x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada | 27-0099920 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
3355 Las Vegas Boulevard South Las Vegas, Nevada | 89109 | |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock ($0.001 par value) | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | ¨ | |||
Non-Accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
DOCUMENTS INCORPORATED BY REFERENCE | ||
Description of document | Part of the Form 10-K | |
Portions of the definitive Proxy Statement to be used in connection with the registrant’s 2016 Annual Meeting of Stockholders | Part III (Item 10 through Item 14) |
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Mall Name | Total GLA(1) | Selected Significant Tenants | |||
Shoppes at Venetian | 780,165(2) | Zara, Swarovski, Vertu, Victoria’s Secret, Tiffany & Co., Uniqlo, Rolex, H&M | |||
Shoppes at Four Seasons | 259,394 | Versace, Brioni, Canali, Gucci, Dior, Armani, Bottega Veneta, Hugo Boss, Dolce & Gabbana | |||
Shoppes at Cotai Central | 331,499(3) | Marks & Spencer, Kid’s Cavern, Zara, Omega, Ralph Lauren, Nike, Chow Tai Fook | |||
The Shoppes at Marina Bay Sands | 644,719(4) | Louis Vuitton, Chanel, BVLGARI, Prada, Gucci, Zara, Burberry, Versace, Dior, Cartier | |||
The Outlets at Sands Bethlehem | 151,029 | Coach, Lenox, Tommy Hilfiger, Nine West, Guess, Under Armour, Puma |
(1) | Represents Gross Leasable Area in square feet. |
(2) | Excludes approximately 139,000 square feet of space on the fifth floor and 1,500 square feet of space on the third floor currently not on the market for lease. |
(3) | At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area. |
(4) | Excludes approximately 132,000 square feet of space operated by the Company. |
Category | Square Feet | % of Square Feet | Representative Tenants | |||||
Fashion (luxury, women’s, men’s, mixed) | 823,804 | 39 | % | Louis Vuitton, Dior, Gucci, Versace, Chanel, Fendi | ||||
Restaurants and lounges | 411,185 | 20 | % | Bambu, Lei Garden, Todai, North, Café Deco | ||||
Multi-Brands | 238,657 | 11 | % | Duty-free shops, The Atrium | ||||
Fashion accessories and footwear | 163,590 | 8 | % | Coach, Salvatore Ferragamo, Tumi, Rimowa | ||||
Jewelry | 149,482 | 7 | % | BVLGARI, Omega, Cartier, Rolex, Tiffany & Co. | ||||
Health and beauty | 123,805 | 6 | % | Sephora, The Body Shop, Sa Sa | ||||
Banks and services | 59,477 | 3 | % | Bank of China, Citibank, ICBC | ||||
Lifestyle, sports and entertainment | 55,110 | 2 | % | Manchester United Experience, Adidas, Ferrari | ||||
Home furnishing and electronics | 38,987 | 2 | % | Samsung, Vertu, Zara Home | ||||
Specialty foods | 24,285 | 1 | % | The Chocolate Shop, Cold Storage Specialty | ||||
Arts and gifts | 13,187 | 1 | % | Emporio di Gondola, Milestone | ||||
Total | 2,101,569 | 100 | % |
• | pay that person any dividend or interest upon its shares; |
• | allow that person to exercise, directly or indirectly, any voting right conferred through shares held by that person; |
• | pay remuneration in any form to that person for services rendered or otherwise; or |
• | fail to pursue all lawful efforts to require that unsuitable person to relinquish its shares. |
• | assure the financial stability of corporate gaming operators and their affiliates; |
• | preserve the beneficial aspects of conducting business in the corporate form; and |
• | promote a neutral environment for the orderly governance of corporate affairs. |
• | the operation of gaming without permission or operation of business which does not fall within the business scope of the subconcession; |
• | the suspension of operations of our gaming business in Macao without reasonable grounds for more than seven consecutive days or more than fourteen non-consecutive days within one calendar year; |
• | the unauthorized transfer of all or part of our gaming operations in Macao; |
• | the failure to pay taxes, premiums, levies or other amounts payable to the Macao government; |
• | the failure to resume operations following the temporary assumption of operations by the Macao government; |
• | the repeated failure to comply with decisions of the Macao government; |
• | the failure to provide or supplement the guarantee deposit or the guarantees specified in the subconcession within the prescribed period; |
• | the bankruptcy or insolvency of VML; |
• | fraudulent activity by VML; |
• | serious and repeated violation by VML of the applicable rules for carrying out casino games of chance or games of other forms or the operation of casino games of chance or games of other forms; |
• | the grant to any other person of any managing power over VML; or |
• | the failure by a controlling shareholder in VML to dispose of its interest in VML following notice from the gaming authorities of another jurisdiction in which such controlling shareholder is licensed to operate casino games of chance to the effect that such controlling shareholder can no longer own shares in VML. |
• | ensure the proper operation and conduct of casino games; |
• | employ people with appropriate qualifications; |
• | operate and conduct casino games of chance in a fair and honest manner without the influence of criminal activities; |
• | safeguard and ensure Macao’s interests in tax revenue from the operation of casinos and other gaming areas; and |
• | maintain a specified level of insurance. |
• | the prevention of unsavory or unsuitable persons from having a direct or indirect involvement with gaming at any time or in any capacity; |
• | the establishment and maintenance of responsible accounting practices and procedures; |
• | the maintenance of effective controls over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and the safeguarding of assets and revenues, providing reliable record-keeping and requiring the filing of periodic reports with the Nevada Gaming Authorities; |
• | the prevention of cheating and fraudulent practices; and |
• | the establishment of a source of state and local revenues through taxation and licensing fees. |
• | voting on all matters voted on by stockholders; |
• | making financial and other inquiries of management of the type normally made by securities analysts for informational purposes and not to cause a change in management, policies or operations; and |
• | such other activities as the Nevada Commission may determine to be consistent with such investment intent. |
• | allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person; |
• | pay remuneration in any form to that person for services rendered or otherwise; or |
• | fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, the purchase for cash at fair market value. |
• | pays to the unsuitable person any dividend, interest, or any distribution whatsoever; |
• | recognizes any voting right by such unsuitable person in connection with such securities; or |
• | pays the unsuitable person remuneration in any form. |
• | assure the financial stability of corporate gaming operators and their affiliates; |
• | preserve the beneficial aspects of conducting business in the corporate form; and |
• | promote a neutral environment for the orderly governance of corporate affairs. |
• | a percentage of the gross revenues received; |
• | the number of gaming devices operated; or |
• | the number of table games operated. |
• | continue to be obligated to fulfill certain lease termination and asset purchase agreements; |
• | lease the portion of the theater space located within The Grand Canal Shoppes from GGP for a period of 25 years, subject to an additional 50 years of extension options, with initial fixed minimum rent of $3.3 million per year; |
• | lease the gondola retail store and the canal space located within The Grand Canal Shoppes from GGP (and by amendment the extension of the canal space extended into The Shoppes at The Palazzo) for a period of 25 years, subject to an additional 50 years of extension options, with initial fixed minimum rent of $3.5 million per year; and |
• | lease certain office space from GGP for a period of 10 years, subject to an additional 65 years of extension options, with initial annual rent of approximately $0.9 million. |
• | local economic and competitive conditions; |
• | inaccessibility due to inclement weather, road construction or closure of primary access routes; |
• | decline in air passenger traffic due to higher ticket costs or fears concerning air travel; |
• | changes in local and state governmental laws and regulations, including gaming laws and regulations; |
• | natural or man-made disasters, or outbreaks of infectious diseases; |
• | changes in the availability of water; and |
• | a decline in the number of visitors to Macao, Singapore or Las Vegas. |
• | incur additional debt, including providing guarantees or credit support; |
• | incur liens securing indebtedness or other obligations; |
• | dispose of assets; |
• | make certain acquisitions; |
• | pay dividends or make distributions and make other restricted payments, such as purchasing equity interests, repurchasing junior indebtedness or making investments in third parties; |
• | enter into sale and leaseback transactions; |
• | engage in any new businesses; |
• | issue preferred stock; and |
• | enter into transactions with our stockholders and our affiliates. |
• | make it more difficult for us to satisfy our debt service obligations; |
• | increase our vulnerability to general adverse economic and industry conditions; |
• | impair our ability to obtain additional financing in the future for working capital needs, capital expenditures, development projects, acquisitions or general corporate purposes; |
• | require us to dedicate a significant portion of our cash flow from operations to the payment of principal and interest on our debt, which would reduce the funds available for our operations and development projects; |
• | limit our flexibility in planning for, or reacting to, changes in the business and the industry in which we operate; |
• | place us at a competitive disadvantage compared to our competitors that have less debt; and |
• | subject us to higher interest expense in the event of increases in interest rates as a significant portion of our debt is, and will continue to be, at variable rates of interest. |
• | we knowingly violate any laws of the foreign jurisdiction pertaining to the foreign gaming operation; |
• | we fail to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations; |
• | we engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to the gaming policies of Nevada; |
• | we engage in any activity or enter into any association that interferes with the ability of the State of Nevada to collect gaming taxes and fees; or |
• | we employ, contract with or associate with any person in the foreign gaming operation who has been denied a license or a finding of suitability in Nevada on the ground of personal unsuitability, or who has been found guilty of cheating at gambling. |
• | allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person; |
• | pay remuneration in any form to that person for services rendered or otherwise; or |
• | fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, purchasing them for cash at fair market value. |
High | Low | ||||||
2014 | |||||||
First Quarter | $ | 88.28 | $ | 69.15 | |||
Second Quarter | $ | 84.24 | $ | 71.09 | |||
Third Quarter | $ | 78.50 | $ | 59.08 | |||
Fourth Quarter | $ | 65.83 | $ | 49.82 | |||
2015 | |||||||
First Quarter | $ | 61.59 | $ | 51.24 | |||
Second Quarter | $ | 59.90 | $ | 49.57 | |||
Third Quarter | $ | 57.77 | $ | 37.40 | |||
Fourth Quarter | $ | 52.14 | $ | 36.53 | |||
2016 | |||||||
First Quarter (through February 22, 2016) | $ | 48.28 | $ | 34.88 |
Period | Total Number of Shares Purchased | Weighted Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of a Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in thousands)(2) | ||||||||||
October 1, 2015 — October 31, 2015 | — | $ | — | — | $ | 1,620,027 | ||||||||
November 1, 2015 — November 30, 2015 | 674,118 | $ | 46.05 | 674,118 | $ | 1,588,983 | ||||||||
December 1, 2015 — December 31, 2015 | 673,554 | $ | 43.06 | 673,554 | $ | 1,559,983 |
(1) | Calculated excluding commissions. |
(2) | In June 2013, our Board of Directors announced a stock repurchase program with an initial authorization of $2.0 billion, which expired on June 5, 2015, but was substantially completed during the year ended December 31, 2014. In October 2014, our Board of Directors authorized the repurchase of an additional $2.0 billion of our outstanding common stock, which expires on October 9, 2016. All repurchases under the stock repurchase program are made from time to time at our discretion in accordance with applicable federal securities laws. All share repurchases of our common stock have been recorded as treasury shares. |
Cumulative Total Return | |||||||||||||||||||||||
12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | ||||||||||||||||||
Las Vegas Sands Corp. | $ | 100.00 | $ | 92.99 | $ | 102.56 | $ | 179.24 | $ | 136.20 | $ | 108.27 | |||||||||||
S&P 500 | $ | 100.00 | $ | 102.11 | $ | 118.45 | $ | 156.82 | $ | 178.29 | $ | 180.75 | |||||||||||
Dow Jones US Gambling Index | $ | 100.00 | $ | 92.95 | $ | 102.73 | $ | 176.43 | $ | 143.24 | $ | 109.82 |
Year Ended December 31, | |||||||||||||||||||
2015(1) | 2014(2)(3) | 2013(4)(5)(6) | 2012(7)(8)(9) | 2011(10) | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
STATEMENT OF OPERATIONS DATA | |||||||||||||||||||
Gross revenues | $ | 12,414,350 | $ | 15,425,788 | $ | 14,494,436 | $ | 11,684,669 | $ | 9,862,334 | |||||||||
Less — promotional allowances | (725,889 | ) | (841,939 | ) | (724,551 | ) | (553,537 | ) | (451,589 | ) | |||||||||
Net revenues | 11,688,461 | 14,583,849 | 13,769,885 | 11,131,132 | 9,410,745 | ||||||||||||||
Operating expenses | 8,846,986 | 10,484,623 | 10,361,642 | 8,819,750 | 7,020,858 | ||||||||||||||
Operating income | 2,841,475 | 4,099,226 | 3,408,243 | 2,311,382 | 2,389,887 | ||||||||||||||
Interest, net | (250,135 | ) | (248,538 | ) | (254,874 | ) | (235,312 | ) | (268,555 | ) | |||||||||
Other income (expense) | 30,542 | 1,965 | 4,321 | 5,740 | (3,955 | ) | |||||||||||||
Loss on modification or early retirement of debt | — | (19,942 | ) | (14,178 | ) | (19,234 | ) | (22,554 | ) | ||||||||||
Income before income taxes | 2,621,882 | 3,832,711 | 3,143,512 | 2,062,576 | 2,094,823 | ||||||||||||||
Income tax expense | (236,185 | ) | (244,640 | ) | (188,836 | ) | (180,763 | ) | (211,704 | ) | |||||||||
Net income | 2,385,697 | 3,588,071 | 2,954,676 | 1,881,813 | 1,883,119 | ||||||||||||||
Net income attributable to noncontrolling interests | (419,461 | ) | (747,442 | ) | (648,679 | ) | (357,720 | ) | (322,996 | ) | |||||||||
Net income attributable to Las Vegas Sands Corp. | 1,966,236 | 2,840,629 | 2,305,997 | 1,524,093 | 1,560,123 | ||||||||||||||
Preferred stock dividends | — | — | — | — | (63,924 | ) | |||||||||||||
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family | — | — | — | — | (80,975 | ) | |||||||||||||
Preferred stock inducement, repurchase and redemption premiums | — | — | — | — | (145,716 | ) | |||||||||||||
Net income attributable to common stockholders | $ | 1,966,236 | $ | 2,840,629 | $ | 2,305,997 | $ | 1,524,093 | $ | 1,269,508 | |||||||||
Per share data: | |||||||||||||||||||
Basic earnings per share | $ | 2.47 | $ | 3.52 | $ | 2.80 | $ | 1.89 | $ | 1.74 | |||||||||
Diluted earnings per share | $ | 2.47 | $ | 3.52 | $ | 2.79 | $ | 1.85 | $ | 1.56 | |||||||||
Cash dividends declared per common share | $ | 2.60 | $ | 2.00 | $ | 1.40 | $ | 3.75 | $ | — | |||||||||
OTHER DATA | |||||||||||||||||||
Capital expenditures | $ | 1,528,642 | $ | 1,178,656 | $ | 898,111 | $ | 1,449,234 | $ | 1,508,493 |
December 31, | |||||||||||||||||||
2015(1) | 2014(2) | 2013(5) | 2012(9) | 2011(10) | |||||||||||||||
(In thousands) | |||||||||||||||||||
BALANCE SHEET DATA | |||||||||||||||||||
Total assets | $ | 20,987,421 | $ | 22,354,047 | $ | 22,710,912 | $ | 22,163,969 | $ | 22,195,856 | |||||||||
Long-term debt | $ | 9,372,645 | $ | 9,892,913 | $ | 9,382,752 | $ | 10,132,265 | $ | 9,577,131 | |||||||||
Total Las Vegas Sands Corp. stockholders’ equity | $ | 6,816,741 | $ | 7,213,586 | $ | 7,665,494 | $ | 7,061,842 | $ | 7,850,689 |
(1) | During the year ended December 31, 2015, we paid a quarterly dividend of $0.65 per common share as part of a regular cash dividend program. |
(2) | During the year ended December 31, 2014, we paid a quarterly dividend of $0.50 per common share as part of a regular cash dividend program. |
(3) | During the year ended December 31, 2014, we received a $90.1 million property tax refund related to a property tax settlement at Marina Bay Sands for the years 2010 through 2014. |
(4) | The second Sheraton tower of Sands Cotai Central opened in January 2013. |
(5) | During the year ended December 31, 2013, we paid a quarterly dividend of $0.35 per common share as part of a regular cash dividend program. |
(6) | During the year ended December 31, 2013, we recorded a legal settlement expense of $47.4 million. |
(7) | The Conrad and Holiday Inn tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively. |
(8) | During the year ended December 31, 2012, we recorded an impairment loss of $143.7 million, consisting primarily of a $100.7 million write-off of capitalized construction costs related to our former Cotai Strip development (referred to as parcels 7 and 8) in Macao and a $42.9 million impairment due to the termination of the ZAiA show at The Venetian Macao. |
(9) | During the year ended December 31, 2012, we paid a quarterly dividend of $0.25 per common share as part of a regular cash dividend program. Additionally, on December 18, 2012, we paid a special cash dividend of $2.75 per common share. |
(10) | During the year ended December 31, 2011, we repurchased, redeemed or induced holders to redeem all outstanding preferred stock, which resulted in a charge to retained earnings of $145.7 million and is also included in the calculation of net income attributable to common stockholders. |
• | At The Venetian Macao, approximately 80.8% and 84.2%, respectively, was from gaming activities, with the remainder from room, mall, food and beverage and other non-gaming sources. |
• | At Sands Cotai Central, approximately 80.3% and 83.9%, respectively, was from gaming activities, with the remainder primarily from room and food and beverage operations. |
• | At Four Seasons Macao, approximately 72.6% and 81.5%, respectively, was from gaming activities, with the remainder primarily from mall and room operations. |
• | At Sands Macao, approximately 92.8% and 94.0%, respectively, was from gaming activities, with the remainder primarily from food and beverage operations. |
• | At Marina Bay Sands, approximately 73.9% and 75.2%, respectively, was from gaming activities, with the remainder from room, food and beverage, mall and other non-gaming sources. |
• | At our Las Vegas Operating Properties, approximately 71.6% and 67.6%, respectively, was from room, food and beverage and other non-gaming sources, with the remainder from gaming activities. The percentage of |
• | At Sands Bethlehem, approximately 88.3% and 88.2%, respectively, was from gaming activities, with the remainder primarily from food and beverage and other non-gaming sources. |
Year Ended December 31, | |||||||||||||||||
2015 | Percent Change | 2014 | Percent Change | 2013 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net revenues | $ | 11,688,461 | (19.9 | )% | $ | 14,583,849 | 5.9 | % | $ | 13,769,885 | |||||||
Operating expenses | 8,846,986 | (15.6 | )% | 10,484,623 | 1.2 | % | 10,361,642 | ||||||||||
Operating income | 2,841,475 | (30.7 | )% | 4,099,226 | 20.3 | % | 3,408,243 | ||||||||||
Income before income taxes | 2,621,882 | (31.6 | )% | 3,832,711 | 21.9 | % | 3,143,512 | ||||||||||
Net income | 2,385,697 | (33.5 | )% | 3,588,071 | 21.4 | % | 2,954,676 | ||||||||||
Net income attributable to Las Vegas Sands Corp. | 1,966,236 | (30.8 | )% | 2,840,629 | 23.2 | % | 2,305,997 |
Percent of Net Revenues Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
Operating expenses | 75.7 | % | 71.9 | % | 75.2 | % | ||
Operating income | 24.3 | % | 28.1 | % | 24.8 | % | ||
Income before income taxes | 22.4 | % | 26.3 | % | 22.8 | % | ||
Net income | 20.4 | % | 24.6 | % | 21.5 | % | ||
Net income attributable to Las Vegas Sands Corp. | 16.8 | % | 19.5 | % | 16.7 | % |
Year Ended December 31, | ||||||||||
2015 | 2014 | Percent Change | ||||||||
(Dollars in thousands) | ||||||||||
Casino | $ | 9,083,004 | $ | 12,004,361 | (24.3 | )% | ||||
Rooms | 1,469,874 | 1,540,420 | (4.6 | )% | ||||||
Food and beverage | 757,512 | 778,769 | (2.7 | )% | ||||||
Mall | 564,309 | 553,534 | 1.9 | % | ||||||
Convention, retail and other | 539,651 | 548,704 | (1.6 | )% | ||||||
12,414,350 | 15,425,788 | (19.5 | )% | |||||||
Less — promotional allowances | (725,889 | ) | (841,939 | ) | 13.8 | % | ||||
Total net revenues | $ | 11,688,461 | $ | 14,583,849 | (19.9 | )% |
Year Ended December 31, | ||||||||||
2015 | 2014 | Change | ||||||||
(Dollars in thousands) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total casino revenues | $ | 2,532,944 | $ | 3,554,352 | (28.7)% | |||||
Non-Rolling Chip drop | $ | 7,029,707 | $ | 8,960,823 | (21.6)% | |||||
Non-Rolling Chip win percentage | 24.5 | % | 25.2 | % | (0.7) pts | |||||
Rolling Chip volume | $ | 31,024,643 | $ | 47,871,382 | (35.2)% | |||||
Rolling Chip win percentage | 3.08 | % | 3.22 | % | (0.14) pts | |||||
Slot handle | $ | 4,092,810 | $ | 5,564,597 | (26.4)% | |||||
Slot hold percentage | 4.8 | % | 4.8 | % | — | |||||
Sands Cotai Central | ||||||||||
Total casino revenues | $ | 1,878,503 | $ | 2,801,441 | (32.9)% | |||||
Non-Rolling Chip drop | $ | 6,025,778 | $ | 7,432,536 | (18.9)% | |||||
Non-Rolling Chip win percentage | 21.5 | % | 21.8 | % | (0.3) pts | |||||
Rolling Chip volume | $ | 19,678,778 | $ | 46,860,574 | (58.0)% | |||||
Rolling Chip win percentage | 3.08 | % | 3.08 | % | — | |||||
Slot handle | $ | 6,128,318 | $ | 7,630,366 | (19.7)% | |||||
Slot hold percentage | 3.5 | % | 3.5 | % | — | |||||
Four Seasons Macao | ||||||||||
Total casino revenues | $ | 535,631 | $ | 948,110 | (43.5)% | |||||
Non-Rolling Chip drop | $ | 1,058,230 | $ | 1,335,935 | (20.8)% | |||||
Non-Rolling Chip win percentage | 22.6 | % | 24.0 | % | (1.4) pts | |||||
Rolling Chip volume | $ | 13,390,165 | $ | 27,072,914 | (50.5)% | |||||
Rolling Chip win percentage | 3.23 | % | 3.36 | % | (0.13) pts | |||||
Slot handle | $ | 475,997 | $ | 830,186 | (42.7)% | |||||
Slot hold percentage | 6.1 | % | 5.1 | % | 1.0 pts | |||||
Sands Macao | ||||||||||
Total casino revenues | $ | 853,891 | $ | 1,148,477 | (25.7)% | |||||
Non-Rolling Chip drop | $ | 3,035,159 | $ | 3,937,850 | (22.9)% | |||||
Non-Rolling Chip win percentage | 18.4 | % | 18.1 | % | 0.3 pts | |||||
Rolling Chip volume | $ | 9,608,377 | $ | 17,663,497 | (45.6)% | |||||
Rolling Chip win percentage | 3.36 | % | 2.98 | % | 0.38 pts | |||||
Slot handle | $ | 2,737,376 | $ | 3,236,093 | (15.4)% | |||||
Slot hold percentage | 3.5 | % | 3.7 | % | (0.2) pts | |||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total casino revenues | $ | 2,315,388 | $ | 2,574,782 | (10.1)% | |||||
Non-Rolling Chip drop | $ | 4,204,525 | $ | 4,498,674 | (6.5)% | |||||
Non-Rolling Chip win percentage | 27.0 | % | 25.1 | % | 1.9 pts | |||||
Rolling Chip volume | $ | 41,149,059 | $ | 42,558,012 | (3.3)% | |||||
Rolling Chip win percentage | 2.79 | % | 3.30 | % | (0.51) pts | |||||
Slot handle | $ | 12,878,788 | $ | 12,368,193 | 4.1% | |||||
Slot hold percentage | 4.5 | % | 4.9 | % | (0.4) pts | |||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total casino revenues | $ | 455,539 | $ | 509,205 | (10.5)% | |||||
Table games drop | $ | 2,080,032 | $ | 2,139,545 | (2.8)% | |||||
Table games win percentage | 15.9 | % | 19.9 | % | (4.0) pts | |||||
Slot handle | $ | 2,408,527 | $ | 2,114,522 | 13.9% | |||||
Slot hold percentage | 8.1 | % | 8.2 | % | (0.1) pts | |||||
Sands Bethlehem | ||||||||||
Total casino revenues | $ | 511,108 | $ | 467,994 | 9.2% | |||||
Table games drop | $ | 1,133,944 | $ | 1,062,648 | 6.7% | |||||
Table games win percentage | 17.9 | % | 16.8 | % | 1.1 pts | |||||
Slot handle | $ | 4,273,801 | $ | 4,016,223 | 6.4% | |||||
Slot hold percentage | 7.0 | % | 7.0 | % | — |
Year Ended December 31, | ||||||||||
2015 | 2014 | Change | ||||||||
(Room revenues in thousands) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total room revenues | $ | 213,660 | $ | 258,863 | (17.5)% | |||||
Occupancy rate | 84.0 | % | 91.3 | % | (7.3) pts | |||||
Average daily room rate | $ | 243 | $ | 270 | (10.0)% | |||||
Revenue per available room | $ | 204 | $ | 246 | (17.1)% | |||||
Sands Cotai Central | ||||||||||
Total room revenues | $ | 272,729 | $ | 320,875 | (15.0)% | |||||
Occupancy rate | 83.1 | % | 88.5 | % | (5.4) pts | |||||
Average daily room rate | $ | 157 | $ | 176 | (10.8)% | |||||
Revenue per available room | $ | 131 | $ | 156 | (16.0)% | |||||
Four Seasons Macao | ||||||||||
Total room revenues | $ | 42,284 | $ | 47,755 | (11.5)% | |||||
Occupancy rate | 82.0 | % | 87.0 | % | (5.0) pts | |||||
Average daily room rate | $ | 376 | $ | 400 | (6.0)% | |||||
Revenue per available room | $ | 308 | $ | 348 | (11.5)% | |||||
Sands Macao | ||||||||||
Total room revenues | $ | 22,735 | $ | 24,066 | (5.5)% | |||||
Occupancy rate | 99.3 | % | 98.6 | % | 0.7 pts | |||||
Average daily room rate | $ | 220 | $ | 238 | (7.6)% | |||||
Revenue per available room | $ | 218 | $ | 235 | (7.2)% | |||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total room revenues | $ | 359,332 | $ | 383,954 | (6.4)% | |||||
Occupancy rate | 96.3 | % | 99.0 | % | (2.7) pts | |||||
Average daily room rate | $ | 404 | $ | 431 | (6.3)% | |||||
Revenue per available room | $ | 389 | $ | 427 | (8.9)% | |||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total room revenues | $ | 543,994 | $ | 491,493 | 10.7% | |||||
Occupancy rate | 91.8 | % | 88.0 | % | 3.8 pts | |||||
Average daily room rate | $ | 233 | $ | 222 | 5.0% | |||||
Revenue per available room | $ | 214 | $ | 196 | 9.2% | |||||
Sands Bethlehem | ||||||||||
Total room revenues | $ | 15,140 | $ | 13,414 | 12.9% | |||||
Occupancy rate | 91.5 | % | 83.4 | % | 8.1 pts | |||||
Average daily room rate | $ | 151 | $ | 146 | 3.4% | |||||
Revenue per available room | $ | 138 | $ | 122 | 13.1% |
Year Ended December 31, | ||||||||||
2015 | 2014 | Change | ||||||||
(Mall revenues in thousands) | ||||||||||
Macao Operations: | ||||||||||
Shoppes at Venetian | ||||||||||
Total mall revenues | $ | 204,624 | $ | 191,631 | 6.8% | |||||
Mall gross leasable area (in square feet) | 780,165 | 771,345 | 1.1% | |||||||
Occupancy | 97.8 | % | 93.4 | % | 4.4 pts | |||||
Base rent per square foot | $ | 223 | $ | 212 | 5.2% | |||||
Tenant sales per square foot | $ | 1,469 | $ | 1,673 | (12.2)% | |||||
Shoppes at Cotai Central(1) | ||||||||||
Total mall revenues | $ | 61,905 | $ | 56,408 | 9.7% | |||||
Mall gross leasable area (in square feet) | 331,499 | 330,258 | 0.4% | |||||||
Occupancy | 97.9 | % | 97.9 | % | — | |||||
Base rent per square foot | $ | 153 | $ | 136 | 12.5% | |||||
Tenant sales per square foot | $ | 896 | $ | 1,450 | (38.2)% | |||||
Shoppes at Four Seasons | ||||||||||
Total mall revenues | $ | 130,220 | $ | 132,326 | (1.6)% | |||||
Mall gross leasable area (in square feet) | 259,394 | 257,963 | 0.6% | |||||||
Occupancy | 99.0 | % | 99.2 | % | (0.2) pts | |||||
Base rent per square foot | $ | 454 | $ | 418 | 8.6% | |||||
Tenant sales per square foot | $ | 3,423 | $ | 5,689 | (39.8)% | |||||
Singapore Operations: | ||||||||||
The Shoppes at Marina Bay Sands | ||||||||||
Total mall revenues | $ | 163,466 | $ | 169,257 | (3.4)% | |||||
Mall gross leasable area (in square feet) | 644,719 | 648,778 | (0.6)% | |||||||
Occupancy | 95.2 | % | 96.1 | % | (0.9) pts | |||||
Base rent per square foot | $ | 214 | $ | 220 | (2.7)% | |||||
Tenant sales per square foot | $ | 1,361 | $ | 1,426 | (4.6)% | |||||
U.S. Operations: | ||||||||||
The Outlets at Sands Bethlehem | ||||||||||
Total mall revenues | $ | 4,094 | $ | 3,912 | 4.7% | |||||
Mall gross leasable area (in square feet) | 151,029 | 151,029 | — | |||||||
Occupancy | 95.1 | % | 97.0 | % | (1.9) pts | |||||
Base rent per square foot | $ | 21 | $ | 20 | 5.0% | |||||
Tenant sales per square foot | $ | 354 | $ | 365 | (3.0)% |
(1) | The third phase of the Shoppes at Cotai Central opened in June 2014. At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area. |
Year Ended December 31, | ||||||||||
2015 | 2014 | Percent Change | ||||||||
(Dollars in thousands) | ||||||||||
Casino | $ | 5,113,870 | $ | 6,705,534 | (23.7 | )% | ||||
Rooms | 262,440 | 256,835 | 2.2 | % | ||||||
Food and beverage | 402,660 | 392,560 | 2.6 | % | ||||||
Mall | 61,299 | 69,732 | (12.1 | )% | ||||||
Convention, retail and other | 276,821 | 320,759 | (13.7 | )% | ||||||
Provision for doubtful accounts | 155,635 | 186,722 | (16.6 | )% | ||||||
General and administrative | 1,267,415 | 1,258,133 | 0.7 | % | ||||||
Corporate | 176,169 | 174,750 | 0.8 | % | ||||||
Pre-opening | 47,509 | 26,230 | 81.1 | % | ||||||
Development | 10,372 | 14,325 | (27.6 | )% | ||||||
Depreciation and amortization | 998,919 | 1,031,589 | (3.2 | )% | ||||||
Amortization of leasehold interests in land | 38,645 | 40,598 | (4.8 | )% | ||||||
Loss on disposal of assets | 35,232 | 6,856 | 413.9 | % | ||||||
Total operating expenses | $ | 8,846,986 | $ | 10,484,623 | (15.6 | )% |
Year Ended December 31, | ||||||||||
2015 | 2014 | Percent Change | ||||||||
(Dollars in thousands) | ||||||||||
Macao: | ||||||||||
The Venetian Macao | $ | 1,078,590 | $ | 1,546,323 | (30.2 | )% | ||||
Sands Cotai Central | 651,524 | 1,001,487 | (34.9 | )% | ||||||
Four Seasons Macao | 243,390 | 374,899 | (35.1 | )% | ||||||
Sands Macao | 226,094 | 338,590 | (33.2 | )% | ||||||
Other Asia | 22,833 | 3,493 | 553.7 | % | ||||||
2,222,431 | 3,264,792 | (31.9 | )% | |||||||
Marina Bay Sands | 1,506,486 | 1,723,147 | (12.6 | )% | ||||||
United States: | ||||||||||
Las Vegas Operating Properties | 305,469 | 313,913 | (2.7 | )% | ||||||
Sands Bethlehem | 135,844 | 120,491 | 12.7 | % | ||||||
441,313 | 434,404 | 1.6 | % | |||||||
Total adjusted property EBITDA | $ | 4,170,230 | $ | 5,422,343 | (23.1 | )% |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
(Dollars in thousands) | |||||||
Interest cost (which includes the amortization of deferred financing costs and original issue discounts) | $ | 277,501 | $ | 268,299 | |||
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo | 15,188 | 15,190 | |||||
Less — capitalized interest | (27,469 | ) | (9,308 | ) | |||
Interest expense, net | $ | 265,220 | $ | 274,181 | |||
Cash paid for interest | $ | 239,358 | $ | 215,929 | |||
Weighted average total debt balance | $ | 9,429,221 | $ | 9,991,874 | |||
Weighted average interest rate | 2.9 | % | 2.7 | % |
Year Ended December 31, | ||||||||||
2014 | 2013 | Percent Change | ||||||||
(Dollars in thousands) | ||||||||||
Casino | $ | 12,004,361 | $ | 11,386,917 | 5.4 | % | ||||
Rooms | 1,540,420 | 1,380,681 | 11.6 | % | ||||||
Food and beverage | 778,769 | 730,259 | 6.6 | % | ||||||
Mall | 553,534 | 481,400 | 15.0 | % | ||||||
Convention, retail and other | 548,704 | 515,179 | 6.5 | % | ||||||
15,425,788 | 14,494,436 | 6.4 | % | |||||||
Less — promotional allowances | (841,939 | ) | (724,551 | ) | (16.2 | )% | ||||
Total net revenues | $ | 14,583,849 | $ | 13,769,885 | 5.9 | % |
Year Ended December 31, | ||||||||||
2014 | 2013 | Change | ||||||||
(Dollars in thousands) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total casino revenues | $ | 3,554,352 | $ | 3,415,327 | 4.1% | |||||
Non-Rolling Chip drop | $ | 8,960,823 | $ | 7,201,033 | 24.4% | |||||
Non-Rolling Chip win percentage | 25.2 | % | 26.8 | % | (1.6) pts | |||||
Rolling Chip volume | $ | 47,871,382 | $ | 54,420,394 | (12.0)% | |||||
Rolling Chip win percentage | 3.22 | % | 3.32 | % | (0.10) pts | |||||
Slot handle | $ | 5,564,597 | $ | 4,781,911 | 16.4% | |||||
Slot hold percentage | 4.8 | % | 5.5 | % | (0.7) pts | |||||
Sands Cotai Central | ||||||||||
Total casino revenues | $ | 2,801,441 | $ | 2,432,952 | 15.1% | |||||
Non-Rolling Chip drop | $ | 7,432,536 | $ | 5,373,622 | 38.3% | |||||
Non-Rolling Chip win percentage | 21.8 | % | 22.5 | % | (0.7) pts | |||||
Rolling Chip volume | $ | 46,860,574 | $ | 61,073,743 | (23.3)% | |||||
Rolling Chip win percentage | 3.08 | % | 2.66 | % | 0.42 pts | |||||
Slot handle | $ | 7,630,366 | $ | 5,686,446 | 34.2% | |||||
Slot hold percentage | 3.5 | % | 3.9 | % | (0.4) pts | |||||
Four Seasons Macao | ||||||||||
Total casino revenues | $ | 948,110 | $ | 922,743 | 2.7% | |||||
Non-Rolling Chip drop | $ | 1,335,935 | $ | 899,627 | 48.5% | |||||
Non-Rolling Chip win percentage | 24.0 | % | 27.5 | % | (3.5) pts | |||||
Rolling Chip volume | $ | 27,072,914 | $ | 39,280,485 | (31.1)% | |||||
Rolling Chip win percentage | 3.36 | % | 2.46 | % | 0.90 pts | |||||
Slot handle | $ | 830,186 | $ | 900,836 | (7.8)% | |||||
Slot hold percentage | 5.1 | % | 5.5 | % | (0.4) pts | |||||
Sands Macao | ||||||||||
Total casino revenues | $ | 1,148,477 | $ | 1,206,462 | (4.8)% | |||||
Non-Rolling Chip drop | $ | 3,937,850 | $ | 3,488,891 | 12.9% | |||||
Non-Rolling Chip win percentage | 18.1 | % | 19.8 | % | (1.7) pts | |||||
Rolling Chip volume | $ | 17,663,497 | $ | 23,242,588 | (24.0)% | |||||
Rolling Chip win percentage | 2.98 | % | 2.77 | % | 0.21 pts | |||||
Slot handle | $ | 3,236,093 | $ | 2,699,247 | 19.9% | |||||
Slot hold percentage | 3.7 | % | 3.9 | % | (0.2) pts | |||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total casino revenues | $ | 2,574,782 | $ | 2,363,140 | 9.0% | |||||
Non-Rolling Chip drop | $ | 4,498,674 | $ | 4,650,105 | (3.3)% | |||||
Non-Rolling Chip win percentage | 25.1 | % | 23.7 | % | 1.4 pts | |||||
Rolling Chip volume | $ | 42,558,012 | $ | 60,095,322 | (29.2)% | |||||
Rolling Chip win percentage | 3.30 | % | 2.46 | % | 0.84 pts | |||||
Slot handle | $ | 12,368,193 | $ | 11,118,021 | 11.2% | |||||
Slot hold percentage | 4.9 | % | 5.1 | % | (0.2) pts | |||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total casino revenues | $ | 509,205 | $ | 584,372 | (12.9)% | |||||
Table games drop | $ | 2,139,545 | $ | 2,251,734 | (5.0)% | |||||
Table games win percentage | 19.9 | % | 23.3 | % | (3.4) pts | |||||
Slot handle | $ | 2,114,522 | $ | 2,024,147 | 4.5% | |||||
Slot hold percentage | 8.2 | % | 8.7 | % | (0.5) pts | |||||
Sands Bethlehem | ||||||||||
Total casino revenues | $ | 467,994 | $ | 461,921 | 1.3% | |||||
Table games drop | $ | 1,062,648 | $ | 1,024,021 | 3.8% | |||||
Table games win percentage | 16.8 | % | 16.1 | % | 0.7 pts | |||||
Slot handle | $ | 4,016,223 | $ | 4,129,171 | (2.7)% | |||||
Slot hold percentage | 7.0 | % | 7.0 | % | — |
Year Ended December 31, | ||||||||||
2014 | 2013 | Change | ||||||||
(Room revenues in thousands) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total room revenues | $ | 258,863 | $ | 230,822 | 12.1% | |||||
Occupancy rate | 91.3 | % | 91.3 | % | — | |||||
Average daily room rate | $ | 270 | $ | 243 | 11.1% | |||||
Revenue per available room | $ | 246 | $ | 222 | 10.8% | |||||
Sands Cotai Central | ||||||||||
Total room revenues | $ | 320,875 | $ | 236,819 | 35.5% | |||||
Occupancy rate | 88.5 | % | 78.5 | % | 10.0 pts | |||||
Average daily room rate | $ | 176 | $ | 155 | 13.5% | |||||
Revenue per available room | $ | 156 | $ | 121 | 28.9% | |||||
Four Seasons Macao | ||||||||||
Total room revenues | $ | 47,755 | $ | 43,626 | 9.5% | |||||
Occupancy rate | 87.0 | % | 85.3 | % | 1.7 pts | |||||
Average daily room rate | $ | 400 | $ | 373 | 7.2% | |||||
Revenue per available room | $ | 348 | $ | 318 | 9.4% | |||||
Sands Macao | ||||||||||
Total room revenues | $ | 24,066 | $ | 25,150 | (4.3)% | |||||
Occupancy rate | 98.6 | % | 96.1 | % | 2.5 pts | |||||
Average daily room rate | $ | 238 | $ | 252 | (5.6)% | |||||
Revenue per available room | $ | 235 | $ | 242 | (2.9)% | |||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total room revenues | $ | 383,954 | $ | 360,264 | 6.6% | |||||
Occupancy rate | 99.0 | % | 98.6 | % | 0.4 pts | |||||
Average daily room rate | $ | 431 | $ | 396 | 8.8% | |||||
Revenue per available room | $ | 427 | $ | 390 | 9.5% | |||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total room revenues | $ | 491,493 | $ | 472,518 | 4.0% | |||||
Occupancy rate | 88.0 | % | 89.6 | % | (1.6) pts | |||||
Average daily room rate | $ | 222 | $ | 205 | 8.3% | |||||
Revenue per available room | $ | 196 | $ | 184 | 6.5% | |||||
Sands Bethlehem | ||||||||||
Total room revenues | $ | 13,414 | $ | 11,482 | 16.8% | |||||
Occupancy rate | 83.4 | % | 73.6 | % | 9.8 pts | |||||
Average daily room rate | $ | 146 | $ | 142 | 2.8% | |||||
Revenue per available room | $ | 122 | $ | 104 | 17.3% |
Year Ended December 31, | ||||||||||
2014 | 2013 | Change | ||||||||
(Mall revenues in thousands) | ||||||||||
Macao Operations: | ||||||||||
Shoppes at Venetian | ||||||||||
Total mall revenues | $ | 191,631 | $ | 169,151 | 13.3% | |||||
Mall gross leasable area (in square feet) | 771,345 | 755,452 | 2.1% | |||||||
Occupancy | 93.4 | % | 95.5 | % | (2.1) pts | |||||
Base rent per square foot | $ | 212 | $ | 179 | 18.4% | |||||
Tenant sales per square foot | $ | 1,673 | $ | 1,522 | 9.9% | |||||
Shoppes at Cotai Central(1) | ||||||||||
Total mall revenues | $ | 56,408 | $ | 42,116 | 33.9% | |||||
Mall gross leasable area (in square feet) | 330,258 | 210,143 | 57.2% | |||||||
Occupancy | 97.9 | % | 100.0 | % | (2.1) pts | |||||
Base rent per square foot | $ | 136 | $ | 120 | 13.3% | |||||
Tenant sales per square foot | $ | 1,450 | $ | 1,277 | 13.5% | |||||
Shoppes at Four Seasons | ||||||||||
Total mall revenues | $ | 132,326 | $ | 113,121 | 17.0% | |||||
Mall gross leasable area (in square feet) | 257,963 | 241,895 | 6.6% | |||||||
Occupancy | 99.2 | % | 87.7 | % | 11.5 pts | |||||
Base rent per square foot | $ | 418 | $ | 348 | 20.1% | |||||
Tenant sales per square foot | $ | 5,689 | $ | 4,726 | 20.4% | |||||
Singapore Operations: | ||||||||||
The Shoppes at Marina Bay Sands | ||||||||||
Total mall revenues | $ | 169,257 | $ | 153,840 | 10.0% | |||||
Mall gross leasable area (in square feet) | 648,778 | 642,241 | 1.0% | |||||||
Occupancy | 96.1 | % | 90.7 | % | 5.4 pts | |||||
Base rent per square foot | $ | 220 | $ | 217 | 1.4% | |||||
Tenant sales per square foot | $ | 1,426 | $ | 1,528 | (6.7)% | |||||
U.S. Operations: | ||||||||||
The Outlets at Sands Bethlehem | ||||||||||
Total mall revenues | $ | 3,912 | $ | 3,172 | 23.3% | |||||
Mall gross leasable area (in square feet) | 151,029 | 134,830 | 12.0% | |||||||
Occupancy | 97.0 | % | 93.6 | % | 3.4 pts | |||||
Base rent per square foot | $ | 20 | $ | 23 | (13.0)% | |||||
Tenant sales per square foot | $ | 365 | $ | 431 | (15.3)% |
(1) | The first, second and third phases of the Shoppes at Cotai Central opened in April and September 2012 and June 2014, respectively. At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area. |
Year Ended December 31, | ||||||||||
2014 | 2013 | Percent Change | ||||||||
(Dollars in thousands) | ||||||||||
Casino | $ | 6,705,534 | $ | 6,483,718 | 3.4 | % | ||||
Rooms | 256,835 | 271,942 | (5.6 | )% | ||||||
Food and beverage | 392,560 | 369,570 | 6.2 | % | ||||||
Mall | 69,732 | 73,358 | (4.9 | )% | ||||||
Convention, retail and other | 320,759 | 317,869 | 0.9 | % | ||||||
Provision for doubtful accounts | 186,722 | 237,786 | (21.5 | )% | ||||||
General and administrative | 1,258,133 | 1,329,740 | (5.4 | )% | ||||||
Corporate | 174,750 | 189,535 | (7.8 | )% | ||||||
Pre-opening | 26,230 | 13,339 | 96.6 | % | ||||||
Development | 14,325 | 15,809 | (9.4 | )% | ||||||
Depreciation and amortization | 1,031,589 | 1,007,468 | 2.4 | % | ||||||
Amortization of leasehold interests in land | 40,598 | 40,352 | 0.6 | % | ||||||
Loss on disposal of assets | 6,856 | 11,156 | (38.5 | )% | ||||||
Total operating expenses | $ | 10,484,623 | $ | 10,361,642 | 1.2 | % |
Year Ended December 31, | ||||||||||
2014 | 2013 | Percent Change | ||||||||
(Dollars in thousands) | ||||||||||
Macao: | ||||||||||
The Venetian Macao | $ | 1,546,323 | $ | 1,499,937 | 3.1 | % | ||||
Sands Cotai Central | 1,001,487 | 739,723 | 35.4 | % | ||||||
Four Seasons Macao | 374,899 | 305,040 | 22.9 | % | ||||||
Sands Macao | 338,590 | 362,858 | (6.7 | )% | ||||||
Other Asia | 3,493 | (3,855 | ) | N.M. | ||||||
3,264,792 | 2,903,703 | 12.4 | % | |||||||
Marina Bay Sands | 1,723,147 | 1,384,576 | 24.5 | % | ||||||
United States: | ||||||||||
Las Vegas Operating Properties | 313,913 | 351,739 | (10.8 | )% | ||||||
Sands Bethlehem | 120,491 | 123,337 | (2.3 | )% | ||||||
434,404 | 475,076 | (8.6 | )% | |||||||
Total adjusted property EBITDA | $ | 5,422,343 | $ | 4,763,355 | 13.8 | % |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
(Dollars in thousands) | |||||||
Interest cost (which includes the amortization of deferred financing costs and original issue discounts) | $ | 268,299 | $ | 260,704 | |||
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo | 15,190 | 15,168 | |||||
Less — capitalized interest | (9,308 | ) | (4,661 | ) | |||
Interest expense, net | $ | 274,181 | $ | 271,211 | |||
Cash paid for interest | $ | 215,929 | $ | 212,903 | |||
Weighted average total debt balance | $ | 9,991,874 | $ | 9,788,457 | |||
Weighted average interest rate | 2.7 | % | 2.7 | % |
Shoppes at Venetian | Shoppes at Four Seasons | Shoppes at Cotai Central | The Shoppes at Marina Bay Sands | The Outlets at Sands Bethlehem(1) | Total | ||||||||||||||||||
For the year ended December 31, 2015 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(2) | $ | 152,686 | $ | 109,635 | $ | 43,298 | $ | 120,486 | $ | 1,482 | $ | 427,587 | |||||||||||
Overage rents | 22,262 | 10,167 | 5,789 | 15,466 | 2,612 | 56,296 | |||||||||||||||||
CAM, levies and direct recoveries | 29,676 | 10,418 | 12,818 | 27,514 | — | 80,426 | |||||||||||||||||
Total mall revenues | 204,624 | 130,220 | 61,905 | 163,466 | 4,094 | 564,309 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 15,121 | 5,807 | 6,451 | 18,029 | 905 | 46,313 | |||||||||||||||||
Marketing and other direct operating expenses | 5,454 | 961 | 1,555 | 6,183 | 833 | 14,986 | |||||||||||||||||
Mall operating expenses | 20,575 | 6,768 | 8,006 | 24,212 | 1,738 | 61,299 | |||||||||||||||||
Property taxes | — | — | — | 4,514 | 1,304 | 5,818 | |||||||||||||||||
Provision for (recovery of) doubtful accounts | 223 | (123 | ) | 206 | 65 | 44 | 415 | ||||||||||||||||
Mall-related expenses(3) | $ | 20,798 | $ | 6,645 | $ | 8,212 | $ | 28,791 | $ | 3,086 | $ | 67,532 | |||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(2) | $ | 130,555 | $ | 87,666 | $ | 31,943 | $ | 122,494 | $ | 1,486 | $ | 374,144 | |||||||||||
Overage rents | 33,860 | 36,809 | 13,589 | 16,725 | 2,426 | 103,409 | |||||||||||||||||
CAM, levies and direct recoveries | 27,216 | 7,851 | 10,876 | 30,038 | — | 75,981 | |||||||||||||||||
Total mall revenues | 191,631 | 132,326 | 56,408 | 169,257 | 3,912 | 553,534 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 17,471 | 5,802 | 6,451 | 24,983 | 1,238 | 55,945 | |||||||||||||||||
Marketing and other direct operating expenses | 6,417 | 1,562 | 1,884 | 3,356 | 568 | 13,787 | |||||||||||||||||
Mall operating expenses | 23,888 | 7,364 | 8,335 | 28,339 | 1,806 | 69,732 | |||||||||||||||||
Property taxes(4) | (1,486 | ) | — | — | (1,961 | ) | 1,201 | (2,246 | ) | ||||||||||||||
Provision for doubtful accounts | 216 | 223 | 2 | 990 | 25 | 1,456 | |||||||||||||||||
Mall-related expenses(3) | $ | 22,618 | $ | 7,587 | $ | 8,337 | $ | 27,368 | $ | 3,032 | $ | 68,942 | |||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(2) | $ | 104,080 | $ | 47,913 | $ | 23,030 | $ | 106,318 | $ | 1,268 | $ | 282,609 | |||||||||||
Overage rents | 39,615 | 58,246 | 11,584 | 16,584 | 1,904 | 127,933 | |||||||||||||||||
CAM, levies and direct recoveries | 25,456 | 6,962 | 7,502 | 30,938 | — | 70,858 | |||||||||||||||||
Total mall revenues | 169,151 | 113,121 | 42,116 | 153,840 | 3,172 | 481,400 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 16,894 | 5,466 | 5,577 | 25,370 | 1,320 | 54,627 | |||||||||||||||||
Marketing and other direct operating expenses | 6,975 | 1,607 | 1,275 | 8,083 | 791 | 18,731 | |||||||||||||||||
Mall operating expenses | 23,869 | 7,073 | 6,852 | 33,453 | 2,111 | 73,358 | |||||||||||||||||
Property taxes | 1,486 | — | — | 7,123 | 1,093 | 9,702 | |||||||||||||||||
Provision for (recovery of) doubtful accounts | (281 | ) | 226 | (245 | ) | (5 | ) | — | (305 | ) | |||||||||||||
Mall-related expenses(3) | $ | 25,074 | $ | 7,299 | $ | 6,607 | $ | 40,571 | $ | 3,204 | $ | 82,755 |
(1) | Revenues from CAM, levies and direct recoveries are included in minimum rents for The Outlets at Sands Bethlehem. |
(2) | Minimum rents include base rents and straight-line adjustments of base rents. |
(3) | Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for (recovery of) doubtful accounts, but excludes depreciation and amortization and general and administrative costs. |
(4) | Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. This property tax exemption expired in August 2013 for The Venetian Macao. In May 2014, the Company received an additional six-year property tax exemption for The Venetian Macao. As a result, during the year ended December 31, 2014, the Company reversed $2.6 million of previously recognized property taxes for The Venetian Macao. Additionally, as previously described, Marina Bay Sands received a $90.1 million property tax refund in December 2014, of which $9.0 million related to the mall. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Net cash generated from operating activities | $ | 3,449,971 | $ | 4,832,844 | $ | 4,439,412 | |||||
Cash flows from investing activities: | |||||||||||
Change in restricted cash and cash equivalents | (1,328 | ) | 270 | (382 | ) | ||||||
Capital expenditures | (1,528,642 | ) | (1,178,656 | ) | (898,111 | ) | |||||
Proceeds from disposal of property and equipment | 1,504 | 1,818 | 32,155 | ||||||||
Acquisition of intangible assets | — | — | (45,871 | ) | |||||||
Net cash used in investing activities | (1,528,466 | ) | (1,176,568 | ) | (912,209 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 16,876 | 55,650 | 69,596 | ||||||||
Excess tax benefits from stock-based compensation | 8,785 | 3,585 | — | ||||||||
Repurchase of common stock | (205,084 | ) | (1,676,802 | ) | (561,150 | ) | |||||
Proceeds from exercise of warrants | — | — | 350 | ||||||||
Dividends paid | (2,692,882 | ) | (2,386,657 | ) | (1,564,049 | ) | |||||
Distributions to noncontrolling interests | (13,908 | ) | (9,773 | ) | (11,858 | ) | |||||
Proceeds from long-term debt | 2,089,277 | 2,497,725 | 3,183,107 | ||||||||
Repayments of long-term debt | (2,397,717 | ) | (2,117,466 | ) | (3,513,032 | ) | |||||
Payments of deferred financing costs | (11,745 | ) | (88,048 | ) | (35,414 | ) | |||||
Net cash used in financing activities | (3,206,398 | ) | (3,721,786 | ) | (2,432,450 | ) | |||||
Effect of exchange rate on cash | (41,936 | ) | (28,585 | ) | (7,105 | ) | |||||
Increase (decrease) in cash and cash equivalents | $ | (1,326,829 | ) | $ | (94,095 | ) | $ | 1,087,648 |
Payments Due by Period(11) | |||||||||||||||||||
Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Long-Term Debt Obligations(1) | |||||||||||||||||||
2013 U.S. Credit Facility — Term B | $ | 22,500 | $ | 45,000 | $ | 2,137,500 | $ | — | $ | 2,205,000 | |||||||||
2013 U.S. Credit Facility — Revolving | — | 630,000 | — | — | 630,000 | ||||||||||||||
Airplane Financings | 3,688 | 56,295 | — | — | 59,983 | ||||||||||||||
HVAC Equipment Lease(2) | 1,402 | 2,601 | 11,152 | — | 15,155 | ||||||||||||||
U.S. Other | 118 | 22 | — | — | 140 | ||||||||||||||
2011 VML Credit Facility — Extended Term | — | 597,388 | 1,792,163 | — | 2,389,551 | ||||||||||||||
2011 VML Credit Facility — Accordion Term | — | 74,996 | 584,964 | 339,979 | 999,939 | ||||||||||||||
Macao Other | 2,594 | 1,759 | — | — | 4,353 | ||||||||||||||
2012 Singapore Credit Facility — Term | 65,065 | 276,527 | 2,830,335 | — | 3,171,927 | ||||||||||||||
Fixed Interest Payments | 1,200 | 1,903 | 409 | — | 3,512 | ||||||||||||||
Variable Interest Payments(3) | 251,984 | 485,939 | 304,753 | 1,453 | 1,044,129 | ||||||||||||||
Contractual Obligations | |||||||||||||||||||
Former Tenants(4) | 520 | 1,040 | 1,040 | 5,201 | 7,801 | ||||||||||||||
Employment Agreements(5) | 10,175 | 17,123 | 10,308 | — | 37,606 | ||||||||||||||
Macao Leasehold Interests in Land(6) | 5,003 | 10,562 | 10,562 | 65,323 | 91,450 | ||||||||||||||
Mall Leases(7) | 8,608 | 16,863 | 16,045 | 70,229 | 111,745 | ||||||||||||||
Macao Annual Premium(8) | 39,602 | 79,205 | 79,205 | 59,404 | 257,416 | ||||||||||||||
Parking Lot Lease(9) | 1,200 | 2,400 | 2,400 | 99,900 | 105,900 | ||||||||||||||
Other Operating Leases(10) | 19,337 | 16,006 | 6,370 | 8,878 | 50,591 | ||||||||||||||
Total | $ | 432,996 | $ | 2,315,629 | $ | 7,787,206 | $ | 650,367 | $ | 11,186,198 |
(1) | See “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 8 — Long-Term Debt” for further details on these financing transactions. |
(2) | In July 2009, we entered into a capital lease agreement with our current heating, ventilation and air conditioning (“HVAC”) provider (the “HVAC Equipment Lease”) to provide the operation and maintenance services for the HVAC equipment in Las Vegas. The lease has a 10-year term with a purchase option at the third, fifth, seventh |
(3) | Based on December 31, 2015, London Inter-Bank Offered Rate (“LIBOR”) of 0.6%, Hong Kong Inter-Bank Offered Rate (“HIBOR”) of 0.4% and Singapore Swap Offer Rate (“SOR”) of 1.7% plus the applicable interest rate spread in accordance with the respective debt agreements. |
(4) | We are party to a tenant lease termination and asset purchase agreement. Under the agreement for The Grand Canal Shoppes sale, we are obligated to fulfill the lease termination and asset purchase agreement. |
(5) | We are party to employment agreements with six of our executive officers, with remaining terms of approximately one to five years. |
(6) | We are party to long-term land leases of 25 years with automatic extensions at our option of 10 years thereafter in accordance with Macao law. |
(7) | We are party to certain leaseback agreements for the theater, gondola and retail space related to the sales of The Grand Canal Shoppes and The Shoppes at the Palazzo. |
(8) | In addition to the 39% gross gaming win tax in Macao (which is not included in this table as the amount we pay is variable in nature), we are required to pay an annual premium with a fixed portion and a variable portion, which is based on the number and type of gaming tables and gaming machines we operate. Based on the gaming tables and gaming machines in operation as of December 31, 2015, the annual premium payable to the Macao government is approximately $39.6 million through the termination of the gaming subconcession in June 2022. |
(9) | We are party to a 99-year lease agreement (88 years remaining) for a parking structure located adjacent to The Venetian Las Vegas. |
(10) | We are party to certain operating leases for real estate, various equipment and service arrangements. |
(11) | As of December 31, 2015, we had a $3.0 million liability related to unrecognized tax benefits; we do not expect this liability to result in a payment of cash within the next 12 months. We are unable to reasonably estimate the timing of the liability in individual years beyond 12 months due to uncertainties in the timing of the effective settlement of tax positions; therefore, such amounts are not included in the table. |
• | general economic and business conditions in the U.S. and internationally, which may impact levels of disposable income, consumer spending, group meeting business, pricing of hotel rooms and retail and mall sales; |
• | the uncertainty of consumer behavior related to discretionary spending and vacationing at casino-resorts in Macao, Singapore, Las Vegas and Bethlehem, Pennsylvania; |
• | disruptions in the global financing markets and our ability to obtain sufficient funding for our current and future developments; |
• | the extensive regulations to which we are subject to and the costs of compliance or failure to comply with such regulations; |
• | our leverage, debt service and debt covenant compliance, including the pledge of our assets (other than our equity interests in our subsidiaries) as security for our indebtedness and ability to refinance our debt obligations as they come due; |
• | increased competition for labor and materials due to other planned construction projects in Macao and quota limits on the hiring of foreign workers; |
• | our ability to obtain required visas and work permits for management and employees from outside countries to work in Macao, and our ability to compete for the managers and employees with the skills required to perform the services we offer at our properties; |
• | new developments, construction projects and ventures, including our Cotai Strip developments; |
• | our ability to meet certain development deadlines; |
• | regulatory policies in mainland China or other countries in which our customers reside, or where we have operations, including visa restrictions limiting the number of visits or the length of stay for visitors from mainland China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts; |
• | our dependence upon properties primarily in Macao, Singapore and Las Vegas for all of our cash flow; |
• | the passage of new legislation and receipt of governmental approvals for our proposed developments in Macao and other jurisdictions where we are planning to operate; |
• | our insurance coverage, including the risk that we have not obtained sufficient coverage, may not be able to obtain sufficient coverage in the future, or will only be able to obtain additional coverage at significantly increased rates; |
• | disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, outbreaks of infectious diseases, terrorist activity or war; |
• | our ability to collect gaming receivables from our credit players; |
• | our relationship with gaming promoters in Macao; |
• | currency exchange rates; |
• | our dependence on chance and theoretical win rates; |
• | fraud and cheating; |
• | our ability to establish and protect our IP rights; |
• | conflicts of interest that arise because certain of our directors and officers are also directors of SCL; |
• | government regulation of the casino industry (as well as new laws and regulations and changes to existing laws and regulations), including gaming license regulation, the requirement for certain beneficial owners of our |
• | increased competition in Macao and Las Vegas, including recent and upcoming increases in hotel rooms, meeting and convention space, retail space, potential additional gaming licenses and online gaming; |
• | the popularity of Macao, Singapore and Las Vegas as convention and trade show destinations; |
• | new taxes, changes to existing tax rates or proposed changes in tax legislation; |
• | our ability to maintain our gaming licenses, certificate and subconcession in Macao, Singapore, Las Vegas and Bethlehem, Pennsylvania; |
• | the continued services of our key management and personnel; |
• | any potential conflict between the interests of our Principal Stockholder and us; |
• | the ability of our subsidiaries to make distribution payments to us; |
• | labor actions and other labor problems; |
• | our failure to maintain the integrity of our customer or company data, including against past or future cybersecurity attacks, and any litigation or disruption to our operations resulting from such loss of data integrity; |
• | the completion of infrastructure projects in Macao; |
• | our relationship with GGP or any successor owner of the Grand Canal Shoppes; and |
• | the outcome of any ongoing and future litigation. |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | Fair Value(1) | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Variable rate | $ | 91.2 | $ | 323.1 | $ | 1,357.1 | $ | 2,250.8 | $ | 5,094.2 | $ | 340.0 | $ | 9,456.4 | $ | 9,224.6 | |||||||||||||||
Average interest rate(2) | 3.3 | % | 2.2 | % | 2.2 | % | 2.5 | % | 2.9 | % | 1.7 | % | 2.7 | % | |||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Cap Agreements(3) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
(1) | The estimated fair values are based on level 2 inputs (quoted prices in markets that are not active). |
(2) | Based upon contractual interest rates for current LIBOR, HIBOR and SOR for variable rate indebtedness. Based on variable rate debt levels as of December 31, 2015, an assumed 100 basis point change in LIBOR, HIBOR and SOR would cause our annual interest cost to change by approximately $92.0 million. |
(3) | As of December 31, 2015, we had one interest rate cap agreement with a nominal aggregate fair value based on quoted market values from the institutions holding the agreement. |
Financial Statements: | |
Financial Statement Schedule: | |
/s/ Deloitte & Touche LLP |
Las Vegas, Nevada |
February 26, 2016 |
/s/ Deloitte & Touche LLP |
Las Vegas, Nevada |
February 26, 2016 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,179,490 | $ | 3,506,319 | |||
Restricted cash and cash equivalents | 7,901 | 6,566 | |||||
Accounts receivable, net | 1,267,848 | 1,510,772 | |||||
Inventories | 42,573 | 41,674 | |||||
Prepaid expenses and other | 111,438 | 125,168 | |||||
Total current assets | 3,609,250 | 5,190,499 | |||||
Property and equipment, net | 15,731,638 | 15,372,474 | |||||
Deferred financing costs, net | 169,693 | 205,596 | |||||
Deferred income taxes, net | 23,681 | 24,076 | |||||
Leasehold interests in land, net | 1,262,132 | 1,353,090 | |||||
Intangible assets, net | 71,586 | 86,260 | |||||
Other assets, net | 119,441 | 122,052 | |||||
Total assets | $ | 20,987,421 | $ | 22,354,047 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 110,408 | $ | 112,721 | |||
Construction payables | 364,136 | 270,929 | |||||
Accrued interest payable | 1,863 | 7,943 | |||||
Other accrued liabilities | 1,694,305 | 1,984,444 | |||||
Income taxes payable | 198,056 | 224,201 | |||||
Current maturities of long-term debt | 95,367 | 99,734 | |||||
Total current liabilities | 2,464,135 | 2,699,972 | |||||
Other long-term liabilities | 113,368 | 124,614 | |||||
Deferred income taxes | 201,734 | 193,813 | |||||
Deferred proceeds from sale of The Shoppes at The Palazzo | 268,427 | 268,710 | |||||
Deferred gain on sale of The Grand Canal Shoppes | 35,130 | 37,968 | |||||
Deferred rent from mall sale transactions | 113,995 | 115,475 | |||||
Long-term debt | 9,372,645 | 9,892,913 | |||||
Total liabilities | 12,569,434 | 13,333,465 | |||||
Commitments and contingencies (Note 13) | |||||||
Equity: | |||||||
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 830,051,259 and 829,280,328 shares issued, and 794,645,310 and 798,258,172 shares outstanding | 830 | 829 | |||||
Treasury stock, at cost, 35,405,949 and 31,022,156 shares | (2,443,036 | ) | (2,237,952 | ) | |||
Capital in excess of par value | 6,484,843 | 6,428,762 | |||||
Accumulated other comprehensive income (loss) | (66,283 | ) | 76,101 | ||||
Retained earnings | 2,840,387 | 2,945,846 | |||||
Total Las Vegas Sands Corp. stockholders’ equity | 6,816,741 | 7,213,586 | |||||
Noncontrolling interests | 1,601,246 | 1,806,996 | |||||
Total equity | 8,417,987 | 9,020,582 | |||||
Total liabilities and equity | $ | 20,987,421 | $ | 22,354,047 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands, except share and per share data) | |||||||||||
Revenues: | |||||||||||
Casino | $ | 9,083,004 | $ | 12,004,361 | $ | 11,386,917 | |||||
Rooms | 1,469,874 | 1,540,420 | 1,380,681 | ||||||||
Food and beverage | 757,512 | 778,769 | 730,259 | ||||||||
Mall | 564,309 | 553,534 | 481,400 | ||||||||
Convention, retail and other | 539,651 | 548,704 | 515,179 | ||||||||
12,414,350 | 15,425,788 | 14,494,436 | |||||||||
Less — promotional allowances | (725,889 | ) | (841,939 | ) | (724,551 | ) | |||||
Net revenues | 11,688,461 | 14,583,849 | 13,769,885 | ||||||||
Operating expenses: | |||||||||||
Casino | 5,113,870 | 6,705,534 | 6,483,718 | ||||||||
Rooms | 262,440 | 256,835 | 271,942 | ||||||||
Food and beverage | 402,660 | 392,560 | 369,570 | ||||||||
Mall | 61,299 | 69,732 | 73,358 | ||||||||
Convention, retail and other | 276,821 | 320,759 | 317,869 | ||||||||
Provision for doubtful accounts | 155,635 | 186,722 | 237,786 | ||||||||
General and administrative | 1,267,415 | 1,258,133 | 1,329,740 | ||||||||
Corporate | 176,169 | 174,750 | 189,535 | ||||||||
Pre-opening | 47,509 | 26,230 | 13,339 | ||||||||
Development | 10,372 | 14,325 | 15,809 | ||||||||
Depreciation and amortization | 998,919 | 1,031,589 | 1,007,468 | ||||||||
Amortization of leasehold interests in land | 38,645 | 40,598 | 40,352 | ||||||||
Loss on disposal of assets | 35,232 | 6,856 | 11,156 | ||||||||
8,846,986 | 10,484,623 | 10,361,642 | |||||||||
Operating income | 2,841,475 | 4,099,226 | 3,408,243 | ||||||||
Other income (expense): | |||||||||||
Interest income | 15,085 | 25,643 | 16,337 | ||||||||
Interest expense, net of amounts capitalized | (265,220 | ) | (274,181 | ) | (271,211 | ) | |||||
Other income | 30,542 | 1,965 | 4,321 | ||||||||
Loss on modification or early retirement of debt | — | (19,942 | ) | (14,178 | ) | ||||||
Income before income taxes | 2,621,882 | 3,832,711 | 3,143,512 | ||||||||
Income tax expense | (236,185 | ) | (244,640 | ) | (188,836 | ) | |||||
Net income | 2,385,697 | 3,588,071 | 2,954,676 | ||||||||
Net income attributable to noncontrolling interests | (419,461 | ) | (747,442 | ) | (648,679 | ) | |||||
Net income attributable to Las Vegas Sands Corp. | $ | 1,966,236 | $ | 2,840,629 | $ | 2,305,997 | |||||
Earnings per share: | |||||||||||
Basic | $ | 2.47 | $ | 3.52 | $ | 2.80 | |||||
Diluted | $ | 2.47 | $ | 3.52 | $ | 2.79 | |||||
Weighted average shares outstanding: | |||||||||||
Basic | 796,785,900 | 806,130,838 | 822,282,515 | ||||||||
Diluted | 797,596,082 | 808,019,219 | 826,316,108 | ||||||||
Dividends declared per common share | $ | 2.60 | $ | 2.00 | $ | 1.40 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Net income | $ | 2,385,697 | $ | 3,588,071 | $ | 2,954,676 | |||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | (141,012 | ) | (98,414 | ) | (89,976 | ) | |||||
Total comprehensive income | 2,244,685 | 3,489,657 | 2,864,700 | ||||||||
Comprehensive income attributable to noncontrolling interests | (420,833 | ) | (746,710 | ) | (647,998 | ) | |||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,823,852 | $ | 2,742,947 | $ | 2,216,702 |
Las Vegas Sands Corp. Stockholders' Equity | |||||||||||||||||||||||||||
Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 824 | $ | — | $ | 6,237,488 | $ | 263,078 | $ | 560,452 | $ | 1,596,570 | $ | 8,658,412 | |||||||||||||
Net income | — | — | — | — | 2,305,997 | 648,679 | 2,954,676 | ||||||||||||||||||||
Currency translation adjustment | — | — | — | (89,295 | ) | — | (681 | ) | (89,976 | ) | |||||||||||||||||
Exercise of stock options | 3 | — | 60,065 | — | — | 9,528 | 69,596 | ||||||||||||||||||||
Stock-based compensation | — | — | 50,162 | — | — | 4,156 | 54,318 | ||||||||||||||||||||
Repurchase of common stock | — | (570,520 | ) | — | — | — | — | (570,520 | ) | ||||||||||||||||||
Exercise of warrants | — | — | 350 | — | — | — | 350 | ||||||||||||||||||||
Dividends declared | — | — | — | — | (1,153,110 | ) | (411,359 | ) | (1,564,469 | ) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (11,858 | ) | (11,858 | ) | ||||||||||||||||||
Balance at December 31, 2013 | 827 | (570,520 | ) | 6,348,065 | 173,783 | 1,713,339 | 1,835,035 | 9,500,529 | |||||||||||||||||||
Net income | — | — | — | — | 2,840,629 | 747,442 | 3,588,071 | ||||||||||||||||||||
Currency translation adjustment | — | — | — | (97,682 | ) | — | (732 | ) | (98,414 | ) | |||||||||||||||||
Exercise of stock options | 2 | — | 49,663 | — | — | 5,985 | 55,650 | ||||||||||||||||||||
Tax shortfall from stock-based compensation | — | — | (12,365 | ) | — | — | — | (12,365 | ) | ||||||||||||||||||
Stock-based compensation | — | — | 43,399 | — | — | 6,096 | 49,495 | ||||||||||||||||||||
Repurchase of common stock | — | (1,667,432 | ) | — | — | — | — | (1,667,432 | ) | ||||||||||||||||||
Disposition of interest in majority owned subsidiary | — | — | — | — | — | (487 | ) | (487 | ) | ||||||||||||||||||
Dividends declared | — | — | — | — | (1,608,122 | ) | (776,570 | ) | (2,384,692 | ) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (9,773 | ) | (9,773 | ) | ||||||||||||||||||
Balance at December 31, 2014 | 829 | (2,237,952 | ) | 6,428,762 | 76,101 | 2,945,846 | 1,806,996 | 9,020,582 | |||||||||||||||||||
Net income | — | — | — | — | 1,966,236 | 419,461 | 2,385,697 | ||||||||||||||||||||
Currency translation adjustment, net of reclassification adjustment | — | — | — | (142,384 | ) | — | 1,372 | (141,012 | ) | ||||||||||||||||||
Exercise of stock options | 1 | — | 14,772 | — | — | 2,103 | 16,876 | ||||||||||||||||||||
Tax benefit from stock-based compensation | — | — | 4,742 | — | — | — | 4,742 | ||||||||||||||||||||
Conversion of equity awards to liability awards | — | — | (4,608 | ) | — | — | (1,963 | ) | (6,571 | ) | |||||||||||||||||
Stock-based compensation | — | — | 41,175 | — | — | 6,305 | 47,480 | ||||||||||||||||||||
Repurchase of common stock | — | (205,084 | ) | — | — | — | — | (205,084 | ) | ||||||||||||||||||
Dividends declared | — | — | — | — | (2,071,695 | ) | (619,120 | ) | (2,690,815 | ) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (13,908 | ) | (13,908 | ) | ||||||||||||||||||
Balance at December 31, 2015 | $ | 830 | $ | (2,443,036 | ) | $ | 6,484,843 | $ | (66,283 | ) | $ | 2,840,387 | $ | 1,601,246 | $ | 8,417,987 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 2,385,697 | $ | 3,588,071 | $ | 2,954,676 | |||||
Adjustments to reconcile net income to net cash generated from operating activities: | |||||||||||
Depreciation and amortization | 998,919 | 1,031,589 | 1,007,468 | ||||||||
Amortization of leasehold interests in land | 38,645 | 40,598 | 40,352 | ||||||||
Amortization of deferred financing costs and original issue discount | 44,223 | 50,978 | 56,792 | ||||||||
Amortization of deferred gain on and rent from mall sale transactions | (4,318 | ) | (3,928 | ) | (4,944 | ) | |||||
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo | 556 | 985 | 1,376 | ||||||||
Non-cash loss on modification or early retirement of debt | — | 15,345 | 3,255 | ||||||||
Loss on disposal of assets | 35,232 | 6,856 | 11,156 | ||||||||
Stock-based compensation expense | 45,804 | 48,058 | 53,377 | ||||||||
Provision for doubtful accounts | 155,635 | 186,722 | 237,786 | ||||||||
Foreign exchange gain | (21,113 | ) | (11,842 | ) | (13,029 | ) | |||||
Excess tax benefits from stock-based compensation | (8,785 | ) | (3,585 | ) | — | ||||||
Deferred income taxes | 18,663 | (3,235 | ) | (4,245 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 49,293 | 37,411 | (209,055 | ) | |||||||
Inventories | (1,334 | ) | (30 | ) | 1,113 | ||||||
Prepaid expenses and other | 12,116 | (26,667 | ) | (1,134 | ) | ||||||
Leasehold interests in land | (4,398 | ) | (3,428 | ) | (47,906 | ) | |||||
Accounts payable | (512 | ) | (5,215 | ) | 13,777 | ||||||
Accrued interest payable | (5,886 | ) | 1,683 | (8,608 | ) | ||||||
Income taxes payable | (4,001 | ) | 60,706 | 18,911 | |||||||
Other accrued liabilities | (284,465 | ) | (178,228 | ) | 328,294 | ||||||
Net cash generated from operating activities | 3,449,971 | 4,832,844 | 4,439,412 | ||||||||
Cash flows from investing activities: | |||||||||||
Change in restricted cash and cash equivalents | (1,328 | ) | 270 | (382 | ) | ||||||
Capital expenditures | (1,528,642 | ) | (1,178,656 | ) | (898,111 | ) | |||||
Proceeds from disposal of property and equipment | 1,504 | 1,818 | 32,155 | ||||||||
Acquisition of intangible assets | — | — | (45,871 | ) | |||||||
Net cash used in investing activities | (1,528,466 | ) | (1,176,568 | ) | (912,209 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 16,876 | 55,650 | 69,596 | ||||||||
Excess tax benefits from stock-based compensation | 8,785 | 3,585 | — | ||||||||
Repurchase of common stock | (205,084 | ) | (1,676,802 | ) | (561,150 | ) | |||||
Proceeds from exercise of warrants | — | — | 350 | ||||||||
Dividends paid | (2,692,882 | ) | (2,386,657 | ) | (1,564,049 | ) | |||||
Distributions to noncontrolling interests | (13,908 | ) | (9,773 | ) | (11,858 | ) | |||||
Proceeds from long-term debt (Note 8) | 2,089,277 | 2,497,725 | 3,183,107 | ||||||||
Repayments of long-term debt (Note 8) | (2,397,717 | ) | (2,117,466 | ) | (3,513,032 | ) | |||||
Payments of deferred financing costs | (11,745 | ) | (88,048 | ) | (35,414 | ) | |||||
Net cash used in financing activities | (3,206,398 | ) | (3,721,786 | ) | (2,432,450 | ) | |||||
Effect of exchange rate on cash | (41,936 | ) | (28,585 | ) | (7,105 | ) | |||||
Increase (decrease) in cash and cash equivalents | (1,326,829 | ) | (94,095 | ) | 1,087,648 | ||||||
Cash and cash equivalents at beginning of year | 3,506,319 | 3,600,414 | 2,512,766 | ||||||||
Cash and cash equivalents at end of year | $ | 2,179,490 | $ | 3,506,319 | $ | 3,600,414 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | 211,889 | $ | 206,621 | $ | 208,242 | |||||
Cash payments for taxes, net of refunds | $ | 225,504 | $ | 187,897 | $ | 173,276 | |||||
Changes in construction payables | $ | 93,207 | $ | 29,369 | $ | (101,812 | ) | ||||
Non-cash investing and financing activities: | |||||||||||
Capitalized stock-based compensation costs | $ | 335 | $ | 1,437 | $ | 941 | |||||
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities | $ | (2,067 | ) | $ | (1,965 | ) | $ | 420 | |||
Change in common stock repurchase payable included in other accrued liabilities | $ | — | $ | (9,370 | ) | $ | 9,370 | ||||
Disposition of interest in majority owned subsidiary | $ | — | $ | 487 | $ | — | |||||
Property and equipment acquired under capital lease | $ | 871 | $ | — | $ | 2,761 | |||||
Conversion of equity awards to liability awards | $ | 6,571 | $ | — | $ | — |
Land improvements, building and building improvements | 15 to 40 years |
Furniture, fixtures and equipment | 3 to 20 years |
Leasehold improvements | 3 to 10 years |
Transportation | 5 to 20 years |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Rooms | $ | 407,886 | $ | 463,920 | $ | 366,353 | |||||
Food and beverage | 215,051 | 243,605 | 222,195 | ||||||||
Convention, retail and other | 102,952 | 134,414 | 136,003 | ||||||||
$ | 725,889 | $ | 841,939 | $ | 724,551 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Rooms | $ | 90,021 | $ | 100,353 | $ | 88,379 | |||||
Food and beverage | 157,813 | 176,883 | 167,223 | ||||||||
Convention, retail and other | 80,760 | 100,618 | 88,214 | ||||||||
$ | 328,594 | $ | 377,854 | $ | 343,816 |
Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
Weighted average common shares outstanding (used in the calculation of basic earnings per share) | 796,785,900 | 806,130,838 | 822,282,515 | |||||
Potential dilution from stock options, warrants and restricted stock and stock units | 810,182 | 1,888,381 | 4,033,593 | |||||
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share) | 797,596,082 | 808,019,219 | 826,316,108 | |||||
Antidilutive stock options excluded from the calculation of diluted earnings per share | 6,120,516 | 6,024,025 | 4,455,109 |
December 31, | |||||||
2015 | 2014 | ||||||
Casino | $ | 1,721,185 | $ | 1,957,799 | |||
Rooms | 78,738 | 74,983 | |||||
Mall | 67,263 | 103,093 | |||||
Other | 37,265 | 48,182 | |||||
1,904,451 | 2,184,057 | ||||||
Less — allowance for doubtful accounts | (636,603 | ) | (673,285 | ) | |||
$ | 1,267,848 | $ | 1,510,772 |
December 31, | |||||||
2015 | 2014 | ||||||
Land and improvements | $ | 556,947 | $ | 551,625 | |||
Building and improvements | 15,308,791 | 15,187,427 | |||||
Furniture, fixtures, equipment and leasehold improvements | 3,281,161 | 3,065,859 | |||||
Transportation | 456,942 | 454,278 | |||||
Construction in progress | 2,633,340 | 1,796,554 | |||||
22,237,181 | 21,055,743 | ||||||
Less — accumulated depreciation and amortization | (6,505,543 | ) | (5,683,269 | ) | |||
$ | 15,731,638 | $ | 15,372,474 |
December 31, | |||||||
2015 | 2014 | ||||||
The Parisian Macao | $ | 1,588,474 | $ | 749,176 | |||
Four Seasons Macao (principally the Four Seasons Apartments) | 424,273 | 417,920 | |||||
Sands Cotai Central | 270,472 | 289,518 | |||||
Other | 350,121 | 339,940 | |||||
$ | 2,633,340 | $ | 1,796,554 |
December 31, | |||||||
2015 | 2014 | ||||||
Marina Bay Sands | $ | 971,654 | $ | 1,038,636 | |||
Sands Cotai Central | 237,842 | 237,050 | |||||
The Venetian Macao | 180,118 | 178,203 | |||||
Four Seasons Macao | 88,869 | 88,232 | |||||
The Parisian Macao | 74,601 | 74,298 | |||||
Sands Macao | 29,352 | 28,022 | |||||
1,582,436 | 1,644,441 | ||||||
Less — accumulated amortization | (320,304 | ) | (291,351 | ) | |||
$ | 1,262,132 | $ | 1,353,090 |
2016 | $ | 5,003 | |
2017 | 5,281 | ||
2018 | 5,281 | ||
2019 | 5,281 | ||
2020 | 5,281 | ||
Thereafter | 65,323 | ||
$ | 91,450 |
December 31, | |||||||
2015 | 2014 | ||||||
Sands Bethlehem gaming license and certificate | $ | 66,500 | $ | 66,500 | |||
Marina Bay Sands gaming license | 40,312 | 43,091 | |||||
Less — accumulated amortization | (36,020 | ) | (24,139 | ) | |||
4,292 | 18,952 | ||||||
Trademarks and other | 1,099 | 1,116 | |||||
Less — accumulated amortization | (305 | ) | (308 | ) | |||
794 | 808 | ||||||
Total intangible assets, net | $ | 71,586 | $ | 86,260 |
December 31, | |||||||
2015 | 2014 | ||||||
Customer deposits | $ | 431,019 | $ | 464,588 | |||
Outstanding gaming chips and tokens | 366,740 | 581,187 | |||||
Taxes and licenses | 319,315 | 349,455 | |||||
Payroll and related | 290,966 | 296,791 | |||||
Other accruals | 286,265 | 292,423 | |||||
$ | 1,694,305 | $ | 1,984,444 |
December 31, | |||||||
2015 | 2014 | ||||||
Corporate and U.S. Related: | |||||||
2013 U.S. Credit Facility — Term B (net of original issue discount of $8,036 and $9,643, respectively) | $ | 2,196,964 | $ | 2,217,857 | |||
2013 U.S. Credit Facility — Revolving | 630,000 | 1,020,000 | |||||
Airplane Financings | 59,983 | 63,671 | |||||
HVAC Equipment Lease | 15,155 | 16,619 | |||||
Other | 140 | 401 | |||||
Macao Related: | |||||||
2011 VML Credit Facility — Extended Term | 2,389,551 | 2,388,244 | |||||
2011 VML Credit Facility — Accordion Term | 999,939 | — | |||||
2011 VML Credit Facility — Extended Revolving | — | 820,024 | |||||
Other | 4,353 | 5,694 | |||||
Singapore Related: | |||||||
2012 Singapore Credit Facility — Term | 3,171,927 | 3,460,137 | |||||
9,468,012 | 9,992,647 | ||||||
Less — current maturities | (95,367 | ) | (99,734 | ) | |||
Total long-term debt | $ | 9,372,645 | $ | 9,892,913 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Proceeds from 2013 U.S. Credit Facility | $ | 1,090,000 | $ | 1,678,000 | $ | 2,828,750 | |||||
Proceeds from 2011 VML Credit Facility | 999,277 | 819,725 | — | ||||||||
Proceeds from Senior Secured Credit Facility | — | — | 250,000 | ||||||||
Proceeds from 2012 Singapore Credit Facility | — | — | 104,357 | ||||||||
$ | 2,089,277 | $ | 2,497,725 | $ | 3,183,107 | ||||||
Repayments on 2013 U.S. Credit Facility | $ | (1,502,500 | ) | $ | (1,270,500 | ) | $ | — | |||
Repayments on 2011 VML Credit Facility | (820,188 | ) | (819,680 | ) | — | ||||||
Repayments on 2012 Singapore Credit Facility | (67,403 | ) | (17,930 | ) | (430,504 | ) | |||||
Repayments on Senior Secured Credit Facility | — | — | (3,073,038 | ) | |||||||
Repayments on Airplane Financings | (3,688 | ) | (3,688 | ) | (3,688 | ) | |||||
Repayments on HVAC Equipment Lease and Other Long-Term Debt | (3,938 | ) | (5,668 | ) | (5,802 | ) | |||||
$ | (2,397,717 | ) | $ | (2,117,466 | ) | $ | (3,513,032 | ) |
Capital Lease Obligations | Long-term Debt | ||||||
2016 | $ | 5,314 | $ | 91,253 | |||
2017 | 3,754 | 323,078 | |||||
2018 | 2,531 | 1,357,128 | |||||
2019 | 11,561 | 2,250,780 | |||||
2020 | — | 5,094,182 | |||||
Thereafter | — | 339,979 | |||||
23,160 | 9,456,400 | ||||||
Less — amount representing interest | (3,512 | ) | — | ||||
Total | $ | 19,648 | $ | 9,456,400 |
Balance as of January 1, 2013 | 824,297,756 | |
Exercise of stock options | 2,777,127 | |
Issuance of restricted stock | 146,848 | |
Forfeiture of unvested restricted stock | (13,076 | ) |
Repurchase of common stock | (8,570,281 | ) |
Exercise of warrants | 64,562 | |
Balance as of December 31, 2013 | 818,702,936 | |
Exercise of stock options | 1,955,108 | |
Issuance of restricted stock | 31,137 | |
Vesting of restricted stock units | 29,541 | |
Forfeiture of unvested restricted stock | (8,675 | ) |
Repurchase of common stock | (22,451,875 | ) |
Balance as of December 31, 2014 | 798,258,172 | |
Exercise of stock options | 688,743 | |
Issuance of restricted stock | 49,438 | |
Vesting of restricted stock units | 34,750 | |
Forfeiture of unvested restricted stock | (2,000 | ) |
Repurchase of common stock | (4,383,793 | ) |
Balance as of December 31, 2015 | 794,645,310 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Foreign | $ | 2,546,920 | $ | 3,799,941 | $ | 3,109,982 | |||||
Domestic | 74,962 | 32,770 | 33,530 | ||||||||
Total income before income taxes | $ | 2,621,882 | $ | 3,832,711 | $ | 3,143,512 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Foreign: | |||||||||||
Current | $ | 212,743 | $ | 252,476 | $ | 195,154 | |||||
Deferred | 3,162 | (1,369 | ) | (6,318 | ) | ||||||
Federal: | |||||||||||
Current | 4,779 | (4,601 | ) | (2,073 | ) | ||||||
Deferred | 15,501 | (1,866 | ) | 2,073 | |||||||
State: | |||||||||||
Current | — | — | — | ||||||||
Deferred | — | — | — | ||||||||
Total income tax expense | $ | 236,185 | $ | 244,640 | $ | 188,836 |
Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Increase (decrease) in tax rate resulting from: | ||||||||
U.S. foreign tax credits | (100.7 | )% | (80.3 | )% | (19.0 | )% | ||
Repatriation of foreign earnings | 68.0 | % | 53.6 | % | 14.6 | % | ||
Change in valuation allowance | 34.5 | % | 26.7 | % | 6.0 | % | ||
Foreign and U.S. tax rate differential | (20.0 | )% | (20.9 | )% | (21.1 | )% | ||
Tax exempt income of foreign subsidiary (Macao) | (7.8 | )% | (8.5 | )% | (9.6 | )% | ||
Other, net | — | % | 0.8 | % | 0.1 | % | ||
Effective tax rate | 9.0 | % | 6.4 | % | 6.0 | % |
December 31, | |||||||
2015 | 2014 | ||||||
Deferred tax assets: | |||||||
U.S. foreign tax credit carryforwards | $ | 3,094,835 | $ | 2,257,048 | |||
Net operating loss carryforwards | 243,737 | 255,623 | |||||
Stock-based compensation | 31,732 | 31,565 | |||||
Accrued expenses | 30,935 | 31,563 | |||||
Deferred gain on the sale of The Grand Canal Shoppes and The Shoppes at The Palazzo | 29,801 | 31,412 | |||||
Allowance for doubtful accounts | 29,669 | 30,861 | |||||
Pre-opening expenses | 25,215 | 32,773 | |||||
State deferred items | 11,543 | 12,361 | |||||
Other tax credit carryforwards | 3,055 | 2,059 | |||||
Other | 4,305 | 5,443 | |||||
3,504,827 | 2,690,708 | ||||||
Less — valuation allowances | (3,302,137 | ) | (2,484,653 | ) | |||
Total deferred tax assets | 202,690 | 206,055 | |||||
Deferred tax liabilities: | |||||||
Property and equipment | (310,339 | ) | (319,354 | ) | |||
Prepaid expenses | (5,402 | ) | (5,836 | ) | |||
Other | (65,002 | ) | (50,602 | ) | |||
Total deferred tax liabilities | (380,743 | ) | (375,792 | ) | |||
Deferred tax liabilities, net | $ | (178,053 | ) | $ | (169,737 | ) |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Balance at the beginning of the year | $ | 62,765 | $ | 56,659 | $ | 59,338 | |||||
Additions to tax positions related to prior years | 1,618 | 1,101 | 4,431 | ||||||||
Reductions to tax positions related to prior years | (87 | ) | — | (11,625 | ) | ||||||
Additions to tax positions related to current year | 4,524 | 6,196 | 5,709 | ||||||||
Settlements | (1,013 | ) | — | (753 | ) | ||||||
Lapse in statutes of limitations | (1,742 | ) | (729 | ) | — | ||||||
Exchange rate fluctuations | (698 | ) | (462 | ) | (441 | ) | |||||
Balance at the end of the year | $ | 65,367 | $ | 62,765 | $ | 56,659 |
Fair Value Measurements Using: | |||||||||||||||
Total Carrying Value | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
As of December 31, 2015 | |||||||||||||||
Cash equivalents(1) | $ | 905,276 | $ | 905,276 | $ | — | $ | — | |||||||
Forward contracts(2) | $ | 4,197 | $ | — | $ | 4,197 | $ | — | |||||||
Interest rate caps(3) | $ | — | $ | — | $ | — | $ | — | |||||||
As of December 31, 2014 | |||||||||||||||
Cash equivalents(1) | $ | 2,072,177 | $ | 2,072,177 | $ | — | $ | — | |||||||
Interest rate caps(3) | $ | 3 | $ | — | $ | 3 | $ | — |
(1) | The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days. |
(2) | As of December 31, 2015, the Company had 19 foreign currency forward contracts with fair values based on quoted market transactions from the institutions holding the agreements. |
(3) | As of December 31, 2015 and 2014, the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements. |
2016 | $ | 7,718 | |
2017 | 7,718 | ||
2018 | 7,718 | ||
2019 | 7,942 | ||
2020 | 8,103 | ||
Thereafter | 70,229 | ||
$ | 109,428 |
• | do not have a material impact on the financial statements of the Company; |
• | do not warrant any restatement of the Company’s past financial statements; and |
• | do not represent a material weakness in the Company’s internal controls over financial reporting as of December 31, 2015. |
2016 | $ | 20,537 | |
2017 | 10,361 | ||
2018 | 8,045 | ||
2019 | 4,338 | ||
2020 | 4,432 | ||
Thereafter | 108,778 | ||
Total minimum payments | $ | 156,491 |
2016 | $ | 431,797 | |
2017 | 356,856 | ||
2018 | 267,993 | ||
2019 | 198,955 | ||
2020 | 144,577 | ||
Thereafter | 240,402 | ||
Total minimum future rentals | $ | 1,640,580 |
Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
LVSC 2004 Plan: | ||||||||
Weighted average volatility | 37.3 | % | 56.5 | % | 94.8 | % | ||
Expected term (in years) | 5.8 | 6.0 | 5.5 | |||||
Risk-free rate | 1.3 | % | 1.7 | % | 1.3 | % | ||
Expected dividends | 4.7 | % | 4.6 | % | 2.5 | % | ||
SCL Equity Plan: | ||||||||
Weighted average volatility | 40.4 | % | 65.1 | % | 67.7 | % | ||
Expected term (in years) | 4.0 | 6.3 | 6.3 | |||||
Risk-free rate | 0.7 | % | 1.3 | % | 0.7 | % | ||
Expected dividends | 5.6 | % | 3.0 | % | 3.1 | % |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||
LVSC 2004 Plan: | ||||||||||||
Outstanding as of January 1, 2015 | 6,964,169 | $ | 58.25 | |||||||||
Granted | 441,809 | 55.35 | ||||||||||
Exercised | (688,743 | ) | 19.33 | |||||||||
Forfeited | (267,600 | ) | 66.84 | |||||||||
Outstanding as of December 31, 2015 | 6,449,635 | $ | 61.86 | 5.34 | $ | 11,074,005 | ||||||
Exercisable as of December 31, 2015 | 3,725,000 | $ | 65.92 | 2.80 | $ | 10,995,965 | ||||||
SCL Equity Plan: | ||||||||||||
Outstanding as of January 1, 2015 | 23,249,696 | $ | 5.50 | |||||||||
Granted | 6,744,000 | 3.92 | ||||||||||
Exercised | (1,599,300 | ) | 2.21 | |||||||||
Forfeited | (2,920,600 | ) | 6.49 | |||||||||
Outstanding as of December 31, 2015 | 25,473,796 | $ | 5.17 | 7.97 | $ | 3,473,098 | ||||||
Exercisable as of December 31, 2015 | 9,062,496 | $ | 4.47 | 6.71 | $ | 3,459,473 |
Shares | Weighted Average Grant Date Fair Value | |||||
LVSC 2004 Plan: | ||||||
Unvested Restricted Stock | ||||||
Balance as of January 1, 2015 | 508,805 | $ | 51.15 | |||
Granted | 49,438 | 59.57 | ||||
Vested | (364,657 | ) | 52.18 | |||
Forfeited | (2,000 | ) | 47.14 | |||
Balance as of December 31, 2015 | 191,586 | $ | 51.42 | |||
Unvested Restricted Stock Units | ||||||
Balance as of January 1, 2015 | 159,150 | $ | 55.98 | |||
Granted | — | — | ||||
Vested | (34,750 | ) | 46.83 | |||
Forfeited | (22,500 | ) | 51.70 | |||
Balance as of December 31, 2015 | 101,900 | $ | 60.05 | |||
SCL Equity Plan: | ||||||
Unvested Restricted Stock Units, Equity-Settled | ||||||
Balance as of January 1, 2015 | 2,971,200 | $ | 6.66 | |||
Granted | 118,800 | 4.90 | ||||
Vested | — | — | ||||
Modified to cash-settled | (1,603,849 | ) | 5.94 | |||
Forfeited | (83,820 | ) | 7.37 | |||
Balance as of December 31, 2015 | 1,402,331 | $ | 7.29 | |||
Unvested Restricted Stock Units, Cash-Settled | ||||||
Balance as of January 1, 2015 | — | $ | — | |||
Granted | — | — | ||||
Modified from equity-settled | 1,603,849 | 5.94 | ||||
Vested | (805,475 | ) | 5.99 | |||
Forfeited | — | — | ||||
Balance as of December 31, 2015 | 798,374 | $ | 5.89 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Compensation expense: | |||||||||||
Stock options | $ | 25,507 | $ | 24,964 | $ | 32,549 | |||||
Restricted stock and stock units | 20,297 | 23,094 | 20,828 | ||||||||
$ | 45,804 | $ | 48,058 | $ | 53,377 | ||||||
Income tax benefit recognized in the consolidated statements of operations | $ | 7,163 | $ | 6,743 | $ | — | |||||
Compensation cost capitalized as part of property and equipment | $ | 335 | $ | 1,437 | $ | 941 | |||||
LVSC 2004 Plan: | |||||||||||
Stock options granted | 442 | 2,359 | 288 | ||||||||
Weighted average grant date fair value | $ | 11.97 | $ | 20.25 | $ | 35.76 | |||||
Restricted stock granted | 49 | 31 | 47 | ||||||||
Weighted average grant date fair value | $ | 59.57 | $ | 75.46 | $ | 54.72 | |||||
Restricted stock units granted | — | 10 | 123 | ||||||||
Weighted average grant date fair value | $ | — | $ | 68.30 | $ | 58.82 | |||||
Stock options exercised: | |||||||||||
Intrinsic value | $ | 24,538 | $ | 105,386 | $ | 129,149 | |||||
Cash received | $ | 13,313 | $ | 44,973 | $ | 50,223 | |||||
Tax benefit realized for tax deductions from stock-based compensation | $ | 648 | $ | — | $ | — | |||||
SCL Equity Plan: | |||||||||||
Stock options granted | 6,744 | 11,661 | 4,537 | ||||||||
Weighted average grant date fair value | $ | 0.76 | $ | 3.40 | $ | 2.63 | |||||
Equity-settled restricted stock units granted | 119 | 363 | 2,608 | ||||||||
Weighted average grant date fair value | $ | 4.90 | $ | 6.81 | $ | 6.64 | |||||
Stock options exercised: | |||||||||||
Intrinsic value | $ | 3,253 | $ | 19,282 | $ | 25,786 | |||||
Cash received | $ | 3,563 | $ | 10,677 | $ | 19,373 | |||||
Tax benefit realized for tax deductions from stock-based compensation | $ | — | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net Revenues | |||||||||||
Macao: | |||||||||||
The Venetian Macao | $ | 2,986,851 | $ | 4,040,681 | $ | 3,851,230 | |||||
Sands Cotai Central | 2,181,877 | 3,133,864 | 2,698,430 | ||||||||
Four Seasons Macao | 691,037 | 1,107,779 | 1,065,405 | ||||||||
Sands Macao | 879,563 | 1,174,795 | 1,237,016 | ||||||||
Other Asia | 159,798 | 151,778 | 139,572 | ||||||||
6,899,126 | 9,608,897 | 8,991,653 | |||||||||
Marina Bay Sands | 2,952,400 | 3,214,210 | 2,968,366 | ||||||||
United States: | |||||||||||
Las Vegas Operating Properties | 1,508,006 | 1,478,769 | 1,518,024 | ||||||||
Sands Bethlehem | 549,109 | 504,237 | 496,738 | ||||||||
2,057,115 | 1,983,006 | 2,014,762 | |||||||||
Intersegment eliminations | (220,180 | ) | (222,264 | ) | (204,896 | ) | |||||
Total net revenues | $ | 11,688,461 | $ | 14,583,849 | $ | 13,769,885 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Intersegment Revenues | |||||||||||
Macao: | |||||||||||
The Venetian Macao | $ | 6,352 | $ | 5,591 | $ | 5,296 | |||||
Sands Cotai Central | 402 | 301 | 356 | ||||||||
Other Asia | 39,436 | 42,330 | 34,120 | ||||||||
46,190 | 48,222 | 39,772 | |||||||||
Marina Bay Sands | 9,739 | 12,209 | 9,548 | ||||||||
Las Vegas Operating Properties | 164,251 | 161,833 | 155,576 | ||||||||
Total intersegment revenues | $ | 220,180 | $ | 222,264 | $ | 204,896 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Adjusted Property EBITDA(1) | |||||||||||
Macao: | |||||||||||
The Venetian Macao | $ | 1,078,590 | $ | 1,546,323 | $ | 1,499,937 | |||||
Sands Cotai Central | 651,524 | 1,001,487 | 739,723 | ||||||||
Four Seasons Macao | 243,390 | 374,899 | 305,040 | ||||||||
Sands Macao | 226,094 | 338,590 | 362,858 | ||||||||
Other Asia | 22,833 | 3,493 | (3,855 | ) | |||||||
2,222,431 | 3,264,792 | 2,903,703 | |||||||||
Marina Bay Sands | 1,506,486 | 1,723,147 | 1,384,576 | ||||||||
United States: | |||||||||||
Las Vegas Operating Properties | 305,469 | 313,913 | 351,739 | ||||||||
Sands Bethlehem | 135,844 | 120,491 | 123,337 | ||||||||
441,313 | 434,404 | 475,076 | |||||||||
Total adjusted property EBITDA | 4,170,230 | 5,422,343 | 4,763,355 | ||||||||
Other Operating Costs and Expenses | |||||||||||
Stock-based compensation | (21,909 | ) | (28,769 | ) | (30,053 | ) | |||||
Legal settlement | — | — | (47,400 | ) | |||||||
Corporate | (176,169 | ) | (174,750 | ) | (189,535 | ) | |||||
Pre-opening | (47,509 | ) | (26,230 | ) | (13,339 | ) | |||||
Development | (10,372 | ) | (14,325 | ) | (15,809 | ) | |||||
Depreciation and amortization | (998,919 | ) | (1,031,589 | ) | (1,007,468 | ) | |||||
Amortization of leasehold interests in land | (38,645 | ) | (40,598 | ) | (40,352 | ) | |||||
Loss on disposal of assets | (35,232 | ) | (6,856 | ) | (11,156 | ) | |||||
Operating income | 2,841,475 | 4,099,226 | 3,408,243 | ||||||||
Other Non-Operating Costs and Expenses | |||||||||||
Interest income | 15,085 | 25,643 | 16,337 | ||||||||
Interest expense, net of amounts capitalized | (265,220 | ) | (274,181 | ) | (271,211 | ) | |||||
Other income | 30,542 | 1,965 | 4,321 | ||||||||
Loss on modification or early retirement of debt | — | (19,942 | ) | (14,178 | ) | ||||||
Income tax expense | (236,185 | ) | (244,640 | ) | (188,836 | ) | |||||
Net income | $ | 2,385,697 | $ | 3,588,071 | $ | 2,954,676 |
(1) | Adjusted property EBITDA, which is a non-GAAP financial measure, is net income before intersegment royalty fees, stock-based compensation expense, legal settlement expense (see "— Note 13 — Commitments and Contingencies — Litigation"), corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income, loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Capital Expenditures | |||||||||||
Corporate and Other | $ | 10,518 | $ | 32,030 | $ | 41,152 | |||||
Macao: | |||||||||||
The Venetian Macao | 82,402 | 125,293 | 96,172 | ||||||||
Sands Cotai Central | 403,149 | 345,748 | 262,540 | ||||||||
Four Seasons Macao | 14,937 | 41,440 | 15,003 | ||||||||
Sands Macao | 21,622 | 40,402 | 26,491 | ||||||||
Other Asia | 3,922 | 2,617 | 1,319 | ||||||||
The Parisian Macao | 766,674 | 390,582 | 212,842 | ||||||||
1,292,706 | 946,082 | 614,367 | |||||||||
Marina Bay Sands | 129,738 | 79,612 | 142,706 | ||||||||
United States: | |||||||||||
Las Vegas Operating Properties | 77,556 | 108,666 | 93,191 | ||||||||
Sands Bethlehem | 18,124 | 12,266 | 6,695 | ||||||||
95,680 | 120,932 | 99,886 | |||||||||
Total capital expenditures | $ | 1,528,642 | $ | 1,178,656 | $ | 898,111 |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Total Assets | |||||||||||
Corporate and Other | $ | 463,339 | $ | 558,753 | $ | 630,673 | |||||
Macao: | |||||||||||
The Venetian Macao | 2,999,873 | 3,900,921 | 4,367,533 | ||||||||
Sands Cotai Central | 4,400,465 | 4,761,907 | 4,669,358 | ||||||||
Four Seasons Macao | 1,038,573 | 1,157,502 | 1,273,654 | ||||||||
Sands Macao | 373,113 | 414,689 | 383,444 | ||||||||
Other Asia | 288,178 | 304,826 | 328,332 | ||||||||
The Parisian Macao | 1,648,562 | 805,220 | 376,014 | ||||||||
Other Development Projects | 82 | 91 | 169 | ||||||||
10,748,846 | 11,345,156 | 11,398,504 | |||||||||
Marina Bay Sands | 5,556,299 | 6,106,397 | 6,354,231 | ||||||||
United States: | |||||||||||
Las Vegas Operating Properties | 3,525,881 | 3,630,505 | 3,653,127 | ||||||||
Sands Bethlehem | 693,056 | 713,236 | 687,729 | ||||||||
4,218,937 | 4,343,741 | 4,340,856 | |||||||||
Total assets | $ | 20,987,421 | $ | 22,354,047 | $ | 22,724,264 |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Total Long-Lived Assets | |||||||||||
Corporate and Other | $ | 334,540 | $ | 357,071 | $ | 388,448 | |||||
Macao: | |||||||||||
The Venetian Macao | 1,795,042 | 1,893,032 | 1,925,040 | ||||||||
Sands Cotai Central | 3,943,966 | 3,814,699 | 3,772,095 | ||||||||
Four Seasons Macao | 903,649 | 932,034 | 928,396 | ||||||||
Sands Macao | 266,399 | 286,640 | 279,395 | ||||||||
Other Asia | 167,540 | 177,335 | 189,136 | ||||||||
The Parisian Macao | 1,645,881 | 804,328 | 376,014 | ||||||||
8,722,477 | 7,908,068 | 7,470,076 | |||||||||
Marina Bay Sands | 4,476,064 | 4,874,263 | 5,277,126 | ||||||||
United States: | |||||||||||
Las Vegas Operating Properties | 2,909,294 | 3,024,380 | 3,073,793 | ||||||||
Sands Bethlehem | 551,395 | 561,782 | 578,329 | ||||||||
3,460,689 | 3,586,162 | 3,652,122 | |||||||||
Total long-lived assets | $ | 16,993,770 | $ | 16,725,564 | $ | 16,787,772 |
LVSC (Non-Guarantor Parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Cash and cash equivalents | $ | 64,817 | $ | 359,467 | $ | 1,755,206 | $ | — | $ | 2,179,490 | |||||||||
Restricted cash and cash equivalents | — | — | 7,901 | — | 7,901 | ||||||||||||||
Intercompany receivables | 665,285 | 264,959 | — | (930,244 | ) | — | |||||||||||||
Intercompany notes receivables | — | — | 378,612 | (378,612 | ) | — | |||||||||||||
Accounts receivable, net | 6,640 | 263,705 | 997,503 | — | 1,267,848 | ||||||||||||||
Inventories | 8,024 | 11,600 | 22,949 | — | 42,573 | ||||||||||||||
Prepaid expenses and other | 23,659 | 13,151 | 74,661 | (33 | ) | 111,438 | |||||||||||||
Total current assets | 768,425 | 912,882 | 3,236,832 | (1,308,889 | ) | 3,609,250 | |||||||||||||
Property and equipment, net | 113,817 | 2,867,664 | 12,750,157 | — | 15,731,638 | ||||||||||||||
Investments in subsidiaries | 6,464,794 | 4,804,582 | — | (11,269,376 | ) | — | |||||||||||||
Deferred financing costs, net | 65 | 19,569 | 150,059 | — | 169,693 | ||||||||||||||
Intercompany receivables | 215 | 17,476 | — | (17,691 | ) | — | |||||||||||||
Intercompany notes receivable | — | 1,446,464 | — | (1,446,464 | ) | — | |||||||||||||
Deferred income taxes, net | — | — | 80,779 | (57,098 | ) | 23,681 | |||||||||||||
Leasehold interests in land, net | — | — | 1,262,132 | — | 1,262,132 | ||||||||||||||
Intangible assets, net | 690 | — | 70,896 | — | 71,586 | ||||||||||||||
Other assets, net | 380 | 21,903 | 97,158 | — | 119,441 | ||||||||||||||
Total assets | $ | 7,348,386 | $ | 10,090,540 | $ | 17,648,013 | $ | (14,099,518 | ) | $ | 20,987,421 | ||||||||
Accounts payable | $ | 5,807 | $ | 28,268 | $ | 76,333 | $ | — | $ | 110,408 | |||||||||
Construction payables | 124 | 1,179 | 362,833 | — | 364,136 | ||||||||||||||
Intercompany payables | — | 572,128 | 358,116 | (930,244 | ) | — | |||||||||||||
Intercompany notes payable | 378,612 | — | — | (378,612 | ) | — | |||||||||||||
Accrued interest payable | 79 | 1,290 | 494 | — | 1,863 | ||||||||||||||
Other accrued liabilities | 34,458 | 220,978 | 1,438,869 | — | 1,694,305 | ||||||||||||||
Income taxes payable | 38 | — | 198,051 | (33 | ) | 198,056 | |||||||||||||
Current maturities of long-term debt | 3,688 | 24,020 | 67,659 | — | 95,367 | ||||||||||||||
Total current liabilities | 422,806 | 847,863 | 2,502,355 | (1,308,889 | ) | 2,464,135 | |||||||||||||
Other long-term liabilities | 1,610 | 9,780 | 101,978 | — | 113,368 | ||||||||||||||
Intercompany payables | — | — | 17,691 | (17,691 | ) | — | |||||||||||||
Intercompany notes payable | — | — | 1,446,464 | (1,446,464 | ) | — | |||||||||||||
Deferred income taxes | 50,934 | 26,992 | 180,906 | (57,098 | ) | 201,734 | |||||||||||||
Deferred amounts related to mall transactions | — | 417,552 | — | — | 417,552 | ||||||||||||||
Long-term debt | 56,295 | 2,818,239 | 6,498,111 | — | 9,372,645 | ||||||||||||||
Total liabilities | 531,645 | 4,120,426 | 10,747,505 | (2,830,142 | ) | 12,569,434 | |||||||||||||
Total Las Vegas Sands Corp. stockholders’ equity | 6,816,741 | 5,969,709 | 5,299,667 | (11,269,376 | ) | 6,816,741 | |||||||||||||
Noncontrolling interests | — | 405 | 1,600,841 | — | 1,601,246 | ||||||||||||||
Total equity | 6,816,741 | 5,970,114 | 6,900,508 | (11,269,376 | ) | 8,417,987 | |||||||||||||
Total liabilities and equity | $ | 7,348,386 | $ | 10,090,540 | $ | 17,648,013 | $ | (14,099,518 | ) | $ | 20,987,421 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Cash and cash equivalents | $ | 114,125 | $ | 345,399 | $ | 3,046,795 | $ | — | $ | 3,506,319 | |||||||||
Restricted cash and cash equivalents | — | — | 6,566 | — | 6,566 | ||||||||||||||
Intercompany receivables | 431,754 | 255,371 | — | (687,125 | ) | — | |||||||||||||
Intercompany notes receivable | — | — | 370,836 | (370,836 | ) | — | |||||||||||||
Accounts receivable, net | 15,144 | 270,838 | 1,224,790 | — | 1,510,772 | ||||||||||||||
Inventories | 5,238 | 10,745 | 25,691 | — | 41,674 | ||||||||||||||
Prepaid expenses and other | 26,210 | 11,889 | 87,530 | (461 | ) | 125,168 | |||||||||||||
Total current assets | 592,471 | 894,242 | 4,762,208 | (1,058,422 | ) | 5,190,499 | |||||||||||||
Property and equipment, net | 130,155 | 2,979,485 | 12,262,834 | — | 15,372,474 | ||||||||||||||
Investments in subsidiaries | 7,010,357 | 5,864,848 | — | (12,875,205 | ) | — | |||||||||||||
Deferred financing costs, net | 123 | 25,153 | 180,320 | — | 205,596 | ||||||||||||||
Intercompany receivables | 226 | 38,763 | — | (38,989 | ) | — | |||||||||||||
Intercompany notes receivable | — | 1,250,544 | — | (1,250,544 | ) | — | |||||||||||||
Deferred income taxes, net | — | — | 76,950 | (52,874 | ) | 24,076 | |||||||||||||
Leasehold interests in land, net | — | — | 1,353,090 | — | 1,353,090 | ||||||||||||||
Intangible assets, net | 690 | — | 85,570 | — | 86,260 | ||||||||||||||
Other assets, net | 714 | 19,736 | 101,602 | — | 122,052 | ||||||||||||||
Total assets | $ | 7,734,736 | $ | 11,072,771 | $ | 18,822,574 | $ | (15,276,034 | ) | $ | 22,354,047 | ||||||||
Accounts payable | $ | 8,065 | $ | 25,489 | $ | 79,167 | $ | — | $ | 112,721 | |||||||||
Construction payables | 156 | 4,001 | 266,772 | — | 270,929 | ||||||||||||||
Intercompany payables | — | 430,596 | 256,529 | (687,125 | ) | — | |||||||||||||
Intercompany notes payable | 370,836 | — | — | (370,836 | ) | — | |||||||||||||
Accrued interest payable | 76 | 1,030 | 6,837 | — | 7,943 | ||||||||||||||
Other accrued liabilities | 31,050 | 233,781 | 1,719,613 | — | 1,984,444 | ||||||||||||||
Income taxes payable | — | — | 224,662 | (461 | ) | 224,201 | |||||||||||||
Current maturities of long-term debt | 3,688 | 24,224 | 71,822 | — | 99,734 | ||||||||||||||
Total current liabilities | 413,871 | 719,121 | 2,625,402 | (1,058,422 | ) | 2,699,972 | |||||||||||||
Other long-term liabilities | 3,014 | 9,255 | 112,345 | — | 124,614 | ||||||||||||||
Intercompany payables | — | — | 38,989 | (38,989 | ) | — | |||||||||||||
Intercompany notes payable | — | — | 1,250,544 | (1,250,544 | ) | — | |||||||||||||
Deferred income taxes | 44,283 | 13,918 | 188,486 | (52,874 | ) | 193,813 | |||||||||||||
Deferred amounts related to mall transactions | — | 422,153 | — | — | 422,153 | ||||||||||||||
Long-term debt | 59,983 | 3,230,653 | 6,602,277 | — | 9,892,913 | ||||||||||||||
Total liabilities | 521,151 | 4,395,100 | 10,818,043 | (2,400,829 | ) | 13,333,465 | |||||||||||||
Total Las Vegas Sands Corp. stockholders’ equity | 7,213,586 | 6,677,266 | 6,197,939 | (12,875,205 | ) | 7,213,586 | |||||||||||||
Noncontrolling interests | — | 405 | 1,806,591 | — | 1,806,996 | ||||||||||||||
Total equity | 7,213,586 | 6,677,671 | 8,004,530 | (12,875,205 | ) | 9,020,582 | |||||||||||||
Total liabilities and equity | $ | 7,734,737 | $ | 11,072,771 | $ | 18,822,573 | $ | (15,276,034 | ) | $ | 22,354,047 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Revenues: | |||||||||||||||||||
Casino | $ | — | $ | 455,539 | $ | 8,627,465 | $ | — | $ | 9,083,004 | |||||||||
Rooms | — | 543,994 | 925,880 | — | 1,469,874 | ||||||||||||||
Food and beverage | — | 218,824 | 538,688 | — | 757,512 | ||||||||||||||
Mall | — | — | 564,309 | — | 564,309 | ||||||||||||||
Convention, retail and other | — | 324,554 | 399,220 | (184,123 | ) | 539,651 | |||||||||||||
— | 1,542,911 | 11,055,562 | (184,123 | ) | 12,414,350 | ||||||||||||||
Less — promotional allowances | (763 | ) | (92,293 | ) | (630,185 | ) | (2,648 | ) | (725,889 | ) | |||||||||
Net revenues | (763 | ) | 1,450,618 | 10,425,377 | (186,771 | ) | 11,688,461 | ||||||||||||
Operating expenses: | |||||||||||||||||||
Casino | — | 300,954 | 4,816,106 | (3,190 | ) | 5,113,870 | |||||||||||||
Rooms | — | 151,297 | 111,143 | — | 262,440 | ||||||||||||||
Food and beverage | — | 110,131 | 296,595 | (4,066 | ) | 402,660 | |||||||||||||
Mall | — | — | 61,299 | — | 61,299 | ||||||||||||||
Convention, retail and other | — | 86,681 | 218,356 | (28,216 | ) | 276,821 | |||||||||||||
Provision for doubtful accounts | — | 35,912 | 119,723 | — | 155,635 | ||||||||||||||
General and administrative | — | 319,763 | 948,845 | (1,193 | ) | 1,267,415 | |||||||||||||
Corporate | 135,822 | 294 | 190,098 | (150,045 | ) | 176,169 | |||||||||||||
Pre-opening | — | — | 47,514 | (5 | ) | 47,509 | |||||||||||||
Development | 10,414 | — | 14 | (56 | ) | 10,372 | |||||||||||||
Depreciation and amortization | 26,815 | 170,691 | 801,413 | — | 998,919 | ||||||||||||||
Amortization of leasehold interests in land | — | — | 38,645 | — | 38,645 | ||||||||||||||
Loss on disposal of assets | — | 13,016 | 22,216 | — | 35,232 | ||||||||||||||
173,051 | 1,188,739 | 7,671,967 | (186,771 | ) | 8,846,986 | ||||||||||||||
Operating income (loss) | (173,814 | ) | 261,879 | 2,753,410 | — | 2,841,475 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 111 | 206,609 | 22,530 | (214,165 | ) | 15,085 | |||||||||||||
Interest expense, net of amounts capitalized | (9,000 | ) | (108,818 | ) | (361,567 | ) | 214,165 | (265,220 | ) | ||||||||||
Other income (expense) | — | (1,805 | ) | 32,347 | — | 30,542 | |||||||||||||
Income from equity investments in subsidiaries | 1,941,839 | 1,567,804 | — | (3,509,643 | ) | — | |||||||||||||
Income before income taxes | 1,759,136 | 1,925,669 | 2,446,720 | (3,509,643 | ) | 2,621,882 | |||||||||||||
Income tax benefit (expense) | 207,100 | (149,376 | ) | (293,909 | ) | — | (236,185 | ) | |||||||||||
Net income | 1,966,236 | 1,776,293 | 2,152,811 | (3,509,643 | ) | 2,385,697 | |||||||||||||
Net income attributable to noncontrolling interests | — | (3,240 | ) | (416,221 | ) | — | (419,461 | ) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 1,966,236 | $ | 1,773,053 | $ | 1,736,590 | $ | (3,509,643 | ) | $ | 1,966,236 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Revenues: | |||||||||||||||||||
Casino | $ | — | $ | 509,206 | $ | 11,495,155 | $ | — | $ | 12,004,361 | |||||||||
Rooms | — | 491,493 | 1,048,927 | — | 1,540,420 | ||||||||||||||
Food and beverage | — | 201,892 | 576,877 | — | 778,769 | ||||||||||||||
Mall | — | — | 553,534 | — | 553,534 | ||||||||||||||
Convention, retail and other | — | 320,409 | 410,967 | (182,672 | ) | 548,704 | |||||||||||||
— | 1,523,000 | 14,085,460 | (182,672 | ) | 15,425,788 | ||||||||||||||
Less — promotional allowances | (1,279 | ) | (88,929 | ) | (749,504 | ) | (2,227 | ) | (841,939 | ) | |||||||||
Net revenues | (1,279 | ) | 1,434,071 | 13,335,956 | (184,899 | ) | 14,583,849 | ||||||||||||
Operating expenses: | |||||||||||||||||||
Casino | — | 298,641 | 6,410,119 | (3,226 | ) | 6,705,534 | |||||||||||||
Rooms | — | 139,837 | 116,998 | — | 256,835 | ||||||||||||||
Food and beverage | — | 99,427 | 297,212 | (4,079 | ) | 392,560 | |||||||||||||
Mall | — | — | 69,732 | — | 69,732 | ||||||||||||||
Convention, retail and other | — | 101,983 | 249,968 | (31,192 | ) | 320,759 | |||||||||||||
Provision for doubtful accounts | — | 37,059 | 149,663 | — | 186,722 | ||||||||||||||
General and administrative | — | 305,279 | 953,831 | (977 | ) | 1,258,133 | |||||||||||||
Corporate | 156,775 | 1,807 | 161,570 | (145,402 | ) | 174,750 | |||||||||||||
Pre-opening | — | 98 | 26,133 | (1 | ) | 26,230 | |||||||||||||
Development | 14,210 | — | 137 | (22 | ) | 14,325 | |||||||||||||
Depreciation and amortization | 26,020 | 183,566 | 822,003 | — | 1,031,589 | ||||||||||||||
Amortization of leasehold interests in land | — | — | 40,598 | — | 40,598 | ||||||||||||||
(Gain) loss on disposal of assets | (42 | ) | 7,233 | (335 | ) | — | 6,856 | ||||||||||||
196,963 | 1,174,930 | 9,297,629 | (184,899 | ) | 10,484,623 | ||||||||||||||
Operating income (loss) | (198,242 | ) | 259,141 | 4,038,327 | — | 4,099,226 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 180 | 178,136 | 30,406 | (183,079 | ) | 25,643 | |||||||||||||
Interest expense, net of amounts capitalized | (6,442 | ) | (113,546 | ) | (337,272 | ) | 183,079 | (274,181 | ) | ||||||||||
Other income (expense) | (791 | ) | (4,732 | ) | 7,488 | — | 1,965 | ||||||||||||
Loss on modification or early retirement of debt | — | — | (19,942 | ) | — | (19,942 | ) | ||||||||||||
Income from equity investments in subsidiaries | 2,919,958 | 2,598,506 | — | (5,518,464 | ) | — | |||||||||||||
Income before income taxes | 2,714,663 | 2,917,505 | 3,719,007 | (5,518,464 | ) | 3,832,711 | |||||||||||||
Income tax benefit (expense) | 125,966 | (141,089 | ) | (229,517 | ) | — | (244,640 | ) | |||||||||||
Net income | 2,840,629 | 2,776,416 | 3,489,490 | (5,518,464 | ) | 3,588,071 | |||||||||||||
Net income attributable to noncontrolling interests | — | (2,274 | ) | (745,168 | ) | — | (747,442 | ) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 2,840,629 | $ | 2,774,142 | $ | 2,744,322 | $ | (5,518,464 | ) | $ | 2,840,629 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Revenues: | |||||||||||||||||||
Casino | $ | — | $ | 584,372 | $ | 10,802,545 | $ | — | $ | 11,386,917 | |||||||||
Rooms | — | 472,518 | 908,163 | — | 1,380,681 | ||||||||||||||
Food and beverage | — | 197,371 | 532,888 | — | 730,259 | ||||||||||||||
Mall | — | — | 481,400 | — | 481,400 | ||||||||||||||
Convention, retail and other | — | 310,276 | 377,791 | (172,888 | ) | 515,179 | |||||||||||||
— | 1,564,537 | 13,102,787 | (172,888 | ) | 14,494,436 | ||||||||||||||
Less — promotional allowances | (1,455 | ) | (91,217 | ) | (629,994 | ) | (1,885 | ) | (724,551 | ) | |||||||||
Net revenues | (1,455 | ) | 1,473,320 | 12,472,793 | (174,773 | ) | 13,769,885 | ||||||||||||
Operating expenses: | |||||||||||||||||||
Casino | — | 314,966 | 6,171,744 | (2,992 | ) | 6,483,718 | |||||||||||||
Rooms | — | 157,497 | 114,449 | (4 | ) | 271,942 | |||||||||||||
Food and beverage | — | 90,507 | 283,366 | (4,303 | ) | 369,570 | |||||||||||||
Mall | — | — | 73,358 | — | 73,358 | ||||||||||||||
Convention, retail and other | — | 106,242 | 238,296 | (26,669 | ) | 317,869 | |||||||||||||
Provision for doubtful accounts | — | 29,977 | 207,809 | — | 237,786 | ||||||||||||||
General and administrative | — | 341,659 | 988,927 | (846 | ) | 1,329,740 | |||||||||||||
Corporate | 164,926 | 1,264 | 163,287 | (139,942 | ) | 189,535 | |||||||||||||
Pre-opening | — | 911 | 12,428 | — | 13,339 | ||||||||||||||
Development | 15,207 | — | 619 | (17 | ) | 15,809 | |||||||||||||
Depreciation and amortization | 26,165 | 186,871 | 794,432 | — | 1,007,468 | ||||||||||||||
Amortization of leasehold interests in land | — | — | 40,352 | — | 40,352 | ||||||||||||||
(Gain) loss on disposal of assets | (12,641 | ) | 1,823 | 21,974 | — | 11,156 | |||||||||||||
193,657 | 1,231,717 | 9,111,041 | (174,773 | ) | 10,361,642 | ||||||||||||||
Operating income (loss) | (195,112 | ) | 241,603 | 3,361,752 | — | 3,408,243 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 1,155 | 173,203 | 18,189 | (176,210 | ) | 16,337 | |||||||||||||
Interest expense, net of amounts capitalized | (4,269 | ) | (88,972 | ) | (354,180 | ) | 176,210 | (271,211 | ) | ||||||||||
Other income (expense) | (5,282 | ) | (2,322 | ) | 11,925 | — | 4,321 | ||||||||||||
Loss on modification or early retirement of debt | — | (14,178 | ) | — | — | (14,178 | ) | ||||||||||||
Income from equity investments in subsidiaries | 2,416,604 | 2,119,936 | — | (4,536,540 | ) | — | |||||||||||||
Income before income taxes | 2,213,096 | 2,429,270 | 3,037,686 | (4,536,540 | ) | 3,143,512 | |||||||||||||
Income tax benefit (expense) | 92,901 | (133,519 | ) | (148,218 | ) | — | (188,836 | ) | |||||||||||
Net income | 2,305,997 | 2,295,751 | 2,889,468 | (4,536,540 | ) | 2,954,676 | |||||||||||||
Net income attributable to noncontrolling interests | — | (2,894 | ) | (645,785 | ) | — | (648,679 | ) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 2,305,997 | $ | 2,292,857 | $ | 2,243,683 | $ | (4,536,540 | ) | $ | 2,305,997 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Net income | $ | 1,966,236 | $ | 1,776,293 | $ | 2,152,811 | $ | (3,509,643 | ) | $ | 2,385,697 | ||||||||
Currency translation adjustment, net of reclassification adjustment and before and after tax | (142,384 | ) | (120,949 | ) | (141,012 | ) | 263,333 | (141,012 | ) | ||||||||||
Total comprehensive income | 1,823,852 | 1,655,344 | 2,011,799 | (3,246,310 | ) | 2,244,685 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (3,240 | ) | (417,593 | ) | — | (420,833 | ) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 1,823,852 | $ | 1,652,104 | $ | 1,594,206 | $ | (3,246,310 | ) | $ | 1,823,852 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Net income | $ | 2,840,629 | $ | 2,776,416 | $ | 3,489,490 | $ | (5,518,464 | ) | $ | 3,588,071 | ||||||||
Currency translation adjustment, before and after tax | (97,682 | ) | (83,039 | ) | (98,414 | ) | 180,721 | (98,414 | ) | ||||||||||
Total comprehensive income | 2,742,947 | 2,693,377 | 3,391,076 | (5,337,743 | ) | 3,489,657 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,274 | ) | (744,436 | ) | — | (746,710 | ) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 2,742,947 | $ | 2,691,103 | $ | 2,646,640 | $ | (5,337,743 | ) | $ | 2,742,947 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Net income | $ | 2,305,997 | $ | 2,295,751 | $ | 2,889,468 | $ | (4,536,540 | ) | $ | 2,954,676 | ||||||||
Currency translation adjustment, before and after tax | (89,295 | ) | (75,797 | ) | (89,976 | ) | 165,092 | (89,976 | ) | ||||||||||
Total comprehensive income | 2,216,702 | 2,219,954 | 2,799,492 | (4,371,448 | ) | 2,864,700 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (2,894 | ) | (645,104 | ) | — | (647,998 | ) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 2,216,702 | $ | 2,217,060 | $ | 2,154,388 | $ | (4,371,448 | ) | $ | 2,216,702 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Net cash generated from operating activities | $ | 2,221,658 | $ | 2,601,691 | $ | 3,229,278 | $ | (4,602,656 | ) | $ | 3,449,971 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Change in restricted cash and cash equivalents | — | — | (1,328 | ) | — | (1,328 | ) | ||||||||||||
Capital expenditures | (10,518 | ) | (74,789 | ) | (1,443,335 | ) | — | (1,528,642 | ) | ||||||||||
Proceeds from disposal of property and equipment | 10 | 81 | 1,413 | — | 1,504 | ||||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 2,285 | — | (2,285 | ) | — | |||||||||||||
Dividends received from non-restricted subsidiaries | — | 1,506,308 | — | (1,506,308 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (22 | ) | (1,383,708 | ) | — | 1,383,730 | — | ||||||||||||
Net cash generated from (used in) investing activities | (10,530 | ) | 50,177 | (1,443,250 | ) | (124,863 | ) | (1,528,466 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from exercise of stock options | 13,313 | — | 3,563 | — | 16,876 | ||||||||||||||
Excess tax benefit from stock option exercises | 8,785 | — | — | — | 8,785 | ||||||||||||||
Repurchase of common stock | (205,084 | ) | — | — | — | (205,084 | ) | ||||||||||||
Dividends paid | (2,073,762 | ) | — | (619,120 | ) | — | (2,692,882 | ) | |||||||||||
Distributions to noncontrolling interests | — | (3,240 | ) | (10,668 | ) | — | (13,908 | ) | |||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (2,220,335 | ) | (142,205 | ) | 2,362,540 | — | ||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (3,746,424 | ) | 3,746,424 | — | |||||||||||||
Capital contributions received | — | — | 1,383,730 | (1,383,730 | ) | — | |||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (2,285 | ) | 2,285 | — | |||||||||||||
Proceeds from 2013 U.S. credit facility | — | 1,090,000 | — | — | 1,090,000 | ||||||||||||||
Proceeds from 2011 VML credit facility | — | — | 999,277 | — | 999,277 | ||||||||||||||
Repayments on 2013 U.S. credit facility | — | (1,502,500 | ) | — | — | (1,502,500 | ) | ||||||||||||
Repayments on 2011 VML credit facility | — | — | (820,188 | ) | — | (820,188 | ) | ||||||||||||
Repayments on 2012 Singapore credit facility | — | — | (67,403 | ) | — | (67,403 | ) | ||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | ||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (1,725 | ) | (2,213 | ) | — | (3,938 | ) | |||||||||||
Payments of deferred financing costs | — | — | (11,745 | ) | — | (11,745 | ) | ||||||||||||
Net cash used in financing activities | (2,260,436 | ) | (2,637,800 | ) | (3,035,681 | ) | 4,727,519 | (3,206,398 | ) | ||||||||||
Effect of exchange rate on cash | — | — | (41,936 | ) | — | (41,936 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (49,308 | ) | 14,068 | (1,291,589 | ) | — | (1,326,829 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 114,125 | 345,399 | 3,046,795 | — | 3,506,319 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 64,817 | $ | 359,467 | $ | 1,755,206 | $ | — | $ | 2,179,490 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Net cash generated from operating activities | $ | 3,223,393 | $ | 2,915,949 | $ | 4,643,445 | $ | (5,949,943 | ) | $ | 4,832,844 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Change in restricted cash and cash equivalents | — | — | 270 | — | 270 | ||||||||||||||
Capital expenditures | (31,626 | ) | (102,502 | ) | (1,044,528 | ) | — | (1,178,656 | ) | ||||||||||
Proceeds from disposal of property and equipment | 42 | 671 | 1,105 | — | 1,818 | ||||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 1,889 | — | (1,889 | ) | — | |||||||||||||
Notes receivable to Las Vegas Sands Corp. | — | — | (114,155 | ) | 114,155 | — | |||||||||||||
Dividends received from non-restricted subsidiaries | — | 1,418,221 | — | (1,418,221 | ) | — | |||||||||||||
Capital contributions to subsidiaries | — | (1,327,991 | ) | — | 1,327,991 | — | |||||||||||||
Net cash used in investing activities | (31,584 | ) | (9,712 | ) | (1,157,308 | ) | 22,036 | (1,176,568 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from exercise of stock options | 44,973 | — | 10,677 | — | 55,650 | ||||||||||||||
Excess tax benefit from stock option exercises | 3,585 | — | — | — | 3,585 | ||||||||||||||
Repurchase of common stock | (1,676,802 | ) | — | — | — | (1,676,802 | ) | ||||||||||||
Dividends paid | (1,610,087 | ) | — | (776,570 | ) | — | (2,386,657 | ) | |||||||||||
Distributions to noncontrolling interests | — | (2,274 | ) | (7,499 | ) | — | (9,773 | ) | |||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (3,279,161 | ) | (129,416 | ) | 3,408,577 | — | ||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (3,959,587 | ) | 3,959,587 | — | |||||||||||||
Capital contributions received | — | — | 1,327,991 | (1,327,991 | ) | — | |||||||||||||
Borrowings from non-restricted subsidiaries | 114,155 | — | — | (114,155 | ) | — | |||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (1,889 | ) | 1,889 | — | |||||||||||||
Proceeds from 2013 U.S. credit facility | — | 1,678,000 | — | — | 1,678,000 | ||||||||||||||
Proceeds from 2011 VML credit facility | — | — | 819,725 | — | 819,725 | ||||||||||||||
Repayments on 2013 U.S. credit facility | — | (1,270,500 | ) | — | — | (1,270,500 | ) | ||||||||||||
Repayments on 2011 VML credit facility | — | — | (819,680 | ) | — | (819,680 | ) | ||||||||||||
Repayments on 2012 Singapore credit facility | — | — | (17,930 | ) | — | (17,930 | ) | ||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | ||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (2,392 | ) | (3,276 | ) | — | (5,668 | ) | |||||||||||
Payments of deferred financing costs | — | — | (88,048 | ) | — | (88,048 | ) | ||||||||||||
Net cash used in financing activities | (3,127,864 | ) | (2,876,327 | ) | (3,645,502 | ) | 5,927,907 | (3,721,786 | ) | ||||||||||
Effect of exchange rate on cash | — | — | (28,585 | ) | — | (28,585 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 63,945 | 29,910 | (187,950 | ) | — | (94,095 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 50,180 | 315,489 | 3,234,745 | — | 3,600,414 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 114,125 | $ | 345,399 | $ | 3,046,795 | $ | — | $ | 3,506,319 |
LVSC (Non-Guarantor parent) | Restricted Subsidiaries | Non-Restricted Subsidiaries | Consolidating/ Eliminating Entries | Total | |||||||||||||||
Net cash generated from operating activities | $ | 1,693,766 | $ | 1,892,021 | $ | 4,255,589 | $ | (3,401,964 | ) | $ | 4,439,412 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Change in restricted cash and cash equivalents | — | 1 | (383 | ) | — | (382 | ) | ||||||||||||
Capital expenditures | (29,901 | ) | (91,900 | ) | (776,310 | ) | — | (898,111 | ) | ||||||||||
Proceeds from disposal of property and equipment | 31,000 | 121 | 1,034 | — | 32,155 | ||||||||||||||
Acquisition of intangible assets | — | — | (45,871 | ) | — | (45,871 | ) | ||||||||||||
Repayments of receivable from non-restricted subsidiaries | — | 1,357 | — | (1,357 | ) | — | |||||||||||||
Notes receivable to Las Vegas Sands Corp. | — | — | (251,537 | ) | 251,537 | — | |||||||||||||
Repayments of receivable from Las Vegas Sands Corp. | — | — | 237,161 | (237,161 | ) | ||||||||||||||
Dividends received from non-restricted subsidiaries | — | 1,383,116 | — | (1,383,116 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (68 | ) | (1,292,416 | ) | — | 1,292,484 | — | ||||||||||||
Net cash generated from (used in) investing activities | 1,031 | 279 | (835,906 | ) | (77,613 | ) | (912,209 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from exercise of stock options | 50,223 | — | 19,373 | — | 69,596 | ||||||||||||||
Repurchase of common stock | (561,150 | ) | — | — | — | (561,150 | ) | ||||||||||||
Proceeds from exercise of warrants | 350 | — | — | — | 350 | ||||||||||||||
Dividends paid | (1,152,690 | ) | — | (411,359 | ) | — | (1,564,049 | ) | |||||||||||
Distributions to noncontrolling interests | — | (2,894 | ) | (8,964 | ) | — | (11,858 | ) | |||||||||||
Dividends paid to Las Vegas Sands Corp. | — | (1,732,152 | ) | (108,570 | ) | 1,840,722 | — | ||||||||||||
Dividends paid to Restricted Subsidiaries | — | — | (2,944,358 | ) | 2,944,358 | — | |||||||||||||
Capital contributions received | — | — | 1,292,484 | (1,292,484 | ) | — | |||||||||||||
Borrowings from non-restricted subsidiaries | 251,537 | — | — | (251,537 | ) | — | |||||||||||||
Repayments on borrowings from Restricted Subsidiaries | — | — | (1,357 | ) | 1,357 | — | |||||||||||||
Repayments on borrowings from non-restricted subsidiaries | (237,161 | ) | — | — | 237,161 | — | |||||||||||||
Proceeds from 2013 U.S. credit facility | — | 2,828,750 | — | — | 2,828,750 | ||||||||||||||
Proceeds from senior secured credit facility | — | 250,000 | — | — | 250,000 | ||||||||||||||
Proceeds from 2012 Singapore credit facility | — | — | 104,357 | — | 104,357 | ||||||||||||||
Repayments on senior secured credit facility | — | (3,073,038 | ) | — | — | (3,073,038 | ) | ||||||||||||
Repayments on 2012 Singapore credit facility | — | — | (430,504 | ) | — | (430,504 | ) | ||||||||||||
Repayments on airplane financings | (3,688 | ) | — | — | — | (3,688 | ) | ||||||||||||
Repayments on HVAC equipment lease and other long-term debt | — | (2,350 | ) | (3,452 | ) | — | (5,802 | ) | |||||||||||
Payments of deferred financing costs | — | (27,529 | ) | (7,885 | ) | — | (35,414 | ) | |||||||||||
Net cash used in financing activities | (1,652,579 | ) | (1,759,213 | ) | (2,500,235 | ) | 3,479,577 | (2,432,450 | ) | ||||||||||
Effect of exchange rate on cash | — | — | (7,105 | ) | — | (7,105 | ) | ||||||||||||
Increase in cash and cash equivalents | 42,218 | 133,087 | 912,343 | — | 1,087,648 | ||||||||||||||
Cash and cash equivalents at beginning of year | 7,962 | 182,402 | 2,322,402 | — | 2,512,766 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 50,180 | $ | 315,489 | $ | 3,234,745 | $ | — | $ | 3,600,414 |
Quarter | |||||||||||||||||||
First | Second | Third | Fourth(1) | Total | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
2015 | |||||||||||||||||||
Net revenues | $ | 3,011,622 | $ | 2,921,421 | $ | 2,893,683 | $ | 2,861,735 | $ | 11,688,461 | |||||||||
Operating income | 711,115 | 689,310 | 739,069 | 701,981 | 2,841,475 | ||||||||||||||
Net income | 611,038 | 581,491 | 618,193 | 574,975 | 2,385,697 | ||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 511,923 | 469,173 | 519,358 | 465,782 | 1,966,236 | ||||||||||||||
Basic earnings per share | 0.64 | 0.59 | 0.65 | 0.59 | 2.47 | ||||||||||||||
Diluted earnings per share | 0.64 | 0.59 | 0.65 | 0.59 | 2.47 | ||||||||||||||
2014 | |||||||||||||||||||
Net revenues | $ | 4,010,384 | $ | 3,624,350 | $ | 3,533,122 | $ | 3,415,993 | $ | 14,583,849 | |||||||||
Operating income | 1,143,825 | 961,460 | 971,421 | 1,022,520 | 4,099,226 | ||||||||||||||
Net income | 996,728 | 852,844 | 860,499 | 878,000 | 3,588,071 | ||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 776,185 | 671,434 | 671,705 | 721,305 | 2,840,629 | ||||||||||||||
Basic earnings per share | 0.95 | 0.83 | 0.84 | 0.90 | 3.52 | ||||||||||||||
Diluted earnings per share | 0.95 | 0.83 | 0.83 | 0.90 | 3.52 |
(1) | The Company received a $90.1 million refund during December 2014 related to property taxes assessed and paid at Marina Bay Sands for the years 2010 through 2014. |
Description | Balance at Beginning of Year | Provision for Doubtful Accounts | Write-offs, Net of Recoveries | Balance at End of Year | ||||||||||
(In thousands) | ||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||
2013 | $ | 491,682 | 237,786 | (99,741 | ) | $ | 629,727 | |||||||
2014 | $ | 629,727 | 186,722 | (143,164 | ) | $ | 673,285 | |||||||
2015 | $ | 673,285 | 155,635 | (192,317 | ) | $ | 636,603 |
Description | Balance at Beginning of Year | Additions | Deductions | Balance at End of Year | ||||||||||
(In thousands) | ||||||||||||||
Deferred income tax asset valuation allowance: | ||||||||||||||
2013 | $ | 1,390,900 | 149,893 | (21,525 | ) | $ | 1,519,268 | |||||||
2014 | $ | 1,519,268 | 1,012,126 | (46,741 | ) | $ | 2,484,653 | |||||||
2015 | $ | 2,484,653 | 840,157 | (22,673 | ) | $ | 3,302,137 |
Exhibit No. | Description of Document | |
3.1 | Certificate of Amended and Restated Articles of Incorporation of Las Vegas Sands Corp. (incorporated by reference from Exhibit 3.1 to the Company’s Amendment No. 2 to Registration Statement on Form S-1 (File No. 333-118827) filed on November 22, 2004). | |
3.2 | Amended and Restated By-laws of Las Vegas Sands Corp. (incorporate by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2013 and filed on February 28, 2014). | |
4.1 | Form of Specimen Common Stock Certificate of Las Vegas Sands Corp. (incorporated by reference from Exhibit 4.1 to the Company’s Amendment No. 2 to Registration Statement on Form S-1 (File No. 333-118827) filed on November 22, 2004). | |
10.1 | Amendment and Restatement Agreement dated as of December 19, 2013, to the Amended and Restated Credit and Guaranty Agreement dated as of August 18, 2010 among Las Vegas Sands, LLC, the Guarantors party thereto, the Lenders party thereto and The Bank of Nova Scotia (including as Exhibit A thereto the Second Amended and Restated Credit and Guaranty Agreement dated as of December 19, 2013 among Las Vegas Sands, LLC, the Guarantors party thereto, the lenders party thereto, The Bank of Nova Scotia, Barclays Bank PLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., Goldman Sachs Bank USA, Credit Agricole Corporate & Investment Bank, Morgan Stanley Senior Funding, Inc., The Royal Bank of Scotland plc and Sumitomo Mitsui Banking Corporation)(incorporated by reference from Exhibit 10.2 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2013 and filed on February 28, 2014). | |
10.2 | Second Amended and Restated Security Agreement, dated as of December 19, 2013, between each of the parties named as a grantor therein and The Bank of Nova Scotia, as collateral agent for the secured parties, as defined therein (incorporated by reference from Exhibit 10.3 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2013 and filed on February 28, 2014). |
Exhibit No. | Description of Document | |
10.3 | Amendment and Restatement Agreement dated as of March 25, 2014, among VML US Finance LLC, as Borrower, Guarantors Party Hereto, Lender Party Hereto and Bank of China Limited, Macau Branch, as Administrative Agent and Collateral Agent (incorporated by reference from Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2014) and filed on May 7, 2014. | |
10.4 | Joinder Agreement, dated as of April 10, 2015, to the Amended and Restated Credit Agreement dated March 31, 2014 among VML US Finance LLC, as Borrower, Lender Party Hereto and Bank of China Limited, Macau Branch, as Administrative Agent (incorporated by reference from Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2015) and filed on May 7, 2015. | |
10.5 | Credit Agreement, dated as of September 21, 2011, entered into by and among VML US Finance LLC, Venetian Macau Limited, the financial institutions listed on the signature pages thereto as Lenders, Bank of China Limited, Macau Branch (“BOC”), as administrative agent for the Lenders, Goldman Sachs (Asia) L.L.C., Goldman Sachs Lending Partners LLC, Bank of America, N.A., BOC, Barclays Capital, BNP Paribas Hong Kong Branch, Citigroup Global Markets Asia Limited, Citibank, N.A. Hong Kong Branch, Commerzbank AG, Credit Agricole Corporate and Investment Bank, Credit Suisse Securities (USA) LLC, Credit Suisse AG, Singapore Branch, Industrial and Commercial Bank of China (Macau) Limited, ING Capital L.L.C. and ING Bank NV, Singapore Bank, Sumitomo Mitsui Banking Corporation, UBS Securities LLC and United Overseas Bank Limited, as global coordinators and bookrunners for the Term Loan Facility and Revolving Credit Facility and as co-syndication agents for the Term Loan Lenders and Revolving Loan Lenders and Banco Nacional Ultramarino, S.A., DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, The Bank of Nova Scotia and Wing Lung Bank Ltd., Macau Branch, as lead arrangers for the Term Loan Facility and Revolving Credit Facility (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2011 and filed on November 9, 2011). | |
10.6 | Credit Agreement, dated as of May 17, 2010, by and among Venetian Orient Limited, the financial institutions listed as Lenders on the signature pages thereto, The Bank of Nova Scotia, as Administrative Agent, Goldman Sachs Lending Partners LLC, BNP Paribas, Hong Kong Branch, Citibank, N.A., Citigroup Financial Services Limited and Citibank, N.A., Hong Kong Branch, UBS AG Hong Kong Branch, Barclays Capital, The Investment Banking Division of Barclays PLC, Bank of China Limited, Macau Branch (“BOC”), and Industrial and Commercial Bank of China (Macau) Limited (“ICBC”), as Global Coordinators and Bookrunners, and, with the exception of BOC and ICBC, as co-syndication agents for the enders, and Banco Nacional Ultramarino, S.A., DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited, as Mandated Lead Arrangers and Bookrunners (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2010 and filed on August 9, 2010). | |
10.7 | Sponsor Agreement, dated as of May 17, 2010, by and between Sands China Ltd., The Bank of Nova Scotia, as administrative agent, and Bank of China Limited, Macau Branch, as the collateral agent (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2010 and filed on August 9, 2010). | |
10.8 | Guaranty, dated as of May 17, 2010, is made by Sands China Ltd., and each Subsidiary of Sands China Ltd. Required from time to time to become party hereto pursuant to the Credit Agreement, in favor of and for the benefit of The Bank of Nova Scotia, as administrative agent (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2010 and filed on August 9, 2010). |
Exhibit No. | Description of Document | |
10.9 | Amendment and Restatement Agreement dated as of August 29, 2014, to the Facility Agreement, dated as of June 25, 2012 (as amended by an amendment agreement dated November 20, 2013), among Marina Bay Sands Pte, Ltd., as borrower, various lenders party thereto, DBS Bank Ltd. (“DBS”), Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Malayan Banking Berhad, Singapore Branch, as global coordinators, DBS, as agent and security trustee, and DBS, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, Malayan Banking Berhad, Singapore Branch, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and CIMB Bank Berhad, Singapore Branch, as mandated lead arrangers (including as Schedule 3 thereto, the Form of Amended and Restated Facility Agreement) (incorporated by reference from Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2014) and filed on November 5, 2014. | |
10.10 | Facility Agreement, dated as of June 25, 2012, among Marina Bay Sands Pte. Ltd., as borrower, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Malayan Banking Berhad, Singapore Branch, as global coordinators, DBS Bank Ltd., as agent for the finance parties and security trustee for the secured parties and certain other lenders party thereto (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2012 and filed on August 9, 2012). | |
10.11 | Construction Agency Agreement, dated as of May 1, 1997, by and between Venetian Casino Resort, LLC and Atlantic Pacific Las Vegas, LLC (incorporated by reference from Exhibit 10.21 to Amendment No. 2 to Las Vegas Sands, Inc.’s Registration Statement on Form S-4 (File No. 333-42147) dated March 27, 1998). | |
10.12 | Sands Resort Hotel and Casino Agreement, dated as of February 18, 1997, by and between Clark County and Las Vegas Sands, Inc. (incorporated by reference from Exhibit 10.27 to Amendment No. 1 to Las Vegas Sands, Inc.’s Registration Statement on Form S-4 (File No. 333-42147) dated February 12, 1998). | |
10.13 | Addendum to Sands Resort Hotel and Casino Agreement, dated as of September 16, 1997, by and between Clark County and Las Vegas Sands, Inc. (incorporated by reference from Exhibit 10.20 to the Company’s Amendment No. 1 to Registration Statement on Form S-1 (File No. 333-118827) dated October 25, 2004). | |
10.14 | Improvement Phasing Agreement by and between Clark County and Lido Casino Resort, LLC (incorporated by reference from Exhibit 10.21 to the Company’s Amendment No. 1 to Registration Statement on Form S-1 (File No. 333-118827) dated October 22, 2004). | |
10.15 | Concession Contract for Operating Casino Games of Chance or Games of Other Forms in the Macao Special Administrative Region, June 26, 2002, by and among the Macao Special Administrative Region and Galaxy Casino Company Limited (incorporated by reference from Exhibit 10.40 to Las Vegas Sands, Inc.’s Form 10-K (File No. 333-42147) for the year ended December 31, 2002 and filed on March 31, 2003). | |
10.16† | Subconcession Contract for Operating Casino Games of Chance or Games of Other Forms in the Macao Special Administrative Region, dated December 19, 2002, between Galaxy Casino Company Limited, as concessionaire, and Venetian Macau S.A., as subconcessionaire (incorporated by reference from Exhibit 10.65 to the Company’s Amendment No. 5 to Registration Statement on Form S-1 (File No. 333-118827) dated December 10, 2004). | |
10.17 | Land Concession Agreement, dated as of December 10, 2003, relating to the Sands Macao between the Macao Special Administrative Region and Venetian Macau Limited (incorporated by reference from Exhibit 10.39 to the Company’s Amendment No. 1 to Registration Statement on Form S-1 (File No. 333-118827) dated October 25, 2004). | |
10.18 | Amendment, published on April 22, 2008, to Land Concession Agreement, dated as of December 10, 2003, relating to the Sands Macao between the Macau Special Administrative Region and Venetian Macau Limited (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2008 and filed on May 9, 2008). |
Exhibit No. | Description of Document | |
10.19 | Land Concession Agreement, dated as of February 23, 2007, relating to the Venetian Macao, Four Seasons Macao and Site 3 among the Macau Special Administrative Region, Venetian Cotai Limited and Venetian Macau Limited (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2007 and filed on May 10, 2007). | |
10.20 | Amendment published on October 28, 2008, to Land Concession Agreement between Macau Special Administrative Region and Venetian Cotai Limited (incorporated by reference from Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2008 and filed on November 10, 2008). | |
10.21 | Development Agreement, dated August 23, 2006, between the Singapore Tourism Board and Marina Bay Sands Pte. Ltd. (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2006 and filed on November 9, 2006). | |
10.22 | Supplement to Development Agreement, dated December 11, 2009, by and between Singapore Tourism Board and Marina Bay Sands PTE. LTD (incorporated by reference from Exhibit 10.76 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2009 and filed on March 1, 2010). | |
10.23 | Energy Services Agreement, dated as of May 1, 1997, by and between Atlantic Pacific Las Vegas, LLC and Venetian Casino Resort, LLC (incorporated by reference from Exhibit 10.3 to Amendment No. 2 to Las Vegas Sands, Inc.’s Registration Statement on Form S-4 (File No. 333-42147) dated March 27, 1998). | |
10.24 | Energy Services Agreement Amendment No. 1, dated as of July 1, 1999, by and between Atlantic Pacific Las Vegas, LLC and Venetian Casino Resort, LLC (incorporated by reference from Exhibit 10.8 to Las Vegas Sands, Inc.’s Annual Report on Form 10-K (File No. 333-42147) for the year ended December 31, 1999 and filed on March 30, 2000). | |
10.25 | Energy Services Agreement Amendment No. 2, dated as of July 1, 2006, by and between Atlantic Pacific Las Vegas, LLC and Venetian Casino Resort, LLC (incorporated by reference from Exhibit 10.77 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2006 and filed on February 28, 2007). | |
10.26 | Energy Services Agreement Amendment No. 3 dated as of February 10, 2009, by and between Trigen-Las Vegas Energy Company, LLC f/k/a Atlantic Pacific Las Vegas, LLC, Venetian Casino Resort, LLC Grand Canal Shops II, LLC and Interface Group-Nevada, Inc. (incorporated by reference from Exhibit 10.34 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for year ended December 31, 2010 and filed on March 1, 2011). | |
10.27 | Energy Services Agreement, dated as of November 14, 1997, by and between Atlantic-Pacific Las Vegas, LLC and Interface Group-Nevada, Inc. (incorporated by reference from Exhibit 10.8 to Amendment No. 1 of the Company’s Registration Statement on Form S-1 (File No. 333-118827) dated October 25, 2004). | |
10.28 | Energy Services Agreement Amendment No. 1, dated as of July 1, 1999, by and between Atlantic-Pacific Las Vegas, LLC and Interface Group-Nevada, Inc. (incorporated by reference from Exhibit 10.9 to the Company’s Amendment No. 1 to Registration Statement on Form S-1 (File No. 333-118827) dated October 25, 2004). | |
10.29 | Amended and Restated Services Agreement, dated as of November 14, 1997, by and among Las Vegas Sands, Inc., Venetian Casino Resort, LLC, Interface Group Holding Company, Inc., Interface Group-Nevada, Inc., Lido Casino Resort MM, Inc., Grand Canal Shops Mall MM Subsidiary, Inc. and certain subsidiaries of Venetian Casino Resort, LLC named therein (incorporated by reference from Exhibit 10.15 to Amendment No. 1 to Las Vegas Sands, Inc.’s Registration Statement on Form S-4 (File No. 333-42147) dated February 12, 1998). | |
10.30 | Assignment and Assumption Agreement, dated as of November 8, 2004, by and among Las Vegas Sands, Inc., Venetian Casino Resort, LLC, Interface Group Holding Company, Inc., Interface Group-Nevada, Inc., Interface Operations LLC, Lido Casino Resort MM, Inc., Grand Canal Shops Mall MM Subsidiary, Inc. and certain subsidiaries of Venetian Casino Resort, LLC named therein (incorporated by reference from Exhibit 10.52 to the Company’s Amendment No. 2 to Registration Statement on Form S-1 (File No. 333-118827) dated November 22, 2004). |
Exhibit No. | Description of Document | |
10.31 | Fourth Amended and Restated Reciprocal Easement, Use and Operating Agreement, dated as of February 29, 2008, by and among Interface Group — Nevada, Inc., Grand Canal Shops II, LLC, Phase II Mall Subsidiary, LLC, Venetian Casino Resort, LLC, and Palazzo Condo Tower, LLC (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2008 and filed on May 9, 2008). | |
10.32+ | Las Vegas Sands Corp. 2004 Equity Award Plan (Amended and Restated) (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2014 and filed on August 7, 2014). | |
10.33+ | Form of Director Restricted Stock Award Agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2014 and filed on August 7, 2014). | |
10.34+ | Form of Restricted Stock Award Agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2014) and filed on August 7, 2014. | |
10.35+ | Form of Restricted Stock Award Agreements under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.70 to the Company’s Amendment No. 4 to Registration Statement on Form S-1 (File No. 333-118827) dated December 8, 2004). | |
10.36+ | Form of Restricted Stock Award Agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.48 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for year ended December 31, 2010 and filed on March 1, 2011). | |
10.37+ | Form of Nonqualified Stock Option Agreements under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.71 to the Company’s Amendment No. 4 to Registration Statement on Form S-1 (File No. 333-118827) dated December 8, 2004). | |
10.38+ | Form of Nonqualified Stock Option Agreement under the Company’s 2004 Equity Award Plan (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2009 and filed August 7, 2009). | |
10.39+ | Form of Nonqualified Stock Option Agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.51 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2010 and filed on March 1, 2011). | |
10.40+ | Las Vegas Sands Corp. Amended and Restated Executive Cash Incentive Plan (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.41+ | Form of Director Restricted Stock Units Award Agreement under the Company's 2004 Equity Award Plan (incorporated by reference from Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2014) and filed on August 7, 2014. | |
10.42+ | Form of Restricted Stock Award Agreement (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-32373) filed on February 9, 2007). | |
10.43+ | Employment Agreement, dated as of November 18, 2004, by and among Las Vegas Sands Corp., Las Vegas Sands, Inc. and Sheldon G. Adelson (incorporated by reference from Exhibit 10.36 to the Company’s Amendment No. 2 to Registration Statement on Form S-1 (File No. 333-118827) dated November 22, 2004). | |
10.44+ | Amendment No. 1 to Employment Agreement, dated as of December 31, 2008, by and among Las Vegas Sands Corp., Las Vegas Sands, LLC (f/k/a Las Vegas Sands, Inc.) and Sheldon G. Adelson (incorporated by reference from Exhibit 10.35 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2008 and filed on March 2, 2009). | |
10.45+ | Employment Agreement, dated as of November 13, 2010, among Las Vegas Sands Corp., Las Vegas Sands, LLC and Michael A. Leven (incorporated by reference from Exhibit 10.57 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for year ended December 31, 2010 and filed on March 1, 2011). | |
10.46+ | Terms of Continued Employment, dated June 7, 2012, among Las Vegas Sands Corp., Las Vegas Sands, LLC and Michael A. Leven (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2012 and filed on August 9, 2012). |
Exhibit No. | Description of Document | |
10.47+ | Amended Terms of Continued Employment, dated April 24, 2013, among Las Vegas Sands Corp., Las Vegas Sands, LLC and Michael A. Leven (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.48+ | Employment Agreement, dated as of December 1, 2008 between Las Vegas Sands Corp. and Kenneth J. Kay (incorporated by reference from Exhibit 10.36 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2008 and filed on March 2, 2009). | |
10.49+ | Letter Agreement, dated January 18, 2010, between Las Vegas Sands Corp. and Kenneth J. Kay (incorporated by reference from Exhibit 10.33 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2009 and filed on March 1, 2010). | |
10.50+ | Amendment to Employment Agreement, effective December 31, 2012, between Las Vegas Sands Corp. and Kenneth J. Kay (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.51+ | Separation Agreement and General Release, dated as of July 10, 2013, between Kenneth J. Kay and Las Vegas Sands Corp. (including as Attachment A thereto, the Consultancy Agreement, entered into as of July 10, 2013, between Las Vegas Sands Corp. and Kenneth J. Kay) (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2013 and filed on August 9, 2013). | |
10.52+ | Employment Agreement, dated as of January 11, 2011, among Las Vegas Sands Corp., Las Vegas Sands, LLC and Robert G. Goldstein (incorporated by reference from Exhibit 10.60 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for year ended December 31, 2010 and filed on March 1, 2011). | |
10.53+ | Terms of Continued Employment, dated as of March 7, 2012, among Las Vegas Sands Corp., Las Vegas Sands, LLC and Robert G. Goldstein (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2012 and filed on May 10, 2012). | |
10.54+ | Employment Agreement, dated as of April 1 2012, between Las Vegas Sands Corp. and Chris J. Cahill (incorporated by reference from Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.55+ | Amendment to Employment Agreement, effective December 31, 2012, between Las Vegas Sands Corp. and Chris J. Cahill (incorporated by reference from Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.56+ | Amendment to Employment Agreement, dated as of March 27, 2013, between Las Vegas Sands Corp. and Chris J. Cahill (incorporated by reference from Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.57+ | Employment Letter, dated April 15, 2011, from Las Vegas Sands Corp. to John Caparella (incorporated by reference from Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.58+ | Amendment to Employment Letter, effective December 31, 2012, between Las Vegas Sands Corp. and John Caparella (incorporated by reference from Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2013 and filed on May 10, 2013). | |
10.59 | Settlement Agreement, date as of June 24, 2011, by and among Venetian Casino Resort, LLC, Phase II Mall Holding, LLC, GGP Limited Partnership, The Shoppes at the Palazzo, LLC (f/k/a Phase II Mall Subsidiary, LLC) and Grand Canal Shops II, LLC (incorporated by reference from Exhibit 10.63 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2011 and filed on February 28, 2012). | |
10.60 | Purchase and Sale Agreement, dated April 12, 2004, by and among Grand Canal Shops Mall Subsidiary, LLC, Grand Canal Shops Mall MM Subsidiary, Inc. and GGP Limited Partnership (incorporated by reference from Exhibit 10.1 to Las Vegas Sands, Inc.’s Current Report on Form 8-K (File No. 333-42147) filed on April 16, 2004). |
Exhibit No. | Description of Document | |
10.61 | Agreement, made as of April 12, 2004, by and between Lido Casino Resort, LLC and GGP Limited Partnership (incorporated by reference from Exhibit 10.2 to Las Vegas Sands, Inc.’s Current Report on Form 8-K (File No. 333-42147) filed on April 16, 2004). | |
10.62 | Assignment and Assumption of Agreement and First Amendment to Agreement, dated September 30, 2004, made by Lido Casino Resort, LLC, as assignor, to Phase II Mall Holding, LLC, as assignee, and to GGP Limited Partnership, as buyer (incorporated by reference from Exhibit 10.60 to the Company’s Amendment No. 1 to Registration Statement on Form S- 1 (File No. 333-118827) dated October 25, 2004). | |
10.63 | Second Amendment, dated as of January 31, 2008, to Agreement dated as of April 12, 2004 and amended as of September 30, 2004, by and among Venetian Casino Resort, LLC, as successor-by-merger to Lido Casino Resort, LLC, Phase II Mall Holding, LLC, as successor-in-interest to Lido Casino Resort, LLC, and GGP Limited Partnership (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2008 and filed on May 9, 2008). | |
10.64 | Second Amended and Restated Registration Rights Agreement, dated as of November 14, 2008, by and among Las Vegas Sands Corp., Dr. Miriam Adelson and the other Adelson Holders (as defined therein) that are party to the agreement from time to time (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-32373) filed on November 14, 2008). | |
10.65 | Investor Rights Agreement, dated as of September 30, 2008, by and between Las Vegas Sands Corp. and the Investor named therein (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2008 and filed on November 10, 2008). | |
10.66 | Agreement, dated as of July 8, 2004, by and between Sheldon G. Adelson and Las Vegas Sands, Inc. (incorporated by reference from Exhibit 10.47 to the Company’s Registration Statement on Form S-1 (File No. 333-118827) dated September 3, 2004). | |
10.67 | Venetian Hotel Service Agreement, dated as of June 28, 2001, by and between Venetian Casino Resort, LLC and Interface Group-Nevada, Inc. d/b/a Sands Expo and Convention Center (incorporated by reference from Exhibit 10.49 to the Company’s Amendment No. 2 to Registration Statement on Form S-1 (File No. 333-118827) dated November 22, 2004). | |
10.68 | First Amendment to Venetian Hotel Service Agreement, dated as of June 28, 2004, by and between Venetian Casino Resort, LLC and Interface Group-Nevada, Inc. d/b/a Sands Expo and Convention Center (incorporated by reference from Exhibit 10.50 to the Company’s Registration Statement on Form S-1 (File No. 333-118827) dated September 3, 2004). | |
10.69 | Tax Indemnification Agreement, dated as of December 17, 2004, by and among Las Vegas Sands Corp., Las Vegas Sands, Inc. and the stockholders named therein (incorporated by reference from Exhibit 10.56 to the Company’s Current Report on Form 8-K (File No. 001-32373) filed on April 4, 2005). | |
10.70 | Aircraft Time Sharing Agreement, dated as of November 6, 2009 and effective as of January 1, 2009, between Las Vegas Sands Corp. and Interface Operations, LLC (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 and filed on November 9, 2009). | |
10.71 | Aircraft Time Sharing Agreement, dated as of November 6, 2009 and effective as of January 1, 2009, between Interface Operations, LLC and Las Vegas Sands Corp. (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2009 and filed on November 9, 2009). | |
10.72 | Aircraft Time Sharing Agreement, dated as of November 6, 2009 and effective as of January 1, 2009, between Las Vegas Sands Corp. and Interface Operations, LLC (incorporated by reference from Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2009 and filed on November 9, 2009). | |
10.73 | Aircraft Time Sharing Agreement, dated as of November 6, 2009 and effective as of January 1, 2009, between Interface Operations, LLC and Las Vegas Sands Corp. (incorporated by reference from Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2009 and filed on November 9, 2009). |
Exhibit No. | Description of Document | |
10.74 | Aircraft Time Sharing Agreement, dated as of November 6, 2009 and effective as of January 1, 2009, between Interface Operations Bermuda, LTD and Las Vegas Sands Corp. (incorporated by reference from Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2009 and filed on November 9, 2009). | |
10.75 | Aircraft Time Share Agreement, dated as of May 23, 2007, by and between Interface Operations LLC and Las Vegas Sands Corp. (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2007 and filed on August 9, 2007). | |
10.76 | Aircraft Time Sharing Agreement, dated as of January 1, 2005, by and between Interface Operations LLC and Las Vegas Sands Corp. (incorporated by reference from Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2005 and filed November 14, 2005). | |
10.77 | Aircraft Time Sharing Agreement, dated as of June 18, 2004, by and between Interface Operations LLC and Las Vegas Sands, Inc. (incorporated by reference from Exhibit 10.48 to the Company’s Amendment No. 1 to Registration Statement on Form S-1 (File No. 333-118827) dated October 25, 2004). | |
10.78 | Aircraft Time Sharing Agreement dated as of April 14, 2011, between Las Vegas Sands Corp. and Interface Operations, LLC (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2011). | |
10.79+ | Form of Restricted Stock Award Agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.82 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for year ended December 31, 2010 and filed on March 1, 2011). | |
10.80+ | Form of Restricted Stock Award agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.86 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2011 and filed on February 28, 2012). | |
10.81+ | Form of Restricted Stock Units Award agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.87 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2011 and filed on February 28, 2012). | |
10.82+ | Terms of Continued Employment, dated December 9, 2014, among Las Vegas Sands Corp., Las Vegas Sands, LLC and Robert G. Goldstein (incorporated by reference from Exhibit 10.81 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2014 and filed on February 27, 2015). | |
10.83+ | Las Vegas Sands Corp. Non-Employee Director Deferred Compensation Plan (incorporated by reference from Exhibit 10.88 to the Company’s Annual Report on Form 10-K (File No. 001-32373) for the year ended December 31, 2011 and filed on February 28, 2012). | |
10.84+ | Letter of Appointment for Executive, dated August 4, 2010, between Venetian Macau Limited and Edward M. Tracy (incorporated by reference from Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2014 and filed on May 7, 2014). | |
10.85+ | Contract Renewal, dated May 10, 2012, between Venetian Macau Limited and Edward Matthew Tracy (incorporated by reference from Exhibit 10.2.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2014 and filed on May 7, 2014). | |
10.86+ | Contract Renewal, dated May 1, 2013, between Venetian Macau Limited and Edward Matthew Tracy (incorporated by reference from Exhibit 10.2.2 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2014 and filed on May 7, 2014). | |
10.87+ | Form of Director Restricted Stock Units Award Agreement (with deferred settlement) under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2014 and filed on August 7, 2014). | |
10.88+ | Form of Restricted Stock Units Award Agreement under the 2004 Equity Award Plan (incorporated by reference from Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended June 30, 2014 and filed on August 7, 2014). |
Exhibit No. | Description of Document | |
10.89+ | Employment Agreement, dated as of March 17, 2015, between Venetian Casino Resort, LLC and George M. Markantonis (incorporated by reference from Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2015 and filed on May 7, 2015). | |
10.90+ | Separation and General Release, dated as of January 15, 2015, between Edward M. Tracy and Venetian Macau Limited, its subsidiaries, affiliates and related entities incorporated by reference from Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended March 31, 2015 and filed on May 7, 2015). | |
10.91+ | Separation Agreement and General Release, dated as of November 4, 2015, between Michael Quartieri and Las Vegas Sands Corp.(incorporated by reference from Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-32373) for the quarter ended September 30, 2015 and filed on November 5, 2015). | |
21.1* | Subsidiaries of Las Vegas Sands Corp. | |
23.1* | Consent of Deloitte & Touche LLP. | |
31.1* | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1++ | Certification of Chief Executive Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2++ | Certification of Principal Financial Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
† | Confidential treatment has been requested and granted with respect to portions of this exhibit, and such confidential portions have been deleted and replaced with “**” and filed separately with the Securities and Exchange Commission pursuant to Rule 406 under the Securities Act of 1933. |
+ | Denotes a management contract or compensatory plan or arrangement. |
++ | This exhibit will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Exchange Act of 1934, as amended. |
LAS VEGAS SANDS CORP. | |||
February 26, 2016 | /S/ SHELDON G. ADELSON | ||
Sheldon G. Adelson, Chairman of the Board and Chief Executive Officer |
Signature | Title | Date | ||
/S/ SHELDON G. ADELSON | Chairman of the Board, Chief | February 26, 2016 | ||
Sheldon G. Adelson | Executive Officer and Director | |||
/S/ ROBERT G. GOLDSTEIN | President, Chief Operating Officer | February 26, 2016 | ||
Robert G. Goldstein | and Director | |||
/S/ JASON N. ADER | Director | February 26, 2016 | ||
Jason N. Ader | ||||
/S/ IRWIN CHAFETZ | Director | February 26, 2016 | ||
Irwin Chafetz | ||||
/S/ MICHELINE CHAU | Director | February 26, 2016 | ||
Micheline Chau | ||||
/S/ CHARLES D. FORMAN | Director | February 26, 2016 | ||
Charles D. Forman | ||||
/S/ STEVEN L. GERARD | Director | February 26, 2016 | ||
Steven L. Gerard | ||||
/S/ GEORGE JAMIESON | Director | February 26, 2016 | ||
George Jamieson | ||||
/S/ CHARLES A. KOPPELMAN | Director | February 26, 2016 | ||
Charles A. Koppelman | ||||
/S/ MICHAEL A. LEVEN | Director | February 26, 2016 | ||
Michael A. Leven | ||||
/S/ DAVID F. LEVI | Director | February 26, 2016 | ||
David. F. Levi | ||||
Senior Vice President, Corporate Finance and Strategy | ||||
/S/ PATRICK DUMONT | February 26, 2016 | |||
Patrick Dumont | (Principal Financial Officer) | |||
/S/ STEPHANIE MARZ | Vice President, Corporate Accounting | February 26, 2016 | ||
Stephanie Marz | (Principal Accounting Officer) |
Legal Name | State or Other Jurisdiction of Incorporation or Organization | |
Asian Cultural & Recreational Promotion (II) Co., Limited | Hong Kong | |
BBLV, LLC | Nevada | |
Bethlehem Works Owners Association, LLC | Pennsylvania | |
Carlo’s Bakery Las Vegas LLC | Delaware | |
Cotai Ferry Company Limited | Macao | |
Cotai Strip Lot 2 Apart Hotel (Macau) Limited | Macao | |
Cotai Strip Lot 7 & 8 Development Limited | Macao | |
Cotai Services (HK) Limited | Hong Kong | |
CotaiJet 311 Ltd. | Cayman Islands | |
CotaiJet 312 Ltd. | Cayman Islands | |
CotaiJet 313 Ltd. | Cayman Islands | |
CotaiJet 314 Ltd. | Cayman Islands | |
CotaiJet 315 Ltd. | Cayman Islands | |
CotaiJet 316 Ltd. | Cayman Islands | |
CotaiJet 317 Ltd. | Cayman Islands | |
CotaiJet 318 Ltd. | Cayman Islands | |
CotaiJet 319 Ltd. | Cayman Islands | |
CotaiJet 320 Ltd. | Cayman Islands | |
CotaiJet 350 Ltd. | Cayman Islands | |
CotaiJet 351 Ltd. | Cayman Islands | |
CotaiJet 352 Ltd. | Cayman Islands | |
CotaiJet 353 Ltd. | Cayman Islands | |
Cotaiwaterjet Sea Bridge 1 Ltd. | Cayman Islands | |
Cotaiwaterjet Sea Bridge 2 Ltd. | Cayman Islands | |
Europe Land Development Holdings C.V. | Netherlands | |
Europe Land Development Intermediate B.V. | Netherlands | |
Las Vegas Sands, LLC | Nevada | |
LV Noodle Concept, LLC | Nevada | |
LVCUT Associates, LLC | Nevada | |
LVS (Nevada) International Holdings, Inc. | Nevada | |
LVS Development Holdings LLC | Nevada | |
LVS Dutch Finance C.V. | Netherlands | |
LVS Dutch Holding B.V. | Netherlands | |
LVS International (Malaysia) Sdn. Bhd. | Malaysia | |
LVS International (South Korea) Ltd. | South Korea | |
LVS International (Taiwan) Limited | Taiwan | |
LVS International (Thailand) Co., Ltd. | Thailand | |
LVS International Holding (Thailand) Co., Ltd. | Thailand | |
LVS International Japan Ltd. | Japan | |
LVS Management Services, LLC | Nevada | |
LVS Marketing (India) Private Limited | India | |
Marina Bay Sands Pte. Ltd. | Singapore | |
MBS Holdings Pte. Ltd. | Singapore | |
Paiza Air, LLC | Nevada |
Palazzo Condo Tower, LLC | Nevada | |
Primewine, LLC | Nevada | |
Sands Aviation Aircraft LLC | Delaware | |
Sands Aviation Bermuda Ltd. | Bermuda | |
Sands Aviation, LLC | Nevada | |
Sands Bethworks Condominium Association | Pennsylvania | |
Sands Bethworks Gaming LLC | Pennsylvania | |
Sands Bethworks Retail LLC | Pennsylvania | |
Sands China Ltd. | Cayman Islands | |
Sands Cotai East Holdings Limited | Cayman Islands | |
Sands Cotai West Holdings Limited | Cayman Islands | |
Sands Expo & Convention Center, Inc. | Nevada | |
Sands IP Asset Management B.V. | Netherlands | |
Sands Mauritius Holdings | Mauritius | |
Sands Pennsylvania, Inc. | Delaware | |
Sands Venetian Security Limited | Macao | |
SCL IP Holdings, LLC | Nevada | |
TK Las Vegas, LLC | Delaware | |
Two Roads Las Vegas, LLC | Delaware | |
VCR Restaurant Ventures, LLC | Nevada | |
V-HK Services Limited | Hon g Kong | |
Venetian Casino Resort, LLC | Nevada | |
Venetian Cotai Hotel Management Limited | Macao | |
Venetian Cotai Limited | Macao | |
Venetian Macau Finance Company | Cayman Islands | |
Venetian Macau Limited | Macao | |
Venetian Marketing Services Limited | Hong Kong | |
Venetian Marketing, Inc. | Nevada | |
Venetian Orient Limited | Macao | |
Venetian Retail Limited | Macao | |
Venetian Travel Limited | Macao | |
Venetian Venture Development Intermediate II | Cayman Islands | |
Venetian Venture Development Intermediate Limited | Cayman Islands | |
VML US Finance LLC | Delaware | |
Zhuhai Cotai Information Services Outsourcing Co., Ltd. | PRC | |
Zhuhai Cotai Logistics Hotel Services Co., Ltd. | PRC |
Date: | February 26, 2016 | By: | /s/ SHELDON G. ADELSON | |
Name: Sheldon G. Adelson Title: Chief Executive Officer |
Date: | February 26, 2016 | By: | /S/ PATRICK DUMONT | |
Name: Patrick Dumont Title: Senior Vice President, Corporate Finance and Strategy (Principal Financial Officer) |
Date: | February 26, 2016 | By: | /s/ SHELDON G. ADELSON | |
Name: Sheldon G. Adelson Title: Chief Executive Officer |
Date: | February 26, 2016 | By: | /S/ PATRICK DUMONT | |
Name: Patrick Dumont Title: Senior Vice President, Corporate Finance and Strategy (Principal Financial Officer) |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LVS | ||
Entity Registrant Name | Las Vegas Sands Corp | ||
Entity Central Index Key | 0001300514 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 794,694,494 | ||
Entity Public Float | $ 19,152,622,288 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 830,051,259 | 829,280,328 |
Common stock, shares outstanding | 794,645,310 | 798,258,172 |
Treasury stock, shares | 35,405,949 | 31,022,156 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues: | |||
Casino | $ 9,083,004 | $ 12,004,361 | $ 11,386,917 |
Rooms | 1,469,874 | 1,540,420 | 1,380,681 |
Food and beverage | 757,512 | 778,769 | 730,259 |
Mall | 564,309 | 553,534 | 481,400 |
Convention, retail and other | 539,651 | 548,704 | 515,179 |
Gross revenue | 12,414,350 | 15,425,788 | 14,494,436 |
Less — promotional allowances | (725,889) | (841,939) | (724,551) |
Net revenues | 11,688,461 | 14,583,849 | 13,769,885 |
Operating expenses: | |||
Casino | 5,113,870 | 6,705,534 | 6,483,718 |
Rooms | 262,440 | 256,835 | 271,942 |
Food and beverage | 402,660 | 392,560 | 369,570 |
Mall | 61,299 | 69,732 | 73,358 |
Convention, retail and other | 276,821 | 320,759 | 317,869 |
Provision for doubtful accounts | 155,635 | 186,722 | 237,786 |
General and administrative | 1,267,415 | 1,258,133 | 1,329,740 |
Corporate | 176,169 | 174,750 | 189,535 |
Pre-opening | 47,509 | 26,230 | 13,339 |
Development | 10,372 | 14,325 | 15,809 |
Depreciation and amortization | 998,919 | 1,031,589 | 1,007,468 |
Amortization of leasehold interests in land | 38,645 | 40,598 | 40,352 |
Loss on disposal of assets | 35,232 | 6,856 | 11,156 |
Total operating expenses | 8,846,986 | 10,484,623 | 10,361,642 |
Operating income | 2,841,475 | 4,099,226 | 3,408,243 |
Other income (expense): | |||
Interest income | 15,085 | 25,643 | 16,337 |
Interest expense, net of amounts capitalized | (265,220) | (274,181) | (271,211) |
Other income | 30,542 | 1,965 | 4,321 |
Loss on modification or early retirement of debt | 0 | (19,942) | (14,178) |
Income before income taxes | 2,621,882 | 3,832,711 | 3,143,512 |
Income tax expense | (236,185) | (244,640) | (188,836) |
Net income | 2,385,697 | 3,588,071 | 2,954,676 |
Net income attributable to noncontrolling interests | (419,461) | (747,442) | (648,679) |
Net income attributable to Las Vegas Sands Corp. | $ 1,966,236 | $ 2,840,629 | $ 2,305,997 |
Earnings per share: | |||
Basic (in usd per share) | $ 2.47 | $ 3.52 | $ 2.80 |
Diluted (in usd per share) | $ 2.47 | $ 3.52 | $ 2.79 |
Weighted average shares outstanding: | |||
Basic (in shares) | 796,785,900 | 806,130,838 | 822,282,515 |
Diluted (in shares) | 797,596,082 | 808,019,219 | 826,316,108 |
Dividends declared per common share | $ 2.6 | $ 2.00 | $ 1.40 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
[1] | Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Statement of Comprehensive Income [Abstract] | ||||||||||||||
Net income | $ 574,975 | $ 618,193 | $ 581,491 | $ 611,038 | $ 878,000 | $ 860,499 | $ 852,844 | $ 996,728 | $ 2,385,697 | $ 3,588,071 | $ 2,954,676 | |||
Currency translation adjustment, net of reclassification adjustment and before tax | (141,012) | (98,414) | (89,976) | |||||||||||
Currency translation adjustment, net of reclassification adjustment and after tax | (141,012) | (98,414) | (89,976) | |||||||||||
Total comprehensive income | 2,244,685 | 3,489,657 | 2,864,700 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (420,833) | (746,710) | (647,998) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ 1,823,852 | $ 2,742,947 | $ 2,216,702 | |||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplemental disclosure of cash flow information: | |||
Cash payments for interest, net of amounts capitalized | $ 211,889 | $ 206,621 | $ 208,242 |
Cash payments for taxes, net of refunds | 225,504 | 187,897 | 173,276 |
Changes in construction payables | 93,207 | 29,369 | (101,812) |
Non-cash investing and financing activities: | |||
Capitalized stock-based compensation costs | 335 | 1,437 | 941 |
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities | (2,067) | (1,965) | 420 |
Change in common stock repurchase payable included in other accrued liabilities | 0 | (9,370) | 9,370 |
Disposition of interest in majority owned subsidiary | 0 | 487 | 0 |
Property and equipment acquired under capital lease | 871 | 0 | 2,761 |
Conversion of equity awards to liability awards | $ 6,571 | $ 0 | $ 0 |
Organization and Business of Company |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business of Company | Organization and Business of Company Las Vegas Sands Corp. (“LVSC” or together with its subsidiaries, the “Company”) is incorporated in Nevada and its common stock is traded on the New York Stock Exchange under the symbol “LVS.” The ordinary shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China) are listed on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). The shares were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements. Operations Macao The Company currently owns 70.1% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession agreement, which expires in June 2022. The Company owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 376,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 921,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet. The Company owns the Sands Cotai Central, an integrated resort situated across the street from The Venetian Macao and Four Seasons Macao (which is further described below). The Sands Cotai Central opened in phases, beginning in April 2012. The property features four hotel towers: the first hotel tower, consisting of approximately 650 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; the second hotel tower, consisting of approximately 1,800 rooms and suites under the Sheraton brand; the third hotel tower, consisting of approximately 2,100 rooms and suites under the Sheraton brand; and the fourth hotel tower, consisting of approximately 400 rooms and suites under the St. Regis brand. Within Sands Cotai Central, the Company also owns and currently operates approximately 370,000 square feet of gaming space, approximately 369,000 square feet of meeting space and approximately 332,000 square feet of retail space, as well as entertainment and dining facilities. The Company is constructing the remainder of the fourth tower, an apart-hotel wing that consists of approximately 1.0 million square feet of St. Regis-serviced and -branded luxury apart-hotel units and common areas, subject to Macao government approval. The total cost to complete the remainder of the tower is expected to be approximately $220 million. Upon completion of the project, the integrated resort will feature approximately 370,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater. As of December 31, 2015, the Company has capitalized costs of $4.87 billion for the entire project, including the land premium (net of amortization) and $84.1 million in outstanding construction payables. The Company owns the Four Seasons Hotel Macao, Cotai Strip (the “Four Seasons Hotel Macao”), which features 360 rooms and suites managed and operated by Four Seasons Hotels Inc. and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao”), which features approximately 105,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 259,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and is advancing its plans to monetize units within the Four Seasons Apartments. The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 216,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities. Singapore The Company owns and operates the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. United States Las Vegas The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; and the Grand Canal Shoppes, which consist of two enclosed retail, dining and entertainment complexes that were sold to GGP Limited Partnership (“GGP,” see “— Note 12 — Mall Sales”). Pennsylvania The Company owns and operates the Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center. The Company owns 86% of the economic interest in the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and approximately 35% of the economic interest in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC. Development Projects Macao The Company is constructing The Parisian Macao, an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao is intended to include a gaming area (to be operated under the Company’s gaming subconcession), a hotel with approximately 3,000 rooms and suites and retail, entertainment, dining and meeting facilities. The Company expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion, inclusive of payments made for the land premium. As with projects of this nature, the Company will continue to analyze options for both a full and phased opening of the facility, which is anticipated to open in the second half of 2016, subject to Macao government approval. The Company has capitalized costs of $1.65 billion, including the land premium (net of amortization) and $166.3 million in outstanding construction payables, as of December 31, 2015. In addition, the Company will be completing the development of some open areas surrounding its Cotai Strip properties. Under the Company’s land concession for The Parisian Macao, the Company is required to complete the development by November 2016. The land concession for Sands Cotai Central contains a similar requirement that the development be completed by December 2016. Should the Company determine that it is unable to complete The Parisian Macao or Sands Cotai Central by their respective deadlines, the Company would then expect to apply for another extension from the Macao government. If the Company is unable to meet the current deadlines and the deadlines for either development are not extended, the Company could lose its land concessions for The Parisian Macao or Sands Cotai Central, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $1.65 billion or $4.87 billion in capitalized construction costs and land premiums (net of amortization), as of December 31, 2015, related to The Parisian Macao and Sands Cotai Central, respectively. United States The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company is evaluating the highest return opportunity for the project and intends to recommence construction when demand and conditions improve. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty. Should demand and conditions fail to improve or management decides to abandon the project, the Company could record a charge for some portion of the $178.6 million in capitalized construction costs as of December 31, 2015. Other The Company continues to aggressively pursue new development opportunities globally. Capital Financing Overview Through December 31, 2015, the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets. The Company held unrestricted cash and cash equivalents of $2.18 billion and restricted cash and cash equivalents of $7.9 million as of December 31, 2015. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company may elect to arrange additional financing to fund the balance of its Cotai Strip developments. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. In April 2015, the Company entered into a joinder agreement to the 2011 VML Credit Facility, under which certain lenders agreed to provide term loan commitments of $1.0 billion (see “— Note 8 — Long-term Debt — Macao Related Debt — 2011 VML Credit Facility”). |
Summary of Significant Accounting Policies |
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Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Management’s determination of the appropriate accounting method with respect to the Company’s variable interests is based on accounting standards for VIEs issued by the Financial Accounting Standards Board (“FASB”). The Company consolidates any VIEs in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any. The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. As of December 31, 2015 and 2014, the Company’s joint ventures had total assets of $79.4 million and $85.0 million, respectively, and total liabilities of $148.4 million and $130.6 million, respectively. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. Accounts Receivable and Credit Risk Accounts receivable are comprised of casino, hotel and other receivables, which do not bear interest and are recorded at cost. The Company extends credit to approved casino customers following background checks and investigations of creditworthiness. The Company also extends credit to its junkets in Macao, which receivables can be offset against commissions payable to the respective junkets. Business or economic conditions, the legal enforceability of gaming debts, or other significant events in foreign countries could affect the collectability of receivables from customers and junkets residing in these countries. The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on an analysis of the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the customer’s financial condition, collection history and any other known information, and the Company applies standard reserve percentages to aged account balances under the specified dollar amount. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. Management believes that there are no concentrations of credit risk for which an allowance has not been established. Although management believes that the allowance is adequate, it is possible that the estimated amount of cash collections with respect to accounts receivable could change. Inventories Inventories consist primarily of food, beverage, retail products, and operating supplies, which are stated at the lower of cost or market. Cost is determined by the weighted average and specific identification methods. Property and Equipment Property and equipment are stated at the lower of cost or fair value. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets. Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations. The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model. For assets to be held and used (including projects under development), fixed assets are reviewed for impairment whenever indicators of impairment exist. If an indicator of impairment exists, the Company first groups its assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the “asset group”). Secondly, the Company estimates the undiscounted future cash flows that are directly associated with and expected to arise from the completion, use and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. To estimate the undiscounted cash flows of the Company’s asset groups, the Company considers all potential cash flow scenarios, which are probability weighted based on management’s estimates given current conditions. Determining the recoverability of the Company’s asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management’s intentions may result in future changes to the recoverability of these asset groups. For assets to be held for sale, the fixed assets (the “disposal group”) are measured at the lower of their carrying amount or fair value less cost to sell. Losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of the cumulative loss previously recognized. Any gains or losses not previously recognized that result from the sale of the disposal group shall be recognized at the date of sale. Fixed assets are not depreciated while classified as held for sale. During the years ended December 31, 2015, 2014 and 2013, no assets were impaired. Capitalized Interest and Internal Costs Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period. During the years ended December 31, 2015, 2014 and 2013, the Company capitalized interest expense of $27.5 million, $9.3 million and $4.7 million, respectively. During the years ended December 31, 2015, 2014 and 2013, the Company capitalized approximately $31.1 million, $32.6 million and $24.2 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property. Deferred Financing Costs and Original Issue Discounts Deferred financing costs and original issue discounts are amortized to interest expense based on the terms of the related debt instruments using the effective interest method. Leasehold Interests in Land Leasehold interests in land represent payments made for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements. Indefinite Useful Life Assets Assets with indefinite useful lives are regularly assessed to ensure they continue to meet the indefinite useful life criteria. These assets are not subject to amortization and are tested for impairment and recoverability annually or more frequently if events or circumstances indicate that the assets might be impaired. When performing the impairment analysis, the Company may first conduct a qualitative assessment to determine whether it is “more-likely-than-not” that the asset is impaired. If the Company elects to perform a qualitative assessment and it is determined that it is “more-likely-than-not” that the asset is impaired after assessing the qualitative factors, the Company then performs an impairment test that consists of a comparison of the fair value of the asset with its carrying amount. If the fair value of the asset exceeds the carrying amount, no impairment is recognized. If the fair value of the asset does not exceed the carrying amount, an impairment will be recognized in an amount equal to the difference. As of December 31, 2015, the Company had assets of $50.0 million and $16.5 million related to its Sands Bethlehem gaming license and table games certificate, respectively, both of which were determined to have an indefinite useful life and have been recorded within intangible assets in the accompanying consolidated balance sheets. For the years ended December 31, 2015 and 2013, the annual impairment analysis included an assessment of certain qualitative factors including, but not limited to, the results of the most recent fair value calculation, current year and projected operating results, and macro-economic and industry conditions. The Company considered the qualitative factors and determined that it was not “more-likely-than-not” that the indefinite lived intangible assets were impaired. For the year ended December 31, 2014, the Company elected to perform a quantitative analysis given that the last quantitative analysis performed was during the year ended December 31, 2011. The fair value of the Company’s gaming license and table games certificate was estimated using the Company’s expected adjusted property EBITDA (as defined in “— Note 17 — Segment Information”), combined with estimated future tax-affected cash flows and a terminal value using the Gordon Growth Model, which were discounted to present value at rates commensurate with the Company’s capital structure and the prevailing borrowing rates within the casino industry in general. Adjusted property EBITDA and discounted cash flows are common measures used to value cash-intensive businesses such as casinos. Determining the fair value of the gaming license and table games certificate is judgmental in nature and requires the use of significant estimates and assumptions, including adjusted property EBITDA, growth rates, discount rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, operating results or management’s intentions may result in future changes to the fair value of the gaming license and table games certificate. No impairment charge related to these assets was recorded for the years ended December 31, 2015, 2014 and 2013. Revenue Recognition and Promotional Allowances Casino revenue is the aggregate of gaming wins and losses. The commissions rebated directly or indirectly through junkets to customers, cash discounts and other cash incentives to customers related to gaming play are recorded as a reduction to gross casino revenue. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Deposits for future hotel occupancy or food and beverage services contracts are recorded as deferred income until revenue recognition criteria are met. Cancellation fees for hotel and food and beverage services are recognized upon cancellation by the customer and are included in convention, retail and other revenues. Mall revenue is primarily generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-lined basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the thresholds are met. Convention revenues are recognized when the related service is rendered or the event is held. In accordance with industry practice, the retail value of rooms, food and beverage, and other services furnished to the Company’s guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated retail value of such promotional allowances is included in operating revenues as follows (in thousands):
The estimated departmental cost of providing such promotional allowances, which is included primarily in casino operating expenses, is as follows (in thousands):
Gaming Taxes The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company’s gaming revenue and are recorded as a casino expense in the accompanying consolidated statements of operations. These taxes were $3.31 billion, $4.65 billion and $4.54 billion for the years ended December 31, 2015, 2014 and 2013, respectively. Frequent Players Program The Company has established promotional clubs to encourage repeat business from frequent and active slot machine customers and table games patrons. Members earn points primarily based on gaming activity and such points can be redeemed for cash, free play and other free goods and services. The Company accrues for club points expected to be redeemed for cash and free play as a reduction to gaming revenue and accrues for club points expected to be redeemed for free goods and services primarily as casino expense. The accruals are based on estimates and assumptions regarding the mix of cash, free play and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. Pre-Opening and Development Expenses The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred. Advertising Costs Costs for advertising are expensed the first time the advertising takes place or as incurred. Advertising costs included in the accompanying consolidated statements of operations were $124.5 million, $140.4 million and $117.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Corporate Expenses Corporate expense represents payroll, travel, legal fees, professional fees and various other expenses not allocated or directly related to the Company’s integrated resort operations and related ancillary operations. Foreign Currency The Company accounts for currency translation in accordance with accounting standards regarding foreign currency translation. Gains or losses from foreign currency remeasurements are included in other income (expense). Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income. The balance of accumulated other comprehensive income (loss) consisted solely of foreign currency translation adjustments. During the year ended December 31, 2015, a $5.3 million gain related to the dissolution of a wholly owned foreign subsidiary was reclassified from accumulated other comprehensive income (loss) and comprehensive income to net income. This amount is included in other income in the accompanying consolidated statements of operations. Earnings Per Share The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
Stock-Based Employee Compensation The Company accounts for its stock-based employee compensation in accordance with accounting standards regarding share-based payment, which establishes accounting for equity instruments exchanged for employee services. Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s stock-based employee compensation plans are more fully discussed in “— Note 14 — Stock-Based Employee Compensation.” Income Taxes The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards not expiring, and tax planning strategies. The Company recorded valuation allowances on the net deferred tax assets of certain foreign jurisdictions of $195.8 million and $215.2 million, as of December 31, 2015 and 2014, respectively, and a valuation allowance on certain deferred tax assets of its U.S. operations of $3.11 billion and $2.27 billion as of December 31, 2015 and 2014, respectively, which increased during the current year primarily due to an increase in U.S. foreign tax credits. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance in the period such determination is made. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is “more-likely-than-not” that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely, based solely on the technical merits, of being sustained on examinations. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different. Accounting for Derivative Instruments and Hedging Activities Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. If specific conditions are met, a derivative may be 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. 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 employs such financial instruments pursuant to this policy, none of which are currently designated as hedges. As such, all gains and losses are recognized in other income (expense). Depending on its classification and position at the end of the reporting period, each derivative is reported as prepaid expenses and other; other assets, net; other accrued liabilities; or other long-term liabilities, as applicable, in the accompanying consolidated balance sheets. See "— Note 11 — Fair Value Measurements" for additional disclosures regarding derivatives. Recent Accounting Pronouncements In May 2014, the FASB issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017, with early application permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. In April 2015, the FASB issued an accounting standard update to simplify the presentation of debt issuance costs. The update requires that debt issuance costs be reported as a deduction of the face amount of the related debt (rather than as an asset) and that the amortization of debt issuance costs continue to be reported as interest expense. In August 2015, the FASB issued an accounting standard update to clarify that this guidance is not required to be applied to line-of-credit arrangements. The amendments do not affect the guidance on the recognition and measurement of debt issuance costs. The guidance will be required to be applied on a retrospective basis and will be effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance will not have a material effect on the Company's financial condition, results of operations and cash flows. In July 2015, the FASB issued an accounting standard update that requires inventory measured using any method other than last-in, first-out or the retail inventory method, to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. If the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss during the period in which it occurs. The guidance is effective for fiscal years beginning after December 15, 2016, and should be applied prospectively, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations and cash flows. In November 2015, the FASB issued an accounting standard update to simplify the presentation of deferred income taxes. The update requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented, with early adoption permitted. The Company adopted this guidance retrospectively as of December 31, 2015 (see "— Reclassification" and “— Note 10 — Income Taxes”). The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations and cash flows. In February 2016, the FASB issued an accounting standard update on leases, which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. Reclassification To be consistent with the current year presentation, the Company retrospectively adopted the new guidance to simplify the presentation of deferred income taxes. As a result, the current deferred income tax liability of $12.5 million was reclassified to non-current and a non-current deferred income tax asset of $7.6 million was offset against the non-current deferred income tax liability in the consolidated balance sheets for the year ended December 31, 2014. The reclassification did not have an effect on the Company's financial condition, results of operations and cash flows. |
Accounts Receivable, Net |
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Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable consists of the following (in thousands):
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following (in thousands):
Construction in progress consists of the following (in thousands):
The $350.1 million in other construction in progress consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao. In accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”), the Company sold the portion of the Grand Canal Shoppes located within The Palazzo (formerly referred to as "The Shoppes at the Palazzo," see “— Note 12 — Mall Sales — The Shoppes at The Palazzo”). Under terms of the settlement with GGP on June 24, 2011, the Company retained the $295.4 million of proceeds previously received and participates in certain potential future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $219.7 million (net of $91.7 million of accumulated depreciation) as of December 31, 2015, will continue to be recorded on the Company’s consolidated balance sheet and will continue to be depreciated in the Company’s consolidated statement of operations. The cost and accumulated depreciation of property and equipment that the Company is leasing to third parties, primarily as part of its mall operations, was $1.20 billion and $299.9 million, respectively, as of December 31, 2015. The cost and accumulated depreciation of property and equipment that the Company is leasing to these third parties was $1.13 billion and $251.0 million, respectively, as of December 31, 2014. The cost and accumulated depreciation of property and equipment that the Company is leasing under capital lease arrangements was $39.2 million and $18.6 million, respectively, as of December 31, 2015. The cost and accumulated depreciation of property and equipment that the Company is leasing under capital lease arrangements was $38.4 million and $14.6 million, respectively, as of December 31, 2014. During the years ended December 31, 2015, 2014 and 2013, no assets were impaired. |
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Leasehold Interests in Land, Net | Leasehold Interests in Land, Net Leasehold interests in land consist of the following (in thousands):
The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease. Amortization expense of $38.6 million, $40.6 million and $40.4 million was included in amortization of leasehold interests in land expense for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated future amortization expense is approximately $38.3 million for each of the next five years and $1.31 billion thereafter at exchange rates in effect on December 31, 2015. Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company has received land concessions from the Macao government to build on the sites on which The Venetian Macao, Four Seasons Macao, Sands Cotai Central and The Parisian Macao are located. The Company does not own these land sites in Macao; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, as well as annual rent for the term of the land concessions. In addition to the land premium payments for the Macao leasehold interests in land, the Company is required to make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government. As of December 31, 2015, the Company was obligated under its land concessions to make future rental payments as follows (in thousands):
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Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net | Intangible Assets, Net Intangible assets consist of the following (in thousands):
In August 2007 and July 2010, the Company was issued a gaming license and certificate from the Pennsylvania Gaming Control Board for its slots and table games operations at Sands Bethlehem, respectively, which were acquired for $50.0 million and $16.5 million, respectively. The license and certificate were determined to have indefinite lives and therefore, are not subject to amortization. In April 2013, the Company paid 57.0 million Singapore dollars ("SGD," approximately $40.3 million at exchange rates in effect on December 31, 2015) to the Singapore Casino Regulatory Authority (the “CRA”) as part of the process to renew its gaming license at Marina Bay Sands. This license is being amortized over its three-year term, which expires in April 2016, and is renewable upon submitting an application, paying the applicable license fee and meeting the requirements as determined by the CRA. The Company has filed a renewal application and believes that it meets the renewal requirements as determined by the CRA; however, no assurance can be given that the license renewal will be granted or for what period of time it will be granted. Amortization expense was $14.0 million, $15.1 million and $13.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated future amortization expense is approximately $4.3 million for the year ending December 31, 2016. |
Other Accrued Liabilities |
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Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands):
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands):
Corporate and U.S. Related Debt 2013 U.S. Credit Facility In December 2013, the Company entered into a $3.5 billion senior secured credit facility (the “2013 U.S. Credit Facility”), which consists of a $2.25 billion funded term B loan (the “2013 U.S. Term B Facility”) with an original issue discount of $11.3 million and a $1.25 billion revolving credit facility (the “2013 U.S. Revolving Facility”). The borrowings under the 2013 U.S. Credit Facility were used to repay the outstanding balance on the Senior Secured Credit Facility (further described below). The Company recorded a $14.2 million loss on modification or early retirement of debt during the year ended December 31, 2013. As of December 31, 2015, the Company had $617.9 million of available borrowing capacity under the 2013 U.S. Revolving Facility, net of outstanding letters of credit. The 2013 U.S. Term B Facility matures on December 19, 2020, and is subject to quarterly amortization payments of $5.6 million, which began on March 31, 2014, followed by a balloon payment of $2.10 billion due on December 19, 2020. The 2013 U.S. Revolving Facility has no interim amortization payments and matures on December 19, 2018. The 2013 U.S. Credit Facility is guaranteed by certain of the Company’s domestic subsidiaries (the “Guarantors”). The obligations under the 2013 U.S. Credit Facility and the guarantees of the Guarantors are collateralized by a first-priority security interest in substantially all of Las Vegas Sands, LLC (“LVSLLC”) and the Guarantors’ assets, other than capital stock and similar ownership interests, certain furniture, fixtures and equipment, and certain other excluded assets. Borrowings under the 2013 U.S. Credit Facility bear interest, at the Company’s option, at either an adjusted Eurodollar rate or at an alternative base rate, plus a credit spread. For base rate borrowings, the initial credit spread is 0.5% per annum and 1.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility, respectively. For Eurodollar rate borrowings, the initial credit spread is 1.5% per annum and 2.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility (subject to a Eurodollar rate floor of 0.75%), respectively (the interest rates were set at 1.9% and 3.3%, respectively, as of December 31, 2015). The weighted average interest rate for the 2013 U.S Credit Facility was 3.0%, 2.8% and 2.9% during the years ended December 31, 2015, 2014 and 2013, respectively. The Company pays a commitment fee of 0.35% per annum on the undrawn amounts under the 2013 U.S. Revolving Facility, which will be reduced if certain corporate ratings are achieved, subject to certain additional conditions. The 2013 U.S. Credit Facility contains affirmative and negative covenants customary for such financings, including, but not limited to, limitations on incurring additional liens, incurring additional indebtedness, making certain investments and acquiring and selling assets. The 2013 U.S. Credit Facility also requires the Guarantors to comply with financial covenants, including, but not limited to, a maximum ratio of net debt outstanding to adjusted earnings before interest, income taxes, depreciation and amortization, as defined (“Adjusted EBITDA”) to the extent there is an outstanding balance on the 2013 U.S. Revolving Facility or certain letters of credit are outstanding. The maximum leverage ratio is 5.5x for all applicable quarterly periods through maturity. The 2013 U.S. Credit Facility also contains conditions and events of default customary for such financings. As of December 31, 2015, approximately $3.35 billion of net assets of LVSLLC were restricted from being distributed under the terms of the 2013 U.S. Credit Facility. Senior Secured Credit Facility In May 2007, the Company entered into a $5.0 billion senior secured credit facility (the “Senior Secured Credit Facility”), which originally consisted of $4.0 billion in funded and delayed draw term loans and a $1.0 billion revolving credit facility (the “Revolving Facility”). As part of an amendment to the facility in August 2010, certain lenders elected to extend the maturity of $1.91 billion in aggregate principal amount of the term loans (the “Extended Term Loans”) and to extend the availability of $532.5 million of the Revolving Facility (the "Extended Revolving Facility"). As part of the extension, the Company was required to pay down $1.0 billion in aggregate principal amount of the Extended Term Loans and the commitments under the Revolving Facility were reduced from $1.0 billion to $750.0 million. Borrowings under the Senior Secured Credit Facility, as amended, bore interest, at the Company’s option, at either an adjusted Eurodollar rate or at an alternative base rate, plus a credit spread. For base rate borrowings, the initial credit spread was 0.75% per annum for the term loans and 1.25% per annum and 1.75% per annum for the Extended Revolving Facility and the Extended Term Loans, respectively. For Eurodollar rate borrowings, the initial credit spread was 1.75% per annum for the term loans and 2.25% per annum and 2.75% per annum for the Extended Revolving Facility and Extended Term Loans, respectively. The weighted average interest rate for the Senior Secured Credit Facility was 2.3% for the year ended December 31, 2013. Airplane Financings In February 2007, the Company entered into promissory notes totaling $72.0 million to finance the purchase of one airplane and to finance two others that the Company already owned. The notes consist of balloon payment promissory notes and amortizing promissory notes, all of which have ten-year maturities and are collateralized by the related aircraft. The notes bear interest at three-month London Inter-Bank Offered Rate (“LIBOR”) plus 1.5% per annum (set at 1.9% as of December 31, 2015). The amortizing notes, totaling $28.8 million, are subject to quarterly amortization payments of $0.7 million, which began June 1, 2007. The balloon notes, totaling $43.2 million, mature on March 1, 2017, and have no interim amortization payments. The weighted average interest rate on the notes was 1.8% during the years ended December 31, 2015, 2014 and 2013. In April 2007, the Company entered into promissory notes totaling $20.3 million to finance the purchase of an additional airplane. The notes have ten-year maturities and consist of a balloon payment promissory note and an amortizing promissory note. The notes bear interest at three-month LIBOR plus 1.25% per annum (set at 1.9% as of December 31, 2015). The $8.1 million amortizing note is subject to quarterly amortization payments of $0.2 million, which began June 30, 2007. The $12.2 million balloon note matures on March 31, 2017, and has no interim amortization payments. The weighted average interest rate on the notes was 1.6%, 1.5% and 1.6% during the years ended December 31, 2015, 2014 and 2013, respectively. HVAC Equipment Lease In July 2009, the Company entered into a capital lease agreement with its current heating, ventilation and air conditioning (“HVAC”) provider (the “HVAC Equipment Lease”) to provide the operation and maintenance services for the HVAC equipment in Las Vegas. The lease has a 10-year term with a purchase option at the third, fifth, seventh and tenth anniversary dates. The Company is obligated under the agreement to make monthly payments of approximately $300,000 for the first year with automatic decreases of approximately $14,000 per month on every anniversary date. The HVAC Equipment Lease was capitalized at the present value of the future minimum lease payments at lease inception. Macao Related Debt 2011 VML Credit Facility On September 22, 2011, two subsidiaries of the Company, VML US Finance LLC, the Borrower, and Venetian Macau Limited ("VML"), as guarantor, entered into a credit agreement (the “2011 VML Credit Facility”), which provided for up to $3.7 billion (or equivalent in Hong Kong dollars or Macao patacas) and consisted of a $3.2 billion term loan (the “2011 VML Term Facility”) that was fully drawn on November 15, 2011, and a $500.0 million revolving facility (the “2011 VML Revolving Facility”), that was available until October 15, 2016. Borrowings under the facility were used to repay outstanding indebtedness under previous credit facilities and would be used for working capital requirements and general corporate purposes, including for the development, construction and completion of certain components of Sands Cotai Central. During March 2014, the Company amended its 2011 VML Credit Facility to, among other things, modify certain financial covenants, as discussed further below. In addition to the amendment, certain lenders extended the maturity of $2.39 billion in aggregate principal amount of the 2011 VML Term Facility to March 31, 2020 (the "Extended 2011 VML Term Facility"), and, together with new lenders, provided $2.0 billion in aggregate principal amount of revolving loan commitments (the "Extended 2011 VML Revolving Facility"). A portion of the revolving proceeds were used to pay down the $819.7 million in aggregate principal balance of the 2011 VML Term Facility loans that were not extended. The Company recorded an $18.0 million loss on modification or early retirement of debt during the year ended December 31, 2014, in connection with the pay down and extension. Borrowings under the Extended 2011 VML Revolving Facility are being used to fund the development, construction and completion of Sands Cotai Central and The Parisian Macao, and for working capital requirements and general corporate purposes. As of December 31, 2015, the Company had $2.0 billion of available borrowing capacity under the Extended 2011 VML Revolving Facility. Subsequent to year end, the Company borrowed $350.4 million under the Extended 2011 VML Revolving Facility. In April 2015, the Company entered into a joinder agreement (the "Joinder Agreement") to the 2011 VML Credit Facility. Under the Joinder Agreement, certain lenders agreed to provide term loan commitments of $1.0 billion (the "2011 VML Accordion Term"), which was funded on April 30, 2015 (the “Joinder Funding Date”). The indebtedness under the 2011 VML Credit Facility is guaranteed by VML, Venetian Cotai Limited, Venetian Orient Limited and certain of the Company’s other foreign subsidiaries (collectively, the “2011 VML Guarantors”). The obligations under the 2011 VML Credit Facility are collateralized by a first-priority security interest in substantially all of the Borrower’s and the 2011 VML Guarantors’ assets, other than (1) capital stock and similar ownership interests, (2) certain furniture, fixtures, fittings and equipment and (3) certain other excluded assets. Commencing with the quarterly period ending June 30, 2017, and at the end of each subsequent quarter through March 31, 2018, the 2011 VML Credit Facility, as amended, requires the borrower to repay the outstanding Extended 2011 VML Term Facility on a pro rata basis in an amount equal to 2.5% of the aggregate principal amount outstanding as of March 31, 2014 (the “Macao Restatement Date”). Commencing with the quarterly period ending on June 30, 2018, and at the end of each subsequent quarter through March 31, 2019, the borrower is required to repay the outstanding Extended 2011 VML Term Facility on a pro rata basis in an amount equal to 5.0% of the aggregate principal amount outstanding as of the Macao Restatement Date. For the quarterly periods ending on June 30 through December 31, 2019, the borrower is required to repay the outstanding Extended 2011 VML Term Facility on a pro rata basis in an amount equal to 12.0% of the aggregate principal amount outstanding as of the Macao Restatement Date. The remaining balance on the Extended 2011 VML Term Facility is due on the maturity date. The Extended 2011 VML Revolving Facility has no interim amortization payments and matures on March 31, 2020. Commencing with the quarterly period ending June 30, 2018, and at the end of each subsequent quarter through March 31, 2019, the Joinder Agreement requires the borrower to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 2.5% of the aggregate principal amount outstanding as of the Joinder Funding Date. Commencing with the quarterly period ending on June 30, 2019, and at the end of each subsequent quarter through March 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 5.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. For the quarterly periods ending on June 30 through December 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 12.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. The remaining balance on the 2011 VML Accordion Term is due on the maturity date, which is March 30, 2021. Borrowings for all loans bear interest, as amended, at the Company's option, at either the adjusted Eurodollar rate or Hong Kong Inter-bank Offered Rate (“HIBOR”), plus a credit spread, or an alternative base rate, plus a credit spread, which credit spread in each case is determined based on the maximum leverage ratio as set forth in the respective agreements. The credit spread for all borrowings ranges from 0.25% to 1.125% per annum for loans accruing interest at the base rate and from 1.25% to 2.125% per annum for loans accruing interest at an adjusted Eurodollar or HIBOR rate (interest rates set at 1.9% and 1.7% for loans accruing interest at an adjusted Eurodollar and HIBOR rate, respectively, as of December 31, 2015). The Borrower will also pay standby fees of 0.5% per annum on the undrawn amounts under the Extended 2011 VML Revolving Facility. The weighted average interest rate on the 2011 VML Credit Facility was 1.6%, 1.5% and 1.8% for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015 and 2014, the Company had no interest rate cap agreements in place related to the 2011 VML Credit Facility. As of December 31, 2013, the Company had interest rate cap agreements in place with a combined notional amount of $1.60 billion, an expiration date of November 2014, and strike rates of 2.0% and 2.25%. The provisions of the interest rate cap agreements entitled the Company to receive from the counterparty the amounts, if any, by which the selected market interest rates exceeded the strike rates as stated in such agreements. There was no net effect on interest expense as a result of these interest rate cap agreements for the years ended December 31, 2015, 2014 and 2013. The 2011 VML Credit Facility, as amended, contains affirmative and negative covenants customary for such financings, including, but not limited to, limitations on liens, loans and guarantees, investments, acquisitions and asset sales, restricted payments and other distributions, affiliate transactions, and use of proceeds from the facility. The 2011 VML Credit Facility also requires the Borrower and VML to comply with financial covenants, including maximum ratios of total indebtedness to Adjusted EBITDA and minimum ratios of Adjusted EBITDA to net interest expense. The maximum leverage ratio, as amended, is 4.0x for the quarterly periods ending December 31, 2015 through March 31, 2017, and then decreases to, and remains at, 3.5x for all quarterly periods thereafter through maturity. The 2011 VML Credit Facility also contains events of default customary for such financings. Singapore Related Debt 2012 Singapore Credit Facility In June 2012, the Company’s wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”), entered into a SGD 5.1 billion (approximately $3.61 billion at exchange rates in effect on December 31, 2015) credit agreement (the "2012 Singapore Credit Facility"), providing for a fully funded SGD 4.6 billion (approximately $3.25 billion at exchange rates in effect on December 31, 2015) term loan (the “2012 Singapore Term Facility”) and a SGD 500.0 million (approximately $353.6 million at exchange rates in effect on December 31, 2015) revolving facility (the “2012 Singapore Revolving Facility”) that was available until November 25, 2017, which includes a SGD 100.0 million (approximately $70.7 million at exchange rates in effect on December 31, 2015) ancillary facility (the “2012 Singapore Ancillary Facility”). Borrowings under the 2012 Singapore Credit Facility were used to repay the outstanding balance under the previous Singapore credit facility. In August 2014, the Company amended its 2012 Singapore Credit Facility, pursuant to which consenting lenders of borrowings under the 2012 Singapore Term Facility extended the maturity to August 28, 2020, and consenting lenders of borrowings under the 2012 Singapore Revolving Facility extended the maturity to February 28, 2020. The Company recorded a $2.0 million loss on modification or early retirement of debt during the year ended December 31, 2014, in connection with the extension. As of December 31, 2015, the Company had SGD 494.4 million (approximately $349.6 million at exchange rates in effect on December 31, 2015) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit. The indebtedness under the 2012 Singapore Credit Facility is collateralized by a first-priority security interest in substantially all of MBS’s assets, other than capital stock and similar ownership interests, certain furniture, fixtures and equipment and certain other excluded assets. Commencing with the quarterly period ending December 31, 2014, and at the end of each subsequent quarter through September 30, 2018, the Company is required to repay the outstanding 2012 Singapore Term Facility in the amount of 0.5% of the aggregate principal amount outstanding as of August 29, 2014 (the "Singapore Restatement Date"). Commencing with the quarterly period ending December 31, 2018, and at the end of each subsequent quarter through September 30, 2019, the Company is required to repay the outstanding 2012 Singapore Term Facility in the amount of 5.0% of the aggregate principal amount outstanding as of the Singapore Restatement Date. Commencing with the quarterly period ending December 31, 2019, and at the end of each subsequent quarter through June 30, 2020, and on the maturity date, the Company is required to repay the outstanding 2012 Singapore Term Facility in the amount of 18.0% of the aggregate principal amount outstanding as of the Singapore Restatement Date. The 2012 Singapore Revolving Facility has no interim amortization payments and matures on February 28, 2020. Borrowings under the 2012 Singapore Credit Facility bear interest at the Singapore Swap Offered Rate ("SOR") plus a spread of 1.85% per annum. Beginning December 23, 2012, the spread for all outstanding loans is subject to reduction based on a ratio of debt to Adjusted EBITDA (interest rate set at approximately 3.1% as of December 31, 2015). MBS pays a standby commitment fee of 35% to 40% of the spread per annum on all undrawn amounts under the 2012 Singapore Revolving Facility. The weighted average interest rate for the 2012 Singapore Credit Facility was 2.5%, 1.8% and 1.9% for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the Company had an interest rate cap agreement in place with a notional amount of SGD 100 million (approximately $70.7 million at exchange rates in effect on December 31, 2015), an expiration date of May 2016 and a strike rate of 3.5%. As of December 31, 2014, the Company had interest rate cap agreements in place with a combined notional amount of SGD 300 million (approximately $212.2 million at exchange rates in effect on December 31, 2015), expiration dates ranging from April 2015 to May 2016 and strike rates of 3.0% and 3.5%. As of December 31, 2013, the Company had interest rate cap agreements in place with a combined notional amount of SGD 1.45 billion (approximately $1.03 billion at exchange rates in effect on December 31, 2015), expiration dates ranging from May 2014 to May 2016 and strike rates of 3.0% and 3.5%. The provisions of the interest rate cap agreements entitle the Company to receive from the counterparties the amounts, if any, by which the selected market interest rates exceed the strike rates as stated in such agreements. There was no net effect on interest expense as a result of these interest rate cap agreements for the years ended December 31, 2015, 2014 and 2013. The 2012 Singapore Credit Facility, as amended, contains affirmative and negative covenants customary for such financings, including, but not limited to, limitations on liens, indebtedness, loans and guarantees, investments, acquisitions and asset sales, restricted payments, affiliate transactions and use of proceeds from the facilities. The 2012 Singapore Credit Facility also requires MBS to comply with financial covenants, including maximum ratios of total indebtedness to Adjusted EBITDA, minimum ratios of Adjusted EBITDA to interest expense and a positive net worth requirement. The maximum leverage ratio, as amended, is 3.5x for the quarterly periods ending December 31, 2015 through September 30, 2019, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. The 2012 Singapore Credit Facility also contains events of default customary for such financings. Cash Flows from Financing Activities Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands):
Scheduled Maturities of Capital Lease Obligations and Long-Term Debt Maturities of capital lease obligations and long-term debt outstanding as of December 31, 2015, are summarized as follows (in thousands):
Fair Value of Long-Term Debt The estimated fair value of the Company’s long-term debt as of December 31, 2015 and 2014, was approximately $9.22 billion and $9.78 billion, respectively, compared to its carrying value of $9.46 billion and $9.98 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active). |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Preferred Stock and Warrants In November 2008, the Company issued 10,446,300 shares of its 10% Series A Cumulative Perpetual Preferred Stock (the “Preferred Stock”) and warrants to purchase up to an aggregate of approximately 174,105,348 shares of common stock at an exercise price of $6.00 per share and an expiration date of November 16, 2013 (the “Warrants”). Units consisting of one share of Preferred Stock and one Warrant to purchase 16.6667 shares of common stock were sold for $100 per unit. Of the 10,446,300 shares of Preferred Stock issued, the Company issued 5,196,300 shares to the public together with Warrants to purchase up to an aggregate of approximately 86,605,173 shares of its common stock. Of the 10,446,300 shares of Preferred Stock issued, the Company issued 5,250,000 shares to the Principal Stockholder and his family together with Warrants to purchase up to an aggregate of approximately 87,500,175 shares of its common stock. In November 2011, the Company redeemed all of the Preferred Stock outstanding. During the year ended December 31, 2013, the remaining 3,500 Warrants issued to the public were exercised to purchase an aggregate of 64,562 shares of the Company’s common stock at $6.00 per share and $0.3 million in cash was received as settlement of the Warrant exercise price. Common Stock Dividends On March 31, June 30, September 30 and December 31, 2015, the Company paid a dividend of $0.65 per common share as part of a regular cash dividend program. During the year ended December 31, 2015, the Company recorded $2.07 billion as a distribution against retained earnings (of which $1.12 billion related to the Principal Stockholder and his family and the remaining $949.2 million related to all other shareholders). On March 31, June 30, September 30 and December 29, 2014, the Company paid a dividend of $0.50 per common share as part of a regular cash dividend program. During the year ended December 31, 2014, the Company recorded $1.61 billion as a distribution against retained earnings (of which $863.3 million related to the Principal Stockholder and his family and the remaining $744.8 million related to all other shareholders). On March 29, June 28, September 27 and December 31, 2013, the Company paid a dividend of $0.35 per common share as part of a regular cash dividend program. During the year ended December 31, 2013, the Company recorded $1.15 billion as a distribution against retained earnings (of which $604.2 million related to the Principal Stockholder and his family and the remaining $548.9 million related to all other shareholders). In January 2016, as part of a regular cash dividend program, the Company’s Board of Directors declared a quarterly dividend of $0.72 per common share (a total estimated to be approximately $572 million) to be paid on March 31, 2016, to shareholders of record on March 22, 2016. Repurchase Program In June 2013, the Company’s Board of Directors approved a stock repurchase program with an initial authorization of $2.0 billion, which expired in June 2015, but was substantially completed during the year ended December 31, 2014. In October 2014, the Company's Board of Directors authorized the repurchase of an additional $2.0 billion of its outstanding common stock, which expires in October 2016. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions. During the years ended December 31, 2015, 2014 and 2013, the Company repurchased 4,383,793, 22,406,655 and 8,570,281 shares, respectively, of its common stock for $205.1 million, $1.66 billion and $570.5 million, respectively, (including commissions) under this program. All share repurchases of the Company’s common stock have been recorded as treasury stock. Rollforward of Shares of Common Stock A summary of the outstanding shares of common stock is as follows:
Other Equity Transactions In addition to the shares repurchased under the share repurchase program, during the year ended December 31, 2014, the Company repurchased 45,220 shares in satisfaction of tax withholding and exercise price obligations on vested restricted stock and a stock option exercise. Noncontrolling Interests SCL On February 27 and July 15, 2015, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which the Company retained $1.45 billion). On February 26, 2014, SCL paid a dividend of HKD 0.87 per share and a special dividend of HKD 0.77 per share, and, on June 30, 2014, paid a dividend of HKD 0.86 per share to SCL shareholders (a total of $2.60 billion, of which the Company retained $1.82 billion). On February 28 and June 21, 2013, SCL paid a dividend of HKD 0.67 and HKD 0.66 per share, respectively, to SCL shareholders (a total of $1.38 billion, of which the Company retained $970.2 million). In January 2016, the Board of Directors of SCL declared a dividend of HKD 0.99 per share (a total of $1.03 billion, of which the Company retained $723 million) to SCL shareholders of record on February 9, 2016, which was paid on February 26, 2016. Other During the years ended December 31, 2015, 2014 and 2013, the Company distributed $13.9 million, $9.8 million and $11.9 million, respectively, to certain of its noncontrolling interests. In April 2014, the Company disposed of its interest in one of its majority owned subsidiaries, resulting in a loss of $0.5 million, which was included in loss on disposal of assets during the year ended December 31, 2014. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Consolidated income before taxes and noncontrolling interests for domestic and foreign operations is as follows (in thousands):
The components of the income tax expense are as follows (in thousands):
The reconciliation of the statutory federal income tax rate and the Company’s effective tax rate is as follows:
The Company’s foreign and U.S. tax rate differential reflects the fact that income earned and reinvested in Singapore and Macao is taxed at local rates, which are lower than U.S. tax rates. The Company received a 5-year income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2018. Had the Company not received the income tax exemption in Macao, consolidated net income attributable to Las Vegas Sands Corp. would have been reduced by $132.0 million, $219.8 million and $207.7 million, and diluted earnings per share would have been reduced by $0.17, $0.27 and $0.25 per share for the years ended December 31, 2015, 2014 and 2013, respectively. In May 2014, the Company entered into an agreement with the Macao government, effective through the end of 2018 that provides for an annual payment of 42.4 million patacas (approximately $5.3 million at exchange rates in effect on December 31, 2015) that is a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. In September 2013, the Company and the Internal Revenue Service ("IRS") entered into a Pre-Filing Agreement providing that the Macao special gaming tax (35% of gross gaming revenue) qualifies as a tax paid in lieu of an income tax and could be claimed as a U.S. foreign tax credit. The primary tax affected components of the Company’s net deferred tax liabilities are as follows (in thousands):
The Company recognizes tax benefits associated with stock-based compensation directly to stockholders’ equity only when realized. Accordingly, deferred tax assets are not recognized for net operating loss carryforwards or credit carryforwards resulting from windfall tax benefits. A windfall tax benefit occurs when the actual tax benefit realized upon an employee’s disposition of a share-based award exceeds the cumulative book compensation charge associated with the award. As of December 31, 2015 and 2014, the Company has windfall tax benefits of $356.7 million and $354.6 million, respectively, which are not reflected in deferred tax assets. The Company uses a with-and-without approach to determine if the excess tax deductions associated with compensation costs have reduced income taxes payable. During the year ended December 31, 2015, certain wholly owned foreign subsidiaries paid dividends resulting in incremental U.S. taxable income. The receipt of the dividends did not result in a cash tax liability for the Company as the incremental U.S. taxable income was fully offset by the utilization of the U.S. foreign tax credits generated as a result of the dividends. In addition, the dividends generated excess U.S. foreign tax credits that will be available to be carried forward to tax years beyond 2015. The Company’s U.S. foreign tax credit carryforwards were $3.27 billion and $2.43 billion as of December 31, 2015 and 2014, respectively, which will begin to expire in 2021. The Company’s state net operating loss carryforwards were $258.6 million and $251.2 million as of December 31, 2015 and 2014, respectively, which will begin to expire in 2024. The Company’s U.S. general business credits were $3.1 million and $2.1 million as of December 31, 2015 and 2014, respectively, which will begin to expire in 2032. There was a valuation allowance of $3.11 billion and $2.27 billion as of December 31, 2015 and 2014, respectively, provided on certain net U.S. deferred tax assets, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition. Net operating loss carryforwards for the Company’s foreign subsidiaries were $1.97 billion and $2.07 billion as of December 31, 2015 and 2014, respectively, which begin to expire in 2016. There are valuation allowances of $195.8 million and $215.2 million as of December 31, 2015 and 2014, respectively, provided on the net deferred tax assets of certain foreign jurisdictions, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition. Undistributed earnings of subsidiaries are accounted for as a temporary difference, except that deferred tax liabilities are not recorded for undistributed earnings of foreign subsidiaries that are deemed to be indefinitely reinvested in foreign jurisdictions. The Company does not consider current year's tax earnings and profits of its foreign subsidiaries to be indefinitely reinvested. Beginning with the year ended December 31, 2015, certain of the Company’s foreign subsidiaries distributed, and may continue to distribute, earnings in excess of their current year’s tax earnings and profits in order to meet the Company’s liquidity needs. The Company has a plan for its other foreign subsidiaries that demonstrates that earnings attributable to periods before January 1, 2015, will be indefinitely reinvested in the applicable jurisdictions. As of December 31, 2015 and 2014, the amount of earnings and profits of foreign subsidiaries that the Company does not intend to repatriate was $5.24 billion and $6.07 billion, respectively. The Company has not provided deferred taxes for the remaining undistributed foreign earnings, as the Company expects there will be sufficient creditable foreign taxes to offset the U.S. and other foreign income taxes that would result, should these earnings be distributed in the form of dividends or otherwise. The Company's cumulative temporary difference is less than its earnings and profits. A reconciliation of the beginning and ending amounts of unrecognized tax benefits, which have been reclassified to conform to the current presentation for the years ended December 31, 2014 and 2013, is as follows (in thousands):
As of December 31, 2015, 2014 and 2013, unrecognized tax benefits of $56.7 million, $50.6 million and $43.4 million, respectively, were recorded as reductions to the U.S. foreign tax credit deferred tax asset. As of December 31, 2015, 2014 and 2013, unrecognized tax benefits of $3.0 million, $12.2 million and $13.3 million, respectively, were recorded in other long-term liabilities. As of December 31, 2015, unrecognized tax benefits of $5.6 million were recorded in income taxes payable. Included in the unrecognized tax benefit balance as of December 31, 2015, 2014 and 2013, are $53.2 million, $52.4 million and $47.3 million, respectively, of uncertain tax benefits that would affect the effective income tax rate if recognized. The Company’s major tax jurisdictions are the U.S., Macao, and Singapore. The Company is subject to examination for tax years beginning 2010 in the U.S. and Singapore and tax years beginning in 2011 in Macao. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax returns for tax years 2010 through 2012. The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome and that will impact the provision for income taxes. The Company believes that it is reasonably possible that a decrease of up to $7.2 million in the Company’s unrecognized tax benefits will occur within the next 12 months, as a result of lapses of the statute of limitations and expected settlements with taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax positions in the provision for income taxes in the accompanying consolidated statement of operations. No interest or penalties were accrued as of December 31, 2015 and 2014. |
Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. See "— Note 2 — Summary of Significant Accounting Policies" for additional disclosures regarding derivatives. The Company currently uses certain derivatives as effective economic hedges to offset interest rate risk associated with its current and anticipated future borrowings (see "— Note 8 — Long-Term Debt") and foreign currency forward contracts to manage its foreign currency exposure. Foreign currency forward contracts involve the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The aggregate notional value of these foreign currency contracts was $672.7 million as of December 31, 2015. As these derivatives have not been designated and/or do not qualify for hedge accounting, the changes in fair value are recognized as other income (expense) in the accompanying consolidated statements of operations. The following table provides the assets carried at fair value (in thousands):
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Mall Sales |
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Mall Sales [Abstract] | |||||||||||||||||||||||||||||||||||||
Mall Sales | Mall Sales The Grand Canal Shoppes at The Venetian Las Vegas In April 2004, the Company entered into an agreement to sell the portion of the Grand Canal Shoppes located within The Venetian Las Vegas (formerly referred to as "The Grand Canal Shoppes') and lease certain restaurant and other retail space at the casino level of The Venetian Las Vegas (the “Master Lease”) to GGP for approximately $766.0 million (the “Mall Sale”). The Mall Sale closed in May 2004, and the Company realized a gain of $417.6 million in connection with the Mall Sale. Under the Master Lease agreement, The Venetian Las Vegas leased nineteen retail and restaurant spaces on its casino level to GGP for 89 years with annual rent of one dollar and GGP assumed the various leases. In accordance with related accounting standards, the Master Lease agreement does not qualify as a sale of the real property assets, which real property was not separately legally demised. Accordingly, $109.2 million of the transaction has been deferred as prepaid operating lease payments to The Venetian Las Vegas, which will amortize into income on a straight-line basis over the 89-year lease term. During each of the years ended December 31, 2015, 2014 and 2013, $1.2 million of this deferred item was amortized and included in convention, retail and other revenue. In addition, the Company agreed with GGP to: (i) continue to be obligated to fulfill certain lease termination and asset purchase agreements as further described in “— Note 13 — Commitments and Contingencies — Other Ventures and Commitments”; (ii) lease theater space located within The Grand Canal Shoppes from GGP for a period of 25 years with fixed minimum rent of $3.3 million per year with cost of living adjustments; (iii) operate the Gondola ride under an operating agreement for a period of 25 years for an annual fee of $3.5 million; and (iv) lease certain office space from GGP for a period of 10 years, subject to extension options for a period of up to 65 years, with annual rent of approximately $0.9 million. The lease payments under clauses (ii) through (iv) above are subject to automatic increases beginning on the sixth lease year. The net present value of the lease payments under clauses (ii) through (iv) on the closing date of the sale was $77.2 million. In accordance with related accounting standards, a portion of the transaction must be deferred in an amount equal to the present value of the minimum lease payments set forth in the lease back agreements. This deferred gain will be amortized to reduce lease expense on a straight-line basis over the lives of the leases. During the years ended December 31, 2015, 2014 and 2013, $2.8 million, $3.1 million and $3.5 million of this deferred item was amortized as an offset to convention, retail and other expense. As of December 31, 2015, the Company was obligated under (ii), (iii), and (iv) above to make future payments as follows (in thousands):
The Shoppes at The Palazzo The Company contracted to sell a portion of the Grand Canal Shoppes (formerly referred to as The Shoppes at The Palazzo) to GGP and under the terms of the settlement with GGP on June 24, 2011, the Company retained $295.4 million of proceeds received and participates in certain potential future revenues earned by GGP. Pursuant to the Amended Agreement, the Company agreed with GGP to lease certain spaces located within The Shoppes at The Palazzo for a period of 10 years with total fixed minimum rents of $0.7 million per year, subject to extension options for a period of up to 10 years and automatic increases beginning on the second lease year. As of December 31, 2015, the Company was obligated to make future payments of approximately $0.9 million for each of the two years in the period ending December 31, 2017, and approximately $0.5 million for the year ending December 31, 2018. In accordance with related accounting standards, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $268.4 million of the mall sale transaction has been recorded as deferred proceeds from the sale as of December 31, 2015, which accrues interest at an imputed interest rate offset by (i) imputed rental income and (ii) rent payments made to GGP related to those spaces leased back from GGP. In the Amended Agreement, the Company agreed to lease certain restaurant and retail space on the casino level of The Palazzo to GGP pursuant to a master lease agreement (“The Palazzo Master Lease”). Under The Palazzo Master Lease, which was executed concurrently with, and as a part of, the closing on the sale of The Shoppes at The Palazzo to GGP on February 29, 2008, The Palazzo leased nine restaurant and retail spaces on its casino level to GGP for 89 years with annual rent of one dollar and GGP assumed the various tenant operating leases for those spaces. In accordance with related accounting standards, The Palazzo Master Lease does not qualify as a sale of the real property, which real property was not separately legally demised. Accordingly, $22.5 million of the mall sale transaction has been deferred as prepaid operating lease payments to The Palazzo, which is amortized into income on a straight-line basis over the 89-year lease term. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Litigation The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations and cash flows. On October 15, 2004, Richard Suen and Round Square Company Limited ("Roundsquare") filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the “District Court”), asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court. On February 27, 2012, the District Court set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court granted both requests. The retrial began on March 27 and on May 14, 2013, the jury returned a verdict in favor of Roundsquare in the amount of $70.0 million. On May 28, 2013, a judgment was entered in the matter in the amount of $101.6 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. On July 30, 2013, the District Court denied the Company’s motion. On October 17, 2013, the District Court entered an order granting plaintiff’s request for certain costs and fees associated with the litigation in the amount of approximately $1.0 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company filed its opening appellate brief with the Nevada Supreme Court on June 16, 2014. On August 19, 2014, the Nevada Supreme Court issued an order granting plaintiffs additional time until September 15, 2014, to file their answering brief. On September 15, 2014, Roundsquare filed a request to the Nevada Supreme Court to file a brief exceeding the maximum number of words, which was granted. On October 10, 2014, Roundsquare filed their answering brief. On January 12, 2015, the defendants filed their reply brief. On January 27, 2015, Roundsquare filed their reply brief. The Nevada Supreme Court set oral argument for December 17, 2015, before a panel of justices only to reset it for January 26, 2016, en banc. Oral arguments were presented to the Nevada Supreme Court as scheduled but no ruling date has been set nor is one estimable. The Company believes that it has valid bases in law and fact to appeal these verdicts. As a result, the Company believes that the likelihood that the amount of the judgments will be affirmed is not probable, and, accordingly, that the amount of any loss cannot be reasonably estimated at this time. Because the Company believes that this potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. In the event that the Company’s assumptions used to evaluate this matter as neither probable nor estimable change in future periods, it may be required to record a liability for an adverse outcome. On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the District Court's decision. On January 17, 2012, plaintiff filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to plaintiff’s opening brief. On March 8, 2012, the District Court set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court held a hearing to determine the outcome of certain discovery disputes and issued an order on September 14, 2012. In its order, the District Court fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order (the “January Writ”). On January 29, 2013, the District Court granted defendants' motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the January Writ. On February 28, 2013, the District Court ordered a hearing on plaintiff’s request for sanctions and additional discovery (the “February 28th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28th Order (the “April Writ”); and the Nevada Supreme Court ordered the plaintiff to answer the April Writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28th Order by the District Court until such time as the Nevada Supreme Court decided the April Writ. On June 18, 2013, the District Court scheduled the jurisdictional hearing for July 16-22, 2013 and issued an order allowing the plaintiff access to privileged communications of counsel to the Company (the “June 18th Order”). On June 21, 2013, the Company filed another writ with the Nevada Supreme Court challenging the June 18th Order (the “June Writ”). The Nevada Supreme Court accepted the June Writ on June 28, 2013, and issued a stay of the June 18th Order. On June 28, 2013, the District Court vacated the jurisdictional hearing. On July 3, 2013, the Company filed a motion with the Nevada Supreme Court to consolidate the pending writs, each of which had been fully briefed to the Nevada Supreme Court on or before August 30, 2013. On October 9, 2013, the Nevada Supreme Court heard arguments on the January Writ and plaintiff’s appeal of the District Court's dismissal of plaintiff’s defamation claim against Mr. Adelson. On January 29, 2014, the defendants filed Supplemental Authority and a Motion to Recall Mandate with the Nevada Supreme Court to (i) inform the Nevada Supreme Court of a recently decided U.S. Supreme Court case involving similar jurisdictional issues to this matter and (ii) given this new precedent, to review anew its August 26, 2011, writ of mandamus to the District Court, respectively. On February 27, 2014, the Nevada Supreme Court ruled in favor of the Company on the January Writ, which became effective on March 24, 2014. On March 3, 2014, the Nevada Supreme Court heard oral arguments on the April and June Writs. On May 30, 2014, the Nevada Supreme Court overturned the District Court’s dismissal of Mr. Jacob’s defamation claim against Mr. Adelson and remanded the claim for further determination. On June 17, 2014, Mr. Adelson filed a petition for rehearing with the Nevada Supreme Court and, on June 20, 2014, the Nevada Supreme Court ordered Mr. Jacobs to answer the petition for rehearing, which he did on July 7, 2014. On June 26, 2014, SCL filed a Motion for Summary Judgment with respect to jurisdiction with the District Court, which was denied on July 29, 2014. On June 30, 2014, Mr. Jacobs filed a motion for leave to file a second amended complaint. The defendants filed a notice of intent to oppose the motion for leave to file the second amended complaint. On July 1, 2014, Mr. Jacobs filed a motion to reconsider the dismissal of the defamation claim. On July 3, 2014, Mr. Adelson filed a notice of intent to oppose the motion to reconsider and requested oral argument. Also on July 3, 2014, the defendants filed a motion to continue the stay of the District Court’s March 26, 2013, order compelling the production of documents from Macao and a notice of intent to oppose plaintiff’s motion to reconsider the dismissal of his defamation claim against LVSC and SCL. On July 22, 2014, the defendants filed a motion for leave to file a reply in support of their petition for rehearing on the defamation claim with the Nevada Supreme Court. On July 22, 2014, SCL filed its reply in support of its Motion for Summary Judgment on jurisdiction and opposition to plaintiff’s counter Motion for Summary Judgment. On July 25, 2014, the Nevada Supreme Court granted defendants’ motion for leave to file a reply. On July 29, 2014, the Nevada Supreme Court heard the Motions for Summary Judgment and denied them both. On August 7, 2014, the Nevada Supreme Court denied the writ challenging the District Court’s order on plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On August 7, 2014, the Nevada Supreme Court granted in part defendants’ writ with respect to the District Court’s June 19, 2013, order requiring the production of privileged material. On August 7, 2014, the Nevada Supreme Court also denied rehearing on its reversal of the dismissal of the defamation claim by a vote of 4-3. On August 13, 2014, the District Court ruled that plaintiff could amend his complaint except for the defamation claim against Mr. Adelson until the remittitur from the Nevada Supreme Court was received. The District Court also allowed the sanctions hearing to move forward and reviewed documents in camera to determine whether they were properly withheld on privilege grounds. On September 4, 2014, SCL filed its pre-hearing memorandum regarding the sanctions hearing regarding plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On September 12, 2014, the plaintiff filed a motion for release of the privileged documents from the District Court appointed document custodian on the grounds of waiver. On September 16, 2014, the plaintiff filed a motion seeking to stop defendants from modifying their privilege log and seeking a waiver of all privilege claims as a result of alleged deficiencies in the original privilege. On September 26, 2014, after the Nevada Supreme Court issued its remittitur, plaintiff filed his motion for leave to file a third amended complaint against LVSC, SCL and Mr. Adelson. On September 26, 2014, the defendants filed their opposition to plaintiff’s motion for release of documents on the grounds of waiver. On October 3, 2014, the plaintiff filed his reply in support of his two waiver motions relating to the documents held by the District Court appointed custodian. On October 9, 2014, the District Court granted plaintiff's motion in part and denied the remainder. On October 10, 2014, Mr. Adelson filed his opposition to plaintiff's motion to file a third amended complaint, which SCL and LVSC joined on October 14, 2014. On October 17, 2014, SCL filed a motion to reconsider the District Court’s March 27, 2013, order concerning a discovery dispute. On October 30, 2014, the plaintiff filed his reply in support of his motion to file a third amended complaint. On November 5, 2014, the District Court ordered that SCL waived privilege on three confidential reports. On November 7, 2014, the District Court granted plaintiff's motion to file a third amended complaint. On November 7, 2014, defendants filed a motion for partial re-consideration of the November 5, 2014, order waiving privilege. On January 6, 2015, the District Court scheduled a sanctions hearing for February 9, 2015, and the evidentiary hearing on jurisdiction for April 20, 2015. On January 12, 2015, defendants each filed their motions to dismiss the third amended complaint. Defendants’ motions to dismiss the third amended complaint were fully briefed on February 19, 2015, and the District Court heard oral argument on February 27, 2015. In an order entered on March 30, 2015, the District Court denied Mr. Adelson’s motion to dismiss the defamation claim, but granted his motion to dismiss with respect to plaintiff’s wrongful discharge claim on the ground that Mr. Adelson was not the plaintiff’s employer. The District Court denied LVSC’s motion to dismiss and strike certain allegations in the complaint. The District Court reserved judgment on SCL’s motion to dismiss until after it ruled on jurisdiction. On April 7, 2015, LVSC filed a motion for reconsideration of the order on the limited ground that the District Court had erroneously stated that LVSC was in fact plaintiff’s employer rather than stating that plaintiff had alleged that he was LVSC’s employee. Plaintiff conceded that point in his response filed on April 20, 2015. A hearing was held on the motion for reconsideration on April 21, 2015. The sanctions hearing was held over six days, beginning on February 9 and ending on March 3, 2015. On March 6, 2015, the District Court issued a decision and order imposing sanctions on SCL for violating its September 14, 2012 Order, which the District Court construed as prohibiting SCL from redacting any documents produced in response to jurisdictional discovery requests to comply with the Macao Data Privacy Act. On March 6, 2015, the District Court ordered additional discovery to be provided by SCL. The District Court also ordered SCL to pay a total of $250,000 to five different law-related entities. Finally, the District Court imposed evidentiary sanctions on SCL, prohibiting it from offering any affirmative evidence at the hearing on jurisdiction scheduled to begin on April 20, 2015, and stating that it would adversely infer, subject to SCL’s ability to rebut the inference within the evidentiary constraints imposed on it, that any document redacted to comply with the Macao Data Privacy Act would support plaintiff’s assertion of personal jurisdiction over SCL and would contradict SCL’s denial. SCL sought a stay of the order from the District Court on March 13, 2015, and when that was denied, sought a stay from the Nevada Supreme Court on March 16, 2015. The Nevada Supreme Court granted a partial stay on March 17, 2015, staying SCL’s obligation to pay $250,000 and to run additional searches, but declining to stay the April 20, 2015 hearing on jurisdiction. SCL filed a petition for mandamus in the Nevada Supreme Court on March 20, 2015. Plaintiff filed his response on March 27, 2015, and SCL filed its reply on March 31, 2015. On April 2, 2015, the Nevada Supreme Court denied the mandamus petition with respect to everything but the $250,000 sanction and lifted the stay except with respect to that sanction. The jurisdictional hearing began on April 20, 2015, and concluded on May 7, 2015. On May 28, 2015, the District Court issued an order finding specific and general jurisdiction over SCL. On June 19, 2015, SCL filed a petition for writ of mandamus seeking review of the decision. On June 23, 2015, the Nevada Supreme Court entered an Order Directing Answer to the jurisdictional writ petition and staying the May 28, 2015 order. Also on June 23, 2015, SCL filed a writ petition challenging the District Court's order requiring the deposition of an SCL independent board member on U.S. soil. In conjunction with the June 23 writ petition, SCL also moved to stay the scheduled deposition and plaintiff filed his opposition to the motion. The Nevada Supreme Court filed its June 23, 2015 order granting the emergency stay, accepting the writ and accepting plaintiff's opposition to the motion to stay as the answer to the June 23 petition. On June 26, 2015, defendants filed a writ petition challenging the expedited trial date and discovery schedule set by the District Court, followed by a June 29, 2015 motion to stay all proceedings pending a decision on the writ petition. Plaintiff opposed the motion to stay on June 30, 2015. On July 1, 2015, the Nevada Supreme Court entered an order consolidating the three pending writ petitions, granting in part the stay sought in conjunction with the June 26 petition, ordering briefing on that petition. The Nevada Supreme Court's July 1, 2015 order vacated the expedited trial date and the pretrial motions set by the District Court. On July 22, 2015, the plaintiff filed his answer to the writ petition challenging the expedited trial date and related pretrial deadlines, and on July 23, plaintiff answered the writ petition challenging the May 28 jurisdiction order. On September 1, 2015, the Nevada Supreme Court held a consolidated oral argument on all three pending writ petitions. On September 18, 2015, plaintiff filed, with leave of court, a Fifth Amended Complaint, adding VML as a defendant on the two breach of contract claims alleged in the complaint. The Fifth Amended Complaint alleges that LVSC entered into a term sheet with plaintiff in which it promised certain benefits in the event that plaintiff was terminated without cause. Plaintiff claims that, in connection with SCL’s initial public offering, LVSC assigned the term sheet to both SCL and VML, which (together with LVSC) allegedly assumed liability for breaches of the term sheet. In Count I of the Fifth Amended Complaint, plaintiff alleges that he was terminated without cause and that LVSC, SCL and VML breached the term sheet by not paying the severance required under those circumstances. In Count II, plaintiff claims that certain stock options in SCL purportedly awarded to him should have vested when he was terminated and seeks damages from LVSC, SCL and VML for SCL’s refusal to recognize the options. Count III is a claim for breach of an implied covenant of good faith and fair dealing against LVSC, SCL and VML. Count IV repeats plaintiff’s earlier claim for tortious discharge in violation of public policy and is alleged against LVSC alone. Count V repeats plaintiff’s claims for defamation per se and is alleged against Mr. Adelson, LVSC and SCL. Count VI repeats a tortious discharge in violation of public policy claim against Mr. Adelson, which the District Court previously dismissed with prejudice. On November 13, 2015, the District Court granted Mr. Adelson's motion to strike Count VI in light of its prior dismissal of that count. Count VII alleges aiding and abetting tortious discharge in violation of public policy against SCL. Count VIII alleges a conspiracy between LVSC and SCL to tortiously discharge plaintiff in violation of public policy. LVSC, SCL and Mr. Adelson have answered the Fifth Amended Complaint and LVSC has re-filed its previously filed counterclaim against plaintiff. On October 19, 2015, VML moved to quash service of the summons and on October 21, 2015, further moved to dismiss all claims against VML. VML also filed a peremptory challenge to the judge presiding over the case, causing it to be reassigned to another judge. On October 27, 2015, the new judge struck the peremptory challenge and the case was reassigned to the original judge. On November 3, 2015, VML filed a petition for a writ of prohibition or mandamus in the Nevada Supreme Court challenging the decision to strike its peremptory challenge; at the same time, VML filed a motion with the Nevada Supreme Court to stay all proceedings before the original judge pending the outcome of its writ petition. On November 4, 2015, the Nevada Supreme Court granted a stay with respect to proceedings against VML only and directed plaintiff to answer the writ petition within 30 days. Instead of answering, on December 18, 2015, plaintiff voluntarily dismissed VML from the action, without prejudice and then filed a notice with the Nevada Supreme Court claiming that VML’s petition was moot. On December 30, 2015, VML filed a motion with the Nevada Supreme Court asking it to grant its writ petition or, in the alternative, to permit the dismissal of VML only if it is with prejudice. The Nevada Supreme Court has not yet ruled on that motion. On November 4, 2015, the Nevada Supreme Court issued an order granting in part and denying in part the three pending writ petitions filed by SCL that were argued on September 1, 2015. The Nevada Supreme Court held that the District Court had erred in concluding that it had general and transient jurisdiction over SCL, but held that plaintiff had met his burden of making a preliminary showing of specific jurisdiction over SCL in Nevada with respect to the particular claims plaintiff had made. The Nevada Supreme Court held that defendants’ writ petition addressing the expedited trial date was moot in light of the District Court’s order vacating that date; the Nevada Supreme Court noted, however, that defendants were correct that the previous stay of proceedings tolled the five-year time period for bringing the case to trial. The Nevada Supreme Court granted SCL’s writ petition to overturn the District Court’s order compelling one of SCL’s independent directors to appear for a deposition on U.S. soil. The Nevada Supreme Court also ruled on the previously stayed $250,000 sanction, upholding the amount but requiring the payment to be reallocated on remand. Finally, the Nevada Supreme Court denied defendants’ request that the case be reassigned to a different judge. On November 17, 2015, plaintiff filed a petition for rehearing en banc in the Nevada Supreme Court, asking the Nevada Supreme Court to reconsider its ruling on the location of the deposition of SCL’s independent director. On November 24, 2015, SCL filed a petition for rehearing en banc in the Nevada Supreme Court, asking the Nevada Supreme Court to reconsider its conclusion that plaintiff had met his burden of making a preliminary showing of specific jurisdiction over SCL. On December 23, 2015, the Nevada Supreme Court issued an order requiring answers to both petitions for rehearing. Plaintiff filed his answer on January 8, 2016, and SCL filed its answer on January 22, 2016. On February 24, 2016, the Nevada Supreme Court granted plaintiff’s petition for rehearing concluding SCL is responsible for producing its director for a noticed deposition, the location of which may be determined by the District Court. On the same day, the Nevada Supreme Court denied SCL’s petition for rehearing regarding the finding of specific jurisdiction over SCL. On November 19, 2015, SCL filed its answer to plaintiffs’ Fifth Amended Complaint, denying each of plaintiff’s claims and raising a number of affirmative and other defenses. Discovery is ongoing with respect to the Company and SCL. The District Court has entered a scheduling order under which discovery will close on May 5, 2016, and the case is to be tried to a jury beginning on or after June 27, 2016. On December 18, 2015, plaintiff served a notice of the deposition of a Company executive. On December 31, 2015, counsel for the executive and defendants filed a motion for protective order. The District Court denied the motion in part and ordered the executive to appear for a deposition prior to January 12, 2016. The executive appeared for a deposition on January 11, 2016. When questions were posed during the deposition regarding the executive’s alleged communications with third parties, including the media, about media coverage of the court and the Jacobs case and about the purchase of the Las Vegas Review-Journal by members of the Adelson family, counsel for the executive instructed him not to answer. At a hearing the next day, the District Court “overruled” counsel’s instruction to the executive, but devised a procedure under which the executive’s counsel could refer objections to questions about his alleged communications with third parties, including the media, concerning the Jacobs litigation to a discovery master and/or a different judge, rather than to the presiding judge. On January 13, 2016, the executive filed a motion to expand the scope of the issues that would be referred to a discovery master to include all of the questions his counsel had instructed him not to answer, on the ground that comments the court had made to the media called into question the executive’s ability to obtain a fair and impartial hearing of his objections. On the same day, the Company filed a motion to disqualify the judge based on comments the court made to the media and during hearings related to the deposition of the executive, which raised reasonable doubts about the court’s impartiality. On January 15, 2016, the judge filed an affidavit regarding her contacts with the media involving this case and denying any bias. The motion to disqualify was set for hearing on February 18, 2016, before the Chief Judge of the District Court, but on January 29, 2016, the Chief Judge denied the motion to disqualify without providing the Company the opportunity to respond to the presiding judge’s affidavit. On February 9, 2016, the Company filed a motion requesting the Chief Judge withdraw and reconsider the order denying the Company’s motion to disqualify the presiding judge. On February 12, 2016, the presiding judge filed an additional affidavit further denying any bias toward or against defendants. On the same day, the Company filed a request for the motion for reconsideration to be heard in open court. On February 16, 2016, in support of the motion for reconsideration, the Company filed a declaration of a legal scholar confirming the presiding judge’s contacts with the media created the appearance of partiality. On February 17, 2016, from chambers, the Chief Judge denied the Company’s request for reconsideration finding the record showed no evidence of judicial bias. On February 19, 2016, plaintiff filed a reply to the Company’s counterclaim. On February 23, 2016, defendants filed a writ petition in the Nevada Supreme Court challenging the Chief Judge’s denial of the disqualification of the presiding judge. In conjunction with the writ, the defendants also filed an emergency motion to stay the proceedings in the District Court. On January 29, 2016, Jacobs filed a complaint against VML in the United States District Court for the District of Nevada (the "U.S. District Court") alleging a breach of contract claim similar to the one he had brought against VML in the District Court and then dismissed. The Company intends to defend the matter vigorously. Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above. After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ. As part of the 2012 annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls. Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings:
The investigation by the Audit Committee is complete. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, or the range of reasonably possible loss, if any. On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing defendants’ Motion for Partial Reconsideration of the U.S District Court’s order dated August 24, 2011, striking additional portions of the plaintiffs' complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiffs filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process has been suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard the motion to dismiss and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants' motions to dismiss. On December 13, 2013, the defendants filed their answer to the Second Amended Complaint. Discovery in the matter has re-started. On January 8, 2014, plaintiffs filed a motion to expand the certified class period, which was granted by the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery closed on December 18, 2015. On January 22, 2016, the Company filed a motion for summary judgment as did co-defendant Mr. Weidner. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the District Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the District Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until July 22, 2013. The District Court has granted several successive stays since that time, with the case currently stayed until April 18, 2016. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel District Court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned to a new judge. On April 11, 2014, the judge denied the motion to dismiss without prejudice and ordered the case stayed pending the outcome of the District Court action in Kohanim described above. Following a January 22, 2016, status report by the parties, on January 27, 2016, the judge ordered another status report on May 16, 2016. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. On January 23, 2014, W.A. Sokolowski filed a shareholder derivative action (the "Sokolowski action") purporting to act on behalf of the Company and in his individual capacity as a shareholder in the U.S. District Court against Sheldon G. Adelson, Michael A. Leven, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Charles A. Koppelman, Jeffrey H. Schwartz, Victor Chaltiel and Irwin A. Siegel, each of whom was serving on the Board of Directors (collectively, the “Directors”), as well as against Frederick Hipwell, a partner at PricewaterhouseCoopers LLP (“PwC”), the Company’s former auditor. The complaint alleges, among other things, that the Directors breached their fiduciary duties to the Company by attempting to conceal certain alleged misrepresentations and wrongdoing by the Company’s management, concealed certain facts in connection with audits performed by PwC and caused the issuance of a false or misleading proxy statement in 2013. The complaint seeks, among other things the appointment of a conservator or special master to oversee the Company’s discussions with governmental agencies as well as to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. The Company filed a motion to dismiss the complaint on February 13, 2014. On February 28, 2014, defendant Hipwell filed his motion to dismiss the complaint. On March 12, 2014, the plaintiff filed its response to the Company’s motion to dismiss and on March 26, 2014, the Company filed its reply. On March 31, 2014, the plaintiff filed its response to Hipwell’s motion to dismiss and on April 10, 2014, Hipwell filed his reply. On April 1, 2014, the plaintiff filed a renewed motion for expedited discovery (the first motion was filed on January 24, 2014 and was denied by the judge). The Company filed its response on April 18, 2014. On May 2, 2014, the U.S. District Court denied this second motion. On May 9, 2014, Directors Ader, Chafetz, Chaltiel, Forman, Koppelman and Leven filed their motion to dismiss. On June 10, 2014, the plaintiff filed its opposition to these Directors motion to dismiss. On June 30, 2014, these Directors filed their reply. On July 30, 2014, the U.S. District Court granted the Company’s motion to dismiss the complaint, finding plaintiff had failed to allege stock ownership facts demonstrating standing to sue, with leave for plaintiff to amend his complaint to demonstrate stock ownership with more particularity. On August 29, 2014, the plaintiff filed an amended complaint and, on September 15, 2014, the served defendants filed their motions to dismiss the amended complaint. The plaintiff's opposition to the Company's motion to dismiss was filed on October 22, 2014, and to the individuals' motions to dismiss on October 29, 2014. Plaintiff also filed an opposition to Hipwell's motion on November 3, 2014, and opposed Mr. Adelson's joinder on December 9, 2014. The served defendants' reply briefs were filed on November 24, 25 and 26, 2014. On December 16, 2014, Mr. Adelson filed a reply brief. On March 3, 2015, the U.S. District Court denied, without prejudice, plaintiff's motion to substitute the estates of the late Messrs. Chaltiel and Schwartz. By order dated June 16, 2015, the U.S. District Court granted defendants’ motions to dismiss. The U.S. District Court did not dismiss the claims with prejudice, but it did not provide for further leave to amend and directed that the clerk close the case. On June 16, 2015, the U.S. District Court entered a “Judgment In A Civil Case” pursuant to the U.S District Court’s order. On June 29, 2015, plaintiff moved to re-open the dismissal order to request further leave to amend, arguing that no judgment was entered. On July 16, 2015, the Company filed an opposition to that motion. On July 27, 2015, plaintiff filed a reply in support of the motion. On July 30, 2015, the U.S. District Court denied the motion, affirming that it had entered a final judgment and had denied further leave to amend. On July16, 2015, the Company also filed a motion requesting the U.S. District Court make the findings regarding Federal Rules of Civil Procedure ("Rule 11") compliance required at the conclusion of an Exchange Act case, and to find that plaintiff's counsel violated Rule 11 by filing and defending the amended complaint. On August 27, 2015, plaintiff filed an opposition to the Company's motion. On September 21, 2015, the Company filed a reply in further support of the motion. On January 27, 2016, the judge denied the Company's request for sanctions. At this stage of the proceedings only a possible appeal by plaintiff is pending and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously should plaintiff continue to pursue it. On March 6, 2014, the Board of Directors of the Company received a shareholder demand letter from a purported shareholder named the John F. Scarpa Foundation ("Scarpa"). This letter recites substantially the same allegations as the complaint filed in the Sokolowski action and demands that the same claims be asserted by the Company, which was delivered to the Company by the same counsel representing Mr. Sokolowski. The Company responded, through its counsel, on March 26, 2014. Scarpa then sent a revised demand letter to the Board of Directors on March 31, 2014. The Company responded, through its counsel, on April 8, 2014. Scarpa then sent an additional demand letter dated August 14, 2014, to which the Company responded on August 22, 2014. This matter is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter, whether this matter will result in litigation or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and VCR (collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375.8 million at exchange rates in effect on December 31, 2015) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. On September 23, 2013, the three U.S. Defendants filed a motion with the Macao Second Instance Court, seeking recognition and enforcement of the U.S. Court of Appeals ruling in the Prior Action, referred to below, given on April 10, 2009, which partially dismissed AAEC’s claims against the three U.S. Defendants. On April 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings, and that the claim should proceed exclusively against the three U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. The Macao Judicial Court further held that the existence of the pending application for recognition and enforcement of the U.S. Court of Appeals ruling before the Macao Second Instance Court did not justify a stay of the proceedings against the three U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the three U.S. Defendants could be reviewed after the Macao Second Instance Court had issued its decision. On June 25, 2014, the Macao Second Instance Court delivered a decision, which gave formal recognition to and allowed enforcement in Macao of the judgment of the U.S. Court of Appeals, dismissing AAEC's claims against the U.S. Defendants. AAEC appealed against the recognition decision to the Macao Court of Final Appeal, which, on May 6, 2015, dismissed the appeal and held the U.S. judgment to be final and have preclusive effect. The Macao Court of Final Appeal's decision became final on May 21, 2015. On June 5, 2015, the three U.S. Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata. AAEC filed its response to that application on June 30, 2015. The three U.S. Defendants filed their reply on July 23, 2015. On September 14, 2015, the Macao Judicial Court admitted two further legal opinions from Portuguese and U.S. law experts representing the U.S. Defendants and the Macao Judicial Court is now considering the res judicata issue. On March 25, 2015, application was made by the U.S. Defendants to the Macao Judicial Court to revoke the legal aid granted to AAEC, accompanied by a request for evidence taking from AAEC, relating to the fees and expenses that they incurred and paid in the U.S. subsequent action referred to below. The Macao Public Prosecutor has opposed the action on the ground of lack of evidence that AAEC's financial position has improved. No decision has been issued in respect to that application up to the present time. A complaint against AAEC's Macao lawyer arising from certain conduct in relation to recent U.S. proceedings was submitted to the Macao Lawyer's Association on October 19, 2015. On July 9, 2014, the plaintiff filed yet another action in the U.S. District Court against LVSC, LVSLLC, VCR, Sheldon G. Adelson, William P. Weidner, David Friedman and Does 1-50 for declaratory judgment, equitable accounting, misappropriation of trade secrets, breach of confidence and conversion based on a theory of copyright law. The claim is for $5.0 billion. On November 4, 2014, plaintiff finally effected notice on the LVSC entities which was followed by a motion to dismiss by the U.S. Defendants on November 10, 2014. Plaintiff failed to timely respond and on December 2, 2014, the U.S. Defendants moved for immediate dismissal and sanctions against plaintiff and his counsel for bringing a frivolous lawsuit. On December 19, 2014, plaintiff filed an incomplete and untimely response, which was followed by plaintiff's December 27, 2014 notice of withdrawal of the lawsuit and the U.S. Defendants' December 29, 2014, reply in favor of sanctions and dismissal with prejudice. On August 31, 2015, the judge dismissed the U.S. action and the Defendants' sanctions motion. The Macao action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action. The Company previously received subpoenas from the U.S. Attorney’s Office for the Central District of California (the “USAO”) requesting the production of documents relating to two prior customers of the Company’s properties. In August 2013, the USAO completed its investigation and entered into an agreement with the Company, whereby the Company agreed to voluntarily return $47.4 million to the U.S. Treasury, which represented funds received from or on behalf of one of its customers, and provide written reports to the USAO regarding certain of its casino-related activities. The amount was paid during the year ended December 31, 2013, and the matter has been closed. On February 11, 2014, the Company disclosed that it was the victim of a sophisticated cyber-attack on its computer networks in the United States. As a result of this criminal attack, the U.S. government has commenced investigations into the source of the attack. In addition, the Company is working with internal and external forensic information technology systems experts in connection with this effort. As a result of the investigations and the Company’s efforts, which are ongoing, the Company has learned that certain customer and employee data was compromised at its Bethlehem facility and other data may have been stolen in the attack as well as that the attack may have destroyed certain other Company data. The Company is cooperating fully with the investigations. Based on the information available to date and the absence of claims asserted thus far, management is currently unable to determine the probability of the outcome of any matters relating to the cyber-attack, the extent of materiality or the range of reasonably possible loss, if any. Macao Concession and Subconcession On June 26, 2002, the Macao government granted a concession to operate casinos in Macao through June 26, 2022, subject to certain qualifications, to Galaxy Casino Company Limited (“Galaxy”), a consortium of Macao and Hong Kong-based investors. During December 2002, VML and Galaxy entered into a subconcession agreement that was recognized and approved by the Macao government and allows VML to develop and operate casino projects, including The Venetian Macao, Sands Cotai Central, the Plaza Casino at the Four Seasons Macao, Sands Macao and The Parisian Macao, once opened, separately from Galaxy. Beginning on December 26, 2017, the Macao government may redeem the subconcession agreement by providing the Company at least one year prior notice. Under the subconcession, the Company is obligated to pay to the Macao government an annual premium with a fixed portion and a variable portion based on the number and type of gaming tables it employs and gaming machines it operates. The fixed portion of the premium is equal to 30.0 million patacas (approximately $3.8 million at exchange rates in effect on December 31, 2015). The variable portion is equal to 300,000 patacas per gaming table reserved exclusively for certain kinds of games or players, 150,000 patacas per gaming table not so reserved and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,578, $18,789 and $125, respectively, at exchange rates in effect on December 31, 2015), subject to a minimum of 45.0 million patacas (approximately $5.6 million at exchange rates in effect on December 31, 2015). The Company is also obligated to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes. The Company must also contribute 4% of its gross gaming revenue to utilities designated by the Macao government, a portion of which must be used for promotion of tourism in Macao. Based on the number and types of gaming tables employed and gaming machines in operation as of December 31, 2015, the Company was obligated under its subconcession to make minimum future payments of approximately $39.6 million in each of the next five years and approximately $59.4 million thereafter. These amounts are expected to increase when the Company opens The Parisian Macao, which is anticipated to open in the second half of 2016, subject to Macao government approval. Currently, the gaming tax in Macao is calculated as a percentage of gross gaming revenue; however, unlike Nevada, gross gaming revenue does not include deductions for credit losses. As a result, if the Company extends credit to its customers in Macao and is unable to collect on the related receivables, the Company must pay taxes on its winnings from these customers even though it was unable to collect on the related receivables. If the laws are not changed, the Company’s business in Macao may not be able to realize the full benefits of extending credit to its customers. Operating Leases The Company leases real estate and various equipment under operating lease arrangements and is also party to several service agreements with terms in excess of one year. As of December 31, 2015, the Company was obligated under non-cancelable operating leases to make future minimum lease payments as follows (in thousands):
Expenses incurred under operating lease agreements, including those that are short-term and variable-rate in nature, totaled $75.3 million, $67.4 million and $67.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Other Ventures and Commitments The Company has entered into employment agreements with six of its executive officers, with remaining terms of one to five years. As of December 31, 2015, the Company was obligated to make future payments of $10.2 million, $8.7 million, $8.4 million, $8.4 million and $1.9 million during the years ending December 31, 2016, 2017, 2018, 2019 and 2020, respectively. During 2003, the Company entered into three lease termination and asset purchase agreements with The Grand Canal Shoppes tenants. In each case, the Company has obtained title to leasehold improvements and other fixed assets, which were originally purchased by The Grand Canal Shoppes tenants, and which have been recorded at estimated fair market value, which approximated the discounted present value of the Company’s obligation to the former tenants. As of December 31, 2015, the Company was obligated under the remaining agreement still in effect to make future payments of approximately $0.5 million in each of the next five years and $5.2 million thereafter. Malls and Other The Company leases space at several of its integrated resorts to various third parties. These leases are non-cancelable operating leases with lease periods that vary from 1 month to 21 years. The leases include minimum base rents with escalated contingent rent clauses. As of December 31, 2015, the future minimum rentals on these non-cancelable leases are as follows (in thousands, at exchange rates in effect on December 31, 2015):
The total minimum future rentals do not include the escalated contingent rent clauses. Contingent rentals amounted to $56.5 million, $103.9 million and $129.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Stock-Based Employee Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Employee Compensation | Stock-Based Employee Compensation The Company has two nonqualified stock option plans, the 2004 Plan and the SCL Equity Plan, which are described below. The plans provide for the granting of stock options pursuant to the applicable provisions of the Internal Revenue Code and regulations. Las Vegas Sands Corp. 2004 Equity Award Plan The Company adopted the 2004 Plan for grants of options to purchase its common stock. The purpose of the 2004 Plan is to give the Company a competitive edge in attracting, retaining and motivating employees, directors and consultants and to provide the Company with a stock plan providing incentives directly related to increases in its stockholder value. Any of the Company’s subsidiaries’ or affiliates’ employees, directors or officers and many of its consultants are eligible for awards under the 2004 Plan. The 2004 Plan provides for an aggregate of 26,344,000 shares of the Company’s common stock to be available for awards. The 2004 Plan originally had a term of ten years, but in June 2014, the Company's Board of Directors approved an amendment to the 2004 Plan, extending the term to December 2019. The compensation committee may grant awards of nonqualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation awards or any combination of the foregoing. As of December 31, 2015, there were 4,379,164 shares available for grant under the 2004 Plan. Stock option awards are granted with an exercise price equal to the fair market value (as defined in the 2004 Plan) of the Company’s stock on the date of grant. The outstanding stock options generally vest over four years and have ten-year contractual terms. Compensation cost for all stock option grants, which all have graded vesting, is net of estimated forfeitures and is recognized on a straight-line basis over the awards’ respective requisite service periods. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on the Company’s historical volatility for a period equal to the expected life of the stock options. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. Sands China Ltd. Equity Award Plan The Company’s subsidiary, SCL, adopted an equity award plan (the “SCL Equity Plan”) for grants of options to purchase ordinary shares of SCL. The purpose of the SCL Equity Plan is to give SCL a competitive edge in attracting, retaining and motivating employees, directors and consultants and to provide SCL with a stock plan providing incentives directly related to increases in its stockholder value. Subject to certain criteria as defined in the SCL Equity Plan, SCL’s subsidiaries’ or affiliates’ employees, directors or officers and many of its consultants are eligible for awards under the SCL Equity Plan. The SCL Equity Plan provides for an aggregate of 804,786,508 shares of SCL’s common stock to be available for awards. The SCL Equity Plan has a term of ten years and no further awards may be granted after the expiration of the term. SCL’s remuneration committee may grant awards of stock options, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation awards or any combination of the foregoing. As of December 31, 2015, there were 756,474,620 shares available for grant under the SCL Equity Plan. Stock option awards are granted with an exercise price not less than (i) the closing price of SCL’s stock on the date of grant or (ii) the average closing price of SCL’s stock for the five business days immediately preceding the date of grant. The outstanding stock options generally vest over four years and have ten-year contractual terms. Compensation cost for all stock option grants, which all have graded vesting, is net of estimated forfeitures and is recognized on a straight-line basis over the awards’ respective requisite service periods. SCL estimates the fair value of stock options using the Black-Scholes option-pricing model. For stock options granted subsequent to December 31, 2014, expected volatilities are based on SCL's historical volatility for a period equal to the expected life of the stock options. For stock options granted on or before December 31, 2014, expected volatilities are based on a combination of SCL’s historical volatilities and the historical volatilities from a selection of companies from SCL’s peer group due to SCL’s lack of historical information. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the Hong Kong Government Bond rate in effect at the time of the grant for stock 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 stock 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. Stock-Based Employee Compensation Activity The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
A summary of the stock option activity for the Company’s equity award plans for the year ended December 31, 2015, is presented below:
A summary of the unvested restricted stock and stock units under the Company’s equity award plans for the year ended December 31, 2015, is presented below:
As a result of SCL cash-settling and planning to cash-settle certain future unvested restricted share units on their vesting dates, 1,603,849 outstanding restricted stock units under the SCL Equity Plan were modified from equity awards to cash-settled liability awards during the year ended December 31, 2015. The modification affected four employees and resulted in no additional compensation expense. The fair value of these awards is remeasured each reporting period until the vesting dates. Upon settlement, SCL will pay the grantees an amount in cash calculated based on the higher of (i) the closing price of SCL's shares on the vesting date, and (ii) the average closing price of SCL's shares for the five trading days immediately preceding the vesting date. During the year ended December 31, 2015, SCL paid $3.3 million to settle vested restricted share units that were previously classified as equity awards. The accrued liability associated with these cash-settled restricted stock units was $1.9 million as of December 31, 2015. As of December 31, 2015, under the 2004 Plan there was $33.4 million of unrecognized compensation cost, net of estimated forfeitures of 8.0% per year, related to unvested stock options and there was $4.7 million of unrecognized compensation cost, net of estimated forfeitures of 8.0% per year, related to unvested restricted stock and stock units. The stock option and restricted stock and stock unit costs are expected to be recognized over a weighted average period of 3.8 years and 1.1 years, respectively. As of December 31, 2015, under the SCL Equity Plan there was $19.3 million of unrecognized compensation cost, net of estimated forfeitures of 9.5% per year, related to unvested stock options and there was $6.1 million of unrecognized compensation cost related to unvested restricted stock units. The stock option and restricted stock unit costs are expected to be recognized over a weighted average period of 2.9 years and 1.8 years, respectively. The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2015 (in thousands, except weighted average grant date fair values):
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company is self-insured for health care and workers compensation benefits for its U.S. employees. The liability for claims filed and estimates of claims incurred but not filed is included in other accrued liabilities in the accompanying consolidated balance sheets. Participation in the VCR 401(k) employee savings plan is available for all eligible employees after a three-month probation period. The savings plan allows participants to defer, on a pre-tax basis, a portion of their salary and accumulate tax-deferred earnings as a retirement fund. The Company matches 150% of the first $390 of employee contributions and 50% of employee contributions in excess of $390 up to a maximum of 5% of participating employee’s eligible gross wages. For the years ended December 31, 2015, 2014 and 2013, the Company’s matching contributions under the savings plan were $9.5 million, $8.7 million and $8.2 million, respectively. Participation in VML’s provident retirement fund is available for all permanent employees after a three-month probation period. VML contributes 5% of each employee’s basic salary to the fund and the employee is eligible to receive, upon resignation, 30% of these contributions after working for three consecutive years, gradually increasing to 100% after working for ten years. For the years ended December 31, 2015, 2014 and 2013, VML’s contributions into the provident fund were $33.5 million, $31.4 million and $28.6 million, respectively. Participation in MBS’s provident retirement fund is available for all permanent employees that are Singapore residents upon joining the Company. As of December 31, 2015, MBS contributes 17% of each employee’s basic salary to the fund, subject to certain caps as mandated by local regulations. The employee is eligible to receive funds upon reaching the retirement age or upon meeting requirements set up by local regulations. For the years ended December 31, 2015, 2014 and 2013, MBS’s contributions into the provident fund were $47.3 million, $44.9 million and $40.4 million, respectively. |
Related Party Transactions |
12 Months Ended |
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Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions During the years ended December 31, 2015, 2014 and 2013, the Principal Stockholder and his family purchased certain services from the Company including lodging, banquet services and the use of Company personnel for approximately $2.1 million, $1.2 million and $1.7 million, respectively. During the years ended December 31, 2015, 2014 and 2013, the Company incurred and made payments of $2.3 million, $1.8 million and $1.1 million, respectively, for food and beverage services provided by restaurants that the Principal Stockholder has an ownership interest in. During the years ended December 31, 2015, 2014 and 2013, the Company incurred and paid certain expenses totaling $3.5 million, $5.7 million and $11.4 million, respectively, to its Principal Stockholder related to the Company’s use of his personal aircraft for business purposes. In addition, during the years ended December 31, 2015, 2014 and 2013, the Company charged and received from the Principal Stockholder $19.9 million, $18.3 million and $17.6 million, respectively, related to aviation costs incurred by the Company for the Principal Stockholder’s use of Company aviation personnel and assets for personal purposes. During the years ended December 31, 2015, 2014 and 2013, the Company charged and received from one of its executive officers approximately $7,000, $0.3 million and $0.1 million, respectively, related to aviation costs incurred by the Company for the executive’s use of Company aviation personnel and assets for personal purposes. During the year ended December 31, 2003, the Company purchased the lease interest and assets of Carnevale Coffee Bar, LLC, in which the Principal Stockholder is a partner, for $3.1 million, payable in installments of $0.6 million during 2003, and approximately $0.3 million annually over 10 years, beginning in 2004 through September 1, 2013. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao, the remainder of Sands Cotai Central and the Four Seasons Apartments in Macao, and the Las Vegas Condo Tower (which construction currently is suspended and is included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The Company’s segment information is as follows as of and for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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Condensed Consolidating Financial Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information LVSLLC, as the issuer and primary obligor of the 2013 U.S. Credit Facility, VCR, Venetian Marketing, Inc., Sands Expo & Convention Center, Inc. and Sands Pennsylvania, Inc. (collectively, the “Restricted Subsidiaries”) are all guarantors under the 2013 U.S. Credit Facility. The noncontrolling interest amounts included in the Restricted Subsidiaries’ condensed consolidating financial information are related to non-voting preferred stock of one of the subsidiaries held by third parties. In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC (a subsidiary of VCR) was sold to GGP; however, the sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain potential future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Restricted Subsidiaries, and therefore are included in the “Restricted Subsidiaries” columns in the following condensed consolidating financial information. As a result, net liabilities of $48.7 million (consisting of $268.4 million of liabilities, comprised of deferred proceeds from the sale, partially offset by $219.7 million of property and equipment) and $40.3 million (consisting of $268.8 million of liabilities, comprised primarily of deferred proceeds from the sale, partially offset by $228.5 million of property and equipment) as of December 31, 2015 and 2014, respectively, and a net loss (consisting primarily of depreciation expense) of $9.4 million, $11.8 million and $12.9 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for the 2013 U.S. Credit Facility. Additionally, LVSC is a holding company and, as a result, its ability to pay dividends is dependent on its subsidiaries’ ability to provide funds to it. Restrictions imposed by the Company’s U.S., Macao and Singapore credit facilities may restrict the Company’s key subsidiaries holding a majority of the consolidated group’s total assets from making dividends or distributions, subject to certain exceptions as defined in the agreements, unless certain financial and non-financial criteria have been satisfied. LVSC received cash dividends of $2.36 billion, $3.41 billion and $1.84 billion from its subsidiaries during the years ended December 31, 2015, 2014 and 2013, respectively. The following condensed consolidating financial information of LVSC, a non-guarantor parent; the Restricted Subsidiaries, including LVSLLC as the issuer; and the non-restricted subsidiaries on a combined basis as of December 31, 2015 and 2014, and for each of the three years in the period ended December 31, 2015, is being presented in order to meet the reporting requirements under the 2013 U.S. Credit Facility, and is not intended to comply with SEC Regulation S-X 3-10 (in thousands): CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015
CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2013
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
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Selected Quarterly Financial Results (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Results (Unaudited) | Selected Quarterly Financial Results (Unaudited)
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Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total earnings per share amounts for the respective year. |
Schedule II - Valuation and Qualifying Accounts |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS LAS VEGAS SANDS CORP. AND SUBSIDIARIES For the Years Ended December 31, 2015, 2014 and 2013
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Management’s determination of the appropriate accounting method with respect to the Company’s variable interests is based on accounting standards for VIEs issued by the Financial Accounting Standards Board (“FASB”). The Company consolidates any VIEs in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any. The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. |
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Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. |
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Accounts Receivable and Credit Risk | Accounts Receivable and Credit Risk Accounts receivable are comprised of casino, hotel and other receivables, which do not bear interest and are recorded at cost. The Company extends credit to approved casino customers following background checks and investigations of creditworthiness. The Company also extends credit to its junkets in Macao, which receivables can be offset against commissions payable to the respective junkets. Business or economic conditions, the legal enforceability of gaming debts, or other significant events in foreign countries could affect the collectability of receivables from customers and junkets residing in these countries. The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on an analysis of the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the customer’s financial condition, collection history and any other known information, and the Company applies standard reserve percentages to aged account balances under the specified dollar amount. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. Management believes that there are no concentrations of credit risk for which an allowance has not been established. Although management believes that the allowance is adequate, it is possible that the estimated amount of cash collections with respect to accounts receivable could change. |
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Inventories | Inventories Inventories consist primarily of food, beverage, retail products, and operating supplies, which are stated at the lower of cost or market. Cost is determined by the weighted average and specific identification methods. |
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Property and Equipment | Property and Equipment Property and equipment are stated at the lower of cost or fair value. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets. Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations. The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model. For assets to be held and used (including projects under development), fixed assets are reviewed for impairment whenever indicators of impairment exist. If an indicator of impairment exists, the Company first groups its assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the “asset group”). Secondly, the Company estimates the undiscounted future cash flows that are directly associated with and expected to arise from the completion, use and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. To estimate the undiscounted cash flows of the Company’s asset groups, the Company considers all potential cash flow scenarios, which are probability weighted based on management’s estimates given current conditions. Determining the recoverability of the Company’s asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management’s intentions may result in future changes to the recoverability of these asset groups. For assets to be held for sale, the fixed assets (the “disposal group”) are measured at the lower of their carrying amount or fair value less cost to sell. Losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of the cumulative loss previously recognized. Any gains or losses not previously recognized that result from the sale of the disposal group shall be recognized at the date of sale. Fixed assets are not depreciated while classified as held for sale. |
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Capitalized Interest | Capitalized Interest and Internal Costs Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period. |
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Deferred Financing Costs and Original Issue Discounts | Deferred Financing Costs and Original Issue Discounts Deferred financing costs and original issue discounts are amortized to interest expense based on the terms of the related debt instruments using the effective interest method. |
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Leasehold Interests in Land | Leasehold Interests in Land Leasehold interests in land represent payments made for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements. |
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Indefinite Useful Life Assets | Indefinite Useful Life Assets Assets with indefinite useful lives are regularly assessed to ensure they continue to meet the indefinite useful life criteria. These assets are not subject to amortization and are tested for impairment and recoverability annually or more frequently if events or circumstances indicate that the assets might be impaired. When performing the impairment analysis, the Company may first conduct a qualitative assessment to determine whether it is “more-likely-than-not” that the asset is impaired. If the Company elects to perform a qualitative assessment and it is determined that it is “more-likely-than-not” that the asset is impaired after assessing the qualitative factors, the Company then performs an impairment test that consists of a comparison of the fair value of the asset with its carrying amount. If the fair value of the asset exceeds the carrying amount, no impairment is recognized. If the fair value of the asset does not exceed the carrying amount, an impairment will be recognized in an amount equal to the difference. As of December 31, 2015, the Company had assets of $50.0 million and $16.5 million related to its Sands Bethlehem gaming license and table games certificate, respectively, both of which were determined to have an indefinite useful life and have been recorded within intangible assets in the accompanying consolidated balance sheets. For the years ended December 31, 2015 and 2013, the annual impairment analysis included an assessment of certain qualitative factors including, but not limited to, the results of the most recent fair value calculation, current year and projected operating results, and macro-economic and industry conditions. The Company considered the qualitative factors and determined that it was not “more-likely-than-not” that the indefinite lived intangible assets were impaired. For the year ended December 31, 2014, the Company elected to perform a quantitative analysis given that the last quantitative analysis performed was during the year ended December 31, 2011. The fair value of the Company’s gaming license and table games certificate was estimated using the Company’s expected adjusted property EBITDA (as defined in “— Note 17 — Segment Information”), combined with estimated future tax-affected cash flows and a terminal value using the Gordon Growth Model, which were discounted to present value at rates commensurate with the Company’s capital structure and the prevailing borrowing rates within the casino industry in general. Adjusted property EBITDA and discounted cash flows are common measures used to value cash-intensive businesses such as casinos. Determining the fair value of the gaming license and table games certificate is judgmental in nature and requires the use of significant estimates and assumptions, including adjusted property EBITDA, growth rates, discount rates and future market conditions, among others. Future changes to the Company’s estimates and assumptions based upon changes in macro-economic factors, operating results or management’s intentions may result in future changes to the fair value of the gaming license and table games certificate. |
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Revenue Recognition and Promotional Allowances | Revenue Recognition and Promotional Allowances Casino revenue is the aggregate of gaming wins and losses. The commissions rebated directly or indirectly through junkets to customers, cash discounts and other cash incentives to customers related to gaming play are recorded as a reduction to gross casino revenue. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Deposits for future hotel occupancy or food and beverage services contracts are recorded as deferred income until revenue recognition criteria are met. Cancellation fees for hotel and food and beverage services are recognized upon cancellation by the customer and are included in convention, retail and other revenues. Mall revenue is primarily generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-lined basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the thresholds are met. Convention revenues are recognized when the related service is rendered or the event is held. |
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Gaming Taxes | Gaming Taxes The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company’s gaming revenue and are recorded as a casino expense in the accompanying consolidated statements of operations. |
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Frequent Players Program | Frequent Players Program The Company has established promotional clubs to encourage repeat business from frequent and active slot machine customers and table games patrons. Members earn points primarily based on gaming activity and such points can be redeemed for cash, free play and other free goods and services. The Company accrues for club points expected to be redeemed for cash and free play as a reduction to gaming revenue and accrues for club points expected to be redeemed for free goods and services primarily as casino expense. The accruals are based on estimates and assumptions regarding the mix of cash, free play and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. |
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Pre-Opening and Development Expenses | Pre-Opening and Development Expenses The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred. |
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Advertising Costs | Advertising Costs Costs for advertising are expensed the first time the advertising takes place or as incurred. |
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Corporate Expenses | Corporate Expenses Corporate expense represents payroll, travel, legal fees, professional fees and various other expenses not allocated or directly related to the Company’s integrated resort operations and related ancillary operations. |
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Foreign Currency | Foreign Currency The Company accounts for currency translation in accordance with accounting standards regarding foreign currency translation. Gains or losses from foreign currency remeasurements are included in other income (expense). Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. |
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Comprehensive Income and Accumulated Other Comprehensive Income | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income. The balance of accumulated other comprehensive income (loss) consisted solely of foreign currency translation adjustments. |
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Earnings Per Share | Earnings Per Share The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
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Stock-Based Employee Compensation | Stock-Based Employee Compensation The Company accounts for its stock-based employee compensation in accordance with accounting standards regarding share-based payment, which establishes accounting for equity instruments exchanged for employee services. Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s stock-based employee compensation plans are more fully discussed in “— Note 14 — Stock-Based Employee Compensation.” |
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Income Taxes | Income Taxes The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards not expiring, and tax planning strategies. The Company recorded valuation allowances on the net deferred tax assets of certain foreign jurisdictions of $195.8 million and $215.2 million, as of December 31, 2015 and 2014, respectively, and a valuation allowance on certain deferred tax assets of its U.S. operations of $3.11 billion and $2.27 billion as of December 31, 2015 and 2014, respectively, which increased during the current year primarily due to an increase in U.S. foreign tax credits. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance in the period such determination is made. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is “more-likely-than-not” that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely, based solely on the technical merits, of being sustained on examinations. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different. |
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Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. If specific conditions are met, a derivative may be 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. 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 employs such financial instruments pursuant to this policy, none of which are currently designated as hedges. As such, all gains and losses are recognized in other income (expense). Depending on its classification and position at the end of the reporting period, each derivative is reported as prepaid expenses and other; other assets, net; other accrued liabilities; or other long-term liabilities, as applicable, in the accompanying consolidated balance sheets. See "— Note 11 — Fair Value Measurements" for additional disclosures regarding derivatives. |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017, with early application permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. In April 2015, the FASB issued an accounting standard update to simplify the presentation of debt issuance costs. The update requires that debt issuance costs be reported as a deduction of the face amount of the related debt (rather than as an asset) and that the amortization of debt issuance costs continue to be reported as interest expense. In August 2015, the FASB issued an accounting standard update to clarify that this guidance is not required to be applied to line-of-credit arrangements. The amendments do not affect the guidance on the recognition and measurement of debt issuance costs. The guidance will be required to be applied on a retrospective basis and will be effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance will not have a material effect on the Company's financial condition, results of operations and cash flows. In July 2015, the FASB issued an accounting standard update that requires inventory measured using any method other than last-in, first-out or the retail inventory method, to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. If the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss during the period in which it occurs. The guidance is effective for fiscal years beginning after December 15, 2016, and should be applied prospectively, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations and cash flows. In November 2015, the FASB issued an accounting standard update to simplify the presentation of deferred income taxes. The update requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented, with early adoption permitted. The Company adopted this guidance retrospectively as of December 31, 2015 (see "— Reclassification" and “— Note 10 — Income Taxes”). The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations and cash flows. In February 2016, the FASB issued an accounting standard update on leases, which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations. |
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Reclassification | Reclassification To be consistent with the current year presentation, the Company retrospectively adopted the new guidance to simplify the presentation of deferred income taxes. As a result, the current deferred income tax liability of $12.5 million was reclassified to non-current and a non-current deferred income tax asset of $7.6 million was offset against the non-current deferred income tax liability in the consolidated balance sheets for the year ended December 31, 2014. The reclassification did not have an effect on the Company's financial condition, results of operations and cash flows. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Useful Lives of Assets | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
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Estimated Retail Value of Promotional Allowances | The estimated retail value of such promotional allowances is included in operating revenues as follows (in thousands):
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Estimated Departmental Cost of Promotional Allowances | The estimated departmental cost of providing such promotional allowances, which is included primarily in casino operating expenses, is as follows (in thousands):
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Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
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Accounts Receivable, Net (Tables) |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts receivable consists of the following (in thousands):
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Property and Equipment, Net (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consists of the following (in thousands):
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Construction in Progress | Construction in progress consists of the following (in thousands):
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Leasehold Interests in Land, Net (Tables) |
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Leasehold Interests In Land, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold Interests in Land | Leasehold interests in land consist of the following (in thousands):
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Premium and Rental Payments for Leasehold Interests in Land | As of December 31, 2015, the Company was obligated under its land concessions to make future rental payments as follows (in thousands):
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Intangible Assets, Net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consist of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following (in thousands):
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Other Accrued Liabilities (Tables) |
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Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | Other accrued liabilities consist of the following (in thousands):
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands):
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Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations | Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands):
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Maturities of Long-Term Debt | Maturities of capital lease obligations and long-term debt outstanding as of December 31, 2015, are summarized as follows (in thousands):
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Maturities of Capital Lease Obligations | Maturities of capital lease obligations and long-term debt outstanding as of December 31, 2015, are summarized as follows (in thousands):
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Equity (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of Common Stock | A summary of the outstanding shares of common stock is as follows:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes and Noncontrolling Interests | Consolidated income before taxes and noncontrolling interests for domestic and foreign operations is as follows (in thousands):
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Components of Income Tax (Benefit) Expense | The components of the income tax expense are as follows (in thousands):
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Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate and the Company’s effective tax rate is as follows:
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Components of Net Deferred Tax Liabilities | The primary tax affected components of the Company’s net deferred tax liabilities are as follows (in thousands):
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Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits, which have been reclassified to conform to the current presentation for the years ended December 31, 2014 and 2013, is as follows (in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | The following table provides the assets carried at fair value (in thousands):
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Mall Sales (Tables) |
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Future Lease Payments Obligation | As of December 31, 2015, the Company was obligated under (ii), (iii), and (iv) above to make future payments as follows (in thousands):
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Commitments and Contingencies (Tables) |
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Future Minimum Rental Payments Under Non-Cancelable Operating Leases | As of December 31, 2015, the Company was obligated under non-cancelable operating leases to make future minimum lease payments as follows (in thousands):
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Future Minimum Rental Receivables Under Non-Cancelable Operating Leases | As of December 31, 2015, the future minimum rentals on these non-cancelable leases are as follows (in thousands, at exchange rates in effect on December 31, 2015):
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Stock-Based Employee Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Black-Scholes Option-Pricing Model Weighted Average Assumptions | The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
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Summary of Stock Option Activity for Company's Equity Award Plans | A summary of the stock option activity for the Company’s equity award plans for the year ended December 31, 2015, is presented below:
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Summary of Unvested Restricted Stock Units | A summary of the unvested restricted stock and stock units under the Company’s equity award plans for the year ended December 31, 2015, is presented below:
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Stock-Based Compensation Activity, Summary | The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2015 (in thousands, except weighted average grant date fair values):
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Stock-Based Compensation Activity, Arrangements by Share-based Payment Award | The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2015 (in thousands, except weighted average grant date fair values):
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Stock-Based Compensation Activity, Allocation of Period Costs | The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2015 (in thousands, except weighted average grant date fair values):
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information | The Company’s segment information is as follows as of and for the years ended December 31, 2015, 2014 and 2013 (in thousands):
_________________________
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Condensed Consolidating Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015
CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014
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Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013
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Condensed Consolidating Statements of Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2013
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Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2014
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
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Selected Quarterly Financial Results (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Results (Unaudited) |
________________________
|
Summary of Significant Accounting Policies - Estimated Retail Value of Promotional Allowances (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Promotional Allowances, Estimated Retail Value [Line Items] | |||
Promotional allowances | $ 725,889 | $ 841,939 | $ 724,551 |
Rooms [Member] | |||
Promotional Allowances, Estimated Retail Value [Line Items] | |||
Promotional allowances | 407,886 | 463,920 | 366,353 |
Food and Beverage [Member] | |||
Promotional Allowances, Estimated Retail Value [Line Items] | |||
Promotional allowances | 215,051 | 243,605 | 222,195 |
Convention, Retail and Other [Member] | |||
Promotional Allowances, Estimated Retail Value [Line Items] | |||
Promotional allowances | $ 102,952 | $ 134,414 | $ 136,003 |
Summary of Significant Accounting Policies - Estimated Departmental Cost of Promotional Allowances (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Promotional Allowances, Estimated Departmental Costs [Line Items] | |||
Expenses related to promotional allowances | $ 328,594 | $ 377,854 | $ 343,816 |
Rooms [Member] | |||
Promotional Allowances, Estimated Departmental Costs [Line Items] | |||
Expenses related to promotional allowances | 90,021 | 100,353 | 88,379 |
Food and Beverage [Member] | |||
Promotional Allowances, Estimated Departmental Costs [Line Items] | |||
Expenses related to promotional allowances | 157,813 | 176,883 | 167,223 |
Convention, Retail and Other [Member] | |||
Promotional Allowances, Estimated Departmental Costs [Line Items] | |||
Expenses related to promotional allowances | $ 80,760 | $ 100,618 | $ 88,214 |
Summary of Significant Accounting Policies - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Weighted average common shares outstanding (used in the calculation of basic earnings per share) | 796,785,900 | 806,130,838 | 822,282,515 |
Potential dilution from stock options, warrants and restricted stock and stock units | 810,182 | 1,888,381 | 4,033,593 |
Weighted average common and common equivalent shares (used in the calculation of diluted earnings per share) | 797,596,082 | 808,019,219 | 826,316,108 |
Antidilutive stock options excluded from the calculation of diluted earnings per share | 6,120,516 | 6,024,025 | 4,455,109 |
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | $ 1,904,451 | $ 2,184,057 |
Less - allowance for doubtful accounts | (636,603) | (673,285) |
Accounts receivable, net | 1,267,848 | 1,510,772 |
Casino [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 1,721,185 | 1,957,799 |
Rooms [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 78,738 | 74,983 |
Mall [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 67,263 | 103,093 |
Other [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | $ 37,265 | $ 48,182 |
Property and Equipment, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 22,237,181 | $ 21,055,743 |
Less — accumulated depreciation and amortization | (6,505,543) | (5,683,269) |
Property and equipment, net | 15,731,638 | 15,372,474 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 556,947 | 551,625 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,308,791 | 15,187,427 |
Furniture, Fixtures, Equipment And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,281,161 | 3,065,859 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 456,942 | 454,278 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,633,340 | $ 1,796,554 |
Leasehold Interests in Land, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | $ 1,582,436 | $ 1,644,441 |
Less — accumulated amortization | (320,304) | (291,351) |
Leasehold interests in land, net | 1,262,132 | 1,353,090 |
Marina Bay Sands [Member] | ||
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | 971,654 | 1,038,636 |
Sands Cotai Central [Member] | ||
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | 237,842 | 237,050 |
The Venetian Macao [Member] | ||
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | 180,118 | 178,203 |
Four Seasons Macao [Member] | ||
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | 88,869 | 88,232 |
The Parisian Macao [Member] | ||
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | 74,601 | 74,298 |
Sands Macao [Member] | ||
Operating Leased Assets [Line Items] | ||
Leasehold interests in land, gross | $ 29,352 | $ 28,022 |
Leasehold Interests in Land, Net - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Leased Assets [Line Items] | |||
Amortization of leasehold interests in land | $ 38,645 | $ 40,598 | $ 40,352 |
Estimated future amortization expense, 2016 | 38,300 | ||
Estimated future amortization expense, 2017 | 38,300 | ||
Estimated future amortization expense, 2018 | 38,300 | ||
Estimated future amortization expense, 2019 | 38,300 | ||
Estimated future amortization expense, 2020 | 38,300 | ||
Estimated future rental expense, thereafter | $ 1,310,000 | ||
MACAO [MEMBER] | |||
Operating Leased Assets [Line Items] | |||
Leasehold interest in land, term of contract | 25 years | ||
Leasehold interest in land, term of contract, automatic extension | 10 years |
Leasehold Interests in Land, Net - Premium and Rental Payments for Leasehold Interests in Land (Detail) - MACAO [MEMBER] $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Schedule of Future Land Premium and Rental Payments [Line Items] | |
Future land payments, 2016 | $ 5,003 |
Future land payments, 2017 | 5,281 |
Future land payments, 2018 | 5,281 |
Future land payments, 2019 | 5,281 |
Future land payments, 2020 | 5,281 |
Future land payments, thereafter | 65,323 |
Future land payments, total | $ 91,450 |
Intangible Assets, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Intangible Assets [Line Items] | ||
Intangible assets, net | $ 71,586 | $ 86,260 |
Gaming License [Member] | Marina Bay Sands [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, gross | 40,312 | 43,091 |
Less - accumulated amortization | (36,020) | (24,139) |
Intangible assets, net | 4,292 | 18,952 |
Trademarks and Other [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, gross | 1,099 | 1,116 |
Less - accumulated amortization | (305) | (308) |
Intangible assets, net | 794 | 808 |
Gaming License and Certificate [Member] | Sands Bethlehem [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 66,500 | $ 66,500 |
Other Accrued Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Customer deposits | $ 431,019 | $ 464,588 |
Outstanding gaming chips and tokens | 366,740 | 581,187 |
Taxes and licenses | 319,315 | 349,455 |
Payroll and related | 290,966 | 296,791 |
Other accruals | 286,265 | 292,423 |
Other accrued liabilities | $ 1,694,305 | $ 1,984,444 |
Long-Term Debt - Schedule of Long-term Debt - OID (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Secured Debt [Member] | 2013 U.S. Credit Facility Term B [Member] | UNITED STATES [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount | $ 8,036 | $ 9,643 |
Long-Term Debt - Maturities of Long-Term Debt and Capital Lease Obligations Outstanding (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | ||
Capital lease obligations, 2016 | $ 5,314 | |
Capital lease obligations, 2017 | 3,754 | |
Capital lease obligations, 2018 | 2,531 | |
Capital lease obligations, 2019 | 11,561 | |
Capital lease obligations, 2020 | 0 | |
Capital lease obligations, thereafter | 0 | |
Capital lease obligations, gross | 23,160 | |
Less - amount representing interest | (3,512) | |
Capital lease obligations, net | 19,648 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Long-term debt payments, 2016 | 91,253 | |
Long-term debt payments, 2017 | 323,078 | |
Long-term debt payments, 2018 | 1,357,128 | |
Long-term debt payments, 2019 | 2,250,780 | |
Long-term debt payments, 2020 | 5,094,182 | |
Long-term debt payments, thereafter | 339,979 | |
Long-term debt payments, total | $ 9,456,400 | $ 9,980,000 |
Equity - Rollforward of Common Stock (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Increase (Decrease) in Common Stock [Roll Forward] | |||
Common stock shares, beginning balance | 798,258,172 | ||
Common stock shares, ending balance | 794,645,310 | 798,258,172 | |
Common Stock [Member] | |||
Increase (Decrease) in Common Stock [Roll Forward] | |||
Common stock shares, beginning balance | 798,258,172 | 818,702,936 | 824,297,756 |
Exercise of stock options | 688,743 | 1,955,108 | 2,777,127 |
Issuance of restricted stock | 49,438 | 31,137 | 146,848 |
Vesting of restricted stock units | 34,750 | 29,541 | |
Forfeiture of unvested restricted stock | (2,000) | (8,675) | (13,076) |
Repurchase of common stock | (4,383,793) | (22,451,875) | (8,570,281) |
Exercise of warrants | 64,562 | ||
Common stock shares, ending balance | 794,645,310 | 798,258,172 | 818,702,936 |
Income Taxes - Income (Loss) Before Income Taxes and Noncontrolling Interests (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income (Loss) Before Income Taxes and Noncontrolling Interest [Abstract] | |||
Foreign | $ 2,546,920 | $ 3,799,941 | $ 3,109,982 |
Domestic | 74,962 | 32,770 | 33,530 |
Income before income taxes | $ 2,621,882 | $ 3,832,711 | $ 3,143,512 |
Income Taxes - Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Foreign: | |||
Current | $ 212,743 | $ 252,476 | $ 195,154 |
Deferred | 3,162 | (1,369) | (6,318) |
Federal: | |||
Current | 4,779 | (4,601) | (2,073) |
Deferred | 15,501 | (1,866) | 2,073 |
Total income tax expense | $ 236,185 | $ 244,640 | $ 188,836 |
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
U.S. foreign tax credits | (100.70%) | (80.30%) | (19.00%) |
Repatriation of foreign earnings | 68.00% | 53.60% | 14.60% |
Change in valuation allowance | 34.50% | 26.70% | 6.00% |
Foreign and U.S. tax rate differential | (20.00%) | (20.90%) | (21.10%) |
Tax exempt income of foreign subsidiary (Macao) | (7.80%) | (8.50%) | (9.60%) |
Other, net | 0.00% | 0.80% | 0.10% |
Effective tax rate | 9.00% | 6.40% | 6.00% |
Income Taxes - Components of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred tax assets: | ||
U.S. foreign tax credit carryforwards | $ 3,094,835 | $ 2,257,048 |
Net operating loss carryforwards | 243,737 | 255,623 |
Stock-based compensation | 31,732 | 31,565 |
Accrued expenses | 30,935 | 31,563 |
Deferred gain on the sale of The Grand Canal Shoppes and The Shoppes at The Palazzo | 29,801 | 31,412 |
Allowance for doubtful accounts | 29,669 | 30,861 |
Pre-opening expenses | 25,215 | 32,773 |
State deferred items | 11,543 | 12,361 |
Other tax credit carryforwards | 3,055 | 2,059 |
Other | 4,305 | 5,443 |
Total deferred tax assets, gross | 3,504,827 | 2,690,708 |
Less — valuation allowances | (3,302,137) | (2,484,653) |
Total deferred tax assets | 202,690 | 206,055 |
Deferred tax liabilities: | ||
Property and equipment | (310,339) | (319,354) |
Prepaid expenses | (5,402) | (5,836) |
Other | (65,002) | (50,602) |
Total deferred tax liabilities | (380,743) | (375,792) |
Deferred tax liabilities, net | $ (178,053) | $ (169,737) |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the year | $ 62,765 | $ 56,659 | $ 59,338 |
Additions to tax positions related to prior years | 1,618 | 1,101 | 4,431 |
Reductions to tax positions related to prior years | (87) | 0 | (11,625) |
Additions to tax positions related to current year | 4,524 | 6,196 | 5,709 |
Settlements | (1,013) | 0 | (753) |
Lapse in statutes of limitations | (1,742) | (729) | 0 |
Exchange rate fluctuations | (698) | (462) | (441) |
Balance at the end of the year | $ 65,367 | $ 62,765 | $ 56,659 |
Fair Value Measurements Fair Value Measurements - Additional Information (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Foreign Exchange Contract [Member] | MACAO [MEMBER] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative asset, notional amount | $ 672.7 |
Fair Value Measurements - Footnotes (Detail) - Derivative |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, original maturities | less than 90 days | |
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of interest rate derivatives held | 1 | 4 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of foreign currency derivatives held | 19 |
Mall Sales - Additional Information (Detail) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 24, 2011 |
Feb. 29, 2008 |
May. 31, 2004 |
Apr. 30, 2004 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Sale of Mall Assets [Line Items] | |||||||
Mall sale, deferred proceeds | $ 268,427 | $ 268,710 | |||||
The Grand Canal Shoppes [Member] | |||||||
Sale of Mall Assets [Line Items] | |||||||
Mall sale, proceeds | $ 766,000 | ||||||
Mall sale, realized gain | $ 417,600 | ||||||
Operating leases, term of contract | 89 years | ||||||
Mall sale, deferred rent | 109,200 | ||||||
Amortization of deferred rent, recognized | 1,200 | 1,200 | $ 1,200 | ||||
Net present value of the lease payments | $ 77,200 | ||||||
Amortization of deferred gain, recognized | 2,800 | $ 3,100 | $ 3,500 | ||||
The Grand Canal Shoppes [Member] | Theater Space [Member] | |||||||
Sale of Mall Assets [Line Items] | |||||||
Sales leaseback, annual rental payments | $ 3,300 | ||||||
Sales leaseback, term of lease | 25 years | ||||||
The Grand Canal Shoppes [Member] | Gondola Ride [Member] | |||||||
Sale of Mall Assets [Line Items] | |||||||
Sales leaseback, annual rental payments | $ 3,500 | ||||||
Sales leaseback, term of lease | 25 years | ||||||
The Grand Canal Shoppes [Member] | Office Space [Member] | |||||||
Sale of Mall Assets [Line Items] | |||||||
Sales leaseback, annual rental payments | $ 900 | ||||||
Sales leaseback, term of lease | 10 years | ||||||
Sales leaseback, term of lease, extension option | 65 years | ||||||
The Shoppes At The Palazzo [Member] | |||||||
Sale of Mall Assets [Line Items] | |||||||
Mall sale, proceeds | $ 295,400 | ||||||
Operating leases, term of contract | 89 years | ||||||
Mall sale, deferred rent | $ 22,500 | ||||||
Sales leaseback, annual rental payments | $ 700 | ||||||
Sales leaseback, term of lease | 10 years | ||||||
Sales leaseback, term of lease, extension option | 10 years | ||||||
Minimum lease payments, 2016 | 900 | ||||||
Minimum lease payments, 2017 | 900 | ||||||
Minimum lease payments, 2018 | 500 | ||||||
Mall sale, deferred proceeds | $ 266,200 | $ 268,427 |
Mall Sales - Future Lease Payments Obligation (Detail) - The Grand Canal Shoppes [Member] $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Sale of Mall Assets [Line Items] | |
Minimum lease payments, 2016 | $ 7,718 |
Minimum lease payments, 2017 | 7,718 |
Minimum lease payments, 2018 | 7,718 |
Minimum lease payments, 2019 | 7,942 |
Minimum lease payments, 2020 | 8,103 |
Minimum lease payments, thereafter | 70,229 |
Minimum lease payments, total | $ 109,428 |
Commitments and Contingencies - Additional Information (Detail) |
1 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 06, 2015
USD ($)
|
Jul. 09, 2014
USD ($)
|
Oct. 17, 2013
USD ($)
|
May. 28, 2013
USD ($)
|
May. 14, 2013
USD ($)
|
Sep. 14, 2012
USD ($)
|
Jan. 19, 2012
USD ($)
|
Jan. 19, 2012
MOP
|
Jun. 30, 2008
USD ($)
|
May. 24, 2008
USD ($)
|
Oct. 15, 2004
USD ($)
|
Aug. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
MOP
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Commitments and Contingencies [Line Items] | ||||||||||||||||
Operating lease, expenses incurred | $ 75,300,000 | $ 67,400,000 | $ 67,500,000 | |||||||||||||
Operating lease, contingent rentals | $ 56,500,000 | $ 103,900,000 | $ 129,100,000 | |||||||||||||
Minimum [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Operating lease, lessee, term of contract | 1 year | 1 year | ||||||||||||||
Operating lease, lessor, term of contract | 1 month | 1 month | ||||||||||||||
Maximum [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Operating lease, lessor, term of contract | 21 years | 21 years | ||||||||||||||
Subconcession [Member] | MACAO [MEMBER] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Annual premium, fixed portion | $ 3,800,000 | MOP 30,000,000 | ||||||||||||||
Tax on gross gaming revenue, percent | 35.00% | 35.00% | ||||||||||||||
Percentage contribution of revenue to utilities | 4.00% | 4.00% | ||||||||||||||
Other commitment, due 2016 | $ 39,600,000 | |||||||||||||||
Other commitment, due 2017 | 39,600,000 | |||||||||||||||
Other commitment, due 2018 | 39,600,000 | |||||||||||||||
Other commitment, due 2019 | 39,600,000 | |||||||||||||||
Other commitment, due 2020 | 39,600,000 | |||||||||||||||
Other commitment, due thereafter | 59,400,000 | |||||||||||||||
Subconcession [Member] | Minimum [Member] | MACAO [MEMBER] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Annual premium, minimum | 5,600,000 | MOP 45,000,000 | ||||||||||||||
Subconcession [Member] | Gaming Table Reserved [Member] | MACAO [MEMBER] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Annual premium, minimum | 37,578 | 300,000 | ||||||||||||||
Subconcession [Member] | Gaming Table Not Reserved [Member] | MACAO [MEMBER] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Annual premium, minimum | 18,789 | 150,000 | ||||||||||||||
Subconcession [Member] | Electrical Or Mechanical Gaming Machine [Member] | MACAO [MEMBER] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Annual premium, minimum | 125 | MOP 1,000 | ||||||||||||||
Employment Contracts [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Other commitment, due 2016 | 10,200,000 | |||||||||||||||
Other commitment, due 2017 | 8,700,000 | |||||||||||||||
Other commitment, due 2018 | 8,400,000 | |||||||||||||||
Other commitment, due 2019 | 8,400,000 | |||||||||||||||
Other commitment, due 2020 | $ 1,900,000 | |||||||||||||||
Employment Contracts [Member] | Minimum [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Employment agreement, terms | 1 year | 1 year | ||||||||||||||
Employment Contracts [Member] | Maximum [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Employment agreement, terms | 5 years | 5 years | ||||||||||||||
Lease Termination and Asset Purchase Agreements [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Other commitment, due 2016 | $ 500,000 | |||||||||||||||
Other commitment, due 2017 | 500,000 | |||||||||||||||
Other commitment, due 2018 | 500,000 | |||||||||||||||
Other commitment, due 2019 | 500,000 | |||||||||||||||
Other commitment, due 2020 | 500,000 | |||||||||||||||
Other commitment, due thereafter | $ 5,200,000 | |||||||||||||||
Suen and Round Square Company Limited [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, allegations, success fee | $ 5,000,000 | |||||||||||||||
Loss contingency, allegations, net profit percentage | 2.00% | |||||||||||||||
Suen and Round Square Company Limited [Member] | Jury Verdict [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, amount awarded under appeal | $ 70,000,000 | $ 43,800,000 | ||||||||||||||
Suen and Round Square Company Limited [Member] | Judgment Including Interest As Of Judgment Date [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, amount awarded under appeal | $ 101,600,000 | $ 58,600,000 | ||||||||||||||
Suen and Round Square Company Limited [Member] | Costs And Fees [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, amount awarded under appeal | $ 1,000,000 | |||||||||||||||
Steven Jacobs Matter [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, fine | $ 25,000 | |||||||||||||||
Steven Jacobs Matter [Member] | Costs And Fees [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, amount awarded under appeal | $ 250,000 | |||||||||||||||
Asian American Entertainment Corporation Limited [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Loss contingency, damages sought | $ 5,000,000,000 | $ 375,800,000 | MOP 3,000,000,000 | |||||||||||||
U.S. Attorneys Office [Member] | ||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||
Legal settlement | $ 47,400,000 |
Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Operating Leases (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating lease payments, 2016 | $ 20,537 |
Operating lease payments, 2017 | 10,361 |
Operating lease payments, 2018 | 8,045 |
Operating lease payments, 2019 | 4,338 |
Operating lease payments, 2020 | 4,432 |
Operating lease payments, thereafter | 108,778 |
Total minimum payments | $ 156,491 |
Commitments and Contingencies - Future Minimum Rental Receivables Under Non-Cancelable Operating Leases (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Operating lease receivables, 2016 | $ 431,797 |
Operating lease receivables, 2017 | 356,856 |
Operating lease receivables, 2018 | 267,993 |
Operating lease receivables, 2019 | 198,955 |
Operating lease receivables, 2020 | 144,577 |
Operating lease receivables, thereafter | 240,402 |
Total minimum future rentals | $ 1,640,580 |
Stock-Based Employee Compensation - Additional Information (Detail) |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2014 |
Dec. 31, 2015
USD ($)
OptionPlan
shares
|
Dec. 31, 2014
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of nonqualified stock option plans | OptionPlan | 2 | ||
Modified to cash-settled, incremental compensation cost | $ 0 | ||
Employee-related liabilities, current | $ 290,966,000 | $ 296,791,000 | |
LVSC 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares provided by the plan | shares | 26,344,000 | ||
Term of plan, expiration date (in years) | 10 years | ||
Term of plan, expiration date, amendment | Dec. 31, 2019 | ||
Shares available for grant | shares | 4,379,164 | ||
Stock options vesting period (in years) | 4 years | ||
Maximum contractual term of outstanding stock options | 10 years | ||
LVSC 2004 Plan [Member] | Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to unvested equity-based awards | $ 33,400,000 | ||
Percentage of estimated forfeitures per year related to unvested stock options | 8.00% | ||
Expected weighted average period for recognition of stock option (in years) | 3 years 9 months 12 days | ||
LVSC 2004 Plan [Member] | Restricted Stock and Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to unvested equity-based awards | $ 4,700,000 | ||
Percentage of estimated forfeitures per year related to unvested stock options | 8.00% | ||
Expected weighted average period for recognition of stock option (in years) | 1 year 1 month 12 days | ||
SCL Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares provided by the plan | shares | 804,786,508 | ||
Term of plan, expiration date (in years) | 10 years | ||
Shares available for grant | shares | 756,474,620 | ||
Stock options vesting period (in years) | 4 years | ||
Maximum contractual term of outstanding stock options | 10 years | ||
SCL Equity Plan [Member] | Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to unvested equity-based awards | $ 19,300,000 | ||
Percentage of estimated forfeitures per year related to unvested stock options | 9.50% | ||
Expected weighted average period for recognition of stock option (in years) | 2 years 10 months 24 days | ||
SCL Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Modified from equity-settled, shares | shares | 1,603,849 | ||
Unrecognized compensation cost related to unvested equity-based awards | $ 6,100,000 | ||
Expected weighted average period for recognition of stock option (in years) | 1 year 9 months 15 days | ||
SCL Equity Plan [Member] | Cash-Settled Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Modified from equity-settled, shares | shares | 1,603,849 | ||
Modified to cash-settled, number of employees affected | 4 | ||
Share-based liabilities, cash paid | $ 3,300,000 | ||
Employee-related liabilities, current | $ 1,900,000 |
Stock-Based Employee Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
LVSC 2004 Plan [Member] | |||
Black-Scholes option-pricing model, weighted average assumptions | |||
Weighted average volatility | 37.30% | 56.50% | 94.80% |
Expected term (in years) | 5 years 10 months | 6 years | 5 years 6 months |
Risk-free rate | 1.30% | 1.70% | 1.30% |
Expected dividends | 4.70% | 4.60% | 2.50% |
SCL Equity Plan [Member] | |||
Black-Scholes option-pricing model, weighted average assumptions | |||
Weighted average volatility | 40.40% | 65.10% | 67.70% |
Expected term (in years) | 4 years | 6 years 3 months 18 days | 6 years 3 months 18 days |
Risk-free rate | 0.70% | 1.30% | 0.70% |
Expected dividends | 5.60% | 3.00% | 3.10% |
Stock-Based Employee Compensation - Summary of Stock Option Activity (Detail) - Stock Option [Member] - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
LVSC 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance, shares | 6,964,169 | ||
Granted, shares | 441,809 | 2,359,000 | 288,000 |
Exercised, shares | (688,743) | ||
Forfeited, shares | (267,600) | ||
Outstanding, ending balance, shares | 6,449,635 | 6,964,169 | |
Exercisable as of the end of the period, shares | 3,725,000 | ||
Outstanding, beginning balance, weighted average exercise price | $ 58.25 | ||
Granted, weighted average exercise price | 55.35 | ||
Exercised, weighted average exercise price | 19.33 | ||
Forfeited, weighted average exercise price | 66.84 | ||
Outstanding, ending balance, weighted average exercise price | 61.86 | $ 58.25 | |
Exercisable as of the end of the period, weighted average exercise price | $ 65.92 | ||
Outstanding, weighted average remaining contractual life (in years) | 5 years 4 months 2 days | ||
Exercisable, weighted average remaining contractual life (in years) | 2 years 9 months 19 days | ||
Outstanding, aggregate intrinsic value | $ 11,074,005 | ||
Exercisable, aggregate intrinsic value | $ 10,995,965 | ||
SCL Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance, shares | 23,249,696 | ||
Granted, shares | 6,744,000 | 11,661,000 | 4,537,000 |
Exercised, shares | (1,599,300) | ||
Forfeited, shares | (2,920,600) | ||
Outstanding, ending balance, shares | 25,473,796 | 23,249,696 | |
Exercisable as of the end of the period, shares | 9,062,496 | ||
Outstanding, beginning balance, weighted average exercise price | $ 5.50 | ||
Granted, weighted average exercise price | 3.92 | ||
Exercised, weighted average exercise price | 2.21 | ||
Forfeited, weighted average exercise price | 6.49 | ||
Outstanding, ending balance, weighted average exercise price | 5.17 | $ 5.50 | |
Exercisable as of the end of the period, weighted average exercise price | $ 4.47 | ||
Outstanding, weighted average remaining contractual life (in years) | 7 years 11 months 20 days | ||
Exercisable, weighted average remaining contractual life (in years) | 6 years 8 months 16 days | ||
Outstanding, aggregate intrinsic value | $ 3,473,098 | ||
Exercisable, aggregate intrinsic value | $ 3,459,473 |
Stock-Based Employee Compensation - Summary of Unvested Restricted Stock and Stock Units (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
LVSC 2004 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward] | |||
Unvested, shares, beginning balance | 508,805 | ||
Granted, shares | 49,438 | 31,000 | 47,000 |
Vested, shares | (364,657) | ||
Forfeited, shares | (2,000) | ||
Unvested, shares, ending balance | 191,586 | 508,805 | |
Unvested, weighted average grant date fair value, beginning balance | $ 51.15 | ||
Granted, weighted average grant date fair value | 59.57 | $ 75.46 | $ 54.72 |
Vested, weighted average grant date fair value | 52.18 | ||
Forfeited, weighted average grant date fair value | 47.14 | ||
Unvested, weighted average grant date fair value, ending balance | $ 51.42 | $ 51.15 | |
LVSC 2004 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward] | |||
Unvested, shares, beginning balance | 159,150 | ||
Granted, shares | 0 | 10,000 | 123,000 |
Vested, shares | (34,750) | ||
Forfeited, shares | (22,500) | ||
Unvested, shares, ending balance | 101,900 | 159,150 | |
Unvested, weighted average grant date fair value, beginning balance | $ 55.98 | ||
Granted, weighted average grant date fair value | 0.00 | $ 68.30 | $ 58.82 |
Vested, weighted average grant date fair value | 46.83 | ||
Forfeited, weighted average grant date fair value | 51.70 | ||
Unvested, weighted average grant date fair value, ending balance | $ 60.05 | $ 55.98 | |
SCL Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward] | |||
Unvested, shares, beginning balance | 2,971,200 | ||
Granted, shares | 118,800 | 363,000 | 2,608,000 |
Modified to cash-settled, shares | (1,603,849) | ||
Modified from equity-settled, shares | 1,603,849 | ||
Forfeited, shares | (83,820) | ||
Unvested, shares, ending balance | 1,402,331 | 2,971,200 | |
Unvested, weighted average grant date fair value, beginning balance | $ 6.66 | ||
Granted, weighted average grant date fair value | 4.90 | $ 6.81 | $ 6.64 |
Vested, weighted average grant date fair value | 0.00 | ||
Modified to cash-settled, weighted average grant date fair value | 5.94 | ||
Modified from equity-settled, weighted average grant date fair value | 5.94 | ||
Forfeited, weighted average grant date fair value | 7.37 | ||
Unvested, weighted average grant date fair value, ending balance | $ 7.29 | $ 6.66 | |
SCL Equity Plan [Member] | Cash-Settled Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward] | |||
Unvested, shares, beginning balance | 0 | ||
Granted, shares | 0 | ||
Vested, shares | (805,475) | ||
Modified to cash-settled, shares | (1,603,849) | ||
Modified from equity-settled, shares | 1,603,849 | ||
Unvested, shares, ending balance | 798,374 | 0 | |
Unvested, weighted average grant date fair value, beginning balance | $ 0.00 | ||
Granted, weighted average grant date fair value | 0.00 | ||
Vested, weighted average grant date fair value | 5.99 | ||
Modified to cash-settled, weighted average grant date fair value | 5.94 | ||
Modified from equity-settled, weighted average grant date fair value | 5.94 | ||
Unvested, weighted average grant date fair value, ending balance | $ 5.89 | $ 0.00 |
Stock-Based Employee Compensation - Stock-Based Compensation Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 45,804 | $ 48,058 | $ 53,377 |
Income tax benefit recognized in the consolidated statements of operations | 7,163 | 6,743 | 0 |
Compensation cost capitalized as part of property and equipment | 335 | 1,437 | 941 |
LVSC 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options exercised, intrinsic value | 24,538 | 105,386 | 129,149 |
Stock options exercised, cash received | 13,313 | 44,973 | 50,223 |
Stock options exercised, tax benefit realized for tax deductions from stock-based compensation | 648 | 0 | 0 |
SCL Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options exercised, intrinsic value | 3,253 | 19,282 | 25,786 |
Stock options exercised, cash received | 3,563 | 10,677 | 19,373 |
Stock options exercised, tax benefit realized for tax deductions from stock-based compensation | 0 | 0 | 0 |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 25,507 | $ 24,964 | $ 32,549 |
Stock Option [Member] | LVSC 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 441,809 | 2,359,000 | 288,000 |
Stock options granted, weighted average grant date fair value | $ 11.97 | $ 20.25 | $ 35.76 |
Stock Option [Member] | SCL Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 6,744,000 | 11,661,000 | 4,537,000 |
Stock options granted, weighted average grant date fair value | $ 0.76 | $ 3.40 | $ 2.63 |
Restricted Stock and Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 20,297 | $ 23,094 | $ 20,828 |
Restricted Stock [Member] | LVSC 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock units granted | 49,438 | 31,000 | 47,000 |
Restricted stock and stock units granted, weighted average grant date fair value | $ 59.57 | $ 75.46 | $ 54.72 |
Restricted Stock Units (RSUs) [Member] | LVSC 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock units granted | 0 | 10,000 | 123,000 |
Restricted stock and stock units granted, weighted average grant date fair value | $ 0.00 | $ 68.30 | $ 58.82 |
Restricted Stock Units (RSUs) [Member] | SCL Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock units granted | 118,800 | 363,000 | 2,608,000 |
Restricted stock and stock units granted, weighted average grant date fair value | $ 4.90 | $ 6.81 | $ 6.64 |
Employee Benefit Plans - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
U.S. Benefit Plan [Member] | VCR 401 (K) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Probation period for benefit plan eligibility | 3 months | ||
Employer matching contribution, additional match amount | $ 390 | ||
Employer matching contribution, percent of employee's salary | 5.00% | ||
Company contribution under the benefit plan | $ 9,500,000 | $ 8,700,000 | $ 8,200,000 |
U.S. Benefit Plan [Member] | VCR 401 (K) [Member] | Up to $390 [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent | 150.00% | ||
U.S. Benefit Plan [Member] | VCR 401 (K) [Member] | In Excess of $390 [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent | 50.00% | ||
Foreign Benefit Plan [Member] | VML Provident Fund [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Probation period for benefit plan eligibility | 3 months | ||
Employer matching contribution, percent of employee's salary | 5.00% | ||
Company contribution under the benefit plan | $ 33,500,000 | 31,400,000 | 28,600,000 |
Percentage of contribution eligible to be received by participating employee, after three years | 30.00% | ||
Number of years worked by employee to be eligible for 30% of provident funds contributed by company | 3 years | ||
Percentage of contribution eligible to be received by participating employee, increasing to, after ten years | 100.00% | ||
Number of years worked by employee to be eligible for 100% of provident funds contributed by company | 10 years | ||
Foreign Benefit Plan [Member] | MBS Provident Fund [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employee's salary | 17.00% | ||
Company contribution under the benefit plan | $ 47,300,000 | $ 44,900,000 | $ 40,400,000 |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
8 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 01, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Dec. 31, 2010 |
Dec. 31, 2009 |
Dec. 31, 2008 |
Dec. 31, 2007 |
Dec. 31, 2006 |
Dec. 31, 2005 |
Dec. 31, 2004 |
Dec. 31, 2003 |
|
Lodging and Food & Beverage [Member] | Principal Stockholder and His Family [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Goods and services sold to related party | $ 2,100 | $ 1,200 | $ 1,700 | |||||||||||
Lodging and Food & Beverage [Member] | Principal Stockholder [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Goods and services incurred and paid to related party | 2,300 | 1,800 | 1,100 | |||||||||||
Aviation [Member] | Principal Stockholder [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Goods and services sold to related party | 19,900 | 18,300 | 17,600 | |||||||||||
Goods and services incurred and paid to related party | 3,500 | 5,700 | 11,400 | |||||||||||
Aviation [Member] | Executive Vice President [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Goods and services sold to related party | $ 7 | $ 300 | $ 100 | |||||||||||
Carnevale Lease Interest and Assets [Member] | Principal Stockholder [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Purchased lease interest and assets, purchase price | $ 3,100 | |||||||||||||
Purchased lease interest and assets, annual installment | $ 300 | $ 300 | $ 300 | $ 300 | $ 300 | $ 300 | $ 300 | $ 300 | $ 300 | $ 300 | $ 600 |
Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | $ 2,861,735 | $ 2,893,683 | $ 2,921,421 | $ 3,011,622 | $ 3,415,993 | [1] | $ 3,533,122 | $ 3,624,350 | $ 4,010,384 | $ 11,688,461 | $ 14,583,849 | $ 13,769,885 | |||||
Adjusted property EBITDA | [2] | 4,170,230 | 5,422,343 | 4,763,355 | |||||||||||||
Stock-based compensation | (21,909) | (28,769) | (30,053) | ||||||||||||||
Legal settlement | 0 | 0 | (47,400) | ||||||||||||||
Corporate | (176,169) | (174,750) | (189,535) | ||||||||||||||
Pre-opening | (47,509) | (26,230) | (13,339) | ||||||||||||||
Development | (10,372) | (14,325) | (15,809) | ||||||||||||||
Depreciation and amortization | (998,919) | (1,031,589) | (1,007,468) | ||||||||||||||
Amortization of leasehold interests in land | (38,645) | (40,598) | (40,352) | ||||||||||||||
Loss on disposal of assets | (35,232) | (6,856) | (11,156) | ||||||||||||||
Operating income | 701,981 | 739,069 | 689,310 | 711,115 | 1,022,520 | [1] | 971,421 | 961,460 | 1,143,825 | 2,841,475 | 4,099,226 | 3,408,243 | |||||
Interest income | 15,085 | 25,643 | 16,337 | ||||||||||||||
Interest expense, net of amounts capitalized | (265,220) | (274,181) | (271,211) | ||||||||||||||
Other income | 30,542 | 1,965 | 4,321 | ||||||||||||||
Loss on modification or early retirement of debt | 0 | (19,942) | (14,178) | ||||||||||||||
Income tax expense | (236,185) | (244,640) | (188,836) | ||||||||||||||
Net income | 574,975 | $ 618,193 | $ 581,491 | $ 611,038 | 878,000 | [1] | $ 860,499 | $ 852,844 | $ 996,728 | 2,385,697 | 3,588,071 | 2,954,676 | |||||
Capital expenditures | 1,528,642 | 1,178,656 | 898,111 | ||||||||||||||
Total assets | 20,987,421 | 22,354,047 | 20,987,421 | 22,354,047 | 22,724,264 | ||||||||||||
Long-lived assets | 16,993,770 | 16,725,564 | 16,993,770 | 16,725,564 | 16,787,772 | ||||||||||||
Corporate and Other [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Capital expenditures | 10,518 | 32,030 | 41,152 | ||||||||||||||
Total assets | 463,339 | 558,753 | 463,339 | 558,753 | 630,673 | ||||||||||||
Long-lived assets | 334,540 | 357,071 | 334,540 | 357,071 | 388,448 | ||||||||||||
MACAO [MEMBER] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 6,899,126 | 9,608,897 | 8,991,653 | ||||||||||||||
Adjusted property EBITDA | [2] | 2,222,431 | 3,264,792 | 2,903,703 | |||||||||||||
Capital expenditures | 1,292,706 | 946,082 | 614,367 | ||||||||||||||
Total assets | 10,748,846 | 11,345,156 | 10,748,846 | 11,345,156 | 11,398,504 | ||||||||||||
Long-lived assets | 8,722,477 | 7,908,068 | 8,722,477 | 7,908,068 | 7,470,076 | ||||||||||||
MACAO [MEMBER] | The Venetian Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 1,078,590 | 1,546,323 | 1,499,937 | |||||||||||||
Capital expenditures | 82,402 | 125,293 | 96,172 | ||||||||||||||
Total assets | 2,999,873 | 3,900,921 | 2,999,873 | 3,900,921 | 4,367,533 | ||||||||||||
Long-lived assets | 1,795,042 | 1,893,032 | 1,795,042 | 1,893,032 | 1,925,040 | ||||||||||||
MACAO [MEMBER] | Sands Cotai Central [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 651,524 | 1,001,487 | 739,723 | |||||||||||||
Capital expenditures | 403,149 | 345,748 | 262,540 | ||||||||||||||
Total assets | 4,400,465 | 4,761,907 | 4,400,465 | 4,761,907 | 4,669,358 | ||||||||||||
Long-lived assets | 3,943,966 | 3,814,699 | 3,943,966 | 3,814,699 | 3,772,095 | ||||||||||||
MACAO [MEMBER] | Four Seasons Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 243,390 | 374,899 | 305,040 | |||||||||||||
Capital expenditures | 14,937 | 41,440 | 15,003 | ||||||||||||||
Total assets | 1,038,573 | 1,157,502 | 1,038,573 | 1,157,502 | 1,273,654 | ||||||||||||
Long-lived assets | 903,649 | 932,034 | 903,649 | 932,034 | 928,396 | ||||||||||||
MACAO [MEMBER] | Sands Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 226,094 | 338,590 | 362,858 | |||||||||||||
Capital expenditures | 21,622 | 40,402 | 26,491 | ||||||||||||||
Total assets | 373,113 | 414,689 | 373,113 | 414,689 | 383,444 | ||||||||||||
Long-lived assets | 266,399 | 286,640 | 266,399 | 286,640 | 279,395 | ||||||||||||
MACAO [MEMBER] | Other Asia [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 22,833 | 3,493 | (3,855) | |||||||||||||
Capital expenditures | 3,922 | 2,617 | 1,319 | ||||||||||||||
Total assets | 288,178 | 304,826 | 288,178 | 304,826 | 328,332 | ||||||||||||
Long-lived assets | 167,540 | 177,335 | 167,540 | 177,335 | 189,136 | ||||||||||||
MACAO [MEMBER] | The Parisian Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Capital expenditures | 766,674 | 390,582 | 212,842 | ||||||||||||||
Total assets | 1,648,562 | 805,220 | 1,648,562 | 805,220 | 376,014 | ||||||||||||
Long-lived assets | 1,645,881 | 804,328 | 1,645,881 | 804,328 | 376,014 | ||||||||||||
MACAO [MEMBER] | Other Development Projects [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total assets | 82 | 91 | 82 | 91 | 169 | ||||||||||||
SINGAPORE [Member] | Marina Bay Sands [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 1,506,486 | 1,723,147 | 1,384,576 | |||||||||||||
Capital expenditures | 129,738 | 79,612 | 142,706 | ||||||||||||||
Total assets | 5,556,299 | 6,106,397 | 5,556,299 | 6,106,397 | 6,354,231 | ||||||||||||
Long-lived assets | 4,476,064 | 4,874,263 | 4,476,064 | 4,874,263 | 5,277,126 | ||||||||||||
UNITED STATES [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 2,057,115 | 1,983,006 | 2,014,762 | ||||||||||||||
Adjusted property EBITDA | [2] | 441,313 | 434,404 | 475,076 | |||||||||||||
Capital expenditures | 95,680 | 120,932 | 99,886 | ||||||||||||||
Total assets | 4,218,937 | 4,343,741 | 4,218,937 | 4,343,741 | 4,340,856 | ||||||||||||
Long-lived assets | 3,460,689 | 3,586,162 | 3,460,689 | 3,586,162 | 3,652,122 | ||||||||||||
UNITED STATES [Member] | Las Vegas Operating Properties [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 305,469 | 313,913 | 351,739 | |||||||||||||
Capital expenditures | 77,556 | 108,666 | 93,191 | ||||||||||||||
Total assets | 3,525,881 | 3,630,505 | 3,525,881 | 3,630,505 | 3,653,127 | ||||||||||||
Long-lived assets | 2,909,294 | 3,024,380 | 2,909,294 | 3,024,380 | 3,073,793 | ||||||||||||
UNITED STATES [Member] | Sands Bethlehem [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Adjusted property EBITDA | [2] | 135,844 | 120,491 | 123,337 | |||||||||||||
Capital expenditures | 18,124 | 12,266 | 6,695 | ||||||||||||||
Total assets | 693,056 | 713,236 | 693,056 | 713,236 | 687,729 | ||||||||||||
Long-lived assets | $ 551,395 | $ 561,782 | 551,395 | 561,782 | 578,329 | ||||||||||||
Operating Segments [Member] | MACAO [MEMBER] | The Venetian Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 2,986,851 | 4,040,681 | 3,851,230 | ||||||||||||||
Operating Segments [Member] | MACAO [MEMBER] | Sands Cotai Central [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 2,181,877 | 3,133,864 | 2,698,430 | ||||||||||||||
Operating Segments [Member] | MACAO [MEMBER] | Four Seasons Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 691,037 | 1,107,779 | 1,065,405 | ||||||||||||||
Operating Segments [Member] | MACAO [MEMBER] | Sands Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 879,563 | 1,174,795 | 1,237,016 | ||||||||||||||
Operating Segments [Member] | MACAO [MEMBER] | Other Asia [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 159,798 | 151,778 | 139,572 | ||||||||||||||
Operating Segments [Member] | SINGAPORE [Member] | Marina Bay Sands [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 2,952,400 | 3,214,210 | 2,968,366 | ||||||||||||||
Operating Segments [Member] | UNITED STATES [Member] | Las Vegas Operating Properties [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 1,508,006 | 1,478,769 | 1,518,024 | ||||||||||||||
Operating Segments [Member] | UNITED STATES [Member] | Sands Bethlehem [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | 549,109 | 504,237 | 496,738 | ||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | (220,180) | (222,264) | (204,896) | ||||||||||||||
Intersegment Eliminations [Member] | MACAO [MEMBER] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | (46,190) | (48,222) | (39,772) | ||||||||||||||
Intersegment Eliminations [Member] | MACAO [MEMBER] | The Venetian Macao [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | (6,352) | (5,591) | (5,296) | ||||||||||||||
Intersegment Eliminations [Member] | MACAO [MEMBER] | Sands Cotai Central [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | (402) | (301) | (356) | ||||||||||||||
Intersegment Eliminations [Member] | MACAO [MEMBER] | Other Asia [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | (39,436) | (42,330) | (34,120) | ||||||||||||||
Intersegment Eliminations [Member] | SINGAPORE [Member] | Marina Bay Sands [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | (9,739) | (12,209) | (9,548) | ||||||||||||||
Intersegment Eliminations [Member] | UNITED STATES [Member] | Las Vegas Operating Properties [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net revenues | $ (164,251) | $ (161,833) | $ (155,576) | ||||||||||||||
|
Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jun. 24, 2011 |
||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Deferred proceeds from sale of The Shoppes at The Palazzo | $ 268,427 | $ 268,710 | $ 268,427 | $ 268,710 | |||||||||||
Total liabilities | 12,569,434 | 13,333,465 | 12,569,434 | 13,333,465 | |||||||||||
Property and equipment, net | 15,731,638 | 15,372,474 | 15,731,638 | 15,372,474 | |||||||||||
Net loss | (465,782) | $ (519,358) | $ (469,173) | $ (511,923) | (721,305) | [1] | $ (671,705) | $ (671,434) | $ (776,185) | (1,966,236) | (2,840,629) | $ (2,305,997) | |||
Dividends paid to LVSC | 2,362,540 | 3,408,577 | 1,840,722 | ||||||||||||
The Shoppes At The Palazzo [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Net liabilities | 48,700 | 40,300 | 48,700 | 40,300 | |||||||||||
Deferred proceeds from sale of The Shoppes at The Palazzo | 268,427 | 268,427 | $ 266,200 | ||||||||||||
Total liabilities | 268,800 | 268,800 | |||||||||||||
Property and equipment, net | $ 219,700 | $ 228,500 | 219,700 | 228,500 | |||||||||||
Net loss | $ 9,400 | $ 11,800 | $ 12,900 | ||||||||||||
|
Condensed Consolidating Financial Information - Balance Sheets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 2,179,490 | $ 3,506,319 | $ 3,600,414 | $ 2,512,766 |
Restricted cash and cash equivalents | 7,901 | 6,566 | ||
Accounts receivable, net | 1,267,848 | 1,510,772 | ||
Inventories | 42,573 | 41,674 | ||
Prepaid expenses and other | 111,438 | 125,168 | ||
Total current assets | 3,609,250 | 5,190,499 | ||
Property and equipment, net | 15,731,638 | 15,372,474 | ||
Deferred financing costs, net | 169,693 | 205,596 | ||
Deferred income taxes, net | 23,681 | 24,076 | ||
Leasehold interests in land, net | 1,262,132 | 1,353,090 | ||
Intangible assets, net | 71,586 | 86,260 | ||
Other assets, net | 119,441 | 122,052 | ||
Total assets | 20,987,421 | 22,354,047 | 22,724,264 | |
Accounts payable | 110,408 | 112,721 | ||
Construction payables | 364,136 | 270,929 | ||
Accrued interest payable | 1,863 | 7,943 | ||
Other accrued liabilities | 1,694,305 | 1,984,444 | ||
Income taxes payable | 198,056 | 224,201 | ||
Current maturities of long-term debt | 95,367 | 99,734 | ||
Total current liabilities | 2,464,135 | 2,699,972 | ||
Other long-term liabilities | 113,368 | 124,614 | ||
Deferred income taxes | 201,734 | 193,813 | ||
Deferred amounts related to mall transactions | 417,552 | 422,153 | ||
Long-term debt | 9,372,645 | 9,892,913 | ||
Total liabilities | 12,569,434 | 13,333,465 | ||
Total Las Vegas Sands Corp. stockholders' equity | 6,816,741 | 7,213,586 | ||
Noncontrolling interests | 1,601,246 | 1,806,996 | ||
Total equity | 8,417,987 | 9,020,582 | 9,500,529 | 8,658,412 |
Total liabilities and equity | 20,987,421 | 22,354,047 | ||
Consolidating/Eliminating Entries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Intercompany receivables | (930,244) | (687,125) | ||
Intercompany notes receivables | (378,612) | (370,836) | ||
Prepaid expenses and other | (33) | (461) | ||
Total current assets | (1,308,889) | (1,058,422) | ||
Investments in subsidiaries | (11,269,376) | (12,875,205) | ||
Intercompany receivables | (17,691) | (38,989) | ||
Intercompany notes receivable | (1,446,464) | (1,250,544) | ||
Deferred income taxes, net | (57,098) | (52,874) | ||
Total assets | (14,099,518) | (15,276,034) | ||
Intercompany payables | (930,244) | (687,125) | ||
Intercompany notes payable | (378,612) | (370,836) | ||
Income taxes payable | (33) | (461) | ||
Total current liabilities | (1,308,889) | (1,058,422) | ||
Intercompany payables | (17,691) | (38,989) | ||
Intercompany notes payable | (1,446,464) | (1,250,544) | ||
Deferred income taxes | (57,098) | (52,874) | ||
Total liabilities | (2,830,142) | (2,400,829) | ||
Total Las Vegas Sands Corp. stockholders' equity | (11,269,376) | (12,875,205) | ||
Total equity | (11,269,376) | (12,875,205) | ||
Total liabilities and equity | (14,099,518) | (15,276,034) | ||
Las Vegas Sands Corp. [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 64,817 | 114,125 | 50,180 | 7,962 |
Intercompany receivables | 665,285 | 431,754 | ||
Accounts receivable, net | 6,640 | 15,144 | ||
Inventories | 8,024 | 5,238 | ||
Prepaid expenses and other | 23,659 | 26,210 | ||
Total current assets | 768,425 | 592,471 | ||
Property and equipment, net | 113,817 | 130,155 | ||
Investments in subsidiaries | 6,464,794 | 7,010,357 | ||
Deferred financing costs, net | 65 | 123 | ||
Intercompany receivables | 215 | 226 | ||
Intangible assets, net | 690 | 690 | ||
Other assets, net | 380 | 714 | ||
Total assets | 7,348,386 | 7,734,736 | ||
Accounts payable | 5,807 | 8,065 | ||
Construction payables | 124 | 156 | ||
Intercompany notes payable | 378,612 | 370,836 | ||
Accrued interest payable | 79 | 76 | ||
Other accrued liabilities | 34,458 | 31,050 | ||
Income taxes payable | 38 | |||
Current maturities of long-term debt | 3,688 | 3,688 | ||
Total current liabilities | 422,806 | 413,871 | ||
Other long-term liabilities | 1,610 | 3,014 | ||
Deferred income taxes | 50,934 | 44,283 | ||
Long-term debt | 56,295 | 59,983 | ||
Total liabilities | 531,645 | 521,151 | ||
Total Las Vegas Sands Corp. stockholders' equity | 6,816,741 | 7,213,586 | ||
Total equity | 6,816,741 | 7,213,586 | ||
Total liabilities and equity | 7,348,386 | 7,734,737 | ||
Restricted Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 359,467 | 345,399 | 315,489 | 182,402 |
Intercompany receivables | 264,959 | 255,371 | ||
Accounts receivable, net | 263,705 | 270,838 | ||
Inventories | 11,600 | 10,745 | ||
Prepaid expenses and other | 13,151 | 11,889 | ||
Total current assets | 912,882 | 894,242 | ||
Property and equipment, net | 2,867,664 | 2,979,485 | ||
Investments in subsidiaries | 4,804,582 | 5,864,848 | ||
Deferred financing costs, net | 19,569 | 25,153 | ||
Intercompany receivables | 17,476 | 38,763 | ||
Intercompany notes receivable | 1,446,464 | 1,250,544 | ||
Other assets, net | 21,903 | 19,736 | ||
Total assets | 10,090,540 | 11,072,771 | ||
Accounts payable | 28,268 | 25,489 | ||
Construction payables | 1,179 | 4,001 | ||
Intercompany payables | 572,128 | 430,596 | ||
Accrued interest payable | 1,290 | 1,030 | ||
Other accrued liabilities | 220,978 | 233,781 | ||
Current maturities of long-term debt | 24,020 | 24,224 | ||
Total current liabilities | 847,863 | 719,121 | ||
Other long-term liabilities | 9,780 | 9,255 | ||
Deferred income taxes | 26,992 | 13,918 | ||
Deferred amounts related to mall transactions | 417,552 | 422,153 | ||
Long-term debt | 2,818,239 | 3,230,653 | ||
Total liabilities | 4,120,426 | 4,395,100 | ||
Total Las Vegas Sands Corp. stockholders' equity | 5,969,709 | 6,677,266 | ||
Noncontrolling interests | 405 | 405 | ||
Total equity | 5,970,114 | 6,677,671 | ||
Total liabilities and equity | 10,090,540 | 11,072,771 | ||
Non-Restricted Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1,755,206 | 3,046,795 | $ 3,234,745 | $ 2,322,402 |
Restricted cash and cash equivalents | 7,901 | 6,566 | ||
Intercompany notes receivables | 378,612 | 370,836 | ||
Accounts receivable, net | 997,503 | 1,224,790 | ||
Inventories | 22,949 | 25,691 | ||
Prepaid expenses and other | 74,661 | 87,530 | ||
Total current assets | 3,236,832 | 4,762,208 | ||
Property and equipment, net | 12,750,157 | 12,262,834 | ||
Deferred financing costs, net | 150,059 | 180,320 | ||
Deferred income taxes, net | 80,779 | 76,950 | ||
Leasehold interests in land, net | 1,262,132 | 1,353,090 | ||
Intangible assets, net | 70,896 | 85,570 | ||
Other assets, net | 97,158 | 101,602 | ||
Total assets | 17,648,013 | 18,822,574 | ||
Accounts payable | 76,333 | 79,167 | ||
Construction payables | 362,833 | 266,772 | ||
Intercompany payables | 358,116 | 256,529 | ||
Accrued interest payable | 494 | 6,837 | ||
Other accrued liabilities | 1,438,869 | 1,719,613 | ||
Income taxes payable | 198,051 | 224,662 | ||
Current maturities of long-term debt | 67,659 | 71,822 | ||
Total current liabilities | 2,502,355 | 2,625,402 | ||
Other long-term liabilities | 101,978 | 112,345 | ||
Intercompany payables | 17,691 | 38,989 | ||
Intercompany notes payable | 1,446,464 | 1,250,544 | ||
Deferred income taxes | 180,906 | 188,486 | ||
Long-term debt | 6,498,111 | 6,602,277 | ||
Total liabilities | 10,747,505 | 10,818,043 | ||
Total Las Vegas Sands Corp. stockholders' equity | 5,299,667 | 6,197,939 | ||
Noncontrolling interests | 1,600,841 | 1,806,591 | ||
Total equity | 6,900,508 | 8,004,530 | ||
Total liabilities and equity | $ 17,648,013 | $ 18,822,573 |
Condensed Consolidating Financial Information - Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
[1] | Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Revenues: | ||||||||||||||
Casino | $ 9,083,004 | $ 12,004,361 | $ 11,386,917 | |||||||||||
Rooms | 1,469,874 | 1,540,420 | 1,380,681 | |||||||||||
Food and beverage | 757,512 | 778,769 | 730,259 | |||||||||||
Mall | 564,309 | 553,534 | 481,400 | |||||||||||
Convention, retail and other | 539,651 | 548,704 | 515,179 | |||||||||||
Gross revenue | 12,414,350 | 15,425,788 | 14,494,436 | |||||||||||
Less — promotional allowances | (725,889) | (841,939) | (724,551) | |||||||||||
Net revenues | $ 2,861,735 | $ 2,893,683 | $ 2,921,421 | $ 3,011,622 | $ 3,415,993 | $ 3,533,122 | $ 3,624,350 | $ 4,010,384 | 11,688,461 | 14,583,849 | 13,769,885 | |||
Operating expenses: | ||||||||||||||
Casino | 5,113,870 | 6,705,534 | 6,483,718 | |||||||||||
Rooms | 262,440 | 256,835 | 271,942 | |||||||||||
Food and beverage | 402,660 | 392,560 | 369,570 | |||||||||||
Mall | 61,299 | 69,732 | 73,358 | |||||||||||
Convention, retail and other | 276,821 | 320,759 | 317,869 | |||||||||||
Provision for doubtful accounts | 155,635 | 186,722 | 237,786 | |||||||||||
General and administrative | 1,267,415 | 1,258,133 | 1,329,740 | |||||||||||
Corporate | 176,169 | 174,750 | 189,535 | |||||||||||
Pre-opening | 47,509 | 26,230 | 13,339 | |||||||||||
Development | 10,372 | 14,325 | 15,809 | |||||||||||
Depreciation and amortization | 998,919 | 1,031,589 | 1,007,468 | |||||||||||
Amortization of leasehold interests in land | 38,645 | 40,598 | 40,352 | |||||||||||
(Gain) loss on disposal of assets | 35,232 | 6,856 | 11,156 | |||||||||||
Total operating expenses | 8,846,986 | 10,484,623 | 10,361,642 | |||||||||||
Operating income | 701,981 | 739,069 | 689,310 | 711,115 | 1,022,520 | 971,421 | 961,460 | 1,143,825 | 2,841,475 | 4,099,226 | 3,408,243 | |||
Other income (expense): | ||||||||||||||
Interest income | 15,085 | 25,643 | 16,337 | |||||||||||
Interest expense, net of amounts capitalized | (265,220) | (274,181) | (271,211) | |||||||||||
Other income (expense) | 30,542 | 1,965 | 4,321 | |||||||||||
Loss on modification or early retirement of debt | 0 | (19,942) | (14,178) | |||||||||||
Income before income taxes | 2,621,882 | 3,832,711 | 3,143,512 | |||||||||||
Income tax benefit (expense) | (236,185) | (244,640) | (188,836) | |||||||||||
Net income | 574,975 | 618,193 | 581,491 | 611,038 | 878,000 | 860,499 | 852,844 | 996,728 | 2,385,697 | 3,588,071 | 2,954,676 | |||
Net income attributable to noncontrolling interests | (419,461) | (747,442) | (648,679) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | $ 465,782 | $ 519,358 | $ 469,173 | $ 511,923 | $ 721,305 | $ 671,705 | $ 671,434 | $ 776,185 | 1,966,236 | 2,840,629 | 2,305,997 | |||
Consolidating/Eliminating Entries [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Convention, retail and other | (184,123) | (182,672) | (172,888) | |||||||||||
Gross revenue | (184,123) | (182,672) | (172,888) | |||||||||||
Less — promotional allowances | (2,648) | (2,227) | (1,885) | |||||||||||
Net revenues | (186,771) | (184,899) | (174,773) | |||||||||||
Operating expenses: | ||||||||||||||
Casino | (3,190) | (3,226) | (2,992) | |||||||||||
Rooms | (4) | |||||||||||||
Food and beverage | (4,066) | (4,079) | (4,303) | |||||||||||
Convention, retail and other | (28,216) | (31,192) | (26,669) | |||||||||||
General and administrative | (1,193) | (977) | (846) | |||||||||||
Corporate | (150,045) | (145,402) | (139,942) | |||||||||||
Pre-opening | (5) | (1) | 0 | |||||||||||
Development | (56) | (22) | (17) | |||||||||||
Total operating expenses | (186,771) | (184,899) | (174,773) | |||||||||||
Other income (expense): | ||||||||||||||
Interest income | (214,165) | (183,079) | (176,210) | |||||||||||
Interest expense, net of amounts capitalized | 214,165 | 183,079 | 176,210 | |||||||||||
Income from equity investments in subsidiaries | (3,509,643) | (5,518,464) | (4,536,540) | |||||||||||
Income before income taxes | (3,509,643) | (5,518,464) | (4,536,540) | |||||||||||
Net income | (3,509,643) | (5,518,464) | (4,536,540) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | (3,509,643) | (5,518,464) | (4,536,540) | |||||||||||
Las Vegas Sands Corp. [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Less — promotional allowances | (763) | (1,279) | (1,455) | |||||||||||
Net revenues | (763) | (1,279) | (1,455) | |||||||||||
Operating expenses: | ||||||||||||||
Corporate | 135,822 | 156,775 | 164,926 | |||||||||||
Development | 10,414 | 14,210 | 15,207 | |||||||||||
Depreciation and amortization | 26,815 | 26,020 | 26,165 | |||||||||||
(Gain) loss on disposal of assets | (42) | (12,641) | ||||||||||||
Total operating expenses | 173,051 | 196,963 | 193,657 | |||||||||||
Operating income | (173,814) | (198,242) | (195,112) | |||||||||||
Other income (expense): | ||||||||||||||
Interest income | 111 | 180 | 1,155 | |||||||||||
Interest expense, net of amounts capitalized | (9,000) | (6,442) | (4,269) | |||||||||||
Other income (expense) | 0 | (791) | (5,282) | |||||||||||
Income from equity investments in subsidiaries | 1,941,839 | 2,919,958 | 2,416,604 | |||||||||||
Income before income taxes | 1,759,136 | 2,714,663 | 2,213,096 | |||||||||||
Income tax benefit (expense) | 207,100 | 125,966 | 92,901 | |||||||||||
Net income | 1,966,236 | 2,840,629 | 2,305,997 | |||||||||||
Net income attributable to Las Vegas Sands Corp. | 1,966,236 | 2,840,629 | 2,305,997 | |||||||||||
Restricted Subsidiaries [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Casino | 455,539 | 509,206 | 584,372 | |||||||||||
Rooms | 543,994 | 491,493 | 472,518 | |||||||||||
Food and beverage | 218,824 | 201,892 | 197,371 | |||||||||||
Convention, retail and other | 324,554 | 320,409 | 310,276 | |||||||||||
Gross revenue | 1,542,911 | 1,523,000 | 1,564,537 | |||||||||||
Less — promotional allowances | (92,293) | (88,929) | (91,217) | |||||||||||
Net revenues | 1,450,618 | 1,434,071 | 1,473,320 | |||||||||||
Operating expenses: | ||||||||||||||
Casino | 300,954 | 298,641 | 314,966 | |||||||||||
Rooms | 151,297 | 139,837 | 157,497 | |||||||||||
Food and beverage | 110,131 | 99,427 | 90,507 | |||||||||||
Convention, retail and other | 86,681 | 101,983 | 106,242 | |||||||||||
Provision for doubtful accounts | 35,912 | 37,059 | 29,977 | |||||||||||
General and administrative | 319,763 | 305,279 | 341,659 | |||||||||||
Corporate | 294 | 1,807 | 1,264 | |||||||||||
Pre-opening | 98 | 911 | ||||||||||||
Depreciation and amortization | 170,691 | 183,566 | 186,871 | |||||||||||
(Gain) loss on disposal of assets | 13,016 | 7,233 | 1,823 | |||||||||||
Total operating expenses | 1,188,739 | 1,174,930 | 1,231,717 | |||||||||||
Operating income | 261,879 | 259,141 | 241,603 | |||||||||||
Other income (expense): | ||||||||||||||
Interest income | 206,609 | 178,136 | 173,203 | |||||||||||
Interest expense, net of amounts capitalized | (108,818) | (113,546) | (88,972) | |||||||||||
Other income (expense) | (1,805) | (4,732) | (2,322) | |||||||||||
Loss on modification or early retirement of debt | (14,178) | |||||||||||||
Income from equity investments in subsidiaries | 1,567,804 | 2,598,506 | 2,119,936 | |||||||||||
Income before income taxes | 1,925,669 | 2,917,505 | 2,429,270 | |||||||||||
Income tax benefit (expense) | (149,376) | (141,089) | (133,519) | |||||||||||
Net income | 1,776,293 | 2,776,416 | 2,295,751 | |||||||||||
Net income attributable to noncontrolling interests | (3,240) | (2,274) | (2,894) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | 1,773,053 | 2,774,142 | 2,292,857 | |||||||||||
Non-Restricted Subsidiaries [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Casino | 8,627,465 | 11,495,155 | 10,802,545 | |||||||||||
Rooms | 925,880 | 1,048,927 | 908,163 | |||||||||||
Food and beverage | 538,688 | 576,877 | 532,888 | |||||||||||
Mall | 564,309 | 553,534 | 481,400 | |||||||||||
Convention, retail and other | 399,220 | 410,967 | 377,791 | |||||||||||
Gross revenue | 11,055,562 | 14,085,460 | 13,102,787 | |||||||||||
Less — promotional allowances | (630,185) | (749,504) | (629,994) | |||||||||||
Net revenues | 10,425,377 | 13,335,956 | 12,472,793 | |||||||||||
Operating expenses: | ||||||||||||||
Casino | 4,816,106 | 6,410,119 | 6,171,744 | |||||||||||
Rooms | 111,143 | 116,998 | 114,449 | |||||||||||
Food and beverage | 296,595 | 297,212 | 283,366 | |||||||||||
Mall | 61,299 | 69,732 | 73,358 | |||||||||||
Convention, retail and other | 218,356 | 249,968 | 238,296 | |||||||||||
Provision for doubtful accounts | 119,723 | 149,663 | 207,809 | |||||||||||
General and administrative | 948,845 | 953,831 | 988,927 | |||||||||||
Corporate | 190,098 | 161,570 | 163,287 | |||||||||||
Pre-opening | 47,514 | 26,133 | 12,428 | |||||||||||
Development | 14 | 137 | 619 | |||||||||||
Depreciation and amortization | 801,413 | 822,003 | 794,432 | |||||||||||
Amortization of leasehold interests in land | 38,645 | 40,598 | 40,352 | |||||||||||
(Gain) loss on disposal of assets | 22,216 | (335) | 21,974 | |||||||||||
Total operating expenses | 7,671,967 | 9,297,629 | 9,111,041 | |||||||||||
Operating income | 2,753,410 | 4,038,327 | 3,361,752 | |||||||||||
Other income (expense): | ||||||||||||||
Interest income | 22,530 | 30,406 | 18,189 | |||||||||||
Interest expense, net of amounts capitalized | (361,567) | (337,272) | (354,180) | |||||||||||
Other income (expense) | 32,347 | 7,488 | 11,925 | |||||||||||
Loss on modification or early retirement of debt | (19,942) | |||||||||||||
Income before income taxes | 2,446,720 | 3,719,007 | 3,037,686 | |||||||||||
Income tax benefit (expense) | (293,909) | (229,517) | (148,218) | |||||||||||
Net income | 2,152,811 | 3,489,490 | 2,889,468 | |||||||||||
Net income attributable to noncontrolling interests | (416,221) | (745,168) | (645,785) | |||||||||||
Net income attributable to Las Vegas Sands Corp. | $ 1,736,590 | $ 2,744,322 | $ 2,243,683 | |||||||||||
|
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
[1] | Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||
Net income | $ 574,975 | $ 618,193 | $ 581,491 | $ 611,038 | $ 878,000 | $ 860,499 | $ 852,844 | $ 996,728 | $ 2,385,697 | $ 3,588,071 | $ 2,954,676 | |||
Currency translation adjustment, net of reclassification adjustment and before tax | (141,012) | (98,414) | (89,976) | |||||||||||
Currency translation adjustment, net of reclassification adjustment and after tax | (141,012) | (98,414) | (89,976) | |||||||||||
Total comprehensive income | 2,244,685 | 3,489,657 | 2,864,700 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (420,833) | (746,710) | (647,998) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | 1,823,852 | 2,742,947 | 2,216,702 | |||||||||||
Consolidating/Eliminating Entries [Member] | ||||||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||
Net income | (3,509,643) | (5,518,464) | (4,536,540) | |||||||||||
Currency translation adjustment, net of reclassification adjustment and before tax | 263,333 | 180,721 | 165,092 | |||||||||||
Currency translation adjustment, net of reclassification adjustment and after tax | 263,333 | 180,721 | 165,092 | |||||||||||
Total comprehensive income | (3,246,310) | (5,337,743) | (4,371,448) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | (3,246,310) | (5,337,743) | (4,371,448) | |||||||||||
Las Vegas Sands Corp. [Member] | ||||||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||
Net income | 1,966,236 | 2,840,629 | 2,305,997 | |||||||||||
Currency translation adjustment, net of reclassification adjustment and before tax | (142,384) | (97,682) | (89,295) | |||||||||||
Currency translation adjustment, net of reclassification adjustment and after tax | (142,384) | (97,682) | (89,295) | |||||||||||
Total comprehensive income | 1,823,852 | 2,742,947 | 2,216,702 | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | 1,823,852 | 2,742,947 | 2,216,702 | |||||||||||
Restricted Subsidiaries [Member] | ||||||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||
Net income | 1,776,293 | 2,776,416 | 2,295,751 | |||||||||||
Currency translation adjustment, net of reclassification adjustment and before tax | (120,949) | (83,039) | (75,797) | |||||||||||
Currency translation adjustment, net of reclassification adjustment and after tax | (120,949) | (83,039) | (75,797) | |||||||||||
Total comprehensive income | 1,655,344 | 2,693,377 | 2,219,954 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (3,240) | (2,274) | (2,894) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | 1,652,104 | 2,691,103 | 2,217,060 | |||||||||||
Non-Restricted Subsidiaries [Member] | ||||||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||
Net income | 2,152,811 | 3,489,490 | 2,889,468 | |||||||||||
Currency translation adjustment, net of reclassification adjustment and before tax | (141,012) | (98,414) | (89,976) | |||||||||||
Currency translation adjustment, net of reclassification adjustment and after tax | (141,012) | (98,414) | (89,976) | |||||||||||
Total comprehensive income | 2,011,799 | 3,391,076 | 2,799,492 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (417,593) | (744,436) | (645,104) | |||||||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ 1,594,206 | $ 2,646,640 | $ 2,154,388 | |||||||||||
|
Condensed Consolidating Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | $ 3,449,971 | $ 4,832,844 | $ 4,439,412 |
Cash flows from investing activities: | |||
Change in restricted cash and cash equivalents | (1,328) | 270 | (382) |
Capital expenditures | (1,528,642) | (1,178,656) | (898,111) |
Proceeds from disposal of property and equipment | 1,504 | 1,818 | 32,155 |
Acquisition of intangible assets | 0 | 0 | (45,871) |
Net cash used in investing activities | (1,528,466) | (1,176,568) | (912,209) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 16,876 | 55,650 | 69,596 |
Excess tax benefits from stock-based compensation | 8,785 | 3,585 | 0 |
Repurchase of common stock | (205,084) | (1,676,802) | (561,150) |
Proceeds from exercise of warrants | 0 | 0 | 350 |
Dividends paid | (2,692,882) | (2,386,657) | (1,564,049) |
Distributions to noncontrolling interests | (13,908) | (9,773) | (11,858) |
Dividends paid to LVSC | 2,362,540 | 3,408,577 | 1,840,722 |
Proceeds from long-term debt | 2,089,277 | 2,497,725 | 3,183,107 |
Repayments of long-term debt and capital leases | (2,397,717) | (2,117,466) | (3,513,032) |
Payments of deferred financing costs | (11,745) | (88,048) | (35,414) |
Net cash used in financing activities | (3,206,398) | (3,721,786) | (2,432,450) |
Effect of exchange rate on cash | (41,936) | (28,585) | (7,105) |
Increase (decrease) in cash and cash equivalents | (1,326,829) | (94,095) | 1,087,648 |
Cash and cash equivalents at beginning of year | 3,506,319 | 3,600,414 | 2,512,766 |
Cash and cash equivalents at end of year | 2,179,490 | 3,506,319 | 3,600,414 |
2013 U.S. Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 1,090,000 | 1,678,000 | 2,828,750 |
Repayments of long-term debt | (1,502,500) | (1,270,500) | |
2011 VML Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 999,277 | 819,725 | |
Repayments of long-term debt | (820,188) | (819,680) | |
Senior Secured Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 250,000 | ||
Repayments of long-term debt | (3,073,038) | ||
2012 Singapore Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 104,357 | ||
Repayments of long-term debt | (67,403) | (17,930) | (430,504) |
Airplane Financings [Member] | |||
Cash flows from financing activities: | |||
Repayments of long-term debt | (3,688) | (3,688) | (3,688) |
HVAC Equipment Lease and Other Long-Term Debt [Member] | |||
Cash flows from financing activities: | |||
Repayments of long-term debt and capital leases | (3,938) | (5,668) | (5,802) |
Consolidating/Eliminating Entries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | (4,602,656) | (5,949,943) | (3,401,964) |
Cash flows from investing activities: | |||
Repayments of receivable from non-restricted subsidiaries | (2,285) | (1,889) | (1,357) |
Notes receivable to LVSC | 114,155 | 251,537 | |
Repayments of receivables from LVSC | (237,161) | ||
Dividends received from non-restricted subsidiaries | (1,506,308) | (1,418,221) | (1,383,116) |
Capital contributions to subsidiaries | 1,383,730 | 1,327,991 | 1,292,484 |
Net cash used in investing activities | (124,863) | 22,036 | (77,613) |
Cash flows from financing activities: | |||
Dividends paid to Restricted Subsidiaries | 3,746,424 | 3,959,587 | 2,944,358 |
Capital contributions received | (1,383,730) | (1,327,991) | (1,292,484) |
Borrowings from non-restricted subsidiaries | (114,155) | (251,537) | |
Repayments on borrowings from Restricted Subsidiaries | 2,285 | 1,889 | 1,357 |
Repayments on borrowings from non-restricted subsidiaries | 237,161 | ||
Net cash used in financing activities | 4,727,519 | 5,927,907 | 3,479,577 |
Las Vegas Sands Corp. [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | 2,221,658 | 3,223,393 | 1,693,766 |
Cash flows from investing activities: | |||
Capital expenditures | (10,518) | (31,626) | (29,901) |
Proceeds from disposal of property and equipment | 10 | 42 | 31,000 |
Capital contributions to subsidiaries | (22) | (68) | |
Net cash used in investing activities | (10,530) | (31,584) | 1,031 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 13,313 | 44,973 | 50,223 |
Excess tax benefits from stock-based compensation | 8,785 | 3,585 | |
Repurchase of common stock | (205,084) | (1,676,802) | (561,150) |
Proceeds from exercise of warrants | 350 | ||
Dividends paid | (2,073,762) | (1,610,087) | (1,152,690) |
Borrowings from non-restricted subsidiaries | 114,155 | 251,537 | |
Repayments on borrowings from non-restricted subsidiaries | (237,161) | ||
Net cash used in financing activities | (2,260,436) | (3,127,864) | (1,652,579) |
Increase (decrease) in cash and cash equivalents | (49,308) | 63,945 | 42,218 |
Cash and cash equivalents at beginning of year | 114,125 | 50,180 | 7,962 |
Cash and cash equivalents at end of year | 64,817 | 114,125 | 50,180 |
Las Vegas Sands Corp. [Member] | Airplane Financings [Member] | |||
Cash flows from financing activities: | |||
Repayments of long-term debt | (3,688) | (3,688) | (3,688) |
Restricted Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | 2,601,691 | 2,915,949 | 1,892,021 |
Cash flows from investing activities: | |||
Change in restricted cash and cash equivalents | 0 | 1 | |
Capital expenditures | (74,789) | (102,502) | (91,900) |
Proceeds from disposal of property and equipment | 81 | 671 | 121 |
Repayments of receivable from non-restricted subsidiaries | 2,285 | 1,889 | 1,357 |
Dividends received from non-restricted subsidiaries | 1,506,308 | 1,418,221 | 1,383,116 |
Capital contributions to subsidiaries | (1,383,708) | (1,327,991) | (1,292,416) |
Net cash used in investing activities | 50,177 | (9,712) | 279 |
Cash flows from financing activities: | |||
Distributions to noncontrolling interests | (3,240) | (2,274) | (2,894) |
Dividends paid to LVSC | (2,220,335) | (3,279,161) | (1,732,152) |
Payments of deferred financing costs | (27,529) | ||
Net cash used in financing activities | (2,637,800) | (2,876,327) | (1,759,213) |
Increase (decrease) in cash and cash equivalents | 14,068 | 29,910 | 133,087 |
Cash and cash equivalents at beginning of year | 345,399 | 315,489 | 182,402 |
Cash and cash equivalents at end of year | 359,467 | 345,399 | 315,489 |
Restricted Subsidiaries [Member] | 2013 U.S. Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 1,090,000 | 1,678,000 | 2,828,750 |
Repayments of long-term debt | (1,502,500) | (1,270,500) | |
Restricted Subsidiaries [Member] | Senior Secured Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 250,000 | ||
Repayments of long-term debt | (3,073,038) | ||
Restricted Subsidiaries [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member] | |||
Cash flows from financing activities: | |||
Repayments of long-term debt and capital leases | (1,725) | (2,392) | (2,350) |
Non-Restricted Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | 3,229,278 | 4,643,445 | 4,255,589 |
Cash flows from investing activities: | |||
Change in restricted cash and cash equivalents | (1,328) | 270 | (383) |
Capital expenditures | (1,443,335) | (1,044,528) | (776,310) |
Proceeds from disposal of property and equipment | 1,413 | 1,105 | 1,034 |
Acquisition of intangible assets | (45,871) | ||
Notes receivable to LVSC | (114,155) | (251,537) | |
Repayments of receivables from LVSC | 237,161 | ||
Net cash used in investing activities | (1,443,250) | (1,157,308) | (835,906) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 3,563 | 10,677 | 19,373 |
Dividends paid | (619,120) | (776,570) | (411,359) |
Distributions to noncontrolling interests | (10,668) | (7,499) | (8,964) |
Dividends paid to LVSC | (142,205) | (129,416) | (108,570) |
Dividends paid to Restricted Subsidiaries | (3,746,424) | (3,959,587) | (2,944,358) |
Capital contributions received | 1,383,730 | 1,327,991 | 1,292,484 |
Repayments on borrowings from Restricted Subsidiaries | (2,285) | (1,889) | (1,357) |
Payments of deferred financing costs | (11,745) | (88,048) | (7,885) |
Net cash used in financing activities | (3,035,681) | (3,645,502) | (2,500,235) |
Effect of exchange rate on cash | (41,936) | (28,585) | (7,105) |
Increase (decrease) in cash and cash equivalents | (1,291,589) | (187,950) | 912,343 |
Cash and cash equivalents at beginning of year | 3,046,795 | 3,234,745 | 2,322,402 |
Cash and cash equivalents at end of year | 1,755,206 | 3,046,795 | 3,234,745 |
Non-Restricted Subsidiaries [Member] | 2011 VML Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 999,277 | 819,725 | |
Repayments of long-term debt | (820,188) | (819,680) | |
Non-Restricted Subsidiaries [Member] | 2012 Singapore Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 104,357 | ||
Repayments of long-term debt | (67,403) | (17,930) | (430,504) |
Non-Restricted Subsidiaries [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member] | |||
Cash flows from financing activities: | |||
Repayments of long-term debt and capital leases | $ (2,213) | $ (3,276) | $ (3,452) |
Selected Quarterly Financial Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
[1] | Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net revenues | $ 2,861,735 | $ 2,893,683 | $ 2,921,421 | $ 3,011,622 | $ 3,415,993 | $ 3,533,122 | $ 3,624,350 | $ 4,010,384 | $ 11,688,461 | $ 14,583,849 | $ 13,769,885 | |||
Operating income | 701,981 | 739,069 | 689,310 | 711,115 | 1,022,520 | 971,421 | 961,460 | 1,143,825 | 2,841,475 | 4,099,226 | 3,408,243 | |||
Net income | 574,975 | 618,193 | 581,491 | 611,038 | 878,000 | 860,499 | 852,844 | 996,728 | 2,385,697 | 3,588,071 | 2,954,676 | |||
Net income attributable to Las Vegas Sands Corp. | $ 465,782 | $ 519,358 | $ 469,173 | $ 511,923 | $ 721,305 | $ 671,705 | $ 671,434 | $ 776,185 | $ 1,966,236 | $ 2,840,629 | $ 2,305,997 | |||
Earnings per share, basic | $ 0.59 | $ 0.65 | $ 0.59 | $ 0.64 | $ 0.90 | $ 0.84 | $ 0.83 | $ 0.95 | $ 2.47 | $ 3.52 | $ 2.80 | |||
Earnings per share, diluted | $ 0.59 | $ 0.65 | $ 0.59 | $ 0.64 | $ 0.90 | $ 0.83 | $ 0.83 | $ 0.95 | $ 2.47 | $ 3.52 | $ 2.79 | |||
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Selected Quarterly Financial Results - Footnotes (Unaudited) (Details) $ in Millions |
1 Months Ended |
---|---|
Dec. 31, 2014
USD ($)
| |
Marina Bay Sands [Member] | |
Schedule Of Quarterly Financial Data [Line Items] | |
Property tax refund | $ 90.1 |
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 673,285 | $ 629,727 | $ 491,682 |
Additions | 155,635 | 186,722 | 237,786 |
Write-offs, net of recoveries | (192,317) | (143,164) | (99,741) |
Balance at end of year | 636,603 | 673,285 | 629,727 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 2,484,653 | 1,519,268 | 1,390,900 |
Additions | 840,157 | 1,012,126 | 149,893 |
Deductions | (22,673) | (46,741) | (21,525) |
Balance at end of year | $ 3,302,137 | $ 2,484,653 | $ 1,519,268 |
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