Segment Information

3 Months Ended

Mar. 31, 2020

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 and construction and development activities 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, through May 30, 2019, Sands Bethlehem. 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 the 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 Company’s segment information as of March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019 is as follows:



	Casino		Rooms		Food and Beverage		Mall		Convention, Retail and Other			Net Revenues
Three Months Ended March 31, 2020	(In millions)
Macao:
The Venetian Macao	$	251	$	21	$	5	$	29	$	9		$	315
Sands Cotai Central	123		27		8		9		3			170
The Parisian Macao	115		13		5		6		2			141
The Plaza Macao and Four Seasons Hotel Macao	83		4		3		17		—			107
Sands Macao	64		2		2		—		1			69
Ferry Operations and Other	—		—		—		—		12			12
	636		67		23		61		27			814
Marina Bay Sands	439		74		41		42		16			612
Las Vegas Operating Properties	102		127		75		—		96			400
Intercompany eliminations⁽¹⁾	—		—		—		—		(44		)	(44		)
Total net revenues	$	1,177	$	268	$	139	$	103	$	95		$	1,782

Three Months Ended March 31, 2019
Macao:
The Venetian Macao	$	740	$	57	$	22	$	56	$	22		$	897
Sands Cotai Central	445		84		26		16		6			577
The Parisian Macao	387		32		18		12		5			454
The Plaza Macao and Four Seasons Hotel Macao	173		10		9		31		1			224
Sands Macao	139		4		7		1		1			152
Ferry Operations and Other	—		—		—		—		30			30
	1,884		187		82		116		65			2,334
Marina Bay Sands	544		102		53		43		25			767
United States:
Las Vegas Operating Properties	113		157		90		—		111			471
Sands Bethlehem⁽²⁾	120		4		7		1		5			137
	233		161		97		1		116			608
Intercompany eliminations⁽¹⁾	—		—		—		—		(63		)	(63		)
Total net revenues	$	2,661	$	450	$	232	$	160	$	143		$	3,646

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(1)	Intercompany eliminations include royalties and other intercompany services.


(2)	The Company completed the sale of Sands Bethlehem on May 31, 2019.



	Three Months Ended March 31,
	2020		2019
	(In millions)
Intersegment Revenues
Macao:
The Venetian Macao	$	1	$	1
Ferry Operations and Other	7		6
	8		7
Marina Bay Sands	1		1
Las Vegas Operating Properties⁽¹⁾	35		55
Total intersegment revenues	$	44	$	63

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(1)	Primarily consists of royalties from the Company’s international operations.



	Three Months Ended March 31,
	2020			2019
	(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao	$	49		$	361
Sands Cotai Central	—			212
The Parisian Macao	(3		)	163
The Plaza Macao and Four Seasons Hotel Macao	28			85
Sands Macao	(1		)	40
Ferry Operations and Other	(6		)	(3		)
	67			858
Marina Bay Sands	282			423
United States:
Las Vegas Operating Properties	88			138
Sands Bethlehem⁽¹⁾	—			33
	88			171
Consolidated adjusted property EBITDA⁽²⁾	437			1,452
Other Operating Costs and Expenses
Stock-based compensation⁽³⁾	(3		)	(3		)
Corporate	(59		)	(152		)
Pre-opening	(5		)	(4		)
Development	(6		)	(5		)
Depreciation and amortization	(290		)	(301		)
Amortization of leasehold interests in land	(14		)	(9		)
Loss on disposal or impairment of assets	(5		)	(7		)
Operating income	55			971
Other Non-Operating Costs and Expenses
Interest income	13			20
Interest expense, net of amounts capitalized	(131		)	(141		)
Other income (expense)	37			(21		)
Income tax expense	(25		)	(85		)
Net income (loss)	$	(51	)	$	744

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(1)	The Company completed the sale of Sands Bethlehem on May 31, 2019.

(2)

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss 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 on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should

not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.


(3)	During the three months ended March 31, 2020 and 2019, the Company recorded stock-based compensation expense of $7 million and $9 million, respectively, of which $4 million and $6 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.



	Three Months Ended March 31,
	2020		2019
	(In millions)
Capital Expenditures
Corporate and Other	$	3	$	23
Macao:
The Venetian Macao	23		24
Sands Cotai Central	131		64
The Parisian Macao	4		8
The Plaza Macao and Four Seasons Hotel Macao	82		30
Sands Macao	1		2
	241		128
Marina Bay Sands	46		49
United States:
Las Vegas Operating Properties	30		38
Sands Bethlehem⁽¹⁾	—		2
	30		40
Total capital expenditures	$	320	$	240

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(1)	The Company completed the sale of Sands Bethlehem on May 31, 2019.



	March 31, 2020		December 31, 2019
	(In millions)
Total Assets
Corporate and Other	$	1,041	$	1,390
Macao:
The Venetian Macao	2,370		3,243
Sands Cotai Central	3,954		4,504
The Parisian Macao	2,287		2,351
The Plaza Macao and Four Seasons Hotel Macao	1,272		1,239
Sands Macao	283		324
Ferry Operations and Other	150		156
	10,316		11,817
Marina Bay Sands	5,521		5,880
Las Vegas Operating Properties	4,289		4,112
Total assets	$	21,167	$	23,199