0001300514false00013005142025-01-292025-01-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 29, 2025
| | | | | | | | |
| LAS VEGAS SANDS CORP. |
| (Exact name of registrant as specified in its charter) |
| Nevada |
| (State or other jurisdiction of incorporation) |
| 001-32373 | 27-0099920 |
| (Commission File Number) | (IRS Employer Identification No.) |
| | | |
5420 S. Durango Dr, | |
| Las Vegas, | Nevada | 89113 |
| (Address of principal executive offices) | (Zip Code) |
(702) 923-9000
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| | | | | | | |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| | | | | | | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| | | | | | | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| | | | | | | | |
| Securities registered pursuant to Section 12(b) of the Act: | |
| | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered | |
| Common Stock ($0.001 par value) | | LVS | | New York Stock Exchange | |
| | | | | | | | |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
| | | | | | | | |
| 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. | ☐ |
| | | | | |
| ITEM 2.02. | Results of Operations and Financial Condition. |
The following information is being furnished under Item 2.02 - Results of Operations and Financial Condition.
On January 29, 2025, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the fourth quarter ended December 31, 2024. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.
Within the Company’s fourth quarter ended December 31, 2024 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) including “adjusted net income/loss,” “adjusted earnings/loss per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The Company believes these measures represent important internal measures of financial performance. The specific reasons why the Company’s management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are set forth in the press release.
| | | | | |
| ITEM 9.01. | Financial Statements and Exhibits. |
| | | | | |
| (d) | Exhibits |
| 99.1 | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: January 29, 2025
| | | | | | | | | | | |
| | | LAS VEGAS SANDS CORP. |
| | By: | /S/ RANDY HYZAK |
| | | Name: Randy Hyzak
Title: Executive Vice President and Chief Financial Officer
|
| | | |
| | | | | |
|
PRESS RELEASE |
For Immediate Release |
Las Vegas Sands Reports
Fourth Quarter 2024 Results
For the quarter ended December 31, 2024
(Compared to the quarter ended December 31, 2023)
•Net Revenue of $2.90 billion and Net Income of $392 million
•Consolidated Adjusted Property EBITDA of $1.11 billion
•Macao Adjusted Property EBITDA of $571 million
◦Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $22 million
•Marina Bay Sands Adjusted Property EBITDA of $537 million
◦High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $2 million
•LVS Repurchased $450 million of Common Stock
•LVS Acquired $250 million of SCL Stock
LAS VEGAS, January 29, 2025 - Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended December 31, 2024.
“We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets,” said Robert G. Goldstein, chairman and chief executive officer.
“In Macao, the ongoing recovery continued during the quarter, although spend per visitor in the market remains below the levels reached prior to the pandemic. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.
“In Singapore, Marina Bay Sands continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.
“We repurchased $450 million of LVS shares under our share repurchase program during the quarter and paid our recurring quarterly dividend. LVS also purchased $250 million of SCL stock during the quarter and in January of 2025, bringing our ownership interest to 72.3%. We look forward to utilizing our share repurchase and dividend programs to continue to return excess capital to stockholders.”
Net revenue was $2.90 billion, a decrease of 0.7% from the prior year quarter. Operating income was $590 million, compared to $710 million in the prior year quarter. Net income in the fourth quarter of 2024 was $392 million, compared to $469 million in the fourth quarter of 2023.
Consolidated adjusted property EBITDA was $1.11 billion, compared to $1.20 billion in the prior year quarter.
Full year 2024 operating income was $2.40 billion, compared to $2.31 billion in 2023. Net income attributable to Las Vegas Sands was $1.45 billion, or $1.96 per diluted share, in 2024. This compared to $1.22 billion, or $1.60 per diluted share, in 2023.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 5.0% to $1.76 billion, compared to the fourth quarter of 2023. Net income for SCL was $237 million, compared to $288 million in the fourth quarter of 2023.
On a GAAP basis, 2024 total net revenues for SCL increased 8.4% to $7.08 billion, compared to 2023. Net income for SCL was $1.05 billion in 2024, compared to $696 million in 2023.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $180 million for the fourth quarter of 2024, compared to $190 million in the prior year quarter. Our weighted average borrowing cost was 5.0% during the fourth quarter of 2024, compared to 5.2% during the fourth quarter of 2023.
Our effective income tax rate for the fourth quarter of 2024 was 15.0%, compared to 20.8% in the prior year quarter. The income tax rate for the fourth quarter of 2024 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the fourth quarter of 2024, we repurchased $450 million of our common stock (approximately 9 million shares at a weighted average price of $51.10). The remaining amount authorized under our share repurchase program was $1.55 billion as of December 31, 2024. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
During the fourth quarter of 2024 and January 2025, we purchased $250 million of SCL common stock (103 million shares at an average price of HK$18.93), increasing the company’s ownership percentage of SCL to 72.3% as of January 7, 2025.
We paid a quarterly dividend of $0.20 per common share during the quarter. Our next quarterly dividend of $0.25 per common share will be paid on February 19, 2025, to Las Vegas Sands stockholders of record on February 10, 2025.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2024 were $3.65 billion.
The company has access to $4.44 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of December 31, 2024, total debt outstanding, excluding finance leases and financed purchases, was $13.62 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $547 million, including construction, development and maintenance activities of $345 million in Macao and $194 million at Marina Bay Sands.
###
Conference Call Information
The company will host a conference call to discuss the company’s results on Wednesday, January 29, 2025 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company’s iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands’ portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian Macao®, The Plaza Macao and Four Seasons Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company’s ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune’s list of the World’s Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “positions,” “remains,” “seeks,” “will” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries’ ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is
made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.
Contacts:
| | |
| Investment Community: |
| Daniel Briggs |
| daniel.briggs@sands.com |
|
| Media: |
| Ron Reese |
| ron.reese@sands.com |
Las Vegas Sands Corp.
Fourth Quarter 2024 Results
Non-GAAP Financial Measures
Within the company’s fourth quarter and full year 2024 press release, the company makes reference to certain non-GAAP financial measures that supplement the company’s consolidated financial information prepared in accordance with GAAP including “adjusted net income (loss),” “adjusted earnings (loss) per diluted share” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company’s website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company’s management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company’s financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company’s operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many
as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. 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, including Las Vegas Sands, 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, 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 (loss) 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 tax payments, 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 Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues: | | | | | | | | |
| Casino | | $ | 2,104 | | | $ | 2,111 | | | $ | 8,303 | | | $ | 7,522 | |
| Rooms | | 317 | | | 323 | | | 1,274 | | | 1,204 | |
| Food and beverage | | 157 | | | 161 | | | 607 | | | 584 | |
| Mall | | 218 | | | 232 | | | 755 | | | 767 | |
| Convention, retail and other | | 100 | | | 88 | | | 359 | | | 295 | |
| Net revenues | | 2,896 | | | 2,915 | | | 11,298 | | | 10,372 | |
| Operating expenses: | | | | | | | | |
| Resort operations | | 1,796 | | | 1,721 | | | 6,946 | | | 6,316 | |
| Corporate | | 75 | | | 64 | | | 290 | | | 230 | |
| Pre-opening | | 4 | | | 2 | | | 14 | | | 15 | |
| Development | | 59 | | | 65 | | | 228 | | | 205 | |
| Depreciation and amortization | | 348 | | | 333 | | | 1,308 | | | 1,208 | |
| Amortization of leasehold interests in land | | 15 | | | 15 | | | 60 | | | 58 | |
| Loss on disposal or impairment of assets | | 9 | | | 5 | | | 50 | | | 27 | |
| | 2,306 | | | 2,205 | | | 8,896 | | | 8,059 | |
Operating income | | 590 | | | 710 | | | 2,402 | | | 2,313 | |
| Other income (expense): | | | | | | | | |
| Interest income | | 57 | | | 63 | | | 275 | | | 288 | |
| Interest expense, net of amounts capitalized | | (180) | | | (190) | | | (727) | | | (818) | |
| Other income (expense) | | (6) | | | 9 | | | 10 | | | (8) | |
| | | | | | | | |
| | | | | | | | |
Income before income taxes | | 461 | | | 592 | | | 1,960 | | | 1,775 | |
Income tax expense | | (69) | | | (123) | | | (208) | | | (344) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net income | | 392 | | | 469 | | | 1,752 | | | 1,431 | |
Net income attributable to noncontrolling interests | | (68) | | | (87) | | | (306) | | | (210) | |
Net income attributable to Las Vegas Sands Corp. | | $ | 324 | | | $ | 382 | | | $ | 1,446 | | | $ | 1,221 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Earnings per share: | | | | | | | | |
Basic | | $ | 0.45 | | | $ | 0.50 | | | $ | 1.97 | | | $ | 1.60 | |
| | | | | | | | |
| | | | | | | | |
Diluted | | $ | 0.45 | | | $ | 0.50 | | | $ | 1.96 | | | $ | 1.60 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | |
| Basic | | 721 | | | 759 | | | 735 | | | 763 | |
| Diluted | | 723 | | | 760 | | | 737 | | | 765 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net Revenues | | | | | | | | |
| The Venetian Macao | | $ | 682 | | | $ | 748 | | | $ | 2,831 | | | $ | 2,682 | |
| The Londoner Macao | | 518 | | | 589 | | | 1,984 | | | 1,792 | |
| The Parisian Macao | | 228 | | | 222 | | | 973 | | | 879 | |
The Plaza Macao and Four Seasons Macao | | 223 | | | 192 | | | 872 | | | 779 | |
| Sands Macao | | 86 | | | 81 | | | 322 | | | 322 | |
| Ferry Operations and Other | | 34 | | | 31 | | | 125 | | | 105 | |
| Macao Operations | | 1,771 | | | 1,863 | | | 7,107 | | | 6,559 | |
| | | | | | | | |
| Marina Bay Sands | | 1,137 | | | 1,061 | | | 4,230 | | | 3,849 | |
| Intercompany Royalties | | 64 | | | 60 | | | 250 | | | 224 | |
Intersegment Eliminations(1) | | (76) | | | (69) | | | (289) | | | (260) | |
| | $ | 2,896 | | | $ | 2,915 | | | $ | 11,298 | | | $ | 10,372 | |
| | | | | | | | |
| Adjusted Property EBITDA | | | | | | | | |
| The Venetian Macao | | $ | 250 | | | $ | 302 | | | $ | 1,093 | | | $ | 1,054 | |
| The Londoner Macao | | 144 | | | 190 | | | 543 | | | 516 | |
| The Parisian Macao | | 69 | | | 68 | | | 297 | | | 269 | |
The Plaza Macao and Four Seasons Macao | | 83 | | | 71 | | | 321 | | | 308 | |
| Sands Macao | | 20 | | | 17 | | | 56 | | | 59 | |
| Ferry Operations and Other | | 5 | | | 6 | | | 17 | | | 18 | |
| Macao Operations | | 571 | | | 654 | | | 2,327 | | | 2,224 | |
| | | | | | | | |
| Marina Bay Sands | | 537 | | | 544 | | | 2,052 | | | 1,861 | |
| | | | | | | | |
| | | | | | | | |
| | $ | 1,108 | | | $ | 1,198 | | | $ | 4,379 | | | $ | 4,085 | |
| | | | | | | | |
| Adjusted Property EBITDA as a Percentage of Net Revenues |
| The Venetian Macao | | 36.7 | % | | 40.4 | % | | 38.6 | % | | 39.3 | % |
| The Londoner Macao | | 27.8 | % | | 32.3 | % | | 27.4 | % | | 28.8 | % |
| The Parisian Macao | | 30.3 | % | | 30.6 | % | | 30.5 | % | | 30.6 | % |
The Plaza Macao and Four Seasons Macao | | 37.2 | % | | 37.0 | % | | 36.8 | % | | 39.5 | % |
| Sands Macao | | 23.3 | % | | 21.0 | % | | 17.4 | % | | 18.3 | % |
| Ferry Operations and Other | | 14.7 | % | | 19.4 | % | | 13.6 | % | | 17.1 | % |
| Macao Operations | | 32.2 | % | | 35.1 | % | | 32.7 | % | | 33.9 | % |
| | | | | | | | |
| Marina Bay Sands | | 47.2 | % | | 51.3 | % | | 48.5 | % | | 48.4 | % |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Total | | 38.3 | % | | 41.1 | % | | 38.8 | % | | 39.4 | % |
____________________
| | | | | |
| (1) | Intersegment eliminations include royalties and other intercompany services. |
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA: |
| | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Net income | | $ | 392 | | | $ | 469 | | | $ | 1,752 | | | $ | 1,431 | |
| Add (deduct): | | | | | | | | |
Income tax expense | | 69 | | | 123 | | | 208 | | | 344 | |
| | | | | | | | |
| | | | | | | | |
| Other (income) expense | | 6 | | | (9) | | | (10) | | | 8 | |
| Interest expense, net of amounts capitalized | | 180 | | | 190 | | | 727 | | | 818 | |
| Interest income | | (57) | | | (63) | | | (275) | | | (288) | |
| Loss on disposal or impairment of assets | | 9 | | | 5 | | | 50 | | | 27 | |
| Amortization of leasehold interests in land | | 15 | | | 15 | | | 60 | | | 58 | |
| Depreciation and amortization | | 348 | | | 333 | | | 1,308 | | | 1,208 | |
| Development expense | | 59 | | | 65 | | | 228 | | | 205 | |
| Pre-opening expense | | 4 | | | 2 | | | 14 | | | 15 | |
Stock-based compensation(1) | | 8 | | | 4 | | | 27 | | | 29 | |
| Corporate expense | | 75 | | | 64 | | | 290 | | | 230 | |
| Consolidated Adjusted Property EBITDA | | $ | 1,108 | | | $ | 1,198 | | | $ | 4,379 | | | $ | 4,085 | |
____________________
| | | | | |
(1) | During the three months ended December 31, 2024 and 2023, the company recorded stock-based compensation expense of $20 million and $14 million, respectively, of which $12 million and $10 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
During the years ended December 31, 2024 and 2023, the company recorded stock-based compensation expense of $78 million and $72 million, respectively, of which $51 million and $43 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. |
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income: |
| | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income attributable to LVS | | $ | 324 | | | $ | 382 | | | $ | 1,446 | | | $ | 1,221 | |
| | | | | | | | |
| | | | | | | | |
| Pre-opening expense | | 4 | | | 2 | | | 14 | | | 15 | |
| Development expense | | 59 | | | 65 | | | 228 | | | 205 | |
| Loss on disposal or impairment of assets | | 9 | | | 5 | | | 50 | | | 27 | |
| Other (income) expense | | 6 | | | (9) | | | (10) | | | 8 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Income tax impact on net income adjustments(1) | | (14) | | | (14) | | | (49) | | | (43) | |
| Noncontrolling interest impact on net income adjustments | | (1) | | | 3 | | | (6) | | | (10) | |
| Adjusted net income attributable to LVS | | $ | 387 | | | $ | 434 | | | $ | 1,673 | | | $ | 1,423 | |
| | | | | | | | |
| The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share: |
| | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Per diluted share of common stock: | | | | | | | | |
| Net income attributable to LVS | | $ | 0.45 | | | $ | 0.50 | | | $ | 1.96 | | | $ | 1.60 | |
| | | | | | | | |
| | | | | | | | |
| Pre-opening expense | | 0.01 | | | — | | | 0.02 | | | 0.02 | |
| Development expense | | 0.08 | | | 0.09 | | | 0.31 | | | 0.27 | |
| Loss on disposal or impairment of assets | | 0.01 | | | 0.01 | | | 0.07 | | | 0.03 | |
| Other (income) expense | | 0.01 | | | (0.01) | | | (0.01) | | | 0.01 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Income tax impact on net income adjustments | | (0.02) | | | (0.02) | | | (0.07) | | | (0.06) | |
| Noncontrolling interest impact on net income adjustments | | — | | | — | | | (0.01) | | | (0.01) | |
| Adjusted earnings per diluted share | | $ | 0.54 | | | $ | 0.57 | | | $ | 2.27 | | | $ | 1.86 | |
| | | | | | | | |
| Weighted average diluted shares outstanding | | 723 | | | 760 | | | 737 | | | 765 | |
____________________
| | | | | |
| (1) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(In millions)
(Unaudited)
| | | | | | | | | | | | | | |
The following reflects the impact on Net Revenues for hold-adjusted win percentage: | | |
| | | | |
| | Three Months Ended |
| | December 31, |
| | 2024 | | 2023 |
| Macao Operations | | $ | 38 | | | $ | 68 | |
| Marina Bay Sands | | (3) | | | (91) | |
| | $ | 35 | | | $ | (23) | |
| | | | | | | | | | | | | | |
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage: |
| | | | |
| | Three Months Ended |
| | December 31, |
| | 2024 | | 2023 |
| Macao Operations | | $ | 22 | | | $ | 40 | |
| Marina Bay Sands | | (2) | | | (71) | |
| | $ | 20 | | | $ | (31) | |
Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Casino Statistics: | | | | | | | | |
| The Venetian Macao: | | | | | | | | |
Table games win per unit per day(1) | | $ | 9,379 | | | $ | 10,270 | | | $ | 9,576 | | | $ | 9,419 | |
Slot machine win per unit per day(2) | | $ | 381 | | | $ | 416 | | | $ | 386 | | | $ | 420 | |
| Average number of table games | | 664 | | | 690 | | | 702 | | | 672 | |
| Average number of slot machines | | 1,573 | | | 1,458 | | | 1,585 | | | 1,408 | |
| | | | | | | | |
| The Londoner Macao: | | | | | | | | |
Table games win per unit per day(1) | | $ | 9,616 | | | $ | 10,562 | | | $ | 10,847 | | | $ | 8,251 | |
Slot machine win per unit per day(2) | | $ | 403 | | | $ | 575 | | | $ | 471 | | | $ | 480 | |
| Average number of table games | | 508 | | | 499 | | | 431 | | | 487 | |
| Average number of slot machines | | 1,574 | | | 1,332 | | | 1,336 | | | 1,215 | |
| | | | | | | | |
| The Parisian Macao: | | | | | | | | |
Table games win per unit per day(1) | | $ | 7,334 | | | $ | 6,875 | | | $ | 6,719 | | | $ | 7,069 | |
Slot machine win per unit per day(2) | | $ | 322 | | | $ | 316 | | | $ | 377 | | | $ | 310 | |
| Average number of table games | | 261 | | | 273 | | | 313 | | | 270 | |
| Average number of slot machines | | 1,117 | | | 836 | | | 1,037 | | | 879 | |
| | | | | | | | |
The Plaza Macao and Four Seasons Macao: | | | | | | | | |
Table games win per unit per day(1) | | $ | 22,927 | | | $ | 21,078 | | | $ | 23,446 | | | $ | 19,656 | |
Slot machine win per unit per day(2) | | $ | 159 | | | $ | — | | | $ | 160 | | | $ | 218 | |
| Average number of table games | | 99 | | | 86 | | | 101 | | | 96 | |
| Average number of slot machines | | 49 | | | 22 | | | 33 | | | 62 | |
| | | | | | | | |
| Sands Macao: | | | | | | | | |
Table games win per unit per day(1) | | $ | 6,919 | | | $ | 7,327 | | | $ | 7,283 | | | $ | 5,871 | |
Slot machine win per unit per day(2) | | $ | 251 | | | $ | 276 | | | $ | 269 | | | $ | 264 | |
| Average number of table games | | 106 | | | 105 | | | 101 | | | 129 | |
| Average number of slot machines | | 667 | | | 507 | | | 654 | | | 598 | |
| | | | | | | | |
| Marina Bay Sands: | | | | | | | | |
Table games win per unit per day(1) | | $ | 16,914 | | | $ | 14,785 | | | $ | 15,272 | | | $ | 12,951 | |
Slot machine win per unit per day(2) | | $ | 901 | | | $ | 840 | | | $ | 892 | | | $ | 869 | |
| Average number of table games | | 495 | | | 505 | | | 498 | | | 514 | |
| Average number of slot machines | | 2,962 | | | 2,946 | | | 2,947 | | | 2,925 | |
| | | | | | | | |
____________________ | | | | | |
| (1) | Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
| (2) | Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
| The Venetian Macao | December 31, | | | | |
| (Dollars in millions) | 2024 | | 2023 | | Change | | |
| Revenues: | | | | | | | |
| Casino | $ | 534 | | | $ | 607 | | | $ | (73) | | | |
| Rooms | 54 | | | 49 | | | 5 | | | |
Food and beverage | 16 | | | 16 | | | — | | | |
| Mall | 63 | | | 66 | | | (3) | | | |
Convention, retail and other | 15 | | | 10 | | | 5 | | | |
Net revenues | $ | 682 | | | $ | 748 | | | $ | (66) | | | |
| | | | | | | |
| Adjusted Property EBITDA | $ | 250 | | | $ | 302 | | | $ | (52) | | | |
| EBITDA Margin % | 36.7 | % | | 40.4 | % | | (3.7) | pts | | |
| | | | | | | | |
| Gaming Statistics | | | | | | | |
| (Dollars in millions) | | | | | | | |
| | | | | | | | |
Rolling Chip volume | $ | 746 | | | $ | 1,247 | | | $ | (501) | | | |
Rolling Chip win %(1) | 1.99 | % | | 3.27 | % | | (1.28) | pts | | |
| | | | | | | |
Non-Rolling Chip drop | $ | 2,309 | | | $ | 2,455 | | | $ | (146) | | | |
Non-Rolling Chip win % | 24.2 | % | | 24.9 | % | | (0.7) | pts | | |
| | | | | | | |
Slot handle | $ | 1,467 | | | $ | 1,367 | | | $ | 100 | | | |
Slot hold % | 3.8 | % | | 4.1 | % | | (0.3) | pts | | |
| | | | | | | |
| Hotel Statistics | | | | | | | |
| | | | | | | |
| Occupancy % | 99.5 | % | | 98.7 | % | | 0.8 | pts | | |
Average daily rate (ADR) | $ | 205 | | | $ | 202 | | | $ | 3 | | | |
Revenue per available room (RevPAR) | $ | 204 | | | $ | 200 | | | $ | 4 | | | |
____________________
| | | | | |
| (1) | This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
| The Londoner Macao | December 31, | | | | |
| (Dollars in millions) | 2024 | | 2023 | | Change | | |
| Revenues: | | | | | | | |
| Casino | $ | 387 | | | $ | 433 | | | $ | (46) | | | |
| Rooms | 68 | | | 92 | | | (24) | | | |
Food and beverage | 22 | | | 27 | | | (5) | | | |
| Mall | 24 | | | 19 | | | 5 | | | |
Convention, retail and other | 17 | | | 18 | | | (1) | | | |
Net revenues | $ | 518 | | | $ | 589 | | | $ | (71) | | | |
| | | | | | | |
| Adjusted Property EBITDA | $ | 144 | | | $ | 190 | | | $ | (46) | | | |
| EBITDA Margin % | 27.8 | % | | 32.3 | % | | (4.5) | pts | | |
| | | | | | | | |
| Gaming Statistics | | | | | | | |
| (Dollars in millions) | | | | | | | |
| | | | | | | | |
Rolling Chip volume | $ | 1,849 | | | $ | 2,324 | | | $ | (475) | | | |
Rolling Chip win %(1) | 4.33 | % | | 3.04 | % | | 1.29 | pts | | |
| | | | | | | |
Non-Rolling Chip drop | $ | 1,631 | | | $ | 1,852 | | | $ | (221) | | | |
Non-Rolling Chip win % | 22.6 | % | | 22.4 | % | | 0.2 | pts | | |
| | | | | | | |
Slot handle | $ | 1,597 | | | $ | 1,706 | | | $ | (109) | | | |
Slot hold % | 3.7 | % | | 4.1 | % | | (0.4) | pts | | |
| | | | | | | |
Hotel Statistics(2) | | | | | | | |
| | | | | | | |
Occupancy % | 98.0 | % | | 96.8 | % | | 1.2 | pts | | |
Average daily rate (ADR) | $ | 290 | | | $ | 186 | | | $ | 104 | | | |
Revenue per available room (RevPAR) | $ | 284 | | | $ | 180 | | | $ | 104 | | | |
____________________ | | | | | |
| (1) | This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
| (2) | During the three months ended December 31, 2024 and 2023, approximately 2,600 and 5,550 rooms, respectively, were available for occupancy. |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
| The Parisian Macao | December 31, | | | | |
| (Dollars in millions) | 2024 | | 2023 | | Change | | |
| Revenues: | | | | | | | |
| Casino | $ | 171 | | | $ | 163 | | | $ | 8 | | | |
| Rooms | 35 | | | 35 | | | — | | | |
Food and beverage | 14 | | | 14 | | | — | | | |
| Mall | 7 | | | 9 | | | (2) | | | |
Convention, retail and other | 1 | | | 1 | | | — | | | |
Net revenues | $ | 228 | | | $ | 222 | | | $ | 6 | | | |
| | | | | | | |
| Adjusted Property EBITDA | $ | 69 | | | $ | 68 | | | $ | 1 | | | |
| EBITDA Margin % | 30.3 | % | | 30.6 | % | | (0.3) | pts | | |
| | | | | | | | |
| Gaming Statistics | | | | | | | |
| (Dollars in millions) | | | | | | | |
| | | | | | | | |
Rolling Chip volume | $ | 60 | | | $ | 31 | | | $ | 29 | | | |
Rolling Chip win %(1) | (13.07) | % | | 6.18 | % | | (19.25) | pts | | |
| | | | | | | |
Non-Rolling Chip drop | $ | 821 | | | $ | 778 | | | $ | 43 | | | |
Non-Rolling Chip win % | 22.4 | % | | 21.9 | % | | 0.5 | pts | | |
| | | | | | | |
Slot handle | $ | 858 | | | $ | 640 | | | $ | 218 | | | |
Slot hold % | 3.8 | % | | 3.8 | % | | — | pts | | |
| | | | | | | |
Hotel Statistics | | | | | | | |
| | | | | | | |
Occupancy % | 99.5 | % | | 98.8 | % | | 0.7 | pts | | |
Average daily rate (ADR) | $ | 156 | | | $ | 153 | | | $ | 3 | | | |
Revenue per available room (RevPAR) | $ | 156 | | | $ | 151 | | | $ | 5 | | | |
____________________
| | | | | |
| (1) | This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
The Plaza Macao and Four Seasons Macao | December 31, | | | | |
| (Dollars in millions) | 2024 | | 2023 | | Change | | |
| Revenues: | | | | | | | |
| Casino | $ | 142 | | | $ | 95 | | | $ | 47 | | | |
| Rooms | 30 | | | 25 | | | 5 | | | |
Food and beverage | 8 | | | 9 | | | (1) | | | |
| Mall | 42 | | | 62 | | | (20) | | | |
Convention, retail and other | 1 | | | 1 | | | — | | | |
Net revenues | $ | 223 | | | $ | 192 | | | $ | 31 | | | |
| | | | | | | |
| Adjusted Property EBITDA | $ | 83 | | | $ | 71 | | | $ | 12 | | | |
| EBITDA Margin % | 37.2 | % | | 37.0 | % | | 0.2 | pts | | |
| | | | | | | | |
| Gaming Statistics | | | | | | | |
| (Dollars in millions) | | | | | | | |
| | | | | | | | |
Rolling Chip volume | $ | 1,746 | | | $ | 2,387 | | | $ | (641) | | | |
Rolling Chip win %(1) | 1.11 | % | | 0.65 | % | | 0.46 | pts | | |
| | | | | | | |
Non-Rolling Chip drop | $ | 759 | | | $ | 682 | | | $ | 77 | | | |
Non-Rolling Chip win % | 25.1 | % | | 22.2 | % | | 2.9 | pts | | |
| | | | | | | |
Slot handle | $ | 29 | | | $ | — | | | $ | 29 | | | |
Slot hold % | 2.5 | % | | — | % | | 2.5 | pts | | |
| | | | | | | |
Hotel Statistics | | | | | | | |
| | | | | | | |
Occupancy % | 97.3 | % | | 87.8 | % | | 9.5 | pts | | |
Average daily rate (ADR) | $ | 498 | | | $ | 474 | | | $ | 24 | | | |
Revenue per available room (RevPAR) | $ | 485 | | | $ | 416 | | | $ | 69 | | | |
____________________
| | | | | |
| (1) | This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
| Sands Macao | December 31, | | | | |
| (Dollars in millions) | 2024 | | 2023 | | Change | | |
| Revenues: | | | | | | | |
| Casino | $ | 78 | | | $ | 72 | | | $ | 6 | | | |
| Rooms | 5 | | | 5 | | | — | | | |
Food and beverage | 2 | | | 3 | | | (1) | | | |
| | | | | | | |
Convention, retail and other | 1 | | | 1 | | | — | | | |
Net revenues | $ | 86 | | | $ | 81 | | | $ | 5 | | | |
| | | | | | | |
| Adjusted Property EBITDA | $ | 20 | | | $ | 17 | | | $ | 3 | | | |
| EBITDA Margin % | 23.3 | % | | 21.0 | % | | 2.3 | pts | | |
| | | | | | | | |
| Gaming Statistics | | | | | | | |
| (Dollars in millions) | | | | | | | |
| | | | | | | | |
Rolling Chip volume | $ | 69 | | | $ | 28 | | | $ | 41 | | | |
Rolling Chip win %(1) | 4.49 | % | | 4.54 | % | | (0.05) | pts | | |
| | | | | | | |
Non-Rolling Chip drop | $ | 389 | | | $ | 410 | | | $ | (21) | | | |
Non-Rolling Chip win % | 16.5 | % | | 17.0 | % | | (0.5) | pts | | |
| | | | | | | |
Slot handle | $ | 527 | | | $ | 474 | | | $ | 53 | | | |
Slot hold % | 2.9 | % | | 2.7 | % | | 0.2 | pts | | |
| | | | | | | |
Hotel Statistics | | | | | | | |
| | | | | | | |
Occupancy % | 99.1 | % | | 98.9 | % | | 0.2 | pts | | |
Average daily rate (ADR) | $ | 174 | | | $ | 175 | | | $ | (1) | | | |
Revenue per available room (RevPAR) | $ | 173 | | | $ | 173 | | | $ | — | | | |
____________________
| | | | | |
| (1) | This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
| Marina Bay Sands | December 31, | | | | |
| (Dollars in millions) | 2024 | | 2023 | | Change | | |
| Revenues: | | | | | | | |
| Casino | $ | 792 | | | $ | 741 | | | $ | 51 | | | |
| Rooms | 125 | | | 117 | | | 8 | | | |
Food and beverage | 95 | | | 92 | | | 3 | | | |
| Mall | 82 | | | 76 | | | 6 | | | |
Convention, retail and other | 43 | | | 35 | | | 8 | | | |
Net revenues | $ | 1,137 | | | $ | 1,061 | | | $ | 76 | | | |
| | | | | | | |
| Adjusted Property EBITDA | $ | 537 | | | $ | 544 | | | $ | (7) | | | |
| EBITDA Margin % | 47.2 | % | | 51.3 | % | | (4.1) | pts | | |
| | | | | | | | |
| Gaming Statistics | | | | | | | |
| (Dollars in millions) | | | | | | | |
| | | | | | | | |
Rolling Chip volume | $ | 8,068 | | | $ | 7,240 | | | $ | 828 | | | |
Rolling Chip win %(1) | 3.34 | % | | 4.57 | % | | (1.23) | pts | | |
| | | | | | | |
Non-Rolling Chip drop | $ | 2,342 | | | $ | 1,885 | | | $ | 457 | | | |
Non-Rolling Chip win % | 21.4 | % | | 18.9 | % | | 2.5 | pts | | |
| | | | | | | |
Slot handle | $ | 6,572 | | | $ | 6,226 | | | $ | 346 | | | |
Slot hold % | 3.7 | % | | 3.7 | % | | — | pts | | |
| | | | | | | |
Hotel Statistics(2) | | | | | | | |
| | | | | | | |
Occupancy % | 94.3 | % | | 94.4 | % | | (0.1) | pts | | |
Average daily rate (ADR) | $ | 927 | | | $ | 647 | | | $ | 280 | | | |
Revenue per available room (RevPAR) | $ | 874 | | | $ | 611 | | | $ | 263 | | | |
____________________
| | | | | |
| (1) | This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
| (2) | During the three months ended December 31, 2024 and 2023, approximately 1,600 and 2,200 rooms, respectively, were available for occupancy. |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For The Three Months Ended December 31, 2024 | | TTM
December 31, 2024 |
| (Dollars in millions except per square foot data) | | Gross Revenue(1) | | Operating Profit | | Operating Profit Margin | | Gross Leasable Area (sq. ft.) | | Occupancy
% at End of Period | | Tenant Sales Per Sq. Ft.(2) |
| Shoppes at Venetian | | $ | 63 | | | $ | 56 | | | 88.9 | % | | 822,424 | | | 85.7 | % | | $ | 1,581 | |
| | | | | | | | | | | | |
| Shoppes at Four Seasons | | | | | | | | | | | | |
| Luxury Retail | | 31 | | | 27 | | | 87.1 | % | | 163,549 | | | 100.0 | % | | 6,831 | * |
| Other Stores | | 11 | | | 10 | | | 90.9 | % | | 98,349 | | | 90.6 | % | | 2,312 | * |
| | 42 | | | 37 | | | 88.1 | % | | 261,898 | | | 96.5 | % | | 5,379 | |
| | | | | | | | | | | | |
| Shoppes at Londoner | | 24 | | | 20 | | | 83.3 | % | | 566,251 | | | 72.7 | % | | 1,457 | |
| | | | | | | | | | | | |
| Shoppes at Parisian | | 7 | | | 4 | | | 57.1 | % | | 296,818 | | | 69.4 | % | | 489 | |
| | | | | | | | | | | | | |
| Total Cotai Strip in Macao | | 136 | | | 117 | | | 86.0 | % | | 1,947,391 | | | 80.9 | % | | 2,010 | |
| | | | | | | | | | | | | |
| The Shoppes at Marina Bay Sands | | 82 | | | 76 | | | 92.7 | % | | 615,869 | | | 99.3 | % | | 2,878 | |
| | | | | | | | | | | | | |
| Total | | $ | 218 | | | $ | 193 | | | 88.5 | % | | 2,563,260 | | | 85.3 | % | | $ | 2,287 | |
____________________
| | | | | |
| Note: | This table excludes the results of our retail outlets at Sands Macao. |
| (1) | Gross revenue figures are net of intersegment revenue eliminations. |
| (2) | Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
| * | Prior quarter tenant sales per square foot have been reclassified to be consistent with the current period presentation of luxury retail and other stores. |
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Las Vegas Sands (NYSE:LVS)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Las Vegas Sands (NYSE:LVS)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
