry Operations and Other [Member] | Macao [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 12 | 30 | ||
Convention, Retail and Other [Member] | Marina Bay Sands [Member] | Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | 16 | 25 | ||
Convention, Retail and Other [Member] | Las Vegas Operating Properties [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | $ 96 | 111 | ||
Convention, Retail and Other [Member] | Sands Bethlehem [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer | [5] | $ 5 | ||
[1] | Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies. | |||
[2] | During the three months ended March 31, 2020 and 2019 , the Company recorded stock-based compensation expense of $7 million and $9 million , respectively, of which $4 million and $6 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. | |||
[3] | Intercompany eliminations include royalties and other intercompany services. | |||
[4] | Primarily consists of royalties from the Company’s international operations. | |||
[5] | The Company completed the sale of Sands Bethlehem on May 31, 2019 | |||
[6] | The Company completed the sale of Sands Bethlehem on May 31, 2019 | |||
[7] | The Company completed the sale of Sands Bethlehem on May 31, 2019 |