Sands China (SCHYF) 20-F 18 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information Document	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information [Abstract]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Registrant Name	Sands China Ltd.
Entity Central Index Key	0001755281
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	8,080,603,691
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Accounting Standard	IFRS

Consolidated Income Statements

Consolidated Income Statements $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2018$ / shares	[5]	Dec. 31, 2017USD ($)$ / shares		Dec. 31, 2017$ / shares	[5]	Dec. 31, 2016USD ($)$ / shares		Dec. 31, 2016$ / shares	[5]
Profit or loss [abstract]
Net revenues	$ 8,665			$ 7,586	[1],[2]			$ 6,543	[1],[2]
Gaming tax	(3,430)			(2,925)	[3]			(2,527)	[3]
Employee benefit expenses	(1,238)			(1,193)	[3]			(1,121)	[3]
Depreciation and amortization	(655)			(676)	[3],[4]			(611)	[3],[4]
Inventories consumed	(99)			(98)	[3]			(83)	[3]
Other expenses and losses	(1,089)			(921)	[3]			(849)	[3]
Operating profit	2,154			1,773				1,352
Interest income	20			5				3
Interest expense, net of amounts capitalized	(225)			(153)				(86)
Loss on modification or early retirement of debt	(81)			0				(1)
Profit before income tax	1,868			1,625				1,268
Income tax benefit/(expense)	7			(22)				(44)
Profit for the year attributable to equity holders of the Company	$ 1,875			$ 1,603				$ 1,224
Earnings per share for profit attributable to equity holders of the Company
Basic | (per share)	$ 0.2321	$ 1.8175		$ 0.1986		$ 1.5522		$ 0.1517		$ 1.1765
Diluted | (per share)	$ 0.2319	$ 1.8159		$ 0.1985		$ 1.5514		$ 0.1517		$ 1.1765
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[4]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[5]	The translation of US$ amounts into HK$ amounts has been made at the exchange rate on December 31, 2018, 2017 and 2016 of US$1.00 to HK$7.8306, US$1.00 to HK$7.8157 and US$1.00 to HK$7.7555, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of comprehensive income [abstract]
Profit for the year attributable to equity holders of the Company	$ 1,875	$ 1,603	$ 1,224
Item that will not be reclassified subsequently to profit or loss:
Currency translation differences	(12)	(22)	(3)
Total comprehensive income for the year attributable to equity holders of the Company	$ 1,863	$ 1,581	$ 1,221

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Non-current assets
Investment properties, net	$ 629	$ 1,311
Property and equipment, net	8,134	7,687
Intangible assets, net	46	34
Other assets, net	32	34
Trade and other receivables and prepayments, net	37	23
Total non-current assets	8,878	9,089
Current assets
Inventories	14	15
Trade and other receivables and prepayments, net	477	293
Restricted cash and cash equivalents	13	11
Cash and cash equivalents	2,676	1,239
Total current assets	3,180	1,558
Total assets	12,058	10,647
EQUITY
Share capital	81	81
Reserves	4,328	4,457
Total equity	4,409	4,538
Non-current liabilities
Trade and other payables	104	92	[1]
Borrowings	5,552	4,358
Deferred income tax liabilities	50	62
Total non-current liabilities	5,706	4,512
Current liabilities
Trade and other payables	1,928	1,537	[1]
Current income tax liabilities	5	6
Borrowings	10	54
Total current liabilities	1,943	1,597
Total liabilities	7,649	6,109
Total equity and liabilities	12,058	10,647
Net current assets/(liabilities)	1,237	(39)
Total assets less current liabilities	$ 10,115	$ 9,050
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Share capital	Capital reserve	Share premium	Statutory reserve	Share-based compensation reserves	Currency translation reserve	Retained earnings	IFRS 9 [Member]	IFRS 9 [Member]Retained earnings
Beginning balance at Dec. 31, 2015	$ 5,839	$ 81	$ 87	$ 1,403	$ 6	$ 82	$ 9	$ 4,171
Profit for the year	1,224							1,224
Other comprehensive expense for the year	(3)						(3)
Total comprehensive income	1,221						(3)	1,224
Exercise of share options	5			5
Conversion of equity awards to liability awards	(2)					(2)
Transfer to share premium upon exercise of share options	0			3		(3)
Forfeiture of share options	0					(3)		3
Share-based compensation of the Company	14					14
Share-based compensation charged by LVS	1					1
Dividends to equity holders of the Company (Note 11)	(2,071)							(2,071)
Ending balance at Dec. 31, 2016	5,007	81	87	1,411	6	89	6	3,327
Profit for the year	1,603							1,603
Other comprehensive expense for the year	(22)						(22)
Total comprehensive income	1,581						(22)	1,603
Exercise of share options	12			12
Conversion of equity awards to liability awards	(5)					(5)
Transfer to share premium upon exercise of share options	0			5		(5)
Forfeiture of share options	0					(3)		3
Share-based compensation of the Company	12					12
Dividends to equity holders of the Company (Note 11)	(2,069)							(2,069)
Ending balance (Previously stated [member]) at Dec. 31, 2017	4,538	81	87	1,428	6	88	(16)	2,864
Ending balance (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2017									$ 24	$ 24
Ending balance (As restated [Member]) at Dec. 31, 2017	4,562							2,888
Ending balance at Dec. 31, 2017	4,538	81	87	1,428	6	88	(16)	2,888
Profit for the year	1,875							1,875
Other comprehensive expense for the year	(12)						(12)
Total comprehensive income	1,863						(12)	1,875
Exercise of share options	23			23
Conversion of equity awards to liability awards	0
Transfer to share premium upon exercise of share options	0			6		(6)
Forfeiture of share options	0					(4)		4
Share-based compensation of the Company	14					14
Dividends to equity holders of the Company (Note 11)	(2,053)							(2,053)
Ending balance at Dec. 31, 2018	$ 4,409	$ 81	$ 87	$ 1,457	$ 6	$ 92	$ (28)	$ 2,714

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Cash generated from operations	$ 3,055	$ 2,632	$ 2,352
Income tax paid	(6)	(6)	(6)
Net cash generated from operating activities	3,049	2,626	2,346
Cash flows from investing activities
Increase in restricted cash and cash equivalents	(2)	(1)	(2)
Purchases of property and equipment	(492)	(423)	(1,033)
Additions to investment properties	(16)	(45)	(100)
Purchases of intangible assets	(24)	(9)	(18)
Proceeds from disposal of property and equipment, investment properties and intangible assets	5	13	1
Interest received	16	4	3
Net cash used in investing activities	(513)	(461)	(1,149)
Cash flows from financing activities
Proceeds from exercise of share options	23	12	5
Proceeds from Senior Notes	5,500	0	0
Proceeds from bank loans	746	650	2,000
Repayments of bank loans	(5,083)	(669)	(1,000)
Dividends paid	(2,052)	(2,067)	(2,070)
Repayments of finance lease liabilities	(15)	(5)	(4)
Payments for deferred financing costs	(90)	0	(32)
Interest paid	(128)	(128)	(94)
Net cash used in financing activities	(1,099)	(2,207)	(1,195)
Net increase/(decrease) in cash and cash equivalents	1,437	(42)	2
Cash and cash equivalents at beginning of year	1,239	1,284	1,283
Effect of exchange rate on cash and cash equivalents	0	(3)	(1)
Cash and cash equivalents at end of year	2,676	1,239	1,284
Non-cash investing and financing activities
Property and equipment acquired under finance lease	1	15	6
Conversion of equity awards to liability awards	$ 0	$ 5	$ 2

General Information

General Information	12 Months Ended
	Dec. 31, 2018
Disclosure of general information about financial statements [Abstract]
General Information	GENERAL INFORMATION Principal activities The Group is principally engaged in the operation of casino games of chance or games of other forms and the development and operation of integrated resorts and other ancillary services in Macao. The Group’s immediate holding company is Venetian Venture Development Intermediate II. Las Vegas Sands Corp., a company incorporated in Nevada, U.S.A., and indirectly holds 70.02% ownership interest in the Group as at December 31, 2018 , is the Group’s ultimate holding company. The Company was incorporated in the Cayman Islands on July 15, 2009 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of the Company’s registered office is Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands. The Company’s principal place of business is Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. The Group owns and operates The Venetian Macao-Resort-Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Group’s master-planned development of integrated resort properties in Macao. Sands Cotai Central opened in phases, beginning in April 2012. The property currently features four hotel towers, consisting of hotel rooms and suites under the Conrad, Holiday Inn, Sheraton and St. Regis brands. The Company previously announced the renovation, expansion and rebranding of Sands Cotai Central into a new destination integrated resort, The Londoner Macao, by adding extensive thematic elements both externally and internally. The Londoner Macao will feature new attractions and features from London, including some of London’s most recognizable landmarks and expanded retail and food and beverage venues. The Company will add approximately 370 luxury suites within the tower also occupied by the St. Regis hotel. In September 2016, the Group opened The Parisian Macao, an integrated resort connected to The Venetian Macao and The Plaza Macao. The Group owns The Plaza Macao, which is located adjacent and connected to The Venetian Macao. The Plaza Macao is an integrated resort that includes the Four Seasons Hotel Macao, the Plaza Casino, Shoppes at Four Seasons and Paiza Mansions. The Company also previously announced the Four Seasons Tower Suites Macao, which will feature approximately 290 additional premium quality suites. The Group also owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Group’s other ancillary services include ferry operations and other related operations. The Company’s shares were listed on the Main Board of the Stock Exchange on November 30, 2009. The consolidated financial statements are presented in millions of units of United States dollars (“US$ in millions”), unless otherwise stated. The consolidated financial statements were approved for issue by the Board of Directors on March 15, 2019.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Disclosure of significant accounting policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of the consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the following accounting policies which conform with International Financial Reporting Standards (“IFRS”). The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. The consolidated financial statements have been prepared on the historical cost basis except for financial liabilities for cash-settled share-based payment transactions and derivative financial instruments that are measured at fair value. (b) Changes in accounting policies and disclosures During the year, there have been a number of new standards and new amendments to standards that have come into effect, which the Group has adopted at their respective dates. The adoption of these new standards and new amendments to standards had no material impact on the results of operations and financial position of the Group, except for the adoption of IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) and IFRS 9 Financial Instruments (“IFRS 9”). IFRS 15 Revenue from Contracts with Customers The accounting standard establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of IFRS 15 is an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. See Note 4 for these disclosures. The Group adopted the new standard on January 1, 2018, on a full retrospective basis. The standard changes the accounting for complimentary services (including rooms, food and beverage, and other services) provided to casino guests as incentives related to gaming play. Complimentary revenues were previously excluded from revenues in the accompanying consolidated income statement prepared in accordance with IFRS. The adoption of the new standard resulted in a decrease in casino revenue due to complimentary services provided and recognition of revenue in the resulting business category of the goods or services provided when the services are rendered. The cost of providing such complimentary services were regrouped in the respective business categories. Certain commission arrangements with third parties were reclassified out of operating expenses and netted with revenue. The effect of adoption of this standard is set out below. Effect on the consolidated income statement for the year ended December 31, 2017: For the year ended For the year ended December 31, 2017 Effects of Reclassification December 31, 2017 as previously stated IFRS 15 (Note) as restated US$ in millions Net revenues $ 7,715 $ (129 ) $ — $ 7,586 Gaming promoter/agency commissions (135 ) 127 8 — Other expenses and losses (915 ) 2 (8 ) (921 ) Effect on the consolidated income statement for the year ended December 31, 2016: For the year ended For the year ended December 31, 2016 Effects of Reclassification December 31, 2016 as previously stated IFRS 15 (Note) as restated US$ in millions Net revenues $ 6,653 $ (110 ) $ — $ 6,543 Gaming promoter/agency commissions (122 ) 115 7 — Other expenses and losses (837 ) (5 ) (7 ) (849 ) ____________________ Note: Amount represented agency commissions. As the amount was immaterial, it was reclassified to “Other expenses and losses” for the purpose of presenting the consolidated income statement. IFRS 9 Financial Instruments The accounting standard replaces the provisions of International Accounting Standard (“IAS”) 39 “Financial Instruments: Recognition and Measurement” that relates to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of IFRS 9 from January 1, 2018 resulted in changes in accounting policies and adjustments to the amounts recognized in the financial statements. In accordance with the transition provisions in IFRS 9 (7.2.15), comparative figures have not been restated. Effect on the consolidated retained earnings as of January 1, 2018 is as follows: Note US$ in millions Closing retained earnings as of December 31, 2017 - IAS 39 $ 2,864 Decrease in carrying amount of bank loan measured at amortized cost (i) 24 Opening retained earnings as of January 1, 2018 - IFRS 9 $ 2,888 (i) Classification and measurement - borrowings Following the adoption of IFRS 9, the Group is no longer able to defer the recognition of gain from the modification of debt, which did not result in a derecognition of the financial liability. Under the Group’s previous accounting policies, this gain would have been recognized over the remaining life of the borrowing by adjusting the effective interest rate, on the basis the terms and conditions of the credit facility remained largely unchanged. As a result, the carrying amount of the bank loan which is still recognized on the date of the adoption of IFRS 9 has been decreased by US$24 million and the opening retained earnings as of January 1, 2018 has been increased. (ii) Impairment of financial asset The Group’s financial assets consist of cash and cash equivalents, restricted cash and cash equivalents and trade and other receivables that are subsequently recognized at amortized cost. The Group applies the IFRS 9 simplified approach to measure expected credit losses (“ECL”), using a lifetime expected loss allowance for all trade and other receivables. Cash and cash equivalents and restricted cash and cash equivalents are also subject to the impairment requirements of IFRS 9 and, due to their nature, the expected loss allowance is immaterial. To measure the expected credit losses, except for credit impaired balances and outstanding significant balances that have been assessed individually, the remaining trade receivables have been grouped based on shared credit risk characteristics and days past due. The loss allowance for trade receivables applying lifetime expected credit loss as compared to the incurred loss model of IAS 39 did not result in a material difference and hence did not result in an adjustment of opening retained earnings as of January 1, 2018. The Group has not early adopted the new or revised standards, amendments and interpretations that have been issued, but not yet effective for the year ended December 31, 2018. The Group considers that the new or revised standards, amendments and interpretations effective for the annual period beginning on January 1, 2019 will not have a significant impact to the Group’s results of operations and financial position. Further information about IFRS 16 Leases (“IFRS 16”) is described as follows: IFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 superseded IAS 17 Leases (“IAS 17”) and the related interpretations when it became effective. IFRS 16 distinguishes lease and service contracts on the basis of whether an identified asset is controlled by a customer. Distinctions of operating leases and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognized for all leases by lessees, except for short-term leases and leases of low value assets. The right-of-use asset is initially measured at cost and subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others. Under IAS 17, the Group has already recognized an asset and a related finance lease liability for finance lease arrangement and prepaid lease payments for leasehold interest in lands where the Group is a lessee. Lessor accounting remains largely unchanged under the new standard. The Group intends to elect the practical expedient to apply IFRS 16 to contracts previously identified as leases applying IAS 17 and not apply this standard to contracts not previously identified as containing a lease applying IAS 17. Therefore, the Group will not reassess whether the contracts are, or contain a lease which already existed prior to the date of initial application. Further, the Group elected the modified retrospective approach for the application of IFRS 16 as lessee without restating comparative information. Management estimates adoption of the standard will result in the recognition of right-of-use assets and lease liabilities for operating leases of approximately US$6 million as at January 1, 2019. The adoption of this standard will not have a material impact on net income. For the other new or revised standards, amendments and interpretations effective for annual periods after the year of 2019, the Group is still under assessment and is not yet in a position to state whether it would have a significant impact on the results of operations and financial position of the Group. (c) Subsidiaries Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate there are changes to one or more of the three elements of control listed above. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date that control ceases. Intra-group transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. Profit and losses resulting from inter-company transactions are also eliminated. The particulars of the Group’s principal subsidiaries as at December 31, 2018 , 2017 and 2016 are set out in Note 33. (d) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as a group of senior management that makes strategic decisions. (e) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s companies are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is Macao patacas (“MOP”). The consolidated financial statements are presented in US$, which is the presentation currency of LVS. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated income statement. (iii) Group companies The results of operations and financial position of all the group companies (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates on the dates of the transactions); and • All resulting exchange differences are recognized in other comprehensive income/(loss) (currency translation differences) and will not be reclassified subsequently to profit or loss. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings, are recognized in other comprehensive income/(loss). When a foreign operation is sold, such exchange differences are recognized in the consolidated income statement as part of the gain or loss on sale. On the disposal of a foreign operation (that is, a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the equity holders of the Company are reclassified to profit or loss. In the case of a partial disposal that does not result in the Group losing control over a subsidiary that includes a foreign operation, the proportionate share of accumulated exchange differences are reattributed to non-controlling interests and are not recognized in profit or loss. (f) Investment properties Investment properties, principally comprising buildings and building improvements, are held for long-term rental yields or capital appreciation or both, and are not occupied by the Group. Investment properties currently being constructed or developed are classified as investment properties and stated at cost, less accumulated impairment losses, if any. Investment properties are initially measured at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses, if any. Investment properties are depreciated on a straight-line basis, at rates sufficient to write off their costs over their estimated useful lives of 3 to 50 years. The residual values and useful lives of investment properties are reviewed, and adjusted as appropriate at each balance sheet date. The effects of any revision are included in the consolidated income statement when the changes arise. During the year ended December 31, 2017, the Group revised the estimated useful lives of certain investment properties. See Note 3(a) for details. (g) Property and equipment Leasehold interests in land classified as finance leases and all other property and equipment, except construction-in-progress, are stated at historical cost less accumulated depreciation and accumulated impairment losses. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Leasehold interests in land classified as finance leases commence amortization from the time when the land interest becomes available for its intended use. Leasehold interests in land classified as finance leases are amortized and other property and equipment are depreciated on a straight-line basis, at rates sufficient to write off their costs over their estimated useful lives. Property and equipment are depreciated as follows: Leasehold interests in land classified as finance leases 50 years Leasehold improvements Shorter of lease term or 3 years Land improvements, buildings and building improvements 10–50 years Ferries 20 years Furniture, fittings and equipment 3–20 years Vehicles 5–6 years During the year ended December 31, 2017, the Group revised the estimated useful lives of certain property and equipment. See Note3(a) for details. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated income statement during the financial period in which they are incurred. Construction-in-progress represents property and equipment under construction and is stated at cost, less accumulated impairment losses, if any. This includes the direct costs of purchase, construction and capitalized borrowing costs. Construction-in-progress is not depreciated until such time as the relevant assets are completed and ready for their intended use, at which time they are transferred to the relevant asset category. The assets’ residual values and useful lives are reviewed, and adjusted if applicable, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other expenses and losses” in the consolidated income statement. (h) Leased assets Assets acquired pursuant to finance leases that transfer to the Group substantially all the rewards and risks of ownership are accounted for as if purchased. (i) Intangible assets Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of 4 years . (j) Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortization and are tested at least annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (i.e. cash generating units or “CGU”). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. (k) Financial assets Classification and subsequent measurement of financial assets (upon application of IFRS 9 in accordance with transitions in note 2(b)) Financial assets that meet the following conditions are subsequently measured at amortized cost: • the financial asset is held within a business model whose objective is to collect contractual cash flows; and • the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”): • the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and • the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are subsequently measured at fair value through profit or loss (“FVTPL”). The Group’s financial assets consist of cash and cash equivalents, restricted cash and cash equivalents and trade and other receivables. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Interest income is recognized by applying the effective interest rate, except for short-term receivables where the recognition of interest would be immaterial. Impairment of financial assets (upon application IFRS 9 with transitions in accordance with note 2(b)) The Group recognizes a loss allowance for ECL on trade and other receivables which are subject to impairment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. Assessments are done based on the Group’s historical credit loss experience, adjusted for factors specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. (i) Definition of default For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group). (ii) Credit-impaired financial assets A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence a financial asset is credit-impaired includes observable data about the following events: • Significant financial difficulty of the issuer or the borrower; • A breach of contract, such as a default or past due event; • The Group, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession the lender would not otherwise consider; • It becomes probable the borrower will enter bankruptcy or other financial reorganization; • The disappearance of an active market for that financial asset because of financial reorganization; or • Observable data indicating there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including: (i) adverse changes in the payment status of borrowers in the portfolio; or (ii) national or local economic conditions that correlate with defaults on the assets in the portfolio. (iii) Write-off policy The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss. (iv) Measurement and recognition of ECL The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Generally, the ECL is the difference between all contractual cash flows due to the Group in accordance with the contract and the cash flows the Group expects to receive. Where ECL is measured on a collective basis or cater for cases where evidence at the individual instrument level may not yet be available, the financial instruments are grouped based on shared credit risk characteristics and days past due. The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics. The Group recognizes an impairment gain or loss in profit or loss for trade and other receivables by adjusting their carrying amount through a loss allowance account. Classification and subsequent measurement of financial assets (before application of IFRS 9 on January 1, 2018) The Group’s financial assets consist of receivables, which are classified as loans and receivables under IAS 39 and are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and for which management has no intention of trading. They are included in current assets, except for the amounts settled or expected to be settled more than twelve months after the end of the reporting period, which are classified as non-current. Receivables are subsequently carried at amortized cost. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Impairment of financial assets (before application of IFRS 9 on January 1, 2018) The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The criteria the Group uses to determine there is objective evidence of an impairment loss include: • Significant financial difficulty of the issuer or obligor; • A breach of contract, such as a default or delinquency in interest or principal payments; • The Group, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession the lender would not otherwise consider; • It becomes probable the borrower will enter bankruptcy or other financial reorganization; • Observable data indicating there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including: (i) adverse changes in the payment status of borrowers in the portfolio; or (ii) national or local economic conditions that correlate with defaults on the assets in the portfolio. The Group first assesses whether objective evidence of an impairment exists. For the receivables, the amount of the loss is measured as the difference between the asset’s carrying amount and the estimated future cash flows (excluding future credit losses that have not been incurred). The carrying amount of the asset is reduced and the amount of the loss is recognized in the consolidated income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the reversal of the previously recognized impairment loss is recognized in the consolidated income statement. Derecognition of financial assets The Group derecognizes a financial asset when the consideration was received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. (l) Cash and cash equivalents Cash and cash equivalents include cash and short-term deposits with original maturities of three months or less. Restricted cash and cash equivalents are excluded from cash and cash equivalents in the consolidated statement of cash flows. (m) Inventories Inventories consist primarily of food, beverage, retail products, ferry parts and general operating supplies, and are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Net realizable value is the estimated selling price in the ordinary course of business, less applicable selling expenses. (n) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of equity instruments are shown in equity as a deduction, net of tax, from the proceeds. (o) Financial liabilities The Group’s financial liabilities, including borrowings and trade and other payables, are initially measured at fair value and subsequently measured at amortized cost, using the effective interest method. Derecognition/substantial modification of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the contractual terms of financial liability are modified such that the revised terms would result in a substantial modification from the original terms, after taking into account all relevant facts and circumstances including qualitative factors, such modification is accounted for as derecognition of the original financial liability and the recognition of new financial liability. The difference between the carrying amount of the financial liability derecognized and the fair value of consideration paid or payable, including any liabilities assumed and derivative components, is recognized in profit or loss. Non-substantial modifications of financial liabilities (under IFRS 9 since January 1, 2018) For non-substantial modifications of financial liabilities that do not result in derecognition, the carrying amount of the relevant financial liabilities will be calculated at the present value of the modified contractual cash flows discounted at the financial liabilities' original effective interest rate. Transaction costs or fees incurred are adjusted to the carrying amount of the modified financial liabilities and are amortized over the remaining term. Any adjustment to the carrying amount of the financial liability is recognized in profit or loss at the date of modification. Non-substantial modifications of financial liabilities (before application of IFRS 9 on January 1, 2018) For non-substantial modifications of financial liabilities that do not result in derecognition, at the point of modification, the carrying amount of the relevant financial liabilities is revised for directly attributable transaction costs and any consideration paid to or received from the counterparty. The effective interest rate is then adjusted to amortize the difference between the revised carrying amount and the expected cash flows over the life of the modified instrument. (p) Trade payables Trade payables are obligations to pay for goods or services acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. (q) Borrowings and financing costs Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated income statement over the period of the borrowings using the effective interest method. Fees paid on the

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2018
Disclosure of critical accounting estimates and judgments [Abstract]
Critical Accounting Estimates and Judgments	CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of potentially causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (a) Useful lives of investment properties and property and equipment The Group depreciates investment properties and property and equipment on a straight-line basis over their estimated useful lives with no residual value assumed. 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 Group uses certain assets and could have an impact on the estimated useful lives of such assets. During the year ended December 31, 2017, the Group changed the estimated useful lives of certain of its property and equipment and investment properties based on a combination of factors accumulating over time that provided the Group with updated information to make a better estimate on the economic lives of these assets. These factors included (1) the accumulation of historical asset replacement data at the Group’s operating properties, which reflects the actual length of time the Group uses certain assets, (2) the stabilization of the operating, regulatory and competitive environment in Macao, which includes meeting the final land concession government-imposed deadlines for the Group’s properties on Cotai, (3) transitioning to more predictable renovation cycles at the Group’s operating properties and (4) consideration of the estimated useful lives assigned to buildings of the Group’s peers in the gaming and hospitality industry. Based on these factors, as well as the anticipated use and condition of the assets evaluated, the Group determined changes to the useful lives of certain property and equipment and investment properties were appropriate. As a result, the Group revised the estimated useful lives of its leasehold interests in land, land improvements, buildings and building improvements from a range of 15 to 40 years to 10 to 50 years and certain other furniture, fittings and equipment from 3 to 6 years to 5 to 10 years to better reflect the estimated periods during which these assets are expected to remain in service. These changes in estimated useful lives of the assets were accounted for as changes in accounting estimates effective July 1, 2017. The impact of these changes for the year ended December 31, 2017, was a decrease in depreciation expense and an increase in operating profit of US$89 million , and an increase in net profit attributable to equity holders of the Company of US$88 million , or earnings per share of US1.10 cents on a basic and diluted basis. (b) Impairment of non-financial assets The Group follows the guidance of International Accounting Standard (“IAS”) 36 “Impairment of Assets” to determine when assets are impaired, which requires significant judgment. In making this judgment, the Group evaluates, among other factors, the duration and extent to which the recoverable amount of assets is less than their carrying balance, including factors such as the industry performance and changes in operational and financing cash flows. When required, the recoverable amount of the CGU would be determined based on value-in-use calculations. These calculations require the use of estimates, including operating results, income and expenses of the business, future economic conditions on growth rates, future returns and discount rate. Changes in the key assumptions on which the recoverable amount of the assets is based could significantly affect the Group’s financial position and results of operations. (c) Provision of expected credit loss for trade receivables The Group applies the IFRS 9 simplified approach to measure expected credit losses, using a lifetime expected loss allowance for all trade and other receivables. The Group determines the allowance based on specific customer information, historical write-off experience, current industry and economic data and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. A provision of expected credit loss for trade receivables is recorded when the Group believes it is probable the recoverable amount of the receivables will be less than their carrying amounts. Account balances are written off against the allowance when the Group considers the receivables to be uncollectible. Management believes there are no concentrations of credit risk for which an allowance has not been established. Although management believes the allowance is adequate, it is possible the estimated amount of cash collections with respect to trade receivables could change. (d) Litigation provisions The Group is subject to various claims and legal actions. The accruals for these claims and legal actions are estimated in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. Based on consultations with legal counsel, management estimated no significant loss would be incurred beyond the amounts provided. Actual results could differ from these estimates.

Net Revenues

Net Revenues	12 Months Ended
	Dec. 31, 2018
Disclosure of revenue from contracts with customers [Abstract]
Net Revenues	NET REVENUES The Group generates revenues at its properties by providing the following types of products and services: casino, rooms, mall, food and beverage and convention, ferry, retail and other. Revenue disaggregated by type of revenue and property is as follows: Casino Rooms Mall (ii) Food and beverage Convention, ferry, retail and other Net revenues US$ in millions Year ended December 31, 2018 The Venetian Macao $ 2,829 $ 223 $ 234 $ 81 $ 107 $ 3,474 Sands Cotai Central 1,622 331 69 102 29 2,153 The Parisian Macao 1,265 124 57 65 22 1,533 The Plaza Macao 502 39 145 29 4 719 Sands Macao 598 17 3 27 5 650 Ferry and other operations — — — — 151 151 Inter-segment revenues (i) — — (1 ) — (14 ) (15 ) $ 6,816 $ 734 $ 507 $ 304 $ 304 $ 8,665 Year ended December 31, 2017 The Venetian Macao $ 2,362 $ 179 $ 220 $ 74 $ 89 $ 2,924 Sands Cotai Central 1,433 291 63 102 27 1,916 The Parisian Macao 1,120 128 66 61 20 1,395 The Plaza Macao 391 34 131 28 3 587 Sands Macao 574 19 — 27 6 626 Ferry and other operations — — — — 153 153 Inter-segment revenues (i) — — (1 ) — (14 ) (15 ) $ 5,880 $ 651 $ 479 $ 292 $ 284 $ 7,586 Year ended December 31, 2016 The Venetian Macao $ 2,286 $ 177 $ 209 $ 75 $ 84 $ 2,831 Sands Cotai Central 1,471 267 62 99 25 1,924 The Parisian Macao 315 36 23 20 7 401 The Plaza Macao 392 36 127 26 3 584 Sands Macao 614 20 — 26 8 668 Ferry and other operations — — — — 145 145 Inter-segment revenues (i) — — (1 ) — (9 ) (10 ) $ 5,078 $ 536 $ 420 $ 246 $ 263 $ 6,543 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. (i) Inter-segment revenues are charged at prevailing market rates. (ii) Of this amount, US$436 million and US$71 million for the year ended December 31, 2018 , US$406 million and US$73 million for the year ended December 31, 2017 , US$360 million and US$60 million for the year ended December 31, 2016 are related to income from right of use and management fee and other, respectively. Income from right of use is recognized in accordance with IAS 17 Leases. Contract and Contract Related Liabilities The Group provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers and recognition of revenue for each of the associated performance obligations. The Group has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability, and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided. The outstanding chip liability represents the collective amounts owed to junket operators and patrons in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. The loyalty program liability represents a deferral of revenue until patron redemption of points earned. The loyalty program points are expected to be redeemed and recognized as revenue within one year of being earned. Customer deposits and other deferred revenue represent cash deposits made by customers for future services provided by the Group. With the exception of mall deposits, which typically extend beyond a year based on the terms of the lease, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded. The following table summarizes the liability activity related to contracts with customers: Outstanding Chip Liability Loyalty Program Liability Customer Deposits and Other Deferred Revenue (i) 2018 2017 2018 2017 2018 2017 US$ in millions Balance at January 1 $ 418 $ 483 $ 30 $ 45 $ 424 $ 343 Balance at December 31 514 418 33 30 497 424 Increase/(decrease) $ 96 $ (65 ) $ 3 $ (15 ) $ 73 $ 81 ____________________ (i) Of this amount, US$127 million , US$121 million and US$109 million as of December 31, 2018 , December 31, 2017 , and January 1, 2017 , respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2018
Disclosure of entity's operating segments [Abstract]
Segment Information	SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by a group of senior management which is the chief operating decision maker of the Group that makes strategic decisions. The Group considers the business from a property and service perspective. The Group’s principal operating and developmental activities occur in Macao, which is the sole geographic area in which the Group is domiciled. The Group reviews the results of operations for each of its key operating segments, which are also the reportable segments: The Venetian Macao, Sands Cotai Central, The Parisian Macao (which opened in September 2016), The Plaza Macao, Sands Macao and ferry and other operations. The Group’s primary projects under development include the renovation, expansion and rebranding of Sands Cotai Central to The Londoner Macao, the apart-hotel tower at The Londoner Macao and the Four Seasons Tower Suites Macao. Revenue is comprised of revenue from the sale of goods and services in the ordinary course of the Group’s activities. The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Sands Macao derive their revenues primarily from casino, hotel, mall, food and beverage, convention, retail and other sources. Ferry and other operations mainly derive their revenues from the sale of ferry tickets for transportation between Hong Kong and Macao. The Group’s segment information is as follows: Year ended December 31, 2018 2017 2016 US$ in millions Net revenues The Venetian Macao $ 3,474 $ 2,924 $ 2,831 Sands Cotai Central 2,153 1,916 1,924 The Parisian Macao 1,533 1,395 401 The Plaza Macao 719 587 584 Sands Macao 650 626 668 Ferry and other operations 151 153 145 Inter-segment revenues (i) (15 ) (15 ) (10 ) $ 8,665 $ 7,586 $ 6,543 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. (i) Inter-segment revenues are charged at prevailing market rates. The following is a reconciliation of adjusted property EBITDA to profit for the year attributable to equity holders of the Company: Year ended December 31, 2018 2017 2016 Note US$ in millions Adjusted property EBITDA (Unaudited) (i) The Venetian Macao $ 1,378 $ 1,137 $ 1,092 Sands Cotai Central 759 633 615 The Parisian Macao 484 412 114 The Plaza Macao 262 233 221 Sands Macao 178 174 171 Ferry and other operations 18 22 31 Total adjusted property EBITDA 3,079 2,611 2,244 Share-based compensation, net of amount capitalized (ii) (13 ) (12 ) (15 ) Corporate expense (a) (125 ) (120 ) (128 ) Pre-opening expense (b) (5 ) (7 ) (127 ) Depreciation and amortization (655 ) (676 ) (611 ) Net foreign exchange gains/(losses) 4 (11 ) 1 Loss on disposal of property and equipment, investment properties and intangible assets (131 ) (12 ) (12 ) Operating profit 2,154 1,773 1,352 Interest income 20 5 3 Interest expense, net of amounts capitalized (225 ) (153 ) (86 ) Loss on modification or early retirement of debt (81 ) — (1 ) Profit before income tax 1,868 1,625 1,268 Income tax benefit/(expense) 7 (22 ) (44 ) Profit for the year attributable to equity holders $ 1,875 $ 1,603 $ 1,224 ____________________ (i) Adjusted property EBITDA, which is a non-IFRS financial measure, is profit attributable to equity holders of the Company before share-based compensation, corporate expense, pre-opening expense, depreciation and amortization, net foreign exchange gains/(losses), impairment loss, gain/(loss) on disposal of property and equipment, investment properties and intangible assets, interest, gain/(loss) on modification or early retirement of debt and income tax benefit/(expense). Management utilizes adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported adjusted property EBITDA as a supplemental performance measure to IFRS financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including the Group, have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense and corporate expense, from their adjusted property EBITDA calculations. Adjusted property EBITDA should not be interpreted as an alternative to profit or operating profit (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with IFRS. The Group has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, adjusted property EBITDA as presented by the Group may not be directly comparable to other similarly titled measures presented by other companies. (ii) Amount includes share-based compensation of US$1 million and nil , US$1 million and nil , and US$3 million and US$1 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, related to corporate expense and pre-opening expense, respectively. (a) Corporate expense Year ended December 31, 2018 2017 2016 Note US$ in millions Royalty fees 29(a)(v) $ 106 $ 98 $ 73 Management fees 29(a)(ii) 6 6 6 Employee benefit expenses 7 6 6 Other support services 3 4 7 Other expenses 3 6 36 $ 125 $ 120 $ 128 (b) Pre-opening expense Year ended December 31, 2018 2017 2016 Note US$ in millions Utilities and operating supplies $ 2 $ 2 $ 4 Employee benefit expenses 1 — 80 Contract labor and services 1 — 14 Management fees 29(a)(ii) — 1 4 Advertising and promotions — — 15 Other support services 1 3 3 Other expenses — 1 7 $ 5 $ 7 $ 127 Year ended December 31, 2018 2017 2016 US$ in millions Depreciation and amortization The Venetian Macao $ 146 $ 151 $ 165 Sands Cotai Central 274 239 294 The Parisian Macao 163 204 58 The Plaza Macao 33 36 40 Sands Macao 24 31 39 Ferry and other operations 15 15 15 $ 655 $ 676 $ 611 Year ended December 31, 2018 2017 2016 US$ in millions Capital expenditures The Venetian Macao $ 179 $ 152 $ 94 Sands Cotai Central 130 84 123 The Parisian Macao 130 204 896 The Plaza Macao 63 22 16 Sands Macao 29 10 18 Ferry and other operations 1 5 4 $ 532 $ 477 $ 1,151 December 31, 2018 2017 US$ in millions Total assets The Venetian Macao $ 3,447 $ 2,669 Sands Cotai Central 4,378 3,972 The Parisian Macao 2,489 2,531 The Plaza Macao 913 959 Sands Macao 328 288 Ferry and other operations 503 228 $ 12,058 $ 10,647 Almost all of the non-current assets of the Group are located in Macao.

Employee Benefit Expenses (Incl

Employee Benefit Expenses (Including Directors' Emoluments)	12 Months Ended
	Dec. 31, 2018
Disclosure of employee benefits [Abstract]
Employee Benefit Expenses (Including Directors' Emoluments)	EMPLOYEE BENEFIT EXPENSES (INCLUDING DIRECTORS’ EMOLUMENTS) Year ended December 31, 2018 2017 2016 US$ in millions Wages, salaries, bonus and termination costs $ 1,096 $ 1,048 $ 984 Staff meals 55 57 54 Pension costs - defined contribution plan 38 37 35 Share-based compensation, net of amount capitalized (i) 13 12 15 Other employee benefit expenses 36 39 33 $ 1,238 $ 1,193 $ 1,121 ____________________ (i) Share-based compensation of US$1 million , nil and US$1 million was capitalized during the years ended December 31, 2018 , 2017 and 2016 , respectively . For further information related to the Company’s Equity Award Plan and LVS’ 2004 Plan, see Note 30 to the consolidated financial statements. (a) Pension costs — defined contribution plan Contributions totaling US$7 million remained payable to the provident fund as at December 31, 2018 and 2017 . Forfeited contributions totaling US$4 million were utilized during the years ended December 31, 2018 and 2017 , leaving US$1 million available at year end December 31, 2018 and 2017 , to reduce future contributions. (b) Directors’ emoluments The remuneration of the Company’s Directors is as follows: Fees Salaries Discretionary bonuses (1) Pension costs Estimated money value of other benefits (2) Total US$ in thousands Year ended December 31, 2018 Executive Directors Sheldon Gary Adelson $ — $ — $ — $ — $ — $ — Wong Ying Wai (3) — 2,337 1,494 117 667 4,615 Non-Executive Directors Robert Glen Goldstein — — — — — — Charles Daniel Forman 150 — — — — 150 Independent Non-Executive Directors Chiang Yun 150 — — — — 150 Victor Patrick Hoog Antink 180 — — — — 180 Steven Zygmunt Strasser 180 — — — — 180 Kenneth Patrick Chung (6) 150 — — — — 150 Wang Sing (9) 117 — — — — 117 $ 927 $ 2,337 $ 1,494 $ 117 $ 667 $ 5,542 Fees Salaries Discretionary bonuses (1) Pension costs Estimated money value of other benefits (2) Total US$ in thousands Year ended December 31, 2017 Executive Directors Sheldon Gary Adelson $ — $ — $ — $ — $ — $ — Wong Ying Wai (3) — 2,334 1,497 116 637 4,584 Non-Executive Directors Robert Glen Goldstein — — — — — — Charles Daniel Forman 150 — — — — 150 Independent Non-Executive Directors Chiang Yun 150 — — — — 150 Victor Patrick Hoog Antink 180 — — — — 180 Steven Zygmunt Strasser 180 — — — — 180 Kenneth Patrick Chung (6) 150 — — — — 150 Wang Sing (9) 70 — — — — 70 $ 880 $ 2,334 $ 1,497 $ 116 $ 637 $ 5,464 Fees Salaries Discretionary bonuses (1) Pension costs Estimated money value of other benefits (2) Total US$ in thousands Year ended December 31, 2016 Executive Directors Sheldon Gary Adelson $ — $ — $ — $ — $ — $ — Wong Ying Wai (3) — 2,313 1,508 106 639 4,566 Toh Hup Hock (4) — 356 — 13 657 1,026 Non-Executive Directors Robert Glen Goldstein — — — — — — Charles Daniel Forman 112 — — — — 112 Michael Alan Leven (5) 34 — — — — 34 Independent Non-Executive Directors Chiang Yun 112 — — — — 112 Victor Patrick Hoog Antink 143 — — — — 143 Steven Zygmunt Strasser 134 — — — — 134 Kenneth Patrick Chung (6) 59 — — — — 59 Iain Ferguson Bruce (7) 19 — — — — 19 David Muir Turnbull (8) 24 — — — — 24 $ 637 $ 2,669 $ 1,508 $ 119 $ 1,296 $ 6,229 ____________________ (1) The discretionary bonuses are determined by reference to the individual performance of the Directors and the Chief Executive and the Group’s performance, and approved by the Remuneration Committee. (2) Other benefits mainly include share-based compensation, accommodation, meals, home leave tickets and medical insurance. (3) Wong Ying Wai, the President and Chief Operating Officer, was appointed as an Executive Director with effect from January 22, 2016. (4) Toh Hup Hock resigned as the Chief Financial Officer and Executive Vice President and an Executive Director with effect from April 15, 2016. (5) Michael Alan Leven retired as a Non-Executive Director with effect from April 12, 2016. (6) Kenneth Patrick Chung was appointed as an Independent Non-Executive Director with effect from July 15, 2016. (7) Iain Ferguson Bruce resigned as an Independent Non-Executive Director with effect from March 11, 2016. (8) David Muir Turnbull resigned as an Independent Non-Executive Director with effect from March 7, 2016. (9) Wang Sing was appointed as an Independent Non-Executive Director with effect from July 14, 2017 and resigned as an Independent Non-Executive Director with effect from October 11, 2018. The Executive Directors’ emoluments were for their services in connection with the management of the affairs of the Group. The Non-Executive Directors’ and Independent Non-Executive Directors’ emoluments were for their services as directors of the Company. In addition to the Directors’ emoluments disclosed above, Sheldon Gary Adelson and Robert Glen Goldstein received compensation (inclusive of share-based compensation) from LVS in respect of their services to LVS and its subsidiaries (including the Group). An amount of US$3 million was charged by LVS to the Group in respect of such management and administrative services of Robert Glen Goldstein provided to the Group for the years ended December 31, 2018 , 2017 and 2016 . No emoluments were paid to any Directors as an inducement to join or upon joining the Group or as compensation for loss of office for the three years ended December 31, 2018 . With the exception of the continuing connected transactions disclosed in the 2018 Annual Report, 2017 Annual Report and 2016 Annual Report of the Company, none of the Directors has any material interests in transactions, arrangements or contracts entered into by the Company or the LVS Group. None of the Directors waived or has agreed to waive any emoluments for the three years ended December 31, 2018 . (c) Five highest paid individuals For each of the years ended December 31, 2018 , 2017 and 2016 , the five individuals whose emoluments were the highest in the Group include one Director whose emoluments are reflected in the analysis presented above. The emoluments payable to the remaining four individuals for the three years ended December 31, 2018 , are as follows: Year ended December 31, 2018 2017 2016 US$ in thousands Basic salaries, allowances and benefits in kind $ 5,496 $ 5,462 $ 6,206 Bonus 2,551 2,980 2,743 Pension costs 191 191 179 $ 8,238 $ 8,633 $ 9,128 The emoluments of the above mentioned individuals fall within the following bands: Year ended December 31, 2018 2017 2016 Number of individuals HK$13,000,001 (approximately US$1,677,000) – HK$13,500,000 (approximately US$1,742,000) 1 1 — HK$15,500,001 (approximately US$2,000,000) – HK$16,000,000 (approximately US$2,065,000) 1 — — HK$16,000,001 (approximately US$2,065,000) – HK$16,500,000 (approximately US$2,129,000) 1 — — HK$16,500,001 (approximately US$2,129,000) – HK$17,000,000 (approximately US$2,194,000) — 1 — HK$17,000,001 (approximately US$2,194,000) – HK$17,500,000 (approximately US$2,258,000) — — 2 HK$18,000,001 (approximately US$2,323,000)– HK$18,500,000 (approximately US$2,387,000) — 1 2 HK$18,500,001 (approximately US$2,387,000) – HK$19,000,000 (approximately US$2,452,000) — 1 — HK$19,000,001 (approximately US$2,452,000) – HK$19,500,000 (approximately US$2,516,000) 1 — — 4 4 4 No emoluments were paid to any of the five highest paid individuals as an inducement to join or upon joining the Group or as compensation for loss of office for the three years ended December 31, 2018 .

Other Expenses and Losses

Other Expenses and Losses	12 Months Ended
	Dec. 31, 2018
Other expenses and losses [Abstract]
Other Expenses and Losses	OTHER EXPENSES AND LOSSES (a) An analysis of the operating expenses is as follows: Year ended December 31, 2018 2017 2016 Note US$ in millions Gaming tax $ 3,430 $ 2,925 $ 2,527 Employee benefit expenses 1,238 1,193 1,121 Depreciation and amortization 655 676 611 Inventories consumed 99 98 83 Other expenses and losses (i) 1,089 921 849 Operating expenses $ 6,511 $ 5,813 $ 5,191 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. (i) Analysis of other expenses and losses is as follows: Year ended December 31, 2018 2017 2016 Note US$ in millions Utilities and operating supplies $ 207 $ 200 $ 175 Contract labor and services 151 141 127 Loss on disposal of property and equipment, investment properties and intangible assets (i) 131 12 12 Advertising and promotions 124 116 104 Royalty fees 112 103 78 Repairs and maintenance 93 83 64 Management fees 29(a)(ii) 50 42 46 Operating lease expense 15 30 28 Provision for expected credit losses, net 9 — — Provision for doubtful accounts, net — 4 18 Auditor’s remuneration 2 2 2 Net foreign exchange (gains)/losses (4 ) 11 (1 ) Other support services 100 111 101 Other operating expenses 99 66 95 $ 1,089 $ 921 $ 849 ____________________ (i) The loss for the year ended December 31, 2018 consisted primarily of US$128 million of assets disposed of related to the Four Seasons Tower Suites Macao project. (b) The operating expenses can also be analyzed as follows: Year ended December 31, 2018 2017 2016 US$ in millions Casino $ 4,216 $ 3,646 $ 3,165 Rooms 185 176 143 Mall 53 53 41 Food and beverage 252 241 201 Convention, ferry, retail and other 212 209 188 Provision for expected credit losses, net 9 — — Provision for doubtful accounts, net — 4 18 General and administrative expense 672 657 554 Corporate expense 125 121 131 Pre-opening expense 5 7 128 Depreciation and amortization 655 676 611 Net foreign exchange (gains)/losses (4 ) 11 (1 ) Loss on disposal of property and equipment, investment properties and intangible assets 131 12 12 Operating expenses $ 6,511 $ 5,813 $ 5,191 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Interest Expense, Net of Amount

Interest Expense, Net of Amounts Capitalized	12 Months Ended
	Dec. 31, 2018
Disclosure of interest expense [Abstract]
Interest Expense, Net of Amounts Capitalized	INTEREST EXPENSE, NET OF AMOUNTS CAPITALIZED Year ended December 31, 2018 2017 2016 US$ in millions Senior Notes $ 103 $ — $ — Bank borrowings 85 117 84 Amortization of deferred financing costs 22 21 21 Finance lease liabilities 8 7 6 Standby fee and other financing costs 11 10 9 229 155 120 Less: interest capitalized (4 ) (2 ) (34 ) Interest expense, net of amounts capitalized $ 225 $ 153 $ 86 A capitalization rate of 3.2% to 5.4% , 2.7% to 3.3% and 2.3% to 2.8% for the years ended December 31, 2018 , 2017 and 2016 , respectively, was used, representing the effective finance costs of the loans to finance the assets under construction.

Income Tax Expense_(Benefit)

Income Tax Expense/(Benefit)	12 Months Ended
	Dec. 31, 2018
Disclosure of income tax [Abstract]
Income Tax Expense/(Benefit)	INCOME TAX EXPENSE/(BENEFIT) Year ended December 31, 2018 2017 2016 US$ in millions Current income tax Lump sum in lieu of Macao complementary tax on dividends $ 5 $ 5 $ 5 Other overseas taxes — 1 — Deferred income tax expense/(benefit) (12 ) 16 39 Income tax expense/(benefit) $ (7 ) $ 22 $ 44 Deferred income tax benefit was US$12 million for the year ended December 31, 2018 , compared to deferred income tax expense of US$16 million for the year ended December 31, 2017 . The deferred income tax benefit in 2018 was primarily due to the reversal of deferred tax liabilities related to accelerated tax depreciation allowance. The 2017 deferred income tax expense was primarily driven by the increase in valuation allowance related to net operating tax losses which either expired or are expected to expire without being utilized. Deferred income tax expense was US$16 million for the year ended December 31, 2017 , compared to US$39 million for the year ended December 31, 2016 . The decrease was primarily due to decrease in write-off of deferred income tax assets on net operating tax losses that had expired unused and expected to be expiring unused due to unpredictable future utilization. (a) Macao complementary tax Macao complementary tax is levied at progressive rates ranging from 3% to 9% on the taxable income above MOP32,000 (equivalent to US$4,000 ) but below MOP300,000 (equivalent to US$37,500 ), and thereafter at a fixed rate of 12% . For the three years ended December 31, 2018 , a special complementary tax incentive was provided to the effect that the tax free income threshold was increased from MOP32,000 to MOP600,000 (equivalent to US$4,000 to US$75,000 ) with the profit above MOP600,000 (equivalent to US$75,000 ) being taxed at a fixed rate of 12% . Pursuant to the Dispatch No. 320/2013 issued by the Chief Executive of Macao on October 3, 2013, VML was granted an extension of the tax exemption regarding Macao complementary tax on its gaming activities for an additional five years, effective from the tax year 2014 to the tax year 2018 . Pursuant to the Dispatch No. 194/2018 issued by the Chief Executive of Macao on August 20, 2018, VML was granted an extension of the tax exemption through June 26, 2022 , the date VML’s subconcession agreement expires. Regarding the other subsidiaries, during the three years ended December 31, 2018 , Macao complementary tax is calculated progressively at a maximum of 12% of the estimated assessable profit. (b) Lump sum in lieu of Macao complementary tax on dividends VML entered into a Shareholder Dividend Tax Agreement with the Macao Government. The agreement provided for an annual payment in lieu of Macao complementary tax otherwise due by VML’s shareholders on dividend distributions to them from gaming profits, effective through the end of 2018. In April 2019, VML entered into another Shareholder Dividend Tax Agreement with the Macao Government for an extension of the agreement through June 26, 2022, to correspond to the expiration of the Macao complementary tax exemption on its gaming activities (see also Note 9(a)). (c) Hong Kong profits tax The Company’s subsidiaries that carry on business in Hong Kong are subject to the Hong Kong profits tax at the maximum rate of 16.5% for the year ended December 31, 2018 , and at 16.5% for the two years ended December 31, 2017. (d) Reconciliation between income tax (benefit)/expense and accounting profit at applicable tax rates The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the domestic tax rates applicable to profits of the consolidated entities in the respective jurisdictions as follows: Year ended December 31, 2018 2017 2016 US$ in millions Profit before income tax $ 1,868 $ 1,625 $ 1,268 Tax calculated at domestic rates applicable to profits in the respective jurisdictions 238 208 161 Tax effects of : Income not subject to tax (i) (905 ) (837 ) (720 ) Expenses not deductible for tax purposes (i), (ii) 574 549 483 Amortization of pre-opening expenses previously not recognized (3 ) (9 ) (8 ) Pre-opening expenses for which no deferred income tax assets were recognized — — 9 Origination and reversal of temporary difference, net 4 20 32 Tax losses for which no deferred income tax assets were recognized 80 87 83 Lump sum in lieu of Macao complementary tax of dividends 5 5 5 Other — (1 ) (1 ) Income tax (benefit)/expense $ (7 ) $ 22 $ 44 ____________________ (i) For the three years ended December 31, 2018 , VML was exempt from Macao complementary tax on its gaming activities (see also Note 9(a)). In addition, lease/right of use income recorded in VML, Venetian Cotai Limited (“VCL”) and Venetian Orient Limited (“VOL”) were subject to property tax (Note (ii)), and should, therefore, also be excluded from Macao complementary tax calculations. Accordingly, casino revenues and lease/right of use income and their corresponding expenses incurred were presented as “Income not subject to tax” and “Expenses not deductible for tax purposes”, respectively, in the calculations above. Additionally, for the three years ended December 31, 2018 , the Company received dividend income from a subsidiary. The dividend income is not subject to Hong Kong profits tax. (ii) Lease/right of use income recorded in VML, VCL and VOL are exempt from property tax for the first four and six years for the newly constructed buildings in Macao and on Cotai, respectively, pursuant to Article 9(1)(a) of Lei no. 19/78/M. If the buildings in Macao and on Cotai also qualify for Tourism Utility Status, the property tax exemption can be extended by another four and six years, respectively, pursuant to Article 15(a) of Lei no. 81/89/M. The exemption for the Sands Macao expired in August 2012 and that for The Venetian Macao, The Plaza Macao and The Parisian Macao will be expiring in August 2019, August 2020 and September 2028, respectively. Regarding Sands Cotai Central, the procedures for registration at the tax department are in progress and the exact date of expiration of the exemption cannot be determined at this stage.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For the years ended December 31, 2018 and 2017 , the Company had outstanding share options that would potentially dilute the ordinary shares. For the year ended December 31, 2016 , the Company had outstanding share options and restricted share units that would potentially dilute the ordinary shares. The calculation of basic and diluted earnings per share is based on the following: Year ended December 31, 2018 2017 2016 Profit attributable to equity holders of the Company $ 1,875 $ 1,603 $ 1,224 Weighted average number of shares for basic earnings per share (thousand shares) 8,078,946 8,072,709 8,070,042 Adjustments for share options and restricted share units 7,328 4,544 1,609 Weighted average number of shares for diluted earnings per share (thousand shares) 8,086,274 8,077,253 8,071,651 Earnings per share, basic US23.21 cents US19.86 cents US15.17 cents Earnings per share, basic (i) HK181.75 cents HK155.22 cents HK117.65 cents Earnings per share, diluted US23.19 cents US19.85 cents US15.17 cents Earnings per share, diluted (i) HK181.59 cents HK155.14 cents HK117.65 cents ____________________ (i) The translation of US$ amounts into HK$ amounts has been made at the exchange rate on December 31, 2018 , 2017 and 2016 of US$1.00 to HK$7.8306 , US$1.00 to HK$7.8157 and US$1.00 to HK$7.7555 , respectively.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2018
Disclosure of dividends [Abstract]
Dividends	DIVIDENDS Year ended December 31, 2018 2017 2016 US$ in millions 2018 interim dividend of HK$0.99 (equivalent to US$0.127) per ordinary share declared on January 18, 2019 and paid $ 1,023 $ — $ — 2018 final dividend of HK$1.00 (equivalent to US$0.127) per ordinary share declared on March 15, 2019 1,033 — — 2017 interim dividend of HK$0.99 (equivalent to US$0.127) per ordinary share declared on January 19, 2018 and paid — 1,023 — 2017 final dividend of HK$1.00 (equivalent to US$0.127) per ordinary share declared on May 25, 2018 and paid — 1,030 — 2016 interim dividend of HK$0.99 (equivalent to US$0.128) per ordinary share declared on January 20, 2017 and paid — — 1,030 2016 final dividend of HK$1.00 (equivalent to US$0.129) per ordinary share declared on May 26, 2017 and paid — — 1,039 $ 2,056 $ 2,053 $ 2,069 On January 18, 2019, the Board declared an interim dividend of HK$0.99 (equivalent to US$0.127 ) per share, payable to Shareholders of the Company whose names appeared on the register of members of the Company on February 4, 2019. The interim dividend, amounting in aggregate to HK$8.0 billion (equivalent to US$1.02 billion ), was paid on February 22, 2019. On March 15, 2019, the Board proposed the payment of a final dividend of HK$1.00 (equivalent to US$0.127 ) per share, which is subject to the approval of the Shareholders at the forthcoming annual general meeting. Based on the ordinary shares in issue as at February 28, 2019, the total amount of the final dividend to be distributed is estimated to be approximately HK$8.08 billion (equivalent to US$1.03 billion ). Both the interim and final dividends referred to above have not been recognized as a liability as at the years ended December 31, 2018 , 2017 and 2016 . They will be reflected as appropriations of reserves during 2019 , 2018 and 2017 , respectively.

Investment Properties, Net

Investment Properties, Net	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about investment property [abstract]
Investment Properties, Net	INVESTMENT PROPERTIES, NET Completed Under development Total US$ in millions At January 1, 2017 Cost $ 1,353 $ 243 $ 1,596 Accumulated depreciation (274 ) — (274 ) At January 1, 2017 $ 1,079 $ 243 $ 1,322 Year ended December 31, 2017 Opening net book amount $ 1,079 $ 243 $ 1,322 Additions 48 — 48 Adjustments arising from change in lease term of leasehold interests in land 2 — 2 Adjustments to project costs (8 ) — (8 ) Transfers 241 (241 ) — Depreciation (44 ) — (44 ) Exchange difference (7 ) (2 ) (9 ) Closing net book amount $ 1,311 $ — $ 1,311 At December 31, 2017 Cost $ 1,626 $ — $ 1,626 Accumulated depreciation (315 ) — (315 ) At December 31, 2017 $ 1,311 $ — $ 1,311 Year ended December 31, 2018 Opening net book amount $ 1,311 $ — $ 1,311 Additions 62 — 62 Adjustments to project costs 5 — 5 Disposals (92 ) — (92 ) Transfers (609 ) — (609 ) Depreciation (45 ) — (45 ) Exchange difference (3 ) — (3 ) Closing net book amount $ 629 $ — $ 629 At December 31, 2018 Cost $ 988 $ — $ 988 Accumulated depreciation (359 ) — (359 ) At December 31, 2018 $ 629 $ — $ 629 Pursuant to IAS 40 “Investment Property”, an entity shall transfer a property to/or from investment property when and only when there is a change in use. Subsequent to the Board’s approval in October 2017 to introduce approximately 370 new suites in the apart-hotel tower at The Londoner Macao and approximately 290 new suites in the Four Seasons Tower Suites Macao, observable actions have taken place to support management’s intention to convert the apart-hotel tower at The Londoner Macao and the Four Seasons Tower Suites Macao to owner-occupied assets. As a result, during the year ended December 31, 2018, the assets pertaining to the apart-hotel tower at The Londoner Macao and the Four Seasons Tower Suites Macao with an aggregate carrying amount of US$609 million were transferred from investment properties to property and equipment. The Group engaged an independent professional valuer, Knight Frank Petty Limited, to perform the valuation of the Group’s investment properties, which are located in Macao, on an annual basis. Knight Frank Petty Limited is a professionally qualified independent external valuer, and had appropriate recent experience in the relevant location and category of the properties being valued. In determining the fair value of the investment properties, the valuer uses assumptions and estimates that reflect, amongst other factors, comparable market transactions in an active market, lease/right of use income from current leases/rights of use and assumptions about lease/right of use income from future leases/rights of use in light of current market conditions, capitalization rates, terminal yield and reversionary income potential. Valuations were based on income and an open market value approach for all completed properties (except for the apart-hotel tower at The Londoner Macao as at December 31, 2017) as follows: December 31, 2018 2017 (i) US$ in millions Fair value of the investment properties $ 8,243 $ 9,248 ____________________ (i) Amount includes US$1,488 million related to the Four Seasons Tower Suites Macao. For the apart-hotel tower at The Londoner Macao, the valuation was determined by taking into account the market value of the proposed development assuming completion as at the date of valuation and then deducting from that amount the estimated costs to complete the development. The fair value of this property as at December 31, 2017 was US$801 million . In estimating the fair value of the properties, the highest and best use of the properties is their current use. The fair value estimate of the Group’s investment properties is a Level 3 fair value measurement. The following amounts have been recognized in the consolidated income statement: Year ended December 31, 2018 2017 2016 US$ in millions Mall income $ 507 $ 479 $ 420 Direct operating expenses arising from investment properties that generate right of use income $ 51 $ 55 $ 43 Direct operating expenses that did not generate right of use income $ 5 $ 2 $ 1

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [abstract]
Property and Equipment, Net	PROPERTY AND EQUIPMENT, NET The movements of property and equipment for the year are as follows: Leasehold interests in land Land improvements Buildings and building improvements Leasehold improvements Vehicles Ferries Furniture, fittings & equipment Construction- in-progress Total US$ in millions At January 1, 2017 Cost $ 584 $ 338 $ 8,485 $ 8 $ 40 $ 251 $ 1,644 $ 132 $ 11,482 Accumulated depreciation (97 ) (123 ) (1,924 ) (7 ) (28 ) (104 ) (1,088 ) — (3,371 ) At January 1, 2017 $ 487 $ 215 $ 6,561 $ 1 $ 12 $ 147 $ 556 $ 132 $ 8,111 Year ended December 31, 2017 Opening net book amount $ 487 $ 215 $ 6,561 $ 1 $ 12 $ 147 $ 556 $ 132 $ 8,111 Additions — 1 — 1 — — 52 214 268 Adjustments arising from change in lease term of leasehold interests in land 13 — — — — — — — 13 Adjustments to project costs (1 ) 39 (40 ) — — — (5 ) 4 (3 ) Disposals — (7 ) (4 ) — — — (4 ) (10 ) (25 ) Transfers — 16 147 — — — 82 (245 ) — Depreciation (14 ) (16 ) (407 ) (1 ) (4 ) (13 ) (167 ) — (622 ) Exchange difference — (1 ) (48 ) — — — (4 ) (2 ) (55 ) Closing net book amount $ 485 $ 247 $ 6,209 $ 1 $ 8 $ 134 $ 510 $ 93 $ 7,687 At December 31, 2017 Cost $ 596 $ 381 $ 8,510 $ 7 $ 40 $ 251 $ 1,724 $ 93 $ 11,602 Accumulated depreciation (111 ) (134 ) (2,301 ) (6 ) (32 ) (117 ) (1,214 ) — (3,915 ) At December 31, 2017 $ 485 $ 247 $ 6,209 $ 1 $ 8 $ 134 $ 510 $ 93 $ 7,687 Year ended December 31, 2018 Opening net book amount $ 485 $ 247 $ 6,209 $ 1 $ 8 $ 134 $ 510 $ 93 $ 7,687 Additions 10 1 2 — 3 — 98 385 499 Adjustments to project costs — — (5 ) — — — 3 (6 ) (8 ) Disposals — (4 ) (34 ) — — — (4 ) (1 ) (43 ) Transfers 69 13 725 — — — 114 (312 ) 609 Depreciation (12 ) (14 ) (421 ) — (4 ) (12 ) (135 ) — (598 ) Exchange difference — — (11 ) — — — (1 ) — (12 ) Closing net book amount $ 552 $ 243 $ 6,465 $ 1 $ 7 $ 122 $ 585 $ 159 $ 8,134 At December 31, 2018 Cost $ 675 $ 389 $ 9,161 $ 7 $ 43 $ 251 $ 1,904 $ 159 $ 12,589 Accumulated depreciation (123 ) (146 ) (2,696 ) (6 ) (36 ) (129 ) (1,319 ) — (4,455 ) At December 31, 2018 $ 552 $ 243 $ 6,465 $ 1 $ 7 $ 122 $ 585 $ 159 $ 8,134 Interest expense of US$4 million and US$2 million (Note 8) and other direct costs of US$23 million and US$13 million have been capitalized for the years ended December 31, 2018 and 2017 , respectively. The Group received land concessions from the Macao Government to build on the sites on which Sands Macao, The Venetian Macao, The Plaza Macao, Sands Cotai Central and The Parisian Macao are located. The Group does not own these land sites; however, the land concessions, which have an initial term of 25 years and are renewable at the Group’s option, in accordance with Macao laws, grant the Group exclusive use of the land. As specified in the land concessions, the Group is required to pay premiums for each parcel as well as annual rent for the term of the land concessions, which may be revised every five years by the Macao Government. The initial land lease premiums for all parcels have been fully paid. The finance lease obligations for land are disclosed in Note 26(a). We anticipate a useful life of 50 years related to these land concessions. As at December 31, 2017, other than the land concession for Parcel 3, the Group’s rights arising from its land concessions were collateralized by a first-priority security for the Group’s indebtedness under the 2016 VML Credit Facility (see Note 24). In addition, the Group’s rights over the parcels of land were charged as security to a financial institution for issuing a bank guarantee to the Macao Government to guarantee the annual rent payments. As at December 31, 2018, there were no charges on the Group’s property and equipment. Equipment includes the following amounts where the Group is the lessee under finance leases: December 31, 2018 2017 US$ in millions Cost $ 14 $ 16 Accumulated depreciation (10 ) (10 ) Net book amount $ 4 $ 6 The Group leases various equipment under non-cancelable finance lease agreements. The lease terms are between three and five years and ownership of the assets resides with the Group.

Financial Instruments by Catego

Financial Instruments by Category	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about financial instruments [abstract]
Financial Instruments by Category	FINANCIAL INSTRUMENTS BY CATEGORY December 31, 2018 2017 Note US$ in millions Financial assets Amortized cost: Trade and other receivables, net 17 $ 427 $ 249 Restricted cash and cash equivalents 18 13 11 Cash and cash equivalents 20 2,676 1,239 Deposits 3 3 FVTPL: Interest rate swaps 25 15 — Total $ 3,134 $ 1,502 December 31, 2018 2017 Financial liabilities Note US$ in millions Amortized cost: Trade and other payables 23 $ 1,635 $ 1,272 Borrowings 24 5,562 4,412 Total $ 7,197 $ 5,684

Intangible Assets, Net

Intangible Assets, Net	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about intangible assets [abstract]
Intangible Assets, Net	INTANGIBLE ASSETS, NET Computer software US$ in millions At January 1, 2017 Cost $ 79 Accumulated amortization (44 ) At January 1, 2017 $ 35 Year ended December 31, 2017 Opening net book amount $ 35 Additions 9 Amortization (10 ) Closing net book amount $ 34 At December 31, 2017 Cost $ 88 Accumulated amortization (54 ) At December 31, 2017 $ 34 Year ended December 31, 2018 Opening net book amount $ 34 Additions 24 Amortization (12 ) Closing net book amount $ 46 At December 31, 2018 Cost $ 112 Accumulated amortization (66 ) At December 31, 2018 $ 46

Deferred Income Tax Liabilities

Deferred Income Tax Liabilities	12 Months Ended
	Dec. 31, 2018
Changes in deferred tax liability (asset) [abstract]
Deferred Income Tax Liabilities	DEFERRED INCOME TAX LIABILITIES Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off and when the deferred income taxes relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The movements of the deferred tax liabilities are as follows: Accelerated depreciation allowance Tax losses Total US$ in millions At January 1, 2017 $ (68 ) $ 21 $ (47 ) Credit/(charge) for the year 5 (21 ) (16 ) Currency translation differences 1 — 1 At December 31, 2017 (62 ) — (62 ) Credit for the year 12 — 12 At December 31, 2018 $ (50 ) $ — $ (50 ) Deferred tax assets are recognized for tax loss carryforwards to the extent realization of the related tax benefit through future taxable profits is probable. The unrecognized deferred income tax assets in respect of losses that can be carried forward against future taxable income and pre-opening expenses are as follows: December 31, 2018 2017 US$ in millions Arising from unused tax losses $ 270 $ 263 Arising from pre-opening expenses 6 9 $ 276 $ 272 As at December 31, 2018 and 2017 , subject to the agreement by tax authorities, out of the total unrecognized tax losses of approximately US $2,210 million and US$2,140 million , respectively, an amount of approximately US$122 million and US$124 million , respectively, can be carried forward indefinitely. The remaining amount of approximately US$2,088 million and US$2,016 million for the years ended December 31, 2018 and 2017 , respectively, will expire in one to three years.

Trade and Other Receivables and

Trade and Other Receivables and Prepayments, Net	12 Months Ended
	Dec. 31, 2018
Trade and other receivables [abstract]
Trade and Other Receivables and Prepayments, Net	TRADE AND OTHER RECEIVABLES AND PREPAYMENTS, NET December 31, 2018 2017 Note US$ in millions Trade receivables $ 461 $ 348 Less: provision for credit losses (94 ) (111 ) Trade receivables, net (a) 367 237 Other receivables 60 12 Prepayments 56 36 Deferred rent 81 77 Less: amortization of deferred rent (46 ) (43 ) provision for doubtful deferred rent (4 ) (3 ) Prepayments, net 87 67 Trade and other receivables and prepayments, net 514 316 Less: non-current portion: prepayments (18 ) (4 ) deferred rent (19 ) (19 ) (37 ) (23 ) Current portion $ 477 $ 293 As at January 1, 2017, trade receivables, net from contracts with customers amounted to US$297 million . The trade and other receivables, net of provision for credit losses, are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ 341 $ 210 MOP 29 37 US$ 57 2 $ 427 $ 249 (a) Trade receivables, net The aging analysis of trade receivables, net of provision for credit losses, is as follows: December 31, 2018 2017 US$ in millions 0 - 30 days $ 236 $ 171 31 - 60 days 39 32 61 - 90 days 28 21 Over 90 days 64 13 $ 367 $ 237 The carrying values of trade receivables approximate their fair values at each balance sheet date. The maximum exposure to credit risk is the fair values of trade receivables at each balance sheet date. Trade receivables are comprised of casino, mall and hotel receivables. The Group extends credit to approved customers, tenants and gaming promoters following background checks and investigations of creditworthiness. 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 gaming promoters residing in these countries. Trade receivables mainly consist of casino receivables. Credit is granted to certain gaming promoters on a revolving basis. All gaming promoter credit lines are generally subject to monthly review and regular settlement procedures to evaluate the current status of liquidity and financial health of these gaming promoters. Credit is granted based on the performance and financial background of the gaming promoter and, if applicable, the gaming promoter’s guarantor. Absent special approval, the credit period granted to selected premium and mass market players is typically 7–15 days, while for gaming promoters, the receivable is typically repayable within one month following the granting of the credit, subject to terms of the relevant credit agreement. The Group generally does not charge interest for credit granted, but requires a personal check or other acceptable forms of security. The Group maintains an allowance for doubtful casino, mall and hotel receivables and regularly evaluates the balances. The Group specifically analyzes the collectability of each account with significant balance, based upon the age of the account, the customer’s financial condition, collection history and any other known information, and the Group makes an allowance for trade receivables. The Group also monitors regional and global economic conditions and forecasts in its evaluation of the adequacy of the recorded allowances. Table games play is primarily cash play, as credit play represented approximately 15.3% , 15.4% and 16.4% of total table games play for the years ended December 31, 2018, 2017 and 2016. The credit extended to gaming promoters can be offset by the commissions payable to and front money made by these gaming promoters, which is considered in the establishment of the allowance for doubtful accounts. The Group currently has a legally enforceable right to offset the commissions payable and front money deposits against the casino receivables and intends to settle on a net basis. As at December 31, 2018 and 2017 , a gross amount of casino receivables after provision for credit losses of US$442 million and US$298 million , respectively, was offset by commissions payable and front money deposits in an aggregate amount of US$191 million and US$148 million , respectively, resulting in net amounts of casino receivables after provision for credit losses of US$251 million and US$150 million , respectively. There is a concentration of credit risk related to net casino receivables as 33.3% and 45.2% of the casino receivables as at December 31, 2018 and 2017 , respectively, were from the top five customers. Other than casino receivables, there is no other concentration of credit risk with respect to trade receivables as the Group has a large number of customers. The Group believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes no significant credit risk is inherent in the Group’s trade receivables not provided for as at December 31, 2018, 2017 and 2016. As at December 31, 2018 , included in the Group’s trade receivables balance are debtors with aggregate carrying amount of US$247 million , which are past due as at the reporting date. The Directors of the Company are in the view there have been no significant increases in credit risk nor defaults because these relate to a number of independent customers that are either active and or have a good track record and established creditworthiness with the Group. As at December 31, 2018, except for credit impaired balances and outstanding significant balances with gross amount of US$167 million that have been assessed individually, as part of the Group’s credit risk management, the Group uses debtors’ aging to assess the impairment for its customers because these remaining customers consist of a large number of small customers with common risk characteristics representative of the customers’ abilities to pay all amounts due in accordance with the contractual terms. The following table provides information about the exposure to credit risk for trade receivables which are assessed based on the provision matrix as at December 31, 2018 , within lifetime ECL. Trade receivables US$ in millions Provision matrix - debtors’ aging Average loss rate Current (not past due) — $ 86 Past due 1-90 days 2% - 10% 102 Past due 91-360 days 15% - 25% 56 Past due over 360 days 50% - 100% 50 $ 294 The estimated loss rates are estimated based on historical observed default rates over the expected life of the debtors and are adjusted for forward-looking information available without undue cost or effort. The grouping is regularly reviewed by management to ensure relevant information about specific debtors is updated. The following table shows the movement in lifetime ECL that has been recognized for trade receivables under the simplified approach. Year ended December 31, 2018 US$ in millions At beginning of year $ 111 Provision for expected credit losses, net 7 Amounts written-off (24 ) At end of year $ 94 Comparative information under IAS 39 As at December 31, 2017 , net trade receivables of approximately US$74 million were past due but not impaired. These relate to a number of independent customers that have a good track record with the Group. Extension of the credit period, with terms and conditions subject to special approvals, has been granted to these customers. The aging analysis of these trade receivables that were past due but not impaired based on the original terms is as follows: Year ended December 31, 2017 US$ in millions Past due 1 - 30 days $ 34 Past due 31 - 60 days 21 Past due 61 - 90 days 4 Past due over 90 days 15 $ 74 As at December 31, 2017 , trade receivables of US$136 million were past due and impaired and provided for. The amount of the provision was US$111 million as of December 31, 2017 . The receivables mainly relate to casino customers, which are in unexpected difficult economic situations. It was assessed that a portion of the receivables is expected to be recovered and thus not impaired. The aging of these past due receivables is as follows: December 31, 2017 US$ in millions Past due 1 - 30 days $ 1 Past due 31 - 60 days 14 Past due 61 - 90 days 6 Past due over 90 days 115 $ 136 The Group maintains an allowance for doubtful accounts and regularly evaluates the balances. Movements of provision of doubtful trade receivables for the year ended December 31, 2017 are as follows: December 31, 2017 US$ in millions At beginning of year $ 169 Provision for doubtful account, net 1 Amounts written-off (58 ) Exchange difference (1 ) At end of year $ 111 (b) Other receivables and deferred rent The carrying values of other receivables approximate their fair values at each balance sheet date, which also represent the Group’s maximum exposure to credit risk as at December 31, 2018 and 2017 . The Group holds security deposits, bank guarantees and letters of credit for certain other receivables and deferred rent. Impairment charges of US$2 million and US$3 million related to deferred rent were recorded for the years ended December 31, 2018 and 2017 , respectively, and included in “Other expenses and losses” in the consolidated income statement. Amounts are charged to the provision account and generally written off when the recoverability is remote.

Restricted Cash and Cash Equiva

Restricted Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2018
Restricted cash and cash equivalents [Abstract]
Restricted Cash and Cash Equivalents	RESTRICTED CASH AND CASH EQUIVALENTS December 31, 2018 2017 US$ in millions Cash at bank $ 2 $ 2 Short-term bank deposit 11 9 $ 13 $ 11 Restricted cash and cash equivalents represent sinking funds set aside to cover the cost of capital expenses, including repairs, renovations, replacements and maintenance of a substantial but infrequent or irregular nature of the Group’s shopping malls. The restricted cash and cash equivalents are denominated in MOP as at December 31, 2018 and 2017 . As at December 31, 2018 and 2017 , the effective interest rate on the short-term bank deposit is 1.9% and 0.8% , respectively. The deposit has a maturity of 88 days and 89 days , respectively. The maximum exposure to credit risk is the carrying amount of restricted cash and cash equivalents at each balance sheet date.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2018
Classes of current inventories [abstract]
Inventories	INVENTORIES December 31, 2018 2017 US$ in millions Food and beverage $ 9 $ 8 Retail products 2 3 Ferry parts 1 2 General operating supplies and other 2 2 $ 14 $ 15 As at December 31, 2018 and 2017 , all inventories were carried at cost.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2018
Cash and cash equivalents [abstract]
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS December 31, 2018 2017 US$ in millions Cash at bank and on hand $ 503 $ 512 Short-term bank deposits 2,173 727 $ 2,676 $ 1,239 The cash and cash equivalents are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ 1,497 $ 1,134 US$ 1,066 18 MOP 82 69 Japanese Yen 13 6 Singapore dollar 10 6 RMB 8 6 $ 2,676 $ 1,239 As at December 31, 2018 and 2017 , the effective interest rates on short-term bank deposits ranged from 1.4% to 3.1% and 0.5% to 1.5% , respectively, per annum. These deposits have maturities ranging from 8 to 88 days and 11 to 62 days , respectively. The carrying values of cash equivalents are their fair values as at December 31, 2018 and 2017 . The maximum credit exposure of cash and cash equivalents of the Group as at December 31, 2018 and 2017 amounted to US$2,494 million and US$1,011 million , respectively.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
Share Capital	SHARE CAPITAL Ordinary shares of US$0.01 each US$ in millions Authorized At January 1, 2016, December 31, 2016, 16,000,000,000 $ 160 Issued and fully paid: At January 1, 2016 8,069,300,845 $ 81 Shares issued upon exercise of share options 1,829,400 — At December 31, 2016 8,071,130,245 81 Shares issued upon exercise of share options 3,287,521 — At December 31, 2017 8,074,417,766 81 Shares issued upon exercise of share options 6,185,925 — At December 31, 2018 8,080,603,691 $ 81

Reserves

Reserves	12 Months Ended
	Dec. 31, 2018
Disclosure of reserves within equity [abstract]
Reserves	RESERVES The amount of the Group’s reserves and the movements therein for the current and prior years are set out in the consolidated statement of changes in equity. (i) Capital reserve The capital reserve represents the combined share premium of Venetian Venture Development Intermediate Limited (“VVDIL”) and Cotai Services (HK) Limited. (ii) Statutory reserve The statutory reserve represents amounts set aside from the income statement that are not distributable to Shareholders/quotaholders of the group companies incorporated. The Macao Commercial Code #432 requires that companies incorporated in Macao that are limited by shares should set aside a minimum of 10% of the company’s profit after taxation to the statutory reserve until the balance of the reserve reaches a level equivalent to 25% of the company’s capital. For companies incorporated in Macao that are limited by quotas, the Macao Commercial Code #377 requires that a company should set aside a minimum of 25% of the company’s profit after taxation to the statutory reserve until the balance of the reserve reaches a level equivalent to 50% of the company’s capital.

Trade and Other Payables

Trade and Other Payables	12 Months Ended
	Dec. 31, 2018
Trade and other payables [abstract]
Trade and Other Payables	TRADE AND OTHER PAYABLES December 31, 2018 2017 Note US$ in millions Trade payables $ 33 $ 40 Outstanding chip liability 4 514 418 Customer deposits and other deferred revenue 4 497 424 Other tax payables 325 286 Accrued employee benefit expenses 155 137 Construction payables and accruals 147 111 Interest payables 125 5 Casino liabilities 67 50 Loyalty program liability 4 33 30 Payables to related companies - non-trade 29(b) 9 5 Other payables and accruals 127 123 2,032 1,629 Less: non-current portion (104 ) (92 ) Current portion $ 1,928 $ 1,537 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. The monetary trade and other payables are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ 997 $ 805 MOP 483 435 US$ 145 30 Other currencies 10 2 $ 1,635 $ 1,272 The aging analysis of trade payables based on invoice date is as follows: December 31, 2018 2017 US$ in millions 0-30 days $ 27 $ 29 31-60 days 3 5 61-90 days 2 3 Over 90 days 1 3 $ 33 $ 40

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about borrowings [abstract]
Borrowings	BORROWINGS December 31, 2018 2017 Note US$ in millions Non-current portion Senior Notes, unsecured $ 5,515 $ — Bank loans, secured — 4,301 Finance lease liabilities on leasehold interests in land, secured 26 122 127 Other finance lease liabilities, secured 26 3 3 5,640 4,431 Less: deferred financing costs (88 ) (73 ) 5,552 4,358 Current portion Bank loans, secured — 47 Finance lease liabilities on leasehold interests in land, secured 26 8 5 Other finance lease liabilities, secured 26 2 2 10 54 Total borrowings $ 5,562 $ 4,412 The Group’s borrowings are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ — $ 1,944 US$ 5,427 1,696 MOP 135 772 $ 5,562 $ 4,412 The contractual maturities of bank loans are as follows: December 31, 2018 2017 US$ in millions Repayable within 1 year $ — $ 47 Repayable over 1 year but not exceeding 2 years — 110 Repayable over 2 years but not exceeding 5 years — 4,191 $ — $ 4,348 The estimated fair value of the Group’s bank loans as at December 31, 2017 was approximately US$4.30 billion . The contractual maturities of Senior Notes are as follows: December 31, 2018 2017 US$ in millions Repayable over 2 years but not exceeding 5 years $ 1,800 $ — Repayable over 5 years 3,700 — 5,500 — Fair value adjustment of the interest rate swaps 15 — $ 5,515 $ — The estimated fair value of the Group’s Senior Notes as at December 31, 2018 was approximately US$5.52 billion . Senior Notes On August 9, 2018, the Company issued three series of senior unsecured notes in an aggregate principal amount of US$5.50 billion , consisting of US$1.80 billion of 4.600% senior notes due August 8, 2023 (the “2023 Notes”), US$1.80 billion of 5.125% senior notes due August 8, 2025 (the “2025 Notes”) and US$1.90 billion of 5.400% senior notes due August 8, 2028 (the “2028 Notes” and, together with the 2023 Notes and the 2025 Notes, the “Senior Notes”). A portion of the net proceeds from the issuance was used to repay in full the outstanding borrowings under the 2016 VML Credit Facility (defined below). There are no interim principal payments on the Senior Notes and interest is payable semi-annually in arrears on each February 8 and August 8, commencing on February 8, 2019 . In connection with the Senior Notes, the Company entered into fixed-to-variable interest rate swap contracts (see Note 25). The Senior Notes are general senior obligations. Each series of Senior Notes rank equally in right of payment with all of the Company’s existing and future senior unsecured debt and rank senior in right of payment to all of the Company’s future subordinated debt, if any. The Senior Notes are effectively subordinated in right of payment to all of the Company’s future secured debt (to the extent of the value of the collateral securing such debt) and are structurally subordinated to all of the liabilities of the Company’s subsidiaries. None of the Company’s subsidiaries guarantee the Senior Notes. The Senior Notes were issued pursuant to an indenture, dated August 9, 2018 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. Upon the occurrence of certain events described in the Indenture, the interest rate on the Senior Notes may be adjusted. The Indenture contains covenants, subject to customary exceptions and qualifications, that limit the ability of the Company and its subsidiaries to, among other things, incur liens, enter into sale and leaseback transactions and consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets on a consolidated basis. The Indenture also provides for customary events of default. 2018 SCL Credit Facility On November 20, 2018, the Company as borrower, entered into a facility agreement with the arrangers and lenders named therein and Bank of China Limited, Macau Branch, as agent for the lenders, pursuant to which the lenders made available a US$2.0 billion revolving unsecured credit facility to the Company (the “2018 SCL Revolving Facility”). The facility is available until July 31, 2023 , and the Company may draw loans under the facility, which may consist of general revolving loans (consisting of a United States dollar component and a Hong Kong dollar component) or loans drawn under a swing-line loan sub-facility (denominated in either United States dollars or Hong Kong dollars). The Company may utilize the loans for general corporate purposes and working capital requirements of the Company and its subsidiaries. Loans under the 2018 SCL Revolving Facility bear interest calculated by reference to (1) in the case of general revolving loans denominated in United States dollars, the London Interbank Offered Rate (“LIBOR”), (2) in the case of loans denominated in United States dollars drawn under the swing-line loan sub-facility, a United States dollar alternate base rate (determined by reference to, among other things, the United States dollar prime lending rate and the Federal Funds Effective Rate), (3) in the case of general revolving loans denominated in Hong Kong dollars, the Hong Kong Interbank Offered Rate (“HIBOR”) or (4) in the case of loans denominated in Hong Kong dollars drawn under the swing-line loan sub-facility, a Hong Kong dollar alternate base rate (determined by reference to, among other things, the Hong Kong dollar prime lending rate), in each case, plus a margin determined by reference to the consolidated leverage ratio. The initial margin for general revolving loans is 2.0% per annum and the initial margin for loans drawn under the swing-line loan sub-facility is 1.0% per annum. The Company is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the 2018 SCL Revolving Facility. As at December 31, 2018 , the Company had US$2.0 billion of available borrowing capacity under the 2018 SCL Revolving Facility. The 2018 SCL Credit Facility contains affirmative and negative covenants customary for similar unsecured financings, including, but not limited to, limitations on indebtedness secured by liens on principal properties and sale and leaseback transactions. The 2018 SCL Credit Facility also requires the Company to maintain a maximum ratio of total indebtedness to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined in the 2018 SCL Credit Facility (the “SCL Credit Facility Adjusted EBITDA”) of 4.00 to 1.00 throughout the life of the facility, and a minimum ratio of the SCL Credit Facility Adjusted EBITDA to net interest expense (including capitalized interest) of 2.50 to 1.00 throughout the life of the facility. The 2018 SCL Credit Facility also contains certain events of default (some of which are subject to grace and remedy periods and materiality qualifiers), including, but not limited to, events relating to the Company’s gaming operations and the loss or termination of certain land concession contracts. 2016 VML Credit Facility Two subsidiaries of the Group, VML US Finance LLC (the “Borrower”), and Venetian Macau Limited (“VML”), as guarantor, entered into a credit agreement (the “2016 VML Credit Facility”), which pursuant to various amendments, provided for a US$4.12 billion term loan (the “2016 VML Term Loans”), a US$269 million non-extended term loan (the “2016 Non-Extended VML Term Loans”), and a US$2.0 billion revolving facility (the “2016 VML Revolving Facility,” and together with the 2016 VML Term Loans and the 2016 Non-Extended VML Term Loans, the “2016 VML Credit Facility”). Borrowings under the 2016 VML Term Loans were used for working capital requirements and general corporate purposes, including to make any investment or payment not specifically prohibited by the terms of the loan documents. The Company paid standby fees of 0.5% per annum on the undrawn amounts under the 2016 VML Revolving Facility. The weighted average interest rate on the 2016 VML Credit Facility was 3.1% , 2.6% and 2.1% for the years ended December 31, 2018 , 2017 and 2016 , respectively. As previously described, a portion of the proceeds from the Senior Notes was used to repay the outstanding borrowings under the 2016 VML Credit Facility. As a result, the Company recorded a US$72 million loss on early retirement of debt during the year ended December 31, 2018 . On November 20, 2018, the 2016 VML Credit Facility was terminated with effect as of November 21, 2018. As a result, the Company recorded a US$9 million loss on early retirement of debt during the year ended December 31, 2018. Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non- cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. Non-cash changes Balance at January 1, 2018 Financing cash flows (i) Accruals Amortization Foreign exchange movement Adjustment arising from adoption of IFRS 9 Loss on modification or early retirement of debt Fair value adjustment of the interest rate swaps Balance at December 31, 2018 US$ in millions Senior notes $ — $ 5,500 $ — $ — $ — $ — $ — $ 15 $ 5,515 Bank loans 4,348 (4,337 ) — — (11 ) — — — — Finance lease liabilities on leasehold interests in land 132 (13 ) 11 — — — — — 130 Other finance lease liabilities 5 (2 ) 2 — — — — — 5 Deferred financing costs (73 ) (90 ) (2 ) 22 — (24 ) 79 — (88 ) Interest payables 5 (128 ) 248 — — — — — 125 Dividend payables — (2,052 ) 2,053 — (1 ) — — — — $ 4,417 $ (1,122 ) $ 2,312 $ 22 $ (12 ) $ (24 ) $ 79 $ 15 $ 5,687 Non-cash changes Balance at January 1, 2017 Financing cash flows (i) Accruals Amortization Foreign exchange movement True-up adjustment Adjustment arising from change in lease term of leasehold interests in land Balance at December 31, 2017 US$ in millions Bank loans $ 4,388 $ (19 ) $ — $ — $ (21 ) $ — $ — $ 4,348 Finance lease liabilities on leasehold interests in land 72 (2 ) — — — (1 ) 63 132 Other finance lease liabilities 8 (3 ) — — — — — 5 Deferred financing costs (94 ) — — 21 — — — (73 ) Interest payables 47 (128 ) 134 — — — (48 ) 5 Dividend payables — (2,067 ) 2,069 — (2 ) — — — $ 4,421 $ (2,219 ) $ 2,203 $ 21 $ (23 ) $ (1 ) $ 15 $ 4,417 ____________________ (i) The cash flows from bank loans make up the net amount of proceeds from bank loans and repayments of bank loans in the statement of cash flows.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about financial instruments [abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS Accounting standards require an entity to recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. If specific conditions are met, a derivative may be designated as a hedge of specific financial exposures. The accounting for changes in 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. 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. Changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices, can impact the Company’s results of operations. The Company’s primary exposures to market risk are interest rate risk associated with long-term debt and foreign currency exchange rate risk associated with the Company’s operations. The Company has a policy aimed at managing interest rate risk associated with its current and anticipated future borrowings and foreign currency exchange rate risk associated with operations of its foreign subsidiaries. This policy enables the Company to use any combination of interest rate swaps, futures, options, caps, forward contracts and similar instruments. The Company does not hold or issue financial instruments for trading purposes and does not enter into derivative transactions that would be considered speculative positions. In August 2018, the Company entered into interest rate swap agreements (the “IR Swaps”), which qualified and were designated as fair value hedges, swapping fixed-rate for variable-rate interest to hedge changes in the fair value of interest payments. These IR Swaps have a total notional value of US$5.50 billion and expire in August 2020 . The total fair value of the IR Swaps as of December 31, 2018 , was US$56 million . In the accompanying consolidated balance sheets, US$15 million was recorded as an asset in “Trade and other receivables and prepayments, net” with an equal corresponding adjustment recorded against the carrying value of the Senior Notes. The realized portion of IR Swaps of US$41 million was recorded as interest receivables in “Trade and other receivables and prepayments, net”. The fair value of the IR Swaps was estimated using level 2 inputs from recently reported market forecasts of interest rates. Gains and losses due to changes in fair value of the IR Swaps completely offset changes in the fair value of the hedged portion of the underlying debt; therefore, no gain or loss has been recognized due to hedge ineffectiveness. Additionally, for the year ended December 31, 2018 , the Company recorded US$9 million as a reduction to interest expense related to the realized amount associated with the IR Swaps.

Finance Lease Liabilities

Finance Lease Liabilities	12 Months Ended
	Dec. 31, 2018
Lease liabilities [abstract]
Finance Lease Liabilities	FINANCE LEASE LIABILITIES The Group is a lessee under finance leases for land and equipment. Lease liabilities are effectively secured as the rights of the leased assets will revert to the lessor in the event of default. (a) The future minimum lease payments (including interest) and the present value of the minimum lease payments under finance lease obligations for land are as follows: December 31, 2018 2017 US$ in millions Minimum finance lease payments: No later than 1 year $ 8 $ 5 Later than 1 year and no later than 2 years 5 5 Later than 2 years and no later than 5 years 16 16 Later than 5 years 312 318 341 344 Future finance charges on finance lease obligations (211 ) (212 ) Present value of finance lease liabilities $ 130 $ 132 Present value of minimum finance lease payments: No later than 1 year $ 8 $ 5 Later than 1 year and no later than 2 years 5 5 Later than 2 years and no later than 5 years 12 13 Later than 5 years 105 109 $ 130 $ 132 (b) The future minimum lease payments (including interest) and the present value of the minimum lease payments under finance lease obligations for equipment are as follows: December 31, 2018 2017 US$ in millions Minimum finance lease payments: No later than 1 year $ 2 $ 2 Later than 1 year and no later than 2 years 2 1 Later than 2 years and no later than 5 years 1 2 $ 5 $ 5 Present value of minimum finance lease payments: No later than 1 year $ 2 $ 2 Later than 1 year and no later than 2 years 2 1 Later than 2 years and no later than 5 years 1 2 $ 5 $ 5

Note to Consolidated Statement

Note to Consolidated Statement of Cash Flows	12 Months Ended
	Dec. 31, 2018
Statement of cash flows [abstract]
Note to Consolidated Statement of Cash Flows	NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS Cash generated from operations is as follows: Year ended December 31, 2018 2017 2016 US$ in millions Profit before income tax $ 1,868 $ 1,625 $ 1,268 Adjustments for: Interest income (20 ) (5 ) (3 ) Interest and other finance costs 203 132 65 Depreciation and amortization 655 676 611 Amortization of deferred financing costs 22 21 21 Amortization of deferred rent 15 15 10 Amortization of other assets 3 3 3 Loss on disposal of property and equipment, investment properties and intangible assets 131 12 12 Loss on modification or early retirement of debt 81 — 1 Provision for expected credit losses, net 9 — — Provision for doubtful accounts, net — 4 18 Share-based compensation, net of amount capitalized 13 12 14 Net foreign exchange (gains)/losses (5 ) 11 1 Changes in working capital: Other assets (1 ) (1 ) (8 ) Inventories 1 (1 ) (2 ) Trade and other receivables and prepayments (180 ) 37 120 Trade and other payables 260 91 221 Cash generated from operations $ 3,055 $ 2,632 $ 2,352

Operating Lease Arrangements, C

Operating Lease Arrangements, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Operating lease arrangements, commitments and contingencies [Abstract]
Operating Lease Arrangements, Commitments and Contingencies	OPERATING LEASE ARRANGEMENTS, COMMITMENTS AND CONTINGENCIES (a) Operating lease arrangements (i) The Group as the lessee The Group had future aggregate minimum lease payments under non-cancelable operating leases for property and equipment as follows: December 31, 2018 2017 US$ in millions No later than 1 year $ 5 $ 4 Later than 1 year and no later than 5 years 2 2 $ 7 $ 6 (ii) The Group as the lessor/grantor of the right of use The future aggregate minimum lease/base fee receivables under non-cancelable agreements are as follows: December 31, 2018 2017 US$ in millions No later than 1 year $ 331 $ 344 Later than 1 year and no later than 5 years 602 727 Later than 5 years 59 52 $ 992 $ 1,123 Turnover fees earned during the years ended December 31, 2018 , 2017 and 2016 were US$64 million , US$28 million and US$18 million , respectively. (b) Capital commitments Property and equipment commitments not provided for are as follows: December 31, 2018 2017 US$ in millions Contracted but not provided for $ 507 $ 201 (c) Litigation The Group has contingent liabilities arising in the ordinary course of business. Management has made 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 adverse effect on the Group’s financial condition, results of operations or cash flows. (d) 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, 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 Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Sands Macao, separately from Galaxy. Beginning on December 26, 2017, the Macao Government may redeem the subconcession agreement by providing the Group at least one year’s prior notice. The subconcession of VML will expire on June 26, 2022. Under the subconcession, the Group 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 MOP30 million (approximately US$4 million at the exchange rate in effect on December 31, 2018 ). The variable portion is equal to MOP300,000 per gaming table reserved exclusively for certain kinds of games or players, MOP150,000 per gaming table not so reserved and MOP1,000 per electrical or mechanical gaming machine, including slot machines (approximately US$37,195 , US$18,598 and US$124 , respectively, at the exchange rate in effect on December 31, 2018 ), subject to a minimum of MOP45 million (approximately US$6 million at the exchange rate in effect on December 31, 2018 ). The Group is also obligated to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes. The Group 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 at December 31, 2018 , the Group was obligated under its subconcession to make minimum future payments of approximately US$42 million in each of the next three years in the period ending December 31, 2021, and approximately US $21 million during the year ending December 31, 2022. Based on the number and types of gaming tables employed and gaming machines in operation as at December 31, 2017 , the Group was obligated under its subconcession to make minimum future payments of approximately US$41 million in each of the four years in the period ending December 31, 2021, and approximately US$21 million during the year ending December 31, 2022. (e) Construction labor The Group, in the past, has utilized an imported construction labor quota granted to it and its appointed construction manager, Hsin Chong Engineering (Macau) Limited, by the Human Resources Office of the Macao Government for purposes of completing outstanding areas within Sands Cotai Central and The Parisian Macao project and for additions and alterations work in The Venetian Macao, The Plaza Macao and Sands Cotai Central (the “Old Group Quota”). Following the completion of The Parisian Macao project, the Old Group Quota was held exclusively by the Group. The Old Group Quota was set to expire on December 31, 2018. In December 2018, the Group applied to the Labor Affairs Office of the Macao Government for the renewal of the Old Group Quota as well as for the granting of an additional imported construction labor quota (the “New Group Quota,” and together with the “Old Group Quota,” the “Group Quota”), which were approved and granted in January 2019. The Group retained a new construction management company, BCA (Macau) Limited, to manage the Group Quota in future development works on behalf of, and as directed by the Group with the Group’s contractors and consultants. The Group Quota covers the importation of overseas staff and workers that represents only part of the imported staff and labor required to complete the construction work. The remainder of the imported staff and labor are covered by separate quotas awarded by the Labor Affairs Office of the Macao Government directly to the various construction companies contracted by the Group for the construction work, including BCA (Macau) Limited (the “Contractor Quota”). The Group is primarily liable for all employer costs associated with persons employed under the Group Quota. In the past, such employees were managed and supervised by the Group’s contractors. The contractors utilizing the Group Quota are contractually obligated to pay all employer costs and to indemnify the Group for any costs they may incur as a result of the persons employed. In addition, the Group has the right of recovering the costs they may incur against any amounts due to the contractors. The Group, however, may still have a contingency for the payments to the construction labor if the contractors fail to pay the salaries and the Group is unable to fully recover the amounts due to the construction labor from the contractors. Up to December 31, 2018 , the Group continued to employ imported staff and labor under the Old Group Quota. Upon the approval and grant of the Group Quota in January 2019, the Group employs imported staff and labor under the Group Quota. The Group is not directly liable for employer costs associated with staff and labor imported by contractors under the Contractor Quota.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Disclosure of transactions between related parties [abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS For the purposes of these consolidated financial statements, parties are considered to be related to the Group if the party has the ability, directly or indirectly, to exercise significant influence over the Group in making financial and operating decisions, or vice versa. Related parties may be individuals (being members of key management personnel, significant Shareholders and/or their close family members) or other entities, and include entities which are under the significant influence of related parties of the Group where those parties are individuals. The Group’s immediate holding company is VVDI (II). LVS is the Group’s ultimate holding company. Related companies represent the group companies of the LVS Group. Save as disclosed elsewhere in the consolidated financial statements, the Group had the following transactions with related parties during the year: (a) Transactions during the year (i) Management fee income Year ended December 31, 2018 2017 2016 US$ in millions LVS $ 1 $ 1 $ 1 Intermediate holding companies — 1 2 Fellow subsidiaries 4 3 3 $ 5 $ 5 $ 6 Management services are provided by the Group to LVS Group companies. These services include, but are not limited to, accounting services, information technology support, sourcing of goods and services, and design, development and construction consultancy services. Management fees are charged at actual costs incurred or on a cost-plus basis. (ii) Management fee expense Year ended December 31, 2018 2017 2016 US$ in millions LVS $ 20 $ 14 $ 16 Fellow subsidiaries 7 6 10 $ 27 $ 20 $ 26 Management services are provided by LVS Group companies. These services include, but are not limited to, human resources support, accounting services, sourcing of goods and services, sourcing of tenants for the malls, transportation services, other various types of marketing and promotion activities for the Group, and design, development and construction consultancy services. Management fees are charged at actual costs incurred or on a cost-plus basis. Management fee expense disclosed below can be reconciled to the management fees as disclosed in Note 5(a), Note 5(b) and Note 7(a)(i) as follows: Year ended December 31, 2018 2017 2016 Note US$ in millions Total management fees disclosed in “Related party transactions” $ 27 $ 20 $ 26 Less: amounts capitalized as “Construction-in-progress” — — (1 ) Net amounts expensed in the consolidated income statement $ 27 $ 20 $ 25 Represented by management fees presented within: Segment information - Corporate expense 5(a) $ 6 $ 6 $ 6 Segment information - Pre-opening expense 5(b) — 1 4 Other operating and administrative departments 21 13 15 $ 27 $ 20 $ 25 Reconciled to management fees presented with “Other expenses and losses” as below: Net management fees charged by related parties and expensed through the consolidated income statement $ 27 $ 20 $ 25 Management fees charged by third parties 23 22 21 Total management fees expensed 7(a)(i) $ 50 $ 42 $ 46 (iii) Expenses billed to/paid by other LVS group companies During the year, the Group incurred certain expenses on behalf of other LVS group companies, or vice versa. The Group charged/reimbursed other LVS group companies for these expenses at cost. (iv) Key management personnel remuneration No transactions have been entered into with the Directors of the Company (being the key management personnel) during the years ended December 31, 2018 , 2017 and 2016 other than the emoluments paid to them (being the key management personnel remuneration) as disclosed in Note 6. (v) Royalty fees In November 2009, the Group entered into an agreement with Las Vegas Sands, LLC (“LVS LLC”), an intermediate holding company incorporated in the United States of America, for the use of the trademarks and other intellectual property rights as defined in the agreement. For each of the full fiscal years through the full fiscal year ended December 31, 2012, the Group was required to pay LVS LLC an annual royalty in the amount of 1.5% of non-gaming revenue and Paiza-related gaming revenue of the Sands Macao, 1.5% of all revenue of The Venetian Macao, and 1.5% of all gaming revenue of the Plaza Casino at The Plaza Macao (the “Relevant Royalty”), provided that the total royalty payable in connection with these three properties in each fiscal year was capped at US$20 million per full fiscal year. For each of the subsequent full fiscal years through the full fiscal year ending December 31, 2022, the Group is required to pay an annual royalty being the lesser of the Relevant Royalty or the annual caps reflecting an increase of 20.0% for each subsequent year. Each subsequent Casino Gaming property the Group operates which utilizes any of the licensed marks in connection with generating the relevant revenue will pay for each of the first three fiscal calendar years after commencement of operations of each subsequent property, a royalty fee of 1.5% of the respective gross revenues of the operations in connection with which such licensed marks are used (each, the “Subsequent Casino Gaming Property Royalty”), subject to a US$20 million cap per fiscal year. For the fiscal calendar years thereafter until expiration of the initial term, the Group will pay LVS LLC an annual royalty being the lesser of the Subsequent Casino Gaming Property Royalty or the annual caps reflecting an increase of 20.0% for each subsequent year. After the commencement of the operation of Sands Cotai Central and The Parisian Macao in April 2012 and September 2016 respectively, the Group is required to pay royalty fees in connection with these properties. During the years ended December 31, 2018 , 2017 , and 2016 , the Group incurred US$106 million , US$98 million and US$73 million of royalty fees, respectively. (vi) Share-based compensation The Group participates in the share-based compensation plan of LVS (Notes 6 and 30). (b) Year-end balances between the Group and related companies December 31, 2018 2017 Note US$ in millions Payables to related companies: LVS $ 4 $ 2 Intermediate holding company 4 3 Fellow subsidiaries 1 — 23 $ 9 $ 5 The credit period on the payables to related companies is 45 days . The payables are unsecured and interest-free.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of share-based payment arrangements [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION (a) Share options of the Company The Company adopted the Equity Award Plan in November 2009 for grants of options to purchase ordinary shares of the Company. The purpose of the Equity Award 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 share plan providing incentives directly related to increases in its Shareholder value. Subject to certain criteria as defined in the Equity Award Plan, the Company’s subsidiaries’ or affiliates’ employees, directors or officers and many of its consultants are eligible for awards under the Equity Award Plan. The Equity Award Plan provides for an aggregate of 804,786,508 shares of the Company’s ordinary shares to be available for awards, representing 10% of the outstanding shares upon completion of the Global Offering. The Equity Award Plan has a term of ten years and no further awards may be granted after the expiration of the term. The Company’s Remuneration Committee may grant awards of share options, share appreciation rights, restricted share awards, restricted share units, share bonus awards, performance compensation awards or any combination of the foregoing. As at December 31, 2018 , there were 714,665,526 shares available for grant under the Equity Award Plan. Share option awards are granted with an exercise price not less than (i) the closing price of the Company’s ordinary shares on the date of grant or (ii) the average closing price of the Company’s ordinary shares for the five business days immediately preceding the date of grant. The outstanding share options generally vest over four years and have ten-year contractual terms. Compensation cost for all share option grants, which all have graded vesting, is net of estimated forfeitures and is recognized on an accelerated granted attribution approach over the awards’ respective requisite service periods. The Company estimates the fair value of share 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 share 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 share option is based on the Hong Kong Government Bond rate in effect at the time of the grant for share options granted subsequent to March 31, 2015 and based on the Hong Kong Exchange Fund Note rate in effect at the time of the grant for share options granted on or before March 31, 2015. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. The Group has no legal or constructive obligation to repurchase or settle the options in cash. A summary of the share option activity for the Company’s Equity Award Plan is presented below: Year ended December 31, 2018 2017 2016 Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Outstanding at January 1 48,252 $ 4.39 38,185 $ 4.48 25,474 $ 5.17 Granted 18,873 5.62 17,364 4.23 18,407 3.56 Exercised (6,186 ) 3.74 (3,287 ) 3.61 (1,829 ) 3.06 Forfeited (3,557 ) 5.24 (4,010 ) 5.20 (3,867 ) 5.38 Outstanding at December 31 57,382 $ 4.81 48,252 $ 4.39 38,185 $ 4.48 Exercisable at December 31 18,152 $ 5.00 14,608 $ 5.02 11,285 $ 5.07 The weighted average share price at the date of exercise for share options exercised during the years ended December 31, 2018 , 2017 , and 2016 was US$5.72 , US$4.74 and US$4.18 , respectively. The range of exercise prices and the weighted average remaining contractual life of the above share options outstanding as at the dates indicated are as follows: December 31, 2018 2017 2016 Range of exercise prices Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life US$ ‘000 (years) ‘000 (years) ‘000 (years) 1.01 - 2.00 811 1.29 893 2.30 893 3.30 2.01 - 3.00 283 2.80 470 3.74 1,085 4.67 3.01 - 4.00 14,805 6.94 19,311 7.79 22,624 8.75 4.01 - 5.00 18,673 8.00 20,108 8.76 4,715 7.62 5.01 - 6.00 15,991 9.01 592 5.82 592 6.82 6.01 - 7.00 2,227 7.26 1,868 6.56 2,006 7.55 7.01 - 8.00 2,554 5.29 2,972 6.28 3,637 7.27 8.01 - 9.00 2,038 5.21 2,038 6.21 2,633 7.21 57,382 7.64 48,252 7.82 38,185 8.03 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, 2018 2017 2016 Expected volatility 36.0 % 36.9 % 40.8 % Expected life (years) 4.7 4.4 4.4 Risk-free annual interest rate 1.7 % 1.3 % 1.2 % Expected dividends 5.8 % 6.6 % 5.5 % Weighted average share price at the date of grant (US$) $ 5.58 $ 4.23 $ 3.50 Weighted average exercise price (US$) $ 5.62 $ 4.23 $ 3.56 Weighted average fair value of each share option granted by the $ 1.01 $ 0.71 $ 0.73 (b) Restricted share units of the Company The grant date fair value of restricted share units is the share price of the ordinary shares of the Company at the respective grant date. The number of unvested equity-settled restricted share units represents the number of ordinary shares of the Company to be given to the employees upon vesting. Summaries of the unvested restricted share units under the Company’s Equity Award Plan are presented below: Year ended December 31, 2018 2017 2016 Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Equity-settled Unvested at January 1 — $ — 852 $ 7.51 1,402 $ 7.29 Granted — — — — — — Modified to cash-settled — — (852 ) 7.51 (284 ) 7.13 Forfeited — — — — (266 ) 6.76 Unvested at December 31 — $ — — $ — 852 $ 7.51 Year ended December 31, 2018 2017 2016 Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Cash-settled Unvested at January 1 852 $ 7.51 236 $ 7.13 798 $ 5.89 Modified from equity-settled — — 852 7.51 284 7.13 Vested (852 ) 7.51 (236 ) 7.13 (846 ) 5.96 Unvested at December 31 — $ — 852 $ 7.51 236 $ 7.13 As a result of the Company cash-settling and planning to cash-settle certain future unvested restricted share units on their vesting dates, nil , 852,000 and 284,103 outstanding restricted share units under the Equity Award Plan were modified from equity awards to cash-settled liability awards during the years ended December 31, 2018 , 2017 and 2016 , respectively. The modification affected zero , four and one employees during the years ended December 31, 2018 , 2017 and 2016 , respectively, and resulted in no additional compensation expense. The fair value of these awards is remeasured each reporting period until the vesting dates. Upon settlement, the Group will pay the grantees an amount in cash calculated based on the higher of (i) the closing price of the Company’s shares on the vesting date, and (ii) the average closing price of the Company’s shares for the five trading days immediately preceding the vesting date. If the vesting date is not a trading day, the trading day immediately preceding the vesting date shall be considered as the vesting date. During the years ended December 31, 2018 , 2017 and 2016 , the Company paid US$5 million , US$3 million and US$1 million to settle vested restricted share units that were previously classified as equity awards. The accrued liability associated with these cash-settled restricted share units was nil , US$4 million and US$3 million as at December 31, 2018 , 2017 and 2016 , respectively. For the years ended December 31, 2018 and 2017 , no fair value gain or loss on remeasurement of the liability was recognized in the consolidated financial statements. For the year ended December 31, 2016 , fair value loss of US$1 million on remeasurement of the liability was recognized in the consolidated financial statements. (c) Share options of LVS The Group participates in the equity-settled share-based compensation plan of LVS and is a party to a non-qualified share option plan, the 2004 Plan, which is described below. The plan provides for the granting of share options pursuant to the applicable provisions of the Internal Revenue Code and regulations in the United States of America. LVS adopted the 2004 Plan, to which the Group is a party, for grants of options to purchase its common shares. The purpose of the 2004 Plan is to give LVS and its subsidiaries (collectively the “LVS Group”) a competitive edge in attracting, retaining, and motivating employees, directors and consultants and to provide the LVS Group with a share plan providing incentives directly related to increases in its shareholder value. Any of the LVS Group’s 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 LVS’ common shares to be available for awards. The 2004 Plan originally had a term of ten years, but in June 2014, the LVS’ board of directors approved an amendment to the 2004 Plan, extending the term to December 2019 . LVS’ compensation committee may grant awards of non-qualified share options, incentive (qualified) share options, share appreciation rights, restricted share awards, restricted share units, share bonus awards, performance compensation awards or any combination of the foregoing. As at December 31, 2018 , there were 917,674 shares available for grant under the 2004 Plan. Share option awards are granted with an exercise price equal to the fair market value (as defined in the 2004 Plan) of LVS’ share on the date of grant. The outstanding share options generally vest over three to four years and have ten-year contractual terms. Compensation cost for all share option grants, which all have graded vesting, is net of estimated forfeitures and is recognized on an accelerated granted attribution approach over the awards’ respective requisite service periods. LVS estimates the fair value of share options using the Black-Scholes option-pricing model. Expected volatilities are based on LVS’ historical volatility for a period equal to the expected life of the share 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 share options 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. LVS has no legal or constructive obligation to repurchase or settle the options in cash. For the purpose of financial reporting of the Group, share-based compensation expense arising from the granting of share options by LVS to the Directors and employees of the Group, to the extent of services rendered to the Group, is deemed to have been allocated to the Group as its expense with the corresponding increase in the share option reserve under equity in the relevant companies comprising the Group. A summary of the share option activity for the 2004 Plan operated by LVS is presented below: Year ended December 31, 2018 2017 2016 Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Outstanding at January 1 198 $ 72.83 357 $ 71.20 547 $ 70.33 Granted 23 77.44 34 63.13 — — Exercised (62 ) 66.18 (34 ) 51.09 (3 ) 36.55 Transfer-out (i) — — (12 ) 22.90 (47 ) 59.51 Expired (102 ) 80.08 (147 ) 75.93 (140 ) 72.51 Outstanding at December 31 57 $ 69.00 198 $ 72.83 357 $ 71.20 Exercisable at December 31 11 $ 63.13 164 $ 74.83 335 $ 71.63 ____________________ (i) Transfer-in and transfer-out represent movement of options owned by grantees who transferred from other subsidiaries of LVS to the Group, or vice versa. The fair value of each option grant under the 2004 Plan was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: Year ended December 31, 2018 2017 2016 Expected volatility 25.0 % 25.4 % — % Expected life (years) 5.5 5.0 0.0 Risk-free annual interest rate 2.5 % 2.0 % — % Dividend yield 3.9 % 4.6 % — % Weighted average share price (US$) $ 77.44 $ 63.13 $ — Weighted average exercise price (US$) $ 77.44 $ 63.13 $ — Weighted average fair value of each share option granted by LVS (US$) $ 12.67 $ 8.82 $ — The range of exercise prices and the weighted average remaining contractual life of the above share options outstanding as at the dates indicated are as follows: December 31, 2018 2017 2016 Range of exercise prices Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life US$ ‘000 (years) ‘000 (years) ‘000 (years) 20.01 - 30.00 — 0.00 — 0.00 24 3.38 60.01 - 70.00 34 8.81 96 3.62 102 2.90 70.01 - 80.00 23 9.07 — 0.00 103 0.37 80.01 - 90.00 — 0.00 102 0.22 118 1.22 90.01 - 100.00 — 0.00 — 0.00 5 0.65 110.01 - 120.00 — 0.00 — 0.00 5 0.86 57 8.92 198 1.87 357 1.59 Options exercised during the years ended December 31, 2018 , 2017 and 2016 resulted in 61,875 shares, 34,475 shares and 3,300 shares of LVS, respectively, being issued at a weighted average price of US$66.18 , US$51.09 and US$36.55 , respectively. The related weighted average share price at the time of exercise was US$77.66 , US$69.08 and US$49.96 during the year, respectively. (d) Restricted shares and Units of LVS Grant date fair value of the restricted shares and units is the share price of the ordinary shares of LVS at the respective grant date. The number of unvested restricted shares and units represents the number of ordinary shares of LVS to be given to the employees upon vesting. A summary of the unvested restricted shares and units under the 2004 Plan operated by LVS is presented below: Year ended December 31, 2018 2017 2016 Number of restricted shares and units Weighted average grant date fair value US$ Number of restricted shares and units Weighted average grant date fair value US$ Number of restricted shares and units Weighted average grant date fair value US$ Unvested at January 1 — $ — 35 $ 64.78 46 $ 62.73 Granted — — — — — — Vested — — (35 ) 64.78 (11 ) 56.07 Unvested at December 31 — $ — — $ — 35 $ 64.78

Financial Risk Management

Financial Risk Management	12 Months Ended
	Dec. 31, 2018
Disclosure of financial risk management [Abstract]
Financial Risk Management	FINANCIAL RISK MANAGEMENT (a) Financial risk factors The Group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group’s overall financial risk management program, mainly carried out by a central treasury department and approved by the Board of Directors, focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. (i) Market risk Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates and foreign currency exchange rates. Interest rate risk The Group’s primary exposure to market risk is interest rate risk associated with its fixed rate long-term borrowings and interest rate swap contracts for the year ended December 31, 2018 , and variable rate long-term borrowings for the years ended December 31, 2017 and 2016 . However, management monitors interest rate exposures and will consider hedging significant interest rate risk should the need arise. The Group does not hold or issue financial instruments for trading purposes and does not enter into derivative transactions that would be considered speculative positions. For the year ended December 31, 2018 , the Group holds derivative financial instruments which consist of interest rate swap contracts on the fixed rate Senior Notes, which have been designated as hedging instruments for accounting purposes. The Group’s borrowings at fixed rates were denominated in US$ during the year ended December 31, 2018 , and the Group’s borrowings at variable rates were denominated in US$, HK$ and MOP during the years ended December 31, 2017 and 2016 . As at December 31, 2018 , the estimated fair value of fixed rate long-term borrowings was approximately US$5.52 billion , compared to its carrying value of US$5.50 billion . The estimated fair value of fixed rate long-term borrowings is based on level 2 inputs (quoted prices in markets that are not active). A change in interest rates on fixed rate long-term borrowings impacts its fair value. A hypothetical 100 basis point change in market rates would cause the fair value of the fixed rate long-term borrowings to change by US$308 million , inclusive of the impact from the interest rate swaps. The total notional amount of our fixed-to-variable interest rate swaps was US$5.50 billion as at December 31, 2018 . The fair value of the interest rate swaps, on a stand-alone basis, as at December 31, 2018 , was an asset of US$56 million . A hypothetical 100 basis point change in LIBOR would cause the fair value of the interest rate swaps to change by approximately US$88 million . As at December 31, 2017 and 2016 , if interest rates on US$-denominated borrowings had been 50 basis-points higher/lower with all other variables held constant, pre-tax profit for the year would have been lower/higher by US$9 million and US$9 million , respectively. As at December 31, 2017 and 2016 , if interest rates on HK$-denominated borrowings had been 50 basis-points higher/lower with all other variables held constant, pre-tax profit for the year would have been lower/higher by US$10 million and US$10 million , respectively. As at December 31, 2017 and 2016 , if interest rates on MOP-denominated borrowings had been 50 basis-points higher/lower with all other variables held constant, pre-tax profit would have been lower/higher by US$3 million and US$3 million , respectively. This analysis does not include the effect of interest capitalized. Foreign exchange risk The Group’s foreign currency transactions are mainly denominated in US$. The majority of assets and liabilities are denominated in US$, HK$ and MOP, and there are no significant assets and liabilities denominated in other currencies. The Group is subject to foreign exchange rate risk arising from future commercial transactions and recognized assets and liabilities denominated in a currency other than MOP, which is the functional currency of the major operating companies within the Group. For companies with MOP as their functional currency, as at December 31, 2018 , 2017 and 2016 , if the US$ had weakened by 1% against the MOP with all other variables held constant, it would cause a foreign currency transaction loss of approximately US$40 million , US$15 million and US$17 million , respectively, mainly as a result of the translation of US$-denominated debt held by SCL (as at December 31, 2017 and 2016: US$-denominated intercompany debt held). If the HK$ had weakened by 1% against the MOP with all other variables held constant, pre-tax profit for the years ended December 31, 2018 , 2017 and 2016 would have been lower by approximately US$11 million , US$5 million and US$9 million , respectively, mainly as a result of the translation of HK$-denominated cash and cash equivalents, deposits, trade receivables and borrowings. (ii) Credit risk Financial instruments, which potentially subject the Group to concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash and cash equivalents and trade and other receivables. The Group maintains cash and cash equivalents, restricted cash and cash equivalents and receivables associated with the derivative contracts with various creditworthy financial institutions. Management monitors this credit risk on an on-going basis and does not believe that the Group has any other significant exposure to any individual or institution as at December 31, 2018 , 2017 and 2016 . (iii) Liquidity risk Liquidity risk is the financial risk arising from the difficulty in meeting obligations associated with financial liabilities that are settled by cash or other financial assets. The 2018 SCL Credit Facility requires the Group to comply with financial covenants, which include maintaining a maximum leverage ratio of debt to SCL Credit Facility Adjusted EBITDA. The maximum leverage ratio is 4.0 :1.0 for all quarterly periods through maturity. As at December 31, 2018 , the leverage ratio, as defined per the credit facility agreement, was 1.9 :1.0, compared to the maximum leverage ratio allowed of 4.0 :1.0. If the Group is unable to maintain compliance with the financial covenants under the credit facility, the Group would be in default with regard to any borrowings under the credit facility. The Group’s financial liabilities, based on the contractual undiscounted cash flows are as follows: Within the first year In the second year In the third to fifth year Over the fifth year Total US$ in millions At December 31, 2018 Senior Notes principal $ — $ — $ 1,800 $ 3,700 $ 5,500 Senior Notes interest 277 277 833 698 2,085 Finance lease liabilities on leasehold interests in land 8 5 16 312 341 Other finance lease liabilities 2 2 1 — 5 Trade and other payables 1,546 22 55 12 1,635 At December 31, 2017 Bank borrowings $ 182 $ 243 $ 4,440 $ — $ 4,865 Finance lease liabilities on leasehold interests in land 5 5 16 318 344 Other finance lease liabilities 2 1 2 — 5 Trade and other payables 1,196 26 47 3 1,272 (b) Capital risk management The Group’s primary objective when managing capital is to safeguard the Group’s ability to continue as a going concern in order to provide returns for Shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk. The capital structure of the Group consists of debt, which includes borrowings (including current and non-current borrowings as shown in the consolidated balance sheet), net of cash and cash equivalents, and equity attributable to Shareholders, comprising issued share capital and reserves as disclosed in Notes 21 and 22, respectively. The Group actively and regularly reviews and manages its capital structure to maintain the net debt-to-capital ratio (gearing ratio) at an appropriate level based on its assessment of the current risk and circumstances. This ratio is calculated as net debt divided by total capital. Net debt is calculated as interest bearing borrowings, net of deferred financing costs, less cash and cash equivalents and restricted cash and cash equivalents. Total capital is calculated as equity, as shown in the consolidated balance sheet, plus net debt. December 31, 2018 2017 US$ in millions Interest bearing borrowings, net of deferred financing costs $ 5,427 $ 4,275 Less: cash and cash equivalents (2,676 ) (1,239 ) restricted cash and cash equivalents (13 ) (11 ) Net debt 2,738 3,025 Total equity 4,409 4,538 Total capital $ 7,147 $ 7,563 Gearing ratio 38.3 % 40.0 %

Company Balance Sheet

Company Balance Sheet	12 Months Ended
	Dec. 31, 2018
Disclosure of separate financial statements [Abstract]
Company Balance Sheet	COMPANY BALANCE SHEET December 31, 2018 2017 Note US$ in millions ASSETS Non-current assets Interests in subsidiaries $ 1,951 $ 1,811 Note receivable from a subsidiary 5,239 — Other receivables and prepayments 54 — Total non-current assets 7,244 1,811 Current assets Other receivables and prepayments 64 14 Cash and cash equivalents 279 47 Total current assets 343 61 Total assets $ 7,587 $ 1,872 EQUITY Capital and reserves attributable to equity holders of the Company Share capital $ 81 $ 81 Reserves (a) 1,954 1,782 Total equity 2,035 1,863 LIABILITIES Non-current liability Borrowings 5,427 — Total non-current liability 5,427 — Current liability Other payables 125 9 Total current liability 125 9 Total liabilities 5,552 9 Total equity and liabilities $ 7,587 $ 1,872 Net current assets $ 218 $ 52 Total assets less current liability $ 7,462 $ 1,863 (a) The movements of reserves during the year are as follows Capital reserve Share premium Share-based compensation reserves Currency translation reserve Retained earnings Total US$ in millions Balance at January 1, 2016 $ 106 $ 1,403 $ 44 $ (1 ) $ 135 $ 1,687 Profit for the year — — — — 2,567 2,567 Other comprehensive expense for the year — — — (2 ) — (2 ) Total comprehensive income — — — (2 ) 2,567 2,565 Exercise of share options — 5 — — — 5 Conversion of equity awards to liability awards — — (2 ) — — (2 ) Transfer to share premium upon exercise of share options — 3 (3 ) — — — Forfeiture of share options — — (3 ) — 3 — Share-based compensation of the Company — — 14 — — 14 Dividends to equity holders of the Company — — — — (2,071 ) (2,071 ) Balance at December 31, 2016 106 1,411 50 (3 ) 634 2,198 Profit for the year — — — — 1,645 1,645 Other comprehensive expense for the year — — — (11 ) — (11 ) Total comprehensive income — — — (11 ) 1,645 1,634 Exercise of share options — 12 — — — 12 Conversion of equity awards to liability awards — — (5 ) — — (5 ) Transfer to share premium upon exercise of share options — 5 (5 ) — — — Forfeiture of share options — — (3 ) — 3 — Share-based compensation of the Company — — 12 — — 12 Dividends to equity holders of the Company (Note 11) — — — — (2,069 ) (2,069 ) Balance at December 31, 2017 106 1,428 49 (14 ) 213 1,782 Profit for the year — — — — 2,192 2,192 Other comprehensive expense for the year — — — (4 ) — (4 ) Total comprehensive income — — — (4 ) 2,192 2,188 Exercise of share options — 23 — — — 23 Transfer to share premium upon exercise of share options — 6 (6 ) — — — Forfeiture of share options — — (4 ) — 4 — Share-based compensation of the Company — — 14 — — 14 Dividends to equity holders of the Company (Note 11) — — — — (2,053 ) (2,053 ) Balance at December 31, 2018 $ 106 $ 1,457 $ 53 $ (18 ) $ 356 $ 1,954

Principal Subsidiaries

Principal Subsidiaries	12 Months Ended
	Dec. 31, 2018
Disclosure of interests in other entities [Abstract]
Principal Subsidiaries	PRINCIPAL SUBSIDIARIES Details of the Group’s principal subsidiaries as at December 31, 2018 , 2017 and 2016 are as follows: Name Place of incorporation or establishment/ operations and date of incorporation or establishment Principal activities Particulars of issued share/ registered capital Effective interests held Directly held: Venetian Venture Development Intermediate Limited Cayman Islands, June 21, 2002 Investment holding US$1 100 % SCL IP Holdings, LLC United States, September 29, 2009 Holder of trademark licenses US$100 100 % Indirectly held: Cotai Ferry Company Limited Macao/Macao and High speed ferry transportation services MOP10,000,000 100 % Cotai Strip Lot 2 Apart Hotel (Macau) Limited Macao, October 27, 2008 Hotel apartments As at December 31, 2016: MOP4,100,000 MOP3,121,000 (preference shares) 100 % As at December 31, 2017, 2018: MOP6,498,900 MOP722,100 (preference shares) 100 % Cotai Services (HK) Limited Hong Kong, July 11, 2007 Investment holding HK$1 100 % CotaiJet 311 Ltd. Cayman Islands/Macao and Hong Kong, August 14, 2007 Ferry leasing US$1 100 % CotaiJet 312 Ltd. Cayman Islands/Macao and Hong Kong, August 14, 2007 Ferry leasing US$1 100 % CotaiJet 313 Ltd. Cayman Islands/Macao and Hong Kong, August 14, 2007 Ferry leasing US$1 100 % CotaiJet 314 Ltd. Cayman Islands/Macao and Hong Kong, September 12, 2007 Ferry leasing US$1 100 % CotaiJet 315 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 316 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 317 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 318 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 319 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 320 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 350 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 351 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 352 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 353 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % Cotaiwaterjet Sea Cayman Islands/Macao Pontoon leasing US$1 100 % Name Place of incorporation or establishment/ operations and date of incorporation or establishment Principal activities Particulars of issued share/ registered capital Effective interests held Cotaiwaterjet Sea Cayman Islands/Macao Pontoon leasing US$1 100 % Sands Cotai East Holdings Limited Cayman Islands/Macao, May 25, 2011 Holder of hotel US$1 100 % Sands Cotai West Holdings Limited Cayman Islands/Macao, May 25, 2011 Holder of hotel US$1 100 % Sands Resorts Hong Kong, Travel and tourism HK$500,000 100 % Sands Venetian Macao, Security services MOP1,000,000 100 % Venetian Cotai Hotel Management Limited Macao, Human resources MOP500,000 100 % Venetian Cotai Limited Macao, Hotels, restaurants, MOP200,000,000 100 % Venetian Macau Limited (Note (i)) Macao, Gaming and other MOP200,000,000 100 % Venetian Orient Limited Macao, February 2, 2006 Hotels, restaurants, shopping mall, and conference and convention MOP100,000 100 % Venetian Retail Limited Macao, June 15, 2007 Mall management MOP1,500,000 100 % Venetian Travel Limited Macao, October 16, 2006 Travel and tourism agency services MOP2,400,000 100 % V-HK Services Limited Hong Kong, September 6, 2004 Marketing and customer development services for VML HK$1 100 % VML US Finance LLC United States, January 3, 2006 Financing Nil 100 % Zhuhai Cotai Information Services Outsourcing Co., Ltd. (Note (ii)) PRC, September 30, 2010 Outsourcing services, including information technology, accounting, hotel reservation and marketing US$800,000 100 % Zhuhai Cotai Logistics Hotel Services Co., Ltd. (Note (ii)) PRC, September 27, 2007 Procurement, marketing and administrative services US$4,500,000 100 % ____________________ Notes: (i) 10% of the company’s issued share capital is held through a usufruct agreement whereby VVDIL has the sole and exclusive benefit. Accordingly, the profits and losses and assets and liabilities of the company have been consolidated as to 100% thereof into the consolidated financial statements. (ii) These entities are wholly foreign owned enterprises established in the PRC.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Disclosure of significant accounting policies [Abstract]
Basis of preparation	Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the following accounting policies which conform with International Financial Reporting Standards (“IFRS”). The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. The consolidated financial statements have been prepared on the historical cost basis except for financial liabilities for cash-settled share-based payment transactions and derivative financial instruments that are measured at fair value.
Changes in accounting policies and disclosures	Changes in accounting policies and disclosures During the year, there have been a number of new standards and new amendments to standards that have come into effect, which the Group has adopted at their respective dates. The adoption of these new standards and new amendments to standards had no material impact on the results of operations and financial position of the Group, except for the adoption of IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) and IFRS 9 Financial Instruments (“IFRS 9”). IFRS 15 Revenue from Contracts with Customers The accounting standard establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of IFRS 15 is an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. See Note 4 for these disclosures. The Group adopted the new standard on January 1, 2018, on a full retrospective basis. The standard changes the accounting for complimentary services (including rooms, food and beverage, and other services) provided to casino guests as incentives related to gaming play. Complimentary revenues were previously excluded from revenues in the accompanying consolidated income statement prepared in accordance with IFRS. The adoption of the new standard resulted in a decrease in casino revenue due to complimentary services provided and recognition of revenue in the resulting business category of the goods or services provided when the services are rendered. The cost of providing such complimentary services were regrouped in the respective business categories. Certain commission arrangements with third parties were reclassified out of operating expenses and netted with revenue. The effect of adoption of this standard is set out below. Effect on the consolidated income statement for the year ended December 31, 2017: For the year ended For the year ended December 31, 2017 Effects of Reclassification December 31, 2017 as previously stated IFRS 15 (Note) as restated US$ in millions Net revenues $ 7,715 $ (129 ) $ — $ 7,586 Gaming promoter/agency commissions (135 ) 127 8 — Other expenses and losses (915 ) 2 (8 ) (921 ) Effect on the consolidated income statement for the year ended December 31, 2016: For the year ended For the year ended December 31, 2016 Effects of Reclassification December 31, 2016 as previously stated IFRS 15 (Note) as restated US$ in millions Net revenues $ 6,653 $ (110 ) $ — $ 6,543 Gaming promoter/agency commissions (122 ) 115 7 — Other expenses and losses (837 ) (5 ) (7 ) (849 ) ____________________ Note: Amount represented agency commissions. As the amount was immaterial, it was reclassified to “Other expenses and losses” for the purpose of presenting the consolidated income statement. IFRS 9 Financial Instruments The accounting standard replaces the provisions of International Accounting Standard (“IAS”) 39 “Financial Instruments: Recognition and Measurement” that relates to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of IFRS 9 from January 1, 2018 resulted in changes in accounting policies and adjustments to the amounts recognized in the financial statements. In accordance with the transition provisions in IFRS 9 (7.2.15), comparative figures have not been restated. Effect on the consolidated retained earnings as of January 1, 2018 is as follows: Note US$ in millions Closing retained earnings as of December 31, 2017 - IAS 39 $ 2,864 Decrease in carrying amount of bank loan measured at amortized cost (i) 24 Opening retained earnings as of January 1, 2018 - IFRS 9 $ 2,888 (i) Classification and measurement - borrowings Following the adoption of IFRS 9, the Group is no longer able to defer the recognition of gain from the modification of debt, which did not result in a derecognition of the financial liability. Under the Group’s previous accounting policies, this gain would have been recognized over the remaining life of the borrowing by adjusting the effective interest rate, on the basis the terms and conditions of the credit facility remained largely unchanged. As a result, the carrying amount of the bank loan which is still recognized on the date of the adoption of IFRS 9 has been decreased by US$24 million and the opening retained earnings as of January 1, 2018 has been increased. (ii) Impairment of financial asset The Group’s financial assets consist of cash and cash equivalents, restricted cash and cash equivalents and trade and other receivables that are subsequently recognized at amortized cost. The Group applies the IFRS 9 simplified approach to measure expected credit losses (“ECL”), using a lifetime expected loss allowance for all trade and other receivables. Cash and cash equivalents and restricted cash and cash equivalents are also subject to the impairment requirements of IFRS 9 and, due to their nature, the expected loss allowance is immaterial. To measure the expected credit losses, except for credit impaired balances and outstanding significant balances that have been assessed individually, the remaining trade receivables have been grouped based on shared credit risk characteristics and days past due. The loss allowance for trade receivables applying lifetime expected credit loss as compared to the incurred loss model of IAS 39 did not result in a material difference and hence did not result in an adjustment of opening retained earnings as of January 1, 2018. The Group has not early adopted the new or revised standards, amendments and interpretations that have been issued, but not yet effective for the year ended December 31, 2018. The Group considers that the new or revised standards, amendments and interpretations effective for the annual period beginning on January 1, 2019 will not have a significant impact to the Group’s results of operations and financial position. Further information about IFRS 16 Leases (“IFRS 16”) is described as follows: IFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 superseded IAS 17 Leases (“IAS 17”) and the related interpretations when it became effective. IFRS 16 distinguishes lease and service contracts on the basis of whether an identified asset is controlled by a customer. Distinctions of operating leases and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognized for all leases by lessees, except for short-term leases and leases of low value assets. The right-of-use asset is initially measured at cost and subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others. Under IAS 17, the Group has already recognized an asset and a related finance lease liability for finance lease arrangement and prepaid lease payments for leasehold interest in lands where the Group is a lessee. Lessor accounting remains largely unchanged under the new standard. The Group intends to elect the practical expedient to apply IFRS 16 to contracts previously identified as leases applying IAS 17 and not apply this standard to contracts not previously identified as containing a lease applying IAS 17. Therefore, the Group will not reassess whether the contracts are, or contain a lease which already existed prior to the date of initial application. Further, the Group elected the modified retrospective approach for the application of IFRS 16 as lessee without restating comparative information. Management estimates adoption of the standard will result in the recognition of right-of-use assets and lease liabilities for operating leases of approximately US$6 million as at January 1, 2019. The adoption of this standard will not have a material impact on net income. For the other new or revised standards, amendments and interpretations effective for annual periods after the year of 2019, the Group is still under assessment and is not yet in a position to state whether it would have a significant impact on the results of operations and financial position of the Group.
Subsidiaries	Subsidiaries Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate there are changes to one or more of the three elements of control listed above. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date that control ceases. Intra-group transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. Profit and losses resulting from inter-company transactions are also eliminated.
Segment reporting	Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as a group of senior management that makes strategic decisions.
Foreign currency translation	Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s companies are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is Macao patacas (“MOP”). The consolidated financial statements are presented in US$, which is the presentation currency of LVS. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated income statement. (iii) Group companies The results of operations and financial position of all the group companies (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates on the dates of the transactions); and • All resulting exchange differences are recognized in other comprehensive income/(loss) (currency translation differences) and will not be reclassified subsequently to profit or loss. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings, are recognized in other comprehensive income/(loss). When a foreign operation is sold, such exchange differences are recognized in the consolidated income statement as part of the gain or loss on sale. On the disposal of a foreign operation (that is, a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the equity holders of the Company are reclassified to profit or loss. In the case of a partial disposal that does not result in the Group losing control over a subsidiary that includes a foreign operation, the proportionate share of accumulated exchange differences are reattributed to non-controlling interests and are not recognized in profit or loss.
Investment properties	Investment properties Investment properties, principally comprising buildings and building improvements, are held for long-term rental yields or capital appreciation or both, and are not occupied by the Group. Investment properties currently being constructed or developed are classified as investment properties and stated at cost, less accumulated impairment losses, if any. Investment properties are initially measured at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses, if any. Investment properties are depreciated on a straight-line basis, at rates sufficient to write off their costs over their estimated useful lives of 3 to 50 years. The residual values and useful lives of investment properties are reviewed, and adjusted as appropriate at each balance sheet date. The effects of any revision are included in the consolidated income statement when the changes arise.
Property and equipment	Property and equipment Leasehold interests in land classified as finance leases and all other property and equipment, except construction-in-progress, are stated at historical cost less accumulated depreciation and accumulated impairment losses. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Leasehold interests in land classified as finance leases commence amortization from the time when the land interest becomes available for its intended use. Leasehold interests in land classified as finance leases are amortized and other property and equipment are depreciated on a straight-line basis, at rates sufficient to write off their costs over their estimated useful lives. Property and equipment are depreciated as follows: Leasehold interests in land classified as finance leases 50 years Leasehold improvements Shorter of lease term or 3 years Land improvements, buildings and building improvements 10–50 years Ferries 20 years Furniture, fittings and equipment 3–20 years Vehicles 5–6 years During the year ended December 31, 2017, the Group revised the estimated useful lives of certain property and equipment. See Note3(a) for details. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated income statement during the financial period in which they are incurred. Construction-in-progress represents property and equipment under construction and is stated at cost, less accumulated impairment losses, if any. This includes the direct costs of purchase, construction and capitalized borrowing costs. Construction-in-progress is not depreciated until such time as the relevant assets are completed and ready for their intended use, at which time they are transferred to the relevant asset category. The assets’ residual values and useful lives are reviewed, and adjusted if applicable, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other expenses and losses” in the consolidated income statement.
Leased assets	Leases/right of use (i) As the lessor/grantor for operating leases/right of use When assets are leased/granted out under an agreement for the right of use, the asset is included in the consolidated balance sheet based on the nature of the asset. Lease rental/income from right of use (net of any incentives given to tenants or to retailers) is recognized over the terms of the lease/right of use on a straight-line basis. Turnover fees arising under operating leases/right of use are recognized as income in the period in which they are earned. (ii) As the lessee for operating leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight-line basis over the period of the lease. (iii) As the lessee for finance leases The Group leases land and certain equipment. Leases of land and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized at the leases’ commencement at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges. The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element of the finance cost is charged to the consolidated income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The land and equipment acquired under a finance lease are depreciated over the shorter of the useful life of the asset and the lease term. Leased assets Assets acquired pursuant to finance leases that transfer to the Group substantially all the rewards and risks of ownership are accounted for as if purchased.
Intangible assets	Intangible assets Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of 4 years .
Impairment of non-financial assets	Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortization and are tested at least annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (i.e. cash generating units or “CGU”). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Financial assets	Financial assets Classification and subsequent measurement of financial assets (upon application of IFRS 9 in accordance with transitions in note 2(b)) Financial assets that meet the following conditions are subsequently measured at amortized cost: • the financial asset is held within a business model whose objective is to collect contractual cash flows; and • the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”): • the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and • the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are subsequently measured at fair value through profit or loss (“FVTPL”). The Group’s financial assets consist of cash and cash equivalents, restricted cash and cash equivalents and trade and other receivables. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Interest income is recognized by applying the effective interest rate, except for short-term receivables where the recognition of interest would be immaterial. Impairment of financial assets (upon application IFRS 9 with transitions in accordance with note 2(b)) The Group recognizes a loss allowance for ECL on trade and other receivables which are subject to impairment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. Assessments are done based on the Group’s historical credit loss experience, adjusted for factors specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. (i) Definition of default For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group). (ii) Credit-impaired financial assets A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence a financial asset is credit-impaired includes observable data about the following events: • Significant financial difficulty of the issuer or the borrower; • A breach of contract, such as a default or past due event; • The Group, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession the lender would not otherwise consider; • It becomes probable the borrower will enter bankruptcy or other financial reorganization; • The disappearance of an active market for that financial asset because of financial reorganization; or • Observable data indicating there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including: (i) adverse changes in the payment status of borrowers in the portfolio; or (ii) national or local economic conditions that correlate with defaults on the assets in the portfolio. (iii) Write-off policy The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss. (iv) Measurement and recognition of ECL The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Generally, the ECL is the difference between all contractual cash flows due to the Group in accordance with the contract and the cash flows the Group expects to receive. Where ECL is measured on a collective basis or cater for cases where evidence at the individual instrument level may not yet be available, the financial instruments are grouped based on shared credit risk characteristics and days past due. The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics. The Group recognizes an impairment gain or loss in profit or loss for trade and other receivables by adjusting their carrying amount through a loss allowance account. Classification and subsequent measurement of financial assets (before application of IFRS 9 on January 1, 2018) The Group’s financial assets consist of receivables, which are classified as loans and receivables under IAS 39 and are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and for which management has no intention of trading. They are included in current assets, except for the amounts settled or expected to be settled more than twelve months after the end of the reporting period, which are classified as non-current. Receivables are subsequently carried at amortized cost. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Impairment of financial assets (before application of IFRS 9 on January 1, 2018) The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The criteria the Group uses to determine there is objective evidence of an impairment loss include: • Significant financial difficulty of the issuer or obligor; • A breach of contract, such as a default or delinquency in interest or principal payments; • The Group, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession the lender would not otherwise consider; • It becomes probable the borrower will enter bankruptcy or other financial reorganization; • Observable data indicating there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including: (i) adverse changes in the payment status of borrowers in the portfolio; or (ii) national or local economic conditions that correlate with defaults on the assets in the portfolio. The Group first assesses whether objective evidence of an impairment exists. For the receivables, the amount of the loss is measured as the difference between the asset’s carrying amount and the estimated future cash flows (excluding future credit losses that have not been incurred). The carrying amount of the asset is reduced and the amount of the loss is recognized in the consolidated income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the reversal of the previously recognized impairment loss is recognized in the consolidated income statement. Derecognition of financial assets The Group derecognizes a financial asset when the consideration was received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash and short-term deposits with original maturities of three months or less. Restricted cash and cash equivalents are excluded from cash and cash equivalents in the consolidated statement of cash flows.
Inventories	Inventories Inventories consist primarily of food, beverage, retail products, ferry parts and general operating supplies, and are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Net realizable value is the estimated selling price in the ordinary course of business, less applicable selling expenses.
Share capital	Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of equity instruments are shown in equity as a deduction, net of tax, from the proceeds.
Financial liabilities	Financial liabilities The Group’s financial liabilities, including borrowings and trade and other payables, are initially measured at fair value and subsequently measured at amortized cost, using the effective interest method. Derecognition/substantial modification of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the contractual terms of financial liability are modified such that the revised terms would result in a substantial modification from the original terms, after taking into account all relevant facts and circumstances including qualitative factors, such modification is accounted for as derecognition of the original financial liability and the recognition of new financial liability. The difference between the carrying amount of the financial liability derecognized and the fair value of consideration paid or payable, including any liabilities assumed and derivative components, is recognized in profit or loss. Non-substantial modifications of financial liabilities (under IFRS 9 since January 1, 2018) For non-substantial modifications of financial liabilities that do not result in derecognition, the carrying amount of the relevant financial liabilities will be calculated at the present value of the modified contractual cash flows discounted at the financial liabilities' original effective interest rate. Transaction costs or fees incurred are adjusted to the carrying amount of the modified financial liabilities and are amortized over the remaining term. Any adjustment to the carrying amount of the financial liability is recognized in profit or loss at the date of modification. Non-substantial modifications of financial liabilities (before application of IFRS 9 on January 1, 2018) For non-substantial modifications of financial liabilities that do not result in derecognition, at the point of modification, the carrying amount of the relevant financial liabilities is revised for directly attributable transaction costs and any consideration paid to or received from the counterparty. The effective interest rate is then adjusted to amortize the difference between the revised carrying amount and the expected cash flows over the life of the modified instrument.
Trade payables	Trade payables Trade payables are obligations to pay for goods or services acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Borrowings	Borrowings and financing costs Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent it is probable some or all of the facilities will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence it is probable some or all of the facilities will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date. A qualifying asset is an asset that takes a substantial period of time to get ready for its intended use (Note 2(g)). Financing costs incurred for the construction of any qualifying asset, less any investment income on the temporary investment of related borrowings, are capitalized during the period that is required to complete and prepare the asset for its intended use. Other financing costs, net of interest income, are expensed.
Financing costs	Borrowings and financing costs Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent it is probable some or all of the facilities will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence it is probable some or all of the facilities will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date. A qualifying asset is an asset that takes a substantial period of time to get ready for its intended use (Note 2(g)). Financing costs incurred for the construction of any qualifying asset, less any investment income on the temporary investment of related borrowings, are capitalized during the period that is required to complete and prepare the asset for its intended use. Other financing costs, net of interest income, are expensed.
Deferred income tax	Current and deferred income tax and gaming tax Income tax Income tax expense is comprised of current and deferred tax. (i) Current income tax Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which the applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. (ii) Deferred income tax Deferred income tax is recognized, using the liability method, for temporary differences arising between the tax bases of assets and liabilities and their carrying values in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or a liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent it is probable future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided for temporary differences arising from investments in subsidiaries, except when the timing of the reversal of the temporary difference can be controlled by the Group and it is probable the temporary difference will not reverse in the foreseeable future. (iii) Offsetting Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Gaming tax According to the gaming subconcession granted by the Macao Government and the relevant legislation, the Group is required to pay 35% gaming tax on gross gaming revenues, which represents net wins from casino operations. The Group is also required to pay an additional 4% of gross gaming revenues as public development and social related contributions. On a monthly basis, the Group also makes certain variable and fixed payments to the Macao Government based on the number of slot machines and table games in its possession. These expenses are reported as “Gaming tax” in the consolidated income statement.
Current income tax	Current and deferred income tax and gaming tax Income tax Income tax expense is comprised of current and deferred tax. (i) Current income tax Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which the applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. (ii) Deferred income tax Deferred income tax is recognized, using the liability method, for temporary differences arising between the tax bases of assets and liabilities and their carrying values in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or a liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent it is probable future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided for temporary differences arising from investments in subsidiaries, except when the timing of the reversal of the temporary difference can be controlled by the Group and it is probable the temporary difference will not reverse in the foreseeable future. (iii) Offsetting Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Gaming tax According to the gaming subconcession granted by the Macao Government and the relevant legislation, the Group is required to pay 35% gaming tax on gross gaming revenues, which represents net wins from casino operations. The Group is also required to pay an additional 4% of gross gaming revenues as public development and social related contributions. On a monthly basis, the Group also makes certain variable and fixed payments to the Macao Government based on the number of slot machines and table games in its possession. These expenses are reported as “Gaming tax” in the consolidated income statement.
Gaming tax	Current and deferred income tax and gaming tax Income tax Income tax expense is comprised of current and deferred tax. (i) Current income tax Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which the applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. (ii) Deferred income tax Deferred income tax is recognized, using the liability method, for temporary differences arising between the tax bases of assets and liabilities and their carrying values in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or a liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent it is probable future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided for temporary differences arising from investments in subsidiaries, except when the timing of the reversal of the temporary difference can be controlled by the Group and it is probable the temporary difference will not reverse in the foreseeable future. (iii) Offsetting Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Gaming tax According to the gaming subconcession granted by the Macao Government and the relevant legislation, the Group is required to pay 35% gaming tax on gross gaming revenues, which represents net wins from casino operations. The Group is also required to pay an additional 4% of gross gaming revenues as public development and social related contributions. On a monthly basis, the Group also makes certain variable and fixed payments to the Macao Government based on the number of slot machines and table games in its possession. These expenses are reported as “Gaming tax” in the consolidated income statement.
Employee benefits	Employee benefits (i) Pension obligations The Group operates a provident fund scheme, which is funded through payments to an insurance company. The provident fund scheme is a defined contribution plan available to all permanent employees after a three-month probation period. The Group contributes 5% of each employee’s basic salary to the fund and the employee is eligible to receive, upon resignation, 30% of these contributions after working for three consecutive years, gradually increasing to 100% after working for ten years. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due and are reduced by contributions forfeited by those employees who leave the scheme prior to vesting fully in the contributions. Prepaid contributions are recognized as an asset to the extent a cash refund or a reduction in the future payments is available. (ii) Share-based compensation Equity-settled share-based payment transactions (1) Share options of the Company The Company adopted an equity award plan (the “Equity Award Plan”) for grants of options to purchase ordinary shares of the Company. The cash subscribed for the shares issued when the options are exercised is credited to share capital (nominal value) and share premium, net of any directly attributable transaction costs. At the time when the options are exercised, the amount previously recognized in share-based compensation reserve will be transferred to share premium. When the options are forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognized in share-based compensation reserve will be transferred to retained earnings. (2) Share options of LVS The Group participates in the equity-settled share-based compensation plan of LVS and is a party to its non-qualified share option plan, Las Vegas Sands Corp. 2004 Equity Award Plan (the “2004 Plan”). The plan provides for the granting of share options pursuant to the applicable provisions of the Internal Revenue Code and regulations in the United States of America. Share-based compensation expense arising from the granting of share options by LVS to the employees of the Group, to the extent of services rendered to the Group, is deemed to have been allocated to the Group as an expense with the corresponding increase in the share-based compensation reserves under equity. The fair value of the employee services received in exchange for the grant of the options under the Equity Award Plan and the 2004 Plan is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted, excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total amount expensed is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of options expected to vest based on the non-market vesting conditions and service conditions. The Group recognizes the impact of revisions to the original estimates, if any, in the consolidated income statement, with a corresponding adjustment to equity. When the options of the Equity Award Plan are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital and share premium. Cash-settled share-based payment transactions of the Company For cash-settled share-based payments, a financial liability is recognized for the employee services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. (iii) Social security fund Full-time employees of the Group are covered by a government-mandated defined contribution plan pursuant to which a fixed amount of retirement benefit would be determined and paid by the Macao Government. Contributions are generally made by both employees and employers by paying a fixed amount on a monthly basis to the Social Security Fund Contribution managed by the Macao Government. The Group funds the entire contribution and has no further commitments beyond its monthly contributions. (iv) Annual leave and other paid leave Employee entitlement to annual leave is recognized when it accrues to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees during the year. Employee entitlements to maternity leave and sick leave are not recognized until the time of leave. (v) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of when the Group can no longer withdraw the offer of the termination benefits and when it recognizes any related restructuring costs. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than twelve months after the balance sheet date are discounted to their present value. (vi) Bonus plans The Group recognizes a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation.
Provisions	Provisions Provisions are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of management’s best estimate of the expenditure to be required to settle the present obligation at the reporting date. The pre-tax discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.
Contingent liabilities	Contingent liabilities A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. It can also be a present obligation arising from past events that is not recognized because it is not probable an outflow of economic resources will be required or the amount of the obligation cannot be measured reliably. A contingent liability is not recognized but is disclosed in the notes to the consolidated financial statements unless the probability of outflow of resources embodying economic benefits is remote. When a change in the probability of an outflow occurs so the outflow is probable, it will then be recognized as a provision.
Revenue recognition	Revenue recognition Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, convention sales and entertainment and ferry ticket sales. These contracts can be written, oral or implied by customary business practices. Gross casino revenue is the aggregate of gaming wins and losses. The commissions rebated to junket operators and premium players for rolling play, cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to gross casino revenue. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Group’s loyalty programs. For wagering contracts that include complimentary products and services provided by the Group to incentivize gaming, the Group allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Group’s control and discretion, which are supplied by third parties, are recorded as an operating expense. For wagering contracts that include products and services provided to a patron in exchange for points earned under the Group’s loyalty programs, the Group allocates the estimated fair value of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of loyalty program points for Group-owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Group from the third party in connection with this transaction are recorded to other revenue. After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino revenue as soon as the wager is settled. As all wagers have similar characteristics, the Group accounts for its gaming contracts collectively on a portfolio basis versus an individual basis. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Convention revenues are recognized when the related service is rendered or the event is held. Deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred revenue until the revenue recognition criteria are met. Cancellation fees for convention contracts are recognized upon cancellation by the customer and are included in other revenues. Ferry and entertainment revenue recognition criteria are met at the completion of the ferry trip or event, respectively. Revenue from contracts with a combination of these services is allocated pro rata based on each service’s relative stand-alone selling price. The Group’s accounting policy for recognition of revenue from operating leases is described in the accounting policy for leases/right of use below.
Pre-opening expenses	Pre-opening expenses Pre-opening expenses represent personnel and other costs incurred prior to the opening of new properties and are expensed as incurred.
Leases/right of use	Leases/right of use (i) As the lessor/grantor for operating leases/right of use When assets are leased/granted out under an agreement for the right of use, the asset is included in the consolidated balance sheet based on the nature of the asset. Lease rental/income from right of use (net of any incentives given to tenants or to retailers) is recognized over the terms of the lease/right of use on a straight-line basis. Turnover fees arising under operating leases/right of use are recognized as income in the period in which they are earned. (ii) As the lessee for operating leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight-line basis over the period of the lease. (iii) As the lessee for finance leases The Group leases land and certain equipment. Leases of land and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized at the leases’ commencement at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges. The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element of the finance cost is charged to the consolidated income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The land and equipment acquired under a finance lease are depreciated over the shorter of the useful life of the asset and the lease term. Leased assets Assets acquired pursuant to finance leases that transfer to the Group substantially all the rewards and risks of ownership are accounted for as if purchased.
Dividend distributions	Dividend distributions Dividend distributions to the Company’s Shareholders are recognized as a liability in the Group’s and the Company’s financial statements in the period in which the dividends are approved by the Company’s Shareholders or directors, where appropriate.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of significant accounting policies [Abstract]
Disclosure of initial application of standards or interpretations	Effect on the consolidated income statement for the year ended December 31, 2017: For the year ended For the year ended December 31, 2017 Effects of Reclassification December 31, 2017 as previously stated IFRS 15 (Note) as restated US$ in millions Net revenues $ 7,715 $ (129 ) $ — $ 7,586 Gaming promoter/agency commissions (135 ) 127 8 — Other expenses and losses (915 ) 2 (8 ) (921 ) Effect on the consolidated income statement for the year ended December 31, 2016: For the year ended For the year ended December 31, 2016 Effects of Reclassification December 31, 2016 as previously stated IFRS 15 (Note) as restated US$ in millions Net revenues $ 6,653 $ (110 ) $ — $ 6,543 Gaming promoter/agency commissions (122 ) 115 7 — Other expenses and losses (837 ) (5 ) (7 ) (849 ) ____________________ Note: Amount represented agency commissions. As the amount was immaterial, it was reclassified to “Other expenses and losses” for the purpose of presenting the consolidated income statement. Effect on the consolidated retained earnings as of January 1, 2018 is as follows: Note US$ in millions Closing retained earnings as of December 31, 2017 - IAS 39 $ 2,864 Decrease in carrying amount of bank loan measured at amortized cost (i) 24 Opening retained earnings as of January 1, 2018 - IFRS 9 $ 2,888
Estimated useful lives of assets	Property and equipment are depreciated as follows: Leasehold interests in land classified as finance leases 50 years Leasehold improvements Shorter of lease term or 3 years Land improvements, buildings and building improvements 10–50 years Ferries 20 years Furniture, fittings and equipment 3–20 years Vehicles 5–6 years

Net Revenues (Tables)

Net Revenues (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of revenue from contracts with customers [Abstract]
Disclosure of disaggregation of revenue from contracts with customers	Revenue disaggregated by type of revenue and property is as follows: Casino Rooms Mall (ii) Food and beverage Convention, ferry, retail and other Net revenues US$ in millions Year ended December 31, 2018 The Venetian Macao $ 2,829 $ 223 $ 234 $ 81 $ 107 $ 3,474 Sands Cotai Central 1,622 331 69 102 29 2,153 The Parisian Macao 1,265 124 57 65 22 1,533 The Plaza Macao 502 39 145 29 4 719 Sands Macao 598 17 3 27 5 650 Ferry and other operations — — — — 151 151 Inter-segment revenues (i) — — (1 ) — (14 ) (15 ) $ 6,816 $ 734 $ 507 $ 304 $ 304 $ 8,665 Year ended December 31, 2017 The Venetian Macao $ 2,362 $ 179 $ 220 $ 74 $ 89 $ 2,924 Sands Cotai Central 1,433 291 63 102 27 1,916 The Parisian Macao 1,120 128 66 61 20 1,395 The Plaza Macao 391 34 131 28 3 587 Sands Macao 574 19 — 27 6 626 Ferry and other operations — — — — 153 153 Inter-segment revenues (i) — — (1 ) — (14 ) (15 ) $ 5,880 $ 651 $ 479 $ 292 $ 284 $ 7,586 Year ended December 31, 2016 The Venetian Macao $ 2,286 $ 177 $ 209 $ 75 $ 84 $ 2,831 Sands Cotai Central 1,471 267 62 99 25 1,924 The Parisian Macao 315 36 23 20 7 401 The Plaza Macao 392 36 127 26 3 584 Sands Macao 614 20 — 26 8 668 Ferry and other operations — — — — 145 145 Inter-segment revenues (i) — — (1 ) — (9 ) (10 ) $ 5,078 $ 536 $ 420 $ 246 $ 263 $ 6,543 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. (i) Inter-segment revenues are charged at prevailing market rates. (ii) Of this amount, US$436 million and US$71 million for the year ended December 31, 2018 , US$406 million and US$73 million for the year ended December 31, 2017 , US$360 million and US$60 million for the year ended December 31, 2016 are related to income from right of use and management fee and other, respectively. Income from right of use is recognized in accordance with IAS 17 Leases.
Explanation of significant changes in contract liabilities	The following table summarizes the liability activity related to contracts with customers: Outstanding Chip Liability Loyalty Program Liability Customer Deposits and Other Deferred Revenue (i) 2018 2017 2018 2017 2018 2017 US$ in millions Balance at January 1 $ 418 $ 483 $ 30 $ 45 $ 424 $ 343 Balance at December 31 514 418 33 30 497 424 Increase/(decrease) $ 96 $ (65 ) $ 3 $ (15 ) $ 73 $ 81 ____________________ (i) Of this amount, US$127 million , US$121 million and US$109 million as of December 31, 2018 , December 31, 2017 , and January 1, 2017 , respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of entity's operating segments [Abstract]
Disclosure of operating segments	The Group’s segment information is as follows: Year ended December 31, 2018 2017 2016 US$ in millions Net revenues The Venetian Macao $ 3,474 $ 2,924 $ 2,831 Sands Cotai Central 2,153 1,916 1,924 The Parisian Macao 1,533 1,395 401 The Plaza Macao 719 587 584 Sands Macao 650 626 668 Ferry and other operations 151 153 145 Inter-segment revenues (i) (15 ) (15 ) (10 ) $ 8,665 $ 7,586 $ 6,543 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. (i) Inter-segment revenues are charged at prevailing market rates. The following is a reconciliation of adjusted property EBITDA to profit for the year attributable to equity holders of the Company: Year ended December 31, 2018 2017 2016 Note US$ in millions Adjusted property EBITDA (Unaudited) (i) The Venetian Macao $ 1,378 $ 1,137 $ 1,092 Sands Cotai Central 759 633 615 The Parisian Macao 484 412 114 The Plaza Macao 262 233 221 Sands Macao 178 174 171 Ferry and other operations 18 22 31 Total adjusted property EBITDA 3,079 2,611 2,244 Share-based compensation, net of amount capitalized (ii) (13 ) (12 ) (15 ) Corporate expense (a) (125 ) (120 ) (128 ) Pre-opening expense (b) (5 ) (7 ) (127 ) Depreciation and amortization (655 ) (676 ) (611 ) Net foreign exchange gains/(losses) 4 (11 ) 1 Loss on disposal of property and equipment, investment properties and intangible assets (131 ) (12 ) (12 ) Operating profit 2,154 1,773 1,352 Interest income 20 5 3 Interest expense, net of amounts capitalized (225 ) (153 ) (86 ) Loss on modification or early retirement of debt (81 ) — (1 ) Profit before income tax 1,868 1,625 1,268 Income tax benefit/(expense) 7 (22 ) (44 ) Profit for the year attributable to equity holders $ 1,875 $ 1,603 $ 1,224 ____________________ (i) Adjusted property EBITDA, which is a non-IFRS financial measure, is profit attributable to equity holders of the Company before share-based compensation, corporate expense, pre-opening expense, depreciation and amortization, net foreign exchange gains/(losses), impairment loss, gain/(loss) on disposal of property and equipment, investment properties and intangible assets, interest, gain/(loss) on modification or early retirement of debt and income tax benefit/(expense). Management utilizes adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported adjusted property EBITDA as a supplemental performance measure to IFRS financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including the Group, have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense and corporate expense, from their adjusted property EBITDA calculations. Adjusted property EBITDA should not be interpreted as an alternative to profit or operating profit (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with IFRS. The Group has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, adjusted property EBITDA as presented by the Group may not be directly comparable to other similarly titled measures presented by other companies. (ii) Amount includes share-based compensation of US$1 million and nil , US$1 million and nil , and US$3 million and US$1 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, related to corporate expense and pre-opening expense, respectively. (a) Corporate expense Year ended December 31, 2018 2017 2016 Note US$ in millions Royalty fees 29(a)(v) $ 106 $ 98 $ 73 Management fees 29(a)(ii) 6 6 6 Employee benefit expenses 7 6 6 Other support services 3 4 7 Other expenses 3 6 36 $ 125 $ 120 $ 128 (b) Pre-opening expense Year ended December 31, 2018 2017 2016 Note US$ in millions Utilities and operating supplies $ 2 $ 2 $ 4 Employee benefit expenses 1 — 80 Contract labor and services 1 — 14 Management fees 29(a)(ii) — 1 4 Advertising and promotions — — 15 Other support services 1 3 3 Other expenses — 1 7 $ 5 $ 7 $ 127 Year ended December 31, 2018 2017 2016 US$ in millions Depreciation and amortization The Venetian Macao $ 146 $ 151 $ 165 Sands Cotai Central 274 239 294 The Parisian Macao 163 204 58 The Plaza Macao 33 36 40 Sands Macao 24 31 39 Ferry and other operations 15 15 15 $ 655 $ 676 $ 611 Year ended December 31, 2018 2017 2016 US$ in millions Capital expenditures The Venetian Macao $ 179 $ 152 $ 94 Sands Cotai Central 130 84 123 The Parisian Macao 130 204 896 The Plaza Macao 63 22 16 Sands Macao 29 10 18 Ferry and other operations 1 5 4 $ 532 $ 477 $ 1,151 December 31, 2018 2017 US$ in millions Total assets The Venetian Macao $ 3,447 $ 2,669 Sands Cotai Central 4,378 3,972 The Parisian Macao 2,489 2,531 The Plaza Macao 913 959 Sands Macao 328 288 Ferry and other operations 503 228 $ 12,058 $ 10,647

Employee Benefit Expenses (In_2

Employee Benefit Expenses (Including Directors' Emoluments) (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of employee benefits [Abstract]
Employee Benefit Expense	Year ended December 31, 2018 2017 2016 US$ in millions Wages, salaries, bonus and termination costs $ 1,096 $ 1,048 $ 984 Staff meals 55 57 54 Pension costs - defined contribution plan 38 37 35 Share-based compensation, net of amount capitalized (i) 13 12 15 Other employee benefit expenses 36 39 33 $ 1,238 $ 1,193 $ 1,121 ____________________ (i) Share-based compensation of US$1 million , nil and US$1 million was capitalized during the years ended December 31, 2018 , 2017 and 2016 , respectively . For further information related to the Company’s Equity Award Plan and LVS’ 2004 Plan, see Note 30 to the consolidated financial statements.
Directors' Emoluments	The remuneration of the Company’s Directors is as follows: Fees Salaries Discretionary bonuses (1) Pension costs Estimated money value of other benefits (2) Total US$ in thousands Year ended December 31, 2018 Executive Directors Sheldon Gary Adelson $ — $ — $ — $ — $ — $ — Wong Ying Wai (3) — 2,337 1,494 117 667 4,615 Non-Executive Directors Robert Glen Goldstein — — — — — — Charles Daniel Forman 150 — — — — 150 Independent Non-Executive Directors Chiang Yun 150 — — — — 150 Victor Patrick Hoog Antink 180 — — — — 180 Steven Zygmunt Strasser 180 — — — — 180 Kenneth Patrick Chung (6) 150 — — — — 150 Wang Sing (9) 117 — — — — 117 $ 927 $ 2,337 $ 1,494 $ 117 $ 667 $ 5,542 Fees Salaries Discretionary bonuses (1) Pension costs Estimated money value of other benefits (2) Total US$ in thousands Year ended December 31, 2017 Executive Directors Sheldon Gary Adelson $ — $ — $ — $ — $ — $ — Wong Ying Wai (3) — 2,334 1,497 116 637 4,584 Non-Executive Directors Robert Glen Goldstein — — — — — — Charles Daniel Forman 150 — — — — 150 Independent Non-Executive Directors Chiang Yun 150 — — — — 150 Victor Patrick Hoog Antink 180 — — — — 180 Steven Zygmunt Strasser 180 — — — — 180 Kenneth Patrick Chung (6) 150 — — — — 150 Wang Sing (9) 70 — — — — 70 $ 880 $ 2,334 $ 1,497 $ 116 $ 637 $ 5,464 Fees Salaries Discretionary bonuses (1) Pension costs Estimated money value of other benefits (2) Total US$ in thousands Year ended December 31, 2016 Executive Directors Sheldon Gary Adelson $ — $ — $ — $ — $ — $ — Wong Ying Wai (3) — 2,313 1,508 106 639 4,566 Toh Hup Hock (4) — 356 — 13 657 1,026 Non-Executive Directors Robert Glen Goldstein — — — — — — Charles Daniel Forman 112 — — — — 112 Michael Alan Leven (5) 34 — — — — 34 Independent Non-Executive Directors Chiang Yun 112 — — — — 112 Victor Patrick Hoog Antink 143 — — — — 143 Steven Zygmunt Strasser 134 — — — — 134 Kenneth Patrick Chung (6) 59 — — — — 59 Iain Ferguson Bruce (7) 19 — — — — 19 David Muir Turnbull (8) 24 — — — — 24 $ 637 $ 2,669 $ 1,508 $ 119 $ 1,296 $ 6,229 ____________________ (1) The discretionary bonuses are determined by reference to the individual performance of the Directors and the Chief Executive and the Group’s performance, and approved by the Remuneration Committee. (2) Other benefits mainly include share-based compensation, accommodation, meals, home leave tickets and medical insurance. (3) Wong Ying Wai, the President and Chief Operating Officer, was appointed as an Executive Director with effect from January 22, 2016. (4) Toh Hup Hock resigned as the Chief Financial Officer and Executive Vice President and an Executive Director with effect from April 15, 2016. (5) Michael Alan Leven retired as a Non-Executive Director with effect from April 12, 2016. (6) Kenneth Patrick Chung was appointed as an Independent Non-Executive Director with effect from July 15, 2016. (7) Iain Ferguson Bruce resigned as an Independent Non-Executive Director with effect from March 11, 2016. (8) David Muir Turnbull resigned as an Independent Non-Executive Director with effect from March 7, 2016. (9) Wang Sing was appointed as an Independent Non-Executive Director with effect from July 14, 2017 and resigned as an Independent Non-Executive Director with effect from October 11, 2018.
Emoluments for Non-Director Highest Paid Individuals	The emoluments payable to the remaining four individuals for the three years ended December 31, 2018 , are as follows: Year ended December 31, 2018 2017 2016 US$ in thousands Basic salaries, allowances and benefits in kind $ 5,496 $ 5,462 $ 6,206 Bonus 2,551 2,980 2,743 Pension costs 191 191 179 $ 8,238 $ 8,633 $ 9,128
Number of Non-Director Highest Paid Individuals	The emoluments of the above mentioned individuals fall within the following bands: Year ended December 31, 2018 2017 2016 Number of individuals HK$13,000,001 (approximately US$1,677,000) – HK$13,500,000 (approximately US$1,742,000) 1 1 — HK$15,500,001 (approximately US$2,000,000) – HK$16,000,000 (approximately US$2,065,000) 1 — — HK$16,000,001 (approximately US$2,065,000) – HK$16,500,000 (approximately US$2,129,000) 1 — — HK$16,500,001 (approximately US$2,129,000) – HK$17,000,000 (approximately US$2,194,000) — 1 — HK$17,000,001 (approximately US$2,194,000) – HK$17,500,000 (approximately US$2,258,000) — — 2 HK$18,000,001 (approximately US$2,323,000)– HK$18,500,000 (approximately US$2,387,000) — 1 2 HK$18,500,001 (approximately US$2,387,000) – HK$19,000,000 (approximately US$2,452,000) — 1 — HK$19,000,001 (approximately US$2,452,000) – HK$19,500,000 (approximately US$2,516,000) 1 — — 4 4 4

Other Expenses and Losses (Tabl

Other Expenses and Losses (Tables)	12 Months Ended
	Dec. 31, 2018
Other expenses and losses [Abstract]
Operating expenses 1	An analysis of the operating expenses is as follows: Year ended December 31, 2018 2017 2016 Note US$ in millions Gaming tax $ 3,430 $ 2,925 $ 2,527 Employee benefit expenses 1,238 1,193 1,121 Depreciation and amortization 655 676 611 Inventories consumed 99 98 83 Other expenses and losses (i) 1,089 921 849 Operating expenses $ 6,511 $ 5,813 $ 5,191 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation. (i) Analysis of other expenses and losses is as follows: Year ended December 31, 2018 2017 2016 Note US$ in millions Utilities and operating supplies $ 207 $ 200 $ 175 Contract labor and services 151 141 127 Loss on disposal of property and equipment, investment properties and intangible assets (i) 131 12 12 Advertising and promotions 124 116 104 Royalty fees 112 103 78 Repairs and maintenance 93 83 64 Management fees 29(a)(ii) 50 42 46 Operating lease expense 15 30 28 Provision for expected credit losses, net 9 — — Provision for doubtful accounts, net — 4 18 Auditor’s remuneration 2 2 2 Net foreign exchange (gains)/losses (4 ) 11 (1 ) Other support services 100 111 101 Other operating expenses 99 66 95 $ 1,089 $ 921 $ 849 ____________________ (i) The loss for the year ended December 31, 2018 consisted primarily of US$128 million of assets disposed of related to the Four Seasons Tower Suites Macao project.
Operating expenses 2	The operating expenses can also be analyzed as follows: Year ended December 31, 2018 2017 2016 US$ in millions Casino $ 4,216 $ 3,646 $ 3,165 Rooms 185 176 143 Mall 53 53 41 Food and beverage 252 241 201 Convention, ferry, retail and other 212 209 188 Provision for expected credit losses, net 9 — — Provision for doubtful accounts, net — 4 18 General and administrative expense 672 657 554 Corporate expense 125 121 131 Pre-opening expense 5 7 128 Depreciation and amortization 655 676 611 Net foreign exchange (gains)/losses (4 ) 11 (1 ) Loss on disposal of property and equipment, investment properties and intangible assets 131 12 12 Operating expenses $ 6,511 $ 5,813 $ 5,191 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Interest Expense, Net of Amou_2

Interest Expense, Net of Amounts Capitalized (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of interest expense [Abstract]
Interest expense	Year ended December 31, 2018 2017 2016 US$ in millions Senior Notes $ 103 $ — $ — Bank borrowings 85 117 84 Amortization of deferred financing costs 22 21 21 Finance lease liabilities 8 7 6 Standby fee and other financing costs 11 10 9 229 155 120 Less: interest capitalized (4 ) (2 ) (34 ) Interest expense, net of amounts capitalized $ 225 $ 153 $ 86

Income Tax Expense_(Benefit) (T

Income Tax Expense/(Benefit) (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of income tax [Abstract]
Components of income tax expense	Year ended December 31, 2018 2017 2016 US$ in millions Current income tax Lump sum in lieu of Macao complementary tax on dividends $ 5 $ 5 $ 5 Other overseas taxes — 1 — Deferred income tax expense/(benefit) (12 ) 16 39 Income tax expense/(benefit) $ (7 ) $ 22 $ 44
Effective income tax rate reconciliation	The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the domestic tax rates applicable to profits of the consolidated entities in the respective jurisdictions as follows: Year ended December 31, 2018 2017 2016 US$ in millions Profit before income tax $ 1,868 $ 1,625 $ 1,268 Tax calculated at domestic rates applicable to profits in the respective jurisdictions 238 208 161 Tax effects of : Income not subject to tax (i) (905 ) (837 ) (720 ) Expenses not deductible for tax purposes (i), (ii) 574 549 483 Amortization of pre-opening expenses previously not recognized (3 ) (9 ) (8 ) Pre-opening expenses for which no deferred income tax assets were recognized — — 9 Origination and reversal of temporary difference, net 4 20 32 Tax losses for which no deferred income tax assets were recognized 80 87 83 Lump sum in lieu of Macao complementary tax of dividends 5 5 5 Other — (1 ) (1 ) Income tax (benefit)/expense $ (7 ) $ 22 $ 44 ____________________ (i) For the three years ended December 31, 2018 , VML was exempt from Macao complementary tax on its gaming activities (see also Note 9(a)). In addition, lease/right of use income recorded in VML, Venetian Cotai Limited (“VCL”) and Venetian Orient Limited (“VOL”) were subject to property tax (Note (ii)), and should, therefore, also be excluded from Macao complementary tax calculations. Accordingly, casino revenues and lease/right of use income and their corresponding expenses incurred were presented as “Income not subject to tax” and “Expenses not deductible for tax purposes”, respectively, in the calculations above. Additionally, for the three years ended December 31, 2018 , the Company received dividend income from a subsidiary. The dividend income is not subject to Hong Kong profits tax. (ii) Lease/right of use income recorded in VML, VCL and VOL are exempt from property tax for the first four and six years for the newly constructed buildings in Macao and on Cotai, respectively, pursuant to Article 9(1)(a) of Lei no. 19/78/M. If the buildings in Macao and on Cotai also qualify for Tourism Utility Status, the property tax exemption can be extended by another four and six years, respectively, pursuant to Article 15(a) of Lei no. 81/89/M. The exemption for the Sands Macao expired in August 2012 and that for The Venetian Macao, The Plaza Macao and The Parisian Macao will be expiring in August 2019, August 2020 and September 2028, respectively. Regarding Sands Cotai Central, the procedures for registration at the tax department are in progress and the exact date of expiration of the exemption cannot be determined at this stage.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
Earnings Per Share	The calculation of basic and diluted earnings per share is based on the following: Year ended December 31, 2018 2017 2016 Profit attributable to equity holders of the Company $ 1,875 $ 1,603 $ 1,224 Weighted average number of shares for basic earnings per share (thousand shares) 8,078,946 8,072,709 8,070,042 Adjustments for share options and restricted share units 7,328 4,544 1,609 Weighted average number of shares for diluted earnings per share (thousand shares) 8,086,274 8,077,253 8,071,651 Earnings per share, basic US23.21 cents US19.86 cents US15.17 cents Earnings per share, basic (i) HK181.75 cents HK155.22 cents HK117.65 cents Earnings per share, diluted US23.19 cents US19.85 cents US15.17 cents Earnings per share, diluted (i) HK181.59 cents HK155.14 cents HK117.65 cents ____________________ (i) The translation of US$ amounts into HK$ amounts has been made at the exchange rate on December 31, 2018 , 2017 and 2016 of US$1.00 to HK$7.8306 , US$1.00 to HK$7.8157 and US$1.00 to HK$7.7555 , respectively.

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of dividends [Abstract]
Disclosure of dividends	Year ended December 31, 2018 2017 2016 US$ in millions 2018 interim dividend of HK$0.99 (equivalent to US$0.127) per ordinary share declared on January 18, 2019 and paid $ 1,023 $ — $ — 2018 final dividend of HK$1.00 (equivalent to US$0.127) per ordinary share declared on March 15, 2019 1,033 — — 2017 interim dividend of HK$0.99 (equivalent to US$0.127) per ordinary share declared on January 19, 2018 and paid — 1,023 — 2017 final dividend of HK$1.00 (equivalent to US$0.127) per ordinary share declared on May 25, 2018 and paid — 1,030 — 2016 interim dividend of HK$0.99 (equivalent to US$0.128) per ordinary share declared on January 20, 2017 and paid — — 1,030 2016 final dividend of HK$1.00 (equivalent to US$0.129) per ordinary share declared on May 26, 2017 and paid — — 1,039 $ 2,056 $ 2,053 $ 2,069

Investment Properties, Net (Tab

Investment Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about investment property [abstract]
Disclosure of detailed information about investment property	Completed Under development Total US$ in millions At January 1, 2017 Cost $ 1,353 $ 243 $ 1,596 Accumulated depreciation (274 ) — (274 ) At January 1, 2017 $ 1,079 $ 243 $ 1,322 Year ended December 31, 2017 Opening net book amount $ 1,079 $ 243 $ 1,322 Additions 48 — 48 Adjustments arising from change in lease term of leasehold interests in land 2 — 2 Adjustments to project costs (8 ) — (8 ) Transfers 241 (241 ) — Depreciation (44 ) — (44 ) Exchange difference (7 ) (2 ) (9 ) Closing net book amount $ 1,311 $ — $ 1,311 At December 31, 2017 Cost $ 1,626 $ — $ 1,626 Accumulated depreciation (315 ) — (315 ) At December 31, 2017 $ 1,311 $ — $ 1,311 Year ended December 31, 2018 Opening net book amount $ 1,311 $ — $ 1,311 Additions 62 — 62 Adjustments to project costs 5 — 5 Disposals (92 ) — (92 ) Transfers (609 ) — (609 ) Depreciation (45 ) — (45 ) Exchange difference (3 ) — (3 ) Closing net book amount $ 629 $ — $ 629 At December 31, 2018 Cost $ 988 $ — $ 988 Accumulated depreciation (359 ) — (359 ) At December 31, 2018 $ 629 $ — $ 629
Fair value of investment properties	Valuations were based on income and an open market value approach for all completed properties (except for the apart-hotel tower at The Londoner Macao as at December 31, 2017) as follows: December 31, 2018 2017 (i) US$ in millions Fair value of the investment properties $ 8,243 $ 9,248 ____________________ (i) Amount includes US$1,488 million related to the Four Seasons Tower Suites Macao.
Disclosure of income statement amounts related to investment properties	The following amounts have been recognized in the consolidated income statement: Year ended December 31, 2018 2017 2016 US$ in millions Mall income $ 507 $ 479 $ 420 Direct operating expenses arising from investment properties that generate right of use income $ 51 $ 55 $ 43 Direct operating expenses that did not generate right of use income $ 5 $ 2 $ 1

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	The movements of property and equipment for the year are as follows: Leasehold interests in land Land improvements Buildings and building improvements Leasehold improvements Vehicles Ferries Furniture, fittings & equipment Construction- in-progress Total US$ in millions At January 1, 2017 Cost $ 584 $ 338 $ 8,485 $ 8 $ 40 $ 251 $ 1,644 $ 132 $ 11,482 Accumulated depreciation (97 ) (123 ) (1,924 ) (7 ) (28 ) (104 ) (1,088 ) — (3,371 ) At January 1, 2017 $ 487 $ 215 $ 6,561 $ 1 $ 12 $ 147 $ 556 $ 132 $ 8,111 Year ended December 31, 2017 Opening net book amount $ 487 $ 215 $ 6,561 $ 1 $ 12 $ 147 $ 556 $ 132 $ 8,111 Additions — 1 — 1 — — 52 214 268 Adjustments arising from change in lease term of leasehold interests in land 13 — — — — — — — 13 Adjustments to project costs (1 ) 39 (40 ) — — — (5 ) 4 (3 ) Disposals — (7 ) (4 ) — — — (4 ) (10 ) (25 ) Transfers — 16 147 — — — 82 (245 ) — Depreciation (14 ) (16 ) (407 ) (1 ) (4 ) (13 ) (167 ) — (622 ) Exchange difference — (1 ) (48 ) — — — (4 ) (2 ) (55 ) Closing net book amount $ 485 $ 247 $ 6,209 $ 1 $ 8 $ 134 $ 510 $ 93 $ 7,687 At December 31, 2017 Cost $ 596 $ 381 $ 8,510 $ 7 $ 40 $ 251 $ 1,724 $ 93 $ 11,602 Accumulated depreciation (111 ) (134 ) (2,301 ) (6 ) (32 ) (117 ) (1,214 ) — (3,915 ) At December 31, 2017 $ 485 $ 247 $ 6,209 $ 1 $ 8 $ 134 $ 510 $ 93 $ 7,687 Year ended December 31, 2018 Opening net book amount $ 485 $ 247 $ 6,209 $ 1 $ 8 $ 134 $ 510 $ 93 $ 7,687 Additions 10 1 2 — 3 — 98 385 499 Adjustments to project costs — — (5 ) — — — 3 (6 ) (8 ) Disposals — (4 ) (34 ) — — — (4 ) (1 ) (43 ) Transfers 69 13 725 — — — 114 (312 ) 609 Depreciation (12 ) (14 ) (421 ) — (4 ) (12 ) (135 ) — (598 ) Exchange difference — — (11 ) — — — (1 ) — (12 ) Closing net book amount $ 552 $ 243 $ 6,465 $ 1 $ 7 $ 122 $ 585 $ 159 $ 8,134 At December 31, 2018 Cost $ 675 $ 389 $ 9,161 $ 7 $ 43 $ 251 $ 1,904 $ 159 $ 12,589 Accumulated depreciation (123 ) (146 ) (2,696 ) (6 ) (36 ) (129 ) (1,319 ) — (4,455 ) At December 31, 2018 $ 552 $ 243 $ 6,465 $ 1 $ 7 $ 122 $ 585 $ 159 $ 8,134
Equipment under finance leases	Equipment includes the following amounts where the Group is the lessee under finance leases: December 31, 2018 2017 US$ in millions Cost $ 14 $ 16 Accumulated depreciation (10 ) (10 ) Net book amount $ 4 $ 6

Financial Instruments by Cate_2

Financial Instruments by Category (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about financial instruments [abstract]
Disclosure of financial assets	December 31, 2018 2017 Note US$ in millions Financial assets Amortized cost: Trade and other receivables, net 17 $ 427 $ 249 Restricted cash and cash equivalents 18 13 11 Cash and cash equivalents 20 2,676 1,239 Deposits 3 3 FVTPL: Interest rate swaps 25 15 — Total $ 3,134 $ 1,502
Disclosure of financial liabilities	December 31, 2018 2017 Financial liabilities Note US$ in millions Amortized cost: Trade and other payables 23 $ 1,635 $ 1,272 Borrowings 24 5,562 4,412 Total $ 7,197 $ 5,684

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about intangible assets [abstract]
Disclosure of intangible assets	Computer software US$ in millions At January 1, 2017 Cost $ 79 Accumulated amortization (44 ) At January 1, 2017 $ 35 Year ended December 31, 2017 Opening net book amount $ 35 Additions 9 Amortization (10 ) Closing net book amount $ 34 At December 31, 2017 Cost $ 88 Accumulated amortization (54 ) At December 31, 2017 $ 34 Year ended December 31, 2018 Opening net book amount $ 34 Additions 24 Amortization (12 ) Closing net book amount $ 46 At December 31, 2018 Cost $ 112 Accumulated amortization (66 ) At December 31, 2018 $ 46

Deferred Income Tax Liabiliti_2

Deferred Income Tax Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Changes in deferred tax liability (asset) [abstract]
Movements of deferred tax liabilities	The movements of the deferred tax liabilities are as follows: Accelerated depreciation allowance Tax losses Total US$ in millions At January 1, 2017 $ (68 ) $ 21 $ (47 ) Credit/(charge) for the year 5 (21 ) (16 ) Currency translation differences 1 — 1 At December 31, 2017 (62 ) — (62 ) Credit for the year 12 — 12 At December 31, 2018 $ (50 ) $ — $ (50 )
Unrecognized deferred tax assets	The unrecognized deferred income tax assets in respect of losses that can be carried forward against future taxable income and pre-opening expenses are as follows: December 31, 2018 2017 US$ in millions Arising from unused tax losses $ 270 $ 263 Arising from pre-opening expenses 6 9 $ 276 $ 272

Trade and Other Receivables a_2

Trade and Other Receivables and Prepayments, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and other receivables [abstract]
Disclosure of detailed information about trade and other receivables and prepayments	December 31, 2018 2017 Note US$ in millions Trade receivables $ 461 $ 348 Less: provision for credit losses (94 ) (111 ) Trade receivables, net (a) 367 237 Other receivables 60 12 Prepayments 56 36 Deferred rent 81 77 Less: amortization of deferred rent (46 ) (43 ) provision for doubtful deferred rent (4 ) (3 ) Prepayments, net 87 67 Trade and other receivables and prepayments, net 514 316 Less: non-current portion: prepayments (18 ) (4 ) deferred rent (19 ) (19 ) (37 ) (23 ) Current portion $ 477 $ 293
Trade and other receivables by currency	The trade and other receivables, net of provision for credit losses, are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ 341 $ 210 MOP 29 37 US$ 57 2 $ 427 $ 249
Trade receivables aging	The aging analysis of trade receivables, net of provision for credit losses, is as follows: December 31, 2018 2017 US$ in millions 0 - 30 days $ 236 $ 171 31 - 60 days 39 32 61 - 90 days 28 21 Over 90 days 64 13 $ 367 $ 237
Exposure to credit risk for trade receivables	The following table provides information about the exposure to credit risk for trade receivables which are assessed based on the provision matrix as at December 31, 2018 , within lifetime ECL. Trade receivables US$ in millions Provision matrix - debtors’ aging Average loss rate Current (not past due) — $ 86 Past due 1-90 days 2% - 10% 102 Past due 91-360 days 15% - 25% 56 Past due over 360 days 50% - 100% 50 $ 294
Movements of lifetime expected credit losses	The following table shows the movement in lifetime ECL that has been recognized for trade receivables under the simplified approach. Year ended December 31, 2018 US$ in millions At beginning of year $ 111 Provision for expected credit losses, net 7 Amounts written-off (24 ) At end of year $ 94
Analysis of age of financial assets that are past due but not impaired	The aging analysis of these trade receivables that were past due but not impaired based on the original terms is as follows: Year ended December 31, 2017 US$ in millions Past due 1 - 30 days $ 34 Past due 31 - 60 days 21 Past due 61 - 90 days 4 Past due over 90 days 15 $ 74
Analysis of age of financial assets that are past due and impaired	The aging of these past due receivables is as follows: December 31, 2017 US$ in millions Past due 1 - 30 days $ 1 Past due 31 - 60 days 14 Past due 61 - 90 days 6 Past due over 90 days 115 $ 136
Movements of provision of doubtful trade receivables	Movements of provision of doubtful trade receivables for the year ended December 31, 2017 are as follows: December 31, 2017 US$ in millions At beginning of year $ 169 Provision for doubtful account, net 1 Amounts written-off (58 ) Exchange difference (1 ) At end of year $ 111

Restricted Cash and Cash Equi_2

Restricted Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2018
Restricted cash and cash equivalents [Abstract]
Disclosure of detailed information about restricted cash and cash equivalents	December 31, 2018 2017 US$ in millions Cash at bank $ 2 $ 2 Short-term bank deposit 11 9 $ 13 $ 11

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Classes of current inventories [abstract]
Disclosure of detailed information about inventories	December 31, 2018 2017 US$ in millions Food and beverage $ 9 $ 8 Retail products 2 3 Ferry parts 1 2 General operating supplies and other 2 2 $ 14 $ 15

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2018
Cash and cash equivalents [abstract]
Disclosure of detailed information about cash and cash equivalents	December 31, 2018 2017 US$ in millions Cash at bank and on hand $ 503 $ 512 Short-term bank deposits 2,173 727 $ 2,676 $ 1,239
Cash and cash equivalents by currency	The cash and cash equivalents are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ 1,497 $ 1,134 US$ 1,066 18 MOP 82 69 Japanese Yen 13 6 Singapore dollar 10 6 RMB 8 6 $ 2,676 $ 1,239

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
Disclosure of detailed information about classes of share capital	Ordinary shares of US$0.01 each US$ in millions Authorized At January 1, 2016, December 31, 2016, 16,000,000,000 $ 160 Issued and fully paid: At January 1, 2016 8,069,300,845 $ 81 Shares issued upon exercise of share options 1,829,400 — At December 31, 2016 8,071,130,245 81 Shares issued upon exercise of share options 3,287,521 — At December 31, 2017 8,074,417,766 81 Shares issued upon exercise of share options 6,185,925 — At December 31, 2018 8,080,603,691 $ 81

Trade and Other Payables (Table

Trade and Other Payables (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and other payables [abstract]
Disclosure of detailed information about trade and other payables	December 31, 2018 2017 Note US$ in millions Trade payables $ 33 $ 40 Outstanding chip liability 4 514 418 Customer deposits and other deferred revenue 4 497 424 Other tax payables 325 286 Accrued employee benefit expenses 155 137 Construction payables and accruals 147 111 Interest payables 125 5 Casino liabilities 67 50 Loyalty program liability 4 33 30 Payables to related companies - non-trade 29(b) 9 5 Other payables and accruals 127 123 2,032 1,629 Less: non-current portion (104 ) (92 ) Current portion $ 1,928 $ 1,537 ____________________ Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
Trade and other payables by currency	The monetary trade and other payables are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ 997 $ 805 MOP 483 435 US$ 145 30 Other currencies 10 2 $ 1,635 $ 1,272
Trade payables aging	The aging analysis of trade payables based on invoice date is as follows: December 31, 2018 2017 US$ in millions 0-30 days $ 27 $ 29 31-60 days 3 5 61-90 days 2 3 Over 90 days 1 3 $ 33 $ 40

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about borrowings [abstract]
Disclosure of detailed information about borrowings	December 31, 2018 2017 Note US$ in millions Non-current portion Senior Notes, unsecured $ 5,515 $ — Bank loans, secured — 4,301 Finance lease liabilities on leasehold interests in land, secured 26 122 127 Other finance lease liabilities, secured 26 3 3 5,640 4,431 Less: deferred financing costs (88 ) (73 ) 5,552 4,358 Current portion Bank loans, secured — 47 Finance lease liabilities on leasehold interests in land, secured 26 8 5 Other finance lease liabilities, secured 26 2 2 10 54 Total borrowings $ 5,562 $ 4,412
Borrowings by currency	The Group’s borrowings are denominated in the following currencies: December 31, 2018 2017 US$ in millions HK$ $ — $ 1,944 US$ 5,427 1,696 MOP 135 772 $ 5,562 $ 4,412
Bank loans by maturity	The contractual maturities of bank loans are as follows: December 31, 2018 2017 US$ in millions Repayable within 1 year $ — $ 47 Repayable over 1 year but not exceeding 2 years — 110 Repayable over 2 years but not exceeding 5 years — 4,191 $ — $ 4,348
Senior notes by maturity	The contractual maturities of Senior Notes are as follows: December 31, 2018 2017 US$ in millions Repayable over 2 years but not exceeding 5 years $ 1,800 $ — Repayable over 5 years 3,700 — 5,500 — Fair value adjustment of the interest rate swaps 15 — $ 5,515 $ —
Disclosure of reconciliation of liabilities arising from financing activities	The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non- cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. Non-cash changes Balance at January 1, 2018 Financing cash flows (i) Accruals Amortization Foreign exchange movement Adjustment arising from adoption of IFRS 9 Loss on modification or early retirement of debt Fair value adjustment of the interest rate swaps Balance at December 31, 2018 US$ in millions Senior notes $ — $ 5,500 $ — $ — $ — $ — $ — $ 15 $ 5,515 Bank loans 4,348 (4,337 ) — — (11 ) — — — — Finance lease liabilities on leasehold interests in land 132 (13 ) 11 — — — — — 130 Other finance lease liabilities 5 (2 ) 2 — — — — — 5 Deferred financing costs (73 ) (90 ) (2 ) 22 — (24 ) 79 — (88 ) Interest payables 5 (128 ) 248 — — — — — 125 Dividend payables — (2,052 ) 2,053 — (1 ) — — — — $ 4,417 $ (1,122 ) $ 2,312 $ 22 $ (12 ) $ (24 ) $ 79 $ 15 $ 5,687 Non-cash changes Balance at January 1, 2017 Financing cash flows (i) Accruals Amortization Foreign exchange movement True-up adjustment Adjustment arising from change in lease term of leasehold interests in land Balance at December 31, 2017 US$ in millions Bank loans $ 4,388 $ (19 ) $ — $ — $ (21 ) $ — $ — $ 4,348 Finance lease liabilities on leasehold interests in land 72 (2 ) — — — (1 ) 63 132 Other finance lease liabilities 8 (3 ) — — — — — 5 Deferred financing costs (94 ) — — 21 — — — (73 ) Interest payables 47 (128 ) 134 — — — (48 ) 5 Dividend payables — (2,067 ) 2,069 — (2 ) — — — $ 4,421 $ (2,219 ) $ 2,203 $ 21 $ (23 ) $ (1 ) $ 15 $ 4,417 ____________________ (i) The cash flows from bank loans make up the net amount of proceeds from bank loans and repayments of bank loans in the statement of cash flows.

Finance Lease Liabilities (Tabl

Finance Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Lease liabilities [abstract]
Minimum lease payments and present value of the minimum lease payments under finance lease obligations for land	The future minimum lease payments (including interest) and the present value of the minimum lease payments under finance lease obligations for land are as follows: December 31, 2018 2017 US$ in millions Minimum finance lease payments: No later than 1 year $ 8 $ 5 Later than 1 year and no later than 2 years 5 5 Later than 2 years and no later than 5 years 16 16 Later than 5 years 312 318 341 344 Future finance charges on finance lease obligations (211 ) (212 ) Present value of finance lease liabilities $ 130 $ 132 Present value of minimum finance lease payments: No later than 1 year $ 8 $ 5 Later than 1 year and no later than 2 years 5 5 Later than 2 years and no later than 5 years 12 13 Later than 5 years 105 109 $ 130 $ 132
Minimum lease payments and present value of the minimum lease payments under finance lease obligations for equipment	The future minimum lease payments (including interest) and the present value of the minimum lease payments under finance lease obligations for equipment are as follows: December 31, 2018 2017 US$ in millions Minimum finance lease payments: No later than 1 year $ 2 $ 2 Later than 1 year and no later than 2 years 2 1 Later than 2 years and no later than 5 years 1 2 $ 5 $ 5 Present value of minimum finance lease payments: No later than 1 year $ 2 $ 2 Later than 1 year and no later than 2 years 2 1 Later than 2 years and no later than 5 years 1 2 $ 5 $ 5

Note to Consolidated Statemen_2

Note to Consolidated Statement of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2018
Statement of cash flows [abstract]
Cash generated from operations	Cash generated from operations is as follows: Year ended December 31, 2018 2017 2016 US$ in millions Profit before income tax $ 1,868 $ 1,625 $ 1,268 Adjustments for: Interest income (20 ) (5 ) (3 ) Interest and other finance costs 203 132 65 Depreciation and amortization 655 676 611 Amortization of deferred financing costs 22 21 21 Amortization of deferred rent 15 15 10 Amortization of other assets 3 3 3 Loss on disposal of property and equipment, investment properties and intangible assets 131 12 12 Loss on modification or early retirement of debt 81 — 1 Provision for expected credit losses, net 9 — — Provision for doubtful accounts, net — 4 18 Share-based compensation, net of amount capitalized 13 12 14 Net foreign exchange (gains)/losses (5 ) 11 1 Changes in working capital: Other assets (1 ) (1 ) (8 ) Inventories 1 (1 ) (2 ) Trade and other receivables and prepayments (180 ) 37 120 Trade and other payables 260 91 221 Cash generated from operations $ 3,055 $ 2,632 $ 2,352

Operating Lease Arrangements,_2

Operating Lease Arrangements, Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Operating lease arrangements, commitments and contingencies [Abstract]
Future minimum lease payments	The Group had future aggregate minimum lease payments under non-cancelable operating leases for property and equipment as follows: December 31, 2018 2017 US$ in millions No later than 1 year $ 5 $ 4 Later than 1 year and no later than 5 years 2 2 $ 7 $ 6
Future minimum lease receivables	The future aggregate minimum lease/base fee receivables under non-cancelable agreements are as follows: December 31, 2018 2017 US$ in millions No later than 1 year $ 331 $ 344 Later than 1 year and no later than 5 years 602 727 Later than 5 years 59 52 $ 992 $ 1,123
Capital commitments	Property and equipment commitments not provided for are as follows: December 31, 2018 2017 US$ in millions Contracted but not provided for $ 507 $ 201

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of transactions between related parties [abstract]
Disclosure of transactions between related parties	Management fee expense disclosed below can be reconciled to the management fees as disclosed in Note 5(a), Note 5(b) and Note 7(a)(i) as follows: Year ended December 31, 2018 2017 2016 Note US$ in millions Total management fees disclosed in “Related party transactions” $ 27 $ 20 $ 26 Less: amounts capitalized as “Construction-in-progress” — — (1 ) Net amounts expensed in the consolidated income statement $ 27 $ 20 $ 25 Represented by management fees presented within: Segment information - Corporate expense 5(a) $ 6 $ 6 $ 6 Segment information - Pre-opening expense 5(b) — 1 4 Other operating and administrative departments 21 13 15 $ 27 $ 20 $ 25 Reconciled to management fees presented with “Other expenses and losses” as below: Net management fees charged by related parties and expensed through the consolidated income statement $ 27 $ 20 $ 25 Management fees charged by third parties 23 22 21 Total management fees expensed 7(a)(i) $ 50 $ 42 $ 46 Management fee income Year ended December 31, 2018 2017 2016 US$ in millions LVS $ 1 $ 1 $ 1 Intermediate holding companies — 1 2 Fellow subsidiaries 4 3 3 $ 5 $ 5 $ 6 Management fee expense Year ended December 31, 2018 2017 2016 US$ in millions LVS $ 20 $ 14 $ 16 Fellow subsidiaries 7 6 10 $ 27 $ 20 $ 26
Related party balances	Year-end balances between the Group and related companies December 31, 2018 2017 Note US$ in millions Payables to related companies: LVS $ 4 $ 2 Intermediate holding company 4 3 Fellow subsidiaries 1 — 23 $ 9 $ 5

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of share-based payment arrangements [Abstract]
Summary of share option activity	A summary of the share option activity for the Company’s Equity Award Plan is presented below: Year ended December 31, 2018 2017 2016 Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Outstanding at January 1 48,252 $ 4.39 38,185 $ 4.48 25,474 $ 5.17 Granted 18,873 5.62 17,364 4.23 18,407 3.56 Exercised (6,186 ) 3.74 (3,287 ) 3.61 (1,829 ) 3.06 Forfeited (3,557 ) 5.24 (4,010 ) 5.20 (3,867 ) 5.38 Outstanding at December 31 57,382 $ 4.81 48,252 $ 4.39 38,185 $ 4.48 Exercisable at December 31 18,152 $ 5.00 14,608 $ 5.02 11,285 $ 5.07 A summary of the share option activity for the 2004 Plan operated by LVS is presented below: Year ended December 31, 2018 2017 2016 Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Number of options ’000 Weighted average exercise price US$ Outstanding at January 1 198 $ 72.83 357 $ 71.20 547 $ 70.33 Granted 23 77.44 34 63.13 — — Exercised (62 ) 66.18 (34 ) 51.09 (3 ) 36.55 Transfer-out (i) — — (12 ) 22.90 (47 ) 59.51 Expired (102 ) 80.08 (147 ) 75.93 (140 ) 72.51 Outstanding at December 31 57 $ 69.00 198 $ 72.83 357 $ 71.20 Exercisable at December 31 11 $ 63.13 164 $ 74.83 335 $ 71.63 ____________________ (i) Transfer-in and transfer-out represent movement of options owned by grantees who transferred from other subsidiaries of LVS to the Group, or vice versa.
Disclosure of range of exercise prices of outstanding share options	The range of exercise prices and the weighted average remaining contractual life of the above share options outstanding as at the dates indicated are as follows: December 31, 2018 2017 2016 Range of exercise prices Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life US$ ‘000 (years) ‘000 (years) ‘000 (years) 1.01 - 2.00 811 1.29 893 2.30 893 3.30 2.01 - 3.00 283 2.80 470 3.74 1,085 4.67 3.01 - 4.00 14,805 6.94 19,311 7.79 22,624 8.75 4.01 - 5.00 18,673 8.00 20,108 8.76 4,715 7.62 5.01 - 6.00 15,991 9.01 592 5.82 592 6.82 6.01 - 7.00 2,227 7.26 1,868 6.56 2,006 7.55 7.01 - 8.00 2,554 5.29 2,972 6.28 3,637 7.27 8.01 - 9.00 2,038 5.21 2,038 6.21 2,633 7.21 57,382 7.64 48,252 7.82 38,185 8.03 The range of exercise prices and the weighted average remaining contractual life of the above share options outstanding as at the dates indicated are as follows: December 31, 2018 2017 2016 Range of exercise prices Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life Number of options outstanding Weighted average remaining contractual life US$ ‘000 (years) ‘000 (years) ‘000 (years) 20.01 - 30.00 — 0.00 — 0.00 24 3.38 60.01 - 70.00 34 8.81 96 3.62 102 2.90 70.01 - 80.00 23 9.07 — 0.00 103 0.37 80.01 - 90.00 — 0.00 102 0.22 118 1.22 90.01 - 100.00 — 0.00 — 0.00 5 0.65 110.01 - 120.00 — 0.00 — 0.00 5 0.86 57 8.92 198 1.87 357 1.59
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period	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, 2018 2017 2016 Expected volatility 36.0 % 36.9 % 40.8 % Expected life (years) 4.7 4.4 4.4 Risk-free annual interest rate 1.7 % 1.3 % 1.2 % Expected dividends 5.8 % 6.6 % 5.5 % Weighted average share price at the date of grant (US$) $ 5.58 $ 4.23 $ 3.50 Weighted average exercise price (US$) $ 5.62 $ 4.23 $ 3.56 Weighted average fair value of each share option granted by the $ 1.01 $ 0.71 $ 0.73 The fair value of each option grant under the 2004 Plan was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: Year ended December 31, 2018 2017 2016 Expected volatility 25.0 % 25.4 % — % Expected life (years) 5.5 5.0 0.0 Risk-free annual interest rate 2.5 % 2.0 % — % Dividend yield 3.9 % 4.6 % — % Weighted average share price (US$) $ 77.44 $ 63.13 $ — Weighted average exercise price (US$) $ 77.44 $ 63.13 $ — Weighted average fair value of each share option granted by LVS (US$) $ 12.67 $ 8.82 $ —
Summary of restricted share units activity	Summaries of the unvested restricted share units under the Company’s Equity Award Plan are presented below: Year ended December 31, 2018 2017 2016 Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Equity-settled Unvested at January 1 — $ — 852 $ 7.51 1,402 $ 7.29 Granted — — — — — — Modified to cash-settled — — (852 ) 7.51 (284 ) 7.13 Forfeited — — — — (266 ) 6.76 Unvested at December 31 — $ — — $ — 852 $ 7.51 Year ended December 31, 2018 2017 2016 Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Number of restricted share units Weighted average grant date fair value US$ Cash-settled Unvested at January 1 852 $ 7.51 236 $ 7.13 798 $ 5.89 Modified from equity-settled — — 852 7.51 284 7.13 Vested (852 ) 7.51 (236 ) 7.13 (846 ) 5.96 Unvested at December 31 — $ — 852 $ 7.51 236 $ 7.13 A summary of the unvested restricted shares and units under the 2004 Plan operated by LVS is presented below: Year ended December 31, 2018 2017 2016 Number of restricted shares and units Weighted average grant date fair value US$ Number of restricted shares and units Weighted average grant date fair value US$ Number of restricted shares and units Weighted average grant date fair value US$ Unvested at January 1 — $ — 35 $ 64.78 46 $ 62.73 Granted — — — — — — Vested — — (35 ) 64.78 (11 ) 56.07 Unvested at December 31 — $ — — $ — 35 $ 64.78

Financial Risk Management (Tabl

Financial Risk Management (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of financial risk management [Abstract]
Disclosure of maturity analysis for financial liabilities	The Group’s financial liabilities, based on the contractual undiscounted cash flows are as follows: Within the first year In the second year In the third to fifth year Over the fifth year Total US$ in millions At December 31, 2018 Senior Notes principal $ — $ — $ 1,800 $ 3,700 $ 5,500 Senior Notes interest 277 277 833 698 2,085 Finance lease liabilities on leasehold interests in land 8 5 16 312 341 Other finance lease liabilities 2 2 1 — 5 Trade and other payables 1,546 22 55 12 1,635 At December 31, 2017 Bank borrowings $ 182 $ 243 $ 4,440 $ — $ 4,865 Finance lease liabilities on leasehold interests in land 5 5 16 318 344 Other finance lease liabilities 2 1 2 — 5 Trade and other payables 1,196 26 47 3 1,272
Disclosure of capital risk management	December 31, 2018 2017 US$ in millions Interest bearing borrowings, net of deferred financing costs $ 5,427 $ 4,275 Less: cash and cash equivalents (2,676 ) (1,239 ) restricted cash and cash equivalents (13 ) (11 ) Net debt 2,738 3,025 Total equity 4,409 4,538 Total capital $ 7,147 $ 7,563 Gearing ratio 38.3 % 40.0 %

Company Balance Sheet (Tables)

Company Balance Sheet (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of separate financial statements [Abstract]
Company balance sheet	December 31, 2018 2017 Note US$ in millions ASSETS Non-current assets Interests in subsidiaries $ 1,951 $ 1,811 Note receivable from a subsidiary 5,239 — Other receivables and prepayments 54 — Total non-current assets 7,244 1,811 Current assets Other receivables and prepayments 64 14 Cash and cash equivalents 279 47 Total current assets 343 61 Total assets $ 7,587 $ 1,872 EQUITY Capital and reserves attributable to equity holders of the Company Share capital $ 81 $ 81 Reserves (a) 1,954 1,782 Total equity 2,035 1,863 LIABILITIES Non-current liability Borrowings 5,427 — Total non-current liability 5,427 — Current liability Other payables 125 9 Total current liability 125 9 Total liabilities 5,552 9 Total equity and liabilities $ 7,587 $ 1,872 Net current assets $ 218 $ 52 Total assets less current liability $ 7,462 $ 1,863
Company movement of reserves	The movements of reserves during the year are as follows Capital reserve Share premium Share-based compensation reserves Currency translation reserve Retained earnings Total US$ in millions Balance at January 1, 2016 $ 106 $ 1,403 $ 44 $ (1 ) $ 135 $ 1,687 Profit for the year — — — — 2,567 2,567 Other comprehensive expense for the year — — — (2 ) — (2 ) Total comprehensive income — — — (2 ) 2,567 2,565 Exercise of share options — 5 — — — 5 Conversion of equity awards to liability awards — — (2 ) — — (2 ) Transfer to share premium upon exercise of share options — 3 (3 ) — — — Forfeiture of share options — — (3 ) — 3 — Share-based compensation of the Company — — 14 — — 14 Dividends to equity holders of the Company — — — — (2,071 ) (2,071 ) Balance at December 31, 2016 106 1,411 50 (3 ) 634 2,198 Profit for the year — — — — 1,645 1,645 Other comprehensive expense for the year — — — (11 ) — (11 ) Total comprehensive income — — — (11 ) 1,645 1,634 Exercise of share options — 12 — — — 12 Conversion of equity awards to liability awards — — (5 ) — — (5 ) Transfer to share premium upon exercise of share options — 5 (5 ) — — — Forfeiture of share options — — (3 ) — 3 — Share-based compensation of the Company — — 12 — — 12 Dividends to equity holders of the Company (Note 11) — — — — (2,069 ) (2,069 ) Balance at December 31, 2017 106 1,428 49 (14 ) 213 1,782 Profit for the year — — — — 2,192 2,192 Other comprehensive expense for the year — — — (4 ) — (4 ) Total comprehensive income — — — (4 ) 2,192 2,188 Exercise of share options — 23 — — — 23 Transfer to share premium upon exercise of share options — 6 (6 ) — — — Forfeiture of share options — — (4 ) — 4 — Share-based compensation of the Company — — 14 — — 14 Dividends to equity holders of the Company (Note 11) — — — — (2,053 ) (2,053 ) Balance at December 31, 2018 $ 106 $ 1,457 $ 53 $ (18 ) $ 356 $ 1,954

Principal Subsidiaries (Tables)

Principal Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of interests in other entities [Abstract]
Disclosure of interests in subsidiaries [text block]	Name Place of incorporation or establishment/ operations and date of incorporation or establishment Principal activities Particulars of issued share/ registered capital Effective interests held Directly held: Venetian Venture Development Intermediate Limited Cayman Islands, June 21, 2002 Investment holding US$1 100 % SCL IP Holdings, LLC United States, September 29, 2009 Holder of trademark licenses US$100 100 % Indirectly held: Cotai Ferry Company Limited Macao/Macao and High speed ferry transportation services MOP10,000,000 100 % Cotai Strip Lot 2 Apart Hotel (Macau) Limited Macao, October 27, 2008 Hotel apartments As at December 31, 2016: MOP4,100,000 MOP3,121,000 (preference shares) 100 % As at December 31, 2017, 2018: MOP6,498,900 MOP722,100 (preference shares) 100 % Cotai Services (HK) Limited Hong Kong, July 11, 2007 Investment holding HK$1 100 % CotaiJet 311 Ltd. Cayman Islands/Macao and Hong Kong, August 14, 2007 Ferry leasing US$1 100 % CotaiJet 312 Ltd. Cayman Islands/Macao and Hong Kong, August 14, 2007 Ferry leasing US$1 100 % CotaiJet 313 Ltd. Cayman Islands/Macao and Hong Kong, August 14, 2007 Ferry leasing US$1 100 % CotaiJet 314 Ltd. Cayman Islands/Macao and Hong Kong, September 12, 2007 Ferry leasing US$1 100 % CotaiJet 315 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 316 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 317 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 318 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 319 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 320 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 350 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 351 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 352 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % CotaiJet 353 Ltd. Cayman Islands/Macao Ferry leasing US$1 100 % Cotaiwaterjet Sea Cayman Islands/Macao Pontoon leasing US$1 100 % Name Place of incorporation or establishment/ operations and date of incorporation or establishment Principal activities Particulars of issued share/ registered capital Effective interests held Cotaiwaterjet Sea Cayman Islands/Macao Pontoon leasing US$1 100 % Sands Cotai East Holdings Limited Cayman Islands/Macao, May 25, 2011 Holder of hotel US$1 100 % Sands Cotai West Holdings Limited Cayman Islands/Macao, May 25, 2011 Holder of hotel US$1 100 % Sands Resorts Hong Kong, Travel and tourism HK$500,000 100 % Sands Venetian Macao, Security services MOP1,000,000 100 % Venetian Cotai Hotel Management Limited Macao, Human resources MOP500,000 100 % Venetian Cotai Limited Macao, Hotels, restaurants, MOP200,000,000 100 % Venetian Macau Limited (Note (i)) Macao, Gaming and other MOP200,000,000 100 % Venetian Orient Limited Macao, February 2, 2006 Hotels, restaurants, shopping mall, and conference and convention MOP100,000 100 % Venetian Retail Limited Macao, June 15, 2007 Mall management MOP1,500,000 100 % Venetian Travel Limited Macao, October 16, 2006 Travel and tourism agency services MOP2,400,000 100 % V-HK Services Limited Hong Kong, September 6, 2004 Marketing and customer development services for VML HK$1 100 % VML US Finance LLC United States, January 3, 2006 Financing Nil 100 % Zhuhai Cotai Information Services Outsourcing Co., Ltd. (Note (ii)) PRC, September 30, 2010 Outsourcing services, including information technology, accounting, hotel reservation and marketing US$800,000 100 % Zhuhai Cotai Logistics Hotel Services Co., Ltd. (Note (ii)) PRC, September 27, 2007 Procurement, marketing and administrative services US$4,500,000 100 % ____________________ Notes: (i) 10% of the company’s issued share capital is held through a usufruct agreement whereby VVDIL has the sole and exclusive benefit. Accordingly, the profits and losses and assets and liabilities of the company have been consolidated as to 100% thereof into the consolidated financial statements. (ii) These entities are wholly foreign owned enterprises established in the PRC.

General Information - Additiona

General Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018Room
Sands Cotai Central [Member]
Disclosure of general information [Line Items]
Additional number of suites to be constructed	370
The Plaza Macao [Member]
Disclosure of general information [Line Items]
Additional number of suites to be constructed	290
Sands China Ltd. [Member] | Las Vegas Sands Corp. [Member]
Disclosure of general information [Line Items]
Proportion of ownership interest	70.02%

Disclosure of Initial Applicati

Disclosure of Initial Application of Standards or Interpretations (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Disclosure of initial application of standards or interpretations [line items]
Net revenues		$ 8,665	$ 7,586	[1],[2]	$ 6,543	[1],[2]
Other expenses and losses		(1,089)	(921)	[3]	(849)	[3]
Equity		4,409	4,538		5,007		$ 5,839
Retained earnings
Disclosure of initial application of standards or interpretations [line items]
Equity		$ 2,714	2,888		3,327		$ 4,171
Reclassification [Member]
Disclosure of initial application of standards or interpretations [line items]
Net revenues	[4]		0		0
Other expenses and losses	[4]		(8)		(7)
Reclassification [Member] | Gaming promoter or agency [Member]
Disclosure of initial application of standards or interpretations [line items]
Gaming promoter/agency commissions	[4]		8		7
Previously stated [member]
Disclosure of initial application of standards or interpretations [line items]
Net revenues			7,715		6,653
Other expenses and losses			(915)		(837)
Equity			4,538
Previously stated [member] | Retained earnings
Disclosure of initial application of standards or interpretations [line items]
Equity			2,864
Previously stated [member] | Gaming promoter or agency [Member]
Disclosure of initial application of standards or interpretations [line items]
Gaming promoter/agency commissions			(135)		(122)
Increase (decrease) due to application of IFRS 15 [member]
Disclosure of initial application of standards or interpretations [line items]
Net revenues			(129)		(110)
Other expenses and losses			2		(5)
Increase (decrease) due to application of IFRS 15 [member] | Gaming promoter or agency [Member]
Disclosure of initial application of standards or interpretations [line items]
Gaming promoter/agency commissions			127		115
As restated [Member]
Disclosure of initial application of standards or interpretations [line items]
Net revenues			7,586		6,543
Other expenses and losses			(921)		(849)
Equity			4,562
As restated [Member] | Retained earnings
Disclosure of initial application of standards or interpretations [line items]
Equity			2,888
As restated [Member] | Gaming promoter or agency [Member]
Disclosure of initial application of standards or interpretations [line items]
Gaming promoter/agency commissions			0		$ 0
IFRS 9 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Disclosure of initial application of standards or interpretations [line items]
Equity			24
IFRS 9 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Retained earnings
Disclosure of initial application of standards or interpretations [line items]
Equity			$ 24
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[4]	Note: Amount represented agency commissions. As the amount was immaterial, it was reclassified to “Other expenses and losses” for the purpose of presenting the consolidated income statement.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of significant accounting policies [Line Items]
Equity	$ 4,409	$ 4,538	$ 5,007	$ 5,839
Useful lives or amortization rates, intangible assets other than goodwill	P4Y
Employer matching contribution, percent of employee's salary	5.00%
Defined contribution plan, vesting percentage after three years	30.00%
Defined contribution plan, vesting percentage increase after ten years	100.00%
Gaming tax on gross gaming revenues [Member]
Disclosure of significant accounting policies [Line Items]
Applicable tax rate	35.00%
Additional tax on gross gaming revenues [Member]
Disclosure of significant accounting policies [Line Items]
Applicable tax rate	4.00%
Bottom of range [member]
Disclosure of significant accounting policies [Line Items]
Useful lives or depreciation rates, investment property	P3Y
Top of range [member]
Disclosure of significant accounting policies [Line Items]
Useful lives or depreciation rates, investment property	P50Y
Retained earnings
Disclosure of significant accounting policies [Line Items]
Equity	$ 2,714	2,888	$ 3,327	$ 4,171
IFRS 9 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Disclosure of significant accounting policies [Line Items]
Equity		24
IFRS 9 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Retained earnings
Disclosure of significant accounting policies [Line Items]
Equity		$ 24
IFRS 16 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Disclosure of significant accounting policies [Line Items]
Right-of-use assets	6
Lease liabilities	$ 6

Estimated Useful Lives of Asset

Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2018
Leasehold interests in land classified as finance leases [Member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P50Y
Leasehold improvements [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	Shorter of lease term or 3 years
Land improvements, buildings and building improvements [Member] | Bottom of range [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P10Y
Land improvements, buildings and building improvements [Member] | Top of range [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P50Y
Ferries [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P20Y
Furniture, fittings and equipment [Member] | Bottom of range [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P3Y
Furniture, fittings and equipment [Member] | Top of range [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P20Y
Vehicles [member] | Bottom of range [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P5Y
Vehicles [member] | Top of range [member]
Estimated useful lives of assets [Line Items]
Useful lives or depreciation rates, property, plant and equipment	P6Y

Critical Accounting Estimates_2

Critical Accounting Estimates and Judgments - Additional Information (Details) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2018$ / shares	[3]	Dec. 31, 2017USD ($)$ / shares		Dec. 31, 2017$ / shares	[3]	Dec. 31, 2016USD ($)$ / shares		Dec. 31, 2016$ / shares	[3]
Disclosure of detailed information about property, plant and equipment [line items]
Increase in operating profit		$ 2,154			$ 1,773				$ 1,352
Decrease in depreciation expense		(655)			(676)	[1],[2]			(611)	[1],[2]
Increase in net profit attributable to equity holders of the Company		$ 1,875			$ 1,603				$ 1,224
Increase in basic earnings per share | (per share)		$ 0.2321	$ 1.8175		$ 0.1986		$ 1.5522		$ 0.1517		$ 1.1765
Increase in diluted earnings per share | (per share)		$ 0.2319	$ 1.8159		$ 0.1985		$ 1.5514		$ 0.1517		$ 1.1765
Change in estimate of useful lives or depreciation rates, property, plant and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Increase in operating profit					$ 89
Decrease in depreciation expense					89
Increase in net profit attributable to equity holders of the Company					$ 88
Increase in basic earnings per share | $ / shares					$ 0.0110
Increase in diluted earnings per share | $ / shares					$ 0.0110
Bottom of range [member] | Land improvements, buildings and building improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives or depreciation rates, property, plant and equipment	15	10
Bottom of range [member] | Certain furniture, fittings and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives or depreciation rates, property, plant and equipment	3	5
Top of range [member] | Land improvements, buildings and building improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives or depreciation rates, property, plant and equipment	40	50
Top of range [member] | Certain furniture, fittings and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives or depreciation rates, property, plant and equipment	6	10
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	The translation of US$ amounts into HK$ amounts has been made at the exchange rate on December 31, 2018, 2017 and 2016 of US$1.00 to HK$7.8306, US$1.00 to HK$7.8157 and US$1.00 to HK$7.7555, respectively.

Disclosure of Disaggregation of

Disclosure of Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		$ 8,665	$ 7,586	[1],[2]	$ 6,543	[1],[2]
Income from right of use	[3]	436	406		360
Management fee and other income	[3]	71	73		60
Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[4],[5]	(15)	(15)	[1],[2]	(10)	[1],[2]
The Venetian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		3,474	2,924	[1],[2]	2,831	[1],[2]
Sands Cotai Central [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		2,153	1,916	[1],[2]	1,924	[1],[2]
The Parisian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		1,533	1,395	[1],[2]	401	[1],[2]
The Plaza Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		719	587	[1],[2]	584	[1],[2]
Sands Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		650	626	[1],[2]	668	[1],[2]
Ferry and Other Operations [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues		151	153	[1],[2]	145	[1],[2]
Casino [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		6,816	5,880	[1]	5,078	[1]
Casino [Member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	[4]	0	0	[1]	0	[1]
Casino [Member] | The Venetian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		2,829	2,362	[1]	2,286	[1]
Casino [Member] | Sands Cotai Central [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		1,622	1,433	[1]	1,471	[1]
Casino [Member] | The Parisian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		1,265	1,120	[1]	315	[1]
Casino [Member] | The Plaza Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		502	391	[1]	392	[1]
Casino [Member] | Sands Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		598	574	[1]	614	[1]
Casino [Member] | Ferry and Other Operations [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		0	0	[1]	0	[1]
Rooms [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		734	651	[1]	536	[1]
Rooms [Member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	[4]	0	0	[1]	0	[1]
Rooms [Member] | The Venetian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		223	179	[1]	177	[1]
Rooms [Member] | Sands Cotai Central [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		331	291	[1]	267	[1]
Rooms [Member] | The Parisian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		124	128	[1]	36	[1]
Rooms [Member] | The Plaza Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		39	34	[1]	36	[1]
Rooms [Member] | Sands Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		17	19	[1]	20	[1]
Rooms [Member] | Ferry and Other Operations [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		0	0	[1]	0	[1]
Mall [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	507	479	[1]	420	[1]
Mall [Member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3],[4]	(1)	(1)	[1]	(1)	[1]
Mall [Member] | The Venetian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	234	220	[1]	209	[1]
Mall [Member] | Sands Cotai Central [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	69	63	[1]	62	[1]
Mall [Member] | The Parisian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	57	66	[1]	23	[1]
Mall [Member] | The Plaza Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	145	131	[1]	127	[1]
Mall [Member] | Sands Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	3	0	[1]	0	[1]
Mall [Member] | Ferry and Other Operations [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net revenues	[3]	0	0	[1]	0	[1]
Food and Beverage [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		304	292	[1]	246	[1]
Food and Beverage [Member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	[4]	0	0	[1]	0	[1]
Food and Beverage [Member] | The Venetian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		81	74	[1]	75	[1]
Food and Beverage [Member] | Sands Cotai Central [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		102	102	[1]	99	[1]
Food and Beverage [Member] | The Parisian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		65	61	[1]	20	[1]
Food and Beverage [Member] | The Plaza Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		29	28	[1]	26	[1]
Food and Beverage [Member] | Sands Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		27	27	[1]	26	[1]
Food and Beverage [Member] | Ferry and Other Operations [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		0	0	[1]	0	[1]
Convention, Ferry, Retail and Other [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		304	284	[1]	263	[1]
Convention, Ferry, Retail and Other [Member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	[4]	(14)	(14)	[1]	(9)	[1]
Convention, Ferry, Retail and Other [Member] | The Venetian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		107	89	[1]	84	[1]
Convention, Ferry, Retail and Other [Member] | Sands Cotai Central [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		29	27	[1]	25	[1]
Convention, Ferry, Retail and Other [Member] | The Parisian Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		22	20	[1]	7	[1]
Convention, Ferry, Retail and Other [Member] | The Plaza Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		4	3	[1]	3	[1]
Convention, Ferry, Retail and Other [Member] | Sands Macao [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		5	6	[1]	8	[1]
Convention, Ferry, Retail and Other [Member] | Ferry and Other Operations [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		$ 151	$ 153	[1]	$ 145	[1]
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	Of this amount, US$436 million and US$71 million for the year ended December 31, 2018, US$406 million and US$73 million for the year ended December 31, 2017, US$360 million and US$60 million for the year ended December 31, 2016 are related to income from right of use and management fee and other, respectively. Income from right of use is recognized in accordance with IAS 17 Leases.
[4]	Inter-segment revenues are charged at prevailing market rates.
[5]	Inter-segment revenues are charged at prevailing market rates.

Explanation of Significant Chan

Explanation of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Outstanding Chip Liability [Member]
Explanation of significant changes in contract liabilities [Line Items]
Contract liabilities at beginning of year		$ 418	$ 483
Contract liabilities at end of year		514	418
Change in contract liabilities		96	(65)
Loyalty Program Liability [Member]
Explanation of significant changes in contract liabilities [Line Items]
Contract liabilities at beginning of year		30	45
Contract liabilities at end of year		33	30
Change in contract liabilities		3	(15)
Customer Deposits and Other Deferred Revenue [Member]
Explanation of significant changes in contract liabilities [Line Items]
Contract liabilities at beginning of year	[1]	424	343
Contract liabilities at end of year	[1]	497	424
Change in contract liabilities		73	81
Customer Deposits and Other Deferred Revenue [Member] | Mall [Member]
Explanation of significant changes in contract liabilities [Line Items]
Contract liabilities at beginning of year	[1]	121	109
Contract liabilities at end of year	[1]	$ 127	$ 121
[1]	Of this amount, US$127 million, US$121 million and US$109 million as of December 31, 2018, December 31, 2017, and January 1, 2017, respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.

Disclosure of Operating Segment

Disclosure of Operating Segments (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Disclosure of operating segments [line items]
Net revenues		$ 8,665		$ 7,586	[1],[2]	$ 6,543	[1],[2]
Adjusted property EBITDA	[3]	3,079		2,611		2,244
Share-based compensation	[4],[5]	(13)		(12)		(15)
Corporate expense		(125)		(120)		(128)
Pre-opening expense		(5)		(7)		(127)
Depreciation and amortization		(655)		(676)	[6],[7]	(611)	[6],[7]
Net foreign exchange (gains)/losses		4		(11)	[6],[7]	1	[6],[7]
Loss on disposal of property and equipment, investment properties and intangible assets		(131)	[8]	(12)	[6],[7]	(12)	[6],[7]
Operating profit		2,154		1,773		1,352
Interest income		20		5		3
Interest expense, net of amounts capitalized		(225)		(153)		(86)
Loss on modification or early retirement of debt		(81)		0		(1)
Profit before income tax		1,868		1,625		1,268
Income tax benefit/(expense)		7		(22)		(44)
Profit for the year		1,875		1,603		1,224
Royalty fees		112		103	[6]	78	[6]
Management fees		27		20		25
Employee benefit expenses		1,238		1,193	[6]	1,121	[6]
Other support services		100		111	[6]	101	[6]
Other expenses		99		66	[6]	95	[6]
Utilities and operating supplies		207		200	[6]	175	[6]
Contract labor and services		151		141	[6]	127	[6]
Advertising and promotions		124		116	[6]	104	[6]
Capital expenditures		532		477		1,151
Total assets		12,058		10,647
Corporate expense [Member]
Disclosure of operating segments [line items]
Share-based compensation	[4]	(1)		(1)		(3)
Royalty fees		106		98		73
Management fees		6		6		6
Employee benefit expenses		7		6		6
Other support services		3		4		7
Other expenses		3		6		36
Pre-opening expense [Member]
Disclosure of operating segments [line items]
Share-based compensation	[4]	0		0		(1)
Management fees		0		1		4
Employee benefit expenses		1		0		80
Other support services		1		3		3
Other expenses		0		1		7
Utilities and operating supplies		2		2		4
Contract labor and services		1		0		14
Advertising and promotions		0		0		15
Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Net revenues	[9],[10]	(15)		(15)	[1],[2]	(10)	[1],[2]
The Venetian Macao [Member]
Disclosure of operating segments [line items]
Net revenues		3,474		2,924	[1],[2]	2,831	[1],[2]
Adjusted property EBITDA	[3]	1,378		1,137		1,092
Depreciation and amortization		(146)		(151)		(165)
Capital expenditures		179		152		94
Total assets		3,447		2,669
Sands Cotai Central [Member]
Disclosure of operating segments [line items]
Net revenues		2,153		1,916	[1],[2]	1,924	[1],[2]
Adjusted property EBITDA	[3]	759		633		615
Depreciation and amortization		(274)		(239)		(294)
Capital expenditures		130		84		123
Total assets		4,378		3,972
The Parisian Macao [Member]
Disclosure of operating segments [line items]
Net revenues		1,533		1,395	[1],[2]	401	[1],[2]
Adjusted property EBITDA	[3]	484		412		114
Depreciation and amortization		(163)		(204)		(58)
Capital expenditures		130		204		896
Total assets		2,489		2,531
The Plaza Macao [Member]
Disclosure of operating segments [line items]
Net revenues		719		587	[1],[2]	584	[1],[2]
Adjusted property EBITDA	[3]	262		233		221
Depreciation and amortization		(33)		(36)		(40)
Loss on disposal of property and equipment, investment properties and intangible assets	[8]	(128)
Capital expenditures		63		22		16
Total assets		913		959
Sands Macao [Member]
Disclosure of operating segments [line items]
Net revenues		650		626	[1],[2]	668	[1],[2]
Adjusted property EBITDA	[3]	178		174		171
Depreciation and amortization		(24)		(31)		(39)
Capital expenditures		29		10		18
Total assets		328		288
Ferry and Other Operations [Member]
Disclosure of operating segments [line items]
Net revenues		151		153	[1],[2]	145	[1],[2]
Adjusted property EBITDA	[3]	18		22		31
Depreciation and amortization		(15)		(15)		(15)
Capital expenditures		1		5		$ 4
Total assets		$ 503		$ 228
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	Adjusted property EBITDA, which is a non-IFRS financial measure, is profit attributable to equity holders of the Company before share-based compensation, corporate expense, pre-opening expense, depreciation and amortization, net foreign exchange gains/(losses), impairment loss, gain/(loss) on disposal of property and equipment, investment properties and intangible assets, interest, gain/(loss) on modification or early retirement of debt and income tax benefit/(expense). Management utilizes adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported adjusted property EBITDA as a supplemental performance measure to IFRS financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including the Group, have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense and corporate expense, from their adjusted property EBITDA calculations. Adjusted property EBITDA should not be interpreted as an alternative to profit or operating profit (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with IFRS. The Group has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, adjusted property EBITDA as presented by the Group may not be directly comparable to other similarly titled measures presented by other companies.
[4]	Amount includes share-based compensation of US$1 million and nil, US$1 million and nil, and US$3 million and US$1 million for the years ended December 31, 2018, 2017, and 2016, respectively, related to corporate expense and pre-opening expense, respectively.
[5]	Share-based compensation of US$1 million, nil and US$1 million was capitalized during the years ended December 31, 2018, 2017 and 2016, respectively. For further information related to the Company’s Equity Award Plan and LVS’ 2004 Plan, see Note 30 to the consolidated financial statements.
[6]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[7]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[8]	The loss for the year ended December 31, 2018 consisted primarily of US$128 million of assets disposed of related to the Four Seasons Tower Suites Macao project.
[9]	Inter-segment revenues are charged at prevailing market rates.
[10]	Inter-segment revenues are charged at prevailing market rates.

Employee Benefit Expenses (Deta

Employee Benefit Expenses (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of employee benefits [Abstract]
Wages, salaries, bonus and termination costs		$ 1,096	$ 1,048		$ 984
Staff meals		55	57		54
Pension costs - defined contribution plan		38	37		35
Share-based compensation, net of amount capitalized	[1],[2]	13	12		15
Other employee benefit expenses		36	39		33
Employee benefit expenses		1,238	1,193	[3]	1,121	[3]
Capitalized share-based compensation	[2]	$ 1	$ 0		$ 1
[1]	Amount includes share-based compensation of US$1 million and nil, US$1 million and nil, and US$3 million and US$1 million for the years ended December 31, 2018, 2017, and 2016, respectively, related to corporate expense and pre-opening expense, respectively.
[2]	Share-based compensation of US$1 million, nil and US$1 million was capitalized during the years ended December 31, 2018, 2017 and 2016, respectively. For further information related to the Company’s Equity Award Plan and LVS’ 2004 Plan, see Note 30 to the consolidated financial statements.
[3]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Employee Benefit Expenses (In_3

Employee Benefit Expenses (Including Directors' Emoluments) - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of employee benefits [Line Items]
Defined contribution plan, contributions payable	$ 7	$ 7
Defined contribution plan, forfeited contributions utilized	4	4
Defined contribution plan, forfeitures available to reduce future contributions	1	1
Services received, related party transactions	27	20	$ 26
Parent [member]
Disclosure of employee benefits [Line Items]
Services received, related party transactions	20	14	16
Robert Glen Goldstein [Member] | Parent [member]
Disclosure of employee benefits [Line Items]
Services received, related party transactions	$ 3	$ 3	$ 3

Employee Benefit Expenses (In_4

Employee Benefit Expenses (Including Directors' Emoluments) Directors' Emoluments (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Directors' Emoluments [Line Items]
Key management personnel compensation, fees		$ 927	$ 880	$ 637
Key management personnel compensation, salaries		2,337	2,334	2,669
Key management personnel compensation, discretionary bonuses	[1]	1,494	1,497	1,508
Key management personnel compensation, pension costs		117	116	119
Key management personnel compensation, other benefits	[2]	667	637	1,296
Key management personnel compensation		5,542	5,464	6,229
Executive Directors [Member] | Wong Ying Wai [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, salaries	[3]	2,337	2,334	2,313
Key management personnel compensation, discretionary bonuses	[1],[3]	1,494	1,497	1,508
Key management personnel compensation, pension costs	[3]	117	116	106
Key management personnel compensation, other benefits	[2],[3]	667	637	639
Key management personnel compensation	[3]	4,615	4,584	4,566
Executive Directors [Member] | Top Hup Hock [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, salaries	[4]			356
Key management personnel compensation, pension costs	[4]			13
Key management personnel compensation, other benefits	[2],[4]			657
Key management personnel compensation	[4]			1,026
Non-Executive Directors [Member] | Charles Daniel Forman [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees		150	150	112
Key management personnel compensation		150	150	112
Non-Executive Directors [Member] | Michael Alan Leven [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees	[5]			34
Key management personnel compensation	[5]			34
Independent Non-Executive Directors [Member] | Chiang Yun [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees		150	150	112
Key management personnel compensation		150	150	112
Independent Non-Executive Directors [Member] | Victor Patrick Hoog Antink [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees		180	180	143
Key management personnel compensation		180	180	143
Independent Non-Executive Directors [Member] | Steven Zygmunt Strasser [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees		180	180	134
Key management personnel compensation		180	180	134
Independent Non-Executive Directors [Member] | Kenneth Patrick Chung [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees	[6]	150	150	59
Key management personnel compensation	[6]	150	150	59
Independent Non-Executive Directors [Member] | Wang Sing [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees	[7]	117	70
Key management personnel compensation	[7]	$ 117	$ 70
Independent Non-Executive Directors [Member] | Iain Ferguson Bruce [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees	[8]			19
Key management personnel compensation	[8]			19
Independent Non-Executive Directors [Member] | David Muir Turnbull [Member]
Directors' Emoluments [Line Items]
Key management personnel compensation, fees	[9]			24
Key management personnel compensation	[9]			$ 24
[1]	The discretionary bonuses are determined by reference to the individual performance of the Directors and the Chief Executive and the Group’s performance, and approved by the Remuneration Committee.
[2]	Other benefits mainly include share-based compensation, accommodation, meals, home leave tickets and medical insurance.
[3]	Wong Ying Wai, the President and Chief Operating Officer, was appointed as an Executive Director with effect from January 22, 2016.
[4]	Toh Hup Hock resigned as the Chief Financial Officer and Executive Vice President and an Executive Director with effect from April 15, 2016.
[5]	Michael Alan Leven retired as a Non-Executive Director with effect from April 12, 2016.
[6]	Kenneth Patrick Chung was appointed as an Independent Non-Executive Director with effect from July 15, 2016.
[7]	Wang Sing was appointed as an Independent Non-Executive Director with effect from July 14, 2017 and resigned as an Independent Non-Executive Director with effect from October 11, 2018.
[8]	Iain Ferguson Bruce resigned as an Independent Non-Executive Director with effect from March 11, 2016.
[9]	David Muir Turnbull resigned as an Independent Non-Executive Director with effect from March 7, 2016.

Employee Benefit Expenses (In_5

Employee Benefit Expenses (Including Directors' Emoluments) Emoluments for Non-Director Highest Paid Individuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of highest paid employees [Line Items]
Pension costs	$ 38,000	$ 37,000		$ 35,000
Employee benefit expenses	1,238,000	1,193,000	[1]	1,121,000	[1]
Non-Director Highest Paid Individuals [Member]
Disclosure of highest paid employees [Line Items]
Basic salaries, allowances and benefits in kind	5,496	5,462		6,206
Bonus	2,551	2,980		2,743
Pension costs	191	191		179
Employee benefit expenses	$ 8,238	$ 8,633		$ 9,128
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Employee Benefit Expenses (In_6

Employee Benefit Expenses (Including Directors' Emoluments) Number of Non-Director Highest Paid Individuals (Details) - individual	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	4	4	4
HK$13,000,001 (approximately US$1,677,000) – HK$13,500,000 (approximately US$1,742,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	1	1	0
HK$15,500,001 (approximately US$2,000,000) – HK$16,000,000 (approximately US$2,065,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	1	0	0
HK$16,000,001 (approximately US$2,065,000) – HK$16,500,000 (approximately US$2,129,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	1	0	0
HK$16,500,001 (approximately US$2,129,000) – HK$17,000,000 (approximately US$2,194,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	0	1	0
HK$17,000,001 (approximately US$2,194,000) – HK$17,500,000 (approximately US$2,258,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	0	0	2
HK$18,000,001 (approximately US$2,323,000)– HK$18,500,000 (approximately US$2,387,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	0	1	2
HK$18,500,001 (approximately US$2,387,000) – HK$19,000,000 (approximately US$2,452,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	0	1	0
HK$19,000,001 (approximately US$2,452,000) – HK$19,500,000 (approximately US$2,516,000)
Disclosure of highest paid employees [Line Items]
Number of highest paid individuals	1	0	0

Operating Expenses 1 (Details)

Operating Expenses 1 (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Disclosure of other expenses and losses [Line Items]
Gaming tax		$ 3,430		$ 2,925	[1]	$ 2,527	[1]
Employee benefit expenses		1,238		1,193	[1]	1,121	[1]
Depreciation and amortization		655		676	[1],[2]	611	[1],[2]
Inventories consumed		99		98	[1]	83	[1]
Other expenses and losses		1,089		921	[1]	849	[1]
Operating expenses		6,511		5,813	[1],[2]	5,191	[1],[2]
Utilities and operating supplies		207		200	[1]	175	[1]
Contract labor and services		151		141	[1]	127	[1]
Loss on disposal of property and equipment, investment properties and intangible assets		131	[3]	12	[1],[2]	12	[1],[2]
Advertising and promotions		124		116	[1]	104	[1]
Royalty fees		112		103	[1]	78	[1]
Repairs and maintenance		93		83	[1]	64	[1]
Management fees		50		42	[1]	46	[1]
Operating lease expense		15		30	[1]	28	[1]
Provision for expected credit losses, net		9		0		0
Provision for doubtful accounts, net		0		4	[1],[2]	18	[1],[2]
Auditor’s remuneration		2		2	[1]	2	[1]
Net foreign exchange (gains)/losses		(4)		11	[1],[2]	(1)	[1],[2]
Other support services		100		111	[1]	101	[1]
Other operating expenses		99		66	[1]	95	[1]
The Plaza Macao [Member]
Disclosure of other expenses and losses [Line Items]
Depreciation and amortization		33		$ 36		$ 40
Loss on disposal of property and equipment, investment properties and intangible assets	[3]	$ 128
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	The loss for the year ended December 31, 2018 consisted primarily of US$128 million of assets disposed of related to the Four Seasons Tower Suites Macao project.

Operating Expenses 2 (Details)

Operating Expenses 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Other expenses and losses [Abstract]
Casino	$ 4,216		$ 3,646	[1]	$ 3,165	[1]
Rooms	185		176	[1]	143	[1]
Mall	53		53	[1]	41	[1]
Food and beverage	252		241	[1]	201	[1]
Convention, ferry, retail and other	212		209	[1]	188	[1]
Provision for expected credit losses, net	9		0		0
Provision for doubtful accounts, net	0		4	[1],[2]	18	[1],[2]
General and administrative expense	672		657	[1]	554	[1]
Corporate expense	125		121	[1]	131	[1]
Pre-opening expense	5		7	[1]	128	[1]
Depreciation and amortization	655		676	[1],[2]	611	[1],[2]
Net foreign exchange (gains)/losses	4		(11)	[1],[2]	1	[1],[2]
Loss on disposal of property and equipment, investment properties and intangible assets	131	[3]	12	[1],[2]	12	[1],[2]
Operating expenses	$ 6,511		$ 5,813	[1],[2]	$ 5,191	[1],[2]
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	The loss for the year ended December 31, 2018 consisted primarily of US$128 million of assets disposed of related to the Four Seasons Tower Suites Macao project.

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of interest expense [Abstract]
Senior Notes	$ 103	$ 0	$ 0
Bank borrowings	85	117	84
Amortization of deferred financing costs	22	21	21
Finance lease liabilities	8	7	6
Standby fee and other financing costs	11	10	9
Interest costs incurred	229	155	120
Less: interest capitalized	(4)	(2)	(34)
Interest expense, net of amounts capitalized	$ 225	$ 153	$ 86

Interest Expense, Net of Amou_3

Interest Expense, Net of Amounts Capitalized - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Bottom of range [member]
Disclosure of interest expense [Line Items]
Capitalization rate of borrowing costs eligible for capitalization	3.20%	2.70%	2.30%
Top of range [member]
Disclosure of interest expense [Line Items]
Capitalization rate of borrowing costs eligible for capitalization	5.40%	3.30%	2.80%

Components of Income Tax Expens

Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of income tax [Line Items]
Deferred income tax expense/(benefit)	$ (12)	$ 16	$ 39
Income tax expense/(benefit)	(7)	22	44
Lump sum in lieu of Macao complementary tax on dividends [Member]
Disclosure of income tax [Line Items]
Current income tax	5	5	5
Other overseas taxes [Member]
Disclosure of income tax [Line Items]
Current income tax	$ 0	$ 1	$ 0

Income Tax Expense_(Benefit) -

Income Tax Expense/(Benefit) - Additional Information (Details) - USD ($) $ in Millions	Oct. 03, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of income tax [Line Items]
Deferred income tax expense/(benefit)		$ (12)	$ 16	$ 39
Macao | Macao Finance Bureau (MFB) [Member]
Disclosure of income tax [Line Items]
Income tax holiday period	5 years
Macao income tax exemption, termination date		Jun. 26, 2022
Macao | Taxable income, above MOP300,000 [Member]
Disclosure of income tax [Line Items]
Applicable tax rate		12.00%
Macao | Taxable income, above MOP600,000 [Member]
Disclosure of income tax [Line Items]
Applicable tax rate		12.00%	12.00%	12.00%
Macao | Bottom of range [member] | Taxable income, above MOP32,000 but below MOP300,000 [Member]
Disclosure of income tax [Line Items]
Applicable tax rate		3.00%
Macao | Top of range [member]
Disclosure of income tax [Line Items]
Applicable tax rate		12.00%
Macao | Top of range [member] | Taxable income, above MOP32,000 but below MOP300,000 [Member]
Disclosure of income tax [Line Items]
Applicable tax rate		9.00%
Hong Kong
Disclosure of income tax [Line Items]
Applicable tax rate			16.50%	16.50%
Hong Kong | Top of range [member]
Disclosure of income tax [Line Items]
Applicable tax rate		16.50%

Effective Income Tax Reconcilia

Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of income tax [Abstract]
Profit before income tax		$ 1,868	$ 1,625	$ 1,268
Tax calculated at domestic rates applicable to profits in the respective jurisdictions		238	208	161
Tax effects of income not subject to tax	[1]	(905)	(837)	(720)
Tax effects of expenses not deductible for tax purposes	[1],[2]	574	549	483
Tax effects of amortization of pre-opening expenses previously not recognized		(3)	(9)	(8)
Tax effects of pre-opening expenses for which no deferred income tax assets were recognized		0	0	9
Tax effects of origination and reversal of temporary differences, net		4	20	32
Tax effects of tax losses for which no deferred income tax assets were recognized		80	87	83
Tax effects of lump sum in lieu of Macao complementary tax on dividends		5	5	5
Tax effects of other		0	(1)	(1)
Income tax expense/(benefit)		$ (7)	$ 22	$ 44
[1]	For the three years ended December 31, 2018, VML was exempt from Macao complementary tax on its gaming activities (see also Note 9(a)). In addition, lease/right of use income recorded in VML, Venetian Cotai Limited (“VCL”) and Venetian Orient Limited (“VOL”) were subject to property tax (Note (ii)), and should, therefore, also be excluded from Macao complementary tax calculations. Accordingly, casino revenues and lease/right of use income and their corresponding expenses incurred were presented as “Income not subject to tax” and “Expenses not deductible for tax purposes”, respectively, in the calculations above.Additionally, for the three years ended December 31, 2018, the Company received dividend income from a subsidiary. The dividend income is not subject to Hong Kong profits tax.
[2]	Lease/right of use income recorded in VML, VCL and VOL are exempt from property tax for the first four and six years for the newly constructed buildings in Macao and on Cotai, respectively, pursuant to Article 9(1)(a) of Lei no. 19/78/M. If the buildings in Macao and on Cotai also qualify for Tourism Utility Status, the property tax exemption can be extended by another four and six years, respectively, pursuant to Article 15(a) of Lei no. 81/89/M. The exemption for the Sands Macao expired in August 2012 and that for The Venetian Macao, The Plaza Macao and The Parisian Macao will be expiring in August 2019, August 2020 and September 2028, respectively. Regarding Sands Cotai Central, the procedures for registration at the tax department are in progress and the exact date of expiration of the exemption cannot be determined at this stage.

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018$ / shares		Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017$ / shares		Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016$ / shares
Earnings per share [line items]
Profit for the year attributable to equity holders of the Company | $		$ 1,875			$ 1,603			$ 1,224
Weighted average number of shares for basic earnings per share		8,078,946			8,072,709			8,070,042
Dilutive effect of share options and restricted share units on number of ordinary shares		7,328			4,544			1,609
Weighted average number of shares for diluted earnings per share		8,086,274			8,077,253			8,071,651
Earnings per share, basic | (per share)		$ 0.2321	$ 1.8175	[1]	$ 0.1986	$ 1.5522	[1]	$ 0.1517	$ 1.1765	[1]
Earnings per share, diluted | (per share)		$ 0.2319	$ 1.8159	[1]	$ 0.1985	$ 1.5514	[1]	$ 0.1517	$ 1.1765	[1]
Hong Kong, Dollars
Earnings per share [line items]
Exchange rate for translation	[1]	7.8306	7.8306		7.8157	7.8157		7.7555	7.7555
[1]	The translation of US$ amounts into HK$ amounts has been made at the exchange rate on December 31, 2018, 2017 and 2016 of US$1.00 to HK$7.8306, US$1.00 to HK$7.8157 and US$1.00 to HK$7.7555, respectively.

Disclosure of Dividends (Detail

Disclosure of Dividends (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	Mar. 15, 2019USD ($)$ / shares	Mar. 15, 2019HKD ($)$ / shares	Feb. 22, 2019HKD ($)	Jan. 18, 2019USD ($)$ / shares	Jan. 18, 2019$ / shares	May 25, 2018USD ($)$ / shares	May 25, 2018$ / shares	Jan. 19, 2018USD ($)$ / shares	Jan. 19, 2018$ / shares	May 26, 2017USD ($)$ / shares	May 26, 2017$ / shares	Jan. 20, 2017USD ($)$ / shares	Jan. 20, 2017$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of dividends [Abstract]
Dividends proposed or declared before financial statements authorized for issue but not recognized as distribution to owners per share | (per share)	$ 0.127	$ 1		$ 0.127	$ 0.99
Dividends proposed or declared before financial statements authorized for issue but not recognized as distribution to owners	$ 1,033	$ 8,080	$ 8,000	$ 1,023										$ 2,056
Dividends paid, ordinary shares per share | (per share)						$ 0.127	$ 1	$ 0.127	$ 0.99	$ 0.129	$ 1	$ 0.128	$ 0.99
Dividends paid, ordinary shares						$ 1,030		$ 1,023		$ 1,039		$ 1,030			$ 2,053	$ 2,069

Dividends - Additional Informat

Dividends - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	Mar. 15, 2019USD ($)$ / shares	Mar. 15, 2019HKD ($)$ / shares	Feb. 22, 2019HKD ($)	Jan. 18, 2019USD ($)$ / shares	Jan. 18, 2019$ / shares	Dec. 31, 2018USD ($)
Disclosure of dividends [Abstract]
Dividends proposed or declared before financial statements authorized for issue but not recognized as distribution to owners per share | (per share)	$ 0.127	$ 1		$ 0.127	$ 0.99
Dividends proposed or declared before financial statements authorized for issue but not recognized as distribution to owners	$ 1,033	$ 8,080	$ 8,000	$ 1,023		$ 2,056

Disclosure of Detailed Informat

Disclosure of Detailed Information About Investment Property (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	$ 1,311	$ 1,322
Additions	62	48
Adjustments arising from change in lease term of leasehold interests in land		2
Adjustments to project costs	5	(8)
Disposals	(92)
Transfers		0
Transfers from (to) property, plant and equipment	(609)
Depreciation	(45)	(44)
Exchange difference	(3)	(9)
Investment properties, closing amount	629	1,311
Cost [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	1,626	1,596
Investment properties, closing amount	988	1,626
Accumulated depreciation [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	(315)	(274)
Investment properties, closing amount	(359)	(315)
Investment property completed [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	1,311	1,079
Additions	62	48
Adjustments arising from change in lease term of leasehold interests in land		2
Adjustments to project costs	5	(8)
Disposals	(92)
Transfers		241
Transfers from (to) property, plant and equipment	(609)
Depreciation	(45)	(44)
Exchange difference	(3)	(7)
Investment properties, closing amount	629	1,311
Investment property completed [member] | Cost [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	1,626	1,353
Investment properties, closing amount	988	1,626
Investment property completed [member] | Accumulated depreciation [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	(315)	(274)
Investment properties, closing amount	(359)	(315)
Investment property under construction or development [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	0	243
Additions	0	0
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	0	0
Disposals	0
Transfers		(241)
Transfers from (to) property, plant and equipment	0
Depreciation	0	0
Exchange difference	0	(2)
Investment properties, closing amount	0	0
Investment property under construction or development [member] | Cost [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	0	243
Investment properties, closing amount	0	0
Investment property under construction or development [member] | Accumulated depreciation [member]
Disclosure of detailed information about investment property [line items]
Investment properties, opening amount	0	0
Investment properties, closing amount	$ 0	$ 0

Investment Properties, Net - Ad

Investment Properties, Net - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Room	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of detailed information about investment property [line items]
Transfers from investment property to property, plant and equipment	$ 609
Investment properties	629	$ 1,311	$ 1,322
Investment property under construction or development [member]
Disclosure of detailed information about investment property [line items]
Investment properties	$ 0	0	$ 243
Sands Cotai Central [Member]
Disclosure of detailed information about investment property [line items]
Additional number of suites to be constructed | Room	370
Sands Cotai Central [Member] | Level 3 of fair value hierarchy [member] | At fair value [member] | Investment property under construction or development [member]
Disclosure of detailed information about investment property [line items]
Investment properties		$ 801
The Plaza Macao [Member]
Disclosure of detailed information about investment property [line items]
Additional number of suites to be constructed | Room	290

Fair Value of Investment Proper

Fair Value of Investment Properties (Details) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Investment properties		$ 629	$ 1,311		$ 1,322
Investment property completed [member]
Disclosure of fair value measurement of assets [line items]
Investment properties		629	1,311		$ 1,079
Investment property completed [member] | Level 3 of fair value hierarchy [member] | At fair value [member]
Disclosure of fair value measurement of assets [line items]
Investment properties		$ 8,243	9,248	[1]
Investment property completed [member] | Level 3 of fair value hierarchy [member] | At fair value [member] | The Plaza Macao [Member]
Disclosure of fair value measurement of assets [line items]
Investment properties	[1]		$ 1,488
[1]	(i)Amount includes US$1,488 million related to the Four Seasons Tower Suites Macao.

Disclosure of Income Statement

Disclosure of Income Statement Amounts Related to Investment Properties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about investment property [abstract]
Mall income	$ 507	$ 479	$ 420
Direct operating expenses arising from investment properties that generate right of use income	51	55	43
Direct operating expenses that did not generate right of use income	$ 5	$ 2	$ 1

Disclosure of Detailed Inform_2

Disclosure of Detailed Information About Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	$ 7,687	$ 8,111
Additions	499	268
Adjustments arising from change in lease term of leasehold interests in land		13
Adjustments to project costs	(8)	(3)
Disposals	(43)	(25)
Transfers	609	0
Depreciation	(598)	(622)
Exchange difference	(12)	(55)
Property, plant and equipment, closing amount	8,134	7,687
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	11,602	11,482
Property, plant and equipment, closing amount	12,589	11,602
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(3,915)	(3,371)
Property, plant and equipment, closing amount	(4,455)	(3,915)
Leasehold interests in land [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	485	487
Additions	10	0
Adjustments arising from change in lease term of leasehold interests in land		13
Adjustments to project costs	0	(1)
Disposals	0	0
Transfers	69	0
Depreciation	(12)	(14)
Exchange difference	0	0
Property, plant and equipment, closing amount	552	485
Leasehold interests in land [Member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	596	584
Property, plant and equipment, closing amount	675	596
Leasehold interests in land [Member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(111)	(97)
Property, plant and equipment, closing amount	(123)	(111)
Land improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	247	215
Additions	1	1
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	0	39
Disposals	(4)	(7)
Transfers	13	16
Depreciation	(14)	(16)
Exchange difference	0	(1)
Property, plant and equipment, closing amount	243	247
Land improvements [Member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	381	338
Property, plant and equipment, closing amount	389	381
Land improvements [Member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(134)	(123)
Property, plant and equipment, closing amount	(146)	(134)
Buildings and building improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	6,209	6,561
Additions	2	0
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	(5)	(40)
Disposals	(34)	(4)
Transfers	725	147
Depreciation	(421)	(407)
Exchange difference	(11)	(48)
Property, plant and equipment, closing amount	6,465	6,209
Buildings and building improvements [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	8,510	8,485
Property, plant and equipment, closing amount	9,161	8,510
Buildings and building improvements [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(2,301)	(1,924)
Property, plant and equipment, closing amount	(2,696)	(2,301)
Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	1	1
Additions	0	1
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	0	0
Disposals	0	0
Transfers	0	0
Depreciation	0	(1)
Exchange difference	0	0
Property, plant and equipment, closing amount	1	1
Leasehold improvements [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	7	8
Property, plant and equipment, closing amount	7	7
Leasehold improvements [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(6)	(7)
Property, plant and equipment, closing amount	(6)	(6)
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	8	12
Additions	3	0
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	0	0
Disposals	0	0
Transfers	0	0
Depreciation	(4)	(4)
Exchange difference	0	0
Property, plant and equipment, closing amount	7	8
Vehicles [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	40	40
Property, plant and equipment, closing amount	43	40
Vehicles [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(32)	(28)
Property, plant and equipment, closing amount	(36)	(32)
Ferries [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	134	147
Additions	0	0
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	0	0
Disposals	0	0
Transfers	0	0
Depreciation	(12)	(13)
Exchange difference	0	0
Property, plant and equipment, closing amount	122	134
Ferries [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	251	251
Property, plant and equipment, closing amount	251	251
Ferries [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(117)	(104)
Property, plant and equipment, closing amount	(129)	(117)
Furniture, fittings and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	510	556
Additions	98	52
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	3	(5)
Disposals	(4)	(4)
Transfers	114	82
Depreciation	(135)	(167)
Exchange difference	(1)	(4)
Property, plant and equipment, closing amount	585	510
Furniture, fittings and equipment [Member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	1,724	1,644
Property, plant and equipment, closing amount	1,904	1,724
Furniture, fittings and equipment [Member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	(1,214)	(1,088)
Property, plant and equipment, closing amount	(1,319)	(1,214)
Construction-in-progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	93	132
Additions	385	214
Adjustments arising from change in lease term of leasehold interests in land		0
Adjustments to project costs	(6)	4
Disposals	(1)	(10)
Transfers	(312)	(245)
Depreciation	0	0
Exchange difference	0	(2)
Property, plant and equipment, closing amount	159	93
Construction-in-progress [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	93	132
Property, plant and equipment, closing amount	159	93
Construction-in-progress [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, opening amount	0	0
Property, plant and equipment, closing amount	$ 0	$ 0

Property and Equipment, Net Pro

Property and Equipment, Net Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Interest expense capitalized	$ 4	$ 2	$ 34
Other direct costs capitalized	$ 23	$ 13
Leasehold interest in land, term of contract	25 years
Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Lessor, finance lease, term	3 years
Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Lessor, finance lease, term	5 years
Leasehold interests in land [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives or depreciation rates, property, plant and equipment	P50Y

Property and Equipment, Net Equ

Property and Equipment, Net Equipment Under Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Equipment under finance lease	$ 4	$ 6
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Equipment under finance lease	14	16
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Equipment under finance lease	$ (10)	$ (10)

Disclosure of Financial Assets

Disclosure of Financial Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial assets [line items]
Trade and other receivables, net	$ 427	$ 249
Restricted cash and cash equivalents	13	11
Cash and cash equivalents	2,676	1,239	$ 1,284	$ 1,283
Financial assets	3,134	1,502
Financial assets at amortized cost, category [member]
Disclosure of financial assets [line items]
Trade and other receivables, net	427	249
Restricted cash and cash equivalents	13	11
Cash and cash equivalents	2,676	1,239
Deposits	3	3
Interest rate swap contract [member] | Financial assets at fair value through profit or loss, category [member]
Disclosure of financial assets [line items]
Interest rate swaps	$ 15	$ 0

Financial Instruments by Cate_3

Financial Instruments by Category Disclosure of Financial Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial liabilities [line items]
Trade and other payables	$ 1,635	$ 1,272
Borrowings	5,562	4,412
Financial liabilities	7,197	5,684
Financial liabilities at amortized cost, category [member]
Disclosure of financial liabilities [line items]
Trade and other payables	1,635	1,272
Borrowings	$ 5,562	$ 4,412

Disclosure of Intangible Assets

Disclosure of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about intangible assets [line items]
Intangible assets, opening amount	$ 34
Intangible assets, closing amount	46	$ 34
Computer software [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets, opening amount	34	35
Additions	24	9
Amortization	(12)	(10)
Intangible assets, closing amount	46	34
Computer software [member] | Cost [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets, opening amount	88	79
Intangible assets, closing amount	112	88
Computer software [member] | Accumulated amortization [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets, opening amount	(54)	(44)
Intangible assets, closing amount	$ (66)	$ (54)

Movements of Deferred Tax Liabi

Movements of Deferred Tax Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of income tax [Line Items]
Deferred tax liabilities (assets), beginning balance	$ (62)	$ (47)
Credit/(charge) for the year	12	(16)
Currency translation differences		1
Deferred tax liabilities (assets), ending balance	(50)	(62)
Accelerated depreciation allowance [Member]
Disclosure of income tax [Line Items]
Deferred tax liabilities (assets), beginning balance	(62)	(68)
Credit/(charge) for the year	12	5
Currency translation differences		1
Deferred tax liabilities (assets), ending balance	(50)	(62)
Tax losses [member]
Disclosure of income tax [Line Items]
Deferred tax liabilities (assets), beginning balance	0	21
Credit/(charge) for the year	0	(21)
Currency translation differences		0
Deferred tax liabilities (assets), ending balance	$ 0	$ 0

Unrecognized Deferred Tax Asset

Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses for which no deferred income tax assets were recognized	$ 276	$ 272
Unused tax losses [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses for which no deferred income tax assets were recognized	270	263
Pre-opening expense [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses for which no deferred income tax assets were recognized	$ 6	$ 9

Deferred Income Tax Liabiliti_3

Deferred Income Tax Liabilities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized tax losses	$ 2,210	$ 2,140
Bottom of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized tax losses, expiration	1 year
Top of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized tax losses, expiration	3 years
Net operating losses that can be carried forward indefinitely [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized tax losses	$ 122	124
Net operating losses expiring within one to three years [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized tax losses	$ 2,088	$ 2,016

Disclosure of Detailed Inform_3

Disclosure of Detailed Information About Trade and Other Receivables and Prepayments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Trade and other receivables [abstract]
Trade receivables, before provision	$ 461	$ 348
Less: provision for credit losses	(94)	(111)
Trade receivables, net	367	237
Other receivables	60	12
Prepayments	56	36
Deferred rent	81	77
Less: amortization of deferred rent	(46)	(43)
Less: provision for doubtful deferred rent	(4)	(3)
Prepayments, net	87	67
Trade and other receivables and prepayments, net	514	316
Less: non-current portion:
Prepayments	(18)	(4)
Deferred rent	(19)	(19)
Non-current portion	(37)	(23)
Current portion	$ 477	$ 293

Trade and Other Receivables a_3

Trade and Other Receivables and Prepayments, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade and other receivables and prepayments, net [Line Items]
Trade receivables from contracts with customers			$ 297
Credit play, as a percentage of total table games play	15.30%	15.40%	16.40%
Gross casino receivables, after provision for doubtful accounts	$ 442	$ 298
Commissions payable and front money deposits	191	148
Net casino receivables, after provision of doubtful accounts	$ 251	$ 150
Concentration of credit risk, as a percentage of casino receivables	33.30%	45.20%
Trade receivables	$ 367	$ 237
Trade receivables, before provision	461	348
Provision for expected credit losses	94	111
Provision for expected credit losses, net	9	0	$ 0
Expected credit losses individually assessed [member] | Trade receivables [member]
Trade and other receivables and prepayments, net [Line Items]
Trade receivables, before provision	167
Financial assets past due but not impaired [member]
Trade and other receivables and prepayments, net [Line Items]
Trade receivables	247	74
Financial assets impaired [member]
Trade and other receivables and prepayments, net [Line Items]
Trade receivables		136
Trade receivables [member]
Trade and other receivables and prepayments, net [Line Items]
Provision for expected credit losses	94	111	$ 169
Provision for expected credit losses, net	7	1
Deferred rent [Member]
Trade and other receivables and prepayments, net [Line Items]
Provision for expected credit losses, net	$ 2	$ 3

Trade and Other Receivables by

Trade and Other Receivables by Currency (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Trade and other receivables by currency [Line Items]
Trade receivables, net of provision, and other receivables, excluding prepayments	$ 427	$ 249
HK$
Trade and other receivables by currency [Line Items]
Trade receivables, net of provision, and other receivables, excluding prepayments	341	210
MOP
Trade and other receivables by currency [Line Items]
Trade receivables, net of provision, and other receivables, excluding prepayments	29	37
US$
Trade and other receivables by currency [Line Items]
Trade receivables, net of provision, and other receivables, excluding prepayments	$ 57	$ 2

Trade Receivables Aging (Detail

Trade Receivables Aging (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Trade receivables aging [Line Items]
Trade receivables	$ 367	$ 237
0 - 30 days
Trade receivables aging [Line Items]
Trade receivables	236	171
31 - 60 days
Trade receivables aging [Line Items]
Trade receivables	39	32
61 - 90 days
Trade receivables aging [Line Items]
Trade receivables	28	21
Over 90 days
Trade receivables aging [Line Items]
Trade receivables	$ 64	$ 13

Trade and Other Receivables a_4

Trade and Other Receivables and Prepayments, Net Exposure to Credit Risk for Trade Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables, before provision	$ 461	$ 348
Current (not past due)
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	0.00%
Past due 1-90 days | Bottom of range [member]
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	2.00%
Past due 1-90 days | Top of range [member]
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	10.00%
Past due 91-360 days | Bottom of range [member]
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	15.00%
Past due 91-360 days | Top of range [member]
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	25.00%
Past due over 360 days | Bottom of range [member]
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	50.00%
Past due over 360 days | Top of range [member]
Disclosure of financial assets that are either past due or impaired [line items]
Expected credit loss rate	100.00%
Expected credit losses collectively assessed [member] | Trade receivables [member]
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables, before provision	$ 294
Expected credit losses collectively assessed [member] | Trade receivables [member] | Current (not past due)
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables, before provision	86
Expected credit losses collectively assessed [member] | Trade receivables [member] | Past due 1-90 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables, before provision	102
Expected credit losses collectively assessed [member] | Trade receivables [member] | Past due 91-360 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables, before provision	56
Expected credit losses collectively assessed [member] | Trade receivables [member] | Past due over 360 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables, before provision	$ 50

Trade and Other Receivables a_5

Trade and Other Receivables and Prepayments, Net Movements of Lifetime Expected Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets that are either past due or impaired [line items]
Provision for expected credit losses, opening balance	$ 111
Provision for expected credit losses, net	9	$ 0	$ 0
Provision for expected credit losses, ending balance	94	111
Trade receivables [member]
Disclosure of financial assets that are either past due or impaired [line items]
Provision for expected credit losses, opening balance	111	169
Provision for expected credit losses, net	7	1
Amounts written-off	(24)	(58)
Provision for expected credit losses, ending balance	$ 94	$ 111	$ 169

Analysis of Age of Financial As

Analysis of Age of Financial Assets That Are Past Due but Not Impaired (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables	$ 367	$ 237
Financial assets past due but not impaired [member]
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables	$ 247	74
Financial assets past due but not impaired [member] | Past due 1 - 30 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		34
Financial assets past due but not impaired [member] | Past due 31 - 60 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		21
Financial assets past due but not impaired [member] | Past due 61 - 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		4
Financial assets past due but not impaired [member] | Past due over 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		$ 15

Analysis of Age of Financial _2

Analysis of Age of Financial Assets That Are Past Due and Impaired (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables	$ 367	$ 237
Financial assets impaired [member]
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		136
Financial assets impaired [member] | Past due 1 - 30 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		1
Financial assets impaired [member] | Past due 31 - 60 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		14
Financial assets impaired [member] | Past due 61 - 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		6
Financial assets impaired [member] | Past due over 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables		$ 115

Movements of Provision of Doubt

Movements of Provision of Doubtful Trade Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets that are either past due or impaired [line items]
Provision for expected credit losses, opening balance	$ 111
Provision for doubtful account, net	9	$ 0	$ 0
Provision for expected credit losses, ending balance	94	111
Trade receivables [member]
Disclosure of financial assets that are either past due or impaired [line items]
Provision for expected credit losses, opening balance	111	169
Provision for doubtful account, net	7	1
Amounts written-off	(24)	(58)
Exchange difference		(1)
Provision for expected credit losses, ending balance	$ 94	$ 111	$ 169

Restricted Cash and Cash Equi_3

Restricted Cash and Cash Equivalents Disclosure of Detailed Information About Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Restricted cash and cash equivalents [Abstract]
Cash at bank	$ 2	$ 2
Short-term bank deposit	11	9
Restricted cash and cash equivalents	$ 13	$ 11

Restricted Cash and Cash Equi_4

Restricted Cash and Cash Equivalents - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Restricted cash and cash equivalents [Abstract]
Effective interest rate, short-term bank deposits, classified as restricted cash equivalents	1.90%	0.80%
Maturity date, short-term bank deposits, classified as restricted cash equivalents	88 days	89 days

Disclosure of Detailed Inform_4

Disclosure of Detailed Information About Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Classes of current inventories [abstract]
Food and beverage	$ 9	$ 8
Retail products	2	3
Ferry parts	1	2
General operating supplies and other	2	2
Inventories	$ 14	$ 15

Cash and Cash Equivalents Discl

Cash and Cash Equivalents Disclosure of Detailed Information About Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and cash equivalents [abstract]
Cash at bank and on hand	$ 503	$ 512
Short-term bank deposits	2,173	727
Cash and cash equivalents	$ 2,676	$ 1,239	$ 1,284	$ 1,283

Cash and Cash Equivalents Cash

Cash and Cash Equivalents Cash and Cash Equivalents by Currency (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	$ 2,676	$ 1,239	$ 1,284	$ 1,283
HK$
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	1,497	1,134
US$
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	1,066	18
MOP
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	82	69
Japanese Yen
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	13	6
Singapore dollar
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	10	6
RMB
Cash and cash equivalents by currency [Line Items]
Cash and cash equivalents	$ 8	$ 6

Cash and Cash Equivalents - Add

Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash and cash equivalents [Member]
Cash and cash equivalents [Line Items]
Maximum exposure to credit risk	$ 2,494	$ 1,011
Bottom of range [member]
Cash and cash equivalents [Line Items]
Effective interest rate, short-term bank deposits, classified as cash equivalents	1.40%	0.50%
Maturity date, short-term bank deposits, classified as cash equivalents	8 days	11 days
Top of range [member]
Cash and cash equivalents [Line Items]
Effective interest rate, short-term bank deposits, classified as cash equivalents	3.10%	1.50%
Maturity date, short-term bank deposits, classified as cash equivalents	88 days	62 days

Disclosure of Detailed Inform_5

Disclosure of Detailed Information About Classes of Share Capital (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of classes of share capital [line items]
Par value per share	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Authorized capital		$ 160	$ 160	$ 160
Share capital, opening balance	$ 81
Share capital, ending balance	$ 81	$ 81
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Number of shares authorized	16,000,000,000	16,000,000,000	16,000,000,000	16,000,000,000
Number of shares issued and fully paid, opening balance	8,074,417,766	8,071,130,245	8,069,300,845
Number of shares issued during the year upon exercise of stock options	6,185,925	3,287,521	1,829,400
Number of shares issued and fully paid, ending balance	8,080,603,691	8,074,417,766	8,071,130,245
Authorized capital	$ 160
Share capital, opening balance	81	$ 81	$ 81
Equity issued during the year upon exercise of share options	0	0	0
Share capital, ending balance	$ 81	$ 81	$ 81

Reserves - Additional Informati

Reserves - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018
Macao Commercial Code 432 [Member]
Disclosure of reserves within equity [line items]
Percentage of profit required to be transferred to statutory reserves	10.00%
Statutory reserve balance, as a percentage of total capital	25.00%
Macao Commercial Code 377 [Member]
Disclosure of reserves within equity [line items]
Percentage of profit required to be transferred to statutory reserves	25.00%
Statutory reserve balance, as a percentage of total capital	50.00%

Disclosure of Detailed Inform_6

Disclosure of Detailed Information About Trade and Other Payables (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	[1]
Trade and other payables [abstract]
Trade payables	$ 33	$ 40
Outstanding chip liability	514	418
Customer deposits and other deferred revenue	497	424
Other tax payables	325	286
Accrued employee benefit expenses	155	137
Construction payables and accruals	147	111
Interest payables	125	5
Casino liabilities	67	50
Loyalty program liability	33	30
Payables to related companies - non-trade	9	5
Other payables and accruals	127	123
Trade and other payables	2,032	1,629
Trade and other non-current payables	(104)	(92)
Trade and other current payables	$ 1,928	$ 1,537
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Trade and Other Payables Trade

Trade and Other Payables Trade and Other Payables by Currency (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Trade and other payables by currency [Line Items]
Monetary trade and other payables	$ 1,635	$ 1,272
HK$
Trade and other payables by currency [Line Items]
Monetary trade and other payables	997	805
MOP
Trade and other payables by currency [Line Items]
Monetary trade and other payables	483	435
US$
Trade and other payables by currency [Line Items]
Monetary trade and other payables	145	30
Other currencies
Trade and other payables by currency [Line Items]
Monetary trade and other payables	$ 10	$ 2

Trade and Other Payables Trad_2

Trade and Other Payables Trade Payables Aging (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Trade payables aging [Line Items]
Trade payables	$ 33	$ 40	[1]
0 - 30 days
Trade payables aging [Line Items]
Trade payables	27	29
31 - 60 days
Trade payables aging [Line Items]
Trade payables	3	5
61 - 90 days
Trade payables aging [Line Items]
Trade payables	2	3
Over 90 days
Trade payables aging [Line Items]
Trade payables	$ 1	$ 3
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Disclosure of Detailed Inform_7

Disclosure of Detailed Information About Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Non-current portion
Senior Notes, unsecured	$ 5,515	$ 0
Bank loans, secured	0	4,301
Finance lease liabilities on leasehold interests in land, secured	122	127
Other finance lease liabilities, secured	3	3
Non-current portion of non-current borrowings, including deferred financing costs	5,640	4,431
Less: deferred financing costs	(88)	(73)
Non-current portion of non-current borrowings	5,552	4,358
Current portion
Bank loans, secured	0	47
Finance lease liabilities on leasehold interests in land, secured	8	5
Other finance lease liabilities, secured	2	2
Current portion of non-current borrowings	10	54
Total borrowings	$ 5,562	$ 4,412

Borrowings by Currency (Details

Borrowings by Currency (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 5,562	$ 4,412
HK$
Disclosure of detailed information about borrowings [line items]
Borrowings	0	1,944
US$
Disclosure of detailed information about borrowings [line items]
Borrowings	5,427	1,696
MOP
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 135	$ 772

Borrowings Bank Loans by Maturi

Borrowings Bank Loans by Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	$ 0	$ 4,348
Repayable within 1 year
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	0	47
Repayable over 1 year but not exceeding 2 years
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	0	110
Repayable over 2 years but not exceeding 5 years
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	$ 0	$ 4,191

Senior Notes by Maturity (Detai

Senior Notes by Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Senior Notes, unsecured, excluding hedge adjustment	$ 5,500	$ 0
Fair value adjustment of the interest rate swaps	15	0
Senior Notes, unsecured	5,515	0
Repayable over 2 years but not exceeding 5 years
Disclosure of detailed information about borrowings [line items]
Senior Notes, unsecured, excluding hedge adjustment	1,800	0
Repayable over 5 years
Disclosure of detailed information about borrowings [line items]
Senior Notes, unsecured, excluding hedge adjustment	$ 3,700	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) $ in Millions	Nov. 20, 2018USD ($)	Aug. 09, 2018USD ($)	Aug. 31, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings				$ 5,562	$ 4,412
Loss on modification or early retirement of debt				81	0	$ 1
Senior Notes [Member]
Disclosure of detailed information about borrowings [line items]
Fair value of long-term borrowings				5,520
Borrowings		$ 5,500
Date of first required payment, borrowings		Feb. 8, 2019
2023 Notes [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 1,800
Borrowings, interest rate		4.60%
Borrowings, maturity		August 8, 2023
2025 Notes [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 1,800
Borrowings, interest rate		5.125%
Borrowings, maturity		August 8, 2025
2028 Notes [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 1,900
Borrowings, interest rate		5.40%
Borrowings, maturity		August 8, 2028
2018 SCL Credit Facility [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, maturity	July 31, 2023
Maximum borrowing capacity	$ 2,000
Maximum leverage ratio	4
Minimum interest coverage ratio	2.50
2018 SCL Revolving Facility [Member]
Disclosure of detailed information about borrowings [line items]
Unused capacity, commitment fee percentage	0.60%
Available borrowing capacity				$ 2,000
2018 SCL General Revolving Loan [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	0.02
2018 SCL Swing-Line Loan Sub-Facility [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	0.01
2016 VML Credit Facility [Member]
Disclosure of detailed information about borrowings [line items]
Fair value of long-term borrowings					$ 4,300
Unused capacity, commitment fee percentage			0.50%
Weighted average interest rate				3.10%	2.60%	2.10%
Loss on modification or early retirement of debt	$ 9	$ 72
2016 VML Term Loans [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings			$ 4,120
2016 VML Non-Extended Term Loans [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings			269
2016 VML Revolving Facility [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings			$ 2,000

Borrowings Disclosure of Reconc

Borrowings Disclosure of Reconciliation of Liabilities Arising From Financing Activities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		$ 4,417	$ 4,421
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(1,122)	(2,219)
Increase (decrease) through accruals, liabilities arising from financing activities		2,312	2,203
Increase (decrease) through changes in amortization, liabilities arising from financing activities		22	21
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		(12)	(23)
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		(24)
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		79
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		15
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			(1)
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			15
Liabilities arising from financing activities, ending balance		5,687	4,417
Senior notes [Member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		0
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	5,500
Increase (decrease) through accruals, liabilities arising from financing activities		0
Increase (decrease) through changes in amortization, liabilities arising from financing activities		0
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		0
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		0
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		0
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		15
Liabilities arising from financing activities, ending balance		5,515	0
Bank loans [Member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		4,348	4,388
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(4,337)	(19)
Increase (decrease) through accruals, liabilities arising from financing activities		0	0
Increase (decrease) through changes in amortization, liabilities arising from financing activities		0	0
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		(11)	(21)
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		0
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		0
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		0
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			0
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			0
Liabilities arising from financing activities, ending balance		0	4,348
Finance lease liabilities on leasehold interests in land [Member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		132	72
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(13)	(2)
Increase (decrease) through accruals, liabilities arising from financing activities		11	0
Increase (decrease) through changes in amortization, liabilities arising from financing activities		0	0
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		0	0
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		0
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		0
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		0
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			(1)
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			63
Liabilities arising from financing activities, ending balance		130	132
Lease liabilities [member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		5	8
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(2)	(3)
Increase (decrease) through accruals, liabilities arising from financing activities		2	0
Increase (decrease) through changes in amortization, liabilities arising from financing activities		0	0
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		0	0
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		0
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		0
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		0
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			0
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			0
Liabilities arising from financing activities, ending balance		5	5
Deferred financing costs [Member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		(73)	(94)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(90)	0
Increase (decrease) through accruals, liabilities arising from financing activities		(2)	0
Increase (decrease) through changes in amortization, liabilities arising from financing activities		22	21
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		0	0
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		(24)
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		79
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		0
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			0
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			0
Liabilities arising from financing activities, ending balance		(88)	(73)
Interest payables [Member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		5	47
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(128)	(128)
Increase (decrease) through accruals, liabilities arising from financing activities		248	134
Increase (decrease) through changes in amortization, liabilities arising from financing activities		0	0
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		0	0
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		0
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		0
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		0
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			0
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			(48)
Liabilities arising from financing activities, ending balance		125	5
Dividend payables [Member]
Disclosure of detailed information about borrowings [line items]
Liabilities arising from financing activities, opening balance		0	0
Increase (decrease) through financing cash flows, liabilities arising from financing activities	[1]	(2,052)	(2,067)
Increase (decrease) through accruals, liabilities arising from financing activities		2,053	2,069
Increase (decrease) through changes in amortization, liabilities arising from financing activities		0	0
Increase (decrease) through foreign exchange movement, liabilities arising from financing activities		(1)	(2)
Increase (decrease) through adjustments arising from adoption of IFRS 9, liabilities arising from financing activities		0
Increase (decrease) through loss on modification or early retirement of debt, liabilities arising from financing activities		0
Increase (decrease) through changes in fair value adjustment of the interest rate swaps, liabilities arising from financing activities		0
Increase (decrease) through true-up adjustments, liabilities arising from financing activities			0
Increase (decrease) through adjustments arising from change in lease term of leasehold interest in land, liabilities arising from financing activities			0
Liabilities arising from financing activities, ending balance		$ 0	$ 0
[1]	(i)The cash flows from bank loans make up the net amount of proceeds from bank loans and repayments of bank loans in the statement of cash flows.

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Aug. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedging instruments [line items]
Accumulated fair value hedge adjustment on interest rate swap included in carrying amount of SCL Senior Notes	$ 15		$ 0
Senior Notes [Member]
Disclosure of detailed information about hedging instruments [line items]
Accumulated fair value hedge adjustment on interest rate swap included in carrying amount of SCL Senior Notes	15
Interest rate swap contract [member] | Fair value hedges [member]
Disclosure of detailed information about hedging instruments [line items]
Notional amount	5,500	$ 5,500
Gain (loss) on hedge ineffectiveness recognized in profit or loss	0
Interest rate swap contract [member] | Fair value hedges [member] | Interest expense [Member]
Disclosure of detailed information about hedging instruments [line items]
Gain (loss) on interest rate swap, fair value hedges	9
Interest rate swap contract [member] | Fair value hedges [member] | Unrealized [Member] | Trade and other receivables and prepayments, net [Member]
Disclosure of detailed information about hedging instruments [line items]
Derivative financial assets	15
Interest rate swap contract [member] | Fair value hedges [member] | Realized [Member] | Trade and other receivables and prepayments, net [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest receivable	41
Interest rate swap contract [member] | Fair value hedges [member] | Level 2 of fair value hierarchy [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate swap, at fair value	$ 56

Minimum Lease Payments and Pres

Minimum Lease Payments and Present Value of the Minimum Lease Payments Under Finance Lease Obligations for Land (Details) - Land [member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	$ 341	$ 344
Future finance charges on finance lease obligations	(211)	(212)
Present value of finance lease liabilities	130	132
No later than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	8	5
Present value of finance lease liabilities	8	5
Later than 1 year and no later than 2 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	5	5
Present value of finance lease liabilities	5	5
Later than 2 years and no later than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	16	16
Present value of finance lease liabilities	12	13
Later than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	312	318
Present value of finance lease liabilities	$ 105	$ 109

Finance Lease Liabilities Minim

Finance Lease Liabilities Minimum Lease Payments and Present Value of the Minimum Lease Payments Under Finance Lease Obligations for Equipment (Details) - Furniture, fittings and equipment [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	$ 5	$ 5
Present value of finance lease liabilities	5	5
No later than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	2	2
Present value of finance lease liabilities	2	2
Later than 1 year and no later than 2 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	2	1
Present value of finance lease liabilities	2	1
Later than 2 years and no later than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum finance lease payments	1	2
Present value of finance lease liabilities	$ 1	$ 2

Cash Generated From Operations

Cash Generated From Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Statement of cash flows [abstract]
Profit before income tax	$ 1,868		$ 1,625		$ 1,268
Adjustments for interest income	(20)		(5)		(3)
Adjustments for interest and other finance costs	203		132		65
Adjustments for depreciation and amortization	655		676		611
Adjustments for amortization of deferred financing costs	22		21		21
Adjustments for amortization of deferred rent	15		15		10
Adjustments for amortization of other assets	3		3		3
Adjustments for loss on disposal of property and equipment, investment properties and intangible assets	131	[1]	12	[2],[3]	12	[2],[3]
Adjustments for loss on modification or early retirement of debt	81		0		1
Adjustments for provision for expected credit losses, net	9		0		0
Adjustments for provision for doubtful accounts, net	0		4	[2],[3]	18	[2],[3]
Adjustments for share-based compensation, net of amount capitalized	13		12		14
Adjustments for net foreign exchange (gains) losses	(5)		11		1
Changes in other assets	(1)		(1)		(8)
Changes in inventories	1		(1)		(2)
Changes in trade and other receivables and prepayments	(180)		37		120
Changes in trade and other payables	260		91		221
Cash generated from operations	$ 3,055		$ 2,632		$ 2,352
[1]	The loss for the year ended December 31, 2018 consisted primarily of US$128 million of assets disposed of related to the Four Seasons Tower Suites Macao project.
[2]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.
[3]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Future Minimum Lease Payments (

Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of maturity analysis of operating lease payments [line items]
Minimum lease payments payable under non-cancellable operating lease	$ 7	$ 6
No later than 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Minimum lease payments payable under non-cancellable operating lease	5	4
Later than 1 year and no later than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Minimum lease payments payable under non-cancellable operating lease	$ 2	$ 2

Future Minimum Lease Receivable

Future Minimum Lease Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 992	$ 1,123
No later than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	331	344
Later than 1 year and no later than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	602	727
Later than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 59	$ 52

Operating Lease Arrangements,_3

Operating Lease Arrangements, Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018MOP (MOP$)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Concession and subconcession [Line Items]
Turnover fee income	$ 64,000,000		$ 28,000,000	$ 18,000,000
Annual premium, fixed portion (patacas converted to USD at balance sheet date)	4,000,000	MOP$ 30000000
Annual premium, variable portion, minimum (patacas converted to USD at balance sheet date)	$ 6,000,000	MOP$ 45000000
Percentage of gaming tax on gross revenue	35.00%	35.00%
Percentage contribution of revenue to utilities	4.00%	4.00%
Gaming Table Reserved [Member]
Concession and subconcession [Line Items]
Annual premium, variable portion, per unit (patacas converted to USD at balance sheet date)	$ 37,195	MOP$ 300000
Gaming Table Not Reserved [Member]
Concession and subconcession [Line Items]
Annual premium, variable portion, per unit (patacas converted to USD at balance sheet date)	18,598	150,000
Electrical Or Mechanical Gaming Machine [Member]
Concession and subconcession [Line Items]
Annual premium, variable portion, per unit (patacas converted to USD at balance sheet date)	124	MOP$ 1000
No later than 1 year
Concession and subconcession [Line Items]
Subconcession minimum future payments	42,000,000		41,000,000
Later than 1 year and no later than 2 years
Concession and subconcession [Line Items]
Subconcession minimum future payments	42,000,000		41,000,000
Later than 2 years and no later than 3 years
Concession and subconcession [Line Items]
Subconcession minimum future payments	42,000,000		41,000,000
Later than 3 years and no later than 4 years
Concession and subconcession [Line Items]
Subconcession minimum future payments	$ 21,000,000		41,000,000
Later than 4 years and no later than 5 years
Concession and subconcession [Line Items]
Subconcession minimum future payments			$ 21,000,000

Capital Commitments (Details)

Capital Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Operating lease arrangements, commitments and contingencies [Abstract]
Contracted but not provided for	$ 507	$ 201

Disclosure of Transactions Betw

Disclosure of Transactions Between Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Management fee income	$ 5	$ 5		$ 6
Total management fees charged by related parties	27	20		26
Less: amounts capitalized as “Construction-in-progress”	0	0		(1)
Net management fees charged by related parties	27	20		25
Management fees charged by third parties	23	22		21
Management fee expense	50	42	[1]	46	[1]
Corporate expense [Member]
Disclosure of transactions between related parties [line items]
Net management fees charged by related parties	6	6		6
Pre-opening expense [Member]
Disclosure of transactions between related parties [line items]
Net management fees charged by related parties	0	1		4
Other operating and administrative departments [Member]
Disclosure of transactions between related parties [line items]
Net management fees charged by related parties	21	13		15
LVS
Disclosure of transactions between related parties [line items]
Management fee income	1	1		1
Total management fees charged by related parties	20	14		16
Intermediate holding companies
Disclosure of transactions between related parties [line items]
Management fee income	0	1		2
Fellow subsidiaries
Disclosure of transactions between related parties [line items]
Management fee income	4	3		3
Total management fees charged by related parties	$ 7	$ 6		$ 10
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	12 Months Ended					38 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2012
Disclosure of transactions between related parties [line items]
Royalty fees	$ 112,000,000	$ 103,000,000	[1]	$ 78,000,000	[1]
Related parties [member]
Disclosure of transactions between related parties [line items]
Average credit period, payables	45 days
Corporate expense [Member]
Disclosure of transactions between related parties [line items]
Royalty fees	$ 106,000,000	$ 98,000,000		$ 73,000,000
Sands Macao, The Venetian Macao and The Plaza Macao, combined [Member]
Disclosure of transactions between related parties [line items]
Royalty fee cap, annual increase, percent	20.00%
Sands Macao, The Venetian Macao and The Plaza Macao, combined [Member] | Top of range [member]
Disclosure of transactions between related parties [line items]
Royalty fees						$ 20,000,000
Sands Macao [Member]
Disclosure of transactions between related parties [line items]
Royalty fee, percent of revenues						1.50%
The Venetian Macao [Member]
Disclosure of transactions between related parties [line items]
Royalty fee, percent of revenues						1.50%
The Plaza Macao [Member]
Disclosure of transactions between related parties [line items]
Royalty fee, percent of revenues						1.50%
Subsequent casino gaming properties [Member]
Disclosure of transactions between related parties [line items]
Royalty fee, percent of revenues	1.50%
Royalty fee cap, annual increase, percent	20.00%
Subsequent casino gaming properties [Member] | Top of range [member]
Disclosure of transactions between related parties [line items]
Royalty fees	$ 20,000,000
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Related Party Transactions Rela

Related Party Transactions Related Party Balances (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [line items]
Payables to related companies	$ 9	$ 5	[1]
LVS
Disclosure of transactions between related parties [line items]
Payables to related companies	4	2
Intermediate holding company
Disclosure of transactions between related parties [line items]
Payables to related companies	4	3
Fellow subsidiaries
Disclosure of transactions between related parties [line items]
Payables to related companies	$ 1	$ 0
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)sharesemployee	Dec. 31, 2017USD ($)sharesemployee	Dec. 31, 2016USD ($)sharesemployee
SCL Equity Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized | shares	804,786,508
Number of shares authorized, as a percentage of outstanding stock	10.00%
Number of shares available for grant | shares	714,665,526
Weighted average share price at the date of exercise for share options exercised during period | $	$ 5.72	$ 4.74	$ 4.18
Award modification, number of employees affected, share-based payment arrangement | employee	0	4	1
Incremental fair value granted, modified share-based payment arrangements | $	$ 0	$ 0	$ 0
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $	$ 0	$ 0	$ 1,000,000
SCL Equity Plan [Member] | Restricted stock units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Modified to cash-settled/from equity-settled (in shares) | shares	0	852,000	284,000
SCL Equity Plan [Member] | Cash-settled restricted stock units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Modified to cash-settled/from equity-settled (in shares) | shares	0	852,000	284,103
Share-based liabilities paid in share-based payment arrangement | $	$ 5,000,000	$ 3,000,000	$ 1,000,000
Liabilities from share-based payment transactions | $	$ 0	4,000,000	3,000,000
LVSC 2004 Equity Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized | shares	26,344,000
Number of shares available for grant | shares	917,674
Weighted average share price at the date of exercise for share options exercised during period | $	$ 77.66	$ 69.08	$ 49.96
Number of share options exercised | shares	61,875	34,475	3,300
Exercised, weighted average exercise price (in usd per share) | $	$ 66.18	$ 51.09	$ 36.55

Summary of Share Option Activit

Summary of Share Option Activity, SCL Equity Plan (Details) - SCL Equity Plan [Member] - Share options [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Disclosure of number and weighted average exercise prices of share options [Line Items]
Outstanding, beginning balance (in shares) | shares	48,252	38,185	25,474
Granted (in shares) | shares	18,873	17,364	18,407
Exercised (in shares) | shares	(6,186)	(3,287)	(1,829)
Forfeited (in shares) | shares	(3,557)	(4,010)	(3,867)
Outstanding, ending balance (in shares) | shares	57,382	48,252	38,185
Exercisable at the end of the period (in shares) | shares	18,152	14,608	11,285
Outstanding, beginning balance, weighted average exercise price (in usd per share) | $	$ 4.39	$ 4.48	$ 5.17
Granted, weighted average exercise price (in usd per share) | $	5.62	4.23	3.56
Exercised, weighted average exercise price (in usd per share) | $	3.74	3.61	3.06
Forfeited, weighted average exercise price (in usd per share) | $	5.24	5.20	5.38
Outstanding, ending balance, weighted average exercise price (in usd per share) | $	4.81	4.39	4.48
Exercisable at the end of the period, weighted average exercise price (in usd per share) | $	$ 5	$ 5.02	$ 5.07

Disclosure of Range of Exercise

Disclosure of Range of Exercise Prices of Outstanding Share Options, SCL Equity Plan (Details) - SCL Equity Plan [Member] - Share options [Member] shares in Thousands	Dec. 31, 2018sharesyr	Dec. 31, 2017sharesyr	Dec. 31, 2016sharesyr	Dec. 31, 2015shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	57,382	48,252	38,185	25,474
Weighted average remaining contractual life | yr	7.64	7.82	8.03
1.01 - 2.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	811	893	893
Weighted average remaining contractual life | yr	1.29	2.30	3.30
2.01 - 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	283	470	1,085
Weighted average remaining contractual life | yr	2.80	3.74	4.67
3.01 - 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	14,805	19,311	22,624
Weighted average remaining contractual life | yr	6.94	7.79	8.75
4.01 - 5.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	18,673	20,108	4,715
Weighted average remaining contractual life | yr	8	8.76	7.62
5.01 - 6.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	15,991	592	592
Weighted average remaining contractual life | yr	9.01	5.82	6.82
6.01 - 7.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	2,227	1,868	2,006
Weighted average remaining contractual life | yr	7.26	6.56	7.55
7.01 - 8.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	2,554	2,972	3,637
Weighted average remaining contractual life | yr	5.29	6.28	7.27
8.01 - 9.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding | shares	2,038	2,038	2,633
Weighted average remaining contractual life | yr	5.21	6.21	7.21

Disclosure of Indirect Measurem

Disclosure of Indirect Measurement of Fair Value of Goods or Services Received, Shares Options Granted During Period, SCL Equity Plan (Details) - SCL Equity Plan [Member] - Share options [Member]	12 Months Ended
	Dec. 31, 2018USD ($)yr	Dec. 31, 2017USD ($)yr	Dec. 31, 2016USD ($)yr
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Expected volatility	36.00%	36.90%	40.80%
Expected life (years) | yr	4.7	4.4	4.4
Risk-free annual interest rate	1.70%	1.30%	1.20%
Expected dividends	5.80%	6.60%	5.50%
Weighted average share price at the date of grant (US$)	$ 5.58	$ 4.23	$ 3.50
Weighted average exercise price (US$)	5.62	4.23	3.56
Weighted average fair value of each share option granted by the Company (US$)	$ 1.01	$ 0.71	$ 0.73

Summary of Restricted Share Uni

Summary of Restricted Share Units Activity, SCL Equity Plan (Details) - SCL Equity Plan [Member]	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Restricted stock units [Member]
Summary of restricted share units activity [Line Items]
Unvested, beginning balance (in shares) | shares	0	852,000	1,402,000
Granted (in shares) | shares	0	0	0
Modified to cash-settled/from equity-settled (in shares) | shares	0	(852,000)	(284,000)
Forfeited (in shares) | shares	0	0	(266,000)
Unvested, ending balance (in shares) | shares	0	0	852,000
Unvested, weighted average grant date fair value, beginning balance (in usd per share) | $	$ 0	$ 7.51	$ 7.29
Granted, weighted average grant date fair value, beginning balance (in usd per share) | $	0	0	0
Modified to cash-settled/from equity-settled, weighted average grant date fair value, beginning balance (in usd per share) | $	0	7.51	7.13
Forfeited, weighted average grant date fair value, beginning balance (in usd per share) | $	0	0	6.76
Unvested, weighted average grant date fair value, ending balance (in usd per share) | $	$ 0	$ 0	$ 7.51
Cash-settled restricted stock units [Member]
Summary of restricted share units activity [Line Items]
Unvested, beginning balance (in shares) | shares	852,000	236,000	798,000
Modified to cash-settled/from equity-settled (in shares) | shares	0	(852,000)	(284,103)
Vested (in shares) | shares	(852,000)	(236,000)	(846,000)
Unvested, ending balance (in shares) | shares	0	852,000	236,000
Unvested, weighted average grant date fair value, beginning balance (in usd per share) | $	$ 7.51	$ 7.13	$ 5.89
Modified to cash-settled/from equity-settled, weighted average grant date fair value, beginning balance (in usd per share) | $	0	7.51	7.13
Vested, weighted average grant date fair value, beginning balance (in usd per share) | $	7.51	7.13	5.96
Unvested, weighted average grant date fair value, ending balance (in usd per share) | $	$ 0	$ 7.51	$ 7.13

Summary of Share Option Activ_2

Summary of Share Option Activity, LVSC 2004 Equity Plan (Details) - LVSC 2004 Equity Plan [Member]		12 Months Ended
		Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Disclosure of number and weighted average exercise prices of share options [Line Items]
Exercised (in shares) | shares		(61,875)	(34,475)	(3,300)
Exercised, weighted average exercise price (in usd per share) | $		$ 66.18	$ 51.09	$ 36.55
Share options [Member]
Disclosure of number and weighted average exercise prices of share options [Line Items]
Outstanding, beginning balance (in shares) | shares		198,000	357,000	547,000
Granted (in shares) | shares		23,000	34,000	0
Exercised (in shares) | shares		(62,000)	(34,000)	(3,000)
Transfer-out (in shares) | shares	[1]	0	(12,000)	(47,000)
Expired (in shares) | shares		(102,000)	(147,000)	(140,000)
Outstanding, ending balance (in shares) | shares		57,000	198,000	357,000
Exercisable at the end of the period (in shares) | shares		11,000	164,000	335,000
Outstanding, beginning balance, weighted average exercise price (in usd per share) | $		$ 72.83	$ 71.20	$ 70.33
Granted, weighted average exercise price (in usd per share) | $		77.44	63.13	0
Exercised, weighted average exercise price (in usd per share) | $		66.18	51.09	36.55
Transfer-out, weighted average exercise price (in usd per share) | $	[1]	0	22.90	59.51
Expired, weighted average exercise price (in usd per share) | $		80.08	75.93	72.51
Outstanding, ending balance, weighted average exercise price (in usd per share) | $		69	72.83	71.20
Exercisable at the end of the period, weighted average exercise price (in usd per share) | $		$ 63.13	$ 74.83	$ 71.63
[1]	(i)Transfer-in and transfer-out represent movement of options owned by grantees who transferred from other subsidiaries of LVS to the Group, or vice versa.

Disclosure of Indirect Measur_2

Disclosure of Indirect Measurement of Fair Value of Goods or Services Received, Share Options Granted During Period, LVSC 2004 Equity Plan (Details) - LVSC 2004 Equity Plan [Member] - Share options [Member]	12 Months Ended
	Dec. 31, 2018USD ($)yr	Dec. 31, 2017USD ($)yr	Dec. 31, 2016USD ($)yr
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Expected volatility	25.00%	25.40%	0.00%
Expected life (years) | yr	5.5	5	0
Risk-free annual interest rate	2.50%	2.00%	0.00%
Dividend yield	3.90%	4.60%	0.00%
Weighted average share price (US$)	$ 77.44	$ 63.13	$ 0
Weighted average exercise price (US$)	77.44	63.13	0
Weighted average fair value of each share option granted by LVS (US$)	$ 12.67	$ 8.82	$ 0

Disclosure of Range of Exerci_2

Disclosure of Range of Exercise Prices of Outstanding Share Options, LVSC 2004 Equity Plan (Details) - LVSC 2004 Equity Plan [Member] - Share options [Member] shares in Thousands	Dec. 31, 2018sharesyr	Dec. 31, 2017sharesyr	Dec. 31, 2016sharesyr	Dec. 31, 2015shares
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	57	198	357	547
Weighted average remaining contractual life | yr	8.92	1.87	1.59
20.01 - 30.00
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	0	0	24
Weighted average remaining contractual life | yr	0	0	3.38
60.01 - 70.00
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	34	96	102
Weighted average remaining contractual life | yr	8.81	3.62	2.90
70.01 - 80.00
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	23	0	103
Weighted average remaining contractual life | yr	9.07	0	0.37
80.01 - 90.00
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	0	102	118
Weighted average remaining contractual life | yr	0	0.22	1.22
90.01 - 100.00
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	0	0	5
Weighted average remaining contractual life | yr	0	0	0.65
110.01 - 120.00
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [Line Items]
Number of options outstanding | shares	0	0	5
Weighted average remaining contractual life | yr	0	0	0.86

Summary of Restricted Share U_2

Summary of Restricted Share Units Activity, LVSC 2004 Equity Plan (Details) - LVSC 2004 Equity Plan [Member] - Restricted stock units [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Summary of restricted share units activity [Line Items]
Unvested, beginning balance (in shares) | shares	0	35	46
Granted (in shares) | shares	0	0	0
Vested (in shares) | shares	0	(35)	(11)
Unvested, ending balance (in shares) | shares	0	0	35
Unvested, weighted average grant date fair value, beginning balance (in usd per share) | $	$ 0	$ 64.78	$ 62.73
Granted, weighted average grant date fair value, beginning balance (in usd per share) | $	0	0	0
Vested, weighted average grant date fair value, beginning balance (in usd per share) | $	0	64.78	56.07
Unvested, weighted average grant date fair value, ending balance (in usd per share) | $	$ 0	$ 0	$ 64.78

Financial Risk Management - Add

Financial Risk Management - Additional Information (Details) $ in Millions	Dec. 31, 2018USD ($)	Nov. 20, 2018	Aug. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Carrying value of long-term borrowings	$ 5,562			$ 4,412
2018 SCL Credit Facility [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum leverage ratio		4
Leverage ratio at period end	1.9
US$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Carrying value of long-term borrowings	$ 5,427			1,696
HK$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Carrying value of long-term borrowings	0			1,944
MOP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Carrying value of long-term borrowings	135			772
Interest rate swap contract [member] | Fair value hedges [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount	5,500		$ 5,500
Interest rate risk [member] | US$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure				9	$ 9
Interest rate risk [member] | HK$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure				10	10
Interest rate risk [member] | MOP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure				3	3
Interest rate risk [member] | Interest rate swap contract [member] | Fair value hedges [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	88
Currency risk [member] | US$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	40			15	17
Currency risk [member] | HK$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	11			$ 5	$ 9
Level 2 of fair value hierarchy [member] | Interest rate swap contract [member] | Fair value hedges [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Interest rate swap, at fair value	56
Fixed interest rate [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Carrying value of long-term borrowings	5,500
Fixed interest rate [member] | Interest rate risk [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	308
Fixed interest rate [member] | Level 2 of fair value hierarchy [member] | Long-term borrowings [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fair value of long-term borrowings	$ 5,520

Disclosure of Maturity Analysis

Disclosure of Maturity Analysis for Financial Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Senior Notes principal, undiscounted cash flows	$ 5,500
Senior Notes interest, undiscounted cash flows	2,085
Finance lease liabilities on leasehold interests in land, undiscounted cash flows	341	$ 344
Other finance lease liabilities, undiscounted cash flows	5	5
Trade and other payables, undiscounted cash flows	1,635	1,272
Bank borrowings, undiscounted cash flows		4,865
Within the first year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Senior Notes principal, undiscounted cash flows	0
Senior Notes interest, undiscounted cash flows	277
Finance lease liabilities on leasehold interests in land, undiscounted cash flows	8	5
Other finance lease liabilities, undiscounted cash flows	2	2
Trade and other payables, undiscounted cash flows	1,546	1,196
Bank borrowings, undiscounted cash flows		182
In the second year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Senior Notes principal, undiscounted cash flows	0
Senior Notes interest, undiscounted cash flows	277
Finance lease liabilities on leasehold interests in land, undiscounted cash flows	5	5
Other finance lease liabilities, undiscounted cash flows	2	1
Trade and other payables, undiscounted cash flows	22	26
Bank borrowings, undiscounted cash flows		243
In the third to fifth year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Senior Notes principal, undiscounted cash flows	1,800
Senior Notes interest, undiscounted cash flows	833
Finance lease liabilities on leasehold interests in land, undiscounted cash flows	16	16
Other finance lease liabilities, undiscounted cash flows	1	2
Trade and other payables, undiscounted cash flows	55	47
Bank borrowings, undiscounted cash flows		4,440
Over the fifth year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Senior Notes principal, undiscounted cash flows	3,700
Senior Notes interest, undiscounted cash flows	698
Finance lease liabilities on leasehold interests in land, undiscounted cash flows	312	318
Other finance lease liabilities, undiscounted cash flows	0	0
Trade and other payables, undiscounted cash flows	$ 12	3
Bank borrowings, undiscounted cash flows		$ 0

Disclosure of Capital Risk Mana

Disclosure of Capital Risk Management (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial risk management [Abstract]
Interest bearing borrowings, net of deferred financing costs	$ 5,427	$ 4,275
Cash and cash equivalents	(2,676)	(1,239)	$ (1,284)	$ (1,283)
Restricted cash and cash equivalents	(13)	(11)
Net debt	2,738	3,025
Equity	4,409	4,538	$ 5,007	$ 5,839
Total capital	$ 7,147	$ 7,563
Gearing ratio	38.30%	40.00%

Company Balance Sheet (Details)

Company Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Non-current assets
Other receivables and prepayments	$ 37	$ 23
Total non-current assets	8,878	9,089
Current assets
Trade and other receivables and prepayments, net	477	293
Cash and cash equivalents	2,676	1,239		$ 1,284	$ 1,283
Total current assets	3,180	1,558
Total assets	12,058	10,647
EQUITY
Share capital	81	81
Reserves	4,328	4,457
Total equity	4,409	4,538		$ 5,007	$ 5,839
Non-current liability
Borrowings	5,562	4,412
Total non-current liability	5,706	4,512
Current liability
Other payables	127	123	[1]
Total current liability	1,943	1,597
Total liabilities	7,649	6,109
Total equity and liabilities	12,058	10,647
Net current assets	1,237	(39)
Total assets less current liability	10,115	9,050
Parent Company [Member]
Non-current assets
Interests in subsidiaries	1,951	1,811
Note receivable from a subsidiary	5,239	0
Other receivables and prepayments	54	0
Total non-current assets	7,244	1,811
Current assets
Trade and other receivables and prepayments, net	64	14
Cash and cash equivalents	279	47
Total current assets	343	61
Total assets	7,587	1,872
EQUITY
Share capital	81	81
Reserves	1,954	1,782
Total equity	2,035	1,863
Non-current liability
Borrowings	5,427	0
Total non-current liability	5,427	0
Current liability
Other payables	125	9
Total current liability	125	9
Total liabilities	5,552	9
Total equity and liabilities	7,587	1,872
Net current assets	218	52
Total assets less current liability	$ 7,462	$ 1,863
[1]	Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Company Movement of Reserves (D

Company Movement of Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Beginning balance	$ 4,538	$ 5,007	$ 5,839
Profit for the year	1,875	1,603	1,224
Other comprehensive expense for the year	(12)	(22)	(3)
Total comprehensive income	1,863	1,581	1,221
Exercise of share options	23	12	5
Conversion of equity awards to liability awards	0	(5)	(2)
Transfer to share premium upon exercise of share options	0	0	0
Forfeiture of share options	0	0	0
Share-based compensation of the Company	14	12	14
Dividends to equity holders of the Company (Note 11)	(2,053)	(2,069)	(2,071)
Ending balance	4,409	4,538	5,007
Capital reserve
Beginning balance	87	87	87
Ending balance	87	87	87
Share premium
Beginning balance	1,428	1,411	1,403
Exercise of share options	23	12	5
Transfer to share premium upon exercise of share options	6	5	3
Ending balance	1,457	1,428	1,411
Share-based compensation reserves
Beginning balance	88	89	82
Conversion of equity awards to liability awards		(5)	(2)
Transfer to share premium upon exercise of share options	(6)	(5)	(3)
Forfeiture of share options	(4)	(3)	(3)
Share-based compensation of the Company	14	12	14
Ending balance	92	88	89
Currency translation reserve
Beginning balance	(16)	6	9
Other comprehensive expense for the year	(12)	(22)	(3)
Total comprehensive income	(12)	(22)	(3)
Ending balance	(28)	(16)	6
Retained earnings
Beginning balance	2,888	3,327	4,171
Profit for the year	1,875	1,603	1,224
Total comprehensive income	1,875	1,603	1,224
Forfeiture of share options	4	3	3
Dividends to equity holders of the Company (Note 11)	(2,053)	(2,069)	(2,071)
Ending balance	2,714	2,888	3,327
Parent Company [Member]
Beginning balance	1,863
Ending balance	2,035	1,863
Parent Company [Member] | Reserves [Member]
Beginning balance	1,782	2,198	1,687
Profit for the year	2,192	1,645	2,567
Other comprehensive expense for the year	(4)	(11)	(2)
Total comprehensive income	2,188	1,634	2,565
Exercise of share options	23	12	5
Conversion of equity awards to liability awards		(5)	(2)
Transfer to share premium upon exercise of share options	0	0	0
Forfeiture of share options	0	0	0
Share-based compensation of the Company	14	12	14
Dividends to equity holders of the Company (Note 11)	(2,053)	(2,069)	(2,071)
Ending balance	1,954	1,782	2,198
Parent Company [Member] | Capital reserve
Beginning balance	106	106	106
Profit for the year	0	0	0
Other comprehensive expense for the year	0	0	0
Total comprehensive income	0	0	0
Exercise of share options	0	0	0
Conversion of equity awards to liability awards		0	0
Transfer to share premium upon exercise of share options	0	0	0
Forfeiture of share options	0	0	0
Share-based compensation of the Company	0	0	0
Dividends to equity holders of the Company (Note 11)	0	0	0
Ending balance	106	106	106
Parent Company [Member] | Share premium
Beginning balance	1,428	1,411	1,403
Profit for the year	0	0	0
Other comprehensive expense for the year	0	0	0
Total comprehensive income	0	0	0
Exercise of share options	23	12	5
Conversion of equity awards to liability awards		0	0
Transfer to share premium upon exercise of share options	6	5	3
Forfeiture of share options	0	0	0
Share-based compensation of the Company	0	0	0
Dividends to equity holders of the Company (Note 11)	0	0	0
Ending balance	1,457	1,428	1,411
Parent Company [Member] | Share-based compensation reserves
Beginning balance	49	50	44
Profit for the year	0	0	0
Other comprehensive expense for the year	0	0	0
Total comprehensive income	0	0	0
Exercise of share options	0	0	0
Conversion of equity awards to liability awards		(5)	(2)
Transfer to share premium upon exercise of share options	(6)	(5)	(3)
Forfeiture of share options	(4)	(3)	(3)
Share-based compensation of the Company	14	12	14
Dividends to equity holders of the Company (Note 11)	0	0	0
Ending balance	53	49	50
Parent Company [Member] | Currency translation reserve
Beginning balance	(14)	(3)	(1)
Profit for the year	0	0	0
Other comprehensive expense for the year	(4)	(11)	(2)
Total comprehensive income	(4)	(11)	(2)
Exercise of share options	0	0	0
Conversion of equity awards to liability awards		0	0
Transfer to share premium upon exercise of share options	0	0	0
Forfeiture of share options	0	0	0
Share-based compensation of the Company	0	0	0
Dividends to equity holders of the Company (Note 11)	0	0	0
Ending balance	(18)	(14)	(3)
Parent Company [Member] | Retained earnings
Beginning balance	213	634	135
Profit for the year	2,192	1,645	2,567
Other comprehensive expense for the year	0	0	0
Total comprehensive income	2,192	1,645	2,567
Exercise of share options	0	0	0
Conversion of equity awards to liability awards		0	0
Transfer to share premium upon exercise of share options	0	0	0
Forfeiture of share options	4	3	3
Share-based compensation of the Company	0	0	0
Dividends to equity holders of the Company (Note 11)	(2,053)	(2,069)	(2,071)
Ending balance	$ 356	$ 213	$ 634

Disclosure of Interests in Subs

Disclosure of Interests in Subsidiaries (Details)

12 Months Ended

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2018HKD ($)

Dec. 31, 2018MOP (MOP$)

Dec. 31, 2017HKD ($)

Dec. 31, 2017MOP (MOP$)

Dec. 31, 2016HKD ($)

Dec. 31, 2016MOP (MOP$)

Dec. 31, 2015USD ($)

Disclosure of subsidiaries [line items]

Share capital

$ 81,000,000

$ 81,000,000

Ordinary shares [member]

Disclosure of subsidiaries [line items]

Share capital

$ 81,000,000

$ 81,000,000

$ 81,000,000

$ 81,000,000

Venetian Venture Development Intermediate Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Venetian Venture Development Intermediate Limited

Venetian Venture Development Intermediate Limited

Venetian Venture Development Intermediate Limited

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Date of incorporation of subsidiary

Jun. 21, 2002

Jun. 21, 2002

Jun. 21, 2002

Description of nature of entity's operations and principal activities

Investment holding

Investment holding

Investment holding

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

SCL IP Holdings, LLC [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

SCL IP Holdings, LLC

SCL IP Holdings, LLC

SCL IP Holdings, LLC

Country of incorporation of subsidiary

United States

United States

United States

Principal place of business of subsidiary

United States

United States

United States

Date of incorporation of subsidiary

Sep. 29, 2009

Sep. 29, 2009

Sep. 29, 2009

Description of nature of entity's operations and principal activities

Holder of trademark licenses

Holder of trademark licenses

Holder of trademark licenses

Share capital

$ 100

$ 100

$ 100

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Cotai Ferry Company Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Cotai Ferry Company Limited

Cotai Ferry Company Limited

Cotai Ferry Company Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Jul. 19, 2007

Jul. 19, 2007

Jul. 19, 2007

Description of nature of entity's operations and principal activities

High speed ferry transportation services

High speed ferry transportation services

High speed ferry transportation services

Share capital | MOP$

MOP$ 10000000

MOP$ 10000000

MOP$ 10000000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Cotai Strip Lot 2 Apart Hotel (Macau) Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Cotai Strip Lot 2 Apart Hotel (Macau) Limited

Cotai Strip Lot 2 Apart Hotel (Macau) Limited

Cotai Strip Lot 2 Apart Hotel (Macau) Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Oct. 27, 2008

Oct. 27, 2008

Oct. 27, 2008

Description of nature of entity's operations and principal activities

Hotel apartments

Hotel apartments

Hotel apartments

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Cotai Strip Lot 2 Apart Hotel (Macau) Limited [Member] | Ordinary shares [member]

Disclosure of subsidiaries [line items]

Share capital | MOP$

6,498,900

6,498,900

4,100,000

Cotai Strip Lot 2 Apart Hotel (Macau) Limited [Member] | Preference shares [member]

Disclosure of subsidiaries [line items]

Share capital | MOP$

722,100

722,100

3,121,000

Cotai Services (HK) Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Cotai Services (HK) Limited

Cotai Services (HK) Limited

Cotai Services (HK) Limited

Country of incorporation of subsidiary

Hong Kong

Hong Kong

Hong Kong

Principal place of business of subsidiary

Hong Kong

Hong Kong

Hong Kong

Date of incorporation of subsidiary

Jul. 11, 2007

Jul. 11, 2007

Jul. 11, 2007

Description of nature of entity's operations and principal activities

Investment holding

Investment holding

Investment holding

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 311 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 311 Ltd.

CotaiJet 311 Ltd.

CotaiJet 311 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Aug. 14, 2007

Aug. 14, 2007

Aug. 14, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 312 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 312 Ltd.

CotaiJet 312 Ltd.

CotaiJet 312 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Aug. 14, 2007

Aug. 14, 2007

Aug. 14, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 313 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 313 Ltd.

CotaiJet 313 Ltd.

CotaiJet 313 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Aug. 14, 2007

Aug. 14, 2007

Aug. 14, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 314 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 314 Ltd.

CotaiJet 314 Ltd.

CotaiJet 314 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Sep. 12, 2007

Sep. 12, 2007

Sep. 12, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 315 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 315 Ltd.

CotaiJet 315 Ltd.

CotaiJet 315 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Sep. 12, 2007

Sep. 12, 2007

Sep. 12, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 316 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 316 Ltd.

CotaiJet 316 Ltd.

CotaiJet 316 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 8, 2007

Oct. 8, 2007

Oct. 8, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 317 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 317 Ltd.

CotaiJet 317 Ltd.

CotaiJet 317 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 8, 2007

Oct. 8, 2007

Oct. 8, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 318 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 318 Ltd.

CotaiJet 318 Ltd.

CotaiJet 318 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 8, 2007

Oct. 8, 2007

Oct. 8, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 319 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 319 Ltd.

CotaiJet 319 Ltd.

CotaiJet 319 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 8, 2007

Oct. 8, 2007

Oct. 8, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 320 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 320 Ltd.

CotaiJet 320 Ltd.

CotaiJet 320 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 8, 2007

Oct. 8, 2007

Oct. 8, 2007

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 350 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 350 Ltd.

CotaiJet 350 Ltd.

CotaiJet 350 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Jan. 21, 2008

Jan. 21, 2008

Jan. 21, 2008

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 351 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 351 Ltd.

CotaiJet 351 Ltd.

CotaiJet 351 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Jan. 21, 2008

Jan. 21, 2008

Jan. 21, 2008

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 352 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 352 Ltd.

CotaiJet 352 Ltd.

CotaiJet 352 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Jan. 21, 2008

Jan. 21, 2008

Jan. 21, 2008

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

CotaiJet 353 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

CotaiJet 353 Ltd.

CotaiJet 353 Ltd.

CotaiJet 353 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Jan. 21, 2008

Jan. 21, 2008

Jan. 21, 2008

Description of nature of entity's operations and principal activities

Ferry leasing

Ferry leasing

Ferry leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Cotaiwaterjet Sea Bridge 1 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Cotaiwaterjet Sea Bridge 1 Ltd.

Cotaiwaterjet Sea Bridge 1 Ltd.

Cotaiwaterjet Sea Bridge 1 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 27, 2015

Oct. 27, 2015

Oct. 27, 2015

Description of nature of entity's operations and principal activities

Pontoon leasing

Pontoon leasing

Pontoon leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Cotaiwaterjet Sea Bridge 2 Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Cotaiwaterjet Sea Bridge 2 Ltd.

Cotaiwaterjet Sea Bridge 2 Ltd.

Cotaiwaterjet Sea Bridge 2 Ltd.

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao and Hong Kong

Macao and Hong Kong

Macao and Hong Kong

Date of incorporation of subsidiary

Oct. 27, 2015

Oct. 27, 2015

Oct. 27, 2015

Description of nature of entity's operations and principal activities

Pontoon leasing

Pontoon leasing

Pontoon leasing

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Sands Cotai East Holdings Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Sands Cotai East Holdings Limited

Sands Cotai East Holdings Limited

Sands Cotai East Holdings Limited

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

May 25, 2011

May 25, 2011

May 25, 2011

Description of nature of entity's operations and principal activities

Holder of hotel franchise agreement

Holder of hotel franchise agreement

Holder of hotel franchise agreement

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Sands Cotai West Holdings Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Sands Cotai West Holdings Limited

Sands Cotai West Holdings Limited

Sands Cotai West Holdings Limited

Country of incorporation of subsidiary

Cayman Islands

Cayman Islands

Cayman Islands

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

May 25, 2011

May 25, 2011

May 25, 2011

Description of nature of entity's operations and principal activities

Holder of hotel franchise agreement

Holder of hotel franchise agreement

Holder of hotel franchise agreement

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Sands Resorts Travel Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Sands Resorts Travel Limited

Sands Resorts Travel Limited

Sands Resorts Travel Limited

Country of incorporation of subsidiary

Hong Kong

Hong Kong

Hong Kong

Principal place of business of subsidiary

Hong Kong

Hong Kong

Hong Kong

Date of incorporation of subsidiary

Feb. 29, 2016

Feb. 29, 2016

Feb. 29, 2016

Description of nature of entity's operations and principal activities

Travel and tourism agency services

Travel and tourism agency services

Travel and tourism agency services

Share capital

500,000

500,000

500,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Sands Venetian Security Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Sands Venetian Security Limited

Sands Venetian Security Limited

Sands Venetian Security Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Jun. 22, 2011

Jun. 22, 2011

Jun. 22, 2011

Description of nature of entity's operations and principal activities

Security services

Security services

Security services

Share capital | MOP$

1,000,000

1,000,000

1,000,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Venetian Cotai Hotel Management Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Venetian Cotai Hotel Management Limited

Venetian Cotai Hotel Management Limited

Venetian Cotai Hotel Management Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Mar. 12, 2008

Mar. 12, 2008

Mar. 12, 2008

Description of nature of entity's operations and principal activities

Human resources administration

Human resources administration

Human resources administration

Share capital | MOP$

500,000

500,000

500,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Venetian Cotai Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Venetian Cotai Limited

Venetian Cotai Limited

Venetian Cotai Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Nov. 11, 2004

Nov. 11, 2004

Nov. 11, 2004

Description of nature of entity's operations and principal activities

Hotels, restaurants, shopping mall, and conference and convention

Hotels, restaurants, shopping mall, and conference and convention

Hotels, restaurants, shopping mall, and conference and convention

Share capital | MOP$

200,000,000

200,000,000

200,000,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Venetian Macau Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

[1]

Venetian Macau Limited (Note (i))

Venetian Macau Limited (Note (i))

Venetian Macau Limited (Note (i))

Country of incorporation of subsidiary

[1]

Macao

Macao

Macao

Principal place of business of subsidiary

[1]

Macao

Macao

Macao

Date of incorporation of subsidiary

[1]

Jun. 21, 2022

Jun. 21, 2022

Jun. 21, 2022

Description of nature of entity's operations and principal activities

[1]

Gaming and other related activities

Gaming and other related activities

Gaming and other related activities

Share capital | MOP$

[1]

200,000,000

200,000,000

200,000,000

Proportion of ownership interest in subsidiary

[1]

100.00%

100.00%

100.00%

Venetian Orient Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Venetian Orient Limited

Venetian Orient Limited

Venetian Orient Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Feb. 2, 2006

Feb. 2, 2006

Feb. 2, 2006

Description of nature of entity's operations and principal activities

Hotels, restaurants, shopping mall, and conference and convention

Hotels, restaurants, shopping mall, and conference and convention

Hotels, restaurants, shopping mall, and conference and convention

Share capital | MOP$

100,000

100,000

100,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Venetian Retail Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Venetian Retail Limited

Venetian Retail Limited

Venetian Retail Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Jun. 15, 2007

Jun. 15, 2007

Jun. 15, 2007

Description of nature of entity's operations and principal activities

Mall management

Mall management

Mall management

Share capital | MOP$

1,500,000

1,500,000

1,500,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Venetian Travel Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

Venetian Travel Limited

Venetian Travel Limited

Venetian Travel Limited

Country of incorporation of subsidiary

Macao

Macao

Macao

Principal place of business of subsidiary

Macao

Macao

Macao

Date of incorporation of subsidiary

Oct. 16, 2006

Oct. 16, 2006

Oct. 16, 2006

Description of nature of entity's operations and principal activities

Travel and tourism agency services

Travel and tourism agency services

Travel and tourism agency services

Share capital | MOP$

MOP$ 2400000

MOP$ 2400000

MOP$ 2400000

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

V-HK Services Limited [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

V-HK Services Limited

V-HK Services Limited

V-HK Services Limited

Country of incorporation of subsidiary

Hong Kong

Hong Kong

Hong Kong

Principal place of business of subsidiary

Hong Kong

Hong Kong

Hong Kong

Date of incorporation of subsidiary

Sep. 6, 2004

Sep. 6, 2004

Sep. 6, 2004

Description of nature of entity's operations and principal activities

Marketing and customer development services for VML

Marketing and customer development services for VML

Marketing and customer development services for VML

Share capital

$ 1

$ 1

$ 1

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

VML US Finance LLC [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

VML US Finance LLC

VML US Finance LLC

VML US Finance LLC

Country of incorporation of subsidiary

United States

United States

United States

Principal place of business of subsidiary

United States

United States

United States

Date of incorporation of subsidiary

Jan. 3, 2006

Jan. 3, 2006

Jan. 3, 2006

Description of nature of entity's operations and principal activities

Financing

Financing

Financing

Share capital

$ 0

$ 0

$ 0

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Zhuhai Cotai Information Services Outsourcing Co., Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

[2]

Zhuhai Cotai Information Services Outsourcing Co., Ltd. (Note (ii))

Zhuhai Cotai Information Services Outsourcing Co., Ltd. (Note (ii))

Zhuhai Cotai Information Services Outsourcing Co., Ltd. (Note (ii))

Country of incorporation of subsidiary

[2]

PRC

PRC

PRC

Principal place of business of subsidiary

[2]

PRC

PRC

PRC

Date of incorporation of subsidiary

[2]

Sep. 30, 2010

Sep. 30, 2010

Sep. 30, 2010

Description of nature of entity's operations and principal activities

[2]

Outsourcing services, including information technology, accounting, hotel reservation and marketing

Outsourcing services, including information technology, accounting, hotel reservation and marketing

Outsourcing services, including information technology, accounting, hotel reservation and marketing

Share capital

$ 800,000

[2]

$ 800,000

[1]

$ 800,000

[1]

Proportion of ownership interest in subsidiary

[2]

100.00%

100.00%

100.00%

Zhuhai Cotai Logistics Hotel Services Co., Ltd. [Member]

Disclosure of subsidiaries [line items]

Name of subsidiary

[2]

Zhuhai Cotai Logistics Hotel Services Co., Ltd. (Note (ii))

Zhuhai Cotai Logistics Hotel Services Co., Ltd. (Note (ii))

Zhuhai Cotai Logistics Hotel Services Co., Ltd. (Note (ii))

Country of incorporation of subsidiary

[2]

PRC

PRC

PRC

Principal place of business of subsidiary

[2]

PRC

PRC

PRC

Date of incorporation of subsidiary

[2]

Sep. 27, 2007

Sep. 27, 2007

Sep. 27, 2007

Description of nature of entity's operations and principal activities

[2]

Procurement, marketing and administrative services

Procurement, marketing and administrative services

Procurement, marketing and administrative services

Share capital

$ 4,500,000

[2]

$ 4,500,000

[1]

$ 4,500,000

[1]

Proportion of ownership interest in subsidiary

[2]

100.00%

100.00%

100.00%

[1]

10% of the company’s issued share capital is held through a usufruct agreement whereby VVDIL has the sole and exclusive benefit. Accordingly, the profits and losses and assets and liabilities of the company have been consolidated as to 100% thereof into the consolidated financial statements.

[2]

These entities are wholly foreign owned enterprises established in the PRC.