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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
Form 10-Q
_________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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
_________________________________________________________ 
lvs-20220930_g1.jpg
LAS VEGAS SANDS CORP.
(Exact name of registration as specified in its charter)
_________________________________________________________ 
Nevada27-0099920
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5500 Haven Street
Las Vegas,Nevada89119
(Address of principal executive offices)(Zip Code)
(702) 923-9000
(Registrant’s telephone number, including area code)
 _______________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)LVSNew 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 FilerAccelerated Filer
Non-accelerated FilerSmaller 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 October 19, 2022
Common Stock ($0.001 par value)  764,166,260 shares


Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
Table of Contents
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 6.
2


Table of Contents
PART I FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2022
December 31,
2021
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$5,836 $1,854 
Restricted cash and cash equivalents 16 
Accounts receivable, net of provision for credit losses of $209 and $232
210 202 
Inventories23 22 
Prepaid expenses and other138 113 
Current assets of discontinued operations held for sale 3,303 
Total current assets6,207 5,510 
Loan receivable1,208  
Property and equipment, net11,284 11,850 
Restricted cash289  
Deferred income taxes, net165 297 
Leasehold interests in land, net2,034 2,166 
Intangible assets, net62 19 
Other assets, net220 217 
Total assets$21,469 $20,059 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$91 $77 
Construction payables178 227 
Other accrued liabilities1,285 1,334 
Income taxes payable323 32 
Current maturities of long-term debt1,514 74 
Current liabilities of discontinued operations held for sale 821 
Total current liabilities3,391 2,565 
Other long-term liabilities368 352 
Deferred income taxes150 173 
Long-term debt13,779 14,721 
Total liabilities17,688 17,811 
Commitments and contingencies (Note 10)
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 value6,675 6,646 
Accumulated other comprehensive loss(148)(22)
Retained earnings (deficit)1,853 (148)
Total Las Vegas Sands Corp. stockholders’ equity3,900 1,996 
Noncontrolling interests(119)252 
Total equity3,781 2,248 
Total liabilities and equity$21,469 $20,059 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
(In millions, except per share data)
(Unaudited)
Revenues:
Casino$637 $533 $1,973 $2,241 
Rooms123 100 315 311 
Food and beverage82 42 198 148 
Mall119 165 416 469 
Convention, retail and other44 17 91 57 
Net revenues1,005 857 2,993 3,226 
Operating expenses:
Casino410 451 1,323 1,603 
Rooms41 40 125 124 
Food and beverage83 55 221 186 
Mall16 17 53 48 
Convention, retail and other27 21 73 62 
Provision for credit losses8 3 14 9 
General and administrative238 223 694 667 
Corporate53 64 167 169 
Pre-opening4 6 11 15 
Development26 13 108 59 
Depreciation and amortization260 262 780 775 
Amortization of leasehold interests in land14 14 42 42 
Loss on disposal or impairment of assets2 4 8 18 
1,182 1,173 3,619 3,777 
Operating loss(177)(316)(626)(551)
Other income (expense):
Interest income38 1 56 3 
Interest expense, net of amounts capitalized(183)(157)(501)(469)
Other income (expense)2 (12)(29)(19)
Loss on modification or early retirement of debt (137) (137)
Loss from continuing operations before income taxes(320)(621)(1,100)(1,173)
Income tax (expense) benefit(60)27 (172)19 
Net loss from continuing operations(380)(594)(1,272)(1,154)
Discontinued operations:
Income from operations of discontinued operations, net of tax 99 46 75 
Gain on disposal of discontinued operations, net of tax  2,861  
Adjustment to gain on disposal of discontinued operations, net of tax(1) (4) 
Income (loss) from discontinued operations, net of tax(1)99 2,903 75 
Net income (loss)(381)(495)1,631 (1,079)
Net loss attributable to noncontrolling interests from continuing operations142 127 370 241 
Net income (loss) attributable to Las Vegas Sands Corp.$(239)$(368)$2,001 $(838)
Earnings (loss) per share - basic and diluted:
Loss from continuing operations$(0.31)$(0.61)$(1.18)$(1.20)
Income (loss) from discontinued operations, net of tax 0.13 3.80 0.10 
Net income (loss) attributable to Las Vegas Sands Corp.$(0.31)$(0.48)$2.62 $(1.10)
Weighted average shares outstanding:
Basic and diluted764 764 764 764 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
(In millions)
(Unaudited)
Net income (loss)$(381)$(495)$1,631 $(1,079)
Currency translation adjustment(64)(26)(129)(62)
Cash flow hedge fair value adjustment1 (2)1 (2)
Total comprehensive income (loss)(444)(523)1,503 (1,143)
Comprehensive loss attributable to noncontrolling interests143 129 372 244 
Comprehensive income (loss) attributable to Las Vegas Sands Corp.$(301)$(394)$1,875 $(899)
The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents
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
Income (Loss)
Retained
Earnings (Deficit)
Noncontrolling
Interests
Total
(In millions)
(Unaudited)
Balance at June 30, 2021$1 $(4,481)$6,634 $(6)$343 $455 $2,946 
Net loss— — — — (368)(127)(495)
Currency translation adjustment
— — — (24)— (2)(26)
Cash flow hedge fair value adjustment— — — (2)— — (2)
Stock-based compensation
— — 5 — — 1 6 
Balance at September 30, 2021$1 $(4,481)$6,639 $(32)$(25)$327 $2,429 
Balance at January 1, 2021$1 $(4,481)$6,611 $29 $813 $565 $3,538 
Net loss— — — — (838)(241)(1,079)
Currency translation adjustment
— — — (59)— (3)(62)
Cash flow hedge fair value adjustment— — — (2)— — (2)
Exercise of stock options
— — 15 — — 4 19 
Stock-based compensation
— — 13 — — 2 15 
Balance at September 30, 2021$1 $(4,481)$6,639 $(32)$(25)$327 $2,429 
Balance at June 30, 2022$1 $(4,481)$6,665 $(86)$2,092 $24 $4,215 
Net loss— — — — (239)(142)(381)
Currency translation adjustment
— — — (63)— (1)(64)
Cash flow hedge fair value adjustment— — — 1 — — 1 
Stock-based compensation— — 10 — —  10 
Balance at September 30, 2022$1 $(4,481)$6,675 $(148)$1,853 $(119)$3,781 
Balance at January 1, 2022$1 $(4,481)$6,646 $(22)$(148)$252 $2,248 
Net income (loss)— — — — 2,001 (370)1,631 
Currency translation adjustment
— — — (127)— (2)(129)
Cash flow hedge fair value adjustment— — — 1 — — 1 
Stock-based compensation
— — 30 — — 1 31 
Tax withholding on vesting of equity awards— — (1)— — — (1)
Balance at September 30, 2022$1 $(4,481)$6,675 $(148)$1,853 $(119)$3,781 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
20222021
(In millions)
(Unaudited)
Cash flows from operating activities from continuing operations:
Net loss from continuing operations$(1,272)$(1,154)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization780 775 
Amortization of leasehold interests in land42 42 
Amortization of deferred financing costs and original issue discount43 38 
Change in fair value of derivative asset/liability(2)(1)
Paid-in-kind interest income(8) 
Loss on modification or early retirement of debt 137 
Loss on disposal or impairment of assets7 8 
Stock-based compensation expense30 15 
Provision for credit losses14 9 
Foreign exchange loss28 22 
Deferred income taxes(28)(17)
Changes in operating assets and liabilities:
Accounts receivable(28)72 
Other assets4 (12)
Accounts payable15 (15)
Other liabilities(465)(264)
Net cash used in operating activities from continuing operations(840)(345)
Cash flows from investing activities from continuing operations:
Capital expenditures(504)(640)
Proceeds from disposal of property and equipment9 7 
Acquisition of intangible assets and other(104)(5)
Net cash used in investing activities from continuing operations(599)(638)
Cash flows from financing activities from continuing operations:
Proceeds from exercise of stock options 19 
Tax withholding on vesting of equity awards(1) 
Proceeds from long-term debt700 2,451 
Repayments of long-term debt(50)(1,852)
Payments of financing costs(9)(36)
Make-whole premium on early extinguishment of debt (131)
Transactions with discontinued operations5,032 111 
Net cash generated from financing activities from continuing operations5,672 562 
Cash flows from discontinued operations:
Net cash generated from operating activities149 159 
Net cash generated from (used in) investing activities4,883 (45)
Net cash provided (to) by continuing operations and (used in) financing activities(5,032)(112)
Net cash provided by discontinued operations 2 
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents(33)(17)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents4,200 (436)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period1,925 2,137 
Cash, cash equivalents and restricted cash and cash equivalents at end of period6,125 1,701 
Less: cash and cash equivalents at end of period for discontinued operations (41)
Cash, cash equivalents and restricted cash and cash equivalents at end of period for continuing operations$6,125 $1,660 
Supplemental disclosure of cash flow information
Cash payments for interest, net of amounts capitalized$528 $534 
Cash payments for taxes, net of refunds$494 $84 
Change in construction payables$(49)$(103)
Capitalized stock-based compensation costs$1 $ 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1 — 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, 2021, 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.
COVID-19 Pandemic Update
Macao
Visitation to the Macao Special Administrative Region (“Macao”) of the People’s Republic of China (“China”) remains substantially below pre-COVID-19 levels as a result of various government policies limiting or discouraging travel. Currently, visitors from mainland China in general may enter Macao without having to quarantine, subject to them holding the appropriate travel documents, a negative COVID-19 test result issued within a specified time period and a green health-code. On August 30, 2022, the Health Bureau announced that from September 1, 2022, individuals from 41 foreign countries will be allowed to enter Macao without prior authorization but will still be required to undergo a seven-day hotel quarantine. The Company’s operations in Macao will continue to be impacted and subject to changes in the government policies of Macao, China, Hong Kong and other jurisdictions in Asia addressing travel and public health measures associated with COVID-19.
Following an outbreak in Macao in mid-June 2022, the Macao government announced a series of preventative measures (“State of Immediate Prevention”). Those included closure of a range of government, public and social facilities, with restaurants only permitted to offer take away services. Residential and commercial buildings with confirmed COVID-19 cases were required to implement various levels of access control. In addition to the health safeguards already in place, the Macao government implemented a series of mass nucleic acid tests (“NAT”) and rapid antigen tests for the general population.
On July 9, 2022, the Macao government ordered casinos and all non-essential businesses to close from July 11 to July 18 in an attempt to control an outbreak of COVID-19 in Macao, which was extended through July 22, 2022. On July 20, 2022, the Macao government announced a consolidation period, which would start on July 23, 2022 and end on July 30, 2022 whereby certain business activities would be allowed to resume limited operations, clarifying that casino operations could resume, but with a maximum capacity of 50% of casino staff working at any point.
On August 2, 2022, the State of Immediate Prevention was lifted and Macao entered a stabilization period until August 7, 2022, which allowed for the reopening of various public and social facilities and the resumption of restaurant dine-in services subject to the need to wear facemasks and present a negative NAT conducted within the past three days. On August 6, 2022, the quarantine period for fully-vaccinated visitors from Hong Kong, Taiwan and other overseas jurisdictions changed from “10+7” (10 days of hotel quarantine plus 7 days of self-health management) to “7+3” (7 days of hotel quarantine plus 3 days of self-health management). Restrictions on the number of casino staff working were lifted on August 15, 2022. Throughout August, various restrictions on movement between Macao and Zhuhai were progressively lifted by both the Macao and mainland China governments.
On September 19, 2022, the NAT requirement was extended from within 24 hours of travel to 48 hours for those travelers entering Zhuhai from Macao and on September 21, 2022, the NAT requirement was extended from within 48 hours of travel to seven days for those travelers entering mainland China from Macao by plane.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Company’s Macao gaming operations remained open during the nine months ended September 30, 2022, with the exception of the casino closure in July 2022 mentioned above. Guest visitation to the properties, however, was adversely affected during this period due to the various outbreaks that occurred in Shanghai, Hong Kong, Guangdong and Macao, which resulted in tighter travel restrictions. The timing and manner in which our casinos, restaurants and shopping malls will reopen and/or operate at full capacity are currently unknown.
As with prior periods, in support of the Macao government’s initiatives to fight the COVID-19 Pandemic, throughout the nine months ended September 30, 2022 and in June and July in particular, the Company provided both towers of the Sheraton Grand Macao hotel and also The Parisian Macao hotel to the Macao government to house individuals for quarantine and medical observation purposes. The Parisian Macao hotel ceased operations as a medical observation facility on July 27, 2022, and the Sheraton Grand Macao hotel ceased operations as a quarantine and medical observation facility on September 23, 2022.
The Company’s ferry operations between Macao and Hong Kong remain suspended. The timing and manner in which the Company’s ferry operations will be able to resume are currently unknown.
The Company’s operations in Macao have been significantly impacted by the reduced visitation to Macao. The Macao government announced total visitation from mainland China to Macao decreased approximately 25.0% and 81.7%, during the nine months ended September 30, 2022, as compared to the same period in 2021 and 2019 (pre-pandemic), respectively. The Macao government also announced gross gaming revenue decreased approximately 53.1% and 85.6%, during the nine months ended September 30, 2022, as compared to the same period in 2021 and 2019, respectively.
Singapore
In Singapore, the Vaccinated Travel Framework (“VTF”) was launched on April 1, 2022, to facilitate the resumption of travel for all travelers, including short-term visitors. Under the VTF, all fully vaccinated travelers and non-fully vaccinated children aged 12 and below are permitted to enter Singapore, without entry approvals, and starting April 26, 2022, these travelers are no longer required to take a COVID-19 test before departing for Singapore. Operations at Marina Bay Sands will continue to be impacted and subject to changes in the government policies of Singapore and other jurisdictions in Asia, if any, addressing travel and public health measures associated with COVID-19.
Visitation to Marina Bay Sands continues to be impacted by the effects of the COVID-19 Pandemic; however, visitation has increased since restrictions have been lifted. The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 172,000 in 2021 to 3.7 million in 2022 on a year-to-date basis, while visitation decreased 74.1% when compared to the same period in 2019. For the three months ended September 30, 2022, visitation decreased 55.9% when compared to the same period in 2019.
Summary
The disruptions arising from the COVID-19 Pandemic continued to have a significant adverse impact on the Company’s financial condition and operations during the nine months ended September 30, 2022. The duration and intensity of this global health situation and related disruptions are uncertain. Given the dynamic nature of these circumstances, the impact on the Company’s consolidated results of operations, cash flows and financial condition in 2022 will be material, but cannot be reasonably estimated at this time as it is unknown when the impact of the COVID-19 Pandemic will end, when or how quickly the current travel and operational restrictions will be modified or cease to be necessary and the resulting impact on the Company’s business and the willingness of tourism patrons to spend on travel and entertainment and business patrons to spend on MICE.
While each of the Company’s properties were open with some operating at reduced levels due to lower visitation and required safety measures in place during the nine months ended September 30, 2022, the current economic and regulatory environment on a global basis and in each of the Company’s jurisdictions continue to evolve. The Company cannot predict the manner in which governments will react as the global and regional impact of the COVID-19 Pandemic changes over time, which could significantly alter the Company’s current operations.
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The Company has a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $5.84 billion and access to $1.50 billion, $1.04 billion and $412 million of available borrowing capacity from the LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, as of September 30, 2022. The Company believes it is able to support continuing operations, complete the major construction projects that are underway, proceed with the Macao concession tendering process and respond to the current COVID-19 Pandemic challenges. The Company has taken various mitigating measures to manage through the current environment, including a cost reduction program to minimize cash outflow for non-essential items.
Macao Subconcession
Gaming in Macao is administered by the government through concession agreements awarded to three different concessionaires and three subconcessionaires, of which Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.) is one. On June 23, 2022, an extension was approved and authorized by the Macao government and executed between VML and Galaxy Casino, S.A., pursuant to which the subconcession was extended from June 26, 2022 to December 31, 2022 (the “Amendment to the Subconcession Contract”). VML paid the Macao government 47 million patacas (approximately $6 million at exchange rates in effect at the time of the transaction) and provided a bank guarantee on September 20, 2022 of 2.31 billion patacas (approximately $289 million at exchange rates as defined in the bank guarantee contract) to secure the fulfillment of VML's payment obligations towards its employees should VML be unsuccessful in tendering for a new concession contract after its subconcession expires. Refer to “Note 4 — Restricted Cash and Cash Equivalents” for further information on the bank guarantee.
In order to enable VML to fulfill the relevant requirements to become eligible to obtain the subconcession extension as mentioned above, each of VML, Venetian Cotai Limited (“VCL”) and Venetian Orient Limited (“VOL”) entered into a letter of undertaking (“Undertakings”), pursuant to which each of VML, VCL and VOL has undertaken, pursuant to article 40 of the Gaming Law and article 43 of VML’s subconcession agreement, to revert to the Macao government relevant gaming equipment and gaming areas (as identified in the Undertakings) without compensation and free of any liens or charges upon the expiry of the term of the subconcession extension period. The total casino areas and supporting areas subject to reversion is approximately 136,000 square meters, representing approximately 4.7% of the total property area of these entities.
On June 21, 2022, the Macao Legislative Assembly passed a draft bill entitled Amendment to Law No. 16/2001 to amend Macao’s gaming law, which was published in the Macao Official Gazette on June 22, 2022 as Law No. 7/2022, and became effective on June 23, 2022 (the "Gaming Law"). Certain changes to the Gaming Law include a reduction in the maximum term of future gaming concessions to ten (10) years; authorization of up to six (6) gaming concession contracts; an increase in the minimum capital contribution of concessionaires to 5 billion patacas (approximately $618 million at exchange rates in effect on September 30, 2022); an increase in the percentage of the share capital of the concessionaire that must be held by the local managing director to 15%; a requirement that casinos be located in real estate owned by the concessionaire; and a prohibition of revenue sharing arrangements between gaming promoters and concessionaires.
On July 5, 2022, the Macao government published Administrative Regulation No. 28/2022 – Amendment of Administrative Regulation No. 26/2001, which sets forth the regulations governing the tender for gaming concessions in Macao. The regulation includes details on the process of bidding for the gaming concessions, qualifications of the companies bidding and the criteria for granting them.
On July 27, 2022, the Macao government officially launched the public tender process for the award of concessions for the operation of games of chance in casinos. VML submitted its bid for one of up to six gaming concessions on September 14, 2022. All bids received by the Macao government, of which there were a total of seven companies, including VML, were formally accepted in the tender. The Macao government has disclosed that it intends to complete the tender process and grant the new gaming concessions before the end of 2022.
The Company continues to believe it will be successful in extending the term of its subconcession and/or obtaining a new gaming concession when its current subconcession expires; however, it is possible the Macao
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
government could further change or interpret the associated gaming laws in a manner that could negatively impact the Company.
Under the Company's Sands China Ltd. (“SCL”) senior notes indentures, upon the occurrence of any event resulting from any change in the Gaming Law (as defined in the indentures) or any action by the gaming authority after which none of SCL or any of its subsidiaries own or manage casino or gaming areas or operate casino games of fortune and chance in Macao in substantially the same manner as they were owning or managing casino or gaming areas or operating casino games as at the issue date of the SCL senior notes, for a period of 30 consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of SCL and its subsidiaries, taken as a whole, each holder of the SCL senior notes would have the right to require the Company to repurchase all or any part of such holder's SCL senior notes at par, plus any accrued and unpaid interest (the "Investor Put Option").
Additionally, under the 2018 SCL Credit Facility, the events that trigger an Investor Put Option under the SCL senior notes (as described above) would be an event of default, which may result in commitments being immediately cancelled, in whole or in part, and the related outstanding balances and accrued interest, if any, becoming immediately due and payable.
The subconcession not being further extended or not obtaining a new gaming concession when the current subconcession expires and the potential impact if holders of the notes and the agent have the ability to, and make the election to, accelerate the repayment of the Company's debt would have a material adverse effect on the Company's business, financial condition, results of operations and cash flows. The Company intends to follow the process for a concession renewal as indicated above.
Marina Bay Sands Gaming License
In April 2022, the Company paid 72 million Singapore dollars ("SGD," approximately $53 million at exchange rates in effect at the time of the transaction) to the Singapore Gambling Regulatory Authority as part of the process to renew its gaming license at Marina Bay Sands, which will now expire in April 2025.
Intercompany Loan Agreement with SCL
On July 11, 2022, the Company entered into an intercompany term loan agreement with SCL, a related party, in the amount of $1.0 billion, which is repayable on July 11, 2028. In the first two years from July 11, 2022, SCL will have the option to elect to pay cash interest at 5% per annum or payment-in-kind interest at 6% per annum by adding the amount of such interest to the then-outstanding principal amount of the loan, following which only cash interest at 5% per annum will be payable. This loan is unsecured, subordinated to all third party unsecured indebtedness and other obligations of SCL and its subsidiaries and is eliminated in consolidation.
Recent Accounting Pronouncements
The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 2 — Discontinued Operations
On February 23, 2022, the Company completed the previously announced sale of its Las Vegas real property and operations (the “Closing”), including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively referred to as the “Las Vegas Operations”), to VICI Properties L.P. (“PropCo”) and Pioneer OpCo, LLC (“OpCo”) for an aggregate purchase price of approximately $