Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 27, 2014 | Jun. 28, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'LVS | ' | ' |
Entity Registrant Name | 'Las Vegas Sands Corp | ' | ' |
Entity Central Index Key | '0001300514 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 812,566,265 | ' |
Entity Public Float | ' | ' | $20,743,792,754 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,600,414 | $2,512,766 |
Restricted cash and cash equivalents | 6,839 | 4,521 |
Accounts receivable, net | 1,762,110 | 1,819,260 |
Inventories | 41,946 | 43,875 |
Deferred income taxes, net | 0 | 2,299 |
Prepaid expenses and other | 104,230 | 94,793 |
Total current assets | 5,515,539 | 4,477,514 |
Property and equipment, net | 15,358,953 | 15,766,748 |
Deferred financing costs, net | 185,964 | 214,465 |
Restricted cash and cash equivalents | 0 | 1,938 |
Deferred income taxes, net | 13,821 | 43,280 |
Leasehold interests in land, net | 1,428,819 | 1,458,741 |
Intangible assets, net | 102,081 | 70,618 |
Other assets, net | 119,087 | 130,348 |
Total assets | 22,724,264 | 22,163,652 |
Current liabilities: | ' | ' |
Accounts payable | 119,194 | 106,498 |
Construction payables | 241,560 | 343,372 |
Accrued interest payable | 6,551 | 15,542 |
Other accrued liabilities | 2,194,866 | 1,895,483 |
Deferred income taxes | 13,309 | 0 |
Income taxes payable | 176,678 | 164,126 |
Current maturities of long-term debt | 377,507 | 97,802 |
Total current liabilities | 3,129,665 | 2,622,823 |
Other long-term liabilities | 112,195 | 133,936 |
Deferred income taxes | 173,211 | 185,945 |
Deferred proceeds from sale of The Shoppes at The Palazzo | 268,541 | 267,956 |
Deferred gain on sale of The Grand Canal Shoppes | 40,416 | 43,880 |
Deferred rent from mall sale transactions | 116,955 | 118,435 |
Long-term debt | 9,382,752 | 10,132,265 |
Total liabilities | 13,223,735 | 13,505,240 |
Commitments and contingencies (Note 13) | ' | ' |
Equity: | ' | ' |
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 827,273,217 and 824,297,756 shares issued, and 818,702,936 and 824,297,756 shares outstanding | 827 | 824 |
Treasury stock, at cost, 8,570,281 and zero shares | -570,520 | 0 |
Capital in excess of par value | 6,348,065 | 6,237,488 |
Accumulated other comprehensive income | 173,783 | 263,078 |
Retained earnings | 1,713,339 | 560,452 |
Total Las Vegas Sands Corp. stockholders’ equity | 7,665,494 | 7,061,842 |
Noncontrolling interests | 1,835,035 | 1,596,570 |
Total equity | 9,500,529 | 8,658,412 |
Total liabilities and equity | $22,724,264 | $22,163,652 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 827,273,217 | 824,297,756 |
Common stock, shares outstanding | 818,702,936 | 824,297,756 |
Treasury stock, shares | 8,570,281 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Casino | $11,386,917 | $9,008,158 | $7,437,002 |
Rooms | 1,380,681 | 1,154,024 | 1,000,035 |
Food and beverage | 730,259 | 628,528 | 598,823 |
Mall | 481,400 | 396,927 | 325,123 |
Convention, retail and other | 515,179 | 497,032 | 501,351 |
Gross revenue | 14,494,436 | 11,684,669 | 9,862,334 |
Less — promotional allowances | -724,551 | -553,537 | -451,589 |
Net revenues | 13,769,885 | 11,131,132 | 9,410,745 |
Operating expenses: | ' | ' | ' |
Casino | 6,483,718 | 5,128,036 | 4,007,887 |
Rooms | 271,942 | 237,303 | 210,052 |
Food and beverage | 369,570 | 331,210 | 307,446 |
Mall | 73,358 | 68,763 | 59,183 |
Convention, retail and other | 317,869 | 304,263 | 338,109 |
Provision for doubtful accounts | 237,786 | 239,332 | 150,456 |
General and administrative | 1,329,740 | 1,061,935 | 836,924 |
Corporate | 189,535 | 207,030 | 185,694 |
Pre-opening | 13,339 | 143,795 | 65,825 |
Development | 15,809 | 19,958 | 11,309 |
Depreciation and amortization | 1,007,468 | 892,046 | 794,404 |
Amortization of leasehold interests in land | 40,352 | 40,165 | 43,366 |
Impairment loss | 0 | 143,674 | 0 |
Loss on disposal of assets | 11,156 | 2,240 | 10,203 |
Total operating expenses | 10,361,642 | 8,819,750 | 7,020,858 |
Operating income | 3,408,243 | 2,311,382 | 2,389,887 |
Other income (expense): | ' | ' | ' |
Interest income | 16,337 | 23,252 | 14,394 |
Interest expense, net of amounts capitalized | -271,211 | -258,564 | -282,949 |
Other income (expense) | 4,321 | 5,740 | -3,955 |
Loss on modification or early retirement of debt | -14,178 | -19,234 | -22,554 |
Income before income taxes | 3,143,512 | 2,062,576 | 2,094,823 |
Income tax expense | -188,836 | -180,763 | -211,704 |
Net income | 2,954,676 | 1,881,813 | 1,883,119 |
Net income attributable to noncontrolling interests | -648,679 | -357,720 | -322,996 |
Net income attributable to Las Vegas Sands Corp. | 2,305,997 | 1,524,093 | 1,560,123 |
Preferred stock dividends | ' | 0 | -63,924 |
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family | ' | 0 | -80,975 |
Preferred stock inducement, repurchase and redemption premiums | ' | 0 | -145,716 |
Net income attributable to common stockholders | $2,305,997 | $1,524,093 | $1,269,508 |
Earnings per share: | ' | ' | ' |
Basic (in usd per share) | $2.80 | $1.89 | $1.74 |
Diluted (in usd per share) | $2.79 | $1.85 | $1.56 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 822,282,515 | 806,395,660 | 728,343,428 |
Diluted (in shares) | 826,316,108 | 824,556,036 | 811,816,687 |
Dividends declared per common share | $1.40 | $3.75 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | $769,731 | $809,298 | $671,673 | $703,974 | [1] | $571,343 | $444,980 | [2] | $286,381 | [2],[3] | $579,109 | [3],[4] | $2,954,676 | $1,881,813 | $1,883,119 |
Currency translation adjustment, net of reclassification adjustment and before and after tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,976 | 172,788 | -32,793 | ||||
Currency translation adjustment, net of reclassification adjustment and before tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,976 | 172,788 | -32,793 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,864,700 | 2,054,601 | 1,850,326 | ||||
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -647,998 | -361,534 | -325,618 | ||||
Comprehensive income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | $2,216,702 | $1,693,067 | $1,524,708 | ||||
[1] | The second Sheraton tower of Sands Cotai Central opened in January 2013. | ||||||||||||||
[2] | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | ||||||||||||||
[3] | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | ||||||||||||||
[4] | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interests |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2010 | $7,931,188 | $207,356 | $708 | $5,444,705 | ' | $129,519 | $880,703 | $1,268,197 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,883,119 | ' | ' | ' | ' | ' | 1,560,123 | 322,996 |
Currency translation adjustment, net of reclassification adjustment and before and after tax | -32,793 | ' | ' | ' | ' | -35,415 | ' | 2,622 |
Currency translation adjustment, net of reclassification adjustment and before tax | -32,793 | ' | ' | ' | ' | -35,415 | ' | 2,622 |
Exercise of stock options | 25,505 | ' | 2 | 24,223 | ' | ' | ' | 1,280 |
Stock-based compensation | 63,290 | ' | ' | 60,363 | ' | ' | ' | 2,927 |
Issuance of restricted stock | ' | ' | 1 | -1 | ' | ' | ' | ' |
Exercise of warrants | -12,512 | -68,380 | -22 | -80,870 | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 829 | ' | ' | ' | ' | ' | ' | 829 |
Repurchase and redemption of preferred stock | -267,821 | -138,976 | ' | ' | ' | ' | -128,845 | ' |
Dividends declared, net of amounts previously accrued | -68,443 | ' | ' | ' | ' | ' | -68,443 | ' |
Distributions to noncontrolling interests | -10,388 | ' | ' | ' | ' | ' | ' | -10,388 |
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family | -80,975 | ' | ' | ' | ' | ' | -80,975 | ' |
Preferred stock inducement premium | -16,871 | ' | ' | ' | ' | ' | -16,871 | ' |
Ending Balance at Dec. 31, 2011 | 9,439,152 | 0 | 733 | 5,610,160 | 0 | 94,104 | 2,145,692 | 1,588,463 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,881,813 | ' | ' | ' | ' | ' | 1,524,093 | 357,720 |
Currency translation adjustment, net of reclassification adjustment and before and after tax | 172,788 | ' | ' | ' | ' | 168,974 | ' | 3,814 |
Currency translation adjustment, net of reclassification adjustment and before tax | 172,788 | ' | ' | ' | ' | 168,974 | ' | 3,814 |
Exercise of stock options | 46,240 | ' | 2 | 40,038 | ' | ' | ' | 6,200 |
Stock-based compensation | 66,366 | ' | ' | 63,102 | ' | ' | ' | 3,264 |
Issuance of restricted stock | ' | ' | 1 | -1 | ' | ' | ' | ' |
Exercise of warrants | -528,908 | ' | -88 | -528,820 | ' | ' | ' | ' |
Acquisition of remaining shares of noncontrolling interest | ' | ' | ' | -4,631 | ' | ' | ' | 4,631 |
Dividends, Cash | 3,447,813 | ' | ' | ' | ' | ' | 3,090,757 | 357,056 |
Deemed contribution from (distribution to) Principal Stockholder | -18,576 | ' | ' | ' | ' | ' | -18,576 | ' |
Distributions to noncontrolling interests | -10,466 | ' | ' | ' | ' | ' | ' | -10,466 |
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family | 0 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 8,658,412 | 0 | 824 | 6,237,488 | 0 | 263,078 | 560,452 | 1,596,570 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 2,954,676 | ' | ' | ' | ' | ' | 2,305,997 | 648,679 |
Currency translation adjustment, net of reclassification adjustment and before and after tax | -89,976 | ' | ' | ' | ' | -89,295 | ' | -681 |
Currency translation adjustment, net of reclassification adjustment and before tax | -89,976 | ' | ' | ' | ' | -89,295 | ' | -681 |
Exercise of stock options | 69,596 | ' | 3 | 60,065 | ' | ' | ' | 9,528 |
Stock-based compensation | 54,318 | ' | ' | 50,162 | ' | ' | ' | 4,156 |
Treasury Stock, Value, Acquired, Cost Method | -570,520 | ' | ' | ' | -570,520 | ' | ' | ' |
Exercise of warrants | -350 | ' | 0 | -350 | ' | ' | ' | ' |
Dividends, Cash | 1,564,469 | ' | ' | ' | ' | ' | 1,153,110 | 411,359 |
Distributions to noncontrolling interests | -11,858 | ' | ' | ' | ' | ' | ' | -11,858 |
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $9,500,529 | $0 | $827 | $6,348,065 | ($570,520) | $173,783 | $1,713,339 | $1,835,035 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $2,954,676 | $1,881,813 | $1,883,119 |
Adjustments to reconcile net income to net cash generated from operating activities: | ' | ' | ' |
Depreciation and amortization | 1,007,468 | 892,046 | 794,404 |
Amortization of leasehold interests in land | 40,352 | 40,165 | 43,366 |
Amortization of deferred financing costs and original issue discount | 56,792 | 50,476 | 47,188 |
Amortization of deferred gain and rent | -4,944 | -4,944 | -8,418 |
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo | 1,376 | 1,732 | 1,513 |
Loss on modification or early retirement of debt | 3,255 | 16,313 | 19,595 |
Impairment and loss on disposal of assets | 11,156 | 145,914 | 10,203 |
Stock-based compensation expense | 53,377 | 65,428 | 62,714 |
Provision for doubtful accounts | 237,786 | 239,332 | 150,456 |
Foreign exchange gain | -13,029 | -2,799 | -176 |
Deferred income taxes | -4,245 | 5,188 | 90,927 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -209,055 | -675,461 | -789,163 |
Inventories | 1,113 | -8,355 | -2,841 |
Prepaid expenses and other | -1,134 | -32,995 | 13,354 |
Leasehold interests in land | -47,906 | -45,542 | -43,327 |
Accounts payable | 13,777 | 788 | -9,565 |
Accrued interest payable | -8,608 | -17,005 | -10,917 |
Income taxes payable | 18,911 | 47,309 | 111,920 |
Other accrued liabilities | 328,294 | 458,354 | 298,144 |
Net cash generated from operating activities | 4,439,412 | 3,057,757 | 2,662,496 |
Cash flows from investing activities: | ' | ' | ' |
Change in restricted cash and cash equivalents | -382 | 693 | 804,394 |
Capital expenditures | -898,111 | -1,449,234 | -1,508,493 |
Proceeds from disposal of property and equipment | 32,155 | 2,909 | 6,093 |
Acquisition of intangible assets | -45,871 | 0 | -100 |
Net cash used in investing activities | -912,209 | -1,445,632 | -698,106 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 69,596 | 46,240 | 25,505 |
Repurchase of common stock | -561,150 | 0 | 0 |
Proceeds from exercise of warrants | 350 | 528,908 | 12,512 |
Dividends paid | -1,564,049 | -3,442,312 | -75,297 |
Distributions to noncontrolling interests | -11,858 | -10,466 | -10,388 |
Deemed distribution to Principal Stockholder | 0 | -18,576 | 0 |
Proceeds from long-term debt (Note 8) | 3,183,107 | 4,351,486 | 3,201,535 |
Repayments of long-term debt (Note 8) | -3,513,032 | -4,399,698 | -3,300,310 |
Repurchases and redemption of preferred stock | 0 | 0 | -845,321 |
Payments of preferred stock inducement premium | 0 | 0 | -16,871 |
Payments of deferred financing costs | -35,414 | -100,888 | -84,826 |
Net cash used in financing activities | -2,432,450 | -3,045,306 | -1,093,461 |
Effect of exchange rate on cash | -7,105 | 43,229 | -5,292 |
Increase (decrease) in cash and cash equivalents | 1,087,648 | -1,389,952 | 865,637 |
Cash and cash equivalents at beginning of year | 2,512,766 | 3,902,718 | 3,037,081 |
Cash and cash equivalents at end of year | 3,600,414 | 2,512,766 | 3,902,718 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash payments for interest, net of amounts capitalized | 208,242 | 209,091 | 246,783 |
Cash payments for taxes, net of refunds | 173,276 | 115,045 | -5,423 |
Changes in construction payables | -101,812 | -16,537 | -157,072 |
Non-cash investing and financing activities: | ' | ' | ' |
Capitalized stock-based compensation costs | 941 | 938 | 576 |
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities | 420 | 5,501 | 0 |
Property and equipment acquired under capital lease | 2,761 | 10,109 | 0 |
Repurchase of common stock included in other accrued liabilities | 9,370 | 0 | 0 |
Minority Interest Decrease From Redemptions Noncash Activity | 0 | 4,631 | 0 |
Disposition of interest in majority owned subsidiary | 0 | 0 | 829 |
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family | ' | 0 | 80,975 |
Warrants exercised and settled through tendering of preferred stock | $0 | $0 | $68,380 |
Organization_and_Business_of_C
Organization and Business of Company | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Business of Company | ' |
Organization and Business of Company | |
Las Vegas Sands Corp. (“LVSC” or together with its subsidiaries, the “Company”) is incorporated in Nevada and its common stock is traded on the New York Stock Exchange under the symbol “LVS.” | |
The ordinary shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the direct or indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China), is traded on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). The shares of SCL were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements. | |
Operations | |
Macao | |
The Company currently owns 70.2% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession. | |
The Company owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao (consisting of parcels referred to as 1, 2, 3 and 5 and 6). The Venetian Macao (located on parcel 1) includes a 39-floor luxury hotel with over 2,900 suites; approximately 385,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 923,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet. | |
The Company owns the Sands Cotai Central (located on parcels 5 and 6), an integrated resort situated across the street from The Venetian Macao and Four Seasons Macao (which is further described below). In April 2012, the Company opened the first hotel tower on parcel 5, consisting of approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand. The Company also opened more than 350,000 square feet of meeting space; several food and beverage establishments; along with the 230,000-square-foot casino and VIP gaming areas, all of which are operated by the Company. In September 2012, the Company opened the first hotel tower on parcel 6, consisting of approximately 1,800 rooms under the Sheraton brand and opened the second casino and additional retail, entertainment, dining and meeting facilities, which are operated by the Company. In January 2013, the second hotel tower on parcel 6 opened, featuring approximately 2,100 rooms and suites under the Sheraton brand. The Company has begun construction on the remaining phase of the integrated resort, which will include a fourth hotel and mixed-use tower, located on parcel 5, under the St. Regis brand. The total cost to complete the remaining phase is expected to be approximately $700 million. Upon completion of the project, the integrated resort will feature approximately 350,000 square feet of gaming space, approximately 800,000 square feet of retail, entertainment and dining space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in 2014). As of December 31, 2013, the Company has capitalized costs of $4.15 billion for the entire project, including the land premium (net of amortization) and $87.6 million in outstanding construction payables. | |
The Company owns the Four Seasons Hotel Macao, Cotai Strip (the “Four Seasons Hotel Macao”), which features 360 rooms and suites managed and operated by Four Seasons Hotels Inc. and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao,” which is located on parcel 2), which features approximately 113,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 260,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and is advancing its plans to monetize units within the Four Seasons Apartments. | |
The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 260,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities. | |
Singapore | |
The Company owns and operates the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. | |
United States | |
Las Vegas | |
The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; and the Grand Canal Shoppes, which consist of two enclosed retail, dining and entertainment complexes that were sold to GGP Limited Partnership (“GGP”, see “— Note 12 — Mall Sales”). | |
Pennsylvania | |
The Company owns and operates the Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center, which opened in May 2012. The Company owns 86% of the economic interest in the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC. | |
Development Projects | |
Macao | |
The Company submitted plans to the Macao government for The Parisian Macao (located on parcel 3), an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao, which is currently expected to open in late 2015, is intended to include a gaming area (to be operated under the Company’s gaming subconcession), hotel and shopping mall. The Company expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion, inclusive of payments made for the land premium. The Company has commenced construction activities and has capitalized costs of $376.0 million, including the land premium (net of amortization), as of December 31, 2013. In addition, the Company will be completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government. | |
Under the Company’s land concession for Sands Cotai Central, the Company is required to complete the development by May 2014. The Company has applied for an extension from the Macao government to complete Sands Cotai Central, as the Company will be unable to meet the May 2014 deadline. The land concession for The Parisian Macao contains a similar requirement, which was extended by the Macao government in July 2012, that the development be completed by April 2016. Should the Company determine that it is unable to complete The Parisian Macao by April 2016, the Company would then also expect to apply for another extension from the Macao government. If the Company is unable to meet The Parisian Macao deadline and the deadlines for either development are not extended, the Company could lose its land concessions for Sands Cotai Central or The Parisian Macao, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $4.15 billion or $376.0 million in capitalized construction costs and land premiums (net of amortization), as of December 31, 2013, related to Sands Cotai Central and The Parisian Macao, respectively. | |
United States | |
The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company intends to recommence construction when demand and conditions improve. As of December 31, 2013, the Company has capitalized construction costs of $178.6 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty. Should demand and conditions fail to improve or management decide to abandon the project, the Company could record a charge for some portion of the $178.6 million in capitalized construction costs as of December 31, 2013. | |
Other | |
The Company continues to aggressively pursue a variety of new development opportunities around the world. | |
Capital Financing Overview | |
Through December 31, 2013, the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets. | |
The Company held unrestricted cash and cash equivalents of approximately $3.60 billion and restricted cash and cash equivalents of $6.8 million as of December 31, 2013. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company may elect to arrange additional financing to fund the balance of its Cotai Strip developments. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof, including evaluating strategic alternatives related to the Company’s Pennsylvania operations. In December 2013, the Company entered into its $3.5 billion 2013 U.S. Credit Facility, which was primarily used to repay the outstanding indebtedness under the prior senior secured credit facility (see “— Note 8 — Long-term Debt — Corporate and U.S. Related — 2013 U.S. Credit Facility”). The Company is currently in the process of amending and restating its Macao credit facility, which will allow each lender holding term loans under the facility to extend the maturity of its term loans to 2020 and will provide for new revolving loan commitments of $2.0 billion. The Company will also have the option to raise incremental senior secured and unsecured debt under existing baskets within the amended credit facility. The amendment, which is subject to approval of the lenders and certain Macao government approvals, is anticipated to close during the first quarter of 2014 (see “— Note 8 — Long-term Debt — Macao Related — 2011 VML Credit Facility”). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||
Management’s determination of the appropriate accounting method with respect to the Company’s variable interests is based on accounting standards for VIEs issued by the Financial Accounting Standards Board (“FASB”). The Company consolidates any VIEs in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any. | ||||||||||||
The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. | ||||||||||||
As of December 31, 2013 and 2012, the Company’s joint ventures had total assets of $103.9 million and $94.5 million, respectively, and total liabilities of $125.4 million and $95.8 million, respectively. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. | ||||||||||||
Accounts Receivable and Credit Risk | ||||||||||||
Accounts receivable are comprised of casino, hotel and other receivables, which do not bear interest and are recorded at cost. The Company extends credit to approved casino customers following background checks and investigations of creditworthiness. The Company also extends credit to its junkets in Macao, which receivables can be offset against commissions payable to the respective junkets. Business or economic conditions, the legal enforceability of gaming debts, or other significant events in foreign countries could affect the collectability of receivables from customers and junkets residing in these countries. | ||||||||||||
The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on specific customer information, historical write-off experience and current industry and economic data. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. Management believes that there are no concentrations of credit risk for which an allowance has not been established. Although management believes that the allowance is adequate, it is possible that the estimated amount of cash collections with respect to accounts receivable could change. | ||||||||||||
Inventories | ||||||||||||
Inventories consist primarily of food, beverage and retail products, and operating supplies, which are stated at the lower of cost or market. Cost is determined by the weighted average and specific identification methods. | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at the lower of cost or fair value. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows: | ||||||||||||
Land improvements, building and building improvements | 15 to 40 years | |||||||||||
Furniture, fixtures and equipment | 3 to 20 years | |||||||||||
Leasehold improvements | 3 to 10 years | |||||||||||
Transportation | 5 to 20 years | |||||||||||
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets. | ||||||||||||
Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations. | ||||||||||||
The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model. | ||||||||||||
For assets to be held and used (including projects under development), fixed assets are reviewed for impairment whenever indicators of impairment exist. If an indicator of impairment exists, the Company first groups its assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the “asset group”). Secondly, the Company estimates the undiscounted future cash flows that are directly associated with and expected to arise from the completion, use and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. | ||||||||||||
To estimate the undiscounted cash flows of the Company’s asset groups, the Company considers all potential cash flow scenarios, which are probability weighted based on management’s estimates given current conditions. Determining the recoverability of the Company’s asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management’s intentions may result in future changes to the recoverability of these asset groups. | ||||||||||||
For assets to be held for sale, the fixed assets (the “disposal group”) are measured at the lower of their carrying amount or fair value less cost to sell. Losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of the cumulative loss previously recognized. Any gains or losses not previously recognized that result from the sale of the disposal group shall be recognized at the date of sale. Fixed assets are not depreciated while classified as held for sale. | ||||||||||||
During the years ended December 31, 2013 and 2011, no assets were impaired. During December 31, 2012, the Company recognized an impairment loss of $143.7 million, primarily related to $100.7 million of capitalized construction costs related to the Company’s former Cotai Strip development (referred to as parcels 7 and 8) and a $42.9 million impairment due to the termination of ZAiA at The Venetian Macao. | ||||||||||||
Capitalized Interest and Internal Costs | ||||||||||||
Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period. During the years ended December 31, 2013, 2012 and 2011, the Company capitalized interest expense of $4.7 million, $49.3 million and $127.1 million, respectively. | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company capitalized approximately $24.2 million, $20.3 million and $19.8 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property. | ||||||||||||
Deferred Financing Costs and Original Issue Discounts | ||||||||||||
Deferred financing costs and original issue discounts are amortized to interest expense based on the terms of the related debt instruments using the effective interest method. | ||||||||||||
Leasehold Interests in Land | ||||||||||||
Leasehold interests in land represent payments made for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements. | ||||||||||||
Indefinite Useful Life Assets | ||||||||||||
Assets with indefinite useful lives are regularly assessed to ensure they continue to meet the indefinite useful life criteria. These assets are not subject to amortization and are tested for impairment and recoverability annually or more frequently if events or circumstances indicate that the assets might be impaired. When performing the impairment analysis, the Company first conducts a qualitative assessment to determine whether it is “more-likely-than-not” that the asset is impaired. If, after assessing the qualitative factors, it is determined that it is “more-likely-than-not” that the asset is impaired, the Company then performs an impairment test that consists of a comparison of the fair value of the asset with its carrying amount. If the carrying amount of the asset is not recoverable and exceeds its fair value, an impairment will be recognized in an amount equal to that excess. If the carrying amount of the asset does not exceed the fair value, no impairment is recognized. | ||||||||||||
As of December 31, 2013, the Company had assets of $50.0 million and $16.5 million related to its Sands Bethlehem gaming license and table games certificate, respectively, both of which were determined to have an indefinite useful life and have been recorded within intangible assets in the accompanying consolidated balance sheets. For the years ended December 31, 2013 and 2012, the annual impairment analysis included an assessment of certain qualitative factors including, but not limited to, the results of the most recent fair value calculation, current year and projected operating results, and macro-economic and industry conditions. The Company considered the qualitative factors and determined that it was not “more-likely-than-not” that the indefinite lived intangible assets were impaired. For the year ended December 31, 2011, a quantitative analysis was performed and the fair value of the Company’s gaming license and table games certificate was estimated using the Company’s expected adjusted property EBITDA (as defined in “— Note 17 — Segment Information”), combined with estimated future tax-affected cash flows and a terminal value using the Gordon Growth Model, which were discounted to present value at rates commensurate with the Company’s capital structure and the prevailing borrowing rates within the casino industry in general. Adjusted property EBITDA and discounted cash flows are common measures used to value cash-intensive businesses such as casinos. Determining the fair value of the gaming license and table games certificate is judgmental in nature and requires the use of significant estimates and assumptions, including adjusted property EBITDA, growth rates, discount rates and future market conditions, among others. | ||||||||||||
Although the Company believes the qualitative factors considered in the impairment analysis are reasonable, significant changes in any one of the assumptions could produce a different result. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, operating results or management’s intentions may result in future changes to the fair value of the gaming license and table games certificate. No impairment charge related to these assets was recorded for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Revenue Recognition and Promotional Allowances | ||||||||||||
Casino revenue is the aggregate of gaming wins and losses. The commissions rebated directly or indirectly through junkets to customers, cash discounts and other cash incentives to customers related to gaming play are recorded as a reduction to gross casino revenue. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Deposits for future hotel occupancy or food and beverage services contracts are recorded as deferred income until revenue recognition criteria are met. Cancellation fees for hotel and food and beverage services are recognized upon cancellation by the customer. Mall revenue is primarily generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-lined basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the thresholds are met. Convention revenues are recognized when the related service is rendered or the event is held. | ||||||||||||
In accordance with industry practice, the retail value of rooms, food and beverage, and other services furnished to the Company’s guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated retail value of such promotional allowances is included in operating revenues as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rooms | $ | 366,353 | $ | 256,738 | $ | 182,831 | ||||||
Food and beverage | 222,195 | 185,292 | 169,576 | |||||||||
Convention, retail and other | 136,003 | 111,507 | 99,182 | |||||||||
$ | 724,551 | $ | 553,537 | $ | 451,589 | |||||||
The estimated departmental cost of providing such promotional allowances, which is included primarily in casino operating expenses, is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rooms | $ | 88,379 | $ | 62,201 | $ | 38,038 | ||||||
Food and beverage | 167,223 | 140,403 | 119,238 | |||||||||
Convention, retail and other | 88,214 | 73,106 | 75,600 | |||||||||
$ | 343,816 | $ | 275,710 | $ | 232,876 | |||||||
Gaming Taxes | ||||||||||||
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company’s gaming revenue and are recorded as a casino expense in the accompanying consolidated statements of operations. These taxes were $4.54 billion, $3.53 billion and $2.72 billion for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Frequent Players Program | ||||||||||||
The Company has established promotional clubs to encourage repeat business from frequent and active slot machine customers and table games patrons. Members earn points primarily based on gaming activity and such points can be redeemed for cash, free play and other free goods and services. The Company accrues for club points expected to be redeemed for cash and free play as a reduction to gaming revenue and accrues for club points expected to be redeemed for free goods and services primarily as casino expense. The accruals are based on estimates and assumptions regarding the mix of cash, free play and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. | ||||||||||||
Pre-Opening and Development Expenses | ||||||||||||
The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred. | ||||||||||||
Advertising Costs | ||||||||||||
Costs for advertising are expensed the first time the advertising takes place or as incurred. Advertising costs included in the accompanying consolidated statements of operations were $117.8 million, $97.8 million and $51.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Corporate Expenses | ||||||||||||
Corporate expense represents payroll, travel, professional fees and various other expenses not allocated or directly related to the Company’s integrated resort operations and related ancillary operations. | ||||||||||||
Foreign Currency | ||||||||||||
The Company accounts for currency translation in accordance with accounting standards regarding foreign currency translation. Gains or losses from foreign currency remeasurements are included in other income (expense). Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. | ||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Income | ||||||||||||
Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income. The balance of accumulated other comprehensive income consisted solely of foreign currency translation adjustments. During the year ended December 31, 2012, a $6.6 million gain related to the dissolution of a wholly owned foreign subsidiary was reclassified from accumulated other comprehensive income and comprehensive income to net income. This amount is included in other income (expense) in the accompanying consolidated statements of operations. | ||||||||||||
Earnings Per Share | ||||||||||||
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average common shares outstanding (used in the calculation of basic earnings per share) | 822,282,515 | 806,395,660 | 728,343,428 | |||||||||
Potential dilution from stock options, warrants and restricted stock and stock units | 4,033,593 | 18,160,376 | 83,473,259 | |||||||||
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share) | 826,316,108 | 824,556,036 | 811,816,687 | |||||||||
Antidilutive stock options excluded from the calculation of diluted earnings per share | 4,455,109 | 4,700,981 | 5,493,706 | |||||||||
Stock-Based Employee Compensation | ||||||||||||
The Company accounts for its stock-based employee compensation in accordance with accounting standards regarding share-based payment, which establishes accounting for equity instruments exchanged for employee services. Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s stock-based employee compensation plans are more fully discussed in “— Note 14 — Stock-Based Employee Compensation.” | ||||||||||||
Income Taxes | ||||||||||||
The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards not expiring, and tax planning strategies. | ||||||||||||
The Company recorded valuation allowances on the net deferred tax assets of certain foreign jurisdictions of $217.8 million and $209.4 million, as of December 31, 2013 and 2012, respectively, and a valuation allowance on the deferred tax assets of our U.S. operations of $1.30 billion and $1.18 billion as of December 31, 2013 and 2012, respectively. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance. | ||||||||||||
Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is “more-likely-than-not” that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely, based solely on the technical merits, of being sustained on examinations. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different. | ||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||||
Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. If specific conditions are met, a derivative may be specifically designated as a hedge of specific financial exposures. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and, if used in hedging activities, on its effectiveness as a hedge. | ||||||||||||
The Company has a policy aimed at managing interest rate risk associated with its current and anticipated future borrowings. This policy enables the Company to use any combination of interest rate swaps, futures, options, caps and similar instruments. To the extent the Company employs such financial instruments pursuant to this policy, and the instruments qualify for hedge accounting, they are accounted for as hedging instruments. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must be designated as a hedge and must reduce the Company’s exposure to market fluctuation throughout the hedge period. If these criteria are not met, a change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change. | ||||||||||||
Otherwise, gains and losses are recognized in comprehensive income or loss except to the extent that the financial instrument is disposed of prior to maturity. Net interest paid or received pursuant to the financial instrument is included as interest expense in the period. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In July 2012, the FASB issued authoritative guidance that is intended to simplify testing indefinite lived intangible assets other than goodwill for impairment. The revised standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite lived intangible assets is necessary. An entity is not required to calculate the fair value of an indefinite lived intangible asset and perform the quantitative impairment test unless the entity determines that it is “more-likely-than-not” that the asset is impaired. The guidance is effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. | ||||||||||||
In February 2013, the FASB issued authoritative guidance on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years beginning after December 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. | ||||||||||||
In July 2013, the FASB issued authoritative guidance on the presentation of an unrecognized tax benefit when a loss or tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or tax credit carryforward that would apply in settlement of the uncertain tax positions. The Company adopted the guidance prospectively effective for the fiscal year ended December 31, 2013. The adoption of this guidance did not have a material effect of the Company’s financial condition, results of operations or cash flow. See “— Note 10 — Income Taxes” for a discussion regarding unrecognized tax benefits. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||
Accounts Receivable, Net | ' | |||||||
Accounts Receivable, Net | ||||||||
Accounts receivable consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Casino | $ | 2,110,749 | $ | 2,060,478 | ||||
Mall | 125,761 | 121,213 | ||||||
Rooms | 106,935 | 81,723 | ||||||
Other | 48,392 | 47,528 | ||||||
2,391,837 | 2,310,942 | |||||||
Less — allowance for doubtful accounts | (629,727 | ) | (491,682 | ) | ||||
$ | 1,762,110 | $ | 1,819,260 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
Property and Equipment, Net | ||||||||
Property and equipment consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and improvements | $ | 553,561 | $ | 515,538 | ||||
Building and improvements | 15,226,566 | 14,414,026 | ||||||
Furniture, fixtures, equipment and leasehold improvements | 2,849,502 | 2,557,071 | ||||||
Transportation | 439,976 | 411,671 | ||||||
Construction in progress | 1,150,349 | 1,824,531 | ||||||
20,219,954 | 19,722,837 | |||||||
Less — accumulated depreciation and amortization | (4,861,001 | ) | (3,956,089 | ) | ||||
$ | 15,358,953 | $ | 15,766,748 | |||||
Construction in progress consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Four Seasons Macao (principally the Four Seasons Apartments) | $ | 394,404 | $ | 415,367 | ||||
The Parisian Macao | 318,914 | 59,510 | ||||||
Sands Cotai Central | 111,704 | 913,432 | ||||||
Other | 325,327 | 436,222 | ||||||
$ | 1,150,349 | $ | 1,824,531 | |||||
The $325.3 million in other construction in progress consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao. | ||||||||
In accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”), the Company sold the portion of the Grand Canal Shoppes located within The Palazzo (formerly referred to as "The Shoppes at the Palazzo," see “— Note 12 — Mall Sales — The Shoppes at The Palazzo”). Under terms of the settlement with GGP on June 24, 2011, the Company retained the $295.4 million of proceeds previously received and participates in certain potential future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $239.3 million (net of $72.1 million of accumulated depreciation) as of December 31, 2013, will continue to be recorded on the Company’s consolidated balance sheet and will continue to be depreciated in the Company’s consolidated statement of operations. | ||||||||
The cost and accumulated depreciation of property and equipment that the Company is leasing to third parties, primarily as part of its mall operations, was $1.04 billion and $203.3 million, respectively, as of December 31, 2013. The cost and accumulated depreciation of property and equipment that the Company is leasing to these third parties was $1.01 billion and $154.2 million, respectively, as of December 31, 2012. | ||||||||
The cost and accumulated depreciation of property and equipment that the Company is leasing under capital lease arrangements was $41.0 million and $12.5 million, respectively, as of December 31, 2013. The cost and accumulated depreciation of property and equipment that the Company is leasing under capital lease arrangements was $38.8 million and $8.8 million, respectively, as of December 31, 2012. | ||||||||
During the year ended December 31, 2013, no assets were impaired. In May 2012, the Company withdrew its appeal regarding the Company’s application not being approved by the Macao government for a land concession related to its Cotai Strip development (formerly referred to as parcels 7 and 8) and recorded an impairment loss of $100.7 million during the year ended December 31, 2012, related to the capitalized construction costs of its development on parcels 7 and 8. The Company also recorded a one-time impairment loss of $42.9 million related to the termination of the ZAiA show at The Venetian Macao during the year ended December 31, 2012. | ||||||||
The Company suspended portions of its development projects. As described in “— Note 1 — Organization and Business of Company,” the Company may be required to record an impairment charge related to these developments in the future. |
Leasehold_Interests_in_Land_Ne
Leasehold Interests in Land, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure Leasehold Interests In Land Net Leasehold Interests In Land [Abstract] | ' | |||||||
Leasehold Interests in Land, Net | ' | |||||||
Leasehold Interests in Land, Net | ||||||||
Leasehold interests in land consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Marina Bay Sands | $ | 1,083,249 | $ | 1,125,136 | ||||
Sands Cotai Central | 236,588 | 191,653 | ||||||
The Venetian Macao | 176,536 | 174,893 | ||||||
Four Seasons Macao | 87,620 | 87,020 | ||||||
The Parisian Macao | 74,102 | 73,916 | ||||||
Sands Macao | 27,795 | 27,572 | ||||||
1,685,890 | 1,680,190 | |||||||
Less — accumulated amortization | (257,071 | ) | (221,449 | ) | ||||
$ | 1,428,819 | $ | 1,458,741 | |||||
The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease. Amortization expense of $40.4 million, $40.2 million and $43.4 million was included in amortization of leasehold interests in land expense for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated future amortization expense is approximately $42.4 million for each of the next five years and $1.47 billion thereafter at exchange rates in effect on December 31, 2013. | ||||||||
Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company has received land concessions from the Macao government to build on parcels 1, 2, 3 and 5 and 6; the sites on which The Venetian Macao (parcel 1), Four Seasons Macao (parcel 2) and Sands Cotai Central (parcels 5 and 6) are located and The Parisian Macao (parcel 3) is being constructed. The Company does not own these land sites in Macao; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, as well as annual rent for the term of the land concessions. | ||||||||
During the year ended December 31, 2013, the Company made payments of 355.3 million patacas (approximately $44.5 million at exchange rates in effect on December 31, 2013) as final payment of the land premium for Sands Cotai Central. | ||||||||
In addition to the land premium payments for the Macao leasehold interests in land, the Company is required to make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government. As of December 31, 2013, the Company was obligated under its land concessions to make future rental payments as follows (in thousands): | ||||||||
2014 | $ | 3,453 | ||||||
2015 | 4,227 | |||||||
2016 | 5,283 | |||||||
2017 | 5,283 | |||||||
2018 | 5,283 | |||||||
Thereafter | 75,972 | |||||||
$ | 99,501 | |||||||
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Assets, Net | ' | |||||||
Intangible Assets, Net | ||||||||
Intangible assets consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Sands Bethlehem gaming license and certificate | $ | 66,500 | $ | 66,500 | ||||
Marina Bay Sands gaming license | 44,942 | 30,710 | ||||||
Less — accumulated amortization | (10,195 | ) | (27,440 | ) | ||||
34,747 | 3,270 | |||||||
Trademarks and other | 1,141 | 1,139 | ||||||
Less — accumulated amortization | (307 | ) | (291 | ) | ||||
834 | 848 | |||||||
Total intangible assets, net | $ | 102,081 | $ | 70,618 | ||||
In August 2007 and July 2010, the Company was issued a gaming license and certificate from the Pennsylvania Gaming Control Board for its slots and table games operations at Sands Bethlehem, respectively, which were acquired for $50.0 million and $16.5 million, respectively. The license and certificate were determined to have indefinite lives and therefore, are not subject to amortization. In April 2013, the Company paid 57.0 million Singapore dollars ("SGD," approximately $44.9 million at exchange rates in effect on December 31, 2013) to the Singapore Casino Regulatory Authority (the “CRA”) as part of the process to renew its gaming license at Marina Bay Sands. This license is being amortized over its three-year term, which expires in April 2016, and is renewable upon submitting an application, paying the applicable license fee and meeting the requirements as determined by the CRA. | ||||||||
Amortization expense was $13.6 million, $10.0 million and $10.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated future amortization expense is approximately $15.0 million for each of the next two years and $4.8 million thereafter. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other Accrued Liabilities | ||||||||
Other accrued liabilities consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Outstanding gaming chips and tokens | $ | 572,121 | $ | 534,323 | ||||
Taxes and licenses | 570,111 | 428,300 | ||||||
Customer deposits | 450,550 | 388,355 | ||||||
Payroll and related | 308,404 | 264,142 | ||||||
Other accruals | 293,680 | 280,363 | ||||||
$ | 2,194,866 | $ | 1,895,483 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Long-Term Debt | ||||||||||||
Long-term debt consists of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Corporate and U.S. Related: | ||||||||||||
2013 U.S. Credit Facility — Term B (net of original issue discount of $11,250) | $ | 2,238,750 | $ | — | ||||||||
2013 U.S. Credit Facility — Revolving | 590,000 | — | ||||||||||
Senior Secured Credit Facility — Term B | — | 1,816,477 | ||||||||||
Senior Secured Credit Facility — Delayed Draws I and II | — | 606,561 | ||||||||||
Senior Secured Credit Facility — Revolving | — | 400,000 | ||||||||||
Airplane Financings | 67,359 | 71,047 | ||||||||||
HVAC Equipment Lease | 18,140 | 19,714 | ||||||||||
Other | 2,335 | 3,689 | ||||||||||
Macao Related: | ||||||||||||
2011 VML Credit Facility | 3,208,869 | 3,209,839 | ||||||||||
Other | 7,910 | 7,313 | ||||||||||
Singapore Related: | ||||||||||||
2012 Singapore Credit Facility — Term | 3,626,896 | 3,767,141 | ||||||||||
2012 Singapore Credit Facility — Revolving | — | 327,578 | ||||||||||
Other | — | 708 | ||||||||||
9,760,259 | 10,230,067 | |||||||||||
Less — current maturities | (377,507 | ) | (97,802 | ) | ||||||||
Total long-term debt | $ | 9,382,752 | $ | 10,132,265 | ||||||||
Corporate and U.S. Related Debt | ||||||||||||
Senior Secured Credit Facility | ||||||||||||
In May 2007, the Company entered into a $5.0 billion senior secured credit facility (the “Senior Secured Credit Facility”), which originally consisted of a $3.0 billion funded term B loan (the “Term B Facility”), a $600.0 million delayed draw term B loan available for 12 months after closing (the “Delayed Draw I Facility”), a $400.0 million delayed draw term B loan available for 18 months after closing (the “Delayed Draw II Facility”) and a $1.0 billion revolving credit facility, of which up to $100.0 million was available on a swingline basis (the “Revolving Facility”). In August 2010, the Senior Secured Credit Facility was amended to, among other things, modify certain financial covenants, including increasing the maximum leverage ratio for the quarterly periods through June 30, 2012. | ||||||||||||
In addition to the amendment, certain lenders elected to extend the maturity of $1.42 billion in aggregate principal amount of the Term B Facility to November 2016 (the “Extended Term B Facility”), $284.5 million in aggregate principal amount of the Delayed Draw I Facility to November 2016 (the “Extended Delayed Draw I Facility”), $207.9 million in aggregate principal amount of the Delayed Draw II Facility to November 2015 (the “Extended Delayed Draw II Facility,” collectively the “Extended Term Loans”) and to extend the availability of $532.5 million (after giving effect to the reductions described below) of the Revolving Facility to May 2014 (the “Extended Revolving Facility”). As part of the extension, the Company was required to pay down $1.0 billion in aggregate principal amount of the Extended Term Loans and the commitments under the Revolving Facility were reduced from $1.0 billion to $750.0 million. | ||||||||||||
In addition to the pay down of $1.0 billion of the Extended Term Loans described above, the Company paid down $775.9 million under the Revolving Facility during the year ended December 31, 2010. The Company terminated the Revolving Facility in December 2011 and recorded a $0.5 million loss on early retirement as a result. The Company paid down $400.0 million under the Senior Secured Credit Facility during the year ended December 31, 2012, and recorded a $1.6 million loss on early retirement of debt as a result. | ||||||||||||
Borrowings under the Senior Secured Credit Facility, as amended, bore interest, at the Company’s option, at either an adjusted Eurodollar rate or at an alternative base rate plus a credit spread. For base rate borrowings, the initial credit spread was 0.5% per annum and 0.75% per annum for the Revolving Facility and the term loans, respectively, and 1.25% per annum and 1.75% per annum for the Extended Revolving Facility and the Extended Term Loans, respectively. For Eurodollar rate borrowings, the initial credit spread was 1.5% per annum and 1.75% per annum for the Revolving Facility and the term loans, respectively, and 2.25% per annum and 2.75% per annum for the Extended Revolving Facility and Extended Term Loans, respectively. These spreads would be reduced if the Company’s “corporate rating” (as defined in the Senior Secured Credit Facility) increased to at least Ba2 by Moody’s and at least BB by Standard & Poor’s Ratings Group (“S&P”), subject to certain additional conditions. The spread for the Extended Revolving Facility would be further reduced if the Company’s “corporate rating” increased to at least Ba1 or higher by Moody’s and at least BB+ or higher by S&P, subject to certain additional conditions. The weighted average interest rate for the Senior Secured Credit Facility was 2.3% and 2.5% for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
The Company paid a commitment fee of 0.375% per annum on the undrawn amounts under the Extended Revolving Facility, as well as a commitment fee equal to 0.75% per annum and 0.5% per annum on the undrawn amounts under the Delayed Draw I and II Facilities, respectively. | ||||||||||||
In December 2013, borrowings under the new 2013 U.S. Credit Facility (as further described below) were used to repay the outstanding balance on the Senior Secured Credit Facility. The Company recorded a $14.2 million loss on modification or early retirement of debt during the year ended December 31, 2013. | ||||||||||||
2013 U.S. Credit Facility | ||||||||||||
In December 2013, the Company entered into a $3.5 billion senior secured credit facility (the “2013 U.S. Credit Facility”), which consists of a $2.25 billion funded term B loan (the “2013 U.S. Term B Facility”) with an original issue discount of $11.3 million and a $1.25 billion revolving credit facility (the “2013 U.S. Revolving Facility”). As of December 31, 2013, the Company had $655.5 million of available borrowing capacity under the 2013 U.S. Revolving Facility, net of outstanding letters of credit. Subsequent to year end, the Company borrowed $500.0 million under the 2013 U.S. Revolving Facility. | ||||||||||||
The 2013 U.S. Term B Facility matures on December 19, 2020, and is subject to quarterly amortization payments of $5.6 million, which begin on March 31, 2014, followed by a balloon payment of $2.10 billion due on December 19, 2020. The 2013 U.S. Revolving Facility has no interim amortization payments and matures on December 19, 2018. | ||||||||||||
The 2013 U.S. Credit Facility is guaranteed by certain of the Company’s domestic subsidiaries (the “Guarantors”). The obligations under the 2013 U.S. Credit Facility and the guarantees of the Guarantors are collateralized by a first-priority security interest in substantially all of Las Vegas Sands, LLC (“LVSLLC”) and the Guarantors’ assets, other than capital stock and similar ownership interests, certain furniture, fixtures and equipment, and certain other excluded assets. | ||||||||||||
Borrowings under the 2013 U.S. Credit Facility bear interest, at the Company’s option, at either an adjusted Eurodollar rate or at an alternative base rate plus a credit spread. For base rate borrowings, the initial credit spread is 0.5% per annum and 1.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility, respectively. For Eurodollar rate borrowings, the initial credit spread is 1.5% per annum and 2.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility (subject to a Eurodollar rate floor of 0.75%), respectively (the interest rates were set at 3.3% and 1.7% for the 2013 U.S. Term B Facility and 2013 U.S. Revolving Facility, respectively, as of December 31, 2013). The weighted average interest rate for the 2013 U.S Credit Facility was 2.9% during the period ended December 31, 2013. | ||||||||||||
The Company pays a commitment fee of 0.35% per annum on the undrawn amounts under the 2013 U.S. Revolving Facility, which will be reduced if certain corporate ratings are achieved, subject to certain additional conditions. | ||||||||||||
The 2013 U.S. Credit Facility contains affirmative and negative covenants customary for such financings, including, but not limited to, limitations on incurring additional liens, incurring additional indebtedness, making certain investments and acquiring and selling assets. The 2013 U.S. Credit Facility also requires the Guarantors to comply with financial covenants, including, but not limited to, a maximum ratio of net debt outstanding to adjusted earnings before interest, income taxes, depreciation and amortization, as defined (“Adjusted EBITDA”) to the extent there is an outstanding balance on the 2013 U.S. Revolving Facility or certain letters of credit are outstanding. The maximum leverage ratio is 5.5x for all applicable quarterly periods through maturity. The 2013 U.S. Credit Facility also contains conditions and events of default customary for such financings. As of December 31, 2013, approximately $4.96 billion of net assets of LVSLLC were restricted from being distributed under the terms of the 2013 U.S. Credit Facility. | ||||||||||||
Senior Notes | ||||||||||||
On February 10, 2005, LVSC sold in a private placement transaction $250.0 million in aggregate principal amount of its 6.375% senior notes due 2015 with an original issue discount of $2.3 million. In June 2005, the senior notes were exchanged for substantially similar senior notes (the “Senior Notes”), which were registered under the federal securities laws. The Senior Notes were set to mature on February 15, 2015. In March 2012, the Company redeemed the remaining balance of Senior Notes outstanding for $191.7 million and recorded a $2.8 million loss on early retirement of debt during the year ended December 31, 2012. | ||||||||||||
Airplane Financings | ||||||||||||
In February 2007, the Company entered into promissory notes totaling $72.0 million to finance the purchase of one airplane and to finance two others that the Company already owned. The notes consist of balloon payment promissory notes and amortizing promissory notes, all of which have ten-year maturities and are collateralized by the related aircraft. The notes bear interest at three-month London Inter-Bank Offered Rate (“LIBOR”) plus 1.5% per annum (set at 1.8% as of December 31, 2013). The amortizing notes, totaling $28.8 million, are subject to quarterly amortization payments of $0.7 million, which began June 1, 2007. The balloon notes, totaling $43.2 million, mature on March 1, 2017, and have no interim amortization payments. The weighted average interest rate on the notes was 1.8% and 2.0% during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
In April 2007, the Company entered into promissory notes totaling $20.3 million to finance the purchase of an additional airplane. The notes have ten-year maturities and consist of a balloon payment promissory note and an amortizing promissory note. The notes bear interest at three-month LIBOR plus 1.25% per annum (set at 1.6% as of December 31, 2013). The $8.1 million amortizing note is subject to quarterly amortization payments of $0.2 million, which began June 30, 2007. The $12.2 million balloon note matures on March 31, 2017, and has no interim amortization payments. The weighted average interest rate on the notes was 1.6% and 1.7% during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
HVAC Equipment Lease | ||||||||||||
In July 2009, the Company entered into a capital lease agreement with its current heating, ventilation and air conditioning (“HVAC”) provider (the “HVAC Equipment Lease”) to provide the operation and maintenance services for the HVAC equipment in Las Vegas. The lease has a 10-year term with a purchase option at the third, fifth, seventh and tenth anniversary dates. The Company is obligated under the agreement to make monthly payments of approximately $300,000 for the first year with automatic decreases of approximately $14,000 per month on every anniversary date. The HVAC Equipment Lease was capitalized at the present value of the future minimum lease payments at lease inception. | ||||||||||||
Macao Related Debt | ||||||||||||
2011 VML Credit Facility | ||||||||||||
On September 22, 2011, two subsidiaries of the Company, VML US Finance LLC, the Borrower, and Venetian Macau Limited ("VML"), as guarantor, entered into a credit agreement (the “2011 VML Credit Facility”), providing for up to $3.7 billion (or equivalent in Hong Kong dollars or Macao patacas), which consists of a $3.2 billion term loan (the “2011 VML Term Facility”) that was fully drawn on November 15, 2011, and a $500.0 million revolving facility (the “2011 VML Revolving Facility”), none of which was drawn as of December 31, 2013, that is available until October 15, 2016. Borrowings under the facility were used to repay outstanding indebtedness under previous credit facilities (the "VML Credit Facility" and the "VOL Credit Facility") and will be used for working capital requirements and general corporate purposes, including for the development, construction and completion of certain components of Sands Cotai Central. The Company recorded a charge of $22.1 million for loss on modification or early retirement of debt during the year ended December 31, 2011, as part of refinancing the VML and VOL Credit Facilities. | ||||||||||||
The indebtedness under the 2011 VML Credit Facility is guaranteed by VML, Venetian Cotai Limited, Venetian Orient Limited and certain of the Company’s other foreign subsidiaries (collectively, the “2011 VML Guarantors”). The obligations under the 2011 VML Credit Facility are collateralized by a first-priority security interest in substantially all of the Borrower’s and the 2011 VML Guarantors’ assets, other than (1) capital stock and similar ownership interests, (2) certain furniture, fixtures, fittings and equipment and (3) certain other excluded assets. | ||||||||||||
The 2011 VML Term Facility will mature on November 15, 2016. Commencing with the quarterly period ending December 31, 2014, and at the end of each subsequent quarter through September 30, 2015, the Borrower is required to repay the outstanding 2011 VML Term Facility on a pro rata basis in an amount equal to 6.25% of the aggregate principal amount outstanding as of November 15, 2011. Commencing with the quarterly period ending on December 31, 2015, and at the end of each subsequent quarter through June 30, 2016, the Borrower is required to repay the outstanding 2011 VML Term Facility on a pro rata basis in an amount equal to 10.0% of the aggregate principal amount outstanding as of November 15, 2011. The remaining balance on the 2011 VML Term Facility and any balance on the 2011 VML Revolving Facility are due on the maturity date. In addition, the Borrower is required to further repay the outstanding 2011 VML Term Facility with a portion of its excess free cash flow (as defined by the 2011 VML Credit Facility) after the end of each year, unless the Borrower is in compliance with a specified consolidated leverage ratio (the “CLR”). | ||||||||||||
Borrowings under the 2011 VML Credit Facility bear interest at either the adjusted Eurodollar rate or an alternative base rate (in the case of U.S. dollar denominated loans) or Hong Kong Inter-bank Offered Rate ("HIBOR," in the case of Hong Kong dollar and Macao pataca denominated loans), as applicable, plus an initial spread of 2.25%. Beginning May 14, 2012, the spread for all outstanding loans is subject to reduction based on the CLR (interest rates set at 1.7% for the U.S. dollar, Hong Kong dollar and Macao pataca denominated loans as of December 31, 2013). The Borrower will also pay standby fees of 0.5% per annum on the undrawn amounts under the 2011 VML Revolving Facility (which commenced September 30, 2011) and the 2011 VML Term Facility (which commenced October 31, 2011). The weighted average interest rate on the 2011 VML Credit Facility was 1.8% and 2.1% for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
To meet the requirements of the 2011 VML Credit Facility, the Company entered into four interest rate cap agreements in September 2012 with a combined notional amount of $1.3 billion, which expire in November 2014. During 2013, the Company entered into two additional interest rate cap agreements with a combined notional amount of $300.0 million, which expire in November 2014. The provisions of the interest rate cap agreement entitle the Company to receive from the counterparty the amounts, if any, by which the selected market interest rate exceeds the strike rate (which range from 2.0% to 2.25%). These interest rate cap agreements were in addition to the following interest rate cap agreements for the VML and VOL Credit Facilities. To meet the requirements of the previous VML Credit Facility, the Company entered into an interest rate cap agreement in September 2009 with a notional amount of $1.59 billion, which expired in September 2012. The provisions of the interest rate cap agreement entitled the Company to receive from the counterparty the amounts, if any, by which the selected market interest rate exceeded the strike rate of 9.5%. To meet the requirements of the previous VOL Credit Facility, the Company entered into three interest rate cap agreements in September 2010 with a combined notional amount of $375.0 million, which expired in September 2013. The provisions of the interest rate cap agreement entitled the Company to receive from the counterparty the amounts, if any, by which the selected market interest rate exceeded the strike rate of 3.5%. There was no net effect on interest expense as a result of these interest rate cap agreements for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
The 2011 VML Credit Facility contains affirmative and negative covenants customary for such financings, including, but not limited to, limitations on liens, loans and guarantees, investments, acquisitions and asset sales, restricted payments and other distributions, affiliate transactions, certain capital expenditures and use of proceeds from the facility. The 2011 VML Credit Facility also requires the Borrower and VML to comply with financial covenants, including maximum ratios of total indebtedness to Adjusted EBITDA and minimum ratios of Adjusted EBITDA to net interest expense. The maximum leverage ratio is 4.0x for the quarterly periods ending December 31, 2013 through December 31, 2014, decreases to 3.5x for the quarterly periods ending March 31 through December 31, 2015, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. The 2011 VML Credit Facility also contains events of default customary for such financings. | ||||||||||||
The Company is currently in the process of amending and restating its 2011 VML Credit Facility. The amendment will allow each lender holding term loans under the 2011 VML Credit Facility to extend the maturity of its term loans to 2020 and will provide for new revolving loan commitments of $2.0 billion. The Company will also have the option to raise incremental senior secured and unsecured debt under existing baskets within the amended credit facility. Proceeds from the amended credit facility, together with cash on hand, may be used to repay outstanding term loans that are not extended under the amended credit facility and fund ongoing development projects pursuant to the terms of the amended credit facility and general corporate operations. The amendment, which is subject to approval of the lenders and certain Macao government approvals, is anticipated to close during the first quarter of 2014. In conjunction with the amendment, the Company anticipates recording a loss on modification or extinguishment of debt. | ||||||||||||
Ferry Financing | ||||||||||||
In January 2008, in order to finance the purchase of ten ferries, the Company entered into a 1.21 billion Hong Kong dollar (“HKD,” approximately $155.9 million at exchange rates in effect on December 31, 2013) secured credit facility (the "Ferry Financing"), which was available for borrowing for up to 18 months after closing. The proceeds from the secured credit facility were used to reimburse the Company for cash spent to date on the progress payments made on the ferries and to finance the completion of the remaining ferries. The facility was collateralized by the ferries and guaranteed by VML. | ||||||||||||
In July 2008, the Company exercised the accordion option on the secured credit facility agreement that financed the Company’s original ten ferries and executed a supplement to the secured credit facility agreement. The supplement increased the secured credit facility by an additional HKD 561.6 million (approximately $72.4 million at exchange rates in effect on December 31, 2013). The proceeds from this supplemental facility were used to reimburse the Company for cash spent to date on the progress payments made on four additional ferries and to finance the remaining progress payments on those ferries. The supplemental facility was collateralized by the additional ferries and guaranteed by VML. | ||||||||||||
The facility, as amended on August 20, 2009, was set to mature in December 2015 and was subject to 26 quarterly payments of HKD 68.1 million (approximately $8.8 million at exchange rates in effect on December 31, 2013), which commenced in October 2009. | ||||||||||||
As part of the amendment, the credit spread increased by 50 basis points to 2.5% per annum for borrowings made in Hong Kong Dollars and accrued interest at HIBOR, or 2.5% per annum for borrowings made in U.S. Dollars and accrued interest at LIBOR. The weighted average interest rate for the facility was 2.9% for the year ended December 31, 2012. | ||||||||||||
The Company repaid the $131.6 million outstanding balance under the Ferry Financing and recorded a $1.7 million loss on early retirement of debt during the year ended December 31, 2012. | ||||||||||||
Singapore Related Debt | ||||||||||||
2012 Singapore Credit Facility | ||||||||||||
In June 2012, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”), entered into a SGD 5.1 billion (approximately $4.02 billion at exchange rates in effect on December 31, 2013) credit agreement (the "2012 Singapore Credit Facility"), providing for a fully funded SGD 4.6 billion (approximately $3.63 billion at exchange rates in effect on December 31, 2013) term loan (the “2012 Singapore Term Facility”) and a SGD 500.0 million (approximately $394.2 million at exchange rates in effect on December 31, 2013) revolving facility (the “2012 Singapore Revolving Facility”) that is available until November 25, 2017, which includes a SGD 100.0 million (approximately $78.8 million at exchange rates in effect on December 31, 2013) ancillary facility (the “2012 Singapore Ancillary Facility”). Borrowings under the 2012 Singapore Credit Facility were used to repay the outstanding balance under the previous Singapore credit facility. The Company recorded a $13.1 million loss on modification or early retirement of debt during the year ended December 31, 2012, as part of the refinancing of the facility. As of December 31, 2013, the Company had SGD 492.9 million (approximately $388.7 million at exchange rates in effect on December 31, 2013) available for borrowing, net of outstanding letters of credit. | ||||||||||||
The indebtedness under the 2012 Singapore Credit Facility is collateralized by a first-priority security interest in substantially all of MBS’s assets, other than capital stock and similar ownership interests, certain furniture, fixtures and equipment and certain other excluded assets. | ||||||||||||
The 2012 Singapore Term Facility matures on June 25, 2018, with MBS required to repay or prepay the 2012 Singapore Credit Facility under certain circumstances. Commencing with the quarterly period ending September 30, 2014, and at the end of each quarter thereafter, MBS is required to repay the outstanding 2012 Singapore Term Facility in an amount increasing from 2.0% (September 30, 2014) to 8.0% (March 31, 2017 to March 31, 2018) of the aggregate principal amount outstanding of SGD 4.6 billion (approximately $3.63 billion at exchange rates in effect on December 31, 2013). The remaining balance on the 2012 Singapore Term Facility is due on the maturity date. The 2012 Singapore Revolving Facility matures on December 25, 2017, and has no interim amortization payments. | ||||||||||||
Borrowings under the 2012 Singapore Credit Facility bear interest at the Singapore Swap Offered Rate ("SOR") plus a spread of 1.85%. Beginning December 23, 2012, the spread for all outstanding loans is subject to reduction based on a ratio of debt to Adjusted EBITDA (interest rate set at approximately 1.8% as of December 31, 2013). MBS pays a standby commitment fee of 35% to 40% of the spread per annum on all undrawn amounts under the 2012 Singapore Revolving Facility. The weighted average interest rate for the 2012 Singapore Credit Facility was 1.9% and 2.1% for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
In connection with the 2012 Singapore Credit Facility, the Company entered into an interest rate cap agreement in 2013, with a notional amount of SGD 100.0 million (approximately $78.8 million at exchange rates in effect on December 31, 2013), which has a three-year term and expires May 2016. The provisions of the interest rate cap agreement entitle the Company to receive from the counterparties the amounts, if any, by which the selected market interest rate exceeds the strike rate of 3.5% as stated in such agreement. This interest rate cap agreement was in addition to the following interest rate cap agreements entered into for the previous Singapore credit facility. To meet the requirements of the previous Singapore credit facility, the Company entered into nine interest rate cap agreements in 2008, with a combined notional amount of SGD 1.41 billion (approximately $1.1 billion at exchange rates in effect on December 31, 2013), all of which had three-year terms and expired between June and December 2011. The maturity date of one of the interest rate cap agreements, with a notional amount of SGD 50.0 million (approximately $39.4 million at exchange rates in effect on December 31, 2013), was extended until August 2013. During 2009, the Company entered into 14 additional interest rate cap agreements, with a combined notional amount of SGD 850.0 million (approximately $670.2 million at exchange rates in effect on December 31, 2013), all of which had three-year terms and expired between March and December 2012. During 2010, the Company entered into seven additional interest rate cap agreements, with a combined notional amount of SGD 365.0 million (approximately $287.8 million at exchange rates in effect on December 31, 2013), all of which had three-year terms and expired between January and June 2013. During 2011, the Company entered into 12 additional interest rate cap agreements, with a combined notional amount of SGD 1.15 billion (approximately $906.7 million at exchange rates in effect on December 31, 2013), all of which have three-year terms and expire between May and August 2014. During 2012, the Company entered into three additional interest rate cap agreements, with a combined notional amount of SGD 200.0 million (approximately $157.7 million at exchange rates in effect on December 31, 2013), all of which have three-year terms and expire between April and May 2015. The provisions of the interest rate cap agreements entitle the Company to receive from the counterparties the amounts, if any, by which the selected market interest rates exceed the strike rate (which range from 3.0% to 4.5%) as stated in such agreements. There was no net effect on interest expense as a result of these interest rate cap agreements for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
The 2012 Singapore Credit Facility contains affirmative and negative covenants customary for such financings, including, but not limited to, limitations on liens, indebtedness, loans and guarantees, investments, acquisitions and asset sales, restricted payments, affiliate transactions and use of proceeds from the facilities. The 2012 Singapore Credit Facility also requires MBS to comply with financial covenants, including maximum ratios of total indebtedness to Adjusted EBITDA, minimum ratios of Adjusted EBITDA to interest expense and a positive net worth requirement. The maximum leverage ratio is 3.5x for the quarterly periods ending December 31, 2013 through December 31, 2014, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity.The 2012 Singapore Credit Facility also contains events of default customary for such financings. | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||
Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Proceeds from 2013 U.S. Credit Facility | $ | 2,828,750 | $ | — | $ | — | ||||||
Proceeds from Senior Secured Credit Facility | 250,000 | 400,000 | — | |||||||||
Proceeds from 2012 Singapore Credit Facility | 104,357 | 3,951,486 | — | |||||||||
Proceeds from 2011 VML Credit Facility | — | — | 3,201,535 | |||||||||
$ | 3,183,107 | $ | 4,351,486 | $ | 3,201,535 | |||||||
Repayments on Senior Secured Credit Facility | $ | (3,073,038 | ) | $ | (425,555 | ) | $ | (28,937 | ) | |||
Repayments on 2012 Singapore Credit Facility | (430,504 | ) | — | — | ||||||||
Repayments on Singapore Credit Facility | — | (3,635,676 | ) | (418,564 | ) | |||||||
Repayments on VML Credit Facility | — | — | (2,060,819 | ) | ||||||||
Repayments on VOL Credit Facility | — | — | (749,660 | ) | ||||||||
Redemption or repurchase and cancellation of Senior Notes | — | (189,712 | ) | — | ||||||||
Repayments on Airplane Financings | (3,688 | ) | (3,688 | ) | (3,688 | ) | ||||||
Repayments on Ferry Financing | — | (140,337 | ) | (35,002 | ) | |||||||
Repayments on HVAC Equipment Lease and Other Long-Term Debt | (5,802 | ) | (4,730 | ) | (3,640 | ) | ||||||
$ | (3,513,032 | ) | $ | (4,399,698 | ) | $ | (3,300,310 | ) | ||||
Scheduled Maturities of Capital Lease Obligations and Long-Term Debt | ||||||||||||
Maturities of capital lease obligations and long-term debt outstanding as of December 31, 2013, are summarized as follows (in thousands): | ||||||||||||
Capital | Long-term | |||||||||||
Lease Obligations | Debt | |||||||||||
2014 | $ | 6,418 | $ | 372,727 | ||||||||
2015 | 5,182 | 1,565,461 | ||||||||||
2016 | 4,824 | 3,018,677 | ||||||||||
2017 | 3,449 | 1,239,404 | ||||||||||
2018 | 2,357 | 1,410,417 | ||||||||||
Thereafter | 11,561 | 2,137,500 | ||||||||||
33,791 | 9,744,186 | |||||||||||
Less — amount representing interest | (6,468 | ) | — | |||||||||
Total | $ | 27,323 | $ | 9,744,186 | ||||||||
Fair Value of Long-Term Debt | ||||||||||||
The estimated fair value of the Company’s long-term debt as of December 31, 2013 and 2012, was approximately $9.72 billion and $10.12 billion, respectively, compared to its carrying value of $9.74 billion and $10.20 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active). |
Equity
Equity | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Equity | ' | ||||||
Equity | |||||||
Preferred Stock and Warrants | |||||||
In November 2008, the Company issued 10,446,300 shares of its 10% Series A Cumulative Perpetual Preferred Stock (the “Preferred Stock”) and warrants to purchase up to an aggregate of approximately 174,105,348 shares of common stock at an exercise price of $6.00 per share and an expiration date of November 16, 2013 (the “Warrants”). Units consisting of one share of Preferred Stock and one Warrant to purchase 16.6667 shares of common stock were sold for $100 per unit. As described further below, the outstanding Preferred Stock was redeemed in whole by the Company on November 15, 2011, at a redemption price of $110 per share. Holders of the Preferred Stock had no rights to exchange or convert such shares into any other securities. | |||||||
Preferred Stock Issued to Public | |||||||
Of the 10,446,300 shares of Preferred Stock issued, the Company issued 5,196,300 shares to the public together with Warrants to purchase up to an aggregate of approximately 86,605,173 shares of its common stock and received gross proceeds of $519.6 million ($503.6 million, net of transaction costs). The allocated carrying values of the Preferred Stock and Warrants on the date of issuance (based on their relative fair values) were $298.1 million and $221.5 million, respectively. | |||||||
During the year ended December 31, 2013, the remaining 3,500 Warrants were exercised to purchase an aggregate of 64,562 shares of the Company’s common stock at $6.00 per share and $0.3 million in cash was received as settlement of the Warrant exercise price. | |||||||
During the year ended December 31, 2012, 39,070 Warrants were exercised to purchase an aggregate of 655,496 shares of the Company’s common stock at $6.00 per share and $3.9 million in cash was received as settlement of the Warrant exercise price. | |||||||
During the year ended December 31, 2011, holders of Preferred Stock exercised 1,317,220 Warrants to purchase an aggregate of 21,953,704 shares of the Company’s common stock at $6.00 per share and tendered 1,192,100 shares of Preferred Stock and $12.5 million in cash as settlement of the Warrant exercise price. In conjunction with certain of these transactions, the Company paid $16.9 million in premiums to induce the exercise of Warrants with settlement through tendering Preferred Stock. During the year ended December 31, 2011, the Company also repurchased and retired 736,629 shares of Preferred Stock for $82.3 million. | |||||||
Preferred Stock Issued to Principal Stockholder’s Family | |||||||
Of the 10,446,300 shares of Preferred Stock issued, the Company issued 5,250,000 shares to the Principal Stockholder’s family together with Warrants to purchase up to an aggregate of approximately 87,500,175 shares of its common stock and received gross proceeds of $525.0 million ($523.7 million, net of transaction costs). The allocated carrying values of the Preferred Stock and Warrants on the date of issuance (based on their relative fair values) were $301.1 million and $223.9 million, respectively. The Preferred Stock amount had been recorded as mezzanine equity as the Principal Stockholder and his family have a greater than 50% ownership of the Company and therefore had the ability to require the Company to redeem their Preferred Stock beginning November 15, 2011. | |||||||
As the Preferred Stock issued to the Principal Stockholder’s family was being accounted for as redeemable at the option of the holder, the balance was accreted to the redemption value of $577.5 million over three years. Due to the redemption of the Preferred Stock on November 15, 2011, there were no accumulated or undeclared dividends as of December 31, 2011. | |||||||
A summary of the Company’s Preferred Stock issued its Principal Stockholder’s family for the year ended December 31, 2011, is presented below (in thousands, except number of shares): | |||||||
Number | Amount | ||||||
of Shares | |||||||
Balance as of January 1, 2011 | 5,250,000 | $ | 503,379 | ||||
Accretion to redemption value | — | 80,975 | |||||
Dividends declared, net of amounts previously accrued | — | 45,646 | |||||
Dividends paid | — | (52,500 | ) | ||||
Redemption of preferred stock | (5,250,000 | ) | (577,500 | ) | |||
Balance as of December 31, 2011 | — | $ | — | ||||
On March 2, 2012, the Principal Stockholder’s family exercised all of their outstanding Warrants to purchase 87,500,175 shares of the Company’s common stock for $6.00 per share and paid $525.0 million in cash as settlement of the Warrant exercise price. | |||||||
Preferred Stock Dividends | |||||||
On February 15, May 16, August 15 and November 15, 2011, the Company paid a dividend of $2.50 per preferred share, totaling $75.3 million (of which $52.5 million was paid to the Principal Stockholder’s family). | |||||||
Redemption of Preferred Stock | |||||||
In August 2011, the Company’s Board of Directors approved the redemption of all outstanding Preferred Stock and on November 15, 2011, the Company paid $763.0 million to redeem all of the Preferred Stock outstanding and recorded a redemption premium of $88.8 million during the year ended December 31, 2011. | |||||||
Common Stock | |||||||
Dividends | |||||||
On March 29, June 28, September 27 and December 31, 2013, the Company paid a dividend of $0.35 per common share as part of a regular cash dividend program. During the year ended December 31, 2013, the Company recorded $1.15 billion as a distribution against retained earnings (of which $604.2 million related to the Principal Stockholder’s family and the remaining $548.9 million related to all other shareholders). | |||||||
On March 30, June 29, September 28 and December 28, 2012, the Company paid a dividend of $0.25 per common share as part of a regular cash dividend program. On December 18, 2012, the Company paid a special cash dividend of $2.75 per common share. During the year ended December 31, 2012, the Company recorded $3.09 billion as a distribution against retained earnings (of which $1.62 billion related to the Principal Stockholder’s family and the remaining $1.47 billion related to all other shareholders). | |||||||
On January 28, 2014, as part of a regular cash dividend program, the Company’s Board of Directors declared a quarterly dividend of $0.50 per common share (a total estimated to be approximately $406 million) to be paid on March 31, 2014, to shareholders of record on March 21, 2014. | |||||||
Repurchase Program | |||||||
In June 2013, the Company’s Board of Directors approved a share repurchase program, which expires in June 2015, with an initial authorization of $2.0 billion. 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 year ended December 31, 2013, the Company repurchased 8,570,281 shares of its common stock for $570.5 million (including commissions) under this program. Subsequent to year end through February 28, 2014, the Company repurchased 8,224,255 shares of its common stock for $663.8 million (including commissions) under this program. All share repurchases of the Company’s common stock have been recorded as treasury shares. | |||||||
Rollfoward of Shares of Common Stock and Preferred Stock Issued to Public | |||||||
A summary of the outstanding shares of common stock and preferred stock issued to the public is as follows: | |||||||
Preferred | Common | ||||||
Stock | Stock | ||||||
Balance as of January 1, 2011 | 3,614,923 | 707,507,982 | |||||
Exercise of stock options | — | 2,549,131 | |||||
Issuance of restricted stock | — | 1,250,381 | |||||
Forfeiture of unvested restricted stock | — | (11,500 | ) | ||||
Exercise of warrants | (1,192,100 | ) | 21,953,704 | ||||
Repurchases and redemption of preferred stock | (2,422,823 | ) | — | ||||
Balance as of December 31, 2011 | — | 733,249,698 | |||||
Exercise of stock options | — | 2,387,831 | |||||
Issuance of restricted stock | — | 516,556 | |||||
Forfeiture of unvested restricted stock | — | (12,000 | ) | ||||
Exercise of warrants | — | 88,155,671 | |||||
Balance as of December 31, 2012 | — | 824,297,756 | |||||
Exercise of stock options | — | 2,777,127 | |||||
Issuance of restricted stock | — | 146,848 | |||||
Forfeiture of unvested restricted stock | — | (13,076 | ) | ||||
Repurchase of common stock | — | (8,570,281 | ) | ||||
Exercise of warrants | — | 64,562 | |||||
Balance as of December 31, 2013 | — | 818,702,936 | |||||
Other Equity Transactions | |||||||
In July 2012, the Company purchased a Boeing 747 airplane from an entity controlled by the Principal Stockholder for $34.0 million, based on independent third party appraisals. In accordance with accounting standards regarding transactions between entities under common control, the Company recorded the cost of the airplane at the Principal Stockholder’s book value at the date of the transaction, which was $15.4 million. The $18.6 million difference between the amount paid and the book value of the airplane (a gain to the Principal Stockholder) was recorded as a deemed distribution to the Principal Stockholder during the year ended December 31, 2012. | |||||||
The Company believes that the purchase of the airplane allows it to meet the increased demand for high-end premium direct customer travel driven from the Company’s expanding global gaming operations and is an important component in creating the ultimate trans-Pacific transportation experience for its customers. The Company believes it would have been more costly to acquire the airplane in the open market due to the limited supply of similar aircraft with luxury features. | |||||||
Noncontrolling Interests | |||||||
SCL | |||||||
On February 28 and June 21, 2013, SCL paid a dividend of HKD 0.67 and HKD 0.66 per share, respectively (a total of $1.38 billion), to SCL shareholders (of which the Company retained $970.2 million). | |||||||
On February 28 and June 22, 2012, SCL paid a dividend of HKD 0.58 per share (a total of $1.20 billion), to SCL shareholders (of which the Company retained $844.4 million). | |||||||
On January 24, 2014, the Board of Directors of SCL declared a dividend of HKD 0.87 per share and a special dividend of HKD 0.77 per share (a total of $1.71 billion, of which the Company retained $1.20 billion) to SCL shareholders of record on February 14, 2014, which was paid on February 26, 2014. | |||||||
Other | |||||||
In June 2011, the Company disposed of its interest in one of its majority owned subsidiaries, resulting in a loss of $3.7 million, which is included in loss on disposal of assets during the year ended December 31, 2011. In addition, during the years ended December 31, 2013, 2012 and 2011, the Company distributed $11.9 million, $10.5 million and $10.4 million, respectively, to certain of its noncontrolling interests. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Consolidated income before taxes and noncontrolling interests for domestic and foreign operations is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign | $ | 3,109,982 | $ | 2,089,243 | $ | 2,149,538 | ||||||
Domestic | 33,530 | (26,667 | ) | (54,715 | ) | |||||||
Total income before income taxes | $ | 3,143,512 | $ | 2,062,576 | $ | 2,094,823 | ||||||
The components of the income tax expense are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign: | ||||||||||||
Current | $ | 195,154 | $ | 163,199 | $ | 120,502 | ||||||
Deferred | (6,318 | ) | 17,848 | 91,706 | ||||||||
Federal: | ||||||||||||
Current | (2,073 | ) | 12,379 | 232 | ||||||||
Deferred | 2,073 | (12,660 | ) | (779 | ) | |||||||
State: | ||||||||||||
Current | — | (3 | ) | 43 | ||||||||
Deferred | — | — | — | |||||||||
Total income tax expense | $ | 188,836 | $ | 180,763 | $ | 211,704 | ||||||
The reconciliation of the statutory federal income tax rate and the Company’s effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in tax rate resulting from: | ||||||||||||
Foreign and U.S. tax rate differential | (21.1 | )% | (20.8 | )% | (21.0 | )% | ||||||
U.S. foreign tax credits | (19.0 | )% | (162.1 | )% | (4.0 | )% | ||||||
Repatriation of foreign earnings | 14.6 | % | 110.5 | % | 2.4 | % | ||||||
Tax exempt income of foreign subsidiary (Macao) | (9.6 | )% | (10.0 | )% | (7.6 | )% | ||||||
Change in valuation allowance | 6 | % | 54.3 | % | 2.7 | % | ||||||
Change in uncertain tax positions | — | % | 0.7 | % | 0.1 | % | ||||||
Other, net | 0.1 | % | 1.2 | % | 2.5 | % | ||||||
Effective tax rate | 6 | % | 8.8 | % | 10.1 | % | ||||||
The Company received a 5-year income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2018. Had the Company not received the income tax exemption in Macao, consolidated net income attributable to Las Vegas Sands Corp. would have been reduced by $207.7 million, $139.8 million and $108.6 million, and diluted earnings per share would have been reduced by $0.25, $0.17 and $0.13 per share for the years ended December 31, 2013, 2012 and 2011, respectively. In February 2011, the Company entered into an agreement with the Macao government, effective through the end of 2013 that provides for an annual payment of 14.4 million patacas (approximately $1.8 million at exchange rates in effect on December 31, 2013) that is a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. The Company has requested an additional agreement with the Macao government through 2018 to correspond to the income tax exemption for gaming operations; however, there is no assurance that the Company will receive the agreement. In September 2013, the Company and the Internal Revenue Service ("IRS") entered into a Pre-Filing Agreement providing that the Macao special gaming tax (35% of gross gaming revenue) qualifies as a tax paid in lieu of an income tax and could be claimed as a U.S. foreign tax credit. | ||||||||||||
The primary tax affected components of the Company’s net deferred tax liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
U.S. foreign tax credit carryforwards | $ | 1,280,121 | $ | 1,199,794 | ||||||||
Net operating loss carryforwards | 245,652 | 193,638 | ||||||||||
Stock-based compensation | 46,952 | 47,197 | ||||||||||
Pre-opening expenses | 39,409 | 49,103 | ||||||||||
Accrued expenses | 36,746 | 24,868 | ||||||||||
Deferred gain on the sale of The Grand Canal Shoppes and The Shoppes at The Palazzo | 33,008 | 34,534 | ||||||||||
Allowance for doubtful accounts | 26,392 | 25,156 | ||||||||||
State deferred items | 14,109 | 13,976 | ||||||||||
Other tax credit carryforwards | 181 | 4,313 | ||||||||||
Other | 6,362 | 5,456 | ||||||||||
1,728,932 | 1,598,035 | |||||||||||
Less — valuation allowances | (1,519,268 | ) | (1,390,900 | ) | ||||||||
Total deferred tax assets | 209,664 | 207,135 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (338,284 | ) | (323,674 | ) | ||||||||
Prepaid expenses | (8,966 | ) | (556 | ) | ||||||||
Other | (35,113 | ) | (23,271 | ) | ||||||||
Total deferred tax liabilities | (382,363 | ) | (347,501 | ) | ||||||||
Deferred tax liabilities, net | $ | (172,699 | ) | $ | (140,366 | ) | ||||||
The Company recognizes tax benefits associated with stock-based compensation directly to stockholders’ equity only when realized. Accordingly, deferred tax assets are not recognized for net operating loss carryforwards or credit carryforwards resulting from windfall tax benefits. A windfall tax benefit occurs when the actual tax benefit realized upon an employee’s disposition of a share-based award exceeds the cumulative book compensation charge associated with the award. As of December 31, 2013 and 2012, the Company has windfall tax benefits of $273.1 million and $171.5 million, respectively, which are not reflected in deferred tax assets. The Company uses a with-and-without approach to determine if the excess tax deductions associated with compensation costs have reduced income taxes payable. | ||||||||||||
During the year ended December 31, 2013, certain wholly owned foreign subsidiaries paid dividends resulting in incremental U.S. taxable income. The receipt of the dividends did not result in a cash tax liability for the Company as the incremental U.S. taxable income was fully offset by the utilization of the U.S. foreign tax credits generated as a result of the dividends. In addition, the dividends generated excess U.S. foreign tax credits that will be available to be carried forward to tax years beyond 2013. The Company’s U.S. foreign tax credits were $1.42 billion and $1.20 billion as of December 31, 2013 and 2012, respectively, which will begin to expire in 2021. The Company’s state net operating loss carryforwards were $242.1 million and $220.7 million as of December 31, 2013 and 2012, respectively, which will begin to expire in 2024. The Company’s U.S. general business credits were $0.2 million and $4.3 million as of December 31, 2013 and 2012, respectively, which will begin to expire in 2024. There was a valuation allowance of $1.30 billion and $1.18 billion as of December 31, 2013 and 2012, respectively, provided on the net U.S. deferred tax assets, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition. Net operating loss carryforwards for the Company’s foreign subsidiaries were $1.99 billion and $1.56 billion as of December 31, 2013 and 2012, respectively, which begin to expire in 2014. There are valuation allowances of $217.8 million and $209.4 million, as of December 31, 2013 and 2012, respectively, provided on the net deferred tax assets of certain foreign jurisdictions, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition. | ||||||||||||
Undistributed earnings of subsidiaries are accounted for as a temporary difference, except that deferred tax liabilities are not recorded for undistributed earnings of foreign subsidiaries that are deemed to be indefinitely reinvested in foreign jurisdictions. The Company has a plan for reinvestment of the undistributed earnings of its foreign subsidiaries attributable to periods before January 1, 2013, which demonstrates such earnings will be indefinitely reinvested in the applicable jurisdictions. The Company does not consider current year's tax earnings and profits of certain of its foreign subsidiaries to be permanently reinvested. The Company has not provided deferred taxes for these foreign earnings as the Company expects there will be sufficient creditable foreign taxes to offset the U.S. income tax that would result from the repatriation of foreign earnings. As of December 31, 2013 and 2012, the amount of earnings and profits of foreign subsidiaries that the Company does not intend to repatriate was $5.94 billion and $4.27 billion, respectively. Should these earnings be distributed in the form of dividends or otherwise, the Company expects there will be sufficient creditable foreign taxes to offset the U.S. income taxes and other foreign taxes that would result from a distribution. The Company's cumulative temporary difference is less than its earnings and profits. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at the beginning of the year | $ | 59,338 | $ | 43,411 | $ | 35,769 | ||||||
Additions to tax positions related to prior years | 4,431 | 8,959 | 4,450 | |||||||||
Reductions to tax positions related to prior years | (12,063 | ) | — | (35 | ) | |||||||
Additions to tax positions related to current year | 5,706 | 6,968 | 3,736 | |||||||||
Settlements | (753 | ) | — | (417 | ) | |||||||
Lapse in statutes of limitations | — | — | (92 | ) | ||||||||
Balance at the end of the year | $ | 56,659 | $ | 59,338 | $ | 43,411 | ||||||
As of December 31, 2013, unrecognized tax benefits of $43.4 million were recorded as reductions to the U.S. foreign tax credit deferred tax asset. No such amounts were recorded as of December 31, 2012. As of December 31, 2011, unrecognized tax benefits of $8.9 million were recorded as reductions to the U.S. net operating loss deferred tax asset. As of December 31, 2013, 2012 and 2011, unrecognized tax benefits of $13.3 million, $59.3 million and $34.5 million, respectively, were recorded in other long-term liabilities. | ||||||||||||
Included in the balance as of December 31, 2013, 2012 and 2011, are $47.3 million, $47.8 million and $33.9 million, respectively, of uncertain tax benefits that would affect the effective income tax rate if recognized. | ||||||||||||
The Company’s major tax jurisdictions are the U.S., Macao, and Singapore. In January 2013, the IRS completed through the appeals process its examination of tax years 2005 through 2009. The Company decreased its unrecognized tax benefits by $9.3 million due to the conclusion of the IRS audit. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax return for tax years 2010 and 2011. The Company is subject to examination for tax years after 2008 in Macao and Singapore and for tax years after 2009 in the U.S. The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome and that will impact the provision for income taxes. | ||||||||||||
The Company recognizes interest and penalties, if any, related to unrecognized tax positions in the provision for income taxes in the accompanying consolidated statement of operations. No interest or penalties were accrued as of December 31, 2013 and 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||
The following table provides the assets carried at fair value (in thousands): | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Total Carrying | Quoted Market | Significant Other | Significant | |||||||||||||
Value | Prices in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Cash equivalents(1) | $ | 2,255,951 | $ | 2,255,951 | $ | — | $ | — | ||||||||
Interest rate caps(2) | $ | 159 | $ | — | $ | 159 | $ | — | ||||||||
As of December 31, 2012 | ||||||||||||||||
Cash equivalents(1) | $ | 1,377,330 | $ | 1,377,330 | $ | — | $ | — | ||||||||
Interest rate caps(2) | $ | 218 | $ | — | $ | 218 | $ | — | ||||||||
_________________________ | ||||||||||||||||
-1 | The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. | |||||||||||||||
-2 | As of December 31, 2013 and 2012, the Company has 22 and 30 interest rate cap agreements, respectively, with an aggregate fair value of approximately $0.2 million, based on quoted market values from the institutions holding the agreements. |
Mall_Sales
Mall Sales | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Mall Sales [Abstract] | ' | |||
Mall Sales | ' | |||
Mall Sales | ||||
The Grand Canal Shoppes at The Venetian Las Vegas | ||||
In April 2004, the Company entered into an agreement to sell the portion of the Grand Canal Shoppes located within The Venetian Las Vegas (formerly referred to as "The Grand Canal Shoppes') and lease certain restaurant and other retail space at the casino level of The Venetian Las Vegas (the “Master Lease”) to GGP for approximately $766.0 million (the “Mall Sale”). The Mall Sale closed in May 2004, and the Company realized a gain of $417.6 million in connection with the Mall Sale. Under the Master Lease agreement, The Venetian Las Vegas leased nineteen retail and restaurant spaces on its casino level to GGP for 89 years with annual rent of one dollar and GGP assumed the various leases. In accordance with related accounting standards, the Master Lease agreement does not qualify as a sale of the real property assets, which real property was not separately legally demised. Accordingly, $109.2 million of the transaction has been deferred as prepaid operating lease payments to The Venetian Las Vegas, which will amortize into income on a straight-line basis over the 89-year lease term. During each of the years ended December 31, 2013, 2012 and 2011, $1.2 million of this deferred item was amortized and included in convention, retail and other revenue. In addition, the Company agreed with GGP to: (i) continue to be obligated to fulfill certain lease termination and asset purchase agreements as further described in “— Note 13 — Commitments and Contingencies — Other Ventures and Commitments”; (ii) lease theater space located within The Grand Canal Shoppes from GGP for a period of 25 years with fixed minimum rent of $3.3 million per year with cost of living adjustments; (iii) operate the Gondola ride under an operating agreement for a period of 25 years for an annual fee of $3.5 million; and (iv) lease certain office space from GGP for a period of 10 years, subject to extension options for a period of up to 65 years, with annual rent of approximately $0.9 million. The lease payments under clauses (ii) through (iv) above are subject to automatic increases beginning on the sixth lease year. The net present value of the lease payments under clauses (ii) through (iv) on the closing date of the sale was $77.2 million. In accordance with related accounting standards, a portion of the transaction must be deferred in an amount equal to the present value of the minimum lease payments set forth in the lease back agreements. This deferred gain will be amortized to reduce lease expense on a straight-line basis over the lives of the leases. During each of the years ended December 31, 2013, 2012 and 2011, $3.5 million of this deferred item was amortized as an offset to convention, retail and other expense. | ||||
As of December 31, 2013, the Company was obligated under (ii), (iii), and (iv) above to make future payments as follows (in thousands): | ||||
2014 | $ | 7,725 | ||
2015 | 7,497 | |||
2016 | 7,497 | |||
2017 | 7,497 | |||
2018 | 7,497 | |||
Thereafter | 83,810 | |||
$ | 121,523 | |||
The Shoppes at The Palazzo | ||||
The Company contracted to sell a portion of the Grand Canal Shoppes (formerly referred to as The Shoppes at The Palazzo) to GGP and under the terms of the settlement with GGP on June 24, 2011, the Company retained $295.4 million of proceeds received and participates in certain potential future revenues earned by GGP. Pursuant to the Amended Agreement, the Company agreed with GGP to lease certain spaces located within The Shoppes at The Palazzo for a period of 10 years with total fixed minimum rents of $0.7 million per year, subject to extension options for a period of up to 10 years and automatic increases beginning on the second lease year. As of December 31, 2013, the Company was obligated to make future payments of approximately $0.8 million annually for the year ended December 31, 2014, approximately $0.9 million annually for the three years ended December 31, 2017, and $0.5 million for the year ended December 31, 2018. In accordance with related accounting standards, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $268.5 million of the mall sale transaction has been recorded as deferred proceeds from the sale as of December 31, 2013, which accrues interest at an imputed interest rate offset by (i) imputed rental income and (ii) rent payments made to GGP related to those spaces leased back from GGP. | ||||
In the Amended Agreement, the Company agreed to lease certain restaurant and retail space on the casino level of The Palazzo to GGP pursuant to a master lease agreement (“The Palazzo Master Lease”). Under The Palazzo Master Lease, which was executed concurrently with, and as a part of, the closing on the sale of The Shoppes at The Palazzo to GGP on February 29, 2008, The Palazzo leased nine restaurant and retail spaces on its casino level to GGP for 89 years with annual rent of one dollar and GGP assumed the various tenant operating leases for those spaces. In accordance with related accounting standards, The Palazzo Master Lease does not qualify as a sale of the real property, which real property was not separately legally demised. Accordingly, $22.5 million of the mall sale transaction has been deferred as prepaid operating lease payments to The Palazzo, which is amortized into income on a straight-line basis over the 89-year lease term, while $4.1 million of the total proceeds from the mall sale transaction (which represented the portion of the proceeds in excess of the guaranteed purchase price that was allocated to The Palazzo Master Lease) has been recognized as contingent rent revenue and included in convention, retail and other revenue during the year ended December 31, 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Litigation | ||||
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows. | ||||
On October 15, 2004, Richard Suen and Round Square Company Limited ("RSC") filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the “District Court of Clark County”), asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court of Clark County for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court of Clark County. On February 27, 2012, the District Court of Clark County set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court of Clark County granted both requests. The retrial began on March 27 and on May 14, 2013, the jury returned a verdict in favor of RSC in the amount of $70.0 million. On May 28, 2013, a judgment was entered in the matter in the amount of $101.6 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court of Clark County requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. On July 30, 2013, the District Court of Clark County denied the Company’s motion. On October 17, 2013, the Court entered an order granting plaintiff’s request for certain costs and fees associated with the litigation in the amount of approximately $1.0 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company's opening appellate brief with the Supreme Court is due to be filed on April 14, 2014. The Company believes that it has valid bases in law and fact to appeal these verdicts. As a result, the Company believes that the likelihood that the amount of the judgments will be affirmed is not probable, and, accordingly, that the amount of any loss cannot be reasonably estimated at this time. Because the Company believes that this potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. In the event that the Company’s assumptions used to evaluate this matter as neither probable nor estimable change in future periods, it may be required to record a liability for an adverse outcome. | ||||
On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court of Clark County alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court of Clark County dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court of Clark County to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the district court’s decision. On January 17, 2012, Mr. Jacobs filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to Mr. Jacobs’ opening brief. On March 8, 2012, the District Court of Clark County set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court of Clark County vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court of Clark County set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court of Clark County held a hearing to determine the outcome of certain discovery disputes and issued an Order on September 14, 2012. In its Order, the District Court of Clark County fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the Defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court of Clark County ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order (the “January Writ”). On January 29, 2013, the District Court of Clark County granted defendants motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the January Writ. On February 28, 2013, the District Court of Clark County ordered a hearing on plaintiff’s request for sanctions and additional discovery (the “February 28th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28th Order (the “April Writ”); and the Nevada Supreme Court ordered the plaintiff to answer the April Writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28th Order by the District Court of Clark County until such time as the Nevada Supreme Court decides the April Writ. On June 18, 2013, the District Court of Clark County scheduled the jurisdictional hearing for July 16-22, 2013 and issued an order allowing the plaintiff access to privileged communications of counsel to the Company (the “June 18th Order”). On June 21, 2013, the Company filed another writ with the Nevada Supreme Court challenging the June 18th Order (the “June Writ”). The Nevada Supreme Court accepted the June Writ on June 28, 2013, and issued a stay of the June 18th Order. On June 28, 2013, the District Court of Clark County vacated the jurisdictional hearing. On July 3, 2013, the Company filed a motion with the Nevada Supreme Court to consolidate the pending writs (each of which have been fully briefed to the Nevada Supreme Court as of the date of this filing). On October 9, 2013, the Nevada Supreme Court heard arguments on the January Writ and plaintiff’s appeal of the District Court of Clark County’s dismissal of plaintiff’s defamation claim against Mr. Adelson. The Nevada Supreme Court has taken both matters under advisement pending a decision. On January 29, 2014, the defendants filed Supplemental Authority and a Motion to Recall Mandate with the Nevada Supreme Court to (i) inform the Nevada Supreme Court of a recently decided U.S. Supreme Court case involving similar jurisdictional issues to this matter and (ii) given this new precedent, to review anew its August 26, 2011, writ of mandamus to the District Court of Clark County, respectively. On February 27, 2014, the Nevada Supreme Court ruled in favor of the Company on the January Writ. On March 3, 2014, the Nevada Supreme Court is scheduled to hear oral arguments on the April and June Writs. Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. | ||||
On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above. | ||||
After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ. | ||||
As part of the 2012 annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls. | ||||
Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings: | ||||
• | do not have a material impact on the financial statements of the Company; | |||
• | do not warrant any restatement of the Company’s past financial statements; and | |||
• | do not represent a material weakness in the Company’s internal controls over financial reporting as of December 31, 2013. | |||
The investigation by the Audit Committee is complete. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, or the range of reasonably possible loss, if any. | ||||
On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (the “U.S. District Court”), against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing Defendants’ Motion for Partial Reconsideration of the Court’s Order dated August 24, 2011, striking additional portions of the plaintiff’s complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiff filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process has been suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard the motion to dismiss and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants motions to dismiss. On December 13, 2013, the defendants filed their answer to the second amended complaint. Discovery in the matter has re-started. On January 8, 2014, plaintiffs filed a motion to expand the certified class period. On February 3, 2014, the judge agreed to the parties' stipulation to defer briefing on the issue of expanding the class period until the U.S. Supreme Court issues a decision in the case of Halliburton Co. v. Erica P. John Fund, Inc. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. | ||||
On March 23, 2012, Ernest Kleinschmidt filed a shareholder derivative action (the “Kleinschmidt action”) on behalf of the Company in the District Court of Clark County against Sheldon G. Adelson, Michael A. Leven, Irwin A. Siegel, Jeffrey H. Schwartz, Jason N. Ader, Charles D. Forman, Irwin Chafetz and George P. Koo, who are currently members of the Board of Directors, and Wing T. Chao, Andrew R. Heyer, James Purcell, Bradley H. Stone and William P. Weidner, who are former members of the Board of Directors and/or executives of the Company. The complaint alleges, among other things, breach of fiduciary duties for disseminating false and misleading information, failure to maintain internal controls and failing to properly oversee and manage the Company, and unjust enrichment. The complaint seeks, among other relief, unspecified damages, direction to LVSC to take unspecified actions to improve its corporate governance and internal procedures, restitution and disgorgement of profits, and attorneys’ fees, costs and related expenses for the plaintiff. On June 29, 2012, the defendants who had been served at that time including nominal defendant LVSC and defendants Michael A. Leven, Irwin A. Siegel, Jason N. Ader, Charles D. Forman, Irwin Chafetz, George P. Koo, James Purcell, Bradley H. Stone and William P. Weidner filed a motion to dismiss. On July 20 and July 25, 2012, defendants Jeffery H. Schwartz and Wing T. Chao, respectively, each filed a substantially similar motion to dismiss. On October 10, 2012, the case was transferred to business court within the District Court of Clark County. On October 12, 2012, the case was reassigned to a new judge. On January 14, 2013, the District Court of Clark County filed its order dismissing the entire case for failure to make a demand on the Board of Directors of LVSC with 5 of 6 claims dismissed with prejudice as being time barred under applicable statutes of limitations. The sixth claim for unjust enrichment was allowed to be re-filed, but only after demand on the Board of Directors of LVSC is made. The Company received a letter from the plaintiffs lawyers dated February 9, 2013, making their demand on the Board of Directors of LVSC for the unjust enrichment claim that the District Court of Clark County previously dismissed without prejudice. In addition, on February 19, 2013, the plaintiffs filed a notice of appeal with the Nevada Supreme Court appealing the dismissal of the case. Plaintiff’s opening brief in the Nevada Supreme Court was due on August 12, 2013, and the response briefs were due per the court’s calendar. On September 4, 2013, the appeal to the Nevada Supreme Court was dismissed. | ||||
On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court of Clark County against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court of Clark County against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until a July 22, 2013, status hearing. On July 22, 2013, the Court extended the stay until December 2, 2013, and then on December 2, 2013, extended it again until March 3, 2014. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. | ||||
On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel state court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned to a new judge. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. | ||||
On January 23, 2014, W.A. Sokolowski filed a shareholder derivative action (the "Sokolowski action") on behalf of the Company and in his individual capacity as a shareholder in the U.S. District Court for the District of Nevada against Sheldon G. Adelson, Michael A. Leven, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Charles A. Koppelman, Jeffrey H. Schwartz, Victor Chaltiel and Irwin A. Siegel, each of whom was serving on the Company’s board of directors (collectively, the “Directors”), as well as against Frederick Hipwell, a partner at PricewaterhouseCoopers LLP (“PwC”), the Company’s former auditor. The complaint alleges, among other things, that the Directors breached their fiduciary duties to the Company by attempting to conceal certain alleged misrepresentations and wrongdoing by the Company’s management, concealed certain facts in connection with audits performed by PwC and caused the issuance of a false or misleading proxy statement in 2013. The complaint seeks, among other things the appointment of a conservator or special master to oversee the Company’s discussions with governmental agencies as well as to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. The Company filed a motion to dismiss on February 13, 2014. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. | ||||
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), LVSLLC and VCR (collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375.6 million at exchange rates in effect on December 31, 2013) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. The Macao action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. | ||||
As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action. | ||||
On August 1, 2012, SCL filed an announcement with the SEHK stating that SCL’s subsidiary, VML, has received a notification from the Office for Personal Data Protection of the Macao government (the “OPDP”) indicating that the OPDP has launched an official investigation procedure in relation to the alleged transfer from Macao by VML to the United States of certain data contrary to the Personal Data Protection Act (Macau). On April 13, 2013, the OPDP presented its findings and VML received a cumulative fine of 40,000 patacas (approximately $5,008 at exchange rates in effect on December 31, 2013). VML paid the fine as levied by the OPDP. | ||||
The Company previously received subpoenas from the U.S. Attorney’s Office for the Central District of California (the “USAO”) requesting the production of documents relating to two prior customers of the Company’s properties. In August 2013, the USAO completed its investigation and entered into an agreement with the Company, whereby the Company agreed to voluntarily return $47.4 million to the U.S. Treasury, which represented funds received from or on behalf of one of its customers, and provide written reports to the USAO regarding certain of its casino-related activities. The amount has been paid during the year ended December 31, 2013, and the matter has been closed. | ||||
On February 11, 2014, the Company disclosed that it was the victim of a sophisticated cyber-attack on its computer networks in the United States. As a result of this criminal attack, the U.S. government has commenced investigations into the source of the attack. In addition, the Company is working with internal and external forensic information technology systems experts in connection with this effort. As a result of the investigations and the Company’s efforts, which are ongoing, the Company has learned as of the date of the filing of this Annual Report on Form 10-K that certain customer and employee data was compromised at its Bethlehem facility and other data may have been stolen in the attack as well as that the attack may have destroyed certain other Company data. The Company is cooperating fully with the investigations. Based on the preliminary status of the investigations and the absence of claims asserted thus far, management is currently unable to determine the probability of the outcome of any matters relating to the cyber-attack, the extent of materiality or the range of reasonably possible loss, if any. | ||||
Macao Concession and Subconcession | ||||
On June 26, 2002, the Macao government granted a concession to operate casinos in Macao through June 26, 2022, subject to certain qualifications, to Galaxy Casino Company Limited (“Galaxy”), a consortium of Macao and Hong Kong-based investors. During December 2002, VML and Galaxy entered into a subconcession agreement that was recognized and approved by the Macao government and allows VML to develop and operate casino projects, including the Sands Macao, The Venetian Macao, the Plaza Casino at the Four Seasons Macao, and Sands Cotai Central, separately from Galaxy. Beginning on December 26, 2017, the Macao government may redeem the subconcession agreement by providing the Company at least one year prior notice. | ||||
Under the subconcession, the Company is obligated to pay to the Macao government an annual premium with a fixed portion and a variable portion based on the number and type of gaming tables it employs and gaming machines it operates. The fixed portion of the premium is equal to 30.0 million patacas (approximately $3.8 million at exchange rates in effect on December 31, 2013). The variable portion is equal to 300,000 patacas per gaming table reserved exclusively for certain kinds of games or players, 150,000 patacas per gaming table not so reserved and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,558, $18,779 and $125, respectively, at exchange rates in effect on December 31, 2013), subject to a minimum of 45.0 million patacas (approximately $5.6 million at exchange rates in effect on December 31, 2013). The Company is also obligated to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes. The Company must also contribute 4% of its gross gaming revenue to utilities designated by the Macao government, a portion of which must be used for promotion of tourism in Macao. Based on the number and types of gaming tables employed and gaming machines in operation as of December 31, 2013, the Company was obligated under its subconcession to make minimum future payments of approximately $43.8 million in each of the next five years and approximately $153.4 million thereafter. These amounts are expected to increase as the Company completes its remaining Cotai Strip developments. | ||||
Currently, the gaming tax in Macao is calculated as a percentage of gross gaming revenue; however, unlike Nevada, gross gaming revenue does not include deductions for credit losses. As a result, if the Company extends credit to its customers in Macao and is unable to collect on the related receivables, the Company must pay taxes on its winnings from these customers even though it was unable to collect on the related receivables. If the laws are not changed, the Company’s business in Macao may not be able to realize the full benefits of extending credit to its customers. Although there are proposals to revise the gaming tax laws in Macao, there can be no assurance that the laws will be changed. | ||||
Operating Leases | ||||
The Company leases real estate and various equipment under operating lease arrangements and is also party to several service agreements with terms in excess of one year. As of December 31, 2013, the Company was obligated under non-cancelable operating leases to make future minimum lease payments as follows (in thousands): | ||||
2014 | $ | 15,539 | ||
2015 | 9,253 | |||
2016 | 5,071 | |||
2017 | 3,793 | |||
2018 | 3,640 | |||
Thereafter | 102,300 | |||
Total minimum payments | $ | 139,596 | ||
Expenses incurred under operating lease agreements, including those that are short-term and variable-rate in nature, totaled $67.5 million, $51.4 million and $43.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Other Ventures and Commitments | ||||
The Company has entered into employment agreements with nine of its executive officers, with remaining terms of one to four years. As of December 31, 2013, the Company was obligated to make future payments of $10.2 million, $5.2 million, $2.4 million and $0.2 million during the years ended December 31, 2014, 2015, 2016 and 2017, respectively. | ||||
During 2003, the Company entered into three lease termination and asset purchase agreements with The Grand Canal Shoppes tenants. In each case, the Company has obtained title to leasehold improvements and other fixed assets, which were originally purchased by The Grand Canal Shoppes tenants, and which have been recorded at estimated fair market value, which approximated the discounted present value of the Company’s obligation to the former tenants. As of December 31, 2013, the Company was obligated under these agreements to make future payments of approximately $0.4 million in each of the next five years and $4.8 million thereafter. | ||||
Malls and Other | ||||
The Company leases space at several of its integrated resorts to various third parties. These leases are non-cancelable operating leases with lease periods that vary from 1 month to 25 years. The leases include minimum base rents with escalated contingent rent clauses. At December 31, 2013, the future minimum rentals on these non-cancelable leases are as follows (in thousands, at exchange rates in effect on December 31, 2013): | ||||
2014 | $ | 334,229 | ||
2015 | 304,708 | |||
2016 | 248,691 | |||
2017 | 195,754 | |||
2018 | 150,321 | |||
Thereafter | 402,847 | |||
Total minimum future rentals | $ | 1,636,550 | ||
The total minimum future rentals do not include the escalated contingent rent clauses. Contingent rentals amounted to $129.1 million, $109.0 million and $82.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
StockBased_Employee_Compensati
Stock-Based Employee Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Employee Compensation | ' | ||||||||||||
Stock-Based Employee Compensation | |||||||||||||
The Company has three nonqualified stock option plans, the 1997 Plan, the 2004 Plan and the SCL Equity Plan, which are described below. The plans provide for the granting of stock options pursuant to the applicable provisions of the Internal Revenue Code and regulations. | |||||||||||||
LVSLLC 1997 Fixed Stock Option Plan | |||||||||||||
The 1997 Plan provides for 19,952,457 shares (on a post-split basis) of common stock of LVSLLC to be reserved for issuance to officers and other key employees or consultants of LVSLLC or any LVSLLC affiliates or subsidiaries (each as defined in the 1997 Plan) pursuant to options granted under the 1997 Plan. | |||||||||||||
The 1997 Plan provides that the Principal Stockholder may, at any time, assume the 1997 Plan or certain obligations under the 1997 Plan, in which case the Principal Stockholder will have all the rights, powers and responsibilities granted LVSLLC or its Board of Directors under the 1997 Plan with respect to such assumed obligations. The Principal Stockholder assumed LVSLLC’s obligations under the 1997 Plan to sell shares to optionees upon the exercise of their options with respect to options granted prior to July 15, 2004. LVSLLC is responsible for all other obligations under the 1997 Plan. LVSC assumed all of the obligations of LVSLLC and the Principal Stockholder under the 1997 Plan (other than the obligation of the Principal Stockholder to issue 984,321 shares under options granted prior to July 15, 2004), in connection with its initial public offering. | |||||||||||||
The Board of Directors agreed not to grant any additional stock options under the 1997 Plan following the initial public offering and there were no options outstanding under it during the year ended December 31, 2012. In February 2013, the Board of Directors approved the dissolution of the 1997 Plan. | |||||||||||||
Las Vegas Sands Corp. 2004 Equity Award Plan | |||||||||||||
The Company adopted the 2004 Plan for grants of options to purchase its common stock. The purpose of the 2004 Plan is to give the Company a competitive edge in attracting, retaining and motivating employees, directors and consultants and to provide the Company with a stock plan providing incentives directly related to increases in its stockholder value. Any of the Company’s subsidiaries’ or affiliates’ employees, directors or officers and many of its consultants are eligible for awards under the 2004 Plan. The 2004 Plan provides for an aggregate of 26,344,000 shares of the Company’s common stock to be available for awards. The 2004 Plan has a term of ten years and no further awards may be granted after the expiration of the term. The compensation committee may grant awards of nonqualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation awards or any combination of the foregoing. As of December 31, 2013, there were 6,413,843 shares available for grant under the 2004 Plan. | |||||||||||||
Stock option awards are granted with an exercise price equal to the fair market value (as defined in the 2004 Plan) of the Company’s stock on the date of grant. The outstanding stock options generally vest over four years and have ten-year contractual terms. Compensation cost for all stock option grants, which all have graded vesting, is net of estimated forfeitures and is recognized on a straight-line basis over the awards’ respective requisite service periods. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on the Company’s historical volatility for a period equal to the expected life of the stock options. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. | |||||||||||||
Sands China Ltd. Equity Award Plan | |||||||||||||
The Company’s subsidiary, SCL, adopted an equity award plan (the “SCL Equity Plan”) for grants of options to purchase ordinary shares of SCL. The purpose of the SCL Equity Plan is to give SCL a competitive edge in attracting, retaining and motivating employees, directors and consultants and to provide SCL with a stock plan providing incentives directly related to increases in its stockholder value. Subject to certain criteria as defined in the SCL Equity Plan, SCL’s subsidiaries’ or affiliates’ employees, directors or officers and many of its consultants are eligible for awards under the SCL Equity Plan. The SCL Equity Plan provides for an aggregate of 804,786,508 shares of SCL’s common stock to be available for awards. The SCL Equity Plan has a term of ten years and no further awards may be granted after the expiration of the term. SCL’s compensation committee may grant awards of stock options, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation awards or any combination of the foregoing. As of December 31, 2013, there were 769,242,301 shares available for grant under the SCL Equity Plan. | |||||||||||||
Stock option awards are granted with an exercise price not less than (i) the closing price of SCL’s stock on the date of grant or (ii) the average closing price of SCL’s stock for the five business days immediately preceding the date of grant. The outstanding stock options generally vest over four years and have ten-year contractual terms. Compensation cost for all stock option grants, which all have graded vesting, is net of estimated forfeitures and is recognized on a straight-line basis over the awards’ respective requisite service periods. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on a combination of SCL's historical volatilities and the historical volatilities from a selection of companies from SCL’s peer group due to SCL’s lack of historical information. The Company used the simplified method for estimating expected option life, as the options qualify as “plain-vanilla” options. The risk-free interest rate for periods equal to the expected term of the stock option is based on the Hong Kong Exchange Fund Note rate in effect at the time of grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. | |||||||||||||
Stock-Based Employee Compensation Activity | |||||||||||||
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
LVSC 2004 Plan: | |||||||||||||
Weighted average volatility | 94.8 | % | 95.2 | % | 94.4 | % | |||||||
Expected term (in years) | 5.5 | 5.5 | 6.3 | ||||||||||
Risk-free rate | 1.3 | % | 1.1 | % | 2.7 | % | |||||||
Expected dividends | 2.5 | % | 1.9 | % | — | % | |||||||
SCL Equity Plan: | |||||||||||||
Weighted average volatility | 67.7 | % | 70 | % | 69.2 | % | |||||||
Expected term (in years) | 6.3 | 6.2 | 6.3 | ||||||||||
Risk-free rate | 0.7 | % | 0.5 | % | 1.3 | % | |||||||
Expected dividends | 3.1 | % | 4 | % | — | % | |||||||
A summary of the stock option activity for the Company’s equity award plans for the year ended December 31, 2013, is presented below: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life (Years) | |||||||||||||
LVSC 2004 Plan: | |||||||||||||
Outstanding as of January 1, 2013 | 9,790,460 | $ | 40.16 | ||||||||||
Granted | 287,558 | 56.55 | |||||||||||
Exercised | (2,777,127 | ) | 18.08 | ||||||||||
Forfeited | (393,700 | ) | 49.43 | ||||||||||
Outstanding as of December 31, 2013 | 6,907,191 | $ | 49.18 | 4.33 | $ | 212,321,939 | |||||||
Exercisable as of December 31, 2013 | 5,426,053 | $ | 50.87 | 3.5 | $ | 159,166,034 | |||||||
SCL Equity Plan: | |||||||||||||
Outstanding as of January 1, 2013 | 23,323,640 | $ | 2.66 | ||||||||||
Granted | 4,536,800 | 5.6 | |||||||||||
Exercised | (7,779,586 | ) | 2.48 | ||||||||||
Forfeited | (2,473,808 | ) | 2.79 | ||||||||||
Outstanding as of December 31, 2013 | 17,607,046 | $ | 3.49 | 8.01 | $ | 81,620,386 | |||||||
Exercisable as of December 31, 2013 | 3,059,475 | $ | 2.37 | 7.13 | $ | 17,600,866 | |||||||
A summary of the unvested restricted stock and stock units under the Company’s equity award plans for the year ended December 31, 2013, is presented below: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
LVSC 2004 Plan: | |||||||||||||
Unvested restricted stock as of January 1, 2013 | 1,116,697 | $ | 47.82 | ||||||||||
Granted | 46,848 | 54.72 | |||||||||||
Vested | (337,756 | ) | 46.89 | ||||||||||
Transfer from restricted stock units | 100,000 | 23.89 | |||||||||||
Forfeited | (13,076 | ) | 44.36 | ||||||||||
Unvested restricted stock as of December 31, 2013 | 912,713 | $ | 45.94 | ||||||||||
Unvested restricted stock units as of January 1, 2013 | 374,500 | $ | 28.35 | ||||||||||
Granted | 123,207 | 58.82 | |||||||||||
Vested | — | — | |||||||||||
Transfer to restricted stock | (100,000 | ) | 23.89 | ||||||||||
Forfeited | (10,000 | ) | 55.98 | ||||||||||
Unvested restricted stock units as of December 31, 2013 | 387,707 | $ | 38.47 | ||||||||||
SCL Equity Plan: | |||||||||||||
Unvested restricted stock units as of January 1, 2013 | — | $ | — | ||||||||||
Granted | 2,608,400 | 6.64 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Unvested restricted stock units as of December 31, 2013 | 2,608,400 | $ | 6.64 | ||||||||||
As of December 31, 2013, under the 2004 Plan there was $19.0 million of unrecognized compensation cost, net of estimated forfeitures of 8.0% per year, related to unvested stock options and there was $29.8 million of unrecognized compensation cost, net of estimated forfeitures of 8.0% per year, related to unvested restricted stock and stock units. The stock option and restricted stock and stock unit costs are expected to be recognized over a weighted average period of 2.3 years and 2.2 years, respectively. | |||||||||||||
As of December 31, 2013, under the SCL Equity Plan there was $16.2 million of unrecognized compensation cost, net of estimated forfeitures of 8.8% per year, related to unvested stock options and there was $16.0 million of unrecognized compensation cost related to unvested restricted stock units. The stock option and restricted stock unit costs are expected to be recognized over a weighted average period of 2.2 years and 3.5 years, respectively. | |||||||||||||
The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2013 (in thousands, except weighted average grant date fair values): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Compensation expense: | |||||||||||||
Stock options | $ | 32,549 | $ | 35,777 | $ | 44,691 | |||||||
Restricted stock and stock units | 20,828 | 29,651 | 18,023 | ||||||||||
$ | 53,377 | $ | 65,428 | $ | 62,714 | ||||||||
Income tax benefit recognized in the consolidated statements of operations | $ | — | $ | — | $ | — | |||||||
Compensation cost capitalized as part of property and equipment | $ | 941 | $ | 938 | $ | 576 | |||||||
LVSC 2004 Plan: | |||||||||||||
Stock options granted | 288 | 537 | 263 | ||||||||||
Weighted average grant date fair value | $ | 35.76 | $ | 36.17 | $ | 36.31 | |||||||
Restricted stock granted | 47 | 517 | 1,250 | ||||||||||
Weighted average grant date fair value | $ | 54.72 | $ | 52.97 | $ | 45.42 | |||||||
Restricted stock units granted | 123 | 333 | 42 | ||||||||||
Weighted average grant date fair value | $ | 58.82 | $ | 25.98 | $ | 47.15 | |||||||
Stock options exercised: | |||||||||||||
Intrinsic value | $ | 129,149 | $ | 84,761 | $ | 89,814 | |||||||
Cash received | $ | 50,223 | $ | 34,668 | $ | 23,238 | |||||||
Tax benefit realized for tax deductions from stock-based compensation | $ | — | $ | — | $ | — | |||||||
SCL Equity Plan: | |||||||||||||
Stock options granted | 4,537 | 7,762 | 9,987 | ||||||||||
Weighted average grant date fair value | $ | 2.63 | $ | 1.65 | $ | 1.71 | |||||||
Restricted stock units granted | 2,608,400 | — | — | ||||||||||
Weighted average grant date fair value | $ | 6.64 | $ | — | $ | — | |||||||
Stock options exercised: | |||||||||||||
Intrinsic value | $ | 25,786 | $ | 12,261 | $ | 1,699 | |||||||
Cash received | $ | 19,373 | $ | 11,572 | $ | 2,267 | |||||||
Tax benefit realized for tax deductions from stock-based compensation | $ | — | $ | — | $ | — | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The Company is self-insured for health care and workers compensation benefits for its U.S. employees. The liability for claims filed and estimates of claims incurred but not filed is included in other accrued liabilities in the accompanying consolidated balance sheets. | |
Participation in the VCR 401(k) employee savings plan is available for all eligible employees after a three-month probation period. The savings plan allows participants to defer, on a pre-tax basis, a portion of their salary and accumulate tax-deferred earnings as a retirement fund. The Company matches 150% of the first $390 of employee contributions and 50% of employee contributions in excess of $390 up to a maximum of 5% of participating employee’s eligible gross wages. For the years ended December 31, 2013, 2012 and 2011, the Company’s matching contributions under the savings plan were $8.2 million, $4.7 million and $7.9 million, respectively. | |
Participation in VML’s provident retirement fund is available for all permanent employees after a three-month probation period. VML contributes 5% of each employee’s basic salary to the fund and the employee is eligible to receive 30% of these contributions after working for three consecutive years, gradually increasing to 100% after working for ten years. For the years ended December 31, 2013, 2012 and 2011, VML’s contributions into the provident fund were $28.6 million, $22.9 million and $16.0 million, respectively. | |
Participation in MBS’s provident retirement fund is available for all permanent employees that are Singapore residents upon joining the Company. As of December 31, 2013, MBS contributes 16% of each employee’s basic salary to the fund, subject to certain caps as mandated by local regulations. The employee is eligible to receive funds upon reaching the retirement age or upon meeting requirements set up by local regulations. For the years ended December 31, 2013, 2012 and 2011, MBS’s contributions into the provident fund were $40.4 million, $32.8 million and $30.7 million, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
During the years ended December 31, 2013, 2012 and 2011, the Principal Stockholder and his family purchased certain lodging, banquet room, catering goods and services and procurement services from the Company for approximately $1.7 million, $1.3 million and $0.5 million, respectively. | |
During the years ended December 31, 2013, 2012 and 2011, the Company incurred and paid certain expenses totaling $11.4 million, $11.7 million and $16.5 million, respectively, to its Principal Stockholder related to the Company’s use of his personal aircraft for business purposes. In addition, during the years ended December 31, 2013, 2012 and 2011, the Company charged and received from the Principal Stockholder $17.6 million, $15.4 million and $15.2 million, respectively, related to aviation costs incurred by the Company for the Principal Stockholder’s use of Company aviation personnel and assets for personal purposes. See “— Note 9 — Equity — Other Equity Transactions” regarding the Company’s purchase of a Boeing 747 airplane from an entity controlled by the Principal Stockholder in June 2012. | |
On November 15, 2011, the Company paid $577.5 million to redeem all of the Preferred Stock held by the Principal Stockholder’s family. On March 2, 2012, the Principal Stockholder’s family exercised all of their outstanding Warrants to purchase 87,500,175 shares of the Company’s common stock for $6.00 per share and paid $525.0 million in cash as settlement of the Warrant exercise price. See “— Note 9 — Equity — Preferred Stock and Warrants — Preferred Stock Issued to Principal Stockholder’s Family.” | |
During the year ended December 31, 2003, the Company purchased the lease interest and assets of Carnevale Coffee Bar, LLC, in which the Principal Stockholder is a partner, for $3.1 million, payable in installments of $0.6 million during 2003, and approximately $0.3 million annually over 10 years, beginning in 2004 through September 1, 2013. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao and the remaining phase of Sands Cotai Central in Macao, and the Las Vegas Condo Tower (which construction is currently suspended and is included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The Company’s segment information is as follows as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Revenues | ||||||||||||
Macao: | ||||||||||||
The Venetian Macao | $ | 3,851,230 | $ | 3,037,975 | $ | 2,827,174 | ||||||
Sands Cotai Central | 2,698,430 | 1,052,124 | — | |||||||||
Four Seasons Macao | 1,065,405 | 1,086,456 | 678,293 | |||||||||
Sands Macao | 1,237,016 | 1,250,552 | 1,282,201 | |||||||||
Other Asia | 139,572 | 148,330 | 147,323 | |||||||||
8,991,653 | 6,575,437 | 4,934,991 | ||||||||||
Marina Bay Sands | 2,968,366 | 2,886,139 | 2,921,863 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 1,518,024 | 1,384,629 | 1,324,505 | |||||||||
Sands Bethlehem | 496,738 | 470,458 | 399,900 | |||||||||
2,014,762 | 1,855,087 | 1,724,405 | ||||||||||
Intersegment eliminations | (204,896 | ) | (185,531 | ) | (170,514 | ) | ||||||
Total net revenues | $ | 13,769,885 | $ | 11,131,132 | $ | 9,410,745 | ||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Adjusted Property EBITDA(1) | ||||||||||||
Macao: | ||||||||||||
The Venetian Macao | $ | 1,499,937 | $ | 1,143,245 | $ | 1,022,778 | ||||||
Sands Cotai Central | 739,723 | 213,476 | — | |||||||||
Four Seasons Macao | 305,040 | 288,170 | 217,923 | |||||||||
Sands Macao | 362,858 | 350,639 | 351,877 | |||||||||
Other Asia | (3,855 | ) | (15,950 | ) | (15,143 | ) | ||||||
2,903,703 | 1,979,580 | 1,577,435 | ||||||||||
Marina Bay Sands | 1,384,576 | 1,366,245 | 1,530,623 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 351,739 | 331,182 | 333,295 | |||||||||
Sands Bethlehem | 123,337 | 114,055 | 90,802 | |||||||||
475,076 | 445,237 | 424,097 | ||||||||||
Total adjusted property EBITDA | 4,763,355 | 3,791,062 | 3,532,155 | |||||||||
Other Operating Costs and Expenses | ||||||||||||
Stock-based compensation | (30,053 | ) | (30,772 | ) | (31,467 | ) | ||||||
Legal settlement | (47,400 | ) | — | — | ||||||||
Corporate | (189,535 | ) | (207,030 | ) | (185,694 | ) | ||||||
Pre-opening | (13,339 | ) | (143,795 | ) | (65,825 | ) | ||||||
Development | (15,809 | ) | (19,958 | ) | (11,309 | ) | ||||||
Depreciation and amortization | (1,007,468 | ) | (892,046 | ) | (794,404 | ) | ||||||
Amortization of leasehold interests in land | (40,352 | ) | (40,165 | ) | (43,366 | ) | ||||||
Impairment loss | — | (143,674 | ) | — | ||||||||
Loss on disposal of assets | (11,156 | ) | (2,240 | ) | (10,203 | ) | ||||||
Operating income | 3,408,243 | 2,311,382 | 2,389,887 | |||||||||
Other Non-Operating Costs and Expenses | ||||||||||||
Interest income | 16,337 | 23,252 | 14,394 | |||||||||
Interest expense, net of amounts capitalized | (271,211 | ) | (258,564 | ) | (282,949 | ) | ||||||
Other income (expense) | 4,321 | 5,740 | (3,955 | ) | ||||||||
Loss on modification or early retirement of debt | (14,178 | ) | (19,234 | ) | (22,554 | ) | ||||||
Income tax expense | (188,836 | ) | (180,763 | ) | (211,704 | ) | ||||||
Net income | $ | 2,954,676 | $ | 1,881,813 | $ | 1,883,119 | ||||||
_________________________ | ||||||||||||
-1 | Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, legal settlement expense (see "— Note 13 — Commitments and Contingencies — Litigation"), corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Intersegment Revenues | ||||||||||||
Macao: | ||||||||||||
The Venetian Macao | $ | 5,296 | $ | 5,125 | $ | 3,923 | ||||||
Sands Cotai Central | 356 | 251 | — | |||||||||
Other Asia | 34,120 | 32,748 | 36,888 | |||||||||
39,772 | 38,124 | 40,811 | ||||||||||
Marina Bay Sands | 9,548 | 3,449 | 1,298 | |||||||||
Las Vegas Operating Properties | 155,576 | 143,958 | 128,405 | |||||||||
Total intersegment revenues | $ | 204,896 | $ | 185,531 | $ | 170,514 | ||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | ||||||||||||
Corporate and Other | $ | 41,152 | $ | 100,887 | $ | 23,062 | ||||||
Macao: | ||||||||||||
The Venetian Macao | 96,172 | 112,351 | 28,018 | |||||||||
Sands Cotai Central | 262,540 | 862,951 | 842,962 | |||||||||
Four Seasons Macao | 15,003 | 28,143 | 31,092 | |||||||||
Sands Macao | 26,491 | 25,076 | 7,690 | |||||||||
Other Asia | 1,319 | 1,193 | 5,553 | |||||||||
The Parisian Macao | 212,842 | 20,393 | 39 | |||||||||
614,367 | 1,050,107 | 915,354 | ||||||||||
Marina Bay Sands | 142,706 | 119,647 | 466,144 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 93,191 | 156,205 | 47,666 | |||||||||
Sands Bethlehem | 6,695 | 22,388 | 56,267 | |||||||||
99,886 | 178,593 | 103,933 | ||||||||||
Total capital expenditures | $ | 898,111 | $ | 1,449,234 | $ | 1,508,493 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total Assets | ||||||||||||
Corporate and Other | $ | 630,673 | $ | 586,788 | $ | 644,645 | ||||||
Macao: | ||||||||||||
The Venetian Macao | 4,367,533 | 3,254,193 | 3,199,194 | |||||||||
Sands Cotai Central | 4,669,358 | 4,791,560 | 4,333,406 | |||||||||
Four Seasons Macao | 1,273,654 | 1,338,714 | 1,267,977 | |||||||||
Sands Macao | 383,444 | 414,531 | 485,231 | |||||||||
Other Asia | 328,332 | 345,522 | 328,415 | |||||||||
The Parisian Macao | 376,014 | 118,975 | 96,017 | |||||||||
Other Development Projects | 169 | 123 | 110,133 | |||||||||
11,398,504 | 10,263,618 | 9,820,373 | ||||||||||
Marina Bay Sands | 6,354,231 | 6,941,510 | 6,794,258 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 3,653,127 | 3,605,513 | 4,105,618 | |||||||||
Sands Bethlehem | 687,729 | 766,223 | 879,229 | |||||||||
4,340,856 | 4,371,736 | 4,984,847 | ||||||||||
Total assets | $ | 22,724,264 | $ | 22,163,652 | $ | 22,244,123 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total Long-Lived Assets | ||||||||||||
Corporate and Other | $ | 388,448 | $ | 398,100 | $ | 312,860 | ||||||
Macao: | ||||||||||||
The Venetian Macao | 1,925,040 | 1,968,415 | 2,002,751 | |||||||||
Sands Cotai Central | 3,772,095 | 3,836,471 | 3,053,551 | |||||||||
Four Seasons Macao | 928,396 | 971,732 | 1,006,441 | |||||||||
Sands Macao | 279,395 | 285,344 | 291,620 | |||||||||
Other Asia | 189,136 | 202,392 | 216,030 | |||||||||
The Parisian Macao | 376,014 | 118,912 | 96,017 | |||||||||
Other Development Projects | — | — | 101,062 | |||||||||
7,470,076 | 7,383,266 | 6,767,472 | ||||||||||
Marina Bay Sands | 5,277,126 | 5,657,351 | 5,471,376 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 3,073,793 | 3,179,426 | 3,244,090 | |||||||||
Sands Bethlehem | 578,329 | 607,346 | 625,649 | |||||||||
3,652,122 | 3,786,772 | 3,869,739 | ||||||||||
Total long-lived assets | $ | 16,787,772 | $ | 17,225,489 | $ | 16,421,447 | ||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
LVSLLC, as the issuer and primary obligor of the 2013 U.S. Credit Facility, VCR, Venetian Marketing, Inc., Sands Expo & Convention Center, Inc. (formerly Interface Group-Nevada, Inc.) and Sands Pennsylvania, Inc. (collectively, the “Restricted Subsidiaries”), are all guarantors under the 2013 U.S. Credit Facility. The noncontrolling interest amounts included in the Restricted Subsidiaries’ condensed consolidating financial information are related to non-voting preferred stock of one of the subsidiaries held by third parties. | ||||||||||||||||||||
In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC (a subsidiary of VCR), was sold to GGP; however, the sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain potential future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Restricted Subsidiaries, and therefore are included in the “Restricted Subsidiaries” columns in the following condensed consolidating financial information. As a result, net liabilities of $29.3 million (consisting of $239.3 million of property and equipment, offset by $268.6 million of liabilities consisting primarily of deferred proceeds from the sale) and $17.3 million (consisting of $250.8 million of property and equipment, offset by $268.1 million of liabilities consisting primarily of deferred proceeds from the sale) as of December 31, 2013 and 2012, respectively, and a net loss (consisting primarily of depreciation expense) of $12.9 million, $15.1 million and $19.5 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for the 2013 U.S. Credit Facility. | ||||||||||||||||||||
In connection with the refinancing of the Senior Secured Credit Facility, there has been a change in the group of subsidiaries that are the Restricted Subsidiaries, to exclude Palazzo Condo Tower, LLC, LVS (Nevada) International Holdings, Inc. and LVS Management Services, LLC. Accordingly, the Company has reclassified the prior periods to conform with the current presentation of the Restricted Subsidiaries. | ||||||||||||||||||||
The following condensed consolidating financial information of LVSC, a non-guarantor parent; the Restricted Subsidiaries, including LVSLLC as the issuer; and the non-restricted subsidiaries on a combined basis as of December 31, 2013 and 2012, and for each of the three years in the period ended December 31, 2013, is being presented in order to meet the reporting requirements under the 2013 U.S. Credit Facility, and is not intended to comply with SEC Regulation S-X 3-10 (in thousands): | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor Parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | 50,180 | $ | 315,489 | $ | 3,234,745 | $ | — | $ | 3,600,414 | ||||||||||
Restricted cash and cash equivalents | — | — | 6,839 | — | 6,839 | |||||||||||||||
Intercompany receivables | 271,993 | 236,259 | — | (508,252 | ) | — | ||||||||||||||
Intercompany notes receivables | — | — | 251,537 | (251,537 | ) | — | ||||||||||||||
Accounts receivable, net | 11,815 | 295,333 | 1,454,962 | — | 1,762,110 | |||||||||||||||
Inventories | 3,895 | 12,609 | 25,442 | — | 41,946 | |||||||||||||||
Deferred income taxes, net | 7,509 | 37,233 | — | (44,742 | ) | — | ||||||||||||||
Prepaid expenses and other | 21,311 | 11,592 | 71,327 | — | 104,230 | |||||||||||||||
Total current assets | 366,703 | 908,515 | 5,044,852 | (804,531 | ) | 5,515,539 | ||||||||||||||
Property and equipment, net | 155,806 | 3,056,678 | 12,146,469 | — | 15,358,953 | |||||||||||||||
Investments in subsidiaries | 7,568,252 | 6,112,507 | — | (13,680,759 | ) | — | ||||||||||||||
Deferred financing costs, net | 181 | 30,737 | 155,046 | — | 185,964 | |||||||||||||||
Intercompany receivables | 483 | 38,931 | — | (39,414 | ) | — | ||||||||||||||
Intercompany notes receivable | — | 1,081,710 | — | (1,081,710 | ) | — | ||||||||||||||
Deferred income taxes, net | — | — | — | 13,821 | 13,821 | |||||||||||||||
Leasehold interests in land, net | — | — | 1,428,819 | — | 1,428,819 | |||||||||||||||
Intangible assets, net | 690 | — | 101,391 | — | 102,081 | |||||||||||||||
Other assets, net | 264 | 22,288 | 96,535 | — | 119,087 | |||||||||||||||
Total assets | $ | 8,092,379 | $ | 11,251,366 | $ | 18,973,112 | $ | (15,592,593 | ) | $ | 22,724,264 | |||||||||
Accounts payable | $ | 8,381 | $ | 25,679 | $ | 85,134 | $ | — | $ | 119,194 | ||||||||||
Construction payables | 2,161 | 3,226 | 236,173 | — | 241,560 | |||||||||||||||
Intercompany payables | — | 278,309 | 229,943 | (508,252 | ) | — | ||||||||||||||
Intercompany notes payable | 251,537 | — | — | (251,537 | ) | — | ||||||||||||||
Accrued interest payable | 77 | 224 | 6,250 | — | 6,551 | |||||||||||||||
Other accrued liabilities | 54,071 | 224,759 | 1,916,036 | — | 2,194,866 | |||||||||||||||
Income taxes payable | — | 17 | 176,661 | — | 176,678 | |||||||||||||||
Deferred income taxes | — | — | 58,051 | (44,742 | ) | 13,309 | ||||||||||||||
Current maturities of long-term debt | 3,688 | 24,892 | 348,927 | — | 377,507 | |||||||||||||||
Total current liabilities | 319,915 | 557,106 | 3,057,175 | (804,531 | ) | 3,129,665 | ||||||||||||||
Other long-term liabilities | 3,775 | 10,175 | 98,245 | — | 112,195 | |||||||||||||||
Intercompany payables | — | — | 39,414 | (39,414 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 1,081,710 | (1,081,710 | ) | — | ||||||||||||||
Deferred income taxes | 39,523 | 54,668 | 65,199 | 13,821 | 173,211 | |||||||||||||||
Deferred amounts related to mall transactions | — | 425,912 | — | — | 425,912 | |||||||||||||||
Long-term debt | 63,672 | 2,823,269 | 6,495,811 | — | 9,382,752 | |||||||||||||||
Total liabilities | 426,885 | 3,871,130 | 10,837,554 | (1,911,834 | ) | 13,223,735 | ||||||||||||||
Total Las Vegas Sands Corp. stockholders’ equity | 7,665,494 | 7,379,831 | 6,300,928 | (13,680,759 | ) | 7,665,494 | ||||||||||||||
Noncontrolling interests | — | 405 | 1,834,630 | — | 1,835,035 | |||||||||||||||
Total equity | 7,665,494 | 7,380,236 | 8,135,558 | (13,680,759 | ) | 9,500,529 | ||||||||||||||
Total liabilities and equity | $ | 8,092,379 | $ | 11,251,366 | $ | 18,973,112 | $ | (15,592,593 | ) | $ | 22,724,264 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | 7,962 | $ | 182,402 | $ | 2,322,402 | $ | — | $ | 2,512,766 | ||||||||||
Restricted cash and cash equivalents | — | 1 | 4,520 | — | 4,521 | |||||||||||||||
Intercompany receivables | 209,961 | 256,409 | — | (466,370 | ) | — | ||||||||||||||
Intercompany notes receivable | — | 1,100,000 | 237,161 | (1,337,161 | ) | — | ||||||||||||||
Accounts receivable, net | 6,646 | 259,691 | 1,552,923 | — | 1,819,260 | |||||||||||||||
Inventories | 3,501 | 13,081 | 27,293 | — | 43,875 | |||||||||||||||
Deferred income taxes, net | 5,687 | 36,900 | — | (40,288 | ) | 2,299 | ||||||||||||||
Prepaid expenses and other | 13,257 | 12,223 | 69,313 | — | 94,793 | |||||||||||||||
Total current assets | 247,014 | 1,860,707 | 4,213,612 | (1,843,819 | ) | 4,477,514 | ||||||||||||||
Property and equipment, net | 173,065 | 3,157,605 | 12,436,078 | — | 15,766,748 | |||||||||||||||
Investments in subsidiaries | 7,045,198 | 4,675,328 | — | (11,720,526 | ) | — | ||||||||||||||
Deferred financing costs, net | 238 | 12,528 | 201,699 | — | 214,465 | |||||||||||||||
Restricted cash and cash equivalents | — | — | 1,938 | — | 1,938 | |||||||||||||||
Intercompany receivables | 6,109 | 56,302 | — | (62,411 | ) | — | ||||||||||||||
Intercompany notes receivable | — | 928,728 | — | (928,728 | ) | — | ||||||||||||||
Deferred income taxes, net | 3,665 | — | — | 39,615 | 43,280 | |||||||||||||||
Leasehold interests in land, net | — | — | 1,458,741 | — | 1,458,741 | |||||||||||||||
Intangible assets, net | 690 | — | 69,928 | — | 70,618 | |||||||||||||||
Other assets, net | 243 | 18,403 | 111,702 | — | 130,348 | |||||||||||||||
Total assets | $ | 7,476,222 | $ | 10,709,601 | $ | 18,493,698 | $ | (14,515,869 | ) | $ | 22,163,652 | |||||||||
Accounts payable | $ | 9,948 | $ | 25,007 | $ | 71,543 | $ | — | $ | 106,498 | ||||||||||
Construction payables | 5,318 | 7,646 | 330,408 | — | 343,372 | |||||||||||||||
Intercompany payables | — | 173,893 | 292,477 | (466,370 | ) | — | ||||||||||||||
Intercompany notes payable | 237,161 | — | 1,100,000 | (1,337,161 | ) | — | ||||||||||||||
Accrued interest payable | 82 | 1,050 | 14,410 | — | 15,542 | |||||||||||||||
Other accrued liabilities | 42,318 | 235,889 | 1,617,276 | — | 1,895,483 | |||||||||||||||
Income taxes payable | — | 4 | 164,122 | — | 164,126 | |||||||||||||||
Deferred income taxes | — | — | 40,288 | (40,288 | ) | — | ||||||||||||||
Current maturities of long-term debt | 3,688 | 90,649 | 3,465 | — | 97,802 | |||||||||||||||
Total current liabilities | 298,515 | 534,138 | 3,633,989 | (1,843,819 | ) | 2,622,823 | ||||||||||||||
Other long-term liabilities | 48,506 | 9,776 | 75,654 | — | 133,936 | |||||||||||||||
Intercompany payables | — | — | 62,411 | (62,411 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 928,728 | (928,728 | ) | — | ||||||||||||||
Deferred income taxes | — | 39,643 | 106,687 | 39,615 | 185,945 | |||||||||||||||
Deferred amounts related to mall transactions | — | 430,271 | — | — | 430,271 | |||||||||||||||
Long-term debt | 67,359 | 2,753,745 | 7,311,161 | — | 10,132,265 | |||||||||||||||
Total liabilities | 414,380 | 3,767,573 | 12,118,630 | (2,795,343 | ) | 13,505,240 | ||||||||||||||
Total Las Vegas Sands Corp. stockholders’ equity | 7,061,842 | 6,941,623 | 4,778,903 | (11,720,526 | ) | 7,061,842 | ||||||||||||||
Noncontrolling interests | — | 405 | 1,596,165 | — | 1,596,570 | |||||||||||||||
Total equity | 7,061,842 | 6,942,028 | 6,375,068 | (11,720,526 | ) | 8,658,412 | ||||||||||||||
Total liabilities and equity | $ | 7,476,222 | $ | 10,709,601 | $ | 18,493,698 | $ | (14,515,869 | ) | $ | 22,163,652 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Casino | $ | — | $ | 584,372 | $ | 10,802,545 | $ | — | $ | 11,386,917 | ||||||||||
Rooms | — | 472,518 | 908,163 | — | 1,380,681 | |||||||||||||||
Food and beverage | — | 197,371 | 532,888 | — | 730,259 | |||||||||||||||
Mall | — | — | 481,400 | — | 481,400 | |||||||||||||||
Convention, retail and other | — | 310,276 | 377,791 | (172,888 | ) | 515,179 | ||||||||||||||
— | 1,564,537 | 13,102,787 | (172,888 | ) | 14,494,436 | |||||||||||||||
Less — promotional allowances | (1,455 | ) | (91,217 | ) | (629,994 | ) | (1,885 | ) | (724,551 | ) | ||||||||||
Net revenues | (1,455 | ) | 1,473,320 | 12,472,793 | (174,773 | ) | 13,769,885 | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Casino | — | 314,966 | 6,171,744 | (2,992 | ) | 6,483,718 | ||||||||||||||
Rooms | — | 157,497 | 114,449 | (4 | ) | 271,942 | ||||||||||||||
Food and beverage | — | 90,507 | 283,366 | (4,303 | ) | 369,570 | ||||||||||||||
Mall | — | — | 73,358 | — | 73,358 | |||||||||||||||
Convention, retail and other | — | 106,242 | 238,296 | (26,669 | ) | 317,869 | ||||||||||||||
Provision for doubtful accounts | — | 29,977 | 207,809 | — | 237,786 | |||||||||||||||
General and administrative | — | 341,659 | 988,927 | (846 | ) | 1,329,740 | ||||||||||||||
Corporate | 164,926 | 1,264 | 163,287 | (139,942 | ) | 189,535 | ||||||||||||||
Pre-opening | — | 911 | 12,428 | — | 13,339 | |||||||||||||||
Development | 15,207 | — | 619 | (17 | ) | 15,809 | ||||||||||||||
Depreciation and amortization | 26,165 | 186,871 | 794,432 | — | 1,007,468 | |||||||||||||||
Amortization of leasehold interests in land | — | — | 40,352 | — | 40,352 | |||||||||||||||
(Gain) loss on disposal of assets | (12,641 | ) | 1,823 | 21,974 | — | 11,156 | ||||||||||||||
193,657 | 1,231,717 | 9,111,041 | (174,773 | ) | 10,361,642 | |||||||||||||||
Operating income (loss) | (195,112 | ) | 241,603 | 3,361,752 | — | 3,408,243 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 1,155 | 173,203 | 18,189 | (176,210 | ) | 16,337 | ||||||||||||||
Interest expense, net of amounts capitalized | (4,269 | ) | (88,972 | ) | (354,180 | ) | 176,210 | (271,211 | ) | |||||||||||
Other income (expense) | (5,282 | ) | (2,322 | ) | 11,925 | — | 4,321 | |||||||||||||
Loss on modification or early retirement of debt | — | (14,178 | ) | — | — | (14,178 | ) | |||||||||||||
Income from equity investments in subsidiaries | 2,416,604 | 2,119,936 | — | (4,536,540 | ) | — | ||||||||||||||
Income before income taxes | 2,213,096 | 2,429,270 | 3,037,686 | (4,536,540 | ) | 3,143,512 | ||||||||||||||
Income tax benefit (expense) | 92,901 | (133,519 | ) | (148,218 | ) | — | (188,836 | ) | ||||||||||||
Net income | 2,305,997 | 2,295,751 | 2,889,468 | (4,536,540 | ) | 2,954,676 | ||||||||||||||
Net income attributable to noncontrolling interests | — | (2,894 | ) | (645,785 | ) | — | (648,679 | ) | ||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 2,305,997 | $ | 2,292,857 | $ | 2,243,683 | $ | (4,536,540 | ) | $ | 2,305,997 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Casino | $ | — | $ | 512,647 | $ | 8,495,511 | $ | — | $ | 9,008,158 | ||||||||||
Rooms | — | 446,241 | 707,783 | — | 1,154,024 | |||||||||||||||
Food and beverage | — | 173,111 | 455,417 | — | 628,528 | |||||||||||||||
Mall | — | — | 396,927 | — | 396,927 | |||||||||||||||
Convention, retail and other | — | 294,047 | 359,342 | (156,357 | ) | 497,032 | ||||||||||||||
— | 1,426,046 | 10,414,980 | (156,357 | ) | 11,684,669 | |||||||||||||||
Less — promotional allowances | (1,109 | ) | (84,613 | ) | (466,177 | ) | (1,638 | ) | (553,537 | ) | ||||||||||
Net revenues | (1,109 | ) | 1,341,433 | 9,948,803 | (157,995 | ) | 11,131,132 | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Casino | — | 288,999 | 4,841,526 | (2,489 | ) | 5,128,036 | ||||||||||||||
Rooms | — | 138,356 | 98,951 | (4 | ) | 237,303 | ||||||||||||||
Food and beverage | — | 85,206 | 250,258 | (4,254 | ) | 331,210 | ||||||||||||||
Mall | — | — | 68,763 | — | 68,763 | |||||||||||||||
Convention, retail and other | — | 84,957 | 239,904 | (20,598 | ) | 304,263 | ||||||||||||||
Provision for doubtful accounts | — | 28,987 | 210,345 | — | 239,332 | |||||||||||||||
General and administrative | — | 268,834 | 793,916 | (815 | ) | 1,061,935 | ||||||||||||||
Corporate | 188,187 | 413 | 148,243 | (129,813 | ) | 207,030 | ||||||||||||||
Pre-opening | — | 1,909 | 141,893 | (7 | ) | 143,795 | ||||||||||||||
Development | 19,973 | — | — | (15 | ) | 19,958 | ||||||||||||||
Depreciation and amortization | 19,921 | 222,096 | 650,029 | — | 892,046 | |||||||||||||||
Amortization of leasehold interests in land | — | — | 40,165 | — | 40,165 | |||||||||||||||
Impairment loss | — | — | 143,674 | — | 143,674 | |||||||||||||||
(Gain) loss on disposal of assets | (1 | ) | 389 | 1,852 | — | 2,240 | ||||||||||||||
228,080 | 1,120,146 | 7,629,519 | (157,995 | ) | 8,819,750 | |||||||||||||||
Operating income (loss) | (229,189 | ) | 221,287 | 2,319,284 | — | 2,311,382 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 281 | 135,153 | 21,700 | (133,882 | ) | 23,252 | ||||||||||||||
Interest expense, net of amounts capitalized | (4,841 | ) | (91,870 | ) | (295,735 | ) | 133,882 | (258,564 | ) | |||||||||||
Other income (expense) | (47 | ) | 792 | 4,995 | — | 5,740 | ||||||||||||||
Loss on modification or early retirement of debt | (2,831 | ) | (1,599 | ) | (14,804 | ) | — | (19,234 | ) | |||||||||||
Income from equity investments in subsidiaries | 1,705,354 | 1,430,459 | — | (3,135,813 | ) | — | ||||||||||||||
Income before income taxes | 1,468,727 | 1,694,222 | 2,035,440 | (3,135,813 | ) | 2,062,576 | ||||||||||||||
Income tax benefit (expense) | 55,366 | (78,240 | ) | (157,889 | ) | — | (180,763 | ) | ||||||||||||
Net income | 1,524,093 | 1,615,982 | 1,877,551 | (3,135,813 | ) | 1,881,813 | ||||||||||||||
Net income attributable to noncontrolling interests | — | (2,733 | ) | (354,987 | ) | — | (357,720 | ) | ||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 1,524,093 | $ | 1,613,249 | $ | 1,522,564 | $ | (3,135,813 | ) | $ | 1,524,093 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Casino | $ | — | $ | 430,758 | $ | 7,006,244 | $ | — | $ | 7,437,002 | ||||||||||
Rooms | — | 450,487 | 549,548 | — | 1,000,035 | |||||||||||||||
Food and beverage | — | 186,894 | 411,929 | — | 598,823 | |||||||||||||||
Mall | — | — | 325,123 | — | 325,123 | |||||||||||||||
Convention, retail and other | — | 280,349 | 362,050 | (141,048 | ) | 501,351 | ||||||||||||||
— | 1,348,488 | 8,654,894 | (141,048 | ) | 9,862,334 | |||||||||||||||
Less — promotional allowances | (720 | ) | (75,238 | ) | (374,060 | ) | (1,571 | ) | (451,589 | ) | ||||||||||
Net revenues | (720 | ) | 1,273,250 | 8,280,834 | (142,619 | ) | 9,410,745 | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Casino | — | 266,203 | 3,744,193 | (2,509 | ) | 4,007,887 | ||||||||||||||
Rooms | — | 136,416 | 73,636 | — | 210,052 | |||||||||||||||
Food and beverage | — | 88,485 | 223,807 | (4,846 | ) | 307,446 | ||||||||||||||
Mall | — | — | 59,183 | — | 59,183 | |||||||||||||||
Convention, retail and other | — | 87,779 | 274,582 | (24,252 | ) | 338,109 | ||||||||||||||
Provision for doubtful accounts | — | 14,532 | 135,924 | — | 150,456 | |||||||||||||||
General and administrative | — | 254,139 | 583,472 | (687 | ) | 836,924 | ||||||||||||||
Corporate | 165,120 | 265 | 130,623 | (110,314 | ) | 185,694 | ||||||||||||||
Pre-opening | — | — | 65,833 | (8 | ) | 65,825 | ||||||||||||||
Development | 11,312 | — | — | (3 | ) | 11,309 | ||||||||||||||
Depreciation and amortization | 18,493 | 227,400 | 548,511 | — | 794,404 | |||||||||||||||
Amortization of leasehold interests in land | — | — | 43,366 | — | 43,366 | |||||||||||||||
(Gain) loss on disposal of assets | 7,662 | 2,590 | (49 | ) | — | 10,203 | ||||||||||||||
202,587 | 1,077,809 | 5,883,081 | (142,619 | ) | 7,020,858 | |||||||||||||||
Operating income (loss) | (203,307 | ) | 195,441 | 2,397,753 | — | 2,389,887 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 3,702 | 112,218 | 9,867 | (111,393 | ) | 14,394 | ||||||||||||||
Interest expense, net of amounts capitalized | (13,856 | ) | (95,993 | ) | (284,493 | ) | 111,393 | (282,949 | ) | |||||||||||
Other income (expense) | 171 | (1,946 | ) | (2,180 | ) | — | (3,955 | ) | ||||||||||||
Loss on modification or early retirement of debt | — | (503 | ) | (22,051 | ) | — | (22,554 | ) | ||||||||||||
Income from equity investments in subsidiaries | 1,716,119 | 1,442,967 | — | (3,159,086 | ) | — | ||||||||||||||
Income before income taxes | 1,502,829 | 1,652,184 | 2,098,896 | (3,159,086 | ) | 2,094,823 | ||||||||||||||
Income tax benefit (expense) | 57,294 | (57,336 | ) | (211,662 | ) | — | (211,704 | ) | ||||||||||||
Net income | 1,560,123 | 1,594,848 | 1,887,234 | (3,159,086 | ) | 1,883,119 | ||||||||||||||
Net income attributable to noncontrolling interests | — | (2,495 | ) | (320,501 | ) | — | (322,996 | ) | ||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 1,560,123 | $ | 1,592,353 | $ | 1,566,733 | $ | (3,159,086 | ) | $ | 1,560,123 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net income | $ | 2,305,997 | $ | 2,295,751 | $ | 2,889,468 | $ | (4,536,540 | ) | $ | 2,954,676 | |||||||||
Currency translation adjustment, before and after tax | (89,295 | ) | (75,797 | ) | (89,976 | ) | 165,092 | (89,976 | ) | |||||||||||
Total comprehensive income | 2,216,702 | 2,219,954 | 2,799,492 | (4,371,448 | ) | 2,864,700 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,894 | ) | (645,104 | ) | — | (647,998 | ) | ||||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 2,216,702 | $ | 2,217,060 | $ | 2,154,388 | $ | (4,371,448 | ) | $ | 2,216,702 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net income | $ | 1,524,093 | $ | 1,615,982 | $ | 1,877,551 | $ | (3,135,813 | ) | $ | 1,881,813 | |||||||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | 168,974 | 143,570 | 172,788 | (312,544 | ) | 172,788 | ||||||||||||||
Total comprehensive income | 1,693,067 | 1,759,552 | 2,050,339 | (3,448,357 | ) | 2,054,601 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,733 | ) | (358,801 | ) | — | (361,534 | ) | ||||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,693,067 | $ | 1,756,819 | $ | 1,691,538 | $ | (3,448,357 | ) | $ | 1,693,067 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net income | $ | 1,560,123 | $ | 1,594,848 | $ | 1,887,234 | $ | (3,159,086 | ) | $ | 1,883,119 | |||||||||
Currency translation adjustment, before and after tax | (35,415 | ) | (28,876 | ) | (32,793 | ) | 64,291 | (32,793 | ) | |||||||||||
Total comprehensive income | 1,524,708 | 1,565,972 | 1,854,441 | (3,094,795 | ) | 1,850,326 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,495 | ) | (323,123 | ) | — | (325,618 | ) | ||||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,524,708 | $ | 1,563,477 | $ | 1,531,318 | $ | (3,094,795 | ) | $ | 1,524,708 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net cash generated from operating activities | $ | 1,693,766 | $ | 1,892,021 | $ | 4,255,589 | $ | (3,401,964 | ) | $ | 4,439,412 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Change in restricted cash and cash equivalents | — | 1 | (383 | ) | — | (382 | ) | |||||||||||||
Capital expenditures | (29,901 | ) | (91,900 | ) | (776,310 | ) | — | (898,111 | ) | |||||||||||
Proceeds from disposal of property and equipment | 31,000 | 121 | 1,034 | — | 32,155 | |||||||||||||||
Acquisition of intangible assets | — | — | (45,871 | ) | — | (45,871 | ) | |||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 1,357 | — | (1,357 | ) | — | ||||||||||||||
Notes receivable to Las Vegas Sands Corp. | — | — | (251,537 | ) | 251,537 | — | ||||||||||||||
Repayments of receivable from Las Vegas Sands Corp. | — | — | 237,161 | (237,161 | ) | — | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 1,383,116 | — | (1,383,116 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (68 | ) | (1,292,416 | ) | — | 1,292,484 | — | |||||||||||||
Net cash generated from (used in) investing activities | 1,031 | 279 | (835,906 | ) | (77,613 | ) | (912,209 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 50,223 | — | 19,373 | — | 69,596 | |||||||||||||||
Repurchase of common stock | (561,150 | ) | — | — | — | (561,150 | ) | |||||||||||||
Proceeds from exercise of warrants | 350 | — | — | — | 350 | |||||||||||||||
Dividends paid | (1,152,690 | ) | — | (411,359 | ) | — | (1,564,049 | ) | ||||||||||||
Distributions to noncontrolling interests | — | (2,894 | ) | (8,964 | ) | — | (11,858 | ) | ||||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (1,732,152 | ) | (108,570 | ) | 1,840,722 | — | |||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (2,944,358 | ) | 2,944,358 | — | ||||||||||||||
Capital contributions received | — | — | 1,292,484 | (1,292,484 | ) | — | ||||||||||||||
Borrowings from non-restricted subsidiaries | 251,537 | — | — | (251,537 | ) | — | ||||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (1,357 | ) | 1,357 | — | ||||||||||||||
Repayments on borrowings from non-restricted subsidiaries | (237,161 | ) | — | — | 237,161 | — | ||||||||||||||
Proceeds from 2013 U.S. credit facility | — | 2,828,750 | — | — | 2,828,750 | |||||||||||||||
Proceeds from senior secured credit facility | — | 250,000 | — | — | 250,000 | |||||||||||||||
Proceeds from 2012 Singapore credit facility | — | — | 104,357 | — | 104,357 | |||||||||||||||
Repayments on senior secured credit facility | — | (3,073,038 | ) | — | — | (3,073,038 | ) | |||||||||||||
Repayments on 2012 Singapore credit facility | — | — | (430,504 | ) | (430,504 | ) | ||||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | |||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (2,350 | ) | (3,452 | ) | — | (5,802 | ) | ||||||||||||
Payments of deferred financing costs | — | (27,529 | ) | (7,885 | ) | — | (35,414 | ) | ||||||||||||
Net cash used in financing activities | (1,652,579 | ) | (1,759,213 | ) | (2,500,235 | ) | 3,479,577 | (2,432,450 | ) | |||||||||||
Effect of exchange rate on cash | — | — | (7,105 | ) | — | (7,105 | ) | |||||||||||||
Increase in cash and cash equivalents | 42,218 | 133,087 | 912,343 | — | 1,087,648 | |||||||||||||||
Cash and cash equivalents at beginning of year | 7,962 | 182,402 | 2,322,402 | — | 2,512,766 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 50,180 | $ | 315,489 | $ | 3,234,745 | $ | — | $ | 3,600,414 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net cash generated from operating activities | $ | 2,544,296 | $ | 2,177,182 | $ | 2,894,423 | $ | (4,558,144 | ) | $ | 3,057,757 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Change in restricted cash and cash equivalents | — | (1 | ) | 694 | — | 693 | ||||||||||||||
Capital expenditures | (50,903 | ) | (155,936 | ) | (1,242,395 | ) | — | (1,449,234 | ) | |||||||||||
Proceeds from disposal of property and equipment | — | 454 | 2,455 | — | 2,909 | |||||||||||||||
Intercompany receivable to non-restricted subsidiaries | (20,297 | ) | — | — | 20,297 | — | ||||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 683 | — | (683 | ) | — | ||||||||||||||
Notes receivable to Las Vegas Sands Corp. | — | — | (237,161 | ) | 237,161 | — | ||||||||||||||
Notes receivable to non-restricted subsidiaries | — | (9,773 | ) | — | 9,773 | — | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 2,564,500 | — | (2,564,500 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (64 | ) | (2,485,000 | ) | — | 2,485,064 | — | |||||||||||||
Net cash used in investing activities | (71,264 | ) | (85,073 | ) | (1,476,407 | ) | 187,112 | (1,445,632 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 34,668 | — | 11,572 | — | 46,240 | |||||||||||||||
Proceeds from exercise of warrants | 528,908 | — | — | — | 528,908 | |||||||||||||||
Dividends paid | (3,085,256 | ) | — | (357,056 | ) | — | (3,442,312 | ) | ||||||||||||
Distributions to noncontrolling interests | — | (2,733 | ) | (7,733 | ) | — | (10,466 | ) | ||||||||||||
Deemed distribution to Principal Stockholder | — | — | (18,576 | ) | — | (18,576 | ) | |||||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (2,568,900 | ) | (181,191 | ) | 2,750,091 | — | |||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (4,372,553 | ) | 4,372,553 | — | ||||||||||||||
Capital contributions received | — | — | 2,485,064 | (2,485,064 | ) | — | ||||||||||||||
Borrowings from Las Vegas Sands Corp. | — | — | 20,297 | (20,297 | ) | — | ||||||||||||||
Borrowings from Restricted Subsidiaries | — | — | 9,773 | (9,773 | ) | — | ||||||||||||||
Borrowings from non-restricted subsidiaries | 237,161 | — | — | (237,161 | ) | — | ||||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (683 | ) | 683 | — | ||||||||||||||
Proceeds from 2012 Singapore credit facility | — | — | 3,951,486 | — | 3,951,486 | |||||||||||||||
Proceeds from senior secured credit facility | — | 400,000 | — | — | 400,000 | |||||||||||||||
Repayments on Singapore credit facility | — | — | (3,635,676 | ) | — | (3,635,676 | ) | |||||||||||||
Repayments on senior secured credit facility | — | (425,555 | ) | — | — | (425,555 | ) | |||||||||||||
Redemption of senior notes | (189,712 | ) | — | — | — | (189,712 | ) | |||||||||||||
Repayments on ferry financing | — | — | (140,337 | ) | — | (140,337 | ) | |||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | |||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (2,161 | ) | (2,569 | ) | — | (4,730 | ) | ||||||||||||
Payments of deferred financing costs | — | — | (100,888 | ) | — | (100,888 | ) | |||||||||||||
Net cash used in financing activities | (2,477,919 | ) | (2,599,349 | ) | (2,339,070 | ) | 4,371,032 | (3,045,306 | ) | |||||||||||
Effect of exchange rate on cash | — | — | 43,229 | — | 43,229 | |||||||||||||||
Decrease in cash and cash equivalents | (4,887 | ) | (507,240 | ) | (877,825 | ) | — | (1,389,952 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 12,849 | 689,642 | 3,200,227 | — | 3,902,718 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 7,962 | $ | 182,402 | $ | 2,322,402 | $ | — | $ | 2,512,766 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net cash generated from (used in) operating activities | $ | (42,087 | ) | $ | 404,624 | $ | 2,503,697 | $ | (203,738 | ) | $ | 2,662,496 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Change in restricted cash and cash equivalents | — | 2,285 | 802,109 | — | 804,394 | |||||||||||||||
Capital expenditures | (21,355 | ) | (47,560 | ) | (1,439,578 | ) | — | (1,508,493 | ) | |||||||||||
Proceeds from disposal of property and equipment | — | — | 6,093 | — | 6,093 | |||||||||||||||
Acquisition of intangible assets | (100 | ) | — | — | — | (100 | ) | |||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 1,200 | — | (1,200 | ) | — | ||||||||||||||
Notes receivable to non-restricted subsidiaries | — | (50,766 | ) | — | 50,766 | — | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 94,472 | — | (94,472 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (50,026 | ) | — | — | 50,026 | — | ||||||||||||||
Net cash used in investing activities | (71,481 | ) | (369 | ) | (631,376 | ) | 5,120 | (698,106 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 23,238 | — | 2,267 | — | 25,505 | |||||||||||||||
Proceeds from exercise of warrants | 12,512 | — | — | — | 12,512 | |||||||||||||||
Dividends paid | (75,297 | ) | — | — | — | (75,297 | ) | |||||||||||||
Distributions to noncontrolling interests | — | (2,495 | ) | (7,893 | ) | — | (10,388 | ) | ||||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (143,738 | ) | — | 143,738 | — | ||||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (154,472 | ) | 154,472 | — | ||||||||||||||
Capital contributions received | — | 50,000 | 26 | (50,026 | ) | — | ||||||||||||||
Borrowings from Restricted Subsidiaries | — | — | 50,766 | (50,766 | ) | — | ||||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (1,200 | ) | 1,200 | — | ||||||||||||||
Proceeds from 2011 VML credit facility | — | — | 3,201,535 | — | 3,201,535 | |||||||||||||||
Repayments on senior secured credit facility | — | (28,937 | ) | — | — | (28,937 | ) | |||||||||||||
Repayments on VML credit facility | — | — | (2,060,819 | ) | — | (2,060,819 | ) | |||||||||||||
Repayments on VOL credit facility | — | — | (749,660 | ) | — | (749,660 | ) | |||||||||||||
Repayments on Singapore credit facility | — | — | (418,564 | ) | — | (418,564 | ) | |||||||||||||
Repayments on ferry financing | — | — | (35,002 | ) | — | (35,002 | ) | |||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | |||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (1,669 | ) | (1,971 | ) | — | (3,640 | ) | ||||||||||||
Repurchases and redemption of preferred stock | (845,321 | ) | — | — | — | (845,321 | ) | |||||||||||||
Payments of preferred stock inducement premium | (16,871 | ) | — | — | — | (16,871 | ) | |||||||||||||
Payments of deferred financing costs | — | — | (84,826 | ) | — | (84,826 | ) | |||||||||||||
Net cash used in financing activities | (905,427 | ) | (126,839 | ) | (259,813 | ) | 198,618 | (1,093,461 | ) | |||||||||||
Effect of exchange rate on cash | — | — | (5,292 | ) | — | (5,292 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | (1,018,995 | ) | 277,416 | 1,607,216 | — | 865,637 | ||||||||||||||
Cash and cash equivalents at beginning of year | 1,031,844 | 412,226 | 1,593,011 | — | 3,037,081 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 12,849 | $ | 689,642 | $ | 3,200,227 | $ | — | $ | 3,902,718 | ||||||||||
Selected_Quarterly_Financial_R
Selected Quarterly Financial Results (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Results (Unaudited) | ' | |||||||||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||||||||||
Quarter | ||||||||||||||||||||
First(1)(2)(3) | Second(3)(4) | Third(4) | Fourth | Total | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Net revenues | $ | 3,302,719 | $ | 3,242,941 | $ | 3,568,540 | $ | 3,655,685 | $ | 13,769,885 | ||||||||||
Operating income | 826,703 | 780,641 | 914,826 | 886,073 | 3,408,243 | |||||||||||||||
Net income | 703,974 | 671,673 | 809,298 | 769,731 | 2,954,676 | |||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 571,961 | 529,753 | 626,744 | 577,539 | 2,305,997 | |||||||||||||||
Basic earnings per share | 0.69 | 0.64 | 0.76 | 0.71 | 2.8 | |||||||||||||||
Diluted earnings per share | 0.69 | 0.64 | 0.76 | 0.7 | 2.79 | |||||||||||||||
2012 | ||||||||||||||||||||
Net revenues | $ | 2,762,742 | $ | 2,581,906 | $ | 2,709,482 | $ | 3,077,002 | $ | 11,131,132 | ||||||||||
Operating income | 707,554 | 397,728 | 534,095 | 672,005 | 2,311,382 | |||||||||||||||
Net income | 579,109 | 286,381 | 444,980 | 571,343 | 1,881,813 | |||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 498,942 | 240,587 | 349,782 | 434,782 | 1,524,093 | |||||||||||||||
Basic earnings per share | 0.66 | 0.29 | 0.43 | 0.53 | 1.89 | |||||||||||||||
Diluted earnings per share | 0.61 | 0.29 | 0.42 | 0.53 | 1.85 | |||||||||||||||
________________________ | ||||||||||||||||||||
-1 | The second Sheraton tower of Sands Cotai Central opened in January 2013. | |||||||||||||||||||
-2 | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. | |||||||||||||||||||
-3 | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | |||||||||||||||||||
-4 | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | |||||||||||||||||||
Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total earnings per share amounts for the respective year. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||
LAS VEGAS SANDS CORP. AND SUBSIDIARIES | |||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||
Description | Balance at | Provision | Write-offs, | Balance | |||||||||||
Beginning | for | Net of | at End | ||||||||||||
of Year | Doubtful | Recoveries | of Year | ||||||||||||
Accounts | |||||||||||||||
(In thousands) | |||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||
2011 | $ | 181,856 | 150,456 | (57,246 | ) | $ | 275,066 | ||||||||
2012 | $ | 275,066 | 239,332 | (22,716 | ) | $ | 491,682 | ||||||||
2013 | $ | 491,682 | 237,786 | (99,741 | ) | $ | 629,727 | ||||||||
Description | Balance at | Additions | Deductions | Balance | |||||||||||
Beginning | at End | ||||||||||||||
of Year | of Year | ||||||||||||||
(In thousands) | |||||||||||||||
Deferred income tax asset valuation allowance: | |||||||||||||||
2011 | $ | 331,275 | 46,228 | (52,264 | ) | $ | 325,239 | ||||||||
2012 | $ | 325,239 | 1,088,812 | (23,151 | ) | $ | 1,390,900 | ||||||||
2013 | $ | 1,390,900 | 149,893 | (21,525 | ) | $ | 1,519,268 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Principles of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||
Management’s determination of the appropriate accounting method with respect to the Company’s variable interests is based on accounting standards for VIEs issued by the Financial Accounting Standards Board (“FASB”). The Company consolidates any VIEs in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any. | |||||||||
The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. | |||||||||
Accounts Receivable and Credit Risk | ' | ||||||||
Accounts Receivable and Credit Risk | |||||||||
Accounts receivable are comprised of casino, hotel and other receivables, which do not bear interest and are recorded at cost. The Company extends credit to approved casino customers following background checks and investigations of creditworthiness. The Company also extends credit to its junkets in Macao, which receivables can be offset against commissions payable to the respective junkets. Business or economic conditions, the legal enforceability of gaming debts, or other significant events in foreign countries could affect the collectability of receivables from customers and junkets residing in these countries. | |||||||||
The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on specific customer information, historical write-off experience and current industry and economic data. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. Management believes that there are no concentrations of credit risk for which an allowance has not been established. Although management believes that the allowance is adequate, it is possible that the estimated amount of cash collections with respect to accounts receivable could change. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist primarily of food, beverage and retail products, and operating supplies, which are stated at the lower of cost or market. Cost is determined by the weighted average and specific identification methods. | |||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment are stated at the lower of cost or fair value. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows: | |||||||||
Land improvements, building and building improvements | 15 to 40 years | ||||||||
Furniture, fixtures and equipment | 3 to 20 years | ||||||||
Leasehold improvements | 3 to 10 years | ||||||||
Transportation | 5 to 20 years | ||||||||
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets. | |||||||||
Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations. | |||||||||
The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model. | |||||||||
For assets to be held and used (including projects under development), fixed assets are reviewed for impairment whenever indicators of impairment exist. If an indicator of impairment exists, the Company first groups its assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the “asset group”). Secondly, the Company estimates the undiscounted future cash flows that are directly associated with and expected to arise from the completion, use and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. | |||||||||
To estimate the undiscounted cash flows of the Company’s asset groups, the Company considers all potential cash flow scenarios, which are probability weighted based on management’s estimates given current conditions. Determining the recoverability of the Company’s asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management’s intentions may result in future changes to the recoverability of these asset groups. | |||||||||
For assets to be held for sale, the fixed assets (the “disposal group”) are measured at the lower of their carrying amount or fair value less cost to sell. Losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of the cumulative loss previously recognized. Any gains or losses not previously recognized that result from the sale of the disposal group shall be recognized at the date of sale. Fixed assets are not depreciated while classified as held for sale. | |||||||||
Capitalized Interest | ' | ||||||||
Capitalized Interest and Internal Costs | |||||||||
Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period. | |||||||||
Deferred Financing Costs and Original Issue Discounts | ' | ||||||||
Deferred Financing Costs and Original Issue Discounts | |||||||||
Deferred financing costs and original issue discounts are amortized to interest expense based on the terms of the related debt instruments using the effective interest method. | |||||||||
Leasehold Interests in Land | ' | ||||||||
Leasehold Interests in Land | |||||||||
Leasehold interests in land represent payments made for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements. | |||||||||
Indefinite Useful Life Assets | ' | ||||||||
Indefinite Useful Life Assets | |||||||||
Assets with indefinite useful lives are regularly assessed to ensure they continue to meet the indefinite useful life criteria. These assets are not subject to amortization and are tested for impairment and recoverability annually or more frequently if events or circumstances indicate that the assets might be impaired. When performing the impairment analysis, the Company first conducts a qualitative assessment to determine whether it is “more-likely-than-not” that the asset is impaired. If, after assessing the qualitative factors, it is determined that it is “more-likely-than-not” that the asset is impaired, the Company then performs an impairment test that consists of a comparison of the fair value of the asset with its carrying amount. If the carrying amount of the asset is not recoverable and exceeds its fair value, an impairment will be recognized in an amount equal to that excess. If the carrying amount of the asset does not exceed the fair value, no impairment is recognized. | |||||||||
As of December 31, 2013, the Company had assets of $50.0 million and $16.5 million related to its Sands Bethlehem gaming license and table games certificate, respectively, both of which were determined to have an indefinite useful life and have been recorded within intangible assets in the accompanying consolidated balance sheets. For the years ended December 31, 2013 and 2012, the annual impairment analysis included an assessment of certain qualitative factors including, but not limited to, the results of the most recent fair value calculation, current year and projected operating results, and macro-economic and industry conditions. The Company considered the qualitative factors and determined that it was not “more-likely-than-not” that the indefinite lived intangible assets were impaired. For the year ended December 31, 2011, a quantitative analysis was performed and the fair value of the Company’s gaming license and table games certificate was estimated using the Company’s expected adjusted property EBITDA (as defined in “— Note 17 — Segment Information”), combined with estimated future tax-affected cash flows and a terminal value using the Gordon Growth Model, which were discounted to present value at rates commensurate with the Company’s capital structure and the prevailing borrowing rates within the casino industry in general. Adjusted property EBITDA and discounted cash flows are common measures used to value cash-intensive businesses such as casinos. Determining the fair value of the gaming license and table games certificate is judgmental in nature and requires the use of significant estimates and assumptions, including adjusted property EBITDA, growth rates, discount rates and future market conditions, among others. | |||||||||
Although the Company believes the qualitative factors considered in the impairment analysis are reasonable, significant changes in any one of the assumptions could produce a different result. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, operating results or management’s intentions may result in future changes to the fair value of the gaming license and table games certificate. | |||||||||
Revenue Recognition and Promotional Allowances | ' | ||||||||
Revenue Recognition and Promotional Allowances | |||||||||
Casino revenue is the aggregate of gaming wins and losses. The commissions rebated directly or indirectly through junkets to customers, cash discounts and other cash incentives to customers related to gaming play are recorded as a reduction to gross casino revenue. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Deposits for future hotel occupancy or food and beverage services contracts are recorded as deferred income until revenue recognition criteria are met. Cancellation fees for hotel and food and beverage services are recognized upon cancellation by the customer. Mall revenue is primarily generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-lined basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the thresholds are met. Convention revenues are recognized when the related service is rendered or the event is held. | |||||||||
Gaming Taxes | ' | ||||||||
Gaming Taxes | |||||||||
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company’s gaming revenue and are recorded as a casino expense in the accompanying consolidated statements of operations. | |||||||||
Frequent Players Program | ' | ||||||||
Frequent Players Program | |||||||||
The Company has established promotional clubs to encourage repeat business from frequent and active slot machine customers and table games patrons. Members earn points primarily based on gaming activity and such points can be redeemed for cash, free play and other free goods and services. The Company accrues for club points expected to be redeemed for cash and free play as a reduction to gaming revenue and accrues for club points expected to be redeemed for free goods and services primarily as casino expense. The accruals are based on estimates and assumptions regarding the mix of cash, free play and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. | |||||||||
Pre-Opening and Development Expenses | ' | ||||||||
Pre-Opening and Development Expenses | |||||||||
The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred. | |||||||||
Advertising Costs | ' | ||||||||
Advertising Costs | |||||||||
Costs for advertising are expensed the first time the advertising takes place or as incurred. | |||||||||
Corporate Expenses | ' | ||||||||
Corporate Expenses | |||||||||
Corporate expense represents payroll, travel, professional fees and various other expenses not allocated or directly related to the Company’s integrated resort operations and related ancillary operations. | |||||||||
Foreign Currency | ' | ||||||||
Foreign Currency | |||||||||
The Company accounts for currency translation in accordance with accounting standards regarding foreign currency translation. Gains or losses from foreign currency remeasurements are included in other income (expense). Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. | |||||||||
Comprehensive Income and Accumulated Other Comprehensive Income | ' | ||||||||
Comprehensive Income and Accumulated Other Comprehensive Income | |||||||||
Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income. The balance of accumulated other comprehensive income consisted solely of foreign currency translation adjustments. | |||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Weighted average common shares outstanding (used in the calculation of basic earnings per share) | 822,282,515 | 806,395,660 | 728,343,428 | ||||||
Potential dilution from stock options, warrants and restricted stock and stock units | 4,033,593 | 18,160,376 | 83,473,259 | ||||||
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share) | 826,316,108 | 824,556,036 | 811,816,687 | ||||||
Antidilutive stock options excluded from the calculation of diluted earnings per share | 4,455,109 | 4,700,981 | 5,493,706 | ||||||
Stock-Based Employee Compensation | ' | ||||||||
Stock-Based Employee Compensation | |||||||||
The Company accounts for its stock-based employee compensation in accordance with accounting standards regarding share-based payment, which establishes accounting for equity instruments exchanged for employee services. Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s stock-based employee compensation plans are more fully discussed in “— Note 14 — Stock-Based Employee Compensation.” | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards not expiring, and tax planning strategies. | |||||||||
The Company recorded valuation allowances on the net deferred tax assets of certain foreign jurisdictions of $217.8 million and $209.4 million, as of December 31, 2013 and 2012, respectively, and a valuation allowance on the deferred tax assets of our U.S. operations of $1.30 billion and $1.18 billion as of December 31, 2013 and 2012, respectively. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance. | |||||||||
Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is “more-likely-than-not” that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely, based solely on the technical merits, of being sustained on examinations. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different. | |||||||||
Accounting for Derivative Instruments and Hedging Activities | ' | ||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||
Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. If specific conditions are met, a derivative may be specifically designated as a hedge of specific financial exposures. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and, if used in hedging activities, on its effectiveness as a hedge. | |||||||||
The Company has a policy aimed at managing interest rate risk associated with its current and anticipated future borrowings. This policy enables the Company to use any combination of interest rate swaps, futures, options, caps and similar instruments. To the extent the Company employs such financial instruments pursuant to this policy, and the instruments qualify for hedge accounting, they are accounted for as hedging instruments. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must be designated as a hedge and must reduce the Company’s exposure to market fluctuation throughout the hedge period. If these criteria are not met, a change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change. | |||||||||
Otherwise, gains and losses are recognized in comprehensive income or loss except to the extent that the financial instrument is disposed of prior to maturity. Net interest paid or received pursuant to the financial instrument is included as interest expense in the period. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In July 2012, the FASB issued authoritative guidance that is intended to simplify testing indefinite lived intangible assets other than goodwill for impairment. The revised standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite lived intangible assets is necessary. An entity is not required to calculate the fair value of an indefinite lived intangible asset and perform the quantitative impairment test unless the entity determines that it is “more-likely-than-not” that the asset is impaired. The guidance is effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. | |||||||||
In February 2013, the FASB issued authoritative guidance on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years beginning after December 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. | |||||||||
In July 2013, the FASB issued authoritative guidance on the presentation of an unrecognized tax benefit when a loss or tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or tax credit carryforward that would apply in settlement of the uncertain tax positions. The Company adopted the guidance prospectively effective for the fiscal year ended December 31, 2013. The adoption of this guidance did not have a material effect of the Company’s financial condition, results of operations or cash flow. See “— Note 10 — Income Taxes” for a discussion regarding unrecognized tax benefits. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Estimated Useful Lives of Assets | ' | |||||||||||
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows: | ||||||||||||
Land improvements, building and building improvements | 15 to 40 years | |||||||||||
Furniture, fixtures and equipment | 3 to 20 years | |||||||||||
Leasehold improvements | 3 to 10 years | |||||||||||
Transportation | 5 to 20 years | |||||||||||
Estimated Retail Value of Promotional Allowances | ' | |||||||||||
The estimated retail value of such promotional allowances is included in operating revenues as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rooms | $ | 366,353 | $ | 256,738 | $ | 182,831 | ||||||
Food and beverage | 222,195 | 185,292 | 169,576 | |||||||||
Convention, retail and other | 136,003 | 111,507 | 99,182 | |||||||||
$ | 724,551 | $ | 553,537 | $ | 451,589 | |||||||
Estimated Departmental Cost of Promotional Allowances | ' | |||||||||||
The estimated departmental cost of providing such promotional allowances, which is included primarily in casino operating expenses, is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rooms | $ | 88,379 | $ | 62,201 | $ | 38,038 | ||||||
Food and beverage | 167,223 | 140,403 | 119,238 | |||||||||
Convention, retail and other | 88,214 | 73,106 | 75,600 | |||||||||
$ | 343,816 | $ | 275,710 | $ | 232,876 | |||||||
Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average common shares outstanding (used in the calculation of basic earnings per share) | 822,282,515 | 806,395,660 | 728,343,428 | |||||||||
Potential dilution from stock options, warrants and restricted stock and stock units | 4,033,593 | 18,160,376 | 83,473,259 | |||||||||
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share) | 826,316,108 | 824,556,036 | 811,816,687 | |||||||||
Antidilutive stock options excluded from the calculation of diluted earnings per share | 4,455,109 | 4,700,981 | 5,493,706 | |||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts receivable consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Casino | $ | 2,110,749 | $ | 2,060,478 | ||||
Mall | 125,761 | 121,213 | ||||||
Rooms | 106,935 | 81,723 | ||||||
Other | 48,392 | 47,528 | ||||||
2,391,837 | 2,310,942 | |||||||
Less — allowance for doubtful accounts | (629,727 | ) | (491,682 | ) | ||||
$ | 1,762,110 | $ | 1,819,260 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and equipment consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and improvements | $ | 553,561 | $ | 515,538 | ||||
Building and improvements | 15,226,566 | 14,414,026 | ||||||
Furniture, fixtures, equipment and leasehold improvements | 2,849,502 | 2,557,071 | ||||||
Transportation | 439,976 | 411,671 | ||||||
Construction in progress | 1,150,349 | 1,824,531 | ||||||
20,219,954 | 19,722,837 | |||||||
Less — accumulated depreciation and amortization | (4,861,001 | ) | (3,956,089 | ) | ||||
$ | 15,358,953 | $ | 15,766,748 | |||||
Construction in Progress | ' | |||||||
Construction in progress consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Four Seasons Macao (principally the Four Seasons Apartments) | $ | 394,404 | $ | 415,367 | ||||
The Parisian Macao | 318,914 | 59,510 | ||||||
Sands Cotai Central | 111,704 | 913,432 | ||||||
Other | 325,327 | 436,222 | ||||||
$ | 1,150,349 | $ | 1,824,531 | |||||
Leasehold_Interests_in_Land_Ne1
Leasehold Interests in Land, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure Leasehold Interests In Land Net Leasehold Interests In Land [Abstract] | ' | |||||||
Leasehold Interests in Land | ' | |||||||
Leasehold interests in land consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Marina Bay Sands | $ | 1,083,249 | $ | 1,125,136 | ||||
Sands Cotai Central | 236,588 | 191,653 | ||||||
The Venetian Macao | 176,536 | 174,893 | ||||||
Four Seasons Macao | 87,620 | 87,020 | ||||||
The Parisian Macao | 74,102 | 73,916 | ||||||
Sands Macao | 27,795 | 27,572 | ||||||
1,685,890 | 1,680,190 | |||||||
Less — accumulated amortization | (257,071 | ) | (221,449 | ) | ||||
$ | 1,428,819 | $ | 1,458,741 | |||||
Premium and Rental Payments for Leasehold Interests in Land | ' | |||||||
As of December 31, 2013, the Company was obligated under its land concessions to make future rental payments as follows (in thousands): | ||||||||
2014 | $ | 3,453 | ||||||
2015 | 4,227 | |||||||
2016 | 5,283 | |||||||
2017 | 5,283 | |||||||
2018 | 5,283 | |||||||
Thereafter | 75,972 | |||||||
$ | 99,501 | |||||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||
Intangible Assets | ' | |||||||
Intangible assets consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Sands Bethlehem gaming license and certificate | $ | 66,500 | $ | 66,500 | ||||
Marina Bay Sands gaming license | 44,942 | 30,710 | ||||||
Less — accumulated amortization | (10,195 | ) | (27,440 | ) | ||||
34,747 | 3,270 | |||||||
Trademarks and other | 1,141 | 1,139 | ||||||
Less — accumulated amortization | (307 | ) | (291 | ) | ||||
834 | 848 | |||||||
Total intangible assets, net | $ | 102,081 | $ | 70,618 | ||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other accrued liabilities consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Outstanding gaming chips and tokens | $ | 572,121 | $ | 534,323 | ||||
Taxes and licenses | 570,111 | 428,300 | ||||||
Customer deposits | 450,550 | 388,355 | ||||||
Payroll and related | 308,404 | 264,142 | ||||||
Other accruals | 293,680 | 280,363 | ||||||
$ | 2,194,866 | $ | 1,895,483 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||
Long-term debt consists of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Corporate and U.S. Related: | ||||||||||||
2013 U.S. Credit Facility — Term B (net of original issue discount of $11,250) | $ | 2,238,750 | $ | — | ||||||||
2013 U.S. Credit Facility — Revolving | 590,000 | — | ||||||||||
Senior Secured Credit Facility — Term B | — | 1,816,477 | ||||||||||
Senior Secured Credit Facility — Delayed Draws I and II | — | 606,561 | ||||||||||
Senior Secured Credit Facility — Revolving | — | 400,000 | ||||||||||
Airplane Financings | 67,359 | 71,047 | ||||||||||
HVAC Equipment Lease | 18,140 | 19,714 | ||||||||||
Other | 2,335 | 3,689 | ||||||||||
Macao Related: | ||||||||||||
2011 VML Credit Facility | 3,208,869 | 3,209,839 | ||||||||||
Other | 7,910 | 7,313 | ||||||||||
Singapore Related: | ||||||||||||
2012 Singapore Credit Facility — Term | 3,626,896 | 3,767,141 | ||||||||||
2012 Singapore Credit Facility — Revolving | — | 327,578 | ||||||||||
Other | — | 708 | ||||||||||
9,760,259 | 10,230,067 | |||||||||||
Less — current maturities | (377,507 | ) | (97,802 | ) | ||||||||
Total long-term debt | $ | 9,382,752 | $ | 10,132,265 | ||||||||
Cash Flows from Financing Activities Related to Long-Term Debt | ' | |||||||||||
Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Proceeds from 2013 U.S. Credit Facility | $ | 2,828,750 | $ | — | $ | — | ||||||
Proceeds from Senior Secured Credit Facility | 250,000 | 400,000 | — | |||||||||
Proceeds from 2012 Singapore Credit Facility | 104,357 | 3,951,486 | — | |||||||||
Proceeds from 2011 VML Credit Facility | — | — | 3,201,535 | |||||||||
$ | 3,183,107 | $ | 4,351,486 | $ | 3,201,535 | |||||||
Repayments on Senior Secured Credit Facility | $ | (3,073,038 | ) | $ | (425,555 | ) | $ | (28,937 | ) | |||
Repayments on 2012 Singapore Credit Facility | (430,504 | ) | — | — | ||||||||
Repayments on Singapore Credit Facility | — | (3,635,676 | ) | (418,564 | ) | |||||||
Repayments on VML Credit Facility | — | — | (2,060,819 | ) | ||||||||
Repayments on VOL Credit Facility | — | — | (749,660 | ) | ||||||||
Redemption or repurchase and cancellation of Senior Notes | — | (189,712 | ) | — | ||||||||
Repayments on Airplane Financings | (3,688 | ) | (3,688 | ) | (3,688 | ) | ||||||
Repayments on Ferry Financing | — | (140,337 | ) | (35,002 | ) | |||||||
Repayments on HVAC Equipment Lease and Other Long-Term Debt | (5,802 | ) | (4,730 | ) | (3,640 | ) | ||||||
$ | (3,513,032 | ) | $ | (4,399,698 | ) | $ | (3,300,310 | ) | ||||
Maturities of Long-Term Debt and Capital Lease Obligations Outstanding | ' | |||||||||||
Maturities of capital lease obligations and long-term debt outstanding as of December 31, 2013, are summarized as follows (in thousands): | ||||||||||||
Capital | Long-term | |||||||||||
Lease Obligations | Debt | |||||||||||
2014 | $ | 6,418 | $ | 372,727 | ||||||||
2015 | 5,182 | 1,565,461 | ||||||||||
2016 | 4,824 | 3,018,677 | ||||||||||
2017 | 3,449 | 1,239,404 | ||||||||||
2018 | 2,357 | 1,410,417 | ||||||||||
Thereafter | 11,561 | 2,137,500 | ||||||||||
33,791 | 9,744,186 | |||||||||||
Less — amount representing interest | (6,468 | ) | — | |||||||||
Total | $ | 27,323 | $ | 9,744,186 | ||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Rollforward of Preferred Stock Issued to Principal Stockholder's Family | ' | ||||||
A summary of the Company’s Preferred Stock issued its Principal Stockholder’s family for the year ended December 31, 2011, is presented below (in thousands, except number of shares): | |||||||
Number | Amount | ||||||
of Shares | |||||||
Balance as of January 1, 2011 | 5,250,000 | $ | 503,379 | ||||
Accretion to redemption value | — | 80,975 | |||||
Dividends declared, net of amounts previously accrued | — | 45,646 | |||||
Dividends paid | — | (52,500 | ) | ||||
Redemption of preferred stock | (5,250,000 | ) | (577,500 | ) | |||
Balance as of December 31, 2011 | — | $ | — | ||||
Rollforward of Common and Preferred Stock Issued to Public | ' | ||||||
A summary of the outstanding shares of common stock and preferred stock issued to the public is as follows: | |||||||
Preferred | Common | ||||||
Stock | Stock | ||||||
Balance as of January 1, 2011 | 3,614,923 | 707,507,982 | |||||
Exercise of stock options | — | 2,549,131 | |||||
Issuance of restricted stock | — | 1,250,381 | |||||
Forfeiture of unvested restricted stock | — | (11,500 | ) | ||||
Exercise of warrants | (1,192,100 | ) | 21,953,704 | ||||
Repurchases and redemption of preferred stock | (2,422,823 | ) | — | ||||
Balance as of December 31, 2011 | — | 733,249,698 | |||||
Exercise of stock options | — | 2,387,831 | |||||
Issuance of restricted stock | — | 516,556 | |||||
Forfeiture of unvested restricted stock | — | (12,000 | ) | ||||
Exercise of warrants | — | 88,155,671 | |||||
Balance as of December 31, 2012 | — | 824,297,756 | |||||
Exercise of stock options | — | 2,777,127 | |||||
Issuance of restricted stock | — | 146,848 | |||||
Forfeiture of unvested restricted stock | — | (13,076 | ) | ||||
Repurchase of common stock | — | (8,570,281 | ) | ||||
Exercise of warrants | — | 64,562 | |||||
Balance as of December 31, 2013 | — | 818,702,936 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income (Loss) From Continuing Operations Before Income Taxes and Minority Interest | ' | |||||||||||
Consolidated income before taxes and noncontrolling interests for domestic and foreign operations is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign | $ | 3,109,982 | $ | 2,089,243 | $ | 2,149,538 | ||||||
Domestic | 33,530 | (26,667 | ) | (54,715 | ) | |||||||
Total income before income taxes | $ | 3,143,512 | $ | 2,062,576 | $ | 2,094,823 | ||||||
Components of (Benefit) Expense for Income Taxes | ' | |||||||||||
The components of the income tax expense are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign: | ||||||||||||
Current | $ | 195,154 | $ | 163,199 | $ | 120,502 | ||||||
Deferred | (6,318 | ) | 17,848 | 91,706 | ||||||||
Federal: | ||||||||||||
Current | (2,073 | ) | 12,379 | 232 | ||||||||
Deferred | 2,073 | (12,660 | ) | (779 | ) | |||||||
State: | ||||||||||||
Current | — | (3 | ) | 43 | ||||||||
Deferred | — | — | — | |||||||||
Total income tax expense | $ | 188,836 | $ | 180,763 | $ | 211,704 | ||||||
Effective Income Tax Rate Continuing Operations Tax rate Reconciliation | ' | |||||||||||
The reconciliation of the statutory federal income tax rate and the Company’s effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in tax rate resulting from: | ||||||||||||
Foreign and U.S. tax rate differential | (21.1 | )% | (20.8 | )% | (21.0 | )% | ||||||
U.S. foreign tax credits | (19.0 | )% | (162.1 | )% | (4.0 | )% | ||||||
Repatriation of foreign earnings | 14.6 | % | 110.5 | % | 2.4 | % | ||||||
Tax exempt income of foreign subsidiary (Macao) | (9.6 | )% | (10.0 | )% | (7.6 | )% | ||||||
Change in valuation allowance | 6 | % | 54.3 | % | 2.7 | % | ||||||
Change in uncertain tax positions | — | % | 0.7 | % | 0.1 | % | ||||||
Other, net | 0.1 | % | 1.2 | % | 2.5 | % | ||||||
Effective tax rate | 6 | % | 8.8 | % | 10.1 | % | ||||||
Primary Tax Affected Components of Company's Net Deferred Tax Liabilities | ' | |||||||||||
The primary tax affected components of the Company’s net deferred tax liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
U.S. foreign tax credit carryforwards | $ | 1,280,121 | $ | 1,199,794 | ||||||||
Net operating loss carryforwards | 245,652 | 193,638 | ||||||||||
Stock-based compensation | 46,952 | 47,197 | ||||||||||
Pre-opening expenses | 39,409 | 49,103 | ||||||||||
Accrued expenses | 36,746 | 24,868 | ||||||||||
Deferred gain on the sale of The Grand Canal Shoppes and The Shoppes at The Palazzo | 33,008 | 34,534 | ||||||||||
Allowance for doubtful accounts | 26,392 | 25,156 | ||||||||||
State deferred items | 14,109 | 13,976 | ||||||||||
Other tax credit carryforwards | 181 | 4,313 | ||||||||||
Other | 6,362 | 5,456 | ||||||||||
1,728,932 | 1,598,035 | |||||||||||
Less — valuation allowances | (1,519,268 | ) | (1,390,900 | ) | ||||||||
Total deferred tax assets | 209,664 | 207,135 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (338,284 | ) | (323,674 | ) | ||||||||
Prepaid expenses | (8,966 | ) | (556 | ) | ||||||||
Other | (35,113 | ) | (23,271 | ) | ||||||||
Total deferred tax liabilities | (382,363 | ) | (347,501 | ) | ||||||||
Deferred tax liabilities, net | $ | (172,699 | ) | $ | (140,366 | ) | ||||||
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at the beginning of the year | $ | 59,338 | $ | 43,411 | $ | 35,769 | ||||||
Additions to tax positions related to prior years | 4,431 | 8,959 | 4,450 | |||||||||
Reductions to tax positions related to prior years | (12,063 | ) | — | (35 | ) | |||||||
Additions to tax positions related to current year | 5,706 | 6,968 | 3,736 | |||||||||
Settlements | (753 | ) | — | (417 | ) | |||||||
Lapse in statutes of limitations | — | — | (92 | ) | ||||||||
Balance at the end of the year | $ | 56,659 | $ | 59,338 | $ | 43,411 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
The following table provides the assets carried at fair value (in thousands): | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Total Carrying | Quoted Market | Significant Other | Significant | |||||||||||||
Value | Prices in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Cash equivalents(1) | $ | 2,255,951 | $ | 2,255,951 | $ | — | $ | — | ||||||||
Interest rate caps(2) | $ | 159 | $ | — | $ | 159 | $ | — | ||||||||
As of December 31, 2012 | ||||||||||||||||
Cash equivalents(1) | $ | 1,377,330 | $ | 1,377,330 | $ | — | $ | — | ||||||||
Interest rate caps(2) | $ | 218 | $ | — | $ | 218 | $ | — | ||||||||
_________________________ | ||||||||||||||||
-1 | The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. | |||||||||||||||
-2 | As of December 31, 2013 and 2012, the Company has 22 and 30 interest rate cap agreements, respectively, with an aggregate fair value of approximately $0.2 million, based on quoted market values from the institutions holding the agreements. |
Mall_Sales_Tables
Mall Sales (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Mall Sales [Abstract] | ' | |||
Future Lease Payments Obligation | ' | |||
As of December 31, 2013, the Company was obligated under (ii), (iii), and (iv) above to make future payments as follows (in thousands): | ||||
2014 | $ | 7,725 | ||
2015 | 7,497 | |||
2016 | 7,497 | |||
2017 | 7,497 | |||
2018 | 7,497 | |||
Thereafter | 83,810 | |||
$ | 121,523 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Rental Payments Under Non-Cancelable Operating Leases | ' | |||
As of December 31, 2013, the Company was obligated under non-cancelable operating leases to make future minimum lease payments as follows (in thousands): | ||||
2014 | $ | 15,539 | ||
2015 | 9,253 | |||
2016 | 5,071 | |||
2017 | 3,793 | |||
2018 | 3,640 | |||
Thereafter | 102,300 | |||
Total minimum payments | $ | 139,596 | ||
Future Minimum Rental Receivables Under Non-Cancelable Operating Leases | ' | |||
At December 31, 2013, the future minimum rentals on these non-cancelable leases are as follows (in thousands, at exchange rates in effect on December 31, 2013): | ||||
2014 | $ | 334,229 | ||
2015 | 304,708 | |||
2016 | 248,691 | |||
2017 | 195,754 | |||
2018 | 150,321 | |||
Thereafter | 402,847 | |||
Total minimum future rentals | $ | 1,636,550 | ||
StockBased_Employee_Compensati1
Stock-Based Employee Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Black-Scholes Option-Pricing Model Weighted Average Assumptions | ' | ||||||||||||
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
LVSC 2004 Plan: | |||||||||||||
Weighted average volatility | 94.8 | % | 95.2 | % | 94.4 | % | |||||||
Expected term (in years) | 5.5 | 5.5 | 6.3 | ||||||||||
Risk-free rate | 1.3 | % | 1.1 | % | 2.7 | % | |||||||
Expected dividends | 2.5 | % | 1.9 | % | — | % | |||||||
SCL Equity Plan: | |||||||||||||
Weighted average volatility | 67.7 | % | 70 | % | 69.2 | % | |||||||
Expected term (in years) | 6.3 | 6.2 | 6.3 | ||||||||||
Risk-free rate | 0.7 | % | 0.5 | % | 1.3 | % | |||||||
Expected dividends | 3.1 | % | 4 | % | — | % | |||||||
Summary of Stock Option Activity for Company's Equity Award Plans | ' | ||||||||||||
A summary of the stock option activity for the Company’s equity award plans for the year ended December 31, 2013, is presented below: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life (Years) | |||||||||||||
LVSC 2004 Plan: | |||||||||||||
Outstanding as of January 1, 2013 | 9,790,460 | $ | 40.16 | ||||||||||
Granted | 287,558 | 56.55 | |||||||||||
Exercised | (2,777,127 | ) | 18.08 | ||||||||||
Forfeited | (393,700 | ) | 49.43 | ||||||||||
Outstanding as of December 31, 2013 | 6,907,191 | $ | 49.18 | 4.33 | $ | 212,321,939 | |||||||
Exercisable as of December 31, 2013 | 5,426,053 | $ | 50.87 | 3.5 | $ | 159,166,034 | |||||||
SCL Equity Plan: | |||||||||||||
Outstanding as of January 1, 2013 | 23,323,640 | $ | 2.66 | ||||||||||
Granted | 4,536,800 | 5.6 | |||||||||||
Exercised | (7,779,586 | ) | 2.48 | ||||||||||
Forfeited | (2,473,808 | ) | 2.79 | ||||||||||
Outstanding as of December 31, 2013 | 17,607,046 | $ | 3.49 | 8.01 | $ | 81,620,386 | |||||||
Exercisable as of December 31, 2013 | 3,059,475 | $ | 2.37 | 7.13 | $ | 17,600,866 | |||||||
Summary of Unvested Restricted Stock Units | ' | ||||||||||||
A summary of the unvested restricted stock and stock units under the Company’s equity award plans for the year ended December 31, 2013, is presented below: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
LVSC 2004 Plan: | |||||||||||||
Unvested restricted stock as of January 1, 2013 | 1,116,697 | $ | 47.82 | ||||||||||
Granted | 46,848 | 54.72 | |||||||||||
Vested | (337,756 | ) | 46.89 | ||||||||||
Transfer from restricted stock units | 100,000 | 23.89 | |||||||||||
Forfeited | (13,076 | ) | 44.36 | ||||||||||
Unvested restricted stock as of December 31, 2013 | 912,713 | $ | 45.94 | ||||||||||
Unvested restricted stock units as of January 1, 2013 | 374,500 | $ | 28.35 | ||||||||||
Granted | 123,207 | 58.82 | |||||||||||
Vested | — | — | |||||||||||
Transfer to restricted stock | (100,000 | ) | 23.89 | ||||||||||
Forfeited | (10,000 | ) | 55.98 | ||||||||||
Unvested restricted stock units as of December 31, 2013 | 387,707 | $ | 38.47 | ||||||||||
SCL Equity Plan: | |||||||||||||
Unvested restricted stock units as of January 1, 2013 | — | $ | — | ||||||||||
Granted | 2,608,400 | 6.64 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Unvested restricted stock units as of December 31, 2013 | 2,608,400 | $ | 6.64 | ||||||||||
Stock-Based Compensation Activity | ' | ||||||||||||
The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2013 (in thousands, except weighted average grant date fair values): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Compensation expense: | |||||||||||||
Stock options | $ | 32,549 | $ | 35,777 | $ | 44,691 | |||||||
Restricted stock and stock units | 20,828 | 29,651 | 18,023 | ||||||||||
$ | 53,377 | $ | 65,428 | $ | 62,714 | ||||||||
Income tax benefit recognized in the consolidated statements of operations | $ | — | $ | — | $ | — | |||||||
Compensation cost capitalized as part of property and equipment | $ | 941 | $ | 938 | $ | 576 | |||||||
LVSC 2004 Plan: | |||||||||||||
Stock options granted | 288 | 537 | 263 | ||||||||||
Weighted average grant date fair value | $ | 35.76 | $ | 36.17 | $ | 36.31 | |||||||
Restricted stock granted | 47 | 517 | 1,250 | ||||||||||
Weighted average grant date fair value | $ | 54.72 | $ | 52.97 | $ | 45.42 | |||||||
Restricted stock units granted | 123 | 333 | 42 | ||||||||||
Weighted average grant date fair value | $ | 58.82 | $ | 25.98 | $ | 47.15 | |||||||
Stock options exercised: | |||||||||||||
Intrinsic value | $ | 129,149 | $ | 84,761 | $ | 89,814 | |||||||
Cash received | $ | 50,223 | $ | 34,668 | $ | 23,238 | |||||||
Tax benefit realized for tax deductions from stock-based compensation | $ | — | $ | — | $ | — | |||||||
SCL Equity Plan: | |||||||||||||
Stock options granted | 4,537 | 7,762 | 9,987 | ||||||||||
Weighted average grant date fair value | $ | 2.63 | $ | 1.65 | $ | 1.71 | |||||||
Restricted stock units granted | 2,608,400 | — | — | ||||||||||
Weighted average grant date fair value | $ | 6.64 | $ | — | $ | — | |||||||
Stock options exercised: | |||||||||||||
Intrinsic value | $ | 25,786 | $ | 12,261 | $ | 1,699 | |||||||
Cash received | $ | 19,373 | $ | 11,572 | $ | 2,267 | |||||||
Tax benefit realized for tax deductions from stock-based compensation | $ | — | $ | — | $ | — | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule Of Segment Reporting Information Net Revenue And Adjusted Property Ebitda Table | ' | |||||||||||
The Company’s segment information is as follows as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Revenues | ||||||||||||
Macao: | ||||||||||||
The Venetian Macao | $ | 3,851,230 | $ | 3,037,975 | $ | 2,827,174 | ||||||
Sands Cotai Central | 2,698,430 | 1,052,124 | — | |||||||||
Four Seasons Macao | 1,065,405 | 1,086,456 | 678,293 | |||||||||
Sands Macao | 1,237,016 | 1,250,552 | 1,282,201 | |||||||||
Other Asia | 139,572 | 148,330 | 147,323 | |||||||||
8,991,653 | 6,575,437 | 4,934,991 | ||||||||||
Marina Bay Sands | 2,968,366 | 2,886,139 | 2,921,863 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 1,518,024 | 1,384,629 | 1,324,505 | |||||||||
Sands Bethlehem | 496,738 | 470,458 | 399,900 | |||||||||
2,014,762 | 1,855,087 | 1,724,405 | ||||||||||
Intersegment eliminations | (204,896 | ) | (185,531 | ) | (170,514 | ) | ||||||
Total net revenues | $ | 13,769,885 | $ | 11,131,132 | $ | 9,410,745 | ||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Adjusted Property EBITDA(1) | ||||||||||||
Macao: | ||||||||||||
The Venetian Macao | $ | 1,499,937 | $ | 1,143,245 | $ | 1,022,778 | ||||||
Sands Cotai Central | 739,723 | 213,476 | — | |||||||||
Four Seasons Macao | 305,040 | 288,170 | 217,923 | |||||||||
Sands Macao | 362,858 | 350,639 | 351,877 | |||||||||
Other Asia | (3,855 | ) | (15,950 | ) | (15,143 | ) | ||||||
2,903,703 | 1,979,580 | 1,577,435 | ||||||||||
Marina Bay Sands | 1,384,576 | 1,366,245 | 1,530,623 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 351,739 | 331,182 | 333,295 | |||||||||
Sands Bethlehem | 123,337 | 114,055 | 90,802 | |||||||||
475,076 | 445,237 | 424,097 | ||||||||||
Total adjusted property EBITDA | 4,763,355 | 3,791,062 | 3,532,155 | |||||||||
Other Operating Costs and Expenses | ||||||||||||
Stock-based compensation | (30,053 | ) | (30,772 | ) | (31,467 | ) | ||||||
Legal settlement | (47,400 | ) | — | — | ||||||||
Corporate | (189,535 | ) | (207,030 | ) | (185,694 | ) | ||||||
Pre-opening | (13,339 | ) | (143,795 | ) | (65,825 | ) | ||||||
Development | (15,809 | ) | (19,958 | ) | (11,309 | ) | ||||||
Depreciation and amortization | (1,007,468 | ) | (892,046 | ) | (794,404 | ) | ||||||
Amortization of leasehold interests in land | (40,352 | ) | (40,165 | ) | (43,366 | ) | ||||||
Impairment loss | — | (143,674 | ) | — | ||||||||
Loss on disposal of assets | (11,156 | ) | (2,240 | ) | (10,203 | ) | ||||||
Operating income | 3,408,243 | 2,311,382 | 2,389,887 | |||||||||
Other Non-Operating Costs and Expenses | ||||||||||||
Interest income | 16,337 | 23,252 | 14,394 | |||||||||
Interest expense, net of amounts capitalized | (271,211 | ) | (258,564 | ) | (282,949 | ) | ||||||
Other income (expense) | 4,321 | 5,740 | (3,955 | ) | ||||||||
Loss on modification or early retirement of debt | (14,178 | ) | (19,234 | ) | (22,554 | ) | ||||||
Income tax expense | (188,836 | ) | (180,763 | ) | (211,704 | ) | ||||||
Net income | $ | 2,954,676 | $ | 1,881,813 | $ | 1,883,119 | ||||||
_________________________ | ||||||||||||
-1 | Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, legal settlement expense (see "— Note 13 — Commitments and Contingencies — Litigation"), corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Intersegment Revenues | ||||||||||||
Macao: | ||||||||||||
The Venetian Macao | $ | 5,296 | $ | 5,125 | $ | 3,923 | ||||||
Sands Cotai Central | 356 | 251 | — | |||||||||
Other Asia | 34,120 | 32,748 | 36,888 | |||||||||
39,772 | 38,124 | 40,811 | ||||||||||
Marina Bay Sands | 9,548 | 3,449 | 1,298 | |||||||||
Las Vegas Operating Properties | 155,576 | 143,958 | 128,405 | |||||||||
Total intersegment revenues | $ | 204,896 | $ | 185,531 | $ | 170,514 | ||||||
Schedule Of Segment Reporting Information Other Table | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | ||||||||||||
Corporate and Other | $ | 41,152 | $ | 100,887 | $ | 23,062 | ||||||
Macao: | ||||||||||||
The Venetian Macao | 96,172 | 112,351 | 28,018 | |||||||||
Sands Cotai Central | 262,540 | 862,951 | 842,962 | |||||||||
Four Seasons Macao | 15,003 | 28,143 | 31,092 | |||||||||
Sands Macao | 26,491 | 25,076 | 7,690 | |||||||||
Other Asia | 1,319 | 1,193 | 5,553 | |||||||||
The Parisian Macao | 212,842 | 20,393 | 39 | |||||||||
614,367 | 1,050,107 | 915,354 | ||||||||||
Marina Bay Sands | 142,706 | 119,647 | 466,144 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 93,191 | 156,205 | 47,666 | |||||||||
Sands Bethlehem | 6,695 | 22,388 | 56,267 | |||||||||
99,886 | 178,593 | 103,933 | ||||||||||
Total capital expenditures | $ | 898,111 | $ | 1,449,234 | $ | 1,508,493 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total Assets | ||||||||||||
Corporate and Other | $ | 630,673 | $ | 586,788 | $ | 644,645 | ||||||
Macao: | ||||||||||||
The Venetian Macao | 4,367,533 | 3,254,193 | 3,199,194 | |||||||||
Sands Cotai Central | 4,669,358 | 4,791,560 | 4,333,406 | |||||||||
Four Seasons Macao | 1,273,654 | 1,338,714 | 1,267,977 | |||||||||
Sands Macao | 383,444 | 414,531 | 485,231 | |||||||||
Other Asia | 328,332 | 345,522 | 328,415 | |||||||||
The Parisian Macao | 376,014 | 118,975 | 96,017 | |||||||||
Other Development Projects | 169 | 123 | 110,133 | |||||||||
11,398,504 | 10,263,618 | 9,820,373 | ||||||||||
Marina Bay Sands | 6,354,231 | 6,941,510 | 6,794,258 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 3,653,127 | 3,605,513 | 4,105,618 | |||||||||
Sands Bethlehem | 687,729 | 766,223 | 879,229 | |||||||||
4,340,856 | 4,371,736 | 4,984,847 | ||||||||||
Total assets | $ | 22,724,264 | $ | 22,163,652 | $ | 22,244,123 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total Long-Lived Assets | ||||||||||||
Corporate and Other | $ | 388,448 | $ | 398,100 | $ | 312,860 | ||||||
Macao: | ||||||||||||
The Venetian Macao | 1,925,040 | 1,968,415 | 2,002,751 | |||||||||
Sands Cotai Central | 3,772,095 | 3,836,471 | 3,053,551 | |||||||||
Four Seasons Macao | 928,396 | 971,732 | 1,006,441 | |||||||||
Sands Macao | 279,395 | 285,344 | 291,620 | |||||||||
Other Asia | 189,136 | 202,392 | 216,030 | |||||||||
The Parisian Macao | 376,014 | 118,912 | 96,017 | |||||||||
Other Development Projects | — | — | 101,062 | |||||||||
7,470,076 | 7,383,266 | 6,767,472 | ||||||||||
Marina Bay Sands | 5,277,126 | 5,657,351 | 5,471,376 | |||||||||
United States: | ||||||||||||
Las Vegas Operating Properties | 3,073,793 | 3,179,426 | 3,244,090 | |||||||||
Sands Bethlehem | 578,329 | 607,346 | 625,649 | |||||||||
3,652,122 | 3,786,772 | 3,869,739 | ||||||||||
Total long-lived assets | $ | 16,787,772 | $ | 17,225,489 | $ | 16,421,447 | ||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor Parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | 50,180 | $ | 315,489 | $ | 3,234,745 | $ | — | $ | 3,600,414 | ||||||||||
Restricted cash and cash equivalents | — | — | 6,839 | — | 6,839 | |||||||||||||||
Intercompany receivables | 271,993 | 236,259 | — | (508,252 | ) | — | ||||||||||||||
Intercompany notes receivables | — | — | 251,537 | (251,537 | ) | — | ||||||||||||||
Accounts receivable, net | 11,815 | 295,333 | 1,454,962 | — | 1,762,110 | |||||||||||||||
Inventories | 3,895 | 12,609 | 25,442 | — | 41,946 | |||||||||||||||
Deferred income taxes, net | 7,509 | 37,233 | — | (44,742 | ) | — | ||||||||||||||
Prepaid expenses and other | 21,311 | 11,592 | 71,327 | — | 104,230 | |||||||||||||||
Total current assets | 366,703 | 908,515 | 5,044,852 | (804,531 | ) | 5,515,539 | ||||||||||||||
Property and equipment, net | 155,806 | 3,056,678 | 12,146,469 | — | 15,358,953 | |||||||||||||||
Investments in subsidiaries | 7,568,252 | 6,112,507 | — | (13,680,759 | ) | — | ||||||||||||||
Deferred financing costs, net | 181 | 30,737 | 155,046 | — | 185,964 | |||||||||||||||
Intercompany receivables | 483 | 38,931 | — | (39,414 | ) | — | ||||||||||||||
Intercompany notes receivable | — | 1,081,710 | — | (1,081,710 | ) | — | ||||||||||||||
Deferred income taxes, net | — | — | — | 13,821 | 13,821 | |||||||||||||||
Leasehold interests in land, net | — | — | 1,428,819 | — | 1,428,819 | |||||||||||||||
Intangible assets, net | 690 | — | 101,391 | — | 102,081 | |||||||||||||||
Other assets, net | 264 | 22,288 | 96,535 | — | 119,087 | |||||||||||||||
Total assets | $ | 8,092,379 | $ | 11,251,366 | $ | 18,973,112 | $ | (15,592,593 | ) | $ | 22,724,264 | |||||||||
Accounts payable | $ | 8,381 | $ | 25,679 | $ | 85,134 | $ | — | $ | 119,194 | ||||||||||
Construction payables | 2,161 | 3,226 | 236,173 | — | 241,560 | |||||||||||||||
Intercompany payables | — | 278,309 | 229,943 | (508,252 | ) | — | ||||||||||||||
Intercompany notes payable | 251,537 | — | — | (251,537 | ) | — | ||||||||||||||
Accrued interest payable | 77 | 224 | 6,250 | — | 6,551 | |||||||||||||||
Other accrued liabilities | 54,071 | 224,759 | 1,916,036 | — | 2,194,866 | |||||||||||||||
Income taxes payable | — | 17 | 176,661 | — | 176,678 | |||||||||||||||
Deferred income taxes | — | — | 58,051 | (44,742 | ) | 13,309 | ||||||||||||||
Current maturities of long-term debt | 3,688 | 24,892 | 348,927 | — | 377,507 | |||||||||||||||
Total current liabilities | 319,915 | 557,106 | 3,057,175 | (804,531 | ) | 3,129,665 | ||||||||||||||
Other long-term liabilities | 3,775 | 10,175 | 98,245 | — | 112,195 | |||||||||||||||
Intercompany payables | — | — | 39,414 | (39,414 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 1,081,710 | (1,081,710 | ) | — | ||||||||||||||
Deferred income taxes | 39,523 | 54,668 | 65,199 | 13,821 | 173,211 | |||||||||||||||
Deferred amounts related to mall transactions | — | 425,912 | — | — | 425,912 | |||||||||||||||
Long-term debt | 63,672 | 2,823,269 | 6,495,811 | — | 9,382,752 | |||||||||||||||
Total liabilities | 426,885 | 3,871,130 | 10,837,554 | (1,911,834 | ) | 13,223,735 | ||||||||||||||
Total Las Vegas Sands Corp. stockholders’ equity | 7,665,494 | 7,379,831 | 6,300,928 | (13,680,759 | ) | 7,665,494 | ||||||||||||||
Noncontrolling interests | — | 405 | 1,834,630 | — | 1,835,035 | |||||||||||||||
Total equity | 7,665,494 | 7,380,236 | 8,135,558 | (13,680,759 | ) | 9,500,529 | ||||||||||||||
Total liabilities and equity | $ | 8,092,379 | $ | 11,251,366 | $ | 18,973,112 | $ | (15,592,593 | ) | $ | 22,724,264 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | 7,962 | $ | 182,402 | $ | 2,322,402 | $ | — | $ | 2,512,766 | ||||||||||
Restricted cash and cash equivalents | — | 1 | 4,520 | — | 4,521 | |||||||||||||||
Intercompany receivables | 209,961 | 256,409 | — | (466,370 | ) | — | ||||||||||||||
Intercompany notes receivable | — | 1,100,000 | 237,161 | (1,337,161 | ) | — | ||||||||||||||
Accounts receivable, net | 6,646 | 259,691 | 1,552,923 | — | 1,819,260 | |||||||||||||||
Inventories | 3,501 | 13,081 | 27,293 | — | 43,875 | |||||||||||||||
Deferred income taxes, net | 5,687 | 36,900 | — | (40,288 | ) | 2,299 | ||||||||||||||
Prepaid expenses and other | 13,257 | 12,223 | 69,313 | — | 94,793 | |||||||||||||||
Total current assets | 247,014 | 1,860,707 | 4,213,612 | (1,843,819 | ) | 4,477,514 | ||||||||||||||
Property and equipment, net | 173,065 | 3,157,605 | 12,436,078 | — | 15,766,748 | |||||||||||||||
Investments in subsidiaries | 7,045,198 | 4,675,328 | — | (11,720,526 | ) | — | ||||||||||||||
Deferred financing costs, net | 238 | 12,528 | 201,699 | — | 214,465 | |||||||||||||||
Restricted cash and cash equivalents | — | — | 1,938 | — | 1,938 | |||||||||||||||
Intercompany receivables | 6,109 | 56,302 | — | (62,411 | ) | — | ||||||||||||||
Intercompany notes receivable | — | 928,728 | — | (928,728 | ) | — | ||||||||||||||
Deferred income taxes, net | 3,665 | — | — | 39,615 | 43,280 | |||||||||||||||
Leasehold interests in land, net | — | — | 1,458,741 | — | 1,458,741 | |||||||||||||||
Intangible assets, net | 690 | — | 69,928 | — | 70,618 | |||||||||||||||
Other assets, net | 243 | 18,403 | 111,702 | — | 130,348 | |||||||||||||||
Total assets | $ | 7,476,222 | $ | 10,709,601 | $ | 18,493,698 | $ | (14,515,869 | ) | $ | 22,163,652 | |||||||||
Accounts payable | $ | 9,948 | $ | 25,007 | $ | 71,543 | $ | — | $ | 106,498 | ||||||||||
Construction payables | 5,318 | 7,646 | 330,408 | — | 343,372 | |||||||||||||||
Intercompany payables | — | 173,893 | 292,477 | (466,370 | ) | — | ||||||||||||||
Intercompany notes payable | 237,161 | — | 1,100,000 | (1,337,161 | ) | — | ||||||||||||||
Accrued interest payable | 82 | 1,050 | 14,410 | — | 15,542 | |||||||||||||||
Other accrued liabilities | 42,318 | 235,889 | 1,617,276 | — | 1,895,483 | |||||||||||||||
Income taxes payable | — | 4 | 164,122 | — | 164,126 | |||||||||||||||
Deferred income taxes | — | — | 40,288 | (40,288 | ) | — | ||||||||||||||
Current maturities of long-term debt | 3,688 | 90,649 | 3,465 | — | 97,802 | |||||||||||||||
Total current liabilities | 298,515 | 534,138 | 3,633,989 | (1,843,819 | ) | 2,622,823 | ||||||||||||||
Other long-term liabilities | 48,506 | 9,776 | 75,654 | — | 133,936 | |||||||||||||||
Intercompany payables | — | — | 62,411 | (62,411 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 928,728 | (928,728 | ) | — | ||||||||||||||
Deferred income taxes | — | 39,643 | 106,687 | 39,615 | 185,945 | |||||||||||||||
Deferred amounts related to mall transactions | — | 430,271 | — | — | 430,271 | |||||||||||||||
Long-term debt | 67,359 | 2,753,745 | 7,311,161 | — | 10,132,265 | |||||||||||||||
Total liabilities | 414,380 | 3,767,573 | 12,118,630 | (2,795,343 | ) | 13,505,240 | ||||||||||||||
Total Las Vegas Sands Corp. stockholders’ equity | 7,061,842 | 6,941,623 | 4,778,903 | (11,720,526 | ) | 7,061,842 | ||||||||||||||
Noncontrolling interests | — | 405 | 1,596,165 | — | 1,596,570 | |||||||||||||||
Total equity | 7,061,842 | 6,942,028 | 6,375,068 | (11,720,526 | ) | 8,658,412 | ||||||||||||||
Total liabilities and equity | $ | 7,476,222 | $ | 10,709,601 | $ | 18,493,698 | $ | (14,515,869 | ) | $ | 22,163,652 | |||||||||
Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Casino | $ | — | $ | 584,372 | $ | 10,802,545 | $ | — | $ | 11,386,917 | ||||||||||
Rooms | — | 472,518 | 908,163 | — | 1,380,681 | |||||||||||||||
Food and beverage | — | 197,371 | 532,888 | — | 730,259 | |||||||||||||||
Mall | — | — | 481,400 | — | 481,400 | |||||||||||||||
Convention, retail and other | — | 310,276 | 377,791 | (172,888 | ) | 515,179 | ||||||||||||||
— | 1,564,537 | 13,102,787 | (172,888 | ) | 14,494,436 | |||||||||||||||
Less — promotional allowances | (1,455 | ) | (91,217 | ) | (629,994 | ) | (1,885 | ) | (724,551 | ) | ||||||||||
Net revenues | (1,455 | ) | 1,473,320 | 12,472,793 | (174,773 | ) | 13,769,885 | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Casino | — | 314,966 | 6,171,744 | (2,992 | ) | 6,483,718 | ||||||||||||||
Rooms | — | 157,497 | 114,449 | (4 | ) | 271,942 | ||||||||||||||
Food and beverage | — | 90,507 | 283,366 | (4,303 | ) | 369,570 | ||||||||||||||
Mall | — | — | 73,358 | — | 73,358 | |||||||||||||||
Convention, retail and other | — | 106,242 | 238,296 | (26,669 | ) | 317,869 | ||||||||||||||
Provision for doubtful accounts | — | 29,977 | 207,809 | — | 237,786 | |||||||||||||||
General and administrative | — | 341,659 | 988,927 | (846 | ) | 1,329,740 | ||||||||||||||
Corporate | 164,926 | 1,264 | 163,287 | (139,942 | ) | 189,535 | ||||||||||||||
Pre-opening | — | 911 | 12,428 | — | 13,339 | |||||||||||||||
Development | 15,207 | — | 619 | (17 | ) | 15,809 | ||||||||||||||
Depreciation and amortization | 26,165 | 186,871 | 794,432 | — | 1,007,468 | |||||||||||||||
Amortization of leasehold interests in land | — | — | 40,352 | — | 40,352 | |||||||||||||||
(Gain) loss on disposal of assets | (12,641 | ) | 1,823 | 21,974 | — | 11,156 | ||||||||||||||
193,657 | 1,231,717 | 9,111,041 | (174,773 | ) | 10,361,642 | |||||||||||||||
Operating income (loss) | (195,112 | ) | 241,603 | 3,361,752 | — | 3,408,243 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 1,155 | 173,203 | 18,189 | (176,210 | ) | 16,337 | ||||||||||||||
Interest expense, net of amounts capitalized | (4,269 | ) | (88,972 | ) | (354,180 | ) | 176,210 | (271,211 | ) | |||||||||||
Other income (expense) | (5,282 | ) | (2,322 | ) | 11,925 | — | 4,321 | |||||||||||||
Loss on modification or early retirement of debt | — | (14,178 | ) | — | — | (14,178 | ) | |||||||||||||
Income from equity investments in subsidiaries | 2,416,604 | 2,119,936 | — | (4,536,540 | ) | — | ||||||||||||||
Income before income taxes | 2,213,096 | 2,429,270 | 3,037,686 | (4,536,540 | ) | 3,143,512 | ||||||||||||||
Income tax benefit (expense) | 92,901 | (133,519 | ) | (148,218 | ) | — | (188,836 | ) | ||||||||||||
Net income | 2,305,997 | 2,295,751 | 2,889,468 | (4,536,540 | ) | 2,954,676 | ||||||||||||||
Net income attributable to noncontrolling interests | — | (2,894 | ) | (645,785 | ) | — | (648,679 | ) | ||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 2,305,997 | $ | 2,292,857 | $ | 2,243,683 | $ | (4,536,540 | ) | $ | 2,305,997 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Casino | $ | — | $ | 512,647 | $ | 8,495,511 | $ | — | $ | 9,008,158 | ||||||||||
Rooms | — | 446,241 | 707,783 | — | 1,154,024 | |||||||||||||||
Food and beverage | — | 173,111 | 455,417 | — | 628,528 | |||||||||||||||
Mall | — | — | 396,927 | — | 396,927 | |||||||||||||||
Convention, retail and other | — | 294,047 | 359,342 | (156,357 | ) | 497,032 | ||||||||||||||
— | 1,426,046 | 10,414,980 | (156,357 | ) | 11,684,669 | |||||||||||||||
Less — promotional allowances | (1,109 | ) | (84,613 | ) | (466,177 | ) | (1,638 | ) | (553,537 | ) | ||||||||||
Net revenues | (1,109 | ) | 1,341,433 | 9,948,803 | (157,995 | ) | 11,131,132 | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Casino | — | 288,999 | 4,841,526 | (2,489 | ) | 5,128,036 | ||||||||||||||
Rooms | — | 138,356 | 98,951 | (4 | ) | 237,303 | ||||||||||||||
Food and beverage | — | 85,206 | 250,258 | (4,254 | ) | 331,210 | ||||||||||||||
Mall | — | — | 68,763 | — | 68,763 | |||||||||||||||
Convention, retail and other | — | 84,957 | 239,904 | (20,598 | ) | 304,263 | ||||||||||||||
Provision for doubtful accounts | — | 28,987 | 210,345 | — | 239,332 | |||||||||||||||
General and administrative | — | 268,834 | 793,916 | (815 | ) | 1,061,935 | ||||||||||||||
Corporate | 188,187 | 413 | 148,243 | (129,813 | ) | 207,030 | ||||||||||||||
Pre-opening | — | 1,909 | 141,893 | (7 | ) | 143,795 | ||||||||||||||
Development | 19,973 | — | — | (15 | ) | 19,958 | ||||||||||||||
Depreciation and amortization | 19,921 | 222,096 | 650,029 | — | 892,046 | |||||||||||||||
Amortization of leasehold interests in land | — | — | 40,165 | — | 40,165 | |||||||||||||||
Impairment loss | — | — | 143,674 | — | 143,674 | |||||||||||||||
(Gain) loss on disposal of assets | (1 | ) | 389 | 1,852 | — | 2,240 | ||||||||||||||
228,080 | 1,120,146 | 7,629,519 | (157,995 | ) | 8,819,750 | |||||||||||||||
Operating income (loss) | (229,189 | ) | 221,287 | 2,319,284 | — | 2,311,382 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 281 | 135,153 | 21,700 | (133,882 | ) | 23,252 | ||||||||||||||
Interest expense, net of amounts capitalized | (4,841 | ) | (91,870 | ) | (295,735 | ) | 133,882 | (258,564 | ) | |||||||||||
Other income (expense) | (47 | ) | 792 | 4,995 | — | 5,740 | ||||||||||||||
Loss on modification or early retirement of debt | (2,831 | ) | (1,599 | ) | (14,804 | ) | — | (19,234 | ) | |||||||||||
Income from equity investments in subsidiaries | 1,705,354 | 1,430,459 | — | (3,135,813 | ) | — | ||||||||||||||
Income before income taxes | 1,468,727 | 1,694,222 | 2,035,440 | (3,135,813 | ) | 2,062,576 | ||||||||||||||
Income tax benefit (expense) | 55,366 | (78,240 | ) | (157,889 | ) | — | (180,763 | ) | ||||||||||||
Net income | 1,524,093 | 1,615,982 | 1,877,551 | (3,135,813 | ) | 1,881,813 | ||||||||||||||
Net income attributable to noncontrolling interests | — | (2,733 | ) | (354,987 | ) | — | (357,720 | ) | ||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 1,524,093 | $ | 1,613,249 | $ | 1,522,564 | $ | (3,135,813 | ) | $ | 1,524,093 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Casino | $ | — | $ | 430,758 | $ | 7,006,244 | $ | — | $ | 7,437,002 | ||||||||||
Rooms | — | 450,487 | 549,548 | — | 1,000,035 | |||||||||||||||
Food and beverage | — | 186,894 | 411,929 | — | 598,823 | |||||||||||||||
Mall | — | — | 325,123 | — | 325,123 | |||||||||||||||
Convention, retail and other | — | 280,349 | 362,050 | (141,048 | ) | 501,351 | ||||||||||||||
— | 1,348,488 | 8,654,894 | (141,048 | ) | 9,862,334 | |||||||||||||||
Less — promotional allowances | (720 | ) | (75,238 | ) | (374,060 | ) | (1,571 | ) | (451,589 | ) | ||||||||||
Net revenues | (720 | ) | 1,273,250 | 8,280,834 | (142,619 | ) | 9,410,745 | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Casino | — | 266,203 | 3,744,193 | (2,509 | ) | 4,007,887 | ||||||||||||||
Rooms | — | 136,416 | 73,636 | — | 210,052 | |||||||||||||||
Food and beverage | — | 88,485 | 223,807 | (4,846 | ) | 307,446 | ||||||||||||||
Mall | — | — | 59,183 | — | 59,183 | |||||||||||||||
Convention, retail and other | — | 87,779 | 274,582 | (24,252 | ) | 338,109 | ||||||||||||||
Provision for doubtful accounts | — | 14,532 | 135,924 | — | 150,456 | |||||||||||||||
General and administrative | — | 254,139 | 583,472 | (687 | ) | 836,924 | ||||||||||||||
Corporate | 165,120 | 265 | 130,623 | (110,314 | ) | 185,694 | ||||||||||||||
Pre-opening | — | — | 65,833 | (8 | ) | 65,825 | ||||||||||||||
Development | 11,312 | — | — | (3 | ) | 11,309 | ||||||||||||||
Depreciation and amortization | 18,493 | 227,400 | 548,511 | — | 794,404 | |||||||||||||||
Amortization of leasehold interests in land | — | — | 43,366 | — | 43,366 | |||||||||||||||
(Gain) loss on disposal of assets | 7,662 | 2,590 | (49 | ) | — | 10,203 | ||||||||||||||
202,587 | 1,077,809 | 5,883,081 | (142,619 | ) | 7,020,858 | |||||||||||||||
Operating income (loss) | (203,307 | ) | 195,441 | 2,397,753 | — | 2,389,887 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 3,702 | 112,218 | 9,867 | (111,393 | ) | 14,394 | ||||||||||||||
Interest expense, net of amounts capitalized | (13,856 | ) | (95,993 | ) | (284,493 | ) | 111,393 | (282,949 | ) | |||||||||||
Other income (expense) | 171 | (1,946 | ) | (2,180 | ) | — | (3,955 | ) | ||||||||||||
Loss on modification or early retirement of debt | — | (503 | ) | (22,051 | ) | — | (22,554 | ) | ||||||||||||
Income from equity investments in subsidiaries | 1,716,119 | 1,442,967 | — | (3,159,086 | ) | — | ||||||||||||||
Income before income taxes | 1,502,829 | 1,652,184 | 2,098,896 | (3,159,086 | ) | 2,094,823 | ||||||||||||||
Income tax benefit (expense) | 57,294 | (57,336 | ) | (211,662 | ) | — | (211,704 | ) | ||||||||||||
Net income | 1,560,123 | 1,594,848 | 1,887,234 | (3,159,086 | ) | 1,883,119 | ||||||||||||||
Net income attributable to noncontrolling interests | — | (2,495 | ) | (320,501 | ) | — | (322,996 | ) | ||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 1,560,123 | $ | 1,592,353 | $ | 1,566,733 | $ | (3,159,086 | ) | $ | 1,560,123 | |||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net income | $ | 2,305,997 | $ | 2,295,751 | $ | 2,889,468 | $ | (4,536,540 | ) | $ | 2,954,676 | |||||||||
Currency translation adjustment, before and after tax | (89,295 | ) | (75,797 | ) | (89,976 | ) | 165,092 | (89,976 | ) | |||||||||||
Total comprehensive income | 2,216,702 | 2,219,954 | 2,799,492 | (4,371,448 | ) | 2,864,700 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,894 | ) | (645,104 | ) | — | (647,998 | ) | ||||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 2,216,702 | $ | 2,217,060 | $ | 2,154,388 | $ | (4,371,448 | ) | $ | 2,216,702 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net income | $ | 1,524,093 | $ | 1,615,982 | $ | 1,877,551 | $ | (3,135,813 | ) | $ | 1,881,813 | |||||||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | 168,974 | 143,570 | 172,788 | (312,544 | ) | 172,788 | ||||||||||||||
Total comprehensive income | 1,693,067 | 1,759,552 | 2,050,339 | (3,448,357 | ) | 2,054,601 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,733 | ) | (358,801 | ) | — | (361,534 | ) | ||||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,693,067 | $ | 1,756,819 | $ | 1,691,538 | $ | (3,448,357 | ) | $ | 1,693,067 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net income | $ | 1,560,123 | $ | 1,594,848 | $ | 1,887,234 | $ | (3,159,086 | ) | $ | 1,883,119 | |||||||||
Currency translation adjustment, before and after tax | (35,415 | ) | (28,876 | ) | (32,793 | ) | 64,291 | (32,793 | ) | |||||||||||
Total comprehensive income | 1,524,708 | 1,565,972 | 1,854,441 | (3,094,795 | ) | 1,850,326 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,495 | ) | (323,123 | ) | — | (325,618 | ) | ||||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,524,708 | $ | 1,563,477 | $ | 1,531,318 | $ | (3,094,795 | ) | $ | 1,524,708 | |||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net cash generated from operating activities | $ | 1,693,766 | $ | 1,892,021 | $ | 4,255,589 | $ | (3,401,964 | ) | $ | 4,439,412 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Change in restricted cash and cash equivalents | — | 1 | (383 | ) | — | (382 | ) | |||||||||||||
Capital expenditures | (29,901 | ) | (91,900 | ) | (776,310 | ) | — | (898,111 | ) | |||||||||||
Proceeds from disposal of property and equipment | 31,000 | 121 | 1,034 | — | 32,155 | |||||||||||||||
Acquisition of intangible assets | — | — | (45,871 | ) | — | (45,871 | ) | |||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 1,357 | — | (1,357 | ) | — | ||||||||||||||
Notes receivable to Las Vegas Sands Corp. | — | — | (251,537 | ) | 251,537 | — | ||||||||||||||
Repayments of receivable from Las Vegas Sands Corp. | — | — | 237,161 | (237,161 | ) | — | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 1,383,116 | — | (1,383,116 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (68 | ) | (1,292,416 | ) | — | 1,292,484 | — | |||||||||||||
Net cash generated from (used in) investing activities | 1,031 | 279 | (835,906 | ) | (77,613 | ) | (912,209 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 50,223 | — | 19,373 | — | 69,596 | |||||||||||||||
Repurchase of common stock | (561,150 | ) | — | — | — | (561,150 | ) | |||||||||||||
Proceeds from exercise of warrants | 350 | — | — | — | 350 | |||||||||||||||
Dividends paid | (1,152,690 | ) | — | (411,359 | ) | — | (1,564,049 | ) | ||||||||||||
Distributions to noncontrolling interests | — | (2,894 | ) | (8,964 | ) | — | (11,858 | ) | ||||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (1,732,152 | ) | (108,570 | ) | 1,840,722 | — | |||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (2,944,358 | ) | 2,944,358 | — | ||||||||||||||
Capital contributions received | — | — | 1,292,484 | (1,292,484 | ) | — | ||||||||||||||
Borrowings from non-restricted subsidiaries | 251,537 | — | — | (251,537 | ) | — | ||||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (1,357 | ) | 1,357 | — | ||||||||||||||
Repayments on borrowings from non-restricted subsidiaries | (237,161 | ) | — | — | 237,161 | — | ||||||||||||||
Proceeds from 2013 U.S. credit facility | — | 2,828,750 | — | — | 2,828,750 | |||||||||||||||
Proceeds from senior secured credit facility | — | 250,000 | — | — | 250,000 | |||||||||||||||
Proceeds from 2012 Singapore credit facility | — | — | 104,357 | — | 104,357 | |||||||||||||||
Repayments on senior secured credit facility | — | (3,073,038 | ) | — | — | (3,073,038 | ) | |||||||||||||
Repayments on 2012 Singapore credit facility | — | — | (430,504 | ) | (430,504 | ) | ||||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | |||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (2,350 | ) | (3,452 | ) | — | (5,802 | ) | ||||||||||||
Payments of deferred financing costs | — | (27,529 | ) | (7,885 | ) | — | (35,414 | ) | ||||||||||||
Net cash used in financing activities | (1,652,579 | ) | (1,759,213 | ) | (2,500,235 | ) | 3,479,577 | (2,432,450 | ) | |||||||||||
Effect of exchange rate on cash | — | — | (7,105 | ) | — | (7,105 | ) | |||||||||||||
Increase in cash and cash equivalents | 42,218 | 133,087 | 912,343 | — | 1,087,648 | |||||||||||||||
Cash and cash equivalents at beginning of year | 7,962 | 182,402 | 2,322,402 | — | 2,512,766 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 50,180 | $ | 315,489 | $ | 3,234,745 | $ | — | $ | 3,600,414 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net cash generated from operating activities | $ | 2,544,296 | $ | 2,177,182 | $ | 2,894,423 | $ | (4,558,144 | ) | $ | 3,057,757 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Change in restricted cash and cash equivalents | — | (1 | ) | 694 | — | 693 | ||||||||||||||
Capital expenditures | (50,903 | ) | (155,936 | ) | (1,242,395 | ) | — | (1,449,234 | ) | |||||||||||
Proceeds from disposal of property and equipment | — | 454 | 2,455 | — | 2,909 | |||||||||||||||
Intercompany receivable to non-restricted subsidiaries | (20,297 | ) | — | — | 20,297 | — | ||||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 683 | — | (683 | ) | — | ||||||||||||||
Notes receivable to Las Vegas Sands Corp. | — | — | (237,161 | ) | 237,161 | — | ||||||||||||||
Notes receivable to non-restricted subsidiaries | — | (9,773 | ) | — | 9,773 | — | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 2,564,500 | — | (2,564,500 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (64 | ) | (2,485,000 | ) | — | 2,485,064 | — | |||||||||||||
Net cash used in investing activities | (71,264 | ) | (85,073 | ) | (1,476,407 | ) | 187,112 | (1,445,632 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 34,668 | — | 11,572 | — | 46,240 | |||||||||||||||
Proceeds from exercise of warrants | 528,908 | — | — | — | 528,908 | |||||||||||||||
Dividends paid | (3,085,256 | ) | — | (357,056 | ) | — | (3,442,312 | ) | ||||||||||||
Distributions to noncontrolling interests | — | (2,733 | ) | (7,733 | ) | — | (10,466 | ) | ||||||||||||
Deemed distribution to Principal Stockholder | — | — | (18,576 | ) | — | (18,576 | ) | |||||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (2,568,900 | ) | (181,191 | ) | 2,750,091 | — | |||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (4,372,553 | ) | 4,372,553 | — | ||||||||||||||
Capital contributions received | — | — | 2,485,064 | (2,485,064 | ) | — | ||||||||||||||
Borrowings from Las Vegas Sands Corp. | — | — | 20,297 | (20,297 | ) | — | ||||||||||||||
Borrowings from Restricted Subsidiaries | — | — | 9,773 | (9,773 | ) | — | ||||||||||||||
Borrowings from non-restricted subsidiaries | 237,161 | — | — | (237,161 | ) | — | ||||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (683 | ) | 683 | — | ||||||||||||||
Proceeds from 2012 Singapore credit facility | — | — | 3,951,486 | — | 3,951,486 | |||||||||||||||
Proceeds from senior secured credit facility | — | 400,000 | — | — | 400,000 | |||||||||||||||
Repayments on Singapore credit facility | — | — | (3,635,676 | ) | — | (3,635,676 | ) | |||||||||||||
Repayments on senior secured credit facility | — | (425,555 | ) | — | — | (425,555 | ) | |||||||||||||
Redemption of senior notes | (189,712 | ) | — | — | — | (189,712 | ) | |||||||||||||
Repayments on ferry financing | — | — | (140,337 | ) | — | (140,337 | ) | |||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | |||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (2,161 | ) | (2,569 | ) | — | (4,730 | ) | ||||||||||||
Payments of deferred financing costs | — | — | (100,888 | ) | — | (100,888 | ) | |||||||||||||
Net cash used in financing activities | (2,477,919 | ) | (2,599,349 | ) | (2,339,070 | ) | 4,371,032 | (3,045,306 | ) | |||||||||||
Effect of exchange rate on cash | — | — | 43,229 | — | 43,229 | |||||||||||||||
Decrease in cash and cash equivalents | (4,887 | ) | (507,240 | ) | (877,825 | ) | — | (1,389,952 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 12,849 | 689,642 | 3,200,227 | — | 3,902,718 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 7,962 | $ | 182,402 | $ | 2,322,402 | $ | — | $ | 2,512,766 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
LVSC | Restricted | Non-Restricted | Consolidating/ | Total | ||||||||||||||||
(Non-Guarantor parent) | Subsidiaries | Subsidiaries | Eliminating | |||||||||||||||||
Entries | ||||||||||||||||||||
Net cash generated from (used in) operating activities | $ | (42,087 | ) | $ | 404,624 | $ | 2,503,697 | $ | (203,738 | ) | $ | 2,662,496 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Change in restricted cash and cash equivalents | — | 2,285 | 802,109 | — | 804,394 | |||||||||||||||
Capital expenditures | (21,355 | ) | (47,560 | ) | (1,439,578 | ) | — | (1,508,493 | ) | |||||||||||
Proceeds from disposal of property and equipment | — | — | 6,093 | — | 6,093 | |||||||||||||||
Acquisition of intangible assets | (100 | ) | — | — | — | (100 | ) | |||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 1,200 | — | (1,200 | ) | — | ||||||||||||||
Notes receivable to non-restricted subsidiaries | — | (50,766 | ) | — | 50,766 | — | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 94,472 | — | (94,472 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (50,026 | ) | — | — | 50,026 | — | ||||||||||||||
Net cash used in investing activities | (71,481 | ) | (369 | ) | (631,376 | ) | 5,120 | (698,106 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 23,238 | — | 2,267 | — | 25,505 | |||||||||||||||
Proceeds from exercise of warrants | 12,512 | — | — | — | 12,512 | |||||||||||||||
Dividends paid | (75,297 | ) | — | — | — | (75,297 | ) | |||||||||||||
Distributions to noncontrolling interests | — | (2,495 | ) | (7,893 | ) | — | (10,388 | ) | ||||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (143,738 | ) | — | 143,738 | — | ||||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (154,472 | ) | 154,472 | — | ||||||||||||||
Capital contributions received | — | 50,000 | 26 | (50,026 | ) | — | ||||||||||||||
Borrowings from Restricted Subsidiaries | — | — | 50,766 | (50,766 | ) | — | ||||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (1,200 | ) | 1,200 | — | ||||||||||||||
Proceeds from 2011 VML credit facility | — | — | 3,201,535 | — | 3,201,535 | |||||||||||||||
Repayments on senior secured credit facility | — | (28,937 | ) | — | — | (28,937 | ) | |||||||||||||
Repayments on VML credit facility | — | — | (2,060,819 | ) | — | (2,060,819 | ) | |||||||||||||
Repayments on VOL credit facility | — | — | (749,660 | ) | — | (749,660 | ) | |||||||||||||
Repayments on Singapore credit facility | — | — | (418,564 | ) | — | (418,564 | ) | |||||||||||||
Repayments on ferry financing | — | — | (35,002 | ) | — | (35,002 | ) | |||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | |||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (1,669 | ) | (1,971 | ) | — | (3,640 | ) | ||||||||||||
Repurchases and redemption of preferred stock | (845,321 | ) | — | — | — | (845,321 | ) | |||||||||||||
Payments of preferred stock inducement premium | (16,871 | ) | — | — | — | (16,871 | ) | |||||||||||||
Payments of deferred financing costs | — | — | (84,826 | ) | — | (84,826 | ) | |||||||||||||
Net cash used in financing activities | (905,427 | ) | (126,839 | ) | (259,813 | ) | 198,618 | (1,093,461 | ) | |||||||||||
Effect of exchange rate on cash | — | — | (5,292 | ) | — | (5,292 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | (1,018,995 | ) | 277,416 | 1,607,216 | — | 865,637 | ||||||||||||||
Cash and cash equivalents at beginning of year | 1,031,844 | 412,226 | 1,593,011 | — | 3,037,081 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 12,849 | $ | 689,642 | $ | 3,200,227 | $ | — | $ | 3,902,718 | ||||||||||
Selected_Quarterly_Financial_R1
Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Results (Unaudited) | ' | |||||||||||||||||||
Quarter | ||||||||||||||||||||
First(1)(2)(3) | Second(3)(4) | Third(4) | Fourth | Total | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Net revenues | $ | 3,302,719 | $ | 3,242,941 | $ | 3,568,540 | $ | 3,655,685 | $ | 13,769,885 | ||||||||||
Operating income | 826,703 | 780,641 | 914,826 | 886,073 | 3,408,243 | |||||||||||||||
Net income | 703,974 | 671,673 | 809,298 | 769,731 | 2,954,676 | |||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 571,961 | 529,753 | 626,744 | 577,539 | 2,305,997 | |||||||||||||||
Basic earnings per share | 0.69 | 0.64 | 0.76 | 0.71 | 2.8 | |||||||||||||||
Diluted earnings per share | 0.69 | 0.64 | 0.76 | 0.7 | 2.79 | |||||||||||||||
2012 | ||||||||||||||||||||
Net revenues | $ | 2,762,742 | $ | 2,581,906 | $ | 2,709,482 | $ | 3,077,002 | $ | 11,131,132 | ||||||||||
Operating income | 707,554 | 397,728 | 534,095 | 672,005 | 2,311,382 | |||||||||||||||
Net income | 579,109 | 286,381 | 444,980 | 571,343 | 1,881,813 | |||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 498,942 | 240,587 | 349,782 | 434,782 | 1,524,093 | |||||||||||||||
Basic earnings per share | 0.66 | 0.29 | 0.43 | 0.53 | 1.89 | |||||||||||||||
Diluted earnings per share | 0.61 | 0.29 | 0.42 | 0.53 | 1.85 | |||||||||||||||
________________________ | ||||||||||||||||||||
-1 | The second Sheraton tower of Sands Cotai Central opened in January 2013. | |||||||||||||||||||
-2 | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. | |||||||||||||||||||
-3 | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | |||||||||||||||||||
-4 | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively |
Organization_and_Business_of_C1
Organization and Business of Company - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
MACAU | 2013 U.S. Credit Facility | Las Vegas Condo Tower | Cotai Strip | The Venetian Macao | The Venetian Macao | The Venetian Macao | The Venetian Macao | The Venetian Macao | The Venetian Macao | The Venetian Macao | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Sands Cotai Central | Four Seasons Macao | Four Seasons Macao | Four Seasons Macao | Four Seasons Macao | Four Seasons Macao | Sands Macao | Sands Macao | Marina Bay Sands | Marina Bay Sands | Marina Bay Sands | Marina Bay Sands | Las Vegas Operating Properties | Las Vegas Operating Properties | Las Vegas Operating Properties | Las Vegas Operating Properties | Sands Bethlehem | Sands Bethlehem | Sands Bethlehem | Sands Bethlehem | Sands Bethlehem | Sands Bethlehem | The Parisian Macao | |||||
UNITED STATES | UNITED STATES | MACAU | MACAU | Gaming Space | Arena | Theater | Retail And Dining Space | Convention Center And Meeting Room Complex | Minimum | MACAU | Phase IIA | Phase IIB | Phase III | Gaming Space | Gaming Space | Retail Dining And Entertainment Space | Five Star Rooms | Four Star Rooms | Minimum | Minimum | MACAU | Gaming Space | Paiza Mansion | Retail | Apart Hotel | MACAU | Gaming Space | SINGAPORE | Gaming Space | Retail Dining And Entertainment Space | Convention Center And Meeting Room Complex | UNITED STATES | Gaming Space | Convention And Meeting Facilities | Sands Expo Center | UNITED STATES | Gaming Space | Retail | Multipurpose Event Center | Sands Bethworks Gaming LLC | Sands Bethworks Retail LLC | MACAU | ||||||
acre | Floors | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | Phase I | MACAU | Phase I | Phase I | Convention And Meeting Facilities | Convention And Meeting Facilities | Room | MACAU | MACAU | MACAU | MACAU | Room | MACAU | Room | SINGAPORE | SINGAPORE | SINGAPORE | Room | UNITED STATES | UNITED STATES | Convention Center And Meeting Room Complex | Room | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | Minimum | ||||||||||
sqft | Seat | Seat | sqft | sqft | Room | Room | Room | sqft | MACAU | sqft | MACAU | MACAU | MACAU | Phase I | sqft | Room | sqft | sqft | sqft | Floors | sqft | sqft | sqft | sqft | sqft | UNITED STATES | sqft | sqft | sqft | UNITED STATES | ||||||||||||||||||
sqft | Room | Room | sqft | MACAU | sqft | |||||||||||||||||||||||||||||||||||||||||||
sqft | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in Sands China Ltd | ' | ' | ' | ' | 70.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming Subconcession Period | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land Subject to Ground Leases | ' | ' | ' | ' | ' | ' | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Floors Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units in Real Estate Property (in rooms) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900 | ' | 1,800 | 2,100 | ' | ' | ' | ' | 600 | 1,200 | ' | ' | 360 | ' | 19 | ' | ' | 289 | ' | 2,600 | ' | ' | ' | 7,100 | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385,000 | ' | ' | 923,000 | 1,200,000 | ' | ' | ' | ' | ' | 350,000 | 230,000 | 800,000 | ' | ' | 550,000 | 350,000 | ' | 113,000 | ' | 260,000 | 1,000,000 | ' | 260,000 | ' | 160,000 | 800,000 | 1,200,000 | ' | 225,000 | 1,100,000 | 1,200,000 | ' | 145,000 | 150,000 | 50,000 | ' | ' | ' |
Number Of Seats | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized costs | ' | ' | ' | ' | ' | ' | $178,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | $4,150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $376,000,000 |
Expected cost to complete | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000,000 |
Outstanding construction payables | 241,560,000 | 343,372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic interest in subsidiary, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86.00% | 35.00% | ' |
Cash and cash equivalents | 3,600,414,000 | 2,512,766,000 | 3,902,718,000 | 3,037,081,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face value | ' | ' | ' | ' | ' | $3,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Total assets of Company's joint ventures | ' | ' | $103,900,000 | $94,500,000 | ' |
Total liabilities of Company's joint ventures | ' | ' | 125,400,000 | 95,800,000 | ' |
Cash equivalents, original maturities | ' | ' | 'less than 90Â days | ' | ' |
Impairment loss | 100,700,000 | 42,900,000 | 0 | 143,674,000 | 0 |
Capitalized interest expense | ' | ' | 4,700,000 | 49,300,000 | 127,100,000 |
Capitalized internal costs | ' | ' | 24,200,000 | 20,300,000 | 19,800,000 |
Impairment loss, intangible assets | ' | ' | 0 | 0 | 0 |
Taxes on gaming revenue | ' | ' | 4,540,000,000 | 3,530,000,000 | 2,720,000,000 |
Advertising costs | ' | ' | 117,800,000 | 97,800,000 | 51,200,000 |
Gain related to the dissolution of a wholly owned foreign subsidiary | ' | ' | ' | 6,600,000 | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | 1,519,268,000 | 1,390,900,000 | ' |
Percentage on measuring uncertain tax position minimum | ' | ' | 50.00% | ' | ' |
Foreign subsidiaries | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | 217,800,000 | 209,400,000 | ' |
U.S. Deferred Tax Asset | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | 1,300,000,000 | 1,180,000,000 | ' |
Sands Bethlehem Gaming License | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Indefinite lived assets | ' | ' | 50,000,000 | ' | ' |
Sands Bethlehem Table Games Certificate | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Indefinite lived assets | ' | ' | 16,500,000 | ' | ' |
Cotai Strip Parcels 7 and 8 | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Impairment loss | ' | ' | ' | 100,700,000 | ' |
ZAiA | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Impairment loss | ' | ' | ' | 42,900,000 | ' |
ZAiA | The Venetian Macao | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Impairment loss | ' | ' | ' | $42,900,000 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum | Land improvements, building and building improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '40 years |
Maximum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '20 years |
Maximum | Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '10 years |
Maximum | Transportation | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '20 years |
Minimum | Land improvements, building and building improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '15 years |
Minimum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '3 years |
Minimum | Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '3 years |
Minimum | Transportation | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life of assets | '5 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Estimated Retail Value of Promotional Allowances (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Promotional allowances | $724,551 | $553,537 | $451,589 |
Rooms | ' | ' | ' |
Promotional allowances | 366,353 | 256,738 | 182,831 |
Food and beverage | ' | ' | ' |
Promotional allowances | 222,195 | 185,292 | 169,576 |
Convention, retail and other | ' | ' | ' |
Promotional allowances | $136,003 | $111,507 | $99,182 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Estimated Departmental Cost of Promotional Allowances (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expenses related to promotional allowances | $343,816 | $275,710 | $232,876 |
Rooms | ' | ' | ' |
Expenses related to promotional allowances | 88,379 | 62,201 | 38,038 |
Food and beverage | ' | ' | ' |
Expenses related to promotional allowances | 167,223 | 140,403 | 119,238 |
Convention, retail and other | ' | ' | ' |
Expenses related to promotional allowances | $88,214 | $73,106 | $75,600 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Summary Of Significant Accounting Policies Weighted Average Number Of Common And Common Equivalent Shares Used In Calculation Of Basic And Diluted Earnings Per Share [Abstract] | ' | ' | ' |
Weighted average common shares outstanding (used in the calculation of basic earnings per share) | 822,282,515 | 806,395,660 | 728,343,428 |
Potential dilution from stock options, warrants and restricted stock and stock units | 4,033,593 | 18,160,376 | 83,473,259 |
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share) | 826,316,108 | 824,556,036 | 811,816,687 |
Antidilutive stock options excluded from the calculation of diluted earnings per share | 4,455,109 | 4,700,981 | 5,493,706 |
Accounts_Receivable_Net_Accoun
Accounts Receivable, Net - Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $2,391,837 | $2,310,942 |
Less - allowance for doubtful accounts | -629,727 | -491,682 |
Accounts receivable, net | 1,762,110 | 1,819,260 |
Casino | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts receivable, gross | 2,110,749 | 2,060,478 |
Mall | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts receivable, gross | 125,761 | 121,213 |
Rooms | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts receivable, gross | 106,935 | 81,723 |
Other | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $48,392 | $47,528 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $20,219,954 | $19,722,837 |
Less — accumulated depreciation and amortization | -4,861,001 | -3,956,089 |
Property and equipment, net | 15,358,953 | 15,766,748 |
Land and Land Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 553,561 | 515,538 |
Building and Building Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 15,226,566 | 14,414,026 |
Furniture Fixtures Equipment And Leasehold Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,849,502 | 2,557,071 |
Transportation Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 439,976 | 411,671 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,150,349 | $1,824,531 |
Property_and_Equipment_Net_Con
Property and Equipment, Net - Construction in Progress (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Construction In Progress By Project [Line Items] | ' | ' |
Property and equipment, gross | $20,219,954 | $19,722,837 |
Construction in Progress | ' | ' |
Construction In Progress By Project [Line Items] | ' | ' |
Property and equipment, gross | 1,150,349 | 1,824,531 |
Four Seasons Macao | Construction in Progress | ' | ' |
Construction In Progress By Project [Line Items] | ' | ' |
Property and equipment, gross | 394,404 | 415,367 |
The Parisian Macao | Construction in Progress | ' | ' |
Construction In Progress By Project [Line Items] | ' | ' |
Property and equipment, gross | 318,914 | 59,510 |
Sands Cotai Central | Construction in Progress | ' | ' |
Construction In Progress By Project [Line Items] | ' | ' |
Property and equipment, gross | 111,704 | 913,432 |
Other | Construction in Progress | ' | ' |
Construction In Progress By Project [Line Items] | ' | ' |
Property and equipment, gross | $325,327 | $436,222 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 24, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shoppes At Palazzo | Shoppes At Palazzo | Shoppes At Palazzo | ZAiA | Cotai Strip Parcels 7 and 8 | Construction in Progress | Construction in Progress | Construction in Progress | Construction in Progress | ||||||
Other | Other | |||||||||||||
Property and equipment, gross | ' | ' | $20,219,954,000 | $19,722,837,000 | ' | ' | ' | ' | ' | ' | $1,150,349,000 | $1,824,531,000 | $325,327,000 | $436,222,000 |
Proceeds From Sale Of Mall Assets | ' | ' | ' | ' | ' | 295,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred proceeds from sale of The Shoppes at The Palazzo | ' | ' | 268,541,000 | 267,956,000 | ' | 266,200,000 | 268,500,000 | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | ' | ' | 15,358,953,000 | 15,766,748,000 | ' | ' | 239,300,000 | 250,800,000 | ' | ' | ' | ' | ' | ' |
Accumulated depreciation and amortization | ' | ' | 4,861,001,000 | 3,956,089,000 | ' | ' | 72,100,000 | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, operating lease | ' | ' | 1,040,000,000 | 1,010,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation, operating lease | ' | ' | 203,300,000 | 154,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, capital lease | ' | ' | 41,000,000 | 38,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation, capital lease | ' | ' | 12,500,000 | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | $100,700,000 | $42,900,000 | $0 | $143,674,000 | $0 | ' | ' | ' | $42,900,000 | $100,700,000 | ' | ' | ' | ' |
Leasehold_Interests_in_Land_Ne2
Leasehold Interests in Land, Net - Leasehold Interests in Land (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | $1,685,890 | $1,680,190 |
Less — accumulated amortization | -257,071 | -221,449 |
Leasehold interests in land, net | 1,428,819 | 1,458,741 |
Marina Bay Sands | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | 1,083,249 | 1,125,136 |
Sands Cotai Central | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | 236,588 | 191,653 |
The Venetian Macao | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | 176,536 | 174,893 |
Four Seasons Macao | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | 87,620 | 87,020 |
The Parisian Macao | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | 74,102 | 73,916 |
Sands Macao | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Leasehold interests in land, gross | $27,795 | $27,572 |
Leasehold_Interests_in_Land_Ne3
Leasehold Interests in Land, Net - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | MACAU | MACAU | MACAU | |
Sands Cotai Central | Sands Cotai Central | |||||
USD ($) | MOP | |||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization of leasehold interests in land | $40,352,000 | $40,165,000 | $43,366,000 | ' | ' | ' |
Estimated future amortization expense, 2014 | 42,400,000 | ' | ' | ' | ' | ' |
Estimated future amortization expense, 2015 | 42,400,000 | ' | ' | ' | ' | ' |
Estimated future amortization expense, 2016 | 42,400,000 | ' | ' | ' | ' | ' |
Estimated future amortization expense, 2017 | 42,400,000 | ' | ' | ' | ' | ' |
Estimated future amortization expense, 2018 | 42,400,000 | ' | ' | ' | ' | ' |
Estimated future rental expense, thereafter | 1,470,000,000 | ' | ' | ' | ' | ' |
Minimum Remaining Terms of Leases and Concessions on Undeveloped Acreage | ' | ' | ' | '25 years | ' | ' |
Minimum Remaining Terms of Leases and Concessions on Undeveloped Acreage, Automatic Extension | ' | ' | ' | '10 years | ' | ' |
Payments for land premiums | ' | ' | ' | ' | $44,500,000 | 355,300,000 |
Leasehold_Interests_in_Land_Ne4
Leasehold Interests in Land, Net - Premium and Rental Payments for Leasehold Interests in Land (Detail) (MACAU, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
MACAU | ' |
Schedule of Future Land Premium and Rental Payments [Line Items] | ' |
2014 | $3,453 |
2015 | 4,227 |
2016 | 5,283 |
2017 | 5,283 |
2018 | 5,283 |
Thereafter | 75,972 |
Future land premium and rental payments due, total | $99,501 |
Intangible_Assets_Net_Intangib
Intangible Assets, Net - Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | $102,081 | $70,618 |
Marina Bay Sands Gaming License | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 44,942 | 30,710 |
Less - accumulated amortization | -10,195 | -27,440 |
Intangible assets, net | 34,747 | 3,270 |
Trademarks and other | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 1,141 | 1,139 |
Less - accumulated amortization | -307 | -291 |
Intangible assets, net | 834 | 848 |
Sands Bethlehem gaming license and certificate | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $66,500 | $66,500 |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Aug. 31, 2007 | Jul. 31, 2010 | |
USD ($) | USD ($) | USD ($) | Marina Bay Sands Gaming License | Marina Bay Sands Gaming License | Marina Bay Sands Gaming License | Sands Bethlehem Gaming License | Sands Bethlehem Table Games Certificate | |
SINGAPORE | SINGAPORE | SINGAPORE | USD ($) | USD ($) | ||||
USD ($) | SGD | |||||||
Schedule of Intangible Assets Additional Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | $45,871,000 | $0 | $100,000 | $44,900,000 | 57,000,000 | ' | $50,000,000 | $16,500,000 |
Acquired finite-lived gaming license, amortized period | ' | ' | ' | ' | ' | '3 years | ' | ' |
Finite Lived Intangible Assets Purchased Expiration Date | ' | ' | ' | ' | ' | 30-Apr-16 | ' | ' |
Amortization expense | 13,600,000 | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense, 2014 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense, thereafter | $4,800,000 | ' | ' | ' | ' | ' | ' | ' |
Other_Accrued_Liabilities_Othe
Other Accrued Liabilities - Other Accrued Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Disclosure Other Accrued Liabilities Other Accrued Liability [Abstract] | ' | ' |
Outstanding gaming chips and tokens | $572,121 | $534,323 |
Taxes and licenses | 570,111 | 428,300 |
Customer deposits | 450,550 | 388,355 |
Payroll and related | 308,404 | 264,142 |
Other accruals | 293,680 | 280,363 |
Other accrued liabilities, total | $2,194,866 | $1,895,483 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-term Debt Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $9,760,259 | $10,230,067 |
Less — current maturities | -377,507 | -97,802 |
Total long-term debt | 9,382,752 | 10,132,265 |
2013 U.S. Credit Facility - Term B | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 2,238,750 | 0 |
2013 U.S. Credit Facility - Revolving | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 590,000 | ' |
Senior Secured Credit Facility - Term B | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 1,816,477 |
Senior Secured Credit Facility - Delayed Draws I and II | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 606,561 |
Senior Secured Credit Facility - Revolving | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 400,000 |
Airplane Financings | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 67,359 | 71,047 |
HVAC Equipment Lease | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 18,140 | 19,714 |
Other Long Term Debt And Capital Lease Obligations | UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 2,335 | 3,689 |
Other Long Term Debt And Capital Lease Obligations | MACAU | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 7,910 | 7,313 |
Other Long Term Debt And Capital Lease Obligations | SINGAPORE | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 708 |
2011 VML Credit Facility | MACAU | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 3,208,869 | 3,209,839 |
2012 Singapore Credit Facility - Term | SINGAPORE | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 3,626,896 | 3,767,141 |
2012 Singapore Credit Facility - Revolving | SINGAPORE | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $0 | $327,578 |
LongTerm_Debt_Schedule_of_Long1
Long-Term Debt - Schedule of Long-term Debt Instruments (Parenthetical) (Detail) (2013 U.S. Credit Facility, UNITED STATES, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2013 U.S. Credit Facility | UNITED STATES | ' |
Debt Instrument [Line Items] | ' |
Discount on issue of senior notes | $11,250 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-07 | 31-May-07 | 31-May-07 | 31-May-07 | Aug. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | 31-May-07 | 31-May-07 | Aug. 31, 2010 | Aug. 30, 2010 | Aug. 31, 2010 | Aug. 30, 2010 | Aug. 31, 2010 | Aug. 30, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | Aug. 30, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | 31-May-07 | 31-May-07 | 31-May-07 | 31-May-07 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 10, 2005 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2007 | Apr. 30, 2007 | Feb. 28, 2007 | Feb. 28, 2007 | Feb. 28, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2007 | Apr. 30, 2007 | Apr. 30, 2007 | Jun. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 30, 2009 | Sep. 30, 2010 | Dec. 31, 2013 | Sep. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 22, 2011 | Sep. 22, 2011 | 31-May-06 | Sep. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 22, 2011 | Dec. 31, 2013 | Sep. 22, 2011 | Mar. 31, 2014 | Aug. 31, 2009 | Aug. 31, 2009 | Jul. 31, 2008 | Jul. 31, 2008 | Jan. 31, 2008 | Jan. 31, 2008 | Dec. 31, 2012 | Aug. 31, 2009 | Aug. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | |
USD ($) | USD ($) | USD ($) | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility - Term B | Senior Secured Credit Facility - Delayed Draw I | Senior Secured Credit Facility - Delayed Draw II | Senior Secured Credit Facility - Revolving | Senior Secured Credit Facility - Revolving | Senior Secured Credit Facility - Revolving | Senior Secured Credit Facility - Revolving | Senior Secured Credit Facility - Swingline | Senior Secured Credit Facility - Extended Term B | Senior Secured Credit Facility - Extended Term B | Senior Secured Credit Facility - Extended Delayed Draw I | Senior Secured Credit Facility - Extended Delayed Draw I | Senior Secured Credit Facility - Extended Delayed Draw II | Senior Secured Credit Facility - Extended Delayed Draw II | Senior Secured Credit Facility - Extended Term Loans | Senior Secured Credit Facility - Extended Term Loans | Senior Secured Credit Facility - Extended Term Loans | Senior Secured Credit Facility - Extended Revolving | Senior Secured Credit Facility - Extended Revolving | Senior Secured Credit Facility - Extended Revolving | Senior Secured Credit Facility - Extended Revolving | Senior Secured Credit Facility - Non-Extended Term Loans | Senior Secured Credit Facility - Non-Extended Term Loans | Senior Secured Credit Facility - Non Extended Revolving | Senior Secured Credit Facility - Non Extended Revolving | 2013 U.S. Credit Facility | 2013 U.S. Credit Facility | 2013 U.S. Credit Facility | 2013 U.S. Credit Facility | 2013 U.S. Credit Facility | 2013 U.S. Credit Facility - Term B | 2013 U.S. Credit Facility - Term B | 2013 U.S. Credit Facility - Term B | 2013 U.S. Credit Facility - Term B | 2013 U.S. Credit Facility - Revolving | 2013 U.S. Credit Facility - Revolving | 2013 U.S. Credit Facility - Revolving | 2013 U.S. Credit Facility - Revolving | 6.375% Senior Notes | 6.375% Senior Notes | 6.375% Senior Notes | Airplane Financings February 2007 | Airplane Financings February 2007 | Airplane Financings February 2007 | Airplane Financings February 2007 | Airplane Financings February 2007 | Airplane Financings Amortizing Promissory Notes February 2007 | Airplane Financings Balloon Payment Promissory Notes February 2007 | Airplane Financings April 2007 | Airplane Financings April 2007 | Airplane Financings April 2007 | Airplane Financings Amortizing Promissory Notes April 2007 | Airplane Financings Balloon Payment Promissory Notes April 2007 | HVAC Equipment Lease | HVAC Equipment Lease | VML and VOL Credit Facilities | VML Credit Facility | VOL Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Credit Facility | 2011 VML Term Facility | 2011 VML Term Facility | 2011 VML Credit Facility - Revolving | 2011 VML Credit Facility - Revolving | 2011 VML Credit Facility - U.S. denominated loans | 2011 VML Credit Facility - U.S. denominated loans | 2011 VML Credit Facility - HKD and MOP denominated loans | 2011 VML Credit Facility - HKD and MOP denominated loans | New Credit Facility | Ferry Financing | Ferry Financing | Ferry Financing | Ferry Financing | Ferry Financing | Ferry Financing | Ferry Financing | Ferry Financing | Ferry Financing | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility | 2012 Singapore Credit Facility - Term | 2012 Singapore Credit Facility - Term | 2012 Singapore Credit Facility - Term | 2012 Singapore Credit Facility - Term | 2012 Singapore Facility - Revolving | 2012 Singapore Facility - Revolving | 2012 Singapore Facility - Revolving | 2012 Singapore Facility - Revolving | 2012 Singapore Facility - Swingline | 2012 Singapore Facility - Swingline | |
MACAU | MACAU | MACAU | SINGAPORE | SINGAPORE | SINGAPORE | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | Alternative Base Rate | Eurodollar | UNITED STATES | UNITED STATES | Alternative Base Rate | Eurodollar | Alternative Base Rate | Eurodollar | Alternative Base Rate | Eurodollar | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | Alternative Base Rate | Eurodollar | Eurodollar | UNITED STATES | UNITED STATES | Alternative Base Rate | Eurodollar | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | MACAU | Interest Rate Cap | Interest Rate Cap | MACAU | MACAU | MACAU | MACAU | Interest Rate Cap | Interest Rate Cap | Minimum | Maximum | Eurodollar | MACAU | MACAU | MACAU | MACAU | MACAU | Alternative Base Rate | MACAU | Hong Kong Interbank Offered Rate HIBOR | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | London Interbank Offered Rate (LIBOR) | Hong Kong Interbank Offered Rate HIBOR | SINGAPORE | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | Interest Rate Cap | Interest Rate Cap | Singapore Swap Offered Rate SOR | SINGAPORE | SINGAPORE | Minimum | Maximum | SINGAPORE | SINGAPORE | Minimum | Maximum | SINGAPORE | SINGAPORE | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | UNITED STATES | UNITED STATES | USD ($) | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | UNITED STATES | UNITED STATES | Minimum | USD ($) | Subsequent Event | UNITED STATES | UNITED STATES | USD ($) | USD ($) | USD ($) | USD ($) | UNITED STATES | UNITED STATES | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MACAU | MACAU | USD ($) | USD ($) | USD ($) | USD ($) | MACAU | MACAU | Interest Rate Cap | Interest Rate Cap | MACAU | USD ($) | USD ($) | MACAU | MACAU | Scenario, Forecast | USD ($) | HKD | USD ($) | HKD | USD ($) | HKD | USD ($) | MACAU | MACAU | USD ($) | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | USD ($) | SGD | USD ($) | USD ($) | USD ($) | SGD | SINGAPORE | SINGAPORE | SINGAPORE | USD ($) | SGD | SINGAPORE | SINGAPORE | SGD | USD ($) | SINGAPORE | SINGAPORE | USD ($) | SGD | |||||||||||||||||||||
UNITED STATES | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MACAU | MACAU | USD ($) | USD ($) | SGD | USD ($) | SGD | USD ($) | SGD | USD ($) | SGD | USD ($) | SGD | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | SINGAPORE | USD ($) | SGD | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | $271,211,000 | $258,564,000 | $282,949,000 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000,000 | 3,000,000,000 | 600,000,000 | 400,000,000 | ' | ' | ' | 1,000,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000,000 | 3,500,000,000 | ' | ' | 2,250,000,000 | ' | ' | ' | 1,250,000,000 | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | 72,000,000 | ' | ' | 28,800,000 | 43,200,000 | ' | ' | 20,300,000 | 8,100,000 | 12,200,000 | ' | ' | ' | ' | ' | ' | 3,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | 155,900,000 | 1,210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,020,000,000 | 5,100,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,630,000,000 | 4,600,000,000 | ' | ' | 500,000,000 | 394,200,000 | ' | ' | 78,800,000 | 100,000,000 |
Debt instrument, expiration date, in months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, available borrowing capacity, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 655,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,700,000 | ' | ' | 492,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from long-term debt | 3,183,107,000 | 4,351,486,000 | 3,201,535,000 | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 400,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,828,750,000 | 0 | 0 | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,201,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,357,000 | 3,951,486,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, extended amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,420,000,000 | ' | 284,500,000 | ' | 207,900,000 | ' | ' | ' | ' | 532,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Nov-16 | ' | 30-Nov-16 | ' | 30-Nov-15 | ' | ' | ' | ' | 31-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Dec-20 | ' | ' | ' | 19-Dec-18 | ' | ' | ' | 15-Feb-15 | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-17 | ' | ' | ' | ' | 31-Mar-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Nov-16 | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-15 | 31-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Jun-18 | 25-Jun-18 | ' | ' | 25-Dec-17 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.75% | ' | ' | 1.25% | 2.25% | 0.75% | 1.75% | 0.50% | 1.50% | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | 0.75% | ' | ' | 0.50% | 1.50% | ' | ' | ' | ' | ' | ' | 1.25% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | 2.25% | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, covenant, restricted net assets, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,960,000,000 | 4,960,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount amended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'at the Company’s option, at either an adjusted Eurodollar rate or at an alternative base rate plus a credit spread. For base rate borrowings, the initial credit spread was 0.5% per annum and 0.75% per annum for the Revolving Facility and the term loans, respectively, and 1.25% per annum and 1.75% per annum for the Extended Revolving Facility and the Extended Term Loans, respectively. For Eurodollar rate borrowings, the initial credit spread was 1.5% per annum and 1.75% per annum for the Revolving Facility and the term loans, respectively, and 2.25% per annum and 2.75% per annum for the Extended Revolving Facility and Extended Term Loans, respectively. These spreads would be reduced if the Company’s “corporate rating†(as defined in the Senior Secured Credit Facility) increased to at least Ba2 by Moody’s and at least BB by Standard & Poor’s Ratings Group (“S&Pâ€), subject to certain additional conditions. The spread for the Extended Revolving Facility would be further reduced if the Company’s “corporate rating†increased to at least Ba1 or higher by Moody’s and at least BB+ or higher by S&P, subject to certain additional conditions. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'at either an adjusted Eurodollar rate or at an alternative base rate plus a credit spread. For base rate borrowings, the initial credit spread is 0.5% per annum and 1.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility, respectively. For Eurodollar rate borrowings, the initial credit spread is 1.5% per annum and 2.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility (subject to a Eurodollar rate floor of 0.75%), respectively | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'either the adjusted Eurodollar rate or an alternative base rate (in the case of U.S. dollar denominated loans) or Hong Kong Inter-bank Offered Rate ("HIBOR," in the case of Hong Kong dollar and Macao pataca denominated loans), as applicable, plus an initial spread of 2.25%. Beginning May 14, 2012, the spread for all outstanding loans is subject to reduction based on the CLR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Singapore Swap Offered Rate ("SOR") plus a spread of 1.85%. Beginning December 23, 2012, the spread for all outstanding loans is subject to reduction based on a ratio of debt to Adjusted EBITDA | 'Singapore Swap Offered Rate ("SOR") plus a spread of 1.85%. Beginning December 23, 2012, the spread for all outstanding loans is subject to reduction based on a ratio of debt to Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Commencing with the quarterly period ending December 31, 2014, and at the end of each subsequent quarter through September 30, 2015, the Borrower is required to repay the outstanding 2011 VML Term Facility on a pro rata basis in an amount equal to 6.25% of the aggregate principal amount outstanding as of November 15, 2011. Commencing with the quarterly period ending on December 31, 2015, and at the end of each subsequent quarter through June 30, 2016, the Borrower is required to repay the outstanding 2011 VML Term Facility on a pro rata basis in an amount equal to 10.0% of the aggregate principal amount outstanding as of November 15, 2011. The remaining balance on the 2011 VML Term Facility and any balance on the 2011 VML Revolving Facility are due on the maturity date. In addition, the Borrower is required to further repay the outstanding 2011 VML Term Facility with a portion of its excess free cash flow (as defined by the 2011 VML Credit Facility) after the end of each year, unless the Borrower is in compliance with a specified consolidated leverage ratio (the “CLRâ€). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Commencing with the quarterly period ending September 30, 2014, and at the end of each quarter thereafter, MBS is required to repay the outstanding 2012 Singapore Term Facility in an amount increasing from 2.0% (September 30, 2014) to 8.0% (March 31, 2017 to March 31, 2018) of the aggregate principal amount outstanding of SGD 4.6 billion (approximately $3.63 billion at exchange rates in effect on December 31, 2013). The remaining balance on the 2012 Singapore Term Facility is due on the maturity date. | 'Commencing with the quarterly period ending September 30, 2014, and at the end of each quarter thereafter, MBS is required to repay the outstanding 2012 Singapore Term Facility in an amount increasing from 2.0% (September 30, 2014) to 8.0% (March 31, 2017 to March 31, 2018) of the aggregate principal amount outstanding of SGD 4.6 billion (approximately $3.63 billion at exchange rates in effect on December 31, 2013). The remaining balance on the 2012 Singapore Term Facility is due on the maturity date. | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, date of first required payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-07 | ' | ' | ' | ' | 30-Jun-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-09 | 31-Oct-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-14 | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, frequency of payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | ' | ' | ' | '0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | '0 | ' | ' | ' | 'quarterly | '0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | ' | ' | ' | ' | ' | ' | ' | 'quarterly | 'quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | 'quarterly | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 40.00% | ' | ' |
Debt Instrument, Ratio of Indebtedness to Adjusted EBITDA, Period One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Ratio of Indebtedness to Adjusted EBITDA, Period Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, ratio of indebtedness to adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on modification or early retirement of debt | -14,178,000 | -19,234,000 | -22,554,000 | ' | ' | ' | ' | ' | ' | ' | -14,200,000 | -1,600,000 | ' | ' | ' | ' | ' | ' | -500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,700,000 | ' | ' | -13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash repayment on long-term debt, early retirement gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, periodic payment, principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 68,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Debt instrument, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | ' | ' | ' | 1.70% | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | ' | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.90% | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | 2.00% | ' | ' | ' | ' | ' | 1.60% | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original discount on issue of senior note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,250,000 | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease agreement, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The lease has a 10-year term with a purchase option at the third, fifth, seventh and tenth anniversary dates. The Company is obligated under the agreement to make monthly payments of approximately $300,000 for the first year with automatic decreases of approximately $14,000 per month on every anniversary date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases, future payments, monthly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases, future payments, monthly, annual adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of incremental facilities under accordion feature accessed by borrower | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,400,000 | 561,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, maturity date, range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April and May 2015 | 'April and May 2015 | 'May and August 2014 | 'May and August 2014 | 'January and June 2013 | 'January and June 2013 | 'March and December 2012 | 'March and December 2012 | 'June and December 2011 | 'June and December 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate cap agreements held by Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | 4 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 12 | 12 | 7 | 7 | 14 | 14 | 9 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,590,000,000 | 375,000,000 | ' | ' | ' | ' | ' | 1,300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,700,000 | 200,000,000 | 906,700,000 | 1,150,000,000 | 287,800,000 | 365,000,000 | 670,200,000 | 850,000,000 | 1,100,000,000 | 1,410,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,800,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-12 | 30-Sep-13 | ' | ' | ' | ' | ' | 30-Nov-14 | 30-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-May-16 | 30-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Cap Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10/15/2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '11/25/2017 | '11/25/2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, available borrowing capacity, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'none of which was drawn | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, percentage of aggregate principal amount outstanding as of a certain date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' |
Debt instrument, percentage of aggregate principal amount outstanding as of a certain date, adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, maturity date, range, extension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Aug-13 | 31-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset, notional amount, extension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,400,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, percentage of aggregate principal amount outstanding as of a certain date, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | 9,720,000,000 | 10,120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, carrying value | $9,740,000,000 | $10,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Cash_Flows_from_
Long-Term Debt - Cash Flows from Financing Activities Related to Long-Term Debt (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from long-term debt | $3,183,107 | $4,351,486 | $3,201,535 |
Repayments of long-term debt | -3,513,032 | -4,399,698 | -3,300,310 |
2013 U.S. Credit Facility | UNITED STATES | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from long-term debt | 2,828,750 | 0 | 0 |
2012 Singapore Credit Facility | SINGAPORE | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from long-term debt | 104,357 | 3,951,486 | 0 |
Repayments of long-term debt | -430,504 | 0 | 0 |
Senior Secured Credit Facility | UNITED STATES | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from long-term debt | 250,000 | 400,000 | 0 |
Repayments of long-term debt | -3,073,038 | -425,555 | -28,937 |
2011 VML Credit Facility | MACAU | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from long-term debt | 0 | 0 | 3,201,535 |
VOL Credit Facility | MACAU | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | 0 | 0 | -749,660 |
Singapore Credit Facility | SINGAPORE | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | 0 | -3,635,676 | -418,564 |
VML Credit Facility | MACAU | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | 0 | 0 | -2,060,819 |
Senior Notes | UNITED STATES | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | 0 | -189,712 | 0 |
Ferry Financing | MACAU | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | 0 | -140,337 | -35,002 |
Airplane Financings | UNITED STATES | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | -3,688 | -3,688 | -3,688 |
HVAC Equipment Lease and Other Long-Term Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of long-term debt | ($5,802) | ($4,730) | ($3,640) |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt - Maturities of Long-Term Debt and Capital Lease Obligations Outstanding (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Disclosure Long Term Debt Maturities Of Long Term Debt And Capital Lease Obligations Outstanding [Abstract] | ' |
Capital Leases Obligations, 2014 | $6,418 |
Capital Leases Obligations, 2015 | 5,182 |
Capital Leases Obligations, 2016 | 4,824 |
Capital Leases Obligations, 2017 | 3,449 |
Capital Leases Obligations, 2018 | 2,357 |
Capital Leases Obligations, Thereafter | 11,561 |
Gross | 33,791 |
Less - amount representing interest | -6,468 |
Total | 27,323 |
Long-term Debt, 2014 | 372,727 |
Long-term Debt, 2015 | 1,565,461 |
Long-term Debt, 2016 | 3,018,677 |
Long-term Debt, 2017 | 1,239,404 |
Long-term Debt, 2018 | 1,410,417 |
Long-term Debt, Thereafter | 2,137,500 |
Long-term debt including interest | 9,744,186 |
Less - amount representing interest | 0 |
Total | $9,744,186 |
Equity_Additional_Information_
Equity - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Dec. 18, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Nov. 15, 2011 | Aug. 15, 2011 | 16-May-11 | Feb. 15, 2011 | Jun. 30, 2013 | Nov. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 21, 2013 | Feb. 28, 2013 | Jun. 22, 2012 | Feb. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2014 | Jan. 24, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 02, 2012 | Nov. 30, 2008 | Dec. 31, 2011 | Nov. 30, 2008 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event | Subsequent Event | Preferred Stock | Retained Earnings | Retained Earnings | Retained Earnings | Sands China Ltd | Sands China Ltd | Sands China Ltd | Sands China Ltd | Sands China Ltd | Sands China Ltd | Sands China Ltd | Sands China Ltd | Principal Stockholder's Family | Principal Stockholder's Family | Principal Stockholder | Principal Stockholder | Preferred Stock and Warrants Issued To Public | Preferred Stock and Warrants Issued To Public | Preferred Stock and Warrants Issued To Public | Preferred Stock and Warrants Issued To Public | Preferred Stock And Warrants Issued To Principal Stockholders Family | Preferred Stock And Warrants Issued To Principal Stockholders Family | Preferred Stock And Warrants Issued To Principal Stockholders Family | Preferred Stock And Warrants Issued To Principal Stockholders Family | Preferred Stock And Warrants Issued To Principal Stockholders Family | Stock Dividends To All Other Shareholders | Stock Dividends To All Other Shareholders | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event | HKD | HKD | HKD | HKD | USD ($) | USD ($) | Subsequent Event | Subsequent Event | Retained Earnings | Retained Earnings | Airplane Purchase | Retained Earnings | USD ($) | USD ($) | USD ($) | USD ($) | Principal Stockholder's Family | Principal Stockholder's Family | Principal Stockholder's Family | Principal Stockholder's Family | Principal Stockholder's Family | Retained Earnings | Retained Earnings | ||||||||||||||||||||
Scenario, Forecast | USD ($) | HKD | USD ($) | USD ($) | USD ($) | Airplane Purchase | USD ($) | USD ($) | USD ($) | Minimum | Preferred Stock | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Share Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,446,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,196,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend Rate Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant rights issued, shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,105,348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,605,173 | ' | ' | ' | ' | 87,500,175 | ' | ' | ' | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 6 | 6 | 6 | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.6667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price per unit of preferred stock and warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Nov-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Redemption price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock and warrants, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $519,600,000 | ' | ' | ' | ' | $525,000,000 | ' | ' | ' | ' | ' |
Preferred Stock, Carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, Carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,500,000 | ' | ' | ' | ' | 223,900,000 | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock and warrants, net of transaction cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 503,600,000 | ' | ' | ' | ' | 523,700,000 | ' | ' | ' | ' | ' |
Warrants exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500 | 39,070 | 1,317,220 | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued upon exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,562 | 88,155,671 | 21,953,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,562 | 655,496 | 21,953,704 | 87,500,175 | ' | ' | ' | ' | ' | ' |
Cash in settlement of the warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | 528,908,000 | 12,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 3,900,000 | 12,500,000 | 525,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock shares tendered as settlement of the warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,192,100 | ' | ' | ' | ' | ' | ' | ' |
Premium to redeem preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,800,000 | ' | ' | ' | ' | ' | ' | 0 | 145,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of preferred stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 736,629 | ' | ' | ' | ' | ' | ' | ' |
Repurchase and redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 763,000,000 | ' | ' | ' | ' | ' | 0 | 0 | 845,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,300,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock to Principal Stockholder's family, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,250,000 | ' | ' | ' | ' | ' |
Preferred stock issued to Principal Stockholder's family, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 503,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 301,100,000 | ' | ' | ' | ' | ' |
Principal Stockholder and family ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Preferred Stock redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 577,500,000 | ' | ' | ' | ' | ' |
Preferred Stock accretion time period, in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Accumulated but undeclared dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Dividends declared per preferred share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | $2.50 | $2.50 | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,564,049,000 | 3,442,312,000 | 75,297,000 | ' | ' | ' | 75,297,000 | ' | ' | ' | ' | ' | ' | ' | 1,380,000,000 | 1,200,000,000 | 1,710,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,500,000 | ' | ' |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 970,200,000 | 844,400,000 | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividends paid, per share | $0.35 | $0.35 | $0.35 | $0.35 | $0.25 | ' | $0.25 | $0.25 | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | 0.66 | 0.67 | 0.58 | 0.58 | ' | ' | ' | 0.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,564,469,000 | 3,447,813,000 | ' | ' | ' | ' | ' | 1,153,110,000 | 3,090,757,000 | 406,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 604,200,000 | 1,620,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | 1,470,000,000 |
Common Stock Special Dividends Per Share Cash Paid | ' | ' | ' | ' | ' | $2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transaction, asset purchase, planes, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transaction, asset purchase, planes, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transaction, asset purchase, planes, deemed distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,576,000 | ' | ' | ' | ' | ' | ' | 18,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015-06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on disposition of majority owned subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,858,000 | 10,466,000 | 10,388,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,570,281 | ' | ' | ' | ' | 8,224,255 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $570,500,000 | ' | ' | ' | ' | $663,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Rollforward_of_Preferre
Equity - Rollforward of Preferred Stock Issued to Principal Stockholder's Family (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 |
Increase (Decrease) in Shares of Preferred Stock Issued to Principal Stockholders [Roll Forward] | ' |
Beginning balance, shares | 5,250,000 |
Redemption of preferred stock, shares | -5,250,000 |
Ending balance, shares | ' |
Increase (Decrease) of Preferred Stock Issued to Principal Stockholders Family [Roll Forward] | ' |
Beginning balance | $503,379 |
Accretion to redemption value | 80,975 |
Dividends declared, net of amounts previously accrued | 45,646 |
Dividends paid | -52,500 |
Redemption of preferred stock, value | -577,500 |
Ending balance | ' |
Equity_Rollforward_of_Common_a
Equity - Rollforward of Common and Preferred Stock Issued to Public (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward] | ' | ' | ' |
Common Stock Shares, Beginning Balance | 824,297,756 | 733,249,698 | 707,507,982 |
Exercise of stock options | 2,777,127 | 2,387,831 | 2,549,131 |
Issuance of restricted stock | 146,848 | 516,556 | 1,250,381 |
Forfeiture of unvested restricted stock | -13,076 | -12,000 | -11,500 |
Treasury Stock, Shares, Acquired | -8,570,281 | ' | ' |
Common stock shares issued upon exercise of warrants | 64,562 | 88,155,671 | 21,953,704 |
Common Stock Shares, Ending Balance | 818,702,936 | 824,297,756 | 733,249,698 |
Preferred Stock Issued To Public | ' | ' | ' |
Increase (Decrease) in Shares of Preferred Stock Outstanding [Roll Forward] | ' | ' | ' |
Preferred Stock Shares, Beginning Balance | ' | ' | 3,614,923 |
Preferred stock used to settle warrants exercised, shares | ' | ' | -1,192,100 |
Repurchases and redemption of preferred stock | ' | ' | -2,422,823 |
Preferred Stock Shares, Ending Balance | ' | ' | ' |
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward] | ' | ' | ' |
Common stock shares issued upon exercise of warrants | 64,562 | 655,496 | 21,953,704 |
Income_Taxes_Income_Loss_from_
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes and Minority Interest (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
Foreign | $3,109,982 | $2,089,243 | $2,149,538 |
Domestic | 33,530 | -26,667 | -54,715 |
Income before income taxes | $3,143,512 | $2,062,576 | $2,094,823 |
Income_Taxes_Components_of_Ben
Income Taxes - Components of (Benefit) Expense for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign: | ' | ' | ' |
Current | $195,154 | $163,199 | $120,502 |
Deferred | -6,318 | 17,848 | 91,706 |
Federal: | ' | ' | ' |
Current | -2,073 | 12,379 | 232 |
Deferred | 2,073 | -12,660 | -779 |
State: | ' | ' | ' |
Current | 0 | -3 | 43 |
Deferred | ' | ' | ' |
Total income tax expense | $188,836 | $180,763 | $211,704 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Continuing Operations Tax rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Change in valuation allowance | -21.10% | -20.80% | -21.00% |
U.S. foreign tax credits | -19.00% | -162.10% | -4.00% |
Repatriation of foreign earnings | 14.60% | 110.50% | 2.40% |
Tax exempt income of foreign subsidiary (Macao) | -9.60% | -10.00% | -7.60% |
Change in valuation allowance | 6.00% | 54.30% | 2.70% |
Change in uncertain tax positions | 0.00% | 0.70% | 0.10% |
Other, net | 0.10% | 1.20% | 2.50% |
Effective Income Tax Rate Reconciliation, Percent | 6.00% | 8.80% | 10.10% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Foreign subsidiaries | Foreign subsidiaries | U.S. Deferred Tax Asset | U.S. Deferred Tax Asset | U.S Foreign Tax Credit Carryforward | U.S Foreign Tax Credit Carryforward | General Business Tax Credit Carryforward | General Business Tax Credit Carryforward | Subconcession | Foreign Tax Authority | Foreign Tax Authority | Internal Revenue Service Audit Completion Results | State and Local Jurisdiction | State and Local Jurisdiction | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MACAU | MACAU | MACAU | USD ($) | USD ($) | USD ($) | ||||
USD ($) | MOP | ||||||||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Macau income tax exemption, term | '5-year income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Macau income tax exemption, termination date | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced consolidated net income (loss) attributable to Las Vegas Sands Corp | $207,700,000 | $139,800,000 | $108,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced diluted earnings per share attributable to income tax holiday (in usd per share) | $0.25 | $0.17 | $0.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Macao tax exemption annual payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 14,400,000 | ' | ' | ' |
Macau percentage tax due on dividend distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | ' | ' | ' |
Percentage Of Gaming Tax On Gross Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' |
Windfall income tax benefit | 273,100,000 | 171,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State operating loss carryforward for domestic operations | ' | ' | ' | 1,990,000,000 | 1,560,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,100,000 | 220,700,000 |
Operating Loss Carryforwards, Expiration Date | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-24 | ' |
Tax Credit Carryforward, Amount | ' | ' | ' | ' | ' | ' | ' | 1,420,000,000 | 1,200,000,000 | 200,000 | 4,300,000 | ' | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | ' | ' | ' | ' | ' | 31-Dec-21 | ' | 31-Dec-24 | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 1,519,268,000 | 1,390,900,000 | ' | 217,800,000 | 209,400,000 | 1,300,000,000 | 1,180,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of undistributed earnings of foreign subsidiaries | ' | ' | ' | 5,940,000,000 | 4,270,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | ' | 0 | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefit, Reduction of U.S. Foreign Tax Credit | 43,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits recorded in other long-term liabilities | 13,300,000 | 59,300,000 | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncertain tax benefits that would affect effective income tax rate | 47,300,000 | 47,800,000 | 33,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 12,063,000 | 0 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,300,000 | ' | ' |
Income Tax Examination, Penalties and Interest Accrued | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Primary_Tax_Affec
Income Taxes - Primary Tax Affected Components of Company's Net Deferred Tax Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
U.S. foreign tax credit carryforwards | $1,280,121 | $1,199,794 |
Net operating loss carryforwards | 245,652 | 193,638 |
Stock-based compensation | 46,952 | 47,197 |
Pre-opening expenses | 39,409 | 49,103 |
Accrued expenses | 36,746 | 24,868 |
Deferred gain on the sale of The Grand Canal Shoppes and The Shoppes at The Palazzo | 33,008 | 34,534 |
Allowance for doubtful accounts | 26,392 | 25,156 |
State deferred items | 14,109 | 13,976 |
Other tax credit carryforwards | 181 | 4,313 |
Other | 6,362 | 5,456 |
Total deferred tax assets, gross | 1,728,932 | 1,598,035 |
Less — valuation allowances | -1,519,268 | -1,390,900 |
Total deferred tax assets | 209,664 | 207,135 |
Deferred tax liabilities: | ' | ' |
Property and equipment | -338,284 | -323,674 |
Prepaid expenses | -8,966 | -556 |
Other | -35,113 | -23,271 |
Total deferred tax liabilities | -382,363 | -347,501 |
Deferred tax liabilities, net | ($172,699) | ($140,366) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at the beginning of the year | $59,338 | $43,411 | $35,769 |
Additions to tax positions related to prior years | 4,431 | 8,959 | 4,450 |
Reductions to tax positions related to prior years | -12,063 | 0 | -35 |
Additions to tax positions related to current year | 5,706 | 6,968 | 3,736 |
Settlements | -753 | 0 | -417 |
Lapse in statutes of limitations | 0 | 0 | -92 |
Balance at the end of the year | $56,659 | $59,338 | $43,411 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | $2,255,951 | [1] | $1,377,330 | [1] |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 2,255,951 | [1] | 1,377,330 | [1] |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 0 | [1] | 0 | [1] |
Interest Rate Cap | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate caps | 159 | 218 | ||
Interest Rate Cap | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate caps | 159 | [2] | 218 | [2] |
Interest Rate Cap | Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate caps | 0 | [2] | 0 | [2] |
Interest Rate Cap | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate caps | 159 | [2] | 218 | [2] |
Interest Rate Cap | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate caps | $0 | [2] | $0 | [2] |
[1] | The Company has short-term investments classified as cash equivalents as the original maturities are less than 90Â days. | |||
[2] | As of December 31, 2013 and 2012, the Company has 22 and 30 interest rate cap agreements, respectively, with an aggregate fair value of approximately $0.2 million, based on quoted market values from the institutions holding the agreements. |
Fair_Value_Measurements_Parent
Fair Value Measurements (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Cap | Interest Rate Cap | ||
Derivative | Derivative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents, original maturities | 'less than 90Â days | ' | ' |
Number of interest rate cap agreement | ' | 22 | 30 |
Fair value of interest rate cap agreement | ' | $159 | $218 |
Mall_Sales_Additional_Informat
Mall Sales - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-04 | Apr. 30, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2004 | Dec. 31, 2013 | Apr. 30, 2004 | Dec. 31, 2013 | Apr. 30, 2004 | Dec. 31, 2013 | Jun. 24, 2011 | Feb. 29, 2008 | Dec. 31, 2013 | Dec. 31, 2011 |
The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | The Grand Canal Shoppes | Shoppes At Palazzo | Shoppes At Palazzo | Shoppes At Palazzo | Shoppes At Palazzo | |||
Theater Space | Theater Space | Gondola Ride | Gondola Ride | Office Space | Office Space | ||||||||||||
Sale of Mall Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Mall Assets | ' | ' | ' | $766,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $295,400,000 | ' | ' | ' |
Mall sale, description | ' | ' | ' | 'In April 2004, the Company entered into an agreement to sell The Grand Canal Shoppes and lease certain restaurant and other retail space at the casino level of The Venetian Las Vegas (the “Master Leaseâ€) to GGP for approximately $766.0 million (the “Mall Saleâ€). The Mall Sale closed in May 2004, and the Company realized a gain of $417.6 million in connection with the Mall Sale. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain in connection with Mall Sale | ' | ' | 417,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, term of contract | ' | ' | ' | ' | '89 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '89 years | ' |
Operating lease, terms | ' | ' | ' | 'Under the Master Lease agreement, The Venetian Las Vegas leased nineteen retail and restaurant spaces on its casino level to GGP for 89Â years with annual rent of one dollar and GGP assumed the various leases. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Under The Palazzo Master Lease, which was executed concurrently with, and as a part of, the closing on the sale of The Shoppes at The Palazzo to GGP on February 29, 2008, The Palazzo leased nine restaurant and retail spaces on its casino level to GGP for 89 years with annual rent of one dollar and GGP assumed the various tenant operating leases for those spaces. | ' | ' |
Deferred rent on Mall Sale | ' | ' | 109,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500,000 | ' | ' |
Amortization of deferred rent, recognized | ' | ' | ' | ' | 1,200,000 | 1,200,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales leaseback, term of lease | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | '25 years | ' | '10 years | ' | ' | '10 years | ' |
Sales leaseback, term of lease, extension option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '65 years | ' | ' | '10 years | ' |
Sales leaseback, annual rental payments | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | 3,500,000 | ' | 900,000 | ' | ' | 700,000 | ' | ' |
Net present value of the lease payments | ' | ' | 77,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred gain, recognized | ' | ' | ' | ' | 3,500,000 | 3,500,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' |
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Deferred proceeds from sale of The Shoppes at The Palazzo | 268,541,000 | 267,956,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,200,000 | ' | 268,500,000 | ' |
Contingent rent on mall sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,100,000 |
Mall_Sales_Future_Lease_Paymen
Mall Sales - Future Lease Payments Obligation (Detail) (The Grand Canal Shoppes, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
The Grand Canal Shoppes | ' |
Sale of Mall Assets [Line Items] | ' |
2014 | $7,725 |
2015 | 7,497 |
2016 | 7,497 |
2017 | 7,497 |
2018 | 7,497 |
Thereafter | 83,810 |
Total | $121,523 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 15, 2004 | 14-May-13 | 24-May-08 | 28-May-13 | Jun. 30, 2008 | Oct. 17, 2013 | Sep. 14, 2012 | Jan. 19, 2012 | Jan. 19, 2012 | Apr. 13, 2013 | Apr. 13, 2013 | Aug. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Minimum | Maximum | Subconcession | Subconcession | Subconcession | Subconcession | Subconcession | Subconcession | Subconcession | Subconcession | Subconcession | Subconcession | Employment Contracts | Employment Contracts | Employment Contracts | Lease Termination and Asset Purchase Agreements | Suen and Round Square Company Limited | Suen and Round Square Company Limited | Suen and Round Square Company Limited | Suen and Round Square Company Limited | Suen and Round Square Company Limited | Suen and Round Square Company Limited | Steven Jacobs Matter | Asian American Entertainment Corporation Limited | Asian American Entertainment Corporation Limited | Office For Personal Data Protection | Office For Personal Data Protection | U.S. Attorneys Office | |
MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | MACAU | USD ($) | Minimum | Maximum | USD ($) | USD ($) | Jury Verdict | Jury Verdict | Judgment Including Interest As Of Judgment Date | Judgment Including Interest As Of Judgment Date | Costs And Fees | USD ($) | USD ($) | MOP | USD ($) | MOP | USD ($) | ||||||
USD ($) | MOP | Minimum | Minimum | Gaming Table Reserved | Gaming Table Reserved | Gaming Table Not Reserved | Gaming Table Not Reserved | Electrical Or Mechanical Gaming Machine | Electrical Or Mechanical Gaming Machine | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||
USD ($) | MOP | USD ($) | MOP | USD ($) | MOP | USD ($) | MOP | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency allegations, success fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency allegations, net profit percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, amount awarded under appeal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | 43,800,000 | 101,600,000 | 58,600,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Allegations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company's Macao resort operations to the plaintiffs as well as other related claims. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, fine | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | 5,008 | 40,000 | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,600,000 | 3,000,000,000 | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47,400,000 |
Fixed portion of the premium | ' | ' | ' | ' | ' | 3,800,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum portion of premium | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | 45,000,000 | 37,558 | 300,000 | 18,779 | 150,000 | 125 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of tax obligation to pay | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage contribution of revenue to utilities | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses incurred under operating leases | 67,500,000 | 51,400,000 | 43,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment agreement, terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment, Due in Next Twelve Months | ' | ' | ' | ' | ' | 43,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment, Due in Second Year | ' | ' | ' | ' | ' | 43,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment, Due in Third Year | ' | ' | ' | ' | ' | 43,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment, Due in Fourth Year | ' | ' | ' | ' | ' | 43,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment, Due in Fifth Year | ' | ' | ' | ' | ' | 43,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment, Due after Fifth Year | ' | ' | ' | ' | ' | 153,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | '1 month | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent rentals | $129,100,000 | $109,000,000 | $82,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $15,539 |
2015 | 9,253 |
2016 | 5,071 |
2017 | 3,793 |
2018 | 3,640 |
Thereafter | 102,300 |
Total minimum payments | $139,596 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Future Minimum Rental Receivables Under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | $334,229 |
2015 | 304,708 |
2016 | 248,691 |
2017 | 195,754 |
2018 | 150,321 |
Thereafter | 402,847 |
Total minimum future rentals | $1,636,550 |
StockBased_Employee_Compensati2
Stock-Based Employee Compensation - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
OptionPlan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of nonqualified stock option plans | 3 |
LVSLLC 1997 Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares provided by the plan | 19,952,457 |
Obligation of the Principal Stockholder to issue shares, number of shares | 984,321 |
LVSC 2004 Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares provided by the plan | 26,344,000 |
Term of plan (in years) | '10 years |
Shares available for grant | 6,413,843 |
Stock options vesting period (in years) | '4 years |
Maximum contractual term of outstanding stock options | '10 years |
LVSC 2004 Plan | Stock option | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested equity-based awards | 19 |
Percentage of estimated forfeitures per year related to unvested stock options | 8.00% |
Expected weighted average period for recognition of stock option (in years) | '2 years 3 months 0 days |
LVSC 2004 Plan | Restricted stock and stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested equity-based awards | 29.8 |
Percentage of estimated forfeitures per year related to unvested stock options | 8.00% |
Expected weighted average period for recognition of stock option (in years) | '2 years 2 months 26 days |
SCL Equity Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares provided by the plan | 804,786,508 |
Term of plan (in years) | '10 years |
Shares available for grant | 769,242,301 |
Stock options vesting period (in years) | '4 years |
Maximum contractual term of outstanding stock options | '10 years |
SCL Equity Plan | Stock option | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested equity-based awards | 16.2 |
Percentage of estimated forfeitures per year related to unvested stock options | 8.80% |
Expected weighted average period for recognition of stock option (in years) | '2 years 2 months 26 days |
SCL Equity Plan | Restricted stock units (RSUs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested equity-based awards | 16 |
Expected weighted average period for recognition of stock option (in years) | '3 years 6 months 0 days |
StockBased_Employee_Compensati3
Stock-Based Employee Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
LVSC 2004 Plan | ' | ' | ' |
Black-Scholes option-pricing model, weighted average assumptions | ' | ' | ' |
Weighted average volatility | 94.80% | 95.20% | 94.40% |
Expected term (in years) | '5 years 6 months | '5 years 6 months | '6 years 3 months 18 days |
Risk-free rate | 1.30% | 1.10% | 2.70% |
Expected dividends | 2.50% | 1.90% | 0.00% |
SCL Equity Plan | ' | ' | ' |
Black-Scholes option-pricing model, weighted average assumptions | ' | ' | ' |
Weighted average volatility | 67.70% | 70.00% | 69.20% |
Expected term (in years) | '6 years 3 months 18 days | '6 years 2 months 18 days | '6 years 3 months 18 days |
Risk-free rate | 0.70% | 0.50% | 1.30% |
Expected dividends | 3.10% | 4.00% | 0.00% |
StockBased_Employee_Compensati4
Stock-Based Employee Compensation - Summary of Stock Option Activity for Company's Equity Award Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Exercised, Shares | -2,777,127 | -2,387,831 | -2,549,131 |
LVSC 2004 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding as of the beginning of the period, Shares | 9,790,460 | ' | ' |
Granted, Shares | 287,558 | 537,000 | 263,000 |
Exercised, Shares | -2,777,127 | ' | ' |
Forfeited, Shares | -393,700 | ' | ' |
Outstanding as of the end of the period, Shares | 6,907,191 | 9,790,460 | ' |
Exercisable as of December 31, 2013 | 5,426,053 | ' | ' |
Outstanding at beginning, Weighted Average Exercise Price | 40.16 | ' | ' |
Granted, Weighted Average Exercise Price | 56.55 | ' | ' |
Exercised, Weighted Average Exercise Price | 18.08 | ' | ' |
Forfeited, Weighted Average Exercise Price | 49.43 | ' | ' |
Outstanding at end, Weighted Average Exercise Price | 49.18 | 40.16 | ' |
Exercisable as of December 31, 2013 | 50.87 | ' | ' |
Outstanding, Weighted Average Remaining Contractual Life (Years) | '4 years 3 months 28 days | ' | ' |
Exercisable, Weighted Average Remaining Contractual Life (Years) | '3 years 6 months | ' | ' |
Outstanding, Aggregate Intrinsic Value | 212,321,939 | ' | ' |
Exercisable, Aggregate Intrinsic Value | 159,166,034 | ' | ' |
SCL Equity Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding as of the beginning of the period, Shares | 23,323,640 | ' | ' |
Granted, Shares | 4,536,800 | 7,762,000 | 9,987,000 |
Exercised, Shares | -7,779,586 | ' | ' |
Forfeited, Shares | -2,473,808 | ' | ' |
Outstanding as of the end of the period, Shares | 17,607,046 | 23,323,640 | ' |
Exercisable as of December 31, 2013 | 3,059,475 | ' | ' |
Outstanding at beginning, Weighted Average Exercise Price | 2.66 | ' | ' |
Granted, Weighted Average Exercise Price | 5.6 | ' | ' |
Exercised, Weighted Average Exercise Price | 2.48 | ' | ' |
Forfeited, Weighted Average Exercise Price | 2.79 | ' | ' |
Outstanding at end, Weighted Average Exercise Price | 3.49 | 2.66 | ' |
Exercisable as of December 31, 2013 | 2.37 | ' | ' |
Outstanding, Weighted Average Remaining Contractual Life (Years) | '8 years 0 months 4 days | ' | ' |
Exercisable, Weighted Average Remaining Contractual Life (Years) | '7 years 1 month 17 days | ' | ' |
Outstanding, Aggregate Intrinsic Value | 81,620,386 | ' | ' |
Exercisable, Aggregate Intrinsic Value | 17,600,866 | ' | ' |
StockBased_Employee_Compensati5
Stock-Based Employee Compensation - Summary of Unvested Restricted Stock and Stock Units (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
LVSC 2004 Plan | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Unvested, Shares, Beginning Balance | 1,116,697 | ' | ' |
Granted, Shares | 46,848 | 517,000 | 1,250,000 |
Vested, Shares | -337,756 | ' | ' |
Forfeited, Shares | -13,076 | ' | ' |
Unvested, Shares, Ending Balance | 912,713 | 1,116,697 | ' |
Unvested, Weighted Average Grant Date Fair Value, Beginning Balance | $47.82 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $54.72 | $52.97 | $45.42 |
Vested, Weighted Average Grant Date Fair Value | $46.89 | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value | $44.36 | ' | ' |
Unvested, Weighted Average Grant Date Fair Value, Ending Balance | $45.94 | $47.82 | ' |
LVSC 2004 Plan | Restricted stock units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Unvested, Shares, Beginning Balance | 374,500 | ' | ' |
Granted, Shares | 123,207 | 333,000 | 42,000 |
Vested, Shares | ' | ' | ' |
Forfeited, Shares | -10,000 | ' | ' |
Unvested, Shares, Ending Balance | 387,707 | 374,500 | ' |
Unvested, Weighted Average Grant Date Fair Value, Beginning Balance | $28.35 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $58.82 | $25.98 | $47.15 |
Vested, Weighted Average Grant Date Fair Value | ' | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value | $55.98 | ' | ' |
Unvested, Weighted Average Grant Date Fair Value, Ending Balance | $38.47 | $28.35 | ' |
SCL Equity Plan | Restricted stock units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Unvested, Shares, Beginning Balance | 0 | ' | ' |
Granted, Shares | 2,608,400 | 0 | ' |
Vested, Shares | ' | ' | ' |
Forfeited, Shares | ' | ' | ' |
Unvested, Shares, Ending Balance | 2,608,400 | 0 | ' |
Unvested, Weighted Average Grant Date Fair Value, Beginning Balance | $0 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $6.64 | $0 | ' |
Vested, Weighted Average Grant Date Fair Value | ' | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value | ' | ' | ' |
Unvested, Weighted Average Grant Date Fair Value, Ending Balance | $6.64 | $0 | ' |
StockBased_Employee_Compensati6
Stock-Based Employee Compensation - Stock-Based Compensation Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation expense: | ' | ' | ' |
Stock options | $53,377 | $65,428 | $62,714 |
Income tax benefit recognized in the consolidated statements of operations | 0 | 0 | 0 |
Compensation cost capitalized as part of property and equipment | 941 | 938 | 576 |
Stock option | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Stock options | 32,549 | 35,777 | 44,691 |
Restricted stock and stock units | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Stock options | 20,828 | 29,651 | 18,023 |
LVSC 2004 Plan | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Stock options granted | 287,558 | 537,000 | 263,000 |
Stock options granted, weighted average grant date fair value | $35.76 | $36.17 | $36.31 |
Stock options exercised: | ' | ' | ' |
Intrinsic value | 129,149 | 84,761 | 89,814 |
Cash received | 50,223 | 34,668 | 23,238 |
Tax benefit realized for tax deductions from stock-based compensation | 0 | 0 | 0 |
LVSC 2004 Plan | Restricted Stock | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Restricted shares granted | 46,848 | 517,000 | 1,250,000 |
Restricted stock and stock units granted, weighted average grant date fair value | $54.72 | $52.97 | $45.42 |
LVSC 2004 Plan | Restricted stock units (RSUs) | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Restricted shares granted | 123,207 | 333,000 | 42,000 |
Restricted stock and stock units granted, weighted average grant date fair value | $58.82 | $25.98 | $47.15 |
SCL Equity Plan | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Stock options granted | 4,536,800 | 7,762,000 | 9,987,000 |
Stock options granted, weighted average grant date fair value | $2.63 | $1.65 | $1.71 |
Stock options exercised: | ' | ' | ' |
Intrinsic value | 25,786 | 12,261 | 1,699 |
Cash received | 19,373 | 11,572 | 2,267 |
Tax benefit realized for tax deductions from stock-based compensation | $0 | $0 | $0 |
SCL Equity Plan | Restricted stock units (RSUs) | ' | ' | ' |
Compensation expense: | ' | ' | ' |
Restricted shares granted | 2,608,400 | 0 | ' |
Restricted stock and stock units granted, weighted average grant date fair value | $6.64 | $0 | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
VCR 401 (k) employee savings plan | ' | ' | ' |
Defined Contribution Plan and Other Postretirement Plans Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, description | 'Participation in the VCR 401(k) employee savings plan is available for all eligible employees after a three-month probation period. The savings plan allows participants to defer, on a pre-tax basis, a portion of their salary and accumulate tax-deferred earnings as a retirement fund. The Company matches 150% of the first $390 of employee contributions and 50% of employee contributions in excess of $390 up to a maximum of 5% of participating employee's eligible gross wages. | ' | ' |
Probation period for saving plan eligibility | '3 months | ' | ' |
Defined Contribution Plan, Annual Contribution Per Employee, Amount with Additional Match | $390 | ' | ' |
Percentage of participating employee's salary contributed by the company | 5.00% | ' | ' |
Company contribution under the savings plan | 8,200,000 | 4,700,000 | 7,900,000 |
VCR 401 (k) employee savings plan | Up to $390 | ' | ' | ' |
Defined Contribution Plan and Other Postretirement Plans Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 150.00% | ' | ' |
VCR 401 (k) employee savings plan | In Excess of $390 | ' | ' | ' |
Defined Contribution Plan and Other Postretirement Plans Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Macao | ' | ' | ' |
Defined Contribution Plan and Other Postretirement Plans Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, description | 'Participation in VML's provident retirement fund is available for all permanent employees after a three-month probation period. VML contributes 5% of each employee's basic salary to the fund and the employee is eligible to receive 30% of these contributions after working for three consecutive years, gradually increasing to 100% after working for ten years. | ' | ' |
Probation period for saving plan eligibility | '3 months | ' | ' |
Percentage of participating employee's salary contributed by the company | 5.00% | ' | ' |
Company contribution under the savings plan | 28,600,000 | 22,900,000 | 16,000,000 |
Percentage of contribution eligible to be received by participating employee, after three years | 30.00% | ' | ' |
Number of years worked by employee to be eligible for 30% of provident funds contributed by company | '3 years | ' | ' |
Percentage of contribution eligible to be received by participating employee, increasing to, after ten years | 100.00% | ' | ' |
Number of years worked by employee to be eligible for 100% of provident funds contributed by company | '10 years | ' | ' |
Singapore | ' | ' | ' |
Defined Contribution Plan and Other Postretirement Plans Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, description | 'Participation in MBS’s provident retirement fund is available for all permanent employees that are Singapore residents upon joining the Company. As of December 31, 2013, MBS contributes 16% of each employee’s basic salary to the fund, subject to certain caps as mandated by local regulations. The employee is eligible to receive funds upon reaching the retirement age or upon meeting requirements set up by local regulations. | ' | ' |
Percentage of participating employee's salary contributed by the company | 16.00% | ' | ' |
Company contribution under the savings plan | $40,400,000 | $32,800,000 | $30,700,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 8 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||
Sep. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2003 | Nov. 30, 2008 | Nov. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 02, 2012 | |
Principal Stockholder | Banquet and Catering | Banquet and Catering | Banquet and Catering | Aviation | Aviation | Aviation | Preferred Stock And Warrants Issued To Principal Stockholders Family | ||||||||||||||
Principal Stockholder's Family | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goods and services sold to Principal Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | $1,300,000 | $500,000 | $17,600,000 | $15,400,000 | $15,200,000 | ' |
Aviation cost incurred and paid to Principal Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | 11,700,000 | 16,500,000 | ' |
Redemption of preferred stock, value | ' | ' | ' | 577,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 577,500,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued upon exercise of warrants | ' | 64,562 | 88,155,671 | 21,953,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,500,175 |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | 6 |
Cash in settlement of the warrant exercise price | ' | 350,000 | 528,908,000 | 12,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525,000,000 |
Purchased lease interest and assets of Carnevale Coffee Bar, LLC, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased lease interest and assets of Carnevale Coffee Bar, LLC, annual installment | $300,000 | ' | $300,000 | $300,000 | $300,000 | $300,000 | $300,000 | $300,000 | $300,000 | $300,000 | $300,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, Net Revenue and Adjusted Property (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | $3,655,685 | $3,568,540 | $3,242,941 | $3,302,719 | [1] | $3,077,002 | $2,709,482 | [2] | $2,581,906 | [2],[3] | $2,762,742 | [3],[4] | $13,769,885 | $11,131,132 | $9,410,745 | |||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 4,763,355 | [5] | 3,791,062 | [5] | 3,532,155 | [5] | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -30,053 | -30,772 | -31,467 | |||||||
Litigation Settlement Amount Paid | ' | ' | ' | ' | ' | ' | ' | ' | -47,400 | 0 | 0 | |||||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | -189,535 | -207,030 | -185,694 | |||||||
Pre-opening | ' | ' | ' | ' | ' | ' | ' | ' | -13,339 | -143,795 | -65,825 | |||||||
Development | ' | ' | ' | ' | ' | ' | ' | ' | -15,809 | -19,958 | -11,309 | |||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -1,007,468 | -892,046 | -794,404 | |||||||
Amortization of leasehold interests in land | ' | ' | ' | ' | ' | ' | ' | ' | -40,352 | -40,165 | -43,366 | |||||||
Impairment loss | ' | ' | ' | ' | ' | ' | -100,700 | -42,900 | 0 | -143,674 | 0 | |||||||
Loss on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -11,156 | -2,240 | -10,203 | |||||||
Operating income | 886,073 | 914,826 | 780,641 | 826,703 | [1] | 672,005 | 534,095 | [2] | 397,728 | [2],[3] | 707,554 | [3],[4] | 3,408,243 | 2,311,382 | 2,389,887 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 16,337 | 23,252 | 14,394 | |||||||
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | ' | ' | ' | -271,211 | -258,564 | -282,949 | |||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 4,321 | 5,740 | -3,955 | |||||||
Loss on modification or early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -14,178 | -19,234 | -22,554 | |||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -188,836 | -180,763 | -211,704 | |||||||
Net income | 769,731 | 809,298 | 671,673 | 703,974 | [1] | 571,343 | 444,980 | [2] | 286,381 | [2],[3] | 579,109 | [3],[4] | 2,954,676 | 1,881,813 | 1,883,119 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 898,111 | 1,449,234 | 1,508,493 | |||||||
Assets | 22,724,264 | ' | ' | ' | 22,163,652 | ' | ' | ' | 22,724,264 | 22,163,652 | 22,244,123 | |||||||
Long-Lived Assets | 16,787,772 | ' | ' | ' | 17,225,489 | ' | ' | ' | 16,787,772 | 17,225,489 | 16,421,447 | |||||||
Operating Segments | Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 41,152 | 100,887 | 23,062 | |||||||
Assets | 630,673 | ' | ' | ' | 586,788 | ' | ' | ' | 630,673 | 586,788 | 644,645 | |||||||
Long-Lived Assets | 388,448 | ' | ' | ' | 398,100 | ' | ' | ' | 388,448 | 398,100 | 312,860 | |||||||
Operating Segments | The Venetian Macao | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,851,230 | 3,037,975 | 2,827,174 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 1,499,937 | [5] | 1,143,245 | [5] | 1,022,778 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 96,172 | 112,351 | 28,018 | |||||||
Assets | 4,367,533 | ' | ' | ' | 3,254,193 | ' | ' | ' | 4,367,533 | 3,254,193 | 3,199,194 | |||||||
Long-Lived Assets | 1,925,040 | ' | ' | ' | 1,968,415 | ' | ' | ' | 1,925,040 | 1,968,415 | 2,002,751 | |||||||
Operating Segments | Sands Cotai Central | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,698,430 | 1,052,124 | 0 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 739,723 | [5] | 213,476 | [5] | 0 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 262,540 | 862,951 | 842,962 | |||||||
Assets | 4,669,358 | ' | ' | ' | 4,791,560 | ' | ' | ' | 4,669,358 | 4,791,560 | 4,333,406 | |||||||
Long-Lived Assets | 3,772,095 | ' | ' | ' | 3,836,471 | ' | ' | ' | 3,772,095 | 3,836,471 | 3,053,551 | |||||||
Operating Segments | Four Seasons Macao | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,065,405 | 1,086,456 | 678,293 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 305,040 | [5] | 288,170 | [5] | 217,923 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15,003 | 28,143 | 31,092 | |||||||
Assets | 1,273,654 | ' | ' | ' | 1,338,714 | ' | ' | ' | 1,273,654 | 1,338,714 | 1,267,977 | |||||||
Long-Lived Assets | 928,396 | ' | ' | ' | 971,732 | ' | ' | ' | 928,396 | 971,732 | 1,006,441 | |||||||
Operating Segments | Sands Macao | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,237,016 | 1,250,552 | 1,282,201 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 362,858 | [5] | 350,639 | [5] | 351,877 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 26,491 | 25,076 | 7,690 | |||||||
Assets | 383,444 | ' | ' | ' | 414,531 | ' | ' | ' | 383,444 | 414,531 | 485,231 | |||||||
Long-Lived Assets | 279,395 | ' | ' | ' | 285,344 | ' | ' | ' | 279,395 | 285,344 | 291,620 | |||||||
Operating Segments | Other Asia | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 139,572 | 148,330 | 147,323 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -3,855 | [5] | -15,950 | [5] | -15,143 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,319 | 1,193 | 5,553 | |||||||
Assets | 328,332 | ' | ' | ' | 345,522 | ' | ' | ' | 328,332 | 345,522 | 328,415 | |||||||
Long-Lived Assets | 189,136 | ' | ' | ' | 202,392 | ' | ' | ' | 189,136 | 202,392 | 216,030 | |||||||
Operating Segments | The Parisian Macao | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 212,842 | 20,393 | 39 | |||||||
Assets | 376,014 | ' | ' | ' | 118,975 | ' | ' | ' | 376,014 | 118,975 | 96,017 | |||||||
Long-Lived Assets | 376,014 | ' | ' | ' | 118,912 | ' | ' | ' | 376,014 | 118,912 | 96,017 | |||||||
Operating Segments | Other Development Projects | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Assets | 169 | ' | ' | ' | 123 | ' | ' | ' | 169 | 123 | 110,133 | |||||||
Long-Lived Assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 101,062 | |||||||
Operating Segments | Marina Bay Sands | SINGAPORE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,968,366 | 2,886,139 | 2,921,863 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 1,384,576 | [5] | 1,366,245 | [5] | 1,530,623 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 142,706 | 119,647 | 466,144 | |||||||
Assets | 6,354,231 | ' | ' | ' | 6,941,510 | ' | ' | ' | 6,354,231 | 6,941,510 | 6,794,258 | |||||||
Long-Lived Assets | 5,277,126 | ' | ' | ' | 5,657,351 | ' | ' | ' | 5,277,126 | 5,657,351 | 5,471,376 | |||||||
Operating Segments | Las Vegas Operating Properties | UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,518,024 | 1,384,629 | 1,324,505 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 351,739 | [5] | 331,182 | [5] | 333,295 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 93,191 | 156,205 | 47,666 | |||||||
Assets | 3,653,127 | ' | ' | ' | 3,605,513 | ' | ' | ' | 3,653,127 | 3,605,513 | 4,105,618 | |||||||
Long-Lived Assets | 3,073,793 | ' | ' | ' | 3,179,426 | ' | ' | ' | 3,073,793 | 3,179,426 | 3,244,090 | |||||||
Operating Segments | Sands Bethlehem | UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 496,738 | 470,458 | 399,900 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 123,337 | [5] | 114,055 | [5] | 90,802 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,695 | 22,388 | 56,267 | |||||||
Assets | 687,729 | ' | ' | ' | 766,223 | ' | ' | ' | 687,729 | 766,223 | 879,229 | |||||||
Long-Lived Assets | 578,329 | ' | ' | ' | 607,346 | ' | ' | ' | 578,329 | 607,346 | 625,649 | |||||||
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -204,896 | -185,531 | -170,514 | |||||||
Intersegment Eliminations | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -39,772 | -38,124 | -40,811 | |||||||
Intersegment Eliminations | The Venetian Macao | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -5,296 | -5,125 | -3,923 | |||||||
Intersegment Eliminations | Sands Cotai Central | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -356 | -251 | 0 | |||||||
Intersegment Eliminations | Other Asia | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -34,120 | -32,748 | -36,888 | |||||||
Intersegment Eliminations | Marina Bay Sands | SINGAPORE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -9,548 | -3,449 | -1,298 | |||||||
Intersegment Eliminations | Las Vegas Operating Properties | UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -155,576 | -143,958 | -128,405 | |||||||
Reportable Geographical Components | MACAU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,991,653 | 6,575,437 | 4,934,991 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 2,903,703 | [5] | 1,979,580 | [5] | 1,577,435 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 614,367 | 1,050,107 | 915,354 | |||||||
Assets | 11,398,504 | ' | ' | ' | 10,263,618 | ' | ' | ' | 11,398,504 | 10,263,618 | 9,820,373 | |||||||
Long-Lived Assets | 7,470,076 | ' | ' | ' | 7,383,266 | ' | ' | ' | 7,470,076 | 7,383,266 | 6,767,472 | |||||||
Reportable Geographical Components | UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Operating Statistics [Line Items ] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,014,762 | 1,855,087 | 1,724,405 | |||||||
Adjusted Property EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 475,076 | [5] | 445,237 | [5] | 424,097 | [5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 99,886 | 178,593 | 103,933 | |||||||
Assets | 4,340,856 | ' | ' | ' | 4,371,736 | ' | ' | ' | 4,340,856 | 4,371,736 | 4,984,847 | |||||||
Long-Lived Assets | $3,652,122 | ' | ' | ' | $3,786,772 | ' | ' | ' | $3,652,122 | $3,786,772 | $3,869,739 | |||||||
[1] | The second Sheraton tower of Sands Cotai Central opened in January 2013. | |||||||||||||||||
[2] | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | |||||||||||||||||
[3] | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | |||||||||||||||||
[4] | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. | |||||||||||||||||
[5] | Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, legal settlement expense (see "— Note 13 — Commitments and Contingencies — Litigation"), corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. |
Segment_Information_Schedule_o
Segment Information Schedule of Segment Reporting Information, Other (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | $898,111 | $1,449,234 | $1,508,493 |
Assets | 22,724,264 | 22,163,652 | 22,244,123 |
Long-Lived Assets | 16,787,772 | 17,225,489 | 16,421,447 |
Operating Segments | Corporate and Other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 41,152 | 100,887 | 23,062 |
Assets | 630,673 | 586,788 | 644,645 |
Long-Lived Assets | 388,448 | 398,100 | 312,860 |
Operating Segments | The Venetian Macao | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 96,172 | 112,351 | 28,018 |
Assets | 4,367,533 | 3,254,193 | 3,199,194 |
Long-Lived Assets | 1,925,040 | 1,968,415 | 2,002,751 |
Operating Segments | Sands Cotai Central | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 262,540 | 862,951 | 842,962 |
Assets | 4,669,358 | 4,791,560 | 4,333,406 |
Long-Lived Assets | 3,772,095 | 3,836,471 | 3,053,551 |
Operating Segments | Four Seasons Macao | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 15,003 | 28,143 | 31,092 |
Assets | 1,273,654 | 1,338,714 | 1,267,977 |
Long-Lived Assets | 928,396 | 971,732 | 1,006,441 |
Operating Segments | Sands Macao | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 26,491 | 25,076 | 7,690 |
Assets | 383,444 | 414,531 | 485,231 |
Long-Lived Assets | 279,395 | 285,344 | 291,620 |
Operating Segments | Other Asia | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 1,319 | 1,193 | 5,553 |
Assets | 328,332 | 345,522 | 328,415 |
Long-Lived Assets | 189,136 | 202,392 | 216,030 |
Operating Segments | The Parisian Macao | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 212,842 | 20,393 | 39 |
Assets | 376,014 | 118,975 | 96,017 |
Long-Lived Assets | 376,014 | 118,912 | 96,017 |
Operating Segments | Other Development Projects | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 169 | 123 | 110,133 |
Long-Lived Assets | 0 | 0 | 101,062 |
Operating Segments | Marina Bay Sands | SINGAPORE | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 142,706 | 119,647 | 466,144 |
Assets | 6,354,231 | 6,941,510 | 6,794,258 |
Long-Lived Assets | 5,277,126 | 5,657,351 | 5,471,376 |
Operating Segments | Las Vegas Operating Properties | UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 93,191 | 156,205 | 47,666 |
Assets | 3,653,127 | 3,605,513 | 4,105,618 |
Long-Lived Assets | 3,073,793 | 3,179,426 | 3,244,090 |
Operating Segments | Sands Bethlehem | UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 6,695 | 22,388 | 56,267 |
Assets | 687,729 | 766,223 | 879,229 |
Long-Lived Assets | 578,329 | 607,346 | 625,649 |
Reportable Geographical Components | MACAU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 614,367 | 1,050,107 | 915,354 |
Assets | 11,398,504 | 10,263,618 | 9,820,373 |
Long-Lived Assets | 7,470,076 | 7,383,266 | 6,767,472 |
Reportable Geographical Components | UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 99,886 | 178,593 | 103,933 |
Assets | 4,340,856 | 4,371,736 | 4,984,847 |
Long-Lived Assets | $3,652,122 | $3,786,772 | $3,869,739 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Property and equipment, net | $15,358,953,000 | ' | ' | ' | $15,766,748,000 | ' | ' | ' | $15,358,953,000 | $15,766,748,000 | ' | ||||
Total liabilities | 13,223,735,000 | ' | ' | ' | 13,505,240,000 | ' | ' | ' | 13,223,735,000 | 13,505,240,000 | ' | ||||
Net loss | -577,539,000 | -626,744,000 | -529,753,000 | -571,961,000 | [1] | -434,782,000 | -349,782,000 | [2] | -240,587,000 | [2],[3] | -498,942,000 | [3],[4] | -2,305,997,000 | -1,524,093,000 | -1,560,123,000 |
Shoppes At Palazzo | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Liabilities | 29,300,000 | ' | ' | ' | 17,300,000 | ' | ' | ' | 29,300,000 | 17,300,000 | ' | ||||
Property and equipment, net | 239,300,000 | ' | ' | ' | 250,800,000 | ' | ' | ' | 239,300,000 | 250,800,000 | ' | ||||
Total liabilities | 268,600,000 | ' | ' | ' | 268,100,000 | ' | ' | ' | 268,600,000 | 268,100,000 | ' | ||||
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | $12,900,000 | $15,100,000 | $19,500,000 | ||||
[1] | The second Sheraton tower of Sands Cotai Central opened in January 2013. | ||||||||||||||
[2] | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | ||||||||||||||
[3] | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | ||||||||||||||
[4] | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $3,600,414 | $2,512,766 | $3,902,718 | $3,037,081 |
Restricted cash and cash equivalents | 6,839 | 4,521 | ' | ' |
Accounts receivable, net | 1,762,110 | 1,819,260 | ' | ' |
Inventories | 41,946 | 43,875 | ' | ' |
Deferred income taxes, net | 0 | 2,299 | ' | ' |
Prepaid expenses and other | 104,230 | 94,793 | ' | ' |
Total current assets | 5,515,539 | 4,477,514 | ' | ' |
Property and equipment, net | 15,358,953 | 15,766,748 | ' | ' |
Deferred financing costs, net | 185,964 | 214,465 | ' | ' |
Restricted cash and cash equivalents | 0 | 1,938 | ' | ' |
Deferred income taxes, net | 13,821 | 43,280 | ' | ' |
Leasehold interests in land, net | 1,428,819 | 1,458,741 | ' | ' |
Intangible assets, net | 102,081 | 70,618 | ' | ' |
Other assets, net | 119,087 | 130,348 | ' | ' |
Total assets | 22,724,264 | 22,163,652 | 22,244,123 | ' |
Accounts payable | 119,194 | 106,498 | ' | ' |
Construction payables | 241,560 | 343,372 | ' | ' |
Accrued interest payable | 6,551 | 15,542 | ' | ' |
Other accrued liabilities | 2,194,866 | 1,895,483 | ' | ' |
Income taxes payable | 176,678 | 164,126 | ' | ' |
Deferred income taxes | 13,309 | 0 | ' | ' |
Current maturities of long-term debt | 377,507 | 97,802 | ' | ' |
Total current liabilities | 3,129,665 | 2,622,823 | ' | ' |
Other long-term liabilities | 112,195 | 133,936 | ' | ' |
Deferred income taxes | 173,211 | 185,945 | ' | ' |
Deferred amounts related to mall transactions | 425,912 | 430,271 | ' | ' |
Long-term debt | 9,382,752 | 10,132,265 | ' | ' |
Total liabilities | 13,223,735 | 13,505,240 | ' | ' |
Total Las Vegas Sands Corp. stockholders' equity | 7,665,494 | 7,061,842 | ' | ' |
Noncontrolling interests | 1,835,035 | 1,596,570 | ' | ' |
Total equity | 9,500,529 | 8,658,412 | 9,439,152 | 7,931,188 |
Total liabilities and equity | 22,724,264 | 22,163,652 | ' | ' |
Consolidation, Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany receivables | -508,252 | -466,370 | ' | ' |
Intercompany notes receivables | -251,537 | -1,337,161 | ' | ' |
Deferred income taxes, net | -44,742 | -40,288 | ' | ' |
Total current assets | -804,531 | -1,843,819 | ' | ' |
Investments in subsidiaries | -13,680,759 | -11,720,526 | ' | ' |
Intercompany receivables | -39,414 | -62,411 | ' | ' |
Intercompany notes receivable | -1,081,710 | -928,728 | ' | ' |
Deferred income taxes, net | 13,821 | 39,615 | ' | ' |
Total assets | -15,592,593 | -14,515,869 | ' | ' |
Intercompany payables | -508,252 | -466,370 | ' | ' |
Intercompany notes payable | -251,537 | -1,337,161 | ' | ' |
Deferred income taxes | -44,742 | -40,288 | ' | ' |
Total current liabilities | -804,531 | -1,843,819 | ' | ' |
Intercompany payables | -39,414 | -62,411 | ' | ' |
Intercompany notes payable | -1,081,710 | -928,728 | ' | ' |
Deferred income taxes | 13,821 | 39,615 | ' | ' |
Total liabilities | -1,911,834 | -2,795,343 | ' | ' |
Total Las Vegas Sands Corp. stockholders' equity | -13,680,759 | -11,720,526 | ' | ' |
Total equity | -13,680,759 | -11,720,526 | ' | ' |
Total liabilities and equity | -15,592,593 | -14,515,869 | ' | ' |
Las Vegas Sands Corp. | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 50,180 | 7,962 | 12,849 | 1,031,844 |
Intercompany receivables | 271,993 | 209,961 | ' | ' |
Accounts receivable, net | 11,815 | 6,646 | ' | ' |
Inventories | 3,895 | 3,501 | ' | ' |
Deferred income taxes, net | 7,509 | 5,687 | ' | ' |
Prepaid expenses and other | 21,311 | 13,257 | ' | ' |
Total current assets | 366,703 | 247,014 | ' | ' |
Property and equipment, net | 155,806 | 173,065 | ' | ' |
Investments in subsidiaries | 7,568,252 | 7,045,198 | ' | ' |
Deferred financing costs, net | 181 | 238 | ' | ' |
Intercompany receivables | 483 | 6,109 | ' | ' |
Deferred income taxes, net | 0 | 3,665 | ' | ' |
Intangible assets, net | 690 | 690 | ' | ' |
Other assets, net | 264 | 243 | ' | ' |
Total assets | 8,092,379 | 7,476,222 | ' | ' |
Accounts payable | 8,381 | 9,948 | ' | ' |
Construction payables | 2,161 | 5,318 | ' | ' |
Intercompany payables | 0 | ' | ' | ' |
Intercompany notes payable | 251,537 | 237,161 | ' | ' |
Accrued interest payable | 77 | 82 | ' | ' |
Other accrued liabilities | 54,071 | 42,318 | ' | ' |
Current maturities of long-term debt | 3,688 | 3,688 | ' | ' |
Total current liabilities | 319,915 | 298,515 | ' | ' |
Other long-term liabilities | 3,775 | 48,506 | ' | ' |
Intercompany payables | ' | 0 | ' | ' |
Deferred income taxes | 39,523 | ' | ' | ' |
Long-term debt | 63,672 | 67,359 | ' | ' |
Total liabilities | 426,885 | 414,380 | ' | ' |
Total Las Vegas Sands Corp. stockholders' equity | 7,665,494 | 7,061,842 | ' | ' |
Total equity | 7,665,494 | 7,061,842 | ' | ' |
Total liabilities and equity | 8,092,379 | 7,476,222 | ' | ' |
Restricted Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 315,489 | 182,402 | 689,642 | 412,226 |
Restricted cash and cash equivalents | 0 | 1 | ' | ' |
Intercompany receivables | 236,259 | 256,409 | ' | ' |
Intercompany notes receivables | 0 | 1,100,000 | ' | ' |
Accounts receivable, net | 295,333 | 259,691 | ' | ' |
Inventories | 12,609 | 13,081 | ' | ' |
Deferred income taxes, net | 37,233 | 36,900 | ' | ' |
Prepaid expenses and other | 11,592 | 12,223 | ' | ' |
Total current assets | 908,515 | 1,860,707 | ' | ' |
Property and equipment, net | 3,056,678 | 3,157,605 | ' | ' |
Investments in subsidiaries | 6,112,507 | 4,675,328 | ' | ' |
Deferred financing costs, net | 30,737 | 12,528 | ' | ' |
Restricted cash and cash equivalents | ' | 0 | ' | ' |
Intercompany receivables | 38,931 | 56,302 | ' | ' |
Intercompany notes receivable | 1,081,710 | 928,728 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Other assets, net | 22,288 | 18,403 | ' | ' |
Total assets | 11,251,366 | 10,709,601 | ' | ' |
Accounts payable | 25,679 | 25,007 | ' | ' |
Construction payables | 3,226 | 7,646 | ' | ' |
Intercompany payables | 278,309 | 173,893 | ' | ' |
Accrued interest payable | 224 | 1,050 | ' | ' |
Other accrued liabilities | 224,759 | 235,889 | ' | ' |
Income taxes payable | 17 | 4 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current maturities of long-term debt | 24,892 | 90,649 | ' | ' |
Total current liabilities | 557,106 | 534,138 | ' | ' |
Other long-term liabilities | 10,175 | 9,776 | ' | ' |
Deferred income taxes | 54,668 | 39,643 | ' | ' |
Deferred amounts related to mall transactions | 425,912 | 430,271 | ' | ' |
Long-term debt | 2,823,269 | 2,753,745 | ' | ' |
Total liabilities | 3,871,130 | 3,767,573 | ' | ' |
Total Las Vegas Sands Corp. stockholders' equity | 7,379,831 | 6,941,623 | ' | ' |
Noncontrolling interests | 405 | 405 | ' | ' |
Total equity | 7,380,236 | 6,942,028 | ' | ' |
Total liabilities and equity | 11,251,366 | 10,709,601 | ' | ' |
Non-Restricted Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3,234,745 | 2,322,402 | 3,200,227 | 1,593,011 |
Restricted cash and cash equivalents | 6,839 | 4,520 | ' | ' |
Intercompany receivables | 0 | ' | ' | ' |
Intercompany notes receivables | 251,537 | 237,161 | ' | ' |
Accounts receivable, net | 1,454,962 | 1,552,923 | ' | ' |
Inventories | 25,442 | 27,293 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Prepaid expenses and other | 71,327 | 69,313 | ' | ' |
Total current assets | 5,044,852 | 4,213,612 | ' | ' |
Property and equipment, net | 12,146,469 | 12,436,078 | ' | ' |
Deferred financing costs, net | 155,046 | 201,699 | ' | ' |
Restricted cash and cash equivalents | ' | 1,938 | ' | ' |
Leasehold interests in land, net | 1,428,819 | 1,458,741 | ' | ' |
Intangible assets, net | 101,391 | 69,928 | ' | ' |
Other assets, net | 96,535 | 111,702 | ' | ' |
Total assets | 18,973,112 | 18,493,698 | ' | ' |
Accounts payable | 85,134 | 71,543 | ' | ' |
Construction payables | 236,173 | 330,408 | ' | ' |
Intercompany payables | 229,943 | 292,477 | ' | ' |
Intercompany notes payable | 0 | 1,100,000 | ' | ' |
Accrued interest payable | 6,250 | 14,410 | ' | ' |
Other accrued liabilities | 1,916,036 | 1,617,276 | ' | ' |
Income taxes payable | 176,661 | 164,122 | ' | ' |
Deferred income taxes | 58,051 | 40,288 | ' | ' |
Current maturities of long-term debt | 348,927 | 3,465 | ' | ' |
Total current liabilities | 3,057,175 | 3,633,989 | ' | ' |
Other long-term liabilities | 98,245 | 75,654 | ' | ' |
Intercompany payables | 39,414 | 62,411 | ' | ' |
Intercompany notes payable | 1,081,710 | 928,728 | ' | ' |
Deferred income taxes | 65,199 | 106,687 | ' | ' |
Long-term debt | 6,495,811 | 7,311,161 | ' | ' |
Total liabilities | 10,837,554 | 12,118,630 | ' | ' |
Total Las Vegas Sands Corp. stockholders' equity | 6,300,928 | 4,778,903 | ' | ' |
Noncontrolling interests | 1,834,630 | 1,596,165 | ' | ' |
Total equity | 8,135,558 | 6,375,068 | ' | ' |
Total liabilities and equity | $18,973,112 | $18,493,698 | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | $11,386,917 | $9,008,158 | $7,437,002 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | 1,380,681 | 1,154,024 | 1,000,035 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 730,259 | 628,528 | 598,823 | ||||
Mall | ' | ' | ' | ' | ' | ' | ' | ' | 481,400 | 396,927 | 325,123 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | 515,179 | 497,032 | 501,351 | ||||
Gross revenue | ' | ' | ' | ' | ' | ' | ' | ' | 14,494,436 | 11,684,669 | 9,862,334 | ||||
Less — promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | -724,551 | -553,537 | -451,589 | ||||
Net revenues | 3,655,685 | 3,568,540 | 3,242,941 | 3,302,719 | [1] | 3,077,002 | 2,709,482 | [2] | 2,581,906 | [2],[3] | 2,762,742 | [3],[4] | 13,769,885 | 11,131,132 | 9,410,745 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | 6,483,718 | 5,128,036 | 4,007,887 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | 271,942 | 237,303 | 210,052 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 369,570 | 331,210 | 307,446 | ||||
Mall | ' | ' | ' | ' | ' | ' | ' | ' | 73,358 | 68,763 | 59,183 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | 317,869 | 304,263 | 338,109 | ||||
Provision for doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | 237,786 | 239,332 | 150,456 | ||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 1,329,740 | 1,061,935 | 836,924 | ||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 189,535 | 207,030 | 185,694 | ||||
Pre-opening | ' | ' | ' | ' | ' | ' | ' | ' | 13,339 | 143,795 | 65,825 | ||||
Development | ' | ' | ' | ' | ' | ' | ' | ' | 15,809 | 19,958 | 11,309 | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,007,468 | 892,046 | 794,404 | ||||
Amortization of leasehold interests in land | ' | ' | ' | ' | ' | ' | ' | ' | 40,352 | 40,165 | 43,366 | ||||
Impairment loss | ' | ' | ' | ' | ' | ' | 100,700 | 42,900 | 0 | 143,674 | 0 | ||||
(Gain) loss on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 11,156 | 2,240 | 10,203 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,361,642 | 8,819,750 | 7,020,858 | ||||
Operating income (loss) | 886,073 | 914,826 | 780,641 | 826,703 | [1] | 672,005 | 534,095 | [2] | 397,728 | [2],[3] | 707,554 | [3],[4] | 3,408,243 | 2,311,382 | 2,389,887 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 16,337 | 23,252 | 14,394 | ||||
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | ' | ' | ' | -271,211 | -258,564 | -282,949 | ||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 4,321 | 5,740 | -3,955 | ||||
Gain (loss) on modification or early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -14,178 | -19,234 | -22,554 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,143,512 | 2,062,576 | 2,094,823 | ||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -188,836 | -180,763 | -211,704 | ||||
Net income | 769,731 | 809,298 | 671,673 | 703,974 | [1] | 571,343 | 444,980 | [2] | 286,381 | [2],[3] | 579,109 | [3],[4] | 2,954,676 | 1,881,813 | 1,883,119 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -648,679 | -357,720 | -322,996 | ||||
Net income attributable to Las Vegas Sands Corp. | 577,539 | 626,744 | 529,753 | 571,961 | [1] | 434,782 | 349,782 | [2] | 240,587 | [2],[3] | 498,942 | [3],[4] | 2,305,997 | 1,524,093 | 1,560,123 |
Consolidation, Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | -172,888 | -156,357 | -141,048 | ||||
Gross revenue | ' | ' | ' | ' | ' | ' | ' | ' | -172,888 | -156,357 | -141,048 | ||||
Less — promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | -1,885 | -1,638 | -1,571 | ||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -174,773 | -157,995 | -142,619 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | -2,992 | -2,489 | -2,509 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -4 | 0 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | -4,303 | -4,254 | -4,846 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | -26,669 | -20,598 | -24,252 | ||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -846 | -815 | -687 | ||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | -139,942 | -129,813 | -110,314 | ||||
Pre-opening | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -7 | -8 | ||||
Development | ' | ' | ' | ' | ' | ' | ' | ' | -17 | -15 | -3 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -174,773 | -157,995 | -142,619 | ||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -176,210 | -133,882 | -111,393 | ||||
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | ' | ' | ' | 176,210 | 133,882 | 111,393 | ||||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,540 | -3,135,813 | -3,159,086 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,540 | -3,135,813 | -3,159,086 | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,540 | -3,135,813 | -3,159,086 | ||||
Net income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,540 | -3,135,813 | -3,159,086 | ||||
Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Less — promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | -1,455 | -1,109 | -720 | ||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,455 | -1,109 | -720 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 164,926 | 188,187 | 165,120 | ||||
Pre-opening | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ||||
Development | ' | ' | ' | ' | ' | ' | ' | ' | 15,207 | 19,973 | 11,312 | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,165 | 19,921 | 18,493 | ||||
(Gain) loss on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -12,641 | -1 | 7,662 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 193,657 | 228,080 | 202,587 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -195,112 | -229,189 | -203,307 | ||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,155 | 281 | 3,702 | ||||
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | ' | ' | ' | -4,269 | -4,841 | -13,856 | ||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5,282 | -47 | 171 | ||||
Gain (loss) on modification or early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,831 | 0 | ||||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,416,604 | 1,705,354 | 1,716,119 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,213,096 | 1,468,727 | 1,502,829 | ||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 92,901 | 55,366 | 57,294 | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 2,305,997 | 1,524,093 | 1,560,123 | ||||
Net income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | 2,305,997 | 1,524,093 | 1,560,123 | ||||
Restricted Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | 584,372 | 512,647 | 430,758 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | 472,518 | 446,241 | 450,487 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 197,371 | 173,111 | 186,894 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | 310,276 | 294,047 | 280,349 | ||||
Gross revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,564,537 | 1,426,046 | 1,348,488 | ||||
Less — promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | -91,217 | -84,613 | -75,238 | ||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,473,320 | 1,341,433 | 1,273,250 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | 314,966 | 288,999 | 266,203 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | 157,497 | 138,356 | 136,416 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 90,507 | 85,206 | 88,485 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | 106,242 | 84,957 | 87,779 | ||||
Provision for doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | 29,977 | 28,987 | 14,532 | ||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 341,659 | 268,834 | 254,139 | ||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 1,264 | 413 | 265 | ||||
Pre-opening | ' | ' | ' | ' | ' | ' | ' | ' | 911 | 1,909 | 0 | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 186,871 | 222,096 | 227,400 | ||||
(Gain) loss on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,823 | 389 | 2,590 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,231,717 | 1,120,146 | 1,077,809 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 241,603 | 221,287 | 195,441 | ||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 173,203 | 135,153 | 112,218 | ||||
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | ' | ' | ' | -88,972 | -91,870 | -95,993 | ||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -2,322 | 792 | -1,946 | ||||
Gain (loss) on modification or early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -14,178 | -1,599 | -503 | ||||
Income from equity investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,119,936 | 1,430,459 | 1,442,967 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,429,270 | 1,694,222 | 1,652,184 | ||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -133,519 | -78,240 | -57,336 | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 2,295,751 | 1,615,982 | 1,594,848 | ||||
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -2,894 | -2,733 | -2,495 | ||||
Net income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | 2,292,857 | 1,613,249 | 1,592,353 | ||||
Non-Restricted Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | 10,802,545 | 8,495,511 | 7,006,244 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | 908,163 | 707,783 | 549,548 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 532,888 | 455,417 | 411,929 | ||||
Mall | ' | ' | ' | ' | ' | ' | ' | ' | 481,400 | 396,927 | 325,123 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | 377,791 | 359,342 | 362,050 | ||||
Gross revenue | ' | ' | ' | ' | ' | ' | ' | ' | 13,102,787 | 10,414,980 | 8,654,894 | ||||
Less — promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | -629,994 | -466,177 | -374,060 | ||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,472,793 | 9,948,803 | 8,280,834 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Casino | ' | ' | ' | ' | ' | ' | ' | ' | 6,171,744 | 4,841,526 | 3,744,193 | ||||
Rooms | ' | ' | ' | ' | ' | ' | ' | ' | 114,449 | 98,951 | 73,636 | ||||
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 283,366 | 250,258 | 223,807 | ||||
Mall | ' | ' | ' | ' | ' | ' | ' | ' | 73,358 | 68,763 | 59,183 | ||||
Convention, retail and other | ' | ' | ' | ' | ' | ' | ' | ' | 238,296 | 239,904 | 274,582 | ||||
Provision for doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | 207,809 | 210,345 | 135,924 | ||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 988,927 | 793,916 | 583,472 | ||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 163,287 | 148,243 | 130,623 | ||||
Pre-opening | ' | ' | ' | ' | ' | ' | ' | ' | 12,428 | 141,893 | 65,833 | ||||
Development | ' | ' | ' | ' | ' | ' | ' | ' | 619 | ' | ' | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 794,432 | 650,029 | 548,511 | ||||
Amortization of leasehold interests in land | ' | ' | ' | ' | ' | ' | ' | ' | 40,352 | 40,165 | 43,366 | ||||
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 143,674 | ' | ||||
(Gain) loss on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 21,974 | 1,852 | -49 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,111,041 | 7,629,519 | 5,883,081 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,361,752 | 2,319,284 | 2,397,753 | ||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 18,189 | 21,700 | 9,867 | ||||
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | ' | ' | ' | -354,180 | -295,735 | -284,493 | ||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 11,925 | 4,995 | -2,180 | ||||
Gain (loss) on modification or early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -14,804 | -22,051 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,037,686 | 2,035,440 | 2,098,896 | ||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -148,218 | -157,889 | -211,662 | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 2,889,468 | 1,877,551 | 1,887,234 | ||||
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -645,785 | -354,987 | -320,501 | ||||
Net income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | $2,243,683 | $1,522,564 | $1,566,733 | ||||
[1] | The second Sheraton tower of Sands Cotai Central opened in January 2013. | ||||||||||||||
[2] | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | ||||||||||||||
[3] | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | ||||||||||||||
[4] | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | $769,731 | $809,298 | $671,673 | $703,974 | [1] | $571,343 | $444,980 | [2] | $286,381 | [2],[3] | $579,109 | [3],[4] | $2,954,676 | $1,881,813 | $1,883,119 |
Currency translation adjustment, net of reclassification adjustment and before and after tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,976 | 172,788 | -32,793 | ||||
Currency translation adjustment, net of reclassification adjustment and before tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,976 | 172,788 | -32,793 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,864,700 | 2,054,601 | 1,850,326 | ||||
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -647,998 | -361,534 | -325,618 | ||||
Comprehensive income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | 2,216,702 | 1,693,067 | 1,524,708 | ||||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,540 | -3,135,813 | -3,159,086 | ||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | ' | ' | ' | ' | ' | ' | ' | ' | 165,092 | -312,544 | 64,291 | ||||
Currency translation adjustment, net of reclassification adjustment and before tax | ' | ' | ' | ' | ' | ' | ' | ' | 165,092 | -312,544 | 64,291 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -4,371,448 | -3,448,357 | -3,094,795 | ||||
Comprehensive income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | -4,371,448 | -3,448,357 | -3,094,795 | ||||
Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 2,305,997 | 1,524,093 | 1,560,123 | ||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,295 | 168,974 | -35,415 | ||||
Currency translation adjustment, net of reclassification adjustment and before tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,295 | 168,974 | -35,415 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,216,702 | 1,693,067 | 1,524,708 | ||||
Comprehensive income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | 2,216,702 | 1,693,067 | 1,524,708 | ||||
Restricted Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 2,295,751 | 1,615,982 | 1,594,848 | ||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | ' | ' | ' | ' | ' | ' | ' | ' | -75,797 | 143,570 | -28,876 | ||||
Currency translation adjustment, net of reclassification adjustment and before tax | ' | ' | ' | ' | ' | ' | ' | ' | -75,797 | 143,570 | -28,876 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,219,954 | 1,759,552 | 1,565,972 | ||||
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -2,894 | -2,733 | -2,495 | ||||
Comprehensive income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | 2,217,060 | 1,756,819 | 1,563,477 | ||||
Non-Restricted Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 2,889,468 | 1,877,551 | 1,887,234 | ||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,976 | 172,788 | -32,793 | ||||
Currency translation adjustment, net of reclassification adjustment and before tax | ' | ' | ' | ' | ' | ' | ' | ' | -89,976 | 172,788 | -32,793 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,799,492 | 2,050,339 | 1,854,441 | ||||
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -645,104 | -358,801 | -323,123 | ||||
Comprehensive income attributable to Las Vegas Sands Corp. | ' | ' | ' | ' | ' | ' | ' | ' | $2,154,388 | $1,691,538 | $1,531,318 | ||||
[1] | The second Sheraton tower of Sands Cotai Central opened in January 2013. | ||||||||||||||
[2] | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | ||||||||||||||
[3] | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | ||||||||||||||
[4] | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information - Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash generated from (used in) operating activities | $4,439,412 | $3,057,757 | $2,662,496 |
Cash flows from investing activities: | ' | ' | ' |
Change in restricted cash and cash equivalents | -382 | 693 | 804,394 |
Capital expenditures | -898,111 | -1,449,234 | -1,508,493 |
Proceeds from disposal of property and equipment | 32,155 | 2,909 | 6,093 |
Acquisition of intangible assets | -45,871 | 0 | -100 |
Net cash used in investing activities | -912,209 | -1,445,632 | -698,106 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 69,596 | 46,240 | 25,505 |
Repurchase of common stock | -561,150 | 0 | 0 |
Proceeds from exercise of warrants | 350 | 528,908 | 12,512 |
Dividends paid | -1,564,049 | -3,442,312 | -75,297 |
Distributions to noncontrolling interests | -11,858 | -10,466 | -10,388 |
Deemed distribution to Principal Stockholder | 0 | -18,576 | 0 |
Proceeds From Credit Facility Six | 2,828,750 | ' | ' |
Proceeds from 2012 Singapore credit facility | 104,357 | 3,951,486 | ' |
Proceeds from 2011 VML credit facility | ' | ' | 3,201,535 |
Proceeds from senior secured credit facility | 250,000 | 400,000 | ' |
Repayment On Credit Facility Five | -430,504 | ' | ' |
Repayments on VML credit facility | ' | ' | -2,060,819 |
Repayments on VOL credit facility | ' | ' | -749,660 |
Repayments on Singapore credit facility | ' | -3,635,676 | -418,564 |
Repayments on senior secured credit facility | -3,073,038 | -425,555 | -28,937 |
Redemption or repurchase and cancellation of senior notes | ' | -189,712 | ' |
Repayments on ferry financing | ' | -140,337 | -35,002 |
Repayments on airplane financings | -3,688 | -3,688 | -3,688 |
Repayments On Other Long Term Debt And Capital Lease Obligations | -5,802 | -4,730 | -3,640 |
Repurchases and redemption of preferred stock | 0 | 0 | -845,321 |
Payments of preferred stock inducement premium | 0 | 0 | -16,871 |
Payments of deferred financing costs | -35,414 | -100,888 | -84,826 |
Net cash used in financing activities | -2,432,450 | -3,045,306 | -1,093,461 |
Effect of exchange rate on cash | -7,105 | 43,229 | -5,292 |
Increase (decrease) in cash and cash equivalents | 1,087,648 | -1,389,952 | 865,637 |
Cash and cash equivalents at beginning of year | 2,512,766 | 3,902,718 | 3,037,081 |
Cash and cash equivalents at end of year | 3,600,414 | 2,512,766 | 3,902,718 |
Consolidation, Eliminations | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash generated from (used in) operating activities | -3,401,964 | -4,558,144 | -203,738 |
Cash flows from investing activities: | ' | ' | ' |
Intercompany receivable to non-restricted subsidiaries | ' | 20,297 | ' |
Repayments of receivable from non-restricted subsidiaries | -1,357 | -683 | -1,200 |
Notes receivable to Las Vegas Sands Corp. | 251,537 | 237,161 | ' |
Notes receivable to non-restricted subsidiaries | ' | 9,773 | 50,766 |
Repayments Of Receivables From Parent | -237,161 | ' | ' |
Dividends received from non-restricted subsidiaries | -1,383,116 | -2,564,500 | -94,472 |
Capital contributions to subsidiaries | 1,292,484 | 2,485,064 | 50,026 |
Net cash used in investing activities | -77,613 | 187,112 | 5,120 |
Cash flows from financing activities: | ' | ' | ' |
Dividends paid to Las Vegas Sands Corp. | 1,840,722 | 2,750,091 | 143,738 |
Dividends paid to Restricted Subsidiaries | 2,944,358 | 4,372,553 | 154,472 |
Capital contributions received | -1,292,484 | -2,485,064 | -50,026 |
Borrowings from Las Vegas Sands Corp. | ' | -20,297 | ' |
Borrowings from Restricted Subsidiaries | ' | -9,773 | -50,766 |
Borrowings from non-restricted subsidiaries | -251,537 | -237,161 | ' |
Repayments on borrowings from Restricted Subsidiaries | 1,357 | 683 | 1,200 |
Repayment On Borrowings From Non Restricted Subsidiaries | 237,161 | ' | ' |
Net cash used in financing activities | 3,479,577 | 4,371,032 | 198,618 |
Las Vegas Sands Corp. | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash generated from (used in) operating activities | 1,693,766 | 2,544,296 | -42,087 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -29,901 | -50,903 | -21,355 |
Proceeds from disposal of property and equipment | 31,000 | ' | ' |
Acquisition of intangible assets | ' | ' | -100 |
Intercompany receivable to non-restricted subsidiaries | ' | -20,297 | ' |
Capital contributions to subsidiaries | -68 | -64 | -50,026 |
Net cash used in investing activities | 1,031 | -71,264 | -71,481 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 50,223 | 34,668 | 23,238 |
Repurchase of common stock | -561,150 | ' | ' |
Proceeds from exercise of warrants | 350 | 528,908 | 12,512 |
Dividends paid | -1,152,690 | -3,085,256 | -75,297 |
Borrowings from non-restricted subsidiaries | 251,537 | 237,161 | ' |
Repayment On Borrowings From Non Restricted Subsidiaries | -237,161 | ' | ' |
Redemption or repurchase and cancellation of senior notes | ' | -189,712 | ' |
Repayments on airplane financings | -3,688 | -3,688 | -3,688 |
Repurchases and redemption of preferred stock | ' | ' | -845,321 |
Payments of preferred stock inducement premium | ' | ' | -16,871 |
Net cash used in financing activities | -1,652,579 | -2,477,919 | -905,427 |
Increase (decrease) in cash and cash equivalents | 42,218 | -4,887 | -1,018,995 |
Cash and cash equivalents at beginning of year | 7,962 | 12,849 | 1,031,844 |
Cash and cash equivalents at end of year | 50,180 | 7,962 | 12,849 |
Restricted Subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash generated from (used in) operating activities | 1,892,021 | 2,177,182 | 404,624 |
Cash flows from investing activities: | ' | ' | ' |
Change in restricted cash and cash equivalents | 1 | -1 | 2,285 |
Capital expenditures | -91,900 | -155,936 | -47,560 |
Proceeds from disposal of property and equipment | 121 | 454 | 0 |
Repayments of receivable from non-restricted subsidiaries | 1,357 | 683 | 1,200 |
Notes receivable to non-restricted subsidiaries | ' | -9,773 | -50,766 |
Dividends received from non-restricted subsidiaries | 1,383,116 | 2,564,500 | 94,472 |
Capital contributions to subsidiaries | -1,292,416 | -2,485,000 | 0 |
Net cash used in investing activities | 279 | -85,073 | -369 |
Cash flows from financing activities: | ' | ' | ' |
Distributions to noncontrolling interests | -2,894 | -2,733 | -2,495 |
Dividends paid to Las Vegas Sands Corp. | -1,732,152 | -2,568,900 | -143,738 |
Capital contributions received | ' | 0 | 50,000 |
Proceeds From Credit Facility Six | 2,828,750 | ' | ' |
Proceeds from senior secured credit facility | 250,000 | 400,000 | ' |
Repayments on senior secured credit facility | -3,073,038 | -425,555 | -28,937 |
Repayments On Other Long Term Debt And Capital Lease Obligations | -2,350 | -2,161 | -1,669 |
Payments of deferred financing costs | -27,529 | ' | 0 |
Net cash used in financing activities | -1,759,213 | -2,599,349 | -126,839 |
Increase (decrease) in cash and cash equivalents | 133,087 | -507,240 | 277,416 |
Cash and cash equivalents at beginning of year | 182,402 | 689,642 | 412,226 |
Cash and cash equivalents at end of year | 315,489 | 182,402 | 689,642 |
Non-Restricted Subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash generated from (used in) operating activities | 4,255,589 | 2,894,423 | 2,503,697 |
Cash flows from investing activities: | ' | ' | ' |
Change in restricted cash and cash equivalents | -383 | 694 | 802,109 |
Capital expenditures | -776,310 | -1,242,395 | -1,439,578 |
Proceeds from disposal of property and equipment | 1,034 | 2,455 | 6,093 |
Acquisition of intangible assets | -45,871 | ' | 0 |
Notes receivable to Las Vegas Sands Corp. | -251,537 | -237,161 | ' |
Repayments Of Receivables From Parent | 237,161 | ' | ' |
Net cash used in investing activities | -835,906 | -1,476,407 | -631,376 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 19,373 | 11,572 | 2,267 |
Dividends paid | -411,359 | -357,056 | ' |
Distributions to noncontrolling interests | -8,964 | -7,733 | -7,893 |
Deemed distribution to Principal Stockholder | ' | -18,576 | ' |
Dividends paid to Las Vegas Sands Corp. | -108,570 | -181,191 | ' |
Dividends paid to Restricted Subsidiaries | -2,944,358 | -4,372,553 | -154,472 |
Capital contributions received | 1,292,484 | 2,485,064 | 26 |
Borrowings from Las Vegas Sands Corp. | ' | 20,297 | ' |
Borrowings from Restricted Subsidiaries | ' | 9,773 | 50,766 |
Repayments on borrowings from Restricted Subsidiaries | -1,357 | -683 | -1,200 |
Proceeds from 2012 Singapore credit facility | 104,357 | 3,951,486 | ' |
Proceeds from 2011 VML credit facility | ' | ' | 3,201,535 |
Repayment On Credit Facility Five | -430,504 | ' | ' |
Repayments on VML credit facility | ' | ' | -2,060,819 |
Repayments on VOL credit facility | ' | ' | -749,660 |
Repayments on Singapore credit facility | ' | -3,635,676 | -418,564 |
Repayments on ferry financing | ' | -140,337 | -35,002 |
Repayments On Other Long Term Debt And Capital Lease Obligations | -3,452 | -2,569 | -1,971 |
Payments of deferred financing costs | -7,885 | -100,888 | -84,826 |
Net cash used in financing activities | -2,500,235 | -2,339,070 | -259,813 |
Effect of exchange rate on cash | -7,105 | 43,229 | -5,292 |
Increase (decrease) in cash and cash equivalents | 912,343 | -877,825 | 1,607,216 |
Cash and cash equivalents at beginning of year | 2,322,402 | 3,200,227 | 1,593,011 |
Cash and cash equivalents at end of year | $3,234,745 | $2,322,402 | $3,200,227 |
Selected_Quarterly_Financial_R2
Selected Quarterly Financial Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Disclosure Selected Quarterly Financial Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenues | $3,655,685 | $3,568,540 | $3,242,941 | $3,302,719 | [1] | $3,077,002 | $2,709,482 | [2] | $2,581,906 | [2],[3] | $2,762,742 | [3],[4] | $13,769,885 | $11,131,132 | $9,410,745 |
Operating income | 886,073 | 914,826 | 780,641 | 826,703 | [1] | 672,005 | 534,095 | [2] | 397,728 | [2],[3] | 707,554 | [3],[4] | 3,408,243 | 2,311,382 | 2,389,887 |
Net income | 769,731 | 809,298 | 671,673 | 703,974 | [1] | 571,343 | 444,980 | [2] | 286,381 | [2],[3] | 579,109 | [3],[4] | 2,954,676 | 1,881,813 | 1,883,119 |
Net income attributable to Las Vegas Sands Corp. | $577,539 | $626,744 | $529,753 | $571,961 | [1] | $434,782 | $349,782 | [2] | $240,587 | [2],[3] | $498,942 | [3],[4] | $2,305,997 | $1,524,093 | $1,560,123 |
Earnings Per Share, Basic | $0.71 | $0.76 | $0.64 | $0.69 | [1] | $0.53 | $0.43 | [2] | $0.29 | [2],[3] | $0.66 | [3],[4] | $2.80 | $1.89 | $1.74 |
Earnings Per Share, Diluted | $0.70 | $0.76 | $0.64 | $0.69 | [1] | $0.53 | $0.42 | [2] | $0.29 | [2],[3] | $0.61 | [3],[4] | $2.79 | $1.85 | $1.56 |
[1] | The second Sheraton tower of Sands Cotai Central opened in January 2013. | ||||||||||||||
[2] | The Conrad and Holiday tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. In connection with the opening of these towers, the Company also opened gaming areas and retail, entertainment, dining and meeting facilities. | ||||||||||||||
[3] | During the first and second quarters of 2012, the Company recorded impairment losses of $42.9 million and $100.7 million, respectively. | ||||||||||||||
[4] | During the first quarter of 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock and paid $525.0 million in cash as settlement of the exercise price. |
Selected_Quarterly_Financial_R3
Selected Quarterly Financial Results (Unaudited) (Parenthetical) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 02, 2012 |
Principal Stockholder's Family | ||||||
Preferred Stock And Warrants Issued To Principal Stockholders Family | ||||||
Schedule Of Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' |
Common Stock Shares Issued Upon Exercise Of Warrants | ' | ' | 64,562 | 88,155,671 | 21,953,704 | 87,500,175 |
Proceeds from Warrant Exercises | ' | ' | $350 | $528,908 | $12,512 | $525,000 |
Impairment loss | $100,700 | $42,900 | $0 | $143,674 | $0 | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | $491,682 | $275,066 | $181,856 |
Additions | 237,786 | 239,332 | 150,456 |
Write-offs, Net of Recoveries | -99,741 | -22,716 | -57,246 |
Balance at End of Year | 629,727 | 491,682 | 275,066 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | 1,390,900 | 325,239 | 331,275 |
Additions, Charged to Other Accounts | 149,893 | 1,088,812 | 46,228 |
Deductions | -21,525 | -23,151 | -52,264 |
Balance at End of Year | $1,519,268 | $1,390,900 | $325,239 |