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LVS · Las Vegas Sands

50 filings

10-Q

LVS 10-Q Quarterly Reports

Las Vegas Sands - 50 quarterly reports

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

LVS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · May ’25May ’25
  1. 2026-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2026

    Las Vegas Sands Corp. (LVS) reported net revenues of $3.22 billion for the three months ended September 30, 2026, down from $3.33 billion a year earlier, and operating income of $618 million versus $719 million. Net income attributable to Las Vegas Sands Corp. was $304 million, or $0.48 per diluted share, compared with $419 million, or $0.61 per diluted share, in the prior-year quarter. Consolidated adjusted property EBITDA fell to $1.12 billion from $1.34 billion, with Marina Bay Sands in Singapore accounting for most of the quarterly decline, as casino revenue there fell on lower win percentages. For the nine months ended September 30, 2026, net revenues rose to $9.96 billion from $9.37 billion, but operating income was essentially flat at $2.14 billion and net income attributable to the company was $1.22 billion versus $1.23 billion. Macao adjusted property EBITDA declined $110 million, or 6.5%, despite net revenue growth, due to higher patron reinvestment, payroll and competitive costs. Total stockholders' equity was a deficit of $344 million at September 30, 2026, following $2.50 billion of share repurchases in the nine-month period. Cash and cash equivalents were $2.86 billion, and total debt carrying amount was $15.44 billion. The company repaid its $1.0 billion 3.500% LVSC Senior Notes after issuing $1.0 billion of new notes in May 2026, received $1.26 billion from early repayment of a seller financing loan, and in July 2026 increased the remaining share repurchase authorization to $6.0 billion. The Board declared a $0.30 quarterly dividend for the fourth quarter and approved a $0.36 per share quarterly rate for 2027. Subsequent to quarter end, VML agreed to contribute approximately 2.30 billion patacas (about $285 million) to a Macao government guidance fund.

    Oct 23, 2026
  2. 2026-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2026

    Las Vegas Sands Corp. reported net revenues of $3,154 million for the three months ended June 30, 2026, down slightly from $3,175 million a year earlier, while operating income fell to $618 million from $783 million and net income attributable to Las Vegas Sands Corp. was $346 million versus $461 million. For the six months, net revenues rose to $6,739 million from $6,037 million, operating income increased to $1,522 million from $1,392 million, and diluted EPS was $1.38 compared with $1.15. Consolidated adjusted property EBITDA was $1,119 million for the quarter, down from $1,334 million, and $2,540 million for the six months, up from $2,474 million. Macao adjusted property EBITDA declined in both periods, while Marina Bay Sands EBITDA grew for the six months but fell in the quarter. The balance sheet and capital allocation changed meaningfully in the period. Cash and cash equivalents were $3,376 million at June 30, 2026, compared with $3,841 million at December 31, 2025, and total debt carrying amount was $15,262 million versus $15,784 million. The company received $1.26 billion from the early repayment of a seller financing loan related to the sale of its Las Vegas real property and operations, and it issued $1.0 billion of senior notes in May 2026 to redeem the $1.0 billion 3.500% notes due August 2026. Total equity declined to $897 million from $1,934 million, reflecting $1,542 million of share repurchases and $530 million of dividends and noncontrolling interest payments in the six months. In July 2026, the Board declared a $0.30 quarterly dividend and increased the remaining repurchase authorization to $6.0 billion. Management stated it believes it has a strong balance sheet and sufficient liquidity, citing $3.38 billion of unrestricted cash and $4.26 billion of available borrowing capacity under its U.S., SCL and Singapore revolving facilities. The filing reports compliance with debt covenants. Key ongoing items include the Marina Bay Sands Expansion Project, with an estimated total cost of approximately $8.0 billion and approximately $3.0 billion incurred as of June 30, 2026, and the Macao concession investment commitment.

    Jul 24, 2026
  3. 2026-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2026

    Las Vegas Sands Corp. reported first-quarter 2026 net revenues of $3.585 billion, up from $2.862 billion in the prior-year quarter, a 25.3% increase. Operating income rose to $904 million from $609 million, and net income attributable to Las Vegas Sands Corp. was $567 million versus $352 million, with diluted earnings per share of $0.85 compared with $0.49. Consolidated adjusted property EBITDA grew 24.6% to $1.421 billion, driven by higher casino revenues at Marina Bay Sands in Singapore and at the company's Macao properties, particularly The Londoner Macao and The Plaza Macao and Four Seasons Macao. Cash generation was strong, with net cash from operating activities of $731 million versus $526 million a year earlier. The company returned capital to stockholders, repurchasing $746 million of common stock and paying $202 million in dividends, and declared a quarterly dividend of $0.30 per share payable May 13, 2026. Cash and cash equivalents declined to $3.330 billion from $3.841 billion at year-end 2025, and total debt was $15.724 billion carrying amount, of which $1.824 billion is current. Total stockholders' equity attributable to Las Vegas Sands Corp. fell to $1.198 billion from $1.590 billion, reflecting share repurchases exceeding retained earnings growth. The company also reported that the Macao Asian American Entertainment Corporation lawsuit reached final judgment in favor of the defendants on March 4, 2026, and that management believes it was in compliance with all debt covenants as of March 31, 2026. Singapore's MBS Expansion Project has an estimated total cost of approximately $8.0 billion, with about $2.8 billion incurred as of March 31, 2026, and an anticipated opening in January 2031.

    Apr 24, 2026
  4. 2025-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2025

    Las Vegas Sands Corp. (LVS) reported net revenues of $3.33 billion for the three months ended September 30, 2025, up from $2.68 billion a year earlier, and operating income of $719 million versus $504 million. Net income attributable to Las Vegas Sands Corp. was $419 million, or $0.61 per diluted share, compared with $275 million, or $0.38 per diluted share, in the prior-year quarter. The increase was driven mainly by Marina Bay Sands, where consolidated adjusted property EBITDA rose $337 million to $743 million for the quarter, while the Macao operations' adjusted property EBITDA increased $16 million. For the nine months, net revenues were $9.37 billion and net income attributable to the company was $1.23 billion, or $1.77 per diluted share. Balance sheet activity was significant during the period. Total debt, including current maturities, rose to $15.77 billion at September 30, 2025, from $13.75 billion at December 31, 2024, reflecting the May 2025 issuance of $1.50 billion of LVSC senior notes, the new 2025 Singapore Credit Facility, and a 2024 SCL Term Loan draw. Unrestricted cash and cash equivalents were $3.35 billion, and total stockholders' equity attributable to the company fell to $1.57 billion from $2.88 billion, largely due to $1.77 billion of share repurchases during the nine months. Management reported that it was in compliance with its debt covenants as of September 30, 2025. The company continued to return capital, paying $0.25 per share quarterly dividends and repurchasing 39,487,824 shares for approximately $1.77 billion year to date. In October 2025 the board declared a $0.25 quarterly dividend and increased the share repurchase authorization back to $2.0 billion, extending the program to November 3, 2027. The Singapore MBS Expansion Project, estimated at approximately $8.0 billion in total cost, is ongoing with an anticipated opening in January 2031. Management also disclosed it ceased pursuit of a New York casino license in April 2025 and recorded impairments tied to digital gaming activities.

    Oct 24, 2025
  5. 2025-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2025

    Las Vegas Sands Corp. reported net revenues of $3.18 billion for the three months ended June 30, 2025, up from $2.76 billion a year earlier, and operating income of $783 million versus $591 million. Net income attributable to Las Vegas Sands Corp. was $461 million, or $0.66 per diluted share, compared with $353 million, or $0.48, in the prior-year quarter. For the six months, net revenues were $6.04 billion and net income attributable to the company was $813 million, or $1.15 per diluted share. Growth was driven by Marina Bay Sands, where consolidated adjusted property EBITDA rose $256 million in the quarter, while Macao adjusted property EBITDA was essentially flat for the quarter (up $5 million) and down $70 million for the six months. The balance sheet shifted meaningfully during the first half. Total debt was $15.82 billion at June 30, 2025, versus $13.75 billion at year-end 2024, reflecting the new 2025 Singapore Credit Facility, $1.50 billion of LVSC Senior Notes issued in May 2025, and a $1.64 billion 2024 SCL Term Loan Facility draw used to redeem the $1.63 billion 2025 SCL Senior Notes. Unrestricted cash was $3.45 billion. Cash from operating activities fell to $704 million from $1.528 billion, mainly because of an $848 million payment for the Additional Gaming Area in Singapore. Shareholder returns continued, with $1.26 billion of share repurchases in the six months and a quarterly dividend of $0.25 per share declared for August 2025. Management says the company is in compliance with all debt covenants. The filing also discloses that the company ceased pursuit of a New York casino license in April 2025 and continues to consider options for the Nassau Coliseum site. The Asian American Entertainment Corporation litigation in Macao remains pending, and management states it cannot determine the probability of outcome or the range of reasonably possible loss.

    Jul 25, 2025
  6. 2025-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2025

    Las Vegas Sands Corp. (LVS) reported net revenues of $2.86 billion for the three months ended March 31, 2025, down from $2.96 billion a year earlier, with operating income of $609 million (versus $717 million) and net income of $408 million (versus $583 million). Net income attributable to Las Vegas Sands Corp. was $352 million, or $0.49 per diluted share, compared with $494 million, or $0.66 per diluted share. The decline was driven by Macao, where net revenues fell $103 million, while Marina Bay Sands in Singapore grew revenues by $6 million. Consolidated adjusted property EBITDA was $1.14 billion, down from $1.21 billion, with Macao adjusted property EBITDA down $75 million and Marina Bay Sands up $8 million. The balance sheet reflects significant financing activity. In February 2025, Marina Bay Sands entered into a new SGD 3.75 billion term loan facility, fully drawn on February 28, 2025, to repay the 2012 Singapore Credit Facility, and a SGD 7.50 billion delayed draw term loan facility is available to fund the MBS Expansion Project, estimated at approximately $8.0 billion in total cost. Unrestricted cash and cash equivalents were $3.04 billion at March 31, 2025, down from $3.65 billion at December 31, 2024. Total debt (current and long-term) was $13.85 billion, and the company stated it believed it was in compliance with all debt covenants. Capital returns continued, with $454 million of share repurchases and $179 million of dividends paid in the quarter, and the Board authorized increasing the remaining repurchase amount to $2.0 billion on April 22, 2025, and declared a $0.25 quarterly dividend for May 2025. The company also disclosed that it ceased pursuit of a New York casino license on April 23, 2025, and is seeking a potential acquiror for the opportunity related to the Nassau Coliseum site. Management stated it is currently unable to determine the probability or range of loss for the Asian American Entertainment Corporation litigation in Macao, which seeks approximately 96.45 billion patacas (about $12.04 billion).

    Apr 25, 2025
  7. 2024-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2024

    Las Vegas Sands Corp. reported net revenues of $2.68 billion for the three months ended September 30, 2024, down from $2.80 billion a year earlier, with operating income of $504 million versus $688 million and net income attributable to Las Vegas Sands Corp. of $275 million versus $380 million. For the nine months, net revenues rose to $8.40 billion from $7.46 billion, operating income increased to $1.81 billion from $1.60 billion, and net income attributable to the company was $1.12 billion versus $839 million. The filing attributes the nine-month revenue growth mainly to Macao ($638 million increase) and Marina Bay Sands ($307 million increase), while the quarter showed declines at Marina Bay Sands and in Macao casino revenue. Interest expense fell to $547 million for the nine months from $628 million, reflecting lower average debt and interest rates. The company returned significant capital during the nine months: it repurchased 28,746,681 shares for approximately $1.31 billion and paid $446 million in dividends, and on October 22, 2024 its Board increased the remaining repurchase authorization from $195 million to $2.0 billion. Cash and cash equivalents were $4.21 billion at September 30, 2024, against total long-term debt of $11.28 billion plus $2.73 billion of current maturities. Management stated it believes it has a strong balance sheet and sufficient liquidity, and that it was in compliance with all debt covenants. Key near-term items include the October 23, 2024 entry into a 19.50 billion Hong Kong dollar revolving credit facility at Sands China Ltd., the Londoner Grand casino opening on September 26, 2024, and a Marina Bay Sands expansion project estimated at approximately $8.0 billion with an approximately $1.0 billion additional payment expected in the first quarter of 2025.

    Oct 25, 2024
  8. 2024-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2024

    Las Vegas Sands Corp. (LVS) reported net revenues of $2.76 billion for the three months ended June 30, 2024, up from $2.54 billion a year earlier, with operating income of $591 million (versus $537 million) and net income of $424 million (versus $368 million). Net income attributable to Las Vegas Sands Corp. was $353 million, or $0.48 per diluted share, compared with $312 million, or $0.41, in the prior-year quarter. For the six months, net revenues were $5.72 billion and net income attributable to the company was $847 million, or $1.13 per diluted share. The filing attributes the growth to higher visitation in Macao and Singapore, with Marina Bay Sands contributing a larger share of casino and room revenue growth. The balance sheet shows cash and cash equivalents of $4.71 billion at June 30, 2024, and total long-term debt of $12.81 billion (non-current), with current maturities of $930 million. During the period the company issued $1.75 billion of LVSC senior notes and used the proceeds and cash on hand to redeem the $1.75 billion 3.200% Senior Notes due 2024. The company repurchased 17,316,119 shares for approximately $859 million during the six months and paid $299 million in dividends, and it declared a quarterly dividend of $0.20 per share in July 2024. The company had $645 million remaining under its share repurchase authorization at June 30, 2024. Operating cash flow for the six months was $1.53 billion, versus $1.38 billion a year earlier, while capital expenditures were $481 million. The filing states management believes the company was in compliance with all debt covenants as of June 30, 2024. Total liquidity cited includes $4.71 billion of unrestricted cash and $4.43 billion available under revolving credit facilities, plus SGD 3.69 billion (about $2.71 billion) under the Singapore Delayed Draw Term Facility, which is available only after construction cost and schedule details for the MBS Expansion Project are delivered to lenders.

    Jul 26, 2024
  9. 2024-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2024

    Las Vegas Sands Corp. reported net revenues of $2.96 billion for the three months ended March 31, 2024, up from $2.12 billion a year earlier, with operating income of $717 million versus $378 million and net income attributable to Las Vegas Sands Corp. of $494 million versus $147 million. Casino revenue rose to $2.23 billion from $1.54 billion, and the company stated that Macao and Marina Bay Sands both drove the growth through higher visitation. Consolidated adjusted property EBITDA was $1.21 billion compared with $792 million in the prior-year quarter, with Macao contributing $610 million and Marina Bay Sands $597 million. The balance sheet shows unrestricted cash and cash equivalents of $4.96 billion at March 31, 2024, against total long-term debt of $11.91 billion plus $2.04 billion of current maturities. Net cash generated from operating activities was $714 million, capital expenditures were $196 million, and the company repurchased $450 million of common stock and paid $151 million in dividends during the quarter. The company declared a quarterly dividend of $0.20 per share payable May 15, 2024, and stated it had approximately $1.05 billion remaining under its share repurchase program. The filing also reports an effective tax rate of 2.8% for the quarter, reflecting a zero percent rate on Macao gaming operations, following a Macao government notice of an exemption from corporate income tax on gaming profits for 2023 through 2027. Subsequent to quarter end, the company entered into a new $1.50 billion unsecured revolving credit facility maturing in April 2029, and the Nassau Coliseum lease matter in New York remained subject to litigation, with a court ruling that the original lease had been terminated.

    Apr 19, 2024
  10. 2023-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2023

    Las Vegas Sands Corp. reported strong third-quarter 2023 results as COVID-19 restrictions in Macao (lifted in late December 2022 and early January 2023) and Singapore (remaining border measures lifted in February 2023) drove a sharp recovery in visitation. Net revenues for the three months ended September 30, 2023 were $2.80 billion, compared to $1.01 billion a year earlier, and operating income was $688 million versus an operating loss of $177 million. Net income from continuing operations was $449 million, compared to a net loss from continuing operations of $380 million. For the nine months, net revenues were $7.46 billion and net income attributable to Las Vegas Sands Corp. was $839 million, compared to $2.00 billion in the prior-year period, which included discontinued operations from the Las Vegas properties sale. Balance sheet and liquidity remained solid. Unrestricted cash and cash equivalents were $5.57 billion at September 30, 2023, and total long-term debt, including current maturities, was $14.39 billion. During the nine months, the company repaid $1.80 billion of long-term debt, primarily $1.70 billion on the 2018 SCL Revolving Facility, and generated $2.22 billion of operating cash flow from continuing operations. Capital expenditures were $692 million. The company resumed its return of capital program, paying a $0.20 per share dividend in August 2023 and declaring another in October 2023, and on October 16, 2023 its board increased the remaining share repurchase authorization from $916 million to $2.0 billion. No shares were repurchased during the nine months. The filing also highlights ongoing risks and commitments. Sands China's credit rating was upgraded by S&P to BBB- in July 2023, and SCL's covenant waiver runs through January 1, 2024. The Macao concession requires a minimum investment of 30.24 billion patacas (about $3.75 billion) by December 2032. The Marina Bay Sands expansion project has a minimum cost of about SGD 4.50 billion, and the company has incurred about $1.08 billion to date. The company is also acquiring the Nassau Coliseum in New York for $241 million, though obtaining a casino license there is not assured. Two Macao-related litigation matters, including the Asian American Entertainment claim, remain pending, and management cannot determine the probability of outcome or range of loss for them.

    Oct 20, 2023
  11. 2023-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2023

    Las Vegas Sands Corp. reported a sharp recovery in the second quarter of 2023 as COVID-19 restrictions were lifted in Macao (January 2023) and Singapore (April 2022). Net revenues for the three months ended June 30, 2023 were $2.54 billion, compared to $1.05 billion a year earlier, and operating income was $537 million versus an operating loss of $147 million. Net income from continuing operations was $368 million, compared to a net loss from continuing operations of $414 million. For the six months ended June 30, 2023, net revenues were $4.66 billion and net income from continuing operations was $513 million. Consolidated adjusted property EBITDA was $973 million for the quarter and $1.77 billion for the six months, with Macao contributing $541 million and Marina Bay Sands $432 million in the quarter. The balance sheet shows unrestricted cash and cash equivalents of $5.77 billion at June 30, 2023, against long-term debt of $14.85 billion (plus $71 million current maturities). Management stated it has sufficient liquidity, citing $1.50 billion, $1.74 billion and $435 million of available borrowing capacity under the LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively. The company repaid $1.20 billion on the SCL revolving facility during the six months and, in July 2023, declared a quarterly dividend of $0.20 per common share (about $153 million), reinstating its return of capital program. Key risks and open matters include the weighted average interest rate rising to 5.4% from 4.3%, the uncertain outcome of the Asian American Entertainment Corporation litigation in Macao (for which management cannot determine the probability of outcome or range of loss), securities and derivative suits in the U.S., the Singapore MBS Expansion Project, whose construction cost estimate and schedule have not been delivered to lenders, and the Macao gaming concession and corporate tax exemption, which are not assured. The company also acquired the Nassau Coliseum in New York for $241 million in June 2023, with the stated intent of pursuing a casino license there, though no assurance of that license is given.

    Jul 21, 2023
  12. 2023-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2023

    Las Vegas Sands Corp. reported a sharp turnaround in its first-quarter 2023 results as COVID-19 restrictions in Macao and Singapore were lifted. Net revenues were $2.12 billion for the three months ended March 31, 2023, compared with $943 million a year earlier. Operating income was $378 million, versus an operating loss of $302 million in the prior-year period, and net income from continuing operations was $145 million, compared with a net loss from continuing operations of $478 million. Consolidated adjusted property EBITDA rose to $792 million from $110 million. Casino revenue of $1.54 billion drove most of the increase, and casino expenses rose $406 million, largely from higher gaming taxes. The balance sheet remained liquid, with unrestricted cash and cash equivalents of $6.53 billion at March 31, 2023, and total long-term debt of $13.97 billion (plus $2.02 billion of current maturities). The company cited available borrowing capacity of $1.50 billion under its LVSC Revolving Facility, $537 million under its 2018 SCL Revolving Facility, and $444 million under its 2012 Singapore Revolving Facility. The 2018 SCL Credit Facility expires on July 31, 2023, and the filing states the company expects to extend it; if it cannot, alternative capital would be needed. Management also disclosed a $495 million intangible asset and matching financial liability tied to the new Macao gaming concession, which began January 1, 2023. Investors should weigh the strong operating recovery against several open items. The Macao concession requires minimum investments of 30.24 billion patacas (about $3.74 billion), the Marina Bay Sands expansion project cost is expected to materially exceed the SGD 4.50 billion minimum, and the Asian American Entertainment Corporation litigation in Macao seeks damages of 96.45 billion patacas (about $11.93 billion), with management unable to determine the probability of outcome or the range of possible loss.

    Apr 21, 2023
  13. 2022-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2022

    Las Vegas Sands Corp. reported a net loss from continuing operations of $380 million for the three months ended September 30, 2022, on net revenues of $1.01 billion, compared to a net loss of $594 million on $857 million of revenues a year earlier. For the nine months, net revenues were $2.99 billion versus $3.23 billion, and the net loss from continuing operations was $1.27 billion versus $1.15 billion. Net income attributable to Las Vegas Sands Corp. for the nine months was $2.00 billion, driven by the $3.61 billion pre-tax gain on the February 23, 2022 sale of its Las Vegas real property and operations to VICI Properties and OpCo. Results were shaped by divergent regions: Marina Bay Sands in Singapore improved sharply as borders reopened, with adjusted property EBITDA of $343 million in the quarter versus $15 million a year earlier, while Macao operations declined, with adjusted property EBITDA of negative $152 million in the quarter versus positive $32 million. Liquidity was $5.84 billion of unrestricted cash and cash equivalents at September 30, 2022, against total long-term debt of $15.29 billion, including $1.51 billion in current maturities. The company disclosed that the $1.20 billion seller loan and the Macao subconcession expiring December 31, 2022 are key considerations. VML submitted a bid for one of up to six new Macao gaming concessions, and the government intends to complete the tender before the end of 2022. The filing states that failure to extend the subconcession or obtain a new concession could have a material adverse effect on the company, and that the COVID-19 pandemic's impact on 2022 results will be material but cannot be reasonably estimated. For investors, the filing shows a strong cash position from the Las Vegas sale, offset by continued losses in Macao, rising interest costs, and the near-term debt maturities and covenant waivers that run through December 31, 2022 for LVSC and MBS and January 1, 2023 for SCL.

    Oct 21, 2022
  14. 2022-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2022

    Las Vegas Sands Corp. (LVS) reported a net income attributable to Las Vegas Sands Corp. of $2.24 billion for the six months ended June 30, 2022, compared to a net loss of $470 million in the prior-year period, driven by the $3.61 billion pre-tax gain on the February 23, 2022 sale of its Las Vegas real property and operations (The Venetian Resort Las Vegas and the Sands Expo and Convention Center) to VICI Properties L.P. and Pioneer OpCo, LLC. Excluding discontinued operations, results remained weak: net revenues were $1.05 billion for the three months ended June 30, 2022 (vs. $1.17 billion) and $1.99 billion for the six months (vs. $2.37 billion), with an operating loss of $449 million for the six months. The filing attributes the decline to reduced Macao visitation from COVID-19 travel restrictions, partly offset by growth at Marina Bay Sands in Singapore. Consolidated adjusted property EBITDA was $319 million for the six months, versus $488 million a year earlier, with Macao adjusted property EBITDA negative and Marina Bay Sands at $440 million. The balance sheet strengthened substantially, with cash and cash equivalents of $6.45 billion at June 30, 2022 (up from $1.85 billion at December 31, 2021), a $1.20 billion seller financing loan receivable, and total long-term debt of $15.31 billion. Management states it believes it has sufficient liquidity, citing $1.50 billion, $1.04 billion and $423 million of available borrowing capacity under its LVSC, 2018 SCL and 2012 Singapore revolving facilities, respectively. The filing notes that the Macao subconcession was extended to December 31, 2022, that Macao enacted changes to its gaming law, and that the company faces litigation, including the Macao Action in which the plaintiff's claim was increased to 96.45 billion patacas, which the filing notes is not presently quantifiable as to outcome. The filing also highlights substantial uncertainty: the company states that the COVID-19 impact on 2022 results will be material but cannot be reasonably estimated, Macao casinos were ordered closed in July 2022, and the outcome of the Macao subconcession renewal remains uncertain. Credit ratings were downgraded to BB+ by S&P and Fitch, increasing coupons on the SCL senior notes.

    Jul 22, 2022
  15. 2022-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2022

    Las Vegas Sands Corp. reported a net loss from continuing operations of $478 million for the three months ended March 31, 2022, compared to $280 million a year earlier, on net revenues of $943 million versus $1.20 billion. The decline was driven by lower visitation at its Macao properties due to COVID-19 travel restrictions; Macao casino revenue fell $203 million, and operating loss widened to $302 million from $96 million. Net income attributable to the company was $2.53 billion, however, because of a $3.61 billion pre-tax gain on the February 23, 2022 sale of its Las Vegas Operations, which were reported as discontinued operations. Cash and cash equivalents rose to $6.43 billion at March 31, 2022, from $1.85 billion at December 31, 2021, reflecting about $4.98 billion of net proceeds from the Las Vegas sale. Long-term debt was $14.91 billion, and the company cited $1.50 billion, $1.54 billion and $438 million of available borrowing capacity under its LVSC, Sands China and Singapore revolving facilities, respectively. Net cash used in operating activities from continuing operations was $500 million, versus $188 million a year earlier. Key uncertainties include the Macao subconcession, which expires June 26, 2022 and which the company expects to extend to December 31, 2022 pending a Gaming Law amendment; a $1.20 billion seller loan from the Las Vegas sale; a Contingent Lease Support Agreement with potential support payments capped at $213 million for 2022; and an ongoing Macao lawsuit by Asian American Entertainment Corporation claiming damages that, as stated in the filing, could reach very large amounts. The company also disclosed covenant waivers running through December 31, 2022 for LVSC and Marina Bay Sands and January 1, 2023 for Sands China.

    Apr 29, 2022
  16. 2021-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2021

    Las Vegas Sands Corp. reported a third quarter 2021 net loss attributable to the company of $368 million, compared to $565 million a year earlier. Net revenues rose to $857 million from $446 million, driven by Macao, where visitation increased after travel restrictions eased. Operating loss narrowed to $316 million from $523 million. For the nine months, net revenues were $3.23 billion versus $1.93 billion, and the net loss attributable to the company was $838 million versus $1.39 billion. Results remain heavily affected by the COVID-19 Pandemic, which the filing says will have a material impact on 2021 results that cannot be reasonably estimated. The Las Vegas Operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, are classified as discontinued operations held for sale under an agreement to sell them for a total enterprise value of $6.25 billion to Pioneer OpCo, LLC and VICI Properties L.P., with closing anticipated in the first quarter of 2022. The company also recorded a $137 million loss on early debt retirement, including a $131 million make-whole premium, tied to the redemption of its $1.80 billion 4.600% SCL senior notes due 2023. As of September 30, 2021, total cash and cash equivalents were $1.64 billion and total long-term debt was $14.46 billion (non-current), against total equity of $2.43 billion. The filing notes that the Macao subconcession held by Venetian Macau Limited expires on June 26, 2022, and that a failure to extend it could have a material adverse effect, potentially triggering investor put options and debt acceleration. Several debt covenant waivers were extended, and the company states it believes it is in compliance with all debt covenants as of September 30, 2021.

    Oct 22, 2021
  17. 2021-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2021

    Las Vegas Sands Corp. reported a sharp improvement in its second-quarter 2021 results as visitation recovered from the COVID-19 Pandemic. Net revenues for the three months ended June 30, 2021 were $1.17 billion, compared to $62 million for the same period in 2020, and the operating loss narrowed to $139 million from $757 million. Net loss from continuing operations was $280 million, versus $841 million a year earlier. For the six months ended June 30, 2021, net revenues were $2.37 billion and the net loss from continuing operations was $560 million. Macao and Marina Bay Sands drove the recovery, while Las Vegas Operating Properties are presented as discontinued operations because of the pending sale. The company agreed on March 2, 2021 to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for a total enterprise value of $6.25 billion, with closing expected in the fourth quarter of 2021. The filing states the company had cash and cash equivalents of $2.06 billion at June 30, 2021, and $3.94 billion available for borrowing under its U.S., SCL and Singapore revolving facilities, plus SGD 3.69 billion (approximately $2.74 billion) under the Singapore Delayed Draw Term Facility, which is available only after the Marina Bay Sands expansion cost estimate and schedule are delivered to lenders. Total stockholders' equity attributable to Las Vegas Sands Corp. fell to $2.49 billion at June 30, 2021 from $2.97 billion at December 31, 2020. The filing highlights continuing risk from the Macao subconcession, which expires on June 26, 2022. The company states that if it is not extended or renewed, the company may be prohibited from conducting gaming operations in Macao, and that non-renewal could have a material adverse effect, potentially triggering investor put options and debt acceleration under the SCL Senior Notes and 2018 SCL Credit Facility. Management states it believes the subconcession will be extended or renewed. The company also disclosed debt covenant waivers and litigation, including the Macao Action and securities class action matters, for which management states it cannot determine the probability of outcome or range of loss.

    Jul 23, 2021
  18. 2021-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2021

    Las Vegas Sands Corp. reported a first-quarter 2021 net loss attributable to the company of $278 million, compared with a net loss of $1 million in the first quarter of 2020. Net revenues declined to $1.20 billion from $1.42 billion, and the company posted an operating loss of $96 million versus operating income of $6 million a year earlier. The results reflect the continuing impact of the COVID-19 pandemic on visitation and operations across Macao, Singapore and Las Vegas. Marina Bay Sands was the largest drag, with adjusted property EBITDA falling to $144 million from $282 million, while consolidated adjusted property EBITDA fell to $244 million from $349 million. The filing reclassifies the Las Vegas Operations as discontinued operations held for sale following definitive agreements announced March 2, 2021 to sell them for a total enterprise value of $6.25 billion to Pioneer OpCo, LLC (Apollo-affiliated funds) and VICI Properties L.P. The closing is anticipated in the fourth quarter of 2021. The sale includes $1.05 billion in cash for operating assets, $1.20 billion of seller financing, and $4.0 billion in cash for real estate, and it carries a contingent lease support agreement with payments capped at $250 million per year through 2023 based on performance against EBITDAR targets. Liquidity at March 31, 2021 included $2.07 billion of unrestricted cash and cash equivalents, and the company drew $505 million on the 2018 SCL revolving facility during the quarter. Total long-term debt rose to $14.37 billion (non-current), and total equity declined to $3.18 billion. Management stated that it is in compliance with debt covenants, has suspended its quarterly dividend, and expects to seek additional covenant waivers for periods beyond December 31, 2021 if needed.

    Apr 23, 2021
  19. 2020-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2020

    Las Vegas Sands Corp. reported a sharp deterioration in its third-quarter 2020 results as COVID-19 disrupted its Macao, Singapore and Las Vegas integrated resorts. Net revenues for the three months ended September 30, 2020 were $586 million, compared with $3.25 billion a year earlier, producing an operating loss of $610 million and a net loss attributable to Las Vegas Sands Corp. of $565 million, or $(0.74) per share. For the nine months, net revenues were $2.47 billion versus $10.23 billion, the operating loss was $1.48 billion, and the net loss attributable to the company was $1.39 billion. Consolidated adjusted property EBITDA was $(203) million for the quarter and $(313) million for the nine months, compared with $1.28 billion and $4.00 billion in the prior-year periods. Cash and cash equivalents fell to $2.38 billion at September 30, 2020 from $4.23 billion at December 31, 2019, and net cash used in operating activities was $1.32 billion for the nine months. Total long-term debt rose to $13.84 billion from $12.42 billion, largely from $1.50 billion of senior notes issued by Sands China Ltd. in June 2020. The company disclosed available borrowing capacity of $1.50 billion under the LVSC Revolving Facility, $2.02 billion under the 2018 SCL Revolving Facility, and $433 million under the 2012 Singapore Revolving Facility, plus SGD 3.69 billion under the Singapore Delayed Draw Term Facility for the MBS Expansion Project. The company suspended its quarterly dividend in April 2020, and it amended its credit facilities to waive or modify leverage covenants through late 2021 or January 2022, with dividend restrictions attached. Management states that the effect of the pandemic on 2020 results will be material but cannot yet be reasonably estimated, because the timing of its end and the reopening of travel and MICE business are uncertain. Management believes existing liquidity is sufficient to support continuing operations and complete major projects underway, including The Londoner Macao and the MBS Expansion Project. Shareholders' equity attributable to the company fell to $3.20 billion from $5.19 billion, and total equity was $3.84 billion.

    Oct 23, 2020
  20. 2020-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2020

    Las Vegas Sands Corp. reported a sharp deterioration in its second-quarter 2020 results as the COVID-19 Pandemic forced temporary closures and sharply reduced visitation across its Macao, Singapore and Las Vegas properties. Net revenues for the three months ended June 30, 2020 were $98 million, compared to $3.33 billion a year earlier, producing an operating loss of $922 million and a net loss of $985 million. For the six months ended June 30, 2020, net revenues were $1.88 billion against $6.98 billion, with a net loss of $1.04 billion. Consolidated adjusted property EBITDA was a negative $547 million for the quarter, and net cash used in operating activities for the six months was $1.02 billion. The balance sheet shows cash and cash equivalents of $3.02 billion at June 30, 2020, down from $4.23 billion at December 31, 2019, while long-term debt rose to $13.77 billion from $12.42 billion following $1.50 billion of senior notes issued by Sands China Ltd. in June 2020 and borrowings under the 2018 SCL Credit Facility. The company cites $1.50 billion of available capacity under its LVSC Revolving Facility, $2.02 billion under the 2018 SCL Revolving Facility and $425 million under the 2012 Singapore Revolving Facility. Lenders waived certain leverage and interest coverage covenants for Sands China Ltd. through July 1, 2021 and for Marina Bay Sands through December 31, 2021, and the company suspended its quarterly dividend in April 2020. The company states that the pandemic's impact on 2020 results, cash flows and financial condition will be material but cannot be reasonably estimated, given uncertainty about when the pandemic will end and when travel restrictions will be lifted. Partial reopenings were under way at the end of the period, including the Las Vegas casino on June 4, 2020 and the Singapore casino on July 1, 2020, but all operations were subject to reduced capacity.

    Jul 24, 2020
  21. 2020-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2020

    Las Vegas Sands Corp. (LVS) reported a sharp deterioration in its first-quarter 2020 results as the COVID-19 Pandemic closed or curtailed operations across its properties. Net revenues for the three months ended March 31, 2020 were $1.78 billion, down 51.1% from $3.65 billion a year earlier. Operating income fell to $55 million from $971 million, and the company posted a net loss of $51 million, compared with net income of $744 million in the prior-year period. Net loss attributable to Las Vegas Sands Corp. was $1 million, versus net income of $582 million. Consolidated adjusted property EBITDA was $437 million, compared with $1.45 billion. The company states that the pandemic's impact on 2020 results will be material but cannot be reasonably estimated. Liquidity is the central focus for investors. Cash and cash equivalents were $2.60 billion at March 31, 2020, down from $4.23 billion at December 31, 2019, and operating cash flow was negative $370 million, compared with positive $820 million a year earlier. Capital expenditures were $320 million. The company cites access to $1.50 billion under its LVSC Revolving Facility, $2.02 billion under the 2018 SCL Revolving Facility, $416 million under the 2012 Singapore Credit Facility, and SGD 3.75 billion (approximately $2.63 billion) under the Singapore Delayed Draw Term Facility, which is restricted to MBS Expansion Project capital expenditures. Total long-term debt including current maturities was $12.32 billion. The company paid a $0.79 per share dividend on March 26, 2020, but has since suspended its quarterly dividend program, and Sands China Ltd. will not pay a final dividend for 2019. The filing also describes the operational impact in detail. Macao casino operations were suspended from February 5 to February 20, 2020, and Sands Cotai Central resumed on February 27, 2020. Marina Bay Sands remained open during the quarter but faced suspension beginning April 7, 2020, and the Las Vegas Operating Properties closed on March 18, 2020. Management disclosed that the company was in compliance with its debt covenants as of March 31, 2020, and that SCL obtained a waiver of its leverage and interest coverage requirements through July 1, 2021.

    Apr 24, 2020
  22. 2019-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2019

    Las Vegas Sands Corp. reported net revenues of $3.25 billion for the three months ended September 30, 2019, down from $3.37 billion a year earlier, and operating income of $899 million versus $922 million. The filing attributes the revenue decline primarily to the May 31, 2019 sale of Sands Bethlehem, partially offset by stronger performance at the Las Vegas Operating Properties and Marina Bay Sands. Net income attributable to Las Vegas Sands Corp. was $533 million, or $0.69 per diluted share, compared with $571 million, or $0.73, in the prior-year quarter. For the nine months ended September 30, 2019, net income attributable to the company was $2.07 billion, or $2.68 per diluted share, compared with $2.58 billion, or $3.27, a year earlier. Results include a $556 million pre-tax gain on the Sands Bethlehem sale, which closed for $1.16 billion in net cash proceeds, and a $161 million discrete income tax expense tied to that gain. Operating income for the nine months decreased 3.9% to $2.76 billion, reflecting a nonrecurring legal settlement and higher depreciation and amortization. Net cash generated from operating activities fell to $1.80 billion from $3.40 billion, mainly due to a Singapore land lease payment for the MBS Expansion Project. The company issued $3.50 billion of senior unsecured notes in July 2019 and used part of the proceeds to repay the 2013 U.S. Credit Facility. It also amended the Singapore credit facility to add a SGD 3.75 billion delayed draw term facility for the MBS Expansion Project, which has an estimated total project cost of approximately SGD 4.5 billion. As of September 30, 2019, unrestricted cash and cash equivalents were approximately $3.82 billion, and the company stated it believed it was in compliance with all debt covenants.

    Oct 25, 2019
  23. 2019-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2019

    Las Vegas Sands Corp. reported net revenues of $3.33 billion for the three months ended June 30, 2019, up 0.9% from $3.30 billion a year earlier, and operating income of $894 million, up 12.2% from $797 million. Net income attributable to Las Vegas Sands Corp. was $954 million for the quarter, compared with $556 million, and the filing attributes the increase primarily to a $556 million gain on the sale of Sands Bethlehem, which closed on May 31, 2019. For the six months ended June 30, 2019, net revenues were $6.98 billion (up 1.4%), operating income was $1.87 billion (down 4.6%), and net income attributable to the company was $1.54 billion, compared with $2.01 billion in the prior-year period. Adjusted property EBITDA for the six months was $2.72 billion, roughly flat year over year. Cash and cash equivalents were $4.02 billion at June 30, 2019, against long-term debt of $11.91 billion (noncurrent) and total current maturities of $116 million. Net cash generated from operating activities fell to $896 million for the six months from $2.50 billion, which the filing attributes to a land lease payment in Singapore tied to the MBS Expansion Project, a nonrecurring legal settlement and higher interest costs. The company paid $1.82 billion in dividends and noncontrolling interest payments and repurchased $354 million of common stock during the six months. The company declared a quarterly dividend of $0.77 per share for the third quarter of 2019. The filing also discloses major Singapore development commitments: a development agreement for the MBS Expansion Project with a total project cost of approximately $3.3 billion (SGD 4.5 billion), and a planned new delayed draw term loan of about $2.77 billion to finance it, which the company expects to complete within the next three months, subject to market conditions. Management believes the company was in compliance with all debt covenants as of June 30, 2019.

    Jul 24, 2019
  24. 2019-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2019

    Las Vegas Sands Corp. reported first-quarter 2019 net revenues of $3.65 billion, up 1.9% from $3.58 billion a year earlier, driven by a $174 million increase in Macao operations, partly offset by a $105 million decrease at Marina Bay Sands. Operating income fell 16.1% to $971 million, primarily reflecting lower Rolling Chip volume and win percentage in Singapore and a nonrecurring legal settlement recorded in corporate expense ($152 million versus $56 million a year earlier). Net income attributable to Las Vegas Sands Corp. was $582 million, or $0.75 per diluted share, compared with $1.46 billion, or $1.84 per diluted share, in the prior-year period, which included a nonrecurring $670 million non-cash tax benefit. Adjusted property EBITDA decreased 3.2% to $1.45 billion, with Macao up $69 million and Marina Bay Sands down $118 million. Cash generated from operating activities was $820 million, down from $1.40 billion, and the company paid $903 million in dividends and repurchased $174 million of common stock. Unrestricted cash and cash equivalents were approximately $4.13 billion at March 31, 2019, and the company stated it was in compliance with all debt covenants, with leverage ratios of 1.0x (U.S.), 1.8x (SCL) and 2.0x (Singapore) against maximums of 5.5x, 4.0x and 4.0x. Long-term debt carrying value was $12.09 billion. Subsequent to quarter end, in April 2019, Marina Bay Sands entered a development agreement with the Singapore Tourism Board for the MBS Expansion Project, with a total project cost of approximately SGD 4.5 billion (about $3.3 billion), and paid SGD 72 million to renew its gaming license, which now expires in April 2022. The company also settled the Round Square litigation in March 2019.

    Apr 19, 2019
  25. 2018-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2018

    Las Vegas Sands Corp. (LVS) reported net revenues of $3.37 billion for the three months ended September 30, 2018, up from $3.16 billion a year earlier, and $10.25 billion for the nine months, up from $9.34 billion. Operating income rose to $922 million in the quarter from $855 million, and to $2.88 billion for the nine months from $2.44 billion. The increase was driven mainly by Macao, where casino and room revenues grew. Net income attributable to Las Vegas Sands Corp. for the nine months was $2.58 billion, which includes a nonrecurring $670 million discrete income tax benefit tied to the U.S. Tax Cuts and Jobs Act and foreign tax credit valuation allowance changes. Excluding that benefit, the filing states the nine-month effective tax rate would have been 10.2%. The balance sheet strengthened on liquidity but took on more debt. Cash and cash equivalents rose to $4.77 billion from $2.42 billion at December 31, 2017, while long-term debt increased to $11.87 billion from $9.34 billion. The increase reflects a $5.50 billion issuance of senior notes by subsidiary Sands China Ltd. in August 2018, used to repay the 2016 VML Credit Facility, and amendments to the U.S. and Singapore credit facilities. The company stated it was in compliance with all debt covenants, and its U.S., Macao and Singapore leverage ratios were 0.4x, 0.0x and 1.8x against maximum allowed ratios of 5.5x, 3.5x and 4.0x. Shareholder returns continued. The company paid dividends of $2.40 billion in the nine months and repurchased $475 million of common stock. In October 2018 the board declared a quarterly dividend of $0.75 per share and raised the 2019 annual dividend to $3.08 per share. Pending matters include the agreement to sell the Sands Bethlehem property in Pennsylvania for a total enterprise value of $1.30 billion, which remains subject to regulatory review and other closing conditions. The company also disclosed $2.2 billion in anticipated costs for the Londoner Macao and Four Seasons Tower Suites Macao development projects.

    Oct 26, 2018
  26. 2018-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2018

    Las Vegas Sands Corp. reported net revenues of $3.30 billion for the three months ended June 30, 2018, up from $3.11 billion a year earlier, and $6.88 billion for the six months, up from $6.18 billion. Operating income was $797 million for the quarter, down from $817 million, while net income attributable to Las Vegas Sands Corp. rose to $2.01 billion for the six months from $1.03 billion, largely reflecting a $670 million discrete income tax benefit tied to U.S. tax reform. Management attributed the quarterly operating income decline mainly to softer rolling volume and win percentage at Marina Bay Sands in Singapore and a $105 million loss on disposal or impairment of assets, partly offset by stronger Macao performance. Consolidated adjusted property EBITDA rose to $1.23 billion for the quarter and $2.73 billion for the six months. Cash and cash equivalents were $4.35 billion at June 30, 2018, against long-term debt of $11.14 billion (noncurrent) and total debt carrying value of $11.42 billion. The company refinanced and upsized its U.S. credit facility term loans to $3.51 billion, amended its Singapore credit facility, and raised its VML revolver borrowings, while paying $1.80 billion in dividends and repurchasing $175 million of common stock during the six months. The filing also discloses a Sands Bethlehem sale agreement with PCI Gaming Authority for a total enterprise value of $1.30 billion, subject to regulatory review and closing conditions, and a July 2018 quarterly dividend of $0.75 per share, estimated at about $591 million. Management believes the company was in compliance with all debt covenants as of June 30, 2018.

    Jul 25, 2018
  27. 2018-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2018

    Las Vegas Sands Corp. reported first-quarter 2018 net revenues of $3.58 billion, up from $3.07 billion in the prior-year quarter, and net income attributable to Las Vegas Sands Corp. of $1.46 billion versus $481 million. The filing attributes the increase in operating income to stronger results across the Macao, Singapore and Las Vegas portfolio and to the change in useful lives of certain property and equipment. Net income also includes a nonrecurring, non-cash discrete income tax benefit of $670 million related to the Global Intangible Low-Taxed Income provision of the Tax Cuts and Jobs Act, which lowered the effective tax rate to (54.6)%; without it, the filing states the rate would have been 9.5%. Consolidated adjusted property EBITDA rose to $1.50 billion from $1.15 billion. Cash generation and liquidity improved. Net cash from operating activities was $1.40 billion versus $963 million, and unrestricted cash and cash equivalents were $2.63 billion at March 31, 2018. The company returned capital to shareholders during the quarter, paying $902 million in dividends and repurchasing $75 million of common stock. In March 2018 it amended its Singapore and U.S. credit facilities, extending term loan maturities to March 2024 and March 2025, respectively, and lowering the U.S. term loan margin. The filing reports covenant compliance and leverage ratios well within maximum limits, with U.S., Macao and Singapore ratios of 0.4x, 1.6x and 1.7x. The company also agreed on March 8, 2018 to sell the Sands Bethlehem property in Pennsylvania to PCI Gaming Authority for a total enterprise value of $1.30 billion, subject to regulatory review and other closing conditions. Total long-term debt was $9.75 billion carrying value at March 31, 2018, and the company stated it is not party to any litigation expected to have a material effect on its financial condition.

    Apr 27, 2018
  28. 2017-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2017

    Las Vegas Sands Corp. (LVS) reported net revenues of $3.20 billion for the three months ended September 30, 2017, up from $2.97 billion a year earlier, and $9.45 billion for the nine months, up from $8.34 billion. Net income attributable to Las Vegas Sands Corp. was $570 million for the quarter, compared with $513 million, and $1.60 billion for the nine months, compared with $1.16 billion. Diluted earnings per share were $0.72 for the quarter and $2.01 for the nine months. The filing attributes the growth mainly to The Parisian Macao, which opened in September 2016, and to stronger results at Marina Bay Sands in Singapore, with a partial offset from lower casino revenue at the company's other Macao properties. The change in estimated useful lives of certain property and equipment added $46 million to net income for the quarter and nine months. Balance sheet and cash flow data show cash and cash equivalents of $2.00 billion at September 30, 2017, and long-term debt of $9.48 billion, with total equity of $6.89 billion. Net cash from operating activities was $3.22 billion for the nine months. Capital expenditures fell to $592 million from $1.10 billion, and dividends paid totaled $2.36 billion. The company repurchased $300 million of common stock during the nine months. As of September 30, 2017, the company reported it was in compliance with all debt covenants, and its leverage ratios were 0.5x for U.S., 1.8x for Macao and 2.0x for Singapore, against maximum allowed ratios of 5.5x, 3.5x and 3.5x. The filing also reports ongoing litigation, including the Roundsquare and Macao (AAEC) matters, and a shareholder derivative action in which management says it cannot determine the probability or range of loss. In October 2017, the Board declared a $0.73 quarterly dividend and raised the 2018 annual dividend to $3.00 per share. The company also announced expansion projects at The Plaza Casino and Four Seasons Hotel Macao and a renovation of Sands Cotai Central into The Londoner Macao, which is expected to finish in 2020.

    Nov 3, 2017
  29. 2017-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2017

    Las Vegas Sands Corp. reported second-quarter 2017 net revenues of $3.14 billion, up from $2.65 billion in the prior-year quarter, and net income attributable to Las Vegas Sands Corp. of $545 million versus $328 million. For the six months ended June 30, 2017, net revenues were $6.25 billion and net income attributable to the company was $1.03 billion. The filing attributes the growth primarily to The Parisian Macao, which opened in September 2016, and to higher Rolling Chip win and volume at Marina Bay Sands, partially offset by higher operating expenses and depreciation and amortization. At June 30, 2017, the company held unrestricted cash and cash equivalents of $2.31 billion and total long-term debt of $10.14 billion, including current maturities. Operating cash flow for the six months was $2.11 billion, against capital expenditures of $380 million. The company paid $1.78 billion in dividends during the period and repurchased $225 million of common stock. It also declared a quarterly dividend of $0.73 per share in July 2017, estimated at about $578 million, and stated it expects this dividend level to continue quarterly through the rest of 2017. The company amended its U.S. credit facility in March 2017, refinancing $2.18 billion of term loans, extending their maturity to March 29, 2024, and lowering the applicable margin. Management stated it believes it was in compliance with all debt covenants. Several shareholder derivative and securities class actions remain pending, and management said it could not determine the probability of outcome or range of loss for the consolidated derivative actions, which are at a preliminary stage.

    Aug 4, 2017
  30. 2017-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2017

    Las Vegas Sands Corp. reported net revenues of $3.11 billion for the three months ended March 31, 2017, up from $2.72 billion a year earlier, with the increase attributed mainly to $318 million of net revenues at The Parisian Macao, which opened in September 2016, and a $95 million increase at Marina Bay Sands. Operating income rose to $763 million from $586 million, and net income attributable to Las Vegas Sands Corp. increased to $480 million, or $0.60 per diluted share, compared with $320 million, or $0.40 per diluted share, in the prior-year period. Consolidated adjusted property EBITDA was $1.15 billion versus $918 million, with the increase driven largely by The Parisian Macao and Marina Bay Sands. Cash generated from operating activities was $963 million, and the company ended the quarter with $1.96 billion of unrestricted cash and cash equivalents. Capital expenditures were $202 million, and the company paid $886 million in dividends and repurchased $150 million of common stock during the quarter. Long-term debt increased to $9.67 billion (non-current) and total debt was $9.79 billion, after the March 2017 amendment of the U.S. credit facility, which extended the $2.18 billion of term loans to March 29, 2024 and lowered the applicable margin on term loans. The company's leverage ratios as of March 31, 2017 were 0.6x for the U.S., 2.0x for Macao and 2.3x for Singapore, each below the applicable maximum covenant levels, and management believes it was in compliance with all debt covenants. Several shareholder derivative and securities lawsuits remain pending, and the company stated that it intends to defend these matters vigorously.

    May 5, 2017
  31. 2016-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2016

    Las Vegas Sands Corp. reported net revenues of $2.97 billion for the three months ended September 30, 2016, up from $2.89 billion a year earlier, and $8.33 billion for the nine months, down from $8.83 billion. Net income attributable to Las Vegas Sands Corp. was $513.4 million for the quarter, compared with $519.4 million in the prior-year quarter, and $1.16 billion for the nine months, compared with $1.50 billion. Operating income for the nine months fell to $1.82 billion from $2.14 billion, with the decline attributed mainly to lower casino revenues in Macao and Singapore. Consolidated adjusted property EBITDA was $3.02 billion for the nine months versus $3.12 billion a year earlier. The quarter was shaped by the opening of The Parisian Macao on September 13, 2016, which contributed $68.6 million of net revenues and $86.1 million of pre-opening costs in the three-month period. Capital expenditures for the nine months totaled $1.10 billion, of which $797.9 million went to The Parisian Macao. Unrestricted cash and cash equivalents were $1.79 billion at September 30, 2016, against long-term debt of $9.59 billion, and the company completed amendments extending maturities on its Macao (2016 VML) and U.S. revolving credit facilities. Dividends paid in the nine months totaled $2.34 billion. The filing also discloses ongoing legal matters, including the Roundsquare litigation, in which the Nevada Supreme Court ordered a new trial on damages, and several shareholder derivative and securities actions. The company states it cannot reasonably estimate the loss in these matters and has recorded no reserve for the Roundsquare case. It also notes that the Macao land concessions for Sands Cotai Central and The Parisian Macao carry development deadlines, and that $4.90 billion and $2.62 billion of capitalized costs, respectively, are at risk if those deadlines are not met or extended.

    Nov 4, 2016
  32. 2016-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2016

    Las Vegas Sands Corp. (LVS) reported net revenues of $2.65 billion for the three months ended June 30, 2016, down from $2.92 billion in the prior-year quarter, and $5.37 billion for the six months, down from $5.93 billion. Operating income fell to $518.7 million for the quarter from $689.3 million, and net income attributable to Las Vegas Sands Corp. was $328.0 million, compared with $469.2 million a year earlier. The decline was driven mainly by lower casino revenue at the Macao operations, where Rolling Chip volume and win percentage decreased, and by a $137.9 million reduction in casino expenses tied to the 39.0% gross win tax. Consolidated adjusted property EBITDA was $955.1 million for the quarter versus $1.02 billion a year earlier. The balance sheet remained substantial, with unrestricted cash and cash equivalents of $2.23 billion at June 30, 2016 and long-term debt of $10.06 billion (total debt including current maturities of $10.27 billion). Management stated that cash on hand and operating cash flow would be sufficient to maintain covenant compliance. Net cash generated from operating activities was $1.79 billion for the six months, while dividends paid totaled $1.76 billion. The Company declared a quarterly dividend of $0.72 per share in July 2016, estimated at about $572 million, payable September 30, 2016. Key development items include The Parisian Macao, expected to open in September 2016 subject to Macao government approval, with an expected total cost of about $2.9 billion. The filing also flags land concession deadlines for Sands Cotai Central and The Parisian Macao, where the Company could record a charge on capitalized costs of $4.89 billion and $2.21 billion, respectively, if deadlines are not met or extended. The Las Vegas Condo Tower construction is suspended, with $178.6 million capitalized. Ongoing litigation includes the Roundsquare matter, for which the Nevada Supreme Court ordered a new damages trial, and the Company recorded no reserve for it.

    Aug 5, 2016
  33. 2016-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2016

    Las Vegas Sands Corp. reported net revenues of $2.72 billion for the three months ended March 31, 2016, a decrease of $295.4 million from $3.01 billion in the prior-year quarter. Operating income fell to $585.6 million from $711.1 million, and net income attributable to Las Vegas Sands Corp. was $320.2 million, or $0.40 per diluted share, compared with $511.9 million, or $0.64 per share, a year earlier. The decline was driven mainly by lower casino revenue at Marina Bay Sands, which fell $181.2 million in net revenues, and at the Macao operating properties, which fell $143.0 million, with VIP (Rolling Chip) demand in Macao described as decreased. Adjusted property EBITDA totaled $917.6 million versus $1,050.5 million a year earlier. Cash generation remained solid, with net cash from operating activities of $798.9 million, though cash and cash equivalents fell to $1.70 billion from $2.18 billion at year-end 2015 after $880.4 million in dividend payments and $418.7 million in debt repayments. Capital expenditures were $343.6 million, mostly for The Parisian Macao, which the filing says is expected to open in the second half of 2016 at an estimated cost of approximately $2.7 billion. Total long-term debt including current maturities was $9.39 billion, and the company stated its covenant leverage ratios (0.8x U.S., 1.7x Macao, 2.5x Singapore) remained within the maximum levels allowed. The filing also discloses several contingencies: the Nevada Supreme Court reversed the damages award in the Roundsquare litigation and remanded for a new trial on damages, the Company recorded no reserve for it, and the Company agreed to a $9.0 million SEC civil penalty related to FCPA internal controls and books and records provisions. Development risks were flagged, including possible charges against the $4.88 billion of capitalized costs at Sands Cotai Central and $1.89 billion at The Parisian Macao if land concession deadlines are not met, and a $178.6 million capitalized cost base for the suspended Las Vegas Condo Tower.

    May 6, 2016
  34. 2015-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2015

    Las Vegas Sands Corp. (LVS) reported a sharp decline in results for the third quarter and first nine months of 2015 compared with 2014. Net revenues for the three months ended September 30, 2015 were $2.89 billion, down from $3.53 billion, and net income attributable to Las Vegas Sands Corp. was $519.4 million versus $671.7 million. For the nine months, net revenues were $8.83 billion versus $11.17 billion, and net income attributable to the Company was $1.50 billion versus $2.12 billion. The filing attributes the Macao decline primarily to lower Rolling Chip (VIP) volume, with Macao adjusted property EBITDA down $910.3 million for the nine months. Marina Bay Sands and Sands Bethlehem were more resilient, and Sands Bethlehem's adjusted property EBITDA rose $17.2 million for the nine months. Cash and cash equivalents fell to $1.86 billion at September 30, 2015 from $3.51 billion at year-end 2014, reflecting $2.17 billion in dividend payments, $1.11 billion of capital expenditures, and net debt repayments. Long-term debt, including current maturities, totaled $9.13 billion. Management stated that cash on hand and operating cash flow are expected to be sufficient to maintain covenant compliance, with reported leverage ratios of 0.8x (U.S.), 1.4x (Macao) and 2.1x (Singapore) against maximum allowed ratios of 5.5x, 4.5x and 3.5x. The filing also highlights key risks: the Company may lose land concessions for The Parisian Macao and Sands Cotai Central if development deadlines are not extended, which could lead to a charge against $1.39 billion and $4.80 billion of capitalized costs, respectively. The Las Vegas Condo Tower is suspended, with $178.6 million of capitalized costs. Several shareholder and litigation matters remain pending, and the Company states it cannot currently determine probable outcomes or reasonably possible losses for most of them.

    Nov 5, 2015
  35. 2015-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2015

    Las Vegas Sands Corp.'s second-quarter 2015 results declined sharply from the prior year. Net revenues for the three months ended June 30, 2015 were $2.92 billion, down 19.4% from $3.62 billion, and net revenues for the six months were $5.93 billion, down 22.3%. The filing attributes the decline primarily to lower casino revenues at its Macao operating properties, driven by decreased Rolling Chip (VIP) volume. Operating income fell to $689.3 million for the quarter from $961.5 million, and net income attributable to Las Vegas Sands Corp. was $469.2 million, compared with $671.4 million. Diluted earnings per share were $0.59 for the quarter versus $0.83 a year earlier. Adjusted property EBITDA was $1.02 billion for the quarter, down 22.6%. The balance sheet remained substantial, with unrestricted cash and cash equivalents of $2.82 billion and total long-term debt of $9.82 billion (carrying value) as of June 30, 2015. Net cash generated from operating activities for the six months was $1.58 billion, down from $2.39 billion, and capital expenditures were $719.2 million, mainly for Macao projects. The company paid $1.35 billion in dividends during the six months and declared a quarterly dividend of $0.65 per share, estimated at about $518 million, payable September 30, 2015. The filing also reports that it repurchased $65.0 million of common stock during the six months. The filing highlights several risks for investors. The Parisian Macao, expected to cost about $2.7 billion and open in the second half of 2016, has a land concession development deadline of April 2016, and the company has applied for an extension. If deadlines are not met or extended, the company could record a charge on up to $1.15 billion for The Parisian Macao or $4.69 billion for Sands Cotai Central. Construction of the Las Vegas Condo Tower has been suspended, with $178.6 million in capitalized costs at risk of a charge. The company also faces several litigation matters, and for certain of them it states that it has not recorded any reserves.

    Aug 7, 2015
  36. 2015-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2015

    Las Vegas Sands Corp. reported a sharp decline in first-quarter 2015 results. Net revenues were $3.01 billion, down from $4.01 billion in the first quarter of 2014, a decrease of $998.8 million, driven by a $950.6 million decrease at its Macao operating properties, primarily casino revenues. Operating income fell to $711.1 million from $1.14 billion, and net income attributable to Las Vegas Sands Corp. was $511.9 million, or $0.64 per diluted share, versus $776.2 million, or $0.95 per diluted share, a year earlier. The company attributed the casino decline to lower Rolling Chip (VIP) volume in Macao and, in Singapore, Marina Bay Sands was also affected by lower VIP demand. Cash generation and liquidity weakened over the period. Net cash from operating activities was $734.3 million versus $1.13 billion a year earlier, capital expenditures were $367.3 million, largely for Macao development, and the company paid $827.0 million in dividends. Unrestricted cash and cash equivalents fell to $2.41 billion from $3.51 billion at year-end 2014, and long-term debt declined to $9.14 billion from $9.89 billion after $624.9 million of repayments. The company declared a quarterly dividend of $0.65 per share payable June 30, 2015. Key risks flagged in the filing include the Parisian Macao and Sands Cotai Central land concession development deadlines, which could lead to a charge against $970.9 million and $4.58 billion of capitalized costs respectively if extensions are not granted, and the suspended Las Vegas Condo Tower, with $178.6 million of capitalized construction costs. Several shareholder and other litigation matters remain pending, including the Steven Jacobs case, where the jurisdictional hearing began April 20, 2015, and the Asian American Entertainment Corporation claims.

    May 7, 2015
  37. 2014-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2014

    Las Vegas Sands Corp. reported a quarter with net revenues of $3.53 billion for the three months ended September 30, 2014, a decrease of $35.4 million from $3.57 billion a year earlier, driven by a $38.7 million decrease at Marina Bay Sands. Operating income rose to $971.4 million from $914.8 million, and net income attributable to Las Vegas Sands Corp. was $671.7 million versus $626.7 million. For the nine months, net revenues were $11.17 billion, up from $10.11 billion, and net income attributable to the company was $2.12 billion versus $1.73 billion. The filing attributes the quarterly casino revenue decline mainly to lower Rolling Chip volume in the VIP market, partly offset by strong Non-Rolling Chip drop growth at Macao properties over the nine months. Balance sheet and cash flow highlights: cash and cash equivalents were $3.15 billion at September 30, 2014, against $3.60 billion at December 31, 2013, and long-term debt was $9.84 billion (total debt including current maturities $9.94 billion). Net cash from operating activities was $3.62 billion for the nine months, while capital expenditures were $793.1 million. The company repurchased 18,565,272 shares for $1.43 billion during the nine months, and dividends paid totaled $1.99 billion. Management declared a $0.50 quarterly dividend in October 2014 and stated it intends to increase it to $0.65 beginning in the first quarter of 2015, and authorized an additional $2.0 billion repurchase program in October 2014. Key risks disclosed include the Parisian Macao and Sands Cotai Central land concession development deadlines (April 2016 and December 2016), which could lead to a charge against $636.9 million and $4.35 billion of capitalized costs respectively if not met or extended, the suspended Las Vegas Condo Tower with $178.6 million capitalized, pending litigation including a $5.0 billion claim by Asian American Entertainment Corporation for which no reserve has been recorded, and new Macao smoking restrictions effective October 6, 2014.

    Nov 5, 2014
  38. 2014-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2014

    Las Vegas Sands Corp. reported net revenues of $3.62 billion for the three months ended June 30, 2014, up from $3.24 billion a year earlier, and $7.63 billion for the six months, up from $6.55 billion. Operating income for the quarter was $961.5 million versus $780.6 million, and net income attributable to Las Vegas Sands Corp. was $671.4 million, or $0.83 per diluted share, compared with $529.8 million, or $0.64, in the prior-year quarter. The filing attributes the revenue increase mainly to the Macao operating properties, where casino revenues rose, and notes that Macao gross win tax rose $108.6 million in the quarter. The balance sheet shows cash and cash equivalents of $3.29 billion at June 30, 2014, against long-term debt of $9.94 billion noncurrent and $435.8 million current maturities. During the six months, the company repurchased 14,203,078 shares for $1.13 billion and paid $1.59 billion in dividends, and it declared a quarterly dividend of $0.50 per share in July 2014. Financing activities included the March 2014 amendment of the 2011 VML Credit Facility, which extended $2.39 billion of term loans to March 2020 and provided $2.0 billion of revolving commitments, and a $18.0 million loss on debt modification or early retirement. The filing also flags several risks. The Parisian Macao construction was stopped in June 2014 pending government approvals expected in October 2014, and the company could record a charge against $565.9 million of capitalized costs for The Parisian Macao or $4.28 billion for Sands Cotai Central if land concession deadlines are not met or extended. Construction on the Las Vegas Condo Tower is suspended, with $178.6 million capitalized. Several shareholder derivative and class actions, a $5.0 billion copyright-based claim, and an SEC/DOJ FCPA inquiry remain pending, and the company has not recorded reserves for the Macao and Nevada verdict matters it considers not probable or estimable. A cyber-attack disclosed in February 2014 is still under investigation.

    Aug 7, 2014
  39. 2014-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2014

    Las Vegas Sands Corp. reported net revenues of $4.01 billion for the three months ended March 31, 2014, up from $3.30 billion a year earlier, with operating income of $1.14 billion versus $826.7 million and net income attributable to Las Vegas Sands Corp. of $776.2 million, or $0.95 per diluted share, compared with $571.96 million, or $0.69 per diluted share. The increase was driven mainly by Macao, where net revenues rose $703.3 million, primarily from higher casino revenues at The Venetian Macao, Sands Cotai Central and Four Seasons Macao. Adjusted property EBITDA totaled $1.48 billion, up from $1.17 billion, with Macao contributing $938.4 million. Casino expenses rose $341.3 million, including $283.5 million attributable to the 39.0% gross win tax on higher Macao casino revenues. Cash flow and capital returns were significant during the quarter. Net cash generated from operating activities was $1.13 billion, and capital expenditures were $251.7 million, including $95.4 million for The Parisian Macao. The company repurchased 10,023,353 shares for $810.0 million under its $2.0 billion program, paid $915.1 million in dividends, and declared a quarterly dividend of $0.50 per share payable June 30, 2014. Cash and cash equivalents were $3.30 billion at March 31, 2014, against long-term debt of $9.97 billion noncurrent. Total long-term debt including current maturities was $10.27 billion. The filing also details several contingencies. A Nevada jury verdict in favor of Round Square Company Limited resulted in a $101.6 million judgment, which the company is appealing, and no reserve has been recorded. The company also disclosed a February 2014 cyber-attack on its U.S. computer networks, shareholder derivative suits, and a Macao action by Asian American Entertainment Corporation, Limited, with outcomes described as not currently determinable.

    May 7, 2014
  40. 2013-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2013

    Las Vegas Sands Corp. reported net revenues of $3.57 billion for the three months ended September 30, 2013, up 31.7% from $2.71 billion a year earlier, and $10.11 billion for the nine months, up 25.6% from $8.05 billion. Operating income rose to $914.8 million for the quarter (from $534.1 million) and $2.52 billion for the nine months (from $1.64 billion). Net income attributable to Las Vegas Sands Corp. was $626.7 million for the quarter and $1.73 billion for the nine months, with nine-month diluted EPS of $2.09 versus $1.32. The filing attributes much of the growth to the progressive opening of Sands Cotai Central in Macao, with Sands Cotai Central adjusted property EBITDA rising to $501.9 million for the nine months from $105.5 million. The balance sheet shows cash and cash equivalents of $3.21 billion at September 30, 2013, against long-term debt of $8.46 billion plus $1.30 billion of current maturities. The company repurchased 5,479,601 shares for $346.3 million under a $2.0 billion program authorized in June 2013, and paid $1.28 billion in dividends during the nine months. In October 2013 the board declared a $0.35 per share quarterly dividend, and the company intends to raise it to $0.50 beginning in the first quarter of 2014. Key risks disclosed include a $101.6 million judgment in the Round Square (RSC) litigation, which the company is appealing and for which it has recorded no reserve, and a $47.4 million payment to the U.S. Treasury tied to a U.S. Attorney's Office investigation. The filing also notes that the company may need additional financing for the balance of its Cotai Strip developments, that the Sands Cotai Central and Parisian Macao land concession deadlines could lead to a charge on $4.09 billion and $284.6 million of capitalized costs, and that construction of the Las Vegas Condo Tower is suspended with $178.8 million capitalized.

    Nov 7, 2013
  41. 2013-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2013

    Las Vegas Sands Corp. reported a strong second quarter and first half of 2013, with net revenues of $3.24 billion for the three months ended June 30, 2013, up from $2.58 billion a year earlier, and $6.55 billion for the six months, up from $5.34 billion. Operating income rose to $780.6 million for the quarter from $397.7 million, and net income attributable to Las Vegas Sands Corp. was $529.8 million, or $0.64 per diluted share, versus $240.6 million, or $0.29, a year earlier. The growth was driven mainly by the progressive opening of Sands Cotai Central in Macao, which began in April 2012, and by increased casino revenue at The Venetian Macao and Marina Bay Sands. The balance sheet remained substantial, with cash and cash equivalents of $2.51 billion at June 30, 2013, and total long-term debt of $8.51 billion (noncurrent) after $980.2 million of current maturities. Total debt was reduced during the first half, including repayment of the $327.6 million outstanding under the 2012 Singapore Revolving Facility and $200.0 million under the Senior Secured Extended Revolving Facility. Cash flow from operations was $2.02 billion for the six months, and capital expenditures were $394.0 million. The company declared a quarterly dividend of $0.35 per share in July 2013 and approved a $2.0 billion share repurchase program in June 2013, under which 883,046 shares were bought for $46.6 million. The filing also flags material legal and regulatory matters. A jury verdict in the Richard Suen and Round Square Company case awarded $70.0 million, with a judgment of $101.6 million including pre-judgment interest, which the company intends to appeal and for which it has recorded no reserve. The company also disclosed an ongoing FCPA-related investigation, shareholder derivative and class actions, and a Macao lawsuit with claims of 3.0 billion patacas. Separately, Chief Financial Officer Kenneth J. Kay's employment was terminated effective July 31, 2013.

    Aug 9, 2013
  42. 2013-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2013

    Las Vegas Sands Corp. reported net revenues of $3.30 billion for the three months ended March 31, 2013, up from $2.76 billion a year earlier, a 19.5% increase. The growth was driven mainly by $587.2 million of net revenues at Sands Cotai Central, which opened in April 2012, partially offset by a $53.8 million decrease at Marina Bay Sands. Net income attributable to Las Vegas Sands Corp. was $571.96 million ($0.69 per diluted share), compared with $498.94 million ($0.61 per diluted share) a year earlier. Operating income rose to $826.7 million from $707.6 million, while the effective tax rate fell to 7.3% from 9.8%. Total adjusted property EBITDA increased 9.4% to $1.17 billion, with Macao up 39.0% and Marina Bay Sands down 16.0%. The company ended the quarter with $2.38 billion of unrestricted cash and cash equivalents and total long-term debt of $9.83 billion including current maturities, down from $10.23 billion at December 31, 2012, after repaying $325.98 million on the 2012 Singapore credit facility. Management states that cash on hand and operating cash flow will be sufficient to meet its credit facility covenants, but the company must still arrange about $2.0 billion of financing for The Parisian Macao. Leverage ratios at quarter-end were 1.0x (U.S.), 1.5x (Macao) and 2.9x (Singapore), against maximum allowed ratios of 5.0x, 4.5x and 4.0x. Significant contingencies remain. A trial in the Richard Suen litigation began March 27, 2013 and was ongoing at the filing date. Several other suits, including the Steven C. Jacobs action, shareholder derivative actions and a Macao claim by Asian American Entertainment Corporation for 3.0 billion patacas, are at preliminary stages, and management cannot determine the probability of outcome or a range of loss. An Audit Committee investigation related to a 2011 SEC subpoena under the Foreign Corrupt Practices Act is largely complete, with preliminary findings that management believes are not material to the financial statements. The company also suspended the Las Vegas Condo Tower and portions of its development projects, and it declared a quarterly dividend of $0.35 per share, payable June 28, 2013.

    May 10, 2013
  43. 2012-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2012

    Las Vegas Sands Corp. (LVS) reported net revenues of $2.71 billion for the three months ended September 30, 2012, up from $2.41 billion a year earlier, and $8.05 billion for the nine months, up from $6.87 billion. Growth was driven largely by Sands Cotai Central, which opened in Macao in April 2012, and by higher revenues at The Venetian Macao and Four Seasons Macao. Marina Bay Sands in Singapore declined, with net revenues down $166.9 million in the quarter. Net income attributable to Las Vegas Sands Corp. was $349.8 million for the quarter, compared with $424.9 million a year earlier, and $1.09 billion for the nine months, compared with $1.12 billion. Operating income fell to $534.1 million in the quarter from $632.6 million, and nine-month operating results include a $143.7 million impairment loss. The balance sheet at September 30, 2012 showed cash and cash equivalents of $3.75 billion and long-term debt of $9.40 billion, plus current maturities of $98.1 million. In June 2012 the company entered into a SGD 5.1 billion (approximately $4.16 billion) credit facility for Marina Bay Sands, which was used to refinance the prior Singapore facility. The company paid $973.1 million in dividends during the nine months, and its board declared a quarterly dividend of $0.25 per share in October 2012, with an intent to increase it to $0.35 beginning in the first quarter of 2013. The filing also flags significant risks. Several development projects have been suspended, including the Las Vegas Condo Tower, and the company may need to record charges on $3.81 billion of Sands Cotai Central costs if Macao land-concession deadlines are not met or extended. The company is defending multiple litigation matters, including shareholder derivative and securities class actions, a Macao claim by Asian American Entertainment Corporation, and an SEC and Department of Justice FCPA investigation, for which management says it cannot currently determine the probability of outcome or range of loss.

    Nov 9, 2012
  44. 2012-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2012

    Las Vegas Sands Corp. reported net revenues of $2.58 billion for the three months ended June 30, 2012, up from $2.35 billion a year earlier, and $5.34 billion for the six months, up from $4.46 billion. Operating income for the quarter was $397.7 million, down from $608.1 million, reflecting a $100.8 million impairment loss tied to Cotai Strip parcels 7 and 8, higher pre-opening expense and a $58.4 million provision for doubtful accounts. Net income attributable to Las Vegas Sands Corp. was $240.6 million for the quarter, versus $410.6 million a year earlier, while six-month net income attributable to the company rose to $739.5 million from $700.0 million. Sands Cotai Central phase I opened in April 2012, contributing $265.6 million of quarterly net revenues. The balance sheet showed unrestricted cash and cash equivalents of approximately $3.52 billion at June 30, 2012, and total long-term debt of $9.28 billion (net of current maturities). During the period the company refinanced its Singapore credit facility with a SGD 5.1 billion (about $4.02 billion) facility, repaid $400.0 million on its U.S. senior secured credit facility, redeemed $191.7 million of senior notes and repaid $131.6 million of ferry financing. Net cash from operating activities was $1.42 billion for the six months, against capital expenditures of $735.5 million. The filing also discloses ongoing litigation, including derivative and securities class actions, a Macao claim by Asian American Entertainment Corporation seeking 3.0 billion patacas, an SEC and Department of Justice FCPA investigation, and a suspended Las Vegas Condo Tower. The company declared a quarterly dividend of $0.25 per common share, estimated at about $206 million, payable September 28, 2012.

    Aug 9, 2012
  45. 2012-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2012

    Las Vegas Sands Corp. reported net revenues of $2.76 billion for the three months ended March 31, 2012, up from $2.11 billion a year earlier, a 30.8% increase. Operating income rose to $707.6 million from $485.9 million, and net income attributable to Las Vegas Sands Corp. was $498.9 million, compared with $289.3 million in the prior-year quarter. Growth was led by Macao and Marina Bay Sands: Macao net revenues rose by $290.1 million and Marina Bay Sands net revenues rose by $263.7 million, with casino revenues up $602.0 million overall. Adjusted property EBITDA increased 43.0% to $1.07 billion. Operating expenses also rose, mainly from a $154.4 million increase in gross win tax in Macao, a $56.0 million increase in casino expenses at Marina Bay Sands, $51.5 million of pre-opening expense, and a $42.9 million impairment tied to the termination of the ZAiA show at The Venetian Macao. The balance sheet remained liquid, with cash and cash equivalents of $4.06 billion at March 31, 2012, and long-term debt of $9.38 billion plus $469.3 million of current maturities. Cash rose partly because the Principal Stockholder's family exercised warrants for $525.0 million in cash in March 2012. The company paid $383.5 million in dividends during the quarter, redeemed its Senior Notes for $191.7 million, and declared a further quarterly dividend of $0.25 per share in April 2012. Management expects its cash, operating cash flow and credit facility availability to fund projects under construction, but the filing notes that Cotai Strip parcels 3, 7 and 8 and the Las Vegas Condo Tower are suspended or delayed. The company will need additional financing for the balance of its Cotai Strip developments, and it carries contingent exposure to Macao land concession deadlines and several pending legal matters, including an FCPA investigation and a Macao claim of 3.0 billion patacas.

    May 10, 2012
  46. 2011-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2011

    Las Vegas Sands Corp. (LVS) reported strong results for the three and nine months ended September 30, 2011. Net revenues were $2.41 billion for the quarter, up 26.2% from $1.91 billion a year earlier, and $6.87 billion for the nine months, up 41.9% from $4.84 billion. Operating income rose to $632.6 million for the quarter (up 65.0%) and $1.73 billion for the nine months (up 149.5%). Net income attributable to Las Vegas Sands Corp. was $424.9 million for the quarter and $1.12 billion for the nine months. The filing attributes much of the growth to the progressive opening of Marina Bay Sands in Singapore, which contributed $792.4 million of quarterly net revenues versus $485.9 million a year earlier, alongside increases in Macau and U.S. operations. The balance sheet shows $3.95 billion of unrestricted cash and cash equivalents against $9.74 billion of total debt, with long-term debt of $9.28 billion. Operating cash flow for the nine months was $1.93 billion, and capital expenditures were $1.09 billion, mostly for Sands Cotai Central in Macau and Marina Bay Sands. The company has signed a $3.7 billion 2011 VML Credit Facility, expected to fund in November 2011, which will refinance the VML and VOL facilities and extend Macau debt maturities to 2016. The Board has approved redemption of all outstanding preferred stock on November 15, 2011, at an expected cost of about $783.4 million. The filing also flags material risks. Cotai Strip development is funded only partly, with the company stating it will need additional financing and that there is no assurance it can obtain it. Land concessions for parcels 7 and 8 were denied and are under appeal, with $100.7 million of capitalized costs at risk. Several shareholder derivative suits, a Foreign Corrupt Practices Act investigation, and a Securities and Exchange Commission subpoena are pending, and management cannot currently determine the probability of outcome or the range of loss for these matters.

    Nov 9, 2011
  47. 2011-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2011

    Las Vegas Sands Corp. reported a strong second quarter of 2011 in its Form 10-Q filed August 9, 2011. Net revenues for the three months ended June 30, 2011 were $2.35 billion, up from $1.59 billion a year earlier, with operating income of $608.1 million versus $166.8 million. Net income attributable to Las Vegas Sands Corp. was $410.6 million for the quarter, compared with $41.8 million in the prior-year period. The growth was driven mainly by Marina Bay Sands in Singapore, which opened in April 2010, along with increases in Macau. Adjusted property EBITDA for the quarter was $901.6 million, compared with $473.5 million a year earlier. The balance sheet shows cash and cash equivalents of $3.48 billion at June 30, 2011, and long-term debt of $8.99 billion, plus current maturities of $1.07 billion. Management states that cash on hand, operating cash flow and available credit facility borrowings should be sufficient to fund developments under construction and maintain covenant compliance. The company is refinancing its Macau VML and VOL credit facilities with $3.7 billion of lender commitments, with closing expected in late 2011 and a likely loss on debt modification or extinguishment. The filing also notes that several Cotai Strip developments have been suspended or delayed, that the Las Vegas Condo Tower construction is suspended, and that a land concession for parcels 7 and 8 was denied and is under appeal. The company faces significant litigation, including shareholder derivative and class action suits, a pending SEC and Department of Justice inquiry under the Foreign Corrupt Practices Act, and a Hong Kong SFC investigation of Sands China Ltd. Management states it is unable to determine the probability or range of loss for most of these matters. The filing also says that on November 15, 2011 the company intends to redeem its outstanding preferred stock at $110 per share, a total of about $842 million based on shares outstanding at June 30, 2011.

    Aug 9, 2011
  48. 2011-Q1

    Las Vegas Sands Quarterly Report for Q1 Ended Mar 31, 2011

    Las Vegas Sands Corp. reported net revenues of $2.11 billion for the three months ended March 31, 2011, up from $1.33 billion a year earlier, an increase the filing attributes mainly to $584.9 million of net revenues at Marina Bay Sands, which opened in April 2010, along with higher Macau revenues. Operating income rose to $485.9 million from $141.8 million, and net income attributable to Las Vegas Sands Corp. was $289.3 million versus $17.6 million. Net income attributable to common stockholders was $228.2 million, or $0.28 per diluted share, compared with a loss of $28.9 million, or $(0.04) per share, in the prior-year period. Adjusted property EBITDA totaled $745.7 million versus $371.0 million. The balance sheet shows unrestricted cash and cash equivalents of $3.13 billion and long-term debt of $9.19 billion (non-current), with total debt of $10.10 billion including current maturities. The company states that its U.S. and VML leverage ratios were 5.2x and 1.5x against maximum allowed ratios of 6.5x and 3.0x. Management believes cash on hand, operating cash flow and available borrowings will be sufficient to fund development plans and covenant compliance. Capital expenditures were $332.5 million in the quarter, including $158.0 million for Singapore and $145.1 million for Macau construction. The filing also highlights risks around the Cotai Strip developments: the company will need additional financing for the balance of those projects, the Macau land concession for parcels 7 and 8 was not approved and is under appeal ($101.9 million capitalized), and Starwood's management agreement carries opening deadlines. Several shareholder derivative suits, a Foreign Corrupt Practices Act investigation by the SEC and Department of Justice, and a Hong Kong SFC investigation of Sands China Ltd. are also disclosed.

    May 10, 2011
  49. 2010-Q3

    Las Vegas Sands Quarterly Report for Q3 Ended Sep 30, 2010

    Las Vegas Sands Corp. (LVS) reported net revenues of $1.91 billion for the three months ended September 30, 2010, up from $1.14 billion a year earlier, and $4.84 billion for the nine months, up from $3.28 billion. The increase was driven primarily by Marina Bay Sands in Singapore, which opened in April 2010 and contributed $485.9 million of net revenues in the quarter, along with increases across the Macau and Las Vegas properties. Operating income was $383.3 million for the quarter versus $62.4 million a year earlier, and net income attributable to Las Vegas Sands Corp. was $214.5 million for the quarter compared with a loss of $76.5 million in the prior-year period. Total adjusted property EBITDA rose to $645.2 million for the quarter from $272.3 million. The balance sheet shows cash and cash equivalents declining to $2.39 billion from $4.96 billion at December 31, 2009, reflecting debt repayments of $2.52 billion for the nine months, including $1.0 billion of term loan paydowns and $775.9 million under the revolver in the U.S. credit facility. Long-term debt, including current maturities, totaled $10.14 billion at September 30, 2010, against $11.03 billion at year-end 2009. The company has suspended several development projects, including the Las Vegas Condo Tower, parts of Sands Bethlehem, and parts of the Cotai Strip, and states that it will need additional financing to fund the balance of its Cotai Strip developments. The filing also discloses material contingencies, including a $58.6 million judgment (including pre-judgment interest) in the Suen litigation, which the company is appealing and for which it has recorded no reserve, and several securities class actions filed in 2010. Subsequent to September 30, 2010, preferred stockholders exercised warrants for 30,960,805 common shares for $185.8 million in cash.

    Nov 9, 2010
  50. 2010-Q2

    Las Vegas Sands Quarterly Report for Q2 Ended Jun 30, 2010

    Las Vegas Sands Corp. reported net revenues of $1.59 billion for the three months ended June 30, 2010, up from $1.06 billion a year earlier, and $2.93 billion for the six months, up 37.0%. Operating income was $166.8 million for the quarter versus an operating loss of $171.3 million in the prior-year quarter, and net income attributable to Las Vegas Sands Corp. was $41.8 million, compared with a net loss of $175.9 million. After preferred dividends and accretion, the net loss attributable to common stockholders was $4.7 million, or $(0.01) per share. The improvement was driven mainly by Marina Bay Sands in Singapore, which opened in April 2010, and higher Macau casino revenues, though Macau gaming tax expense rose sharply. Cash and cash equivalents fell to $3.52 billion at June 30, 2010, from $4.96 billion at December 31, 2009, as the company repaid $775.9 million under the U.S. revolver and $350.0 million under the Macau revolver and spent $1.13 billion on capital expenditures, mostly in Singapore. Long-term debt declined to $9.83 billion (plus $569.2 million of current maturities), while the Singapore Credit Facility rose to $3.65 billion. Subsequent to quarter end, the company drew $750.0 million under the new $1.75 billion Venetian Orient Limited credit facility, paid down the remaining Macau revolver balance, and began working on an amendment to its U.S. credit facility. The filing also discloses that several development projects have been suspended or delayed, including the St. Regis Residences, parts of Sands Bethlehem and Cotai Strip parcels 7 and 8. Covenant leverage was 5.5x for the U.S. facilities against a 6.0x maximum, and 2.1x for Macau against a 4.0x maximum. The company faces pending securities class actions, a Macau litigation judgment of $58.6 million under appeal, and the risk that land concession deadlines or management agreements could be jeopardized if construction is not resumed on schedule.

    Aug 9, 2010