lvs-20200630

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32373

_________________________________________________________

LAS VEGAS SANDS CORP.

(Exact name of registration as specified in its charter)

_________________________________________________________


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)

(Registrant’s telephone number, including area code)

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.001 par value)	LVS	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.


Class						Outstanding at July 22, 2020
Common Stock ($0.001 par value)						763,803,327 shares

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

PART I FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	June 30, 2020		December 31, 2019

	(In millions, except par value) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	3,016	$	4,226
Restricted cash and cash equivalents	16		16
Accounts receivable, net of provision for credit losses of $280 and $282	567		844
Inventories	37		37
Prepaid expenses and other	136		182
Total current assets	3,772		5,305
Property and equipment, net	14,911		14,844

Deferred income taxes, net	308		282
Leasehold interests in land, net	2,192		2,272
Intangible assets, net	32		42
Other assets, net	480		454
Total assets	$	21,695	$	23,199
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	64	$	149
Construction payables	326		334
Other accrued liabilities	1,683		2,396
Income taxes payable	231		275
Current maturities of long-term debt	71		70
Total current liabilities	2,375		3,224
Other long-term liabilities	513		513
Deferred income taxes	169		183
Deferred amounts related to mall sale transactions	346		350
Long-term debt	13,767		12,422
Total liabilities	17,170		16,692
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, 833 shares issued, 764 shares outstanding	1		1
Treasury stock, at cost, 69 shares	(4,481)		(4,481)
Capital in excess of par value	6,597		6,569
Accumulated other comprehensive loss	(74)		(3)
Retained earnings	1,677		3,101
Total Las Vegas Sands Corp. stockholders’ equity	3,720		5,187
Noncontrolling interests	805		1,320
Total equity	4,525		6,507
Total liabilities and equity	$	21,695	$	23,199

The accompanying notes are an integral part of these condensed consolidated financial statements.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019

	(In millions, except per share data) (Unaudited)
Revenues:
Casino	$	10	$	2,361	$	1,187	$	5,022
Rooms	14		429		282		879
Food and beverage	12		224		151		456
Mall	42		166		145		326
Convention, retail and other	20		154		115		297
Net revenues	98		3,334		1,880		6,980
Operating expenses:
Casino	218		1,309		925		2,748
Rooms	50		113		142		223
Food and beverage	66		174		205		352
Mall	11		18		28		35
Convention, retail and other	27		75		83		155
Provision for credit losses	17		7		35		11
General and administrative	262		376		581		745
Corporate	53		51		112		203
Pre-opening	4		10		9		14
Development	9		4		15		9
Depreciation and amortization	285		289		575		590
Amortization of leasehold interests in land	13		14		27		23
Loss on disposal or impairment of assets	5		—		10		7
	1,020		2,440		2,747		5,115
Operating income (loss)	(922)		894		(867)		1,865
Other income (expense):
Interest income	4		17		17		37
Interest expense, net of amounts capitalized	(118)		(143)		(249)		(284)
Other income (expense)	(3)		20		34		(1)
Gain on sale of Sands Bethlehem	—		556		—		556

Income (loss) before income taxes	(1,039)		1,344		(1,065)		2,173
Income tax (expense) benefit	54		(236)		29		(321)
Net income (loss)	(985)		1,108		(1,036)		1,852
Net (income) loss attributable to noncontrolling interests	165		(154)		215		(316)
Net income (loss) attributable to Las Vegas Sands Corp.	$	(820)	$	954	$	(821)	$	1,536
Earnings (loss) per share:
Basic	$	(1.07)	$	1.24	$	(1.07)	$	1.99
Diluted	$	(1.07)	$	1.24	$	(1.07)	$	1.98
Weighted average shares outstanding:
Basic	764		772		764		773
Diluted	764		772		764		774

The accompanying notes are an integral part of these condensed consolidated financial statements.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019

	(In millions) (Unaudited)
Net income (loss)	$	(985)	$	1,108	$	(1,036)	$	1,852
Currency translation adjustment	45		17		(66)		22
Total comprehensive income (loss)	(940)		1,125		(1,102)		1,874
Comprehensive (income) loss attributable to noncontrolling interests	165		(158)		210		(317)
Comprehensive income (loss) attributable to Las Vegas Sands Corp.	$	(775)	$	967	$	(892)	$	1,557

The accompanying notes are an integral part of these condensed consolidated financial statements.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY


	Las Vegas Sands Corp. Stockholders’ Equity
	Common Stock		Treasury Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Noncontrolling Interests		Total

	(In millions) (Unaudited)
Balance at March 31, 2019	$	1	$	(3,901)	$	6,700	$	(32)	$	2,757	$	915	$	6,440
Net income	—		—		—		—		954		154		1,108
Currency translation adjustment	—		—		—		13		—		4		17
Exercise of stock options	—		—		18		—		—		7		25
Stock-based compensation	—		—		8		—		—		1		9
Disposition of interest in majority owned subsidiary	—		—		(185)		—		—		266		81
Repurchase of common stock	—		(180)		—		—		—		—		(180)
Dividends declared ($0.77 per share) and noncontrolling interest payments (Note 5)	—		—		—		—		(593)		(325)		(918)
Balance at June 30, 2019	$	1	$	(4,081)	$	6,541	$	(19)	$	3,118	$	1,022	$	6,582

Balance at January 1, 2019	$	1	$	(3,727)	$	6,680	$	(40)	$	2,770	$	1,061	$	6,745
Net income	—		—		—		—		1,536		316		1,852
Currency translation adjustment	—		—		—		21		—		1		22
Exercise of stock options	—		—		30		—		—		9		39

Stock-based compensation	—		—		16		—		—		2		18
Disposition of interest in majority owned subsidiary	—		—		(185)		—		—		266		81

Repurchase of common stock	—		(354)		—		—		—		—		(354)
Dividends declared ($1.54 per share) and noncontrolling interest payments (Note 5)	—		—		—		—		(1,188)		(633)		(1,821)
Balance at June 30, 2019	$	1	$	(4,081)	$	6,541	$	(19)	$	3,118	$	1,022	$	6,582

Balance at March 31, 2020	$	1	$	(4,481)	$	6,591	$	(119)	$	2,497	$	968	$	5,457
Net loss	—		—		—		—		(820)		(165)		(985)
Currency translation adjustment	—		—		—		45		—		—		45
Exercise of stock options	—		—		1		—		—		1		2

Stock-based compensation	—		—		5		—		—		1		6



Balance at June 30, 2020	$	1	$	(4,481)	$	6,597	$	(74)	$	1,677	$	805	$	4,525

Balance at January 1, 2020	$	1	$	(4,481)	$	6,569	$	(3)	$	3,101	$	1,320	$	6,507
Net loss	—		—		—		—		(821)		(215)		(1,036)
Currency translation adjustment	—		—		—		(71)		—		5		(66)
Exercise of stock options	—		—		17		—		—		1		18

Stock-based compensation	—		—		11		—		—		2		13


Dividends declared ($0.79 per share) (Note 5)	—		—		—		—		(603)		(308)		(911)
Balance at June 30, 2020	$	1	$	(4,481)	$	6,597	$	(74)	$	1,677	$	805	$	4,525

The accompanying notes are an integral part of these condensed consolidated financial statements.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended
June 30,

2020


	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets at June 30, 2020 and December 31, 2019	3
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019	5
	Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2020 and 2019	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49
Item 4.	Controls and Procedures	50

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51

Item 6.	Exhibits	53
Signatures			54