ý | QUARTERLY 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) | (I.R.S. Employer Identification No.) |
3355 Las Vegas Boulevard South | ||
Las Vegas, Nevada | 89109 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ |
Class | Outstanding at July 23, 2018 | |
Common Stock ($0.001 par value) | 788,004,346 shares |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
June 30, 2018 | December 31, 2017 | ||||||
(In millions, except par value) (Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 4,350 | $ | 2,419 | |||
Restricted cash and cash equivalents | 12 | 11 | |||||
Accounts receivable, net | 555 | 615 | |||||
Inventories | 44 | 47 | |||||
Prepaid expenses and other | 114 | 115 | |||||
Total current assets | 5,075 | 3,207 | |||||
Property and equipment, net | 15,217 | 15,516 | |||||
Deferred income taxes, net | 1,129 | 493 | |||||
Leasehold interests in land, net | 1,213 | 1,237 | |||||
Intangible assets, net | 81 | 89 | |||||
Other assets, net | 140 | 145 | |||||
Total assets | $ | 22,855 | $ | 20,687 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 154 | $ | 171 | |||
Construction payables | 192 | 152 | |||||
Other accrued liabilities | 2,200 | 2,076 | |||||
Income taxes payable | 262 | 261 | |||||
Current maturities of long-term debt | 184 | 296 | |||||
Total current liabilities | 2,992 | 2,956 | |||||
Other long-term liabilities | 165 | 147 | |||||
Deferred income taxes | 193 | 206 | |||||
Deferred amounts related to mall sale transactions | 404 | 407 | |||||
Long-term debt | 11,139 | 9,344 | |||||
Total liabilities | 14,893 | 13,060 | |||||
Commitments and contingencies (Note 7) | |||||||
Equity: | |||||||
Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding | — | — | |||||
Common stock, $0.001 par value, 1,000 shares authorized, 832 and 831 shares issued, 788 and 789 shares outstanding | 1 | 1 | |||||
Treasury stock, at cost, 44 and 42 shares | (2,997 | ) | (2,818 | ) | |||
Capital in excess of par value | 6,660 | 6,580 | |||||
Accumulated other comprehensive income (loss) | (44 | ) | 14 | ||||
Retained earnings | 3,538 | 2,709 | |||||
Total Las Vegas Sands Corp. stockholders' equity | 7,158 | 6,486 | |||||
Noncontrolling interests | 804 | 1,141 | |||||
Total equity | 7,962 | 7,627 | |||||
Total liabilities and equity | $ | 22,855 | $ | 20,687 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions, except per share data) (Unaudited) | |||||||||||||||
Revenues: | |||||||||||||||
Casino | $ | 2,346 | $ | 2,243 | $ | 4,945 | $ | 4,400 | |||||||
Rooms | 418 | 367 | 863 | 765 | |||||||||||
Food and beverage | 219 | 195 | 447 | 407 | |||||||||||
Mall | 164 | 159 | 320 | 316 | |||||||||||
Convention, retail and other | 156 | 145 | 307 | 288 | |||||||||||
Net revenues | 3,303 | 3,109 | 6,882 | 6,176 | |||||||||||
Operating expenses: | |||||||||||||||
Casino | 1,331 | 1,176 | 2,702 | 2,369 | |||||||||||
Rooms | 111 | 101 | 221 | 202 | |||||||||||
Food and beverage | 168 | 156 | 340 | 316 | |||||||||||
Mall | 18 | 18 | 35 | 34 | |||||||||||
Convention, retail and other | 78 | 78 | 162 | 159 | |||||||||||
Provision for (recovery of) doubtful accounts | 7 | 22 | (9 | ) | 54 | ||||||||||
General and administrative | 368 | 354 | 713 | 693 | |||||||||||
Corporate | 33 | 42 | 89 | 84 | |||||||||||
Pre-opening | 2 | 4 | 3 | 6 | |||||||||||
Development | 2 | 2 | 5 | 5 | |||||||||||
Depreciation and amortization | 274 | 327 | 538 | 648 | |||||||||||
Amortization of leasehold interests in land | 9 | 9 | 18 | 19 | |||||||||||
Loss on disposal or impairment of assets | 105 | 3 | 110 | 6 | |||||||||||
2,506 | 2,292 | 4,927 | 4,595 | ||||||||||||
Operating income | 797 | 817 | 1,955 | 1,581 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 9 | 4 | 14 | 7 | |||||||||||
Interest expense, net of amounts capitalized | (93 | ) | (79 | ) | (182 | ) | (157 | ) | |||||||
Other income (expense) | 44 | (25 | ) | 18 | (61 | ) | |||||||||
Loss on modification or early retirement of debt | — | — | (3 | ) | (5 | ) | |||||||||
Income before income taxes | 757 | 717 | 1,802 | 1,365 | |||||||||||
Income tax (expense) benefit | (81 | ) | (78 | ) | 490 | (147 | ) | ||||||||
Net income | 676 | 639 | 2,292 | 1,218 | |||||||||||
Net income attributable to noncontrolling interests | (120 | ) | (93 | ) | (280 | ) | (191 | ) | |||||||
Net income attributable to Las Vegas Sands Corp. | $ | 556 | $ | 546 | $ | 2,012 | $ | 1,027 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.70 | $ | 0.69 | $ | 2.55 | $ | 1.30 | |||||||
Diluted | $ | 0.70 | $ | 0.69 | $ | 2.55 | $ | 1.29 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 789 | 792 | 789 | 793 | |||||||||||
Diluted | 790 | 792 | 790 | 794 | |||||||||||
Dividends declared per common share | $ | 0.75 | $ | 0.73 | $ | 1.50 | $ | 1.46 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) (Unaudited) | |||||||||||||||
Net income | $ | 676 | $ | 639 | $ | 2,292 | $ | 1,218 | |||||||
Currency translation adjustment, before and after tax | (91 | ) | 9 | (63 | ) | 65 | |||||||||
Total comprehensive income | 585 | 648 | 2,229 | 1,283 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (120 | ) | (87 | ) | (275 | ) | (183 | ) | |||||||
Comprehensive income attributable to Las Vegas Sands Corp. | $ | 465 | $ | 561 | $ | 1,954 | $ | 1,100 |
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 | |||||||||||||||||||||
(In millions) (Unaudited) | |||||||||||||||||||||||||||
Balance at January 1, 2017 | $ | 1 | $ | (2,443 | ) | $ | 6,516 | $ | (119 | ) | $ | 2,213 | $ | 1,318 | $ | 7,486 | |||||||||||
Cumulative effect adjustment from change in accounting principle | — | — | 3 | — | (2 | ) | (1 | ) | — | ||||||||||||||||||
Net income | — | — | — | — | 1,027 | 191 | 1,218 | ||||||||||||||||||||
Currency translation adjustment | — | — | — | 73 | — | (8 | ) | 65 | |||||||||||||||||||
Exercise of stock options | — | — | 13 | — | — | 3 | 16 | ||||||||||||||||||||
Stock-based compensation | — | — | 15 | — | — | 3 | 18 | ||||||||||||||||||||
Repurchase of common stock | — | (225 | ) | — | — | — | — | (225 | ) | ||||||||||||||||||
Dividends declared | — | — | — | — | (1,156 | ) | (625 | ) | (1,781 | ) | |||||||||||||||||
Balance at June 30, 2017 | $ | 1 | $ | (2,668 | ) | $ | 6,547 | $ | (46 | ) | $ | 2,082 | $ | 881 | $ | 6,797 | |||||||||||
Balance at January 1, 2018 | $ | 1 | $ | (2,818 | ) | $ | 6,580 | $ | 14 | $ | 2,709 | $ | 1,141 | $ | 7,627 | ||||||||||||
Net income | — | — | — | — | 2,012 | 280 | 2,292 | ||||||||||||||||||||
Currency translation adjustment | — | — | — | (58 | ) | — | (5 | ) | (63 | ) | |||||||||||||||||
Exercise of stock options | — | — | 66 | — | — | 7 | 73 | ||||||||||||||||||||
Stock-based compensation | — | — | 14 | — | — | 2 | 16 | ||||||||||||||||||||
Repurchase of common stock | — | (179 | ) | — | — | — | — | (179 | ) | ||||||||||||||||||
Dividends declared | — | — | — | — | (1,183 | ) | (621 | ) | (1,804 | ) | |||||||||||||||||
Balance at June 30, 2018 | $ | 1 | $ | (2,997 | ) | $ | 6,660 | $ | (44 | ) | $ | 3,538 | $ | 804 | $ | 7,962 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(In millions) (Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 2,292 | $ | 1,218 | |||
Adjustments to reconcile net income to net cash generated from operating activities: | |||||||
Depreciation and amortization | 538 | 648 | |||||
Amortization of leasehold interests in land | 18 | 19 | |||||
Amortization of deferred financing costs and original issue discount | 20 | 21 | |||||
Amortization of deferred gain on and rent from mall sale transactions | (2 | ) | (2 | ) | |||
Loss on modification or early retirement of debt | 3 | 5 | |||||
Loss on disposal or impairment of assets | 110 | 6 | |||||
Stock-based compensation expense | 15 | 18 | |||||
Provision for (recovery of) doubtful accounts | (9 | ) | 54 | ||||
Foreign exchange (gain) loss | (36 | ) | 23 | ||||
Deferred income taxes | (646 | ) | 10 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 66 | 110 | |||||
Other assets | (10 | ) | 23 | ||||
Accounts payable | (16 | ) | (23 | ) | |||
Other liabilities | 161 | (21 | ) | ||||
Net cash generated from operating activities | 2,504 | 2,109 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (416 | ) | (380 | ) | |||
Proceeds from disposal of property and equipment | 10 | 1 | |||||
Net cash used in investing activities | (406 | ) | (379 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 70 | 16 | |||||
Repurchase of common stock | (175 | ) | (225 | ) | |||
Dividends paid | (1,804 | ) | (1,781 | ) | |||
Proceeds from long-term debt (Note 4) | 2,093 | 654 | |||||
Repayments of long-term debt (Note 4) | (313 | ) | (250 | ) | |||
Payments of financing costs | (39 | ) | (5 | ) | |||
Net cash used in financing activities | (168 | ) | (1,591 | ) | |||
Effect of exchange rate on cash, cash equivalents and restricted cash | 2 | 40 | |||||
Increase in cash, cash equivalents and restricted cash | 1,932 | 179 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 2,430 | 2,138 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 4,362 | $ | 2,317 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash payments for interest, net of amounts capitalized | $ | 155 | $ | 129 | |||
Cash payments for taxes, net of refunds | $ | 135 | $ | 126 | |||
Change in construction payables | $ | 40 | $ | (173 | ) |
Casino | Rooms | Food and Beverage | Mall | Convention, Retail and Other | Net Revenues | ||||||||||||||||||
Three Months Ended June 30, 2018 | (In millions) | ||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The Venetian Macao | $ | 677 | $ | 52 | $ | 18 | $ | 56 | $ | 27 | $ | 830 | |||||||||||
Sands Cotai Central | 386 | 78 | 23 | 15 | 7 | 509 | |||||||||||||||||
The Parisian Macao | 308 | 28 | 16 | 15 | 4 | 371 | |||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 136 | 10 | 7 | 33 | — | 186 | |||||||||||||||||
Sands Macao | 166 | 4 | 7 | 2 | 1 | 180 | |||||||||||||||||
Ferry Operations and Other | — | — | — | — | 42 | 42 | |||||||||||||||||
1,673 | 172 | 71 | 121 | 81 | 2,118 | ||||||||||||||||||
Marina Bay Sands | 494 | 93 | 51 | 42 | 25 | 705 | |||||||||||||||||
United States: | |||||||||||||||||||||||
Las Vegas Operating Properties | 60 | 149 | 91 | — | 102 | 402 | |||||||||||||||||
Sands Bethlehem | 119 | 4 | 6 | 1 | 6 | 136 | |||||||||||||||||
179 | 153 | 97 | 1 | 108 | 538 | ||||||||||||||||||
Intercompany eliminations(1) | — | — | — | — | (58 | ) | (58 | ) | |||||||||||||||
Total net revenues | $ | 2,346 | $ | 418 | $ | 219 | $ | 164 | $ | 156 | $ | 3,303 | |||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The Venetian Macao | $ | 538 | $ | 40 | $ | 17 | $ | 55 | $ | 24 | $ | 674 | |||||||||||
Sands Cotai Central | 331 | 64 | 24 | 14 | 6 | 439 | |||||||||||||||||
The Parisian Macao | 285 | 31 | 15 | 17 | 5 | 353 | |||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 88 | 8 | 6 | 32 | 1 | 135 | |||||||||||||||||
Sands Macao | 144 | 5 | 6 | — | 1 | 156 | |||||||||||||||||
Ferry Operations and Other | — | — | — | — | 41 | 41 | |||||||||||||||||
1,386 | 148 | 68 | 118 | 78 | 1,798 | ||||||||||||||||||
Marina Bay Sands | 651 | 80 | 41 | 40 | 22 | 834 | |||||||||||||||||
United States: | |||||||||||||||||||||||
Las Vegas Operating Properties | 81 | 135 | 79 | — | 97 | 392 | |||||||||||||||||
Sands Bethlehem | 125 | 4 | 7 | 1 | 6 | 143 | |||||||||||||||||
206 | 139 | 86 | 1 | 103 | 535 | ||||||||||||||||||
Intercompany eliminations(1) | — | — | — | — | (58 | ) | (58 | ) | |||||||||||||||
Total net revenues | $ | 2,243 | $ | 367 | $ | 195 | $ | 159 | $ | 145 | $ | 3,109 | |||||||||||
Casino | Rooms | Food and Beverage | Mall | Convention, Retail and Other | Net Revenues | ||||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The Venetian Macao | $ | 1,393 | $ | 109 | $ | 41 | $ | 109 | $ | 46 | $ | 1,698 | |||||||||||
Sands Cotai Central | 804 | 160 | 52 | 29 | 13 | 1,058 | |||||||||||||||||
The Parisian Macao | 599 | 61 | 31 | 30 | 9 | 730 | |||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 278 | 19 | 15 | 64 | 1 | 377 | |||||||||||||||||
Sands Macao | 308 | 8 | 14 | 2 | 2 | 334 | |||||||||||||||||
Ferry Operations and Other | — | — | — | — | 81 | 81 | |||||||||||||||||
3,382 | 357 | 153 | 234 | 152 | 4,278 | ||||||||||||||||||
Marina Bay Sands | 1,146 | 193 | 103 | 84 | 51 | 1,577 | |||||||||||||||||
United States: | |||||||||||||||||||||||
Las Vegas Operating Properties | 180 | 305 | 179 | — | 215 | 879 | |||||||||||||||||
Sands Bethlehem | 237 | 8 | 12 | 2 | 11 | 270 | |||||||||||||||||
417 | 313 | 191 | 2 | 226 | 1,149 | ||||||||||||||||||
Intercompany eliminations(1) | — | — | — | — | (122 | ) | (122 | ) | |||||||||||||||
Total net revenues | $ | 4,945 | $ | 863 | $ | 447 | $ | 320 | $ | 307 | $ | 6,882 | |||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The Venetian Macao | $ | 1,134 | $ | 82 | $ | 34 | $ | 106 | $ | 44 | $ | 1,400 | |||||||||||
Sands Cotai Central | 675 | 129 | 48 | 33 | 13 | 898 | |||||||||||||||||
The Parisian Macao | 528 | 60 | 31 | 34 | 10 | 663 | |||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 180 | 16 | 13 | 63 | 1 | 273 | |||||||||||||||||
Sands Macao | 308 | 10 | 13 | — | 3 | 334 | |||||||||||||||||
Ferry Operations and Other | — | — | — | — | 79 | 79 | |||||||||||||||||
2,825 | 297 | 139 | 236 | 150 | 3,647 | ||||||||||||||||||
Marina Bay Sands | 1,143 | 174 | 84 | 78 | 45 | 1,524 | |||||||||||||||||
United States: | |||||||||||||||||||||||
Las Vegas Operating Properties | 185 | 286 | 170 | — | 196 | 837 | |||||||||||||||||
Sands Bethlehem | 247 | 8 | 14 | 2 | 11 | 282 | |||||||||||||||||
432 | 294 | 184 | 2 | 207 | 1,119 | ||||||||||||||||||
Intercompany eliminations(1) | — | — | — | — | (114 | ) | (114 | ) | |||||||||||||||
Total net revenues | $ | 4,400 | $ | 765 | $ | 407 | $ | 316 | $ | 288 | $ | 6,176 | |||||||||||
(1) | Intercompany eliminations include royalties and other intercompany services (see "— Note 8 — Segment Information). |
Outstanding Chip Liability | Loyalty Program Liability | Customer Deposits and Other Deferred Revenue(1) | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Balance at January 1 | $ | 478 | $ | 525 | $ | 63 | $ | 69 | $ | 714 | $ | 633 | |||||||||||
Balance at June 30 | 676 | 553 | 65 | 63 | 724 | 642 | |||||||||||||||||
Increase (decrease) | $ | 198 | $ | 28 | $ | 2 | $ | (6 | ) | $ | 10 | $ | 9 |
(1) | Of this amount, $150 million, $145 million, $137 million and $131 million as of June 30, 2018, January 1, 2018, June 30, 2017, and January 1, 2017, respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year. |
June 30, 2018 | December 31, 2017 | ||||||
(In millions) | |||||||
Land and improvements | $ | 671 | $ | 672 | |||
Building and improvements | 17,703 | 17,703 | |||||
Furniture, fixtures, equipment and leasehold improvements | 4,108 | 3,999 | |||||
Transportation | 441 | 455 | |||||
Construction in progress | 1,166 | 1,179 | |||||
24,089 | 24,008 | ||||||
Less — accumulated depreciation and amortization | (8,872 | ) | (8,492 | ) | |||
$ | 15,217 | $ | 15,516 |
June 30, 2018 | December 31, 2017 | ||||||
(In millions) | |||||||
Corporate and U.S. Related(1): | |||||||
2013 U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $23 and $11, respectively) | $ | 3,479 | $ | 2,150 | |||
HVAC Equipment Lease | 12 | 12 | |||||
Macao Related(1): | |||||||
2016 VML Credit Facility — Term (net of unamortized deferred financing costs of $50 and $56, respectively) | 4,038 | 4,043 | |||||
2016 VML Credit Facility — Non-Extended Term (net of unamortized deferred financing costs of $2) | 227 | 247 | |||||
2016 VML Credit Facility — Revolving | 497 | — | |||||
Other | 5 | 5 | |||||
Singapore Related(1): | |||||||
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $47 and $32, respectively) | 3,065 | 3,183 | |||||
11,323 | 9,640 | ||||||
Less — current maturities | (184 | ) | (296 | ) | |||
Total long-term debt | $ | 11,139 | $ | 9,344 |
(1) | Unamortized deferred financing costs of $22 million and $24 million as of June 30, 2018 and December 31, 2017, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(In millions) | |||||||
Proceeds from 2013 U.S. Credit Facility | $ | 1,347 | $ | 5 | |||
Proceeds from 2016 VML Credit Facility | 746 | 649 | |||||
$ | 2,093 | $ | 654 | ||||
Repayments on 2016 VML Credit Facility | $ | (269 | ) | $ | (107 | ) | |
Repayments on 2012 Singapore Credit Facility | (33 | ) | (33 | ) | |||
Repayments on 2013 U.S. Credit Facility | (9 | ) | (52 | ) | |||
Repayments on Airplane Financings | — | (56 | ) | ||||
Repayments on HVAC Equipment Lease and Other Long-Term Debt | (2 | ) | (2 | ) | |||
$ | (313 | ) | $ | (250 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
(In millions) | |||||||||||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) | 789 | 792 | 789 | 793 | |||||||
Potential dilution from stock options and restricted stock and stock units | 1 | — | 1 | 1 | |||||||
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) | 790 | 792 | 790 | 794 | |||||||
Antidilutive stock options excluded from the calculation of diluted earnings per share | 1 | 7 | 1 | 7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Net Revenues | |||||||||||||||
Macao: | |||||||||||||||
The Venetian Macao | $ | 830 | $ | 674 | $ | 1,698 | $ | 1,400 | |||||||
Sands Cotai Central | 509 | 439 | 1,058 | 898 | |||||||||||
The Parisian Macao | 371 | 353 | 730 | 663 | |||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 186 | 135 | 377 | 273 | |||||||||||
Sands Macao | 180 | 156 | 334 | 334 | |||||||||||
Ferry Operations and Other | 42 | 41 | 81 | 79 | |||||||||||
2,118 | 1,798 | 4,278 | 3,647 | ||||||||||||
Marina Bay Sands | 705 | 834 | 1,577 | 1,524 | |||||||||||
United States: | |||||||||||||||
Las Vegas Operating Properties | 402 | 392 | 879 | 837 | |||||||||||
Sands Bethlehem | 136 | 143 | 270 | 282 | |||||||||||
538 | 535 | 1,149 | 1,119 | ||||||||||||
Intersegment eliminations | (58 | ) | (58 | ) | (122 | ) | (114 | ) | |||||||
Total net revenues | $ | 3,303 | $ | 3,109 | $ | 6,882 | $ | 6,176 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Intersegment Revenues | |||||||||||||||
Macao: | |||||||||||||||
The Venetian Macao | $ | 1 | $ | 1 | $ | 2 | $ | 2 | |||||||
Ferry Operations and Other | 6 | 6 | 12 | 11 | |||||||||||
7 | 7 | 14 | 13 | ||||||||||||
Marina Bay Sands | 3 | 2 | 5 | 4 | |||||||||||
Las Vegas Operating Properties | 48 | 49 | 103 | 97 | |||||||||||
Total intersegment revenues | $ | 58 | $ | 58 | $ | 122 | $ | 114 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Adjusted Property EBITDA | |||||||||||||||
Macao: | |||||||||||||||
The Venetian Macao | $ | 331 | $ | 256 | $ | 679 | $ | 545 | |||||||
Sands Cotai Central | 176 | 134 | 377 | 277 | |||||||||||
The Parisian Macao | 114 | 106 | 230 | 188 | |||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 72 | 60 | 145 | 111 | |||||||||||
Sands Macao | 52 | 39 | 99 | 93 | |||||||||||
Ferry Operations and Other | 5 | 5 | 9 | 12 | |||||||||||
750 | 600 | 1,539 | 1,226 | ||||||||||||
Marina Bay Sands | 368 | 492 | 909 | 856 | |||||||||||
United States: | |||||||||||||||
Las Vegas Operating Properties | 77 | 79 | 218 | 201 | |||||||||||
Sands Bethlehem | 30 | 37 | 59 | 73 | |||||||||||
107 | 116 | 277 | 274 | ||||||||||||
Consolidated adjusted property EBITDA(1) | 1,225 | 1,208 | 2,725 | 2,356 | |||||||||||
Other Operating Costs and Expenses | |||||||||||||||
Stock-based compensation | (3 | ) | (4 | ) | (7 | ) | (7 | ) | |||||||
Corporate | (33 | ) | (42 | ) | (89 | ) | (84 | ) | |||||||
Pre-opening | (2 | ) | (4 | ) | (3 | ) | (6 | ) | |||||||
Development | (2 | ) | (2 | ) | (5 | ) | (5 | ) | |||||||
Depreciation and amortization | (274 | ) | (327 | ) | (538 | ) | (648 | ) | |||||||
Amortization of leasehold interests in land | (9 | ) | (9 | ) | (18 | ) | (19 | ) | |||||||
Loss on disposal or impairment of assets | (105 | ) | (3 | ) | (110 | ) | (6 | ) | |||||||
Operating income | 797 | 817 | 1,955 | 1,581 | |||||||||||
Other Non-Operating Costs and Expenses | |||||||||||||||
Interest income | 9 | 4 | 14 | 7 | |||||||||||
Interest expense, net of amounts capitalized | (93 | ) | (79 | ) | (182 | ) | (157 | ) | |||||||
Other income (expense) | 44 | (25 | ) | 18 | (61 | ) | |||||||||
Loss on modification or early retirement of debt | — | — | (3 | ) | (5 | ) | |||||||||
Income tax (expense) benefit | (81 | ) | (78 | ) | 490 | (147 | ) | ||||||||
Net income | $ | 676 | $ | 639 | $ | 2,292 | $ | 1,218 |
(1) | Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(In millions) | |||||||
Capital Expenditures | |||||||
Corporate and Other | $ | 54 | $ | 4 | |||
Macao: | |||||||
The Venetian Macao | 69 | 61 | |||||
Sands Cotai Central | 53 | 34 | |||||
The Parisian Macao | 68 | 111 | |||||
The Plaza Macao and Four Seasons Hotel Macao | 22 | 13 | |||||
Sands Macao | 8 | 3 | |||||
Ferry Operations and Other | — | 2 | |||||
220 | 224 | ||||||
Marina Bay Sands | 72 | 92 | |||||
United States: | |||||||
Las Vegas Operating Properties | 58 | 50 | |||||
Sands Bethlehem | 12 | 10 | |||||
70 | 60 | ||||||
Total capital expenditures | $ | 416 | $ | 380 |
June 30, 2018 | December 31, 2017 | ||||||
(In millions) | |||||||
Total Assets | |||||||
Corporate and Other | $ | 2,419 | $ | 953 | |||
Macao: | |||||||
The Venetian Macao | 2,492 | 2,640 | |||||
Sands Cotai Central | 3,778 | 3,891 | |||||
The Parisian Macao | 2,459 | 2,496 | |||||
The Plaza Macao and Four Seasons Hotel Macao | 857 | 930 | |||||
Sands Macao | 279 | 282 | |||||
Ferry Operations and Other | 262 | 275 | |||||
10,127 | 10,514 | ||||||
Marina Bay Sands | 4,744 | 5,054 | |||||
United States: | |||||||
Las Vegas Operating Properties | 4,934 | 3,530 | |||||
Sands Bethlehem | 631 | 636 | |||||
5,565 | 4,166 | ||||||
Total assets | $ | 22,855 | $ | 20,687 |
June 30, 2018 | December 31, 2017 | ||||||
(In millions) | |||||||
Total Long-Lived Assets(1) | |||||||
Corporate and Other | $ | 268 | $ | 249 | |||
Macao: | |||||||
The Venetian Macao | 1,721 | 1,728 | |||||
Sands Cotai Central | 3,497 | 3,516 | |||||
The Parisian Macao | 2,332 | 2,375 | |||||
The Plaza Macao and Four Seasons Hotel Macao(2) | 776 | 853 | |||||
Sands Macao | 220 | 222 | |||||
Ferry Operations and Other | 138 | 146 | |||||
8,684 | 8,840 | ||||||
Marina Bay Sands | 4,166 | 4,336 | |||||
United States: | |||||||
Las Vegas Operating Properties | 2,761 | 2,779 | |||||
Sands Bethlehem | 551 | 549 | |||||
3,312 | 3,328 | ||||||
Total long-lived assets | $ | 16,430 | $ | 16,753 |
(1) | Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization. |
(2) | During the three months ended June 30, 2018, the Company recognized a loss on disposal or impairment of assets of $92 million related to the tower adjacent to the Four Seasons Hotel Macao (see "— Note 3 — Property and Equipment, Net"). |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Net revenues | $ | 3,303 | $ | 3,109 | 6.2 | % | $ | 6,882 | $ | 6,176 | 11.4 | % | ||||||||||
Operating expenses | 2,506 | 2,292 | 9.3 | % | 4,927 | 4,595 | 7.2 | % | ||||||||||||||
Operating income | 797 | 817 | (2.4 | )% | 1,955 | 1,581 | 23.7 | % | ||||||||||||||
Income before income taxes | 757 | 717 | 5.6 | % | 1,802 | 1,365 | 32.0 | % | ||||||||||||||
Net income | 676 | 639 | 5.8 | % | 2,292 | 1,218 | 88.2 | % | ||||||||||||||
Net income attributable to Las Vegas Sands Corp. | 556 | 546 | 1.8 | % | 2,012 | 1,027 | 95.9 | % |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 2,346 | $ | 2,243 | 4.6 | % | ||||
Rooms | 418 | 367 | 13.9 | % | ||||||
Food and beverage | 219 | 195 | 12.3 | % | ||||||
Mall | 164 | 159 | 3.1 | % | ||||||
Convention, retail and other | 156 | 145 | 7.6 | % | ||||||
Total net revenues | $ | 3,303 | $ | 3,109 | 6.2 | % |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Dollars in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total net casino revenues | $ | 677 | $ | 538 | 25.8 | % | ||||
Non-Rolling Chip drop | $ | 2,245 | $ | 1,695 | 32.4 | % | ||||
Non-Rolling Chip win percentage | 25.1 | % | 25.7 | % | (0.6 | )pts | ||||
Rolling Chip volume | $ | 7,464 | $ | 5,172 | 44.3 | % | ||||
Rolling Chip win percentage | 3.10 | % | 3.61 | % | (0.51 | )pts | ||||
Slot handle | $ | 819 | $ | 681 | 20.3 | % | ||||
Slot hold percentage | 4.5 | % | 5.3 | % | (0.8 | )pts | ||||
Sands Cotai Central | ||||||||||
Total net casino revenues | $ | 386 | $ | 331 | 16.6 | % | ||||
Non-Rolling Chip drop | $ | 1,635 | $ | 1,367 | 19.6 | % | ||||
Non-Rolling Chip win percentage | 21.0 | % | 21.1 | % | (0.1 | )pts | ||||
Rolling Chip volume | $ | 2,592 | $ | 2,522 | 2.8 | % | ||||
Rolling Chip win percentage | 3.24 | % | 3.15 | % | 0.09 | pts | ||||
Slot handle | $ | 1,236 | $ | 1,139 | 8.5 | % | ||||
Slot hold percentage | 4.1 | % | 4.0 | % | 0.1 | pts |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Dollars in millions) | ||||||||||
The Parisian Macao | ||||||||||
Total net casino revenues | $ | 308 | $ | 285 | 8.1 | % | ||||
Non-Rolling Chip drop | $ | 1,057 | $ | 973 | 8.6 | % | ||||
Non-Rolling Chip win percentage | 19.6 | % | 19.7 | % | (0.1 | )pts | ||||
Rolling Chip volume | $ | 4,479 | $ | 3,760 | 19.1 | % | ||||
Rolling Chip win percentage | 3.76 | % | 3.89 | % | (0.13 | )pts | ||||
Slot handle | $ | 1,173 | $ | 935 | 25.5 | % | ||||
Slot hold percentage | 2.4 | % | 3.3 | % | (0.9 | )pts | ||||
The Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total net casino revenues | $ | 136 | $ | 88 | 54.5 | % | ||||
Non-Rolling Chip drop | $ | 318 | $ | 295 | 7.8 | % | ||||
Non-Rolling Chip win percentage | 27.0 | % | 24.3 | % | 2.7 | pts | ||||
Rolling Chip volume | $ | 2,649 | $ | 2,417 | 9.6 | % | ||||
Rolling Chip win percentage | 3.75 | % | 1.97 | % | 1.78 | pts | ||||
Slot handle | $ | 135 | $ | 97 | 39.2 | % | ||||
Slot hold percentage | 7.8 | % | 7.5 | % | 0.3 | pts | ||||
Sands Macao | ||||||||||
Total net casino revenues | $ | 166 | $ | 144 | 15.3 | % | ||||
Non-Rolling Chip drop | $ | 659 | $ | 626 | 5.3 | % | ||||
Non-Rolling Chip win percentage | 18.6 | % | 18.8 | % | (0.2 | )pts | ||||
Rolling Chip volume | $ | 1,374 | $ | 968 | 41.9 | % | ||||
Rolling Chip win percentage | 4.48 | % | 3.80 | % | 0.68 | pts | ||||
Slot handle | $ | 641 | $ | 614 | 4.4 | % | ||||
Slot hold percentage | 3.3 | % | 3.2 | % | 0.1 | pts | ||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total net casino revenues | $ | 494 | $ | 651 | (24.1 | )% | ||||
Non-Rolling Chip drop(1) | $ | 1,337 | $ | 1,267 | 5.5 | % | ||||
Non-Rolling Chip win percentage(1) | 20.5 | % | 20.1 | % | 0.4 | pts | ||||
Rolling Chip volume | $ | 5,870 | $ | 8,709 | (32.6 | )% | ||||
Rolling Chip win percentage | 2.84 | % | 4.42 | % | (1.58 | )pts | ||||
Slot handle | $ | 3,619 | $ | 3,403 | 6.3 | % | ||||
Slot hold percentage | 4.6 | % | 4.3 | % | 0.3 | pts | ||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total net casino revenues | $ | 60 | $ | 81 | (25.9 | )% | ||||
Table games drop | $ | 342 | $ | 352 | (2.8 | )% | ||||
Table games win percentage | 7.7 | % | 16.3 | % | (8.6 | )pts | ||||
Slot handle | $ | 683 | $ | 606 | 12.7 | % | ||||
Slot hold percentage | 8.4 | % | 8.8 | % | (0.4 | )pts | ||||
Sands Bethlehem | ||||||||||
Total net casino revenues | $ | 119 | $ | 125 | (4.8 | )% | ||||
Table games drop | $ | 290 | $ | 276 | 5.1 | % | ||||
Table games win percentage | 17.7 | % | 20.8 | % | (3.1 | )pts | ||||
Slot handle | $ | 1,224 | $ | 1,179 | 3.8 | % | ||||
Slot hold percentage | 6.5 | % | 6.6 | % | (0.1 | )pts |
(1) | As of January 1, 2018, Non-Rolling Chip drop includes chips purchased and exchanged at the cage. Prior period amounts have been updated to conform to the current period presentation. |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Room revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total room revenues | $ | 52 | $ | 40 | 30.0 | % | ||||
Occupancy rate | 95.6 | % | 93.3 | % | 2.3 | pts | ||||
Average daily room rate (ADR) | $ | 217 | $ | 202 | 7.4 | % | ||||
Revenue per available room (RevPAR) | $ | 208 | $ | 189 | 10.1 | % | ||||
Sands Cotai Central | ||||||||||
Total room revenues | $ | 78 | $ | 64 | 21.9 | % | ||||
Occupancy rate | 93.0 | % | 81.4 | % | 11.6 | pts | ||||
Average daily room rate (ADR) | $ | 150 | $ | 141 | 6.4 | % | ||||
Revenue per available room (RevPAR) | $ | 140 | $ | 114 | 22.8 | % | ||||
The Parisian Macao | ||||||||||
Total room revenues | $ | 28 | $ | 31 | (9.7 | )% | ||||
Occupancy rate | 96.4 | % | 88.0 | % | 8.4 | pts | ||||
Average daily room rate (ADR) | $ | 149 | $ | 137 | 8.8 | % | ||||
Revenue per available room (RevPAR) | $ | 143 | $ | 120 | 19.2 | % | ||||
The Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total room revenues | $ | 10 | $ | 8 | 25.0 | % | ||||
Occupancy rate | 86.8 | % | 81.3 | % | 5.5 | pts | ||||
Average daily room rate (ADR) | $ | 310 | $ | 347 | (10.7 | )% | ||||
Revenue per available room (RevPAR) | $ | 269 | $ | 282 | (4.6 | )% | ||||
Sands Macao | ||||||||||
Total room revenues | $ | 4 | $ | 5 | (20.0 | )% | ||||
Occupancy rate | 99.0 | % | 98.5 | % | 0.5 | pts | ||||
Average daily room rate (ADR) | $ | 159 | $ | 191 | (16.8 | )% | ||||
Revenue per available room (RevPAR) | $ | 158 | $ | 188 | (16.0 | )% | ||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total room revenues | $ | 93 | $ | 80 | 16.3 | % | ||||
Occupancy rate | 96.9 | % | 94.3 | % | 2.6 | pts | ||||
Average daily room rate (ADR) | $ | 418 | $ | 396 | 5.6 | % | ||||
Revenue per available room (RevPAR) | $ | 405 | $ | 374 | 8.3 | % | ||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total room revenues | $ | 149 | $ | 135 | 10.4 | % | ||||
Occupancy rate | 97.3 | % | 92.7 | % | 4.6 | pts | ||||
Average daily room rate (ADR) | $ | 241 | $ | 232 | 3.9 | % | ||||
Revenue per available room (RevPAR) | $ | 235 | $ | 215 | 9.3 | % | ||||
Sands Bethlehem | ||||||||||
Total room revenues | $ | 4 | $ | 4 | — | |||||
Occupancy rate | 94.4 | % | 93.9 | % | 0.5 | pts | ||||
Average daily room rate (ADR) | $ | 163 | $ | 162 | 0.6 | % | ||||
Revenue per available room (RevPAR) | $ | 154 | $ | 152 | 1.3 | % |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Mall revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
Shoppes at Venetian | ||||||||||
Total mall revenues | $ | 56 | $ | 55 | 1.8 | % | ||||
Mall gross leasable area (in square feet) | 786,652 | 779,025 | 1.0 | % | ||||||
Occupancy | 91.4 | % | 97.7 | % | (6.3 | )pts | ||||
Base rent per square foot | $ | 262 | $ | 245 | 6.9 | % | ||||
Tenant sales per square foot | $ | 1,656 | $ | 1,340 | 23.6 | % | ||||
Shoppes at Cotai Central(1) | ||||||||||
Total mall revenues | $ | 15 | $ | 14 | 7.1 | % | ||||
Mall gross leasable area (in square feet) | 517,238 | 425,630 | 21.5 | % | ||||||
Occupancy | 90.9 | % | 93.5 | % | (2.6 | )pts | ||||
Base rent per square foot | $ | 114 | $ | 120 | (5.0 | )% | ||||
Tenant sales per square foot | $ | 849 | $ | 676 | 25.6 | % | ||||
Shoppes at Parisian | ||||||||||
Total mall revenues | $ | 15 | $ | 17 | (11.8 | )% | ||||
Mall gross leasable area (in square feet) | 295,896 | 299,053 | (1.1 | )% | ||||||
Occupancy | 90.7 | % | 92.7 | % | (2.0 | )pts | ||||
Base rent per square foot | $ | 192 | $ | 221 | (13.1 | )% | ||||
Tenant sales per square foot(2) | $ | 649 | — | N/M | ||||||
Shoppes at Four Seasons | ||||||||||
Total mall revenues | $ | 33 | $ | 32 | 3.1 | % | ||||
Mall gross leasable area (in square feet) | 258,264 | 259,533 | (0.5 | )% | ||||||
Occupancy | 98.8 | % | 99.5 | % | (0.7 | )pts | ||||
Base rent per square foot | $ | 460 | $ | 455 | 1.1 | % | ||||
Tenant sales per square foot | $ | 4,078 | $ | 3,097 | 31.7 | % | ||||
Singapore Operations: | ||||||||||
The Shoppes at Marina Bay Sands | ||||||||||
Total mall revenues | $ | 42 | $ | 40 | 5.0 | % | ||||
Mall gross leasable area (in square feet) | 609,142 | 608,947 | — | |||||||
Occupancy | 94.1 | % | 97.4 | % | (3.3 | )pts | ||||
Base rent per square foot | $ | 260 | $ | 223 | 16.6 | % | ||||
Tenant sales per square foot | $ | 1,773 | $ | 1,482 | 19.6 | % |
Note: | This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem. |
(1) | The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao. |
(2) | The Shoppes at Parisian opened in September 2016. Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 1,331 | $ | 1,176 | 13.2 | % | ||||
Rooms | 111 | 101 | 9.9 | % | ||||||
Food and beverage | 168 | 156 | 7.7 | % | ||||||
Mall | 18 | 18 | — | % | ||||||
Convention, retail and other | 78 | 78 | — | % | ||||||
Provision for doubtful accounts | 7 | 22 | (68.2 | )% | ||||||
General and administrative | 368 | 354 | 4.0 | % | ||||||
Corporate | 33 | 42 | (21.4 | )% | ||||||
Pre-opening | 2 | 4 | (50.0 | )% | ||||||
Development | 2 | 2 | — | % | ||||||
Depreciation and amortization | 274 | 327 | (16.2 | )% | ||||||
Amortization of leasehold interests in land | 9 | 9 | — | % | ||||||
Loss on disposal or impairment of assets | 105 | 3 | N/M | |||||||
Total operating expenses | $ | 2,506 | $ | 2,292 | 9.3 | % |
Three Months Ended June 30, | ||||||||||
2018 | 2017 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Macao: | ||||||||||
The Venetian Macao | $ | 331 | $ | 256 | 29.3 | % | ||||
Sands Cotai Central | 176 | 134 | 31.3 | % | ||||||
The Parisian Macao | 114 | 106 | 7.5 | % | ||||||
The Plaza Macao and Four Seasons Hotel Macao | 72 | 60 | 20.0 | % | ||||||
Sands Macao | 52 | 39 | 33.3 | % | ||||||
Ferry Operations and Other | 5 | 5 | — | % | ||||||
750 | 600 | 25.0 | % | |||||||
Marina Bay Sands | 368 | 492 | (25.2 | )% | ||||||
United States: | ||||||||||
Las Vegas Operating Properties | 77 | 79 | (2.5 | )% | ||||||
Sands Bethlehem | 30 | 37 | (18.9 | )% | ||||||
107 | 116 | (7.8 | )% | |||||||
Consolidated adjusted property EBITDA | $ | 1,225 | $ | 1,208 | 1.4 | % |
Three Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(Dollars in millions) | |||||||
Interest cost (which includes the amortization of deferred financing costs and original issue discount) | $ | 90 | $ | 75 | |||
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo | 4 | 4 | |||||
Less — capitalized interest | (1 | ) | — | ||||
Interest expense, net | $ | 93 | $ | 79 | |||
Cash paid for interest | $ | 81 | $ | 65 | |||
Weighted average total debt balance | $ | 10,179 | $ | 9,955 | |||
Weighted average interest rate | 3.5 | % | 3.0 | % |
Six Months Ended June 30, | ||||||||||
2018 | 2017 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 4,945 | $ | 4,400 | 12.4 | % | ||||
Rooms | 863 | 765 | 12.8 | % | ||||||
Food and beverage | 447 | 407 | 9.8 | % | ||||||
Mall | 320 | 316 | 1.3 | % | ||||||
Convention, retail and other | 307 | 288 | 6.6 | % | ||||||
Total net revenues | $ | 6,882 | $ | 6,176 | 11.4 | % |
Six Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Dollars in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total net casino revenues | $ | 1,393 | $ | 1,134 | 22.8 | % | ||||
Non-Rolling Chip drop | $ | 4,489 | $ | 3,423 | 31.1 | % | ||||
Non-Rolling Chip win percentage | 24.4 | % | 25.6 | % | (1.2 | ) pts | ||||
Rolling Chip volume | $ | 15,329 | $ | 11,321 | 35.4 | % | ||||
Rolling Chip win percentage | 3.66 | % | 3.80 | % | (0.14 | ) pts | ||||
Slot handle | $ | 1,656 | $ | 1,334 | 24.1 | % | ||||
Slot hold percentage | 4.8 | % | 5.3 | % | (0.5 | ) pts | ||||
Sands Cotai Central | ||||||||||
Total net casino revenues | $ | 804 | $ | 675 | 19.1 | % | ||||
Non-Rolling Chip drop | $ | 3,395 | $ | 2,836 | 19.7 | % | ||||
Non-Rolling Chip win percentage | 21.2 | % | 20.5 | % | 0.7 | pts | ||||
Rolling Chip volume | $ | 5,000 | $ | 5,421 | (7.8 | )% | ||||
Rolling Chip win percentage | 3.33 | % | 3.05 | % | 0.28 | pts | ||||
Slot handle | $ | 2,512 | $ | 2,328 | 7.9 | % | ||||
Slot hold percentage | 4.0 | % | 4.0 | % | — | |||||
The Parisian Macao | ||||||||||
Total net casino revenues | $ | 599 | $ | 528 | 13.4 | % | ||||
Non-Rolling Chip drop | $ | 2,143 | $ | 1,956 | 9.6 | % | ||||
Non-Rolling Chip win percentage | 19.9 | % | 18.9 | % | 1.0 | pts | ||||
Rolling Chip volume | $ | 9,077 | $ | 7,482 | 21.3 | % | ||||
Rolling Chip win percentage | 3.26 | % | 3.36 | % | (0.10 | ) pts | ||||
Slot handle | $ | 2,217 | $ | 1,789 | 23.9 | % | ||||
Slot hold percentage | 2.5 | % | 3.6 | % | (1.1 | ) pts | ||||
The Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total net casino revenues | $ | 278 | $ | 180 | 54.4 | % | ||||
Non-Rolling Chip drop | $ | 734 | $ | 597 | 22.9 | % | ||||
Non-Rolling Chip win percentage | 24.8 | % | 23.1 | % | 1.7 | pts | ||||
Rolling Chip volume | $ | 5,704 | $ | 4,247 | 34.3 | % | ||||
Rolling Chip win percentage | 3.49 | % | 2.66 | % | 0.83 | pts | ||||
Slot handle | $ | 270 | $ | 194 | 39.2 | % | ||||
Slot hold percentage | 7.3 | % | 7.4 | % | (0.1 | ) pts | ||||
Sands Macao | ||||||||||
Total net casino revenues | $ | 308 | $ | 308 | — | |||||
Non-Rolling Chip drop | $ | 1,316 | $ | 1,239 | 6.2 | % | ||||
Non-Rolling Chip win percentage | 18.4 | % | 19.4 | % | (1.0 | ) pts | ||||
Rolling Chip volume | $ | 2,271 | $ | 2,881 | (21.2 | )% | ||||
Rolling Chip win percentage | 3.80 | % | 3.01 | % | 0.79 | pts | ||||
Slot handle | $ | 1,281 | $ | 1,210 | 5.9 | % | ||||
Slot hold percentage | 3.2 | % | 3.3 | % | (0.1 | ) pts |
Six Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Dollars in millions) | ||||||||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total net casino revenues | $ | 1,146 | $ | 1,143 | 0.3 | % | ||||
Non-Rolling Chip drop | $ | 2,735 | $ | 2,553 | 7.1 | % | ||||
Non-Rolling Chip win percentage | 19.4 | % | 21.1 | % | (1.7 | ) pts | ||||
Rolling Chip volume | $ | 13,246 | $ | 17,625 | (24.8 | )% | ||||
Rolling Chip win percentage | 3.91 | % | 3.46 | % | 0.45 | pts | ||||
Slot handle | $ | 7,504 | $ | 6,824 | 10.0 | % | ||||
Slot hold percentage | 4.5 | % | 4.3 | % | 0.2 | pts | ||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total net casino revenues | $ | 180 | $ | 185 | (2.7 | )% | ||||
Table games drop | $ | 833 | $ | 785 | 6.1 | % | ||||
Table games win percentage | 16.6 | % | 19.2 | % | (2.6 | ) pts | ||||
Slot handle | $ | 1,301 | $ | 1,210 | 7.5 | % | ||||
Slot hold percentage | 8.4 | % | 8.5 | % | (0.1 | ) pts | ||||
Sands Bethlehem | ||||||||||
Total net casino revenues | $ | 237 | $ | 247 | (4.0 | )% | ||||
Table games drop | $ | 571 | $ | 545 | 4.8 | % | ||||
Table games win percentage | 17.9 | % | 20.5 | % | (2.6 | ) pts | ||||
Slot handle | $ | 2,395 | $ | 2,340 | 2.4 | % | ||||
Slot hold percentage | 6.6 | % | 6.6 | % | — |
Six Months Ended June 30, | ||||||||||
2018 | 2017 | Change | ||||||||
(Room revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total room revenues | $ | 109 | $ | 82 | 32.9 | % | ||||
Occupancy rate | 95.8 | % | 89.6 | % | 6.2 | pts | ||||
Average daily room rate (ADR) | $ | 225 | $ | 203 | 10.8 | % | ||||
Revenue per available room (RevPAR) | $ | 215 | $ | 182 | 18.1 | % | ||||
Sands Cotai Central | ||||||||||
Total room revenues | $ | 160 | $ | 129 | 24.0 | % | ||||
Occupancy rate | 93.2 | % | 80.4 | % | 12.8 | pts | ||||
Average daily room rate (ADR) | $ | 154 | $ | 144 | 6.9 | % | ||||
Revenue per available room (RevPAR) | $ | 144 | $ | 116 | 24.1 | % | ||||
The Parisian Macao | ||||||||||
Total room revenues | $ | 61 | $ | 60 | 1.7 | % | ||||
Occupancy rate | 95.4 | % | 84.9 | % | 10.5 | pts | ||||
Average daily room rate (ADR) | $ | 150 | $ | 136 | 10.3 | % | ||||
Revenue per available room (RevPAR) | $ | 143 | $ | 115 | 24.3 | % | ||||
The Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total room revenues | $ | 19 | $ | 16 | 18.8 | % | ||||
Occupancy rate | 87.8 | % | 80.2 | % | 7.6 | pts | ||||
Average daily room rate (ADR) | $ | 316 | $ | 357 | (11.5 | )% | ||||
Revenue per available room (RevPAR) | $ | 277 | $ | 286 | (3.1 | )% | ||||
Sands Macao | ||||||||||
Total room revenues | $ | 8 | $ | 10 | (20.0 | )% | ||||
Occupancy rate | 98.9 | % | 98.2 | % | 0.7 | pts | ||||
Average daily room rate (ADR) | $ | 162 | $ | 193 | (16.1 | )% | ||||
Revenue per available room (RevPAR) | $ | 161 | $ | 189 | (14.8 | )% | ||||
Singapore Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total room revenues | $ | 193 | $ | 174 | 10.9 | % | ||||
Occupancy rate | 96.8 | % | 95.6 | % | 1.2 | pts | ||||
Average daily room rate (ADR) | $ | 436 | $ | 418 | 4.3 | % | ||||
Revenue per available room (RevPAR) | $ | 423 | $ | 400 | 5.8 | % | ||||
U.S. Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total room revenues | $ | 305 | $ | 286 | 6.6 | % | ||||
Occupancy rate | 96.6 | % | 93.5 | % | 3.1 | pts | ||||
Average daily room rate (ADR) | $ | 249 | $ | 245 | 1.6 | % | ||||
Revenue per available room (RevPAR) | $ | 241 | $ | 229 | 5.2 | % | ||||
Sands Bethlehem | ||||||||||
Total room revenues | $ | 8 | $ | 8 | — | |||||
Occupancy rate | 91.3 | % | 92.0 | % | (0.7 | ) pts | ||||
Average daily room rate (ADR) | $ | 161 | $ | 160 | 0.6 | % | ||||
Revenue per available room (RevPAR) | $ | 147 | $ | 147 | — |
Six Months Ended June 30,(1) | ||||||||||
2018 | 2017 | Change | ||||||||
(Mall revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
Shoppes at Venetian | ||||||||||
Total mall revenues | $ | 109 | $ | 106 | 2.8 | % | ||||
Mall gross leasable area (in square feet) | 786,652 | 779,025 | 1.0 | % | ||||||
Occupancy | 91.4 | % | 97.7 | % | (6.3 | ) pts | ||||
Base rent per square foot | $ | 262 | $ | 245 | 6.9 | % | ||||
Tenant sales per square foot | $ | 1,656 | $ | 1,340 | 23.6 | % | ||||
Shoppes at Cotai Central(2) | ||||||||||
Total mall revenues | $ | 29 | $ | 33 | (12.1 | )% | ||||
Mall gross leasable area (in square feet) | 517,238 | 425,630 | 21.5 | % | ||||||
Occupancy | 90.9 | % | 93.5 | % | (2.6 | ) pts | ||||
Base rent per square foot | $ | 114 | $ | 120 | (5.0 | )% | ||||
Tenant sales per square foot | $ | 849 | $ | 676 | 25.6 | % | ||||
Shoppes at Parisian | ||||||||||
Total mall revenues | $ | 30 | $ | 34 | (11.8 | )% | ||||
Mall gross leasable area (in square feet) | 295,896 | 299,053 | (1.1 | )% | ||||||
Occupancy | 90.7 | % | 92.7 | % | (2.0 | ) pts | ||||
Base rent per square foot | $ | 192 | $ | 221 | (13.1 | )% | ||||
Tenant sales per square foot(3) | $ | 649 | — | N/M | ||||||
Shoppes at Four Seasons | ||||||||||
Total mall revenues | $ | 64 | $ | 63 | 1.6 | % | ||||
Mall gross leasable area (in square feet) | 258,264 | 259,533 | (0.5 | )% | ||||||
Occupancy | 98.8 | % | 99.5 | % | (0.7 | ) pts | ||||
Base rent per square foot | $ | 460 | $ | 455 | 1.1 | % | ||||
Tenant sales per square foot | $ | 4,078 | $ | 3,097 | 31.7 | % | ||||
Singapore Operations: | ||||||||||
The Shoppes at Marina Bay Sands | ||||||||||
Total mall revenues | $ | 84 | $ | 78 | 7.7 | % | ||||
Mall gross leasable area (in square feet) | 609,142 | 608,947 | — | |||||||
Occupancy | 94.1 | % | 97.4 | % | (3.3 | ) pts | ||||
Base rent per square foot | $ | 260 | $ | 223 | 16.6 | % | ||||
Tenant sales per square foot | $ | 1,773 | $ | 1,482 | 19.6 | % |
Note: | This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem. |
(1) | As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of June 30, 2018 and 2017, they are identical to the summary presented herein for the three months ended June 30, 2018 and 2017, respectively. |
(2) | The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao. |
(3) | The Shoppes at Parisian opened in September 2016. Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
Six Months Ended June 30, | ||||||||||
2018 | 2017 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 2,702 | $ | 2,369 | 14.1 | % | ||||
Rooms | 221 | 202 | 9.4 | % | ||||||
Food and beverage | 340 | 316 | 7.6 | % | ||||||
Mall | 35 | 34 | 2.9 | % | ||||||
Convention, retail and other | 162 | 159 | 1.9 | % | ||||||
Provision for (recovery of) doubtful accounts | (9 | ) | 54 | (116.7 | )% | |||||
General and administrative | 713 | 693 | 2.9 | % | ||||||
Corporate | 89 | 84 | 6.0 | % | ||||||
Pre-opening | 3 | 6 | (50.0 | )% | ||||||
Development | 5 | 5 | — | % | ||||||
Depreciation and amortization | 538 | 648 | (17.0 | )% | ||||||
Amortization of leasehold interests in land | 18 | 19 | (5.3 | )% | ||||||
Loss on disposal or impairment of assets | 110 | 6 | 1,733.3 | % | ||||||
Total operating expenses | $ | 4,927 | $ | 4,595 | 7.2 | % |
Six Months Ended June 30, | ||||||||||
2018 | 2017 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Macao: | ||||||||||
The Venetian Macao | $ | 679 | $ | 545 | 24.6 | % | ||||
Sands Cotai Central | 377 | 277 | 36.1 | % | ||||||
The Parisian Macao | 230 | 188 | 22.3 | % | ||||||
The Plaza Macao and Four Seasons Hotel Macao | 145 | 111 | 30.6 | % | ||||||
Sands Macao | 99 | 93 | 6.5 | % | ||||||
Ferry Operations and Other | 9 | 12 | (25.0 | )% | ||||||
1,539 | 1,226 | 25.5 | % | |||||||
Marina Bay Sands | 909 | 856 | 6.2 | % | ||||||
United States: | ||||||||||
Las Vegas Operating Properties | 218 | 201 | 8.5 | % | ||||||
Sands Bethlehem | 59 | 73 | (19.2 | )% | ||||||
277 | 274 | 1.1 | % | |||||||
Consolidated adjusted property EBITDA | $ | 2,725 | $ | 2,356 | 15.7 | % |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(Dollars in millions) | |||||||
Interest cost (which includes the amortization of deferred financing costs and original issue discounts) | $ | 176 | $ | 150 | |||
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo | 7 | 8 | |||||
Less — capitalized interest | (1 | ) | (1 | ) | |||
Interest expense, net | $ | 182 | $ | 157 | |||
Cash paid for interest | $ | 155 | $ | 130 | |||
Weighted average total debt balance | $ | 10,011 | $ | 9,917 | |||
Weighted average interest rate | 3.5 | % | 3.0 | % |
Shoppes at Venetian | Shoppes at Four Seasons | Shoppes at Cotai Central | Shoppes at Parisian | The Shoppes at Marina Bay Sands | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
For the three months ended June 30, 2018 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(1) | $ | 46 | $ | 28 | $ | 9 | $ | 11 | $ | 33 | $ | 127 | |||||||||||
Overage rents | 3 | 2 | 2 | 1 | 3 | 11 | |||||||||||||||||
CAM, levies and direct recoveries | 7 | 3 | 4 | 3 | 6 | 23 | |||||||||||||||||
Total mall revenues | 56 | 33 | 15 | 15 | 42 | 161 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 4 | 2 | 2 | 2 | 4 | 14 | |||||||||||||||||
Marketing and other direct operating expenses | 1 | — | — | 1 | 1 | 3 | |||||||||||||||||
Mall operating expenses | 5 | 2 | 2 | 3 | 5 | 17 | |||||||||||||||||
Property taxes(2) | — | — | — | — | 1 | 1 | |||||||||||||||||
Provision for doubtful accounts | — | — | 1 | — | — | 1 | |||||||||||||||||
Mall-related expenses(3) | $ | 5 | $ | 2 | $ | 3 | $ | 3 | $ | 6 | $ | 19 | |||||||||||
For the three months ended June 30, 2017 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(1) | $ | 45 | $ | 28 | $ | 10 | $ | 14 | $ | 31 | $ | 128 | |||||||||||
Overage rents | 2 | 1 | 1 | — | 3 | 7 | |||||||||||||||||
CAM, levies and direct recoveries | 8 | 3 | 3 | 3 | 6 | 23 | |||||||||||||||||
Total mall revenues | 55 | 32 | 14 | 17 | 40 | 158 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 3 | 2 | 1 | 2 | 3 | 11 | |||||||||||||||||
Marketing and other direct operating expenses | 2 | — | 1 | 1 | 2 | 6 | |||||||||||||||||
Mall operating expenses | 5 | 2 | 2 | 3 | 5 | 17 | |||||||||||||||||
Property taxes(2) | — | — | — | — | 1 | 1 | |||||||||||||||||
Provision for doubtful accounts | — | — | 1 | — | — | 1 | |||||||||||||||||
Mall-related expenses(3) | $ | 5 | $ | 2 | $ | 3 | $ | 3 | $ | 6 | $ | 19 |
Shoppes at Venetian | Shoppes at Four Seasons | Shoppes at Cotai Central | Shoppes at Parisian | The Shoppes at Marina Bay Sands | Total | ||||||||||||||||||
For the six months ended June 30, 2018 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(1) | $ | 90 | $ | 56 | $ | 18 | $ | 23 | $ | 64 | $ | 251 | |||||||||||
Overage rents | 4 | 3 | 3 | 1 | 7 | 18 | |||||||||||||||||
CAM, levies and direct recoveries | 15 | 5 | 8 | 6 | 13 | 47 | |||||||||||||||||
Total mall revenues | 109 | 64 | 29 | 30 | 84 | 316 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 7 | 3 | 3 | 3 | 8 | 24 | |||||||||||||||||
Marketing and other direct operating expenses | 3 | 1 | 1 | 2 | 3 | 10 | |||||||||||||||||
Mall operating expenses | 10 | 4 | 4 | 5 | 11 | 34 | |||||||||||||||||
Property taxes(2) | — | — | — | — | 2 | 2 | |||||||||||||||||
Provision for doubtful accounts | — | — | 1 | — | — | 1 | |||||||||||||||||
Mall-related expenses(3) | $ | 10 | $ | 4 | $ | 5 | $ | 5 | $ | 13 | $ | 37 | |||||||||||
For the six months ended June 30, 2017 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum rents(1) | $ | 87 | $ | 57 | $ | 21 | $ | 28 | $ | 61 | $ | 254 | |||||||||||
Overage rents | 3 | 1 | 1 | — | 5 | 10 | |||||||||||||||||
CAM, levies and direct recoveries | 16 | 5 | 11 | 6 | 12 | 50 | |||||||||||||||||
Total mall revenues | 106 | 63 | 33 | 34 | 78 | 314 | |||||||||||||||||
Mall operating expenses: | |||||||||||||||||||||||
Common area maintenance | 7 | 3 | 3 | 3 | 7 | 23 | |||||||||||||||||
Marketing and other direct operating expenses | 3 | 1 | 1 | 2 | 3 | 10 | |||||||||||||||||
Mall operating expenses | 10 | 4 | 4 | 5 | 10 | 33 | |||||||||||||||||
Property taxes(2) | — | — | — | — | 2 | 2 | |||||||||||||||||
Provision for doubtful accounts | — | — | 1 | — | — | 1 | |||||||||||||||||
Mall-related expenses(3) | $ | 10 | $ | 4 | $ | 5 | $ | 5 | $ | 12 | $ | 36 |
Note: | This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem. |
(1) | Minimum rents include base rents and straight-line adjustments of base rents. |
(2) | Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. Each property is also eligible to obtain an additional six-year exemption, provided certain qualifications are met. To date, The Venetian Macao and The Plaza Macao and Four Seasons Hotel Macao have obtained a second exemption, extending the property tax exemption to the end of July 2019 and the end of July 2020, respectively. Under the initial exemption, The Parisian Macao is tax exempt until the end of July 2022 and Sands Cotai Central has a distinct exemption for each hotel tower, of which, the Holiday Inn and Conrad branded tower expired in March 2018, and the Sheraton and St. Regis branded towers have expiration dates that range from August 2018 to November 2021. The Company is currently working on obtaining the second exemption for Sands Cotai Central and The Parisian Macao. |
(3) | Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for doubtful accounts, but excludes depreciation and amortization and general and administrative costs. |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(In millions) | |||||||
Net cash generated from operating activities | $ | 2,504 | $ | 2,109 | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (416 | ) | (380 | ) | |||
Proceeds from disposal of property and equipment | 10 | 1 | |||||
Net cash used in investing activities | (406 | ) | (379 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 70 | 16 | |||||
Repurchase of common stock | (175 | ) | (225 | ) | |||
Dividends paid | (1,804 | ) | (1,781 | ) | |||
Proceeds from long-term debt | 2,093 | 654 | |||||
Repayments on long-term debt | (313 | ) | (250 | ) | |||
Payments of financing costs | (39 | ) | (5 | ) | |||
Net cash used in financing activities | (168 | ) | (1,591 | ) | |||
Effect of exchange rate on cash, cash equivalents and restricted cash | 2 | 40 | |||||
Increase in cash, cash equivalents and restricted cash | 1,932 | 179 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 2,430 | 2,138 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 4,362 | $ | 2,317 |
Payments Due During Period Ending December 31, | |||||||||||||||||||
2018(1) | 2019 - 2020 | 2021 - 2022 | Thereafter | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Long-Term Debt Obligations(2) | |||||||||||||||||||
2013 U.S. Credit Facility | $ | 18 | $ | 70 | $ | 70 | $ | 3,344 | $ | 3,502 | |||||||||
2012 Singapore Credit Facility(3) | 31 | 125 | 548 | 2,408 | 3,112 | ||||||||||||||
2016 VML Credit Facility - Revolving(3) | — | 497 | — | — | 497 | ||||||||||||||
Variable Interest Payments(4) | 198 | 752 | 562 | 339 | 1,851 | ||||||||||||||
Total | $ | 247 | $ | 1,444 | $ | 1,180 | $ | 6,091 | $ | 8,962 |
(1) | Represents the six-month period ending December 31, 2018. |
(2) | See "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 4 — Long-Term Debt" for further details on these financing transactions. |
(3) | Amounts reflect foreign currency exchange rates in effect on June 30, 2018. |
(4) | Based on the 1-month rate as of June 30, 2018, London Inter-Bank Offered Rate ("LIBOR") of 2.09%, Hong Kong Inter-Bank Offered Rate ("HIBOR") of 2.01% and Singapore Swap Offer Rate ("SOR") of 1.38% plus the applicable interest rate spread in accordance with the respective U.S., Macao and Singapore debt agreements. |
• | 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 our Integrated Resorts in Macao, Singapore, Las Vegas and Bethlehem, Pennsylvania; |
• | the extensive regulations to which we are subject 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 or to obtain sufficient funding for our planned, or any future, development projects; |
• | fluctuations in currency exchange rates and interest rates; |
• | increased competition for labor and materials due to 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; |
• | 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 operations in Macao and Singapore and other jurisdictions where we are planning to operate; |
• | our insurance coverage, including the risk 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 junket operators in Macao; |
• | our dependence on chance and theoretical win rates; |
• | fraud and cheating; |
• | our ability to establish and protect our intellectual property 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 securities to be found suitable by gaming authorities, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet; |
• | 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 and the impact of U.S. tax reform; |
• | 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 Limited Partnership or any successor owner of the Grand Canal Shoppes; and |
• | the outcome of any ongoing and future litigation. |
Period | Total Number of Shares Purchased | Weighted Average Price Paid per Share | 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 millions)(1) | |||||||||
April 1, 2018 — April 30, 2018 | — | $ | — | — | $ | 1,110 | |||||||
May 1, 2018 — May 31, 2018 | — | $ | — | — | $ | 1,110 | |||||||
June 1, 2018 — June 30, 2018 | 1,253,600 | $ | 79.76 | 1,253,600 | $ | 2,400 |
(1) | In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which was to expire on November 2, 2018. In June 2018, the Company's Board of Directors authorized increasing the remaining repurchase amount of $1.11 billion to $2.50 billion and extending the expiration date to November 2, 2020. All repurchases under the stock repurchase program are made from time to time at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise. All share repurchases of the Company's common stock have been recorded as treasury stock. |
Exhibit No. | Description of Document | |
3.1 | ||
3.2 | ||
10.1 | ||
10.2++ | ||
10.3++ | ||
10.4++ | ||
10.5++ | ||
10.6++ | ||
10.7++ | ||
10.8++ | ||
10.9++ | ||
31.1 | ||
31.2 | ||
32.1+ | ||
32.2+ |
Exhibit No. | Description of Document | |
101 | The following financial information from the Company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2018, formatted in Extensible Business Reporting Language (“XBRL”): (i) Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017, (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017, (iv) Condensed Consolidated Statements of Equity for the six months ended June 30, 2018 and 2017, (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017, and (vi) Notes to Condensed Consolidated Financial Statements. |
+ | 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 Act of 1934, as amended. |
++ | Denotes a management contract or compensatory plan or arrangement. |
LAS VEGAS SANDS CORP. | |||
July 25, 2018 | By: | /S/ SHELDON G. ADELSON | |
Sheldon G. Adelson Chairman of the Board and Chief Executive Officer | |||
July 25, 2018 | By: | /S/ PATRICK DUMONT | |
Patrick Dumont Executive Vice President and Chief Financial Officer |
LAS VEGAS SANDS, LLC | ||
By: | /s/ Patrick Dumont | |
Name: | Patrick Dumont | |
Title: | Chief Financial Officer | |
VENETIAN CASINO RESORT, LLC, as a Guarantor | ||
By: | /s/ Patrick Dumont | |
Name: | Patrick Dumont | |
Title: | Chief Financial Officer |
SANDS EXPO & CONVENTION CENTER, INC., as a Guarantor | ||
By: | /s/ Patrick Dumont | |
Name: | Patrick Dumont | |
Title: | Chief Financial Officer |
VENETIAN MARKETING, INC., as a Guarantor | ||
By: | /s/ Patrick Dumont | |
Name: | Patrick Dumont | |
Title: | Chief Financial Officer |
SANDS PENNSYLVANIA, INC., as a Guarantor | ||
By: | /s/ Patrick Dumont | |
Name: | Patrick Dumont | |
Title: | Chief Financial Officer |
THE BANK OF NOVA SCOTIA, as Administrative Agent, Collateral Agent and Incremental Term Lender | ||||||
By: | /s/ Bradley Walker | |||||
Name: | Bradley Walker | |||||
Title: | Director |
Incremental Term Lender | Incremental Term Loan Commitment |
The Bank of Nova Scotia | $1,350,000,000 |
Total: | $1,350,000,000 |
(i) | net earnings or net income (before or after taxes); |
(ii) | basic or diluted earnings per share (before or after taxes); |
(iii) | net revenue or net revenue growth; |
(iv) | gross profit or gross profit growth; |
(v) | net operating profit (before or after taxes); |
(vi) | return measures (including, but not limited to, return on assets, capital, invested capital, equity, or sales); |
(vii) | cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital); |
(viii) | earnings before or after taxes, interest, depreciation, amortization and/or rents; |
(ix) | gross or operating margins; |
(x) | productivity ratios; |
(xi) | share price (including, but not limited to, growth measures and total stockholder return); |
(xii) | expense targets; |
(xiii) | margins; |
(xiv) | operating efficiency; |
(xv) | objective measures of customer satisfaction; |
(xvi) | working capital targets; |
(xvii) | measures of economic value added; and |
(xviii) | inventory control. |
1. | A 162(m) Bonus Award may be made only by a Committee which is comprised solely of not less than two directors, each of whom is an “outside director” (within the meaning of Section 162(m) of the Code). |
2. | The performance goals to which a 162(m) Bonus Award is subject must be based solely on Performance Criteria. Such performance goals, and the maximum, target and/or threshold (as applicable) Bonus Amount payable upon attainment thereof, must be established by the Committee within the time limits required in order for the 162(m) Bonus Award to qualify for the performance-based compensation exception to Section 162(m) of the Code. |
3. | No 162(m) Bonus Award may be paid until the Committee has certified the level of attainment of the applicable Performance Criteria; provided, however, that the Committee, in its sole discretion, may permit the payment of a 162(m) Bonus Award to a Participant (or such Participant’s Designated Beneficiary or estate, as applicable) without first certifying the level of attainment of the applicable Performance Criteria following (i) a termination of employment due to the Participant’s death or disability or (ii) a “Change in Control” (as that term is defined in the Las Vegas Sands Corp. 2004 Equity Award Plan. |
4. | With respect to any single Participant, the maximum amount of any 162(m) Bonus Award for any fiscal year of the Company shall be $15,000,000. |
Date: | July 25, 2018 | By: | /S/ SHELDON G. ADELSON | |
Sheldon G. Adelson Chief Executive Officer |
Date: | July 25, 2018 | By: | /S/ PATRICK DUMONT | |
Patrick Dumont Chief Financial Officer |
Date: | July 25, 2018 | By: | /S/ SHELDON G. ADELSON | |
Sheldon G. Adelson Chief Executive Officer |
Date: | July 25, 2018 | By: | /S/ PATRICK DUMONT | |
Patrick Dumont Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 23, 2018 |
|
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment flag | false | |
Document period end date | Jun. 30, 2018 | |
Document fiscal year focus | 2018 | |
Document fiscal period focus | Q2 | |
Trading symbol | LVS | |
Entity registrant name | LAS VEGAS SANDS CORP | |
Entity central index key | 0001300514 | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Entity common stock, shares outstanding | 788,004,346 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 832,000,000 | 831,000,000 |
Common stock, shares outstanding | 788,000,000 | 789,000,000 |
Treasury stock, shares | 44,000,000 | 42,000,000 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 676 | $ 639 | $ 2,292 | $ 1,218 |
Currency translation adjustment, before tax | (91) | 9 | (63) | 65 |
Currency translation adjustment, after tax | (91) | 9 | (63) | 65 |
Total comprehensive income | 585 | 648 | 2,229 | 1,283 |
Comprehensive income attributable to noncontrolling interests | (120) | (87) | (275) | (183) |
Comprehensive income attributable to Las Vegas Sands Corp. | $ 465 | $ 561 | $ 1,954 | $ 1,100 |
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Treasury Stock [Member] |
Capital in Excess of Par Value [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Retained Earnings [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2016 | $ 7,486 | $ 1 | $ (2,443) | $ 6,516 | $ (119) | $ 2,213 | $ 1,318 |
Cumulative effect adjustment from change in accounting principle (Accounting Standards Update 2016-09 [Member]) at Dec. 31, 2016 | 3 | (2) | (1) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,218 | 1,027 | 191 | ||||
Currency translation adjustment | 65 | 73 | (8) | ||||
Exercise of stock options | 16 | 13 | 3 | ||||
Stock-based compensation | 18 | 15 | 3 | ||||
Repurchase of common stock | (225) | (225) | |||||
Dividends declared | (1,781) | (1,156) | (625) | ||||
Ending balance at Jun. 30, 2017 | 6,797 | 1 | (2,668) | 6,547 | (46) | 2,082 | 881 |
Beginning balance at Dec. 31, 2017 | 7,627 | 1 | (2,818) | 6,580 | 14 | 2,709 | 1,141 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,292 | 2,012 | 280 | ||||
Currency translation adjustment | (63) | (58) | (5) | ||||
Exercise of stock options | 73 | 66 | 7 | ||||
Stock-based compensation | 16 | 14 | 2 | ||||
Repurchase of common stock | (179) | (179) | |||||
Dividends declared | (1,804) | (1,183) | (621) | ||||
Ending balance at Jun. 30, 2018 | $ 7,962 | $ 1 | $ (2,997) | $ 6,660 | $ (44) | $ 3,538 | $ 804 |
Organization and Business of Company |
6 Months Ended |
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Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business of Company | Organization and Business of Company The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. ("LVSC"), a Nevada corporation, and its subsidiaries (collectively the "Company") for the year ended December 31, 2017, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such rules and regulations; however, the Company believes the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company's 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. The Company currently owns 70.0% of SCL. The Company has entered into various joint venture agreements with independent third parties, which have been consolidated based on accounting standards for variable interest entities. As of June 30, 2018 and December 31, 2017, the Company's consolidated joint ventures had total assets of $76 million and $77 million, respectively, and total liabilities of $211 million and $198 million, respectively. The Company's joint ventures had intercompany liabilities of $209 million and $196 million as of June 30, 2018 and December 31, 2017, respectively. On March 8, 2018, the Company entered into a purchase and sale agreement under which PCI Gaming Authority, an unincorporated, chartered instrumentality of the Poarch Band of Creek Indians, will acquire the Sands Bethlehem property in Pennsylvania for a total enterprise value of $1.30 billion. The closing of the transaction is subject to regulatory review and other closing conditions. Development Projects The Company is constantly evaluating opportunities to improve its product offerings, such as refreshing its meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and its gaming areas, as well as other anticipated revenue generating additions to the Company's Integrated Resorts. Macao In October 2017, the Company announced it will renovate, expand and rebrand the Sands Cotai Central into a new destination integrated resort, The Londoner Macao, by adding extensive thematic elements both externally and internally. The Londoner Macao will feature new attractions and features from London, including some of London’s most recognizable landmarks, an expanded retail mall and approximately 370 additional luxury suites in the St. Regis Macao Tower. Design work has commenced and construction will be phased to minimize disruption during the property’s peak periods. The Company expects the project to be completed in 2020. In October 2017, the Company also announced the tower adjacent to the Four Seasons Hotel Macao will feature approximately 280 additional premium quality suites. The Company has completed the structural work of the tower and plans to commence build out of the suites in 2018. The Company expects the project to be completed in 2019. The completion dates for these projects are subject to change as the Company continues its planning and design work. Capital Financing Overview The Company funds its development projects primarily through borrowings under its credit facilities and operating cash flows. As of June 30, 2018 and December 31, 2017, the Company held cash, cash equivalents and restricted cash of $4.36 billion and $2.43 billion, respectively. Restricted cash represents those amounts contractually reserved for substantial mall-related repairs and maintenance expenditures. Cash equivalents are short-term investments with original maturities of less than 90 days and are carried at cost, which is a reasonable estimate of their fair value. The estimated fair value of the Company's cash equivalents is based on level 1 inputs (quoted market prices in active markets). 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. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. In March 2018, the Company amended its Singapore credit facility, which refinanced the facility in an aggregate amount of 4.80 billion Singapore dollars ("SGD," approximately $3.51 billion at exchange rates in effect on June 30, 2018), extended the maturities of the term loans and revolving loans to March 29, 2024 and September 29, 2023, respectively, and amended the amortization schedule and the leverage covenant to provide that the leverage ratio not exceed 4.0x for all quarterly periods through maturity (see "— Note 4 — Long-Term Debt — 2012 Singapore Credit Facility"). In March 2018, the Company also amended its U.S. credit facility, which refinanced the term loans in an aggregate amount of $2.16 billion, extended the maturity of the term loans to March 27, 2025, and reduced the applicable margin credit spread for borrowings under the term loans. In June 2018, the Company further amended its U.S. credit facility to, among other things, increase the amount of the term loans by $1.35 billion, to an aggregate amount of $3.51 billion (see "— Note 4 — Long-Term Debt — 2013 U.S. Credit Facility"). Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update (as subsequently amended) on revenue recognition applicable 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 to receive 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 Company adopted the new standard on January 1, 2018, on a full retrospective basis (see disclosures at "— Note 2 — Revenue"). 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 will adopt this guidance beginning January 1, 2019. Although the Company is in the process of evaluating the impact the guidance will have on its financial condition and results of operations, the Company currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Company's balance sheet for real estate operating leases. The adoption of this guidance is not expected to have a material effect on net income. In June 2016, the FASB issued an accounting standard update that revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance is effective for fiscal years beginning after December 15, 2019, including interim reporting periods within that reporting period, and should be applied on a modified retrospective basis, with early adoption permitted. The Company is currently assessing the effect the guidance will have on the Company's financial condition and results of operations. In August 2016, the FASB issued an accounting standard update to reduce the diversity on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. In November 2016, the FASB issued an accounting standard update to reduce the diversity on how changes in restricted cash are presented and classified on the statement of cash flows. The Company adopted this guidance on a retrospective basis as of January 1, 2018. The adoption did not have a material effect on the presentation of its statement of cash flows. Reclassification Certain amounts in the accompanying condensed consolidated balance sheet as of December 31, 2017, and the related condensed consolidated statements of operations, comprehensive income, equity and cash flows for the three and six months ended June 30, 2017, have been reclassified to be consistent with the current period presentation. |
Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, rental income from the Company’s mall tenants, convention sales and entertainment and ferry ticket sales. These contracts can be written, oral or implied by customary business practices. Gross casino revenue is the aggregate of gaming wins and losses. The commissions rebated to junket operators and premium players for rolling play, cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to gross casino revenue. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Company’s loyalty programs. For wagering contracts that include complimentary products and services provided by the Company to incentivize gaming, the Company allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Company's control and discretion, which are supplied by third parties, are recorded as an operating expense. For wagering contracts that include products and services provided to a patron in exchange for points earned under the Company’s loyalty programs, the Company allocates the estimated stand-alone selling price of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of loyalty program points for Company-owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Company from the third party in connection with this transaction are recorded to other revenue. After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino revenue as soon as the wager is settled. As all wagers have similar characteristics, the Company accounts for its gaming contracts collectively on a portfolio basis versus an individual basis. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Convention revenues are recognized when the related service is rendered or the event is held. Deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred income until the revenue recognition criteria are met. Cancellation fees for hotel, meeting space and food and beverage services are recognized upon cancellation by the customer and are included in other revenues. Ferry and entertainment revenue recognition criteria are met at the completion of the ferry trip or event, respectively. Revenue from contracts with a combination of these services is allocated pro rata based on each service’s relative stand-alone selling price. Revenue from leases is primarily recorded to mall revenue and is 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 threshold is met. Revenue Disaggregation The Company operates Integrated Resorts internationally, in Macao and Singapore, and domestically, in Las Vegas and Pennsylvania. The Company generates revenues at its properties by providing the following types of products and services: gaming, rooms, food and beverage, mall and convention, retail and other. Revenue disaggregated by type of revenue and geographic location is as follows:
____________________
Contract and Contract Related Liabilities The Company provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided. The outstanding chip liability represents the collective amounts owed to junket operators and patrons in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. The loyalty program liability represents a deferral of revenue until patron redemption of points earned. The loyalty program points are expected to be redeemed and recognized as revenue within one year of being earned. Customer deposits and other deferred revenue represent cash deposits made by customers for future services provided by the Company. With the exception of mall deposits, which are tied to the terms of the lease and typically extend beyond a year, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded. The following table summarizes the liability activity related to contracts with customers:
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Significant Impacts of Adoption The adoption of the change in accounting standards related to revenue from contracts with customers resulted in the following significant impacts: (1) promotional allowances line item was eliminated from the condensed consolidated statement of operations with the amount being deducted from casino revenue, (2) the valuation of points associated with the Company’s loyalty programs was changed from cost to fair value; the loyalty program expense, previously charged to casino expense, was deducted from casino revenue to defer revenue recognition until redemption of the loyalty program points occurs; and redemption of the loyalty program points at third parties is now deducted from the loyalty program liability and paid directly to the third party, with any discounts received from the third party recorded to other revenue, and (3) the portion of junket commissions that was previously recorded to casino expense is now deducted from casino revenue. These adjustments resulted in a decrease to net revenues and operating expenses of $32 million and $33 million, respectively, and an increase in operating income of $1 million for the three months ended June 30, 2017, and a decrease to net revenues and operating expenses of $71 million and $73 million, respectively, and an increase in operating income of $2 million for the six months ended June 30, 2017. The cumulative effect of the adoption was recognized as a decrease in retained earnings of $8 million on January 1, 2017. |
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:
During the three and six months ended June 30, 2018, the Company capitalized $1 million of interest expense and during the six months ended June 30, 2017, the Company capitalized $1 million of interest expense. During the three and six months ended June 30, 2018 and the three and six months ended June 30, 2017, the Company capitalized approximately $7 million, $12 million, $6 million and $12 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property. During the year ended December 31, 2017, the Company completed an evaluation of the estimated useful lives of its property and equipment and determined that changes to the useful lives of certain property and equipment were appropriate. This change in estimated useful lives was accounted for as a change in accounting estimate effective July 1, 2017. The impact of this change for the three months ended June 30, 2018, was a decrease in depreciation and amortization expense and an increase in operating income of $64 million, and an increase in net income attributable to LVSC of $47 million, or earnings per share of $0.06 on a basic and diluted basis. The impact of this change for the six months ended June 30, 2018, was a decrease in depreciation and amortization expense and an increase in operating income of $127 million, and an increase in net income attributable to LVSC of $93 million, or earnings per share of $0.12 on a basic and diluted basis. During the three and six months ended June 30, 2018, the Company recognized a loss on disposal or impairment of assets of $105 million and $110 million, respectively, consisting primarily of a $92 million write-off of costs related to the tower adjacent to the Four Seasons Hotel Macao. During the three and six months ended June 30, 2017, the Company recognized a loss on disposal or impairment of assets of $3 million and $6 million, respectively. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following:
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2013 U.S. Credit Facility During March 2018, the Company entered into an agreement (the "Fifth Amendment Agreement") to amend the existing 2013 U.S. Credit Facility to, among other things, refinance the term loans (by way of continuing or replacing existing term loans) in an aggregate amount of $2.16 billion and to lower the applicable margin credit spread for adjusted Eurodollar rate term loans from 2.0% to 1.75% per annum and for alternative base rate term loans from 1.0% to 0.75% per annum (the interest rate was set at 3.8% as of June 30, 2018). Additionally, the Fifth Amendment Agreement extended the maturity date of the term loans from March 29, 2024 to March 27, 2025. The Company recorded a $3 million loss on modification of debt during the six months ended June 30, 2018, in connection with the Fifth Amendment Agreement. During June 2018, the Company further amended the 2013 U.S. Credit Facility (the "Sixth Amendment Agreement") to, among other things, increase the amount of the term loans by $1.35 billion, to an aggregate amount of $3.51 billion. The additional $1.35 billion, which was fully drawn on the closing date, matures on March 27, 2025, and has terms substantially identical to those applicable to the term loans outstanding under the then existing credit agreement. The 2013 Extended U.S. Term B Facility is subject to quarterly amortization payments of $9 million, which began on June 30, 2018, followed by a balloon payment of $3.27 billion due on March 27, 2025. As of June 30, 2018, the Company had $1.15 billion of available borrowing capacity under the 2013 Extended U.S. Revolving Facility, net of outstanding letters of credit. 2016 VML Credit Facility As of June 30, 2018, the Company had $1.49 billion of available borrowing capacity under the 2016 VML Revolving Facility. The interest rates on the term loans under the 2016 VML Credit Facility were set at 3.7% and 3.6% for loans accruing interest at an adjusted Eurodollar and Hong Kong Inter-Bank Offered Rate, respectively, as of June 30, 2018. 2012 Singapore Credit Facility During March 2018, the Company amended its 2012 Singapore Credit Facility, which refinanced the facility in an aggregate amount of SGD 4.80 billion (approximately $3.51 billion at exchange rates in effect on June 30, 2018), pursuant to which consenting lenders of borrowings under the 2012 Singapore Term Facility extended the maturity to March 29, 2024, and consenting lenders of borrowings under the 2012 Singapore Revolving Facility extended the maturity to September 29, 2023. As of June 30, 2018, the Company had SGD 495 million (approximately $362 million at exchange rates in effect on June 30, 2018) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit. Commencing with the quarterly period ended June 30, 2018, and at the end of each subsequent quarter through March 31, 2022, the amended facility agreement requires the borrower to repay the outstanding 2012 Singapore Term Facility in the amount of 0.5% of the aggregate principal amount outstanding as of March 19, 2018 (the "Singapore Restatement Date"). Commencing with the quarterly period ending June 30, 2022, and at the end of each subsequent quarter through March 31, 2023, 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. For the quarterly periods ending June 30, 2023 through the termination date of March 29, 2024, the borrower 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 leverage covenant was amended to provide that the leverage ratio not exceed 4.0x on the last day of each fiscal quarter through maturity. The interest rate on the 2012 Singapore Term Facility was set at 2.6% as of June 30, 2018. Debt Covenant Compliance As of June 30, 2018, management believes the Company was in compliance with all debt covenants. Cash Flows from Financing Activities Cash flows from financing activities related to long-term debt and capital lease obligations are as follows:
Fair Value of Long-Term Debt The estimated fair value of the Company's long-term debt as of June 30, 2018 and December 31, 2017, was approximately $11.27 billion and $9.61 billion, respectively, compared to its carrying value of $11.42 billion and $9.72 billion, respectively. The estimated fair value of the Company's long-term debt is based on level 2 inputs (quoted prices in markets that are not active). |
Equity and Earnings Per Share |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Earnings Per Share | Equity and Earnings Per Share Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. The Company's Board of Directors is authorized, subject to limitations prescribed by Nevada law and the Company's articles of incorporation, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The Company's Board of Directors also is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. Common Stock Dividends On March 30 and June 28, 2018, the Company paid a dividend of $0.75 per common share as part of a regular cash dividend program. During the six months ended June 30, 2018, the Company recorded $1.18 billion as a distribution against retained earnings (of which $648 million related to the principal stockholder and his family and the remaining $535 million related to all other shareholders). On March 31 and June 30, 2017, the Company paid a dividend of $0.73 per common share as part of a regular cash dividend program. During the six months ended June 30, 2017, the Company recorded $1.16 billion as a distribution against retained earnings (of which $630 million related to the principal stockholder and his family and the remaining $526 million related to all other shareholders). In July 2018, the Company's Board of Directors declared a quarterly dividend of $0.75 per common share (a total estimated to be approximately $591 million) to be paid on September 27, 2018, to shareholders of record on September 19, 2018. Repurchase Program In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which was to expire in November 2018. In June 2018, the Company's Board of Directors authorized increasing the remaining repurchase amount of $1.11 billion to $2.50 billion and extending the expiration date to November 2020. 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 six months ended June 30, 2018 and 2017, the Company repurchased 2,301,800 and 3,933,737 shares, respectively, of its common stock for $175 million and $225 million, respectively, (including commissions) under the program. All share repurchases of the Company's common stock have been recorded as treasury stock. Noncontrolling Interests On February 23 and June 22, 2018, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.05 billion, of which the Company retained $1.44 billion during the six months ended June 30, 2018). On February 24 and June 23, 2017, SCL paid a dividend of HKD 0.99 and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which the Company retained $1.45 billion during the six months ended June 30, 2017). During the six months ended June 30, 2018 and 2017, the Company distributed $6 million to certain of its noncontrolling interests. 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:
Accumulated Other Comprehensive Loss As of June 30, 2018 and December 31, 2017, accumulated other comprehensive loss consisted solely of foreign currency translation adjustments. |
Income Taxes |
6 Months Ended |
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Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective income tax rate was (27.2)% for the six months ended June 30, 2018, compared to 10.8% for the six months ended June 30, 2017. The effective income tax rate for the six months ended June 30, 2018, would have been 10.0% without the discrete benefit of $670 million, as discussed further below. The effective income tax rate for the six months ended June 30, 2018, reflects a 17% statutory tax rate on the Company's Singapore operations, a 21% corporate income tax rate for its domestic operations and a zero percent tax rate on its Macao gaming operations due to the Company's income tax exemption in Macao, effective through the end of 2018. In December 2017, the U.S. enacted the Tax Cuts and Jobs Act (the "Act"). The Company recorded a discrete benefit of $526 million in the fourth quarter of 2017 related to the reduction of the valuation allowance on certain deferred tax assets previously determined not likely to be utilized and also the revaluation of its U.S. deferred tax liabilities at the reduced corporate income tax rate of 21%. This discrete benefit was the provisional impact of enactment of the Act subject to Staff Accounting Bulletin ("SAB") 118, which provides for a 12-month remeasurement period to complete the accounting required under Accounting Standards Codification ("ASC") 740. The Act made significant changes to U.S. income tax laws, including transitioning from a worldwide tax system to a territorial tax system. This change in the U.S. international tax system included the introduction of several new tax regimes that are effective as of January 1, 2018. One of the new taxes introduced is the Global Intangible Low-Taxed Income ("GILTI"), which effectively taxes the foreign earnings of U.S. multinational companies at 10.5%, half of the current corporate tax rate. During the three months ended March 31, 2018, the Company concluded how the foreign tax credits associated with this income, and allowed against the U.S. tax liability, would be utilized and the potential impact on the foreign tax credit deferred tax asset and related valuation allowance. As a result, the Company recorded a tax benefit of $670 million relating to the reduction of the valuation allowance on certain U.S. foreign tax credit assets generated prior to 2018 that were previously determined not likely to be utilized. While management believes the provisional amounts recorded during the six months ended June 30, 2018 and the year ended December 31, 2017, represent reasonable estimates of the ultimate impact U.S. tax reform will have on the Company's consolidated financial statements, it is possible the Company may continue to materially adjust these amounts for related administrative guidance, notices, implementation regulations, potential legislative amendments and interpretations as the Act continues to evolve. These adjustments could have an impact on the Company's tax assets and liabilities, effective tax rate, net income and earnings per share. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2018 | |
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 and has accrued a nominal amount for such costs as of June 30, 2018. 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. Round Square Company Limited v. Las Vegas Sands Corp. 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 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 $44 million. On June 30, 2008, a judgment was entered in this matter in the amount of $59 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 million. On May 28, 2013, a judgment was entered in the matter in the amount of $102 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting 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 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 its answering brief. On January 12, 2015, the defendants filed their reply brief. On January 27, 2015, Roundsquare filed its 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. On March 11, 2016, the Nevada Supreme Court issued an order affirming the judgment of liability, but reversing the damages award and remanding for a new trial on damages. On March 29, 2016, Roundsquare filed a petition for rehearing. The Nevada Supreme Court ordered an answer by the Company, which the Company filed on May 4, 2016. On May 12, 2016, Roundsquare filed a motion for leave to file a reply brief in support of its petition for rehearing, and on May 19, 2016, the Company filed an opposition to that motion. On June 24, 2016, the Nevada Supreme Court issued an order granting Roundsquare's petition for rehearing and submitting the appeal for decision on rehearing without further briefing or oral argument. On July 22, 2016, the Nevada Supreme Court once again ordered a new trial as to plaintiff Roundsquare on the issue of quantum merit damages. A pre-trial hearing was set in District Court for December 12, 2016. At the December 12, 2016 hearing, the District Court indicated it would allow a scope of trial and additional discovery into areas the Company opposed as inconsistent with the Nevada Supreme Court's remand. The District Court issued a written order on the scope of retrial and discovery dated December 15, 2016. On January 5, 2017, the Company moved for a stay of proceedings in the District Court, pending the Nevada Supreme Court's resolution of the Company's petition for writ of mandamus or prohibition, which was filed on January 13, 2017. On February 13, 2017, the District Court denied the motion to stay proceedings and, on February 16, 2017, the Nevada Supreme Court denied the writ. The parties are presently engaged in discovery and the damages trial date has been set to begin on March 4, 2019. The Company has accrued a nominal amount for estimated costs related to this legal matter as of June 30, 2018. In the event the Company's assumptions used to evaluate this matter change in future periods, it may be required to record an additional liability for an adverse outcome. The Company intends to defend this matter vigorously. Frank J. Fosbre, Jr. v. Las Vegas Sands Corp., Sheldon G. Adelson and William P. Weidner 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 was 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 resumed. 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, defendants filed motions for summary judgment. Plaintiffs filed an opposition to the motions for summary judgment on March 11, 2016. Defendants filed their replies in support of summary judgment on April 8, 2016. Summary judgment in favor of the defendants was entered on January 4, 2017. The plaintiffs filed a notice of appeal on February 2, 2017, and their opening brief in support of their appeal on July 14, 2017. Defendants filed their answering briefs in opposition to the appeal on October 13, 2017. Plaintiffs filed their reply brief in support of their appeal on December 14, 2017. On May 1, 2018, a three judge panel of the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed the U.S. District Court's summary judgment ruling for the defendants. The Company intends to defend this matter vigorously. Nasser Moradi, et al. v. Adelson, et al. 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. After the Kohanim case was dismissed with prejudice at plaintiff's request and not appealed, the defendants, on April 11, 2018, filed simultaneous motions seeking to lift the stay and to dismiss this federal consolidated derivative case. On May 23, 2018, the parties filed a stipulation in which plaintiffs voluntarily dismissed this action without any settlement or compromise. Based on this stipulation, the U.S. District Court ordered the action dismissed, with all parties waiving any rights to appeal from any aspect of this action. The U.S. District Court further directed this matter and all associated cases be closed. Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al. 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 $371 million at exchange rates in effect on June 30, 2018) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the "U.S. Defendants") for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. 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 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 U.S. Defendants. On March 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC's claim against VML is unfounded and that VML be removed as a party to the proceedings, and the claim should proceed exclusively against the U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. 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 U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the 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 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 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. On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata. An appeal against that decision was lodged on April 7, 2016, together with a request that the appeal be heard immediately. By a decision dated April 13, 2016, the Macao Judicial Court accepted that the appeal be heard immediately. Legal arguments were submitted May 23, 2016. AAEC replied to the legal arguments on or about July 14, 2016, which was three days late, upon payment of a penalty. The U.S. Defendants submitted a response on September 20, 2016. On December 13, 2016, the Macao Judicial Court confirmed its earlier decision not to stay the proceedings pending appeal. As of the end of December 2016, all appeals (including VML's dismissal and the res judicata appeals) were being transferred to the Macao Second Instance Court. On May 11, 2017, the Macao Second Instance Court notified the parties of its decision of refusal to deal with the appeals at the present time. The Macao Second Instance Court ordered the court file be transferred back to the Macao Judicial Court. Evidence gathering by the Macao Judicial Court has commenced by letters rogatory. On June 30, 2017, the Macao Judicial Court sent letters rogatory to the Public Prosecutor's office, for onward transmission to relevant authorities in the U.S. and Hong Kong. On August 10, 2017, the Hong Kong Mutual Legal Assistance Unit, International Law Division, Hong Kong Department of Justice ("HKMLAU") responded to the Public Prosecutor and requested additional information. On August 18, 2017, the Public Prosecutor forwarded the HKMLAU request to the Macao Judicial Court. On November 14, 2017, the Public Prosecutor replied to the HKMLAU. The HKMLAU sent a further communication to the Public Prosecutor on November 29, 2017, again requesting the Macao Judicial Court provide further information to enable processing of the Hong Kong letter rogatory. On January 6, 2018, the Macao Judicial Court notified the parties accordingly. On February 10, 2018, the Macao Judicial Court notified the parties that a communication dated January 25, 2018, had been received from the U.S. Department of Justice. The Macao Judicial Court has extended the time for processing the letters rogatory until the end of June 2018. On May 7, 2018, the Macao Judicial Court further extended the time for processing one of the letters rogatory until mid-September 2018. 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. A letter dated February 26, 2016, has been received from the Conselho Superior de Advocacia of the Macao Bar Association advising that disciplinary proceedings have commenced. A further letter dated April 5, 2016, was received from the Conselho Superior de Advocacia requesting confirmation that the signatories of the complaint were acting within their corporate authority. In a letter dated April 14, 2016, such confirmation was provided. On September 28, 2016, the Conselho Superior de Advocacia invited comments on the defense, which had been lodged by AAEC's Macao lawyer. On July 9, 2014, the plaintiff filed another action in the U.S. District Court against LVSC, LVSLLC, VCR (collectively, the "LVSC entities"), 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 LVSC entities on November 10, 2014. Plaintiff failed to timely respond, and on December 2, 2014, the LVSC entities 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 LVSC entities' 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 LVSC entities' 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. |
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; The Parisian Macao; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and Sands Bethlehem. The Company also reviews construction and development activities for each of its primary projects currently under development, in addition to its reportable segments noted above, which include the renovation, expansion and rebranding of Sands Cotai Central and the additional rooms in the tower adjacent to the Four Seasons Hotel Macao in Macao, and the Las Vegas Condo Tower (for which construction currently is suspended) in the United States. The Company has included Ferry Operations and Other (comprised primarily of the Company's ferry operations and various other operations that are ancillary to its properties in Macao) to reconcile to condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to the condensed consolidated financial condition. The segment information as of December 31, 2017 and for the three and six months ended June 30, 2017, has been reclassified to conform to the current presentation. The Company's segment information as of June 30, 2018 and December 31, 2017, and for the three and six months ended June 30, 2018 and 2017, is as follows:
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Revenue (Policies) |
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Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Gross casino revenue is the aggregate of gaming wins and losses. The commissions rebated to junket operators and premium players for rolling play, cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to gross casino revenue. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Company’s loyalty programs. For wagering contracts that include complimentary products and services provided by the Company to incentivize gaming, the Company allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Company's control and discretion, which are supplied by third parties, are recorded as an operating expense. For wagering contracts that include products and services provided to a patron in exchange for points earned under the Company’s loyalty programs, the Company allocates the estimated stand-alone selling price of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of loyalty program points for Company-owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Company from the third party in connection with this transaction are recorded to other revenue. After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino revenue as soon as the wager is settled. As all wagers have similar characteristics, the Company accounts for its gaming contracts collectively on a portfolio basis versus an individual basis. Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Convention revenues are recognized when the related service is rendered or the event is held. Deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred income until the revenue recognition criteria are met. Cancellation fees for hotel, meeting space and food and beverage services are recognized upon cancellation by the customer and are included in other revenues. Ferry and entertainment revenue recognition criteria are met at the completion of the ferry trip or event, respectively. Revenue from contracts with a combination of these services is allocated pro rata based on each service’s relative stand-alone selling price. |
Revenue (Tables) |
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Disaggregation of Revenue | Revenue disaggregated by type of revenue and geographic location is as follows:
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Contract and Contract Related Liabilities | The following table summarizes the liability activity related to contracts with customers:
____________________
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Property and Equipment, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consists of the following:
|
Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt consists of the following:
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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:
|
Equity and Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The Company's segment information as of June 30, 2018 and December 31, 2017, and for the three and six months ended June 30, 2018 and 2017, is as follows:
____________________
____________________
|
Revenue - Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Outstanding Chip Liability [Member] | |||||||
Contract and Contract Related Liabilities [Line Items] | |||||||
Contract and contract related, liability | $ 676 | $ 553 | $ 478 | $ 525 | |||
Change in contract and contract related liabilities | 198 | 28 | |||||
Loyalty Program Liability [Member] | |||||||
Contract and Contract Related Liabilities [Line Items] | |||||||
Contract and contract related, liability | 65 | 63 | 63 | 69 | |||
Change in contract and contract related liabilities | 2 | (6) | |||||
Customer Deposits and Other Deferred Revenue [Member] | |||||||
Contract and Contract Related Liabilities [Line Items] | |||||||
Contract and contract related, liability | [1] | 724 | 642 | 714 | 633 | ||
Change in contract and contract related liabilities | 10 | 9 | |||||
Mall Deposits [Member] | |||||||
Contract and Contract Related Liabilities [Line Items] | |||||||
Contract and contract related, liability | [1] | $ 150 | $ 137 | $ 145 | $ 131 | ||
|
Revenue - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Effect on operating expenses | $ 2,506 | $ 2,292 | $ 4,927 | $ 4,595 | ||
Effect on operating income | 797 | 817 | 1,955 | 1,581 | ||
Cumulative effect recognized on initial application of the new guidance | $ 3,538 | $ 3,538 | $ 2,709 | |||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Effect on net revenues | (32) | (71) | ||||
Effect on operating expenses | (33) | (73) | ||||
Effect on operating income | $ 1 | $ 2 | ||||
Cumulative effect recognized on initial application of the new guidance | $ (8) |
Property and Equipment, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 24,089 | $ 24,008 |
Less — accumulated depreciation and amortization | (8,872) | (8,492) |
Property and equipment, net | 15,217 | 15,516 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 671 | 672 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 17,703 | 17,703 |
Furniture, Fixtures, Equipment and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,108 | 3,999 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 441 | 455 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,166 | $ 1,179 |
Property and Equipment, Net - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Property, Plant and Equipment [Line Items] | ||||||
Capitalized interest expense | $ 1 | $ 1 | $ 1 | |||
Capitalized internal costs | 7 | $ 6 | 12 | 12 | ||
Decrease in depreciation expense | (274) | (327) | (538) | (648) | ||
Increase in operating income | 797 | 817 | 1,955 | 1,581 | ||
Increase in net income attributable to Las Vegas Sands Corp. | $ 556 | $ 546 | $ 2,012 | $ 1,027 | ||
Increase in basic EPS (in usd per share) | $ 0.70 | $ 0.69 | $ 2.55 | $ 1.30 | ||
Increase in diluted EPS (in usd per share) | $ 0.70 | $ 0.69 | $ 2.55 | $ 1.29 | ||
Loss on disposal or impairment of assets | $ 105 | $ 3 | $ 110 | $ 6 | ||
The Plaza Macao and Four Seasons Hotel Macao [Member] | Macao [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Loss on disposal or impairment of assets | [1] | 92 | ||||
Service Life [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Decrease in depreciation expense | 64 | 127 | ||||
Increase in operating income | 64 | 127 | ||||
Increase in net income attributable to Las Vegas Sands Corp. | $ 47 | $ 93 | ||||
Increase in basic EPS (in usd per share) | $ 0.06 | $ 0.12 | ||||
Increase in diluted EPS (in usd per share) | $ 0.06 | $ 0.12 | ||||
|
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Other | $ 11,323 | $ 9,640 | |||
Long-term debt, including current maturities | 11,323 | 9,640 | |||
Less - current maturities | (184) | (296) | |||
Total long-term debt | 11,139 | 9,344 | |||
HVAC Equipment Lease [Member] | United States [Member] | |||||
Debt Instrument [Line Items] | |||||
Capital lease obligations | 12 | 12 | |||
Other [Member] | Macao [Member] | |||||
Debt Instrument [Line Items] | |||||
Other | 5 | 5 | |||
Long-term debt, including current maturities | 5 | 5 | |||
Secured Debt [Member] | 2013 US Credit Facility Extended Term B [Member] | United States [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | [1] | 3,479 | 2,150 | ||
Secured Debt [Member] | 2016 VML Credit Facility Term [Member] | Macao [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | [1] | 4,038 | 4,043 | ||
Secured Debt [Member] | 2016 VML Credit Facility Non-Extended Term [Member] | Macao [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | [1] | 227 | 247 | ||
Secured Debt [Member] | 2016 VML Credit Facility Revolving [Member] | Macao [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | [1] | 497 | 0 | ||
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | Singapore [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | [1] | $ 3,065 | $ 3,183 | ||
|
Long-Term Debt - Schedule of Long-term Debt - OID and DFC (Details) - Secured Debt [Member] - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
2013 US Credit Facility Extended Term B [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | $ 23 | $ 11 |
2016 VML Credit Facility Term [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 50 | 56 |
2016 VML Credit Facility Non-Extended Term [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | 2 | 2 |
2012 Singapore Credit Facility Term [Member] | Singapore [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount and debt issuance costs, net | $ 47 | $ 32 |
Long-Term Debt Long-Term Debt - Schedule of Long-Term Debt - Footnotes (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Debt Disclosure [Abstract] | ||||
Debt issuance costs, net in other assets | [1] | $ 22 | $ 24 | |
|
Long-Term Debt - Additional Information (Details) $ in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2017 |
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
SGD ($)
|
Mar. 31, 2018
SGD ($)
|
Dec. 31, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Loss on modification or early retirement of debt | $ 0 | $ 0 | $ 3 | $ 5 | ||||||
Long-term debt, fair value | $ 11,270 | 11,270 | 11,270 | $ 9,610 | ||||||
Long-term debt, carrying value | 11,420 | 11,420 | 11,420 | $ 9,720 | ||||||
Secured Debt [Member] | 2013 US Credit Facility Extended Term B [Member] | United States [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 3,510 | $ 2,160 | $ 3,510 | $ 3,510 | ||||||
Debt instrument, interest rate, period end rate | 3.80% | 3.80% | 3.80% | 3.80% | ||||||
Debt instrument, maturity date | Mar. 27, 2025 | Mar. 27, 2025 | Mar. 29, 2024 | |||||||
Loss on modification or early retirement of debt | $ 3 | |||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||
Debt instrument, periodic payment, principal | $ 9 | |||||||||
Debt instrument, date of first required payment | Jun. 30, 2018 | |||||||||
Debt instrument, periodic payment terms, balloon payment to be paid | $ 3,270 | $ 3,270 | 3,270 | |||||||
Secured Debt [Member] | 2013 US Credit Facility Extended Term B [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | United States [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.75% | 2.00% | ||||||||
Secured Debt [Member] | 2013 US Credit Facility Extended Term B [Member] | Base Rate [Member] | United States [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.75% | 1.00% | ||||||||
Secured Debt [Member] | 2013 US Credit Facility Extended Term B (Increase) [Member] | United States [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 1,350 | 1,350 | 1,350 | |||||||
Secured Debt [Member] | 2013 U.S. Credit Facility Extended Revolving [Member] | United States [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, remaining borrowing capacity | 1,150 | 1,150 | 1,150 | |||||||
Secured Debt [Member] | 2016 VML Credit Facility Revolving [Member] | Macao [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, remaining borrowing capacity | $ 1,490 | $ 1,490 | $ 1,490 | |||||||
Secured Debt [Member] | 2016 VML Credit Facility Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | Macao [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, period end rate | 3.70% | 3.70% | 3.70% | 3.70% | ||||||
Secured Debt [Member] | 2016 VML Credit Facility Term [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | Macao [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, period end rate | 3.60% | 3.60% | 3.60% | 3.60% | ||||||
Secured Debt [Member] | 2016 VML Credit Facility Non-Extended Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | Macao [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, period end rate | 3.70% | 3.70% | 3.70% | 3.70% | ||||||
Secured Debt [Member] | 2016 VML Credit Facility Non-Extended Term [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | Macao [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, period end rate | 3.60% | 3.60% | 3.60% | 3.60% | ||||||
Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 3,510 | $ 4,800 | ||||||||
Debt instrument, maximum leverage ratio, through maturity | 4.0 | 4.0 | ||||||||
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | Singapore [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, period end rate | 2.60% | 2.60% | 2.60% | 2.60% | ||||||
Debt instrument, maturity date | Mar. 29, 2024 | |||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||
Debt instrument, date of first required payment | Jun. 30, 2018 | |||||||||
Debt instrument, periodic payment, principal, percentage of principal, period one | 0.50% | |||||||||
Debt instrument, periodic payment, principal, percentage of principal, period two | 5.00% | |||||||||
Debt instrument, periodic payment, principal, percentage of principal, period three | 18.00% | |||||||||
Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | Singapore [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, remaining borrowing capacity | $ 362 | $ 362 | $ 362 | $ 495 | ||||||
Line of credit facility, expiration date | Sep. 29, 2023 |
Long-Term Debt - Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | $ 2,093 | $ 654 |
Repayments of long-term debt and capital leases | (313) | (250) |
Secured Debt [Member] | 2013 U.S. Credit Facility [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 1,347 | 5 |
Repayments of long-term debt | (9) | (52) |
Secured Debt [Member] | 2016 VML Credit Facility [Member] | Macao [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from long-term debt | 746 | 649 |
Repayments of long-term debt | (269) | (107) |
Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | (33) | (33) |
Secured Debt [Member] | Airplane Financings [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | 0 | (56) |
Other Long-Term Debt And Capital Lease Obligations [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt and capital leases | $ (2) | $ (2) |
Equity and Earnings Per Share (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2018
$ / shares
|
Jun. 22, 2018
$ / shares
|
Mar. 30, 2018
$ / shares
|
Feb. 23, 2018
$ / shares
|
Jun. 30, 2017
$ / shares
|
Jun. 23, 2017
$ / shares
|
Mar. 31, 2017
$ / shares
|
Feb. 24, 2017
$ / shares
|
Jul. 31, 2018
$ / shares
|
Jun. 30, 2018
USD ($)
shares
|
Nov. 30, 2016
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2017
$ / shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2017
USD ($)
$ / shares
shares
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
shares
|
|
Class of Stock [Line Items] | ||||||||||||||||||
Preferred stock, shares authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||
Common stock, dividends paid (per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.73 | $ 0.73 | ||||||||||||||
Common stock, dividends declared | $ 1,804 | $ 1,781 | ||||||||||||||||
Common stock, dividends declared (per share) | $ / shares | $ 0.75 | $ 0.73 | $ 1.5 | $ 1.46 | ||||||||||||||
Common stock repurchased (in shares) | shares | 2,301,800 | 3,933,737 | ||||||||||||||||
Payments for repurchase of common stock | $ 175 | $ 225 | ||||||||||||||||
Sands China Ltd [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends paid (per share) | $ / shares | $ 1.00 | $ 0.99 | $ 1.00 | $ 0.99 | ||||||||||||||
Common stock, dividends declared | 2,050 | 2,070 | ||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared (per share) | $ / shares | $ 0.75 | |||||||||||||||||
November 2016 Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock repurchase program, authorized amount | $ 1,560 | |||||||||||||||||
Stock repurchase program, expiration | Nov. 02, 2018 | |||||||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,110 | |||||||||||||||||
June 2018 Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock repurchase program, expiration | Nov. 02, 2020 | |||||||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 2,500 | $ 2,500 | 2,500 | |||||||||||||||
Sands China Ltd [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds from dividends received | 1,440 | 1,450 | ||||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared | 1,183 | 1,156 | ||||||||||||||||
Retained Earnings [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared | $ 591 | |||||||||||||||||
Retained Earnings [Member] | All Other Shareholders [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared | 535 | 526 | ||||||||||||||||
Retained Earnings [Member] | Principal Stockholder and His Family [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared | 648 | 630 | ||||||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared | 621 | 625 | ||||||||||||||||
Noncontrolling Interest [Member] | Other [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, dividends declared | $ 6 | $ 6 |
Equity and Earnings Per Share - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) (in shares) | 789 | 792 | 789 | 793 |
Potential dilution from stock options and restricted stock and stock units (in shares) | 1 | 0 | 1 | 1 |
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) (in shares) | 790 | 792 | 790 | 794 |
Antidilutive stock options excluded from the calculation of diluted earnings per share (in shares) | 1 | 7 | 1 | 7 |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income Taxes [Line Items] | ||||
Effective tax rate | (27.20%) | 10.80% | ||
Tax Cuts and Jobs Act [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance, deferred tax asset, decrease, amount | $ 670 | $ 526 | ||
Singapore [Member] | Inland Revenue, Singapore (IRAS) [Member] | Foreign Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory tax rate | 17.00% | |||
United States [Member] | Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 21.00% | |||
United States [Member] | Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | Global Intangible Low-Taxed Income Tax (GILTI) [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 10.50% | |||
Macao [Member] | Macao Finance Bureau (MFB) [Member] | Foreign Tax Authority [Member] | Gaming [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory tax rate | 0.00% | |||
Pro Forma [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 10.00% |
Commitments and Contingencies (Details) |
Jul. 09, 2014
USD ($)
|
Oct. 17, 2013
USD ($)
|
May 28, 2013
USD ($)
|
May 14, 2013
USD ($)
|
Jan. 19, 2012
USD ($)
|
Jan. 19, 2012
MOP (MOP$)
|
Jun. 30, 2008
USD ($)
|
May 24, 2008
USD ($)
|
Oct. 15, 2004
USD ($)
|
---|---|---|---|---|---|---|---|---|---|
Suen and Round Square Company Limited [Member] | |||||||||
Loss 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] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, amount awarded under appeal | $ 70,000,000 | $ 44,000,000 | |||||||
Suen and Round Square Company Limited [Member] | Judgment Including Interest as of Judgment Date [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, amount awarded under appeal | $ 102,000,000 | $ 59,000,000 | |||||||
Suen and Round Square Company Limited [Member] | Costs and Fees [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, amount awarded under appeal | $ 1,000,000 | ||||||||
Asian American Entertainment Corporation, Limited [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought (patacas converted to USD at balance sheet date) | $ 5,000,000,000.0 | $ 371,000,000 | MOP$ 3,000,000,000.0 |
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | $ 3,303 | $ 3,109 | $ 6,882 | $ 6,176 | ||||||||||||
Adjusted property EBITDA | [1] | 1,225 | 1,208 | 2,725 | 2,356 | |||||||||||
Stock-based compensation | (3) | (4) | (7) | (7) | ||||||||||||
Corporate | (33) | (42) | (89) | (84) | ||||||||||||
Pre-opening | (2) | (4) | (3) | (6) | ||||||||||||
Development | (2) | (2) | (5) | (5) | ||||||||||||
Depreciation and amortization | (274) | (327) | (538) | (648) | ||||||||||||
Amortization of leasehold interests in land | (9) | (9) | (18) | (19) | ||||||||||||
Loss on disposal or impairment of assets | (105) | (3) | (110) | (6) | ||||||||||||
Operating income | 797 | 817 | 1,955 | 1,581 | ||||||||||||
Interest income | 9 | 4 | 14 | 7 | ||||||||||||
Interest expense, net of amounts capitalized | (93) | (79) | (182) | (157) | ||||||||||||
Other income (expense) | 44 | (25) | 18 | (61) | ||||||||||||
Loss on modification or early retirement of debt | 0 | 0 | (3) | (5) | ||||||||||||
Income tax (expense) benefit | (81) | (78) | 490 | (147) | ||||||||||||
Net income | 676 | 639 | 2,292 | 1,218 | ||||||||||||
Capital expenditures | 416 | 380 | ||||||||||||||
Assets | 22,855 | 22,855 | $ 20,687 | |||||||||||||
Long-lived assets | [2] | 16,430 | 16,430 | 16,753 | ||||||||||||
Corporate and Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Capital expenditures | 54 | 4 | ||||||||||||||
Assets | 2,419 | 2,419 | 953 | |||||||||||||
Long-lived assets | [2] | 268 | 268 | 249 | ||||||||||||
Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 2,118 | 1,798 | 4,278 | 3,647 | ||||||||||||
Adjusted property EBITDA | 750 | 600 | 1,539 | 1,226 | ||||||||||||
Capital expenditures | 220 | 224 | ||||||||||||||
Assets | 10,127 | 10,127 | 10,514 | |||||||||||||
Long-lived assets | [2] | 8,684 | 8,684 | 8,840 | ||||||||||||
Macao [Member] | The Venetian Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 830 | 674 | 1,698 | 1,400 | ||||||||||||
Adjusted property EBITDA | 331 | 256 | 679 | 545 | ||||||||||||
Capital expenditures | 69 | 61 | ||||||||||||||
Assets | 2,492 | 2,492 | 2,640 | |||||||||||||
Long-lived assets | [2] | 1,721 | 1,721 | 1,728 | ||||||||||||
Macao [Member] | Sands Cotai Central [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 509 | 439 | 1,058 | 898 | ||||||||||||
Adjusted property EBITDA | 176 | 134 | 377 | 277 | ||||||||||||
Capital expenditures | 53 | 34 | ||||||||||||||
Assets | 3,778 | 3,778 | 3,891 | |||||||||||||
Long-lived assets | [2] | 3,497 | 3,497 | 3,516 | ||||||||||||
Macao [Member] | The Parisian Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 371 | 353 | 730 | 663 | ||||||||||||
Adjusted property EBITDA | 114 | 106 | 230 | 188 | ||||||||||||
Capital expenditures | 68 | 111 | ||||||||||||||
Assets | 2,459 | 2,459 | 2,496 | |||||||||||||
Long-lived assets | [2] | 2,332 | 2,332 | 2,375 | ||||||||||||
Macao [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 186 | 135 | 377 | 273 | ||||||||||||
Adjusted property EBITDA | 72 | 60 | 145 | 111 | ||||||||||||
Loss on disposal or impairment of assets | [3] | (92) | ||||||||||||||
Capital expenditures | 22 | 13 | ||||||||||||||
Assets | 857 | 857 | 930 | |||||||||||||
Long-lived assets | [2] | 776 | [3] | 776 | [3] | 853 | ||||||||||
Macao [Member] | Sands Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 180 | 156 | 334 | 334 | ||||||||||||
Adjusted property EBITDA | 52 | 39 | 99 | 93 | ||||||||||||
Capital expenditures | 8 | 3 | ||||||||||||||
Assets | 279 | 279 | 282 | |||||||||||||
Long-lived assets | [2] | 220 | 220 | 222 | ||||||||||||
Macao [Member] | Ferry Operations and Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 42 | 41 | 81 | 79 | ||||||||||||
Adjusted property EBITDA | 5 | 5 | 9 | 12 | ||||||||||||
Capital expenditures | 0 | 2 | ||||||||||||||
Assets | 262 | 262 | 275 | |||||||||||||
Long-lived assets | [2] | 138 | 138 | 146 | ||||||||||||
Singapore [Member] | Marina Bay Sands [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 705 | 834 | 1,577 | 1,524 | ||||||||||||
Adjusted property EBITDA | 368 | 492 | 909 | 856 | ||||||||||||
Capital expenditures | 72 | 92 | ||||||||||||||
Assets | 4,744 | 4,744 | 5,054 | |||||||||||||
Long-lived assets | [2] | 4,166 | 4,166 | 4,336 | ||||||||||||
United States [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 538 | 535 | 1,149 | 1,119 | ||||||||||||
Adjusted property EBITDA | 107 | 116 | 277 | 274 | ||||||||||||
Capital expenditures | 70 | 60 | ||||||||||||||
Assets | 5,565 | 5,565 | 4,166 | |||||||||||||
Long-lived assets | [2] | 3,312 | 3,312 | 3,328 | ||||||||||||
United States [Member] | Las Vegas Operating Properties [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 402 | 392 | 879 | 837 | ||||||||||||
Adjusted property EBITDA | 77 | 79 | 218 | 201 | ||||||||||||
Capital expenditures | 58 | 50 | ||||||||||||||
Assets | 4,934 | 4,934 | 3,530 | |||||||||||||
Long-lived assets | [2] | 2,761 | 2,761 | 2,779 | ||||||||||||
United States [Member] | Sands Bethlehem [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 136 | 143 | 270 | 282 | ||||||||||||
Adjusted property EBITDA | 30 | 37 | 59 | 73 | ||||||||||||
Capital expenditures | 12 | 10 | ||||||||||||||
Assets | 631 | 631 | 636 | |||||||||||||
Long-lived assets | [2] | 551 | 551 | $ 549 | ||||||||||||
Operating Segments [Member] | Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 2,118 | 1,798 | 4,278 | 3,647 | ||||||||||||
Operating Segments [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 830 | 674 | 1,698 | 1,400 | ||||||||||||
Operating Segments [Member] | Macao [Member] | Sands Cotai Central [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 509 | 439 | 1,058 | 898 | ||||||||||||
Operating Segments [Member] | Macao [Member] | The Parisian Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 371 | 353 | 730 | 663 | ||||||||||||
Operating Segments [Member] | Macao [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 186 | 135 | 377 | 273 | ||||||||||||
Operating Segments [Member] | Macao [Member] | Sands Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 180 | 156 | 334 | 334 | ||||||||||||
Operating Segments [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 42 | 41 | 81 | 79 | ||||||||||||
Operating Segments [Member] | Singapore [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 705 | 834 | 1,577 | 1,524 | ||||||||||||
Operating Segments [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 705 | 834 | 1,577 | 1,524 | ||||||||||||
Operating Segments [Member] | United States [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 538 | 535 | 1,149 | 1,119 | ||||||||||||
Operating Segments [Member] | United States [Member] | Las Vegas Operating Properties [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 402 | 392 | 879 | 837 | ||||||||||||
Operating Segments [Member] | United States [Member] | Sands Bethlehem [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | 136 | 143 | 270 | 282 | ||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | [4] | (58) | (58) | (122) | (114) | |||||||||||
Intersegment Eliminations [Member] | Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | (7) | (7) | (14) | (13) | ||||||||||||
Intersegment Eliminations [Member] | Macao [Member] | The Venetian Macao [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | (1) | (1) | (2) | (2) | ||||||||||||
Intersegment Eliminations [Member] | Macao [Member] | Ferry Operations and Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | (6) | (6) | (12) | (11) | ||||||||||||
Intersegment Eliminations [Member] | Singapore [Member] | Marina Bay Sands [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | (3) | (2) | (5) | (4) | ||||||||||||
Intersegment Eliminations [Member] | United States [Member] | Las Vegas Operating Properties [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues | $ (48) | $ (49) | $ (103) | $ (97) | ||||||||||||
|
Segment Information Segment Information - Schedule of Segment Reporting Information - Footnotes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Segment Reporting Information [Line Items] | ||||||
Loss on disposal or impairment of assets | $ 105 | $ 3 | $ 110 | $ 6 | ||
Macao [Member] | The Plaza Macao and Four Seasons Hotel Macao [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Loss on disposal or impairment of assets | [1] | $ 92 | ||||
|
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