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As Of Filer Filing For·On·As Docs:Size 10/25/19 Las Vegas Sands Corp 10-Q 9/30/19 58:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.60M 2: EX-10.3 Material Contract HTML 17K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 23K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 23K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 19K 6: EX-32.2 Certification -- §906 - SOA'02 HTML 19K 42: R1 Document and Entity Information HTML 71K 22: R2 Condensed Consolidated Balance Sheets (Unaudited) HTML 123K 28: R3 Condensed Consolidated Balance Sheets (Unaudited) HTML 40K (Parenthetical) 58: R4 Condensed Consolidated Statements of Operations HTML 121K (Unaudited) 41: R5 Condensed Consolidated Statements of Comprehensive HTML 38K Income (Unaudited) 21: R6 Condensed Consolidated Statements of Equity HTML 61K (Unaudited) 27: R7 Condensed Consolidated Statements of Equity HTML 21K (Unaudited) (Parenthetical) 57: R8 Condensed Consolidated Statements of Cash Flows HTML 122K (Unaudited) 43: R9 Organization and Business of Company HTML 31K 52: R10 Long-Term Debt HTML 94K 47: R11 Derivative Instruments HTML 23K 12: R12 Equity and Earnings Per Share HTML 44K 32: R13 Income Taxes HTML 28K 53: R14 Commitments and Contingencies HTML 31K 48: R15 Segment Information HTML 406K 13: R16 Leases HTML 121K 33: R17 Leases (Policies) HTML 29K 54: R18 Long-Term Debt (Tables) HTML 71K 46: R19 Equity and Earnings Per Share (Tables) HTML 35K 24: R20 Segment Information (Tables) HTML 406K 29: R21 Leases (Tables) HTML 149K 55: R22 Organization and Business of Company (Details) HTML 57K 39: R23 Long-Term Debt - Schedule of Long-Term Debt HTML 60K (Details) 25: R24 Long-Term Debt - Schedule of Long-term Debt - OID, HTML 46K DFC and Fair Value Adjustment (Details) 30: R25 Long-Term Debt Long-Term Debt - Schedule of HTML 23K Long-Term Debt - Footnotes (Details) 56: R26 Long-Term Debt - Additional Information (Details) HTML 145K 40: R27 Long-Term Debt Long-Term Debt - Cash Flows from HTML 44K Financing Activities Related to Long-Term Debt and Capital Lease Obligations (Details) 23: R28 Derivative Instruments Derivative Instruments - HTML 43K Additional Information (Details) 31: R29 Equity and Earnings Per Share (Details) HTML 64K 36: R30 Equity and Earnings Per Share - Weighted Average HTML 29K Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) 15: R31 Income Taxes - Additional Information (Details) HTML 65K 45: R32 Commitments and Contingencies (Details) HTML 23K 51: R33 Segment Information - Schedule of Segment HTML 258K Reporting Information (Details) 35: R34 Leases - Additional Information (Details) HTML 37K 14: R35 Lessee, Assets and Liabilities (Details) HTML 50K 44: R36 Lessee, Other Lease Information (Details) HTML 28K 50: R37 Lessee, Lease Expense Components (Details) HTML 33K 34: R38 Lessee, Supplemental Cash Flow Information Related HTML 25K to Leases (Details) 16: R39 Lessee, Lease Liability Maturity (Details) HTML 66K 26: R40 Lessor, Lease Revenue Components (Details) HTML 28K 19: R41 Lessor, Future Minimum Rentals (Details) HTML 38K 38: R42 Lessor, Leased Property and Equipment (Details) HTML 30K 17: XML IDEA XML File -- Filing Summary XML 96K 37: XML XBRL Instance -- lvs-09302019x10q_htm XML 3.13M 49: EXCEL IDEA Workbook of Financial Reports XLSX 64K 8: EX-101.CAL XBRL Calculations -- lvs-20190930_cal XML 222K 9: EX-101.DEF XBRL Definitions -- lvs-20190930_def XML 597K 10: EX-101.LAB XBRL Labels -- lvs-20190930_lab XML 1.37M 11: EX-101.PRE XBRL Presentations -- lvs-20190930_pre XML 865K 7: EX-101.SCH XBRL Schema -- lvs-20190930 XSD 128K 18: JSON XBRL Instance as JSON Data -- MetaLinks 293± 427K 20: ZIP XBRL Zipped Folder -- 0001300514-19-000107-xbrl Zip 297K
Document |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Nevada | i 27-0099920 | |
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
i 3355 Las Vegas Boulevard South | |||
i Las
Vegas, | i Nevada | i 89109 | |
(Address of principal
executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
i Common Stock ($0.001 par value) | i LVS | i New
York Stock Exchange |
i Large Accelerated
Filer | ☒ | Accelerated Filer | ☐ | |||
Non-accelerated Filer | ☐ | Smaller
Reporting Company | i ☐ | |||
Emerging
Growth Company | i ☐ |
Class | Outstanding at October 23, 2019 | |
Common Stock ($0.001 par value) | i 768,036,535
shares |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
(In millions, except par value) (Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | i 3,817 | $ | i 4,648 | |||
Restricted
cash and cash equivalents | i 15 | i 13 | |||||
Accounts
receivable, net | i 757 | i 726 | |||||
Inventories | i 33 | i 35 | |||||
Prepaid
expenses and other | i 186 | i 144 | |||||
Total
current assets | i 4,808 | i 5,566 | |||||
Property
and equipment, net | i 14,590 | i 15,154 | |||||
Deferred
income taxes, net | i 288 | i 368 | |||||
Leasehold
interests in land, net | i 2,239 | i 1,198 | |||||
Intangible
assets, net | i 45 | i 72 | |||||
Other
assets, net | i 457 | i 189 | |||||
Total
assets | $ | i 22,427 | $ | i 22,547 | |||
LIABILITIES
AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | i 170 | $ | i 178 | |||
Construction
payables | i 315 | i 189 | |||||
Other
accrued liabilities | i 2,224 | i 2,435 | |||||
Income
taxes payable | i 229 | i 244 | |||||
Current
maturities of long-term debt | i 66 | i 111 | |||||
Total
current liabilities | i 3,004 | i 3,157 | |||||
Other
long-term liabilities | i 496 | i 179 | |||||
Deferred
income taxes | i 184 | i 191 | |||||
Deferred
amounts related to mall sale transactions | i 351 | i 401 | |||||
Long-term
debt | i 11,877 | i 11,874 | |||||
Total
liabilities | i 15,912 | i 15,802 | |||||
Commitments
and contingencies (Note 6) | i | i | |||||
Equity: | |||||||
Preferred
stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding | i — | i — | |||||
Common
stock, $0.001 par value, 1,000 shares authorized, 833 and 832 shares issued, 768 and 775 shares outstanding | i 1 | i 1 | |||||
Treasury
stock, at cost, 65 and 57 shares | ( i 4,181 | ) | ( i 3,727 | ) | |||
Capital
in excess of par value | i 6,554 | i 6,680 | |||||
Accumulated
other comprehensive loss | ( i 74 | ) | ( i 40 | ) | |||
Retained
earnings | i 3,059 | i 2,770 | |||||
Total
Las Vegas Sands Corp. stockholders’ equity | i 5,359 | i 5,684 | |||||
Noncontrolling
interests | i 1,156 | i 1,061 | |||||
Total
equity | i 6,515 | i 6,745 | |||||
Total
liabilities and equity | $ | i 22,427 | $ | i 22,547 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In
millions, except per share data) (Unaudited) | |||||||||||||||
Revenues: | |||||||||||||||
Casino | $ | i 2,321 | $ | i 2,413 | $ | i 7,343 | $ | i 7,358 | |||||||
Rooms | i 439 | i 435 | i 1,318 | i 1,298 | |||||||||||
Food
and beverage | i 199 | i 195 | i 655 | i 642 | |||||||||||
Mall | i 175 | i 170 | i 501 | i 490 | |||||||||||
Convention,
retail and other | i 116 | i 159 | i 413 | i 466 | |||||||||||
Net
revenues | i 3,250 | i 3,372 | i 10,230 | i 10,254 | |||||||||||
Operating
expenses: | |||||||||||||||
Casino | i 1,240 | i 1,344 | i 3,988 | i 4,046 | |||||||||||
Rooms | i 109 | i 109 | i 332 | i 330 | |||||||||||
Food
and beverage | i 162 | i 159 | i 514 | i 499 | |||||||||||
Mall | i 19 | i 19 | i 54 | i 54 | |||||||||||
Convention,
retail and other | i 72 | i 91 | i 227 | i 253 | |||||||||||
Provision
for (recovery of) doubtful accounts | i 4 | i 5 | i 15 | ( i 4 | ) | ||||||||||
General
and administrative | i 364 | i 366 | i 1,109 | i 1,079 | |||||||||||
Corporate | i 59 | i 55 | i 262 | i 144 | |||||||||||
Pre-opening | i 9 | i 2 | i 23 | i 5 | |||||||||||
Development | i 4 | i 4 | i 13 | i 9 | |||||||||||
Depreciation
and amortization | i 284 | i 284 | i 874 | i 822 | |||||||||||
Amortization
of leasehold interests in land | i 14 | i 8 | i 37 | i 26 | |||||||||||
Loss
on disposal or impairment of assets | i 11 | i 4 | i 18 | i 114 | |||||||||||
i 2,351 | i 2,450 | i 7,466 | i 7,377 | ||||||||||||
Operating
income | i 899 | i 922 | i 2,764 | i 2,877 | |||||||||||
Other
income (expense): | |||||||||||||||
Interest income | i 20 | i 22 | i 57 | i 36 | |||||||||||
Interest
expense, net of amounts capitalized | ( i 137 | ) | ( i 126 | ) | ( i 421 | ) | ( i 308 | ) | |||||||
Other
income (expense) | ( i 7 | ) | i 16 | ( i 8 | ) | i 34 | |||||||||
Gain
on sale of Sands Bethlehem | i — | i — | i 556 | i — | |||||||||||
Loss
on modification or early retirement of debt | ( i 24 | ) | ( i 52 | ) | ( i 24 | ) | ( i 55 | ) | |||||||
Income
before income taxes | i 751 | i 782 | i 2,924 | i 2,584 | |||||||||||
Income
tax (expense) benefit | ( i 82 | ) | ( i 83 | ) | ( i 403 | ) | i 407 | ||||||||
Net
income | i 669 | i 699 | i 2,521 | i 2,991 | |||||||||||
Net
income attributable to noncontrolling interests | ( i 136 | ) | ( i 128 | ) | ( i 452 | ) | ( i 408 | ) | |||||||
Net
income attributable to Las Vegas Sands Corp. | $ | i 533 | $ | i 571 | $ | i 2,069 | $ | i 2,583 | |||||||
Earnings
per share: | |||||||||||||||
Basic | $ | i 0.69 | $ | i 0.73 | $ | i 2.68 | $ | i 3.28 | |||||||
Diluted | $ | i 0.69 | $ | i 0.73 | $ | i 2.68 | $ | i 3.27 | |||||||
Weighted
average shares outstanding: | |||||||||||||||
Basic | i 769 | i 786 | i 772 | i 788 | |||||||||||
Diluted | i 769 | i 787 | i 772 | i 789 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In
millions) (Unaudited) | |||||||||||||||
Net income | $ | i 669 | $ | i 699 | $ | i 2,521 | $ | i 2,991 | |||||||
Currency
translation adjustment | ( i 58 | ) | i 12 | ( i 36 | ) | ( i 51 | ) | ||||||||
Total
comprehensive income | i 611 | i 711 | i 2,485 | i 2,940 | |||||||||||
Comprehensive
income attributable to noncontrolling interests | ( i 133 | ) | ( i 132 | ) | ( i 450 | ) | ( i 407 | ) | |||||||
Comprehensive
income attributable to Las Vegas Sands Corp. | $ | i 478 | $ | i 579 | $ | i 2,035 | $ | i 2,533 |
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 June 30, 2018 | $ | i 1 | $ | ( i 2,997 | ) | $ | i 6,660 | $ | ( i 44 | ) | $ | i 3,538 | $ | i 804 | $ | i 7,962 | |||||||||||
Net
income | — | — | — | — | i 571 | i 128 | i 699 | ||||||||||||||||||||
Currency
translation adjustment | — | — | — | i 8 | — | i 4 | i 12 | ||||||||||||||||||||
Exercise
of stock options | — | — | i 7 | — | — | i 2 | i 9 | ||||||||||||||||||||
Stock-based
compensation | — | — | i 6 | — | — | i 1 | i 7 | ||||||||||||||||||||
Repurchase
of common stock | — | ( i 300 | ) | — | — | — | — | ( i 300 | ) | ||||||||||||||||||
Dividends
declared ($0.75 per share) (Note 4) | — | — | — | — | ( i 588 | ) | ( i 3 | ) | ( i 591 | ) | |||||||||||||||||
Balance
at September 30, 2018 | $ | i 1 | $ | ( i 3,297 | ) | $ | i 6,673 | $ | ( i 36 | ) | $ | i 3,521 | $ | i 936 | $ | i 7,798 | |||||||||||
Balance
at January 1, 2018 | $ | i 1 | $ | ( i 2,818 | ) | $ | i 6,580 | $ | i 14 | $ | i 2,709 | $ | i 1,141 | $ | i 7,627 | ||||||||||||
Net
income | — | — | — | — | i 2,583 | i 408 | i 2,991 | ||||||||||||||||||||
Currency
translation adjustment | — | — | — | ( i 50 | ) | — | ( i 1 | ) | ( i 51 | ) | |||||||||||||||||
Exercise
of stock options | — | ( i 4 | ) | i 73 | — | — | i 9 | i 78 | |||||||||||||||||||
Stock-based
compensation | — | — | i 20 | — | — | i 3 | i 23 | ||||||||||||||||||||
Repurchase
of common stock | — | ( i 475 | ) | — | — | — | — | ( i 475 | ) | ||||||||||||||||||
Dividends
declared ($2.25 per share) (Note 4) | — | — | — | — | ( i 1,771 | ) | ( i 624 | ) | ( i 2,395 | ) | |||||||||||||||||
Balance
at September 30, 2018 | $ | i 1 | $ | ( i 3,297 | ) | $ | i 6,673 | $ | ( i 36 | ) | $ | i 3,521 | $ | i 936 | $ | i 7,798 | |||||||||||
Balance
at June 30, 2019 | $ | i 1 | $ | ( i 4,081 | ) | $ | i 6,541 | $ | ( i 19 | ) | $ | i 3,118 | $ | i 1,022 | $ | i 6,582 | |||||||||||
Net
income | — | — | — | — | i 533 | i 136 | i 669 | ||||||||||||||||||||
Currency
translation adjustment | — | — | — | ( i 55 | ) | — | ( i 3 | ) | ( i 58 | ) | |||||||||||||||||
Exercise
of stock options | — | — | i 5 | — | — | — | i 5 | ||||||||||||||||||||
Stock-based
compensation | — | — | i 8 | — | — | i 1 | i 9 | ||||||||||||||||||||
Repurchase
of common stock | — | ( i 100 | ) | — | — | — | — | ( i 100 | ) | ||||||||||||||||||
Dividends
declared ($0.77 per share) and noncontrolling interest payments (Note 4) | — | — | — | — | ( i 592 | ) | — | ( i 592 | ) | ||||||||||||||||||
Balance
at September 30, 2019 | $ | i 1 | $ | ( i 4,181 | ) | $ | i 6,554 | $ | ( i 74 | ) | $ | i 3,059 | $ | i 1,156 | $ | i 6,515 | |||||||||||
Balance
at January 1, 2019 | $ | i 1 | $ | ( i 3,727 | ) | $ | i 6,680 | $ | ( i 40 | ) | $ | i 2,770 | $ | i 1,061 | $ | i 6,745 | |||||||||||
Net
income | — | — | — | — | i 2,069 | i 452 | i 2,521 | ||||||||||||||||||||
Currency
translation adjustment | — | — | — | ( i 34 | ) | — | ( i 2 | ) | ( i 36 | ) | |||||||||||||||||
Exercise
of stock options | — | — | i 35 | — | — | i 9 | i 44 | ||||||||||||||||||||
Stock-based
compensation | — | — | i 24 | — | — | i 3 | i 27 | ||||||||||||||||||||
Disposition
of interest in majority-owned subsidiary | — | — | ( i 185 | ) | — | — | i 266 | i 81 | |||||||||||||||||||
Repurchase
of common stock | — | ( i 454 | ) | — | — | — | — | ( i 454 | ) | ||||||||||||||||||
Dividends
declared ($2.31 per share) and noncontrolling interest payments (Note 4) | — | — | — | — | ( i 1,780 | ) | ( i 633 | ) | ( i 2,413 | ) | |||||||||||||||||
Balance
at September 30, 2019 | $ | i 1 | $ | ( i 4,181 | ) | $ | i 6,554 | $ | ( i 74 | ) | $ | i 3,059 | $ | i 1,156 | $ | i 6,515 |
Nine
Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(In millions) (Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net
income | $ | i 2,521 | $ | i 2,991 | |||
Adjustments
to reconcile net income to net cash generated from operating activities: | |||||||
Depreciation and amortization | i 874 | i 822 | |||||
Amortization
of leasehold interests in land | i 37 | i 26 | |||||
Amortization
of deferred financing costs and original issue discount | i 24 | i 28 | |||||
Amortization
of deferred gain on mall sale transactions | ( i 4 | ) | ( i 3 | ) | |||
Loss
on modification or early retirement of debt | i 24 | i 55 | |||||
Loss
on disposal or impairment of assets | i 11 | i 114 | |||||
Gain
on sale of Sands Bethlehem | ( i 556 | ) | i — | ||||
Stock-based
compensation expense | i 26 | i 23 | |||||
Provision
for (recovery of) doubtful accounts | i 15 | ( i 4 | ) | ||||
Foreign
exchange (gain) loss | i 9 | ( i 37 | ) | ||||
Deferred
income taxes | i 155 | ( i 642 | ) | ||||
Changes
in operating assets and liabilities: | |||||||
Accounts receivable | ( i 56 | ) | ( i 35 | ) | |||
Other
assets | ( i 60 | ) | ( i 13 | ) | |||
Leasehold
interests in land | ( i 969 | ) | ( i 15 | ) | |||
Accounts
payable | ( i 4 | ) | ( i 18 | ) | |||
Other
liabilities | ( i 251 | ) | i 108 | ||||
Net
cash generated from operating activities | i 1,796 | i 3,400 | |||||
Cash
flows from investing activities: | |||||||
Net proceeds from sale of Sands Bethlehem | i 1,160 | i — | |||||
Capital
expenditures | ( i 756 | ) | ( i 623 | ) | |||
Proceeds
from disposal of property and equipment | i 1 | i 13 | |||||
Acquisition
of intangible assets | ( i 53 | ) | i — | ||||
Net
cash generated from (used in) investing activities | i 352 | ( i 610 | ) | ||||
Cash
flows from financing activities: | |||||||
Proceeds from exercise of stock options | i 44 | i 78 | |||||
Repurchase
of common stock | ( i 454 | ) | ( i 475 | ) | |||
Dividends
paid and noncontrolling interest payments | ( i 2,413 | ) | ( i 2,395 | ) | |||
Proceeds
from long-term debt (Note 2) | i 3,500 | i 7,593 | |||||
Repayments
of long-term debt (Note 2) | ( i 3,518 | ) | ( i 5,153 | ) | |||
Payments
of financing costs | ( i 127 | ) | ( i 93 | ) | |||
Net
cash used in financing activities | ( i 2,968 | ) | ( i 445 | ) | |||
Effect
of exchange rate on cash, cash equivalents and restricted cash | ( i 9 | ) | i 10 | ||||
Increase
(decrease) in cash, cash equivalents and restricted cash | ( i 829 | ) | i 2,355 | ||||
Cash,
cash equivalents and restricted cash at beginning of period | i 4,661 | i 2,430 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 3,832 | $ | i 4,785 | |||
Supplemental
disclosure of cash flow information: | |||||||
Cash payments for interest, net of amounts capitalized | $ | i 401 | $ | i 210 | |||
Cash
payments for taxes, net of refunds | $ | i 220 | $ | i 231 | |||
Change
in construction payables | $ | i 126 | $ | i 56 |
(In millions) | |||||||
Corporate and U.S. Related(1): | |||||||
3.200% Senior Notes due 2024 (net of unamortized original issue discount and deferred financing costs of $15) | $ | i 1,735 | $ | — | |||
3.500%
Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $12) | i 988 | — | |||||
3.900%
Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $9) | i 741 | — | |||||
2013
U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $21) | i — | i 3,464 | |||||
HVAC
Equipment Lease | i — | i 12 | |||||
Macao
Related(1): | |||||||
4.600% Senior Notes due 2023 (net of unamortized original issue discount and deferred financing costs of $12 and $14, respectively, and a positive cumulative fair value adjustment of $15 and $5, respectively) | i 1,803 | i 1,791 | |||||
5.125%
Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $14 and $16, respectively, and a positive cumulative fair value adjustment of $15 and $5, respectively) | i 1,801 | i 1,789 | |||||
5.400%
Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $19 and $21, respectively, and a positive cumulative fair value adjustment of $15 and $5, respectively) | i 1,896 | i 1,884 | |||||
Other | i 15 | i 4 | |||||
Singapore
Related(1): | |||||||
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $55 and $43, respectively) | i 2,964 | i 3,041 | |||||
i 11,943 | i 11,985 | ||||||
Less —
current maturities | ( i 66 | ) | ( i 111 | ) | |||
Total
long-term debt | $ | i 11,877 | $ | i 11,874 |
(1) | Unamortized
deferred financing costs of $ i 103 million and $ i 47
million as of September 30, 2019 and December 31, 2018, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility. These amounts are included in other assets, net in the accompanying condensed consolidated balance sheets. |
Nine
Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Proceeds from LVSC Senior Notes | $ | i 3,500 | $ | — | |||
Proceeds
from SCL Senior Notes | i — | i 5,500 | |||||
Proceeds
from 2013 U.S. Credit Facility | i — | i 1,347 | |||||
Proceeds
from 2016 VML Credit Facility | i — | i 746 | |||||
$ | i 3,500 | $ | i 7,593 | ||||
Repayments
on 2013 U.S. Credit Facility | $ | ( i 3,484 | ) | $ | ( i 18 | ) | |
Repayments
on 2012 Singapore Credit Facility | ( i 31 | ) | ( i 49 | ) | |||
Repayments
on 2016 VML Credit Facility | i — | ( i 5,083 | ) | ||||
Repayments
on HVAC Equipment Lease and Other Long-Term Debt | ( i 3 | ) | ( i 3 | ) | |||
$ | ( i 3,518 | ) | $ | ( i 5,153 | ) |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(In
millions) | |||||||||||
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) | i 769 | i 786 | i 772 | i 788 | |||||||
Potential
dilution from stock options and restricted stock and stock units | i — | i 1 | i — | i 1 | |||||||
Weighted-average
common and common equivalent shares (used in the calculation of diluted earnings per share) | i 769 | i 787 | i 772 | i 789 | |||||||
Antidilutive
stock options excluded from the calculation of diluted earnings per share | i 3 | i 2 | i 3 | i 1 |
Casino | Rooms | Food
and Beverage | Mall | Convention, Retail and Other | Net Revenues | ||||||||||||||||||
Three Months Ended September 30, 2019 | (In millions) | ||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The
Venetian Macao | $ | i 689 | $ | i 58 | $ | i 17 | $ | i 65 | $ | i 22 | $ | i 851 | |||||||||||
Sands
Cotai Central | i 359 | i 81 | i 24 | i 19 | i 4 | i 487 | |||||||||||||||||
The
Parisian Macao | i 312 | i 33 | i 18 | i 13 | i 5 | i 381 | |||||||||||||||||
The
Plaza Macao and Four Seasons Hotel Macao | i 146 | i 10 | i 7 | i 32 | i 1 | i 196 | |||||||||||||||||
Sands
Macao | i 159 | i 4 | i 6 | i — | i 2 | i 171 | |||||||||||||||||
Ferry
Operations and Other | i — | i — | i — | i — | i 26 | i 26 | |||||||||||||||||
i 1,665 | i 186 | i 72 | i 129 | i 60 | i 2,112 | ||||||||||||||||||
Marina
Bay Sands | i 553 | i 109 | i 61 | i 46 | i 24 | i 793 | |||||||||||||||||
Las
Vegas Operating Properties | i 103 | i 144 | i 66 | i — | i 93 | i 406 | |||||||||||||||||
Intercompany
eliminations(1) | i — | i — | i — | i — | ( i 61 | ) | ( i 61 | ) | |||||||||||||||
Total
net revenues | $ | i 2,321 | $ | i 439 | $ | i 199 | $ | i 175 | $ | i 116 | $ | i 3,250 | |||||||||||
Three
Months Ended September 30, 2018 | |||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The
Venetian Macao | $ | i 689 | $ | i 58 | $ | i 21 | $ | i 60 | $ | i 29 | $ | i 857 | |||||||||||
Sands
Cotai Central | i 400 | i 85 | i 25 | i 19 | i 8 | i 537 | |||||||||||||||||
The
Parisian Macao | i 321 | i 30 | i 17 | i 13 | i 8 | i 389 | |||||||||||||||||
The
Plaza Macao and Four Seasons Hotel Macao | i 116 | i 10 | i 6 | i 33 | i 2 | i 167 | |||||||||||||||||
Sands
Macao | i 146 | i 4 | i 6 | i 1 | i 3 | i 160 | |||||||||||||||||
Ferry
Operations and Other | i — | i — | i — | i — | i 42 | i 42 | |||||||||||||||||
i 1,672 | i 187 | i 75 | i 126 | i 92 | i 2,152 | ||||||||||||||||||
Marina
Bay Sands | i 532 | i 106 | i 53 | i 44 | i 31 | i 766 | |||||||||||||||||
United
States: | |||||||||||||||||||||||
Las Vegas Operating Properties | i 88 | i 138 | i 60 | i — | i 93 | i 379 | |||||||||||||||||
Sands
Bethlehem(2) | i 121 | i 4 | i 7 | i 1 | i 5 | i 138 | |||||||||||||||||
i 209 | i 142 | i 67 | i 1 | i 98 | i 517 | ||||||||||||||||||
Intercompany
eliminations(1) | i — | i — | i — | ( i 1 | ) | ( i 62 | ) | ( i 63 | ) | ||||||||||||||
Total
net revenues | $ | i 2,413 | $ | i 435 | $ | i 195 | $ | i 170 | $ | i 159 | $ | i 3,372 | |||||||||||
Casino | Rooms | Food
and Beverage | Mall | Convention, Retail and Other | Net Revenues | ||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The
Venetian Macao | $ | i 2,127 | $ | i 168 | $ | i 56 | $ | i 183 | $ | i 68 | $ | i 2,602 | |||||||||||
Sands
Cotai Central | i 1,162 | i 242 | i 74 | i 51 | i 18 | i 1,547 | |||||||||||||||||
The
Parisian Macao | i 1,042 | i 97 | i 53 | i 40 | i 17 | i 1,249 | |||||||||||||||||
The
Plaza Macao and Four Seasons Hotel Macao | i 481 | i 30 | i 23 | i 94 | i 3 | i 631 | |||||||||||||||||
Sands
Macao | i 439 | i 13 | i 20 | i 2 | i 4 | i 478 | |||||||||||||||||
Ferry
Operations and Other | i — | i — | i — | i — | i 86 | i 86 | |||||||||||||||||
i 5,251 | i 550 | i 226 | i 370 | i 196 | i 6,593 | ||||||||||||||||||
Marina
Bay Sands | i 1,565 | i 304 | i 172 | i 131 | i 76 | i 2,248 | |||||||||||||||||
United
States: | |||||||||||||||||||||||
Las Vegas Operating Properties | i 328 | i 457 | i 246 | i — | i 312 | i 1,343 | |||||||||||||||||
Sands
Bethlehem(2) | i 199 | i 7 | i 11 | i 1 | i 9 | i 227 | |||||||||||||||||
i 527 | i 464 | i 257 | i 1 | i 321 | i 1,570 | ||||||||||||||||||
Intercompany
eliminations(1) | i — | i — | i — | ( i 1 | ) | ( i 180 | ) | ( i 181 | ) | ||||||||||||||
Total
net revenues | $ | i 7,343 | $ | i 1,318 | $ | i 655 | $ | i 501 | $ | i 413 | $ | i 10,230 | |||||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||
Macao: | |||||||||||||||||||||||
The
Venetian Macao | $ | i 2,082 | $ | i 167 | $ | i 62 | $ | i 169 | $ | i 75 | $ | i 2,555 | |||||||||||
Sands
Cotai Central | i 1,204 | i 245 | i 77 | i 48 | i 21 | i 1,595 | |||||||||||||||||
The
Parisian Macao | i 920 | i 91 | i 48 | i 43 | i 17 | i 1,119 | |||||||||||||||||
The
Plaza Macao and Four Seasons Hotel Macao | i 394 | i 29 | i 21 | i 97 | i 3 | i 544 | |||||||||||||||||
Sands
Macao | i 454 | i 12 | i 20 | i 3 | i 5 | i 494 | |||||||||||||||||
Ferry
Operations and Other | i — | i — | i — | i — | i 123 | i 123 | |||||||||||||||||
i 5,054 | i 544 | i 228 | i 360 | i 244 | i 6,430 | ||||||||||||||||||
Marina
Bay Sands | i 1,678 | i 299 | i 156 | i 128 | i 82 | i 2,343 | |||||||||||||||||
United
States: | |||||||||||||||||||||||
Las Vegas Operating Properties | i 268 | i 443 | i 239 | i — | i 308 | i 1,258 | |||||||||||||||||
Sands
Bethlehem(2) | i 358 | i 12 | i 19 | i 3 | i 16 | i 408 | |||||||||||||||||
i 626 | i 455 | i 258 | i 3 | i 324 | i 1,666 | ||||||||||||||||||
Intercompany
eliminations(1) | i — | i — | i — | ( i 1 | ) | ( i 184 | ) | ( i 185 | ) | ||||||||||||||
Total
net revenues | $ | i 7,358 | $ | i 1,298 | $ | i 642 | $ | i 490 | $ | i 466 | $ | i 10,254 | |||||||||||
(1) | Intercompany
eliminations include royalties and other intercompany services. |
(2) | The Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019. |
Three Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In millions) | |||||||||||||||
Intersegment Revenues | |||||||||||||||
Macao: | |||||||||||||||
The
Venetian Macao | $ | i 1 | $ | i 1 | $ | i 3 | $ | i 3 | |||||||
Ferry
Operations and Other | i 7 | i 6 | i 20 | i 18 | |||||||||||
i 8 | i 7 | i 23 | i 21 | ||||||||||||
Marina
Bay Sands | i 1 | i 2 | i 3 | i 7 | |||||||||||
Las
Vegas Operating Properties(1) | i 52 | i 54 | i 155 | i 157 | |||||||||||
Total
intersegment revenues | $ | i 61 | $ | i 63 | $ | i 181 | $ | i 185 |
(1) | Primarily
consists of royalties from the Company’s international operations. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In
millions) | |||||||||||||||
Adjusted Property EBITDA | |||||||||||||||
Macao: | |||||||||||||||
The
Venetian Macao | $ | i 342 | $ | i 344 | $ | i 1,039 | $ | i 1,023 | |||||||
Sands
Cotai Central | i 169 | i 188 | i 546 | i 565 | |||||||||||
The
Parisian Macao | i 120 | i 122 | i 422 | i 352 | |||||||||||
The
Plaza Macao and Four Seasons Hotel Macao | i 75 | i 53 | i 243 | i 198 | |||||||||||
Sands
Macao | i 52 | i 41 | i 135 | i 140 | |||||||||||
Ferry
Operations and Other | ( i 3 | ) | i 6 | ( i 7 | ) | i 15 | |||||||||
i 755 | i 754 | i 2,378 | i 2,293 | ||||||||||||
Marina
Bay Sands | i 435 | i 419 | i 1,204 | i 1,328 | |||||||||||
United
States: | |||||||||||||||
Las Vegas Operating Properties | i 93 | i 76 | i 367 | i 294 | |||||||||||
Sands
Bethlehem(1) | i — | i 33 | i 52 | i 92 | |||||||||||
i 93 | i 109 | i 419 | i 386 | ||||||||||||
Consolidated
adjusted property EBITDA(2) | i 1,283 | i 1,282 | i 4,001 | i 4,007 | |||||||||||
Other
Operating Costs and Expenses | |||||||||||||||
Stock-based compensation(3) | ( i 3 | ) | ( i 3 | ) | ( i 10 | ) | ( i 10 | ) | |||||||
Corporate | ( i 59 | ) | ( i 55 | ) | ( i 262 | ) | ( i 144 | ) | |||||||
Pre-opening | ( i 9 | ) | ( i 2 | ) | ( i 23 | ) | ( i 5 | ) | |||||||
Development | ( i 4 | ) | ( i 4 | ) | ( i 13 | ) | ( i 9 | ) | |||||||
Depreciation
and amortization | ( i 284 | ) | ( i 284 | ) | ( i 874 | ) | ( i 822 | ) | |||||||
Amortization
of leasehold interests in land | ( i 14 | ) | ( i 8 | ) | ( i 37 | ) | ( i 26 | ) | |||||||
Loss
on disposal or impairment of assets | ( i 11 | ) | ( i 4 | ) | ( i 18 | ) | ( i 114 | ) | |||||||
Operating
income | i 899 | i 922 | i 2,764 | i 2,877 | |||||||||||
Other
Non-Operating Costs and Expenses | |||||||||||||||
Interest income | i 20 | i 22 | i 57 | i 36 | |||||||||||
Interest
expense, net of amounts capitalized | ( i 137 | ) | ( i 126 | ) | ( i 421 | ) | ( i 308 | ) | |||||||
Other
income (expense) | ( i 7 | ) | i 16 | ( i 8 | ) | i 34 | |||||||||
Gain
on sale of Sands Bethlehem | i — | i — | i 556 | i — | |||||||||||
Loss
on modification or early retirement of debt | ( i 24 | ) | ( i 52 | ) | ( i 24 | ) | ( i 55 | ) | |||||||
Income
tax (expense) benefit | ( i 82 | ) | ( i 83 | ) | ( i 403 | ) | i 407 | ||||||||
Net
income | $ | i 669 | $ | i 699 | $ | i 2,521 | $ | i 2,991 |
(1) | The
Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Results of operations include Sands Bethlehem through May 30, 2019. |
(2) | 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 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 |
(3) | During the three months ended September 30, 2019 and 2018,
the Company recorded stock-based compensation expense of $ i 8 million and $ i 7
million, respectively, of which $ i 5 million and $ i 4 million,
respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2019 and 2018, the Company recorded stock-based compensation expense of $ i 26
million and $ i 23 million, respectively, of which $ i 16 million
and $ i 13 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. |
Nine
Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Capital Expenditures | |||||||
Corporate and Other | $ | i 57 | $ | i 56 | |||
Macao: | |||||||
The
Venetian Macao | i 75 | i 109 | |||||
Sands
Cotai Central | i 178 | i 88 | |||||
The
Parisian Macao | i 21 | i 101 | |||||
The
Plaza Macao and Four Seasons Hotel Macao | i 125 | i 36 | |||||
Sands
Macao | i 10 | i 16 | |||||
Ferry
Operations and Other | i 1 | i 1 | |||||
i 410 | i 351 | ||||||
Marina
Bay Sands | i 134 | i 116 | |||||
United
States: | |||||||
Las Vegas Operating Properties | i 153 | i 82 | |||||
Sands
Bethlehem(1) | i 2 | i 18 | |||||
i 155 | i 100 | ||||||
Total
capital expenditures | $ | i 756 | $ | i 623 |
(1) | The
Company completed the sale of Sands Bethlehem on May 31, 2019 (see “Note 1 — Organization and Business of Company”). Capital expenditures for Sands Bethlehem are through May 30, 2019. |
Leases | Classification on the Balance Sheet | |||||
(In
millions) | ||||||
Assets | ||||||
Operating lease ROU assets | Other assets, net | $ | i 185 | |||
Finance
lease ROU assets | Property and equipment, net(1) | $ | i 15 | |||
Liabilities | ||||||
Current | ||||||
Operating | Other
accrued liabilities | $ | i 25 | |||
Finance | Current maturities of long-term debt | $ | i 6 | |||
Noncurrent | ||||||
Operating | Other
long-term liabilities | $ | i 299 | |||
Finance | Long-term debt | $ | i 9 |
(1) | Finance
lease ROU assets are recorded net of accumulated depreciation of $ i 5 million as of September 30, 2019. |
Weighted Average Remaining Lease Term | ||
Operating leases | i 32.3
years | |
Finance leases | i 2.6 years | |
Weighted Average Discount Rate | ||
Operating leases(1) | i 4.5 | % |
Finance
leases | i 3.8 | % |
(1) | Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January
1, 2019. |
Three Months Ended September 30, 2019 | Nine
Months Ended September 30, 2019 | ||||||
(In millions) | |||||||
Operating lease cost: | |||||||
Amortization of leasehold interests in land | $ | i 14 | $ | i 37 | |||
Operating
lease cost | i 9 | i 24 | |||||
Short-term
lease cost | i 4 | i 14 | |||||
Variable
lease cost | i 2 | i 4 | |||||
Finance
lease cost: | |||||||
Amortization of ROU assets | i 1 | i 3 | |||||
Total
lease cost | $ | i 30 | $ | i 82 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
(In millions) | |||||||
Cash
paid for amounts included in the measurement of lease liabilities: | |||||||
Operating cash flows for operating leases | $ | i 8 | $ | i 27 | |||
Operating
cash flows for finance leases | $ | i 1 | $ | i 1 | |||
Financing
cash flows for finance leases | $ | i 1 | $ | i 3 |
Operating Leases | Finance Leases | ||||||
(In millions) | |||||||
Year ending December 31, | |||||||
2019
(excluding the nine months ended September 30, 2019) | $ | i 10 | $ | i 2 | |||
2020 | i 28 | i 6 | |||||
2021 | i 25 | i 6 | |||||
2022 | i 24 | i 2 | |||||
2023 | i 24 | i — | |||||
Thereafter | i 556 | i — | |||||
Total
future minimum lease payments | i 667 | i 16 | |||||
Less
— amount representing interest | ( i 343 | ) | ( i 1 | ) | |||
Present
value of future minimum lease payments | i 324 | i 15 | |||||
Less
— current lease obligations | ( i 25 | ) | ( i 6 | ) | |||
Long-term
lease obligations | $ | i 299 | $ | i 9 |
Three Months
Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||
Mall | Other | Mall | Other | ||||||||||||
(In
millions) | |||||||||||||||
Minimum rents | $ | i 129 | $ | i 5 | $ | i 387 | $ | i 12 | |||||||
Overage
rents | i 19 | i — | i 38 | i 1 | |||||||||||
$ | i 148 | $ | i 5 | $ | i 425 | $ | i 13 |
Mall | Other | ||||||
(In millions) | |||||||
Year ending December 31, | |||||||
2019
(excluding the nine months ended September 30, 2019) | $ | i 127 | $ | i 3 | |||
2020 | i 455 | i 9 | |||||
2021 | i 360 | i 9 | |||||
2022 | i 259 | i 5 | |||||
2023 | i 122 | i 4 | |||||
Thereafter | i 171 | i 8 | |||||
Total
minimum future rentals | $ | i 1,494 | $ | i 38 |
(In millions) | |||
Property and equipment, at cost | $ | i 1,299 | |
Accumulated
depreciation | ( i 508 | ) | |
Property and equipment, net | $ | i 791 |
Three
Months Ended September 30, | ||||||||||
2019 | 2018 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 2,321 | $ | 2,413 | (3.8 | )% | ||||
Rooms | 439 | 435 | 0.9 | % | ||||||
Food
and beverage | 199 | 195 | 2.1 | % | ||||||
Mall | 175 | 170 | 2.9 | % | ||||||
Convention,
retail and other | 116 | 159 | (27.0 | )% | ||||||
Total net revenues | $ | 3,250 | $ | 3,372 | (3.6 | )% |
Three Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Dollars
in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total
net casino revenues | $ | 689 | $ | 689 | — | |||||
Non-Rolling Chip drop | $ | 2,340 | $ | 2,175 | 7.6 | % | ||||
Non-Rolling
Chip win percentage | 26.1 | % | 25.1 | % | 1.0 | pts | ||||
Rolling Chip volume | $ | 5,894 | $ | 7,425 | (20.6 | )% | ||||
Rolling
Chip win percentage | 2.70 | % | 3.75 | % | (1.05 | )pts | ||||
Slot handle | $ | 996 | $ | 807 | 23.4 | % | ||||
Slot
hold percentage | 4.8 | % | 3.7 | % | 1.1 | pts |
Three
Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Dollars in millions) | ||||||||||
Sands Cotai Central | ||||||||||
Total
net casino revenues | $ | 359 | $ | 400 | (10.3 | )% | ||||
Non-Rolling Chip drop | $ | 1,609 | $ | 1,650 | (2.5 | )% | ||||
Non-Rolling
Chip win percentage | 22.3 | % | 21.5 | % | 0.8 | pts | ||||
Rolling Chip volume | $ | 1,107 | $ | 2,564 | (56.8 | )% | ||||
Rolling
Chip win percentage | 2.36 | % | 3.95 | % | (1.59 | )pts | ||||
Slot handle | $ | 1,015 | $ | 1,134 | (10.5 | )% | ||||
Slot
hold percentage | 4.4 | % | 3.5 | % | 0.9 | pts | ||||
The Parisian Macao | ||||||||||
Total
net casino revenues | $ | 312 | $ | 321 | (2.8 | )% | ||||
Non-Rolling Chip drop | $ | 1,122 | $ | 1,046 | 7.3 | % | ||||
Non-Rolling
Chip win percentage | 23.0 | % | 21.6 | % | 1.4 | pts | ||||
Rolling Chip volume | $ | 3,877 | $ | 5,155 | (24.8 | )% | ||||
Rolling
Chip win percentage | 2.60 | % | 3.10 | % | (0.50 | )pts | ||||
Slot handle | $ | 1,010 | $ | 1,386 | (27.1 | )% | ||||
Slot
hold percentage | 4.0 | % | 3.0 | % | 1.0 | pts | ||||
The Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total
net casino revenues | $ | 146 | $ | 116 | 25.9 | % | ||||
Non-Rolling Chip drop | $ | 353 | $ | 286 | 23.4 | % | ||||
Non-Rolling
Chip win percentage | 23.4 | % | 28.4 | % | (5.0 | )pts | ||||
Rolling Chip volume | $ | 2,612 | $ | 4,031 | (35.2 | )% | ||||
Rolling
Chip win percentage | 4.21 | % | 2.44 | % | 1.77 | pts | ||||
Slot handle | $ | 113 | $ | 141 | (19.9 | )% | ||||
Slot
hold percentage | 5.6 | % | 5.7 | % | (0.1 | )pts | ||||
Sands Macao | ||||||||||
Total
net casino revenues | $ | 159 | $ | 146 | 8.9 | % | ||||
Non-Rolling Chip drop | $ | 660 | $ | 619 | 6.6 | % | ||||
Non-Rolling
Chip win percentage | 19.3 | % | 18.3 | % | 1.0 | pts | ||||
Rolling Chip volume | $ | 1,094 | $ | 1,799 | (39.2 | )% | ||||
Rolling
Chip win percentage | 3.89 | % | 2.72 | % | 1.17 | pts | ||||
Slot handle | $ | 658 | $ | 646 | 1.9 | % | ||||
Slot
hold percentage | 3.2 | % | 3.1 | % | 0.1 | pts | ||||
Singapore Operations: | ||||||||||
Marina
Bay Sands | ||||||||||
Total net casino revenues | $ | 553 | $ | 532 | 3.9 | % | ||||
Non-Rolling
Chip drop | $ | 1,420 | $ | 1,358 | 4.6 | % | ||||
Non-Rolling Chip win percentage | 18.0 | % | 19.7 | % | (1.7 | )pts | ||||
Rolling
Chip volume | $ | 7,265 | $ | 7,093 | 2.4 | % | ||||
Rolling Chip win percentage | 3.98 | % | 3.43 | % | 0.55 | pts | ||||
Slot
handle | $ | 3,490 | $ | 3,624 | (3.7 | )% | ||||
Slot hold percentage | 4.4 | % | 4.4 | % | — | |||||
Las
Vegas Operating Properties | ||||||||||
Total net casino revenues | $ | 103 | $ | 88 | 17.0 | % | ||||
Table
games drop | $ | 473 | $ | 507 | (6.7 | )% | ||||
Table games win percentage | 16.9 | % | 14.7 | % | 2.2 | pts | ||||
Slot
handle | $ | 739 | $ | 692 | 6.8 | % | ||||
Slot hold percentage | 8.2 | % | 8.6 | % | (0.4 | )pts |
Note: | We
completed the sale of Sands Bethlehem on May 31, 2019. |
Three Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Room
revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total
room revenues | $ | 58 | $ | 58 | — | |||||
Occupancy rate | 95.7 | % | 95.7 | % | — | |||||
Average
daily room rate (ADR) | $ | 233 | $ | 229 | 1.7 | % | ||||
Revenue per available room (RevPAR) | $ | 223 | $ | 219 | 1.8 | % | ||||
Sands
Cotai Central | ||||||||||
Total room revenues | $ | 81 | $ | 85 | (4.7 | )% | ||||
Occupancy
rate | 96.9 | % | 96.1 | % | 0.8 | pts | ||||
Average daily room rate (ADR) | $ | 163 | $ | 159 | 2.5 | % | ||||
Revenue
per available room (RevPAR) | $ | 158 | $ | 153 | 3.3 | % | ||||
The Parisian Macao | ||||||||||
Total
room revenues | $ | 33 | $ | 30 | 10.0 | % | ||||
Occupancy rate | 96.9 | % | 97.7 | % | (0.8 | )pts | ||||
Average
daily room rate (ADR) | $ | 163 | $ | 158 | 3.2 | % | ||||
Revenue per available room (RevPAR) | $ | 158 | $ | 154 | 2.6 | % | ||||
The
Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total room revenues | $ | 10 | $ | 10 | — | |||||
Occupancy
rate | 92.6 | % | 89.0 | % | 3.6 | pts | ||||
Average daily room rate (ADR) | $ | 327 | $ | 315 | 3.8 | % | ||||
Revenue
per available room (RevPAR) | $ | 303 | $ | 280 | 8.2 | % | ||||
Sands Macao | ||||||||||
Total
room revenues | $ | 4 | $ | 4 | — | |||||
Occupancy rate | 99.8 | % | 97.5 | % | 2.3 | pts | ||||
Average
daily room rate (ADR) | $ | 174 | $ | 155 | 12.3 | % | ||||
Revenue per available room (RevPAR) | $ | 173 | $ | 151 | 14.6 | % | ||||
Singapore
Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total room revenues | $ | 109 | $ | 106 | 2.8 | % | ||||
Occupancy
rate | 97.7 | % | 97.5 | % | 0.2 | pts | ||||
Average daily room rate (ADR) | $ | 475 | $ | 466 | 1.9 | % | ||||
Revenue
per available room (RevPAR) | $ | 465 | $ | 455 | 2.2 | % | ||||
Las Vegas Operating Properties | ||||||||||
Total
room revenues | $ | 144 | $ | 138 | 4.3 | % | ||||
Occupancy rate | 94.6 | % | 94.4 | % | 0.2 | pts | ||||
Average
daily room rate (ADR) | $ | 237 | $ | 225 | 5.3 | % | ||||
Revenue per available room (RevPAR) | $ | 224 | $ | 213 | 5.2 | % |
Note: | We
completed the sale of Sands Bethlehem on May 31, 2019. |
Three Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Mall
revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
Shoppes at Venetian | ||||||||||
Total
mall revenues | $ | 65 | $ | 59 | 10.2 | % | ||||
Mall gross leasable area (in square feet) | 812,953 | 786,649 | 3.3 | % | ||||||
Occupancy | 91.4 | % | 89.7 | % | 1.7 | pts | ||||
Base
rent per square foot | $ | 275 | $ | 269 | 2.2 | % | ||||
Tenant sales per square foot | $ | 1,708 | $ | 1,733 | (1.4 | )% | ||||
Shoppes
at Cotai Central(1) | ||||||||||
Total mall revenues | $ | 19 | $ | 19 | — | |||||
Mall
gross leasable area (in square feet) | 524,365 | 509,929 | 2.8 | % | ||||||
Occupancy | 91.3 | % | 92.3 | % | (1.0 | )pts | ||||
Base
rent per square foot | $ | 105 | $ | 111 | (5.4 | )% | ||||
Tenant sales per square foot | $ | 966 | $ | 862 | 12.1 | % | ||||
Shoppes
at Parisian | ||||||||||
Total mall revenues | $ | 13 | $ | 13 | — | |||||
Mall
gross leasable area (in square feet) | 295,915 | 295,896 | — | |||||||
Occupancy | 89.6 | % | 90.7 | % | (1.1 | )pts | ||||
Base
rent per square foot | $ | 150 | $ | 156 | (3.8 | )% | ||||
Tenant sales per square foot | $ | 688 | $ | 657 | 4.7 | % | ||||
Shoppes
at Four Seasons | ||||||||||
Total mall revenues | $ | 32 | $ | 33 | (3.0 | )% | ||||
Mall
gross leasable area (in square feet) | 241,363 | 258,544 | (6.6 | )% | ||||||
Occupancy | 92.8 | % | 99.2 | % | (6.4 | )pts | ||||
Base
rent per square foot | $ | 484 | $ | 462 | 4.8 | % | ||||
Tenant sales per square foot | $ | 5,078 | $ | 4,260 | 19.2 | % | ||||
Singapore
Operations: | ||||||||||
The Shoppes at Marina Bay Sands | ||||||||||
Total mall revenues | $ | 46 | $ | 44 | 4.5 | % | ||||
Mall
gross leasable area (in square feet) | 593,735 | 611,004 | (2.8 | )% | ||||||
Occupancy | 96.7 | % | 93.8 | % | 2.9 | pts | ||||
Base
rent per square foot | $ | 264 | $ | 258 | 2.3 | % | ||||
Tenant sales per square foot | $ | 2,028 | $ | 1,840 | 10.2 | % |
Note: | This
table excludes the results of 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. |
Three
Months Ended September 30, | ||||||||||
2019 | 2018 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 1,240 | $ | 1,344 | (7.7 | )% | ||||
Rooms | 109 | 109 | — | % | ||||||
Food
and beverage | 162 | 159 | 1.9 | % | ||||||
Mall | 19 | 19 | — | % | ||||||
Convention,
retail and other | 72 | 91 | (20.9 | )% | ||||||
Provision for doubtful accounts | 4 | 5 | (20.0 | )% | ||||||
General
and administrative | 364 | 366 | (0.5 | )% | ||||||
Corporate | 59 | 55 | 7.3 | % | ||||||
Pre-opening | 9 | 2 | 350.0 | % | ||||||
Development | 4 | 4 | — | % | ||||||
Depreciation
and amortization | 284 | 284 | — | % | ||||||
Amortization of leasehold interests in land | 14 | 8 | 75.0 | % | ||||||
Loss
on disposal or impairment of assets | 11 | 4 | 175.0 | % | ||||||
Total operating expenses | $ | 2,351 | $ | 2,450 | (4.0 | )% |
Three Months Ended September
30, | ||||||||||
2019 | 2018 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Macao: | ||||||||||
The
Venetian Macao | $ | 342 | $ | 344 | (0.6 | )% | ||||
Sands Cotai Central | 169 | 188 | (10.1 | )% | ||||||
The
Parisian Macao | 120 | 122 | (1.6 | )% | ||||||
The Plaza Macao and Four Seasons Hotel Macao | 75 | 53 | 41.5 | % | ||||||
Sands
Macao | 52 | 41 | 26.8 | % | ||||||
Ferry Operations and Other | (3 | ) | 6 | (150.0 | )% | |||||
755 | 754 | 0.1 | % | |||||||
Marina
Bay Sands | 435 | 419 | 3.8 | % | ||||||
United States: | ||||||||||
Las
Vegas Operating Properties | 93 | 76 | 22.4 | % | ||||||
Sands Bethlehem(1) | — | 33 | N.M. | |||||||
93 | 109 | |||||||||
Consolidated
adjusted property EBITDA (2) | $ | 1,283 | $ | 1,282 | 0.1 | % |
(1) | We
completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. |
(2) | Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments. Consolidated adjusted property EBITDA 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 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. We have 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, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies. |
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(Dollars in millions) | |||||||
Interest
cost | $ | 135 | $ | 123 | |||
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo | 4 | 4 | |||||
Less
— capitalized interest | (2 | ) | (1 | ) | |||
Interest expense, net | $ | 137 | $ | 126 | |||
Weighted
average total debt balance | $ | 12,052 | $ | 11,838 | |||
Weighted average interest rate | 4.5 | % | 4.2 | % |
Nine Months Ended September 30, | ||||||||||
2019 | 2018 | Percent Change | ||||||||
(Dollars
in millions) | ||||||||||
Casino | $ | 7,343 | $ | 7,358 | (0.2 | )% | ||||
Rooms | 1,318 | 1,298 | 1.5 | % | ||||||
Food
and beverage | 655 | 642 | 2.0 | % | ||||||
Mall | 501 | 490 | 2.2 | % | ||||||
Convention,
retail and other | 413 | 466 | (11.4 | )% | ||||||
Total net revenues | $ | 10,230 | $ | 10,254 | (0.2 | )% |
Nine Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Dollars
in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total net
casino revenues | $ | 2,127 | $ | 2,082 | 2.2 | % | ||||
Non-Rolling Chip drop | $ | 6,951 | $ | 6,664 | 4.3 | % | ||||
Non-Rolling
Chip win percentage | 26.4 | % | 24.6 | % | 1.8 | pts | ||||
Rolling Chip volume | $ | 19,839 | $ | 22,755 | (12.8 | )% | ||||
Rolling
Chip win percentage | 3.04 | % | 3.69 | % | (0.65 | )pts | ||||
Slot handle | $ | 2,908 | $ | 2,463 | 18.1 | % | ||||
Slot
hold percentage | 4.7 | % | 4.5 | % | 0.2 | pts | ||||
Sands Cotai Central | ||||||||||
Total
net casino revenues | $ | 1,162 | $ | 1,204 | (3.5 | )% | ||||
Non-Rolling Chip drop | $ | 4,935 | $ | 5,045 | (2.2 | )% | ||||
Non-Rolling
Chip win percentage | 22.6 | % | 21.3 | % | 1.3 | pts | ||||
Rolling Chip volume | $ | 4,323 | $ | 7,563 | (42.8 | )% | ||||
Rolling
Chip win percentage | 3.46 | % | 3.54 | % | (0.08 | )pts | ||||
Slot handle | $ | 3,092 | $ | 3,646 | (15.2 | )% | ||||
Slot
hold percentage | 4.3 | % | 3.9 | % | 0.4 | pts |
Nine
Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Dollars in millions) | ||||||||||
The Parisian Macao | ||||||||||
Total
net casino revenues | $ | 1,042 | $ | 920 | 13.3 | % | ||||
Non-Rolling Chip drop | $ | 3,398 | $ | 3,188 | 6.6 | % | ||||
Non-Rolling
Chip win percentage | 23.0 | % | 20.5 | % | 2.5 | pts | ||||
Rolling Chip volume | $ | 11,940 | $ | 14,232 | (16.1 | )% | ||||
Rolling
Chip win percentage | 3.54 | % | 3.20 | % | 0.34 | pts | ||||
Slot handle | $ | 3,151 | $ | 3,602 | (12.5 | )% | ||||
Slot
hold percentage | 3.7 | % | 2.7 | % | 1.0 | pts | ||||
The Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total
net casino revenues | $ | 481 | $ | 394 | 22.1 | % | ||||
Non-Rolling Chip drop | $ | 1,040 | $ | 1,020 | 2.0 | % | ||||
Non-Rolling
Chip win percentage | 24.0 | % | 25.9 | % | (1.9 | )pts | ||||
Rolling Chip volume | $ | 10,338 | $ | 9,735 | 6.2 | % | ||||
Rolling
Chip win percentage | 3.84 | % | 3.05 | % | 0.79 | pts | ||||
Slot handle | $ | 393 | $ | 412 | (4.6 | )% | ||||
Slot
hold percentage | 6.0 | % | 6.7 | % | (0.7 | )pts | ||||
Sands Macao | ||||||||||
Total
net casino revenues | $ | 439 | $ | 454 | (3.3 | )% | ||||
Non-Rolling Chip drop | $ | 2,022 | $ | 1,935 | 4.5 | % | ||||
Non-Rolling
Chip win percentage | 18.1 | % | 18.4 | % | (0.3 | )pts | ||||
Rolling Chip volume | $ | 3,556 | $ | 4,071 | (12.7 | )% | ||||
Rolling
Chip win percentage | 2.50 | % | 3.33 | % | (0.83 | )pts | ||||
Slot handle | $ | 1,964 | $ | 1,927 | 1.9 | % | ||||
Slot
hold percentage | 3.3 | % | 3.2 | % | 0.1 | pts | ||||
Singapore Operations: | ||||||||||
Marina
Bay Sands | ||||||||||
Total net casino revenues | $ | 1,565 | $ | 1,678 | (6.7 | )% | ||||
Non-Rolling
Chip drop | $ | 3,964 | $ | 4,093 | (3.2 | )% | ||||
Non-Rolling Chip win percentage | 20.3 | % | 19.5 | % | 0.8 | pts | ||||
Rolling
Chip volume | $ | 21,588 | $ | 20,339 | 6.1 | % | ||||
Rolling Chip win percentage | 3.20 | % | 3.74 | % | (0.54 | )pts | ||||
Slot
handle | $ | 10,724 | $ | 11,128 | (3.6 | )% | ||||
Slot hold percentage | 4.5 | % | 4.5 | % | — | |||||
U.S.
Operations: | ||||||||||
Las Vegas Operating Properties | ||||||||||
Total net casino revenues | $ | 328 | $ | 268 | 22.4 | % | ||||
Table
games drop | $ | 1,405 | $ | 1,340 | 4.9 | % | ||||
Table games win percentage | 19.0 | % | 15.8 | % | 3.2 | pts | ||||
Slot
handle | $ | 2,119 | $ | 1,993 | 6.3 | % | ||||
Slot hold percentage | 8.3 | % | 8.4 | % | (0.1 | )pts | ||||
Sands
Bethlehem(1) | ||||||||||
Total net casino revenues | $ | 199 | $ | 358 | (44.4 | )% | ||||
Table
games drop | $ | 453 | $ | 859 | (47.3 | )% | ||||
Table games win percentage | 20.2 | % | 18.1 | % | 2.1 | pts | ||||
Slot
handle | $ | 2,007 | $ | 3,614 | (44.5 | )% | ||||
Slot hold percentage | 6.3 | % | 6.5 | % | (0.2 | )pts |
(1) | We
completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. |
Nine Months Ended September 30, | ||||||||||
2019 | 2018 | Change | ||||||||
(Room
revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
The Venetian Macao | ||||||||||
Total
room revenues | $ | 168 | $ | 167 | 0.6 | % | ||||
Occupancy rate | 95.5 | % | 95.7 | % | (0.2 | )pts | ||||
Average
daily room rate (ADR) | $ | 228 | $ | 226 | 0.9 | % | ||||
Revenue per available room (RevPAR) | $ | 217 | $ | 217 | — | |||||
Sands
Cotai Central | ||||||||||
Total room revenues | $ | 242 | $ | 245 | (1.2 | )% | ||||
Occupancy
rate | 96.4 | % | 94.2 | % | 2.2 | pts | ||||
Average daily room rate (ADR) | $ | 158 | $ | 156 | 1.3 | % | ||||
Revenue
per available room (RevPAR) | $ | 153 | $ | 147 | 4.1 | % | ||||
The Parisian Macao | ||||||||||
Total
room revenues | $ | 97 | $ | 91 | 6.6 | % | ||||
Occupancy rate | 97.1 | % | 96.1 | % | 1.0 | pts | ||||
Average
daily room rate (ADR) | $ | 159 | $ | 153 | 3.9 | % | ||||
Revenue per available room (RevPAR) | $ | 155 | $ | 147 | 5.4 | % | ||||
The
Plaza Macao and Four Seasons Hotel Macao | ||||||||||
Total room revenues | $ | 30 | $ | 29 | 3.4 | % | ||||
Occupancy
rate | 90.7 | % | 88.2 | % | 2.5 | pts | ||||
Average daily room rate (ADR) | $ | 332 | $ | 316 | 5.1 | % | ||||
Revenue
per available room (RevPAR) | $ | 301 | $ | 278 | 8.3 | % | ||||
Sands Macao | ||||||||||
Total
room revenues | $ | 13 | $ | 12 | 8.3 | % | ||||
Occupancy rate | 99.7 | % | 98.4 | % | 1.3 | pts | ||||
Average
daily room rate (ADR) | $ | 174 | $ | 160 | 8.8 | % | ||||
Revenue per available room (RevPAR) | $ | 173 | $ | 157 | 10.2 | % | ||||
Singapore
Operations: | ||||||||||
Marina Bay Sands | ||||||||||
Total room revenues | $ | 304 | $ | 299 | 1.7 | % | ||||
Occupancy
rate | 97.7 | % | 97.1 | % | 0.6 | pts | ||||
Average daily room rate (ADR) | $ | 450 | $ | 446 | 0.9 | % | ||||
Revenue
per available room (RevPAR) | $ | 440 | $ | 433 | 1.6 | % | ||||
U.S. Operations: | ||||||||||
Las
Vegas Operating Properties | ||||||||||
Total room revenues | $ | 457 | $ | 443 | 3.2 | % | ||||
Occupancy
rate | 95.6 | % | 95.8 | % | (0.2 | )pts | ||||
Average daily room rate (ADR) | $ | 250 | $ | 241 | 3.7 | % | ||||
Revenue
per available room (RevPAR) | $ | 239 | $ | 231 | 3.5 | % | ||||
Sands Bethlehem(1) | ||||||||||
Total
room revenues | $ | 7 | $ | 12 | (41.7 | )% | ||||
Occupancy rate | 92.6 | % | 92.4 | % | 0.2 | pts | ||||
Average
daily room rate (ADR) | $ | 159 | $ | 162 | (1.9 | )% | ||||
Revenue per available room (RevPAR) | $ | 147 | $ | 150 | (2.0 | )% |
(1) | We
completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. |
Nine Months Ended September 30,(1) | ||||||||||
2019 | 2018 | Change | ||||||||
(Mall
revenues in millions) | ||||||||||
Macao Operations: | ||||||||||
Shoppes at Venetian | ||||||||||
Total
mall revenues | $ | 183 | $ | 168 | 8.9 | % | ||||
Mall gross leasable area (in square feet) | 812,953 | 786,649 | 3.3 | % | ||||||
Occupancy | 91.4 | % | 89.7 | % | 1.7 | pts | ||||
Base
rent per square foot | $ | 275 | $ | 269 | 2.2 | % | ||||
Tenant sales per square foot | $ | 1,708 | $ | 1,733 | (1.4 | )% | ||||
Shoppes
at Cotai Central(2) | ||||||||||
Total mall revenues | $ | 51 | $ | 48 | 6.3 | % | ||||
Mall
gross leasable area (in square feet) | 524,365 | 509,929 | 2.8 | % | ||||||
Occupancy | 91.3 | % | 92.3 | % | (1.0 | )pts | ||||
Base
rent per square foot | $ | 105 | $ | 111 | (5.4 | )% | ||||
Tenant sales per square foot | $ | 966 | $ | 862 | 12.1 | % | ||||
Shoppes
at Parisian | ||||||||||
Total mall revenues | $ | 39 | $ | 43 | (9.3 | )% | ||||
Mall
gross leasable area (in square feet) | 295,915 | 295,896 | — | |||||||
Occupancy | 89.6 | % | 90.7 | % | (1.1 | )pts | ||||
Base
rent per square foot | $ | 150 | $ | 156 | (3.8 | )% | ||||
Tenant sales per square foot | $ | 688 | 657 | 4.7 | % | |||||
Shoppes
at Four Seasons | ||||||||||
Total mall revenues | $ | 94 | $ | 97 | (3.1 | )% | ||||
Mall
gross leasable area (in square feet) | 241,363 | 258,544 | (6.6 | )% | ||||||
Occupancy | 92.8 | % | 99.2 | % | (6.4 | )pts | ||||
Base
rent per square foot | $ | 484 | $ | 462 | 4.8 | % | ||||
Tenant sales per square foot | $ | 5,078 | $ | 4,260 | 19.2 | % | ||||
Singapore
Operations: | ||||||||||
The Shoppes at Marina Bay Sands | ||||||||||
Total mall revenues | $ | 131 | $ | 128 | 2.3 | % | ||||
Mall
gross leasable area (in square feet) | 593,735 | 611,004 | (2.8 | )% | ||||||
Occupancy | 96.7 | % | 93.8 | % | 2.9 | pts | ||||
Base
rent per square foot | $ | 264 | $ | 258 | 2.3 | % | ||||
Tenant sales per square foot | $ | 2,028 | $ | 1,840 | 10.2 | % |
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 September 30, 2019 and 2018, they are identical to the summary presented herein for the three months ended September 30, 2019 and 2018, 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. |
Nine
Months Ended September 30, | ||||||||||
2019 | 2018 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Casino | $ | 3,988 | $ | 4,046 | (1.4 | )% | ||||
Rooms | 332 | 330 | 0.6 | % | ||||||
Food
and beverage | 514 | 499 | 3.0 | % | ||||||
Mall | 54 | 54 | — | % | ||||||
Convention,
retail and other | 227 | 253 | (10.3 | )% | ||||||
Provision for (recovery of) doubtful accounts | 15 | (4 | ) | 475.0 | % | |||||
General
and administrative | 1,109 | 1,079 | 2.8 | % | ||||||
Corporate | 262 | 144 | 81.9 | % | ||||||
Pre-opening | 23 | 5 | 360.0 | % | ||||||
Development | 13 | 9 | 44.4 | % | ||||||
Depreciation
and amortization | 874 | 822 | 6.3 | % | ||||||
Amortization of leasehold interests in land | 37 | 26 | 42.3 | % | ||||||
Loss
on disposal or impairment of assets | 18 | 114 | (84.2 | )% | ||||||
Total operating expenses | $ | 7,466 | $ | 7,377 | 1.2 | % |
Nine
Months Ended September 30, | ||||||||||
2019 | 2018 | Percent Change | ||||||||
(Dollars in millions) | ||||||||||
Macao: | ||||||||||
The
Venetian Macao | $ | 1,039 | $ | 1,023 | 1.6 | % | ||||
Sands Cotai Central | 546 | 565 | (3.4 | )% | ||||||
The
Parisian Macao | 422 | 352 | 19.9 | % | ||||||
The Plaza Macao and Four Seasons Hotel Macao | 243 | 198 | 22.7 | % | ||||||
Sands
Macao | 135 | 140 | (3.6 | )% | ||||||
Ferry Operations and Other | (7 | ) | 15 | (146.67 | )% | |||||
2,378 | 2,293 | 3.7 | % | |||||||
Marina
Bay Sands | 1,204 | 1,328 | (9.3 | )% | ||||||
United States: | ||||||||||
Las
Vegas Operating Properties | 367 | 294 | 24.8 | % | ||||||
Sands Bethlehem(1) | 52 | 92 | (43.5 | )% | ||||||
419 | 386 | 8.5 | % | |||||||
Consolidated
adjusted property EBITDA | $ | 4,001 | $ | 4,007 | (0.1 | )% |
(1) | We
completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. |
Nine
Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(Dollars in millions) | |||||||
Interest cost | $ | 415 | $ | 299 | |||
Add
— imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo | 11 | 11 | |||||
Less — capitalized interest | (5 | ) | (2 | ) | |||
Interest expense, net | $ | 421 | $ | 308 | |||
Weighted
average total debt balance | $ | 12,069 | $ | 10,627 | |||
Weighted average interest rate | 4.6 | % | 3.7 | % |
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 September 30, 2019 | |||||||||||||||||||||||
Mall
revenues: | |||||||||||||||||||||||
Minimum rents(1) | $ | 49 | $ | 27 | $ | 10 | $ | 9 | $ | 34 | $ | 129 | |||||||||||
Overage
rents | 8 | 2 | 4 | 1 | 5 | 20 | |||||||||||||||||
CAM,
levies and direct recoveries | 8 | 3 | 5 | 3 | 7 | 26 | |||||||||||||||||
Total
mall revenues | 65 | 32 | 19 | 13 | 46 | 175 | |||||||||||||||||
Mall
operating expenses: | |||||||||||||||||||||||
Common area maintenance | 4 | 2 | 2 | 2 | 4 | 14 | |||||||||||||||||
Marketing
and other direct operating expenses | 2 | — | — | 1 | 2 | 5 | |||||||||||||||||
Mall
operating expenses | 6 | 2 | 2 | 3 | 6 | 19 | |||||||||||||||||
Property
taxes(2) | — | — | — | — | 1 | 1 | |||||||||||||||||
Mall-related
expenses(3) | $ | 6 | $ | 2 | $ | 2 | $ | 3 | $ | 7 | $ | 20 | |||||||||||
For
the three months ended September 30, 2018 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum
rents(1) | $ | 44 | $ | 28 | $ | 10 | $ | 9 | $ | 33 | $ | 124 | |||||||||||
Overage
rents | 7 | 2 | 4 | 1 | 5 | 19 | |||||||||||||||||
CAM,
levies and direct recoveries | 8 | 3 | 5 | 3 | 6 | 25 | |||||||||||||||||
Total
mall revenues | 59 | 33 | 19 | 13 | 44 | 168 | |||||||||||||||||
Mall
operating expenses: | |||||||||||||||||||||||
Common area maintenance | 4 | 1 | 2 | 2 | 5 | 14 | |||||||||||||||||
Marketing
and other direct operating expenses | 2 | 1 | 1 | 1 | 1 | 6 | |||||||||||||||||
Mall
operating expenses | 6 | 2 | 3 | 3 | 6 | 20 | |||||||||||||||||
Property
taxes(2) | — | — | — | — | 2 | 2 | |||||||||||||||||
Provision
for doubtful accounts | — | — | — | 1 | — | 1 | |||||||||||||||||
Mall-related
expenses(3) | $ | 6 | $ | 2 | $ | 3 | $ | 4 | $ | 8 | $ | 23 |
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 nine months ended September 30, 2019 | |||||||||||||||||||||||
Mall
revenues: | |||||||||||||||||||||||
Minimum rents(1) | $ | 145 | $ | 82 | $ | 29 | $ | 29 | $ | 100 | $ | 385 | |||||||||||
Overage
rents | 13 | 4 | 8 | 1 | 12 | 38 | |||||||||||||||||
CAM,
levies and direct recoveries | 25 | 8 | 14 | 9 | 19 | 75 | |||||||||||||||||
Total
mall revenues | 183 | 94 | 51 | 39 | 131 | 498 | |||||||||||||||||
Mall
operating expenses: | |||||||||||||||||||||||
Common area maintenance | 12 | 5 | 6 | 5 | 12 | 40 | |||||||||||||||||
Marketing
and other direct operating expenses | 5 | 1 | 1 | 3 | 4 | 14 | |||||||||||||||||
Mall
operating expenses | 17 | 6 | 7 | 8 | 16 | 54 | |||||||||||||||||
Property
taxes(2) | — | — | — | — | 4 | 4 | |||||||||||||||||
Provision
for (recovery of) doubtful accounts | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Mall-related
expenses(3) | $ | 17 | $ | 6 | $ | 7 | $ | 7 | $ | 20 | $ | 57 | |||||||||||
For
the nine months ended September 30, 2018 | |||||||||||||||||||||||
Mall revenues: | |||||||||||||||||||||||
Minimum
rents(1) | $ | 134 | $ | 84 | $ | 28 | $ | 33 | $ | 96 | $ | 375 | |||||||||||
Overage
rents | 11 | 5 | 7 | 1 | 12 | 36 | |||||||||||||||||
CAM,
levies and direct recoveries | 23 | 8 | 13 | 9 | 20 | 73 | |||||||||||||||||
Total
mall revenues | 168 | 97 | 48 | 43 | 128 | 484 | |||||||||||||||||
Mall
operating expenses: | |||||||||||||||||||||||
Common area maintenance | 11 | 4 | 5 | 4 | 13 | 37 | |||||||||||||||||
Marketing
and other direct operating expenses | 5 | 2 | 2 | 3 | 4 | 16 | |||||||||||||||||
Mall
operating expenses | 16 | 6 | 7 | 7 | 17 | 53 | |||||||||||||||||
Property
taxes(2) | — | — | — | — | 4 | 4 | |||||||||||||||||
Provision
for doubtful accounts | — | — | 1 | 1 | — | 2 | |||||||||||||||||
Mall-related
expenses(3) | $ | 16 | $ | 6 | $ | 8 | $ | 8 | $ | 21 | $ | 59 |
Note: | These
tables exclude the results of our mall operations at Sands Macao and Sands Bethlehem, which was sold in May 2019. |
(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, The Plaza Macao and Four Seasons Hotel
Macao and The Parisian Macao have obtained a second exemption. The exemption for The Venetian Macao expired in July 2019 and the exemption for The Plaza Macao and Four Seasons Hotel Macao and The Parisian Macao, will be expiring in August 2020 and September 2028, respectively. Under the initial exemption, Sands Cotai Central has a distinct exemption for each hotel tower with expiration dates that range from March 2018 to November 2021. The Company is currently working on obtaining the second exemption for Sands Cotai Central. |
(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. |
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(In
millions) | |||||||
Net cash generated from operating activities | $ | 1,796 | $ | 3,400 | |||
Cash flows from investing activities: | |||||||
Net
proceeds from sale of Sands Bethlehem | 1,160 | — | |||||
Capital expenditures | (756 | ) | (623 | ) | |||
Proceeds from disposal of property and equipment | 1 | 13 | |||||
Acquisition
of intangible assets | (53 | ) | — | ||||
Net cash generated from (used in) investing activities | 352 | (610 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds
from exercise of stock options | 44 | 78 | |||||
Repurchase of common stock | (454 | ) | (475 | ) | |||
Dividends paid and noncontrolling interest payments | (2,413 | ) | (2,395 | ) | |||
Proceeds
from long-term debt | 3,500 | 7,593 | |||||
Repayments on long-term debt | (3,518 | ) | (5,153 | ) | |||
Payments of financing costs | (127 | ) | (93 | ) | |||
Net
cash used in financing activities | (2,968 | ) | (445 | ) | |||
Effect of exchange rate on cash, cash equivalents and restricted cash | (9 | ) | 10 | ||||
Increase (decrease) in
cash, cash equivalents and restricted cash | (829 | ) | 2,355 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 4,661 | 2,430 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | 3,832 | $ | 4,785 |
Payments
Due During Period Ending December 31, | |||||||||||||||||||
2019(1) | 2020 - 2021 | 2022 - 2023 | Thereafter | Total | |||||||||||||||
(In
millions) | |||||||||||||||||||
Long-Term Debt Obligations(2) | |||||||||||||||||||
LVSC Senior Notes | $ | — | $ | — | $ | — | $ | 3,500 | $ | 3,500 | |||||||||
2012
Singapore Credit Facility(3) | 15 | 121 | 121 | 2,762 | 3,019 | ||||||||||||||
Fixed
Interest Payments | — | 244 | 240 | 337 | 821 | ||||||||||||||
Variable
Interest Payments(4) | 25 | 193 | 186 | 194 | 598 |
(1) | Represents
the three-month period ending December 31, 2019. |
(2) | See “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Long-Term Debt” for further details on these financing transactions. |
(3) | Amounts reflect foreign currency exchange rates in effect on September 30, 2019. |
(4) | Based
on the one-month rate as of September 30, 2019, Singapore Swap Offer Rate (“SOR”) of 1.63% plus the applicable interest rate spread in accordance with the respective 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 and Las Vegas; |
• | the extensive regulations to which we are subject and the costs of compliance or failure to comply with such regulations; |
• | our
ability to maintain our gaming licenses and subconcession in Macao, Singapore and Las Vegas; |
• | new developments, construction projects and ventures, including our Cotai Strip initiatives and MBS Expansion Project; |
• | fluctuations in currency
exchange rates and interest rates; |
• | 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 leverage, debt service and debt covenant compliance, including the pledge of certain 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; |
• | increased competition for labor and materials due to planned construction projects in Macao and Singapore 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; |
• | our dependence upon properties 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 gaming promoters 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; |
• | 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 information systems that contain legally protected information about people and 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) | |||||||||
— | $ | — | — | $ | 1,316 | ||||||||
644,104 | $ | 54.34 | 644,104 | $ | 1,281 | ||||||||
1,177,322 | $ | 55.21 | 1,177,322 | $ | 1,216 |
(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 | |
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
4.7 | ||
10.1 | ||
10.2 | ||
10.3++ | ||
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 nine months ended September 30, 2019, formatted in Inline Extensible Business Reporting Language (“iXBRL”): (i) Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018,
(iv) Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018, (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018, and (vi) Notes to Condensed Consolidated Financial Statements. | |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
* | Certain
portions of this document that constitute confidential information have been redacted in accordance with Regulation S-K, Item 601(b)(10). |
+ | 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. | |||
By: | /S/ SHELDON G. ADELSON | ||
Sheldon
G. Adelson Chairman of the Board and Chief Executive Officer | |||
By: | /S/ PATRICK DUMONT | ||
Patrick
Dumont Executive Vice President and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/8/29 | ||||
8/31/26 | ||||
8/18/26 | ||||
6/30/26 | ||||
2/27/26 | ||||
12/31/25 | ||||
9/30/25 | ||||
3/31/25 | ||||
12/31/24 | ||||
12/30/24 | ||||
9/30/24 | ||||
8/9/24 | ||||
8/8/24 | ||||
6/26/22 | ||||
11/2/20 | ||||
9/30/20 | ||||
9/16/20 | ||||
2/18/20 | ||||
2/8/20 | ||||
12/31/19 | 10-K, 5 | |||
12/26/19 | ||||
12/17/19 | ||||
12/15/19 | ||||
Filed on: | 10/25/19 | |||
10/23/19 | 8-K | |||
For Period end: | 9/30/19 | 3, 4 | ||
9/26/19 | ||||
9/17/19 | 3, 4, 8-K, 8-K/A | |||
9/12/19 | ||||
9/10/19 | ||||
9/4/19 | 8-K | |||
9/2/19 | ||||
9/1/19 | ||||
8/31/19 | ||||
8/30/19 | 8-K | |||
8/9/19 | 8-K, SEC LETTER | |||
8/1/19 | ||||
7/31/19 | 424B2, 8-K | |||
7/15/19 | ||||
7/1/19 | ||||
6/30/19 | 10-Q | |||
6/21/19 | 8-K | |||
5/31/19 | 8-K | |||
5/30/19 | ||||
3/14/19 | ||||
2/22/19 | 10-K | |||
1/1/19 | ||||
12/31/18 | 10-K, 5, DEF 14A | |||
11/2/18 | ||||
9/30/18 | 10-Q | |||
6/30/18 | 10-Q | |||
3/31/18 | 10-Q | |||
1/1/18 | ||||
5/11/17 | ||||
4/7/16 | 8-K | |||
3/16/16 | 8-K | |||
6/5/15 | 4, 8-K | |||
5/8/14 | 4, ARS | |||
3/24/14 | ||||
1/4/13 | ||||
7/4/12 | ||||
1/19/12 | ||||
4/16/10 | ||||
2/5/07 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/07/24 Las Vegas Sands Corp. 10-K 12/31/23 122:18M 2/03/23 Las Vegas Sands Corp. 10-K 12/31/22 122:19M 2/04/22 Las Vegas Sands Corp. 10-K 12/31/21 113:18M 2/05/21 Las Vegas Sands Corp. 10-K 12/31/20 108:17M |