LAS VEGAS SANDS CORP, 10-Q filed on 5/5/2017
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2017
May 3, 2017
Document And Entity Information [Abstract]
 
 
Document type
10-Q 
 
Amendment flag
false 
 
Document period end date
Mar. 31, 2017 
 
Document fiscal year focus
2017 
 
Document fiscal period focus
Q1 
 
Trading symbol
LVS 
 
Entity registrant name
LAS VEGAS SANDS CORP 
 
Entity central index key
0001300514 
 
Current fiscal year end date
--12-31 
 
Entity filer category
Large Accelerated Filer 
 
Entity common stock, shares outstanding
 
792,268,004 
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Current assets:
 
 
Cash and cash equivalents
$ 1,956 
$ 2,128 
Restricted cash and cash equivalents
10 
10 
Accounts receivable, net
683 
776 
Inventories
47 
46 
Prepaid expenses and other
124 
138 
Total current assets
2,820 
3,098 
Property and equipment, net
15,741 
15,903 
Leasehold interests in land, net
1,228 
1,210 
Intangible assets, net
100 
103 
Other assets, net
153 
155 
Total assets
20,042 
20,469 
Current liabilities:
 
 
Accounts payable
104 
128 
Construction payables
240 
384 
Other accrued liabilities
1,816 
1,935 
Income taxes payable
233 
192 
Current maturities of long-term debt
119 
167 
Total current liabilities
2,512 
2,806 
Other long-term liabilities
134 
126 
Deferred income taxes
208 
200 
Deferred amounts related to mall sale transactions
411 
413 
Long-term debt
9,671 
9,428 
Total liabilities
12,936 
12,973 
Commitments and contingencies (Note 6)
   
   
Equity:
 
 
Common stock, $0.001 par value, 1,000 shares authorized, 830 shares issued, 792 and 795 shares outstanding
1 
1 
Treasury stock, at cost, 38 and 35 shares
(2,593)
(2,443)
Capital in excess of par value
6,529 
6,516 
Accumulated other comprehensive loss
(61)
(119)
Retained earnings
2,121 
2,222 
Total Las Vegas Sands Corp. stockholders’ equity
5,997 
6,177 
Noncontrolling interests
1,109 
1,319 
Total equity
7,106 
7,496 
Total liabilities and equity
$ 20,042 
$ 20,469 
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]
 
 
Common stock, par value (in usd per share)
$ 0.001 
$ 0.001 
Common stock, shares authorized
1,000 
1,000 
Common stock, shares issued
830 
830 
Common stock, shares outstanding
792 
795 
Treasury stock, shares
38 
35 
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:
 
 
Casino
$ 2,404 
$ 2,082 
Rooms
406 
366 
Food and beverage
213 
188 
Mall
157 
135 
Convention, retail and other
134 
124 
Gross revenue
3,314 
2,895 
Less — promotional allowances
(208)
(178)
Net revenues
3,106 
2,717 
Operating expenses:
 
 
Casino
1,327 
1,220 
Rooms
71 
65 
Food and beverage
111 
102 
Mall
16 
14 
Convention, retail and other
67 
59 
Provision for doubtful accounts
32 
45 
General and administrative
338 
299 
Corporate
42 
47 
Pre-opening
2 
9 
Development
3 
2 
Depreciation and amortization
321 
260 
Amortization of leasehold interests in land
10 
10 
(Gain) loss on disposal or impairment of assets
3 
(1)
Total operating expenses
2,343 
2,131 
Operating income
763 
586 
Other income (expense):
 
 
Interest income
3 
2 
Interest expense, net of amounts capitalized
(78)
(69)
Other expense
(36)
(47)
Loss on modification or early retirement of debt
(5)
0 
Income before income taxes
647 
472 
Income tax expense
(69)
(63)
Net income
578 
409 
Net income attributable to noncontrolling interests
(98)
(89)
Net income attributable to Las Vegas Sands Corp.
$ 480 
$ 320 
Earnings per share:
 
 
Basic (in usd per share)
$ 0.60 
$ 0.40 
Diluted (in usd per share)
$ 0.60 
$ 0.40 
Weighted average shares outstanding:
 
 
Basic (in shares)
794 
794 
Diluted (in shares)
795 
795 
Dividends declared per common share (in usd per share)
$ 0.73 
$ 0.72 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
 
 
Net income
$ 578 
$ 409 
Currency translation adjustment, before tax
56 
57 
Currency translation adjustment, after tax
56 
57 
Total comprehensive income
634 
466 
Comprehensive income attributable to noncontrolling interests
(96)
(88)
Comprehensive income attributable to Las Vegas Sands Corp.
$ 538 
$ 378 
Condensed Consolidated Statements of Equity (Unaudited) (USD $)
In Millions, unless otherwise specified
Total
Common Stock [Member]
Treasury Stock [Member]
Capital in Excess of Par Value [Member]
Accumulated Other Comprehensive Loss [Member]
Retained Earnings [Member]
Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2015
$ 8,418 
$ 1 
$ (2,443)
$ 6,485 
$ (66)
$ 2,840 
$ 1,601 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Net income
409 
 
 
 
 
320 
89 
Currency translation adjustment
57 
 
 
 
58 
 
(1)
Exercise of stock options
1 
 
 
1 
 
 
0 
Conversion of equity awards to liability awards
(1)
 
 
(1)
 
 
0 
Stock-based compensation
13 
 
 
12 
 
 
1 
Dividends declared
(880)
 
 
 
 
(572)
(308)
Distributions to noncontrolling interests
(3)
 
 
 
 
 
(3)
Ending balance at Mar. 31, 2016
8,014 
1 
(2,443)
6,497 
(8)
2,588 
1,379 
Cumulative effect adjustment from change in accounting principle (Accounting Standards Update 2016-09 [Member])
 
 
 
1 
 
(2)
1 
Beginning balance at Dec. 31, 2016
7,496 
1 
(2,443)
6,516 
(119)
2,222 
1,319 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Net income
578 
 
 
 
 
480 
98 
Currency translation adjustment
56 
 
 
 
58 
 
(2)
Exercise of stock options
5 
 
 
3 
 
 
2 
Conversion of equity awards to liability awards
0 
 
 
 
 
 
 
Stock-based compensation
10 
 
 
9 
 
 
1 
Repurchase of common stock
(150)
 
(150)
 
 
 
 
Dividends declared
(886)
 
 
 
 
(579)
(307)
Distributions to noncontrolling interests
(3)
 
 
 
 
 
(3)
Ending balance at Mar. 31, 2017
$ 7,106 
$ 1 
$ (2,593)
$ 6,529 
$ (61)
$ 2,121 
$ 1,109 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:
 
 
Net income
$ 578 
$ 409 
Adjustments to reconcile net income to net cash generated from operating activities:
 
 
Depreciation and amortization
321 
260 
Amortization of leasehold interests in land
10 
10 
Amortization of deferred financing costs and original issue discount
11 
11 
Amortization of deferred gain on and rent from mall sale transactions
(1)
(1)
Loss on modification or early retirement of debt
5 
0 
(Gain) loss on disposal or impairment of assets
3 
(1)
Stock-based compensation expense
10 
13 
Provision for doubtful accounts
32 
45 
Foreign exchange loss
18 
10 
Deferred income taxes
3 
14 
Changes in operating assets and liabilities:
 
 
Accounts receivable
71 
155 
Other assets
14 
(4)
Accounts payable
(25)
(1)
Other liabilities
(87)
(121)
Net cash generated from operating activities
963 
799 
Cash flows from investing activities:
 
 
Change in restricted cash and cash equivalents
0 
(9)
Capital expenditures
(202)
(343)
Proceeds from disposal of property and equipment
0 
2 
Net cash used in investing activities
(202)
(350)
Cash flows from financing activities:
 
 
Proceeds from exercise of stock options
5 
1 
Repurchase of common stock
(150)
0 
Dividends paid
(886)
(880)
Distributions to noncontrolling interests
(3)
(3)
Proceeds from long-term debt (Note 3)
305 
350 
Repayments of long-term debt (Note 3)
(220)
(419)
Payments of financing costs
(5)
0 
Net cash used in financing activities
(954)
(951)
Effect of exchange rate on cash
21 
19 
Decrease in cash and cash equivalents
(172)
(483)
Cash and cash equivalents at beginning of period
2,128 
2,179 
Cash and cash equivalents at end of period
$ 1,956 
$ 1,696 
Condensed Consolidated Statements of Cash Flows (Unaudited) Supplemental Disclosures (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Supplemental disclosure of cash flow information:
 
 
Cash payments for interest, net of amounts capitalized
$ 65 
$ 54 
Cash payments for taxes, net of refunds
30 
31 
Change in construction payables
(144)
(20)
Non-cash investing and financing activities:
 
 
Property and equipment acquired under capital lease
0 
1 
Conversion of equity awards to liability awards
$ 0 
$ 1 
Organization and Business of Company
Organization and Business of Company
Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2016, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company’s common stock is traded on the New York Stock Exchange under the symbol “LVS.”
The ordinary shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China), are listed on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). The shares were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements. The Company currently owns 70.1% of SCL.
The Company has entered into various joint venture agreements with independent third parties, which have been consolidated based on accounting standards for variable interest entities. As of March 31, 2017 and December 31, 2016, the Company’s consolidated joint ventures had total assets of $79 million and total liabilities of $180 million and $173 million, respectively. The Company's joint ventures had intercompany liabilities of $178 million and $171 million as of March 31, 2017 and December 31, 2016, respectively.
Capital Financing Overview
The Company funds its development projects primarily through borrowings under its credit facilities and operating cash flows.
The Company held unrestricted cash and cash equivalents of $1.96 billion and restricted cash and cash equivalents of $10 million as of March 31, 2017. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. In March 2017, the Company entered into an agreement to amend its U.S. credit facility, which refinanced the term loans in an aggregate amount of $2.18 billion, extended the maturity of the term loans to March 29, 2024, removed the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances and lowered the applicable margin credit spread for borrowings under the term loans (see "— Note 3 — Long-Term Debt —2013 U.S. Credit Facility).
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Boards ("FASB") issued an accounting standard update (as subsequently amended) on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017, with early application permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company continues to assess the impact that the new standard will have on the Company's financial condition, results of operations and cash flows, and related disclosures. Upon adoption, management expects the standard to change the presentation of, and accounting for, complimentary revenues and promotional allowances currently presented in the statements of operations in accordance with current industry standards. It is anticipated total promotional allowances will be netted against the related revenue categories and revenues and expenses will be allocated among the respective categories in a different manner. Management also anticipates a change in the manner the Company assigns value to accrued customer benefits related to its frequent players programs; however, this is not expected to have a material impact on the Company's financial condition or results of operations.
In March 2016, the FASB issued an accounting standard update to simplify several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification in the statement of cash flows and electing an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. The Company adopted this guidance effective January 1, 2017, and as a result, excess tax benefits or deficiencies related to the exercise or vesting of share-based awards are now reflected in the accompanying condensed consolidated statements of operations as a component of income tax expense, whereas previously they were recognized in stockholders’ equity when realized. As a result of the prior guidance that required that deferred tax assets are not recognized for net operating loss carryforwards or credit carryforwards resulting from windfall tax benefits, the Company had windfall tax benefits of $379 million as of December 31, 2016, that were not reflected in deferred tax assets. With the adoption of the new accounting standard, the Company recorded these deferred tax assets, but established a full valuation allowance against those deferred tax assets based on the determination that it was “more-likely-than-not” that those deferred tax assets would not be realized. The accompanying condensed consolidated statements of cash flows present excess tax benefits as an operating activity on a retrospective basis. The reclassification of the prior period had an immaterial impact on the Company’s cash flows from operating and financing activities. The Company has elected to account for forfeitures as they occur rather than account for forfeitures based upon an estimated rate. This change in accounting policy was adopted on a modified retrospective basis and resulted in a $2 million cumulative effect adjustment to retained earnings.
Reclassification
Certain amounts in the condensed consolidated balance sheet as of December 31, 2016, and the condensed consolidated statement of cash flows for the three months ended March 31, 2016, have been reclassified to be consistent with the current year presentation. The reclassification had no impact on the Company's financial condition, results of operations or cash flows.
Property and Equipment, Net
Property and Equipment, Net
Property and Equipment, Net
Property and equipment consists of the following:
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Land and improvements
$
665

 
$
626

Building and improvements
17,548

 
17,478

Furniture, fixtures, equipment and leasehold improvements
3,796

 
3,720

Transportation
455

 
454

Construction in progress
1,085

 
1,094

 
23,549

 
23,372

Less — accumulated depreciation and amortization
(7,808
)
 
(7,469
)
 
$
15,741

 
$
15,903


Construction in progress consists of the following:
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Four Seasons Macao (principally the Four Seasons Apartments)
$
435

 
$
430

Sands Cotai Central
273

 
286

The Parisian Macao
27

 
39

Other
350

 
339

 
$
1,085

 
$
1,094


The $350 million in other construction in progress as of March 31, 2017, consists primarily of construction of a high-rise residential condominium tower (the "Las Vegas Condo Tower") and various projects at The Venetian Macao.
The Company capitalized a nominal amount of interest expense during the three months ended March 31, 2017, and $10 million during the three months ended March 31, 2016. During the three months ended March 31, 2017 and 2016, the Company capitalized approximately $7 million and $8 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.
Long-Term Debt
Long-Term Debt
Long-Term Debt
Long-term debt consists of the following:
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Corporate and U.S. Related(1):
 
 
 
2013 U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $12)
$
2,165

 
$
—

2013 U.S. Credit Facility — Term B (net of unamortized original issue discount and deferred financing costs of $13)
—

 
2,170

2013 U.S. Credit Facility — Extended Revolving
—

 
36

Airplane Financings
—

 
56

HVAC Equipment Lease
13

 
14

Macao Related(1):
 
 
 
2016 VML Credit Facility — Term (net of unamortized deferred financing costs of $66 and $69, respectively)
4,047

 
4,049

2016 VML Credit Facility — Non-Extended Term (net of unamortized deferred financing costs of $3 and $4, respectively)
266

 
266

2016 VML Credit Facility — Revolving
200

 
—

Other
8

 
8

Singapore Related(1):
 
 
 
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $42 and $44, respectively)
3,091

 
2,996

 
9,790

 
9,595

Less — current maturities
(119
)
 
(167
)
Total long-term debt
$
9,671

 
$
9,428


____________________
(1)
Unamortized deferred financing costs of $32 million and $35 million as of March 31, 2017 and December 31, 2016, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets.

2013 U.S. Credit Facility
During March 2017, the Company entered into an agreement (the "Amendment Agreement") to amend the existing 2013 U.S. Credit Facility, to among other things, refinance the term loans (by way of continuing or replacing existing term loans) in an aggregate amount of $2.18 billion (the “2013 Extended U.S. Term B Facility”) and to lower the applicable margin credit spread for adjusted Eurodollar rate term loans from 2.25% to 2.00% per annum and for alternative base rate term loans from 1.25% to 1.00% per annum (the interest rate was set at 3.0% as of March 31, 2017). Additionally, the Amendment Agreement removed the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances and extended the maturity date of the term loans from December 19, 2020 to March 29, 2024. The 2013 Extended U.S. Term B Facility is subject to quarterly amortization payments of $5 million, which began on March 31, 2017, followed by a balloon payment of $2.03 billion due on March 29, 2024. The Company recorded a $5 million loss on modification of debt during the three months ended March 31, 2017, in connection with the Amendment Agreement.
As of March 31, 2017, the Company had $1.15 billion of available borrowing capacity under the 2013 Extended U.S. Revolving Facility, net of outstanding letters of credit.
Airplane Financings
In March 2017, the Company repaid the outstanding $56 million balance under the Airplane Financings.
2016 VML Credit Facility
As of March 31, 2017, the Company had $1.80 billion of available borrowing capacity under the 2016 VML Revolving Facility.
2012 Singapore Credit Facility
As of March 31, 2017, the Company had 495 million Singapore dollars ("SGD," approximately $355 million at exchange rates in effect on March 31, 2017) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit. 
Debt Covenant Compliance
As of March 31, 2017, management believes the Company was in compliance with all debt covenants.
Cash Flows from Financing Activities
Cash flows from financing activities related to long-term debt and capital lease obligations are as follows:
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Proceeds from 2016 VML Credit Facility
$
300

 
$
—

Proceeds from 2013 U.S. Credit Facility
5

 
—

Proceeds from 2011 VML Credit Facility
—

 
350

 
$
305

 
$
350

Repayments on 2016 VML Credit Facility
$
(100
)
 
$
—

Repayments on 2013 U.S. Credit Facility
(47
)
 
(401
)
Repayments on 2012 Singapore Credit Facility
(16
)
 
(16
)
Repayments on Airplane Financings
(56
)
 
(1
)
Repayments on HVAC Equipment Lease and Other Long-Term Debt
(1
)
 
(1
)
 
$
(220
)
 
$
(419
)

Fair Value of Long-Term Debt
The estimated fair value of the Company’s long-term debt as of March 31, 2017 and December 31, 2016, was approximately $9.77 billion and $9.58 billion, respectively, compared to its carrying value of $9.89 billion and $9.70 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active).
Equity and Earnings Per Share
Equity and Earnings Per Share
Equity and Earnings Per Share
Common Stock
Dividends
On March 31, 2017, the Company paid a dividend of $0.73 per common share as part of a regular cash dividend program. During the three months ended March 31, 2017, the Company recorded $579 million as a distribution against retained earnings (of which $315 million related to the Principal Stockholder and his family and the remaining $264 million related to all other shareholders).
On March 31, 2016, the Company paid a dividend of $0.72 per common share as part of a regular cash dividend program. During the three months ended March 31, 2016, the Company recorded $572 million as a distribution against retained earnings (of which $311 million related to the Principal Stockholder and his family and the remaining $261 million related to all other shareholders).
In April 2017, the Company’s Board of Directors declared a quarterly dividend of $0.73 per common share (a total estimated to be approximately $578 million) to be paid on June 30, 2017, to shareholders of record on June 22, 2017.
Repurchase Program
In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which expires in November 2018. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise. 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 three months ended March 31, 2017, the Company repurchased 2,723,482 shares of its common stock for $150 million (including commissions) under this program. During the three months ended March 31, 2016, no shares were repurchased under the previous program. All share repurchases of the Company's common stock have been recorded as treasury stock.
Noncontrolling Interests
On February 24, 2017, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") per share to SCL shareholders (a total of $1.03 billion, of which the Company retained $722 million during the three months ended March 31, 2017). On February 26, 2016, SCL paid a dividend of HKD 0.99 per share to SCL shareholders (a total of $1.03 billion, of which the Company retained $722 million during the three months ended March 31, 2016).
During the three months ended March 31, 2017 and 2016, the Company distributed $3 million to certain of its noncontrolling interests.
Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)
794

 
794

Potential dilution from stock options and restricted stock and stock units
1

 
1

Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)
795

 
795

Antidilutive stock options excluded from the calculation of diluted earnings per share
7

 
7


Accumulated Other Comprehensive Loss
As of March 31, 2017 and December 31, 2016, accumulated other comprehensive loss consisted solely of foreign currency translation adjustments.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
The Company currently uses foreign currency forward contracts as effective economic hedges to manage a portion of its foreign currency exposure. Foreign currency forward contracts involve the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The aggregate notional value of these foreign currency contracts was $427 million as of March 31, 2017 and December 31, 2016. As these derivatives have not been designated and/or do not qualify for hedge accounting, the changes in fair value are recognized as other income (expense) in the accompanying condensed consolidated statements of operations.
The following table provides the assets and liabilities carried at fair value:
 
 
 
Fair Value Measurements Using:
 
Total Carrying
Value
 
Quoted Market
Prices in Active
Markets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
(In millions)
As of March 31, 2017
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Cash equivalents(1)
$
829

 
$
829

 
$
—

 
$
—

Liabilities
 
 
 
 
 
 
 
Forward contracts(2)
$
3

 
$
—

 
$
3

 
$
—

As of December 31, 2016
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Cash equivalents(1)
$
931

 
$
931

 
$
—

 
$
—

Forward contracts(2)
$
12

 
$
—

 
$
12

 
$
—

____________________
(1)
The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.
(2)
As of March 31, 2017 and December 31, 2016, the Company had 20 and 18 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2017 and 2016, the Company recorded a loss of $15 million and $36 million, respectively, related to the change in fair value of the forward contracts.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
Litigation
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel and has accrued a nominal amount for such costs as of March 31, 2017. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations and cash flows.
Round Square Company Limited v. Las Vegas Sands Corp.
On October 15, 2004, Richard Suen and Round Square Company Limited ("Roundsquare") filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the “District Court”), asserting a breach of an alleged agreement to pay a success fee of $5 million and 2.0% of the net profit from the Company’s Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $44 million. On June 30, 2008, a judgment was entered in this matter in the amount of $59 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court. On February 27, 2012, the District Court set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court granted both requests. The retrial began on March 27 and on May 14, 2013, the jury returned a verdict in favor of Roundsquare in the amount of $70 million. On May 28, 2013, a judgment was entered in the matter in the amount of $102 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. On July 30, 2013, the District Court denied the Company’s motion. On October 17, 2013, the District Court entered an order granting plaintiff’s request for certain costs and fees associated with the litigation in the amount of approximately $1 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company filed its opening appellate brief with the Nevada Supreme Court on June 16, 2014. On August 19, 2014, the Nevada Supreme Court issued an order granting plaintiffs additional time until September 15, 2014, to file their answering brief. On September 15, 2014, Roundsquare filed a request to the Nevada Supreme Court to file a brief exceeding the maximum number of words, which was granted. On October 10, 2014, Roundsquare filed its answering brief. On January 12, 2015, the defendants filed their reply brief. On January 27, 2015, Roundsquare filed its reply brief. The Nevada Supreme Court set oral argument for December 17, 2015, before a panel of justices only to reset it for January 26, 2016, en banc. Oral arguments were presented to the Nevada Supreme Court as scheduled. On March 11, 2016, the Nevada Supreme Court issued an order affirming the judgment of liability, but reversing the damages award and remanding for a new trial on damages. On March 29, 2016, Roundsquare filed a petition for rehearing. The Nevada Supreme Court ordered an answer by the Company, which the Company filed on May 4, 2016. On May 12, 2016, Roundsquare filed a motion for leave to file a reply brief in support of its petition for rehearing, and on May 19, 2016, the Company filed an opposition to that motion. On June 24, 2016, the Nevada Supreme Court issued an order granting Roundsquare's petition for rehearing and submitting the appeal for decision on rehearing without further briefing or oral argument. On July 22, 2016, the Nevada Supreme Court once again ordered a new trial as to plaintiff Roundsquare on the issue of quantum merit damages. A pre-trial hearing was set in District Court for December 12, 2016. At the December 12, 2016 hearing, the District Court indicated that it would allow a scope of trial and additional discovery into areas the Company opposed as inconsistent with the Nevada Supreme Court’s remand. The District Court issued a written order on the scope of retrial and discovery dated December 15, 2016. On January 5, 2017, the Company moved for a stay of proceedings in the District Court, pending the Nevada Supreme Court's resolution of the Company's petition for writ of mandamus or prohibition, which was filed on January 13, 2017. On February 13, 2017, the District Court denied the motion to stay proceedings and, on February 16, 2017, the Nevada Supreme Court denied the writ. The parties are presently engaged in document discovery. The Company has accrued a nominal amount for estimated costs related to this legal matter as of March 31, 2017. In the event that the Company’s assumptions used to evaluate this matter change in future periods, it may be required to record an additional liability for an adverse outcome.
Frank J. Fosbre, Jr. v. Las Vegas Sands Corp., Sheldon G. Adelson and William P. Weidner
On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing defendants’ Motion for Partial Reconsideration of the U.S. District Court’s order dated August 24, 2011, striking additional portions of the plaintiffs' complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiffs filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process was suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard the motion to dismiss and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants' motions to dismiss. On December 13, 2013, the defendants filed their answer to the Second Amended Complaint. Discovery in the matter resumed. On January 8, 2014, plaintiffs filed a motion to expand the certified class period, which was granted by the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery closed on December 18, 2015. On January 22, 2016, defendants filed motions for summary judgment. Plaintiffs filed an opposition to the motions for summary judgment on March 11, 2016. Defendants filed their replies in support of summary judgment on April 8, 2016. Summary judgment in favor of the defendants was entered on January 4, 2017. The plaintiffs filed a notice of appeal on February 2, 2017. The Company intends to defend this matter vigorously.
Benyamin Kohanim v. Adelson, et al.
On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the Foreign Corrupt Practices Act. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the District Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the District Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until July 22, 2013. The District Court granted several successive stays since that time, but lifted the stay on April 25, 2017, following an in-chambers status check. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Nasser Moradi, et al. v. Adelson, et al.
On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel District Court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned to a new judge. On April 11, 2014, the judge denied the motion to dismiss without prejudice and ordered the case stayed pending the outcome of the District Court action in Kohanim described above. Following a January 22, 2016, status report by the parties, on January 27, 2016, the judge ordered another status report on May 16, 2016. Following the May 16, 2016, status report by the parties, on May 17, 2016, the judge ordered another status report on December 16, 2016, which was submitted. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
W.A. Sokolowski and Curtis Action on behalf of Las Vegas Sands Corp. v. Adelson, et al. and Las Vegas Sands Corp.
On July 5, 2016, W.A. Sokolowski filed a shareholder derivative action (“Sokolowski III”) on purported behalf of the Company in the District Court, Clark County Nevada, against Sheldon G. Adelson, Michael A. Leven, Jason N. Ader, Irwin Chafetz, Charles D. Forman, Irwin A. Siegel, George P. Koo, Charles A. Koppelman, Jeffrey H. Schwartz, Robert G. Goldstein, Micheline Chau, Steven L. Gerard, George Jamieson, David Levi, and George P. Koo, each of whom is serving or previously served on the Board of Directors (collectively, the “Directors”); as well as against PricewaterhouseCoopers LLP (“PwC”), the Company’s former auditor, and a partner of PwC. On September 16, 2016, Sokolowski filed an amended complaint ("Sokolowski IV") with additional nominal plaintiff Curtis Acton, adding former Director Wing T. Chau as a defendant. The amended complaint alleges, among other things, that the Directors breached their fiduciary duties to the Company by failing to prevent certain alleged misrepresentations and wrongdoing by the Company’s management, wasting corporate assets in litigating the Jacobs lawsuit, and concealing certain alleged facts in connection with audits performed by PwC. The amended complaint seeks, among other things the appointment of a conservator or special master to oversee the Company’s discussions with governmental agencies as well as to recover for the Company unspecified damages, including restitution and disgorgement of compensation, and also seeks to recover attorneys’ fees, costs and related expenses for the nominal plaintiffs. Many of the allegations duplicate allegations Sokolowski made in a previous case, Sokolowski v. Adelson, No. 2:14-cv-00111-JCM-NJK (D. Nev.) (“Sokolowski I and II”), in which final judgment was entered against him. In Sokolowski IV, nominal plaintiffs also complain that the Company wrongfully caused Sokolowski to lose Sokolowski I and II. The Company filed a motion to dismiss on October 24, 2016. On January 4, 2017, the court entered an order dated December 29, 2016, granting the motion to dismiss. The court also granted PwC’s motion to dismiss. On January 24, 2017, the court entered a Final Judgment On All Claims For All Parties dated January 23, 2017. On January 27, 2017, as amended January 31, 2017, nominal plaintiffs filed an appeal of the judgment and orders. This matter is in a preliminary stage and management has determined that it is currently unable to determine the probability of the outcome of this matter, whether this matter will result in litigation or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
John F. Scarpa Foundation Demand Letter
On March 6, 2014, the Board of Directors of the Company received a shareholder demand letter from a purported shareholder named the John F. Scarpa Foundation ("Scarpa"). This letter recites substantially the same allegations as the complaint filed in the Sokolowski I and II actions and demands that the same claims be asserted by the Company, which was delivered to the Company by the same counsel representing Mr. Sokolowski. The Company acknowledged, through its counsel, on March 26, 2014. Scarpa then sent a revised demand letter to the Board of Directors on March 31, 2014. The Company acknowledged, through its counsel, on April 8, 2014. Scarpa then sent an additional demand letter dated August 14, 2014, which the Company acknowledged on August 22, 2014. The Company responded to the demand by letters dated June 4, 2015. This matter is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter, whether this matter will result in litigation or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and VCR (collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375 million at exchange rates in effect on March 31, 2017) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the "U.S. Defendants") for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. On September 23, 2013, the U.S. Defendants filed a motion with the Macao Second Instance Court, seeking recognition and enforcement of the U.S. Court of Appeals ruling in the Prior Action, referred to below, given on April 10, 2009, which partially dismissed AAEC’s claims against the U.S. Defendants. On March 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings, and that the claim should proceed exclusively against the U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. The Macao Judicial Court further held that the existence of the pending application for recognition and enforcement of the U.S. Court of Appeals ruling before the Macao Second Instance Court did not justify a stay of the proceedings against the U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the U.S. Defendants could be reviewed after the Macao Second Instance Court had issued its decision. Evidence gathering by the Macao Judicial Court has commenced by letters rogatory. On June 25, 2014, the Macao Second Instance Court delivered a decision, which gave formal recognition to and allowed enforcement in Macao of the judgment of the U.S. Court of Appeals, dismissing AAEC's claims against the U.S. Defendants. AAEC appealed against the recognition decision to the Macao Court of Final Appeal, which, on May 6, 2015, dismissed the appeal and held the U.S. judgment to be final and have preclusive effect. The Macao Court of Final Appeal's decision became final on May 21, 2015. On June 5, 2015, the U.S. Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata. AAEC filed its response to that application on June 30, 2015. The U.S. Defendants filed their reply on July 23, 2015. On September 14, 2015, the Macao Judicial Court admitted two further legal opinions from Portuguese and U.S. law experts. On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata. An appeal against that decision was lodged on April 7, 2016, together with a request that the appeal be heard immediately. By a decision dated April 13, 2016, the Macao Judicial Court accepted that the appeal be heard immediately. Legal arguments were submitted May 23, 2016. AAEC replied to the legal arguments on or about July 14, 2016, which was three days late, upon payment of a penalty. The U.S. Defendants submitted a response on September 20, 2016. On December 13, 2016, the Macao Judicial Court confirmed its earlier decision not to stay the proceedings pending appeal. As at the end of December, 2016, all appeals (including VML’s dismissal and the res judicata appeals) were being transferred to the Macao Second Instance Court. On March 25, 2015, application was made by the U.S. Defendants to the Macao Judicial Court to revoke the legal aid granted to AAEC, accompanied by a request for evidence taking from AAEC, relating to the fees and expenses that they incurred and paid in the U.S. subsequent action referred to below. The Macao Public Prosecutor has opposed the action on the ground of lack of evidence that AAEC's financial position has improved. No decision has been issued in respect to that application up to the present time. A complaint against AAEC's Macao lawyer arising from certain conduct in relation to recent U.S. proceedings was submitted to the Macao Lawyer's Association on October 19, 2015. A letter dated February 26, 2016, has been received from the Conselho Superior de Advocacia of the Macao Bar Association advising that disciplinary proceedings have commenced. A further letter dated April 5, 2016, was received from the Conselho Superior de Advocacia requesting confirmation that the signatories of the complaint were acting within their corporate authority. By a letter dated April 14, 2016, such confirmation has been provided. On September 28, 2016, the Conselho Superior de Advocacia invited comments on the defense which had been lodged by AAEC's Macao lawyer. On July 9, 2014, the plaintiff filed yet another action in the U.S. District Court against LVSC, LVSLLC, VCR (collectively, the "LVSC entities"), Sheldon G. Adelson, William P. Weidner, David Friedman and Does 1-50 for declaratory judgment, equitable accounting, misappropriation of trade secrets, breach of confidence and conversion based on a theory of copyright law. The claim is for $5.0 billion. On November 4, 2014, plaintiff finally effected notice on the LVSC entities which was followed by a motion to dismiss by the LVSC entities on November 10, 2014. Plaintiff failed to timely respond and on December 2, 2014, the LVSC entities moved for immediate dismissal and sanctions against plaintiff and his counsel for bringing a frivolous lawsuit. On December 19, 2014, plaintiff filed an incomplete and untimely response, which was followed by plaintiff's December 27, 2014 notice of withdrawal of the lawsuit and the LVSC entities' December 29, 2014, reply in favor of sanctions and dismissal with prejudice. On August 31, 2015, the judge dismissed the U.S. action and the LVSC entities' sanctions motion. The Macao action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.
Segment Information
Segment Information
Segment Information
The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; The Parisian Macao, which opened in September 2016; Four Seasons Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and Sands Bethlehem. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above, which include the remainder of Sands Cotai Central and the Four Seasons Apartment Hotel Macao, Cotai Strip (the "Four Seasons Apartments") in Macao, and our Las Vegas condominium project (which construction currently is suspended) in the United States. The Company has included Ferry Operations and Other, (comprised primarily of the Company's ferry operations and various other operations that are ancillary to its properties in Macao) to reconcile to condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to condensed consolidated financial condition. The Company’s segment information as of March 31, 2017 and December 31, 2016, and for the three months ended March 31, 2017 and 2016, is as follows:
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Net Revenues
 
 
 
Macao:
 
 
 
The Venetian Macao
$
741

 
$
749

Sands Cotai Central
467

 
530

The Parisian Macao
318

 
—

Four Seasons Macao
143

 
148

Sands Macao
182

 
175

Ferry Operations and Other
41

 
39

 
1,892

 
1,641

Marina Bay Sands
700

 
604

United States:
 
 
 
Las Vegas Operating Properties
434

 
385

Sands Bethlehem
142

 
139

 
576

 
524

Intersegment eliminations
(62
)
 
(52
)
Total net revenues
$
3,106

 
$
2,717

 
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Intersegment Revenues
 
 
 
Macao:
 
 
 
The Venetian Macao
$
1

 
$
2

Ferry Operations and Other
10

 
9

 
11

 
11

Marina Bay Sands
2

 
2

Las Vegas Operating Properties
49

 
39

Total intersegment revenues
$
62

 
$
52


 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Adjusted Property EBITDA
 
 
 
Macao:
 
 
 
The Venetian Macao
$
289

 
$
268

Sands Cotai Central
143

 
163

The Parisian Macao
82

 
—

Four Seasons Macao
51

 
48

Sands Macao
54

 
31

Ferry Operations and Other
5

 
8

 
624

 
518

Marina Bay Sands
365

 
275

United States:
 
 
 
Las Vegas Operating Properties
122

 
87

Sands Bethlehem
36

 
38

 
158

 
125

Consolidated adjusted property EBITDA(1)
1,147

 
918

Other Operating Costs and Expenses
 
 
 
Stock-based compensation
(3
)
 
(5
)
Corporate
(42
)
 
(47
)
Pre-opening
(2
)
 
(9
)
Development
(3
)
 
(2
)
Depreciation and amortization
(321
)
 
(260
)
Amortization of leasehold interests in land
(10
)
 
(10
)
Gain (loss) on disposal or impairment of assets
(3
)
 
1

Operating income
763

 
586

Other Non-Operating Costs and Expenses
 
 
 
Interest income
3

 
2

Interest expense, net of amounts capitalized
(78
)
 
(69
)
Other expense
(36
)
 
(47
)
Loss on modification or early retirement of debt
(5
)
 
—

Income tax expense
(69
)
 
(63
)
Net income
$
578

 
$
409

 ____________________
(1)
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 or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, integrated resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Capital Expenditures
 
 
 
Corporate and Other
$
1

 
$
1

Macao:
 
 
 
The Venetian Macao
28

 
13

Sands Cotai Central
22

 
40

The Parisian Macao
54

 
248

Four Seasons Macao
7

 
2

Sands Macao
2

 
3

Ferry Operations and Other
1

 
1

 
114

 
307

Marina Bay Sands
56

 
13

United States:
 
 
 
Las Vegas Operating Properties
26

 
16

Sands Bethlehem
5

 
6

 
31

 
22

Total capital expenditures
$
202

 
$
343

 
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Total Assets
 
 
 
Corporate and Other
$
465

 
$
465

Macao:
 
 
 
The Venetian Macao
2,321

 
2,642

Sands Cotai Central
4,021

 
4,152

The Parisian Macao
2,624

 
2,711

Four Seasons Macao
939

 
966

Sands Macao
306

 
316

Ferry Operations and Other
274

 
281

 
10,485

 
11,068

Marina Bay Sands
4,964

 
5,031

United States:
 
 
 
Las Vegas Operating Properties
3,450

 
3,214

Sands Bethlehem
678

 
691

 
4,128

 
3,905

Total assets
$
20,042

 
$
20,469

 
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Total Long-Lived Assets(1)
 
 
 
Corporate and Other
$
258

 
$
264

Macao:
 
 
 
The Venetian Macao
1,706

 
1,726

Sands Cotai Central
3,646

 
3,720

The Parisian Macao
2,519

 
2,572

Four Seasons Macao
870

 
874

Sands Macao
236

 
245

Ferry Operations and Other
154

 
157

 
9,131

 
9,294

Marina Bay Sands
4,243

 
4,192

United States:
 
 
 
Las Vegas Operating Properties
2,792

 
2,815

Sands Bethlehem
545

 
548

 
3,337

 
3,363

Total long-lived assets
$
16,969

 
$
17,113


 ____________________
(1)
Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
Property and Equipment, Net (Tables)
Property and Equipment 
Property and equipment consists of the following:
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Land and improvements
$
665

 
$
626

Building and improvements
17,548

 
17,478

Furniture, fixtures, equipment and leasehold improvements
3,796

 
3,720

Transportation
455

 
454

Construction in progress
1,085

 
1,094

 
23,549

 
23,372

Less — accumulated depreciation and amortization
(7,808
)
 
(7,469
)
 
$
15,741

 
$
15,903

Construction in Progress 
Construction in progress consists of the following:
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Four Seasons Macao (principally the Four Seasons Apartments)
$
435

 
$
430

Sands Cotai Central
273

 
286

The Parisian Macao
27

 
39

Other
350

 
339

 
$
1,085

 
$
1,094

Long-Term Debt (Tables)
Schedule of Long-Term Debt 
Long-term debt consists of the following:
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Corporate and U.S. Related(1):
 
 
 
2013 U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $12)
$
2,165

 
$
—

2013 U.S. Credit Facility — Term B (net of unamortized original issue discount and deferred financing costs of $13)
—

 
2,170

2013 U.S. Credit Facility — Extended Revolving
—

 
36

Airplane Financings
—

 
56

HVAC Equipment Lease
13

 
14

Macao Related(1):
 
 
 
2016 VML Credit Facility — Term (net of unamortized deferred financing costs of $66 and $69, respectively)
4,047

 
4,049

2016 VML Credit Facility — Non-Extended Term (net of unamortized deferred financing costs of $3 and $4, respectively)
266

 
266

2016 VML Credit Facility — Revolving
200

 
—

Other
8

 
8

Singapore Related(1):
 
 
 
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $42 and $44, respectively)
3,091

 
2,996

 
9,790

 
9,595

Less — current maturities
(119
)
 
(167
)
Total long-term debt
$
9,671

 
$
9,428


____________________
(1)
Unamortized deferred financing costs of $32 million and $35 million as of March 31, 2017 and December 31, 2016, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets.
Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations 
Cash flows from financing activities related to long-term debt and capital lease obligations are as follows:
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Proceeds from 2016 VML Credit Facility
$
300

 
$
—

Proceeds from 2013 U.S. Credit Facility
5

 
—

Proceeds from 2011 VML Credit Facility
—

 
350

 
$
305

 
$
350

Repayments on 2016 VML Credit Facility
$
(100
)
 
$
—

Repayments on 2013 U.S. Credit Facility
(47
)
 
(401
)
Repayments on 2012 Singapore Credit Facility
(16
)
 
(16
)
Repayments on Airplane Financings
(56
)
 
(1
)
Repayments on HVAC Equipment Lease and Other Long-Term Debt
(1
)
 
(1
)
 
$
(220
)
 
$
(419
)
Equity and Earnings Per Share (Tables)
Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)
794

 
794

Potential dilution from stock options and restricted stock and stock units
1

 
1

Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)
795

 
795

Antidilutive stock options excluded from the calculation of diluted earnings per share
7

 
7

Fair Value Measurements (Tables)
Fair Value Measurements
The following table provides the assets and liabilities carried at fair value:
 
 
 
Fair Value Measurements Using:
 
Total Carrying
Value
 
Quoted Market
Prices in Active
Markets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
(In millions)
As of March 31, 2017
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Cash equivalents(1)
$
829

 
$
829

 
$
—

 
$
—

Liabilities
 
 
 
 
 
 
 
Forward contracts(2)
$
3

 
$
—

 
$
3

 
$
—

As of December 31, 2016
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Cash equivalents(1)
$
931

 
$
931

 
$
—

 
$
—

Forward contracts(2)
$
12

 
$
—

 
$
12

 
$
—

____________________
(1)
The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.
(2)
As of March 31, 2017 and December 31, 2016, the Company had 20 and 18 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2017 and 2016, the Company recorded a loss of $15 million and $36 million, respectively, related to the change in fair value of the forward contracts.
Segment Information (Tables)
Schedule of Segment Reporting Information
The Company’s segment information as of March 31, 2017 and December 31, 2016, and for the three months ended March 31, 2017 and 2016, is as follows:
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Net Revenues
 
 
 
Macao:
 
 
 
The Venetian Macao
$
741

 
$
749

Sands Cotai Central
467

 
530

The Parisian Macao
318

 
—

Four Seasons Macao
143

 
148

Sands Macao
182

 
175

Ferry Operations and Other
41

 
39

 
1,892

 
1,641

Marina Bay Sands
700

 
604

United States:
 
 
 
Las Vegas Operating Properties
434

 
385

Sands Bethlehem
142

 
139

 
576

 
524

Intersegment eliminations
(62
)
 
(52
)
Total net revenues
$
3,106

 
$
2,717

 
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Intersegment Revenues
 
 
 
Macao:
 
 
 
The Venetian Macao
$
1

 
$
2

Ferry Operations and Other
10

 
9

 
11

 
11

Marina Bay Sands
2

 
2

Las Vegas Operating Properties
49

 
39

Total intersegment revenues
$
62

 
$
52


 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Adjusted Property EBITDA
 
 
 
Macao:
 
 
 
The Venetian Macao
$
289

 
$
268

Sands Cotai Central
143

 
163

The Parisian Macao
82

 
—

Four Seasons Macao
51

 
48

Sands Macao
54

 
31

Ferry Operations and Other
5

 
8

 
624

 
518

Marina Bay Sands
365

 
275

United States:
 
 
 
Las Vegas Operating Properties
122

 
87

Sands Bethlehem
36

 
38

 
158

 
125

Consolidated adjusted property EBITDA(1)
1,147

 
918

Other Operating Costs and Expenses
 
 
 
Stock-based compensation
(3
)
 
(5
)
Corporate
(42
)
 
(47
)
Pre-opening
(2
)
 
(9
)
Development
(3
)
 
(2
)
Depreciation and amortization
(321
)
 
(260
)
Amortization of leasehold interests in land
(10
)
 
(10
)
Gain (loss) on disposal or impairment of assets
(3
)
 
1

Operating income
763

 
586

Other Non-Operating Costs and Expenses
 
 
 
Interest income
3

 
2

Interest expense, net of amounts capitalized
(78
)
 
(69
)
Other expense
(36
)
 
(47
)
Loss on modification or early retirement of debt
(5
)
 
—

Income tax expense
(69
)
 
(63
)
Net income
$
578

 
$
409

 ____________________
(1)
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 or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, integrated resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.
 
Three Months Ended 
 March 31,
 
2017
 
2016
 
(In millions)
Capital Expenditures
 
 
 
Corporate and Other
$
1

 
$
1

Macao:
 
 
 
The Venetian Macao
28

 
13

Sands Cotai Central
22

 
40

The Parisian Macao
54

 
248

Four Seasons Macao
7

 
2

Sands Macao
2

 
3

Ferry Operations and Other
1

 
1

 
114

 
307

Marina Bay Sands
56

 
13

United States:
 
 
 
Las Vegas Operating Properties
26

 
16

Sands Bethlehem
5

 
6

 
31

 
22

Total capital expenditures
$
202

 
$
343

 
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Total Assets
 
 
 
Corporate and Other
$
465

 
$
465

Macao:
 
 
 
The Venetian Macao
2,321

 
2,642

Sands Cotai Central
4,021

 
4,152

The Parisian Macao
2,624

 
2,711

Four Seasons Macao
939

 
966

Sands Macao
306

 
316

Ferry Operations and Other
274

 
281

 
10,485

 
11,068

Marina Bay Sands
4,964

 
5,031

United States:
 
 
 
Las Vegas Operating Properties
3,450

 
3,214

Sands Bethlehem
678

 
691

 
4,128

 
3,905

Total assets
$
20,042

 
$
20,469

 
 
March 31,
2017
 
December 31,
2016
 
(In millions)
Total Long-Lived Assets(1)
 
 
 
Corporate and Other
$
258

 
$
264

Macao:
 
 
 
The Venetian Macao
1,706

 
1,726

Sands Cotai Central
3,646

 
3,720

The Parisian Macao
2,519

 
2,572

Four Seasons Macao
870

 
874

Sands Macao
236

 
245

Ferry Operations and Other
154

 
157

 
9,131

 
9,294

Marina Bay Sands
4,243

 
4,192

United States:
 
 
 
Las Vegas Operating Properties
2,792

 
2,815

Sands Bethlehem
545

 
548

 
3,337

 
3,363

Total long-lived assets
$
16,969

 
$
17,113


 ____________________
(1)
Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
Organization and Business of Company (Details) (USD $)
1 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2017
Macao [Member]
Mar. 31, 2017
2013 US Credit Facility Extended Term B [Member]
Secured Debt [Member]
United States [Member]
Mar. 31, 2017
Accounting Standards Update 2016-09 [Member]
Dec. 31, 2016
Retained Earnings [Member]
Accounting Standards Update 2016-09 [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
 
 
 
 
 
 
 
 
Ownership interest in Sands China Ltd., percentage
 
 
 
 
70.10% 
 
 
 
Total assets in Company's joint ventures
$ 79,000,000 
$ 79,000,000 
 
 
 
 
 
 
Total liabilities in Company's joint ventures
180,000,000 
173,000,000 
 
 
 
 
 
 
Intercompany liabilities
178,000,000 
171,000,000 
 
 
 
 
 
 
Cash and cash equivalents
1,956,000,000 
2,128,000,000 
1,696,000,000 
2,179,000,000 
 
 
 
 
Restricted cash and cash equivalents
10,000,000 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
2,180,000,000 
 
 
Debt instrument, maturity date
 
 
 
 
 
Mar. 29, 2024 
 
 
Windfall income tax benefit
 
 
 
 
 
 
379,000,000 
 
Cumulative effect adjustment from change in accounting principle
 
 
 
 
 
 
 
$ 2,000,000 
Property and Equipment, Net (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]
 
 
Property and equipment, gross
$ 23,549 
$ 23,372 
Less — accumulated depreciation and amortization
(7,808)
(7,469)
Property and equipment, net
15,741 
15,903 
Land and Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment, gross
665 
626 
Building and Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment, gross
17,548 
17,478 
Furniture, Fixtures, Equipment and Leasehold Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment, gross
3,796 
3,720 
Transportation [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment, gross
455 
454 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment, gross
$ 1,085 
$ 1,094 
Property and Equipment, Net - Construction in Progress (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Construction in Progress by Project [Line Items]
 
 
Property and equipment, gross
$ 23,549 
$ 23,372 
Construction in Progress [Member]
 
 
Construction in Progress by Project [Line Items]
 
 
Property and equipment, gross
1,085 
1,094 
Construction in Progress [Member] |
Four Seasons Macao (Principally the Four Seasons Apartments) [Member]
 
 
Construction in Progress by Project [Line Items]
 
 
Property and equipment, gross
435 
430 
Construction in Progress [Member] |
Sands Cotai Central [Member]
 
 
Construction in Progress by Project [Line Items]
 
 
Property and equipment, gross
273 
286 
Construction in Progress [Member] |
The Parisian Macao [Member]
 
 
Construction in Progress by Project [Line Items]
 
 
Property and equipment, gross
27 
39 
Construction in Progress [Member] |
Other [Member]
 
 
Construction in Progress by Project [Line Items]
 
 
Property and equipment, gross
$ 350 
$ 339 
Property and Equipment, Net - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Property, Plant and Equipment [Line Items]
 
 
 
Property and equipment, gross
$ 23,549 
 
$ 23,372 
Capitalized interest expense
 
10 
 
Capitalized internal costs
7 
8 
 
Construction in Progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property and equipment, gross
1,085 
 
1,094 
Construction in Progress [Member] |
Other [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property and equipment, gross
$ 350 
 
$ 339 
Long-Term Debt - Schedule of Long-Term Debt (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument [Line Items]
 
 
Other
$ 9,790 
$ 9,595 
Long-term debt, including current maturities
9,790 
9,595 
Less - current maturities
(119)
(167)
Total long-term debt
9,671 
9,428 
Other [Member] |
Macao [Member]
 
 
Debt Instrument [Line Items]
 
 
Other
8 
8 
Long-term debt, including current maturities
8 
8 
Secured Debt [Member] |
2013 US Credit Facility Extended Term B [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
2,165 
0 
Secured Debt [Member] |
2013 U.S. Credit Facility Term B [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
0 
2,170 
Secured Debt [Member] |
2013 U.S. Credit Facility Extended Revolving [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term line of credit
0 1
36 1
Secured Debt [Member] |
Airplane Financings [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
0 
56 
Secured Debt [Member] |
2016 VML Credit Facility Term [Member] |
Macao [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
4,047 
4,049 
Secured Debt [Member] |
2016 VML Credit Facility Non-Extended Term [Member] |
Macao [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
266 
266 
Secured Debt [Member] |
2016 VML Credit Facility Revolving [Member] |
Macao [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term line of credit
200 1
0 1
Secured Debt [Member] |
2012 Singapore Credit Facility Term [Member] |
Singapore [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
3,091 
2,996 
Capital Lease Obligations [Member] |
HVAC Equipment Lease [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Capital lease obligations
$ 13 
$ 14 
Long-Term Debt - Schedule of Long-term Debt - OID and DFC (Details) (Secured Debt [Member], USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
2013 US Credit Facility Extended Term B [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, unamortized discount and debt issuance costs, net
$ 12 
 
2013 U.S. Credit Facility Term B [Member] |
United States [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, unamortized discount and debt issuance costs, net
 
13 
2016 VML Credit Facility Term [Member] |
Macao [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, unamortized discount and debt issuance costs, net
66 
69 
2016 VML Credit Facility Non-Extended Term [Member] |
Macao [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, unamortized discount and debt issuance costs, net
3 
4 
2012 Singapore Credit Facility Term [Member] |
Singapore [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, unamortized discount and debt issuance costs, net
$ 42 
$ 44 
Long-Term Debt Long-Term Debt - Schedule of Long-Term Debt - Footnotes (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Debt Disclosure [Abstract]
 
 
Debt issuance costs, net in other assets
$ 32 1
$ 35 1
Long-Term Debt - Additional Information (Details)
3 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 1 Months Ended 3 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Mar. 31, 2017
Secured Debt [Member]
2013 US Credit Facility Extended Term B [Member]
United States [Member]
USD ($)
Mar. 31, 2017
Secured Debt [Member]
2013 US Credit Facility Extended Term B [Member]
Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member]
United States [Member]
Mar. 31, 2017
Secured Debt [Member]
2013 US Credit Facility Extended Term B [Member]
Base Rate [Member]
United States [Member]
Dec. 31, 2013
Secured Debt [Member]
2013 U.S. Credit Facility Term B [Member]
United States [Member]
Mar. 31, 2017
Secured Debt [Member]
2013 U.S. Credit Facility Term B [Member]
United States [Member]
USD ($)
Dec. 31, 2016
Secured Debt [Member]
2013 U.S. Credit Facility Term B [Member]
Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member]
United States [Member]
Dec. 31, 2016
Secured Debt [Member]
2013 U.S. Credit Facility Term B [Member]
Base Rate [Member]
United States [Member]
Mar. 31, 2017
Secured Debt [Member]
2013 U.S. Credit Facility Extended Revolving [Member]
United States [Member]
USD ($)
Mar. 31, 2017
Secured Debt [Member]
Airplane Financings [Member]
United States [Member]
USD ($)
Mar. 31, 2017
Secured Debt [Member]
Airplane Financings [Member]
United States [Member]
USD ($)
Mar. 31, 2016
Secured Debt [Member]
Airplane Financings [Member]
United States [Member]
USD ($)
Mar. 31, 2017
Secured Debt [Member]
2016 VML Credit Facility Revolving [Member]
Macao [Member]
USD ($)
Mar. 31, 2017
Secured Debt [Member]
2012 Singapore Credit Facility Revolving [Member]
Singapore [Member]
USD ($)
Mar. 31, 2017
Secured Debt [Member]
2012 Singapore Credit Facility Revolving [Member]
Singapore [Member]
SGD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
$ 2,180,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, basis spread on variable rate
 
 
 
 
2.00% 
1.00% 
 
 
2.25% 
1.25% 
 
 
 
 
 
 
 
Debt instrument, interest rate, period end rate
 
 
 
3.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, maturity date
 
 
 
Mar. 29, 2024 
 
 
Dec. 19, 2020 
 
 
 
 
 
 
 
 
 
 
Debt instrument, frequency of periodic payment
 
 
 
quarterly 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, periodic payment, principal
 
 
 
5,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, date of first required payment
 
 
 
Mar. 31, 2017 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, periodic payment terms, balloon payment to be paid
 
 
 
2,030,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on modification or early retirement of debt
5,000,000 
0 
 
 
 
 
 
5,000,000 
 
 
 
 
 
 
 
 
 
Debt instrument, available borrowing capacity
 
 
 
 
 
 
 
 
 
 
1,150,000,000 
 
 
 
1,800,000,000 
355,000,000 
495,000,000 
Repayments of long-term debt
 
 
 
 
 
 
 
 
 
 
 
56,000,000 
56,000,000 
1,000,000 
 
 
 
Long-term debt, fair value
9,770,000,000 
 
9,580,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, carrying value
$ 9,890,000,000 
 
$ 9,700,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-Term Debt - Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended
Mar. 31, 2017
Mar. 31, 2017
Mar. 31, 2016
Debt Instrument [Line Items]
 
 
 
Proceeds from long-term debt
 
$ 305 
$ 350 
Repayments of long-term debt and capital leases
 
(220)
(419)
Secured Debt [Member] |
2016 VML Credit Facility [Member] |
Macao [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Proceeds from long-term debt
 
300 
0 
Repayments of long-term debt
 
(100)
0 
Secured Debt [Member] |
2013 U.S. Credit Facility [Member] |
United States [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Proceeds from long-term debt
 
5 
0 
Repayments of long-term debt
 
(47)
(401)
Secured Debt [Member] |
2011 VML Credit Facility [Member] |
Macao [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Proceeds from long-term debt
 
0 
350 
Secured Debt [Member] |
2012 Singapore Credit Facility [Member] |
Singapore [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Repayments of long-term debt
 
(16)
(16)
Secured Debt [Member] |
Airplane Financings [Member] |
United States [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Repayments of long-term debt
(56)
(56)
(1)
Other Long-Term Debt And Capital Lease Obligations [Member] |
HVAC Equipment Lease and Other Long-Term Debt [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Repayments of long-term debt and capital leases
 
$ (1)
$ (1)
Equity and Earnings Per Share (Details)
0 Months Ended 3 Months Ended 1 Months Ended 0 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Apr. 30, 2017
Subsequent Event [Member]
USD ($)
Feb. 24, 2017
Sands China Ltd [Member]
HKD ($)
Feb. 26, 2016
Sands China Ltd [Member]
HKD ($)
Mar. 31, 2017
Sands China Ltd [Member]
USD ($)
Mar. 31, 2016
Sands China Ltd [Member]
USD ($)
Nov. 30, 2016
November 2016 Authorization [Member]
USD ($)
Mar. 31, 2017
Retained Earnings [Member]
USD ($)
Mar. 31, 2016
Retained Earnings [Member]
USD ($)
Jun. 30, 2017
Retained Earnings [Member]
Scenario, Forecast [Member]
USD ($)
Mar. 31, 2017
Retained Earnings [Member]
Principal Stockholder and His Family [Member]
USD ($)
Mar. 31, 2016
Retained Earnings [Member]
Principal Stockholder and His Family [Member]
USD ($)
Mar. 31, 2017
Retained Earnings [Member]
All Other Shareholders [Member]
USD ($)
Mar. 31, 2016
Retained Earnings [Member]
All Other Shareholders [Member]
USD ($)
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock, dividends paid, per share
$ 0.73 
$ 0.72 
 
 
 
$ 0.99 
$ 0.99 
 
 
 
 
 
 
 
 
 
 
Common stock, dividends declared
 
 
$ 886,000,000 
$ 880,000,000 
 
 
 
 
 
 
$ 579,000,000 
$ 572,000,000 
$ 578,000,000 
$ 315,000,000 
$ 311,000,000 
$ 264,000,000 
$ 261,000,000 
Common stock, dividends declared, per share
 
 
$ 0.73 
$ 0.72 
$ 0.73 
 
 
 
 
 
 
 
 
 
 
 
 
Stock repurchase program, authorized amount
 
 
 
 
 
 
 
 
 
1,560,000,000 
 
 
 
 
 
 
 
Stock repurchase program, expiration
 
 
 
 
 
 
 
 
 
Nov. 02, 2018 
 
 
 
 
 
 
 
Common stock repurchased (in shares)
 
 
2,723,482 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase of common stock
 
 
150,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock, dividends, cash paid
 
 
886,000,000 
880,000,000 
 
 
 
1,030,000,000 
1,030,000,000 
 
 
 
 
 
 
 
 
Common stock, dividends, cash paid, retained by company
 
 
 
 
 
 
 
722,000,000 
722,000,000 
 
 
 
 
 
 
 
 
Distributions to noncontrolling interests
 
 
$ 3,000,000 
$ 3,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity and Earnings Per Share - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
 
 
Weighted-average common shares outstanding (used in the calculation of basic earnings per share) (in shares)
794 
794 
Potential dilution from stock options and restricted stock and stock units (in shares)
1 
1 
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share) (in shares)
795 
795 
Antidilutive stock options excluded from the calculation of diluted earnings per share (in shares)
7 
7 
Fair Value Measurements - Additional Information (Details) (Forward Contracts [Member], USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Forward Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative, notional amount
$ 427 
$ 427 
Fair Value Measurements - Schedule of Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash equivalents
$ 829 1
$ 931 1
Forward Contracts [Member] |
Not Designated as Hedging Instrument [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative liability
3 2
 
Derivative assets
 
12 2
Quoted Market Prices in Active Markets (Level 1) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash equivalents
829 1
931 1
Significant Other Observable Inputs (Level 2) [Member] |
Forward Contracts [Member] |
Not Designated as Hedging Instrument [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative liability
3 2
 
Derivative assets
 
$ 12 2
Fair Value Measurements - Schedule of Fair Value Measurements - Footnotes (Details) (Forward Contracts [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Not Designated as Hedging Instrument [Member]
Derivative
Dec. 31, 2016
Not Designated as Hedging Instrument [Member]
Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
Number of foreign currency derivatives held
 
 
20 1
18 1
Derivative, loss on derivative
$ 15 1
$ 36 1
 
 
Commitments and Contingencies (Details)
0 Months Ended
Oct. 15, 2004
Suen and Round Square Company Limited Matter [Member]
USD ($)
May 14, 2013
Suen and Round Square Company Limited Matter [Member]
Jury Verdict [Member]
USD ($)
May 24, 2008
Suen and Round Square Company Limited Matter [Member]
Jury Verdict [Member]
USD ($)
May 28, 2013
Suen and Round Square Company Limited Matter [Member]
Judgment Including Interest as of Judgment Date [Member]
USD ($)
Jun. 30, 2008
Suen and Round Square Company Limited Matter [Member]
Judgment Including Interest as of Judgment Date [Member]
USD ($)
Oct. 17, 2013
Suen and Round Square Company Limited Matter [Member]
Costs and Fees [Member]
USD ($)
Jul. 9, 2014
Asian American Entertainment Corporation, Limited Matter [Member]
USD ($)
Jan. 19, 2012
Asian American Entertainment Corporation, Limited Matter [Member]
USD ($)
Jan. 19, 2012
Asian American Entertainment Corporation, Limited Matter [Member]
MOP
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
Loss contingency allegations, success fee
$ 5,000,000 
 
 
 
 
 
 
 
 
Loss contingency allegations, net profit percentage
2.00% 
 
 
 
 
 
 
 
 
Loss contingency, amount awarded under appeal or stay
 
70,000,000 
44,000,000 
102,000,000 
59,000,000 
1,000,000 
 
 
 
Loss contingency, damages sought (petacas converted to USD at balance sheet date)
 
 
 
 
 
 
$ 5,000,000,000.0 
$ 375,000,000 
 3,000,000,000.0 
Segment Information - Schedule of Segment Reporting Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Segment Reporting Information [Line Items]
 
 
 
Net revenues
$ 3,106 
$ 2,717 
 
Adjusted property EBITDA
1,147 1
918 1
 
Stock-based compensation
(3)
(5)
 
Corporate
(42)
(47)
 
Pre-opening
(2)
(9)
 
Development
(3)
(2)
 
Depreciation and amortization
(321)
(260)
 
Amortization of leasehold interests in land
(10)
(10)
 
Gain (loss) on disposal or impairment of assets
(3)
1 
 
Operating income
763 
586 
 
Interest income
3 
2 
 
Interest expense, net of amounts capitalized
(78)
(69)
 
Other expense
(36)
(47)
 
Loss on modification or early retirement of debt
(5)
0 
 
Income tax expense
(69)
(63)
 
Net income
578 
409 
 
Capital expenditures
202 
343 
 
Assets
20,042 
 
20,469 
Long-lived assets
16,969 2
 
17,113 2
Corporate and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Capital expenditures
1 
1 
 
Assets
465 
 
465 
Long-lived assets
258 2
 
264 2
Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
624 1
518 1
 
Capital expenditures
114 
307 
 
Assets
10,485 
 
11,068 
Long-lived assets
9,131 2
 
9,294 2
Macao [Member] |
The Venetian Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
289 1
268 1
 
Capital expenditures
28 
13 
 
Assets
2,321 
 
2,642 
Long-lived assets
1,706 2
 
1,726 2
Macao [Member] |
Sands Cotai Central [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
143 1
163 1
 
Capital expenditures
22 
40 
 
Assets
4,021 
 
4,152 
Long-lived assets
3,646 2
 
3,720 2
Macao [Member] |
The Parisian Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
82 1
0 1
 
Capital expenditures
54 
248 
 
Assets
2,624 
 
2,711 
Long-lived assets
2,519 2
 
2,572 2
Macao [Member] |
Four Seasons Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
51 1
48 1
 
Capital expenditures
7 
2 
 
Assets
939 
 
966 
Long-lived assets
870 2
 
874 2
Macao [Member] |
Sands Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
54 1
31 1
 
Capital expenditures
2 
3 
 
Assets
306 
 
316 
Long-lived assets
236 2
 
245 2
Macao [Member] |
Ferry Operations and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
5 1
8 1
 
Capital expenditures
1 
1 
 
Assets
274 
 
281 
Long-lived assets
154 2
 
157 2
Singapore [Member] |
Marina Bay Sands [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
365 1
275 1
 
Capital expenditures
56 
13 
 
Assets
4,964 
 
5,031 
Long-lived assets
4,243 2
 
4,192 2
United States [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
158 1
125 1
 
Capital expenditures
31 
22 
 
Assets
4,128 
 
3,905 
Long-lived assets
3,337 2
 
3,363 2
United States [Member] |
Las Vegas Operating Properties [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
122 1
87 1
 
Capital expenditures
26 
16 
 
Assets
3,450 
 
3,214 
Long-lived assets
2,792 2
 
2,815 2
United States [Member] |
Sands Bethlehem [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Adjusted property EBITDA
36 1
38 1
 
Capital expenditures
5 
6 
 
Assets
678 
 
691 
Long-lived assets
545 2
 
548 2
Operating Segments [Member] |
Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
1,892 
1,641 
 
Operating Segments [Member] |
Macao [Member] |
The Venetian Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
741 
749 
 
Operating Segments [Member] |
Macao [Member] |
Sands Cotai Central [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
467 
530 
 
Operating Segments [Member] |
Macao [Member] |
The Parisian Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
318 
0 
 
Operating Segments [Member] |
Macao [Member] |
Four Seasons Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
143 
148 
 
Operating Segments [Member] |
Macao [Member] |
Sands Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
182 
175 
 
Operating Segments [Member] |
Macao [Member] |
Ferry Operations and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
41 
39 
 
Operating Segments [Member] |
Singapore [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
700 
604 
 
Operating Segments [Member] |
Singapore [Member] |
Marina Bay Sands [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
700 
604 
 
Operating Segments [Member] |
United States [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
576 
524 
 
Operating Segments [Member] |
United States [Member] |
Las Vegas Operating Properties [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
434 
385 
 
Operating Segments [Member] |
United States [Member] |
Sands Bethlehem [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
142 
139 
 
Intersegment Eliminations [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
(62)
(52)
 
Intersegment Eliminations [Member] |
Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
(11)
(11)
 
Intersegment Eliminations [Member] |
Macao [Member] |
The Venetian Macao [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
(1)
(2)
 
Intersegment Eliminations [Member] |
Macao [Member] |
Ferry Operations and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
(10)
(9)
 
Intersegment Eliminations [Member] |
Singapore [Member] |
Marina Bay Sands [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
(2)
(2)
 
Intersegment Eliminations [Member] |
United States [Member] |
Las Vegas Operating Properties [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net revenues
$ (49)
$ (39)
 
[1] 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 or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, integrated resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.