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LVS · Las Vegas Sands

23 filings

10-K

LVS 10-K Annual Reports

Las Vegas Sands - 23 annual reports

Filing record · 2016–202610-K1110-Q338-K174

2025
Las Vegas Sands Annual Report, Year Ended Dec 31, 2025
Las Vegas Sands Corp. (NYSE: LVS) reported net revenues of $13.02 billion for 2025, up 15.2% from $11.30 billion in 2024, with operating income of $2.82 billion and net income of $1.87 billion ($1.63 billion attributable to LVSC). Growth was driven by Marina Bay Sands, where adjusted property EBITDA rose $870 million (42.4%) to $2.92 billion, while Macao adjusted property EBITDA was essentially flat, declining $17 million (0.7%) to $2.31 billion. Consolidated adjusted property EBITDA increased 19.5% to $5.23 billion. Cash generation remained solid, with operating cash flow of $3.02 billion, though it was reduced by an $848 million payment for the Marina Bay Sands Additional Gaming Area. The company returned significant capital: $2.22 billion in share repurchases, $833 million in dividends and noncontrolling interest payments, and $483 million to acquire additional SCL shares. Total debt rose to $15.78 billion, funded largely by a new $2.92 billion Singapore term loan, a $1.50 billion LVSC senior notes issuance, and a $1.64 billion SCL term loan. Unrestricted cash was $3.84 billion at year-end, and the Board raised the quarterly dividend to $0.30 per share for 2026. The filing also highlights ongoing development spending: the Marina Bay Sands expansion has an estimated total cost of about $8.0 billion, with about $2.5 billion incurred as of December 31, 2025, and an anticipated opening in January 2031. Investors should note concentration risk, since substantially all cash flow comes from Macao and Singapore, the Macao concession expires December 31, 2032, and the company recorded $247 million in losses on asset disposal or impairment, including the abandonment of its New York casino pursuit.
Feb 6, 2026
2024
Las Vegas Sands Annual Report, Year Ended Dec 31, 2024
Las Vegas Sands Corp. (LVS) reported net revenues of $11.30 billion for the year ended December 31, 2024, up from $10.37 billion in 2023, with operating income of $2.40 billion and net income of $1.75 billion (net income attributable to Las Vegas Sands Corp. of $1.45 billion). Growth was driven by higher visitation: Macao casino revenues rose $505 million and Marina Bay Sands casino revenues rose $276 million. Consolidated adjusted property EBITDA was $4.38 billion versus $4.09 billion in 2023, with Macao contributing $2.33 billion and Marina Bay Sands $2.05 billion. Casino expenses grew $459 million, largely from higher gaming taxes, and the effective tax rate fell to 10.6%. Capital allocation was a major theme. The company repurchased $1.75 billion of common stock and paid $590 million in dividends, with a quarterly dividend of $0.25 per share declared for February 2025. Cash and cash equivalents totaled $3.65 billion at year-end, and approximately $1.55 billion remained under the share repurchase authorization. Total debt was $13.75 billion, with $3.16 billion maturing in 2025, and the company refinanced $1.75 billion of 3.200% notes with new LVSC senior notes in May 2024. Key forward-looking items include the Marina Bay Sands expansion project, estimated at about $8.0 billion in total cost, with an additional land premium of approximately $1.0 billion (of which $850 million is expected in the second quarter of 2025). The Macao concession runs through December 2032, and the Singapore casino license renewal application was filed and is pending. Ongoing litigation includes the Asian American Entertainment Corporation case in Macao, for which the company states it cannot determine the probability of outcome or range of loss.
Feb 7, 2025
2023
Las Vegas Sands Annual Report, Year Ended Dec 31, 2023
Las Vegas Sands Corp. (LVS) reported net revenues of $10.37 billion for 2023, up from $4.11 billion in 2022, with operating income of $2.31 billion versus an operating loss of $792 million a year earlier. Net income from continuing operations was $1.43 billion, and net income attributable to Las Vegas Sands Corp. was $1.22 billion, or $1.60 per diluted share. Consolidated adjusted property EBITDA rose to $4.09 billion from $732 million, with Macao contributing $2.22 billion and Marina Bay Sands $1.86 billion. The recovery reflects the lifting of COVID-19 travel restrictions in Macao and Singapore. The company ended 2023 with $5.11 billion of unrestricted cash and cash equivalents and $14.03 billion of long-term debt outstanding, with $1.90 billion of that debt maturing in 2024. Management reinstated the quarterly dividend in August 2023 at $0.20 per share and declared another $0.20 dividend in January 2024. Capital returns also included $505 million of share repurchases and $305 million of dividends paid during 2023. Key risks flagged in the filing include the concentration of all cash flow in Macao and Singapore, the expiry of the Macao concession on December 31, 2032, uncertainty over the Nassau Coliseum land lease in New York, the Singapore expansion project's construction timeline, and a $3.49 billion valuation allowance on U.S. foreign tax credit carryforwards. Pending litigation includes the AAEC claim in Macao, where the plaintiff's damages claim is stated at 96.45 billion patacas, though management says it cannot determine the probability of outcome.
Feb 7, 2024
2022
Las Vegas Sands Annual Report, Year Ended Dec 31, 2022
Las Vegas Sands Corp. (LVS), a Fortune 500 developer and operator of Integrated Resorts, reported net revenues of $4.11 billion for 2022, down from $4.23 billion in 2021, and an operating loss of $792 million. The company's Macao operations weakened under tighter COVID-19 border restrictions, with Macao casino revenues and adjusted property EBITDA declining sharply, while Marina Bay Sands in Singapore grew strongly, with adjusted property EBITDA of $1.06 billion versus $448 million in 2021. Consolidated adjusted property EBITDA was $732 million compared with $786 million a year earlier. Net income attributable to Las Vegas Sands Corp. was $1.83 billion, driven primarily by the gain on the sale of the Las Vegas Operations to VICI Properties and Apollo-affiliated OpCo, which closed on February 23, 2022 for an aggregate purchase price of approximately $6.25 billion. The company ended 2022 with unrestricted cash and cash equivalents of $6.31 billion and long-term debt of $15.98 billion, net of original issue discount and deferred offering costs. It was awarded a 10-year Macao gaming concession effective January 1, 2023, with a committed investment of 30.24 billion patacas (approximately $3.77 billion). Management disclosed covenant waivers for LVSC through December 31, 2022 and for SCL through July 31, 2023, and noted an amendment to the LVSC revolving credit agreement entered January 30, 2023. The company suspended its quarterly dividend in April 2020 and made no share repurchases during 2022. The filing also discloses risks including the Singapore MBS Expansion Project, where the construction cost estimate and schedule have not been delivered to lenders, and the company stated it is in discussions with the Singapore government on extending the construction commencement deadline of April 8, 2023.
Feb 3, 2023
2021
Las Vegas Sands Annual Report, Year Ended Dec 31, 2021
Las Vegas Sands Corp. (LVS) reported net revenues of $4.23 billion for 2021, up from $2.94 billion in 2020, as Macao and Marina Bay Sands visitation recovered from fewer closure days. Operating loss narrowed to $689 million from $1.39 billion, and net loss from continuing operations was $1.47 billion versus $1.90 billion. Consolidated adjusted property EBITDA was $786 million compared with a negative $48 million in 2020. Cash used in operating activities was $243 million, and capital expenditures totaled $828 million, largely for The Londoner Macao and the Marina Bay Sands expansion. The central investor issues are the Macao subconcession, which expires June 26, 2022, and the pending sale of the Las Vegas Operations for a total enterprise value of $6.25 billion, expected to close in the first quarter of 2022. The filing states that if the subconcession is not extended, VML could be prohibited from conducting gaming operations and casino premises could transfer to the Macao government without compensation. Management says it expects to secure an extension or new concession but gives no assurance. Long-term debt was $14.80 billion at December 31, 2021, with maturities of $74 million in 2022 and $826 million in 2023, and several financial covenant waivers run through December 31, 2022 for LVSC and MBS and January 1, 2023 for SCL. Liquidity at year-end included $1.85 billion of unrestricted cash and cash equivalents and $3.68 billion of available borrowing capacity under U.S., Macao and Singapore revolving facilities, plus $2.73 billion available under the Singapore Delayed Draw Term Facility for the MBS Expansion Project. The company suspended its quarterly dividend in April 2020 and repurchased no shares in 2021.
Feb 4, 2022
2020
Las Vegas Sands Annual Report, Year Ended Dec 31, 2020
Las Vegas Sands Corp. (LVSC) reports a sharply negative 2020 as the COVID-19 Pandemic disrupted visitation and closures across Macao, Singapore and Las Vegas. Net revenues were $3.61 billion, compared to $13.74 billion in 2019, and the company recorded an operating loss of $1.69 billion and a net loss attributable to Las Vegas Sands Corp. of $1.69 billion, or $(2.21) per share. Consolidated adjusted property EBITDA was $(172) million versus $5.39 billion in 2019. Cash used in operating activities was $1.31 billion, and capital expenditures totaled $1.33 billion, largely for The Londoner Macao. Liquidity is the central focus for investors. At December 31, 2020, unrestricted cash and cash equivalents were $2.12 billion, and the company cited access to $1.50 billion under the LVSC Revolving Facility, $2.02 billion under the 2018 SCL Revolving Facility, $448 million under the 2012 Singapore Revolving Facility, and SGD 3.69 billion (about $2.79 billion) under the Singapore Delayed Draw Term Facility for the MBS Expansion Project. Long-term debt, net of original issue discount and deferred offering costs, was $14.01 billion. The company suspended its quarterly dividend in April 2020, SCL did not pay a final 2019 dividend, and no shares were repurchased in 2020. Waivers and amendments to financial covenants at SCL, MBS and LVSC run through January 1, 2022 for SCL and December 31, 2021 for MBS and LVSC. Management stated that the ultimate duration of the pandemic's impact cannot be reasonably estimated. The filing also notes the death of founder Sheldon G. Adelson on January 12, 2021, with Robert G. Goldstein appointed Chairman and CEO and Patrick Dumont appointed President and COO. The Macao subconcession expires June 26, 2022, and the company faces a pending lawsuit in Macao seeking a substantially increased claim amount.
Feb 5, 2021
2019
Las Vegas Sands Annual Report, Year Ended Dec 31, 2019
Las Vegas Sands Corp. reported net revenues of $13.74 billion for 2019, essentially flat versus $13.73 billion in 2018, while net income rose to $3.30 billion from $2.95 billion, driven mainly by a $556 million gain on the sale of Sands Bethlehem, which closed May 31, 2019. Operating income declined to $3.70 billion from $3.75 billion, reflecting a nonrecurring legal settlement and higher corporate expense. Adjusted property EBITDA increased 2.1% to $5.39 billion, with Macao and the Las Vegas Operating Properties improving and Marina Bay Sands declining slightly. Net cash generated from operating activities fell to $3.04 billion from $4.70 billion, primarily due to a $963 million land lease payment in Singapore for the MBS Expansion Project and higher interest costs. The filing's most urgent disclosure concerns the 2019 Novel Coronavirus outbreak. The Macao government suspended casino operations from February 5, 2020, the China Individual Visit Scheme was suspended, and the Hong Kong Macao Ferry Terminal was closed. The company states that the impact on its Macao operations will be material, though it cannot reasonably estimate the consolidated effect at this time. Long-term debt stood at $12.49 billion, and the company continues to pay a quarterly dividend, declaring $0.79 per share in January 2020 for payment on March 26, 2020. Balance sheet and liquidity remain substantial: unrestricted cash and equivalents were approximately $4.23 billion at year-end 2019, with $3.95 billion available under U.S., Macao and Singapore revolving facilities. Leverage ratios were 1.2x (U.S.), 1.8x (Macao) and 2.0x (Singapore), each well below covenant maximums. Macao gaming subconcession expires June 26, 2022, a key long-term risk.
Feb 7, 2020
2018
Las Vegas Sands Annual Report, Year Ended Dec 31, 2018
Las Vegas Sands Corp. (NYSE: LVS) reported net revenues of $13.73 billion for the year ended December 31, 2018, up 7.9% from $12.73 billion in 2017, and operating income of $3.75 billion, up 8.3%. Net income attributable to Las Vegas Sands Corp. was $2.41 billion, compared with $2.81 billion in 2017; the filing attributes the decrease in total net income (down 9.6%) primarily to a $526 million nonrecurring tax benefit recorded in 2017 from U.S. tax reform and to higher tax expense in 2018, which included a $57 million discrete charge. Adjusted property EBITDA rose 7.7% to $5.28 billion, driven mainly by Macao, where segment EBITDA increased 18.1% to $3.08 billion while Marina Bay Sands declined 3.7% to $1.69 billion. The company generated $4.70 billion of cash from operations and spent $949 million on capital expenditures. It returned capital through $2.98 billion of dividends paid and $905 million of share repurchases. Long-term debt rose to $11.87 billion (from $9.34 billion) after SCL issued $5.50 billion of senior notes in August 2018, and cash and cash equivalents stood at $4.65 billion at year-end. The company declared a quarterly dividend of $0.77 per share in January 2019, estimated at about $597 million, and expects that level to continue through 2019. Key risks highlighted include the Macao subconcession expiring June 26, 2022 (with a government redemption right), dependence on Macao, Singapore and Las Vegas for all cash flow, the planned $1.30 billion sale of Sands Bethlehem to PCI Gaming Authority, and a valuation allowance of $4.50 billion against U.S. deferred tax assets. Development spending on The Londoner Macao and related projects is expected to total about $2.2 billion.
Feb 22, 2019
2017
Las Vegas Sands Annual Report, Year Ended Dec 31, 2017
Las Vegas Sands Corp. (NYSE: LVS) reported net revenues of $12.88 billion for 2017, up from $11.41 billion in 2016, with net income attributable to Las Vegas Sands Corp. of $2.81 billion ($3.54 per diluted share) versus $1.67 billion ($2.10 per share) in 2016. Operating income rose to $3.46 billion from $2.49 billion, driven primarily by The Parisian Macao, which opened in September 2016, and higher Rolling Chip win and volume at Marina Bay Sands. Net income also benefited from a nonrecurring non-cash income tax benefit of $526 million tied to U.S. tax reform, and the effective tax rate was (6.8)%, compared with 10.6% in 2016. The company's cash generation strengthened, with net cash from operating activities of $4.54 billion in 2017 versus $4.04 billion in 2016. Capital expenditures fell to $837 million from $1.40 billion, and cash and cash equivalents ended the year at $2.42 billion. Long-term debt was $9.34 billion at year-end, with substantially all debt at variable rates, and the filing states that a hypothetical 100 basis point rate change would change annual interest cost by approximately $98 million. Leverage ratios under the U.S., Macao and Singapore credit facilities were 0.5x, 1.7x and 1.8x, within maximum allowed levels. Common dividends totaled $2.92 per share for 2017, and the board declared a $0.75 quarterly dividend for 2018. Key risks highlighted include the Macao subconcession, which expires June 26, 2022, and which the Macao government may redeem beginning December 26, 2017 with one-year notice; the expiration of Macao corporate income tax exemptions at the end of 2018; reliance on Macao, Singapore and Las Vegas for all cash flow; and the controlling influence of principal stockholder Sheldon G. Adelson and his family, who beneficially own approximately 55% of common stock.
Feb 23, 2018
2016
Las Vegas Sands Annual Report, Year Ended Dec 31, 2016
Las Vegas Sands Corp. (LVSC), a Fortune 500 company, operates integrated resorts in Macao (through its 70.1% ownership of Sands China Ltd.), Singapore (Marina Bay Sands) and the United States (Las Vegas Operating Properties and Sands Bethlehem). For 2016, net revenues were $11.41 billion, down from $11.69 billion in 2015, while operating income fell to $2.49 billion from $2.84 billion. Net income attributable to Las Vegas Sands Corp. was $1.67 billion ($2.10 per diluted share) versus $1.97 billion in 2015. Casino revenues declined $312 million, driven by lower Rolling Chip (VIP) volume at Macao and Marina Bay Sands, partially offset by $359 million from The Parisian Macao, which opened on September 13, 2016. Cash generated from operations rose to $4.04 billion in 2016, and capital expenditures were $1.40 billion, including $925 million for The Parisian Macao. Total long-term debt was $9.43 billion at year-end, and the company reported $2.13 billion of unrestricted cash and cash equivalents. Dividends paid totaled $2.91 billion, and the Board declared a quarterly dividend of $0.73 per share for March 31, 2017. The company's U.S., Macao and Singapore leverage ratios were 0.8x, 2.0x and 2.4x, within covenant maximums. Shareholder dependence on Macao, Singapore and Las Vegas for all cash flow, and the 2022 expiration of the Macao subconcession, remain key risks noted in the filing. The filing also discloses that the company entered into a non-prosecution agreement with the DOJ on January 19, 2017, and a civil administrative settlement with the SEC on April 7, 2016, resolving FCPA investigations. Several shareholder derivative and class actions remain pending, and the company's principal stockholder, Sheldon G. Adelson and family, beneficially owned approximately 54% of common stock as of December 31, 2016.
Feb 24, 2017
2015
Las Vegas Sands Annual Report, Year Ended Dec 31, 2015
Las Vegas Sands Corp. reported net revenues of $11.69 billion for 2015, a decrease of $2.90 billion (19.9%) from $14.58 billion in 2014, driven primarily by a $2.72 billion decline at its Macao operating properties and a $261.8 million decline at Marina Bay Sands, mainly from lower casino revenues. Operating income fell to $2.84 billion from $4.10 billion, and net income attributable to Las Vegas Sands Corp. decreased to $1.97 billion, or $2.47 per diluted share, from $2.84 billion, or $3.52 per diluted share. Total adjusted property EBITDA was $4.17 billion versus $5.42 billion, with Macao down 31.9% and Marina Bay Sands down 12.6%. Cash generated from operating activities was $3.45 billion, down from $4.83 billion, and cash and cash equivalents ended the year at $2.18 billion. The company paid $2.69 billion in dividends during 2015 and declared a quarterly dividend of $0.72 per share for the first quarter of 2016. Long-term debt stood at $9.37 billion at year-end, with $1.36 billion, $2.25 billion and $5.09 billion maturing in 2018, 2019 and 2020, respectively. Capital expenditures totaled $1.53 billion, mostly for The Parisian Macao, which is anticipated to open in the second half of 2016 subject to Macao government approval. Key risks flagged in the filing include the Macao subconcession expiring in June 2022 with a government redemption right beginning December 2017, land concession deadlines in November and December 2016 for The Parisian Macao and Sands Cotai Central, and substantial pending litigation, including the Roundsquare and Jacobs matters. Net assets in the U.S. subject to the credit facility restrictions and a $3.11 billion valuation allowance on U.S. deferred tax assets are also noted.
Feb 26, 2016
2014
Las Vegas Sands Annual Report, Year Ended Dec 31, 2014
Las Vegas Sands Corp. (LVSC), a Nevada corporation listed on the NYSE as "LVS", describes itself as a Fortune 500 developer of integrated resorts and operates properties in Macao (through its 70.1% ownership of Sands China Ltd.), Singapore (Marina Bay Sands), and the United States (The Venetian Las Vegas, The Palazzo, Sands Expo Center and Sands Bethlehem). For the year ended December 31, 2014, net revenues were $14.58 billion, up from $13.77 billion in 2013, operating income was $4.10 billion versus $3.41 billion, and net income attributable to Las Vegas Sands Corp. was $2.84 billion versus $2.31 billion. Diluted earnings per share were $3.52 compared with $2.79 in 2013. Total adjusted property EBITDA rose to $5.42 billion from $4.76 billion, with Macao and Marina Bay Sands driving the increase while the Las Vegas Operating Properties declined. The balance sheet at year-end 2014 showed total assets of $22.36 billion, long-term debt of $9.89 billion, and unrestricted cash of approximately $3.51 billion. Net cash generated from operating activities was $4.83 billion. The company paid $2.39 billion in dividends and repurchased $1.68 billion of common stock during 2014, and its board declared a quarterly dividend of $0.65 per share in January 2015 that it expects to continue through 2015. The filing also highlights development risk, including The Parisian Macao (anticipated to open in 2016, subject to Macao government approval) and a land-concession deadline for it in April 2016, as well as the suspended Las Vegas Condo Tower and an ongoing Macao subconcession that expires in June 2022. The filing also details significant legal matters, including a $101.6 million judgment in the Round Square Company litigation that the company is appealing without accruing a reserve, a Steven Jacobs lawsuit with unspecified damages, an SEC and DOJ inquiry under the Foreign Corrupt Practices Act, and several shareholder derivative and class actions. Management states that the company does not expect the legal proceedings generally to have a material adverse effect on its financial condition, although the company has not recorded a reserve for the Round Square judgment.
Feb 27, 2015
2013
Las Vegas Sands Annual Report, Year Ended Dec 31, 2013
Las Vegas Sands Corp. (LVSC), a Nevada corporation traded on the NYSE under “LVS,” describes itself as the leading global developer of destination integrated resorts, with operations in Macao (through its 70.2% ownership of Sands China Ltd.), Singapore (Marina Bay Sands) and the United States (The Venetian Las Vegas, The Palazzo, Sands Expo Center and Sands Bethlehem). For 2013, net revenues were $13.77 billion, up from $11.13 billion in 2012, and operating income was $3.41 billion versus $2.31 billion. Net income attributable to Las Vegas Sands Corp. was $2.31 billion, or $2.79 diluted earnings per share, compared with $1.52 billion in 2012. Adjusted property EBITDA rose to $4.76 billion from $3.79 billion, with Macao contributing $2.90 billion. The balance sheet at December 31, 2013 showed total assets of $22.72 billion, long-term debt of $9.38 billion and cash and cash equivalents of $3.60 billion. Major development projects include The Parisian Macao (expected to open in late 2015, with about $2.7 billion estimated cost) and the remaining phase of Sands Cotai Central, for which the company has applied for a deadline extension because it cannot meet the May 2014 completion requirement. The Las Vegas Condo Tower construction is suspended. Management flags risks including regulatory and subconcession dependence in Macao, the 2022 expiration of the Macao subconcession, a Principal Stockholder who owns about 53% of common stock, pending litigation, an FCPA investigation, and a cyber-attack disclosed in February 2014. Capital returns were significant: the company paid $1.56 billion in dividends in 2013, repurchased $561.2 million of common stock, and its Board declared a $0.50 quarterly dividend on January 28, 2014. Capital expenditures were $898.1 million in 2013, down from $1.45 billion in 2012.
Feb 28, 2014
2012
Las Vegas Sands Annual Report, Year Ended Dec 31, 2012
Las Vegas Sands Corp. (LVSC), a Nevada corporation traded on the NYSE under "LVS," describes itself as a Fortune 500 company and a leading global developer of integrated resorts with properties in Macao, Singapore and the United States. Its 70.2%-owned subsidiary Sands China Ltd. operates the Macao properties, including The Venetian Macao, Four Seasons Macao, Sands Macao and Sands Cotai Central, which opened phases I and IIA in April and September 2012 and phase IIB on January 28, 2013. Net revenues for 2012 were $11.13 billion, up 18.3% from $9.41 billion in 2011, while net income attributable to Las Vegas Sands Corp. was $1.52 billion, down 2.3% from $1.56 billion, and diluted earnings per share were $1.85. Operating income was $2.31 billion, down 3.3%, and operating expenses rose 25.6% to $8.82 billion, including a $143.7 million impairment loss. The balance sheet shows total assets of $22.16 billion and long-term debt of $10.13 billion as of December 31, 2012. Cash and cash equivalents were $2.51 billion, of which about $2.25 billion was held by non-U.S. subsidiaries. The company paid $3.44 billion in dividends during 2012, including a $2.75 per share special dividend in December, and declared a quarterly dividend of $0.35 per share for 2013. The filing also highlights significant financing needs, including approximately $2.0 billion for The Parisian Macao, and risks tied to land concession deadlines for Sands Cotai Central (May 2014) and The Parisian Macao (April 2016). Pending legal matters include a new trial in the Suen litigation set for March 25, 2013, an SEC and DOJ investigation under the Foreign Corrupt Practices Act, and several shareholder derivative and securities class actions.
Mar 1, 2013
2011
Las Vegas Sands Annual Report, Year Ended Dec 31, 2011
Las Vegas Sands Corp. (LVS), the leading global developer of destination integrated resorts, reported net revenues of $9.41 billion for 2011, up from $6.85 billion in 2010, with operating income of $2.39 billion versus $1.18 billion. Net income attributable to Las Vegas Sands Corp. was $1.56 billion, compared with $599.4 million in 2010, and diluted earnings per share were $1.56. The growth was driven mainly by the progressive opening of Marina Bay Sands in Singapore, along with increased Macao casino activity, particularly Rolling Chip volume. Adjusted property EBITDA rose to $3.53 billion from $2.23 billion. The balance sheet shows total assets of $22.24 billion, long-term debt of $9.58 billion, and cash and cash equivalents of $3.90 billion at December 31, 2011. The company redeemed all of its preferred stock in November 2011 for $763.0 million, and the Principal Stockholder's family indicated it would exercise its warrants for $525.0 million in March 2012. The company also entered a $3.7 billion 2011 VML Credit Facility to refinance Macao debt and fund Sands Cotai Central, whose first phase is expected to open in April 2012. The filing also flags material risks. Sands Cotai Central and parcel 3 face land concession development deadlines, and the company says it will be unable to meet the April 2013 deadline for parcel 3. A $101.1 million investment on parcels 7 and 8 is subject to a pending judicial appeal. The company also faces an SEC and DOJ investigation under the Foreign Corrupt Practices Act, several shareholder lawsuits, and a Macao subconcession running through June 2022. The Principal Stockholder's family's ownership, about 47% at year-end and expected to rise to about 52% after warrant exercise, gives Mr. Adelson significant influence over the company.
Feb 29, 2012
2010-A
Las Vegas Sands Annual Report (Amendment), Year Ended Dec 31, 2010
This Form 10-K Item 15 section of Las Vegas Sands Corp. lists the financial statements, schedule, and exhibits filed with the company's annual report, signed by Kenneth J. Kay, Executive Vice President and Chief Financial Officer, on March 29, 2011. The financial statements listed are the report of the independent registered public accounting firm, consolidated balance sheets, consolidated statements of operations, consolidated statements of equity and comprehensive income (loss), consolidated statements of cash flows, and notes to the consolidated financial statements. Schedule II, Valuation and Qualifying Accounts, is also listed. The filing itself does not present the amounts from these statements. The exhibit index shows the company's main financing and operating arrangements. These include a credit and guaranty agreement for Las Vegas Sands, LLC amended and restated in August 2010, a May 2010 credit agreement and sponsor agreement for Sands China Ltd., and several credit and disbursement agreements for Venetian Macau and VML US Finance LLC. It also lists a facility agreement and sponsor support agreement for Marina Bay Sands in Singapore, and Macao land and gaming concession agreements. Executive employment agreements are indexed for Sheldon G. Adelson, Michael A. Leven, Robert G. Goldstein, and Kenneth J. Kay, along with forms of restricted stock and stock option agreements under the 2004 Equity Award Plan. The index also includes XBRL interactive data files, which the filing states are furnished under Rule 406T and deemed not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934. Several exhibits are filed with the Form 10-K for fiscal 2010, and one Macao subconcession contract has confidential treatment granted for portions of it.
Mar 30, 2011
2010
Las Vegas Sands Annual Report, Year Ended Dec 31, 2010
Las Vegas Sands Corp. (LVS) reported net revenues of $6.85 billion for 2010, up from $4.56 billion in 2009, driven primarily by the April 2010 opening of Marina Bay Sands in Singapore ($1.26 billion of net revenues) and a $849.5 million increase across Macau properties. Operating income rose to $1.18 billion from a loss of $28.7 million in 2009, and net income attributable to Las Vegas Sands Corp. was $599.4 million versus a loss of $354.5 million a year earlier. Results were also affected by a 39.0% gross win tax on Macau casino revenues, which increased casino expenses by $408.2 million. The balance sheet shows total assets of $21.04 billion and long-term debt of $9.37 billion at December 31, 2010, with cash and cash equivalents of $3.04 billion and restricted cash of $809.9 million. The company has suspended several development projects, including the Las Vegas Condo Tower, and continues to carry significant capitalized construction costs on Cotai Strip parcels 5 and 6 ($2.01 billion) and on parcels 7 and 8 ($102.1 million), which are subject to a Macau land concession denial under appeal. Management also disclosed that it received an SEC subpoena and a Department of Justice inquiry regarding FCPA compliance on February 9, 2011, and that several securities class actions and other litigation are pending. For investors, the filing shows a strong recovery in operating results led by Macau and Singapore, alongside continued heavy leverage, dependence on three markets for all cash flow, and execution risks tied to the Cotai Strip build-out and additional financing requirements.
Mar 1, 2011
2009
Las Vegas Sands Annual Report, Year Ended Dec 31, 2009
Las Vegas Sands Corp. (NYSE: LVS) reported a 2009 net loss attributable to Las Vegas Sands Corp. of $354.5 million, compared with a net loss of $163.6 million in 2008. Net revenues rose 3.9% to $4.56 billion, but operating results swung to an operating loss of $28.7 million, driven by a $169.5 million impairment loss, a $42.5 million legal settlement, and a $96.9 million valuation allowance against U.S. deferred tax assets. Macau remained the key profit engine: The Venetian Macao, Sands Macao and Four Seasons Macao generated adjusted property EBITDAR of $556.5 million, $244.9 million and $40.5 million, respectively, while Las Vegas Operating Properties fell to $259.2 million from $392.1 million. Sands Bethlehem opened in May 2009 and contributed $17.6 million of adjusted property EBITDAR. The company is highly leveraged, with $11.03 billion of long-term debt outstanding at December 31, 2009, and cash and equivalents of $4.96 billion. Management suspended portions of its development program, including the St. Regis Residences and parts of the Cotai Strip, and the company said it will need additional financing to fund the balance of its Cotai Strip developments. The November 2009 SCL Offering of Sands China Ltd. raised gross proceeds of $2.5 billion across the offering and related transactions, leaving the company with a 70.3% interest in SCL. Marina Bay Sands in Singapore is expected to open on April 27, 2010. The filing highlights concentration risk: the company depends on Las Vegas and Macau for substantially all of its cash flow until Marina Bay Sands opens, and Sheldon G. Adelson and related parties control approximately 52% of common stock. Key contingencies include a $58.6 million judgment in the Suen litigation, which the company is appealing and has not reserved for, and the need to extend a Macau land concession deadline for parcel 3, which now runs to April 2013.
Mar 1, 2010
2008
Las Vegas Sands Annual Report, Year Ended Dec 31, 2008
Las Vegas Sands Corp. (NYSE: LVS) reported a net loss of $163.6 million for 2008, compared with net income of $116.7 million in 2007. Net revenues rose to $4.39 billion from $2.95 billion, driven mainly by the first full year of The Venetian Macao, the opening of The Palazzo in late 2007, and the Four Seasons Macao in August 2008. Operating income fell to $163.7 million from $330.0 million, as operating expenses grew to $4.23 billion, including $507.0 million of depreciation and amortization and a $37.6 million impairment loss. Interest expense, net of capitalized interest, rose to $421.8 million, and the company recorded a $59.7 million income tax benefit. The company's balance sheet and liquidity were reshaped in late 2008. Long-term debt was $10.36 billion at year-end, and cash and cash equivalents were $3.04 billion. Management suspended portions of its development program under a revised plan announced November 10, 2008, including the St. Regis Residences, phases of the Cotai Strip parcels 5 and 6, and parts of Sands Bethlehem. The filing states that the Las Vegas properties did not meet the maximum leverage covenant for the quarters ended September 30 and December 31, 2008, which led to a $475.0 million convertible note sale in September 2008 and a $2.1 billion common and preferred stock and warrants offering in November 2008. Management believes the measures described will allow the company to comply with its covenants throughout 2009, but the filing notes uncertainty about credit market access and the ability to complete suspended projects. The filing also flags material risks for investors. Las Vegas gross gaming and room metrics declined in 2008, and Macao gaming revenue grew 31.0% for the year but fell 2.5% in the fourth quarter. Chairman and CEO Sheldon G. Adelson and related family trusts control about 52% of common stock. The company faces a pending $58.6 million judgment in the Suen litigation, which management does not consider probable of affirmance, and a February 19, 2009 Macao court ruling that voided the Cotai Waterjets ferry concession, which the company intends to appeal.
Mar 2, 2009
2007
Las Vegas Sands Annual Report, Year Ended Dec 31, 2007
Las Vegas Sands Corp. (NYSE: LVS) reported 2007 net revenues of $2.95 billion, up from $2.24 billion in 2006, driven primarily by the opening of The Venetian Macao in August 2007. Operating income fell to $330.0 million from $574.1 million, as operating expenses rose to $2.62 billion, reflecting higher Macao gaming taxes, pre-opening costs ($189.3 million) and depreciation. Net income declined to $116.7 million, or $0.33 per diluted share, from $442.0 million, or $1.24 per diluted share, in 2006. The company has not paid dividends since its 2004 formation. The balance sheet expanded sharply to $11.47 billion in total assets, with long-term debt of $7.52 billion as of December 31, 2007, up from $4.14 billion a year earlier, as the company funded large development projects. Capital expenditures totaled $3.79 billion in 2007. Cash and cash equivalents were $857.2 million at year-end, and the company reported a working capital deficit of $114.2 million. Management states it will need additional debt and/or equity financing for the remaining Cotai Strip developments, estimated at about $12.0 billion in total cost, of which $2.91 billion had been capitalized by year-end. Key growth drivers include The Palazzo (partially opened December 30, 2007), Marina Bay Sands in Singapore (expected to cost in excess of $4.0 billion and open in late 2009), and Sands Bethworks in Pennsylvania. The company remains heavily concentrated in Las Vegas and Macao, with Mr. Sheldon G. Adelson and related parties owning approximately 69% of common stock. Risk factors highlighted by the filing include dependence on Macao land concessions, the Macao subconcession expiring in 2022, the Macao corporate income tax exemption expiring at the end of 2008, and ongoing litigation.
Feb 29, 2008
2006
Las Vegas Sands Annual Report, Year Ended Dec 31, 2006
Las Vegas Sands Corp. (LVS) reported net revenues of $2.24 billion for 2006, up 28.5% from $1.74 billion in 2005, and net income of $442.0 million, up 55.8%. Growth was driven mainly by The Sands Macao, where casino revenues rose $382.1 million, reflecting the Rolling Chip program and the August 2006 casino expansion. Operating income rose 17.3% to $574.1 million, while operating expenses grew 32.9%, including a $176.1 million increase tied to the 39.0% gross win tax in Macao. Net cash used in operating activities was $196.7 million, largely due to a one-time $786.7 million land concession payment for the Marina Bay Sands project in Singapore. The company is in a heavy construction phase. Capital expenditures were $1.93 billion in 2006, and long-term debt rose to $4.14 billion at year-end from $1.63 billion in 2005, funded through the $2.5 billion Macao credit facility, the Singapore credit facility, and the Senior Secured Credit Facility. Major projects include The Palazzo (fall 2007 opening, about $1.85 billion), The Venetian Macao (summer 2007 opening, about $2.4 billion excluding land), Marina Bay Sands (2009, about $3.6 billion), and Sands Bethworks in Pennsylvania (2008, about $600.0 million). Management estimates total Cotai Strip development costs of $9.0 billion to $11.0 billion and states that additional debt financing will be needed. Key risks include dependence on three properties in two markets for all cash flow, a December 2007 deadline to open The Venetian Macao or risk losing the Macao subconcession, the need for land concessions on several Cotai parcels, Mr. Adelson's roughly 69% ownership, and pending litigation including a Palazzo construction lien dispute. The company has paid no dividends since its 2004 formation.
Feb 28, 2007
2005
Las Vegas Sands Annual Report, Year Ended Dec 31, 2005
Las Vegas Sands Corp. operates The Venetian Resort Hotel Casino and The Sands Expo Center in Las Vegas and The Sands Macao in Macao, and is building The Palazzo in Las Vegas (scheduled to open summer 2007) and The Venetian Macao on the Cotai Strip (scheduled mid-2007). For 2005, net revenues were $1.74 billion, up from $1.20 billion in 2004, driven mainly by a full year of The Sands Macao, which opened May 18, 2004. Operating income was $489.5 million versus $618.5 million in 2004, which included a $417.6 million gain on the sale of The Grand Canal Shops mall. Net income was $283.7 million ($0.80 per diluted share), compared with $495.2 million in 2004. The 2005 result also absorbed a $137.0 million loss on early retirement of debt. The company is highly leveraged and highly dependent on three properties in two markets for all of its cash flow. Capital expenditures were $860.6 million in 2005, and management expects to raise a $2.5 billion facility for Macao expansion and Cotai Strip projects, with the Venetian Macao alone estimated at $2.3 billion excluding land. Long-term debt was $1.63 billion at year-end. Its Macao subconcession requires The Venetian Macao and a convention center to be opened by December 2007 (after an extension), and the company does not yet hold a land concession for the Venetian Macao site. Chairman Sheldon G. Adelson and related trusts beneficially own about 86.0% of common stock, giving him control. The company paid no dividends in 2005, and its debt agreements restrict subsidiary distributions to the parent. Investors should weigh strong Macao growth and a large development pipeline against heavy construction, financing, and concession-timing risk, and against concentrated ownership.
Mar 2, 2006
2004
Las Vegas Sands Annual Report, Year Ended Dec 31, 2004
Las Vegas Sands Corp. (filed as Las Vegas Sands Corp.) reports its fiscal 2004 results as the operator of the Venetian Casino Resort and Sands Expo Center in Las Vegas and the Sands Macao in Macau, which opened May 18, 2004. Net revenues rose to $1.197 billion in 2004 from $691.8 million in 2003, and net income was $495.2 million, compared with $66.6 million in 2003. Results were boosted by the $417.6 million gain on the May 2004 sale of the Grand Canal Shops mall to GGP for approximately $766.0 million, and were also affected by a $63.2 million executive incentive payment and a $49.2 million stock-based compensation charge tied to the IPO. Cash and cash equivalents were $1.295 billion at year-end, and the company completed its IPO on December 20, 2004, raising net proceeds of about $739.2 million. The company is building two major projects: the Palazzo Casino Resort in Las Vegas, expected to cost about $1.6 billion (excluding land) with opening scheduled for the second quarter of 2007, and the Macao Venetian Casino Resort in Macau, estimated at about $1.8 billion with opening targeted for the first quarter of 2007. Total indebtedness was approximately $1.790 billion at December 31, 2004. Key risks include a construction-litigation exposure with the former construction manager (estimated range of loss from zero to about $70.0 million before fees, costs and interest), the need to extend the June 2006 Macau construction deadline under the subconcession, and Mr. Adelson's ownership of about 86.8% of common stock. During February 2005, the company refinanced much of its debt, issuing $250.0 million of 6.375% senior notes due 2015 and amending its senior secured credit facility to $1.620 billion, and retired the 11% mortgage notes. This refinancing is expected to produce a pre-tax charge of about $132.6 million in the first quarter of 2005.
Mar 31, 2005