Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 18, 2023 | |
Cover [Abstract] | ||
Document type | 10-Q | |
Document quarterly report | true | |
Document period end date | Sep. 30, 2023 | |
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 | 5420 S. Durango Dr. | |
Entity address, city | Las Vegas, | |
Entity address, state or province | NV | |
Entity address, postal zip code | 89113 | |
City area code | 702 | |
Local phone number | 923-9000 | |
Title of 12(b) security | Common Stock ($0.001 par value) | |
Trading symbol | LVS | |
Security exchange name | NYSE | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity small business | false | |
Entity emerging growth company | false | |
Entity shell company | false | |
Entity common stock, shares outstanding | 764,490,874 | |
Entity central index key | 0001300514 | |
Current fiscal year end date | --12-31 | |
Document fiscal year focus | 2023 | |
Document fiscal period focus | Q3 | |
Amendment flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,574 | $ 6,311 |
Accounts receivable, net of provision for credit losses of $200 and $217 | 390 | 267 |
Inventories | 35 | 28 |
Prepaid expenses and other | 173 | 138 |
Total current assets | 6,172 | 6,744 |
Loan receivable | 1,186 | 1,165 |
Property and equipment, net | 11,589 | 11,451 |
Restricted cash | 124 | 125 |
Deferred income taxes, net | 127 | 131 |
Leasehold interests in land, net | 2,053 | 2,128 |
Goodwill and intangible assets, net | 609 | 64 |
Other assets, net | 264 | 231 |
Total assets | 22,124 | 22,039 |
Current liabilities: | ||
Accounts payable | 150 | 89 |
Construction payables | 153 | 189 |
Other accrued liabilities | 1,768 | 1,458 |
Income taxes payable | 213 | 135 |
Current maturities of long-term debt | 1,818 | 2,031 |
Total current liabilities | 4,102 | 3,902 |
Other long-term liabilities | 844 | 382 |
Deferred income taxes | 150 | 152 |
Long-term debt | 12,576 | 13,947 |
Total liabilities | 17,672 | 18,383 |
Commitments and contingencies (Note 9) | ||
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 | 6,720 | 6,684 |
Accumulated other comprehensive loss | (57) | (7) |
Retained earnings | 2,370 | 1,684 |
Total Las Vegas Sands Corp. stockholders’ equity | 4,553 | 3,881 |
Noncontrolling interests | (101) | (225) |
Total equity | 4,452 | 3,656 |
Total liabilities and equity | $ 22,124 | $ 22,039 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, provision for credit loss, current | $ 200 | $ 217 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Net revenues | $ 2,795 | $ 1,005 | $ 7,457 | $ 2,993 |
Operating expenses: | ||||
Provision for credit losses | 3 | 8 | 2 | 14 |
General and administrative | 290 | 238 | 820 | 694 |
Corporate | 49 | 53 | 166 | 167 |
Pre-opening | 3 | 4 | 13 | 11 |
Development | 44 | 26 | 140 | 108 |
Depreciation and amortization | 313 | 260 | 875 | 780 |
Amortization of leasehold interests in land | 15 | 14 | 43 | 42 |
Loss on disposal or impairment of assets | 4 | 2 | 22 | 8 |
Total operating expenses | 2,107 | 1,182 | 5,854 | 3,619 |
Operating income (loss) | 688 | (177) | 1,603 | (626) |
Other income (expense): | ||||
Interest income | 79 | 38 | 225 | 56 |
Interest expense, net of amounts capitalized | (200) | (183) | (628) | (501) |
Other income (expense) | 4 | 2 | (17) | (29) |
Income (loss) from continuing operations before income taxes | 571 | (320) | 1,183 | (1,100) |
Income tax expense | (122) | (60) | (221) | (172) |
Net income (loss) from continuing operations | 449 | (380) | 962 | (1,272) |
Income from operations of discontinued operations, net of tax | 0 | 0 | 0 | 46 |
Gain on disposal of discontinued operations, net of tax | 0 | 0 | 0 | 2,861 |
Adjustment to gain on disposal of discontinued operations, net of tax | 0 | (1) | 0 | (4) |
Net income (loss) from discontinued operations, net of tax | 0 | (1) | 0 | 2,903 |
Net income (loss) | 449 | (381) | 962 | 1,631 |
Net (income) loss attributable to noncontrolling interests from continuing operations | (69) | 142 | (123) | 370 |
Net income (loss) attributable to Las Vegas Sands Corp. | $ 380 | $ (239) | $ 839 | $ 2,001 |
Earnings (loss) per share - basic: | ||||
Income (loss) from continuing operations, per basic share | $ 0.50 | $ (0.31) | $ 1.10 | $ (1.18) |
Income from discontinued operations, net of tax, per basic share | 0 | 0 | 0 | 3.80 |
Basic (in usd per share) | 0.50 | (0.31) | 1.10 | 2.62 |
Income (loss) from continuing operations, per diluted share | 0.50 | (0.31) | 1.09 | (1.18) |
Income from discontinued operations, net of tax, per diluted share | 0 | 0 | 0 | 3.80 |
Diluted (in usd per share) | $ 0.50 | $ (0.31) | $ 1.09 | $ 2.62 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 764 | 764 | 764 | 764 |
Diluted (in shares) | 766 | 764 | 767 | 764 |
Casino [Member] | ||||
Revenues: | ||||
Net revenues | $ 2,008 | $ 637 | $ 5,411 | $ 1,973 |
Operating expenses: | ||||
Cost of revenue | 1,103 | 410 | 3,011 | 1,323 |
Rooms [Member] | ||||
Revenues: | ||||
Net revenues | 342 | 123 | 881 | 315 |
Operating expenses: | ||||
Cost of revenue | 80 | 41 | 207 | 125 |
Food and Beverage [Member] | ||||
Revenues: | ||||
Net revenues | 156 | 82 | 423 | 198 |
Operating expenses: | ||||
Cost of revenue | 128 | 83 | 349 | 221 |
Mall [Member] | ||||
Revenues: | ||||
Net revenues | 201 | 119 | 535 | 416 |
Operating expenses: | ||||
Cost of revenue | 23 | 16 | 65 | 53 |
Convention, Retail and Other [Member] | ||||
Revenues: | ||||
Net revenues | 88 | 44 | 207 | 91 |
Operating expenses: | ||||
Cost of revenue | $ 52 | $ 27 | $ 141 | $ 73 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 449 | $ (381) | $ 962 | $ 1,631 |
Currency translation adjustment | (17) | (64) | (46) | (129) |
Cash flow hedge fair value adjustment | 2 | 1 | (4) | 1 |
Total comprehensive income (loss) | 434 | (444) | 912 | 1,503 |
Comprehensive (income) loss attributable to noncontrolling interests | (70) | 143 | (123) | 372 |
Comprehensive income (loss) attributable to Las Vegas Sands Corp. | $ 364 | $ (301) | $ 789 | $ 1,875 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock, Common [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Deficit) [Member] | Noncontrolling Interests [Member] |
Beginning balance at Dec. 31, 2021 | $ 2,248 | $ 1 | $ (4,481) | $ 6,646 | $ (22) | $ (148) | $ 252 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 1,631 | 2,001 | (370) | ||||
Currency translation adjustment | (129) | (127) | (2) | ||||
Cash flow hedge fair value adjustment | 1 | 1 | 0 | ||||
Stock-based compensation | 31 | 30 | 1 | ||||
Tax withholding on vesting of equity awards | (1) | (1) | |||||
Ending balance at Sep. 30, 2022 | 3,781 | 1 | (4,481) | 6,675 | (148) | 1,853 | (119) |
Beginning balance at Jun. 30, 2022 | 4,215 | 1 | (4,481) | 6,665 | (86) | 2,092 | 24 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (381) | (239) | (142) | ||||
Currency translation adjustment | (64) | (63) | (1) | ||||
Cash flow hedge fair value adjustment | 1 | 1 | 0 | ||||
Stock-based compensation | 10 | 10 | 0 | ||||
Ending balance at Sep. 30, 2022 | 3,781 | 1 | (4,481) | 6,675 | (148) | 1,853 | (119) |
Beginning balance at Dec. 31, 2022 | 3,656 | 1 | (4,481) | 6,684 | (7) | 1,684 | (225) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 962 | 839 | 123 | ||||
Currency translation adjustment | (46) | (47) | 1 | ||||
Cash flow hedge fair value adjustment | (4) | (3) | (1) | ||||
Exercise of stock options | 4 | 4 | 0 | ||||
Stock-based compensation | 34 | 33 | 1 | ||||
Tax withholding on vesting of equity awards | (1) | (1) | |||||
Dividends, common stock, cash | (153) | (153) | 0 | ||||
Ending balance at Sep. 30, 2023 | $ 4,452 | 1 | (4,481) | 6,720 | (57) | 2,370 | (101) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends declared (in usd per share) | $ 0.20 | ||||||
Beginning balance at Jun. 30, 2023 | $ 4,159 | 1 | (4,481) | 6,708 | (41) | 2,143 | (171) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 449 | 380 | 69 | ||||
Currency translation adjustment | (17) | (18) | 1 | ||||
Cash flow hedge fair value adjustment | 2 | 2 | |||||
Exercise of stock options | 1 | 1 | |||||
Stock-based compensation | 11 | 11 | 0 | ||||
Dividends, common stock, cash | (153) | (153) | 0 | ||||
Ending balance at Sep. 30, 2023 | $ 4,452 | $ 1 | $ (4,481) | $ 6,720 | $ (57) | $ 2,370 | $ (101) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends declared (in usd per share) | $ 0.20 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities from continuing operations: | ||
Net income (loss) from continuing operations | $ 962 | $ (1,272) |
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities: | ||
Depreciation and amortization | 875 | 780 |
Amortization of leasehold interests in land | 43 | 42 |
Amortization of deferred financing costs and original issue discount | 46 | 43 |
Change in fair value of derivative asset/liability | (1) | (2) |
Paid-in-kind interest income | (22) | (8) |
Loss on disposal or impairment of assets | 10 | 7 |
Stock-based compensation expense | 33 | 30 |
Provision for credit losses | 2 | 14 |
Foreign exchange loss | 15 | 28 |
Deferred income taxes | 5 | (28) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (129) | (28) |
Other assets | (64) | 4 |
Accounts payable | 62 | 15 |
Other liabilities | 384 | (465) |
Net cash generated from (used in) operating activities from continuing operations | 2,221 | (840) |
Cash flows from investing activities from continuing operations: | ||
Capital expenditures | (692) | (504) |
Proceeds from disposal of property and equipment | 3 | 9 |
Acquisition of intangible assets and other | (236) | (104) |
Net cash used in investing activities from continuing operations | (925) | (599) |
Cash flows from financing activities from continuing operations: | ||
Proceeds from exercise of stock options | 4 | 0 |
Tax withholding on vesting of equity awards | (1) | (1) |
Dividends paid | 153 | 0 |
Proceeds from long-term debt | 0 | 700 |
Repayments of long-term debt | (1,803) | (50) |
Payments of financing costs | (32) | (9) |
Other | (25) | 0 |
Transactions with discontinued operations | 0 | 5,032 |
Net cash generated from (used in) financing activities from continuing operations | (2,010) | 5,672 |
Cash flows from discontinued operations: | ||
Net cash generated from operating activities | 0 | 149 |
Net cash generated from investing activities | 0 | 4,883 |
Net cash used in financing activities | 0 | (5,032) |
Net cash provided to (used in) discontinued operations | 0 | 0 |
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents | (24) | (33) |
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | (738) | 4,200 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 6,436 | 1,925 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period for continuing operations | 5,698 | 6,125 |
Supplemental disclosure of cash flow information | ||
Cash payments for interest, net of amounts capitalized | 670 | 528 |
Cash payments for taxes, net of refunds | 144 | 494 |
Change in construction payables | $ (36) | $ (49) |
Organization and Business of Co
Organization and Business of Company | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) 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. Operations Macao From 2020 through the beginning of 2023, the Company’s operations in Macao were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. The Macao government's policy regarding the management of COVID-19 and general travel restrictions was relaxed in late December 2022 and early January 2023. Since then, visitation to the Company’s Macao Integrated Resorts and operations have improved. The Macao government announced total visitation from mainland China to Macao increased approximately 243.6% and decreased approximately 39.7%, during the eight months ended August 31, 2023 (the latest statistics currently available), as compared to the same period in 2022 and 2019 (pre-pandemic), respectively. The Macao government also announced gross gaming revenue increased approximately 779.7% and decreased approximately 31.1%, during the three months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively. Additionally, gross gaming revenue increased approximately 305.3% and decreased approximately 41.5%, during the nine months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively. Singapore From 2020 through early 2022, the Company’s operations in Singapore were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. However, the Vaccinated Travel Framework (“VTF”), launched in April 2022, facilitated the resumption of travel and had a positive impact on operations at Marina Bay Sands. During February 2023, any remaining COVID-19 border measures were lifted. Visitation to Marina Bay Sands continues to improve since the travel restrictions have been lifted. The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 3.7 million in 2022 to 10.1 million for the nine months ended September 30, 2023, while visitation decreased 29.2% when compared to the same period in 2019. Summary While the disruptions arising from the COVID-19 pandemic have subsided, given the dynamic nature of these circumstances, the potential future impact, if any, on the Company’s consolidated results of operations, cash flows and financial condition is uncertain. However, the Company has a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $5.57 billion and access to $1.50 billion, $2.24 billion and $431 million of available borrowing capacity from the Company’s LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, as of September 30, 2023. The Company believes it is able to support continuing operations and complete the Company’s major construction projects that are underway. Development Projects New York On June 2, 2023, the Company acquired the Nassau Coliseum from Nassau Live Center, LLC and related entities, which included the right to lease the underlying land from the County of Nassau in the State of New York (the “Nassau Coliseum Transaction”). The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. There is no assurance the Company will be able to obtain such casino license. Singapore In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development, which will include a hotel tower with luxury rooms and suites, a rooftop attraction, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”). The Second Development Agreement provides for a total minimum project cost of approximately 4.50 billion Singapore dollars (“SGD,” approximately $3.29 billion at exchange rates in effect on September 30, 2023). The estimated cost and timing of the total project will be updated as the Company completes design and begins construction. The Company expects the total project cost will materially exceed the amounts referenced above from April 2019 based on current market conditions due to inflation, higher material and labor costs and other factors. The Company has incurred approximately $1.08 billion as of September 30, 2023, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS Expansion Project site. On March 22, 2023, MBS and the STB entered into a supplemental agreement, which further extended the construction commencement date to April 8, 2024 and the construction completion date to April 8, 2028, and allowed for changes to the construction and operation plans under the Second Development Agreement. The Company is nearing completion of the renovation of Towers 1 and 2 of Marina Bay Sands. This renovation has introduced world class suites and other luxury amenities at a cost estimated at approximately $1.0 billion upon completion. The Company also announced the next phase with the renovation of the Tower 3 hotel rooms into world class suites and other property changes at an estimated cost of approximately $750 million. These renovations at Marina Bay Sands are substantially upgrading the overall guest experience for our premium customers, including new dining and retail experiences, and upgrading the casino floor, among other things. These projects are in addition to the previously announced plans for the MBS Expansion Project. Macao The Company has commenced work on Phase II of the Londoner Macao, which includes the renovation of the rooms in the Sheraton and Conrad hotel towers and the addition of new attractions, dining, retail and entertainment offerings. These projects have a total estimated cost of $1.0 billion . Recent Accounting Pronouncements The Company’s management has evaluated the accounting standards that have been recently issued, but not yet effective, or those proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows. |
Accounts Receivable, Net and Cu
Accounts Receivable, Net and Customer Contract Related Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net and Customer Contract Related Liabilities Accounts Receivable and Provision for Credit Losses Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino patrons following background checks and investigations of creditworthiness. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons in these countries. Accounts receivable primarily consists of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable. 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 patron's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts in its 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. Accounts receivable consists of the following: September 30, December 31, (In millions) Casino $ 463 $ 341 Rooms 24 34 Mall 62 64 Other 41 45 590 484 Less - provision for credit losses (200) (217) $ 390 $ 267 The following table shows the movement in the provision for credit losses recognized for accounts receivable: 2023 2022 (In millions) Balance at January 1 $ 217 $ 232 Provision for credit losses 2 14 Write-offs (16) (30) Exchange rate impact (3) (7) Balance at September 30 $ 200 $ 209 |
Customer Contract Related Liabilities | Customer Contract Related Liabilities The Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided. The following table summarizes the liability activity related to contracts with customers: Outstanding Chip Liability Loyalty Program Liability Customer Deposits and Other Deferred Revenue (1) 2023 2022 2023 2022 2023 2022 (In millions) Balance at January 1 $ 81 $ 74 $ 72 $ 61 $ 614 $ 618 Balance at September 30 130 92 65 68 711 611 Increase (decrease) $ 49 $ 18 $ (7) $ 7 $ 97 $ (7) ____________________ (1) Of this amount, $160 million and $149 million as of September 30 and January 1, 2023, respectively, and $148 million and $145 million as of September 30 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill and intangible assets consist of the following: September 30, December 31, (In millions) Amortizable intangible assets: Macao concession $ 496 $ — Marina Bay Sands gaming license 53 54 549 54 Less — accumulated amortization (63) (12) 486 42 Technology, software and other 21 12 Total amortizable intangible assets, net 507 54 Goodwill 102 10 Total goodwill and intangible assets, net $ 609 $ 64 Macao Concession On December 16, 2022, the Macao government announced the award of six definitive gaming concessions, one of which was awarded to Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.), and on January 1, 2023, VML entered into a ten-year gaming concession contract with the Macao government (the “Concession”). Under the terms of the Concession, VML is required to pay the Macao government an annual gaming premium consisting of a fixed portion and a variable portion. The fixed portion of the premium is 30 million patacas (approximately $4 million at exchange rates in effect on September 30, 2023). The variable portion is 300,000 patacas per gaming table reserved exclusively for certain types of games or players, 150,000 patacas per gaming table not so reserved (the mass rate) and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,200, $18,600 and $124, respectively, at exchange rates in effect on September 30, 2023). On December 30, 2022, VML and certain other subsidiaries of the Company, confirmed and agreed to revert certain gaming equipment and gaming areas to the Macao government without compensation and free of any liens or charges in accordance with, and upon the expiry of, VML’s subconcession. On the same day, VML and the Macao government entered into a handover record (the “Handover Record”) granting VML the right to operate the reverted gaming equipment and gaming areas for the duration of the Concession in consideration for the payment of an annual fee. The annual fee is calculated based on a price per square meter of reverted gaming area, being 750 patacas per square meter in the first three years and 2,500 patacas per square meter in the subsequent seven years (approximately $93 and $310, respectively, at exchange rates in effect on September 30, 2023). The price per square meter used to determine the annual fee will be adjusted annually based on Macao’s average price index of the corresponding preceding year. The annual fee is estimated to be $13 million for the first three years and $42 million for the following seven years, subject to the aforementioned adjustment. On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $496 million at exchange rates in effect on September 30, 2023), representing the right to operate the gaming equipment and the gaming areas, the right to conduct games of chance in Macao and the unconditional obligation to make payments under the Concession. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Handover Record. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the maximum number of table games at the mass rate and the maximum number of gaming machines that VML is currently allowed to operate by the Macao government. In the accompanying condensed consolidated balance sheet, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the period of the Concession, being ten years. Amortization expense for all intangible assets was $17 million and $7 million for the three months ended September 30, 2023 and 2022, respectively, and $51 million and $16 million for the nine months ended September 30, 2023 and 2022, respectively. The estimated future amortization expense for all intangible assets is approximately $17 million for the three months ending December 31, 2023, and $67 million, $55 million, $50 million, $50 million for the years ending December 31, 2024, 2025, 2026 and 2027, respectively, and $248 million thereafter. Nassau Coliseum On June 2, 2023, the Company closed on its acquisition of the Nassau Coliseum, an entertainment arena in the State of New York. The Company paid an aggregate amount of $241 million, consisting of $221 million upon closing and a $20 million deposit made in 2022. The purchase of the Nassau Coliseum, which continues to operate following the closing of the sale, primarily included the fixed assets related to the arena and the right to lease the underlying land from the owner, the County of Nassau in the State of New York. This transaction resulted in the recognition of $92 million of goodwill. The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. There is no assurance the Company will be able to obtain such casino license. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt Long-term debt consists of the following: September 30, 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 $3 and $5, respectively) $ 1,747 $ 1,745 2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $2) 498 498 3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $5 and $7, respectively) 995 993 3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $6) 744 744 Other (2) 202 — Macao Related (1) : 5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $5 and $7, respectively) 1,795 1,793 3.800% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $4 and $5, respectively) 796 795 2.300% Senior Notes due 2027 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively) 695 694 5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $12 and $13, respectively) 1,888 1,887 2.850% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively) 645 644 4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $7 and $8, respectively) 693 692 3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $5) 595 595 2018 SCL Credit Facility — Revolving 250 1,958 Other (2) 19 22 Singapore Related (1) : 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $25 and $33, respectively) 2,785 2,870 2012 Singapore Credit Facility — Delayed Draw Term 46 46 Other 1 2 14,394 15,978 Less — current maturities (1,818) (2,031) Total long-term debt $ 12,576 $ 13,947 ____________________ (1) Unamortized deferred financing costs of $66 million and $60 million as of September 30, 2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets. (2) Includes finance leases related to the U.S. of $202 million as of September 30, 2023 and Macao of $18 million and $21 million as of September 30, 2023 and December 31, 2022, respectively. LVSC Revolving Facility As of September 30, 2023, the Company had $1.50 billion of available borrowing capacity under the LVSC Revolving Facility, net of outstanding letters of credit. On January 30, 2023, LVSC entered into Amendment No. 4 (the “Fourth Amendment”) with lenders to the LVSC Revolving Credit Agreement. Pursuant to the Fourth Amendment, the existing LVSC Revolving Credit Agreement was amended to (a) determine consolidated adjusted EBITDA on a year-to-date annualized basis during the period commencing on the effective date and ending on and including December 31, 2023, as follows: (i) for the fiscal quarter ending March 31, 2023, consolidated adjusted EBITDA for such fiscal quarter multiplied by four, (ii) for the fiscal quarter ending June 30, 2023, consolidated adjusted EBITDA for such fiscal quarter and the immediately preceding fiscal quarter multiplied by two, and (iii) for the fiscal quarter ending September 30, 2023, consolidated adjusted EBITDA for such fiscal quarter and the two immediately preceding fiscal quarters, multiplied by four-thirds; (b) extend the period during which LVSC is required to maintain a specified amount of minimum liquidity as of the last day of each month to December 31, 2023; and (c) extend the period during which LVSC is unable to declare or pay any dividend or other distribution, unless liquidity is greater than $1.0 billion on a pro forma basis after giving effect to such dividend or distribution, to December 31, 2023. On June 30, 2023, LVSC entered into Amendment No. 5 (the “Fifth Amendment”) with lenders to the LVSC Revolving Credit Agreement. Pursuant to the Fifth Amendment, the existing LVSC Revolving Credit Agreement was amended to update the terms therein and provide for the adoption of the Secured Overnight Financing Rate (“SOFR”) as the benchmark interest rate. SCL Senior Notes On July 26, 2023, Standard & Poor’s (“S&P”) upgraded the credit rating for the Company and Sands China Ltd. (“SCL,” a majority-owned subsidiary of the Company) to BBB–. As a result of the upgrade, the coupon on each series of the outstanding SCL senior notes decreased by 0.25% per annum effective on the first interest payment date after July 26, 2023. 2018 SCL Credit Facility On May 11, 2023, SCL entered into an amended and restated facility agreement (the “A&R Facility Agreement”) with respect to certain provisions of the 2018 SCL Credit Facility, pursuant to which lenders have (a) extended the termination date for the Hong Kong Dollar (“HKD”) commitments and U.S. dollar commitments of the lenders that consented to the waivers and amendments in the A&R Facility Agreement (the “Extending Lenders”) from July 31, 2023 to July 31, 2025; (b) extended to (and including) January 1, 2024, the waiver period for the requirement for SCL to comply with the requirements that SCL ensure (i) the consolidated leverage ratio does not exceed 4.0x and (ii) the consolidated interest coverage ratio is not less than 2.5x; (c) amended the definition of consolidated total debt such that it excludes any financial indebtedness that is subordinated and subject in right of payment to the prior payment in full of the A&R Facility Agreement (including the $1.0 billion subordinated unsecured term loan facility made available by the Company to SCL); (d) amended the maximum permitted consolidated leverage ratio as of the last day of each of the financial quarters ending March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and subsequent financial quarters to be 6.25x, 5.5x, 5.0x, 4.5x, and 4.0x, respectively; and (e) extended to (and including) January 1, 2025, the period during which SCL’s ability to declare or make any dividend payment or similar distribution is restricted if at such time (x) the Total Commitments (as defined in the A&R Facility Agreement) exceed $2.0 billion by SCL’s exercise of the option to increase the Total Commitments by an aggregate amount of up to $1.0 billion and (y) the consolidated leverage ratio is greater than 4.0x, unless, after giving effect to such payment, the sum of (i) the aggregate amount of cash and cash equivalents of SCL on such date and (ii) the aggregate amount of the undrawn facility under the A&R Facility Agreement and unused commitments under other credit facilities of SCL is greater than $2.0 billion. The amendments with respect to the Extended Commitments took effect on July 31, 2023. Pursuant to the A&R Facility Agreement, SCL paid a customary fee to the Extending Lenders that consented. The Extending Lenders’ HKD commitments total HKD 17.63 billion (approximately $2.25 billion at exchange rates in effect on May 11, 2023) and U.S. dollar commitments total $237 million, which together represent 100% of the total available commitments under the A&R Facility Agreement. As of September 30, 2023, SCL had $2.24 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of HKD commitments of HKD 15.86 billion (approximately $2.03 billion at exchange rates in effect on September 30, 2023) and U.S. dollar commitments of $213 million . 2012 Singapore Credit Facility As of September 30, 2023, MBS had SGD 589 million (approximately $431 million at exchange rates in effect on September 30, 2023) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee for SGD 153 million (approximately $112 million at exchange rates in effect on September 30, 2023) pursuant to a development agreement. During 2021, the Company amended its 2012 Singapore Credit Facility, which, among other things, extended to March 31, 2022, the deadline for delivering the construction cost estimate and the construction schedule for the MBS Expansion Project. The Company is in the process of reviewing the budget and timing of the MBS expansion due to various factors. As a result, the construction cost estimate and construction schedule were not delivered to the lenders by the March 31, 2022 deadline. As of September 30, 2023, there was SGD 3.69 billion (approximately $2.70 billion at exchange rates in effect on September 30, 2023) left of total borrowing capacity, which is only available to be drawn under the Singapore Delayed Draw Term Facility after the construction cost estimate and construction schedule for the MBS Expansion Project are delivered to lenders. The Company does not anticipate material spend related to the MBS Expansion Project prior to the delivery of these items to the lenders. Debt Covenant Compliance As of September 30, 2023, management believes the Company was in compliance with all debt covenants. The Company amended its 2018 SCL Credit Facility to, among other things, waive SCL’s requirement to comply with financial covenants through January 1, 2024, which include a maximum leverage ratio of total debt to trailing twelve-months adjusted earnings before interest, income taxes, depreciation and amortization, calculated in accordance with the A&R Facility Agreement. Cash Flows from Financing Activities Cash flows from financing activities related to long-term debt and finance lease obligations are as follows: Nine Months Ended 2023 2022 (In millions) Proceeds from 2018 SCL Credit Facility $ — $ 700 $ — $ 700 Repayments on 2018 SCL Credit Facility $ (1,698) $ — Repayments on 2012 Singapore Credit Facility (46) (45) Repayments on Other Long-Term Debt (59) (5) $ (1,803) $ (50) |
Equity and Earnings (Loss) Per
Equity and Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity and Earnings (Loss) Per Share Common Stock Dividends On August 16, 2023, the Company paid a dividend of $0.20 per common share as part of a regular cash dividend program. During the nine months ended September 30, 2023, the Company recorded $153 million as a distribution against retained earnings. In October 2023, the Company’s Board of Directors declared a quarterly dividend of $0.20 per common share (a total estimated to be approximately $153 million) to be paid on November 15, 2023, to stockholders of record on November 7, 2023. Share Repurchases On October 16, 2023, the Company’s Board of Directors authorized increasing the remaining share repurchase amount of $916 million to $2.0 billion and extending the expiration date from November 2024 to November 3, 2025. Repurchases of the Company's common stock are made at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, legal requirements, other investment opportunities and market conditions. During the nine months ended September 30, 2023, no shares of its common stock were repurchased. All share repurchases of the Company's common stock have been recorded as treasury stock. |
Earnings (Loss) Per Share | Earnings Per Share The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share) 764 764 764 764 Potential dilution from stock options and restricted stock and stock units 2 — 3 — Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share) 766 764 767 764 Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share 5 15 3 15 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective income tax rate from continuing operations was 18.7% for the nine months ended September 30, 2023, compared to 15.6% for the nine months ended September 30, 2022. The effective income tax rate for the nine months ended September 30, 2023 reflects a 17% statutory tax rate on the Company’s Singapore operations and a 21% corporate income tax rate on its domestic operations. The Company’s operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, VML and its peers received a corporate income tax exemption on gaming operations through December 31, 2022. In December 2022, VML requested a corporate tax exemption on profits generated by the operation of casino games in Macao for the new gaming concession period effective from January 1, 2023 through December 31, 2032, or for a period of corporate tax exemption that the Chief Executive of Macao may deem more appropriate. Additionally, the Company entered into a shareholder dividend tax agreement with the Macao |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases Lessee The Company has operating and finance leases for various real estate (including leasehold interests in land) and equipment. Certain of these lease agreements include rental payments adjusted periodically for inflation, rental payments based on usage and rental payments contingent on certain events occurring (e.g., the Nassau Land Lease rental payments will increase in the event the Company is awarded a gaming license in New York). Certain of the Company’s leases include options to extend the lease term by one month to 10 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Nassau Coliseum In conjunction with the Nassau Coliseum Transaction, the Company entered into a lease agreement with the County of Nassau in the State of New York, for the use and exclusive right to develop and operate assets on approximately 72 acres of land, including the Nassau Coliseum and other improvements thereon (the “Nassau Land Lease”), which commenced on June 2, 2023, and has a 99-year lease term. The Company is required to make annual rent payments in the amounts and at the times specified in the Nassau Land Lease agreement, including additional rent payments contingent on certain events occurring as defined in the agreement. As of September 30, 2023, the related right-of-use (“ROU”) asset and finance lease liability were $279 million and $201 million, respectively. Refer to “Note 3 — Goodwill and Intangible Assets, Net” for further details on this transaction. In the accompanying condensed consolidated balance sheet, the Nassau Land Lease ROU asset is included in “Property and equipment, net” and the noncurrent portion of the related finance lease liability is included in “Long-term debt.” A one-time rent payment of $54 million was made under the finance lease liability within two business days of the lease term commencement date and is included in cash flows used in financing activities. The future minimum lease payments are $1 million for the period ending December 31, 2023, $6 million for each of the years ending December 31, 2024 through 2027, and $1.77 billion thereafter. Lessor Lease revenue for the Company’s mall operations consists of the following: Three Months Ended September 30, 2023 2022 Mall Other Mall Other (In millions) Minimum rents $ 128 $ — $ 119 $ — Overage rents 48 — 16 — Rent concessions (1) — — (37) — Total overage rents and rent concessions 48 — (21) — $ 176 $ — $ 98 $ — Nine Months Ended September 30, 2023 2022 Mall Other Mall Other (In millions) Minimum rents $ 372 $ 1 $ 369 $ 1 Overage rents 91 — 42 — Rent concessions (1) — — (61) — Total overage rents and rent concessions 91 — (19) — $ 463 $ 1 $ 350 $ 1 ___________________ (1) Rent concessions were provided to tenants as a result of the COVID-19 pandemic and the impact on mall operations. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures As of September 30, 2023 and December 31, 2022, the amounts of the Company's assets and liabilities that were accounted for at fair value were immaterial. As of September 30, 2023 and December 31, 2022, certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivables, net, and accounts payable, had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The Company considers all highly liquid short-term investments with original maturities of three months or less to be cash equivalents. Cash equivalents include cash deposits, cash held in money market funds and U.S. Treasury Bills. U.S. Treasury Bills are held-to-maturity. The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of September 30, 2023 and December 31, 2022, using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. September 30, 2023 Hierarchy Level Carrying Amount Level 1 Level 2 (in millions) Assets: Cash equivalents Cash deposits $ 2,316 $ 2,316 Money market funds 122 122 U.S. Treasury Bills 914 913 Loan Receivable (1) 1,186 $ 1,073 Liabilities: Long-term debt (2) 14,257 13,301 December 31, 2022 Hierarchy Level Carrying Amount Level 1 Level 2 (in millions) Assets: Cash equivalents Cash deposits $ 3,249 $ 3,249 Money market funds 134 134 Loan Receivable (1) 1,165 $ 1,078 Liabilities: Long-term debt (2) 16,060 15,140 ____________________ (1) The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021. (2) The estimated fair value of the Company’s long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). The carrying amount in the table represents the contractual amount. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $372 million at exchange rates in effect on September 30, 2023), which 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 March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision and the appeal is currently pending. On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims. On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court. Evidence gathering by the Macao First Instance commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $11.96 billion at exchange rates in effect on September 30, 2023), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019, and that appeal is currently pending. On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants’ motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021, and that appeal is currently pending. The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order, and that appeal is currently pending. On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in effect on September 30, 2023) based on Plaintiff’s July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021, and that appeal is currently pending. By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal. From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $7.18 billion and $7.72 billion, respectively, at exchange rates in effect on September 30, 2023). On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022. That appeal is fully briefed and remains pending with the Macao Second Instance Court. On September 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $6 million at exchange rates in effect on September 30, 2023). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief, and that appeal remains pending. On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The deadline for U.S. Defendants to respond is October 30, 2023. 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. The Daniels Family 2001 Revocable Trust v. LVSC, et al. On October 22, 2020, The Daniels Family 2001 Revocable Trust, a putative purchaser of the Company’s shares, filed a purported class action complaint in the U.S. District Court against LVSC, Sheldon G. Adelson and Patrick Dumont. The complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that LVSC made materially false or misleading statements, or failed to disclose material facts, from February 27, 2016 through September 15, 2020, with respect to its operations at Marina Bay Sands, its compliance with Singapore laws and regulations, and its disclosure controls and procedures. On January 5, 2021, the U.S. District Court entered an order appointing Carl S. Ciaccio and Donald M. DeSalvo as lead plaintiffs (“Lead Plaintiffs”). On March 8, 2021, Lead Plaintiffs filed a purported class action amended complaint against LVSC, Sheldon G. Adelson, Patrick Dumont, and Robert G. Goldstein, alleging similar violations of Sections 10(b) and 20(a) of the Exchange Act over the same time period of February 27, 2016 through September 15, 2020. On March 22, 2021, the U.S. District Court granted Lead Plaintiffs’ motion to substitute Dr. Miriam Adelson, in her capacity as the Special Administrator for the estate of Sheldon G. Adelson, for Sheldon G. Adelson as a defendant in this action. On May 7, 2021, the defendants filed a motion to dismiss the amended complaint, which on March 28, 2022, the U.S. District Court granted in its entirety. The U.S. District Court dismissed certain claims with prejudice, but granted Lead Plaintiffs leave to amend the complaint with respect to the other claims by April 18, 2022. On April 8, 2022, Lead Plaintiffs filed a motion for reconsideration and to extend time to file an Amended Complaint. The defendants filed an opposition to the motion on April 22, 2022. On April 18, 2022, Lead Plaintiffs filed a second amended complaint. On May 18, 2022, the defendants filed a motion to dismiss the second amended complaint, and briefing was completed on July 8, 2022. On August 8, 2023, the U.S. District Court denied Lead Plaintiffs’ motion for reconsideration, and granted in part and denied in part the defendants’ motion to dismiss the second amended complaint. The U.S. District Court dismissed Lead Plaintiffs’ allegations pertaining to challenged statements that were made in 2016, 2017 and 2018, but allowed the challenged statements from 2019 and 2020 to proceed. On August 22, 2023, the defendants filed a motion for partial reconsideration, requesting that the U.S. District Court reconsider its denial of the motion to dismiss with respect to the challenged statements from 2019 and 2020. If the motion for partial reconsideration is granted, this would result in dismissal of the second amended complaint. The defendants also moved, in the event the motion for partial reconsideration is not granted, for certification for interlocutory appeal of the U.S. District Court’s order allowing the challenged statements from 2019 and 2020 to proceed. The defendants simultaneously filed a motion for a stay pending adjudication of the motion for reconsideration, which requests a stay of all discovery and case deadlines. Lead Plaintiffs filed oppositions to both motions on September 5, 2023, and the defendants filed their replies on September 12, 2023. These motions are pending before the U.S. District Court. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. Turesky v. Sheldon G. Adelson, et al. On December 28, 2020, Andrew Turesky filed a putative shareholder derivative action on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Patrick Dumont, Robert G. Goldstein, Irwin Chafetz, Micheline Chau, Charles D. Forman, Steven L. Gerard, George Jamieson, Charles A. Koppelman, Lewis Kramer and David F. Levi, all of whom are current or former directors and/or officers of LVSC. The complaint asserts claims for breach of fiduciary duty, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, violations of Sections 10(b), 14(a) and 20(a) of the Exchange Act and for contribution under Sections 10(b) and 21D of the Exchange Act. On February 24, 2021, the U.S. District Court entered an order granting the parties’ stipulation to stay this action in light of the Daniels Family 2001 Revocable Trust putative securities class action (the “Securities Action”). Subject to the terms of the parties’ stipulation, this action is stayed until 30 days after the final resolution of the motion to dismiss in the Securities Action. On March 11, 2021, the U.S. District Court granted the plaintiff’s motion to substitute Dr. Miriam Adelson, in her capacity as the Special Administrator for the estate of Sheldon G. Adelson, for Sheldon G. Adelson as a defendant in this action. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. Commitments Macao Concession - Committed Investment Under the Concession, the Company is required to invest a minimum of 30.24 billion patacas (approximately $3.75 billion at exchange rates in effect on September 30, 2023), in certain gaming and non-gaming projects in Macao by December 2032. The specific investments to be carried out are determined annually by VML and proposed to the Macao government for approval. VML submitted the list of investments and projects it intends to carry out in 2023 to the Macao government on March 31, 2023, which has been approved by the Macao government. Sponsorship and Similar Agreements The Company has agreements with certain celebrities and professional sports leagues and teams for the hosting of events, advertising, marketing, promotional and sponsorship opportunities in order to promote the Company’s brand and services. As of September 30, 2023, obligations related to these agreements were $300 million, with contracts extending through 2029. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company reviews the results of operations and construction and development activities for each of its operating segments: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. The Company also reviews construction and development activities for its primary projects under development, in addition to its reportable segments noted above. 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) and Corporate and Other to reconcile to the condensed consolidated results of operations and financial condition. The operations that comprised the Company’s former Las Vegas Operating Properties reportable business segment were classified as a discontinued operation through February 22, 2022, and the information below for the nine months ended September 30, 2022, excludes these results. The Company’s segment information as of September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022 is as follows: Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues (In millions) Three Months Ended September 30, 2023 Macao: The Venetian Macao $ 575 $ 55 $ 17 $ 58 $ 18 $ 723 The Londoner Macao 371 97 25 17 8 518 The Parisian Macao 181 37 15 7 4 244 The Plaza Macao and Four Seasons Macao 108 24 7 50 3 192 Sands Macao 75 4 3 1 — 83 Ferry Operations and Other — — — — 29 29 1,310 217 67 133 62 1,789 Marina Bay Sands 698 125 89 68 35 1,015 Intercompany royalties — — — — 61 61 Intercompany eliminations (1) — — — — (70) (70) Total net revenues $ 2,008 $ 342 $ 156 $ 201 $ 88 $ 2,795 Three Months Ended September 30, 2022 Macao: The Venetian Macao $ 60 $ 10 $ 3 $ 27 $ 4 $ 104 The Londoner Macao 24 10 4 9 10 57 The Parisian Macao 8 5 1 5 2 21 The Plaza Macao and Four Seasons Macao 27 5 2 23 — 57 Sands Macao 8 1 1 1 — 11 Ferry Operations and Other — — — — 8 8 127 31 11 65 24 258 Marina Bay Sands 510 92 71 55 28 756 Intercompany royalties — — — — 28 28 Intercompany eliminations (1) — — — (1) (36) (37) Total net revenues $ 637 $ 123 $ 82 $ 119 $ 44 $ 1,005 Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues (In millions) Nine Months Ended September 30, 2023 Macao: The Venetian Macao $ 1,544 $ 142 $ 47 $ 162 $ 39 $ 1,934 The Londoner Macao 850 232 59 47 15 1,203 The Parisian Macao 492 100 35 23 7 657 The Plaza Macao and Four Seasons Macao 367 69 21 125 5 587 Sands Macao 218 12 9 1 1 241 Ferry Operations and Other — — — — 74 74 3,471 555 171 358 141 4,696 Marina Bay Sands 1,940 326 252 178 92 2,788 Intercompany royalties — — — — 164 164 Intercompany eliminations (1) — — — (1) (190) (191) Total net revenues $ 5,411 $ 881 $ 423 $ 535 $ 207 $ 7,457 Nine Months Ended September 30, 2022 Macao: The Venetian Macao $ 308 $ 38 $ 12 $ 112 $ 11 $ 481 The Londoner Macao 145 43 19 35 15 257 The Parisian Macao 83 23 7 20 4 137 The Plaza Macao and Four Seasons Macao 120 20 7 90 1 238 Sands Macao 39 5 3 1 — 48 Ferry Operations and Other — — — — 22 22 695 129 48 258 53 1,183 Marina Bay Sands 1,278 186 150 159 61 1,834 Intercompany royalties — — — — 78 78 Intercompany eliminations (1) — — — (1) (101) (102) Total net revenues $ 1,973 $ 315 $ 198 $ 416 $ 91 $ 2,993 ____________________ (1) Intercompany eliminations include royalties and other intercompany services. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Intersegment Revenues Macao: The Venetian Macao $ 1 $ 2 $ 5 $ 5 Ferry Operations and Other 6 6 18 17 7 8 23 22 Marina Bay Sands 2 1 4 2 Intercompany royalties 61 28 164 78 Total intersegment revenues $ 70 $ 37 $ 191 $ 102 Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Adjusted Property EBITDA Macao: The Venetian Macao $ 290 $ (37) $ 752 $ (39) The Londoner Macao 167 (60) 326 (147) The Parisian Macao 81 (37) 201 (77) The Plaza Macao and Four Seasons Macao 71 6 237 55 Sands Macao 17 (22) 42 (61) Ferry Operations and Other 5 (2) 12 (4) 631 (152) 1,570 (273) Marina Bay Sands 491 343 1,317 783 Consolidated adjusted property EBITDA (1) 1,122 191 2,887 510 Other Operating Costs and Expenses Stock-based compensation (2) (6) (9) (25) (20) Corporate (49) (53) (166) (167) Pre-opening (3) (4) (13) (11) Development (44) (26) (140) (108) Depreciation and amortization (313) (260) (875) (780) Amortization of leasehold interests in land (15) (14) (43) (42) Loss on disposal or impairment of assets (4) (2) (22) (8) Operating income (loss) 688 (177) 1,603 (626) Other Non-Operating Costs and Expenses Interest income 79 38 225 56 Interest expense, net of amounts capitalized (200) (183) (628) (501) Other income (expense) 4 2 (17) (29) Income tax expense (122) (60) (221) (172) Net income (loss) from continuing operations $ 449 $ (380) $ 962 $ (1,272) ____________________ (1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies. (2) During the three months ended September 30, 2023 and 2022 , the Company recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $10 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $58 million and $47 million, respectively, of which $33 million and $27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Nine Months Ended 2023 2022 (In millions) Capital Expenditures Corporate and Other $ 168 $ 50 Macao: The Venetian Macao 44 35 The Londoner Macao 66 153 The Parisian Macao 3 2 The Plaza Macao and Four Seasons Macao 8 7 Sands Macao 3 2 124 199 Marina Bay Sands 400 255 Total capital expenditures $ 692 $ 504 September 30, December 31, (In millions) Total Assets Corporate and Other $ 6,027 $ 5,422 Macao: The Venetian Macao 2,156 2,135 The Londoner Macao 4,247 4,489 The Parisian Macao 1,838 1,828 The Plaza Macao and Four Seasons Macao 1,055 1,020 Sands Macao 257 208 Ferry Operations and Other 450 870 10,003 10,550 Marina Bay Sands 6,094 6,067 Total assets $ 22,124 $ 22,039 |
Accounts Receivable, Net and _2
Accounts Receivable, Net and Customer Contract Related Liabilities (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts receivable and provision for credit losses | Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino patrons following background checks and investigations of creditworthiness. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons in these countries. Accounts receivable primarily consists of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable. 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 patron's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts in its 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. |
Accounts Receivable, Net and _3
Accounts Receivable, Net and Customer Contract Related Liabilities (Tables) | 9 Months Ended | |
Sep. 30, 2023 | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Schedule of accounts, notes, loans and financing receivable | Accounts receivable consists of the following: September 30, December 31, (In millions) Casino $ 463 $ 341 Rooms 24 34 Mall 62 64 Other 41 45 590 484 Less - provision for credit losses (200) (217) $ 390 $ 267 | |
Accounts receivable, provision for credit losses | The following table shows the movement in the provision for credit losses recognized for accounts receivable: 2023 2022 (In millions) Balance at January 1 $ 217 $ 232 Provision for credit losses 2 14 Write-offs (16) (30) Exchange rate impact (3) (7) Balance at September 30 $ 200 $ 209 | |
Customer contract related liabilities | The following table summarizes the liability activity related to contracts with customers: Outstanding Chip Liability Loyalty Program Liability Customer Deposits and Other Deferred Revenue (1) 2023 2022 2023 2022 2023 2022 (In millions) Balance at January 1 $ 81 $ 74 $ 72 $ 61 $ 614 $ 618 Balance at September 30 130 92 65 68 711 611 Increase (decrease) $ 49 $ 18 $ (7) $ 7 $ 97 $ (7) ____________________ (1) Of this amount, $160 million and $149 million as of September 30 and January 1, 2023, respectively, and $148 million and $145 million as of September 30 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year. | [1] |
[1] Of this amount, $160 million and $149 million as of September 30 and January 1, 2023, respectively, and $148 million and $145 million as of September 30 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: September 30, December 31, (In millions) Amortizable intangible assets: Macao concession $ 496 $ — Marina Bay Sands gaming license 53 54 549 54 Less — accumulated amortization (63) (12) 486 42 Technology, software and other 21 12 Total amortizable intangible assets, net 507 54 Goodwill 102 10 Total goodwill and intangible assets, net $ 609 $ 64 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended | |
Sep. 30, 2023 | ||
Debt Disclosure [Abstract] | ||
Schedule of Long-Term Debt | Long-term debt consists of the following: September 30, 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 $3 and $5, respectively) $ 1,747 $ 1,745 2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $2) 498 498 3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $5 and $7, respectively) 995 993 3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $6) 744 744 Other (2) 202 — Macao Related (1) : 5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $5 and $7, respectively) 1,795 1,793 3.800% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $4 and $5, respectively) 796 795 2.300% Senior Notes due 2027 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively) 695 694 5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $12 and $13, respectively) 1,888 1,887 2.850% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively) 645 644 4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $7 and $8, respectively) 693 692 3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $5) 595 595 2018 SCL Credit Facility — Revolving 250 1,958 Other (2) 19 22 Singapore Related (1) : 2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $25 and $33, respectively) 2,785 2,870 2012 Singapore Credit Facility — Delayed Draw Term 46 46 Other 1 2 14,394 15,978 Less — current maturities (1,818) (2,031) Total long-term debt $ 12,576 $ 13,947 ____________________ (1) Unamortized deferred financing costs of $66 million and $60 million as of September 30, 2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets. (2) Includes finance leases related to the U.S. of $202 million as of September 30, 2023 and Macao of $18 million and $21 million as of September 30, 2023 and December 31, 2022, respectively. | [1] |
Cash Flows From Financing Activities Related to Long Term Debt And Finance Lease Obligations Table | Cash flows from financing activities related to long-term debt and finance lease obligations are as follows: Nine Months Ended 2023 2022 (In millions) Proceeds from 2018 SCL Credit Facility $ — $ 700 $ — $ 700 Repayments on 2018 SCL Credit Facility $ (1,698) $ — Repayments on 2012 Singapore Credit Facility (46) (45) Repayments on Other Long-Term Debt (59) (5) $ (1,803) $ (50) | |
[1]Unamortized deferred financing costs of $66 million and $60 million as of September 30, 2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets. |
Equity and Earnings (Loss) Pe_2
Equity and Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 (loss) per share consisted of the following: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share) 764 764 764 764 Potential dilution from stock options and restricted stock and stock units 2 — 3 — Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share) 766 764 767 764 Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share 5 15 3 15 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lessor, Lease Revenue Components | Lease revenue for the Company’s mall operations consists of the following: Three Months Ended September 30, 2023 2022 Mall Other Mall Other (In millions) Minimum rents $ 128 $ — $ 119 $ — Overage rents 48 — 16 — Rent concessions (1) — — (37) — Total overage rents and rent concessions 48 — (21) — $ 176 $ — $ 98 $ — Nine Months Ended September 30, 2023 2022 Mall Other Mall Other (In millions) Minimum rents $ 372 $ 1 $ 369 $ 1 Overage rents 91 — 42 — Rent concessions (1) — — (61) — Total overage rents and rent concessions 91 — (19) — $ 463 $ 1 $ 350 $ 1 ___________________ (1) Rent concessions were provided to tenants as a result of the COVID-19 pandemic and the impact on mall operations. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of September 30, 2023 and December 31, 2022, using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. September 30, 2023 Hierarchy Level Carrying Amount Level 1 Level 2 (in millions) Assets: Cash equivalents Cash deposits $ 2,316 $ 2,316 Money market funds 122 122 U.S. Treasury Bills 914 913 Loan Receivable (1) 1,186 $ 1,073 Liabilities: Long-term debt (2) 14,257 13,301 December 31, 2022 Hierarchy Level Carrying Amount Level 1 Level 2 (in millions) Assets: Cash equivalents Cash deposits $ 3,249 $ 3,249 Money market funds 134 134 Loan Receivable (1) 1,165 $ 1,078 Liabilities: Long-term debt (2) 16,060 15,140 ____________________ (1) The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021. (2) The estimated fair value of the Company’s long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). The carrying amount in the table represents the contractual amount. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company’s segment information as of September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022 is as follows: Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues (In millions) Three Months Ended September 30, 2023 Macao: The Venetian Macao $ 575 $ 55 $ 17 $ 58 $ 18 $ 723 The Londoner Macao 371 97 25 17 8 518 The Parisian Macao 181 37 15 7 4 244 The Plaza Macao and Four Seasons Macao 108 24 7 50 3 192 Sands Macao 75 4 3 1 — 83 Ferry Operations and Other — — — — 29 29 1,310 217 67 133 62 1,789 Marina Bay Sands 698 125 89 68 35 1,015 Intercompany royalties — — — — 61 61 Intercompany eliminations (1) — — — — (70) (70) Total net revenues $ 2,008 $ 342 $ 156 $ 201 $ 88 $ 2,795 Three Months Ended September 30, 2022 Macao: The Venetian Macao $ 60 $ 10 $ 3 $ 27 $ 4 $ 104 The Londoner Macao 24 10 4 9 10 57 The Parisian Macao 8 5 1 5 2 21 The Plaza Macao and Four Seasons Macao 27 5 2 23 — 57 Sands Macao 8 1 1 1 — 11 Ferry Operations and Other — — — — 8 8 127 31 11 65 24 258 Marina Bay Sands 510 92 71 55 28 756 Intercompany royalties — — — — 28 28 Intercompany eliminations (1) — — — (1) (36) (37) Total net revenues $ 637 $ 123 $ 82 $ 119 $ 44 $ 1,005 Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues (In millions) Nine Months Ended September 30, 2023 Macao: The Venetian Macao $ 1,544 $ 142 $ 47 $ 162 $ 39 $ 1,934 The Londoner Macao 850 232 59 47 15 1,203 The Parisian Macao 492 100 35 23 7 657 The Plaza Macao and Four Seasons Macao 367 69 21 125 5 587 Sands Macao 218 12 9 1 1 241 Ferry Operations and Other — — — — 74 74 3,471 555 171 358 141 4,696 Marina Bay Sands 1,940 326 252 178 92 2,788 Intercompany royalties — — — — 164 164 Intercompany eliminations (1) — — — (1) (190) (191) Total net revenues $ 5,411 $ 881 $ 423 $ 535 $ 207 $ 7,457 Nine Months Ended September 30, 2022 Macao: The Venetian Macao $ 308 $ 38 $ 12 $ 112 $ 11 $ 481 The Londoner Macao 145 43 19 35 15 257 The Parisian Macao 83 23 7 20 4 137 The Plaza Macao and Four Seasons Macao 120 20 7 90 1 238 Sands Macao 39 5 3 1 — 48 Ferry Operations and Other — — — — 22 22 695 129 48 258 53 1,183 Marina Bay Sands 1,278 186 150 159 61 1,834 Intercompany royalties — — — — 78 78 Intercompany eliminations (1) — — — (1) (101) (102) Total net revenues $ 1,973 $ 315 $ 198 $ 416 $ 91 $ 2,993 ____________________ (1) Intercompany eliminations include royalties and other intercompany services. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Intersegment Revenues Macao: The Venetian Macao $ 1 $ 2 $ 5 $ 5 Ferry Operations and Other 6 6 18 17 7 8 23 22 Marina Bay Sands 2 1 4 2 Intercompany royalties 61 28 164 78 Total intersegment revenues $ 70 $ 37 $ 191 $ 102 Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Adjusted Property EBITDA Macao: The Venetian Macao $ 290 $ (37) $ 752 $ (39) The Londoner Macao 167 (60) 326 (147) The Parisian Macao 81 (37) 201 (77) The Plaza Macao and Four Seasons Macao 71 6 237 55 Sands Macao 17 (22) 42 (61) Ferry Operations and Other 5 (2) 12 (4) 631 (152) 1,570 (273) Marina Bay Sands 491 343 1,317 783 Consolidated adjusted property EBITDA (1) 1,122 191 2,887 510 Other Operating Costs and Expenses Stock-based compensation (2) (6) (9) (25) (20) Corporate (49) (53) (166) (167) Pre-opening (3) (4) (13) (11) Development (44) (26) (140) (108) Depreciation and amortization (313) (260) (875) (780) Amortization of leasehold interests in land (15) (14) (43) (42) Loss on disposal or impairment of assets (4) (2) (22) (8) Operating income (loss) 688 (177) 1,603 (626) Other Non-Operating Costs and Expenses Interest income 79 38 225 56 Interest expense, net of amounts capitalized (200) (183) (628) (501) Other income (expense) 4 2 (17) (29) Income tax expense (122) (60) (221) (172) Net income (loss) from continuing operations $ 449 $ (380) $ 962 $ (1,272) ____________________ (1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies. (2) During the three months ended September 30, 2023 and 2022 , the Company recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $10 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $58 million and $47 million, respectively, of which $33 million and $27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Nine Months Ended 2023 2022 (In millions) Capital Expenditures Corporate and Other $ 168 $ 50 Macao: The Venetian Macao 44 35 The Londoner Macao 66 153 The Parisian Macao 3 2 The Plaza Macao and Four Seasons Macao 8 7 Sands Macao 3 2 124 199 Marina Bay Sands 400 255 Total capital expenditures $ 692 $ 504 September 30, December 31, (In millions) Total Assets Corporate and Other $ 6,027 $ 5,422 Macao: The Venetian Macao 2,156 2,135 The Londoner Macao 4,247 4,489 The Parisian Macao 1,838 1,828 The Plaza Macao and Four Seasons Macao 1,055 1,020 Sands Macao 257 208 Ferry Operations and Other 450 870 10,003 10,550 Marina Bay Sands 6,094 6,067 Total assets $ 22,124 $ 22,039 |
Organization and Business of _2
Organization and Business of Company - Additional Information (Details) Seat in Thousands, $ in Millions, $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 USD ($) Seat | Sep. 30, 2023 SGD ($) | Sep. 30, 2023 SGD ($) Seat | Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Cash and cash equivalents | $ 5,574 | $ 6,311 | ||
Macao [Member] | The Londoner Macao [Member] | Scenario, Plan [Member] | Phase II [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Expected Cost to Complete | 1,000 | |||
Singapore [Member] | Marina Bay Sands [Member] | MBS Expansion Project [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Costs incurred to date, development costs | 1,080 | |||
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member] | MBS Expansion Project [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Expected Cost to Complete | 3,290 | $ 4,500 | ||
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member] | Tower 1 and Tower 2 [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Expected Cost to Complete | 1,000 | |||
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member] | Tower 3 [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Expected Cost to Complete | $ 750 | |||
Singapore [Member] | Marina Bay Sands [Member] | Theater [Member] | Scenario, Plan [Member] | MBS Expansion Project [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Number Of Seats | Seat | 15 | 15 | ||
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 (HKD/SGD converted to USD at balance sheet date) | $ 1,500 | |||
Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Macao [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 2,240 | |||
Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | Singapore [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | $ 431 | $ 589 |
Accounts Receivable, Net and _4
Accounts Receivable, Net and Customer Contract Related Liabilities - Schedule of Accounts, Notes, Loans and Financial Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 590 | $ 484 |
Less - provision for credit losses | (200) | (217) |
Accounts receivable, net | 390 | 267 |
Casino [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 463 | 341 |
Rooms [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 24 | 34 |
Mall [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 62 | 64 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 41 | $ 45 |
Accounts Receivable, Net and _5
Accounts Receivable, Net and Customer Contract Related Liabilities - Provision for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 217 | $ 232 | ||
Provision for credit losses | $ 3 | $ 8 | 2 | 14 |
Write-offs | (16) | (30) | ||
Exchange rate impact | (3) | (7) | ||
Ending balance | $ 200 | $ 209 | $ 200 | $ 209 |
Accounts Receivable, Net and _6
Accounts Receivable, Net and Customer Contract Related Liabilities - Customer Contract Related Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Outstanding Chip Liability [Member] | |||||
Customer contract related liabilities [Line Items] | |||||
Contract with customer, liability | $ 130 | $ 92 | $ 81 | $ 74 | |
Change in customer contract related liabilities | 49 | 18 | |||
Loyalty Program Liability [Member] | |||||
Customer contract related liabilities [Line Items] | |||||
Contract with customer, liability | 65 | 68 | 72 | 61 | |
Change in customer contract related liabilities | (7) | 7 | |||
Customer Deposits and Other Deferred Revenue [Member] | |||||
Customer contract related liabilities [Line Items] | |||||
Contract with customer, liability | [1] | 711 | 611 | 614 | 618 |
Change in customer contract related liabilities | 97 | (7) | |||
Customer Deposits and Other Deferred Revenue [Member] | Mall [Member] | |||||
Customer contract related liabilities [Line Items] | |||||
Contract with customer, liability | [1] | $ 160 | $ 148 | $ 149 | $ 145 |
[1] Of this amount, $160 million and $149 million as of September 30 and January 1, 2023, respectively, and $148 million and $145 million as of September 30 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Details) $ in Millions, MOP$ in Billions | Sep. 30, 2023 USD ($) | Sep. 30, 2023 MOP (MOP$) | Dec. 31, 2022 USD ($) |
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 507 | $ 54 | |
Goodwill | 102 | 10 | |
Goodwill and intangible assets, net | 609 | 64 | |
Contract-Based Intangible Assets [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 549 | 54 | |
Finite-lived intangible assets, accumulated amortization | (63) | (12) | |
Finite-lived intangible assets, net | 486 | 42 | |
Technology-Based Intangible Assets [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 21 | 12 | |
Marina Bay Sands [Member] | Contract-Based Intangible Assets [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 53 | 54 | |
Venetian Macau Limited [Member] | Contract-Based Intangible Assets [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 496 | MOP$ 4.0 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 MOP (MOP$) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 MOP (MOP$) | Jun. 02, 2023 USD ($) | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Amortization of Intangible Assets | $ 17,000,000 | $ 7,000,000 | $ 51,000,000 | $ 16,000,000 | |||||
Finance lease, liability, to be paid, remainder of fiscal year | 17,000,000 | 17,000,000 | |||||||
Estimated future amortization expense, year One | 67,000,000 | 67,000,000 | |||||||
Estimated future amortization expense, year two | 55,000,000 | 55,000,000 | |||||||
Estimated future amortization expense, year three | 50,000,000 | 50,000,000 | |||||||
Estimated future amortization expense, year four | 50,000,000 | 50,000,000 | |||||||
Finance lease, liability, to be paid, year five and thereafter | 248,000,000 | 248,000,000 | |||||||
Goodwill | 102,000,000 | 102,000,000 | $ 10,000,000 | ||||||
Nassau Coliseum [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Finance lease, liability, to be paid, remainder of fiscal year | 1,000,000 | 1,000,000 | |||||||
Finance lease, liability, to be paid, year five and thereafter | 1,770,000,000 | 1,770,000,000 | |||||||
Business combination, consideration transferred | $ 221,000,000 | 241,000,000 | $ 20,000,000 | ||||||
Goodwill | $ 92,000,000 | ||||||||
Venetian Macau Limited [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Financial liability related to Macao concession | $ 496,000,000 | 496,000,000 | MOP$ 4000000000 | ||||||
Gaming Concession [Member] | Venetian Macau Limited [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Fixed Portion Of Premium | 4,000,000 | MOP$ 30000000 | |||||||
Handover fee per square meter for period one through three | 93 | 750 | |||||||
Handover fee per square meter for period four through ten | 310 | 2,500 | |||||||
Annual handover fee for period one through three | 13,000,000 | ||||||||
Annual handover fee for period four through ten | 42,000,000 | ||||||||
Gaming Concession [Member] | Gaming Table Reserved [Member] | Venetian Macau Limited [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Variable Portion Premium, Per Unit | 37,200 | 300,000 | |||||||
Gaming Concession [Member] | Gaming Table Not Reserved [Member] | Venetian Macau Limited [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Variable Portion Premium, Per Unit | 18,600 | 150,000 | |||||||
Gaming Concession [Member] | Electrical Or Mechanical Gaming Machine [Member] | Venetian Macau Limited [Member] | |||||||||
Schedule of Goodwill and Intangible Assets [Line Items] | |||||||||
Variable Portion Premium, Per Unit | $ 124 | MOP$ 1000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | ||||
Other | $ 14,394 | $ 15,978 | ||
Long-term debt, including current maturities | 14,394 | 15,978 | ||
Less - current maturities | (1,818) | (2,031) | ||
Total long-term debt | 12,576 | 13,947 | ||
Other Assets, Net and Prepaid expenses and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs, net in other assets and prepaid expenses and other | [1] | 66 | 60 | |
United States [Member] | ||||
Debt Instrument [Line Items] | ||||
Finance lease, liability | [2] | 202 | ||
Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Finance lease, liability | [2] | 18 | 21 | |
Other [Member] | United States [Member] | ||||
Debt Instrument [Line Items] | ||||
Other | 202 | [2] | 0 | |
Long-term debt, including current maturities | 202 | [2] | 0 | |
Other [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Other | [2] | 19 | 22 | |
Long-term debt, including current maturities | [2] | 19 | 22 | |
Other [Member] | Singapore [Member] | ||||
Debt Instrument [Line Items] | ||||
Other | 1 | 2 | ||
Long-term debt, including current maturities | 1 | 2 | ||
Unsecured Debt [Member] | 3.200% Senior Notes due 2024 [Member] | United States [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 1,747 | 1,745 | |
Debt instrument, unamortized discount and debt issuance costs, net | 3 | 5 | ||
Unsecured Debt [Member] | 2.900% Senior Notes due 2025 [Member] | United States [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 498 | 498 | |
Debt instrument, unamortized discount and debt issuance costs, net | 2 | 2 | ||
Unsecured Debt [Member] | 3.500% Senior Notes due 2026 [Member] | United States [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 995 | 993 | |
Debt instrument, unamortized discount and debt issuance costs, net | 5 | 7 | ||
Unsecured Debt [Member] | 3.900% Senior Notes due 2029 [Member] | United States [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 744 | 744 | |
Debt instrument, unamortized discount and debt issuance costs, net | 6 | 6 | ||
Unsecured Debt [Member] | 5.125% Senior Notes due 2025 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 1,795 | 1,793 | |
Debt instrument, unamortized discount and debt issuance costs, net | 5 | 7 | ||
Unsecured Debt [Member] | 3.800% Senior Notes due 2026 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 796 | 795 | |
Debt instrument, unamortized discount and debt issuance costs, net | 4 | 5 | ||
Unsecured Debt [Member] | 2.300% Senior Notes due 2027 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 695 | 694 | |
Debt instrument, unamortized discount and debt issuance costs, net | 5 | 6 | ||
Unsecured Debt [Member] | 5.400% Senior Notes due 2028 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 1,888 | 1,887 | |
Debt instrument, unamortized discount and debt issuance costs, net | 12 | 13 | ||
Unsecured Debt [Member] | 2.850% Senior Notes due 2029 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 645 | 644 | |
Debt instrument, unamortized discount and debt issuance costs, net | 5 | 6 | ||
Unsecured Debt [Member] | 4.375% Senior Notes due 2030 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 693 | 692 | |
Debt instrument, unamortized discount and debt issuance costs, net | 7 | 8 | ||
Unsecured Debt [Member] | 3.250% Senior Notes due 2031 [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 595 | 595 | |
Debt instrument, unamortized discount and debt issuance costs, net | 5 | 5 | ||
Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Macao [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 250 | 1,958 | |
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | Singapore [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | 2,785 | 2,870 | |
Debt instrument, unamortized discount and debt issuance costs, net | 25 | 33 | ||
Secured Debt [Member] | 2012 Singapore Credit Facility Delayed Draw Term [Member] | Singapore [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [1] | $ 46 | $ 46 | |
[1]Unamortized deferred financing costs of $66 million and $60 million as of September 30, 2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.[2] Includes finance leases related to the U.S. of $202 million as of September 30, 2023 and Macao of $18 million and $21 million as of September 30, 2023 and December 31, 2022, respectively. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Millions, $ in Millions | Jul. 26, 2023 | Sep. 30, 2023 USD ($) | Sep. 30, 2023 HKD ($) | Sep. 30, 2023 SGD ($) |
Related Party [Member] | Sands China Ltd [Member] | ||||
Debt Instrument [Line Items] | ||||
Accounts and financing receivable, after allowance for credit loss, noncurrent | $ 1,000,000,000 | |||
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 | |||
Minimum liquidity required, dividend payments, temporary | 1,000,000,000 | |||
Macao [Member] | Unsecured Debt [Member] | SCL Senior Notes [Member] | Standard & Poor's, BBB- Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, increase (decrease) | 0.25% | |||
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) | 2,240,000,000 | |||
Line of credit, maximum borrowing capacity for dividends, temporary | $ 2,000,000,000 | |||
Debt instrument, ratio of indebtedness to adjusted EBITDA, maximum ratio, dividend payments, temporary | 4 | 4 | 4 | |
Minimum cash and undrawn amount of 2018 SCL Credit Facility required after dividend payments, temporary | $ 2,000,000,000 | |||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, ratio of adjusted EBITDA to net interest expense, waived, temporary | 2.5 | 2.5 | 2.5 | |
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, ratio of indebtedness to adjusted EBITDA, waived, temporary | 4 | 4 | 4 | |
Debt instrument, ratio of indebtedness to adjusted EBITDA Q1 2024 | 6.25 | 6.25 | 6.25 | |
Debt instrument, ratio of indebtedness to adjusted EBITDA Q2 2024 | 5.5 | 5.5 | 5.5 | |
Debt instrument, ratio of indebtedness to adjusted EBITDA Q3 2024 | 5 | 5 | 5 | |
Debt instrument, ratio of indebtedness to adjusted EBITDA Q4 2024 | 4.5 | 4.5 | 4.5 | |
Debt instrument, ratio of indebtedness to adjusted EBITDA Q1 2025 and thereafter | 4 | 4 | 4 | |
Line of credit, additional borrowing capacity option | $ 1,000,000,000 | |||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Hong Kong, Dollars [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 2,030,000,000 | $ 15,860 | ||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | Hong Kong, Dollars [Member] | Extending Lenders [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 2,250,000,000 | $ 17,630 | ||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | United States of America, Dollars [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, available borrowing capacity (HKD/SGD converted to USD at balance sheet date) | 213,000,000 | |||
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | United States of America, Dollars [Member] | Extending Lenders [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 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) | 431,000,000 | $ 589 | ||
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving - Banker's Guarantee [Member] | ||||
Debt Instrument [Line Items] | ||||
Banker's guarantee (SGD converted to USD at balance sheet date) | 112,000,000 | 153 | ||
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Delayed Draw Term [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, unused borrowing capacity, amount | $ 2,700,000,000 | $ 3,690 |
Long-Term Debt - Cash flows fro
Long-Term Debt - Cash flows from Financing Activities Related to Long-Term Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | $ 0 | $ 700 |
Repayment of long-term debt and finance leases | (1,803) | (50) |
Other [Member] | Finance Leases And Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayment of long-term debt and finance leases | (59) | (5) |
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 0 | 700 |
Repayments of long-term debt | (1,698) | 0 |
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ (46) | $ (45) |
Equity and Earnings (Loss) Pe_3
Equity and Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 16, 2023 | Oct. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Oct. 16, 2023 | |
Class of Stock [Line Items] | ||||||
Common stock, dividends, per share, cash paid | $ 0.20 | |||||
Dividends, common stock, cash | $ 153 | $ 153 | ||||
Common stock, dividends declared (in usd per share) | $ 0.20 | $ 0.20 | ||||
June 2018 Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 916 | $ 916 | ||||
Treasury Stock, Shares, Acquired | 0 | |||||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, dividends declared (in usd per share) | $ 0.20 | |||||
Subsequent Event [Member] | June 2018 Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 2,000 | |||||
Retained Earnings (Deficit) [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividends, common stock, cash | $ 153 | $ 153 | ||||
Retained Earnings (Deficit) [Member] | Forecast [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividends, common stock, cash | $ 153 |
Equity and Earnings (Loss) Pe_4
Equity and Earnings (Loss) 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average shares outstanding: | ||||
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share) (in shares) | 764 | 764 | 764 | 764 |
Potential dilution from stock options and restricted stock and stock units (in shares) | 2 | 0 | 3 | 0 |
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share) (in shares) | 766 | 764 | 767 | 764 |
Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share (in shares) | 5 | 15 | 3 | 15 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income taxes [Line Items] | ||
Effective tax rate | (18.70%) | (15.60%) |
Singapore [Member] | Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | ||
Income taxes [Line Items] | ||
Statutory Tax Rate, Percent | 17% | |
United States [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Income taxes [Line Items] | ||
Statutory federal income tax rate | 21% | |
Macao [Member] | Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | ||
Income taxes [Line Items] | ||
Statutory Tax Rate, Percent | 12% | |
Percentage of gaming tax on gross revenue | 35% |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Lessee, Lease, Description [Line Items] | |
Finance lease, liability, to be paid, remainder of fiscal year | $ 17 |
Finance lease, liability, to be paid, year five and thereafter | 248 |
Nassau Coliseum [Member] | |
Lessee, Lease, Description [Line Items] | |
ROU asset obtained in exchange for finance lease liability | 279 |
Finance lease, liability | 201 |
Finance Lease, principal payments | 54 |
Finance lease, liability, to be paid, remainder of fiscal year | 1 |
Finance lease, liability, to be paid, year one | 6 |
Finance lease, liability, to be paid, year two | 6 |
Finance lease, liability, to be paid, year three | 6 |
Finance lease, liability, to be paid, year four | 6 |
Finance lease, liability, to be paid, year five and thereafter | $ 1,770 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Renewal Term | 1 month |
Lessee, operating lease, renewal term | 1 month |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Renewal Term | 10 years |
Lessee, operating lease, renewal term | 10 years |
Lessor, Lease Revenue Component
Lessor, Lease Revenue Components (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Mall [Member] | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Minimum rents | $ 128 | $ 119 | $ 372 | $ 369 | ||
Overage rents | 48 | 16 | 91 | 42 | ||
Rent concessions | 0 | (37) | [1] | 0 | (61) | [1] |
Total overage rents, rent concessions and other | 48 | (21) | 91 | (19) | ||
Lease revenue | 176 | 98 | 463 | 350 | ||
Other [Member] | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Minimum rents | 0 | 0 | 1 | 1 | ||
Overage rents | 0 | 0 | 0 | 0 | ||
Rent concessions | 0 | 0 | 0 | 0 | ||
Total overage rents, rent concessions and other | 0 | 0 | 0 | 0 | ||
Lease revenue | $ 0 | $ 0 | $ 1 | $ 1 | ||
[1]Rent concessions were provided to tenants as a result of the COVID-19 pandemic and the impact on mall operations. |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Loan receivable | $ 1,186 | $ 1,165 | |
Long-term debt, contractual value | 14,257 | 16,060 | |
Bank Time Deposits [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cash equivalents, at carrying value | 2,316 | 3,249 | |
Money Market Funds [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cash equivalents, at carrying value | 122 | 134 | |
US Treasury Securities [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cash equivalents, at carrying value | 914 | ||
Fair Value, Inputs, Level 1 [Member] | Bank Time Deposits [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cash and cash equivalents, fair value disclosure | 2,316 | 3,249 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cash and cash equivalents, fair value disclosure | 122 | 134 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cash and cash equivalents, fair value disclosure | 913 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Loans receivable, fair value disclosure | [1] | 1,073 | 1,078 |
Long-term debt, fair value | [2] | $ 13,301 | $ 15,140 |
[1]The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.[2]The estimated fair value of the Company’s long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). The carrying amount in the table represents the contractual amount. |
Commitments and Contingencies (
Commitments and Contingencies (Details) MOP$ in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | ||||||||||
Sep. 19, 2022 MOP (MOP$) | Sep. 19, 2022 USD ($) | Jul. 10, 2021 MOP (MOP$) | Jul. 10, 2021 USD ($) | Jul. 15, 2019 MOP (MOP$) | Jul. 15, 2019 USD ($) | Jan. 19, 2012 MOP (MOP$) | Jan. 19, 2012 USD ($) | Jan. 19, 2022 MOP (MOP$) | Jan. 19, 2022 USD ($) | Sep. 30, 2023 MOP (MOP$) | Sep. 30, 2023 USD ($) | |
Sponsorships and Similar Agreements [Member] | ||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||
Contractual Obligation | $ 300 | |||||||||||
Year of expiration of commitments | 2029 | |||||||||||
Macao [Member] | Macao Concession [Member] | ||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||
Gaming and non-gaming financial concession commitment | MOP$ 30240 | $ 3,750 | ||||||||||
Asian American Entertainment Corporation, Limited [Member] | ||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought (patacas converted to USD at balance sheet date) | MOP$ 96450 | $ 11,960 | MOP$ 3000 | $ 372 | ||||||||
Loss contingency, legal fees sought, value | MOP$ 93 | $ 12 | ||||||||||
Loss contingency, first plaintiff expert estimated damages, value | MOP$ 57880 | $ 7,180 | ||||||||||
Loss contingency, second plaintiff expert estimated damages, value | MOP$ 62290 | $ 7,720 | ||||||||||
Loss contingency, court fees sought, value | MOP$ 48 | $ 6 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||||
Net revenues | $ 2,795 | $ 1,005 | $ 7,457 | $ 2,993 | ||
Adjusted property EBITDA | [1] | 1,122 | 191 | 2,887 | 510 | |
Stock-based compensation | [2] | (6) | (9) | (25) | (20) | |
Corporate | (49) | (53) | (166) | (167) | ||
Pre-opening | (3) | (4) | (13) | (11) | ||
Development | (44) | (26) | (140) | (108) | ||
Depreciation and amortization | (313) | (260) | (875) | (780) | ||
Amortization of leasehold interests in land | (15) | (14) | (43) | (42) | ||
Loss on disposal or impairment of assets | (4) | (2) | (22) | (8) | ||
Operating income (loss) | 688 | (177) | 1,603 | (626) | ||
Interest income | 79 | 38 | 225 | 56 | ||
Interest expense, net of amounts capitalized | (200) | (183) | (628) | (501) | ||
Other income (expense) | 4 | 2 | (17) | (29) | ||
Income tax expense | (122) | (60) | (221) | (172) | ||
Net income (loss) from continuing operations | 449 | (380) | 962 | (1,272) | ||
Total stock-based compensation expense | [2] | 16 | 18 | 58 | 47 | |
Capital expenditures | 692 | 504 | ||||
Assets | 22,124 | 22,124 | $ 22,039 | |||
Corporate expense [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total stock-based compensation expense | [2] | 10 | 9 | 33 | 27 | |
Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,789 | 258 | 4,696 | 1,183 | ||
Adjusted property EBITDA | 631 | (152) | 1,570 | (273) | ||
Capital expenditures | 124 | 199 | ||||
Assets | 10,003 | 10,003 | 10,550 | |||
Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 723 | 104 | 1,934 | 481 | ||
Adjusted property EBITDA | 290 | (37) | 752 | (39) | ||
Capital expenditures | 44 | 35 | ||||
Assets | 2,156 | 2,156 | 2,135 | |||
Macao [Member] | The Londoner Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 518 | 57 | 1,203 | 257 | ||
Adjusted property EBITDA | 167 | (60) | 326 | (147) | ||
Capital expenditures | 66 | 153 | ||||
Assets | 4,247 | 4,247 | 4,489 | |||
Macao [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 244 | 21 | 657 | 137 | ||
Adjusted property EBITDA | 81 | (37) | 201 | (77) | ||
Capital expenditures | 3 | 2 | ||||
Assets | 1,838 | 1,838 | 1,828 | |||
Macao [Member] | The Plaza Macao and Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 192 | 57 | 587 | 238 | ||
Adjusted property EBITDA | 71 | 6 | 237 | 55 | ||
Capital expenditures | 8 | 7 | ||||
Assets | 1,055 | 1,055 | 1,020 | |||
Macao [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 83 | 11 | 241 | 48 | ||
Adjusted property EBITDA | 17 | (22) | 42 | (61) | ||
Capital expenditures | 3 | 2 | ||||
Assets | 257 | 257 | 208 | |||
Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 29 | 8 | 74 | 22 | ||
Adjusted property EBITDA | 5 | (2) | 12 | (4) | ||
Assets | 450 | 450 | 870 | |||
Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,015 | 756 | 2,788 | 1,834 | ||
Adjusted property EBITDA | 491 | 343 | 1,317 | 783 | ||
Capital expenditures | 400 | 255 | ||||
Assets | 6,094 | 6,094 | 6,067 | |||
United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 61 | 28 | 164 | 78 | ||
Capital expenditures | 168 | 50 | ||||
Assets | 6,027 | 6,027 | $ 5,422 | |||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | [3] | (70) | (37) | (191) | (102) | |
Intersegment Eliminations [Member] | Macao [Member] | Macao Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (7) | (8) | (23) | (22) | ||
Intersegment Eliminations [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (1) | (2) | (5) | (5) | ||
Intersegment Eliminations [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (6) | (6) | (18) | (17) | ||
Intersegment Eliminations [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (2) | (1) | (4) | (2) | ||
Intersegment Eliminations [Member] | United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | (61) | (28) | (164) | (78) | ||
Casino [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 2,008 | 637 | 5,411 | 1,973 | ||
Net revenues | 2,008 | 637 | 5,411 | 1,973 | ||
Casino [Member] | Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 1,310 | 127 | 3,471 | 695 | ||
Casino [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 575 | 60 | 1,544 | 308 | ||
Casino [Member] | Macao [Member] | The Londoner Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 371 | 24 | 850 | 145 | ||
Casino [Member] | Macao [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 181 | 8 | 492 | 83 | ||
Casino [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 108 | 27 | 367 | 120 | ||
Casino [Member] | Macao [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 75 | 8 | 218 | 39 | ||
Casino [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||
Casino [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 698 | 510 | 1,940 | 1,278 | ||
Casino [Member] | United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||
Casino [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | [3] | 0 | 0 | 0 | 0 | |
Rooms [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 342 | 123 | 881 | 315 | ||
Net revenues | 342 | 123 | 881 | 315 | ||
Rooms [Member] | Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 217 | 31 | 555 | 129 | ||
Rooms [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 55 | 10 | 142 | 38 | ||
Rooms [Member] | Macao [Member] | The Londoner Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 97 | 10 | 232 | 43 | ||
Rooms [Member] | Macao [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 37 | 5 | 100 | 23 | ||
Rooms [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 24 | 5 | 69 | 20 | ||
Rooms [Member] | Macao [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 4 | 1 | 12 | 5 | ||
Rooms [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||
Rooms [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 125 | 92 | 326 | 186 | ||
Rooms [Member] | United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||
Rooms [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | [3] | 0 | 0 | 0 | 0 | |
Food and Beverage [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 156 | 82 | 423 | 198 | ||
Net revenues | 156 | 82 | 423 | 198 | ||
Food and Beverage [Member] | Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 67 | 11 | 171 | 48 | ||
Food and Beverage [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 17 | 3 | 47 | 12 | ||
Food and Beverage [Member] | Macao [Member] | The Londoner Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 25 | 4 | 59 | 19 | ||
Food and Beverage [Member] | Macao [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 15 | 1 | 35 | 7 | ||
Food and Beverage [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 7 | 2 | 21 | 7 | ||
Food and Beverage [Member] | Macao [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 3 | 1 | 9 | 3 | ||
Food and Beverage [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||
Food and Beverage [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 89 | 71 | 252 | 150 | ||
Food and Beverage [Member] | United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||
Food and Beverage [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | [3] | 0 | 0 | 0 | 0 | |
Mall [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 201 | 119 | 535 | 416 | ||
Mall [Member] | Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 133 | 65 | 358 | 258 | ||
Mall [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 58 | 27 | 162 | 112 | ||
Mall [Member] | Macao [Member] | The Londoner Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 17 | 9 | 47 | 35 | ||
Mall [Member] | Macao [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 7 | 5 | 23 | 20 | ||
Mall [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 50 | 23 | 125 | 90 | ||
Mall [Member] | Macao [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1 | 1 | 1 | 1 | ||
Mall [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 0 | 0 | 0 | 0 | ||
Mall [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 68 | 55 | 178 | 159 | ||
Mall [Member] | United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 0 | 0 | 0 | 0 | ||
Mall [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | [3] | 0 | (1) | (1) | (1) | |
Convention, Retail and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 88 | 44 | 207 | 91 | ||
Net revenues | 88 | 44 | 207 | 91 | ||
Convention, Retail and Other [Member] | Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 62 | 24 | 141 | 53 | ||
Convention, Retail and Other [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 18 | 4 | 39 | 11 | ||
Convention, Retail and Other [Member] | Macao [Member] | The Londoner Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 8 | 10 | 15 | 15 | ||
Convention, Retail and Other [Member] | Macao [Member] | The Parisian Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 4 | 2 | 7 | 4 | ||
Convention, Retail and Other [Member] | Macao [Member] | The Plaza Macao and Four Seasons Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 3 | 0 | 5 | 1 | ||
Convention, Retail and Other [Member] | Macao [Member] | Sands Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 0 | 0 | 1 | 0 | ||
Convention, Retail and Other [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 29 | 8 | 74 | 22 | ||
Convention, Retail and Other [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 35 | 28 | 92 | 61 | ||
Convention, Retail and Other [Member] | United States [Member] | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | 61 | 28 | 164 | 78 | ||
Convention, Retail and Other [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from contract with customer | [3] | $ (70) | $ (36) | $ (190) | $ (101) | |
[1]Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.[2] During the three months ended September 30, 2023 and 2022 , the Company recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $10 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $58 million and $47 million, respectively, of which $33 million and $27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. |