LAS VEGAS SANDS CORP, 10-K filed on 2/7/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 05, 2025
Jun. 28, 2024
Cover [Abstract]      
Document type 10-K    
Document annual report true    
Current fiscal year end date --12-31    
Document period end date Dec. 31, 2024    
Document transition report false    
Entity file number 001-32373    
Entity registrant name LAS VEGAS SANDS CORP.    
Entity incorporation, state or country code NV    
Entity tax identification number 27-0099920    
Entity address, address line one 5420 S. Durango Dr.    
Entity address, city or town Las Vegas,    
Entity address, state or province NV    
Entity address, postal zip code 89113    
City area code 702    
Local phone number 923-9000    
Title of 12(b) security Common Stock ($0.001 par value)    
Trading symbol LVS    
Security exchange name NYSE    
Entity well-known seasoned issuer Yes    
Entity voluntary filers No    
Entity current reporting status Yes    
Entity interactive data current Yes    
Entity filer category Large Accelerated Filer    
Entity small business false    
Entity emerging growth company false    
ICFR Auditor Attestation Flag true    
Document financial statement error correction false    
Entity shell company false    
Entity public float     $ 15,458,744,890
Entity common stock, shares outstanding   715,934,671  
Documents incorporated by reference
Portions of the definitive Proxy Statement to be used in connection with the registrant's 2025 Annual Meeting of Stockholders are incorporated into Part III (Item 10 through Item 14) of this Annual Report on Form 10-K.
    
Entity central index key 0001300514    
Document fiscal year focus 2024    
Document fiscal period focus FY    
Amendment flag false    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor firm ID 34
Auditor name Deloitte & Touche LLP
Auditor location Las Vegas, Nevada
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 3,650 $ 5,105
Accounts receivable, net of provision for credit losses of $186 and $201 417 484
Inventories 41 38
Prepaid expenses and other 182 150
Total current assets 4,290 5,777
Loan receivable 1,264 1,194
Property and equipment, net 11,993 11,439
Restricted cash and cash equivalents 125 124
Deferred income taxes, net 122 121
Leasehold interests in land, net 2,002 2,249
Goodwill and intangible assets, net 545 598
Other assets, net 325 276
Total assets 20,666 21,778
Current liabilities:    
Accounts payable 164 167
Construction payables 263 146
Other accrued liabilities 1,985 1,948
Income taxes payable 229 261
Current maturities of debt 3,160 1,900
Total current liabilities 5,801 4,422
Other long-term liabilities 925 936
Deferred income taxes 188 187
Debt 10,592 12,129
Total liabilities 17,506 17,674
Commitments and contingencies (Note 17)
Equity:    
Preferred stock 0 0
Common stock 1 1
Treasury stock at cost (6,759) (4,991)
Capital in excess of par value 6,245 6,481
Accumulated other comprehensive income (loss) (58) 27
Retained earnings 3,455 2,600
Total Las Vegas Sands Corp. stockholders' equity 2,884 4,118
Noncontrolling interests 276 (14)
Total equity 3,160 4,104
Total liabilities and equity 20,666 21,778
Accounts receivable, provision for credit loss, current $ 186 $ 201
Preferred stock, par value (in usd per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 50,000,000 50,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 834,000,000 833,000,000
Common stock, shares outstanding 716,000,000 753,000,000
Treasury stock, shares 118,000,000 80,000,000
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Net revenues $ 11,298 $ 10,372 $ 4,110
Operating expenses:      
Provision for credit losses 19 4 15
General and administrative 1,150 1,107 936
Corporate 290 230 235
Pre-opening 14 15 13
Development 228 205 143
Depreciation and amortization 1,308 1,208 1,036
Amortization of leasehold interests in land 60 58 55
Loss on disposal or impairment of assets 50 27 9
Total operating expenses 8,896 8,059 4,902
Operating income (loss) 2,402 2,313 (792)
Other income (expense):      
Interest income 275 288 116
Interest expense, net of amounts capitalized (727) (818) (702)
Other income (expense) 10 (8) (9)
Income (loss) from continuing operations before income taxes 1,960 1,775 (1,387)
Income tax expense (208) (344) (154)
Net income (loss) from continuing operations 1,752 1,431 (1,541)
Income from operations of discontinued operations, net of tax 0 0 46
Gain on disposal of discontinued operations, net of tax 0 0 2,861
Adjustment to gain on disposal of discontinued operations, net of tax 0 0 (9)
Net income (loss) from discontinued operations 0 0 2,898
Net income 1,752 1,431 1,357
Net (income) loss attributable to noncontrolling interests from continuing operations (306) (210) 475
Net income attributable to Las Vegas Sands Corp. $ 1,446 $ 1,221 $ 1,832
Earnings (loss) per share      
Income (loss) from continuing operations, per basic share $ 1.97 $ 1.60 $ (1.40)
Income (loss) from discontinued operations, net of tax, per basic share 0 0 3.80
Basic (in usd per share) 1.97 1.60 2.40
Income (loss) from continuing operations, per diluted share 1.96 1.60 (1.40)
Income (loss) from discontinued operations, net of tax, per diluted share 0 0 3.80
Diluted (in usd per share) $ 1.96 $ 1.60 $ 2.40
Weighted average shares outstanding:      
Basic (in shares) 735 763 764
Diluted (in shares) 737 765 764
Casino [Member]      
Revenues:      
Net revenues $ 8,303 $ 7,522 $ 2,627
Operating expenses:      
Cost of revenue 4,611 4,152 1,792
Rooms [Member]      
Revenues:      
Net revenues 1,274 1,204 469
Operating expenses:      
Cost of revenue 313 283 173
Food and Beverage [Member]      
Revenues:      
Net revenues 607 584 301
Operating expenses:      
Cost of revenue 512 481 319
Mall [Member]      
Revenues:      
Net revenues 755 767 580
Operating expenses:      
Cost of revenue 87 88 73
Convention, Retail and Other [Member]      
Revenues:      
Net revenues 359 295 133
Operating expenses:      
Cost of revenue $ 254 $ 201 $ 103
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 1,752 $ 1,431 $ 1,357
Currency translation adjustment (68) 37 14
Cash flow hedge fair value adjustment (23) (3) (3)
Total comprehensive income 1,661 1,465 1,368
Comprehensive (income) loss attributable to noncontrolling interests (300) (210) 479
Comprehensive income attributable to Las Vegas Sands Corp. $ 1,361 $ 1,255 $ 1,847
v3.25.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Common Stock [Member]
Treasury Stock, Common [Member]
Capital in Excess of Par Value [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings (Loss) [Member]
Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2021 $ 2,248 $ 1 $ (4,481) $ 6,646 $ (22) $ (148) $ 252
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,357         1,832 (475)
Currency translation adjustment 14       17   (3)
Cash flow hedge fair value adjustment (3)       (2)   (1)
Stock-based compensation 41     39     2
Tax withholding on vesting of equity awards (1)     (1)      
Ending balance at Dec. 31, 2022 3,656 1 (4,481) 6,684 (7) 1,684 (225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,431         1,221 210
Currency translation adjustment 37       36   1
Cash flow hedge fair value adjustment (3)       (2)   (1)
Exercise of stock options 4     4      
Stock-based compensation 46     45     1
Tax withholding on vesting of equity awards (2)     (2)      
Repurchase of common stock (510)   (510)        
Unsettled contract for purchase of noncontrolling interest (250)     (250)      
Dividends, common stock, cash (305)         (305)  
Ending balance at Dec. 31, 2023 $ 4,104 1 (4,991) 6,481 27 2,600 (14)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock, dividends declared (per share) $ 0.40            
Net income $ 1,752         1,446 306
Currency translation adjustment (68)       (69)   1
Cash flow hedge fair value adjustment (23)       (16)   (7)
Exercise of stock options 1     1      
Stock-based compensation 56     54     2
Tax withholding on vesting of equity awards (5)     (5)      
Repurchase of common stock (1,768)   (1,768)        
Settlement of contracts for purchase of noncontrolling interest (215)     (203)     (12)
Unsettled contract for purchase of noncontrolling interest (35)     (35)      
Capped call option contract (48)     (48)      
Dividends, common stock, cash (591)         (591)  
Ending balance at Dec. 31, 2024 $ 3,160 $ 1 $ (6,759) $ 6,245 $ (58) $ 3,455 $ 276
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock, dividends declared (per share) $ 0.80            
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities from continuing operations:      
Net income (loss) from continuing operations $ 1,752,000,000 $ 1,431,000,000 $ (1,541,000,000)
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities:      
Depreciation and amortization 1,308,000,000 1,208,000,000 1,036,000,000
Amortization of leasehold interests in land 60,000,000 58,000,000 55,000,000
Amortization of deferred financing costs and original issue discount 57,000,000 61,000,000 57,000,000
Change in fair value of derivative asset/liability 0 (1,000,000) 1,000,000
Paid-in-kind interest income (71,000,000) (30,000,000) (15,000,000)
Loss on disposal or impairment of assets 19,000,000 11,000,000 7,000,000
Stock-based compensation expense 55,000,000 44,000,000 39,000,000
Provision for credit losses 19,000,000 4,000,000 15,000,000
Foreign exchange (gain) loss (18,000,000) 7,000,000 (10,000,000)
Deferred income taxes 4,000,000 44,000,000 (2,000,000)
Income tax impact related to gain on sale of Las Vegas Operations 0 0 (750,000,000)
Changes in operating assets and liabilities:      
Accounts receivable 43,000,000 (217,000,000) (78,000,000)
Other assets (48,000,000) (50,000,000) 2,000,000
Accounts payable (1,000,000) 76,000,000 11,000,000
Other liabilities 25,000,000 581,000,000 229,000,000
Net cash generated from (used in) operating activities from continuing operations 3,204,000,000 3,227,000,000 (944,000,000)
Cash flows from investing activities from continuing operations:      
Capital expenditures (1,567,000,000) (1,017,000,000) (651,000,000)
Proceeds from disposal of property and equipment 1,000,000 3,000,000 9,000,000
Acquisition of intangible assets and other (13,000,000) (240,000,000) (129,000,000)
Proceeds from loan receivable 0 0 50,000,000
Net cash used in investing activities from continuing operations (1,579,000,000) (1,254,000,000) (721,000,000)
Cash flows from financing activities from continuing operations:      
Proceeds from exercise of stock options 1,000,000 4,000,000 0
Tax withholding on vesting of equity awards (5,000,000) (2,000,000) (1,000,000)
Repurchase of common stock (1,750,000,000) (505,000,000) 0
Dividends paid (590,000,000) (305,000,000) 0
Proceeds from debt 1,748,000,000 0 1,200,000,000
Repayments of debt (2,074,000,000) (2,069,000,000) (66,000,000)
Payments of financing costs (60,000,000) (32,000,000) (11,000,000)
Settled contracts for purchase of noncontrolling interest (215,000,000) 0 0
Unsettled contract for purchase of noncontrolling interest (35,000,000) (250,000,000) 0
Capped call option contract (48,000,000) 0 0
Other (32,000,000) (29,000,000) 0
Transactions with discontinued operations 0 0 5,032,000,000
Net cash generated from (used in) financing activities from continuing operations (3,060,000,000) (3,188,000,000) 6,154,000,000
Cash flows from discontinued operations:      
Net cash generated from operating activities 0 0 149,000,000
Net cash generated from investing activities 0 0 4,883,000,000
Net cash provided to continuing operations and used in financing activities 0 0 (5,032,000,000)
Net cash generated from discontinued operations 0 0 0
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents (19,000,000) 8,000,000 22,000,000
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (1,454,000,000) (1,207,000,000) 4,511,000,000
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 5,229,000,000 6,436,000,000 1,925,000,000
Cash, cash equivalents and restricted cash and cash equivalents at end of year 3,775,000,000 5,229,000,000 6,436,000,000
Supplemental disclosure of cash flow information:      
Cash payments for interest, net of amounts capitalized 650,000,000 746,000,000 614,000,000
Cash payments for taxes, net of refunds 222,000,000 176,000,000 649,000,000
Changes in construction-related payables 138,000,000 (43,000,000) (38,000,000)
Excise tax accrued on repurchase of common stock $ 17,000,000 $ 5,000,000 $ 0
v3.25.0.1
Organization and Business of Company
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business of Company Organization and Business of Company
Las Vegas Sands Corp. (“LVSC” or together with its subsidiaries, the “Company”) is incorporated in Nevada and its 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. 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.
Macao
From 2020 through the beginning of 2023, the Company’s operations in Macao were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic. The Macao government's policy regarding the management of COVID-19 and general travel restrictions was relaxed in late December 2022 and early January 2023. Since then, visitation to the Company's Macao Integrated Resorts and operations has improved.
The Macao government announced total visitation from mainland China to Macao increased approximately 28.6% during the year ended December 31, 2024, as compared to the same period in 2023. The Macao government also announced gross gaming revenue increased approximately 23.9% during the year ended December 31, 2024, as compared to the same period in 2023.
Singapore
The Company’s operations in Singapore continued to be positive as travel and tourism spending increased, resulting from the elimination of all remaining COVID-19 border measures in February 2023.
Visitation to Marina Bay Sands continues to improve since the travel restrictions have been lifted. The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 13.6 million during the year ended December 31, 2023 to 16.5 million during the year ended December 31, 2024.
Operations
The Company is a developer of destination properties (“Integrated Resorts”) that feature premium accommodations, world-class gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities.
Macao
The Company owns 72.29% of SCL, as of the date of this filing, which includes the operations of The Venetian Macao Resort Hotel (“The Venetian Macao”), The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao (the “Four Seasons Macao”), Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to the 10-year concession agreement (the “Concession”), which expires on December 31, 2032.
The Venetian Macao anchors the Cotai Strip, the Company's master-planned development of Integrated Resorts on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39-floor luxury hotel with 2,905 suites; approximately 503,000 square feet of gaming space and gaming support area; a 14,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 952,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.
The Londoner Macao, the Company's largest Integrated Resort on the Cotai Strip, is located across the street from The Venetian Macao, The Parisian Macao and The Plaza Macao and Four Seasons Macao. The Londoner Macao presents a range of new attractions and features, including some of London’s most recognizable landmarks, such as the Houses of Parliament and the Elizabeth Tower (commonly known as “Big Ben”), and interactive guest experiences. The Integrated Resort features four hotel towers. The first hotel tower consists of Londoner Court with 368 luxury suites and 400 rooms and suites under the St. Regis brand. The second hotel tower consists of 659 five-star rooms and suites under the Conrad brand and The Londoner Macao Hotel with 594 London-themed suites, including 14 exclusive Suites by David Beckham. The third and fourth hotel towers will consist of 1,382 and 1,023 rooms and suites, respectively, upon completion of the conversion of the Sheraton Grand Macao into the Londoner Grand hotel as part of Phase II of The Londoner Macao (see “Development Projects” for further information). Within The Londoner Macao, the Company also owns and currently operates approximately 400,000 square feet of gaming space and gaming support area; approximately 358,000 square feet of meeting space and approximately 566,000 square feet of retail space; a 6,000-seat arena; and a 1,701-seat theater, as well as entertainment and dining facilities.
The Parisian Macao is an Integrated Resort connected to The Venetian Macao and The Plaza Macao and Four Seasons Macao, which includes approximately 272,000 square feet of gaming space and gaming support area. The Parisian Macao also features 2,541 rooms and suites; approximately 297,000 square feet of retail and dining space; a meeting room complex of approximately 62,000 square feet; and a 1,200-seat theater.
The Plaza Macao and Four Seasons Macao features 360 rooms and suites managed and operated by FS Macau Lda. and is located adjacent and connected to The Venetian Macao. Within the Integrated Resort, the Plaza Casino features approximately 108,000 square feet of gaming space and gaming support area; 19 Paiza mansions; retail space of approximately 262,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. The Grand Suites at Four Seasons features 289 luxury suites.
The Sands Macao, the first Las Vegas-style casino in Macao, offers approximately 176,000 square feet of gaming space and gaming support area and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.
Singapore
The Company owns and operates Marina Bay Sands in Singapore, which opened with approximately 2,600 rooms and suites located in three 55-story hotel towers. The Company is currently undertaking extensive renovation work, which has enhanced the positioning of the Company's hotel product and will result in a total of 1,844 rooms and suites upon completion (see “Development Projects” for further information). Marina Bay Sands also features the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 162,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 616,000 square feet, a convention center and meeting room complex of approximately 1.2 million square feet, a theater and a landmark iconic structure at the bay-front promenade that contains the ArtScience Museum. See “Development Projects” for further information on the Company's expansion project at Marina Bay Sands.
Development Projects
The Company regularly evaluates opportunities to improve its product offerings, such as refreshing its meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and its gaming areas, as well as other anticipated revenue generating additions to the Company's Integrated Resorts.
Macao
As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.80 billion patacas (approximately $4.48 billion at exchange rates in effect on December 31, 2024) in Macao (the "Investment Plan"). Of this total, 33.36 billion patacas (approximately $4.17 billion at exchange rates in effect on December 31, 2024) must be invested in non-gaming projects. These investments must be realized by December 2032.
Pursuant to the Concession, the Company has spent approximately $168 million on these projects for the year ending December 31, 2023. This amount was reviewed and confirmed as qualified spend under the Concession by the Macao government following an audit conducted in July 2024, with results issued in November 2024. The Macao government conducts an annual audit to confirm qualified concession investments for the prior year. As of the date of this filing, the audit process for 2024 investments has not yet commenced.
The Company’s Investment Plan in Macao includes investments in projects across a number of key areas including attracting international visitors, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness, themed attractions, supporting Macao’s status as a city of gastronomy, and enhancing community and maritime tourism. Key aspects of the Investment Plan remain subject to Macao government approval and include:
◦MICE Facility Expansion. The Company's vision is to elevate Macao's status in the international convention sector. To this end, the Company is proposing the construction of a state-of-the-art MICE facility. The facility is intended to connect to the Company's existing Venetian Macao exhibition center (the “Cotai Expo”). This expansion aims to increase the Company's hosting capacity and enhance Macao’s appeal as a premier destination for significant corporate events, supported by advanced resources to help organize such events and targeted marketing strategies.
◦Tropical Garden Redevelopment. The Company plans to transform the Le Jardin garden, situated adjacent to The Londoner Macao, into a distinctive garden-themed attraction. Key highlights include an iconic conservatory and meticulously designed themed green spaces. The Company anticipates this venue will evolve into a renowned Macao landmark and year-round attraction for tourists and local residents, further solidifying Macao's reputation as a premier destination.
The Company continues work on Phase II of The Londoner Macao, which primarily includes the renovation of the rooms in the Sheraton hotel towers, an upgrade of the gaming areas and the addition of attractions, dining, retail and entertainment offerings. The
Londoner Grand casino opened on September 26, 2024. The Sheraton Grand Macao is being converted into the Londoner Grand hotel and represents Macao’s first Marriott International Luxury Collection hotel. As of December 31, 2024, more than 300 newly renovated rooms and suites were available for occupancy at the Londoner Grand and upon completion will have 2,405 rooms and suites. These projects have a total estimated cost of $1.2 billion and are expected to be substantially completed during the first half of 2025.
Singapore
In April 2019, the Company's wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development on a land parcel adjacent to Marina Bay Sands.
The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”).
The Company’s estimated total project cost is approximately $8.0 billion, inclusive of financing fees and interest, land premiums and the pending purchase of an additional 2,000 square meters of gaming area (the “Additional Gaming Area”), increasing Marina Bay Sands’ total approved gaming area to 17,000 square meters across the existing property and the MBS Expansion Project.
The Company has incurred approximately $1.36 billion as of December 31, 2024, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site. The additional payment due to the Singapore government, pursuant to the second supplemental agreement mentioned below, related to the Additional Gaming Area and changes to the MBS Expansion Project gross floor area allocation is estimated to be approximately $1.0 billion, $850 million of which the Company expects will be due during the second quarter of 2025, with the remainder to be due in 2026.
On January 8, 2025, MBS entered into a second supplemental agreement to the Second Development Agreement with the Singapore government (the “Second Supplemental Agreement”) whereby MBS committed to assume liability for the cost of the land premium associated with the Additional Gaming Area purchase as well as other adjustments to the land premiums resulting from the consequential changes to the allocations of gross floor area for the MBS Expansion Project since the first payment made in 2019. These allocations prescribe and limit the use of the gross floor area for hotel, gaming, retail, food and beverage, MICE and arena at the MBS Expansion Project site. The Second Supplemental Agreement also formalized the dates by which MBS has agreed with the Singapore government to commence and complete construction of the MBS Expansion Project, being July 8, 2025 and July 8, 2029, respectively. These dates were previously agreed by way of the letter agreement, dated April 1, 2024, between the STB and MBS.
While the Company's current estimate is that construction will be complete June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.
The renovation of Towers 1 and 2 of Marina Bay Sands is now complete and has introduced world class suites and other luxury amenities at a cost of approximately $1.0 billion. The Company is continuing with the renovation of the Tower 3 hotel rooms into world class suites and other property changes at an estimated cost of approximately $750 million to be completed in phases during the first half of 2025. These renovations at Marina Bay Sands will result in a total of 1,844 rooms and suites upon completion and are substantially upgrading the overall guest experience for its premium customers, including new dining and retail experiences, and upgrading the casino floor including the introduction of tower gaming, among other things. These projects are in addition to the MBS Expansion Project.
New York
On June 2, 2023, the Company acquired the Nassau Veterans Memorial Coliseum (the “Nassau Coliseum”) from Nassau Live Center, LLC and related entities, which included the right to lease the underlying land from the County of Nassau in the State of New York. The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. There is no assurance the Company will be able to resolve certain matters associated with the right to lease the underlying land from Nassau County or to obtain such casino license. Refer to “Note 16 — Leases” for further details.
Other
The Company continues to evaluate current development projects in each of its markets and pursue new development opportunities globally.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Estimates are used for, but not limited to, income taxes, useful lives and impairment of property and equipment, valuation of acquired intangibles and goodwill, inventory valuation, collectability of receivables, and operating leases. These estimates and judgments are based on historical information, information currently available to the Company and on various other assumptions the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents consist of cash and short-term investments with original maturities of three months or less. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and include cash deposits, cash held in money market funds and U.S. Treasury Bills. U.S. Treasury Bills are held-to-maturity. Cash is considered restricted when withdrawal or general use is legally restricted. The Company determines current or noncurrent classification based on the expected duration of the restriction. The Company’s restricted cash and cash equivalents includes amounts held in a separate cash deposit account as collateral for a bank guarantee and other amounts contractually reserved for various items. The estimated fair value of the Company's cash equivalents is based on level 1 inputs (quoted market prices in active markets).
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts, money market accounts, cash deposits and U.S. Treasury Bills, the balances of which, at times, may exceed insured limits. The Company seeks to reduce exposure to cash and cash equivalents credit risk by placing such deposits with major financial institutions and monitoring their credit ratings.
Accounts Receivable and Credit Risk
Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino patrons following background checks and investigations of creditworthiness. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons residing in these countries.
Accounts receivable primarily consists of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the provision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change.
Inventories
Inventories consist primarily of food, beverage, retail products and operating supplies, which are stated at the lower of cost or net realizable value. Cost is determined by the weighted average and specific identification methods.
Loan Receivable
Loan receivables are carried at the outstanding principal amount. A provision for credit loss on loan receivables is established when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company determines this by considering several factors, including the credit risk and current financial condition of the borrower, the borrower’s ability to pay current obligations, historical trends and economic and market conditions. The Company performs a credit quality assessment on the loan receivable on a quarterly basis and reviews the need for an allowance under Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2016-13. The Company evaluates the extent and impact of any credit deterioration that could affect the performance and the value of the secured property, as well as the financial and operating capability of the borrower. The Company also evaluates and considers the overall economic environment, casino and hospitality industry and geographic sub-market in which the secured property is located.
Interest income is recorded on an accrual basis at the stated interest rate and is recorded in “Interest income” in the accompanying consolidated statements of operations.
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation and amortization, and accumulated impairment losses, if any. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
Land improvements, building and building improvements10to50years
Furniture, fixtures and equipment3to20years
Leasehold improvements3to15years
Transportation5to20years
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations, such as contractual life, and are periodically reviewed. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets.
Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations.
The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model.
Fixed assets are reviewed for impairment whenever indicators of impairment exist. Determining the recoverability of the Company's asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company's estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management's intentions may result in future changes to the recoverability of these asset groups.
Gaming Assets under the Macao Concession
As the Company continues to operate the Gaming Assets, as defined in “Note 7 — Property and Equipment, Net,” in the same manner as under the previous subconcession, obtain substantially all of the economic benefits and bear all of the risks arising from the use of these assets, as well as assumes VML will be successful in being awarded a new concession upon expiry of the current concession, the Company continues to recognize these Gaming Assets as property and equipment over their remaining estimated useful lives.
Leasehold Interests in Land
Leasehold interests in land represent payments for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements.
Goodwill
Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to an annual impairment test. The Company tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired. The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the estimated fair value exceeds its carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. However, if the fair value of the reporting unit is less than its carrying amount, a goodwill impairment is recorded equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill.
Intangible Assets other than Goodwill
The Company's intangible assets other than goodwill consist primarily of finite-lived intangible assets, including its Macao gaming concession and Singapore gaming license. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.
Leases
Management determines if a contract is, or contains, a lease at inception or modification of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.
Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.
The Company’s lease arrangements have lease and non-lease components. For leases in which the Company is the lessee, the Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets (primarily real estate). Leases in which the Company is the lessor are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.
Capitalized Interest and Internal Costs
Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company's outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period. During the years ended December 31, 2024, 2023 and 2022, the Company capitalized $14 million, $7 million and $4 million, respectively, of interest expense.
During the years ended December 31, 2024, 2023 and 2022, the Company capitalized approximately $56 million, $53 million and $42 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property and digital gaming software.
Deferred Financing Costs and Original Issue Discounts
Certain direct and incremental costs and discounts incurred in obtaining loans are capitalized and amortized to interest expense based on the terms of the related debt instruments using the effective interest method.
Revenue Recognition
Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, rental income from the Company’s mall tenants, convention sales and entertainment and ferry ticket sales. These contracts can be written, oral or implied by customary business practices.
Gross casino revenue is the aggregate of gaming wins and losses. The commissions rebated to gaming promoters and premium players for rolling play, cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to gross casino revenue. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Company’s loyalty programs.
For wagering contracts that include complimentary products and services provided by the Company to incentivize gaming, the Company allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Company's control and discretion, which are supplied by third parties, are recorded as an operating expense.
For wagering contracts that include products and services provided to a patron in exchange for points earned under the Company’s loyalty programs, the Company allocates the estimated fair value of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of loyalty program points for Company-owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Company from the third party in connection with this transaction are recorded to other revenue.
After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino revenue as soon as the wager is settled. As all wagers have similar characteristics, the Company accounts for its gaming contracts collectively on a portfolio basis versus an individual basis.
Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Convention revenues are recognized when the related service is rendered or the event is held. Deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred revenue until the revenue recognition criteria are met. Cancellation fees for convention contracts are recognized upon cancellation by the customer and are included in other revenues. Ferry and entertainment revenue recognition criteria are met at the completion of the ferry trip or event, respectively. Revenue from contracts with a combination of these services is allocated pro rata based on each service’s relative stand-alone selling price.
Revenue from leases is primarily recorded to mall revenue and is generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-line basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the threshold is met.
Contract and Contract Related Liabilities
The Company provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
The outstanding chip liability represents the collective amounts owed to patrons in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. The loyalty program liability represents a deferral of revenue until patron redemption of points earned. The loyalty program points are expected to be redeemed and recognized as revenue within one year of being earned. Customer deposits and other deferred revenue represent cash deposits made by customers for future services provided by the Company. With the exception of mall deposits, which typically extend beyond a year based on the terms of the lease, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded.
The following table summarizes the liability activity related to contracts with customers:
Outstanding Chip LiabilityLoyalty Program Liability
Customer Deposits and Other Deferred Revenue(1)
202420232024202320242023
(In millions)
Balance at January 1$135 $81 $45 $72 $690 $614 
Balance at December 31112 135 38 45 763 690 
Increase (decrease)$(23)$54 $(7)$(27)$73 $76 
____________________
(1)Of this amount, $175 million, $167 million and $149 million as of December 31, 2024 and 2023 and January 1, 2023, respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.
Gaming Taxes
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company's gaming revenue and are recorded as casino expense in the accompanying consolidated statements of operations. These taxes were $3.45 billion, $3.06 billion and $935 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Pre-Opening and Development Expenses
The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company's evaluation and pursuit of new business opportunities, which are also expensed as incurred.
Advertising Costs
Costs for advertising are expensed the first time the advertising takes place or as incurred. Advertising costs are included in "General and administrative" expenses in the accompanying consolidated statements of operations and were $34 million, $47 million and $29 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Corporate Expenses
Corporate expense represents payroll, travel, legal fees, professional fees and various other expenses not allocated or directly related to the Company's Integrated Resort operations and related ancillary operations.
Foreign Currency
The functional currency of most of the Company's foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income (loss).
Gains or losses from foreign currency remeasurements that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in “Other income (expense).”
Earnings (Loss) Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:
Year Ended December 31,
202420232022
(In millions)
Weighted average common shares outstanding (used in the calculation of basic earnings (loss) per share)735 763 764 
Potential dilution from stock options and restricted stock and stock units
2 2 — 
Weighted average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)737 765 764 
Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share10 6 15 
Stock-Based Compensation
Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee's requisite service period (generally the vesting period of the equity grant). The Company's stock-based compensation plans are more fully discussed in “Note 18 — Stock-Based Compensation.”
Income Taxes
The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with operating loss and tax credit carryforwards not expiring and tax planning strategies.
Management will reassess the realization of deferred tax assets at each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent the financial results of these operations improve and it becomes “more-likely-than-not” the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance in the period such determination is made as appropriate.
Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are transactions for which the ultimate tax determination is uncertain. The Company considers many
factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different.
Fair Value Measurements
Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company's assumptions based upon the best information available in the circumstances) by requiring the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Accounting for Derivative Instruments and Hedging Activities
Accounting standards require an entity to recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. If specific conditions are met, a derivative may be designated as a hedge of specific financial exposures. The accounting for changes in fair value of a derivative depends on the intended use of the derivative and, if used in hedging activities, on its effectiveness as a hedge. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must be designated as a hedge and must reduce the Company's exposure to market fluctuation throughout the hedge period. Additionally, the Company has elected to present derivative assets and liabilities with the same counterparty, where appropriate, on a net basis in the accompanying consolidated balance sheets.
Changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices, can impact the Company’s results of operations. The Company’s primary exposures to market risk are interest rate risk associated with debt and foreign currency exchange rate risk associated with the Company’s operations outside the United States. The Company has a policy aimed at managing interest rate risk associated with its current and anticipated future borrowings and foreign currency exchange rate risk associated with operations of its foreign subsidiaries. This policy enables the Company to use any combination of swaps, futures, options, caps, forward contracts and similar instruments. The Company does not hold or issue financial instruments for trading purposes and does not enter into derivative transactions that would be considered speculative positions.
Recent Accounting Pronouncements
The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.
New Pronouncements Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements primarily through expanded disclosures around significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted the new accounting pronouncement on January 1, 2024. The adoption of this guidance did not have an effect on the Company’s financial position, results of operations and cash flows. See “Note 20 — Segment Information” for additional disclosures.
New Pronouncements Issued
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning January 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is assessing the guidance, noting the adoption impacts disclosure only.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard
requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses, which includes purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is assessing the guidance, noting the adoption impacts disclosure only.
v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On February 23, 2022, the Company completed the sale of its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (the “Las Vegas Operations”), (the “Closing”), to VICI Properties L.P. (“PropCo”) and Pioneer OpCo, LLC (“OpCo”) for an aggregate purchase price of approximately $6.25 billion (the “Las Vegas Sale”). Under the terms of the agreements related to the Las Vegas Sale, OpCo acquired subsidiaries that hold the operating assets and liabilities of the Las Vegas Operations for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.20 billion in seller financing in the form of a six-year term loan credit and security agreement (the “Seller Financing Loan Agreement”) and PropCo acquired subsidiaries that hold the real estate and real estate-related assets of the Las Vegas Operations for approximately $4.0 billion in cash.
Upon the Closing, the Company received approximately $5.05 billion in cash proceeds, before transaction costs and working capital adjustments of $77 million, and recognized a gain on disposal of $3.60 billion, before income tax expense of $750 million, during the year ended December 31, 2022.
As there is no continuing involvement between the Company and the Las Vegas Operations, the Company accounted for the transaction as a sale of a business. The Company concluded the Las Vegas Operations met the criteria for held for sale and discontinued operations beginning in the first quarter of 2021. As a result, the Las Vegas Operations is presented in the accompanying consolidated statements of operations and cash flows as a discontinued operation for all periods presented. The Company reported the operating results and cash flows related to the Las Vegas Operations through February 22, 2022.
Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations.
Las Vegas Operations
The following table represents summarized income statement information of discontinued operations:
Year Ended December 31,
2022(1)
Revenues:
Casino$61 
Rooms78 
Food and beverage43 
Convention, retail and other46 
Net revenues228 
Resort operations expenses107 
Provision for credit losses3 
General and administrative55 
Operating income
63 
Interest expense(2)
Other expense
(3)
Income from operations of discontinued operations
58 
Gain on disposal of discontinued operations3,611 
Adjustment to gain on disposal of discontinued operations(2)
(9)
Income from discontinued operations, before income tax
3,660 
Income tax expense
(762)
Net income from discontinued operations presented in the statement of operations
$2,898 
Adjusted Property EBITDA$63 
__________________________
(1)    Includes the Las Vegas Operations financial results for the period from January 1, 2022 through February 22, 2022.
(2)    Primarily relates to the finalization of the working capital adjustment pursuant to the terms of the related agreements.
For the 53-day period ended February 22, 2022, the Company’s Las Vegas Operations were classified as a discontinued operation held for sale. The Company applied the intraperiod tax allocation rules to allocate the provision for income taxes between continuing operations and discontinued operations using the “with and without” approach. The Company calculated income tax expense from all financial statement components (continuing and discontinued operations), the “with” computation, and compared that to the income tax expense attributable to continuing operations, the “without” computation. The difference between the “with” and “without” computations was allocated to discontinued operations.
The Company’s effective income tax rate from discontinued operations was 20.8% for the year ended December 31, 2022. The income tax on discontinued operations reflects a 21% corporate income tax rate on the Company’s Las Vegas Operations. The cash income tax expense as if the discontinued operations was a standalone enterprise and a separate taxpayer was $804 million. The Company filed a U.S. consolidated income tax return inclusive of the discontinued operations, which allowed the income from discontinued operations to utilize net operating loss carryforwards and operating losses from continuing operations, U.S. foreign tax credits and charitable contribution carryforwards. During 2022, the Company made U.S. cash tax payments inclusive of the gain on sale of the Las Vegas Operations totaling $612 million.
v3.25.0.1
Loan Receivable
 12 Months Ended
Dec. 31, 2024
Loans and Leases Receivable Disclosure [Abstract]  
Loan Receivable Loan Receivable
Seller Financing Loan Agreement
On February 23, 2022, in conjunction with the Closing, the Company and the Loan Parties entered into the Seller Financing Loan Agreement. The Seller Financing Loan Agreement provides for a six-year senior secured term loan facility in an aggregate principal amount of $1.20 billion (the “Seller Loan”) at the date of the Closing. The Seller Loan is guaranteed by the Guarantors and secured by a first-priority lien on substantially all of the Loan Parties’ assets (subject to customary exceptions and limitations), including a leasehold mortgage from OpCo over certain real estate that was sold to PropCo at the Closing and leased by OpCo.
The Seller Loan bears interest at a rate equal to 1.50% per annum for the calendar years ended December 31, 2022 and 2023, and 4.25% per annum for each calendar year thereafter, and was subject to an increase of 1.00% per annum for any interest OpCo elected to pay by increasing the principal amount of the Seller Loan prior to January 1, 2024, and an increase of 1.50% per annum for any such election during the calendar year ended December 31, 2024. Any interest to be paid after December 31, 2024, will be paid in cash.
The Seller Financing Loan Agreement contains certain customary representations and warranties and covenants, subject to customary exceptions and thresholds. The Seller Financing Loan Agreement’s negative covenants restrict the ability of the Loan Parties and their subsidiaries to, among other things, (i) incur debt, (ii) create certain liens on their assets, (iii) dispose of their assets, (iv) make investments or restricted payments, including dividends, (v) merge, liquidate, dissolve, change their business or consolidate with other entities and (vi) enter into affiliate transactions.
The Seller Financing Loan Agreement also contains customary events of default, including payment defaults, cross defaults to material debt, bankruptcy and insolvency, breaches of covenants and inaccuracy of representations and warranties, subject to customary grace periods. Upon an event of default, the Company may declare any then-outstanding amounts due and payable and exercise other customary remedies available to a secured lender.
Based on the Company’s assessment of the credit quality of the loan receivable, the Company believes it will collect all contractual amounts due under the loan. Accordingly, no provision for credit losses on the loan receivable was established as of December 31, 2024.
Interest income is recorded on an accrual basis at the stated interest rate and is recorded in “Interest income” in the accompanying consolidated statements of operations. Interest income recognized on the loan was $70 million, $29 million and $21 million during the years ended December 31, 2024, 2023 and 2022, respectively, and OpCo elected payment-in-kind for a portion of this interest, thereby increasing the principal amount by $70 million, $29 million and $15 million for the years ended December 31, 2024, 2023 and 2022, respectively.
During the years ended December 31, 2024 and 2023, PropCo made no principal payments toward the Seller Financing Loan Agreement and during year ended December 31, 2022, paid a principal amount of $50 million
v3.25.0.1
Restricted Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Restricted Cash and Cash Equivalents Restricted Cash and Cash Equivalents
The Company’s restricted cash and cash equivalents includes amounts held in a separate cash deposit account as collateral for a bank guarantee, as further described below.
On December 7, 2022, as required by the Macao Concession, VML provided a bank guarantee in favor of the Macao government of 1.0 billion patacas (approximately $125 million at exchange rates as defined in the bank guarantee contract) to secure the fulfillment of
VML's performance of the statutory and contractual obligations under the Concession. As stipulated in the bank guarantee contract, a minimum amount of 1.0 billion patacas, or $125 million, is required to be held within a cash deposit account as collateral in order to secure the bank guarantee. Any amount in excess of the minimum amount can be withdrawn from the cash deposits. The bank guarantee will remain in effect until 180 days after the end of the term of the Concession or the rescission of the Concession and was classified as noncurrent restricted cash in the accompanying consolidated balance sheets.
v3.25.0.1
Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable consists of the following:
December 31,
20242023
(In millions)
Casino$462 $483 
Rooms28 33 
Mall63 126 
Other50 43 
603 685 
Less — provision for credit losses(186)(201)
$417 $484 
The following table shows the movement in the provision for credit losses recognized for accounts receivable that occurred during the period:
20242023
(In millions)
Balance at January 1$201 $217 
Current period provision for credit losses
19 4 
Write-offs
(31)(21)
Recoveries of receivables previously written-off
1 — 
Exchange rate impact
(4)1 
Balance at December 31$186 $201 
v3.25.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment consists of the following:
December 31,
20242023
(In millions)
Land and improvements$756 $593 
Building and improvements16,411 16,211 
Furniture, fixtures, equipment and leasehold improvements5,556 4,847 
Transportation476 504 
Construction in progress629 491 
23,828 22,646 
Less — accumulated depreciation and amortization
(11,835)(11,207)
$11,993 $11,439 
During the year ended December 31, 2024, the Company recognized a loss on disposal or impairment of assets of $50 million, including $32 million in Macao primarily related to $28 million in demolition and asset disposal costs driven by The Londoner Macao and The Venetian Macao, $9 million in Singapore primarily related to demolition costs and $9 million at corporate primarily due to the sale of an aircraft. The $27 million loss on disposal or impairment of assets for the year ended December 31, 2023, included $14 million in Singapore primarily related to demolition costs and $12 million in Macao primarily related to $8 million in asset disposals at The Parisian Macao, and $4 million related to demolition costs at The Londoner Macao and The Plaza Macao and Four Seasons Macao. The $9 million loss on disposal or impairment of assets for the year ended December 31, 2022, primarily related to $4 million in asset disposals related to aircraft parts and $3 million in asset disposals and demolition costs at The Londoner Macao, The Venetian Macao, Sands Macao and our corporate offices.
Depreciation and amortization expense was $1.24 billion, $1.14 billion and $1.01 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Leasehold Interests in Land, Net
 12 Months Ended
Dec. 31, 2024
Leasehold Interests In Land, Net [Abstract]  
Leasehold Interests in Land, Net Leasehold Interests in Land, Net
Leasehold interests in land consist of the following:
December 31,
20242023
(In millions)
Marina Bay Sands$1,969 $2,028 
The Londoner Macao290 290 
The Venetian Macao236 235 
The Plaza Macao and Four Seasons Macao
106 105 
The Parisian Macao88 88 
Sands Macao36 35 
Nassau Coliseum
— 154 
2,725 2,935 
Less — accumulated amortization(723)(686)
$2,002 $2,249 
The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease, which includes automatic extensions in Macao as discussed further below. Amortization expense of $60 million, $58 million and $55 million was included in "Amortization of leasehold interests in land" in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated future amortization expense over the expected terms of the Company's leasehold interests in land is approximately $55 million for each of the five years in the period ending December 31, 2029 and $1.87 billion thereafter at exchange rates in effect on December 31, 2024.
Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company anticipates a useful life of 50 years related to the land concessions in Macao. The Company has received land concessions from the Macao government to build on the sites on which Sands Macao, The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao and The Parisian Macao are located. The Company does not own these land sites in Macao; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, as well as make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government.
Land concessions in Singapore have an initial term of 60 years. The Company has received land concessions from the STB to build on the sites on which Marina Bay Sands and the future MBS Expansion Project are located. The Company does not own these land sites in Singapore; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company was required to prepay the premiums for each parcel. On January 8, 2025, MBS entered into the Second Supplemental Agreement whereby MBS committed to assume liability for the cost of the land premium associated with the Additional Gaming Area purchase as well as other adjustments to the land premiums resulting from the consequential changes to the allocations of gross floor area for the MBS Expansion Project since the first payment made in 2019. The additional payment due to the Singapore government related to the Additional Gaming Area and changes to the MBS Expansion Project gross floor area allocation is estimated to be approximately $1.0 billion, $850 million of which the Company expects will be due during the second quarter of 2025, with the remainder due in 2026.
In connection with the acquisition of the Nassau Coliseum, the Company entered into a land lease, which was accounted for as an operating lease as of December 31, 2023. In August 2024, the Company entered into a new lease for the land, which was accounted for as a modification and classified as a finance lease. The related right-of-use asset was recorded to "Property and equipment, net" in the accompanying consolidated balance sheets consistent with the Company's other finance leases. The amortization of the land lease has been included in "Amortization of leasehold interests in land" in the accompanying consolidated statements of operations for the years ended December 31, 2024 and 2023. Refer to “Note 16 — Leases” for additional details.
v3.25.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill and intangible assets consist of the following:
December 31,
20242023
(In millions)
Amortizable intangible assets:
Macao concession
$500 $497 
Marina Bay Sands gaming license52 54 
552 551 
Less — accumulated amortization(147)(81)
405 470 
Technology, software and other
38 25 
Total amortizable intangible assets, net
443 495 
Goodwill
102 103 
Total goodwill and intangible assets, net
$545 $598 
Amortization expense for all intangible assets was $68 million, $67 million and $17 million for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated future amortization expense for all intangible assets is approximately $56 million, $50 million, $50 million, $50 million and $50 million for the years ending December 31, 2025, 2026, 2027, 2028 and 2029, respectively, and $149 million thereafter.
Macao Concession
On December 16, 2022, the Macao government announced the award of six definitive gaming concessions, one of which was awarded to VML, and on January 1, 2023, VML entered into the 10-year Concession with the Macao government. Under the terms of the Concession, VML is required to pay the Macao government an annual gaming premium consisting of a fixed portion and a variable portion. The fixed portion of the premium is 30 million patacas (approximately $4 million at exchange rates in effect on December 31, 2024). The variable portion is 300,000 patacas per gaming table reserved exclusively for certain types of games or players, 150,000 patacas per gaming table not so reserved (the mass rate) and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,503, $18,751 and $125, respectively, at exchange rates in effect on December 31, 2024).
On December 30, 2022, VML and certain other subsidiaries of the Company, confirmed and agreed to revert certain gaming equipment and gaming areas to the Macao government without compensation and free of any liens or charges in accordance with, and upon the expiry of, VML’s subconcession. On the same day, VML and the Macao government entered into a handover record (the “Handover Record”) granting VML the right to operate the reverted gaming equipment and gaming areas for the duration of the Concession in consideration for the payment of an annual fee. The annual fee is calculated based on a price per square meter of reverted gaming area, being 750 patacas per square meter in the first three years and 2,500 patacas per square meter in the subsequent seven years (approximately $94 and $313, respectively, at exchange rates in effect on December 31, 2024). The price per square meter used to determine the annual fee will be adjusted annually based on Macao’s average price index of the corresponding preceding year. VML paid $13 million for each of the years ended December 31, 2024 and 2023. The annual fee is estimated to be $13 million for the next year, $42 million for each of the following four years and $127 million thereafter, subject to the aforementioned index adjustment.
On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $500 million at exchange rates in effect on December 31, 2024), representing the right to operate the gaming equipment and the gaming areas, the right to conduct games of chance in Macao and the unconditional obligation to make payments under the Concession. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Handover Record. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the maximum number of table games at the mass rate and the maximum number of gaming machines that VML is currently allowed to operate by the Macao government. In the accompanying consolidated balance sheets, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the period of the Concession, being ten years.
Marina Bay Sands Gaming License
In April 2022, the Company paid 72 million Singapore dollars ("SGD", approximately $53 million at exchange rates in effect at the time of the transaction) to the Singapore Gambling Regulatory Authority (the “GRA”) as part of the process to renew its gaming license at Marina Bay Sands. This license is being amortized over its term of three years, which expires in April 2025, and is renewable upon submitting an application, paying the applicable license fee and meeting the requirements as determined by the GRA. The Company has filed a renewal application and believes it meets the renewal requirements as determined by the GRA; however, no assurance can be given the license renewal will be granted or for what period of time it will be granted.
Nassau Coliseum
On June 2, 2023, the Company closed on its acquisition of the Nassau Coliseum, an entertainment arena in the State of New York. The Company paid an aggregate amount of $241 million, consisting of $221 million upon closing and a $20 million deposit made in 2022. The purchase of the Nassau Coliseum, which continues to operate following the closing of the sale, primarily included the fixed assets related to the arena and the right to lease the underlying land from the owner, the County of Nassau in the State of New York. This transaction resulted in the recognition of $92 million of goodwill. The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort. There is no assurance the Company will be able to obtain such a casino license.
v3.25.0.1
Other Accrued Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Other Accrued Liabilities Other Accrued Liabilities
Other accrued liabilities consist of the following:
December 31,
20242023
(In millions)
Customer deposits$608 $543 
Payroll and related382 370 
Taxes and licenses316 389 
Accrued interest payable193 184 
Outstanding chip liability112 135 
Other accruals374 327 
$1,985 $1,948 
v3.25.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
During the year ended December 31, 2021, the Company entered into a foreign currency swap agreement, which was designated as a hedge of the cash flows related to a portion of the $1.80 billion 5.125% Senior Notes. During the year ended December 31, 2024, the Company entered into additional foreign currency swap agreements, which were designated as hedges of the cash flows related to portions of the remaining SCL Senior Notes (together with the foreign currency swap agreement entered into in December 2021, the “FX Swaps”). The FX Swaps have a total notional value of $5.01 billion and expire in line with the maturity dates of the underlying SCL Senior Notes. The objective of these agreements is to manage the risk of changes in cash flows resulting from foreign currency gains/losses realized upon remeasurement of U.S. dollar denominated SCL Senior Notes by swapping a specified amount of Hong Kong dollars for U.S. dollars at the contractual spot rate.
As of December 31, 2024 and 2023, the total fair value of the FX Swaps is recorded as a liability in “Other long-term liabilities,” with the current portion recorded in “Other accrued liabilities,” in the accompanying consolidated balance sheets. Changes to the fair value of the FX Swaps, including the impact of the remeasurement of the portion of the SCL Senior Notes being hedged, were recognized in “Accumulated other comprehensive income (loss)” in the accompanying consolidated balance sheets and in “Cash flow hedge fair value adjustment” in the accompanying consolidated statements of comprehensive income (loss). The cash flow impact of the Company’s derivative instruments is included in operating activities in the accompanying consolidated statements of cash flows. Refer to “Note 15 — Fair Value Disclosures” for further details.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following:
December 31,
20242023
(In millions except face amounts)
Corporate and U.S. Related(1):
LVSC Senior Notes
$1.75 billion 3.200% Senior Notes due August 2024 (net of unamortized original issue discount and deferred financing costs of $2)
$— $1,748 
$500 million 2.900% Senior Notes due June 2025 (net of unamortized original issue discount and deferred financing costs of nil and $1, respectively)
500 499 
$1.0 billion 3.500% Senior Notes due August 2026 (net of unamortized original issue discount and deferred financing costs of $3 and $5, respectively)
997 995 
$750 million 5.900% Senior Notes due June 2027 (net of unamortized original issue discount and deferred financing costs of $5)
745 — 
$500 million 6.000% Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $5)
495 — 
$750 million 3.900% Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively)
745 744 
$500 million 6.200% Senior Notes due August 2034 (net of unamortized original issue discount and deferred financing costs of $5)
495 — 
Other(2)
115 — 
Macao Related(1):
SCL Senior Notes
$1.80 billion 5.125% Senior Notes due August 2025 (net of unamortized original issue discount and deferred financing costs of $1 and $4, respectively)
1,624 1,796 
$800 million 3.800% Senior Notes due January 2026 (net of unamortized original issue discount and deferred financing costs of $2 and $4, respectively)
798 796 
$700 million 2.300% Senior Notes due March 2027 (net of unamortized original issue discount and deferred financing cost of $3 and $5, respectively)
697 695 
$1.90 billion 5.400% Senior Notes due August 2028 (net of unamortized original issue discount and deferred financing costs of $9 and $11, respectively)
1,891 1,889 
$650 million 2.850% Senior Notes due March 2029 (net of unamortized original issue discount and deferred financing cost of $5)
645 645 
$700 million 4.375% Senior Notes due June 2030 (net of unamortized original issue discount and deferred financing costs of $6 and $7, respectively)
694 693 
$600 million 3.250% Senior Notes due August 2031 (net of unamortized original issue discount and deferred financing cost of $4 and $5, respectively)
596 595 
Other(2)
12 19 
Singapore Related(1):
2012 Singapore Term Facility (net of unamortized deferred financing costs of $12 and $24, respectively)
2,656 2,867 
Singapore Delayed Draw Term Facility
46 47 
Other(2)
1 1 
13,752 14,029 
Less — current maturities(3,160)(1,900)
Total debt
$10,592 $12,129 
____________________
(1)Unamortized deferred financing costs of $76 million and $59 million as of December 31, 2024 and 2023, respectively, related to the Company's revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying consolidated balance sheets.
(2)Includes finance leases related to the U.S., Macao and Singapore of $115 million, $12 million and $1 million as of December 31, 2024, respectively, and related to Macao of $18 million as of December 31, 2023.
Corporate and U.S. Related Debt
LVSC Senior Notes
The LVSC Senior Notes are senior unsecured obligations of LVSC. Each series of LVSC Senior Notes rank equally in right of payment with all of LVSC’s other unsecured and unsubordinated obligations, if any. None of LVSC’s subsidiaries guarantee the LVSC Senior Notes.
The LVSC Senior Notes were issued pursuant to an indenture, dated July 31, 2019, as amended with respect to each of the series of the LVSC Senior Notes (the “Indenture”), between LVSC and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. The Indenture contains covenants, subject to customary exceptions and qualifications, that limit the ability of LVSC and its subsidiaries to, among other things, incur liens, enter into sale and leaseback transactions and consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets on a consolidated basis. The Indenture also provides for customary events of default.
On May 16, 2024, LVSC issued, in an underwritten public offering, three series of senior unsecured notes in an aggregate principal amount of $1.75 billion, consisting of $750 million of 5.900% Senior Notes due June 1, 2027, $500 million of 6.000% Senior Notes due August 15, 2029, and $500 million of 6.200% Senior Notes due August 15, 2034. The net proceeds from the offering and cash on hand were used to redeem in full the outstanding principal amount of the $1.75 billion 3.200% Senior Notes and any accrued interest. As a result, the Company recorded a $1 million loss on early retirement of debt during the year ended December 31, 2024.
There are no interim principal payments on the LVSC Senior Notes and interest is payable semi-annually in arrears on each February 8 and August 8 with respect to the $750 million 3.900% Senior Notes, on each February 18 and August 18 with respect to the $1.0 billion 3.500% Senior Notes, and on each June 25 and December 25 with respect to the $500 million 2.900% Senior Notes. Interest is payable semi-annually in arrears on December 1 and June 1, commencing on December 1, 2024, with respect to the $750 million 5.900% Senior Notes and on February 15 and August 15, commencing on February 15, 2025, with respect to the $500 million 6.000% Senior Notes and the $500 million 6.200% Senior Notes.
The weighted average interest rate for the LVSC Senior Notes was 4.1%, 3.4% and 3.4% for the years ended December 31, 2024, 2023 and 2022, respectively.
LVSC Revolving Facility
On August 9, 2019, LVSC entered into a revolving credit agreement with the arrangers and lenders named therein and The Bank of Nova Scotia, as administrative agent for the lenders (the “LVSC Revolving Credit Agreement”), as amended, pursuant to which the lenders provided unsecured, revolving credit commitments to LVSC in an aggregate principal amount of $1.50 billion (the “LVSC Revolving Facility”), which was available until August 9, 2024, and included a $150 million sub-facility for letters of credit.
On April 3, 2024, LVSC entered into a new revolving credit agreement, as further described below, and upon entering into the new agreement, the LVSC Revolving Credit Agreement was terminated.
2024 LVSC Revolving Facility
On April 3, 2024, LVSC entered into a revolving credit agreement with the arrangers and lenders named therein and The Bank of Nova Scotia, as administrative agent for the lenders (the “2024 LVSC Revolving Credit Agreement”), pursuant to which the lenders provided unsecured, revolving credit commitments to LVSC in an aggregate principal amount of $1.50 billion (the “2024 LVSC Revolving Facility”), which are available until April 3, 2029, and include a $150 million sub-facility for letters of credit. LVSC may utilize the proceeds of the loans for general corporate purposes and working capital requirements of LVSC and its subsidiaries and any other purpose not prohibited by the 2024 LVSC Revolving Credit Agreement.
The loans made under the 2024 LVSC Revolving Credit Agreement will bear interest at either, at LVSC’s option, (x) an adjusted Secured Overnight Financing Rate (“SOFR”), plus an applicable margin ranging from 1.125% to 1.550% per annum, or (y) at an alternate base rate, plus an applicable margin ranging from 0.125% to 0.550% per annum, in each case, depending on LVSC’s corporate family credit rating. Under the 2024 LVSC Revolving Credit Agreement, LVSC must pay a commitment fee quarterly in arrears on the undrawn portion of the revolving commitments, which commitment fee ranges from 0.125% to 0.250% per annum, depending on LVSC’s corporate family credit rating.
The 2024 LVSC Revolving Credit Agreement contains customary affirmative and negative covenants, in each case, subject to customary exceptions and thresholds, including a financial covenant limiting LVSC and its Restricted Subsidiaries (as defined in the agreement) to a maximum consolidated net leverage ratio of 4.00x as of the last day of each fiscal quarter. The negative covenants
include, among other things, limitations on (i) the incurrence of liens on the assets of LVSC and its Restricted Subsidiaries, (ii) the incurrence of indebtedness by the Restricted Subsidiaries, (iii) the merger, consolidation or liquidation of LVSC or the sale of all or substantially all of LVSC’s assets and (iv) investments in subsidiaries of LVSC that are not Restricted Subsidiaries.
The 2024 LVSC Revolving Credit Agreement also contains customary events of default, including payment defaults, cross defaults to material debt, bankruptcy and insolvency, breaches of covenants and inaccuracy of representations and warranties, in each case subject to customary grace periods. In the case of a continuing event of default, the majority of lenders would be entitled to exercise various remedies, including the termination of any unused commitments and acceleration of any then-outstanding amounts due under the 2024 LVSC Revolving Credit Agreement.
As of December 31, 2024, the Company had $1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.
Macao Related Debt
SCL Senior Notes
The SCL Senior Notes are senior unsecured obligations of SCL. Each series of notes rank equally in right of payment with all of SCL’s existing and future senior unsecured debt and will rank senior in right of payment to all of SCL’s future subordinated debt, if any. The notes will be effectively subordinated in right of payment to all of SCL’s future secured debt (to the extent of the value of the collateral securing such debt) and will be structurally subordinated to all of the liabilities of SCL’s subsidiaries. None of SCL’s subsidiaries guarantee the notes.
The SCL Senior Notes were issued pursuant to indentures between SCL and U.S. Bank National Association, as trustee. Upon the occurrence of certain events described in these indentures, the interest rate on the SCL Senior Notes may be adjusted. The indentures contain covenants, subject to customary exceptions and qualifications, that limit the ability of SCL and its subsidiaries to, among other things, incur liens, enter into sale and leaseback transactions and consolidate, merge, sell or otherwise dispose of all or substantially all of SCL’s assets on a consolidated basis. The indentures also provide for customary events of default.
There are no interim principal payments on the SCL Senior Notes. Interest is payable semi-annually in arrears on each February 8 and August 8, with respect to the $1.80 billion 5.125% Senior Notes, the $1.90 billion 5.400% Senior Notes and the $600 million 3.250% Senior Notes. Interest is payable semi-annually in arrears on each January 8 and July 8, with respect to the $800 million 3.800% Senior Notes, and on June 18 and December 18, with respect to the $700 million 4.375% Senior Notes. Interest is payable semi-annually in arrears on each March 8 and September 8, with respect to the $700 million 2.300% Senior Notes and the $650 million 2.850% Senior Notes.
On February 16 and June 16, 2022, Standard & Poor’s (“S&P”) and Fitch, respectively, downgraded the credit rating for the Company and SCL to BB+. As a result of the downgrades, the coupon on each series of the outstanding SCL Senior Notes increased by 0.50% per annum, with a 0.25% per annum increase becoming effective on the first interest payment date after February 16, 2022 as it relates to the S&P downgrade and an additional 0.25% increase per annum after June 16, 2022 as it relates to the Fitch downgrade. The downgrade resulted in an increase of $30 million and $16 million in interest expense for the years ended December 31, 2023 and 2022, respectively. On July 26, 2023, S&P upgraded the credit rating for the Company and SCL to BBB-. On February 1, 2024, Fitch also upgraded the credit rating for the Company and SCL to BBB-. As a result of the upgrades, the coupon on each series of the outstanding SCL Senior Notes decreased by 0.25% per annum effective on the first interest payment date after July 26, 2023 as it relates to the S&P upgrade and 0.25% per annum effective on the first interest payment date after February 1, 2024, as it relates to the Fitch upgrade.
During the year ended December 31, 2024, SCL repurchased $175 million of the outstanding principal amount of the $1.80 billion 5.125% Senior Notes, resulting in a gain on early retirement of debt of approximately $1 million, and a remaining aggregate principal amount of $1.63 billion.
The weighted average interest rate for the SCL Senior Notes was 4.4%, 4.8% and 4.6% for the years ended December 31, 2024, 2023 and 2022, respectively.
2018 SCL Credit Facility
On November 20, 2018, SCL entered into a facility agreement with the arrangers and lenders named therein and Bank of China Limited, Macau Branch, as agent for the lenders (the “2018 SCL Credit Facility”), pursuant to which the lenders made available a $2.0 billion revolving unsecured credit facility to SCL (the “2018 SCL Revolving Facility”). SCL could draw loans under the facility, which would have consisted of general revolving loans (consisting of a United States dollar component and a Hong Kong dollar ("HKD") component) or loans drawn under a swing-line loan sub-facility (denominated in either United States dollars or HKDs). The facility, as amended, was available until July 31, 2025 and had increased the HKD commitments to HKD 17.63 billion (approximately $2.27 billion at exchange rates in effect on October 23, 2024) and U.S. dollar commitments to $237 million.
The weighted average interest rate for the 2018 SCL Credit Facility was 6.3% and 4.3% for the years ended December 31, 2023 and 2022, respectively.
On October 23, 2024, SCL entered into a new credit facility, as further described below, and upon entering into the new agreement, the 2018 SCL Credit Facility was terminated.
2024 SCL Credit Facility
On October 23, 2024, SCL entered into a new facility agreement (the “2024 SCL Credit Facility”) with the arrangers and lenders named therein and Bank of China Limited, Macau Branch, as agent for the lenders. The 2024 SCL Credit Facility provides for a 19.50 billion HKD (approximately $2.51 billion at exchange rates in effect on December 31, 2024) unsecured revolving credit facility (the “2024 SCL Revolving Facility”). SCL may draw revolving loans under the 2024 SCL Revolving Facility from time to time until September 24, 2029 (or if that day is not a business day in Hong Kong or Macao, the next business day), for general corporate and working capital requirements of SCL and its subsidiaries, subject to certain restrictions set forth in the 2024 SCL Credit Facility. The final maturity date of all loans drawn under the 2024 SCL Revolving Facility is October 23, 2029.
The 2024 SCL Credit Facility also makes available an HKD 12.95 billion (approximately $1.67 billion at exchange rates in effect on December 31, 2024) unsecured term loan facility (the “2024 SCL Term Loan Facility”). SCL may make a drawdown under the 2024 SCL Term Loan Facility at any time until August 31, 2025, for the purpose of repaying amounts outstanding under its unsecured $1.80 billion 5.125% Senior Notes. The final maturity date of such loan drawn under the 2024 SCL Term Loan Facility is the date falling on the fifth anniversary of the date on which such loan is drawn.
Loans under the 2024 SCL Credit Facility will bear interest calculated by reference to the Hong Kong interbank offered rate plus a margin that is, in the case of the 2024 SCL Revolving Facility, determined by reference to the consolidated leverage ratio as defined therein. The initial margin for revolving loans drawn under the 2024 SCL Revolving Facility is 2.50% per annum. The margin for the term loan drawn under the 2024 SCL Term Loan Facility is 1.65% per annum. SCL is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the 2024 SCL Credit Facility and other customary fees.
The 2024 SCL Credit Facility contains affirmative and negative covenants customary for similar unsecured financings, including, but not limited to, limitations on indebtedness secured by liens on principal properties, sale and leaseback transactions, dividend restrictions and restrictions on the repayment of the LVS term loan unless after such payments, SCL’s cash balance is not less than $250 million. The 2024 SCL Credit Facility also requires SCL to maintain a maximum ratio of total indebtedness to adjusted EBITDA of 4.00x throughout the life of the facility and a minimum ratio of adjusted EBITDA to net interest expense (including capitalized interest) of 2.50x throughout the life of the facility.
The 2024 SCL Credit Facility also contains certain events of default (some of which are subject to grace and remedy periods and materiality qualifiers), including, but not limited to, events relating to the gaming operations of SCL and its subsidiaries and the loss or termination of certain land concession contracts.
As of December 31, 2024, the Company had HKD 32.45 billion (approximately $4.18 billion at exchange rates in effect on December 31, 2024) of available borrowing capacity under the 2024 SCL Credit Facility, comprised of commitments of HKD 19.50 billion (approximately $2.51 billion at exchange rates in effect on December 31, 2024) under the 2024 SCL Revolving Facility and HKD 12.95 billion (approximately $1.67 billion at exchange rates in effect on December 31, 2024) under the 2024 SCL Term Loan Facility.
Singapore Related Debt
2012 Singapore Credit Facility
In June 2012, MBS entered into a credit agreement (the “2012 Singapore Credit Facility”), providing for a fully funded term loan (the “2012 Singapore Term Facility”) and a revolving facility (the “2012 Singapore Revolving Facility”), which included an ancillary facility (the “2012 Singapore Ancillary Facility”).
During March 2018, MBS amended its 2012 Singapore Credit Facility, which refinanced the facility in an aggregate amount of SGD 4.80 billion (approximately $3.53 billion at exchange rates in effect on December 31, 2024).
On August 30, 2019, MBS amended and restated its 2012 Singapore Credit Facility (the “Amendment and Restatement Agreement”). The Amendment and Restatement Agreement extended (a) the maturity date of the term loans under the 2012 Singapore Term Facility to August 31, 2026, and (b) the termination date of the revolving credit commitments under the 2012 Singapore Revolving Facility to February 27, 2026, and also increased the principal amount of revolving credit commitments by an additional SGD 250 million (approximately $184 million at exchange rates in effect on December 31, 2024) for a total aggregate principal amount of SGD 750 million (approximately $551 million at exchange rates in effect on December 31, 2024).
Under the Amendment and Restatement Agreement, certain lenders committed to provide a new delayed draw term loan facility (the “Singapore Delayed Draw Term Facility”) in an aggregate principal amount of SGD 3.75 billion (approximately $2.76 billion at exchange rates in effect on December 31, 2024), which was available to MBS until December 30, 2024, to finance costs associated with the MBS Expansion Project. The loans borrowed under the Singapore Delayed Draw Term Facility will mature on August 31, 2026.
The indebtedness under the 2012 Singapore Credit Facility is collateralized by a first-priority security interest in substantially all of MBS's assets, other than capital stock and similar ownership interests, certain furniture, fixtures and equipment and certain other excluded assets.
The term loans under the 2012 Singapore Term Facility are subject to interim quarterly amortization payments, beginning with the fiscal quarter ended December 31, 2019, in an amount equal to (i) until and including the fiscal quarter ending September 30, 2024, 0.5% of the principal amount outstanding on June 30, 2019 (the “Term Facility Restatement Date”), (ii) for the fiscal quarter ending December 31, 2024, 3.0% of the principal amount outstanding on the Term Facility Restatement Date, (iii) for the fiscal quarters ending March 31, 2025 through September 30, 2025, 5.0% of the principal amount outstanding on the Term Facility Restatement Date, and (iv) for the fiscal quarters ending December 31, 2025 through June 30, 2026, 18.0% of the principal amount outstanding on the Term Facility Restatement Date. On the maturity date of August 31, 2026, MBS is required to repay all remaining amounts outstanding on the 2012 Singapore Term Facility.
Loans under the Singapore Delayed Draw Term Facility are subject to interim quarterly amortization payments, beginning with the fiscal quarter ending March 31, 2025, in an amount equal to (i) until and including the fiscal quarter ending September 30, 2025, 5.0% of the principal amount outstanding on December 30, 2024 (the “Delayed Draw Term Facility Restatement Date”), and (ii) for each fiscal quarter from December 31, 2025, until and including June 30, 2026, 18.0% of the principal amount outstanding on the Delayed Draw Term Facility Restatement Date. On the maturity date of August 31, 2026, MBS is required to repay all remaining amounts outstanding on the Singapore Delayed Draw Term Facility.
Under the Amendment and Restatement Agreement, MBS must comply with a maximum consolidated leverage ratio of 4.50x on the last day of each fiscal quarter from August 30, 2019, until twelve months following the date on which a temporary occupation permit is issued with respect to the MBS Expansion Project. Thereafter, MBS must comply with a maximum consolidated leverage ratio of 4.00x as of the last day of each fiscal quarter through maturity.
On February 9, 2022, MBS entered into an additional amendment (the “Additional Amendment Agreement”) with DBS Bank Ltd., as agent and security trustee. Under the Additional Amendment Agreement, outstanding loans bear interest at the Singapore Overnight Rate Average (“SORA”) with a credit spread adjustment of 0.19% per annum, plus an applicable margin ranging from 1.15% to 1.85% per annum, based on MBS’s consolidated leverage ratio (estimated interest rate set at approximately 4.43% as of December 31, 2024). MBS pays a standby commitment fee of 35% to 40% of the spread per annum on all undrawn amounts under the 2012 Singapore Revolving Facility. The weighted average interest rate for the 2012 Singapore Credit Facility was 4.9%, 5.3% and 3.5% for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, MBS had SGD 588 million (approximately $433 million at exchange rates in effect on December 31, 2024) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee in connection with the MBS Expansion Project for SGD 153 million (approximately $113 million at exchange rates in effect on December 31, 2024).
Debt Covenant Compliance
As of December 31, 2024, management believes the Company was in compliance with all debt covenants.
Cash Flows from Financing Activities
Cash flows from financing activities related to debt and finance lease obligations are as follows:
Year Ended December 31,
202420232022
(In millions)
Proceeds from LVSC Senior Notes$1,748 $— $— 
Proceeds from 2018 SCL Credit Facility— — 1,200 
$1,748 $— $1,200 
Repayment on LVSC Senior Notes
$(1,750)$— $— 
Repurchase of SCL Senior Notes
(174)— — 
Repayments on 2018 SCL Credit Facility— (1,948)— 
Repayments on 2012 Singapore Credit Facility(139)(62)(60)
Repayments on Other Debt
(11)(59)(6)
$(2,074)$(2,069)$(66)
Scheduled Maturities of Debt
Maturities of debt outstanding (excluding finance leases) as of December 31, 2024, are summarized as follows:
Debt
(In millions)
2025$3,152 
20263,487 
20271,450 
20281,900 
20291,900 
Thereafter1,800 
Total$13,689 
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity Equity
Preferred Stock
The Company is authorized to issue up to 50,000,000 shares of preferred stock. The Company's Board of Directors is authorized, subject to limitations prescribed by Nevada law and the Company's articles of incorporation, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The Company's Board of Directors also is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders.
Common Stock
Dividends
In April 2020, the Company suspended the quarterly dividend program due to the impact of the COVID-19 pandemic and in August 2023, the dividend program was reinstated.
On February 14, May 15, August 14 and November 13, 2024, the Company paid a dividend of $0.20 per common share as part of a regular cash dividend program. During the year ended December 31, 2024, the Company recorded $591 million as a distribution against retained earnings.
On August 16 and November 15, 2023, the Company paid a dividend of $0.20 per common share as part of a regular cash dividend program. During the year ended December 31, 2023, the Company recorded $305 million as a distribution against retained earnings.
In January 2025, the Company's Board of Directors declared a quarterly dividend of $0.25 per common share (a total estimated to be approximately $179 million) to be paid on February 19, 2025, to stockholders of record on February 10, 2025.
Share Repurchases
In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which was to expire on November 2, 2018. In June 2018, the Company's Board of Directors authorized increasing the remaining repurchase amount of $1.11 billion to $2.50 billion of its outstanding common stock, which was to expire in November 2020. In October 2020, the Company's Board of Directors authorized the extension of the expiration date of the remaining repurchase amount of $916 million to November 2022, and in October 2022, the Company’s Board of Directors authorized the further extension of the expiration date of the remaining repurchase amount of $916 million to November 2024. On October 16, 2023, the Company’s Board of Directors authorized increasing the remaining share repurchase amount of $916 million to $2.0 billion and extending the expiration date from November 2024 to November 3, 2025. On October 22, 2024, the Company’s Board of Directors authorized increasing the remaining share repurchase amount from $195 million to $2.0 billion and extending the share repurchase program’s expiration date to November 3, 2026.
During the years ended December 31, 2024 and 2023, the Company repurchased 37,552,614 shares of its common stock for $1.77 billion (including $1 million in commissions and $17 million in excise tax) and 11,121,497 shares of its common stock for $510 million (including commissions and $5 million in excise tax) under the Company's current program, respectively. During the year ended December 31, 2022, no shares of its common stock were repurchased.
Included in the 11,121,497 shares for 2023 mentioned above, 5,783,021 shares were purchased pursuant to an underwriting agreement with Dr. Miriam Adelson and the Miriam Adelson Trust and several underwriters, in which the Company repurchased the shares from the underwriters at a price per share equal to the public offering price, less underwriting discounts and commissions. Refer to “Note 19 — Related Party Transactions.”
As part of the current share repurchase program, the Company can utilize capped call transactions as a method to repurchase shares. These capped call transactions can result in either the receipt of shares or the return of the initial cash investment plus a cash premium, dependent on the Company’s share price relative to the cap price on the expiration date. The capped call option contracts are not considered derivative instruments as the contracts are indexed to the Company’s common stock and are therefore classified within stockholders’ equity. Upon execution of the contract, the amount of cash paid up front is recorded as a reduction to capital in excess of par value. Upon settlement, shares acquired through the exercise of the call options are included in treasury stock, or the return of the initial cash investment plus any cash premiums earned are recorded as an increase to capital in excess of par value.
On September 5, 2024, the Company entered into a capped call option contract (the “September Capped Call”), pursuant to which the Company purchased capped call options on 1,336,210 shares of the Company’s common stock with a $0 strike price and a cap price of $39.02. The September Capped Call expired on October 31, 2024, and resulted in the return of the initial cash investment plus a cash premium. On December 11, 2024, the Company entered into a new capped call option contract (the “December Capped Call”) pursuant to which the Company purchased capped call options on 993,240 shares of the Company’s common stock with a $0 strike price and a cap price of $53.54. The December Capped Call expires on February 7, 2025. As of December 31, 2024, the $51 million payment to purchase the December Capped Call is included as a reduction to capital in excess of par value in the accompanying consolidated statement of equity.
All share repurchases of the Company's common stock have been recorded as treasury stock in the accompanying consolidated balance sheets. 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, method 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.
Rollforward of Shares of Common Stock
A summary of the outstanding shares of common stock is as follows:
Balance as of January 1, 2022763,989,752 
Issuance of restricted stock
46,448 
Vesting of restricted stock units
211,083 
Balance as of December 31, 2022764,247,283 
Exercise of stock options77,856 
Issuance of restricted stock
17,166 
Vesting of restricted stock units
233,654 
Forfeiture of restricted stock
(5,806)
Repurchase of common stock(11,121,497)
Balance as of December 31, 2023753,448,656 
Exercise of stock options20,000 
Issuance of restricted stock4,019 
Vesting of restricted stock units379,840 
Repurchase of common stock(37,552,614)
Balance as of December 31, 2024716,299,901 
Noncontrolling Interest in SCL
Noncontrolling Interests in SCL
Dividends
Subsequent to the February 21, 2020 dividend payment, SCL suspended its dividend payments as a result of the COVID-19 pandemic. SCL will assess the resumption of the dividend program at a time deemed appropriate after taking into account all facts and circumstances.
Purchases of Noncontrolling Interest
On December 5, 2023, the Company’s wholly owned subsidiary, Venetian Venture Development II (“VVDI II”), entered into a Master Confirmation (the “2023 Master Confirmation”) and Supplemental Confirmation (collectively, the “December 2023 Forward Purchase Agreement”) with a financial institution (the “Dealer”) relating to the purchase of the common stock of SCL (the “December 2023 Forward Purchase Transaction”). Pursuant to the terms of the December 2023 Forward Purchase Agreement, VVDI II made an up-front payment of HKD 1.95 billion (approximately $250 million at exchange rates as of the date of the transaction) to the Dealer on December 6, 2023 (the “Maximum Notional Amount”), and the Dealer agreed to deliver to VVDI II shares of SCL’s common stock in an amount up to the Maximum Notional Amount upon completion. The Maximum Notional Amount was subject to reduction to the extent the share price of SCL’s common stock exceeded a cap amount set forth in the December 2023 Forward Purchase Agreement (the “Cap Amount”).
The December 2023 Forward Purchase Agreement contained provisions, whereby any unused portion of the Maximum Notional Amount by the Dealer be returned to VVDI II in the form of cash or be used to purchase additional shares of SCL’s common stock in open market transactions, at VVDI II's election.
On April 16, 2024, the Dealer exercised its acceleration option under the December 2023 Forward Purchase Agreement and, on April 18, 2024, delivered 90,467,099 shares of SCL common stock to the Company, representing an average price of HKD 21.57 per share.
On September 9, 2024, VVDI II entered into a supplemental confirmation to the 2023 Master Confirmation (the “September 2024 Forward Purchase Agreement”) with the Dealer relating to the purchase of the common stock of SCL (the “September 2024 Forward Purchase Transaction”). Pursuant to the terms of the September 2024 Forward Purchase Agreement, VVDI II made an up-front payment of HKD 800 million (approximately $103 million at exchange rates as of the date of the transaction) to the Dealer on September 9, 2024 (the “September 2024 Maximum Notional Amount”). The September 2024 Forward Purchase Transaction was completed on its scheduled end date of October 22, 2024, and on October 28, 2024, the Dealer delivered 23,413,651 shares of SCL common stock to the Company, representing an average price of HKD 14.64 per share. Due to the SCL share price exceeding the cap amount (as defined) during the term of the September 2024 Forward Purchase Transaction, approximately $59 million in unused portions of the September 2024 Maximum Notional Amount was returned to VVDI II in the form of cash.
The number of shares actually delivered to the Company by the Dealer was based on the volume-weighted average share price (the "VWAP") of SCL’s common stock during the term of the December 2023 and the September 2024 Forward Purchase Transaction, subject to the Cap Amount, less an agreed discount.
On October 30, 2024, VVDI II entered into a share purchase agreement (the “October 2024 SCL Purchase Agreement”) with a financial institution (the “Agent”) relating to the purchase of the common stock of SCL. Pursuant to the terms of the October 2024 SCL Purchase Agreement, VVDI II made an up-front payment of HKD 800 million (approximately $103 million at exchange rates as of the date of the transaction) to the Agent on October 30, 2024. The October 2024 SCL Purchase Agreement, which allowed for delivery of shares on a daily basis, concluded on November 26, 2024, and resulted in the delivery of 40,568,000 shares in total of SCL common stock to the Company, representing an average price of HKD 19.72 per share.
Prepayment to Purchase Noncontrolling Interest
On December 4, 2024, VVDI II entered into an additional share purchase agreement (the “December 2024 SCL Purchase Agreement”) with the Agent relating to the purchase of the common stock of SCL. Pursuant to the terms of the December 2024 SCL Purchase Agreement, VVDI II made an up-front payment of HKD 800 million (approximately $103 million at exchange rates as of the date of the transaction) to the Agent on December 4, 2024. The December 2024 SCL Purchase Agreement, which allowed for delivery of shares on a daily basis, concluded on January 7, 2025, and resulted in the delivery of 38,678,639 shares of SCL common stock to the Company, consisting of 25,112,000 shares received upon inception through December 31, 2024 and 13,566,639 shares received from January 1 through January 7, 2025, respectively, representing a total average daily price of HKD 20.68 per share.
The number of shares actually delivered to the Company by the Agent was based on the price paid by the Agent for SCL common stock delivered to the Company during the term of the October 2024 and the December 2024 Purchase Transaction subject to the Cap Amount, less an agreed percentage of the benefit that the Agent was able to realize compared to the VWAP of SCL’s common stock.
The total additional shares delivered related to the above transactions resulted in an increase of the Company’s ownership of SCL to approximately 72.13% as of December 31, 2024, and 72.29% as of January 7, 2025.
Once the up-front payments were made related to all the transactions above, VVDI II had no further obligation to provide any additional consideration to the Dealer or Agent. The Company accounted for each of the various purchase agreements as a hybrid instrument consisting of a host contract, with the prepayment amount accounted for as a reduction to equity, and an embedded derivative with nominal fair value. As the embedded derivatives had a nominal fair value, no derivative was recorded.
Transfer from Noncontrolling Interest
The following table summarizes the net income attributable to LVSC and transfers from the noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:
Year Ended December 31,
202420232022
(In millions)
Net income attributable to LVSC$1,446 $1,221 $1,832 
Transfer from noncontrolling interest:
Increase in LVSC’s paid-in-capital for purchase of subsidiary shares
12 — — 
Changes from net income attributable to LVSC and transfers from noncontrolling interest$1,458 $1,221 $1,832 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes and noncontrolling interests for domestic and foreign operations is as follows:
Year Ended December 31,
202420232022
(In millions)
Foreign$2,129 $1,889 $(1,090)
Domestic(169)(114)(297)
Total income (loss) from continuing operations before income taxes
$1,960 $1,775 $(1,387)
The components of the income tax expense from continuing operations are as follows:
Year Ended December 31,
202420232022
(In millions)
Foreign:
Current$181 $261 $136 
Deferred6 32 (21)
Federal:
Current23 39 20 
Deferred(2)12 19 
Total income tax expense
$208 $344 $154 
The reconciliation of the statutory federal income tax rate and the Company's effective tax rate for continuing operations is as follows:
Year Ended December 31,
202420232022
Statutory federal income tax rate21.0 %21.0 %(21.0)%
Increase (decrease) in tax rate resulting from:
Foreign and U.S. tax rate differential(7.1)%(6.5)%9.0 %
Tax exempt (income) loss of foreign subsidiary
(10.7)%(4.2)%4.5 %
Change in valuation allowance3.3 %4.0 %15.8 %
Other, net4.1 %5.1 %2.8 %
Effective tax rate10.6 %19.4 %11.1 %
The Company's foreign and U.S. tax rate differential reflects the fact that the U.S. tax rate of 21% is higher than the statutory tax rates in Singapore and Macao of 17% and 12%, respectively.
The Company enjoys an income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through December 31, 2027. Net income attributable to LVSC would have been reduced by $129 million and $46 million and diluted earnings per share would have been reduced by $0.17 and $0.06 per share for the years ended December 31, 2024 and 2023, respectively, without the consideration of the income tax exemption in Macao. The VML gaming losses incurred during 2022 did not generate a tax benefit because they were not subject to tax. In September 2013, the Company and the Internal Revenue Service entered into a Pre-Filing Agreement providing the Macao special gaming tax (35% of gross gaming revenue) qualifies as a tax paid in lieu of an income tax and could be claimed as a U.S. foreign tax credit.
On February 7, 2024, the Company entered into a shareholder dividend tax agreement with the Macao government, effective for the period from January 1, 2023 through December 31, 2025, providing for an annual payment at an applicable rate of gross gaming revenue as a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits. For the year ended December 31, 2023, income tax expense included an anticipated $57 million shareholder dividend tax based on the information available at the balance sheet date. During the three months ended March 31, 2024, the Company reversed the $57 million of income tax expense and recorded $10 million to corporate expense related to the year ended December 31, 2023, to reflect the terms of the new shareholder dividend tax agreement.
The primary tax affected components of the Company's net deferred tax liabilities are as follows:
December 31,
20242023
(In millions)
Deferred tax assets:
U.S. foreign tax credit carryforwards$2,531 $3,575 
Net operating loss carryforwards320 401 
Research and development29 22 
Stock-based compensation9 18 
Accrued expenses14 12 
Pre-opening expenses21 5 
Provision for credit losses1 1 
Other2 3 
2,927 4,037 
Less — valuation allowances(2,776)(3,879)
Total deferred tax assets151 158 
Deferred tax liabilities:
Property and equipment(213)(219)
Prepaid expenses(2)(2)
Other(2)(3)
Total deferred tax liabilities(217)(224)
Deferred tax liabilities, net
$(66)$(66)
The Company's U.S. foreign tax credit carryforwards were $2.57 billion and $3.61 billion as of December 31, 2024 and 2023, respectively, which expire beginning in 2025 and 2024, respectively. There was a valuation allowance of $2.46 billion and $3.49 billion as of December 31, 2024 and 2023, respectively, provided on certain U.S. foreign tax credit carryforwards, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition. Net operating loss carryforwards for the Company's foreign subsidiaries were $2.59 billion and $3.28 billion as of December 31, 2024 and 2023, respectively, which expire beginning in 2025 and 2024, respectively. There are valuation allowances of $314 million and $394 million as of December 31, 2024 and 2023, respectively, provided on the net deferred tax assets of certain foreign jurisdictions, as the Company believes these assets do not meet the “more-likely-than-not” criteria for recognition.
Undistributed earnings of subsidiaries are accounted for as a temporary difference, except deferred tax liabilities are not recorded for undistributed earnings of foreign subsidiaries deemed to be indefinitely reinvested in foreign jurisdictions. The Company does not consider current year's tax earnings and profits of its foreign subsidiaries to be indefinitely reinvested. Beginning with the year ended December 31, 2015, the Company's major foreign subsidiaries distributed, and may continue to distribute, earnings in excess of their current year's tax earnings and profits in order to meet the Company's liquidity needs. To the extent the Company has indefinitely reinvested earnings in foreign jurisdictions, it does not expect withholding taxes or other foreign income taxes to apply should these earnings be distributed in the form of dividends or otherwise.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows:
December 31,
202420232022
(In millions)
Balance at the beginning of the year$141 $136 $136 
Reductions to tax positions related to prior years— (3)(15)
Additions to tax positions related to current year8 8 15 
Exchange rate fluctuations(1)— — 
Balance at the end of the year(1)
$148 $141 $136 
____________________
(1)Includes interest and penalties of $25 million, $19 million and $13 million accrued as of December 31, 2024, 2023 and 2022, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax positions in the provision for income taxes in the accompanying consolidated statement of operations.
As of December 31, 2024, 2023 and 2022, unrecognized tax benefits of $38 million, $36 million and $36 million, respectively, were recorded as reductions to the U.S. foreign tax credit deferred tax asset. As of December 31, 2024, 2023 and 2022, unrecognized tax benefits and related interest and penalties of $110 million, $105 million and $100 million, respectively, were recorded in “Other long-term liabilities.”
Included in the unrecognized tax benefit balance as of December 31, 2024, 2023 and 2022, are $123 million, $122 million and $122 million, respectively, of uncertain tax benefits that would affect the effective income tax rate if recognized.
The Company's major tax jurisdictions are the U.S., Macao and Singapore. The Company could be subject to examination for tax years beginning in 2020 in Macao and Singapore and tax years 2010 through 2015 and 2020 through 2023 in the U.S. The Company believes it has adequately reserved and provided for its uncertain tax positions; however, there is no assurance the taxing authorities will not propose adjustments that are different from the Company's expected outcome, and it could impact the provision for income taxes. The Company does not expect a significant increase or decrease in unrecognized tax benefits over the next twelve months.
v3.25.0.1
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of December 31, 2024 and 2023, using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The table excludes cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
December 31, 2024
Hierarchy Level
Carrying Amount(1)
Level 1
Level 2
(in millions)
Assets:
Cash equivalents
Cash deposits
$2,294 $2,294 
Money market funds
72 72 
U.S. Treasury Bills465 465 
Loan Receivable(2)
1,264 $1,192 
Liabilities:
Debt(3)(4)
13,689 13,353 
Cross-currency swaps(3)
56 56 
December 31, 2023
Hierarchy Level
Carrying Amount(1)
Level 1
Level 2
(in millions)
Assets:
Cash equivalents
Cash deposits
$2,153 $2,153 
Money market funds
52 52 
U.S. Treasury Bills1,124 1,124 
Loan Receivable(2)
1,194 $1,130 
Liabilities:
Debt(3)(4)
14,090 13,526 
Cross-currency swaps(3)
3 3 
__________________
(1)The cross-currency swaps are accounted for at fair value in the accompanying consolidated financial statements. The other items included in this table are not accounted for at fair value.
(2)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
(3)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
(4)The carrying amount of debt is exclusive of finance leases and represents its contractual value.
As of December 31, 2024 and 2023, the amounts of the Company's other assets and liabilities that were accounted for at fair value were immaterial.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Lessee
The Company has operating and finance leases for various real estate (including leasehold interests in land) and equipment. Certain of these lease agreements include rental payments adjusted periodically for inflation, rental payments based on usage and rental payments contingent on certain events occurring. Certain of the Company’s leases include options to extend the lease term by one month to 10 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Nassau Coliseum
In conjunction with the Nassau Coliseum Transaction, the seller assigned to the Company their lease of the land on which the related assets, including the Nassau Coliseum and other improvements, are affixed (the “Original Lease”). Immediately following this assignment, the Company entered into a new land lease agreement with the County, for the use and exclusive right to develop and operate assets on the land for 99 years (the “99-Year Lease”), which commenced on June 2, 2023.
On April 18, 2023, Hofstra University (“Hofstra”) filed a petition against the Nassau County Planning Commission (the “Planning Commission”) in the New York Supreme Court, County of Nassau, asserting, among other things, that certain meetings held by the Planning Commission concerning the 99-Year Lease and certain related transactions were not properly noticed and/or held, and that appropriate materials concerning the meetings were not made available to the public by the Planning Commission in connection with the meetings. On May 31, 2023, Hofstra filed an amended petition that, among other things, added additional respondents and sought to invalidate certain votes held by Nassau County and the Nassau County Legislature. Neither the petition nor the amended petition originally named the Company as a respondent to the proceeding.
In a decision and order dated November 9, 2023, the New York Supreme Court annulled various votes held by the Nassau County Legislature, annulled the 99-Year Lease and remitted the matter to the Planning Commission and the Nassau County Legislature to conduct a proper public hearing in accordance with all relevant statutes and rules, including the Nassau County Administrative Code and the Open Meetings law and for the issuance of a positive declaration pursuant to the New York State Environmental Quality Review Act and for the preparation of an Environmental Impact Statement. On November 10, 2023, the respondents appealed the decision and order and on November 21, 2023, Hofstra cross-appealed. On December 13, 2023, the Appellate Division: Second Judicial Department denied respondents’ motion to stay enforcement of the decision and order pending the appeal, but granted a calendar preference, indicating that the appeal will be calendared expeditiously after all briefs have been filed. With the annulment of the 99-Year Lease noted above, the Company believed it had become the lessee in the Original Lease. This was accounted for as a lease modification on December 14, 2023. Prior to the annulment of the 99-Year Lease, the Company made the required lease payments, including a one-time rent payment of $54 million. On January 29, 2024, Hofstra filed a motion seeking a declaration that the Court’s prior order included the annulment of Nassau County’s consent and the putative assignment to the Company of the Original Lease.
On February 23, 2024, the New York State Supreme Court ruled the Original Lease had been terminated and the Company currently had no leasehold interest in the land upon which the Nassau Coliseum sits. On February 27, 2024, the respondents appealed the decision, order and interlocutory judgment. On March 29, 2024, the Appellate Division: Second Judicial Department denied respondents’ motion to stay enforcement of the decision, order and interlocutory judgment. Subsequent to this order, the Company entered into a use and occupancy permit (the “Permit”) with Nassau County to allow the Company to continue operating the Nassau Coliseum for a nominal $1 fee. The Company considered the accounting guidance under ASC 842 and determined the Permit meets the definition of a lease as it conveys the right to control the use of the associated assets for a specified period of time. Consequently, the Original Lease was deemed to be modified, maintaining the operating lease classification. The Nassau County respondents appeal of the February 2024 decision and order remains pending.
On August 16, 2024, the Company entered into a lease agreement with Nassau County for the use and exclusive right to operate assets on approximately 72 acres of land, including the Nassau Coliseum and other improvements thereon (the “42-Year Lease”), which has a 42-year lease term (inclusive of three 5-year extensions). The Company is required to make annual rent payments in the amounts and at the times specified in the 42-Year Lease. As of December 31, 2024, the related ROU asset and finance lease liability were $161 million and $115 million, respectively.
In the accompanying consolidated balance sheets, the 42-Year Lease ROU asset is included in “Property and equipment, net” and the noncurrent portion of the related finance lease liability is included in “Debt.”
The future minimum lease payments are $1 million for each of the years ending December 31, 2025 and 2026, $3 million for the year ending December 31, 2027, $6 million for each of the years ending December 31, 2028 and 2029, and $332 million thereafter.
On October 23, 2024, the Appellate Division: Second Judicial Department issued a decision and order reversing the New York Supreme Court’s November 9, 2023 decision and order annulling the 99-Year Lease. The Second Judicial Department held that because
the Company was a party to the 99-Year Lease that was annulled, the Company is a necessary party to the action, and remitted the matter to the New York State Supreme Court to the Company as a respondent to the proceeding. On November 13, 2024, the New York State Supreme Court directed the Clerk of Court to add the Company to the proceeding as a respondent and amended the case caption. The Company filed a motion to dismiss the amended petition on January 17, 2025.
On December 6, 2024, the Incorporated Village of Garden City (“Garden City”) filed a petition in the New York Supreme Court, County of Nassau, which, among other things, challenges the validity of the 42-Year Lease. The Garden City petition names the Company as a respondent, along with several Nassau County governmental entities, including the Planning Commission, Nassau County Planning Division, Nassau County Real Estate Planning and Development Department, Nassau County Legislature, Nassau County Open Space and Parks Advisory Committee, and Nassau County. Garden City’s petition asserts, among other things, that the Nassau County Legislature failed to comply with state environmental law statutes when considering the 42-Year Lease, that the Nassau County Planning Commission and Legislature did not properly consider the 42-Year Lease, and that the Permit violates the New York State Constitution. The petition also seeks a declaration that the 42-Year Lease is void and of no further force or effect. The Company intends to respond to the petition before the deadline of March 17, 2025.
Lessee Disclosures
Leases recorded on the balance sheet consist of the following (excluding the leasehold interests in land assets classified as operating leases; see “Note 8 — Leasehold Interests in Land, Net”):
December 31,
Leases
Classification on the Balance Sheet
20242023
(In millions)
Assets
Operating lease ROU assetsOther assets, net$48 $53 
Finance lease ROU assets
Property and equipment, net(1)
$167 $5 
Liabilities
Current
OperatingOther accrued liabilities$16 $19 
Finance
Current maturities of Debt
$10 $9 
Noncurrent
OperatingOther long-term liabilities$172 $252 
Finance
Debt
$118 $9 
____________________
(1)Finance lease ROU assets are recorded net of accumulated amortization of $27 million and $23 million as of December 31, 2024 and 2023, respectively.
Other information related to lease term and discount rate is as follows:
December 31,
20242023
Weighted Average Remaining Lease Term
Operating leases26.7 years26.6 years
Finance leases40.0 years2.1 years
Weighted Average Discount Rate
Operating leases5.0 %5.0 %
Finance leases5.3 %6.3 %
The components of lease expense are as follows:
December 31,
202420232022
(In millions)
Operating lease cost:
Amortization of leasehold interests in land$58 $56 $55 
Operating lease cost16 14 21 
Short-term lease cost4 5 4 
Variable lease cost12 11 2 
Finance lease cost:
Amortization of leasehold interests in land2 2 — 
Amortization of ROU assets3 4 5 
Interest on lease liabilities3 6 1 
Total lease cost$98 $98 $88 
Supplemental cash flow information related to leases is as follows:
December 31,
202420232022
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$24 $17 $14 
Financing cash flows for finance leases$9 $57 $4 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$11 $194 $8 
Finance leases$167 $1 $1 
As of December 31, 2024, the Company has short-term lease commitments of $35 million.
Maturities of lease liabilities are summarized as follows:
Operating Leases
Finance Leases
(In millions)
Year ending December 31,
2025$18 $12 
202617 3 
202715 4 
202813 6 
20297 6 
Thereafter277 332 
Total future minimum lease payments347 363 
Less — amount representing interest
(159)(235)
Present value of future minimum lease payments188 128 
Less — current lease obligations
(16)(10)
Long-term lease obligations$172 $118 
Lessor
The Company leases space at several of its Integrated Resorts to various third parties as part of its mall operations that are recorded within mall revenues, as well as restaurant and retail space that are recorded within convention, retail and other revenues. These leases are non-cancelable operating leases with remaining lease periods that vary from one month to 15 years. The leases include minimum base rents with escalated contingent rent clauses.
Lease revenue consists of the following:
Year Ended December 31,
202420232022
MallOtherMallOtherMallOther
(In millions)
Minimum rents$548 $1 $503 $1 $484 $1 
Overage rents104 — 166 — 78 — 
Rent concessions(1)
— — — — (70)— 
Total overage rents and rent concessions104 — 166 — 8 — 
$652 $1 $669 $1 $492 $1 
___________________
(1)Rent concessions were provided to tenants during the year ended December 31, 2022 as a result of the COVID-19 pandemic and the impact on mall operations.
Future minimum rentals (excluding the escalated contingent rent clauses) on non-cancelable leases are as follows:
MallOther
(In millions)
Year ending December 31,
2025$529 $2 
2026441 1 
2027356 1 
2028256 1 
2029183 1 
Thereafter178 — 
Total minimum future rentals$1,943 $6 
The cost and accumulated depreciation of property and equipment the Company is leasing to third parties is as follows:
December 31,
20242023
(In millions)
Property and equipment, at cost$1,570 $1,573 
Accumulated depreciation(829)(773)
Property and equipment, net$741 $800 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
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. 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.
Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $375 million at exchange rates in effect on December 31, 2024), which alleges a 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 March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision and the appeal is currently pending.
On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims. On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court.
Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019.
On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $12.06 billion at exchange rates in effect on December 31, 2024), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019, and that appeal is currently pending.
On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants’ motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021, and that appeal is currently pending.
The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order, and that appeal is currently pending.
On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in effect on December 31, 2024) based on Plaintiff’s July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021, and that appeal is currently pending. By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal.
From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $7.24 billion and $7.79 billion, respectively, at exchange rates in effect on December 31, 2024). On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith.
Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022. That appeal is fully briefed and remains pending with the Macao Second Instance Court.
On September 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $6 million at exchange rates in effect on December 31, 2024). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022, and on January 6, 2023, submitted the appeal brief, and that appeal is currently pending.
On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The U.S. Defendants responded to Plaintiff’s amended appeal brief on October 30, 2023. On November 8, 2023, the Macao Second Instance Court issued an order concluding that Plaintiff may have litigated in bad faith by exceeding the scope of permissible amendments to its appeal brief and invited responses from the parties. The U.S. Defendants responded to the November 8, 2023 order on November 23, 2023, and Plaintiff moved for clarification of the November 8 order on November 27, 2023. On January 5, 2024, the Macao Second Instance Court rejected AAEC's request for clarification.
On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff's appeal of the Macao First Instance Court's April 28, 2022 judgment based on procedural defects, and again found the Plaintiff to be litigating in bad faith. On October 29 and November 1, 2024, respectively, the U.S. Defendants and Plaintiff moved for clarification of the Second Instance Court’s decision not to hear certain interlocutory appeals. On November 5, 2024, Plaintiff filed a notice stating that its time to appeal should not begin to run until after the Macao Second Instance Court resolves the clarification motions and that Plaintiff intends to file a notice of appeal at that time or, in the alternative, Plaintiff asked the Macao Second Instance Court to treat its November 5 filing as a notice of appeal. On November 14, 2024, Plaintiff applied to rectify both its notice of appeal and its request for clarification. On November 18, 2024, the U.S. Defendants responded to Plaintiff's request for clarification. The matter is currently pending before the Macao Second Instance Court.
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.
Commitments
Macao Concession
Annual Premium
Under the Macao Concession, the Company is obligated to pay to the Macao government an annual gaming premium with a fixed portion and a variable portion based on the number and type of gaming tables it employs and gaming machines it operates. The fixed portion of the premium is equal to 30 million patacas (approximately $4 million at exchange rates in effect on December 31, 2024). The variable portion is equal to 300,000 patacas per gaming table reserved exclusively for certain kinds of games or players, 150,000 patacas per gaming table not so reserved and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $37,503, $18,751 and $125, respectively, at exchange rates in effect on December 31, 2024), subject to a minimum of 76 million patacas (approximately $10 million at exchange rates in effect on December 31, 2024). Based on the gaming tables and gaming machines (which is at the maximum number of tables and machines currently allowed by the Macao government) in operation as of December 31, 2024, the annual premium payable to the Macao government is approximately $41 million during each of the next five years ending December 31, 2029, and approximately $122 million in aggregate thereafter through the termination of the Concession in December 2032.
The Company is also obligated to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes. Under the Concession, the Company must also contribute 5% of its gross gaming revenue to utilities designated by the Macao government, a portion of which must be used for promotion of tourism in Macao. Additionally, under the Concession, the Company is also obligated to pay a special annual gaming premium if the average of the gross gaming revenues of the Company's gaming tables and electrical or mechanical gaming machines, including slot machines, is lower than a certain minimum amount determined by the Macao government; such special premium being the difference between the gaming tax based on the actual gross gaming revenues and that of the specified minimum amount; this minimum amount has been set by the Macao government at 7 million patacas per gaming table and 300,000 patacas per gaming machine (approximately $1 million and $37,503, respectively, at exchange rates in effect on December 31, 2024), for an annual total of 4.50 billion patacas (approximately $563 million at exchange rates in effect on December 31, 2024) based on the maximum number of gaming tables and gaming machines the Company is currently authorized to operate. No special annual gaming premium was paid for the years ended December 31, 2024 and 2023.
Handover Record
Pursuant to the Handover Record, the Company is required to make annual payments of 750 patacas per square meter for the first three years and 2,500 patacas per square meter for the following seven years (approximately $94 and $313, respectively, at exchange rates in effect on December 31, 2024). The annual fee per square meter will be subject to an annual adjustment based on the previous year's average price index in Macao. The anticipated annual fee for 2025 is approximately $13 million, followed by an estimated $42 million annually for the subsequent seven years, subject to the price index adjustment mentioned above.
Committed Investment
Under the Concession, the Company is obligated to develop certain gaming and non-gaming investment projects by December 2032 in connection with, among others, attraction of international visitors, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness and themed attractions, as well as support Macao's position as a city of gastronomy and increase community and maritime tourism. The Company is required to invest, or cause to be invested, at least 35.80 billion patacas (approximately $4.48 billion at exchange rates in effect on December 31, 2024), including 33.36 billion patacas (approximately $4.17 billion at exchange rates in effect on December 31, 2024) on non-gaming projects.
For the year ending December 31, 2023, the Company spent approximately $168 million on these projects. This amount was reviewed and confirmed as qualified spend under the Concession by the Macao government following an audit conducted in July 2024, with results issued in November 2024. The Macao government conducts an annual audit to confirm qualified concession investments for the prior year. As of the date of this filing, the audit process for 2024 investments has not yet commenced.
Singapore Committed Spend
Pursuant to the agreement executed in January 2025 to purchase the Additional Gaming Area and changes to the MBS Expansion Project gross floor area allocation, an additional payment of approximately $1.0 billion is required to be paid, $850 million of which the Company expects will be due during the second quarter of 2025, with the remainder to be due in 2026. Refer to Note 1 — Organization and Business of Company for further information.
Non-Cancelable Contractual Obligations
The Company's non-cancelable contractual obligations (excluding operating leases and the Macao annual gaming premium mentioned above) are $678 million as of December 31, 2024. The amount excludes open purchase orders with the Company's suppliers that have not yet been received as these agreements generally allow the Company the option to cancel, reschedule and adjust terms based on the Company's business needs prior to the delivery of goods or performance of services. These obligations consist primarily of certain hotel management and service agreements. Some of the Company's hotel properties operate pursuant to management agreements with various experienced third-party hotel operators (management companies), whereby the management company controls the day-to-day operations of each of these hotels, and the Company is granted limited approval rights with respect to certain of the management company’s actions. The non-cancelable period of the Company's management agreements ranges from 14 to 40 years with various extension provisions and some with early termination options. Each management company receives a base management fee, generally a percentage of revenue as defined. There are also monthly fees for certain support services and some also include incentive fees based on attaining certain financial thresholds. Additionally, the Company has a franchise agreement granting it the right to operate the Londoner Grand as a franchisee under Marriott International’s “Luxury Collection Hotel” brand, which primarily consists of a fixed and variable franchise fee. The non-cancelable period for the franchise agreement is 15 years.
The Company's non-cancelable contractual obligations also include agreements with certain celebrities and professional sports leagues and teams for the hosting of events, advertising, marketing, promotional and sponsorship opportunities in order to promote the Company’s brand and services.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has two equity plans that allow for the grants of stock-based compensation awards of the Company's common stock and ordinary shares of SCL (the “2004 Plan” and the “SCL Equity Plan,” respectively), which are described below. The 2004 Plan provides for the granting of equity awards pursuant to the applicable provisions of the Internal Revenue Code and regulations in the United States.
Las Vegas Sands Corp. 2004 Equity Award Plan
The 2004 Plan gives the Company a competitive edge in attracting, retaining and motivating employees, directors and consultants and provides the Company with a stock plan providing incentives directly related to increases in its stockholder value. Any of the Company's subsidiaries' or affiliates' employees, directors or officers and many of its consultants are eligible for awards under the 2004 Plan. The 2004 Plan originally provided for an aggregate of 26,344,000 shares of the Company's common stock to be available for awards. The 2004 Plan originally had a term of ten years, but in June 2014, the Company's Board of Directors approved an amendment to the 2004 Plan, extending the term to December 2019. In May 2019, the Board of Directors and stockholders approved the adoption of the Las Vegas Sands Corp. Amended and Restated 2004 Equity Award Plan (the “Amended 2004 Plan”), which extended the term of the 2004 Plan through December 2024 and increased the number of shares of common stock available for grants by 10,000,000 shares. In May 2024, the Company's Board of Directors approved an amendment to the Amended 2004 Plan, which extended the term to December 2029 and increased the number of shares of common stock available for grants by 10,000,000 shares. The compensation committee may grant awards of nonqualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation awards or any combination of the foregoing. As of December 31, 2024, there were 12,489,075 shares available for grant under the Amended 2004 Plan.
Stock option awards are granted with an exercise price equal to the fair market value (as defined in the Amended 2004 Plan) of the Company's stock on the date of grant. The outstanding stock options generally vest over three to five years and have a contractual term of ten years. Compensation cost for all stock option grants, which all have graded vesting, is recognized on a straight-line basis over the awards' respective requisite service periods. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on the Company's historical volatility for a period equal to the expected life of the stock options. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant.
Under the Amended 2004 Plan, the Company granted restricted stock to eligible employees (“restricted stock units”) and restricted stock to non-employee directors (“restricted stock”). Such restricted stock units generally vest over three years or other periods subject to approval. The restricted stock vests on the earlier to occur of the first anniversary of the date of grant and the date of the Company’s annual meeting of stockholders in the calendar year following the date of grant, in each case, provided that the director is still serving on the Board on the vesting date. Grantees are entitled to any accumulated dividends in cash upon vesting.
Sands China Ltd. Equity Award Plan
The SCL Equity Plan gives SCL a competitive edge in attracting, retaining and motivating employees, directors and consultants and provides SCL with a stock plan providing incentives directly related to increases in its stockholder value. Subject to certain criteria as defined in the SCL Equity Plan, SCL's subsidiaries' or affiliates' employees, directors or officers are eligible for awards under the SCL Equity Plan.
The SCL 2009 Equity Plan had a term of ten years, which expired on November 30, 2019. The SCL 2019 Equity Plan was approved by SCL's shareholders on May 24, 2019, and took effect on December 1, 2019, with materially the same terms of the SCL 2009 Equity Plan. To comply with the latest requirements under Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") (which deals with equity securities - shares schemes), SCL adopted the SCL 2024 Equity Plan, which was approved by its shareholders on May 17, 2024, and took effect on May 29, 2024. All existing awards under the SCL 2009 Equity Plan and SCL 2019 Equity Plan previously granted, but unexercised or unvested (as the case may be), will remain valid and (where applicable) exercisable in accordance with their terms of grant. No further awards may be granted under the SCL 2019 Equity Plan.
Pursuant to Chapter 17 of the Hong Kong Listing Rules, the maximum number of shares that may be issued in respect of all share-based awards (under which new shares will be issued) to be granted under the SCL 2024 Equity Plan are subject to the scheme mandate limit, and the aggregation of other share-based awards granted to an eligible person in any 12-month period prior to (and including) the date of grant shall not exceed 1% of the shares in issue on the date of grant.
As of December 31, 2024, the scheme mandate limit under the SCL 2024 Equity Plan were 809,337,956 SCL shares. SCL's remuneration committee may grant awards of stock options, stock appreciation rights, restricted stock, restricted stock units, performance compensation awards or any combination of the foregoing pursuant to the SCL 2024 Equity Plan.
Stock option awards are granted with an exercise price not less than the highest of (i) the closing price of SCL's stock on the date of grant, which must be a business day, (ii) the average closing price of SCL's stock for the five business days immediately preceding the date of grant and (iii) the nominal value of a SCL stock, which is $0.01. The outstanding stock options generally vest over four years and have contractual terms of ten years. Compensation cost for all stock option grants, which generally have graded vesting is recognized on a straight-line basis over the awards' respective requisite service periods. SCL estimates the fair value of stock options using the Black-Scholes option-pricing model. Expected volatilities are based on SCL's historical volatility for a period equal to the expected life of the stock options. The expected option life is based on the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate for periods equal to the expected term of the stock option is based on the Hong Kong Government Bond rate in effect at the time of the grant. The expected dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant.
Under the SCL 2009 Equity Plan, the SCL 2019 Equity Plan and the SCL 2024 Equity Plan, SCL granted restricted stock units to eligible employees. Such restricted stock units generally vest over three years or other periods subject to approval. Grantees are entitled to a future cash payment that is equivalent to the fair value of the restricted stock unit and any accumulated dividends in cash upon vesting.
Stock-Based Compensation Activity
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
Year Ended December 31,
202420232022
LVSC Amended 2004 Plan:
Weighted average volatility25.1 %26.1 %26.0 %
Expected term (in years)8.08.46.3
Risk-free rate4.1 %4.0 %2.1 %
Expected dividend yield1.7 %1.7 %— %
SCL Equity Plan:
Weighted average volatility— %— %43.7 %
Expected term (in years)——7.2
Risk-free rate— %— %2.7 %
Expected dividend yield— %— %— %
A summary of the stock option activity for the Company's equity award plans for the year ended December 31, 2024, is presented below:
SharesWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in millions)
LVSC Amended 2004 Plan:
Outstanding as of January 1, 202414,914,378 $48.04 
Granted6,824 47.93 
Exercised(20,000)33.17 
Forfeited or expired(2,335,586)56.62 
Outstanding as of December 31, 202412,565,616 $46.47 5.46$97 
Exercisable as of December 31, 202410,434,635 $47.07 5.03$81 
SCL Equity Plan:
Outstanding as of January 1, 202444,325,350 $4.84 
Forfeited or expired(4,982,800)6.80 
Outstanding as of December 31, 202439,342,550 $4.59 3.33$1 
Exercisable as of December 31, 202436,042,550 $4.80 2.94$— 
A summary of the unvested restricted stock and restricted stock units under the Company's equity award plans for the year ended December 31, 2024, is presented below:
SharesWeighted
Average
Grant Date
Fair Value
LVSC Amended 2004 Plan:
Unvested Restricted Stock
Balance as of January 1, 202417,166 $61.15 
Granted21,185 47.20 
Vested(17,166)61.15 
Balance as of December 31, 202421,185 $47.20 
Unvested Restricted Stock Units
Balance as of January 1, 2024880,640 $54.14 
Granted1,168,501 50.40 
Vested(462,752)52.10 
Forfeited(1,215)61.65 
Balance as of December 31, 20241,585,174 $51.92 
SCL Equity Plan:
Unvested Restricted Stock Units
Balance as of January 1, 202417,890,996 $2.98 
Granted14,788,400 2.66 
Vested(10,677,260)3.00 
Forfeited(678,708)2.64 
Balance as of December 31, 202421,323,428 $2.76 
The grant date fair value of SCL's restricted stock unit awards is the share price of SCL's ordinary stock at the respective grant date. The fair value of these awards is remeasured each reporting period until the vesting dates. Upon settlement, SCL will pay the grantees an amount in cash calculated based on the closing price of SCL's stock on the vesting date or higher of (i) the closing price of SCL's stock on the vesting date, and (ii) the average closing price of SCL's stock for the five trading days immediately preceding the vesting date. The accrued liability associated with these cash-settled restricted stock units was $28 million and $32 million as of December 31, 2024 and 2023, respectively.
As of December 31, 2024, under the Amended 2004 Plan there was $15 million and $56 million of unrecognized compensation cost related to unvested stock options and unvested restricted stock and stock units, respectively. The stock option and restricted stock and stock unit costs are expected to be recognized over a weighted average period of 3.2 years and 1.9 years, respectively.
As of December 31, 2024, under the SCL Equity Plan there was $2 million and $29 million of unrecognized compensation cost related to unvested stock options and unvested restricted stock units, respectively. The stock option and restricted stock unit costs are expected to be recognized over a weighted average period of 2.0 years and 2.8 years, respectively.
The stock-based compensation activity for the Amended 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2024:
Year Ended December 31,
202420232022
(Dollars in millions, except weighted average grant date fair values)
Compensation expense:
Stock options$20 $21 $24 
Restricted stock and stock units58 51 46 
$78 $72 $70 
Income tax benefit recognized in the consolidated statements of operations
$4 $3 $2 
Compensation cost capitalized as part of property and equipment
$1 $1 $2 
LVSC Amended 2004 Plan:
Stock options granted6,824 510,157 1,730,000 
Weighted average grant date fair value$14.65 $15.58 $12.74 
Restricted stock granted21,185 17,166 46,448 
Weighted average grant date fair value$47.20 $61.15 $30.14 
Restricted stock units granted1,168,501 577,636 123,497 
Weighted average grant date fair value$50.40 $57.77 $42.55 
Stock options exercised:
Intrinsic value$— $1 $— 
Cash received$1 $3 $— 
SCL Equity Plan:
Stock options granted— — 3,300,000 
Weighted average grant date fair value$— $— $1.13 
Restricted stock units granted14,788,400 6,792,000 9,393,200 
Weighted average grant date fair value$2.66 $3.44 $2.32 
Stock options exercised:
Intrinsic value$— $— $— 
Cash received$— $1 $— 
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
During the years ended December 31, 2024, 2023 and 2022, Dr. Adelson, her family members and trusts and other entities established for the benefit of Dr. Adelson's family members (collectively the “Principal Stockholders”) purchased certain services from the Company including security and medical support, and other goods and services for $4 million, $2 million and $3 million, respectively. For the years ended December 31, 2024, 2023 and 2022, the Company incurred approximately $1 million, $1 million and $1 million, respectively, for food and beverage services, newspaper subscriptions and security support from entities in which the Principal Stockholders have an ownership interest.
During the years ended December 31, 2024, 2023 and 2022, the Company incurred certain expenses of $5 million, $11 million and $6 million, respectively, related to the Company's use of Principal Stockholders' personal aircraft and aircraft refurbishment and maintenance services for business purposes. During the years ended December 31, 2024, 2023 and 2022, the Company charged the Principal Stockholders $36 million, $21 million and $19 million, respectively, related to aviation costs incurred by the Company for the
Principal Stockholders' use of Company aviation personnel and assets for personal purposes, as well as payments made by the Company to manage the Principal Stockholder's personal aircraft.
Related party receivables were $7 million and $8 million as of December 31, 2024 and 2023, respectively. Related party payables were approximately $1 million as of December 31, 2024 and 2023.
On November 28, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Dr. Adelson and the Miriam Adelson Trust (the “Selling Stockholders”), and Goldman Sachs & Co. LLC and BofA Securities, Inc., as representatives (the “Representatives”) of several underwriters, relating to the sale by the Selling Stockholders of 46,264,168 shares of the Company’s common stock at a public offering price of $44.00 per share (the “Offering”). In addition, concurrently with the closing of the Offering, the Company repurchased 5,783,021 shares of its Common Stock from the Underwriters for $250 million at a price per share equal to the public offering price, less underwriting discounts and commissions.
On July 11, 2022, the Company entered into an intercompany term loan agreement with SCL, a related party, in the amount of $1.0 billion, which is repayable on July 11, 2028. In the first two years from July 11, 2022, SCL had the option to elect to pay cash interest at 5.0% per annum or payment-in-kind interest at 6.0% per annum by adding the amount of such interest to the then-outstanding principal amount of the loan, following which only cash interest at 5.0% per annum will be payable. This loan is unsecured, subordinated to all third-party unsecured indebtedness and other obligations of SCL and its subsidiaries, and is eliminated in consolidation.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company views each of its operating properties as a reportable segment, which have been identified based on various factors such as regulatory environment, geography and the level at which the information is reviewed by the Company's chief operating decision maker (the “CODM”). The Company's CODM is its Chief Executive Officer.
The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company's reportable segments are: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. 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) and Corporate and Other (which includes construction and development activities for projects under development not included in its reportable segments) to reconcile to the consolidated results of operations and financial condition. The Company's reportable segments are not aggregated.
The Company's reportable segments generate revenue from casino wagers, room sales, food and beverage and retail transactions, rental income from mall tenants, convention sales and entertainment and ferry ticket sales.
The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies (see “Note 2 — Summary of Significant Accounting Policies”). The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Intersegment transactions, with the exception of intercompany royalties, are not eliminated from segment results as management considers those transactions in assessing the results of the respective segments.
The CODM assesses the performance of each segment and allocates resources to each segment based on adjusted property EBITDA. Consolidated adjusted property EBITDA, which is a supplemental non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA.
Consolidated adjusted property EBITDA is used by the CODM and management, as well as industry analysts, to evaluate operations and operating performance. In particular, the CODM and management utilize 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 LVSC, 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. 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.
The Company's segment information as of and for the years ended December 31, 2024, 2023 and 2022, is as follows:
The Venetian MacaoThe Londoner MacaoThe Parisian Macao
The Plaza Macao and Four Seasons Macao
Sands MacaoFerry Operations and Other
Total Macao
Marina Bay Sands
Inter-company Royalties
Total
(In millions)
Year Ended December 31, 2024
Casino$2,282 $1,462 $740 $572 $290 $— $5,346 $2,957 $— $8,303 
Rooms210 302 137 107 18 — 774 500 — 1,274 
Food and beverage
64 92 62 31 11 — 260 347 — 607 
Mall230 77 27 158 1 — 493 262 — 755 
Convention, retail and other
38 51 7 4 2 98 200 159 — 359 
Net revenues
2,824 1,984 973 872 322 98 7,073 4,225 — 11,298 
Intersegment revenues
7 — — — — 27 34 5 250 289 
Net revenues before intersegment eliminations
2,831 1,984 973 872 322 125 7,107 4,230 250 11,587 
Less:
Payroll and related expenses
413 355 194 106 90 41 1,199 677 — 1,876 
Gaming taxes
1,073 775 365 347 134 — 2,694 751 — 3,445 
Other expenses(1)
252311117984267887 7502501,887 
Segment expenses
1,738 1,441 676 551 266 108 4,780 2,178 250 7,208 
Segment/Consolidated adjusted property EBITDA
1,093 543 297 321 56 17 2,327 2,052 — 4,379 
Other Operating Costs and Expenses
Stock-based compensation(2)
(27)
Corporate(290)
Pre-opening(14)
Development(228)
Depreciation and amortization(1,308)
Amortization of leasehold interests in land(60)
Loss on disposal or impairment of assets(50)
Operating income2,402 
Other Non-Operating Costs and Expenses
Interest income275 
Interest expense, net of amounts capitalized(727)
Other income
10 
Income tax expense(208)
Net income$1,752 
The Venetian MacaoThe Londoner MacaoThe Parisian Macao
The Plaza Macao and Four Seasons Macao
Sands MacaoFerry Operations and Other
Total Macao
Marina Bay Sands
Inter-company Royalties
Total
(In millions)
Year Ended December 31, 2023
Casino$2,151 $1,283 $655 $462 $290 $— $4,841 $2,681 $— $7,522 
Rooms191 324 135 94 17 — 761 443 — 1,204 
Food and beverage
63 86 49 30 12 — 240 344 — 584 
Mall227 66 32 187 1 — 513 254 — 767 
Convention, retail and other
43 33 8 6 2 80 172 123 — 295 
Net revenues
2,675 1,792 879 779 322 80 6,527 3,845 — 10,372 
Intersegment revenues
7 — — — — 25 32 4 224 260 
Net revenues before intersegment eliminations
2,682 1,792 879 779 322 105 6,559 3,849 224 10,632 
Less:
Payroll and related expenses
380 330 187 102 93 35 1,127 617 — 1,744 
Gaming taxes
1,012 672 317 276 134 — 2,411 652 — 3,063 
Other expenses(1)
236274106933652797 7192241,740 
Segment expenses
1,628 1,276 610 471 263 87 4,335 1,988 224 6,547 
Segment/Consolidated adjusted property EBITDA
1,054 516 269 308 59 18 2,224 1,861 — 4,085 
Other Operating Costs and Expenses
Stock-based compensation(2)
(29)
Corporate(230)
Pre-opening(15)
Development(205)
Depreciation and amortization(1,208)
Amortization of leasehold interests in land(58)
Loss on disposal or impairment of assets(27)
Operating income2,313 
Other Non-Operating Costs and Expenses
Interest income288 
Interest expense, net of amounts capitalized(818)
Other expense
(8)
Income tax expense(344)
Net income$1,431 
The Venetian MacaoThe Londoner MacaoThe Parisian Macao
The Plaza Macao and Four Seasons Macao
Sands MacaoFerry Operations and Other
Total Macao
Marina Bay Sands
Inter-company Royalties
Total
(In millions)
Year Ended December 31, 2022
Casino$438 $194 $116 $146 $53 $— $947 $1,680 $— $2,627 
Rooms55 61 33 29 6 — 184 285 — 469 
Food and beverage17 26 10 10 4 — 67 234 — 301 
Mall154 47 25 127 1 — 354 226 — 580 
Convention, retail and other11 22 4 1 1 6 45 88 — 133 
Net revenues
675 350 188 313 65 6 1,597 2,513 — 4,110 
Intersegment revenues
7 — — — — 23 30 3 107 140 
Net revenues before intersegment eliminations
682 350 188 313 65 29 1,627 2,516 107 4,250 
Less:
Payroll and related expenses
3422811729090321,007 516— 1,523 
Gaming taxes
226115638229— 515 420— 935 
Other expenses(1)
1391435660274429 5241071,060 
Segment expenses
707 539 291 232 146 36 1,951 1,460 107 3,518 
Segment/Consolidated adjusted property EBITDA(25)(189)(103)81 (81)(7)(324)1,056 — 732 
Other Operating Costs and Expenses
Stock-based compensation(2)
(33)
Corporate(235)
Pre-opening(13)
Development(143)
Depreciation and amortization(1,036)
Amortization of leasehold interests in land(55)
Loss on disposal or impairment of assets(9)
Operating income(792)
Other Non-Operating Costs and Expenses
Interest income116 
Interest expense, net of amounts capitalized(702)
Other expense
(9)
Income tax expense(154)
Net income$(1,541)
_________________________
(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses of each segment.
(2)During the years ended December 31, 2024, 2023 and 2022, the Company recorded stock-based compensation expense of $78 million, $72 million and $70 million, respectively, of which $51 million, $43 million and $37 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.
December 31,
202420232022
(In millions)
Capital Expenditures
Corporate and Other$40 $200 $60 
Macao:
The Venetian Macao262 71 52 
The Londoner Macao545 132 175 
The Parisian Macao39 9 3 
The Plaza Macao and Four Seasons Macao
14 15 9 
Sands Macao16 6 4 
Ferry Operations and Other3 — — 
879 233 243 
Marina Bay Sands648 584 348 
Total capital expenditures$1,567 $1,017 $651 
December 31,
202420232022
(In millions)
Total Assets
Corporate and Other$3,353 $5,167 $5,422 
Macao:
The Venetian Macao2,806 2,548 2,135 
The Londoner Macao4,665 4,193 4,489 
The Parisian Macao1,710 1,802 1,828 
The Plaza Macao and Four Seasons Macao
987 1,059 1,020 
Sands Macao253 287 208 
Ferry Operations and Other719 335 870 
11,140 10,224 10,550 
Marina Bay Sands6,173 6,387 6,067 
Total assets$20,666 $21,778 $22,039 
December 31,
202420232022
(In millions)
Total Long-Lived Assets(1)
United States
$587 $608 $177 
Macao:
The Venetian Macao1,503 1,337 1,415 
The Londoner Macao4,086 3,796 4,085 
The Parisian Macao1,591 1,665 1,789 
The Plaza Macao and Four Seasons Macao
844 896 975 
Sands Macao170 169 180 
Ferry Operations and Other23 29 41 
8,217 7,892 8,485 
Singapore:
Marina Bay Sands5,121 5,141 4,891 
Other
70 47 26 
Total long-lived assets$13,995 $13,688 $13,579 
_________________________
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
v3.25.0.1
Selected Quarterly Financial Results (Unaudited)
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Results (Unaudited) Selected Quarterly Financial Results (Unaudited)
Quarter
First
SecondThirdFourthTotal
(In millions, except per share data)
2024
Net revenues$2,959 $2,761 $2,682 $2,896 $11,298 
Operating income717 591 504 590 2,402 
Net income583 424 353 392 1,752 
Net income attributable to Las Vegas Sands Corp.494 353 275 324 1,446 
Basic earnings per share0.66 0.48 0.38 0.45 1.97 
Diluted earnings per share0.66 0.48 0.38 0.45 1.96 
2023
Net revenues$2,120 $2,542 $2,795 $2,915 $10,372 
Operating income
378 537 688 710 2,313 
Net income
145 368 449 469 1,431 
Net income attributable to Las Vegas Sands Corp.
147 312 380 382 1,221 
Basic earnings per share0.19 0.41 0.50 0.50 1.60 
Diluted earnings per share0.19 0.41 0.50 0.50 1.60 
Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total earnings per share amounts for the respective year.
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
For the Years Ended December 31, 2024, 2023 and 2022
DescriptionBalance at
Beginning
of Year		Provision
for
Credit Losses		Write-offs,
Net of
Recoveries		Balance
at End
of Year
(In millions)
Provision for credit losses:
2022$232 15 (30)$217 
2023$217 4 (20)$201 
2024$201 $19 (34)$186 

DescriptionBalance at
Beginning
of Year		AdditionsDeductionsBalance
at End
of Year
(In millions)
Deferred income tax asset valuation allowance:
2022$5,034 63 (1,014)$4,083 
2023$4,083 — (204)$3,879 
2024$3,879 5 (1,108)$2,776 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure                      
Net income (loss) attributable to parent $ 324 $ 275 $ 353 $ 494 $ 382 $ 380 $ 312 $ 147 $ 1,446 $ 1,221 $ 1,832
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We, together with our third-party vendors, employ information technology including networks, systems, and applications to support our business processes and decision-making across the Company. Our information technology is connected to support the flow of information across our business processes. As such, our information technology infrastructure is susceptible to cybersecurity threats.
We maintain detailed technology and cybersecurity programs to manage information security risk within the Company. We rely on both proprietary and commercially available systems, software, and tools to protect and monitor the processing, transmission, and storage of Company data and both customer and team member information. The objectives of our programs are to:
•protect the confidentiality, integrity, and availability of data,
•protect against anticipated threats,
•protect against unauthorized access to our information technology systems,
•safeguard assets, and
•maintain resiliency and recovery plans regarding Company informational technology.
To meet these objectives and oversee the programs, we employ a Chief Information Security Officer (“CISO”). The CISO has over 28 years of cybersecurity experience, 26 years of cybersecurity leadership experience, an MBA in Information Systems, a Master of Science degree in operational analysis, a bachelor’s degree in operations research and holds a Cyber Risk Oversight Certificate from the National Association of Corporate Directors and is a Certified Information Systems Security Professional (“CISSP”). The CISO works closely with the head of information technology and the data privacy officer to collectively manage our global cybersecurity, information technology and data privacy programs.
Our cybersecurity programs are informed by or aligned to the ISO/IEC 27001 security framework, an internationally recognized standard. As part of our programs, we assess our third-party vendors for relevant risks which may impact the Company.
We also engage third-party providers to perform periodic risk-based assessments of our cybersecurity programs, and also leverage our internal audit department, supported by third-party technical experts, to conduct periodic risk-based audits of our cybersecurity programs.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We, together with our third-party vendors, employ information technology including networks, systems, and applications to support our business processes and decision-making across the Company. Our information technology is connected to support the flow of information across our business processes. As such, our information technology infrastructure is susceptible to cybersecurity threats.
We maintain detailed technology and cybersecurity programs to manage information security risk within the Company. We rely on both proprietary and commercially available systems, software, and tools to protect and monitor the processing, transmission, and storage of Company data and both customer and team member information. The objectives of our programs are to:
•protect the confidentiality, integrity, and availability of data,
•protect against anticipated threats,
•protect against unauthorized access to our information technology systems,
•safeguard assets, and
•maintain resiliency and recovery plans regarding Company informational technology.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Enterprise Risk Management (“ERM”) process, which is governed by an ERM Committee, includes a review of our cybersecurity programs. The ERM Committee, which is led by our executive vice president and chief financial officer, meets quarterly, and receives updates from the CISO on emerging risks, recent cyber risk events, and any priority risks relating to cybersecurity. We also have a Cyber & Privacy Steering (“CPS”) Committee, which meets regularly and is comprised of senior management, serving as a multi-disciplinary group for coordinating and overseeing the management of the cybersecurity and privacy programs.
The Audit Committee of the Board of Directors has oversight responsibility for ERM, including the cybersecurity programs. The CISO provides regular updates on cyber security to the Audit Committee, including on the cybersecurity aspects noted by the ERM Committee and CPS Committee, and regularly meets with the Audit Committee in executive session. The presentations highlight the state of our cybersecurity and data security programs, as well as our progress on key initiatives in this area.
To date, the Company has not experienced a cybersecurity threat or incident that has materially affected or is reasonably likely to materially affect the Company. The Company, however, has experienced and expects to continue to experience cyber incidents of varying degrees. See “Item 1A. — Risk Factors — Failure to maintain the integrity of our information and information systems or comply with
applicable privacy and cybersecurity requirements and regulations could harm our reputation and adversely affect our business” for more detailed information on cybersecurity risks and the potential impacts.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board of Directors has oversight responsibility for ERM, including the cybersecurity programs. The CISO provides regular updates on cyber security to the Audit Committee, including on the cybersecurity aspects noted by the ERM Committee and CPS Committee, and regularly meets with the Audit Committee in executive session. The presentations highlight the state of our cybersecurity and data security programs, as well as our progress on key initiatives in this area.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO provides regular updates on cyber security to the Audit Committee, including on the cybersecurity aspects noted by the ERM Committee and CPS Committee, and regularly meets with the Audit Committee in executive session. The presentations highlight the state of our cybersecurity and data security programs, as well as our progress on key initiatives in this area.
Cybersecurity Risk Role of Management [Text Block] The ERM Committee, which is led by our executive vice president and chief financial officer, meets quarterly, and receives updates from the CISO on emerging risks, recent cyber risk events, and any priority risks relating to cybersecurity. We also have a Cyber & Privacy Steering (“CPS”) Committee, which meets regularly and is comprised of senior management, serving as a multi-disciplinary group for coordinating and overseeing the management of the cybersecurity and privacy programs
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Enterprise Risk Management (“ERM”) process, which is governed by an ERM Committee, includes a review of our cybersecurity programs. The ERM Committee, which is led by our executive vice president and chief financial officer, meets quarterly, and receives updates from the CISO on emerging risks, recent cyber risk events, and any priority risks relating to cybersecurity. We also have a Cyber & Privacy Steering (“CPS”) Committee, which meets regularly and is comprised of senior management, serving as a multi-disciplinary group for coordinating and overseeing the management of the cybersecurity and privacy programs.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] To meet these objectives and oversee the programs, we employ a Chief Information Security Officer (“CISO”). The CISO has over 28 years of cybersecurity experience, 26 years of cybersecurity leadership experience, an MBA in Information Systems, a Master of Science degree in operational analysis, a bachelor’s degree in operations research and holds a Cyber Risk Oversight Certificate from the National Association of Corporate Directors and is a Certified Information Systems Security Professional (“CISSP”). The CISO works closely with the head of information technology and the data privacy officer to collectively manage our global cybersecurity, information technology and data privacy programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our Enterprise Risk Management (“ERM”) process, which is governed by an ERM Committee, includes a review of our cybersecurity programs. The ERM Committee, which is led by our executive vice president and chief financial officer, meets quarterly, and receives updates from the CISO on emerging risks, recent cyber risk events, and any priority risks relating to cybersecurity. We also have a Cyber & Privacy Steering (“CPS”) Committee, which meets regularly and is comprised of senior management, serving as a multi-disciplinary group for coordinating and overseeing the management of the cybersecurity and privacy programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Estimates are used for, but not limited to, income taxes, useful lives and impairment of property and equipment, valuation of acquired intangibles and goodwill, inventory valuation, collectability of receivables, and operating leases. These estimates and judgments are based on historical information, information currently available to the Company and on various other assumptions the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents consist of cash and short-term investments with original maturities of three months or less. Such investments are carried at cost, which is a reasonable estimate of their fair value. Cash equivalents are placed with high credit quality financial institutions and include cash deposits, cash held in money market funds and U.S. Treasury Bills. U.S. Treasury Bills are held-to-maturity. Cash is considered restricted when withdrawal or general use is legally restricted. The Company determines current or noncurrent classification based on the expected duration of the restriction. The Company’s restricted cash and cash equivalents includes amounts held in a separate cash deposit account as collateral for a bank guarantee and other amounts contractually reserved for various items. The estimated fair value of the Company's cash equivalents is based on level 1 inputs (quoted market prices in active markets).
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts, money market accounts, cash deposits and U.S. Treasury Bills, the balances of which, at times, may exceed insured limits. The Company seeks to reduce exposure to cash and cash equivalents credit risk by placing such deposits with major financial institutions and monitoring their credit ratings.
Accounts Receivable and Credit Risk
Accounts Receivable and Credit Risk
Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to approved casino patrons following background checks and investigations of creditworthiness. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons residing in these countries.
Accounts receivable primarily consists of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the provision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change.
Inventories
Inventories
Inventories consist primarily of food, beverage, retail products and operating supplies, which are stated at the lower of cost or net realizable value. Cost is determined by the weighted average and specific identification methods.
Loan Receivable
Loan Receivable
Loan receivables are carried at the outstanding principal amount. A provision for credit loss on loan receivables is established when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company determines this by considering several factors, including the credit risk and current financial condition of the borrower, the borrower’s ability to pay current obligations, historical trends and economic and market conditions. The Company performs a credit quality assessment on the loan receivable on a quarterly basis and reviews the need for an allowance under Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2016-13. The Company evaluates the extent and impact of any credit deterioration that could affect the performance and the value of the secured property, as well as the financial and operating capability of the borrower. The Company also evaluates and considers the overall economic environment, casino and hospitality industry and geographic sub-market in which the secured property is located.
Interest income is recorded on an accrual basis at the stated interest rate and is recorded in “Interest income” in the accompanying consolidated statements of operations.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation and amortization, and accumulated impairment losses, if any. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
Land improvements, building and building improvements10to50years
Furniture, fixtures and equipment3to20years
Leasehold improvements3to15years
Transportation5to20years
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations, such as contractual life, and are periodically reviewed. Future events, such as property expansions, property developments, new competition or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets.
Maintenance and repairs that neither materially add to the value of the asset nor appreciably prolong its life are charged to expense as incurred. Gains or losses on disposition of property and equipment are included in the consolidated statements of operations.
The Company evaluates its property and equipment and other long-lived assets for impairment in accordance with related accounting standards. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is estimated based on comparable asset sales, solicited offers or a discounted cash flow model.
Fixed assets are reviewed for impairment whenever indicators of impairment exist. Determining the recoverability of the Company's asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others. Future changes to the Company's estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management's intentions may result in future changes to the recoverability of these asset groups.
Gaming Assets under the Macao Concession
As the Company continues to operate the Gaming Assets, as defined in “Note 7 — Property and Equipment, Net,” in the same manner as under the previous subconcession, obtain substantially all of the economic benefits and bear all of the risks arising from the use of these assets, as well as assumes VML will be successful in being awarded a new concession upon expiry of the current concession, the Company continues to recognize these Gaming Assets as property and equipment over their remaining estimated useful lives.
Leasehold Interests in Land
Leasehold Interests in Land
Leasehold interests in land represent payments for the use of land over an extended period of time. The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to an annual impairment test. The Company tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired. The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the estimated fair value exceeds its carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. However, if the fair value of the reporting unit is less than its carrying amount, a goodwill impairment is recorded equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill.
Intangible Assets other than Goodwill
Intangible Assets other than Goodwill
The Company's intangible assets other than goodwill consist primarily of finite-lived intangible assets, including its Macao gaming concession and Singapore gaming license. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.
Lessee, leases
Leases
Management determines if a contract is, or contains, a lease at inception or modification of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.
Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.
The Company’s lease arrangements have lease and non-lease components. For leases in which the Company is the lessee, the Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets (primarily real estate). Leases in which the Company is the lessor are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.
Lessor, leases
Leases
Management determines if a contract is, or contains, a lease at inception or modification of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.
Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.
The Company’s lease arrangements have lease and non-lease components. For leases in which the Company is the lessee, the Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets (primarily real estate). Leases in which the Company is the lessor are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.
Capitalized Interest and Internal Costs
Capitalized Interest and Internal Costs
Interest costs associated with major construction projects are capitalized and included in the cost of the projects. When no debt is incurred specifically for construction projects, interest is capitalized on amounts expended using the weighted average cost of the Company's outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period.
Deferred Financing Costs and Original Issue Discounts
Deferred Financing Costs and Original Issue Discounts
Certain direct and incremental costs and discounts incurred in obtaining loans are capitalized and amortized to interest expense based on the terms of the related debt instruments using the effective interest method.
Revenue Recognition
Revenue Recognition
Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, rental income from the Company’s mall tenants, convention sales and entertainment and ferry ticket sales. These contracts can be written, oral or implied by customary business practices.
Gross casino revenue is the aggregate of gaming wins and losses. The commissions rebated to gaming promoters and premium players for rolling play, cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to gross casino revenue. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Company’s loyalty programs.
For wagering contracts that include complimentary products and services provided by the Company to incentivize gaming, the Company allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Company's control and discretion, which are supplied by third parties, are recorded as an operating expense.
For wagering contracts that include products and services provided to a patron in exchange for points earned under the Company’s loyalty programs, the Company allocates the estimated fair value of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of loyalty program points for Company-owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Company from the third party in connection with this transaction are recorded to other revenue.
After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino revenue as soon as the wager is settled. As all wagers have similar characteristics, the Company accounts for its gaming contracts collectively on a portfolio basis versus an individual basis.
Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Convention revenues are recognized when the related service is rendered or the event is held. Deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred revenue until the revenue recognition criteria are met. Cancellation fees for convention contracts are recognized upon cancellation by the customer and are included in other revenues. Ferry and entertainment revenue recognition criteria are met at the completion of the ferry trip or event, respectively. Revenue from contracts with a combination of these services is allocated pro rata based on each service’s relative stand-alone selling price.
Revenue from leases is primarily recorded to mall revenue and is generated from base rents and overage rents received through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-line basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the threshold is met.
Contract and Contract Related Liabilities
The Company provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
The outstanding chip liability represents the collective amounts owed to patrons in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. The loyalty program liability represents a deferral of revenue until patron redemption of points earned. The loyalty program points are expected to be redeemed and recognized as revenue within one year of being earned. Customer deposits and other deferred revenue represent cash deposits made by customers for future services provided by the Company. With the exception of mall deposits, which typically extend beyond a year based on the terms of the lease, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded.
Gaming Taxes
Gaming Taxes
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes, including the goods and services tax in Singapore, are an assessment on the Company's gaming revenue and are recorded as casino expense in the accompanying consolidated statements of operations.
Pre-Opening and Development Expenses
Pre-Opening and Development Expenses
The Company accounts for costs incurred in the development and pre-opening phases of new ventures in accordance with accounting standards regarding start-up activities. Pre-opening expenses represent personnel and other costs incurred prior to the opening of new ventures and are expensed as incurred. Development expenses include the costs associated with the Company's evaluation and pursuit of new business opportunities, which are also expensed as incurred.
Advertising Costs
Advertising Costs
Costs for advertising are expensed the first time the advertising takes place or as incurred.
Corporate Expenses
Corporate Expenses
Corporate expense represents payroll, travel, legal fees, professional fees and various other expenses not allocated or directly related to the Company's Integrated Resort operations and related ancillary operations.
Foreign Currency
Foreign Currency
The functional currency of most of the Company's foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income (loss).
Gains or losses from foreign currency remeasurements that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in “Other income (expense).”
Earnings (Loss) Per Share
Earnings (Loss) Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:
Year Ended December 31,
202420232022
(In millions)
Weighted average common shares outstanding (used in the calculation of basic earnings (loss) per share)735 763 764 
Potential dilution from stock options and restricted stock and stock units
2 2 — 
Weighted average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)737 765 764 
Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share10 6 15 
Stock-Based Employee Compensation
Stock-Based Compensation
Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized over the employee's requisite service period (generally the vesting period of the equity grant). The Company's stock-based compensation plans are more fully discussed in “Note 18 — Stock-Based Compensation.”
Income Taxes
Income Taxes
The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which it operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with operating loss and tax credit carryforwards not expiring and tax planning strategies.
Management will reassess the realization of deferred tax assets at each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies. To the extent the financial results of these operations improve and it becomes “more-likely-than-not” the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance in the period such determination is made as appropriate.
Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are transactions for which the ultimate tax determination is uncertain. The Company considers many
factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may be different.
Fair Value Measurement
Fair Value Measurements
Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company's assumptions based upon the best information available in the circumstances) by requiring the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Accounting for Derivative Instruments and Hedging Activities
Accounting for Derivative Instruments and Hedging Activities
Accounting standards require an entity to recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. If specific conditions are met, a derivative may be designated as a hedge of specific financial exposures. The accounting for changes in fair value of a derivative depends on the intended use of the derivative and, if used in hedging activities, on its effectiveness as a hedge. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must be designated as a hedge and must reduce the Company's exposure to market fluctuation throughout the hedge period. Additionally, the Company has elected to present derivative assets and liabilities with the same counterparty, where appropriate, on a net basis in the accompanying consolidated balance sheets.
Changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices, can impact the Company’s results of operations. The Company’s primary exposures to market risk are interest rate risk associated with debt and foreign currency exchange rate risk associated with the Company’s operations outside the United States. The Company has a policy aimed at managing interest rate risk associated with its current and anticipated future borrowings and foreign currency exchange rate risk associated with operations of its foreign subsidiaries. This policy enables the Company to use any combination of swaps, futures, options, caps, forward contracts and similar instruments. The Company does not hold or issue financial instruments for trading purposes and does not enter into derivative transactions that would be considered speculative positions.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.
New Pronouncements Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements primarily through expanded disclosures around significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted the new accounting pronouncement on January 1, 2024. The adoption of this guidance did not have an effect on the Company’s financial position, results of operations and cash flows. See “Note 20 — Segment Information” for additional disclosures.
New Pronouncements Issued
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning January 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is assessing the guidance, noting the adoption impacts disclosure only.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard
requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses, which includes purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is assessing the guidance, noting the adoption impacts disclosure only.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Estimated Useful Lives of Assets Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets, which do not exceed the lease term for leasehold improvements, as follows:
Land improvements, building and building improvements10to50years
Furniture, fixtures and equipment3to20years
Leasehold improvements3to15years
Transportation5to20years
Contract and Contract Related Liabilities
The following table summarizes the liability activity related to contracts with customers:
Outstanding Chip LiabilityLoyalty Program Liability
Customer Deposits and Other Deferred Revenue(1)
202420232024202320242023
(In millions)
Balance at January 1$135 $81 $45 $72 $690 $614 
Balance at December 31112 135 38 45 763 690 
Increase (decrease)$(23)$54 $(7)$(27)$73 $76 
____________________
(1)Of this amount, $175 million, $167 million and $149 million as of December 31, 2024 and 2023 and January 1, 2023, respectively, relates to mall deposits that are accounted for based on lease terms usually greater than one year.
Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings (Loss) Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:
Year Ended December 31,
202420232022
(In millions)
Weighted average common shares outstanding (used in the calculation of basic earnings (loss) per share)735 763 764 
Potential dilution from stock options and restricted stock and stock units
2 2 — 
Weighted average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)737 765 764 
Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share10 6 15 
v3.25.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table represents summarized income statement information of discontinued operations:
Year Ended December 31,
2022(1)
Revenues:
Casino$61 
Rooms78 
Food and beverage43 
Convention, retail and other46 
Net revenues228 
Resort operations expenses107 
Provision for credit losses3 
General and administrative55 
Operating income
63 
Interest expense(2)
Other expense
(3)
Income from operations of discontinued operations
58 
Gain on disposal of discontinued operations3,611 
Adjustment to gain on disposal of discontinued operations(2)
(9)
Income from discontinued operations, before income tax
3,660 
Income tax expense
(762)
Net income from discontinued operations presented in the statement of operations
$2,898 
Adjusted Property EBITDA$63 
__________________________
(1)    Includes the Las Vegas Operations financial results for the period from January 1, 2022 through February 22, 2022.
(2)    Primarily relates to the finalization of the working capital adjustment pursuant to the terms of the related agreements.
v3.25.0.1
Accounts Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Accounts Receivable
Accounts receivable consists of the following:
December 31,
20242023
(In millions)
Casino$462 $483 
Rooms28 33 
Mall63 126 
Other50 43 
603 685 
Less — provision for credit losses(186)(201)
$417 $484 
Accounts Receivable, Provision for Credit Losses
The following table shows the movement in the provision for credit losses recognized for accounts receivable that occurred during the period:
20242023
(In millions)
Balance at January 1$201 $217 
Current period provision for credit losses
19 4 
Write-offs
(31)(21)
Recoveries of receivables previously written-off
1 — 
Exchange rate impact
(4)1 
Balance at December 31$186 $201 
v3.25.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and equipment consists of the following:
December 31,
20242023
(In millions)
Land and improvements$756 $593 
Building and improvements16,411 16,211 
Furniture, fixtures, equipment and leasehold improvements5,556 4,847 
Transportation476 504 
Construction in progress629 491 
23,828 22,646 
Less — accumulated depreciation and amortization
(11,835)(11,207)
$11,993 $11,439 
v3.25.0.1
Leasehold Interests in Land, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Leasehold Interests In Land, Net [Abstract]  
Leasehold Interests in Land
Leasehold interests in land consist of the following:
December 31,
20242023
(In millions)
Marina Bay Sands$1,969 $2,028 
The Londoner Macao290 290 
The Venetian Macao236 235 
The Plaza Macao and Four Seasons Macao
106 105 
The Parisian Macao88 88 
Sands Macao36 35 
Nassau Coliseum
— 154 
2,725 2,935 
Less — accumulated amortization(723)(686)
$2,002 $2,249 
v3.25.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Goodwill and intangible assets consist of the following:
December 31,
20242023
(In millions)
Amortizable intangible assets:
Macao concession
$500 $497 
Marina Bay Sands gaming license52 54 
552 551 
Less — accumulated amortization(147)(81)
405 470 
Technology, software and other
38 25 
Total amortizable intangible assets, net
443 495 
Goodwill
102 103 
Total goodwill and intangible assets, net
$545 $598 
v3.25.0.1
Other Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Other Accrued Liabilities
Other accrued liabilities consist of the following:
December 31,
20242023
(In millions)
Customer deposits$608 $543 
Payroll and related382 370 
Taxes and licenses316 389 
Accrued interest payable193 184 
Outstanding chip liability112 135 
Other accruals374 327 
$1,985 $1,948 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consists of the following:
December 31,
20242023
(In millions except face amounts)
Corporate and U.S. Related(1):
LVSC Senior Notes
$1.75 billion 3.200% Senior Notes due August 2024 (net of unamortized original issue discount and deferred financing costs of $2)
$— $1,748 
$500 million 2.900% Senior Notes due June 2025 (net of unamortized original issue discount and deferred financing costs of nil and $1, respectively)
500 499 
$1.0 billion 3.500% Senior Notes due August 2026 (net of unamortized original issue discount and deferred financing costs of $3 and $5, respectively)
997 995 
$750 million 5.900% Senior Notes due June 2027 (net of unamortized original issue discount and deferred financing costs of $5)
745 — 
$500 million 6.000% Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $5)
495 — 
$750 million 3.900% Senior Notes due August 2029 (net of unamortized original issue discount and deferred financing costs of $5 and $6, respectively)
745 744 
$500 million 6.200% Senior Notes due August 2034 (net of unamortized original issue discount and deferred financing costs of $5)
495 — 
Other(2)
115 — 
Macao Related(1):
SCL Senior Notes
$1.80 billion 5.125% Senior Notes due August 2025 (net of unamortized original issue discount and deferred financing costs of $1 and $4, respectively)
1,624 1,796 
$800 million 3.800% Senior Notes due January 2026 (net of unamortized original issue discount and deferred financing costs of $2 and $4, respectively)
798 796 
$700 million 2.300% Senior Notes due March 2027 (net of unamortized original issue discount and deferred financing cost of $3 and $5, respectively)
697 695 
$1.90 billion 5.400% Senior Notes due August 2028 (net of unamortized original issue discount and deferred financing costs of $9 and $11, respectively)
1,891 1,889 
$650 million 2.850% Senior Notes due March 2029 (net of unamortized original issue discount and deferred financing cost of $5)
645 645 
$700 million 4.375% Senior Notes due June 2030 (net of unamortized original issue discount and deferred financing costs of $6 and $7, respectively)
694 693 
$600 million 3.250% Senior Notes due August 2031 (net of unamortized original issue discount and deferred financing cost of $4 and $5, respectively)
596 595 
Other(2)
12 19 
Singapore Related(1):
2012 Singapore Term Facility (net of unamortized deferred financing costs of $12 and $24, respectively)
2,656 2,867 
Singapore Delayed Draw Term Facility
46 47 
Other(2)
1 1 
13,752 14,029 
Less — current maturities(3,160)(1,900)
Total debt
$10,592 $12,129 
____________________
(1)Unamortized deferred financing costs of $76 million and $59 million as of December 31, 2024 and 2023, respectively, related to the Company's revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying consolidated balance sheets.
(2)Includes finance leases related to the U.S., Macao and Singapore of $115 million, $12 million and $1 million as of December 31, 2024, respectively, and related to Macao of $18 million as of December 31, 2023.
Cash Flows from Financing Activities Related to Debt and Finance Lease Obligations
Cash flows from financing activities related to debt and finance lease obligations are as follows:
Year Ended December 31,
202420232022
(In millions)
Proceeds from LVSC Senior Notes$1,748 $— $— 
Proceeds from 2018 SCL Credit Facility— — 1,200 
$1,748 $— $1,200 
Repayment on LVSC Senior Notes
$(1,750)$— $— 
Repurchase of SCL Senior Notes
(174)— — 
Repayments on 2018 SCL Credit Facility— (1,948)— 
Repayments on 2012 Singapore Credit Facility(139)(62)(60)
Repayments on Other Debt
(11)(59)(6)
$(2,074)$(2,069)$(66)
Maturities of Debt
Maturities of debt outstanding (excluding finance leases) as of December 31, 2024, are summarized as follows:
Debt
(In millions)
2025$3,152 
20263,487 
20271,450 
20281,900 
20291,900 
Thereafter1,800 
Total$13,689 
v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Rollforward of Common Stock
A summary of the outstanding shares of common stock is as follows:
Balance as of January 1, 2022763,989,752 
Issuance of restricted stock
46,448 
Vesting of restricted stock units
211,083 
Balance as of December 31, 2022764,247,283 
Exercise of stock options77,856 
Issuance of restricted stock
17,166 
Vesting of restricted stock units
233,654 
Forfeiture of restricted stock
(5,806)
Repurchase of common stock(11,121,497)
Balance as of December 31, 2023753,448,656 
Exercise of stock options20,000 
Issuance of restricted stock4,019 
Vesting of restricted stock units379,840 
Repurchase of common stock(37,552,614)
Balance as of December 31, 2024716,299,901 
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
The following table summarizes the net income attributable to LVSC and transfers from the noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:
Year Ended December 31,
202420232022
(In millions)
Net income attributable to LVSC$1,446 $1,221 $1,832 
Transfer from noncontrolling interest:
Increase in LVSC’s paid-in-capital for purchase of subsidiary shares
12 — — 
Changes from net income attributable to LVSC and transfers from noncontrolling interest$1,458 $1,221 $1,832 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income (Loss) Before Income Taxes and Noncontrolling Interests ncome (loss) before income taxes and noncontrolling interests for domestic and foreign operations is as follows:
Year Ended December 31,
202420232022
(In millions)
Foreign$2,129 $1,889 $(1,090)
Domestic(169)(114)(297)
Total income (loss) from continuing operations before income taxes
$1,960 $1,775 $(1,387)
Components of Income Tax (Benefit) Expense
The components of the income tax expense from continuing operations are as follows:
Year Ended December 31,
202420232022
(In millions)
Foreign:
Current$181 $261 $136 
Deferred6 32 (21)
Federal:
Current23 39 20 
Deferred(2)12 19 
Total income tax expense
$208 $344 $154 
Effective Income Tax Rate Reconciliation
The reconciliation of the statutory federal income tax rate and the Company's effective tax rate for continuing operations is as follows:
Year Ended December 31,
202420232022
Statutory federal income tax rate21.0 %21.0 %(21.0)%
Increase (decrease) in tax rate resulting from:
Foreign and U.S. tax rate differential(7.1)%(6.5)%9.0 %
Tax exempt (income) loss of foreign subsidiary
(10.7)%(4.2)%4.5 %
Change in valuation allowance3.3 %4.0 %15.8 %
Other, net4.1 %5.1 %2.8 %
Effective tax rate10.6 %19.4 %11.1 %
Components of Deferred Tax Assets and Liabilities
The primary tax affected components of the Company's net deferred tax liabilities are as follows:
December 31,
20242023
(In millions)
Deferred tax assets:
U.S. foreign tax credit carryforwards$2,531 $3,575 
Net operating loss carryforwards320 401 
Research and development29 22 
Stock-based compensation9 18 
Accrued expenses14 12 
Pre-opening expenses21 5 
Provision for credit losses1 1 
Other2 3 
2,927 4,037 
Less — valuation allowances(2,776)(3,879)
Total deferred tax assets151 158 
Deferred tax liabilities:
Property and equipment(213)(219)
Prepaid expenses(2)(2)
Other(2)(3)
Total deferred tax liabilities(217)(224)
Deferred tax liabilities, net
$(66)$(66)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows:
December 31,
202420232022
(In millions)
Balance at the beginning of the year$141 $136 $136 
Reductions to tax positions related to prior years— (3)(15)
Additions to tax positions related to current year8 8 15 
Exchange rate fluctuations(1)— — 
Balance at the end of the year(1)
$148 $141 $136 
____________________
(1)Includes interest and penalties of $25 million, $19 million and $13 million accrued as of December 31, 2024, 2023 and 2022, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax positions in the provision for income taxes in the accompanying consolidated statement of operations.
v3.25.0.1
Fair Value Measures and Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of December 31, 2024 and 2023, using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The table excludes cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
December 31, 2024
Hierarchy Level
Carrying Amount(1)
Level 1
Level 2
(in millions)
Assets:
Cash equivalents
Cash deposits
$2,294 $2,294 
Money market funds
72 72 
U.S. Treasury Bills465 465 
Loan Receivable(2)
1,264 $1,192 
Liabilities:
Debt(3)(4)
13,689 13,353 
Cross-currency swaps(3)
56 56 
December 31, 2023
Hierarchy Level
Carrying Amount(1)
Level 1
Level 2
(in millions)
Assets:
Cash equivalents
Cash deposits
$2,153 $2,153 
Money market funds
52 52 
U.S. Treasury Bills1,124 1,124 
Loan Receivable(2)
1,194 $1,130 
Liabilities:
Debt(3)(4)
14,090 13,526 
Cross-currency swaps(3)
3 3 
__________________
(1)The cross-currency swaps are accounted for at fair value in the accompanying consolidated financial statements. The other items included in this table are not accounted for at fair value.
(2)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.
(3)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
(4)The carrying amount of debt is exclusive of finance leases and represents its contractual value.
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Assets and Liabilities
Leases recorded on the balance sheet consist of the following (excluding the leasehold interests in land assets classified as operating leases; see “Note 8 — Leasehold Interests in Land, Net”):
December 31,
Leases
Classification on the Balance Sheet
20242023
(In millions)
Assets
Operating lease ROU assetsOther assets, net$48 $53 
Finance lease ROU assets
Property and equipment, net(1)
$167 $5 
Liabilities
Current
OperatingOther accrued liabilities$16 $19 
Finance
Current maturities of Debt
$10 $9 
Noncurrent
OperatingOther long-term liabilities$172 $252 
Finance
Debt
$118 $9 
____________________
(1)Finance lease ROU assets are recorded net of accumulated amortization of $27 million and $23 million as of December 31, 2024 and 2023, respectively.
Lessee, Other Lease Information
Other information related to lease term and discount rate is as follows:
December 31,
20242023
Weighted Average Remaining Lease Term
Operating leases26.7 years26.6 years
Finance leases40.0 years2.1 years
Weighted Average Discount Rate
Operating leases5.0 %5.0 %
Finance leases5.3 %6.3 %
Lessee, Lease Cost Components
The components of lease expense are as follows:
December 31,
202420232022
(In millions)
Operating lease cost:
Amortization of leasehold interests in land$58 $56 $55 
Operating lease cost16 14 21 
Short-term lease cost4 5 4 
Variable lease cost12 11 2 
Finance lease cost:
Amortization of leasehold interests in land2 2 — 
Amortization of ROU assets3 4 5 
Interest on lease liabilities3 6 1 
Total lease cost$98 $98 $88 
Lessee, Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is as follows:
December 31,
202420232022
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$24 $17 $14 
Financing cash flows for finance leases$9 $57 $4 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$11 $194 $8 
Finance leases$167 $1 $1 
Lessee, Finance Lease Liability, Maturity
Maturities of lease liabilities are summarized as follows:
Operating Leases
Finance Leases
(In millions)
Year ending December 31,
2025$18 $12 
202617 3 
202715 4 
202813 6 
20297 6 
Thereafter277 332 
Total future minimum lease payments347 363 
Less — amount representing interest
(159)(235)
Present value of future minimum lease payments188 128 
Less — current lease obligations
(16)(10)
Long-term lease obligations$172 $118 
Lessee, Operating Lease Liability, Maturity
Maturities of lease liabilities are summarized as follows:
Operating Leases
Finance Leases
(In millions)
Year ending December 31,
2025$18 $12 
202617 3 
202715 4 
202813 6 
20297 6 
Thereafter277 332 
Total future minimum lease payments347 363 
Less — amount representing interest
(159)(235)
Present value of future minimum lease payments188 128 
Less — current lease obligations
(16)(10)
Long-term lease obligations$172 $118 
Lessor, Lease Revenue Components
Lease revenue consists of the following:
Year Ended December 31,
202420232022
MallOtherMallOtherMallOther
(In millions)
Minimum rents$548 $1 $503 $1 $484 $1 
Overage rents104 — 166 — 78 — 
Rent concessions(1)
— — — — (70)— 
Total overage rents and rent concessions104 — 166 — 8 — 
$652 $1 $669 $1 $492 $1 
___________________
(1)Rent concessions were provided to tenants during the year ended December 31, 2022 as a result of the COVID-19 pandemic and the impact on mall operations.
Lessor, Future Minimum Rentals
Future minimum rentals (excluding the escalated contingent rent clauses) on non-cancelable leases are as follows:
MallOther
(In millions)
Year ending December 31,
2025$529 $2 
2026441 1 
2027356 1 
2028256 1 
2029183 1 
Thereafter178 — 
Total minimum future rentals$1,943 $6 
Lessor, Leased Property and Equipment
The cost and accumulated depreciation of property and equipment the Company is leasing to third parties is as follows:
December 31,
20242023
(In millions)
Property and equipment, at cost$1,570 $1,573 
Accumulated depreciation(829)(773)
Property and equipment, net$741 $800 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Black-Scholes Option-Pricing Model Weighted Average Assumptions
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
Year Ended December 31,
202420232022
LVSC Amended 2004 Plan:
Weighted average volatility25.1 %26.1 %26.0 %
Expected term (in years)8.08.46.3
Risk-free rate4.1 %4.0 %2.1 %
Expected dividend yield1.7 %1.7 %— %
SCL Equity Plan:
Weighted average volatility— %— %43.7 %
Expected term (in years)——7.2
Risk-free rate— %— %2.7 %
Expected dividend yield— %— %— %
Summary of Stock Option Activity for Company's Equity Award Plans
A summary of the stock option activity for the Company's equity award plans for the year ended December 31, 2024, is presented below:
SharesWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in millions)
LVSC Amended 2004 Plan:
Outstanding as of January 1, 202414,914,378 $48.04 
Granted6,824 47.93 
Exercised(20,000)33.17 
Forfeited or expired(2,335,586)56.62 
Outstanding as of December 31, 202412,565,616 $46.47 5.46$97 
Exercisable as of December 31, 202410,434,635 $47.07 5.03$81 
SCL Equity Plan:
Outstanding as of January 1, 202444,325,350 $4.84 
Forfeited or expired(4,982,800)6.80 
Outstanding as of December 31, 202439,342,550 $4.59 3.33$1 
Exercisable as of December 31, 202436,042,550 $4.80 2.94$— 
Summary of Unvested Restricted Stock and Unvested Restricted Stock Units
A summary of the unvested restricted stock and restricted stock units under the Company's equity award plans for the year ended December 31, 2024, is presented below:
SharesWeighted
Average
Grant Date
Fair Value
LVSC Amended 2004 Plan:
Unvested Restricted Stock
Balance as of January 1, 202417,166 $61.15 
Granted21,185 47.20 
Vested(17,166)61.15 
Balance as of December 31, 202421,185 $47.20 
Unvested Restricted Stock Units
Balance as of January 1, 2024880,640 $54.14 
Granted1,168,501 50.40 
Vested(462,752)52.10 
Forfeited(1,215)61.65 
Balance as of December 31, 20241,585,174 $51.92 
SCL Equity Plan:
Unvested Restricted Stock Units
Balance as of January 1, 202417,890,996 $2.98 
Granted14,788,400 2.66 
Vested(10,677,260)3.00 
Forfeited(678,708)2.64 
Balance as of December 31, 202421,323,428 $2.76 
Stock-Based Compensation Activity, Summary
The stock-based compensation activity for the Amended 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2024:
Year Ended December 31,
202420232022
(Dollars in millions, except weighted average grant date fair values)
Compensation expense:
Stock options$20 $21 $24 
Restricted stock and stock units58 51 46 
$78 $72 $70 
Income tax benefit recognized in the consolidated statements of operations
$4 $3 $2 
Compensation cost capitalized as part of property and equipment
$1 $1 $2 
LVSC Amended 2004 Plan:
Stock options granted6,824 510,157 1,730,000 
Weighted average grant date fair value$14.65 $15.58 $12.74 
Restricted stock granted21,185 17,166 46,448 
Weighted average grant date fair value$47.20 $61.15 $30.14 
Restricted stock units granted1,168,501 577,636 123,497 
Weighted average grant date fair value$50.40 $57.77 $42.55 
Stock options exercised:
Intrinsic value$— $1 $— 
Cash received$1 $3 $— 
SCL Equity Plan:
Stock options granted— — 3,300,000 
Weighted average grant date fair value$— $— $1.13 
Restricted stock units granted14,788,400 6,792,000 9,393,200 
Weighted average grant date fair value$2.66 $3.44 $2.32 
Stock options exercised:
Intrinsic value$— $— $— 
Cash received$— $1 $— 
Stock-Based Compensation Activity, Arrangements by Share-based Payment Award
The stock-based compensation activity for the Amended 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2024:
Year Ended December 31,
202420232022
(Dollars in millions, except weighted average grant date fair values)
Compensation expense:
Stock options$20 $21 $24 
Restricted stock and stock units58 51 46 
$78 $72 $70 
Income tax benefit recognized in the consolidated statements of operations
$4 $3 $2 
Compensation cost capitalized as part of property and equipment
$1 $1 $2 
LVSC Amended 2004 Plan:
Stock options granted6,824 510,157 1,730,000 
Weighted average grant date fair value$14.65 $15.58 $12.74 
Restricted stock granted21,185 17,166 46,448 
Weighted average grant date fair value$47.20 $61.15 $30.14 
Restricted stock units granted1,168,501 577,636 123,497 
Weighted average grant date fair value$50.40 $57.77 $42.55 
Stock options exercised:
Intrinsic value$— $1 $— 
Cash received$1 $3 $— 
SCL Equity Plan:
Stock options granted— — 3,300,000 
Weighted average grant date fair value$— $— $1.13 
Restricted stock units granted14,788,400 6,792,000 9,393,200 
Weighted average grant date fair value$2.66 $3.44 $2.32 
Stock options exercised:
Intrinsic value$— $— $— 
Cash received$— $1 $— 
Stock-Based Compensation Activity, Allocation of Period Costs
The stock-based compensation activity for the Amended 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2024:
Year Ended December 31,
202420232022
(Dollars in millions, except weighted average grant date fair values)
Compensation expense:
Stock options$20 $21 $24 
Restricted stock and stock units58 51 46 
$78 $72 $70 
Income tax benefit recognized in the consolidated statements of operations
$4 $3 $2 
Compensation cost capitalized as part of property and equipment
$1 $1 $2 
LVSC Amended 2004 Plan:
Stock options granted6,824 510,157 1,730,000 
Weighted average grant date fair value$14.65 $15.58 $12.74 
Restricted stock granted21,185 17,166 46,448 
Weighted average grant date fair value$47.20 $61.15 $30.14 
Restricted stock units granted1,168,501 577,636 123,497 
Weighted average grant date fair value$50.40 $57.77 $42.55 
Stock options exercised:
Intrinsic value$— $1 $— 
Cash received$1 $3 $— 
SCL Equity Plan:
Stock options granted— — 3,300,000 
Weighted average grant date fair value$— $— $1.13 
Restricted stock units granted14,788,400 6,792,000 9,393,200 
Weighted average grant date fair value$2.66 $3.44 $2.32 
Stock options exercised:
Intrinsic value$— $— $— 
Cash received$— $1 $— 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information
The Company's segment information as of and for the years ended December 31, 2024, 2023 and 2022, is as follows:
The Venetian MacaoThe Londoner MacaoThe Parisian Macao
The Plaza Macao and Four Seasons Macao
Sands MacaoFerry Operations and Other
Total Macao
Marina Bay Sands
Inter-company Royalties
Total
(In millions)
Year Ended December 31, 2024
Casino$2,282 $1,462 $740 $572 $290 $— $5,346 $2,957 $— $8,303 
Rooms210 302 137 107 18 — 774 500 — 1,274 
Food and beverage
64 92 62 31 11 — 260 347 — 607 
Mall230 77 27 158 1 — 493 262 — 755 
Convention, retail and other
38 51 7 4 2 98 200 159 — 359 
Net revenues
2,824 1,984 973 872 322 98 7,073 4,225 — 11,298 
Intersegment revenues
7 — — — — 27 34 5 250 289 
Net revenues before intersegment eliminations
2,831 1,984 973 872 322 125 7,107 4,230 250 11,587 
Less:
Payroll and related expenses
413 355 194 106 90 41 1,199 677 — 1,876 
Gaming taxes
1,073 775 365 347 134 — 2,694 751 — 3,445 
Other expenses(1)
252311117984267887 7502501,887 
Segment expenses
1,738 1,441 676 551 266 108 4,780 2,178 250 7,208 
Segment/Consolidated adjusted property EBITDA
1,093 543 297 321 56 17 2,327 2,052 — 4,379 
Other Operating Costs and Expenses
Stock-based compensation(2)
(27)
Corporate(290)
Pre-opening(14)
Development(228)
Depreciation and amortization(1,308)
Amortization of leasehold interests in land(60)
Loss on disposal or impairment of assets(50)
Operating income2,402 
Other Non-Operating Costs and Expenses
Interest income275 
Interest expense, net of amounts capitalized(727)
Other income
10 
Income tax expense(208)
Net income$1,752 
The Venetian MacaoThe Londoner MacaoThe Parisian Macao
The Plaza Macao and Four Seasons Macao
Sands MacaoFerry Operations and Other
Total Macao
Marina Bay Sands
Inter-company Royalties
Total
(In millions)
Year Ended December 31, 2023
Casino$2,151 $1,283 $655 $462 $290 $— $4,841 $2,681 $— $7,522 
Rooms191 324 135 94 17 — 761 443 — 1,204 
Food and beverage
63 86 49 30 12 — 240 344 — 584 
Mall227 66 32 187 1 — 513 254 — 767 
Convention, retail and other
43 33 8 6 2 80 172 123 — 295 
Net revenues
2,675 1,792 879 779 322 80 6,527 3,845 — 10,372 
Intersegment revenues
7 — — — — 25 32 4 224 260 
Net revenues before intersegment eliminations
2,682 1,792 879 779 322 105 6,559 3,849 224 10,632 
Less:
Payroll and related expenses
380 330 187 102 93 35 1,127 617 — 1,744 
Gaming taxes
1,012 672 317 276 134 — 2,411 652 — 3,063 
Other expenses(1)
236274106933652797 7192241,740 
Segment expenses
1,628 1,276 610 471 263 87 4,335 1,988 224 6,547 
Segment/Consolidated adjusted property EBITDA
1,054 516 269 308 59 18 2,224 1,861 — 4,085 
Other Operating Costs and Expenses
Stock-based compensation(2)
(29)
Corporate(230)
Pre-opening(15)
Development(205)
Depreciation and amortization(1,208)
Amortization of leasehold interests in land(58)
Loss on disposal or impairment of assets(27)
Operating income2,313 
Other Non-Operating Costs and Expenses
Interest income288 
Interest expense, net of amounts capitalized(818)
Other expense
(8)
Income tax expense(344)
Net income$1,431 
The Venetian MacaoThe Londoner MacaoThe Parisian Macao
The Plaza Macao and Four Seasons Macao
Sands MacaoFerry Operations and Other
Total Macao
Marina Bay Sands
Inter-company Royalties
Total
(In millions)
Year Ended December 31, 2022
Casino$438 $194 $116 $146 $53 $— $947 $1,680 $— $2,627 
Rooms55 61 33 29 6 — 184 285 — 469 
Food and beverage17 26 10 10 4 — 67 234 — 301 
Mall154 47 25 127 1 — 354 226 — 580 
Convention, retail and other11 22 4 1 1 6 45 88 — 133 
Net revenues
675 350 188 313 65 6 1,597 2,513 — 4,110 
Intersegment revenues
7 — — — — 23 30 3 107 140 
Net revenues before intersegment eliminations
682 350 188 313 65 29 1,627 2,516 107 4,250 
Less:
Payroll and related expenses
3422811729090321,007 516— 1,523 
Gaming taxes
226115638229— 515 420— 935 
Other expenses(1)
1391435660274429 5241071,060 
Segment expenses
707 539 291 232 146 36 1,951 1,460 107 3,518 
Segment/Consolidated adjusted property EBITDA(25)(189)(103)81 (81)(7)(324)1,056 — 732 
Other Operating Costs and Expenses
Stock-based compensation(2)
(33)
Corporate(235)
Pre-opening(13)
Development(143)
Depreciation and amortization(1,036)
Amortization of leasehold interests in land(55)
Loss on disposal or impairment of assets(9)
Operating income(792)
Other Non-Operating Costs and Expenses
Interest income116 
Interest expense, net of amounts capitalized(702)
Other expense
(9)
Income tax expense(154)
Net income$(1,541)
_________________________
(1)Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses of each segment.
(2)During the years ended December 31, 2024, 2023 and 2022, the Company recorded stock-based compensation expense of $78 million, $72 million and $70 million, respectively, of which $51 million, $43 million and $37 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.
December 31,
202420232022
(In millions)
Capital Expenditures
Corporate and Other$40 $200 $60 
Macao:
The Venetian Macao262 71 52 
The Londoner Macao545 132 175 
The Parisian Macao39 9 3 
The Plaza Macao and Four Seasons Macao
14 15 9 
Sands Macao16 6 4 
Ferry Operations and Other3 — — 
879 233 243 
Marina Bay Sands648 584 348 
Total capital expenditures$1,567 $1,017 $651 
December 31,
202420232022
(In millions)
Total Assets
Corporate and Other$3,353 $5,167 $5,422 
Macao:
The Venetian Macao2,806 2,548 2,135 
The Londoner Macao4,665 4,193 4,489 
The Parisian Macao1,710 1,802 1,828 
The Plaza Macao and Four Seasons Macao
987 1,059 1,020 
Sands Macao253 287 208 
Ferry Operations and Other719 335 870 
11,140 10,224 10,550 
Marina Bay Sands6,173 6,387 6,067 
Total assets$20,666 $21,778 $22,039 
December 31,
202420232022
(In millions)
Total Long-Lived Assets(1)
United States
$587 $608 $177 
Macao:
The Venetian Macao1,503 1,337 1,415 
The Londoner Macao4,086 3,796 4,085 
The Parisian Macao1,591 1,665 1,789 
The Plaza Macao and Four Seasons Macao
844 896 975 
Sands Macao170 169 180 
Ferry Operations and Other23 29 41 
8,217 7,892 8,485 
Singapore:
Marina Bay Sands5,121 5,141 4,891 
Other
70 47 26 
Total long-lived assets$13,995 $13,688 $13,579 
_________________________
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
v3.25.0.1
Selected Quarterly Financial Results (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Results (Unaudited)
Quarter
First
SecondThirdFourthTotal
(In millions, except per share data)
2024
Net revenues$2,959 $2,761 $2,682 $2,896 $11,298 
Operating income717 591 504 590 2,402 
Net income583 424 353 392 1,752 
Net income attributable to Las Vegas Sands Corp.494 353 275 324 1,446 
Basic earnings per share0.66 0.48 0.38 0.45 1.97 
Diluted earnings per share0.66 0.48 0.38 0.45 1.96 
2023
Net revenues$2,120 $2,542 $2,795 $2,915 $10,372 
Operating income
378 537 688 710 2,313 
Net income
145 368 449 469 1,431 
Net income attributable to Las Vegas Sands Corp.
147 312 380 382 1,221 
Basic earnings per share0.19 0.41 0.50 0.50 1.60 
Diluted earnings per share0.19 0.41 0.50 0.50 1.60 
v3.25.0.1
Organization and Business of Company (Details)
m² in Thousands, ft² in Thousands, MOP$ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
MOP (MOP$)
Dec. 31, 2024
USD ($)
ft²
a
m²
Seat
Room
floor
hotel_tower
Dec. 31, 2023
USD ($)
Feb. 07, 2025
Jan. 07, 2025
Macao [Member] | Macao Concession [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Gaming concession period 10 years 10 years      
Financial concession commitment MOP$ 35,800 $ 4,480      
Non-gaming financial concession commitment MOP$ 33,360 $ 4,170      
Total spend incurred to date | $     $ 168    
Macao [Member] | Cotai Strip [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of property (in acres) | a   140      
Macao [Member] | The Venetian Macao [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of floors | floor   39      
Number of hotel rooms | Room   2,905      
Macao [Member] | The Venetian Macao [Member] | Casino [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   503      
Macao [Member] | The Venetian Macao [Member] | Arena [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of seats | Seat   14,000      
Macao [Member] | The Venetian Macao [Member] | Theater [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of seats | Seat   1,800      
Macao [Member] | The Venetian Macao [Member] | Retail And Dining Space [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   952      
Macao [Member] | The Venetian Macao [Member] | Meetings, Incentives, Conferences and Exhibition Facilities [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   1,200      
Macao [Member] | The Londoner Macao [Member] | Casino [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   400      
Macao [Member] | The Londoner Macao [Member] | Arena [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of seats | Seat   6,000      
Macao [Member] | The Londoner Macao [Member] | Theater [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of seats | Seat   1,701      
Macao [Member] | The Londoner Macao [Member] | Retail [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   566      
Macao [Member] | The Londoner Macao [Member] | Meetings, Incentives, Conferences and Exhibition Facilities [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   358      
Macao [Member] | The Londoner Macao [Member] | Londoner Court [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   368      
Macao [Member] | The Londoner Macao [Member] | St. Regis Tower [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   400      
Macao [Member] | The Londoner Macao [Member] | Conrad [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   659      
Macao [Member] | The Londoner Macao [Member] | The Londoner Macao Hotel [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   594      
Macao [Member] | The Londoner Macao [Member] | Suites at David Beckham [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   14      
Macao [Member] | The Londoner Macao [Member] | Phase II [Member] | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Expected cost to complete | $   $ 1,200      
Macao [Member] | The Londoner Macao [Member] | Londoner Grand          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of newly renovated suites   300      
Macao [Member] | The Londoner Macao [Member] | Londoner Grand | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of newly renovated suites   2,405      
Macao [Member] | The Londoner Macao [Member] | First Londoner Grand Hotel Tower [Member] | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   1,382      
Macao [Member] | The Londoner Macao [Member] | Second Londoner Grand Hotel Tower [Member] | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   1,023      
Macao [Member] | The Parisian Macao [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   2,541      
Macao [Member] | The Parisian Macao [Member] | Casino [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   272      
Macao [Member] | The Parisian Macao [Member] | Theater [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of seats | Seat   1,200      
Macao [Member] | The Parisian Macao [Member] | Retail And Dining Space [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   297      
Macao [Member] | The Parisian Macao [Member] | Meetings, Incentives, Conferences and Exhibition Facilities [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   62      
Macao [Member] | The Plaza Macao [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   360      
Macao [Member] | The Plaza Macao [Member] | Casino [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   108      
Macao [Member] | The Plaza Macao [Member] | Paiza Mansion [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   19      
Macao [Member] | The Plaza Macao [Member] | Retail [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   262      
Macao [Member] | The Plaza Macao [Member] | The Grand Suites at Four Seasons Macao [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   289      
Macao [Member] | Sands Macao [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of hotel rooms | Room   289      
Macao [Member] | Sands Macao [Member] | Casino [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   176      
Macao [Member] | Las Vegas Sands Corp. [Member] | Sands China Ltd. [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Ownership interest in Sands China Ltd., percentage   72.13%      
Macao [Member] | Las Vegas Sands Corp. [Member] | Sands China Ltd. [Member] | Subsequent Event [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Ownership interest in Sands China Ltd., percentage       72.29% 72.29%
Singapore [Member] | Marina Bay Sands [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of floors | floor   55      
Number of hotel rooms | Room   2,600      
Number of towers | hotel_tower   3      
Singapore [Member] | Marina Bay Sands [Member] | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of newly renovated suites   1,844      
Additional gaming area to be purchased | m²   2      
Total approved gaming area | m²   17      
Singapore [Member] | Marina Bay Sands [Member] | Casino [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   162      
Singapore [Member] | Marina Bay Sands [Member] | Retail, Dining And Entertainment Space [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   616      
Singapore [Member] | Marina Bay Sands [Member] | Meetings, Incentives, Conferences and Exhibition Facilities [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Area of real estate property   1,200      
Singapore [Member] | Marina Bay Sands [Member] | MBS Expansion Project [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Costs incurred to date, development costs | $   $ 1,360      
Singapore [Member] | Marina Bay Sands [Member] | MBS Expansion Project [Member] | Theater [Member] | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Number of seats | Seat   15,000      
Singapore [Member] | Marina Bay Sands [Member] | Tower 1 and Tower 2 [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Costs incurred, total development costs | $   $ 1,000      
Singapore [Member] | Marina Bay Sands [Member] | Tower 3 [Member] | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Expected cost to complete | $   750      
Singapore [Member] | Marina Bay Sands [Member] | MBS Expansion Project and Additional Gaming Area | Scenario, Plan [Member]          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Expected cost to complete | $   8,000      
Total cost for Additional Gaming Area and changes to MBS Expansion Project gross floor area | $   1,000      
Total cost for Additional Gaming Area and changes to MBS Expansion Project gross floor area to be paid in Q1 2025 | $   $ 850      
v3.25.0.1
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)
Dec. 31, 2024
Land Improvements, Building and Building Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 10 years
Land Improvements, Building and Building Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 50 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 20 years
Leasehold Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 3 years
Leasehold Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 15 years
Transportation [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 5 years
Transportation [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of assets 20 years
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Capitalized interest expense $ 14 $ 7 $ 4
Capitalized internal costs 56 53 42
Gaming taxes 3,445 3,063 935
Advertising costs $ 34 $ 47 $ 29
v3.25.0.1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Contract and Contract Related Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Outstanding Chip Liability [Member]      
Contract and Contract Related Liabilities [Line Items]      
Contract and contract related, liability $ 112 $ 135 $ 81
Change in contract and contract related liabilities (23) 54  
Loyalty Program Liability [Member]      
Contract and Contract Related Liabilities [Line Items]      
Contract and contract related, liability 38 45 72
Change in contract and contract related liabilities (7) (27)  
Customer Deposits and Other Deferred Revenue [Member]      
Contract and Contract Related Liabilities [Line Items]      
Contract and contract related, liability 763 690 614
Change in contract and contract related liabilities 73 76  
Mall [Member] | Customer Deposits and Other Deferred Revenue [Member]      
Contract and Contract Related Liabilities [Line Items]      
Contract and contract related, liability $ 175 $ 167 $ 149
v3.25.0.1
Summary of Significant Accounting Policies - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted average shares outstanding:      
Weighted average common shares outstanding (used in the calculation of basic earnings (loss) per share) (in shares) 735 763 764
Potential dilution from stock options and restricted stock and stock units (in shares) 2 2 0
Weighted average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share) (in shares) 737 765 764
Antidilutive stock options excluded from the calculation of diluted earnings (loss) per share (in shares) 10 6 15
v3.25.0.1
Discontinued Operations Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 23, 2022
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Statutory federal income tax rate 21.00% 21.00% 21.00%  
United States [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]        
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Statutory federal income tax rate 21.00%      
Las Vegas Operating Properties [Member] | United States [Member]        
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income taxes paid     $ 612  
Discontinued Operations, Disposed of by Sale [Member] | United States [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]        
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Statutory federal income tax rate     21.00%  
Discontinued Operations, Disposed of by Sale [Member] | Las Vegas Operating Properties [Member]        
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Discontinued operation held for sale, consideration       $ 6,250
Disposal group, including discontinued operation, cash consideration       5,050
Disposal group, including discontinued operation, working capital adjustments       77
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax     $ 3,600  
Discontinued operation, tax effect of gain (loss) from disposal of discontinued operation     $ 750  
Effective tax rate     20.80%  
Discontinued operation, hypothetical accrued income tax payable     $ 804  
Discontinued Operations, Disposed of by Sale [Member] | Las Vegas operating assets and liabilities [Member] | Las Vegas Operating Properties [Member]        
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal group, including discontinued operation, cash consideration       1,050
Disposal group, including discontinued operation, consideration, seller financing       1,200
Discontinued Operations, Disposed of by Sale [Member] | Las Vegas real estate and real estate related assets [Member] | Las Vegas Operating Properties [Member]        
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal group, including discontinued operation, cash consideration       $ 4,000
v3.25.0.1
Discontinued Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net income (loss) from discontinued operations $ 0 $ 0 $ 2,898
Discontinued Operations, Disposed of by Sale [Member] | Las Vegas Operating Properties [Member]      
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net revenues     228
Resort operations expenses     107
Provision for credit losses     3
General and administrative     55
Operating income (loss)     63
Interest expense     (2)
Other expense     (3)
Income from operations of discontinued operations     58
Gain on disposal of discontinued operations     3,611
Adjustment to gain on disposal of discontinued operations(2)     (9)
Income from discontinued operations, before income tax     3,660
Income tax expense     (762)
Net income (loss) from discontinued operations     2,898
Disposal group, including discontinued operation, adjusted property EBITDA     63
Discontinued Operations, Disposed of by Sale [Member] | Casino [Member] | Las Vegas Operating Properties [Member]      
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net revenues     61
Discontinued Operations, Disposed of by Sale [Member] | Rooms [Member] | Las Vegas Operating Properties [Member]      
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net revenues     78
Discontinued Operations, Disposed of by Sale [Member] | Food and Beverage [Member] | Las Vegas Operating Properties [Member]      
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net revenues     43
Discontinued Operations, Disposed of by Sale [Member] | Convention, Retail and Other [Member] | Las Vegas Operating Properties [Member]      
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net revenues     $ 46
v3.25.0.1
Loan Receivable (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 23, 2022
Loans and Leases Receivable Disclosure [Line Items]        
Term of loan receivable       6 years
Loans receivable, gross       $ 1,200,000,000
Loans receivable, stated interest rate for cash payments, year one and two       1.50%
Loans receivable, stated interest rate for cash payments, year three through six       4.25%
Loans receivable, increase in stated interest rate for payment-in-kind, year one and two       1.00%
Loans receivable, increase in stated interest rate for payment-in-kind, year three       1.50%
Paid-in-kind interest income $ 71,000,000 $ 30,000,000 $ 15,000,000  
Proceeds from loan receivable 0 0 50,000,000  
Loans Receivable [Member]        
Loans and Leases Receivable Disclosure [Line Items]        
Provision for credit loss on loan receivable 0      
Paid-in-kind interest income 70,000,000 29,000,000 15,000,000  
Interest Income [Member]        
Loans and Leases Receivable Disclosure [Line Items]        
Interest income on loan receivable $ 70,000,000 $ 29,000,000 $ 21,000,000  
v3.25.0.1
Restricted Cash and Cash Equivalents (Details) - Dec. 07, 2022
$ in Millions, MOP$ in Billions
USD ($)
MOP (MOP$)
Macao [Member] | Venetian Macau Limited [Member]    
Restricted Cash and Cash Equivalents Items [Line Items]    
Bank guarantee required for term of concession $ 125 MOP$ 1.0
v3.25.0.1
Accounts Receivable, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable [Line Items]    
Accounts receivable, gross $ 603 $ 685
Less - provision for credit losses (186) (201)
Accounts receivable, net 417 484
Exchange rate impact (4) 1
Casino [Member]    
Accounts Receivable [Line Items]    
Accounts receivable, gross 462 483
Rooms [Member]    
Accounts Receivable [Line Items]    
Accounts receivable, gross 28 33
Mall [Member]    
Accounts Receivable [Line Items]    
Accounts receivable, gross 63 126
Other [Member]    
Accounts Receivable [Line Items]    
Accounts receivable, gross $ 50 $ 43
v3.25.0.1
Accounts Receivable, Net - Provision for Credit Losses Rollforward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 201 $ 217  
Current period provision for credit losses 19 4 $ 15
Write-offs (31) (21)  
Recoveries of receivables previously written-off 1 0  
Exchange rate impact (4) 1  
Ending balance $ 186 $ 201 $ 217
v3.25.0.1
Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property and equipment, at cost $ 23,828 $ 22,646
Less — accumulated depreciation and amortization (11,835) (11,207)
Property and equipment, net 11,993 11,439
Land and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, at cost 756 593
Building and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, at cost 16,411 16,211
Furniture, Fixtures, Equipment And Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, at cost 5,556 4,847
Transportation [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, at cost 476 504
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, at cost $ 629 $ 491
v3.25.0.1
Property and Equipment, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Loss on disposal or impairment of assets $ 50 $ 27 $ 9
Gain (loss) on disposition and demolition costs of property, plant and equipment     3
Depreciation expense 1,240 1,140 1,010
Aircraft Parts [Member]      
Property, Plant and Equipment [Line Items]      
Gain (loss) on disposition of property plant equipment     $ 4
Corporate and Other [Member]      
Property, Plant and Equipment [Line Items]      
Loss on disposal or impairment of assets 9    
Macao [Member]      
Property, Plant and Equipment [Line Items]      
Loss on disposal or impairment of assets 32 12  
Demolition costs of property, plant equipment   4  
Gain (loss) on disposition and demolition costs of property, plant and equipment 28    
Macao [Member] | The Parisian Macao [Member]      
Property, Plant and Equipment [Line Items]      
Gain (loss) on disposition of property plant equipment   8  
Singapore [Member]      
Property, Plant and Equipment [Line Items]      
Loss on disposal or impairment of assets $ 9 $ 14  
v3.25.0.1
Leasehold Interests in Land, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross $ 2,725 $ 2,935
Less — accumulated amortization (723) (686)
Leasehold interests in land, net 2,002 2,249
Nassau County [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross 0 154
Marina Bay Sands [Member] | Singapore [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross 1,969 2,028
The Londoner Macao [Member] | Macao [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross 290 290
The Venetian Macao [Member] | Macao [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross 236 235
The Plaza Macao [Member] | Macao [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross 106 105
The Parisian Macao [Member] | Macao [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross 88 88
Sands Macao [Member] | Macao [Member]    
Lessee, Lease, Description [Line Items]    
Leasehold interests in land, gross $ 36 $ 35
v3.25.0.1
Leasehold Interests in Land, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Amortization of leasehold interests in land $ 60 $ 58 $ 55
Macao [Member]      
Lessee, Lease, Description [Line Items]      
Leasehold interest in land, term of contract 25 years    
Leasehold interest in land, term of contract, automatic extension 10 years    
Singapore [Member] | Scenario, Plan [Member] | Marina Bay Sands [Member] | MBS Expansion Project and Additional Gaming Area      
Lessee, Lease, Description [Line Items]      
Total cost for Additional Gaming Area and changes to MBS Expansion Project gross floor area $ 1,000    
Total cost for Additional Gaming Area and changes to MBS Expansion Project gross floor area to be paid in Q1 2025 850    
Leasehold interests in land [Member]      
Lessee, Lease, Description [Line Items]      
Estimated future amortization expense, year one 55    
Estimated future amortization expense, year two 55    
Estimated future amortization expense, year three 55    
Estimated future amortization expense, year four 55    
Estimated future amortization expense, year five 55    
Estimated future amortization expense, thereafter $ 1,870    
Leasehold interests in land [Member] | Macao [Member]      
Lessee, Lease, Description [Line Items]      
Leasehold interest in land, useful life 50 years    
Leasehold interests in land [Member] | Singapore [Member]      
Lessee, Lease, Description [Line Items]      
Leasehold interest in land, useful life 60 years    
v3.25.0.1
Goodwill and Intangible Assets, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Goodwill and Intangible Assets [Line Items]    
Finite-lived intangible assets, net $ 443 $ 495
Goodwill 102 103
Goodwill and intangible assets, net 545 598
Contract-Based Intangible Assets [Member]    
Schedule of Goodwill and Intangible Assets [Line Items]    
Finite-lived intangible assets, gross 552 551
Finite-lived intangible assets, accumulated amortization (147) (81)
Finite-lived intangible assets, net 405 470
Contract-Based Intangible Assets [Member] | Venetian Macau Limited [Member]    
Schedule of Goodwill and Intangible Assets [Line Items]    
Finite-lived intangible assets, gross 500 497
Technology-Based Intangible Assets [Member]    
Schedule of Goodwill and Intangible Assets [Line Items]    
Finite-lived intangible assets, gross 38 25
Marina Bay Sands [Member] | Contract-Based Intangible Assets [Member]    
Schedule of Goodwill and Intangible Assets [Line Items]    
Finite-lived intangible assets, gross $ 52 $ 54
v3.25.0.1
Goodwill and Intangible Assets, Net - Additional Information (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2022
USD ($)
Apr. 30, 2022
SGD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
MOP (MOP$)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
MOP (MOP$)
Jun. 02, 2023
USD ($)
Schedule of Goodwill and Intangible Assets [Line Items]                  
Amortization of Intangible Assets       $ 68,000,000   $ 67,000,000 $ 17,000,000    
Estimated future amortization expense, year one       56,000,000          
Estimated future amortization expense, year two       50,000,000          
Estimated future amortization expense, year three       50,000,000          
Estimated future amortization expense, year four       50,000,000          
Estimated future amortization expense, year five       50,000,000          
Estimated future amortization expense, after year five       149,000,000          
Goodwill       102,000,000   103,000,000      
Nassau Coliseum [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Business combination, consideration transferred     $ 221,000,000     241,000,000 $ 20,000,000    
Goodwill                 $ 92,000,000
Venetian Macau Limited [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Financial liability related to Macao concession       500,000,000          
Contract-Based Intangible Assets [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Finite-lived intangible assets, gross       552,000,000   551,000,000      
Contract-Based Intangible Assets [Member] | Venetian Macau Limited [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Finite-lived intangible assets, gross       500,000,000   497,000,000      
Marina Bay Sands [Member] | Contract-Based Intangible Assets [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Finite-lived intangible assets, gross       52,000,000   54,000,000      
Macao [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Financial liability related to Macao concession       $ 500,000,000       MOP$ 4,000,000,000  
Macao [Member] | Macao Concession [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Gaming concession period       10 years 10 years        
Fixed portion of premium       $ 4,000,000 MOP$ 30,000,000        
Handover fee per square meter for period one through three       94 750        
Handover fee per square meter for period four through ten       313 2,500        
Annual handover fee paid       13,000,000   $ 13,000,000      
Annual handover fee for 2025       13,000,000          
Annual handover fee for 2026 through 2029       42,000,000          
Annual handover fee for 2030 and thereafter       127,000,000          
Macao [Member] | Macao Concession [Member] | Gaming Table Reserved [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Variable portion premium, per unit       37,503 300,000        
Macao [Member] | Macao Concession [Member] | Gaming Table Not Reserved [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Variable portion premium, per unit       18,751 150,000        
Macao [Member] | Macao Concession [Member] | Electrical Or Mechanical Gaming Machine [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Variable portion premium, per unit       125 MOP$ 1,000        
Macao [Member] | Contract-Based Intangible Assets [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Finite-lived intangible assets, gross       $ 500,000,000       MOP$ 4,000,000,000  
Finite-lived intangible asset, useful life       10 years          
Singapore [Member] | Marina Bay Sands [Member] | Contract-Based Intangible Assets [Member]                  
Schedule of Goodwill and Intangible Assets [Line Items]                  
Finite-lived intangible asset, useful life       3 years          
Payments to acquire intangible assets $ 53,000,000 $ 72              
v3.25.0.1
Other Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Accrued Liabilities [Line Items]    
Payroll and related $ 382 $ 370
Taxes and licenses 316 389
Accrued interest payable 193 184
Other accruals 374 327
Other accrued liabilities 1,985 1,948
Customer Deposits [Member]    
Other Accrued Liabilities [Line Items]    
Contract and contract related, liability, current 608 543
Outstanding Chip Liability [Member]    
Other Accrued Liabilities [Line Items]    
Contract and contract related, liability, current $ 112 $ 135
v3.25.0.1
Derivative Instruments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Cash Flow Hedging [Member] | Currency Swap [Member] | Fx Swaps | Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Derivative, notional amount $ 5,010
v3.25.0.1
Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Other $ 13,752 $ 14,029
Debt, including current maturities 13,752 14,029
Less — current maturities (3,160) (1,900)
Total debt 10,592 12,129
Finance lease, liability 128  
Other Assets, Net and Prepaid and Other [Member]    
Debt Instrument [Line Items]    
Debt issuance costs, net in other assets and prepaid expenses and other 76 59
United States [Member]    
Debt Instrument [Line Items]    
Finance lease, liability 115  
Macao [Member]    
Debt Instrument [Line Items]    
Finance lease, liability 12 18
Singapore [Member]    
Debt Instrument [Line Items]    
Finance lease, liability 1  
Other [Member] | United States [Member]    
Debt Instrument [Line Items]    
Other 115 0
Debt, including current maturities 115 0
Other [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Other 12 19
Debt, including current maturities 12 19
Other [Member] | Singapore [Member]    
Debt Instrument [Line Items]    
Other 1 1
Debt, including current maturities 1 1
Unsecured Debt [Member] | $1.75 billion 3.200% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 0 1,748
Debt instrument, unamortized discount and debt issuance costs, net   2
Unsecured Debt [Member] | $500 million 2.900% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 500 499
Debt instrument, unamortized discount and debt issuance costs, net 0 1
Unsecured Debt [Member] | $1.0 billion 3.500% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 997 995
Debt instrument, unamortized discount and debt issuance costs, net 3 5
Unsecured Debt [Member] | $750 million 5.900% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 745 0
Debt instrument, unamortized discount and debt issuance costs, net 5  
Unsecured Debt [Member] | $500 million 6.000% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 495 0
Debt instrument, unamortized discount and debt issuance costs, net 5  
Unsecured Debt [Member] | $750 million 3.900% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 745 744
Debt instrument, unamortized discount and debt issuance costs, net 5 6
Unsecured Debt [Member] | $500 million 6.200% Senior Notes [Member] | United States [Member]    
Debt Instrument [Line Items]    
Debt 495 0
Debt instrument, unamortized discount and debt issuance costs, net 5  
Unsecured Debt [Member] | $1.80 billion 5.125% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 1,624 1,796
Debt instrument, unamortized discount and debt issuance costs, net 1 4
Unsecured Debt [Member] | $800 million 3.800% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 798 796
Debt instrument, unamortized discount and debt issuance costs, net 2 4
Unsecured Debt [Member] | $700 million 2.300% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 697 695
Debt instrument, unamortized discount and debt issuance costs, net 3 5
Unsecured Debt [Member] | $1.90 billion 5.400% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 1,891 1,889
Debt instrument, unamortized discount and debt issuance costs, net 9 11
Unsecured Debt [Member] | $650 million 2.850% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 645 645
Debt instrument, unamortized discount and debt issuance costs, net 5 5
Unsecured Debt [Member] | $700 million 4.375% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 694 693
Debt instrument, unamortized discount and debt issuance costs, net 6 7
Unsecured Debt [Member] | $600 million 3.250% Senior Notes [Member] | Macao [Member]    
Debt Instrument [Line Items]    
Debt 596 595
Debt instrument, unamortized discount and debt issuance costs, net 4 5
Secured Debt [Member] | 2012 Singapore Term Facility [Member] | Singapore [Member]    
Debt Instrument [Line Items]    
Debt 2,656 2,867
Debt instrument, unamortized discount and debt issuance costs, net 12 24
Secured Debt [Member] | Singapore Delayed Draw Term Facility [Member] | Singapore [Member]    
Debt Instrument [Line Items]    
Debt $ 46 $ 47
v3.25.0.1
Debt - Additional Information (Details)
 12 Months Ended
Oct. 23, 2024
USD ($)
Apr. 03, 2024
USD ($)
Feb. 09, 2022
Aug. 30, 2019
USD ($)
Aug. 30, 2019
USD ($)
Aug. 30, 2019
SGD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
Dec. 31, 2024
HKD ($)
Dec. 31, 2024
SGD ($)
Oct. 23, 2024
HKD ($)
May 16, 2024
USD ($)
Sep. 23, 2021
USD ($)
Jun. 04, 2020
USD ($)
Nov. 25, 2019
USD ($)
Aug. 30, 2019
SGD ($)
Aug. 09, 2019
USD ($)
Jul. 31, 2019
USD ($)
Nov. 20, 2018
USD ($)
Aug. 09, 2018
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2018
SGD ($)
Debt Instrument [Line Items]                                              
Long-term debt, contractual value             $ 13,689,000,000 $ 14,090,000,000                              
United States [Member] | Unsecured Debt [Member] | LVSC Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                         $ 1,750,000,000                    
Weighted average interest rate             4.10% 3.40% 3.40%                            
United States [Member] | Unsecured Debt [Member] | $1.75 billion 3.200% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                                     $ 1,750,000,000        
Debt Instrument, interest rate, stated percentage                                     3.20%        
Gain (Loss) on Extinguishment of Debt             $ 1,000,000                                
United States [Member] | Unsecured Debt [Member] | $500 million 2.900% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                               $ 500,000,000              
Debt Instrument, interest rate, stated percentage                               2.90%              
United States [Member] | Unsecured Debt [Member] | $1.0 billion 3.500% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                                     $ 1,000,000,000.0        
Debt Instrument, interest rate, stated percentage                                     3.50%        
United States [Member] | Unsecured Debt [Member] | $750 million 5.900% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                         $ 750,000,000                    
Debt Instrument, interest rate, stated percentage                         5.90%                    
United States [Member] | Unsecured Debt [Member] | $500 million 6.200% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                         $ 500,000,000                    
Debt Instrument, interest rate, stated percentage                         6.20%                    
United States [Member] | Unsecured Debt [Member] | $750 million 3.900% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                                     $ 750,000,000        
Debt Instrument, interest rate, stated percentage                                     3.90%        
United States [Member] | Unsecured Debt [Member] | $500 million 6.000% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                         $ 500,000,000                    
Debt Instrument, interest rate, stated percentage                         6.00%                    
United States [Member] | Unsecured Debt [Member] | LVSC Revolving Facility [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)                                   $ 1,500,000,000          
United States [Member] | Unsecured Debt [Member] | LVSC Revolving Facility - Sub-Facility [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)                                   $ 150,000,000          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)   $ 1,500,000,000                                          
Line of credit facility, available borrowing capacity (SGD/HKD converted to USD at balance sheet date)             1,500,000,000                                
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member] | Minimum [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, unused capacity, commitment fee percentage   0.125%                                          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member] | Maximum [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, unused capacity, commitment fee percentage   0.25%                                          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member] | Base Rate [Member] | Minimum [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate   0.125%                                          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member] | Base Rate [Member] | Maximum [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate   0.55%                                          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member] | Adjusted SOFR [Member] | Minimum [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate   1.125%                                          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility [Member] | Adjusted SOFR [Member] | Maximum [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate   1.55%                                          
United States [Member] | Unsecured Debt [Member] | 2024 LVSC Revolving Facility - Sub-Facility [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)   $ 150,000,000                                          
Macao [Member] | Unsecured Debt [Member] | $1.90 billion 5.400% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                                         $ 1,900,000,000    
Debt Instrument, interest rate, stated percentage                                         5.40%    
Macao [Member] | Unsecured Debt [Member] | $1.80 billion 5.125% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                                         $ 1,800,000,000    
Debt Instrument, interest rate, stated percentage                                         5.125%    
Gain (Loss) on Extinguishment of Debt             (1,000,000)                                
Debt Instrument, repurchased face amount             175,000,000                                
Long-term debt, contractual value             $ 1,630,000,000                                
Macao [Member] | Unsecured Debt [Member] | $700 million 4.375% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                             $ 700,000,000                
Debt Instrument, interest rate, stated percentage                             4.375%                
Macao [Member] | Unsecured Debt [Member] | $800 million 3.800% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                             $ 800,000,000                
Debt Instrument, interest rate, stated percentage                             3.80%                
Macao [Member] | Unsecured Debt [Member] | $650 million 2.850% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                           $ 650,000,000                  
Debt Instrument, interest rate, stated percentage                           2.85%                  
Macao [Member] | Unsecured Debt [Member] | $600 million 3.250% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                           $ 600,000,000                  
Debt Instrument, interest rate, stated percentage                           3.25%                  
Macao [Member] | Unsecured Debt [Member] | $700 million 2.300% Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                           $ 700,000,000                  
Debt Instrument, interest rate, stated percentage                           2.30%                  
Macao [Member] | Unsecured Debt [Member] | SCL Senior Notes [Member]                                              
Debt Instrument [Line Items]                                              
Weighted average interest rate             4.40% 4.80% 4.60%                            
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility                                              
Debt Instrument [Line Items]                                              
Weighted average interest rate               6.30% 4.30%                            
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)                                       $ 2,000,000,000.0      
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility | Hong Kong, Dollars | Extending Lenders [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date) $ 2,270,000,000                     $ 17,630,000,000                      
Macao [Member] | Unsecured Debt [Member] | 2018 SCL Revolving Facility | United States of America, Dollars                                              
Debt Instrument [Line Items]                                              
Line of credit facility, available borrowing capacity (SGD/HKD converted to USD at balance sheet date) $ 237,000,000                                            
Macao [Member] | Unsecured Debt [Member] | 2024 SCL Revolving Facility [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)                       19,500,000,000                      
Line of credit facility, available borrowing capacity (SGD/HKD converted to USD at balance sheet date)             $ 2,510,000,000     $ 19,500,000,000                          
Macao [Member] | Unsecured Debt [Member] | 2024 SCL Revolving Facility [Member] | HIBOR                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate 2.50%                                            
Macao [Member] | Unsecured Debt [Member] | 2024 SCL Term Loan Facility [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, unused borrowing capacity, amount             1,670,000,000     12,950,000,000   $ 12,950,000,000                      
Macao [Member] | Unsecured Debt [Member] | 2024 SCL Term Loan Facility [Member] | HIBOR                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate 1.65%                                            
Macao [Member] | Unsecured Debt [Member] | 2024 SCL Credit Facility [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, unused capacity, commitment fee percentage 0.60%                                            
Line of credit facility, available borrowing capacity (SGD/HKD converted to USD at balance sheet date)             $ 4,180,000,000     $ 32,450,000,000                          
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)                                           $ 3,530,000,000 $ 4,800,000,000
Weighted average interest rate             4.90% 5.30% 3.50%                            
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore Overnight Rate Average SORA [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, basis spread on variable rate     0.19%                                        
Debt instrument, interest rate, period end rate             4.43%     4.43% 4.43%                        
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore Overnight Rate Average SORA [Member] | Minimum [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, margin adjustment on variable rate     1.15%                                        
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore Overnight Rate Average SORA [Member] | Maximum [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, margin adjustment on variable rate     1.85%                                        
Singapore [Member] | Secured Debt [Member] | Singapore Delayed Draw Term Facility [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, face amount (SGD converted to USD at balance sheet date)       $ 2,760,000,000 $ 2,760,000,000                       $ 3,750,000,000            
Debt instrument, periodic payment, principal, percentage of principal, period one       5.00%                                      
Debt instrument, periodic payment, principal, percentage of principal, period two       18.00%                                      
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, maximum borrowing capacity (SGD converted to USD at balance sheet date)       $ 551,000,000 551,000,000                       $ 750,000,000            
Line of credit facility, available borrowing capacity (SGD/HKD converted to USD at balance sheet date)             $ 433,000,000       $ 588,000,000                        
Line of credit facility, increase (decrease), net         $ 184,000,000 $ 250,000,000                                  
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | Minimum [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, unused capacity, commitment fee percentage of spread       35.00%                                      
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | Maximum [Member]                                              
Debt Instrument [Line Items]                                              
Line of credit facility, unused capacity, commitment fee percentage of spread       40.00%                                      
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Term Facility [Member]                                              
Debt Instrument [Line Items]                                              
Debt instrument, periodic payment, principal, percentage of principal, period one       0.50%                                      
Debt instrument, periodic payment, principal, percentage of principal, period two       3.00%                                      
Debt instrument, periodic payment, principal, percentage of principal, period three       5.00%                                      
Debt instrument, periodic payment, principal, percentage of principal, period four       18.00%                                      
Singapore [Member] | Secured Debt [Member] | 2012 Singapore Credit Facility Revolving - Banker's Guarantee [Member]                                              
Debt Instrument [Line Items]                                              
Banker's guarantee             $ 113,000,000       $ 153,000,000                        
v3.25.0.1
Debt - Additional Information Financial Covenants and Credit Rating Impacts (Details)
$ in Millions
 12 Months Ended
Feb. 01, 2024
Jul. 26, 2023
Jun. 16, 2022
Feb. 16, 2022
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 23, 2024
USD ($)
Apr. 03, 2024
Aug. 30, 2019
Macao [Member] | SCL Senior Notes [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate, increase (decrease)         (0.50%)        
Debt instrument, annual incremental interest expense increase         $ 30 $ 16      
Macao [Member] | 2024 SCL Credit Facility [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Minimum amount of cash required after any payments of dividends and LVSC term loan             $ 250    
Macao [Member] | Minimum [Member] | 2024 SCL Credit Facility [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, ratio of adjusted EBITDA to net interest expense             2.50    
Macao [Member] | Maximum [Member] | 2024 SCL Credit Facility [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, ratio of indebtedness to adjusted EBITDA             4.00    
United States [Member] | Maximum [Member] | 2024 LVSC Revolving Facility [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, ratio of indebtedness to adjusted EBITDA               4.00  
Singapore [Member] | Maximum [Member] | 2012 Singapore Credit Facility [Member] | Secured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, ratio of indebtedness to adjusted EBITDA, period one                 4.50
Debt instrument, ratio of indebtedness to adjusted EBITDA, period two                 4.00
Standard & Poor's, BB+ Rating [Member] | Macao [Member] | SCL Senior Notes [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate, increase (decrease)       (0.25%)          
Standard & Poor's, BBB- Rating [Member] | Macao [Member] | SCL Senior Notes [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate, increase (decrease)   0.25%              
Fitch, BB+ Rating [Member] | Macao [Member] | SCL Senior Notes [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate, increase (decrease)     (0.25%)            
Fitch, BBB- Rating [Member] | Macao [Member] | SCL Senior Notes [Member] | Unsecured Debt [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate, increase (decrease) 0.25%                
v3.25.0.1
Debt - Cash Flows from Financing Activities Related to Long-Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Proceeds from debt $ 1,748 $ 0 $ 1,200
Repayments of debt and finance leases (2,074) (2,069) (66)
Unsecured Debt [Member] | LVSC Senior Notes [Member] | United States [Member]      
Debt Instrument [Line Items]      
Proceeds from debt 1,748 0 0
Repayments of debt (1,750) 0 0
Unsecured Debt [Member] | 2018 SCL Revolving Facility | Macao [Member]      
Debt Instrument [Line Items]      
Proceeds from debt 0 0 1,200
Repayments of debt 0 (1,948) 0
Unsecured Debt [Member] | SCL Senior Notes [Member] | Macao [Member]      
Debt Instrument [Line Items]      
Repayments of debt (174) 0 0
Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | Singapore [Member]      
Debt Instrument [Line Items]      
Repayments of debt (139) (62) (60)
Other Long-Term Debt And Finance Lease Obligations [Member] | Finance Leases And Other Long Term Debt [Member]      
Debt Instrument [Line Items]      
Repayments of debt and finance leases $ (11) $ (59) $ (6)
v3.25.0.1
Debt - Maturities of Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
Long-term debt payments, year one $ 3,152
Long-term debt payments, year two 3,487
Long-term debt payments, year three 1,450
Long-term debt payments, year four 1,900
Long-term debt payments, year five 1,900
Long-term debt payments, thereafter 1,800
Long-term debt payments, total $ 13,689
v3.25.0.1
Equity - Additional Information (Details)
$ / shares in Units, $ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 19, 2025
USD ($)
Jan. 07, 2025
shares
Dec. 11, 2024
$ / shares
shares
Dec. 04, 2024
USD ($)
Dec. 04, 2024
HKD ($)
Nov. 26, 2024
$ / shares
shares
Nov. 13, 2024
$ / shares
Oct. 30, 2024
USD ($)
Oct. 30, 2024
HKD ($)
Oct. 28, 2024
$ / shares
shares
Sep. 09, 2024
USD ($)
Sep. 09, 2024
HKD ($)
Sep. 05, 2024
$ / shares
shares
Aug. 14, 2024
$ / shares
May 15, 2024
$ / shares
Apr. 18, 2024
$ / shares
shares
Feb. 14, 2024
$ / shares
Dec. 05, 2023
USD ($)
Dec. 05, 2023
HKD ($)
Nov. 15, 2023
$ / shares
Aug. 16, 2023
$ / shares
Jan. 31, 2025
$ / shares
Jan. 07, 2025
$ / shares
shares
Dec. 31, 2024
shares
Oct. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Feb. 07, 2025
Oct. 22, 2024
USD ($)
Oct. 16, 2023
USD ($)
Oct. 31, 2022
USD ($)
Oct. 31, 2020
USD ($)
Jun. 30, 2018
USD ($)
Nov. 30, 2016
USD ($)
Class of Stock [Line Items]                                                                      
Preferred stock, shares authorized | shares                                               50,000,000   50,000,000 50,000,000                
Common stock, dividends, per share, cash paid | $ / shares             $ 0.20             $ 0.20 $ 0.20   $ 0.20     $ 0.20 $ 0.20                            
Dividends, common stock, cash                                                   $ 591,000,000 $ 305,000,000                
Common stock, dividends declared (per share) | $ / shares                                                   $ 0.80 $ 0.40                
Repurchase of common stock                                                   $ 1,750,000,000 $ 505,000,000 $ 0              
Share Repurchase Program, Commissions                                                   1,000,000                  
Excise tax                                                   17,000,000 5,000,000                
Payments for capped call options                                                   48,000,000 0 0              
Payments for unsettled contract for purchase of noncontrolling interest                                                   35,000,000 $ 250,000,000 $ 0              
Unused portion of maximum notional amount returned                                                 $ 59,000,000                    
September 2024 Capped Call Option [Member]                                                                      
Class of Stock [Line Items]                                                                      
Option Indexed to Issuer's Equity, Shares | shares                         1,336,210                                            
September 2024 Capped Call Option [Member] | Minimum [Member]                                                                      
Class of Stock [Line Items]                                                                      
Option Indexed to Issuer's Equity, Strike Price | $ / shares                         $ 0                                            
September 2024 Capped Call Option [Member] | Maximum [Member]                                                                      
Class of Stock [Line Items]                                                                      
Option Indexed to Issuer's Equity, Strike Price | $ / shares                         $ 39.02                                            
December 2024 Capped Call Option [Member]                                                                      
Class of Stock [Line Items]                                                                      
Option Indexed to Issuer's Equity, Shares | shares     993,240                                                                
Payments for capped call options                                                   $ 51,000,000                  
December 2024 Capped Call Option [Member] | Minimum [Member]                                                                      
Class of Stock [Line Items]                                                                      
Option Indexed to Issuer's Equity, Strike Price | $ / shares     $ 0                                                                
December 2024 Capped Call Option [Member] | Maximum [Member]                                                                      
Class of Stock [Line Items]                                                                      
Option Indexed to Issuer's Equity, Strike Price | $ / shares     $ 53.54                                                                
Subsequent Event [Member]                                                                      
Class of Stock [Line Items]                                                                      
Common stock, dividends declared (per share) | $ / shares                                           $ 0.25                          
Venetian Venture Development II [Member]                                                                      
Class of Stock [Line Items]                                                                      
Payments for unsettled contract for purchase of noncontrolling interest       $ 103,000,000 $ 800     $ 103,000,000 $ 800   $ 103,000,000 $ 800           $ 250,000,000 $ 1,950                                
Las Vegas Sands Corp. [Member] | Sands China Ltd. [Member] | Macao [Member]                                                                      
Class of Stock [Line Items]                                                                      
Subsidiary's shares, shares, acquired | shares           40,568,000       23,413,651           90,467,099               25,112,000                      
Purchase of subsidiary's shares, final price paid per share | $ / shares           $ 19.72       $ 14.64           $ 21.57                                      
Ownership interest in Sands China Ltd., percentage                                               72.13%   72.13%                  
Las Vegas Sands Corp. [Member] | Subsequent Event [Member] | Sands China Ltd. [Member] | Macao [Member]                                                                      
Class of Stock [Line Items]                                                                      
Subsidiary's shares, shares, acquired | shares   13,566,639                                         38,678,639                        
Purchase of subsidiary's shares, final price paid per share | $ / shares                                             $ 20.68                        
Ownership interest in Sands China Ltd., percentage   72.29%                                         72.29%           72.29%            
June 2018 Program [Member]                                                                      
Class of Stock [Line Items]                                                                      
Stock repurchase program, authorized amount                                                           $ 2,000,000,000.0 $ 2,000,000,000     $ 2,500,000,000 $ 1,560,000,000
Stock repurchase program, remaining authorized repurchase amount                                                           $ 195,000,000 $ 916,000,000 $ 916,000,000 $ 916,000,000 $ 1,110,000,000  
Common stock repurchased (in shares) | shares                                                   37,552,614 11,121,497 0              
Repurchase of common stock                                                   $ 1,770,000,000 $ 510,000,000                
Principal Stockholders [Member]                                                                      
Class of Stock [Line Items]                                                                      
Common stock repurchased (in shares) | shares                                                     5,783,021                
Repurchase of common stock                                                     $ 250,000,000                
Retained Earnings (Loss) [Member]                                                                      
Class of Stock [Line Items]                                                                      
Dividends, common stock, cash                                                   $ 591,000,000 $ 305,000,000                
Retained Earnings (Loss) [Member] | Forecast [Member]                                                                      
Class of Stock [Line Items]                                                                      
Dividends, common stock, cash $ 179,000,000                                                                    
v3.25.0.1
Equity - Rollforward of Common Stock (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Common Stock [Roll Forward]      
Common stock shares, beginning balance 753,000,000    
Common stock shares, ending balance 716,000,000 753,000,000  
Common Stock [Member]      
Increase (Decrease) in Common Stock [Roll Forward]      
Common stock shares, beginning balance 753,448,656 764,247,283 763,989,752
Exercised (in shares) 20,000 77,856  
Repurchase of common stock (37,552,614) (11,121,497)  
Common stock shares, ending balance 716,299,901 753,448,656 764,247,283
Common Stock [Member] | Restricted Stock [Member]      
Increase (Decrease) in Common Stock [Roll Forward]      
Issuance of restricted stock 4,019 17,166 46,448
Restricted stock award, forfeitures   (5,806)  
Common Stock [Member] | Restricted Stock Units [Member]      
Increase (Decrease) in Common Stock [Roll Forward]      
Issuance of restricted stock 379,840 233,654 211,083
v3.25.0.1
Equity and Earnings Per Share - Summary of Net Income Attributable to Parent and Transfers To/From Noncontrolling Interest (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                      
Net income (loss) attributable to parent $ 324 $ 275 $ 353 $ 494 $ 382 $ 380 $ 312 $ 147 $ 1,446 $ 1,221 $ 1,832
Changes from net income attributable to LVSC and transfers from noncontrolling interest                 1,458 1,221 1,832
Sands China Ltd. [Member] | Macao [Member] | Las Vegas Sands Corp. [Member]                      
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                      
Increase in LVSC’s paid-in-capital for purchase of subsidiary shares                 $ 12 $ 0 $ 0
v3.25.0.1
Income Taxes - Income Before Income Taxes and Noncontrolling Interests (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income (Loss) Before Income Taxes and Noncontrolling Interest [Abstract]      
Foreign $ 2,129 $ 1,889 $ (1,090)
Domestic (169) (114) (297)
Income (loss) from continuing operations before income taxes $ 1,960 $ 1,775 $ (1,387)
v3.25.0.1
Income Taxes - Components of Income Tax (Benefit) Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Foreign:      
Current $ 181 $ 261 $ 136
Deferred 6 32 (21)
Federal:      
Current 23 39 20
Deferred (2) 12 19
Total income tax expense $ 208 $ 344 $ 154
v3.25.0.1
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Foreign and U.S. tax rate differential (7.10%) (6.50%) (9.00%)
Tax exempt (income) loss of foreign subsidiary (10.70%) (4.20%) (4.50%)
Change in valuation allowance 3.30% 4.00% (15.80%)
Other, net 4.10% 5.10% (2.80%)
Effective tax rate 10.60% 19.40% (11.10%)
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]            
Statutory federal income tax rate     21.00% 21.00% 21.00%  
Deferred tax assets, valuation allowance     $ 2,776 $ 3,879    
Unrecognized tax benefits     148 141 $ 136 $ 136
Unrecognized tax benefits, effective income tax rate impact     123 122 122  
Deferred tax asset [Member]            
Income Taxes [Line Items]            
Unrecognized tax benefits     38 36 36  
Other Long-Term Liabilities [Member]            
Income Taxes [Line Items]            
Unrecognized tax benefits     110 105 $ 100  
U.S. Foreign Tax [Member]            
Income Taxes [Line Items]            
Tax credit carryforward, amount     $ 2,570 3,610    
Macao [Member] | Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member]            
Income Taxes [Line Items]            
Statutory tax rate     12.00%      
Impact on net income if no assumption of income tax exemption, amount     $ 129 $ 46    
Impact on net income if no assumption of income tax exemption, diluted per share amount     $ 0.17 $ 0.06    
Tax on gross gaming revenue, percent     35.00%      
Macao [Member] | Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | Income tax expense (benefit)            
Income Taxes [Line Items]            
Shareholder dividend tax under proposed rate   $ 57        
Macao [Member] | Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | Corporate expense [Member]            
Income Taxes [Line Items]            
Tax exemption annual payment for prior period $ 10          
United States [Member] | U.S. Foreign Tax [Member]            
Income Taxes [Line Items]            
Deferred tax assets, valuation allowance     $ 2,460 $ 3,490    
United States [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]            
Income Taxes [Line Items]            
Statutory federal income tax rate     21.00%      
Singapore [Member] | Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member]            
Income Taxes [Line Items]            
Statutory tax rate     17.00%      
Foreign Subsidiaries [Member]            
Income Taxes [Line Items]            
Operating loss carryforward, amount     $ 2,590 3,280    
Foreign Subsidiaries [Member] | Foreign Deferred Tax Asset [Member]            
Income Taxes [Line Items]            
Deferred tax assets, valuation allowance     $ 314 $ 394    
v3.25.0.1
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
U.S. foreign tax credit carryforwards $ 2,531 $ 3,575
Net operating loss carryforwards 320 401
Research and development 29 22
Stock-based compensation 9 18
Accrued expenses 14 12
Pre-opening expenses 21 5
Provision for credit losses 1 1
Other 2 3
Total deferred tax assets, gross 2,927 4,037
Less — valuation allowances (2,776) (3,879)
Total deferred tax assets 151 158
Deferred tax liabilities:    
Property and equipment (213) (219)
Prepaid expenses (2) (2)
Other (2) (3)
Total deferred tax liabilities (217) (224)
Deferred tax liabilities, net $ (66) $ (66)
v3.25.0.1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the year $ 141 $ 136 $ 136
Reductions to tax positions related to prior years 0 (3) (15)
Additions to tax positions related to current year 8 8 15
Exchange rate fluctuations (1) 0 0
Balance at the end of the year(1) 148 141 136
Unrecognized tax benefits, income tax penalties and interest accrued $ 25 $ 19 $ 13
v3.25.0.1
Fair Value Disclosures (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosure, Asset and Liability [Line Items]    
Loan receivable $ 1,264 $ 1,194
Long-term debt, contractual value 13,689 14,090
Currency Swap [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Derivative liability 56 3
Bank Time Deposits [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash equivalents, at carrying value 2,294 2,153
Money Market Funds [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash equivalents, at carrying value 72 52
US Treasury Securities [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash equivalents, at carrying value 465 1,124
Fair Value, Inputs, Level 2 [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Loan receivable, fair value disclosure 1,192 1,130
Long-term debt, fair value 13,353 13,526
Foreign currency contracts, liability, fair value disclosure 56 3
Quoted Market Prices in Active Markets (Level 1) [Member] | Bank Time Deposits [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash and cash equivalents, fair value disclosure 2,294 2,153
Quoted Market Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash and cash equivalents, fair value disclosure 72 52
Quoted Market Prices in Active Markets (Level 1) [Member] | US Treasury Securities [Member]    
Fair Value Disclosure, Asset and Liability [Line Items]    
Cash and cash equivalents, fair value disclosure $ 465 $ 1,124
v3.25.0.1
Leases - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 02, 2023
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Aug. 16, 2024
Lessee, Lease, Description [Line Items]            
Finance lease, principal payments     $ 9,000,000 $ 57,000,000 $ 4,000,000  
Finance lease ROU assets     167,000,000 $ 5,000,000    
Finance lease, liability     128,000,000      
Finance lease, liability, to be paid, year one     12,000,000      
Finance lease, liability, to be paid, year two     3,000,000      
Finance lease, liability, to be paid, year three     4,000,000      
Finance lease, liability, to be paid, year four     6,000,000      
Finance lease, liability, to be paid, year five     6,000,000      
Finance lease, liability, to be paid, after year five     332,000,000      
Short-term lease commitment, amount     35,000,000      
Nassau Coliseum [Member]            
Lessee, Lease, Description [Line Items]            
Finance lease, principal payments $ 54,000,000          
Use and occupancy permit fee   $ 1        
Lessee, Finance Lease, Term of Contract           42 years
Finance lease ROU assets     161,000,000      
Finance lease, liability     115,000,000      
Finance lease, liability, to be paid, year one     1,000,000      
Finance lease, liability, to be paid, year two     1,000,000      
Finance lease, liability, to be paid, year three     3,000,000      
Finance lease, liability, to be paid, year four     6,000,000      
Finance lease, liability, to be paid, year five     6,000,000      
Finance lease, liability, to be paid, after year five     $ 332,000,000      
Minimum [Member]            
Lessee, Lease, Description [Line Items]            
Lessee, operating lease, renewal term     1 month      
Lessee, finance lease, renewal term     1 month      
Lessor, operating lease, term of contract     1 month      
Maximum [Member]            
Lessee, Lease, Description [Line Items]            
Lessee, operating lease, renewal term     10 years      
Lessee, finance lease, renewal term     10 years      
Lessor, operating lease, term of contract     15 years      
v3.25.0.1
Lessee, Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Operating lease ROU assets $ 48 $ 53
Finance lease ROU assets 167 5
Operating lease liability, current 16 19
Finance lease liability, current 10 9
Operating lease liability, noncurrent 172 252
Finance lease liability, noncurrent 118 9
Accumulated depreciation $ 11,835 $ 11,207
Operating lease ROU assets, classification on the balance sheet Other assets, net Other assets, net
Finance lease ROU assets, classification on the balance sheet Property and equipment, net Property and equipment, net
Operating lease liability, current, classification on the balance sheet Other accrued liabilities Other accrued liabilities
Finance lease liability, current, classification on the balance sheet Current maturities of debt Current maturities of debt
Operating lease liability, noncurrent, classification on the balance sheet Other long-term liabilities Other long-term liabilities
Finance lease liability, noncurrent, classification on the balance sheet Debt Debt
Finance lease right of use assets [Member]    
Lessee, Lease, Description [Line Items]    
Accumulated depreciation $ 27 $ 23
v3.25.0.1
Lessee, Other Lease Information (Details)
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating leases, weighted average remaining lease term 26 years 8 months 12 days 26 years 7 months 6 days
Finance leases, weighted average remaining lease term 40 years 2 years 1 month 6 days
Operating leases, weighted average discount rate, percent 5.00% 5.00%
Finance leases, weighted average discount rate, percent 5.30% 6.30%
v3.25.0.1
Lessee, Lease Cost Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Amortization of leasehold interests in land $ 60 $ 58 $ 55
Operating lease cost 16 14 21
Short-term lease cost 4 5 4
Variable lease, cost 12 11 2
Amortization of ROU assets 3 4 5
Interest on lease liabilities 3 6 1
Total lease cost 98 98 88
Operating Lease [Member]      
Lessee, Lease, Description [Line Items]      
Amortization of leasehold interests in land 58 56 55
Finance Lease [Member]      
Lessee, Lease, Description [Line Items]      
Amortization of leasehold interests in land $ 2 $ 2 $ 0
v3.25.0.1
Lessee, Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating cash flows for operating leases $ 24 $ 17 $ 14
Financing cash flows for finance leases 9 57 4
Right-of-use asset obtained in exchange for operating lease liability 11 194 8
Right-of-use asset obtained in exchange for finance lease liability $ 167 $ 1 $ 1
v3.25.0.1
Lessee, Lease Liability Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 18  
2026 17  
2027 15  
2028 13  
2029 7  
Thereafter 277  
Total future minimum lease payments 347  
Less — amount representing interest (159)  
Present value of future minimum lease payments 188  
Less — current lease obligations 16 $ 19
Long-term lease obligations 172 252
Finance Leases    
2025 12  
2026 3  
2027 4  
2028 6  
2029 6  
Thereafter 332  
Total future minimum lease payments 363  
Less — amount representing interest (235)  
Present value of future minimum lease payments 128  
Less — current lease obligations (10) (9)
Long-term lease obligations $ 118 $ 9
v3.25.0.1
Lessor, Lease Revenue Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mall [Member]      
Lessor, Lease, Description [Line Items]      
Minimum rents $ 548 $ 503 $ 484
Overage rents 104 166 78
Rent concessions 0 0 (70)
Overage rents , rent concessions and other 104 166 8
Lease revenue 652 669 492
Other [Member]      
Lessor, Lease, Description [Line Items]      
Minimum rents 1 1 1
Overage rents 0 0 0
Rent concessions 0 0 0
Overage rents , rent concessions and other 0 0 0
Lease revenue $ 1 $ 1 $ 1
v3.25.0.1
Lessor, Future Minimum Rentals (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Mall [Member]  
Lessor, Lease, Description [Line Items]  
2025 $ 529
2026 441
2027 356
2028 256
2029 183
Thereafter 178
Total minimum future rentals 1,943
Other [Member]  
Lessor, Lease, Description [Line Items]  
2025 2
2026 1
2027 1
2028 1
2029 1
Thereafter 0
Total minimum future rentals $ 6
v3.25.0.1
Lessor, Leased Property and Equipment (Details) - Land and Building [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Property and equipment, at cost $ 1,570 $ 1,573
Accumulated depreciation (829) (773)
Property and equipment, net $ 741 $ 800
v3.25.0.1
Commitments and Contingencies - Additional Information (Details)
 1 Months Ended 12 Months Ended
Sep. 19, 2022
MOP (MOP$)
Sep. 19, 2022
USD ($)
Jul. 10, 2021
MOP (MOP$)
Jul. 10, 2021
USD ($)
Jul. 15, 2019
MOP (MOP$)
Jul. 15, 2019
USD ($)
Jan. 19, 2012
MOP (MOP$)
Jan. 19, 2012
USD ($)
Jan. 19, 2022
MOP (MOP$)
Jan. 19, 2022
USD ($)
Dec. 31, 2024
MOP (MOP$)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commitments and Contingencies [Line Items]                          
Non-cancelable period of franchise agreement                       15 years  
Minimum [Member]                          
Commitments and Contingencies [Line Items]                          
Non-cancelable period of management agreements                       14 years  
Maximum [Member]                          
Commitments and Contingencies [Line Items]                          
Non-cancelable period of management agreements                       40 years  
Singapore [Member] | Scenario, Plan [Member] | Marina Bay Sands [Member] | MBS Expansion Project and Additional Gaming Area                          
Commitments and Contingencies [Line Items]                          
Total cost for Additional Gaming Area and changes to MBS Expansion Project gross floor area                       $ 1,000,000,000  
Total cost for Additional Gaming Area and changes to MBS Expansion Project gross floor area to be paid in Q1 2025                       850,000,000  
Macao Concession [Member] | Macao [Member]                          
Commitments and Contingencies [Line Items]                          
Fixed portion of premium                     MOP$ 30,000,000 4,000,000  
Annual premium, variable portion, minimum (patacas converted to USD at balance sheet date)                     MOP$ 76,000,000 10,000,000  
Other commitment, due year one                       41,000,000  
Other commitment, due year two                       41,000,000  
Other commitment, due year three                       41,000,000  
Other Commitment, due year four                       41,000,000  
Other Commitment, due year five                       41,000,000  
Other Commitment, due after year five                       $ 122,000,000  
Tax on gross gaming revenue, percent                     35.00% 35.00%  
Percentage contribution of revenue to utilities                     5.00% 5.00%  
Minimum annual gaming tax due on gross gaming revenue (patacas converted to USD at balance sheet date)                     MOP$ 4,500,000,000 $ 563,000,000  
Handover fee per square meter for period one through three                     750 94  
Handover fee per square meter for period four through ten                     2,500 313  
Annual handover fee for 2025                       13,000,000  
Annual handover fee for 2026 through 2032                       42,000,000  
Financial concession commitment                     35,800,000,000 4,480,000,000  
Non-gaming financial concession commitment                     33,360,000,000 4,170,000,000  
Total spend incurred to date                         $ 168,000,000
Macao Concession [Member] | Gaming Table Reserved [Member] | Macao [Member]                          
Commitments and Contingencies [Line Items]                          
Variable portion premium, per unit                     300,000 37,503  
Macao Concession [Member] | Gaming Table Not Reserved [Member] | Macao [Member]                          
Commitments and Contingencies [Line Items]                          
Variable portion premium, per unit                     150,000 18,751  
Macao Concession [Member] | Electrical Or Mechanical Gaming Machine [Member] | Macao [Member]                          
Commitments and Contingencies [Line Items]                          
Variable portion premium, per unit                     1,000 125  
Minimum annual gaming tax due on gross gaming revenue per unit (patacas converted to USD at balance sheet date)                     300,000 37,503  
Macao Concession [Member] | Gaming Table [Member] | Macao [Member]                          
Commitments and Contingencies [Line Items]                          
Minimum annual gaming tax due on gross gaming revenue per unit (patacas converted to USD at balance sheet date)                     MOP$ 7,000,000 1,000,000  
Non-Cancelable Contractual Obligations, Excluding Leases And Macao Concession Related Items [Member]                          
Commitments and Contingencies [Line Items]                          
Contractual obligation                       $ 678,000,000  
Asian American Entertainment Corporation Limited [Member]                          
Commitments and Contingencies [Line Items]                          
Loss contingency, damages sought (patacas converted to USD at balance sheet date)         MOP$ 96,450,000,000 $ 12,060,000,000.00 MOP$ 3,000,000,000.0 $ 375,000,000          
Loss contingency, supplemental court fees sought, value     MOP$ 93,000,000 $ 12,000,000                  
Loss contingency, first plaintiff expert estimated damages, value                 MOP$ 57,880,000,000 $ 7,240,000,000      
Loss contingency, second plaintiff expert estimated damages, value                 MOP$ 62,290,000,000 $ 7,790,000,000      
Loss contingency, appeal court fees sought, value MOP$ 48,000,000 $ 6,000,000                      
v3.25.0.1
Stock-Based Compensation - Additional Information (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2024
shares
May 31, 2019
shares
Dec. 31, 2024
USD ($)
OptionPlan
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of nonqualified stock option plans | OptionPlan     2  
Common stock, par value (in usd per share) | $ / shares     $ 0.001 $ 0.001
Cash-settled restricted stock accrued liability     $ 382 $ 370
Sands China Ltd. [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, par value (in usd per share) | $ / shares     $ 0.01  
LVSC 2004 Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares provided by the plan | shares     26,344,000  
Term of plan (in years)     10 years  
Number of additional shares authorized | shares 10,000,000 10,000,000    
Shares available for grant | shares     12,489,075  
LVSC 2004 Plan [Member] | Restricted Stock Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years)     3 years  
LVSC 2004 Plan [Member] | Restricted Stock And Stock Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested equity-based awards     $ 56  
Expected weighted average period for recognition of stock option (in years)     1 year 10 months 24 days  
LVSC 2004 Plan [Member] | Stock Option [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum contractual term of outstanding stock options (in years)     10 years  
Unrecognized compensation cost related to unvested equity-based awards     $ 15  
Expected weighted average period for recognition of stock option (in years)     3 years 2 months 12 days  
LVSC 2004 Plan [Member] | Minimum [Member] | Stock Option [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years)     3 years  
LVSC 2004 Plan [Member] | Maximum [Member] | Stock Option [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years)     5 years  
SCL Equity Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Term of plan (in years)     10 years  
Shares available for grant | shares     809,337,956  
Stock options vesting period (in years)     4 years  
Maximum contractual term of outstanding stock options (in years)     10 years  
SCL Equity Plan [Member] | Restricted Stock Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Cash-settled restricted stock accrued liability     $ 28 $ 32
Unrecognized compensation cost related to unvested equity-based awards     $ 29  
Expected weighted average period for recognition of stock option (in years)     2 years 9 months 18 days  
SCL Equity Plan [Member] | Stock Option [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested equity-based awards     $ 2  
Expected weighted average period for recognition of stock option (in years)     2 years  
SCL Equity Plan [Member] | Phantom Share Units (PSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years)     3 years  
v3.25.0.1
Stock-Based Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
LVSC 2004 Plan [Member]      
Black-Scholes option-pricing model, weighted average assumptions      
Weighted average volatility 25.10% 26.10% 26.00%
Expected term (in years) 8 years 8 years 4 months 24 days 6 years 3 months 18 days
Risk-free rate 4.10% 4.00% 2.10%
Expected dividend yield 1.70% 1.70% 0.00%
SCL Equity Plan [Member]      
Black-Scholes option-pricing model, weighted average assumptions      
Weighted average volatility 0.00% 0.00% 43.70%
Expected term (in years) 0 years 0 years 7 years 2 months 12 days
Risk-free rate 0.00% 0.00% 2.70%
Expected dividend yield 0.00% 0.00% 0.00%
v3.25.0.1
Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Option [Member] - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
LVSC 2004 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding, beginning balance (in shares) 14,914,378    
Granted (in shares) 6,824 510,157 1,730,000
Exercised (in shares) 20,000    
Forfeited or expired (in shares) (2,335,586)    
Outstanding, ending balance (in shares) 12,565,616 14,914,378  
Exercisable as of the end of the period (in shares) 10,434,635    
Outstanding, beginning balance, weighted average exercise price (in usd per share) $ 48.04    
Granted, weighted average exercise price (in usd per share) 47.93    
Exercised, weighted average exercise price (in usd per share) 33.17    
Forfeited or expired, weighted average exercise price (in usd per share) 56.62    
Outstanding, ending balance, weighted average exercise price (in usd per share) 46.47 $ 48.04  
Exercisable as of the end of the period, weighted average exercise price (in usd per share) $ 47.07    
Outstanding, weighted average remaining contractual life (in years) 5 years 5 months 15 days    
Exercisable, weighted average remaining contractual life (in years) 5 years 10 days    
Outstanding, aggregate intrinsic value $ 97    
Exercisable, aggregate intrinsic value $ 81    
SCL Equity Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding, beginning balance (in shares) 44,325,350    
Granted (in shares) 0 0 3,300,000
Forfeited or expired (in shares) (4,982,800)    
Outstanding, ending balance (in shares) 39,342,550 44,325,350  
Exercisable as of the end of the period (in shares) 36,042,550    
Outstanding, beginning balance, weighted average exercise price (in usd per share) $ 4.84    
Forfeited or expired, weighted average exercise price (in usd per share) 6.80    
Outstanding, ending balance, weighted average exercise price (in usd per share) 4.59 $ 4.84  
Exercisable as of the end of the period, weighted average exercise price (in usd per share) $ 4.80    
Outstanding, weighted average remaining contractual life (in years) 3 years 3 months 29 days    
Exercisable, weighted average remaining contractual life (in years) 2 years 11 months 8 days    
Outstanding, aggregate intrinsic value $ 1    
Exercisable, aggregate intrinsic value $ 0    
v3.25.0.1
Stock-Based Compensation - Summary of Unvested Restricted Stock and Stock Units (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
LVSC 2004 Plan [Member] | Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward]      
Unvested, beginning balance (in shares) 17,166    
Granted (in shares) 21,185 17,166 46,448
Vested (in shares) (17,166)    
Unvested, ending balance (in shares) 21,185 17,166  
Unvested, weighted average grant date fair value, beginning balance (in usd per share) $ 61.15    
Granted, weighted average grant date fair value (in usd per share) 47.20 $ 61.15 $ 30.14
Vested, weighted average grant date fair value (in usd per share) 61.15    
Unvested, weighted average grant date fair value, ending balance (in usd per share) $ 47.20 $ 61.15  
LVSC 2004 Plan [Member] | Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward]      
Unvested, beginning balance (in shares) 880,640    
Granted (in shares) 1,168,501 577,636 123,497
Vested (in shares) (462,752)    
Forfeited (in shares) (1,215)    
Unvested, ending balance (in shares) 1,585,174 880,640  
Unvested, weighted average grant date fair value, beginning balance (in usd per share) $ 54.14    
Granted, weighted average grant date fair value (in usd per share) 50.40 $ 57.77 $ 42.55
Vested, weighted average grant date fair value (in usd per share) 52.10    
Forfeited, weighted average grant date fair value (in usd per share) 61.65    
Unvested, weighted average grant date fair value, ending balance (in usd per share) $ 51.92 $ 54.14  
SCL Equity Plan [Member] | Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Outstanding [Roll Forward]      
Unvested, beginning balance (in shares) 17,890,996    
Granted (in shares) 14,788,400 6,792,000 9,393,200
Vested (in shares) (10,677,260)    
Forfeited (in shares) (678,708)    
Unvested, ending balance (in shares) 21,323,428 17,890,996  
Unvested, weighted average grant date fair value, beginning balance (in usd per share) $ 2.98    
Granted, weighted average grant date fair value (in usd per share) 2.66 $ 3.44 $ 2.32
Vested, weighted average grant date fair value (in usd per share) 3.00    
Forfeited, weighted average grant date fair value (in usd per share) 2.64    
Unvested, weighted average grant date fair value, ending balance (in usd per share) $ 2.76 $ 2.98  
v3.25.0.1
Stock-Based Compensation - Stock-Based Compensation Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense $ 78 $ 72 $ 70
Income tax benefit recognized in the consolidated statements of operations 4 3 2
Compensation cost capitalized as part of property and equipment 1 1 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Proceeds from exercise of stock options 1 4 0
Stock Option [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense 20 21 24
Restricted Stock And Stock Units [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense 58 51 46
LVSC 2004 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options exercised, intrinsic value 0 1 0
Proceeds from exercise of stock options $ 1 $ 3 $ 0
LVSC 2004 Plan [Member] | Stock Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options granted (in shares) 6,824 510,157 1,730,000
Stock options granted, weighted average grant date fair value (in usd per share) $ 14.65 $ 15.58 $ 12.74
LVSC 2004 Plan [Member] | Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock award units granted (in shares) 21,185 17,166 46,448
Restricted stock award units granted, weighted average grant date fair value (in usd per share) $ 47.20 $ 61.15 $ 30.14
LVSC 2004 Plan [Member] | Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock award units granted (in shares) 1,168,501 577,636 123,497
Restricted stock award units granted, weighted average grant date fair value (in usd per share) $ 50.40 $ 57.77 $ 42.55
SCL Equity Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options exercised, intrinsic value $ 0 $ 0 $ 0
Proceeds from exercise of stock options $ 0 $ 1 $ 0
SCL Equity Plan [Member] | Stock Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options granted (in shares) 0 0 3,300,000
Stock options granted, weighted average grant date fair value (in usd per share) $ 0 $ 0 $ 1.13
SCL Equity Plan [Member] | Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock award units granted (in shares) 14,788,400 6,792,000 9,393,200
Restricted stock award units granted, weighted average grant date fair value (in usd per share) $ 2.66 $ 3.44 $ 2.32
v3.25.0.1
Related Party Transactions - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jul. 11, 2022
Related Party Transaction [Line Items]                        
Revenue from goods and services provided to related parties $ 2,896,000,000 $ 2,682,000,000 $ 2,761,000,000 $ 2,959,000,000 $ 2,915,000,000 $ 2,795,000,000 $ 2,542,000,000 $ 2,120,000,000 $ 11,298,000,000 $ 10,372,000,000 $ 4,110,000,000  
Related party payables 1,985,000,000       1,948,000,000       1,985,000,000 1,948,000,000    
Repurchase of common stock                 1,750,000,000 505,000,000 0  
Loan receivable 1,264,000,000       $ 1,194,000,000       1,264,000,000 $ 1,194,000,000    
Principal Stockholders [Member]                        
Related Party Transaction [Line Items]                        
Sale of common stock by a related party, shares                   46,264,168    
Sale of common stock by a related party, price per share         $ 44.00         $ 44.00    
Common stock repurchased (in shares)                   5,783,021    
Repurchase of common stock                   $ 250,000,000    
Affiliated Entity [Member] | Sands China Ltd. [Member]                        
Related Party Transaction [Line Items]                        
Loan receivable                       $ 1,000,000,000
Security and Medical Support, and Other [Member] | Principal Stockholders [Member]                        
Related Party Transaction [Line Items]                        
Revenue from goods and services provided to related parties                 4,000,000 2,000,000 3,000,000  
Food & Beverage, Newspaper Subscriptions and Security Support [Member] | Principal Stockholders [Member]                        
Related Party Transaction [Line Items]                        
Expenses from good and services provided by related parties                 1,000,000 1,000,000 1,000,000  
Aircraft, Aircraft Refurbishment and Maintenance Services [Member] | Principal Stockholders [Member]                        
Related Party Transaction [Line Items]                        
Expenses from good and services provided by related parties                 5,000,000 11,000,000 6,000,000  
Aviation [Member] | Principal Stockholders [Member]                        
Related Party Transaction [Line Items]                        
Revenue from goods and services provided to related parties                 36,000,000 21,000,000 $ 19,000,000  
Related Party [Member]                        
Related Party Transaction [Line Items]                        
Related party receivables 7,000,000       $ 8,000,000       7,000,000 8,000,000    
Related party payables $ 1,000,000       $ 1,000,000       $ 1,000,000 $ 1,000,000    
Loans Receivable [Member] | Affiliated Entity [Member] | Sands China Ltd. [Member]                        
Related Party Transaction [Line Items]                        
Percentage of interest payment to be paid in cash                       5.00%
Paid-in-kind interest rate for year one and two                       6.00%
v3.25.0.1
Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]                      
Net revenues $ 2,896 $ 2,682 $ 2,761 $ 2,959 $ 2,915 $ 2,795 $ 2,542 $ 2,120 $ 11,298 $ 10,372 $ 4,110
Revenues before intercompany eliminations                 11,587 10,632 4,250
Payroll and related expenses                 1,876 1,744 1,523
Gaming taxes                 3,445 3,063 935
Other expenses                 1,887 1,740 1,060
Other Cost and Expense, Operating                 7,208 6,547 3,518
Adjusted property EBITDA                 4,379 4,085 732
Stock-based compensation                 (27) (29) (33)
Corporate                 (290) (230) (235)
Pre-opening                 (14) (15) (13)
Development                 (228) (205) (143)
Depreciation and amortization                 (1,308) (1,208) (1,036)
Amortization of leasehold interests in land                 (60) (58) (55)
Loss on disposal or impairment of assets                 (50) (27) (9)
Operating income (loss) 590 $ 504 $ 591 $ 717 710 $ 688 $ 537 $ 378 2,402 2,313 (792)
Interest income                 275 288 116
Interest expense, net of amounts capitalized                 (727) (818) (702)
Other income (expense)                 10 (8) (9)
Income tax expense                 (208) (344) (154)
Net income (loss) from continuing operations                 1,752 1,431 (1,541)
Total stock-based compensation expense                 78 72 70
Capital expenditures                 1,567 1,017 651
Assets 20,666       21,778       20,666 21,778 22,039
Long-lived assets 13,995       13,688       13,995 13,688 13,579
Corporate expense [Member]                      
Segment Reporting Information [Line Items]                      
Total stock-based compensation expense                 51 43 37
Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Loss on disposal or impairment of assets                 (9)    
Capital expenditures                 40 200 60
Assets 3,353       5,167       3,353 5,167 5,422
Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 7,073 6,527 1,597
Revenues before intercompany eliminations                 7,107 6,559 1,627
Payroll and related expenses                 1,199 1,127 1,007
Gaming taxes                 2,694 2,411 515
Other expenses                 887 797 429
Other Cost and Expense, Operating                 4,780 4,335 1,951
Adjusted property EBITDA                 2,327 2,224 (324)
Loss on disposal or impairment of assets                 (32) (12)  
Capital expenditures                 879 233 243
Assets 11,140       10,224       11,140 10,224 10,550
Long-lived assets 8,217       7,892       8,217 7,892 8,485
Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 2,824 2,675 675
Revenues before intercompany eliminations                 2,831 2,682 682
Payroll and related expenses                 413 380 342
Gaming taxes                 1,073 1,012 226
Other expenses                 252 236 139
Other Cost and Expense, Operating                 1,738 1,628 707
Adjusted property EBITDA                 1,093 1,054 (25)
Capital expenditures                 262 71 52
Assets 2,806       2,548       2,806 2,548 2,135
Long-lived assets 1,503       1,337       1,503 1,337 1,415
Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,984 1,792 350
Revenues before intercompany eliminations                 1,984 1,792 350
Payroll and related expenses                 355 330 281
Gaming taxes                 775 672 115
Other expenses                 311 274 143
Other Cost and Expense, Operating                 1,441 1,276 539
Adjusted property EBITDA                 543 516 (189)
Capital expenditures                 545 132 175
Assets 4,665       4,193       4,665 4,193 4,489
Long-lived assets 4,086       3,796       4,086 3,796 4,085
Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 973 879 188
Revenues before intercompany eliminations                 973 879 188
Payroll and related expenses                 194 187 172
Gaming taxes                 365 317 63
Other expenses                 117 106 56
Other Cost and Expense, Operating                 676 610 291
Adjusted property EBITDA                 297 269 (103)
Capital expenditures                 39 9 3
Assets 1,710       1,802       1,710 1,802 1,828
Long-lived assets 1,591       1,665       1,591 1,665 1,789
Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 872 779 313
Revenues before intercompany eliminations                 872 779 313
Payroll and related expenses                 106 102 90
Gaming taxes                 347 276 82
Other expenses                 98 93 60
Other Cost and Expense, Operating                 551 471 232
Adjusted property EBITDA                 321 308 81
Capital expenditures                 14 15 9
Assets 987       1,059       987 1,059 1,020
Long-lived assets 844       896       844 896 975
Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 322 322 65
Revenues before intercompany eliminations                 322 322 65
Payroll and related expenses                 90 93 90
Gaming taxes                 134 134 29
Other expenses                 42 36 27
Other Cost and Expense, Operating                 266 263 146
Adjusted property EBITDA                 56 59 (81)
Capital expenditures                 16 6 4
Assets 253       287       253 287 208
Long-lived assets 170       169       170 169 180
Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 98 80 6
Revenues before intercompany eliminations                 125 105 29
Payroll and related expenses                 41 35 32
Gaming taxes                 0 0 0
Other expenses                 67 52 4
Other Cost and Expense, Operating                 108 87 36
Adjusted property EBITDA                 17 18 (7)
Capital expenditures                 3 0 0
Assets 719       335       719 335 870
Long-lived assets 23       29       23 29 41
Singapore [Member]                      
Segment Reporting Information [Line Items]                      
Loss on disposal or impairment of assets                 (9) (14)  
Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 4,225 3,845 2,513
Revenues before intercompany eliminations                 4,230 3,849 2,516
Payroll and related expenses                 677 617 516
Gaming taxes                 751 652 420
Other expenses                 750 719 524
Other Cost and Expense, Operating                 2,178 1,988 1,460
Adjusted property EBITDA                 2,052 1,861 1,056
Capital expenditures                 648 584 348
Assets 6,173       6,387       6,173 6,387 6,067
Long-lived assets 5,121       5,141       5,121 5,141 4,891
United States [Member]                      
Segment Reporting Information [Line Items]                      
Long-lived assets 587       608       587 608 177
United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Revenues before intercompany eliminations                 250 224 107
Payroll and related expenses                 0 0 0
Gaming taxes                 0 0 0
Other expenses                 250 224 107
Other Cost and Expense, Operating                 250 224 107
Adjusted property EBITDA                 0 0 0
Other [Member]                      
Segment Reporting Information [Line Items]                      
Long-lived assets $ 70       $ 47       70 47 26
Intersegment Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 (289) (260) (140)
Intersegment Eliminations [Member] | Macao [Member] | Macao Operating Segments [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 (34) (32) (30)
Intersegment Eliminations [Member] | Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 (7) (7) (7)
Intersegment Eliminations [Member] | Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Intersegment Eliminations [Member] | Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Intersegment Eliminations [Member] | Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Intersegment Eliminations [Member] | Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Intersegment Eliminations [Member] | Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 (27) (25) (23)
Intersegment Eliminations [Member] | Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 (5) (4) (3)
Intersegment Eliminations [Member] | United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 (250) (224) (107)
Casino [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 8,303 7,522 2,627
Net revenues                 8,303 7,522 2,627
Casino [Member] | Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 5,346 4,841 947
Casino [Member] | Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 2,282 2,151 438
Casino [Member] | Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 1,462 1,283 194
Casino [Member] | Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 740 655 116
Casino [Member] | Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 572 462 146
Casino [Member] | Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 290 290 53
Casino [Member] | Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 0 0 0
Casino [Member] | Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 2,957 2,681 1,680
Casino [Member] | United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 0 0 0
Rooms [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 1,274 1,204 469
Net revenues                 1,274 1,204 469
Rooms [Member] | Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 774 761 184
Rooms [Member] | Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 210 191 55
Rooms [Member] | Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 302 324 61
Rooms [Member] | Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 137 135 33
Rooms [Member] | Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 107 94 29
Rooms [Member] | Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 18 17 6
Rooms [Member] | Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 0 0 0
Rooms [Member] | Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 500 443 285
Rooms [Member] | United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 0 0 0
Food and Beverage [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 607 584 301
Net revenues                 607 584 301
Food and Beverage [Member] | Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 260 240 67
Food and Beverage [Member] | Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 64 63 17
Food and Beverage [Member] | Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 92 86 26
Food and Beverage [Member] | Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 62 49 10
Food and Beverage [Member] | Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 31 30 10
Food and Beverage [Member] | Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 11 12 4
Food and Beverage [Member] | Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 0 0 0
Food and Beverage [Member] | Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 347 344 234
Food and Beverage [Member] | United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 0 0 0
Mall [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 755 767 580
Mall [Member] | Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 493 513 354
Mall [Member] | Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 230 227 154
Mall [Member] | Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 77 66 47
Mall [Member] | Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 27 32 25
Mall [Member] | Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 158 187 127
Mall [Member] | Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 1 1 1
Mall [Member] | Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Mall [Member] | Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 262 254 226
Mall [Member] | United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Net revenues                 0 0 0
Convention, Retail and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 359 295 133
Net revenues                 359 295 133
Convention, Retail and Other [Member] | Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 200 172 45
Convention, Retail and Other [Member] | Macao [Member] | The Venetian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 38 43 11
Convention, Retail and Other [Member] | Macao [Member] | The Londoner Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 51 33 22
Convention, Retail and Other [Member] | Macao [Member] | The Parisian Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 7 8 4
Convention, Retail and Other [Member] | Macao [Member] | The Plaza Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 4 6 1
Convention, Retail and Other [Member] | Macao [Member] | Sands Macao [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 2 2 1
Convention, Retail and Other [Member] | Macao [Member] | Ferry Operations and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 98 80 6
Convention, Retail and Other [Member] | Singapore [Member] | Marina Bay Sands [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 159 123 88
Convention, Retail and Other [Member] | United States [Member] | Corporate and Other [Member]                      
Segment Reporting Information [Line Items]                      
Revenue from contract with customer                 $ 0 $ 0 $ 0
v3.25.0.1
Selected Quarterly Financial Results (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]                      
Net revenues $ 2,896 $ 2,682 $ 2,761 $ 2,959 $ 2,915 $ 2,795 $ 2,542 $ 2,120 $ 11,298 $ 10,372 $ 4,110
Operating income 590 504 591 717 710 688 537 378 2,402 2,313 (792)
Net income 392 353 424 583 469 449 368 145 1,752 1,431 1,357
Net income (loss) attributable to Las Vegas Sands Corp. $ 324 $ 275 $ 353 $ 494 $ 382 $ 380 $ 312 $ 147 $ 1,446 $ 1,221 $ 1,832
Basic earnings (loss) per share (in usd per share) $ 0.45 $ 0.38 $ 0.48 $ 0.66 $ 0.50 $ 0.50 $ 0.41 $ 0.19 $ 1.97 $ 1.60 $ 2.40
Diluted earnings (loss) per share (in usd per share) $ 0.45 $ 0.38 $ 0.48 $ 0.66 $ 0.50 $ 0.50 $ 0.41 $ 0.19 $ 1.96 $ 1.60 $ 2.40
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Allowance, Credit Loss [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year $ 201 $ 217 $ 232
Additions 19 4 15
Write-offs, net of recoveries (34) (20) (30)
Balance at end of year 186 201 217
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year 3,879 4,083 5,034
Additions 5 0 63
Deductions (1,108) (204) (1,014)
Balance at end of year $ 2,776 $ 3,879 $ 4,083