Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Segment Reporting Information

The Company's segment information as of and for the years ended December 31, 2022, 2021 and 2020, is as follows:


	Casino		Rooms		Food and Beverage		Mall		Convention, Retail and Other		Net Revenues

	(In millions)
Year Ended December 31, 2022
Macao:
The Venetian Macao	$	438	$	55	$	17	$	155	$	17	$	682
The Londoner Macao	194		61		26		47		22		350
The Parisian Macao	116		33		10		25		4		188
The Plaza Macao and Four Seasons Macao	146		29		10		127		1		313
Sands Macao	53		6		4		1		1		65
Ferry Operations and Other	—		—		—		—		29		29
	947		184		67		355		74		1,627
Marina Bay Sands	1,680		285		234		226		91		2,516
Intercompany royalties	—		—		—		—		107		107
Intercompany eliminations(1)	—		—		—		(1)		(139)		(140)
Total net revenues	$	2,627	$	469	$	301	$	580	$	133	$	4,110


	Casino		Rooms		Food and Beverage		Mall		Convention, Retail and Other		Net Revenues

	(In millions)

Year Ended December 31, 2021
Macao:
The Venetian Macao	$	944	$	77	$	24	$	195	$	16	$	1,256
The Londoner Macao	396		90		30		56		16		588
The Parisian Macao	244		54		17		39		3		357
The Plaza Macao and Four Seasons Macao	298		45		17		184		2		546
Sands Macao	105		10		5		1		1		122
Ferry Operations and Other	—		—		—		—		28		28
	1,987		276		93		475		66		2,897
Marina Bay Sands	905		139		106		176		44		1,370
Intercompany royalties	—		—		—		—		83		83
Intercompany eliminations(1)	—		—		—		(2)		(114)		(116)
Total net revenues	$	2,892	$	415	$	199	$	649	$	79	$	4,234

Year Ended December 31, 2020
Macao:
The Venetian Macao	$	531	$	46	$	14	$	126	$	21	$	738
The Londoner Macao	192		42		17		38		8		297
The Parisian Macao	180		33		14		27		5		259
The Plaza Macao and Four Seasons Macao	159		17		9		79		1		265
Sands Macao	107		6		5		1		1		120
Ferry Operations and Other	—		—		—		—		28		28
	1,169		144		59		271		64		1,707
Marina Bay Sands	872		136		97		112		44		1,261

Intercompany royalties	—		—		—		—		66		66
Intercompany eliminations(1)	—		—		—		(2)		(92)		(94)
Total net revenues	$	2,041	$	280	$	156	$	381	$	82	$	2,940

_________________________

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


	Year Ended December 31,
	2022		2021		2020

	(In millions)
Intersegment Revenues
Macao:
The Venetian Macao	$	7	$	4	$	4
The Londoner Macao	—		1		1

Ferry Operations and Other	23		22		19
	30		27		24
Marina Bay Sands	3		6		4
Intercompany royalties	107		83		66
Total intersegment revenues	$	140	$	116	$	94


	Year Ended December 31,
	2022		2021		2020

	(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao	$	(25)	$	297	$	(53)
The Londoner Macao	(189)		(84)		(184)
The Parisian Macao	(103)		(17)		(131)
The Plaza Macao and Four Seasons Macao	81		219		33
Sands Macao	(81)		(69)		(76)
Ferry Operations and Other	(7)		(8)		(20)
	(324)		338		(431)
Marina Bay Sands	1,056		448		383




Consolidated adjusted property EBITDA(1)	732		786		(48)
Other Operating Costs and Expenses
Stock-based compensation(2)	(33)		(12)		(15)
Corporate	(235)		(211)		(168)
Pre-opening	(13)		(19)		(19)
Development	(143)		(109)		(18)
Depreciation and amortization	(1,036)		(1,041)		(997)
Amortization of leasehold interests in land	(55)		(56)		(55)
Loss on disposal or impairment of assets	(9)		(27)		(73)
Operating loss	(792)		(689)		(1,393)
Other Non-Operating Costs and Expenses
Interest income	116		4		21
Interest expense, net of amounts capitalized	(702)		(621)		(523)
Other income (expense)	(9)		(31)		19

Loss on modification or early retirement of debt	—		(137)		—
Income tax (expense) benefit	(154)		5		(24)
Net loss from continuing operations	$	(1,541)	$	(1,469)	$	(1,900)

_________________________

(1)Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations 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 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.

(2)During the years ended December 31, 2022, 2021 and 2020, the Company recorded stock-based compensation expense of $70 million, $27 million and $27 million, respectively, of which $37 million, $15 million and $12 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.


	Year Ended December 31,
	2022		2021		2020

	(In millions)
Capital Expenditures
Corporate and Other	$	60	$	27	$	5
Macao:
The Venetian Macao	52		71		140
The Londoner Macao	175		551		739
The Parisian Macao	3		4		11
The Plaza Macao and Four Seasons Macao	9		19		157
Sands Macao	4		7		9
Ferry Operations and Other	—		1		2
	243		653		1,058
Marina Bay Sands	348		148		164

Total capital expenditures	$	651	$	828	$	1,227


	December 31,
	2022		2021		2020

	(In millions)
Total Assets
Corporate and Other	$	5,422	$	1,357	$	1,465
Macao:
The Venetian Macao	2,135		2,087		2,446
The Londoner Macao	4,489		4,494		4,299
The Parisian Macao	1,828		1,962		2,119
The Plaza Macao and Four Seasons Macao	1,020		1,145		1,203
Sands Macao	208		253		320
Ferry Operations and Other	870		132		141

	10,550		10,073		10,528
Marina Bay Sands	6,067		5,326		5,592




Total assets	$	22,039	$	16,756	$	17,585


	December 31,
	2022		2021		2020

	(In millions)
Total Long-Lived Assets(1)
Corporate and Other	$	203	$	176	$	186
Macao:
The Venetian Macao	1,415		1,555		1,705
The Londoner Macao	4,085		4,317		4,163
The Parisian Macao	1,789		1,915		2,067
The Plaza Macao and Four Seasons Macao	975		1,055		1,135
Sands Macao	180		197		218
Ferry Operations and Other	41		60		73

	8,485		9,099		9,361
Marina Bay Sands	4,891		4,741		4,989




Total long-lived assets	$	13,579	$	14,016	$	14,536

_________________________

(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.