10-Q

UNITED STATES

SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________ 

Form 10-Q

____________________________________________________ 

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32373

____________________________________________________ 

LAS VEGAS SANDS CORP.

(Exact name of registration as specified in its charter)

____________________________________________________ 

Nevada	27-0099920
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3355 Las Vegas Boulevard South
Las Vegas, Nevada	89109
(Address of principal executive offices)	(Zip Code)

(702) 414-1000

(Registrant’s telephone number, including area code)

 ____________________________________________________

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.

Class	Outstanding at August 3, 2015
Common Stock ($0.001 par value)	797,451,176 shares

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Table of Contents

	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014	3
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2015 and 2014	4
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2015 and 2014	5
	Condensed Consolidated Statements of Equity for the Six Months Ended June 30, 2015 and 2014	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	68
Item 4.	Controls and Procedures	69
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 6.	Exhibits	71
Signatures		72

2

PART 1 FINANCIAL INFORMATION

ITEM 1— FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2015			December 31, 2014
	(In thousands, except share and per share data) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,818,680		$	3,506,319
Restricted cash and cash equivalents	7,120			6,566
Accounts receivable, net	1,342,146			1,510,772
Inventories	39,820			41,674
Prepaid expenses and other	110,844			125,168
Total current assets	4,318,610			5,190,499
Property and equipment, net	15,525,414			15,372,474
Deferred financing costs, net	194,573			205,596
Deferred income taxes, net	46,613			31,720
Leasehold interests in land, net	1,321,287			1,353,090
Intangible assets, net	78,845			86,260
Other assets, net	122,867			122,052
Total assets	$	21,608,209		$	22,361,691
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	93,621		$	112,721
Construction payables	288,289			270,929
Accrued interest payable	1,658			7,943
Other accrued liabilities	1,978,826			1,984,444
Deferred income taxes	13,774			12,522
Income taxes payable	216,939			224,201
Current maturities of long-term debt	98,227			99,734
Total current liabilities	2,691,334			2,712,494
Other long-term liabilities	127,614			124,614
Deferred income taxes	180,514			188,935
Deferred proceeds from sale of The Shoppes at The Palazzo	268,570			268,710
Deferred gain on sale of The Grand Canal Shoppes	36,549			37,968
Deferred rent from mall sale transactions	114,735			115,475
Long-term debt	9,720,134			9,892,913
Total liabilities	13,139,450			13,341,109
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 829,707,594 and 829,280,328 shares issued, 797,397,901 and 798,258,172 shares outstanding	830			829
Treasury stock, at cost, 32,309,693 shares and 31,022,156 shares	(2,302,946		)	(2,237,952		)
Capital in excess of par value	6,457,705			6,428,762
Accumulated other comprehensive income	26,403			76,101
Retained earnings	2,889,392			2,945,846
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384			7,213,586
Noncontrolling interests	1,397,375			1,806,996
Total equity	8,468,759			9,020,582
Total liabilities and equity	$	21,608,209		$	22,361,691

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
	(In thousands, except share and per share data) (Unaudited)
Revenues:
Casino	$	2,301,498		$	3,012,810		$	4,678,186		$	6,384,875
Rooms	351,259			375,116			722,672			775,338
Food and beverage	178,418			194,196			367,829			396,983
Mall	135,282			119,073			263,096			228,104
Convention, retail and other	125,514			125,829			259,651			263,205
	3,091,971			3,827,024			6,291,434			8,048,505
Less — promotional allowances	(170,550		)	(202,674		)	(358,391		)	(413,771		)
Net revenues	2,921,421			3,624,350			5,933,043			7,634,734
Operating expenses:
Casino	1,315,568			1,690,237			2,650,397			3,557,849
Rooms	64,840			64,118			130,631			128,381
Food and beverage	96,537			95,828			195,784			195,997
Mall	15,341			17,709			30,478			35,072
Convention, retail and other	69,965			74,664			138,222			165,132
Provision for doubtful accounts	36,056			49,669			93,406			111,587
General and administrative	315,602			327,532			640,080			664,031
Corporate	44,565			45,123			89,788			95,800
Pre-opening	10,654			16,141			20,233			20,441
Development	2,348			4,217			3,881			5,909
Depreciation and amortization	248,592			264,016			502,514			525,063
Amortization of leasehold interests in land	9,485			10,040			19,323			20,066
Loss on disposal of assets	2,558			3,596			17,881			4,121
	2,232,111			2,662,890			4,532,618			5,529,449
Operating income	689,310			961,460			1,400,425			2,105,285
Other income (expense):
Interest income	4,062			5,697			10,440			11,500
Interest expense, net of amounts capitalized	(65,801		)	(69,590		)	(132,056		)	(140,716		)
Other income (expense)	(151		)	2,194			15,314			(2,463		)
Loss on modification or early retirement of debt	—			—			—			(17,964		)
Income before income taxes	627,420			899,761			1,294,123			1,955,642
Income tax expense	(45,929		)	(46,917		)	(101,594		)	(106,070		)
Net income	581,491			852,844			1,192,529			1,849,572
Net income attributable to noncontrolling interests	(112,318		)	(181,410		)	(211,433		)	(401,953		)
Net income attributable to Las Vegas Sands Corp.	$	469,173		$	671,434		$	981,096		$	1,447,619
Earnings per share:
Basic	$	0.59		$	0.83		$	1.23		$	1.79
Diluted	$	0.59		$	0.83		$	1.23		$	1.78
Weighted average shares outstanding:
Basic	797,715,773			807,038,086			797,827,230			810,881,047
Diluted	798,552,917			809,224,051			798,731,400			813,304,140
Dividends declared per common share	$	0.65		$	0.50		$	1.30		$	1.00

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
	(In thousands) (Unaudited)
Net income	$	581,491		$	852,844		$	1,192,529		$	1,849,572
Currency translation adjustment, net of reclassification adjustment and before and after tax	33,711			23,975			(48,588		)	34,198
Total comprehensive income	615,202			876,819			1,143,941			1,883,770
Comprehensive income attributable to noncontrolling interests	(112,930		)	(182,695		)	(212,543		)	(402,613		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	502,272		$	694,124		$	931,398		$	1,481,157

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY 

	Las Vegas Sands Corp. Stockholders’ Equity
	Common Stock		Treasury Stock			Capital in Excess of Par Value			Accumulated Other Comprehensive Income			Retained Earnings			Noncontrolling Interests			Total
	(In thousands) (Unaudited)
Balance at January 1, 2014	$	827	$	(570,520	)	$	6,348,065		$	173,783		$	1,713,339		$	1,835,035		$	9,500,529
Net income	—		—			—			—			1,447,619			401,953			1,849,572
Currency translation adjustment	—		—			—			33,538			—			660			34,198
Exercise of stock options	2		—			41,287			—			—			3,829			45,118
Tax benefit from stock-based compensation	—		—			2,755			—			—			—			2,755
Stock-based compensation	—		—			24,191			—			—			3,107			27,298
Repurchase of common stock	—		(1,130,045		)	—			—			—			—			(1,130,045		)
Disposition of interest in majority owned subsidiary	—		—			—			—			—			(487		)	(487		)
Dividends declared	—		—			—			—			(809,079		)	(776,570		)	(1,585,649		)
Distributions to noncontrolling interests	—		—			—			—			—			(4,731		)	(4,731		)
Balance at June 30, 2014	$	829	$	(1,700,565	)	$	6,416,298		$	207,321		$	2,351,879		$	1,462,796		$	8,738,558
Balance at January 1, 2015	$	829	$	(2,237,952	)	$	6,428,762		$	76,101		$	2,945,846		$	1,806,996		$	9,020,582
Net income	—		—			—			—			981,096			211,433			1,192,529
Currency translation adjustment, net of reclassification adjustment	—		—			—			(49,698		)	—			1,110			(48,588		)
Exercise of stock options	1		—			6,291			—			—			1,786			8,078
Tax benefit from stock-based compensation	—		—			1,700			—			—			—			1,700
Conversion of equity awards to liability awards	—		—			(3,837		)	—			—			(1,635		)	(5,472		)
Stock-based compensation	—		—			24,789			—			—			3,924			28,713
Repurchase of common stock	—		(64,994		)	—			—			—			—			(64,994		)
Dividends declared	—		—			—			—			(1,037,550		)	(619,368		)	(1,656,918		)
Distributions to noncontrolling interests	—		—			—			—			—			(6,871		)	(6,871		)
Balance at June 30, 2015	$	830	$	(2,302,946	)	$	6,457,705		$	26,403		$	2,889,392		$	1,397,375		$	8,468,759

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended   June 30,
	2015			2014
	(In thousands) (Unaudited)
Cash flows from operating activities:
Net income	$	1,192,529		$	1,849,572
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	502,514			525,063
Amortization of leasehold interests in land	19,323			20,066
Amortization of deferred financing costs and original issue discount	21,930			27,629
Amortization of deferred gain on and rent from mall sale transactions	(2,159		)	(2,394		)
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo	280			491
Non-cash loss on modification or early retirement of debt	—			13,467
Loss on disposal of assets	17,881			4,121
Stock-based compensation expense	27,191			26,183
Provision for doubtful accounts	93,406			111,587
Foreign exchange (gain) loss	(5,153		)	4,779
Excess tax benefits from stock-based compensation	(2,242		)	(2,755		)
Deferred income taxes	(21,503		)	(12,224		)
Changes in operating assets and liabilities:
Accounts receivable	63,385			129,067
Inventories	1,734			(1,022		)
Prepaid expenses and other	12,296			(2,341		)
Leasehold interests in land	(4,394		)	(3,419		)
Accounts payable	(18,625		)	(1,074		)
Accrued interest payable	(6,200		)	(5,037		)
Income taxes payable	(830		)	14,229
Other accrued liabilities	(309,830		)	(305,144		)
Net cash generated from operating activities	1,581,533			2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(549		)	559
Capital expenditures	(719,239		)	(526,838		)
Proceeds from disposal of property and equipment	639			1,106
Net cash used in investing activities	(719,149		)	(525,173		)
Cash flows from financing activities:
Proceeds from exercise of stock options	8,078			45,118
Excess tax benefits from stock-based compensation	2,242			2,755
Repurchase of common stock	(64,994		)	(1,139,415		)
Dividends paid	(1,345,804		)	(1,585,655		)
Distributions to noncontrolling interests	(6,871		)	(4,731		)
Proceeds from long-term debt (Note 3)	1,459,277			1,857,725
Repayments on long-term debt (Note 3)	(1,569,609		)	(1,296,058		)
Payments of deferred financing costs	(11,745		)	(57,244		)
Net cash used in financing activities	(1,529,426		)	(2,177,505		)
Effect of exchange rate on cash	(20,597		)	4,147
Decrease in cash and cash equivalents	(687,639		)	(307,687		)
Cash and cash equivalents at beginning of period	3,506,319			3,600,414
Cash and cash equivalents at end of period	$	2,818,680		$	3,292,727

7

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

	Six Months Ended   June 30,
	2015		2014
	(In thousands) (Unaudited)
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	$	108,815	$	110,499
Cash payments for taxes, net of refunds	$	121,228	$	102,387
Change in construction payables	$	17,360	$	(27,161	)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs	$	325	$	1,115
Change in dividends payable included in other accrued liabilities	$	311,114	$	(6	)
Disposition of interest in majority owned subsidiary	$	—	$	487
Change in common stock repurchase payable included in other accrued liabilities	$	—	$	(9,370	)
Conversion of equity awards to liability awards	$	5,472	$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 — ORGANIZATION AND BUSINESS OF COMPANY

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2014, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company’s common stock is traded on the New York Stock Exchange under the symbol “LVS.”

The ordinary shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China) are listed on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). The shares were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements.

Operations

Macao

The Company currently owns 70.1% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession agreement, which expires in June 2022.

The Company owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 376,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 925,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.

The Company owns the Sands Cotai Central, an integrated resort situated across the street from The Venetian Macao and Four Seasons Macao (which is further described below). The Sands Cotai Central opened in phases, beginning in April 2012. The property currently features three hotel towers: the first hotel tower, consisting of approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; the second hotel tower, consisting of approximately 1,800 rooms and suites under the Sheraton brand; and the third hotel tower, consisting of approximately 2,100 rooms and suites under the Sheraton brand. Within Sands Cotai Central, the Company also owns and currently operates approximately 370,000 square feet of gaming space, approximately 350,000 square feet of meeting space and approximately 330,000 square feet of retail space, as well as entertainment and dining facilities. The Company has begun construction activities on the remaining phase of the project, which will include a fourth hotel and mixed-use tower under the St. Regis brand that is expected to open at the end of 2015, subject to Macao government approval. The total cost to complete the remaining phase of the project is expected to be approximately $380 million. Upon completion of the project, the integrated resort will feature approximately 370,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in late 2015).

9

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

As of June 30, 2015, the Company has capitalized costs of $4.69 billion for the entire project, including the land premium (net of amortization) and $76.8 million in outstanding construction payables.

 The Company owns the Four Seasons Hotel Macao, Cotai Strip (the “Four Seasons Hotel Macao”), which features 360 rooms and suites under the Four Seasons brand and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao”), which features approximately 105,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 258,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and is advancing its plans to monetize units within the Four Seasons Apartments.

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 241,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which features three55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum.

United States

Las Vegas

The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; and the Grand Canal Shoppes, which consist of two enclosed retail, dining and entertainment complexes that were sold to GGP Limited Partnership (“GGP,” see “— Note 2 — Property and Equipment, Net”).

Pennsylvania

The Company owns and operates the Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center. The Company owns 86% of the economic interest in the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC.

10

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Development Projects

Macao

The Company submitted plans to the Macao government for The Parisian Macao, an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao is intended to include a gaming area (to be operated under the Company’s gaming subconcession), a hotel with over 3,000 rooms and suites and retail, entertainment, dining and meeting facilities. The Company has commenced construction and expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion, inclusive of payments made for the land premium. As with projects of this nature, the Company will continue to analyze options for both a full and phased opening of the facility, which is anticipated to open in the second half of 2016, subject to Macao government approval. The Company has capitalized costs of $1.15 billion, including the land premium (net of amortization) and $116.6 million in outstanding construction payables, as of June 30, 2015. In addition, the Company will be completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government.

Under the Company’s land concession for The Parisian Macao, the Company is required to complete the development by April 2016. The land concession for Sands Cotai Central contains a similar requirement, which was extended by the Macao government in April 2014, that the development be completed by December 2016. The Company has applied for an extension from the Macao government to complete The Parisian Macao, as the Company believes it will be unable to meet the April 2016 deadline. Should the Company determine that it is unable to complete Sands Cotai Central by December 2016, the Company would then also expect to apply for another extension from the Macao government. If the Company is unable to meet the Sands Cotai Central deadline and the deadlines for either development are not extended, the Company could lose its land concessions for The Parisian Macao or Sands Cotai Central, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $1.15 billion or $4.69 billion in capitalized construction costs and land premiums (net of amortization), as of June 30, 2015, related to The Parisian Macao and Sands Cotai Central, respectively.

United States

The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company intends to recommence construction when demand and conditions improve. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty. Should demand and conditions fail to improve or management decides to abandon the project, the Company could record a charge for some portion of the $178.6 million in capitalized construction costs as of June 30, 2015.

Other

The Company continues to aggressively pursue new development opportunities globally.

Capital Financing Overview

Through June 30, 2015, the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets.

The Company held unrestricted cash and cash equivalents of $2.82 billion and restricted cash and cash equivalents of $7.1 million as of June 30, 2015. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company may elect to arrange additional financing to fund the balance of its Cotai Strip developments. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof.

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017, with early application not being permitted. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations.

In April 2015, the FASB issued an accounting standard update to simplify the presentation of debt issuance costs. The update requires that debt issuance costs be reported as a deduction of the face amount of the related debt (rather than as an asset) and that the amortization of debt issuance costs continue to be reported as interest expense. The amendments do not affect the guidance on the recognition and measurement of debt issuance costs. The guidance will be required to be applied on a retrospective basis and will be effective for fiscal years beginning after December 31, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance will not have a material effect on the Company's financial condition, results of operations or cash flows.

In July 2015, the FASB issued an accounting standard update that requires inventory measured using any method other than last-in, first-out or the retail inventory method, to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. If the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss during the period in which it occurs. The guidance is effective for fiscal years beginning after December 15, 2016, and should be applied prospectively, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations or cash flows.

NOTE 2 — PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following (in thousands):

	June 30, 2015			December 31, 2014
Land and improvements	$	551,241		$	551,625
Building and improvements	15,169,341			15,187,427
Furniture, fixtures, equipment and leasehold improvements	3,162,457			3,065,859
Transportation	455,216			454,278
Construction in progress	2,319,805			1,796,554
	21,658,060			21,055,743
Less — accumulated depreciation and amortization	(6,132,646		)	(5,683,269		)
	$	15,525,414		$	15,372,474

Construction in progress consists of the following (in thousands):

	June 30, 2015		December 31, 2014
The Parisian Macao	$	1,097,603	$	749,176
Four Seasons Macao (principally the Four Seasons Apartments)	420,170		417,920
Sands Cotai Central	453,420		289,518
Other	348,612		339,940
	$	2,319,805	$	1,796,554

The $348.6 million in other construction in progress as of June 30, 2015, consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao.

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

In accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”), the Company sold the portion of the Grand Canal Shoppes located within The Palazzo (formerly referred to as "The Shoppes at the Palazzo"). Under the terms of the settlement with GGP on June 24, 2011, the Company retained the $295.4 million of proceeds previously received and participates in certain potential future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $224.1 million (net of $87.3 million of accumulated depreciation) as of June 30, 2015, will continue to be recorded on the Company’s condensed consolidated balance sheet and will continue to be depreciated in the Company’s condensed consolidated income statement.

During the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, the Company capitalized interest expense of $5.5 million, $9.7 million, $1.5 million, and $3.2 million, respectively. During the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, the Company capitalized approximately $8.1 million, $15.6 million, $6.2 million and $14.1 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.

NOTE 3 — LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

	June 30, 2015			December 31, 2014
Corporate and U.S. Related:
2013 U.S. Credit Facility — Term B (net of original issue discount of $8,839 and $9,643, respectively)	$	2,207,411		$	2,217,857
2013 U.S. Credit Facility — Revolving	780,000			1,020,000
Airplane Financings	61,827			63,671
HVAC Equipment Lease	15,859			16,619
Other	195			401
Macao Related:
2011 VML Credit Facility — Extended Term	2,389,289			2,388,244
2011 VML Credit Facility — Accordion Term	999,804			—
2011 VML Credit Facility — Extended Revolving	—			820,024
Other	4,651			5,694
Singapore Related:
2012 Singapore Credit Facility — Term	3,359,325			3,460,137
	9,818,361			9,992,647
Less — current maturities	(98,227		)	(99,734		)
Total long-term debt	$	9,720,134		$	9,892,913

2013 U.S. Credit Facility

As of June 30, 2015, the Company had $466.0 million of available borrowing capacity under the 2013 U.S. Revolving Facility, net of outstanding letters of credit. Subsequent to June 30, 2015, the Company repaid $460.0 million under the 2013 U.S. Revolving Facility.

2011 VML Credit Facility

In April 2015, the Company entered into a joinder agreement (the "Joinder Agreement") to the 2011 VML Credit Facility. Under the Joinder Agreement, certain lenders have agreed to provide term loan commitments of $1.0 billion (the "2011 VML Accordion Term"), which was funded on April 30, 2015 (the “Joinder Funding Date”).

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

The 2011 VML Accordion Term bears interest, at the Company's option, at either the adjusted Eurodollar rate or Hong Kong Inter-bank Offered Rate (“HIBOR”), plus a credit spread, or an alternative base rate, plus a credit spread, which credit spread in each case is determined based on the consolidated total leverage ratio as set forth in the Joinder Agreement. The credit spread ranges from 0.25% to 1.125% per annum for loans accruing interest at the base rate and from 1.25% to 2.125% per annum for loans accruing interest at an adjusted Eurodollar or HIBOR rate. The initial credit spread as of April 30, 2015 (the date the term was funded), was 0.25% per annum for loans accruing interest at a base rate and 1.25% per annum for loans accruing at an adjusted Eurodollar or HIBOR rate.

The 2011 VML Accordion Term will mature on March 30, 2021. Commencing with the quarterly period ending June 30, 2018, and at the end of each subsequent quarter through March 31, 2019, the Joinder Agreement requires the borrower to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 2.5% of the aggregate principal amount outstanding as of the Joinder Funding Date. Commencing with the quarterly period ending on June 30, 2019, and at the end of each subsequent quarter through March 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 5.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. For the quarterly periods ending on June 30 through December 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 12.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. The remaining balance on the 2011 VML Accordion Term is due on the maturity date.

As of June 30, 2015, the Company had $2.0 billion of available borrowing capacity under the Extended 2011 VML Revolving Facility.

2012 Singapore Credit Facility

As of June 30, 2015, the Company had 494.5 million Singapore dollars ("SGD," approximately $366.6 million at exchange rates in effect on June 30, 2015) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit.

Cash Flows from Financing Activities

Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands):

	Six Months Ended   June 30,
	2015			2014
Proceeds from 2011 VML Credit Facility	$	999,277		$	819,725
Proceeds from 2013 U.S. Credit Facility	460,000			1,038,000
	$	1,459,277		$	1,857,725
Repayments on 2011 VML Credit Facility	$	(820,188	)	$	(819,680	)
Repayments on 2013 U.S. Credit Facility	(711,250		)	(471,250		)
Repayments on 2012 Singapore Credit Facility	(34,316		)	—
Repayments on Airplane Financings	(1,844		)	(1,844		)
Repayments on HVAC Equipment Lease and Other Long-Term Debt	(2,011		)	(3,284		)
	$	(1,569,609	)	$	(1,296,058	)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of June 30, 2015 and December 31, 2014, was approximately $9.63 billion and $9.78 billion, respectively, compared to its carrying value of $9.81 billion and $9.98 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active).

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 4 — EQUITY AND EARNINGS PER SHARE

Common Stock

Dividends

On March 31 and June 30, 2015, the Company paid a dividend of $0.65 per common share as part of a regular cash dividend program. During the six months ended June 30, 2015, the Company recorded $1.04 billion as a distribution against retained earnings (of which $561.2 million related to the Principal Stockholder’s family and the remaining $476.3 million related to all other shareholders).

On March 31 and June 30, 2014, the Company paid a dividend of $0.50 per common share as part of a regular cash dividend program. During the six months ended June 30, 2014, the Company recorded $809.1 million as a distribution against retained earnings (of which $431.7 million related to the Principal Stockholder’s family and the remaining $377.4 million related to all other shareholders).

In July 2015, the Company’s Board of Directors declared a quarterly dividend of $0.65 per common share (a total estimated to be approximately $518 million) to be paid on September 30, 2015, to shareholders of record on September 22, 2015.

Repurchase Program

In June 2013, the Company’s Board of Directors approved a stock repurchase program with an initial authorization of $2.0 billion, which would have expired in June 2015, but was substantially completed during the year ended December 31, 2014. In October 2014, the Company's Board of Directors authorized the repurchase of an additional $2.0 billion of its outstanding common stock, which expires in October 2016. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions. During the six months ended June 30, 2015 and 2014, the Company repurchased 1,287,537 and 14,203,078 shares, respectively, of its common stock for $65.0 million and $1.13 billion, respectively, (including commissions) under this program. All share repurchases of the Company’s common stock have been recorded as treasury stock.

Noncontrolling Interests

On February 27, 2015, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") per share, and, on June 17, 2015, SCL shareholders approved a dividend of HKD 1.00 per share, which was paid on July 15, 2015 (a total of $2.07 billion, of which the Company retained $1.45 billion). On February 26, 2014, SCL paid a dividend of HKD 0.87 per share and a special dividend of HKD 0.77 per share, and, on June 30, 2014, paid a dividend of HKD 0.86 per share to SCL shareholders (a total of $2.60 billion, of which the Company retained $1.82 billion during the six months ended June 30, 2014).

During the six months ended June 30, 2015 and 2014, the Company distributed $6.9 million and $4.7 million, respectively, to certain of its noncontrolling interests.

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Earnings Per Share

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:

	Three Months Ended   June 30,		Six Months Ended   June 30,
	2015	2014	2015	2014
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)	797,715,773	807,038,086	797,827,230	810,881,047
Potential dilution from stock options and restricted stock and stock units	837,144	2,185,965	904,170	2,423,093
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)	798,552,917	809,224,051	798,731,400	813,304,140
Antidilutive stock options excluded from the calculation of diluted earnings per share	6,070,416	1,441,300	6,052,807	1,441,300

Accumulated Other Comprehensive Income (Loss)

As of June 30, 2015 and December 31, 2014, accumulated other comprehensive income consisted solely of foreign currency translation adjustments. During the three and six months ended June 30, 2015, a $5.3 million gain related to the dissolution of a wholly owned foreign subsidiary was reclassified from accumulated other comprehensive income and comprehensive income to net income. The amount is included in other income (expense) in the accompanying consolidated statements of operations.

NOTE 5 — VARIABLE INTEREST ENTITIES

The Company consolidates any variable interest entities (“VIEs”) in which it is the primary beneficiary and discloses significant variable interests in VIEs for which it is not the primary beneficiary, if any, which management determines such designation based on accounting standards for VIEs.

The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and assesses the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis.

As of June 30, 2015 and December 31, 2014, the Company’s consolidated joint ventures had total assets of $83.8 million and $85.0 million, respectively, and total liabilities of $141.3 million and $130.6 million, respectively.

NOTE 6 — INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macao and Singapore. The Company is subject to examination for tax years beginning 2010 in the U.S., Macao and Singapore. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax return for tax years 2010 through 2012. The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome, which may impact the provision for income taxes.

The Company does not consider the current year's tax earnings and profits of certain foreign subsidiaries to be permanently reinvested. The Company has not provided deferred taxes for these foreign earnings as the Company expects there will be sufficient creditable foreign taxes to offset the U.S. income tax that would result from the repatriation of foreign earnings. The Company recorded valuation allowances on certain net deferred tax assets of its U.S. operations

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

and certain foreign jurisdictions. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and to the extent it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will reduce the valuation allowance in the period such determination is made.

In October 2013, the Company received a 5-year income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2018. In May 2014, the Company entered into an agreement with the Macao government, effective through the end of 2018, that provides for an annual payment of 42.4 million patacas (approximately $5.3 million at exchange rates in effect on June 30, 2015) that is a substitution for a 12% tax otherwise due from Venetian Macau Limited (“VML”) shareholders on dividend distributions paid from VML gaming profits.

NOTE 7 — STOCK-BASED EMPLOYEE COMPENSATION

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Compensation expense:
Stock options	$	6,297	$	4,520	$	15,292	$	13,350
Restricted stock and stock units	8,693		5,561		11,899		12,833
	$	14,990	$	10,081	$	27,191	$	26,183
Compensation cost capitalized as part of property and equipment	$	153	$	125	$	325	$	1,115
LVSC 2004 Plan:
Stock options granted	127		4		435		59
Weighted average grant date fair value	$	11.29	$	26.77	$	12.04	$	32.68
Restricted stock granted	17		7		39		31
Weighted average grant date fair value	$	54.99	$	76.18	$	55.23	$	75.46
Restricted stock units granted	—		6		—		6
Weighted average grant date fair value	$	—	$	73.68	$	—	$	73.68
SCL Equity Plan:
Stock options granted	2,096		4,348		2,744		10,189
Weighted average grant date fair value	$	0.91	$	3.33	$	0.95	$	3.52
Restricted stock units granted	—		—		119		189
Weighted average grant date fair value	$	—	$	—	$	4.90	$	7.37

During the three and six months ended June 30, 2015, SCL paid $2.9 million to settle vested restricted stock units that were previously classified as equity awards.

17

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
LVSC 2004 Plan:
Weighted average volatility	35.6	%	46.2	%	37.3	%	59.5	%
Expected term (in years)	5.8		6.0		5.8		5.5
Risk-free rate	1.4	%	1.6	%	1.3	%	1.7	%
Expected dividends	4.7	%	2.6	%	4.7	%	2.7	%
SCL Equity Plan:
Weighted average volatility	44.9	%	65.3	%	44.8	%	65.5	%
Expected term (in years)	4.0		6.3		4.0		6.3
Risk-free rate	0.6	%	1.4	%	0.7	%	1.3	%
Expected dividends	6.1	%	3.1	%	6.0	%	3.0	%

NOTE 8 — FAIR VALUE MEASUREMENTS

Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table provides the assets carried at fair value (in thousands):

			Fair Value Measurements Using:
	Total Carrying Value		Quoted Market Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2015
Cash equivalents(1)	$	1,519,647	$	1,519,647	$	—	$	—
Interest rate caps(2)	$	—	$	—	$	—	$	—
As of December 31, 2014
Cash equivalents(1)	$	2,072,177	$	2,072,177	$	—	$	—
Interest rate caps(2)	$	3	$	—	$	3	$	—

____________________

(1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2) As of June 30, 2015 and December 31, 2014, the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements.

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 9 — COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows.

On October 15, 2004, Richard Suen and Round Square Company Limited (“RSC”) filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the “District Court”), asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court. On February 27, 2012, the District Court set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court granted both requests. The retrial began on March 27 and on May 14, 2013, the jury returned a verdict in favor of RSC in the amount of $70.0 million. On May 28, 2013, a judgment was entered in the matter in the amount of $101.6 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. On July 30, 2013, the District Court denied the Company’s motion. On October 17, 2013, the District Court entered an order granting plaintiffs' request for certain costs and fees associated with the litigation in the amount of approximately $1.0 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company filed its opening appellate brief with the Nevada Supreme Court on June 16, 2014. On August 19, 2014, the Nevada Supreme Court issued an order granting plaintiffs additional time until September 15, 2014, to file their answering brief. On September 15, 2014, RSC filed a request to the Nevada Supreme Court to file a brief exceeding the maximum number of words, which was granted. On October 10, 2014, RSC filed their answering brief. On January 9, 2015, the defendants filed their reply brief. The Company believes that it has valid bases in law and fact to appeal these verdicts. As a result, the Company believes that the likelihood that the amount of the judgments will be affirmed is not probable, and, accordingly, that the amount of any loss cannot be reasonably estimated at this time. Because the Company believes that this potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. In the event that the Company’s assumptions used to evaluate this matter as neither probable nor estimable change in future periods, it may be required to record a liability for an adverse outcome.

On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the District Court’s decision. On January 17, 2012, Mr. Jacobs filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson

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filed his reply to Mr. Jacobs’ opening brief. On March 8, 2012, the District Court set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court held a hearing to determine the outcome of certain discovery disputes and issued an Order on September 14, 2012. In its Order, the District Court fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order (the “January Writ”). On January 29, 2013, the District Court granted defendants' motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the January Writ. On February 28, 2013, the District Court ordered a hearing on plaintiff’s request for sanctions and additional discovery (the “February 28th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28th Order (the “April Writ”); and the Nevada Supreme Court ordered the plaintiff to answer the April Writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28th Order by the District Court until such time as the Nevada Supreme Court decides the April Writ. On June 18, 2013, the District Court scheduled the jurisdictional hearing for July 16-22, 2013 and issued an order allowing the plaintiff access to privileged communications of counsel to the Company (the “June 18th Order”). On June 21, 2013, the Company filed another writ with the Nevada Supreme Court challenging the June 18th Order (the “June Writ”). The Nevada Supreme Court accepted the June Writ on June 28, 2013, and issued a stay of the June 18th Order. On June 28, 2013, the District Court vacated the jurisdictional hearing. On July 3, 2013, the Company filed a motion with the Nevada Supreme Court to consolidate the pending writs (each of which have been fully briefed to the Nevada Supreme Court as of the date of this filing). On October 9, 2013, the Nevada Supreme Court heard arguments on the January Writ and plaintiff’s appeal of the District Court’s dismissal of plaintiff’s defamation claim against Mr. Adelson. The Nevada Supreme Court has taken both matters under advisement pending a decision. On January 29, 2014, the defendants filed Supplemental Authority and a Motion to Recall Mandate with the Nevada Supreme Court to (i) inform the Nevada Supreme Court of a recently decided U.S. Supreme Court case involving similar jurisdictional issues to this matter and (ii) given this new precedent, to review anew its August 26, 2011, writ of mandamus to the District Court, respectively. On February 27, 2014, the Nevada Supreme Court ruled in favor of the Company on the January Writ, which became effective on March 24, 2014. On March 3, 2014, the Nevada Supreme Court heard oral arguments on the April and June Writs. On May 30, 2014, the Nevada Supreme Court overturned the District Court’s dismissal of Mr. Jacob’s defamation claim against Mr. Adelson and remanded the claim for further determination. On June 17, 2014, Mr. Adelson filed a petition for rehearing with the Nevada Supreme Court and, on June 20, 2014, the Nevada Supreme Court ordered Mr. Jacobs to answer the petition for rehearing, which he did on July 7, 2014. On June 26, 2014, SCL filed a Motion for Summary Judgment with respect to jurisdiction with the District Court, which was denied on July 29, 2014. On June 30, 2014, Mr. Jacobs filed a motion for leave to file a second amended complaint. The defendants filed a notice of intent to oppose the motion for leave to file the second amended complaint. On July 1, 2014, Mr. Jacobs filed a motion to reconsider the dismissal of the defamation claim. On July 3, 2014, Mr. Adelson filed a notice of intent to oppose the motion to reconsider and requested oral argument. Also on July 3, 2014, the defendants filed a motion to continue the stay of the District Court’s March 26, 2013, order compelling the production of documents from Macao and a notice of intent to oppose plaintiff’s motion to reconsider the dismissal of his defamation claim against LVSC and SCL. On July 22, 2014, the defendants filed a motion for leave to file a reply in support of their petition for rehearing on the defamation claim with the Nevada Supreme Court. On July 22, 2014, SCL filed its reply in support of its Motion for Summary Judgment on jurisdiction and opposition to plaintiff’s counter Motion for Summary Judgment. On July 25, 2014, the Nevada Supreme Court granted defendants’ motion for leave to file a reply. On July 29, 2014, the Nevada Supreme Court heard the Motions for Summary Judgment and denied them both. On August 7, 2014, the Nevada Supreme Court denied the writ challenging the District Court’s order on plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On August 7, 2014, the Nevada Supreme Court granted in part defendants’ writ with respect to the District Court’s June 19, 2013, order requiring the production of privileged material. On August 7, 2014, the Nevada Supreme Court also denied rehearing on its reversal of the dismissal of the defamation claim by a vote of 4-3. On August 13, 2014, the District

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Court ruled that plaintiff may amend his complaint except for the defamation claim against Mr. Adelson until the remittitur from the Nevada Supreme Court is received. The District Court also allowed the sanctions hearing to move forward and is reviewing documents in camera to determine whether they were properly withheld on privilege grounds. On September 4, 2014, SCL filed its pre-hearing memorandum regarding the sanctions hearing regarding plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On September 12, 2014, the plaintiff filed a motion for release of the privileged documents from the District Court appointed document custodian on the grounds of waiver. On September 16, 2014, the plaintiff filed a motion seeking to stop defendants from modifying their privilege log and seeking a waiver of all privilege claims as a result of alleged deficiencies in the original privilege. On September 26, 2014, after the Nevada Supreme Court issued its remittitur, plaintiff filed his motion for leave to file a third amended complaint against LVSC, SCL and Mr. Adelson. On September 26, 2014, the defendants filed their opposition to plaintiff’s motion for release of documents on the grounds of waiver. On October 3, 2014, the plaintiff filed his reply in support of his two waiver motions relating to the documents held by the District Court appointed custodian. On October 9, 2014, the District Court granted plaintiff's motion in part and denied the remainder. On October 17, 2014, SCL filed a motion to reconsider the District Court’s March 27, 2013, order concerning a discovery dispute. On October 10, 2014, Mr. Adelson filed his opposition to plaintiff's motion to file a third amended complaint, which SCL and LVSC joined on October 14, 2014. On October 30, 2014, the plaintiff filed his reply in support of his motion to file a third amended complaint. On November 5, 2014, the District Court ordered that SCL waived privilege on three confidential reports. On November 7, 2014, the District Court granted plaintiff's motion to file a third amended complaint. On November 7, 2014, defendants filed a motion for partial re-consideration of the November 5, 2014, order waiving privilege. On January 6, 2015, the District Court scheduled a sanctions hearing for February 9, 2015, and the evidentiary hearing on jurisdiction for April 20, 2015. On January 12, 2015, defendants each filed their motions to dismiss the third amended complaint. Defendants’ motions to dismiss the third amended complaint were fully briefed on February 19, 2015, and the District Court heard oral argument on February 27, 2015. In an order entered on March 30, 2015, the District Court denied Mr. Adelson’s motion to dismiss the defamation claim, but granted his motion to dismiss with respect to plaintiff’s wrongful discharge claim on the ground that Mr. Adelson was not the plaintiff’s employer. The District Court denied LVSC’s motion to dismiss and strike certain allegations in the complaint. The District Court reserved judgment on SCL’s motion to dismiss until after it ruled on jurisdiction. On April 7, 2015, LVSC filed a motion for reconsideration of the order on the limited ground that the court had erroneously stated that LVSC was in fact Plaintiff’s employer rather than stating that Plaintiff had alleged that he was LVSC’s employee. Plaintiff conceded that point in his response filed on April 20, 2015. A hearing was held on the motion for reconsideration on April 21, 2015.

The sanctions hearing was held over six days, beginning on February 9 and ending on March 3, 2015. On March 6, 2015, the District Court issued a decision and order imposing sanctions on SCL for violating its September 14, 2012 Order, which the District Court construed as prohibiting SCL from redacting any documents produced in response to jurisdictional discovery requests to comply with the Macao Data Privacy Act. On March 6, 2015, the District Court ordered additional discovery to be provided by SCL. The District Court also ordered SCL to pay a total of $250,000 to five different law-related entities. Finally, the District Court imposed evidentiary sanctions on SCL, prohibiting it from offering any affirmative evidence at the hearing on jurisdiction scheduled to begin on April 20, 2015, and stating that it would adversely infer, subject to SCL’s ability to rebut the inference within the evidentiary constraints imposed on it, that any document redacted to comply with the Macao Data Privacy Act would support plaintiff’s assertion of personal jurisdiction over SCL and would contradict SCL’s denial. SCL sought a stay of the order from the District Court on March 13, 2015, and when that was denied, from the Nevada Supreme Court on March 16, 2015. The Nevada Supreme Court granted a partial stay on March 17, 2015, staying SCL’s obligation to pay $250,000 and to run additional searches, but declining to stay the April 20, 2015 hearing on jurisdiction. SCL filed a petition for mandamus in the Nevada Supreme Court on March 20, 2015. Plaintiff filed his response on March 27, 2015, and SCL filed its reply on March 31, 2015. On April 2, 2015, the Nevada Supreme Court denied the mandamus petition with respect to everything but the $250,000 sanction and lifted the stay except with respect to that sanction. The jurisdictional hearing began on April 20, 2015, and concluded on May 7, 2015. On May 28, 2015, the District Court issued an order finding specific and general jurisdiction of SCL. On June 19, 2015, SCL filed a petition for writ of mandamus seeking review of the decision. On June 23, 2015, the Nevada Supreme Court entered an Order Directing Answer to the Jurisdictional Writ Petition and staying the May 28, 2015 Order. Also on June 23, 2015, SCL filed a writ petition challenging the District

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Court's order requiring the deposition of an SCL independent board member on U.S. soil. In conjunction with the June 23 writ petition, SCL also moved to stay the scheduled deposition and Plaintiff filed his opposition to the motion. Nevada Supreme Court filed its June 23, 2015 Order granting the emergency stay, accepting the writ and accepting Plaintiff's opposition to the motion to stay as the answer to the June 23 Petition. On June 26, 2015, Defendants filed a writ petition challenging the expedited trial date and discovery schedule set by the District Court, followed by a June 29, 2015 motion to stay all proceedings pending a decision on the writ petition. Plaintiff opposed the motion to stay on June 30, 2015. On July 1, 2015, the Nevada Supreme Court entered an order consolidating the three pending writ petitions, granting in part the stay sought in conjunction with the June 26, petition, ordering briefing on that petition. The Nevada Supreme Court's July 1, 2015 Order vacated the expedited trial date and the pretrial motions set by the District Court. On July 7, 2015, the Nevada Supreme Court filed an Order setting oral argument on all three pending writ petitions for September 1, 2015. On July 22, 2015, the Plaintiff filed his answer to the writ petition challenging the expedited trial date and related pretrial deadlines, and on July 23, Plaintiff answered the writ petition challenging the May 28 jurisdiction order. As of July 23, 2015, the three writ petitions filed in June 2015 are fully briefed and awaiting the September 1, 2015 oral argument. As a result of the Nevada Supreme Court's July 1, 2015 Order, the District Court issued a scheduling order setting a fact discovery cut-off of April 18, 2016, and a trial date of June 26, 2016.

Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above.

After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ.

As part of the 2012 annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls.

Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings:

• do not have a material impact on the financial statements of the Company;

• do not warrant any restatement of the Company’s past financial statements; and

• do not represent a material weakness in the Company’s internal controls over financial reporting as of June 30, 2015.

The investigation by the Audit Committee is complete. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, or the range of reasonably possible loss, if any.

On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (the “U.S. District Court”), against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that

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LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing defendants’ Motion for Partial Reconsideration of the court’s order dated August 24, 2011, striking additional portions of the plaintiff’s complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiff filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process has been suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard the motion to dismiss and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants' motions to dismiss. On December 13, 2013, the defendants filed their answer to the Second Amended Complaint. Discovery in the matter has re-started. On January 8, 2014, plaintiffs filed a motion to expand the certified class period, which was granted by the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery is scheduled to close on December 18, 2015. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the District Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the District Court denied the motion to dismiss in

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part, deferred the remainder of the motion to dismiss and stayed the proceedings until a July 22, 2013, status hearing. On July 22, 2013, the District Court extended the stay until December 2, 2013, and then on December 2, 2013, extended it again until March 3, 2014. On March 3, 2014, the judge extended the stay until a status hearing set for September 4, 2014, when the judge extended the stay until the next status hearing set for March 5, 2015. At a status conference on March 5, 2015, the judge extended the stay for another 120 days. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel state court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned to a new judge. On April 11, 2014, the judge denied the motion to dismiss without prejudice and ordered the case stayed pending the outcome of the state court action in Kohanim described above. Since that date, the parties have filed two status reports indicating that the Kohanim action is still stayed and not resolved. There have been no other filings and the case remains stayed. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On January 23, 2014, W.A. Sokolowski filed a shareholder derivative action (the "Sokolowski action") purporting to act on behalf of the Company and in his individual capacity as a shareholder in the U.S. District Court for the District of Nevada against Sheldon G. Adelson, Michael A. Leven, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Charles A. Koppelman, Jeffrey H. Schwartz, Victor Chaltiel and Irwin A. Siegel, each of whom was serving on the Board of Directors (collectively, the “Directors”), as well as against Frederick Hipwell, a partner at PricewaterhouseCoopers LLP (“PwC”), the Company’s former auditor. The complaint alleges, among other things, that the Directors breached their fiduciary duties to the Company by attempting to conceal certain alleged

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

misrepresentations and wrongdoing by the Company’s management, concealed certain facts in connection with audits performed by PwC and caused the issuance of a false or misleading proxy statement in 2013. The complaint seeks, among other things the appointment of a conservator or special master to oversee the Company’s discussions with governmental agencies as well as to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. The Company filed a motion to dismiss the complaint on February 13, 2014. On February 28, 2014, defendant Hipwell filed his motion to dismiss the complaint. On March 12, 2014, the plaintiff filed its response to the Company’s motion to dismiss and on March 26, 2014, the Company filed its reply. On March 31, 2014, the plaintiff filed its response to Hipwell’s motion to dismiss and on April 10, 2014, Hipwell filed his reply. On April 1, 2014, the plaintiff filed a renewed motion for expedited discovery (the first motion was filed on January 24, 2014 and was denied by the judge). The Company filed its response on April 18, 2014. On May 2, 2014, the U.S. District Court denied this second motion. On May 9, 2014, Directors Ader, Chafetz, Chaltiel, Forman, Koppelman and Leven filed their motion to dismiss. On June 10, 2014, the plaintiff filed its opposition to these Directors motion to dismiss. On June 30, 2014, these Directors filed their reply. On July 30, 2014, the U.S. District Court granted the Company’s motion to dismiss the complaint, finding plaintiff had failed to allege stock ownership facts demonstrating standing to sue, with leave for plaintiff to amend his complaint to demonstrate stock ownership with more particularity. On August 29, 2014, the plaintiff filed an amended complaint and, on September 15, 2014, the served defendants filed their motions to dismiss the amended complaint. The plaintiff's opposition to the Company's motion to dismiss was filed on October 22, 2014, and to the individuals' motions to dismiss on October 29, 2014. Plaintiffs also filed an opposition to Hipwell's motion on November 3, 2014, and opposed Mr. Adelson's joinder on December 9, 2014. The served defendants' reply briefs were filed on November 24, 25 and 26, 2014. On December 16, 2014, Mr. Adelson filed a reply brief. On March 3, 2015, the U.S. District Court denied, without prejudice, plaintiff's motion to substitute the estates of the late Messrs. Chaltiel and Schwartz. By order dated June 16, 2015, the U.S. District Court granted defendants’ motions to dismiss. The U.S. District Court did not dismiss the claims with prejudice, but it did not provide for further leave to amend and directed that the clerk close the case. On June 16, 2015, the U S. District Court entered a “Judgment In A Civil Case” pursuant to the court’s order. On June 29, 2015, plaintiff moved to re-open the dismissal order to request further leave to amend, arguing that no judgment was entered. The Company opposed the motion and on July 30, 2015, the U.S. District Court denied the motion. On July 16, 2015, the Company also filed a motion requesting the U.S. District Court make the findings regarding Federal Rules of Civil Procedure 11 (“Rule 11”) compliance required at the conclusion of a Securities Exchange Act of 1934, as amended, case, and to find that plaintiff’s counsel violated Rule 11 by filing and defending the amended complaint. On July 27, 2015, plaintiff filed a response to the Company's motion. At this stage of the proceedings with only the Rule 11 sanction pending against plaintiff and a possible appeal by plaintiff, management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 6, 2014, the Board of Directors of the Company received a shareholder demand letter from a purported shareholder named the John F. Scarpa Foundation ("Scarpa"). This letter recites substantially the same allegations as the complaint filed in the Sokolowski action and demands that the same claims be asserted by the Company, which was delivered to the Company by the same counsel representing Mr. Sokolowski. The Company responded, through its counsel, on March 26, 2014. Scarpa then sent a revised demand letter to the Board of Directors on March 31, 2014. The Company responded, through its counsel, on April 8, 2014. Scarpa then sent an additional demand letter dated August 14, 2014 to which the Company responded on August 22, 2014. This matter is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter, whether this matter will result in litigation or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and VCR (collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375.7 million at exchange rates in effect on June 30, 2015) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming

25

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. On September 23, 2013, the three U.S. Defendants filed a motion with the Macao Second Instance Court, seeking recognition and enforcement of the U.S. Court of Appeals ruling in the Prior Action, referred to below, given on April 10, 2009, which partially dismissed AAEC’s claims against the three U.S. Defendants. On April 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings, and that the claim should proceed exclusively against the three U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. The Macao Judicial Court further held that the existence of the pending application for recognition and enforcement of the U.S. Court of Appeals ruling before the Macao Second Instance Court did not justify a stay of the proceedings against the three U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the three U.S. Defendants could be reviewed after the Macao Second Instance Court had issued its decision. On June 25, 2014, the Macao Second Instance Court delivered a decision, which gave formal recognition to and allowed enforcement in Macao of the judgment of the U.S. Court of Appeals, dismissing AAEC's claims against the U.S. Defendants. AAEC appealed against the recognition decision to the Macao Court of Final Appeal, which, on May 6, 2015, dismissed the appeal and held the U.S. judgment to be final and have preclusive effect. The Court of Final Appeal's decision became final on May 21, 2015. On June 5, 2015, the three U.S. Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata. AAEC filed its response to that application on June 30, 2015. The three U.S. Defendants filed their reply on July 23, 2015. On March 25, 2015, application was made by the U.S. Defendants to the Macao Judicial Court to revoke the legal aid granted to AAEC, accompanied by a request for evidence taking from AAEC, relating to the fees and expenses that they incurred and paid in the U.S. subsequent action referred to in the following sentence. No decision has been issued in respect to that application up to the present time. On July 9, 2014, the plaintiff filed yet another action in the U.S. District Court against LVSC, LVSLLC, VCR, Sheldon G. Adelson, William P. Weidner, David Friedman and Does 1-50 for declaratory judgment, equitable accounting, misappropriation of trade secrets, breach of confidence and conversion based on a theory of copyright law. The claim is for $5.0 billion. On November 4, 2014, plaintiff finally effected notice on the LVSC entities which was followed by a motion to dismiss by the U.S. Defendants on November 10, 2014. Plaintiff failed to timely respond and on December 2, 2014, the U.S. Defendants moved for immediate dismissal and sanctions against plaintiff and his counsel for the bringing of frivolous lawsuit. On December 19, 2014, plaintiff filed an incomplete and untimely response which was followed by plaintiff's December 27, 2014 notice of withdrawal of the lawsuit and the U.S. Defendants' December 29, 2014, reply in favor of sanctions and dismissal with prejudice. The judge dismissed the U.S. action and the Defendants' sanctions motion remains pending. The Macao action and this most recently filed action are in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these matters or the range of reasonably possible loss, if any. The Company intends to defend these matters vigorously.

As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

The Company previously received subpoenas from the U.S. Attorney’s Office for the Central District of California (the “USAO”) requesting the production of documents relating to two prior customers of the Company’s properties. In August 2013, the USAO completed its investigation and entered into an agreement with the Company, whereby the Company agreed to voluntarily return $47.4 million to the U.S. Treasury, which represented funds received from or on behalf of one of its customers, and provide written reports to the USAO regarding certain of its casino-related activities. The amount was paid during the year ended December 31, 2013, and the matter has been closed.

26

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

On February 11, 2014, the Company disclosed that it was the victim of a sophisticated cyber-attack on its computer networks in the United States. As a result of this criminal attack, the U.S. government has commenced investigations into the source of the attack. In addition, the Company is working with internal and external forensic information technology systems experts in connection with this effort. As a result of the investigations and the Company’s efforts, which are ongoing, the Company has learned that certain customer and employee data was compromised at its Bethlehem facility and other data may have been stolen in the attack as well as that the attack may have destroyed certain other Company data. The Company is cooperating fully with the investigations. Based on the information available to date and the absence of claims asserted thus far, management is currently unable to determine the probability of the outcome of any matters relating to the cyber-attack, the extent of materiality or the range of reasonably possible loss, if any.

NOTE 10 — SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao, the St. Regis tower (the remaining phase of Sands Cotai Central) and the Four Seasons Apartments in Macao, and the Las Vegas Condo Tower (which construction is currently suspended and is included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The Company’s segment information as of June 30, 2015 and December 31, 2014, and for the three and six months ended June 30, 2015 and 2014, is as follows (in thousands):

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Net Revenues
Macao:
The Venetian Macao	$	739,454		$	1,032,746		$	1,526,645		$	2,217,337
Sands Cotai Central	554,231			784,776			1,125,995			1,612,359
Four Seasons Macao	204,116			228,492			365,367			598,508
Sands Macao	241,554			312,842			466,925			626,803
Other Asia	38,527			36,686			74,006			71,847
	1,777,882			2,395,542			3,558,938			5,126,854
Marina Bay Sands	713,042			804,690			1,497,858			1,640,113
United States:
Las Vegas Operating Properties	346,016			353,075			722,399			735,733
Sands Bethlehem	137,502			126,123			265,201			243,306
	483,518			479,198			987,600			979,039
Intersegment eliminations	(53,021		)	(55,080		)	(111,353		)	(111,272		)
Total net revenues	$	2,921,421		$	3,624,350		$	5,933,043		$	7,634,734

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Intersegment Revenues
Macao:
The Venetian Macao	$	1,766	$	1,261	$	3,259	$	2,388
Sands Cotai Central	78		77		156		146
Other Asia	9,689		10,573		19,901		20,439
	11,533		11,911		23,316		22,973
Marina Bay Sands	2,459		3,146		5,258		6,020
Las Vegas Operating Properties	39,029		40,023		82,779		82,279
Total intersegment revenues	$	53,021	$	55,080	$	111,353	$	111,272

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Adjusted Property EBITDA(1)
Macao:
The Venetian Macao	$	254,990		$	402,057		$	524,932		$	872,141
Sands Cotai Central	164,210			248,973			320,120			514,179
Four Seasons Macao	74,334			67,954			118,806			180,995
Sands Macao	66,284			82,319			123,662			173,757
Other Asia	4,821			(468		)	8,353			(1,882		)
	564,639			800,835			1,095,873			1,739,190
Marina Bay Sands	363,254			417,778			778,526			852,939
United States:
Las Vegas Operating Properties	54,166			66,115			128,275			145,767
Sands Bethlehem	34,099			27,915			63,992			54,446
	88,265			94,030			192,267			200,213
Total adjusted property EBITDA	1,016,158			1,312,643			2,066,666			2,792,342
Other Operating Costs and Expenses
Stock-based compensation	(8,646		)	(8,050		)	(12,621		)	(15,657		)
Corporate	(44,565		)	(45,123		)	(89,788		)	(95,800		)
Pre-opening	(10,654		)	(16,141		)	(20,233		)	(20,441		)
Development	(2,348		)	(4,217		)	(3,881		)	(5,909		)
Depreciation and amortization	(248,592		)	(264,016		)	(502,514		)	(525,063		)
Amortization of leasehold interests in land	(9,485		)	(10,040		)	(19,323		)	(20,066		)
Loss on disposal of assets	(2,558		)	(3,596		)	(17,881		)	(4,121		)
Operating income	689,310			961,460			1,400,425			2,105,285
Other Non-Operating Costs and Expenses
Interest income	4,062			5,697			10,440			11,500
Interest expense, net of amounts capitalized	(65,801		)	(69,590		)	(132,056		)	(140,716		)
Other income (expense)	(151		)	2,194			15,314			(2,463		)
Loss on modification or early retirement of debt	—			—			—			(17,964		)
Income tax expense	(45,929		)	(46,917		)	(101,594		)	(106,070		)
Net income	$	581,491		$	852,844		$	1,192,529		$	1,849,572

____________________

(1) Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

28

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

	Six Months Ended   June 30,
	2015		2014
Capital Expenditures
Corporate and Other	$	6,904	$	19,670
Macao:
The Venetian Macao	43,310		44,103
Sands Cotai Central	221,069		156,725
Four Seasons Macao	8,179		21,850
Sands Macao	13,542		14,787
Other Asia	1,473		1,116
The Parisian Macao	321,621		192,648
	609,194		431,229
Marina Bay Sands	56,181		30,677
United States:
Las Vegas Operating Properties	37,917		40,320
Sands Bethlehem	9,043		4,942
	46,960		45,262
Total capital expenditures	$	719,239	$	526,838

	June 30, 2015		December 31, 2014
Total Assets
Corporate and Other	$	513,116	$	613,683
Macao:
The Venetian Macao	3,375,309		3,900,921
Sands Cotai Central	4,690,028		4,761,907
Four Seasons Macao	1,090,035		1,157,502
Sands Macao	394,961		414,689
Other Asia	282,782		304,463
The Parisian Macao	1,154,010		805,220
Other Development Projects	91		91
	10,987,216		11,344,793
Marina Bay Sands	5,976,399		6,106,397
United States:
Las Vegas Operating Properties	3,473,432		3,623,808
Sands Bethlehem	658,046		673,010
	4,131,478		4,296,818
Total assets	$	21,608,209	$	22,361,691

29

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

	June 30, 2015		December 31, 2014
Total Long-Lived Assets
Corporate and Other	$	347,297	$	357,071
Macao:
The Venetian Macao	1,843,542		1,893,032
Sands Cotai Central	3,897,675		3,814,699
Four Seasons Macao	917,994		932,034
Sands Macao	277,021		286,640
Other Asia	171,689		177,335
The Parisian Macao	1,152,042		804,328
	8,259,963		7,908,068
Marina Bay Sands	4,712,035		4,874,263
United States:
Las Vegas Operating Properties	2,972,618		3,024,380
Sands Bethlehem	554,788		561,782
	3,527,406		3,586,162
Total long-lived assets	$	16,846,701	$	16,725,564

NOTE 11 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

LVSLLC, as the issuer and primary obligor of the 2013 U.S. Credit Facility, VCR, Venetian Marketing, Inc., Sands Expo & Convention Center, Inc. and Sands Pennsylvania, Inc. (collectively, the “Restricted Subsidiaries”), are all guarantors under the 2013 U.S. Credit Facility. The noncontrolling interest amounts included in the Restricted Subsidiaries’ condensed consolidating financial information are related to non-voting preferred stock of one of the subsidiaries held by third parties.

In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC (a subsidiary of VCR) was sold to GGP; however, the sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain potential future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Restricted Subsidiaries, and therefore are included in the “Restricted Subsidiaries” columns in the following condensed consolidating financial information. As a result, net liabilities of $44.5 million (consisting of $268.6 million of liabilities, primarily comprised of deferred proceeds from the sale, partially offset by $224.1 million of property and equipment) and $40.3 million (consisting of $268.8 million of liabilities, primarily comprised of deferred proceeds from the sale, partially offset by $228.5 million of property and equipment) as of June 30, 2015 and December 31, 2014, respectively, and a net loss (consisting primarily of depreciation expense) of $2.3 million and $4.7 million for the three and six months ended June 30, 2015, respectively, and $3.1 million and $6.2 million for the three and six months ended June 30, 2014, respectively, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for the 2013 U.S. Credit Facility.

30

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

The following condensed consolidating financial information of LVSC, a non-guarantor parent; the Restricted Subsidiaries, including LVSLLC as the issuer; and the non-restricted subsidiaries on a combined basis as of June 30, 2015 and December 31, 2014, and for the three and six months ended June 30, 2015 and 2014, is being presented in order to meet the reporting requirements under the 2013 U.S. Credit Facility, and is not intended to comply with SEC Regulation S-X 3-10 (in thousands):

CONDENSED CONSOLIDATING BALANCE SHEETS

June 30, 2015

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	47,352	$	271,043	$	2,500,285	$	—		$	2,818,680
Restricted cash and cash equivalents	—		—		7,120		—			7,120
Intercompany receivables	536,657		266,707		—		(803,364		)	—
Intercompany notes receivable	—		—		374,640		(374,640		)	—
Accounts receivable, net	3,077		237,476		1,101,593		—			1,342,146
Inventories	6,085		10,949		22,786		—			39,820
Deferred income taxes, net	6,050		32,874		812		(39,736		)	—
Prepaid expenses and other	20,987		16,232		74,653		(1,028		)	110,844
Total current assets	620,208		835,281		4,081,889		(1,218,768		)	4,318,610
Property and equipment, net	123,479		2,929,030		12,472,905		—			15,525,414
Investments in subsidiaries	6,851,761		5,486,874		—		(12,338,635		)	—
Deferred financing costs, net	94		22,361		172,118		—			194,573
Intercompany receivables	215		17,476		—		(17,691		)	—
Intercompany notes receivable	—		1,344,397		—		(1,344,397		)	—
Deferred income taxes, net	—		—		146,106		(99,493		)	46,613
Leasehold interests in land, net	—		—		1,321,287		—			1,321,287
Intangible assets, net	690		—		78,155		—			78,845
Other assets, net	380		21,111		101,376		—			122,867
Total assets	$	7,596,827	$	10,656,530	$	18,373,836	$	(15,018,984	)	$	21,608,209
Accounts payable	$	5,377	$	26,590	$	61,654	$	—		$	93,621
Construction payables	268		5,588		282,433		—			288,289
Intercompany payables	—		490,309		313,055		(803,364		)	—
Intercompany notes payable	374,640		—		—		(374,640		)	—
Accrued interest payable	74		1,172		412		—			1,658
Other accrued liabilities	22,011		221,509		1,735,306		—			1,978,826
Deferred income taxes	—		—		53,510		(39,736		)	13,774
Income taxes payable	3,079		—		214,888		(1,028		)	216,939
Current maturities of long-term debt	3,688		24,045		70,494		—			98,227
Total current liabilities	409,137		769,213		2,731,752		(1,218,768		)	2,691,334
Other long-term liabilities	2,988		8,941		115,685		—			127,614
Intercompany payables	—		—		17,691		(17,691		)	—
Intercompany notes payable	—		—		1,344,397		(1,344,397		)	—
Deferred income taxes	55,179		44,313		180,515		(99,493		)	180,514
Deferred amounts related to mall sale transactions	—		419,854		—		—			419,854
Long-term debt	58,139		2,979,420		6,682,575		—			9,720,134
Total liabilities	525,443		4,221,741		11,072,615		(2,680,349		)	13,139,450
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384		6,434,384		5,904,251		(12,338,635		)	7,071,384
Noncontrolling interests	—		405		1,396,970		—			1,397,375
Total equity	7,071,384		6,434,789		7,301,221		(12,338,635		)	8,468,759
Total liabilities and equity	$	7,596,827	$	10,656,530	$	18,373,836	$	(15,018,984	)	$	21,608,209

31

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	114,125	$	345,399	$	3,046,795	$	—		$	3,506,319
Restricted cash and cash equivalents	—		—		6,566		—			6,566
Intercompany receivables	431,754		255,371		—		(687,125		)	—
Intercompany notes receivable	—		—		370,836		(370,836		)	—
Accounts receivable, net	15,144		270,838		1,224,790		—			1,510,772
Inventories	5,238		10,745		25,691		—			41,674
Deferred income taxes, net	6,803		31,240		1,196		(39,239		)	—
Prepaid expenses and other	26,210		11,889		87,530		(461		)	125,168
Total current assets	599,274		925,482		4,763,404		(1,097,661		)	5,190,499
Property and equipment, net	130,155		2,979,485		12,262,834		—			15,372,474
Investments in subsidiaries	7,010,357		5,864,848		—		(12,875,205		)	—
Deferred financing costs, net	123		25,153		180,320		—			205,596
Intercompany receivables	226		38,763		—		(38,989		)	—
Intercompany notes receivable	—		1,250,544		—		(1,250,544		)	—
Deferred income taxes, net	—		—		127,963		(96,243		)	31,720
Leasehold interests in land, net	—		—		1,353,090		—			1,353,090
Intangible assets, net	690		—		85,570		—			86,260
Other assets, net	714		19,736		101,602		—			122,052
Total assets	$	7,741,539	$	11,104,011	$	18,874,783	$	(15,358,642	)	$	22,361,691
Accounts payable	$	8,065	$	25,489	$	79,167	$	—		$	112,721
Construction payables	156		4,001		266,772		—			270,929
Intercompany payables	—		430,596		256,529		(687,125		)	—
Intercompany notes payable	370,836		—		—		(370,836		)	—
Accrued interest payable	76		1,030		6,837		—			7,943
Other accrued liabilities	31,050		233,781		1,719,613		—			1,984,444
Deferred income taxes	—		—		51,761		(39,239		)	12,522
Income taxes payable	—		—		224,662		(461		)	224,201
Current maturities of long-term debt	3,688		24,224		71,822		—			99,734
Total current liabilities	413,871		719,121		2,677,163		(1,097,661		)	2,712,494
Other long-term liabilities	3,014		9,255		112,345		—			124,614
Intercompany payables	—		—		38,989		(38,989		)	—
Intercompany notes payable	—		—		1,250,544		(1,250,544		)	—
Deferred income taxes	51,085		45,158		188,935		(96,243		)	188,935
Deferred amounts related to mall sale transactions	—		422,153		—		—			422,153
Long-term debt	59,983		3,230,653		6,602,277		—			9,892,913
Total liabilities	527,953		4,426,340		10,870,253		(2,483,437		)	13,341,109
Total Las Vegas Sands Corp. stockholders’ equity	7,213,586		6,677,266		6,197,939		(12,875,205		)	7,213,586
Noncontrolling interests	—		405		1,806,591		—			1,806,996
Total equity	7,213,586		6,677,671		8,004,530		(12,875,205		)	9,020,582
Total liabilities and equity	$	7,741,539	$	11,104,011	$	18,874,783	$	(15,358,642	)	$	22,361,691

32

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	86,503		$	2,214,995		$	—		$	2,301,498
Rooms	—			133,891			217,368			—			351,259
Food and beverage	—			55,040			123,378			—			178,418
Mall	—			—			135,282			—			135,282
Convention, retail and other	—			76,246			93,369			(44,101		)	125,514
	—			351,680			2,784,392			(44,101		)	3,091,971
Less — promotional allowances	(266		)	(21,160		)	(148,601		)	(523		)	(170,550		)
Net revenues	(266		)	330,520			2,635,791			(44,624		)	2,921,421
Operating expenses:
Casino	—			70,194			1,246,087			(713		)	1,315,568
Rooms	—			37,841			26,999			—			64,840
Food and beverage	—			26,856			70,705			(1,024		)	96,537
Mall	—			—			15,341			—			15,341
Convention, retail and other	—			22,097			55,029			(7,161		)	69,965
Provision for doubtful accounts	—			9,008			27,048			—			36,056
General and administrative	—			77,620			238,224			(242		)	315,602
Corporate	39,426			117			40,491			(35,469		)	44,565
Pre-opening	—			—			10,656			(2		)	10,654
Development	2,353			—			8			(13		)	2,348
Depreciation and amortization	7,102			43,922			197,568			—			248,592
Amortization of leasehold interests in land	—			—			9,485			—			9,485
Loss on disposal of assets	—			1,947			611			—			2,558
	48,881			289,602			1,938,252			(44,624		)	2,232,111
Operating income (loss)	(49,147		)	40,918			697,539			—			689,310
Other income (expense):
Interest income	33			50,521			5,861			(52,353		)	4,062
Interest expense, net of amounts capitalized	(2,194		)	(27,225		)	(88,735		)	52,353			(65,801		)
Other income (expense)	—			899			(1,050		)	—			(151		)
Income from equity investments in subsidiaries	478,531			406,945			—			(885,476		)	—
Income before income taxes	427,223			472,058			613,615			(885,476		)	627,420
Income tax benefit (expense)	41,950			(28,386		)	(59,493		)	—			(45,929		)
Net income	469,173			443,672			554,122			(885,476		)	581,491
Net income attributable to noncontrolling interests	—			(603		)	(111,715		)	—			(112,318		)
Net income attributable to Las Vegas Sands Corp.	$	469,173		$	443,069		$	442,407		$	(885,476	)	$	469,173

33

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	104,318		$	2,908,492		$	—		$	3,012,810
Rooms	—			126,516			248,600			—			375,116
Food and beverage	—			54,554			139,642			—			194,196
Mall	—			—			119,073			—			119,073
Convention, retail and other	—			75,781			95,539			(45,491		)	125,829
	—			361,169			3,511,346			(45,491		)	3,827,024
Less — promotional allowances	(348		)	(20,519		)	(181,386		)	(421		)	(202,674		)
Net revenues	(348		)	340,650			3,329,960			(45,912		)	3,624,350
Operating expenses:
Casino	—			66,368			1,624,606			(737		)	1,690,237
Rooms	—			36,505			27,613			—			64,118
Food and beverage	—			24,328			72,536			(1,036		)	95,828
Mall	—			—			17,709			—			17,709
Convention, retail and other	—			25,482			57,190			(8,008		)	74,664
Provision for doubtful accounts	—			9,280			40,389			—			49,669
General and administrative	—			79,349			248,401			(218		)	327,532
Corporate	40,201			709			40,120			(35,907		)	45,123
Pre-opening	—			—			16,142			(1		)	16,141
Development	4,185			—			37			(5		)	4,217
Depreciation and amortization	7,244			45,119			211,653			—			264,016
Amortization of leasehold interests in land	—			—			10,040			—			10,040
(Gain) loss on disposal of assets	—			7,040			(3,444		)	—			3,596
	51,630			294,180			2,362,992			(45,912		)	2,662,890
Operating income (loss)	(51,978		)	46,470			966,968			—			961,460
Other income (expense):
Interest income	49			43,592			6,796			(44,740		)	5,697
Interest expense, net of amounts capitalized	(1,578		)	(28,809		)	(83,943		)	44,740			(69,590		)
Other income	—			1,637			557			—			2,194
Income from equity investments in subsidiaries	673,617			612,150			—			(1,285,767		)	—
Income before income taxes	620,110			675,040			890,378			(1,285,767		)	899,761
Income tax benefit (expense)	51,324			(34,912		)	(63,329		)	—			(46,917		)
Net income	671,434			640,128			827,049			(1,285,767		)	852,844
Net income attributable to noncontrolling interests	—			(479		)	(180,931		)	—			(181,410		)
Net income attributable to Las Vegas Sands Corp.	$	671,434		$	639,649		$	646,118		$	(1,285,767	)	$	671,434

34

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	198,290		$	4,479,896		$	—		$	4,678,186
Rooms	—			264,448			458,224			—			722,672
Food and beverage	—			108,988			258,841			—			367,829
Mall	—			—			263,096			—			263,096
Convention, retail and other	—			164,865			187,758			(92,972		)	259,651
	—			736,591			5,647,815			(92,972		)	6,291,434
Less — promotional allowances	(446		)	(42,492		)	(314,127		)	(1,326		)	(358,391		)
Net revenues	(446		)	694,099			5,333,688			(94,298		)	5,933,043
Operating expenses:
Casino	—			147,162			2,504,907			(1,672		)	2,650,397
Rooms	—			74,743			55,888			—			130,631
Food and beverage	—			54,595			143,191			(2,002		)	195,784
Mall	—			—			30,478			—			30,478
Convention, retail and other	—			45,414			107,522			(14,714		)	138,222
Provision for doubtful accounts	—			18,280			75,126			—			93,406
General and administrative	—			154,733			485,917			(570		)	640,080
Corporate	77,192			178			87,729			(75,311		)	89,788
Pre-opening	—			—			20,236			(3		)	20,233
Development	3,899			—			8			(26		)	3,881
Depreciation and amortization	13,694			85,317			403,503			—			502,514
Amortization of leasehold interests in land	—			—			19,323			—			19,323
Loss on disposal of assets	—			2,191			15,690			—			17,881
	94,785			582,613			3,949,518			(94,298		)	4,532,618
Operating income (loss)	(95,231		)	111,486			1,384,170			—			1,400,425
Other income (expense):
Interest income	92			98,649			14,003			(102,304		)	10,440
Interest expense, net of amounts capitalized	(4,372		)	(55,779		)	(174,209		)	102,304			(132,056		)
Other income	—			1,878			13,436			—			15,314
Income from equity investments in subsidiaries	984,547			814,078			—			(1,798,625		)	—
Income before income taxes	885,036			970,312			1,237,400			(1,798,625		)	1,294,123
Income tax benefit (expense)	96,060			(61,092		)	(136,562		)	—			(101,594		)
Net income	981,096			909,220			1,100,838			(1,798,625		)	1,192,529
Net income attributable to noncontrolling interests	—			(1,497		)	(209,936		)	—			(211,433		)
Net income attributable to Las Vegas Sands Corp.	$	981,096		$	907,723		$	890,902		$	(1,798,625	)	$	981,096

35

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	214,108		$	6,170,767		$	—		$	6,384,875
Rooms	—			262,229			513,109			—			775,338
Food and beverage	—			114,091			282,892			—			396,983
Mall	—			—			228,104			—			228,104
Convention, retail and other	—			164,191			191,981			(92,967		)	263,205
	—			754,619			7,386,853			(92,967		)	8,048,505
Less — promotional allowances	(741		)	(42,323		)	(369,687		)	(1,020		)	(413,771		)
Net revenues	(741		)	712,296			7,017,166			(93,987		)	7,634,734
Operating expenses:
Casino	—			138,587			3,420,845			(1,583		)	3,557,849
Rooms	—			72,525			55,856			—			128,381
Food and beverage	—			52,555			145,555			(2,113		)	195,997
Mall	—			—			35,072			—			35,072
Convention, retail and other	—			56,636			124,470			(15,974		)	165,132
Provision for doubtful accounts	—			15,884			95,703			—			111,587
General and administrative	—			161,374			503,134			(477		)	664,031
Corporate	87,136			938			81,556			(73,830		)	95,800
Pre-opening	—			97			20,345			(1		)	20,441
Development	5,822			—			96			(9		)	5,909
Depreciation and amortization	14,615			91,627			418,821			—			525,063
Amortization of leasehold interests in land	—			—			20,066			—			20,066
(Gain) loss on disposal of assets	—			6,755			(2,634		)	—			4,121
	107,573			596,978			4,918,885			(93,987		)	5,529,449
Operating income (loss)	(108,314		)	115,318			2,098,281			—			2,105,285
Other income (expense):
Interest income	74			85,048			13,813			(87,435		)	11,500
Interest expense, net of amounts capitalized	(3,140		)	(57,284		)	(167,727		)	87,435			(140,716		)
Other income (expense)	—			243			(2,706		)	—			(2,463		)
Loss on modification or early retirement of debt	—			—			(17,964		)	—			(17,964		)
Income from equity investments in subsidiaries	1,474,462			1,315,763			—			(2,790,225		)	—
Income before income taxes	1,363,082			1,459,088			1,923,697			(2,790,225		)	1,955,642
Income tax benefit (expense)	84,537			(54,086		)	(136,521		)	—			(106,070		)
Net income	1,447,619			1,405,002			1,787,176			(2,790,225		)	1,849,572
Net income attributable to noncontrolling interests	—			(1,076		)	(400,877		)	—			(401,953		)
Net income attributable to Las Vegas Sands Corp.	$	1,447,619		$	1,403,926		$	1,386,299		$	(2,790,225	)	$	1,447,619

36

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	469,173	$	443,672		$	554,122		$	(885,476	)	$	581,491
Currency translation adjustment, net of reclassification adjustment and before and after tax	33,099		27,448			33,711			(60,547		)	33,711
Total comprehensive income	502,272		471,120			587,833			(946,023		)	615,202
Comprehensive income attributable to noncontrolling interests	—		(603		)	(112,327		)	—			(112,930		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	502,272	$	470,517		$	475,506		$	(946,023	)	$	502,272

37

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	671,434	$	640,128		$	827,049		$	(1,285,767	)	$	852,844
Currency translation adjustment, before and after tax	22,690		19,675			23,975			(42,365		)	23,975
Total comprehensive income	694,124		659,803			851,024			(1,328,132		)	876,819
Comprehensive income attributable to noncontrolling interests	—		(479		)	(182,216		)	—			(182,695		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	694,124	$	659,324		$	668,808		$	(1,328,132	)	$	694,124

38

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	981,096		$	909,220		$	1,100,838		$	(1,798,625	)	$	1,192,529
Currency translation adjustment, net of reclassification adjustment and before and after tax	(49,698		)	(42,517		)	(48,588		)	92,215			(48,588		)
Total comprehensive income	931,398			866,703			1,052,250			(1,706,410		)	1,143,941
Comprehensive income attributable to noncontrolling interests	—			(1,497		)	(211,046		)	—			(212,543		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	931,398		$	865,206		$	841,204		$	(1,706,410	)	$	931,398

39

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	1,447,619	$	1,405,002		$	1,787,176		$	(2,790,225	)	$	1,849,572
Currency translation adjustment, before and after tax	33,538		28,558			34,198			(62,096		)	34,198
Total comprehensive income	1,481,157		1,433,560			1,821,374			(2,852,321		)	1,883,770
Comprehensive income attributable to noncontrolling interests	—		(1,076		)	(401,537		)	—			(402,613		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	1,481,157	$	1,432,484		$	1,419,837		$	(2,852,321	)	$	1,481,157

40

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from operating activities	$	1,036,884		$	1,207,968		$	1,472,524		$	(2,135,843	)	$	1,581,533
Cash flows from investing activities:
Change in restricted cash and cash equivalents	—			—			(549		)	—			(549		)
Capital expenditures	(6,906		)	(35,478		)	(676,855		)	—			(719,239		)
Proceeds from disposal of property and equipment	—			12			627			—			639
Dividends received from non-restricted subsidiaries	—			959,060			—			(959,060		)	—
Repayments of receivable from non-restricted subsidiaries	—			1,287			—			(1,287		)	—
Capital contributions to subsidiaries	—			(907,460		)	—			907,460			—
Net cash generated from (used in) investing activities	(6,906		)	17,421			(676,777		)	(52,887		)	(719,149		)
Cash flows from financing activities:
Proceeds from exercise of stock options	5,566			—			2,512			—			8,078
Excess tax benefit from stock option exercises	2,242			—			—			—			2,242
Repurchase of common stock	(64,994		)	—			—			—			(64,994		)
Dividends paid	(1,037,721		)	—			(308,083		)	—			(1,345,804		)
Distributions to noncontrolling interests	—			(1,497		)	(5,374		)	—			(6,871		)
Dividends paid to Las Vegas Sands Corp.	—			(1,046,031		)	(56,181		)	1,102,212			—
Dividends paid to Restricted Subsidiaries	—			—			(1,992,691		)	1,992,691			—
Capital contributions received	—			—			907,460			(907,460		)	—
Repayments on borrowings from Restricted Subsidiaries	—			—			(1,287		)	1,287			—
Proceeds from 2011 VML credit facility	—			—			999,277			—			999,277
Proceeds from 2013 U.S. credit facility	—			460,000			—			—			460,000
Repayments on 2011 VML credit facility	—			—			(820,188		)	—			(820,188		)
Repayments on 2013 U.S. credit facility	—			(711,250		)	—			—			(711,250		)
Repayments on 2012 Singapore credit facility	—			—			(34,316		)	—			(34,316		)
Repayments on airplane financings	(1,844		)	—			—			—			(1,844		)
Repayments on HVAC equipment lease and other long-term debt	—			(967		)	(1,044		)	—			(2,011		)
Payments of deferred financing costs	—			—			(11,745		)	—			(11,745		)
Net cash used in financing activities	(1,096,751		)	(1,299,745		)	(1,321,660		)	2,188,730			(1,529,426		)
Effect of exchange rate on cash	—			—			(20,597		)	—			(20,597		)
Decrease in cash and cash equivalents	(66,773		)	(74,356		)	(546,510		)	—			(687,639		)
Cash and cash equivalents at beginning of period	114,125			345,399			3,046,795			—			3,506,319
Cash and cash equivalents at end of period	$	47,352		$	271,043		$	2,500,285		$	—		$	2,818,680

41

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from operating activities	$	2,094,753		$	1,609,083		$	2,309,084		$	(3,622,076	)	$	2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	—			—			559			—			559
Capital expenditures	(19,271		)	(39,995		)	(467,572		)	—			(526,838		)
Proceeds from disposal of property and equipment	—			667			439			—			1,106
Dividends received from non-restricted subsidiaries	—			1,092,406			—			(1,092,406		)	—
Repayments of receivable from non-restricted subsidiaries	—			935			—			(935		)	—
Capital contributions to subsidiaries	—			(1,047,406		)	—			1,047,406			—
Net cash generated from (used in) investing activities	(19,271		)	6,607			(466,574		)	(45,935		)	(525,173		)
Cash flows from financing activities:
Proceeds from exercise of stock options	38,454			—			6,664			—			45,118
Excess tax benefit from stock option exercises	2,755			—			—			—			2,755
Repurchase of common stock	(1,139,415		)	—			—			—			(1,139,415		)
Dividends paid	(809,085		)	—			(776,570		)	—			(1,585,655		)
Distributions to noncontrolling interests	—			(1,076		)	(3,655		)	—			(4,731		)
Dividends paid to Las Vegas Sands Corp.	—			(2,150,104		)	(42,252		)	2,192,356			—
Dividends paid to Restricted Subsidiaries	—			—			(2,522,126		)	2,522,126			—
Capital contributions received	—			—			1,047,406			(1,047,406		)	—
Repayments on borrowings from Restricted Subsidiaries	—			—			(935		)	935			—
Proceeds from 2013 U.S. credit facility	—			1,038,000			—			—			1,038,000
Proceeds from 2011 VML credit facility	—			—			819,725			—			819,725
Repayments on 2011 VML credit facility	—			—			(819,680		)	—			(819,680		)
Repayments on 2013 U.S. credit facility	—			(471,250		)	—			—			(471,250		)
Repayments on airplane financings	(1,844		)	—			—			—			(1,844		)
Repayments on HVAC equipment lease and other long-term debt	—			(1,213		)	(2,071		)	—			(3,284		)
Payments of deferred financing costs	—			—			(57,244		)	—			(57,244		)
Net cash used in financing activities	(1,909,135		)	(1,585,643		)	(2,350,738		)	3,668,011			(2,177,505		)
Effect of exchange rate on cash	—			—			4,147			—			4,147
Increase (decrease) in cash and cash equivalents	166,347			30,047			(504,081		)	—			(307,687		)
Cash and cash equivalents at beginning of period	50,180			315,489			3,234,745			—			3,600,414
Cash and cash equivalents at end of period	$	216,527		$	345,536		$	2,730,664		$	—		$	3,292,727

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LAS VEGAS SANDS CORP. AND SUBSIDIARIES

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and the notes thereto, and other financial information included in this Form 10-Q. Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. See “—Special Note Regarding Forward-Looking Statements.”

Operations

We view each of our casino properties as an operating segment. Our operating segments in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China consist of The Venetian Macao Resort Hotel (“The Venetian Macao”); Sands Cotai Central; the Four Seasons Hotel Macao, Cotai Strip and the Plaza Casino (collectively, the “Four Seasons Macao”); the Sands Macao; and other ancillary operations in that region (“Other Asia”). Our operating segment in Singapore is the Marina Bay Sands. Our operating segments in the United States consist of The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), The Palazzo Resort Hotel Casino (“The Palazzo”) and the Sands Casino Resort Bethlehem (the “Sands Bethlehem”). The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated into one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and our organizational and management reporting structure.

Macao

We own 70.1% of Sands China Ltd. (“SCL”), which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and other ancillary operations that support these properties. We operate the gaming areas within these properties pursuant to a 20-year gaming subconcession agreement, which expires in June 2022.

We own and operate The Venetian Macao, which anchors the Cotai Strip, our master-planned development of integrated resort properties on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 376,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 925,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet. Approximately 81.8% and 86.9% of the gross revenue at The Venetian Macao for the six months ended June 30, 2015 and 2014, respectively, was derived from gaming activities, with the remainder derived from room, mall, food and beverage and other non-gaming sources.

We own the Sands Cotai Central, an integrated resort situated across the street from The Venetian Macao and Four Seasons Macao (which is further described below). The Sands Cotai Central opened in phases, beginning in April 2012. The property currently features three hotel towers: the first hotel tower, consisting of approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; the second hotel tower, consisting of approximately 1,800 rooms and suites under the Sheraton brand; and the third hotel tower, consisting of approximately 2,100 rooms and suites under the Sheraton brand. Within Sands Cotai Central, we also own and currently operate approximately 370,000 square feet of gaming space, approximately 350,000 square feet of meeting space and approximately 330,000 square feet of retail space, as well as entertainment and dining facilities. We have begun construction activities on the remaining phase of the project, which will include a fourth hotel and mixed-use tower under the St. Regis brand that is expected to open at the end of 2015, subject to Macao government approval. The total cost to complete the remaining phase of the project is expected to be approximately $380 million. Upon completion of the project, the integrated resort will feature approximately 370,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in late 2015). As of June 30, 2015, we have capitalized costs of $4.69 billion for the entire project, including the land premium (net of amortization) and $76.8 million in outstanding construction payables. Approximately 81.1% and 85.4% of the gross revenue at Sands Cotai Central for the six months

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ended June 30, 2015 and 2014, respectively, was derived from gaming activities, with the remainder derived primarily from room and food and beverage operations.

We own the Four Seasons Macao, which is adjacent and connected to The Venetian Macao. The Four Seasons Macao is an integrated resort that includes 360 rooms and suites under the Four Seasons brand and features 19 Paiza mansions; approximately 105,000 square feet of gaming space; retail space of approximately 258,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities operated by us. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. We have completed the structural work of the tower and are advancing our plans to monetize units within the Four Seasons Apartments. Approximately 75.1% and 85.6% of the gross revenue at the Four Seasons Macao for the six months ended June 30, 2015 and 2014, respectively, was derived from gaming activities, with the remainder derived primarily from mall, room and food and beverage operations.

We own and operate the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao includes approximately 241,000 square feet of gaming space; a 289-suite hotel tower; several restaurants; VIP facilities; a theater and other high-end services and amenities. Approximately 93.3% and 94.2% of the gross revenue at the Sands Macao for the six months ended June 30, 2015 and 2014, respectively, was derived from gaming activities, with the remainder derived primarily from food and beverage operations.

Singapore

We own and operate the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. Approximately 75.4% and 76.2% of the gross revenue at the Marina Bay Sands for the six months ended June 30, 2015 and 2014, respectively, was derived from gaming activities, with the remainder derived from room, food and beverage, mall and other non-gaming sources.

United States

Las Vegas

Our Las Vegas Operating Properties, situated on or near the Las Vegas Strip, consist of The Venetian Las Vegas, a Renaissance Venice-themed resort; The Palazzo, a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). Our Las Vegas Operating Properties represent an integrated resort with approximately 7,100 suites and approximately 225,000 square feet of gaming space. Our Las Vegas Operating Properties also feature a meeting and conference facility of approximately 1.1 million square feet; Canyon Ranch SpaClub facilities; a Paiza Club, offering services and amenities to premium customers, including luxurious VIP suites, spa facilities and private VIP gaming room facilities; entertainment facilities; and the Grand Canal Shoppes, which consist of two enclosed retail, dining and entertainment complexes that were sold to GGP Limited Partnership (“GGP”). See “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net.”

Approximately 74.1% and 72.6% of gross revenue at our Las Vegas Operating Properties for the six months ended June 30, 2015 and 2014, respectively, was derived from room, food and beverage and other non-gaming sources, with the remainder derived from gaming activities. The percentage of non-gaming revenue reflects the integrated resort’s emphasis on the group convention and trade show business.

Pennsylvania

We own and operate the Sands Bethlehem, a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem features approximately 145,000 square

44

feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center. We own 86% of the economic interest in the gaming, hotel and entertainment portion of the property through our ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest in the retail portion of the property through our ownership interest in Sands Bethworks Retail LLC. Approximately 88.5% and 88.4% of the gross revenue at Sands Bethlehem for the six months ended June 30, 2015 and 2014, respectively, was derived from gaming activities, with the remainder derived primarily from food and beverage and other non-gaming sources.

Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to us and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations. Changes in these estimates and assumptions may have a material effect on our financial condition and results of operations. We believe that these critical accounting policies affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. For a discussion of our significant accounting policies and estimates, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” presented in our 2014 Annual Report on Form 10-K filed on February 27, 2015.

There were no newly identified significant accounting estimates during the six months ended June 30, 2015, nor were there any material changes to the critical accounting policies and estimates discussed in our 2014 Annual Report.

Recent Accounting Pronouncements

See related disclosure at “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 1 — Organization and Business of Company — Recent Accounting Pronouncements.”

Summary Financial Results

The following table summarizes our results of operations:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		Percent Change		2015		2014		Percent Change
	(Dollars in thousands)
Net revenues	$	2,921,421	$	3,624,350	(19.4	)%	$	5,933,043	$	7,634,734	(22.3	)%
Operating expenses	2,232,111		2,662,890		(16.2	)%	4,532,618		5,529,449		(18.0	)%
Operating income	689,310		961,460		(28.3	)%	1,400,425		2,105,285		(33.5	)%
Income before income taxes	627,420		899,761		(30.3	)%	1,294,123		1,955,642		(33.8	)%
Net income	581,491		852,844		(31.8	)%	1,192,529		1,849,572		(35.5	)%
Net income attributable to Las Vegas Sands Corp.	469,173		671,434		(30.1	)%	981,096		1,447,619		(32.2	)%

	Percent of Net Revenues
	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Operating expenses	76.4	%	73.5	%	76.4	%	72.4	%
Operating income	23.6	%	26.5	%	23.6	%	27.6	%
Income before income taxes	21.5	%	24.8	%	21.8	%	25.6	%
Net income	19.9	%	23.5	%	20.1	%	24.2	%
Net income attributable to Las Vegas Sands Corp.	16.1	%	18.5	%	16.5	%	19.0	%

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Operating Results

Key Operating Revenue Measurements

Operating revenues at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Marina Bay Sands and our Las Vegas Operating Properties are dependent upon the volume of customers who stay at the hotel, which affects the price that can be charged for hotel rooms and our gaming volume. Operating revenues at Sands Macao and Sands Bethlehem are principally driven by casino customers who visit the properties on a daily basis.

The following are the key measurements we use to evaluate operating revenues:

Casino revenue measurements for Macao and Singapore: Macao and Singapore table games are segregated into two groups, consistent with the Macao and Singapore markets’ convention: Rolling Chip play (all VIP players) and Non-Rolling Chip play (mostly non-VIP players). The volume measurement for Rolling Chip play is non-negotiable gaming chips wagered and lost. The volume measurement for Non-Rolling Chip play is table games drop (“drop”), which is the sum of net markers issued (credit instruments), cash deposited in the table drop box and gaming chips purchased at the cage. Rolling Chip and Non-Rolling Chip volume measurements are not comparable as the amounts wagered and lost are substantially higher than the amounts dropped. Slot handle (“handle”), also a volume measurement, is the gross amount wagered for the period cited.

We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Based upon our current mix of table games, our Rolling Chip win percentage (calculated before discounts and commissions) is expected to be 2.7% to 3.0% and our Non-Rolling Chip table games have produced a trailing 12-month win percentage (calculated before discounts) of 24.9%, 21.4%, 22.6%, 19.0% and 26.2% at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 4.7%, 3.4%, 5.2%, 3.6% and 4.7% at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Actual win may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 23.6% and 29.9%, respectively, of our table games play was conducted on a credit basis for the six months ended June 30, 2015.

Casino revenue measurements for the U.S.: The volume measurements in the U.S. are slot handle, as previously described, and table games drop which is the total amount of cash and net markers issued that are deposited in the table drop box. We view table games win as a percentage of drop and slot hold as a percentage of handle. Based upon our current mix of table games, our table games are expected to produce a win percentage (calculated before discounts) of 21% to 29% for Baccarat and 16% to 20% for non-Baccarat. Table games at Sands Bethlehem have produced a trailing 12-month win percentage of 17.4%. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 8.0% and 7.0% at our Las Vegas Operating Properties and at Sands Bethlehem, respectively. Actual win may vary from our expected win percentage and the trailing 12-month win and hold percentages. As in Macao and Singapore, slot machine play is generally conducted on a cash basis. Approximately 66.5% of our table games play at our Las Vegas Operating Properties, for the six months ended June 30, 2015, was conducted on a credit basis, while our table games play at Sands Bethlehem was primarily conducted on a cash basis.

Hotel revenue measurements: Performance indicators used are occupancy rate, which is the average percentage of available hotel rooms occupied during a period, and average daily room rate, which is the average price of occupied rooms per day. The calculations of the hotel occupancy and average daily room rates include the impact of rooms provided on a complimentary basis. Complimentary room rates are determined based on an analysis of retail (or cash) room rates by customer segment and type of room product to ensure the complimentary room rates are consistent with retail rates. Revenue per available room represents a summary of hotel average daily room rates and occupancy. Because not all available rooms are occupied, average daily room rates are normally higher than revenue per available room. Reserved rooms where the guests do not show up for their stay and lose their deposit may be re-sold to walk-in guests. These rooms are considered to be occupied twice for statistical purposes due to obtaining the original deposit and the walk-in guest revenue. In cases where a significant number of rooms are resold, occupancy rates may be in excess of 100% and revenue per available room may be higher than the average daily room rate.

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Mall revenue measurements: Occupancy, base rent per square foot and tenant sales per square foot are used as performance indicators. Occupancy represents gross leasable occupied area (“GLOA”) divided by gross leasable area (“GLA”) at the end of the reporting period. GLOA is the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but paying rent. GLA does not include space that is currently under development or not on the market for lease. Base rent per square foot is the weighted average base, or minimum, rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have been open for a minimum of 12 months are included in the tenant sales per square foot calculation.

Three Months Ended June 30, 2015 Compared to the Three Months Ended June 30, 2014

Operating Revenues

Our net revenues consisted of the following:

	Three Months Ended June 30,
	2015			2014			Percent Change
	(Dollars in thousands)
Casino	$	2,301,498		$	3,012,810		(23.6	)%
Rooms	351,259			375,116			(6.4	)%
Food and beverage	178,418			194,196			(8.1	)%
Mall	135,282			119,073			13.6	%
Convention, retail and other	125,514			125,829			(0.3	)%
	3,091,971			3,827,024			(19.2	)%
Less — promotional allowances	(170,550		)	(202,674		)	15.9	%
Total net revenues	$	2,921,421		$	3,624,350		(19.4	)%

Consolidated net revenues were $2.92 billion for the three months ended June 30, 2015, a decrease of $702.9 million compared to $3.62 billion for the three months ended June 30, 2014. The decrease in net revenues was driven by a $619.5 million decrease at our Macao operating properties, primarily due to decreased casino revenues.

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Casino revenues decreased $711.3 million compared to the three months ended June 30, 2014. The decrease is primarily attributable to decreases of $624.1 million at our Macao operating properties and $80.8 million at Marina Bay Sands, driven by decreases in Rolling Chip volume as demand has decreased in the VIP market. The following table summarizes the results of our casino activity:

	Three Months Ended June 30,
	2015			2014			Change
	(Dollars in thousands)
Macao Operations:
The Venetian Macao
Total casino revenues	$	633,601		$	927,560		(31.7)%
Non-Rolling Chip drop	$	1,676,988		$	2,234,919		(25.0)%
Non-Rolling Chip win percentage	26.0		%	25.7		%	0.3 pts
Rolling Chip volume	$	7,632,905		$	12,329,747		(38.1)%
Rolling Chip win percentage	3.07		%	3.45		%	(0.38) pts
Slot handle	$	973,233		$	1,345,866		(27.7)%
Slot hold percentage	4.9		%	5.0		%	(0.1) pts
Sands Cotai Central
Total casino revenues	$	484,361		$	712,764		(32.0)%
Non-Rolling Chip drop	$	1,462,593		$	1,881,653		(22.3)%
Non-Rolling Chip win percentage	22.4		%	21.5		%	0.9 pts
Rolling Chip volume	$	4,826,594		$	12,404,368		(61.1)%
Rolling Chip win percentage	3.43		%	2.97		%	0.46 pts
Slot handle	$	1,500,616		$	1,966,706		(23.7)%
Slot hold percentage	3.6		%	3.5		%	0.1 pts
Four Seasons Macao
Total casino revenues	$	167,002		$	197,689		(15.5)%
Non-Rolling Chip drop	$	276,753		$	366,630		(24.5)%
Non-Rolling Chip win percentage	21.8		%	21.9		%	(0.1) pts
Rolling Chip volume	$	4,180,755		$	5,647,929		(26.0)%
Rolling Chip win percentage	3.58		%	3.08		%	0.50 pts
Slot handle	$	126,833		$	170,407		(25.6)%
Slot hold percentage	6.1		%	6.5		%	(0.4) pts
Sands Macao
Total casino revenues	$	235,950		$	306,972		(23.1)%
Non-Rolling Chip drop	$	769,112		$	1,081,280		(28.9)%
Non-Rolling Chip win percentage	19.9		%	17.5		%	2.4 pts
Rolling Chip volume	$	2,328,209		$	4,651,520		(49.9)%
Rolling Chip win percentage	3.91		%	3.20		%	0.71 pts
Slot handle	$	658,602		$	832,422		(20.9)%
Slot hold percentage	3.6		%	3.7		%	(0.1) pts
Singapore Operations:
Marina Bay Sands
Total casino revenues	$	565,652		$	646,435		(12.5)%
Non-Rolling Chip drop	$	1,047,630		$	1,106,260		(5.3)%
Non-Rolling Chip win percentage	27.5		%	24.8		%	2.7 pts
Rolling Chip volume	$	9,505,830		$	10,446,508		(9.0)%
Rolling Chip win percentage	2.78		%	3.45		%	(0.67) pts
Slot handle	$	3,061,836		$	3,066,718		(0.2)%
Slot hold percentage	4.6		%	4.9		%	(0.3) pts
U.S. Operations:
Las Vegas Operating Properties
Total casino revenues	$	86,503		$	104,318		(17.1)%
Table games drop	$	466,542		$	439,964		6.0%
Table games win percentage	11.2		%	18.2		%	(7.0) pts
Slot handle	$	558,331		$	483,630		15.4%
Slot hold percentage	8.4		%	8.3		%	0.1 pts
Sands Bethlehem
Total casino revenues	$	128,429		$	117,072		9.7%
Table games drop	$	286,945		$	260,610		10.1%
Table games win percentage	17.2		%	16.1		%	1.1 pts
Slot handle	$	1,091,400		$	1,018,294		7.2%
Slot hold percentage	7.0		%	7.2		%	(0.2) pts

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In our experience, average win percentages remain steady when measured over extended periods of time, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.

Room revenues decreased $23.9 million compared to the three months ended June 30, 2014. The decrease is primarily due a decrease of $21.2 million at our Macao operating properties, driven by decreases in occupancy and average daily room rates. The suites at Sands Macao are primarily provided to casino patrons on a complimentary basis. The following table summarizes the results of our room activity:

	Three Months Ended June 30,
	2015			2014			Change
	(Room revenues in thousands)
Macao Operations:
The Venetian Macao
Total room revenues	$	50,953		$	61,248		(16.8)%
Occupancy rate	82.2		%	89.1		%	(6.9) pts
Average daily room rate	$	239		$	262		(8.8)%
Revenue per available room	$	196		$	233		(15.9)%
Sands Cotai Central
Total room revenues	$	63,303		$	73,244		(13.6)%
Occupancy rate	78.7		%	84.9		%	(6.2) pts
Average daily room rate	$	156		$	169		(7.7)%
Revenue per available room	$	123		$	143		(14.0)%
Four Seasons Macao
Total room revenues	$	10,900		$	12,040		(9.5)%
Occupancy rate	83.4		%	85.8		%	(2.4) pts
Average daily room rate	$	382		$	410		(6.8)%
Revenue per available room	$	319		$	352		(9.4)%
Sands Macao
Total room revenues	$	5,680		$	5,539		2.5%
Occupancy rate	99.6		%	98.5		%	1.1 pts
Average daily room rate	$	219		$	216		1.4%
Revenue per available room	$	218		$	213		2.3%
Singapore Operations:
Marina Bay Sands
Total room revenues	$	82,709		$	93,078		(11.1)%
Occupancy rate	95.9		%	99.1		%	(3.2) pts
Average daily room rate	$	377		$	409		(7.8)%
Revenue per available room	$	361		$	405		(10.9)%
U.S. Operations:
Las Vegas Operating Properties
Total room revenues	$	133,891		$	126,516		5.8%
Occupancy rate	92.6		%	90.1		%	2.5 pts
Average daily room rate	$	231		$	223		3.6%
Revenue per available room	$	214		$	201		6.5%
Sands Bethlehem
Total room revenues	$	3,823		$	3,451		10.8%
Occupancy rate	91.9		%	87.2		%	4.7 pts
Average daily room rate	$	152		$	144		5.6%
Revenue per available room	$	140		$	126		11.1%

Food and beverage revenues decreased $15.8 million compared to the three months ended June 30, 2014. The decrease was primarily due to a $14.0 million decrease at our Macao operating properties, driven by a decrease in property visitation.

49

Mall revenues increased $16.2 million compared to the three months ended June 30, 2014. The increase was primarily due to a $16.0 million increase at our Macao operating properties, driven by an increase in base rents. For further information related to the financial performance of our malls, see “— Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our mall activity:

	Three Months Ended June 30,
	2015			2014			Change
	(Mall revenues in thousands)
Macao Operations:
Shoppes at Venetian
Total mall revenues	$	48,295		$	41,992		15.0%
Mall gross leasable area (in square feet)	780,044			755,876			3.2%
Occupancy	97.8		%	95.9		%	1.9 pts
Base rent per square foot	$	209		$	188		11.2%
Tenant sales per square foot	$	1,578		$	1,563		1.0%
Shoppes at Cotai Central(1)
Total mall revenues	$	14,632		$	11,176		30.9%
Mall gross leasable area (in square feet)	331,466			312,848			6.0%
Occupancy	97.8		%	97.8		%	—
Base rent per square foot	$	143		$	136		5.1%
Tenant sales per square foot	$	1,004		$	1,461		(31.3)%
Shoppes at Four Seasons
Total mall revenues	$	31,057		$	24,816		25.1%
Mall gross leasable area (in square feet)	257,615			255,888			0.7%
Occupancy	100.0		%	96.2		%	3.8 pts
Base rent per square foot	$	419		$	354		18.4%
Tenant sales per square foot	$	4,924		$	5,593		(12.0)%
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues	$	40,399		$	40,265		0.3%
Mall gross leasable area (in square feet)	644,590			651,750			(1.1)%
Occupancy	93.6		%	89.5		%	4.1 pts
Base rent per square foot	$	218		$	220		(0.9)%
Tenant sales per square foot	$	1,393		$	1,497		(6.9)%
U.S. Operations:
The Outlets at Sands Bethlehem
Total mall revenues	$	899		$	824		9.1%
Mall gross leasable area (in square feet)	151,029			151,029			—
Occupancy	94.3		%	94.3		%	—
Base rent per square foot	$	21		$	25		(16.0)%
Tenant sales per square foot	$	342		$	410		(16.6)%

__________________________

(1) The third phase of the Shoppes at Cotai Central opened in June 2014. At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.

50

Operating Expenses

The breakdown of operating expenses is as follows:

	Three Months Ended June 30,
	2015		2014		Percent Change
	(Dollars in thousands)
Casino	$	1,315,568	$	1,690,237	(22.2	)%
Rooms	64,840		64,118		1.1	%
Food and beverage	96,537		95,828		0.7	%
Mall	15,341		17,709		(13.4	)%
Convention, retail and other	69,965		74,664		(6.3	)%
Provision for doubtful accounts	36,056		49,669		(27.4	)%
General and administrative	315,602		327,532		(3.6	)%
Corporate	44,565		45,123		(1.2	)%
Pre-opening	10,654		16,141		(34.0	)%
Development	2,348		4,217		(44.3	)%
Depreciation and amortization	248,592		264,016		(5.8	)%
Amortization of leasehold interests in land	9,485		10,040		(5.5	)%
Loss on disposal of assets	2,558		3,596		(28.9	)%
Total operating expenses	$	2,232,111	$	2,662,890	(16.2	)%

Operating expenses were $2.23 billion for the three months ended June 30, 2015, a decrease of $430.8 million compared to $2.66 billion for the three months ended June 30, 2014. The decrease in operating expenses was primarily due to a decrease in casino expenses at our Macao operating properties.

Casino expenses decreased $374.7 million compared to the three months ended June 30, 2014. Of the decrease, $309.3 million was due to the 39.0% gross win tax on decreased casino revenues at our Macao operating properties. The remaining decrease is primarily attributable to decreases in junket commissions, as well as the implementation of certain cost control measures at our Macao operating properties.

The provision for doubtful accounts was $36.1 million for the three months ended June 30, 2015, compared to $49.7 million for the three months ended June 30, 2014. The amount of this provision can vary over short periods of time because of factors specific to the customers who owe us money from gaming activities at any given time. We believe that the amount of our provision for doubtful accounts in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

Pre-opening expense represents personnel and other costs incurred prior to the opening of new ventures, which are expensed as incurred. Pre-opening expenses for the three months ended June 30, 2015, primarily related to activities at The Parisian Macao and Sands Cotai Central. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred.

51

Adjusted Property EBITDA

Adjusted property EBITDA is used by management as the primary measure of the operating performance of our segments. Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. The following table summarizes information related to our segments (see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 10 — Segment Information” for discussion of our operating segments and a reconciliation of adjusted property EBITDA to net income):

	Three Months Ended June 30,
	2015		2014			Percent Change
	(Dollars in thousands)
Macao:
The Venetian Macao	$	254,990	$	402,057		(36.6	)%
Sands Cotai Central	164,210		248,973			(34.0	)%
Four Seasons Macao	74,334		67,954			9.4	%
Sands Macao	66,284		82,319			(19.5	)%
Other Asia	4,821		(468		)	N.M.
	564,639		800,835			(29.5	)%
Marina Bay Sands	363,254		417,778			(13.1	)%
United States:
Las Vegas Operating Properties	54,166		66,115			(18.1	)%
Sands Bethlehem	34,099		27,915			22.2	%
	88,265		94,030			(6.1	)%
Total adjusted property EBITDA	$	1,016,158	$	1,312,643		(22.6	)%

______________

N.M. - Not meaningful

Adjusted property EBITDA at our Macao operations decreased $236.2 million compared to the three months ended June 30, 2014. As previously described, the decrease was primarily due to the decrease in casino operations at our Macao operating properties, driven by decreased demand in the VIP market.

Adjusted property EBITDA at Marina Bay Sands decreased $54.5 million compared to the three months ended June 30, 2014. As previously described, the decrease was primarily due to the decrease in casino operations, driven by decreased demand in the VIP market.

Adjusted property EBITDA at our Las Vegas Operating Properties decreased $11.9 million compared to the three months ended June 30, 2014. The decrease was primarily due to a $17.8 million decrease in casino revenues, partially offset by an increase in non-gaming revenues.

Adjusted property EBITDA at Sands Bethlehem increased $6.2 million compared to the three months ended June 30, 2014. The increase was primarily due to an $11.4 million increase in net revenues, driven by an increase in casino revenues, partially offset by increases in the associated operating expenses.

52

Interest Expense

The following table summarizes information related to interest expense:

	Three Months Ended June 30,
	2015			2014
	(Dollars in thousands)
Interest cost (which includes the amortization of deferred financing costs and    original issue discount)	$	67,507		$	67,294
Add — imputed interest on deferred proceeds from sale of The Shoppes at The    Palazzo	3,797			3,797
Less — capitalized interest	(5,503		)	(1,501		)
Interest expense, net	$	65,801		$	69,590
Cash paid for interest	$	63,034		$	54,164
Weighted average total debt balance	$	9,432,474		$	10,178,055
Weighted average interest rate	2.9		%	2.6		%

Interest cost remained relatively consistent compared to the three months ended June 30, 2014, due to an increase in our weighted average interest rate, offset by a decrease in our weighted average debt balance. Capitalized interest increased $4.0 million compared to the three months ended June 30, 2014, primarily due to the construction of The Parisian Macao.

Other Factors Effecting Earnings

Other expense was $0.2 million for the three months ended June 30, 2015, compared to other income of $2.2 million for the three months ended June 30, 2014. The amounts in both periods were primarily due to foreign exchange gains and losses.

Our effective income tax rate was 7.3% for the three months ended June 30, 2015, compared to 5.2% for the three months ended June 30, 2014. The effective income tax rates reflect a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on our Macao gaming operations due to our income tax exemption in Macao, effective through the end of 2018. We have recorded a valuation allowance related to certain deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that these deferred tax assets or a portion thereof are realizable, we will reduce the valuation allowances in the period such determination is made.

The net income attributable to our noncontrolling interests was $112.3 million for the three months ended June 30, 2015, compared to $181.4 million for the three months ended June 30, 2014. These amounts are primarily related to the noncontrolling interest of SCL.

53

Six Months Ended June 30, 2015 Compared to the Six Months Ended June 30, 2014

Operating Revenues

Our net revenues consisted of the following:

	Six Months Ended June 30,
	2015			2014			Percent Change
	(Dollars in thousands)
Casino	$	4,678,186		$	6,384,875		(26.7	)%
Rooms	722,672			775,338			(6.8	)%
Food and beverage	367,829			396,983			(7.3	)%
Mall	263,096			228,104			15.3	%
Convention, retail and other	259,651			263,205			(1.4	)%
	6,291,434			8,048,505			(21.8	)%
Less — promotional allowances	(358,391		)	(413,771		)	13.4	%
Total net revenues	$	5,933,043		$	7,634,734		(22.3	)%

Consolidated net revenues were $5.93 billion for the six months ended June 30, 2015, a decrease of $1.70 billion compared to $7.63 billion for the six months ended June 30, 2014. The decrease in net revenues was driven by a $1.57 billion decrease at our Macao operating properties, primarily due to decreased casino revenues.

54

Casino revenues decreased $1.71 billion compared to the six months ended June 30, 2014. The decrease is primarily attributable to decreases of $1.58 billion at our Macao operating properties and $129.3 million at Marina Bay Sands, driven by decreases in Rolling Chip volume as demand has decreased in the VIP market. The following table summarizes the results of our casino activity:

	Six Months Ended June 30,
	2015			2014			Change
	(Dollars in thousands)
Macao Operations:
The Venetian Macao
Total casino revenues	$	1,310,515		$	2,003,228		(34.6)%
Non-Rolling Chip drop	$	3,545,005		$	4,645,147		(23.7)%
Non-Rolling Chip win percentage	25.5		%	25.9		%	(0.4) pts
Rolling Chip volume	$	16,150,943		$	27,645,155		(41.6)%
Rolling Chip win percentage	2.95		%	3.47		%	(0.52) pts
Slot handle	$	2,035,709		$	2,798,251		(27.3)%
Slot hold percentage	4.9		%	5.0		%	(0.1) pts
Sands Cotai Central
Total casino revenues	$	977,384		$	1,463,093		(33.2)%
Non-Rolling Chip drop	$	3,107,659		$	3,682,321		(15.6)%
Non-Rolling Chip win percentage	21.5		%	22.2		%	(0.7) pts
Rolling Chip volume	$	10,909,546		$	27,909,672		(60.9)%
Rolling Chip win percentage	3.05		%	2.89		%	0.16 pts
Slot handle	$	3,144,382		$	3,788,146		(17.0)%
Slot hold percentage	3.4		%	3.6		%	(0.2) pts
Four Seasons Macao
Total casino revenues	$	292,399		$	537,879		(45.6)%
Non-Rolling Chip drop	$	505,717		$	718,594		(29.6)%
Non-Rolling Chip win percentage	22.4		%	25.1		%	(2.7) pts
Rolling Chip volume	$	8,143,327		$	14,841,591		(45.1)%
Rolling Chip win percentage	3.20		%	3.42		%	(0.22) pts
Slot handle	$	260,756		$	460,196		(43.3)%
Slot hold percentage	5.4		%	5.1		%	0.3 pts
Sands Macao
Total casino revenues	$	454,771		$	613,579		(25.9)%
Non-Rolling Chip drop	$	1,559,021		$	2,173,194		(28.3)%
Non-Rolling Chip win percentage	19.5		%	17.7		%	1.8 pts
Rolling Chip volume	$	4,854,397		$	10,032,059		(51.6)%
Rolling Chip win percentage	3.36		%	2.87		%	0.49 pts
Slot handle	$	1,365,678		$	1,635,643		(16.5)%
Slot hold percentage	3.6		%	3.8		%	(0.2) pts
Singapore Operations:
Marina Bay Sands
Total casino revenues	$	1,197,580		$	1,326,880		(9.7)%
Non-Rolling Chip drop	$	2,156,379		$	2,263,612		(4.7)%
Non-Rolling Chip win percentage	26.3		%	24.1		%	2.2 pts
Rolling Chip volume	$	19,595,787		$	23,387,991		(16.2)%
Rolling Chip win percentage	3.10		%	3.43		%	(0.33) pts
Slot handle	$	6,146,105		$	6,116,693		0.5%
Slot hold percentage	4.6		%	4.9		%	(0.3) pts
U.S. Operations:
Las Vegas Operating Properties
Total casino revenues	$	198,290		$	214,108		(7.4)%
Table games drop	$	999,596		$	958,500		4.3%
Table games win percentage	14.1		%	17.6		%	(3.5) pts
Slot handle	$	1,136,879		$	956,784		18.8%
Slot hold percentage	8.0		%	8.4		%	(0.4) pts
Sands Bethlehem
Total casino revenues	$	247,247		$	226,108		9.3%
Table games drop	$	550,360		$	508,200		8.3%
Table games win percentage	17.3		%	16.1		%	1.2 pts
Slot handle	$	2,096,567		$	1,966,804		6.6%
Slot hold percentage	7.0		%	7.1		%	(0.1) pts

55

In our experience, average win percentages remain steady when measured over extended periods of time, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.

Room revenues decreased $52.7 million compared to the six months ended June 30, 2014. The decrease is primarily due to decreases of $38.1 million at our Macao operating properties and $17.9 million at Marina Bay Sands, driven by decreases in occupancy and average daily room rates. The suites at Sands Macao are primarily provided to casino patrons on a complimentary basis. The following table summarizes the results of our room activity:

	Six Months Ended June 30,
	2015			2014			Change
	(Room revenues in thousands)
Macao Operations:
The Venetian Macao
Total room revenues	$	110,554		$	126,552		(12.6)%
Occupancy rate	84.0		%	91.7		%	(7.7) pts
Average daily room rate	$	255		$	265		(3.8)%
Revenue per available room	$	214		$	243		(11.9)%
Sands Cotai Central
Total room revenues	$	135,235		$	152,690		(11.4)%
Occupancy rate	80.1		%	86.9		%	(6.8) pts
Average daily room rate	$	164		$	173		(5.2)%
Revenue per available room	$	132		$	150		(12.0)%
Four Seasons Macao
Total room revenues	$	21,575		$	24,671		(12.5)%
Occupancy rate	80.2		%	86.4		%	(6.2) pts
Average daily room rate	$	395		$	419		(5.7)%
Revenue per available room	$	317		$	363		(12.7)%
Sands Macao
Total room revenues	$	11,295		$	12,800		(11.8)%
Occupancy rate	99.0		%	97.6		%	1.4 pts
Average daily room rate	$	222		$	254		(12.6)%
Revenue per available room	$	220		$	248		(11.3)%
Singapore Operations:
Marina Bay Sands
Total room revenues	$	172,323		$	190,207		(9.4)%
Occupancy rate	95.4		%	99.2		%	(3.8) pts
Average daily room rate	$	396		$	418		(5.3)%
Revenue per available room	$	377		$	415		(9.2)%
U.S. Operations:
Las Vegas Operating Properties
Total room revenues	$	264,448		$	262,230		0.8%
Occupancy rate	89.4		%	89.5		%	(0.1) pts
Average daily room rate	$	237		$	232		2.2%
Revenue per available room	$	212		$	207		2.4%
Sands Bethlehem
Total room revenues	$	7,242		$	6,188		17.0%
Occupancy rate	88.2		%	78.0		%	10.2 pts
Average daily room rate	$	151		$	145		4.1%
Revenue per available room	$	133		$	113		17.7%

Food and beverage revenues decreased $29.2 million compared to the six months ended June 30, 2014. The decrease was primarily due to a $23.2 million decrease at our Macao operating properties, driven by a decrease in property visitation.

56

Mall revenues increased $35.0 million compared to the six months ended June 30, 2014. The increase was primarily due to a $33.5 million increase at our Macao operating properties, driven by an increase in base rents. For further information related to the financial performance of our malls, see “— Additional Information Regarding our Retail Mall Operations.” The following table summarizes the results of our mall activity:

	Six Months Ended June 30,(1)
	2015			2014			Change
	(Mall revenues in thousands)
Macao Operations:
Shoppes at Venetian
Total mall revenues	$	92,510		$	80,132		15.4%
Mall gross leasable area (in square feet)	780,044			755,876			3.2%
Occupancy	97.8		%	95.9		%	1.9 pts
Base rent per square foot	$	209		$	188		11.2%
Tenant sales per square foot	$	1,578		$	1,563		1.0%
Shoppes at Cotai Central(2)
Total mall revenues	$	28,034		$	19,896		40.9%
Mall gross leasable area (in square feet)	331,466			312,848			6.0%
Occupancy	97.8		%	97.8		%	—
Base rent per square foot	$	143		$	136		5.1%
Tenant sales per square foot	$	1,004		$	1,461		(31.3)%
Shoppes at Four Seasons
Total mall revenues	$	60,803		$	47,841		27.1%
Mall gross leasable area (in square feet)	257,615			255,888			0.7%
Occupancy	100.0		%	96.2		%	3.8 pts
Base rent per square foot	$	419		$	354		18.4%
Tenant sales per square foot	$	4,924		$	5,593		(12.0)%
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues	$	80,218		$	78,780		1.8%
Mall gross leasable area (in square feet)	644,590			651,750			(1.1)%
Occupancy	93.6		%	89.5		%	4.1 pts
Base rent per square foot	$	218		$	220		(0.9)%
Tenant sales per square foot	$	1,393		$	1,497		(6.9)%
U.S. Operations:
The Outlets at Sands Bethlehem
Total mall revenues	$	1,531		$	1,455		5.2%
Mall gross leasable area (in square feet)	151,029			151,029			—
Occupancy	94.3		%	94.3		%	—
Base rent per square foot	$	21		$	25		(16.0)%
Tenant sales per square foot	$	342		$	410		(16.6)%

__________________________

(1) As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of June 30, 2015 and 2014, they are identical to the summary presented herein for the three months ended June 30, 2015 and 2014, respectively.

(2) The third phase of the Shoppes at Cotai Central opened in June 2014. At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.

57

Operating Expenses

The breakdown of operating expenses is as follows:

	Six Months Ended June 30,
	2015		2014		Percent Change
	(Dollars in thousands)
Casino	$	2,650,397	$	3,557,849	(25.5	)%
Rooms	130,631		128,381		1.8	%
Food and beverage	195,784		195,997		(0.1	)%
Mall	30,478		35,072		(13.1	)%
Convention, retail and other	138,222		165,132		(16.3	)%
Provision for doubtful accounts	93,406		111,587		(16.3	)%
General and administrative	640,080		664,031		(3.6	)%
Corporate	89,788		95,800		(6.3	)%
Pre-opening	20,233		20,441		(1.0	)%
Development	3,881		5,909		(34.3	)%
Depreciation and amortization	502,514		525,063		(4.3	)%
Amortization of leasehold interests in land	19,323		20,066		(3.7	)%
Loss on disposal of assets	17,881		4,121		333.9	%
Total operating expenses	$	4,532,618	$	5,529,449	(18.0	)%

Operating expenses were $4.53 billion for the six months ended June 30, 2015, a decrease of $996.8 million compared to $5.53 billion for the six months ended June 30, 2014. The decrease in operating expenses was primarily due to a decrease in casino expenses at our Macao operating properties.

Casino expenses decreased $907.5 million compared to the six months ended June 30, 2014. Of the decrease, $787.0 million was due to the 39.0% gross win tax on decreased casino revenues at our Macao operating properties. The remaining decrease is primarily attributable to decreases in junket commissions, as well as the implementation of certain cost control measures at our Macao operating properties.

Convention, retail and other expenses decreased $26.9 million compared to the six months ended June 30, 2014. The decrease was primarily due to decreases of $10.3 million and $7.8 million at our Las Vegas Operating Properties and our Macao operating properties, respectively, driven by a decrease in entertainment expenses, and a decrease of $7.4 million in our passenger ferry service operations in Macao.

The provision for doubtful accounts was $93.4 million for the six months ended June 30, 2015, compared to $111.6 million for the six months ended June 30, 2014. The amount of this provision can vary over short periods of time because of factors specific to the customers who owe us money from gaming activities at any given time. We believe that the amount of our provision for doubtful accounts in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

Pre-opening expense represents personnel and other costs incurred prior to the opening of new ventures, which are expensed as incurred. Pre-opening expenses for the six months ended June 30, 2015, primarily related to activities at The Parisian Macao and at Sands Cotai Central. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred.

The loss on disposal of assets of $17.9 million for the six months ended June 30, 2015, primarily related to dispositions at our Macao operating properties.

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Adjusted Property EBITDA

The following table summarizes information related to our segments (see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 10 — Segment Information” for discussion of our operating segments and a reconciliation of adjusted property EBITDA to net income):

	Six Months Ended June 30,
	2015		2014			Percent Change
	(Dollars in thousands)
Macao:
The Venetian Macao	$	524,932	$	872,141		(39.8	)%
Sands Cotai Central	320,120		514,179			(37.7	)%
Four Seasons Macao	118,806		180,995			(34.4	)%
Sands Macao	123,662		173,757			(28.8	)%
Other Asia	8,353		(1,882		)	N.M.
	1,095,873		1,739,190			(37.0	)%
Marina Bay Sands	778,526		852,939			(8.7	)%
United States:
Las Vegas Operating Properties	128,275		145,767			(12.0	)%
Sands Bethlehem	63,992		54,446			17.5	%
	192,267		200,213			(4.0	)%
Total adjusted property EBITDA	$	2,066,666	$	2,792,342		(26.0	)%

______________

N.M. - Not meaningful

Adjusted property EBITDA at our Macao operations decreased $643.3 million compared to the six months ended June 30, 2014. As previously described, the decrease was primarily due to the decrease in casino operations at our Macao operating properties, driven by decreased demand in the VIP market.

Adjusted property EBITDA at Marina Bay Sands decreased $74.4 million compared to the six months ended June 30, 2014. As previously described, the decrease was primarily due to the decrease in casino operations, driven by decreased demand in the VIP market.

Adjusted property EBITDA at our Las Vegas Operating Properties decreased $17.5 million compared to the six months ended June 30, 2014. The decrease was primarily due to a $14.8 million decrease in net revenues (excluding intersegment royalty revenue), driven by a decrease in casino revenues.

Adjusted property EBITDA at Sands Bethlehem increased $9.5 million compared to the six months ended June 30, 2014. The increase was primarily due to a $21.9 million increase in net revenues, driven by an increase in casino revenues, partially offset by increases in the associated operating expenses.

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Interest Expense

The following table summarizes information related to interest expense:

	Six Months Ended June 30,
	2015			2014
	(Dollars in thousands)
Interest cost (which includes the amortization of deferred financing costs and original    issue discounts)	$	134,121		$	136,370
Add — imputed interest on deferred proceeds from sale of The Shoppes at The    Palazzo	7,596			7,594
Less — capitalized interest	(9,661		)	(3,248		)
Interest expense, net	$	132,056		$	140,716
Cash paid for interest	$	118,476		$	113,747
Weighted average total debt balance	$	9,636,321		$	10,095,750
Weighted average interest rate	2.8		%	2.7		%

Interest cost decreased $2.2 million compared to the six months ended June 30, 2014, resulting from a decrease in our weighted average debt balance, partially offset by a slight increase in our weighted average interest rate. Capitalized interest increased $6.4 million compared to the six months ended June 30, 2014, primarily due to the construction of The Parisian Macao.

Other Factors Effecting Earnings

Other income was $15.3 million for the six months ended June 30, 2015, compared to other expense of $2.5 million for the six months ended June 30, 2014. The amounts in both periods were primarily due to foreign exchange gains and losses.

The loss on modification or early retirement of debt of $18.0 million for the six months ended June 30, 2014, was related to the refinancing of our 2011 VML Credit Facility in March 2014.

Our effective income tax rate was 7.9% for the six months ended June 30, 2015, compared to 5.4% for the six months ended June 30, 2014. The effective income tax rates for the six months ended June 30, 2015 and 2014, reflect a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on our Macao gaming operations due to our income tax exemption in Macao, effective through the end of 2018. We have recorded a valuation allowance related to certain deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that these deferred tax assets or a portion thereof are realizable, we will reduce the valuation allowances in the period such determination is made.

The net income attributable to our noncontrolling interests was $211.4 million for the six months ended June 30, 2015, compared to $402.0 million for the six months ended June 30, 2014. These amounts are primarily related to the noncontrolling interest of SCL.

Additional Information Regarding our Retail Mall Operations

We own and operate retail malls at our integrated resorts at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Marina Bay Sands and Sands Bethlehem. Management believes that being in the retail mall business and, specifically, owning some of the largest retail properties in Asia will provide meaningful value for us, particularly as the retail market in Asia continues to grow.

Our malls are designed to complement our other unique amenities and service offerings provided by our integrated resorts. Our strategy is to seek out desirable tenants that appeal to our customers and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents, management fees and reimbursements for common area maintenance (“CAM”) and other expenditures.

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The following tables summarize the results of our mall operations for the three and six months ended June 30, 2015 and 2014 (in thousands):

	Shoppes at Venetian			Shoppes at Four Seasons		Shoppes at Cotai Central		The Shoppes  at Marina Bay Sands		The Outlets  at Sands Bethlehem(1)		Total
For the three months ended June 31, 2015
Mall revenues:
Minimum rents(2)	$	37,643		$	26,976	$	10,685	$	30,048	$	289	$	105,641
Overage rents	3,082			1,696		686		3,456		610		9,530
CAM, levies and management fees	7,570			2,385		3,261		6,895		—		20,111
Total mall revenues	48,295			31,057		14,632		40,399		899		135,282
Mall operating expenses:
Common area maintenance	3,773			1,538		1,662		5,838		226		13,037
Management fees and other direct operating expenses	1,458			317		345		41		143		2,304
Mall operating expenses	5,231			1,855		2,007		5,879		369		15,341
Property taxes	—			—		—		1,133		323		1,456
Provision for doubtful accounts	47			3		228		—		—		278
Mall-related expenses(3)	$	5,278		$	1,858	$	2,235	$	7,012	$	692	$	17,075
For the three months ended June 31, 2014
Mall revenues:
Minimum rents(2)	$	31,488		$	20,603	$	6,375	$	30,225	$	349	$	89,040
Overage rents	3,744			2,343		2,281		3,109		475		11,952
CAM, levies and management fees	6,760			1,870		2,520		6,931		—		18,081
Total mall revenues	41,992			24,816		11,176		40,265		824		119,073
Mall operating expenses:
Common area maintenance	4,736			1,486		1,590		6,310		318		14,440
Management fees and other direct operating expenses	1,952			348		341		463		165		3,269
Mall operating expenses	6,688			1,834		1,931		6,773		483		17,709
Property taxes(4)	(2,602		)	—		—		1,762		303		(537		)
Provision for doubtful accounts	128			34		—		514		—		676
Mall-related expenses(3)	$	4,214		$	1,868	$	1,931	$	9,049	$	786	$	17,848

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	Shoppes at Venetian			Shoppes at Four Seasons			Shoppes at Cotai Central			The Shoppes  at Marina Bay Sands			The Outlets  at Sands Bethlehem(1)		Total
For the six months ended June 30, 2015
Mall revenues:
Minimum rents(2)	$	73,815		$	54,349		$	20,532		$	60,345		$	674	$	209,715
Overage rents	4,153			1,854			1,087			6,068			857		14,019
CAM, levies and management fees	14,542			4,600			6,415			13,805			—		39,362
Total mall revenues	92,510			60,803			28,034			80,218			1,531		263,096
Mall operating expenses:
Common area maintenance	7,422			2,874			3,187			11,872			519		25,874
Management fees and other direct operating expenses	2,820			565			989			(14		)	244		4,604
Mall operating expenses	10,242			3,439			4,176			11,858			763		30,478
Property taxes	—			—			—			2,230			646		2,876
Provision for (recovery of) doubtful accounts	49			(83		)	334			(16		)	—		284
Mall-related expenses(3)	$	10,291		$	3,356		$	4,510		$	14,072		$	1,409	$	33,638
For the six months ended June 30, 2014
Mall revenues:
Minimum rents(2)	$	62,788		$	40,382		$	12,309		$	59,250		$	739	$	175,468
Overage rents	4,085			3,838			2,653			5,596			716		16,888
CAM, levies and management fees	13,259			3,621			4,934			13,934			—		35,748
Total mall revenues	80,132			47,841			19,896			78,780			1,455		228,104
Mall operating expenses:
Common area maintenance	8,704			2,717			2,970			12,272			632		27,295
Management fees and other direct operating expenses	3,810			802			674			2,212			279		7,777
Mall operating expenses	12,514			3,519			3,644			14,484			911		35,072
Property taxes(4)	(1,488		)	—			—			3,519			574		2,605
Provision for (recovery of) doubtful accounts	267			112			(21		)	772			—		1,130
Mall-related expenses(3)	$	11,293		$	3,631		$	3,623		$	18,775		$	1,485	$	38,807

____________________

(1) Revenues from CAM, levies and management fees are included in minimum rents for The Outlets at Sands Bethlehem.

(2) Minimum rents include base rents and straight-line adjustments of base rents.

(3) Mall-related expenses consist of CAM, management fees and other direct operating expenses, property taxes and provision for (recovery of) doubtful accounts, but excludes depreciation and amortization and general and administrative costs.

(4) Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. This property tax exemption expired in August 2013 for The Venetian Macao. In May 2014, the Company received an additional six-year property tax exemption for The Venetian Macao. As a result, the Company reversed $2.6 million of previously recognized property taxes during the three months ended June 30, 2014.

It is common in the mall operating industry for companies to disclose mall net operating income (“NOI”) as a useful supplemental measure of a mall’s operating performance. Because NOI excludes general and administrative expenses, interest expense, impairment losses, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests and provision for income taxes, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.

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In the tables above, we believe that taking total mall revenues less mall-related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies.

Development Projects

Macao

We submitted plans to the Macao government for The Parisian Macao, an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao is intended to include a gaming area (to be operated under our gaming subconcession), a hotel with over 3,000 rooms and suites and retail, entertainment, dining and meeting facilities. We have commenced construction and expect the cost to design, develop and construct The Parisian Macao to be approximately $2.7 billion, inclusive of payments made for the land premium. As with projects of this nature, we will continue to analyze options for both a full and phased opening of the facility, which is anticipated to open in the second half of 2016, subject to Macao government approval. We have capitalized costs of $1.15 billion, including the land premium (net of amortization) and $116.6 million in outstanding construction payables, as of June 30, 2015. In addition, we will be completing the development of some public areas surrounding our Cotai Strip properties on behalf of the Macao government.

As of June 30, 2015, we have capitalized an aggregate of $10.44 billion in construction costs and land premiums (net of amortization) for our Cotai Strip developments, which include The Venetian Macao, Sands Cotai Central, Four Seasons Macao and The Parisian Macao, as well as our investments in transportation infrastructure, including our passenger ferry service operations.

Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. We have received land concessions from the Macao government to build on the sites on which The Venetian Macao, Sands Cotai Central, Four Seasons Macao and The Parisian Macao are located. We do not own these land sites in Macao; however, the land concessions grant us exclusive use of the land. As specified in the land concessions, we are required to pay premiums for each parcel, which are either payable in a single lump sum upon acceptance of the land concessions by the Macao government or in seven semi-annual installments, as well as annual rent for the term of the land concessions.

Under our land concession for The Parisian Macao, we are required to complete the development by April 2016. The land concession for Sands Cotai Central contains a similar requirement that the development be completed by December 2016. We have applied for an extension from the Macao government to complete The Parisian Macao, as we believe we will be unable to meet the April 2016 deadline. Should we determine that we are unable to complete Sands Cotai Central by December 2016, we would then also expect to apply for another extension from the Macao government. If we are unable to meet the Sands Cotai Central deadline and the deadlines for either development are not extended, we could lose our land concessions for The Parisian Macao or Sands Cotai Central, which would prohibit us from operating any facilities developed under the respective land concessions. As a result, we could record a charge for all or some portion of the $1.15 billion or $4.69 billion in capitalized construction costs and land premiums (net of amortization), as of June 30, 2015, related to The Parisian Macao and Sands Cotai Central, respectively.

United States

We were constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. We suspended our construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. We intend to recommence construction when demand and conditions improve. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty. Should demand and conditions fail to improve or management decides to abandon the project, we could record a charge for some portion of the $178.6 million in capitalized construction costs as of June 30, 2015.

Other

We continue to aggressively pursue new development opportunities globally.

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Liquidity and Capital Resources

Cash Flows — Summary

Our cash flows consisted of the following:

	Six Months Ended June 30,
	2015			2014
	(In thousands)
Net cash generated from operating activities	$	1,581,533		$	2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(549		)	559
Capital expenditures	(719,239		)	(526,838		)
Proceeds from disposal of property and equipment	639			1,106
Net cash used in investing activities	(719,149		)	(525,173		)
Cash flows from financing activities:
Proceeds from exercise of stock options	8,078			45,118
Excess tax benefits from stock-based compensation	2,242			2,755
Repurchase of common stock	(64,994		)	(1,139,415		)
Dividends paid	(1,345,804		)	(1,585,655		)
Distributions to noncontrolling interests	(6,871		)	(4,731		)
Proceeds from long-term debt	1,459,277			1,857,725
Repayments on long-term debt	(1,569,609		)	(1,296,058		)
Payments of deferred financing costs	(11,745		)	(57,244		)
Net cash used in financing activities	(1,529,426		)	(2,177,505		)
Effect of exchange rate on cash	(20,597		)	4,147
Decrease in cash and cash equivalents	$	(687,639	)	$	(307,687	)

Cash Flows — Operating Activities

Table games play at our properties is conducted on a cash and credit basis. Slot machine play is primarily conducted on a cash basis. The retail hotel rooms business is generally conducted on a cash basis, the group hotel rooms business is conducted on a cash and credit basis, and banquet business is conducted primarily on a credit basis resulting in operating cash flows being generally affected by changes in operating income and accounts receivable. Net cash generated from operating activities for the six months ended June 30, 2015, decreased $809.3 million compared to the six months ended June 30, 2014. The decrease was primarily attributable to the decrease in operating cash flows generated from our Macao operations.

Cash Flows — Investing Activities

Capital expenditures for the six months ended June 30, 2015, totaled $719.2 million, including $609.2 million for construction and development activities in Macao, which consisted primarily of $321.6 million for The Parisian Macao and $221.1 million for Sands Cotai Central; $56.2 million in Singapore; $37.9 million at our Las Vegas Operating Properties; and $15.9 million for corporate and other activities.

Cash Flows — Financing Activities

Net cash flows used in financing activities were $1.53 billion for the six months ended June 30, 2015, which was primarily attributable to $1.35 billion in dividend payments and a net repayment of $251.3 million on our 2013 U.S Credit Facility, partially offset by net proceeds of $179.1 million on our 2011 VML Credit Facility.

As of June 30, 2015, we had $2.83 billion available for borrowing under our U.S., Macao and Singapore credit facilities, net of outstanding letters of credit.

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Capital Financing Overview

Through June 30, 2015, we have funded our development projects primarily through borrowings under our U.S., Macao and Singapore credit facilities, operating cash flows, proceeds from our equity offerings and proceeds from the disposition of non-core assets.

Our U.S., Macao and Singapore credit facilities contain various financial covenants. The U.S. credit facility requires our Las Vegas operations to comply with a financial covenant at the end of each quarter to the extent that any revolving loans or certain letters of credit are outstanding. This financial covenant requires our Las Vegas operations to maintain a maximum leverage ratio of net debt, as defined, to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined (“Adjusted EBITDA”). The maximum leverage ratio is 5.5x for all quarterly periods through maturity. We can elect to contribute cash on hand to our Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio. Our Macao credit facility, which was amended in March 2014, also requires our Macao operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.5x for the quarterly periods ending June 30 through September 30, 2015, decreases to 4.0x for the quarterly periods ending December 31, 2015 through March 31, 2017, and then decreases to, and remains at, 3.5x for all quarterly periods thereafter through maturity. Our Singapore credit facility, which was amended in August 2014, requires operations of Marina Bay Sands to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.5x for the quarterly periods ending June 30, 2015 through September 30, 2019, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. As of June 30, 2015, our U.S., Macao and Singapore leverage ratios were 1.0x, 1.3x and 2.2x, respectively, compared to the maximum leverage ratios allowed of 5.5x, 4.5x and 3.5x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities. A default under the U.S. credit facility would trigger a cross-default under our airplane financings. Any defaults or cross-defaults under these agreements would allow the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements. If the lenders were to exercise their rights to accelerate the due dates of the indebtedness outstanding, there can be no assurance that we would be able to repay or refinance any amounts that may become due and payable under such agreements, which could force us to restructure or alter our operations or debt obligations.

We held unrestricted cash and cash equivalents of approximately $2.82 billion and restricted cash and cash equivalents of approximately $7.1 million as of June 30, 2015, of which approximately $2.44 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $2.44 billion, approximately $1.85 billion is available to be repatriated to the U.S. with minimal taxes owed on such amounts due to the significant foreign taxes we paid, which would ultimately generate U.S. foreign tax credits if cash is repatriated. The remaining unrestricted amounts are not available for repatriation primarily due to dividend requirements to third party public shareholders in the case of funds being repatriated from SCL. We believe the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of our credit facilities. We may elect to arrange additional financing to fund the balance of our Cotai Strip developments. In the normal course of our activities, we will continue to evaluate our capital structure and opportunities for enhancements thereof.

In April 2015, we entered into a joinder agreement (the "Joinder Agreement") to the 2011 VML Credit Facility. Under the Joinder Agreement, certain lenders have agreed to provide term loan commitments of $1.0 billion (the "2011 VML Accordion Term"), which was funded on April 30, 2015 (see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-term Debt — 2011 VML Credit Facility”). During the six months ended June 30, 2015, we made net repayments of $820.2 million and $240.0 million on our 2011 VML and 2013 U.S. Revolving Facilities, respectively. Subsequent to June 30, 2015, we made an additional repayment of $460.0 million on our 2013 U.S. Revolving Facility.

On February 27, 2015, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") per share, and, on June 17, 2015, SCL shareholders approved a dividend of HKD 1.00 per share, which was paid on July 15, 2015 (a total of $2.07 billion, of which the Company retained $1.45 billion). On March 31 and June 30, 2015, we paid a dividend of $0.65 per common share as part of a regular cash dividend program. During the six months ended June 30, 2015, we recorded $1.04 billion as a distribution against retained earnings (of which $561.2 million related to our Principal Stockholder’s family and the remaining $476.3 million related to all other shareholders). In July 2015, our Board of Directors declared

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a quarterly dividend of $0.65 per common share (a total estimated to be approximately $518 million) to be paid on September 30, 2015, to shareholders of record on September 22, 2015. We expect this level of dividend to continue quarterly through the remainder of 2015.

In June 2013, our Board of Directors approved a stock repurchase program with an initial authorization of $2.0 billion, which would have expired in June 2015, but was substantially completed during the year ended December 31, 2014. In October 2014, our Board of Directors authorized the repurchase of an additional $2.0 billion of our outstanding common stock, which expires in October 2016. Repurchases of our common stock are made at our discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, legal requirements, other investment opportunities and market conditions. During the six months ended June 30, 2015, we repurchased 1,287,537 shares of our common stock for $65.0 million (including commissions) under this program. All share repurchases of our common stock have been recorded as treasury stock.

Aggregate Indebtedness and Other Known Contractual Obligations

As of June 30, 2015, there had been no material changes to our aggregated indebtedness and other known contractual obligations, which are set forth in the table included in our Annual Report on Form 10-K for the year ended December 31, 2014, with the exception of the following:

• proceeds of $999.3 million on our 2011 VML Accordion Term (which matures March 30, 2021, and requires quarterly payments commencing June 30, 2018, see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-term Debt — 2011 VML Credit Facility”);

• repayments of $820.2 million on our Extended 2011 VML Revolving Facility (which would have matured in March 2020 with no interim amortization); and

• net repayments of $240.0 million on our 2013 U.S. Revolving Facility (which would have matured in December 2018 with no interim amortization).

Restrictions on Distributions

We are a parent company with limited business operations. Our main asset is the stock and membership interests of our subsidiaries. The debt instruments of our U.S., Macao and Singapore subsidiaries contain certain restrictions that, among other things, limit the ability of certain subsidiaries to incur additional indebtedness, issue disqualified stock or equity interests, pay dividends or make other distributions, repurchase equity interests or certain indebtedness, create certain liens, enter into certain transactions with affiliates, enter into certain mergers or consolidations or sell our assets of our company without prior approval of the lenders or noteholders.

Inflation

We believe that inflation and changing prices have not had a material impact on our sales, revenues or income from continuing operations during the past year.

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this report, the words: “anticipates,” “believes,” “estimates,” “seeks,” “expects,” “plans,” “intends” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe that these forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among others, the risks associated with:

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• general economic and business conditions in the U.S. and internationally, which may impact levels of disposable income, consumer spending, group meeting business, pricing of hotel rooms and retail and mall sales;

• our leverage, debt service and debt covenant compliance, including the pledge of our assets (other than our equity interests in our subsidiaries) as security for our indebtedness;

• disruptions in the global financing markets and our ability to obtain sufficient funding for our current and future developments;

• the extensive regulations to which we are subject to and the costs of compliance with such regulations;

• increased competition for labor and materials due to other planned construction projects in Macao and quota limits on the hiring of foreign workers;

• our ability to meet certain development deadlines;

• the uncertainty of tourist behavior related to discretionary spending and vacationing at casino-resorts in Macao, Singapore, Las Vegas and Pennsylvania;

• regulatory policies in mainland China or other countries in which our customers reside, including visa restrictions limiting the number of visits or the length of stay for visitors from mainland China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts;

• our dependence upon properties primarily in Macao, Singapore and Las Vegas for all of our cash flow;

• our relationship with GGP or any successor owner of the Grand Canal Shoppes;

• new developments, construction and ventures, including our Cotai Strip developments;

• the passage of new legislation and receipt of governmental approvals for our proposed developments in Macao and other jurisdictions where we are planning to operate;

• our insurance coverage, including the risk that we have not obtained sufficient coverage or will only be able to obtain additional coverage at significantly increased rates;

• disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, outbreaks of infectious diseases, terrorist activity or war;

• our ability to collect gaming receivables from our credit players;

• our dependence on chance and theoretical win rates;

• fraud and cheating;

• our ability to establish and protect our IP rights;

• conflicts of interest that arise because certain of our directors and officers are also directors of SCL;

• government regulation of the casino industry (as well as new laws and regulations and changes to existing laws and regulations), including gaming license regulation, the requirement for certain beneficial owners of our securities to be found suitable by gaming authorities, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet;

• increased competition in Macao and Las Vegas, including recent and upcoming increases in hotel rooms, meeting and convention space, retail space, potential additional gaming licenses and online gaming;

• the popularity of Macao, Singapore and Las Vegas as convention and trade show destinations;

• new taxes, changes to existing tax rates or proposed changes in tax legislation;

• our ability to maintain our gaming licenses, certificate and subconcession;

• the continued services of our key management and personnel;

• any potential conflict between the interests of our Principal Stockholder and us;

• the ability of our subsidiaries to make distribution payments to us;

67

• our failure to maintain the integrity of our customer or company data, including against past or future cybersecurity attacks, and any litigation or disruption to our operations resulting from such loss of data integrity;

• the completion of infrastructure projects in Macao; and

• the outcome of any ongoing and future litigation.

All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Readers are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities laws.

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposure to market risk is interest rate risk associated with our variable rate long-term debt, which we may manage through the use of interest rate cap agreements. We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions. Our derivative financial instruments consist exclusively of interest rate cap agreements, which do not qualify for hedge accounting. Interest differentials resulting from these agreements are recorded on an accrual basis as an adjustment to interest expense.

To manage exposure to counterparty credit risk in interest rate cap agreements, we enter into agreements with highly rated institutions that can be expected to fully perform under the terms of such agreements. Frequently, these institutions are also members of the bank group providing our credit facilities, which management believes further minimizes the risk of nonperformance.

The table below provides information about our financial instruments that are sensitive to changes in interest rates. For debt obligations, the table presents notional amounts and weighted average interest rates by contractual maturity dates. Notional amounts are used to calculate the contractual payments to be exchanged under the contract. Weighted average variable rates are based on June 30, 2015, LIBOR, HIBOR and SOR plus the applicable interest rate spread in accordance with the respective debt agreements. The information is presented in U.S. dollar equivalents, which is the Company’s reporting currency, for the twelve months ending June 30:

	2016			2017			2018			2019			2020			Thereafter			Total			Fair  Value(1)
	(Dollars in millions)
LIABILITIES
Long-term debt
Variable rate	$	94.4		$	208.6		$	414.4		$	2,101.2		$	3,690.4		$	3,297.5		$	9,806.5		$	9,632.5
Average interest rate(2)	2.6		%	2.1		%	1.8		%	1.9		%	2.1		%	2.8		%	2.3		%
ASSETS
Cap agreements(3)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

_______________________________________

(1) The estimated fair values are based on level 2 inputs (quoted prices in markets that are not active).

(2) Based upon contractual interest rates for current LIBOR, HIBOR and SOR for variable-rate indebtedness. Based on variable rate debt levels as of June 30, 2015, an assumed 100 basis point change in LIBOR, HIBOR and SOR would cause our annual interest cost to change by approximately $88.2 million.

(3) As of June 30, 2015, we had one interest rate cap agreement with a nominal aggregate fair value based on quoted market values from the institutions holding the agreement.

Borrowings under the 2013 U.S. Credit Facility bear interest, at our option, at either an adjusted Eurodollar rate or at an alternative base rate, plus a credit spread. For base rate borrowings, the initial credit spread is 0.5% per annum and 1.5% per annum for the 2013 U.S. Revolving Facility and the 2013 U.S. Term B Facility, respectively. For Eurodollar rate borrowings, the initial credit spread is 1.5% per annum and 2.5% per annum for the 2013 U.S. Revolving Facility

68

and the 2013 U.S. Term B Facility (subject to a Eurodollar rate floor of 0.75%), respectively. Borrowings under the 2011 VML Credit Facility bear interest, at our option, at either an adjusted Eurodollar rate or HIBOR, plus a credit spread, or an alternative base rate, plus a credit spread, which credit spread in each case is determined based on the maximum leverage ratio set forth in the credit facility agreement, as amended. The credit spread for the 2011 VML Credit Facility ranges from 0.25% to 1.125% per annum for loans accruing interest at the base rate and ranges from 1.25% to 2.125% per annum for loans accruing interest at an adjusted Eurodollar or HIBOR rate. Borrowings under the 2012 Singapore Credit Facility bear interest at SOR plus a spread of 1.85% per annum, which is subject to reduction based on a ratio of debt to Adjusted EBITDA. Borrowings under the airplane financings bear interest at LIBOR plus 1.25% or 1.5% per annum.

Foreign currency transaction gains for the six months ended June 30, 2015, were $10.1 million primarily due to Singapore dollar denominated intercompany debt held in the U.S. and U.S. dollar denominated debt held in Macao. We may be vulnerable to changes in the U.S. dollar/SGD and U.S. dollar/pataca exchange rates. Based on balances as of June 30, 2015, an assumed 10% change in the U.S. dollar/SGD exchange rate would cause a foreign currency transaction gain/loss of approximately $32.1 million and an assumed 1% change in the U.S. dollar/pataca exchange rate would cause a foreign currency transaction gain/loss of approximately $12.2 million. We do not hedge our exposure to foreign currencies; however, we maintain a significant amount of our operating funds in the same currencies in which we have obligations thereby reducing our exposure to currency fluctuations.

See also “Liquidity and Capital Resources.”

ITEM 4 —CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. The Company’s Chief Executive Officer and its Chief Accounting Officer (Principal Financial Officer) have evaluated the disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) of the Company as of June 30, 2015, and have concluded that they are effective at the reasonable assurance level.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that had, or was reasonably likely to have, a material effect on the Company’s internal control over financial reporting.

69

PART II OTHER INFORMATION

ITEM 1 —LEGAL PROCEEDINGS

The Company is party to litigation matters and claims related to its operations. For more information, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and “Part I — Item 1 —Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 9 — Commitments and Contingencies” of this Quarterly Report on Form 10-Q.

ITEM 1A —RISK FACTORS

There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 2 —UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information about share repurchases made by the Company of its common stock during the quarter ended June 30, 2015:

Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in thousands)(1)
April 1, 2015 — April 30, 2015	—	$	—	—	$	1,765,001
May 1, 2015 — May 31, 2015	1,287,537	$	50.46	1,287,537	$	1,700,026
June 1, 2015 — June 30, 2015	—	$	—	—	$	1,700,026

__________________________

(1) In June 2013, the Company’s Board of Directors approved a stock repurchase program, which expired on June 5, 2015, with an initial authorization of $2.0 billion. In October 2014, the Company's Board of Directors authorized the repurchase of an additional $2.0 billion of its outstanding common stock, which expires on October 9, 2016. All repurchases under the stock repurchase program are made from time to time at the Company’s discretion in accordance with applicable federal securities laws. All share repurchases of the Company’s common stock have been recorded as treasury stock.

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ITEM 6 —EXHIBITS

List of Exhibits

Exhibit No.	Description of Document
31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Financial Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

71

LAS VEGAS SANDS CORP.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

	LAS VEGAS SANDS CORP.
August 7, 2015	By:	/s/ Sheldon G. Adelson
		Sheldon G. Adelson Chairman of the Board and Chief Executive Officer
August 7, 2015	By:	/s/ Michael A. Quartieri
		Michael A. Quartieri Chief Accounting Officer (Principal Financial Officer)

72

EX-31.1

EXHIBIT 31.1

LAS VEGAS SANDS CORP.

CERTIFICATION

I, Sheldon G. Adelson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Las Vegas Sands Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 7, 2015	By:	/s/ Sheldon G. Adelson
			Sheldon G. Adelson Chief Executive Officer

EX-31.2

EXHIBIT 31.2

LAS VEGAS SANDS CORP.

CERTIFICATION

I, Michael A. Quartieri, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Las Vegas Sands Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 7, 2015	By:	/s/ Michael A. Quartieri
			Michael A. Quartieri Chief Accounting Officer (Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

LAS VEGAS SANDS CORP.

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, as filed by Las Vegas Sands Corp. with the Securities and Exchange Commission on the date hereof (the “Report”), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Las Vegas Sands Corp.

Date:	August 7, 2015	By:	/s/ Sheldon G. Adelson
			Sheldon G. Adelson Chief Executive Officer

EX-32.2

EXHIBIT 32.2

LAS VEGAS SANDS CORP.

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, as filed by Las Vegas Sands Corp. with the Securities and Exchange Commission on the date hereof (the “Report”), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Las Vegas Sands Corp.

Date:	August 7, 2015	By:	/s/ Michael A. Quartieri
			Michael A. Quartieri Chief Accounting Officer (Principal Financial Officer)

XML

Stock-Based Employee Compensation - Stock-Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 14,990	$ 10,081	$ 27,191	$ 26,183
Compensation cost capitalized as part of property and equipment	153	125	325	1,115
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 6,297	$ 4,520	$ 15,292	$ 13,350
Stock Option [Member] | LVSC 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	127	4	435	59
Stock options granted, weighted average grant date fair value	$ 11.29	$ 26.77	$ 12.04	$ 32.68
Stock Option [Member] | SCL Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	2,096	4,348	2,744	10,189
Stock options granted, weighted average grant date fair value	$ 0.91	$ 3.33	$ 0.95	$ 3.52
Restricted Stock And Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 8,693	$ 5,561	$ 11,899	$ 12,833
Restricted Stock [Member] | LVSC 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and stock units granted	17	7	39	31
Restricted stock and stock units granted, weighted average grant date fair value	$ 54.99	$ 76.18	$ 55.23	$ 75.46
Restricted Stock Units (RSUs) [Member] | LVSC 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and stock units granted	0	6	0	6
Restricted stock and stock units granted, weighted average grant date fair value	$ 0	$ 73.68	$ 0	$ 73.68
Restricted Stock Units (RSUs) [Member] | SCL Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and stock units granted	0	0	119	189
Restricted stock and stock units granted, weighted average grant date fair value	$ 0	$ 0	$ 4.90	$ 7.37

XML

Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Casino	$ 2,301,498	$ 3,012,810	$ 4,678,186	$ 6,384,875
Rooms	351,259	375,116	722,672	775,338
Food and beverage	178,418	194,196	367,829	396,983
Mall	135,282	119,073	263,096	228,104
Convention, retail and other	125,514	125,829	259,651	263,205
Gross revenue	3,091,971	3,827,024	6,291,434	8,048,505
Less — promotional allowances	(170,550)	(202,674)	(358,391)	(413,771)
Net revenues	2,921,421	3,624,350	5,933,043	7,634,734
Operating expenses:
Casino	1,315,568	1,690,237	2,650,397	3,557,849
Rooms	64,840	64,118	130,631	128,381
Food and beverage	96,537	95,828	195,784	195,997
Mall	15,341	17,709	30,478	35,072
Convention, retail and other	69,965	74,664	138,222	165,132
Provision for doubtful accounts	36,056	49,669	93,406	111,587
General and administrative	315,602	327,532	640,080	664,031
Corporate	44,565	45,123	89,788	95,800
Pre-opening	10,654	16,141	20,233	20,441
Development	2,348	4,217	3,881	5,909
Depreciation and amortization	248,592	264,016	502,514	525,063
Amortization of leasehold interests in land	9,485	10,040	19,323	20,066
(Gain) loss on disposal of assets	2,558	3,596	17,881	4,121
Total operating expenses	2,232,111	2,662,890	4,532,618	5,529,449
Operating income	689,310	961,460	1,400,425	2,105,285
Other income (expense):
Interest income	4,062	5,697	10,440	11,500
Interest expense, net of amounts capitalized	(65,801)	(69,590)	(132,056)	(140,716)
Other income (expense)	(151)	2,194	15,314	(2,463)
Loss on modification or early retirement of debt	0	0	0	(17,964)
Income before income taxes	627,420	899,761	1,294,123	1,955,642
Income tax benefit (expense)	(45,929)	(46,917)	(101,594)	(106,070)
Net income	581,491	852,844	1,192,529	1,849,572
Net income attributable to noncontrolling interests	(112,318)	(181,410)	(211,433)	(401,953)
Net income attributable to Las Vegas Sands Corp.	469,173	671,434	981,096	1,447,619
Consolidating/Eliminating Entries [Member]
Revenues:
Convention, retail and other	(44,101)	(45,491)	(92,972)	(92,967)
Gross revenue	(44,101)	(45,491)	(92,972)	(92,967)
Less — promotional allowances	(523)	(421)	(1,326)	(1,020)
Net revenues	(44,624)	(45,912)	(94,298)	(93,987)
Operating expenses:
Casino	(713)	(737)	(1,672)	(1,583)
Food and beverage	(1,024)	(1,036)	(2,002)	(2,113)
Convention, retail and other	(7,161)	(8,008)	(14,714)	(15,974)
General and administrative	(242)	(218)	(570)	(477)
Corporate	(35,469)	(35,907)	(75,311)	(73,830)
Pre-opening	(2)	(1)	(3)	(1)
Development	(13)	(5)	(26)	(9)
Total operating expenses	(44,624)	(45,912)	(94,298)	(93,987)
Other income (expense):
Interest income	(52,353)	(44,740)	(102,304)	(87,435)
Interest expense, net of amounts capitalized	52,353	44,740	102,304	87,435
Income from equity investments in subsidiaries	(885,476)	(1,285,767)	(1,798,625)	(2,790,225)
Income before income taxes	(885,476)	(1,285,767)	(1,798,625)	(2,790,225)
Net income	(885,476)	(1,285,767)	(1,798,625)	(2,790,225)
Net income attributable to Las Vegas Sands Corp.	(885,476)	(1,285,767)	(1,798,625)	(2,790,225)
Las Vegas Sands Corp. [Member]
Revenues:
Less — promotional allowances	(266)	(348)	(446)	(741)
Net revenues	(266)	(348)	(446)	(741)
Operating expenses:
Corporate	39,426	40,201	77,192	87,136
Development	2,353	4,185	3,899	5,822
Depreciation and amortization	7,102	7,244	13,694	14,615
Total operating expenses	48,881	51,630	94,785	107,573
Operating income	(49,147)	(51,978)	(95,231)	(108,314)
Other income (expense):
Interest income	33	49	92	74
Interest expense, net of amounts capitalized	(2,194)	(1,578)	(4,372)	(3,140)
Income from equity investments in subsidiaries	478,531	673,617	984,547	1,474,462
Income before income taxes	427,223	620,110	885,036	1,363,082
Income tax benefit (expense)	41,950	51,324	96,060	84,537
Net income	469,173	671,434	981,096	1,447,619
Net income attributable to Las Vegas Sands Corp.	469,173	671,434	981,096	1,447,619
Restricted Subsidiaries [Member]
Revenues:
Casino	86,503	104,318	198,290	214,108
Rooms	133,891	126,516	264,448	262,229
Food and beverage	55,040	54,554	108,988	114,091
Convention, retail and other	76,246	75,781	164,865	164,191
Gross revenue	351,680	361,169	736,591	754,619
Less — promotional allowances	(21,160)	(20,519)	(42,492)	(42,323)
Net revenues	330,520	340,650	694,099	712,296
Operating expenses:
Casino	70,194	66,368	147,162	138,587
Rooms	37,841	36,505	74,743	72,525
Food and beverage	26,856	24,328	54,595	52,555
Convention, retail and other	22,097	25,482	45,414	56,636
Provision for doubtful accounts	9,008	9,280	18,280	15,884
General and administrative	77,620	79,349	154,733	161,374
Corporate	117	709	178	938
Pre-opening				97
Depreciation and amortization	43,922	45,119	85,317	91,627
(Gain) loss on disposal of assets	1,947	7,040	2,191	6,755
Total operating expenses	289,602	294,180	582,613	596,978
Operating income	40,918	46,470	111,486	115,318
Other income (expense):
Interest income	50,521	43,592	98,649	85,048
Interest expense, net of amounts capitalized	(27,225)	(28,809)	(55,779)	(57,284)
Other income (expense)	899	1,637	1,878	243
Income from equity investments in subsidiaries	406,945	612,150	814,078	1,315,763
Income before income taxes	472,058	675,040	970,312	1,459,088
Income tax benefit (expense)	(28,386)	(34,912)	(61,092)	(54,086)
Net income	443,672	640,128	909,220	1,405,002
Net income attributable to noncontrolling interests	(603)	(479)	(1,497)	(1,076)
Net income attributable to Las Vegas Sands Corp.	443,069	639,649	907,723	1,403,926
Non-Restricted Subsidiaries [Member]
Revenues:
Casino	2,214,995	2,908,492	4,479,896	6,170,767
Rooms	217,368	248,600	458,224	513,109
Food and beverage	123,378	139,642	258,841	282,892
Mall	135,282	119,073	263,096	228,104
Convention, retail and other	93,369	95,539	187,758	191,981
Gross revenue	2,784,392	3,511,346	5,647,815	7,386,853
Less — promotional allowances	(148,601)	(181,386)	(314,127)	(369,687)
Net revenues	2,635,791	3,329,960	5,333,688	7,017,166
Operating expenses:
Casino	1,246,087	1,624,606	2,504,907	3,420,845
Rooms	26,999	27,613	55,888	55,856
Food and beverage	70,705	72,536	143,191	145,555
Mall	15,341	17,709	30,478	35,072
Convention, retail and other	55,029	57,190	107,522	124,470
Provision for doubtful accounts	27,048	40,389	75,126	95,703
General and administrative	238,224	248,401	485,917	503,134
Corporate	40,491	40,120	87,729	81,556
Pre-opening	10,656	16,142	20,236	20,345
Development	8	37	8	96
Depreciation and amortization	197,568	211,653	403,503	418,821
Amortization of leasehold interests in land	9,485	10,040	19,323	20,066
(Gain) loss on disposal of assets	611	(3,444)	15,690	(2,634)
Total operating expenses	1,938,252	2,362,992	3,949,518	4,918,885
Operating income	697,539	966,968	1,384,170	2,098,281
Other income (expense):
Interest income	5,861	6,796	14,003	13,813
Interest expense, net of amounts capitalized	(88,735)	(83,943)	(174,209)	(167,727)
Other income (expense)	(1,050)	557	13,436	(2,706)
Loss on modification or early retirement of debt				(17,964)
Income before income taxes	613,615	890,378	1,237,400	1,923,697
Income tax benefit (expense)	(59,493)	(63,329)	(136,562)	(136,521)
Net income	554,122	827,049	1,100,838	1,787,176
Net income attributable to noncontrolling interests	(111,715)	(180,931)	(209,936)	(400,877)
Net income attributable to Las Vegas Sands Corp.	$ 442,407	$ 646,118	$ 890,902	$ 1,386,299

XML

Long-Term Debt - Additional Information (Details) SGD in Millions		1 Months Ended
	Apr. 30, 2015 USD ($)	Aug. 07, 2015 USD ($)	Apr. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 SGD	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Long-term debt, fair value				$ 9,630,000,000		$ 9,780,000,000
Long-term debt, carrying value				9,810,000,000		$ 9,980,000,000
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Debt instrument, available borrowing capacity				466,000,000
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | UNITED STATES [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument, repayment		$ 460,000,000
Secured Debt [Member] | 2011 VML Accordion Term [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000.0		$ 1,000,000,000.0
Debt instrument, maturity date			Mar. 30, 2021
Debt instrument, frequency of periodic payment			quarterly
Debt instrument, date of first required payment			Jun. 30, 2018
Debt instrument, periodic payment, principal, percentage of principal, period one			2.50%
Debt instrument, periodic payment, principal, percentage of principal, period two			5.00%
Debt instrument, periodic payment, principal, percentage of principal, period three			12.00%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Base Rate [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Base Rate [Member] | Minimum [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.25%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Base Rate [Member] | Maximum [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.125%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Adjusted Eurodollar or London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.125%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Hong Kong Interbank Offered Rate (HIBOR) [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Hong Kong Interbank Offered Rate (HIBOR) [Member] | Minimum [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Secured Debt [Member] | 2011 VML Accordion Term [Member] | Hong Kong Interbank Offered Rate (HIBOR) [Member] | Maximum [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.125%
Secured Debt [Member] | Extended 2011 VML Credit Facility Revolving [Member] | MACAO [Member]
Debt Instrument [Line Items]
Debt instrument, available borrowing capacity				2,000,000,000
Secured Debt [Member] | 2012 Singapore Credit Facility Revolving [Member] | SINGAPORE [Member]
Debt Instrument [Line Items]
Debt instrument, available borrowing capacity				$ 366,600,000	SGD 494.5

XML

Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The Company’s segment information as of June 30, 2015 and December 31, 2014, and for the three and six months ended June 30, 2015 and 2014, is as follows (in thousands):

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Net Revenues
Macao:
The Venetian Macao	$	739,454		$	1,032,746		$	1,526,645		$	2,217,337
Sands Cotai Central	554,231			784,776			1,125,995			1,612,359
Four Seasons Macao	204,116			228,492			365,367			598,508
Sands Macao	241,554			312,842			466,925			626,803
Other Asia	38,527			36,686			74,006			71,847
	1,777,882			2,395,542			3,558,938			5,126,854
Marina Bay Sands	713,042			804,690			1,497,858			1,640,113
United States:
Las Vegas Operating Properties	346,016			353,075			722,399			735,733
Sands Bethlehem	137,502			126,123			265,201			243,306
	483,518			479,198			987,600			979,039
Intersegment eliminations	(53,021		)	(55,080		)	(111,353		)	(111,272		)
Total net revenues	$	2,921,421		$	3,624,350		$	5,933,043		$	7,634,734

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Intersegment Revenues
Macao:
The Venetian Macao	$	1,766	$	1,261	$	3,259	$	2,388
Sands Cotai Central	78		77		156		146
Other Asia	9,689		10,573		19,901		20,439
	11,533		11,911		23,316		22,973
Marina Bay Sands	2,459		3,146		5,258		6,020
Las Vegas Operating Properties	39,029		40,023		82,779		82,279
Total intersegment revenues	$	53,021	$	55,080	$	111,353	$	111,272

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Adjusted Property EBITDA(1)
Macao:
The Venetian Macao	$	254,990		$	402,057		$	524,932		$	872,141
Sands Cotai Central	164,210			248,973			320,120			514,179
Four Seasons Macao	74,334			67,954			118,806			180,995
Sands Macao	66,284			82,319			123,662			173,757
Other Asia	4,821			(468		)	8,353			(1,882		)
	564,639			800,835			1,095,873			1,739,190
Marina Bay Sands	363,254			417,778			778,526			852,939
United States:
Las Vegas Operating Properties	54,166			66,115			128,275			145,767
Sands Bethlehem	34,099			27,915			63,992			54,446
	88,265			94,030			192,267			200,213
Total adjusted property EBITDA	1,016,158			1,312,643			2,066,666			2,792,342
Other Operating Costs and Expenses
Stock-based compensation	(8,646		)	(8,050		)	(12,621		)	(15,657		)
Corporate	(44,565		)	(45,123		)	(89,788		)	(95,800		)
Pre-opening	(10,654		)	(16,141		)	(20,233		)	(20,441		)
Development	(2,348		)	(4,217		)	(3,881		)	(5,909		)
Depreciation and amortization	(248,592		)	(264,016		)	(502,514		)	(525,063		)
Amortization of leasehold interests in land	(9,485		)	(10,040		)	(19,323		)	(20,066		)
Loss on disposal of assets	(2,558		)	(3,596		)	(17,881		)	(4,121		)
Operating income	689,310			961,460			1,400,425			2,105,285
Other Non-Operating Costs and Expenses
Interest income	4,062			5,697			10,440			11,500
Interest expense, net of amounts capitalized	(65,801		)	(69,590		)	(132,056		)	(140,716		)
Other income (expense)	(151		)	2,194			15,314			(2,463		)
Loss on modification or early retirement of debt	—			—			—			(17,964		)
Income tax expense	(45,929		)	(46,917		)	(101,594		)	(106,070		)
Net income	$	581,491		$	852,844		$	1,192,529		$	1,849,572

____________________

(1) Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

	Six Months Ended   June 30,
	2015		2014
Capital Expenditures
Corporate and Other	$	6,904	$	19,670
Macao:
The Venetian Macao	43,310		44,103
Sands Cotai Central	221,069		156,725
Four Seasons Macao	8,179		21,850
Sands Macao	13,542		14,787
Other Asia	1,473		1,116
The Parisian Macao	321,621		192,648
	609,194		431,229
Marina Bay Sands	56,181		30,677
United States:
Las Vegas Operating Properties	37,917		40,320
Sands Bethlehem	9,043		4,942
	46,960		45,262
Total capital expenditures	$	719,239	$	526,838

	June 30, 2015		December 31, 2014
Total Assets
Corporate and Other	$	513,116	$	613,683
Macao:
The Venetian Macao	3,375,309		3,900,921
Sands Cotai Central	4,690,028		4,761,907
Four Seasons Macao	1,090,035		1,157,502
Sands Macao	394,961		414,689
Other Asia	282,782		304,463
The Parisian Macao	1,154,010		805,220
Other Development Projects	91		91
	10,987,216		11,344,793
Marina Bay Sands	5,976,399		6,106,397
United States:
Las Vegas Operating Properties	3,473,432		3,623,808
Sands Bethlehem	658,046		673,010
	4,131,478		4,296,818
Total assets	$	21,608,209	$	22,361,691

	June 30, 2015		December 31, 2014
Total Long-Lived Assets
Corporate and Other	$	347,297	$	357,071
Macao:
The Venetian Macao	1,843,542		1,893,032
Sands Cotai Central	3,897,675		3,814,699
Four Seasons Macao	917,994		932,034
Sands Macao	277,021		286,640
Other Asia	171,689		177,335
The Parisian Macao	1,152,042		804,328
	8,259,963		7,908,068
Marina Bay Sands	4,712,035		4,874,263
United States:
Las Vegas Operating Properties	2,972,618		3,024,380
Sands Bethlehem	554,788		561,782
	3,527,406		3,586,162
Total long-lived assets	$	16,846,701	$	16,725,564

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Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	$ 1,581,533	$ 2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(549)	559
Capital expenditures	(719,239)	(526,838)
Proceeds from disposal of property and equipment	639	1,106
Net cash used in investing activities	(719,149)	(525,173)
Cash flows from financing activities:
Proceeds from exercise of stock options	8,078	45,118
Excess tax benefit from stock option exercises	2,242	2,755
Repurchase of common stock	(64,994)	(1,139,415)
Dividends paid	(1,345,804)	(1,585,655)
Distributions to noncontrolling interests	(6,871)	(4,731)
Proceeds from long-term debt	1,459,277	1,857,725
Repayments of long-term debt and capital leases	(1,569,609)	(1,296,058)
Payments of deferred financing costs	(11,745)	(57,244)
Net cash used in financing activities	(1,529,426)	(2,177,505)
Effect of exchange rate on cash	(20,597)	4,147
Increase (decrease) in cash and cash equivalents	(687,639)	(307,687)
Cash and cash equivalents at beginning of period	3,506,319	3,600,414
Cash and cash equivalents at end of period	2,818,680	3,292,727
2011 VML Credit Facility [Member]
Cash flows from financing activities:
Proceeds from long-term debt	999,277	819,725
Repayments of long-term debt	(820,188)	(819,680)
2013 U.S Credit Facility [Member]
Cash flows from financing activities:
Proceeds from long-term debt	460,000	1,038,000
Repayments of long-term debt	(711,250)	(471,250)
2012 Singapore Credit Facility [Member]
Cash flows from financing activities:
Repayments of long-term debt	(34,316)
Airplane Financings [Member]
Cash flows from financing activities:
Repayments of long-term debt	(1,844)	(1,844)
HVAC Equipment Lease and Other Long-Term Debt [Member]
Cash flows from financing activities:
Repayments of long-term debt and capital leases	(2,011)	(3,284)
Consolidating/Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	(2,135,843)	(3,622,076)
Cash flows from investing activities:
Dividends received from non-restricted subsidiaries	(959,060)	(1,092,406)
Repayments of receivable from non-restricted subsidiaries	(1,287)	(935)
Capital contributions to subsidiaries	907,460	1,047,406
Net cash used in investing activities	(52,887)	(45,935)
Cash flows from financing activities:
Dividends paid to LVSC	1,102,212	2,192,356
Dividends paid to Restricted Subsidiaries	1,992,691	2,522,126
Capital contributions received	(907,460)	(1,047,406)
Repayments on borrowings from Restricted Subsidiaries	1,287	935
Net cash used in financing activities	2,188,730	3,668,011
Las Vegas Sands Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	1,036,884	2,094,753
Cash flows from investing activities:
Capital expenditures	(6,906)	(19,271)
Net cash used in investing activities	(6,906)	(19,271)
Cash flows from financing activities:
Proceeds from exercise of stock options	5,566	38,454
Excess tax benefit from stock option exercises	2,242	2,755
Repurchase of common stock	(64,994)	(1,139,415)
Dividends paid	(1,037,721)	(809,085)
Net cash used in financing activities	(1,096,751)	(1,909,135)
Increase (decrease) in cash and cash equivalents	(66,773)	166,347
Cash and cash equivalents at beginning of period	114,125	50,180
Cash and cash equivalents at end of period	47,352	216,527
Las Vegas Sands Corp. [Member] | Airplane Financings [Member]
Cash flows from financing activities:
Repayments of long-term debt	(1,844)	(1,844)
Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	1,207,968	1,609,083
Cash flows from investing activities:
Capital expenditures	(35,478)	(39,995)
Proceeds from disposal of property and equipment	12	667
Dividends received from non-restricted subsidiaries	959,060	1,092,406
Repayments of receivable from non-restricted subsidiaries	1,287	935
Capital contributions to subsidiaries	(907,460)	(1,047,406)
Net cash used in investing activities	17,421	6,607
Cash flows from financing activities:
Distributions to noncontrolling interests	(1,497)	(1,076)
Dividends paid to LVSC	(1,046,031)	(2,150,104)
Net cash used in financing activities	(1,299,745)	(1,585,643)
Increase (decrease) in cash and cash equivalents	(74,356)	30,047
Cash and cash equivalents at beginning of period	345,399	315,489
Cash and cash equivalents at end of period	271,043	345,536
Restricted Subsidiaries [Member] | 2013 U.S Credit Facility [Member]
Cash flows from financing activities:
Proceeds from long-term debt	460,000	1,038,000
Repayments of long-term debt	(711,250)	(471,250)
Restricted Subsidiaries [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member]
Cash flows from financing activities:
Repayments of long-term debt and capital leases	(967)	(1,213)
Non-Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	1,472,524	2,309,084
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(549)	559
Capital expenditures	(676,855)	(467,572)
Proceeds from disposal of property and equipment	627	439
Net cash used in investing activities	(676,777)	(466,574)
Cash flows from financing activities:
Proceeds from exercise of stock options	2,512	6,664
Dividends paid	(308,083)	(776,570)
Distributions to noncontrolling interests	(5,374)	(3,655)
Dividends paid to LVSC	(56,181)	(42,252)
Dividends paid to Restricted Subsidiaries	(1,992,691)	(2,522,126)
Capital contributions received	907,460	1,047,406
Repayments on borrowings from Restricted Subsidiaries	(1,287)	(935)
Payments of deferred financing costs	(11,745)	(57,244)
Net cash used in financing activities	(1,321,660)	(2,350,738)
Effect of exchange rate on cash	(20,597)	4,147
Increase (decrease) in cash and cash equivalents	(546,510)	(504,081)
Cash and cash equivalents at beginning of period	3,046,795	3,234,745
Cash and cash equivalents at end of period	2,500,285	2,730,664
Non-Restricted Subsidiaries [Member] | 2011 VML Credit Facility [Member]
Cash flows from financing activities:
Proceeds from long-term debt	999,277	819,725
Repayments of long-term debt	(820,188)	(819,680)
Non-Restricted Subsidiaries [Member] | 2012 Singapore Credit Facility [Member]
Cash flows from financing activities:
Repayments of long-term debt	(34,316)
Non-Restricted Subsidiaries [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member]
Cash flows from financing activities:
Repayments of long-term debt and capital leases	$ (1,044)	$ (2,071)

XML

Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	$ 1,519,647	$ 2,072,177
Interest Rate Caps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	[2]	0	3
Quoted Market Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	1,519,647	2,072,177
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	[2]	$ 0	$ 3

[1] The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

[2] As of June 30, 2015 and December 31, 2014, the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements.

XML

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total assets in Company's joint ventures	$ 83.8	$ 85.0
Total liabilities in Company's joint ventures	$ 141.3	$ 130.6

XML

Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,818,680	$ 3,506,319	$ 3,292,727	$ 3,600,414
Restricted cash and cash equivalents	7,120	6,566
Accounts receivable, net	1,342,146	1,510,772
Inventories	39,820	41,674
Prepaid expenses and other	110,844	125,168
Total current assets	4,318,610	5,190,499
Property and equipment, net	15,525,414	15,372,474
Deferred financing costs, net	194,573	205,596
Deferred income taxes, net	46,613	31,720
Leasehold interests in land, net	1,321,287	1,353,090
Intangible assets, net	78,845	86,260
Other assets, net	122,867	122,052
Total assets	21,608,209	22,361,691
Accounts payable	93,621	112,721
Construction payables	288,289	270,929
Accrued interest payable	1,658	7,943
Other accrued liabilities	1,978,826	1,984,444
Deferred income taxes	13,774	12,522
Income taxes payable	216,939	224,201
Current maturities of long-term debt	98,227	99,734
Total current liabilities	2,691,334	2,712,494
Other long-term liabilities	127,614	124,614
Deferred income taxes	180,514	188,935
Deferred amounts related to mall transactions	419,854	422,153
Long-term debt	9,720,134	9,892,913
Total liabilities	13,139,450	13,341,109
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384	7,213,586
Noncontrolling interests	1,397,375	1,806,996
Total equity	8,468,759	9,020,582	8,738,558	9,500,529
Total liabilities and equity	21,608,209	22,361,691
Consolidating/Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany receivables	(803,364)	(687,125)
Intercompany notes receivable	(374,640)	(370,836)
Deferred income taxes, net	(39,736)	(39,239)
Prepaid expenses and other	(1,028)	(461)
Total current assets	(1,218,768)	(1,097,661)
Investments in subsidiaries	(12,338,635)	(12,875,205)
Intercompany receivables	(17,691)	(38,989)
Intercompany notes receivable	(1,344,397)	(1,250,544)
Deferred income taxes, net	(99,493)	(96,243)
Total assets	(15,018,984)	(15,358,642)
Intercompany payables	(803,364)	(687,125)
Intercompany notes payable	(374,640)	(370,836)
Deferred income taxes	(39,736)	(39,239)
Income taxes payable	(1,028)	(461)
Total current liabilities	(1,218,768)	(1,097,661)
Intercompany payables	(17,691)	(38,989)
Intercompany notes payable	(1,344,397)	(1,250,544)
Deferred income taxes	(99,493)	(96,243)
Total liabilities	(2,680,349)	(2,483,437)
Total Las Vegas Sands Corp. stockholders’ equity	(12,338,635)	(12,875,205)
Total equity	(12,338,635)	(12,875,205)
Total liabilities and equity	(15,018,984)	(15,358,642)
Las Vegas Sands Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	47,352	114,125	216,527	50,180
Intercompany receivables	536,657	431,754
Accounts receivable, net	3,077	15,144
Inventories	6,085	5,238
Deferred income taxes, net	6,050	6,803
Prepaid expenses and other	20,987	26,210
Total current assets	620,208	599,274
Property and equipment, net	123,479	130,155
Investments in subsidiaries	6,851,761	7,010,357
Deferred financing costs, net	94	123
Intercompany receivables	215	226
Intangible assets, net	690	690
Other assets, net	380	714
Total assets	7,596,827	7,741,539
Accounts payable	5,377	8,065
Construction payables	268	156
Intercompany notes payable	374,640	370,836
Accrued interest payable	74	76
Other accrued liabilities	22,011	31,050
Income taxes payable	3,079
Current maturities of long-term debt	3,688	3,688
Total current liabilities	409,137	413,871
Other long-term liabilities	2,988	3,014
Deferred income taxes	55,179	51,085
Long-term debt	58,139	59,983
Total liabilities	525,443	527,953
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384	7,213,586
Total equity	7,071,384	7,213,586
Total liabilities and equity	7,596,827	7,741,539
Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	271,043	345,399	345,536	315,489
Intercompany receivables	266,707	255,371
Accounts receivable, net	237,476	270,838
Inventories	10,949	10,745
Deferred income taxes, net	32,874	31,240
Prepaid expenses and other	16,232	11,889
Total current assets	835,281	925,482
Property and equipment, net	2,929,030	2,979,485
Investments in subsidiaries	5,486,874	5,864,848
Deferred financing costs, net	22,361	25,153
Intercompany receivables	17,476	38,763
Intercompany notes receivable	1,344,397	1,250,544
Other assets, net	21,111	19,736
Total assets	10,656,530	11,104,011
Accounts payable	26,590	25,489
Construction payables	5,588	4,001
Intercompany payables	490,309	430,596
Accrued interest payable	1,172	1,030
Other accrued liabilities	221,509	233,781
Current maturities of long-term debt	24,045	24,224
Total current liabilities	769,213	719,121
Other long-term liabilities	8,941	9,255
Deferred income taxes	44,313	45,158
Deferred amounts related to mall transactions	419,854	422,153
Long-term debt	2,979,420	3,230,653
Total liabilities	4,221,741	4,426,340
Total Las Vegas Sands Corp. stockholders’ equity	6,434,384	6,677,266
Noncontrolling interests	405	405
Total equity	6,434,789	6,677,671
Total liabilities and equity	10,656,530	11,104,011
Non-Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	2,500,285	3,046,795	$ 2,730,664	$ 3,234,745
Restricted cash and cash equivalents	7,120	6,566
Intercompany notes receivable	374,640	370,836
Accounts receivable, net	1,101,593	1,224,790
Inventories	22,786	25,691
Deferred income taxes, net	812	1,196
Prepaid expenses and other	74,653	87,530
Total current assets	4,081,889	4,763,404
Property and equipment, net	12,472,905	12,262,834
Deferred financing costs, net	172,118	180,320
Deferred income taxes, net	146,106	127,963
Leasehold interests in land, net	1,321,287	1,353,090
Intangible assets, net	78,155	85,570
Other assets, net	101,376	101,602
Total assets	18,373,836	18,874,783
Accounts payable	61,654	79,167
Construction payables	282,433	266,772
Intercompany payables	313,055	256,529
Accrued interest payable	412	6,837
Other accrued liabilities	1,735,306	1,719,613
Deferred income taxes	53,510	51,761
Income taxes payable	214,888	224,662
Current maturities of long-term debt	70,494	71,822
Total current liabilities	2,731,752	2,677,163
Other long-term liabilities	115,685	112,345
Intercompany payables	17,691	38,989
Intercompany notes payable	1,344,397	1,250,544
Deferred income taxes	180,515	188,935
Long-term debt	6,682,575	6,602,277
Total liabilities	11,072,615	10,870,253
Total Las Vegas Sands Corp. stockholders’ equity	5,904,251	6,197,939
Noncontrolling interests	1,396,970	1,806,591
Total equity	7,301,221	8,004,530
Total liabilities and equity	$ 18,373,836	$ 18,874,783

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Organization and Business of Company

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business of Company

ORGANIZATION AND BUSINESS OF COMPANY

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2014, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company’s common stock is traded on the New York Stock Exchange under the symbol “LVS.”

The ordinary shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China) are listed on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). The shares were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements.

Operations

Macao

The Company currently owns 70.1% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession agreement, which expires in June 2022.

The Company owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao. The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 376,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; a mall with retail and dining space of approximately 925,000 square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.

The Company owns the Sands Cotai Central, an integrated resort situated across the street from The Venetian Macao and Four Seasons Macao (which is further described below). The Sands Cotai Central opened in phases, beginning in April 2012. The property currently features three hotel towers: the first hotel tower, consisting of approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; the second hotel tower, consisting of approximately 1,800 rooms and suites under the Sheraton brand; and the third hotel tower, consisting of approximately 2,100 rooms and suites under the Sheraton brand. Within Sands Cotai Central, the Company also owns and currently operates approximately 370,000 square feet of gaming space, approximately 350,000 square feet of meeting space and approximately 330,000 square feet of retail space, as well as entertainment and dining facilities. The Company has begun construction activities on the remaining phase of the project, which will include a fourth hotel and mixed-use tower under the St. Regis brand that is expected to open at the end of 2015, subject to Macao government approval. The total cost to complete the remaining phase of the project is expected to be approximately $380 million. Upon completion of the project, the integrated resort will feature approximately 370,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in late 2015). As of June 30, 2015, the Company has capitalized costs of $4.69 billion for the entire project, including the land premium (net of amortization) and $76.8 million in outstanding construction payables.

 The Company owns the Four Seasons Hotel Macao, Cotai Strip (the “Four Seasons Hotel Macao”), which features 360 rooms and suites under the Four Seasons brand and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao”), which features approximately 105,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 258,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and is advancing its plans to monetize units within the Four Seasons Apartments.

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 241,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which features three55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum.

United States

Las Vegas

The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; and the Grand Canal Shoppes, which consist of two enclosed retail, dining and entertainment complexes that were sold to GGP Limited Partnership (“GGP,” see “— Note 2 — Property and Equipment, Net”).

Pennsylvania

The Company owns and operates the Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center. The Company owns 86% of the economic interest in the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC.

Development Projects

Macao

The Company submitted plans to the Macao government for The Parisian Macao, an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao is intended to include a gaming area (to be operated under the Company’s gaming subconcession), a hotel with over 3,000 rooms and suites and retail, entertainment, dining and meeting facilities. The Company has commenced construction and expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion, inclusive of payments made for the land premium. As with projects of this nature, the Company will continue to analyze options for both a full and phased opening of the facility, which is anticipated to open in the second half of 2016, subject to Macao government approval. The Company has capitalized costs of $1.15 billion, including the land premium (net of amortization) and $116.6 million in outstanding construction payables, as of June 30, 2015. In addition, the Company will be completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government.

Under the Company’s land concession for The Parisian Macao, the Company is required to complete the development by April 2016. The land concession for Sands Cotai Central contains a similar requirement, which was extended by the Macao government in April 2014, that the development be completed by December 2016. The Company has applied for an extension from the Macao government to complete The Parisian Macao, as the Company believes it will be unable to meet the April 2016 deadline. Should the Company determine that it is unable to complete Sands Cotai Central by December 2016, the Company would then also expect to apply for another extension from the Macao government. If the Company is unable to meet the Sands Cotai Central deadline and the deadlines for either development are not extended, the Company could lose its land concessions for The Parisian Macao or Sands Cotai Central, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $1.15 billion or $4.69 billion in capitalized construction costs and land premiums (net of amortization), as of June 30, 2015, related to The Parisian Macao and Sands Cotai Central, respectively.

United States

The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company intends to recommence construction when demand and conditions improve. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty. Should demand and conditions fail to improve or management decides to abandon the project, the Company could record a charge for some portion of the $178.6 million in capitalized construction costs as of June 30, 2015.

Other

The Company continues to aggressively pursue new development opportunities globally.

Capital Financing Overview

Through June 30, 2015, the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets.

The Company held unrestricted cash and cash equivalents of $2.82 billion and restricted cash and cash equivalents of $7.1 million as of June 30, 2015. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company may elect to arrange additional financing to fund the balance of its Cotai Strip developments. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017, with early application not being permitted. The Company is currently assessing the impact that the guidance will have on the Company's financial condition and results of operations.

In April 2015, the FASB issued an accounting standard update to simplify the presentation of debt issuance costs. The update requires that debt issuance costs be reported as a deduction of the face amount of the related debt (rather than as an asset) and that the amortization of debt issuance costs continue to be reported as interest expense. The amendments do not affect the guidance on the recognition and measurement of debt issuance costs. The guidance will be required to be applied on a retrospective basis and will be effective for fiscal years beginning after December 31, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance will not have a material effect on the Company's financial condition, results of operations or cash flows.

In July 2015, the FASB issued an accounting standard update that requires inventory measured using any method other than last-in, first-out or the retail inventory method, to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. If the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss during the period in which it occurs. The guidance is effective for fiscal years beginning after December 15, 2016, and should be applied prospectively, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations or cash flows.

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Fair Value Measurements - Schedule of Fair Value Measurements - Footnotes (Details) - Derivative	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, original maturities	less than 90 days
Interest Rate Caps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of interest rate cap agreements	1	4

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Property and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Construction in Progress by Project [Line Items]
Property and equipment, gross	$ 21,658,060	$ 21,055,743
Construction in Progress [Member]
Construction in Progress by Project [Line Items]
Property and equipment, gross	2,319,805	1,796,554
Construction in Progress [Member] | The Parisian Macao [Member]
Construction in Progress by Project [Line Items]
Property and equipment, gross	1,097,603	749,176
Construction in Progress [Member] | Four Seasons Macao (Principally the Four Seasons Apartments) [Member]
Construction in Progress by Project [Line Items]
Property and equipment, gross	420,170	417,920
Construction in Progress [Member] | Sands Cotai Central [Member]
Construction in Progress by Project [Line Items]
Property and equipment, gross	453,420	289,518
Construction in Progress [Member] | Other [Member]
Construction in Progress by Project [Line Items]
Property and equipment, gross	$ 348,612	$ 339,940

XML

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,658,060	$ 21,055,743
Less — accumulated depreciation and amortization	(6,132,646)	(5,683,269)
Property and equipment, net	15,525,414	15,372,474
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	551,241	551,625
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,169,341	15,187,427
Furniture, Fixtures, Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,162,457	3,065,859
Transportation [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	455,216	454,278
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,319,805	$ 1,796,554

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Commitments and Contingencies (Details) MOP in Billions												1 Months Ended
	Mar. 06, 2015 USD ($)	Jul. 09, 2014 USD ($)	Oct. 17, 2013 USD ($)	May. 28, 2013 USD ($)	May. 14, 2013 USD ($)	Sep. 14, 2012 USD ($)	Jan. 19, 2012 USD ($)	Jan. 19, 2012 MOP	Jun. 30, 2008 USD ($)	May. 24, 2008 USD ($)	Oct. 15, 2004 USD ($)	Aug. 31, 2013 USD ($)
Suen and Round Square Company Limited [Member]
Loss Contingencies [Line Items]
Loss contingency allegations, success fee											$ 5,000,000
Loss contingency allegations, net profit percentage											2.00%
Suen and Round Square Company Limited [Member] | Jury Verdict [Member]
Loss Contingencies [Line Items]
Loss contingency, amount awarded under appeal or stay					$ 70,000,000					$ 43,800,000
Suen and Round Square Company Limited [Member] | Judgment Including Interest as of Judgment Date [Member]
Loss Contingencies [Line Items]
Loss contingency, amount awarded under appeal or stay				$ 101,600,000					$ 58,600,000
Suen and Round Square Company Limited [Member] | Costs and Fees [Member]
Loss Contingencies [Line Items]
Loss contingency, amount awarded under appeal or stay			$ 1,000,000
Steven Jacobs Matter [Member]
Loss Contingencies [Line Items]
Loss contingency, fines paid						$ 25,000
Steven Jacobs Matter [Member] | Costs and Fees [Member]
Loss Contingencies [Line Items]
Loss contingency, amount awarded under appeal or stay	$ 250,000
Asian American Entertainment Corporation, Limited [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought		$ 5,000,000,000					$ 375,700,000	MOP 3.0
U.S. Attorneys Office [Member]
Loss Contingencies [Line Items]
Legal settlement												$ 47,400,000

XML

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 24, 2011	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 21,658,060		$ 21,658,060		$ 21,055,743
Mall sale, deferred proceeds		268,570		268,570		268,710
Property and equipment, net		15,525,414		15,525,414		15,372,474
Accumulated depreciation and amortization		6,132,646		6,132,646		5,683,269
Capitalized interest expense		5,500	$ 1,500	9,700	$ 3,200
Capitalized internal costs		8,100	$ 6,200	15,600	$ 14,100
The Shoppes At Palazzo [Member]
Property, Plant and Equipment [Line Items]
Mall sale, proceeds	$ 295,400
Mall sale, deferred proceeds	$ 266,200
Property and equipment, net		224,100		224,100		228,500
Accumulated depreciation and amortization		87,300		87,300
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		2,319,805		2,319,805		1,796,554
Construction in Progress [Member] | Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 348,612		$ 348,612		$ 339,940

XML

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, including current maturities	$ 9,818,361	$ 9,992,647
Less - current maturities	(98,227)	(99,734)
Total long-term debt	9,720,134	9,892,913
Secured Debt [Member] | 2013 U.S. Credit Facility Term B [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Long-term debt	2,207,411	2,217,857
Secured Debt [Member] | 2013 U.S. Credit Facility Revolving [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Long-term debt	780,000	1,020,000
Secured Debt [Member] | Airplane Financings [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Long-term debt	61,827	63,671
Secured Debt [Member] | Extended 2011 VML Credit Facility Term [Member] | MACAO [Member]
Debt Instrument [Line Items]
Long-term debt	2,389,289	2,388,244
Secured Debt [Member] | 2011 VML Accordion Term [Member] | MACAO [Member]
Debt Instrument [Line Items]
Long-term debt	999,804	0
Secured Debt [Member] | Extended 2011 VML Credit Facility Revolving [Member] | MACAO [Member]
Debt Instrument [Line Items]
Long-term debt	0	820,024
Secured Debt [Member] | 2012 Singapore Credit Facility Term [Member] | SINGAPORE [Member]
Debt Instrument [Line Items]
Long-term debt	3,359,325	3,460,137
Capital Lease Obligations [Member] | HVAC Equipment Lease [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Capital lease obligations	15,859	16,619
Other [Member] | Other [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Long-term debt, including current maturities	195	401
Other [Member] | Other [Member] | MACAO [Member]
Debt Instrument [Line Items]
Long-term debt, including current maturities	$ 4,651	$ 5,694

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Condensed Consolidated Statements of Cash Flows (Unaudited) Supplemental Disclosures - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	$ 108,815	$ 110,499
Cash payments for taxes, net of refunds	121,228	102,387
Change in construction payables	17,360	(27,161)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs	325	1,115
Change in dividends payable included in other accrued liabilities	311,114	(6)
Disposition of interest in majority owned subsidiary	0	487
Change in common stock repurchase payable included in other accrued liabilities	0	(9,370)
Conversion of equity awards to liability awards	$ 5,472	$ 0

XML

Long-term Debt - Schedule of Long-term Debt - OID (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Secured Debt [Member] | 2013 U.S. Credit Facility Term B [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 8,839	$ 9,643

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Stock-Based Employee Compensation - Additional Information (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
SCL Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities, cash paid	$ 2.9	$ 2.9

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 2,818,680	$ 3,506,319
Restricted cash and cash equivalents	7,120	6,566
Accounts receivable, net	1,342,146	1,510,772
Inventories	39,820	41,674
Prepaid expenses and other	110,844	125,168
Total current assets	4,318,610	5,190,499
Property and equipment, net	15,525,414	15,372,474
Deferred financing costs, net	194,573	205,596
Deferred income taxes, net	46,613	31,720
Leasehold interests in land, net	1,321,287	1,353,090
Intangible assets, net	78,845	86,260
Other assets, net	122,867	122,052
Total assets	21,608,209	22,361,691
Current liabilities:
Accounts payable	93,621	112,721
Construction payables	288,289	270,929
Accrued interest payable	1,658	7,943
Other accrued liabilities	1,978,826	1,984,444
Deferred income taxes	13,774	12,522
Income taxes payable	216,939	224,201
Current maturities of long-term debt	98,227	99,734
Total current liabilities	2,691,334	2,712,494
Other long-term liabilities	127,614	124,614
Deferred income taxes	180,514	188,935
Deferred proceeds from sale of The Shoppes at The Palazzo	268,570	268,710
Deferred gain on sale of The Grand Canal Shoppes	36,549	37,968
Deferred rent from mall sale transactions	114,735	115,475
Long-term debt	9,720,134	9,892,913
Total liabilities	$ 13,139,450	$ 13,341,109
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 829,707,594 and 829,280,328 shares issued, 797,397,901 and 798,258,172 shares outstanding	$ 830	$ 829
Treasury stock, at cost, 32,309,693 shares and 31,022,156 shares	(2,302,946)	(2,237,952)
Capital in excess of par value	6,457,705	6,428,762
Accumulated other comprehensive income	26,403	76,101
Retained earnings	2,889,392	2,945,846
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384	7,213,586
Noncontrolling interests	1,397,375	1,806,996
Total equity	8,468,759	9,020,582
Total liabilities and equity	$ 21,608,209	$ 22,361,691

XML

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net revenues		$ 2,921,421	$ 3,624,350	$ 5,933,043	$ 7,634,734
Adjusted property EBITDA	[1]	1,016,158	1,312,643	2,066,666	2,792,342
Stock-based compensation		(8,646)	(8,050)	(12,621)	(15,657)
Corporate		(44,565)	(45,123)	(89,788)	(95,800)
Pre-opening		(10,654)	(16,141)	(20,233)	(20,441)
Development		(2,348)	(4,217)	(3,881)	(5,909)
Depreciation and amortization		(248,592)	(264,016)	(502,514)	(525,063)
Amortization of leasehold interests in land		(9,485)	(10,040)	(19,323)	(20,066)
Loss on disposal of assets		(2,558)	(3,596)	(17,881)	(4,121)
Operating income		689,310	961,460	1,400,425	2,105,285
Interest income		4,062	5,697	10,440	11,500
Interest expense, net of amounts capitalized		(65,801)	(69,590)	(132,056)	(140,716)
Other income (expense)		(151)	2,194	15,314	(2,463)
Loss on modification or early retirement of debt		0	0	0	(17,964)
Income tax expense		(45,929)	(46,917)	(101,594)	(106,070)
Net income		581,491	852,844	1,192,529	1,849,572
Capital expenditures				719,239	526,838
Assets		21,608,209		21,608,209		$ 22,361,691
Long-lived assets		16,846,701		16,846,701		16,725,564
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Capital expenditures				6,904	19,670
Assets		513,116		513,116		613,683
Long-lived assets		347,297		347,297		357,071
MACAO [Member]
Segment Reporting Information [Line Items]
Net revenues		1,777,882	2,395,542	3,558,938	5,126,854
Adjusted property EBITDA	[1]	564,639	800,835	1,095,873	1,739,190
Capital expenditures				609,194	431,229
Assets		10,987,216		10,987,216		11,344,793
Long-lived assets		8,259,963		8,259,963		7,908,068
MACAO [Member] | The Venetian Macao [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	254,990	402,057	524,932	872,141
Capital expenditures				43,310	44,103
Assets		3,375,309		3,375,309		3,900,921
Long-lived assets		1,843,542		1,843,542		1,893,032
MACAO [Member] | Sands Cotai Central [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	164,210	248,973	320,120	514,179
Capital expenditures				221,069	156,725
Assets		4,690,028		4,690,028		4,761,907
Long-lived assets		3,897,675		3,897,675		3,814,699
MACAO [Member] | Four Seasons Macao [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	74,334	67,954	118,806	180,995
Capital expenditures				8,179	21,850
Assets		1,090,035		1,090,035		1,157,502
Long-lived assets		917,994		917,994		932,034
MACAO [Member] | Sands Macao [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	66,284	82,319	123,662	173,757
Capital expenditures				13,542	14,787
Assets		394,961		394,961		414,689
Long-lived assets		277,021		277,021		286,640
MACAO [Member] | Other Asia [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	4,821	(468)	8,353	(1,882)
Capital expenditures				1,473	1,116
Assets		282,782		282,782		304,463
Long-lived assets		171,689		171,689		177,335
MACAO [Member] | The Parisian Macao [Member]
Segment Reporting Information [Line Items]
Capital expenditures				321,621	192,648
Assets		1,154,010		1,154,010		805,220
Long-lived assets		1,152,042		1,152,042		804,328
MACAO [Member] | Other Development Projects [Member]
Segment Reporting Information [Line Items]
Assets		91		91		91
SINGAPORE [Member] | Marina Bay Sands [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	363,254	417,778	778,526	852,939
Capital expenditures				56,181	30,677
Assets		5,976,399		5,976,399		6,106,397
Long-lived assets		4,712,035		4,712,035		4,874,263
UNITED STATES [Member]
Segment Reporting Information [Line Items]
Net revenues		483,518	479,198	987,600	979,039
Adjusted property EBITDA	[1]	88,265	94,030	192,267	200,213
Capital expenditures				46,960	45,262
Assets		4,131,478		4,131,478		4,296,818
Long-lived assets		3,527,406		3,527,406		3,586,162
UNITED STATES [Member] | Las Vegas Operating Properties [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	54,166	66,115	128,275	145,767
Capital expenditures				37,917	40,320
Assets		3,473,432		3,473,432		3,623,808
Long-lived assets		2,972,618		2,972,618		3,024,380
UNITED STATES [Member] | Sands Bethlehem [Member]
Segment Reporting Information [Line Items]
Adjusted property EBITDA	[1]	34,099	27,915	63,992	54,446
Capital expenditures				9,043	4,942
Assets		658,046		658,046		673,010
Long-lived assets		554,788		554,788		$ 561,782
Operating Segments [Member] | MACAO [Member] | The Venetian Macao [Member]
Segment Reporting Information [Line Items]
Net revenues		739,454	1,032,746	1,526,645	2,217,337
Operating Segments [Member] | MACAO [Member] | Sands Cotai Central [Member]
Segment Reporting Information [Line Items]
Net revenues		554,231	784,776	1,125,995	1,612,359
Operating Segments [Member] | MACAO [Member] | Four Seasons Macao [Member]
Segment Reporting Information [Line Items]
Net revenues		204,116	228,492	365,367	598,508
Operating Segments [Member] | MACAO [Member] | Sands Macao [Member]
Segment Reporting Information [Line Items]
Net revenues		241,554	312,842	466,925	626,803
Operating Segments [Member] | MACAO [Member] | Other Asia [Member]
Segment Reporting Information [Line Items]
Net revenues		38,527	36,686	74,006	71,847
Operating Segments [Member] | SINGAPORE [Member] | Marina Bay Sands [Member]
Segment Reporting Information [Line Items]
Net revenues		713,042	804,690	1,497,858	1,640,113
Operating Segments [Member] | UNITED STATES [Member] | Las Vegas Operating Properties [Member]
Segment Reporting Information [Line Items]
Net revenues		346,016	353,075	722,399	735,733
Operating Segments [Member] | UNITED STATES [Member] | Sands Bethlehem [Member]
Segment Reporting Information [Line Items]
Net revenues		137,502	126,123	265,201	243,306
Intersegment eliminations [Member]
Segment Reporting Information [Line Items]
Net revenues		(53,021)	(55,080)	(111,353)	(111,272)
Intersegment eliminations [Member] | MACAO [Member]
Segment Reporting Information [Line Items]
Net revenues		(11,533)	(11,911)	(23,316)	(22,973)
Intersegment eliminations [Member] | MACAO [Member] | The Venetian Macao [Member]
Segment Reporting Information [Line Items]
Net revenues		(1,766)	(1,261)	(3,259)	(2,388)
Intersegment eliminations [Member] | MACAO [Member] | Sands Cotai Central [Member]
Segment Reporting Information [Line Items]
Net revenues		(78)	(77)	(156)	(146)
Intersegment eliminations [Member] | MACAO [Member] | Other Asia [Member]
Segment Reporting Information [Line Items]
Net revenues		(9,689)	(10,573)	(19,901)	(20,439)
Intersegment eliminations [Member] | SINGAPORE [Member] | Marina Bay Sands [Member]
Segment Reporting Information [Line Items]
Net revenues		(2,459)	(3,146)	(5,258)	(6,020)
Intersegment eliminations [Member] | UNITED STATES [Member] | Las Vegas Operating Properties [Member]
Segment Reporting Information [Line Items]
Net revenues		$ (39,029)	$ (40,023)	$ (82,779)	$ (82,279)

[1] Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

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Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2013	$ 9,500,529	$ 827	$ (570,520)	$ 6,348,065	$ 173,783	$ 1,713,339	$ 1,835,035
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,849,572					1,447,619	401,953
Currency translation adjustment, net of reclassification and after tax	34,198				33,538		660
Exercise of stock options	45,118	2		41,287			3,829
Tax benefit from stock-based compensation	2,755			2,755
Conversion of equity awards to liability awards	0
Stock-based compensation	27,298			24,191			3,107
Repurchase of common stock	(1,130,045)		(1,130,045)
Disposition of interest in majority owned subsidiary	(487)						(487)
Dividends declared	(1,585,649)					(809,079)	(776,570)
Distributions to noncontrolling interests	(4,731)						(4,731)
Ending Balance at Jun. 30, 2014	8,738,558	829	(1,700,565)	6,416,298	207,321	2,351,879	1,462,796
Beginning Balance at Dec. 31, 2014	9,020,582	829	(2,237,952)	6,428,762	76,101	2,945,846	1,806,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,192,529					981,096	211,433
Currency translation adjustment, net of reclassification and after tax	(48,588)				(49,698)		1,110
Exercise of stock options	8,078	1		6,291			1,786
Tax benefit from stock-based compensation	1,700			1,700
Conversion of equity awards to liability awards	(5,472)			(3,837)			(1,635)
Stock-based compensation	28,713			24,789			3,924
Repurchase of common stock	(64,994)		(64,994)
Disposition of interest in majority owned subsidiary	0
Dividends declared	(1,656,918)					(1,037,550)	(619,368)
Distributions to noncontrolling interests	(6,871)						(6,871)
Ending Balance at Jun. 30, 2015	$ 8,468,759	$ 830	$ (2,302,946)	$ 6,457,705	$ 26,403	$ 2,889,392	$ 1,397,375

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Equity and Earnings Per Share (Details)									1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 15, 2015 HKD / shares	Mar. 31, 2015 $ / shares	Feb. 27, 2015 HKD / shares	Jun. 30, 2014 HKD / shares	Jun. 30, 2014 $ / shares	Mar. 31, 2014 $ / shares	Feb. 26, 2014 HKD / shares	Jun. 28, 2013 $ / shares	Jul. 31, 2015 $ / shares	Oct. 31, 2014 USD ($)	Jun. 30, 2013 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Jul. 15, 2015 USD ($)	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($) shares
Class of Stock [Line Items]
Common stock, dividends paid, per share | $ / shares		$ 0.65			$ 0.65	$ 0.50		$ 0.50
Dividends declared															$ 1,656,918,000	$ 1,585,649,000
Common stock repurchased, shares | shares															1,287,537	14,203,078
Common stock repurchased, amount															$ 65,000,000	$ 1,130,000,000
Common stock, dividends, cash paid															1,345,804,000	1,585,655,000
Distributions to noncontrolling interests															6,871,000	4,731,000
Gain on dissolution of wholly owned foreign subsidiary													$ 5,300,000		5,300,000
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock, dividends paid, per share | $ / shares									$ 0.65
Sands China Ltd [Member]
Class of Stock [Line Items]
Common stock, dividends paid, per share | HKD / shares			HKD 0.99	HKD 0.86			HKD 0.87
Common stock, special dividends paid, per share | HKD / shares							HKD 0.77
Common stock, dividends, cash paid																2,600,000,000
Common stock, dividends, cash paid, retained by company																1,820,000,000
Sands China Ltd [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Common stock, dividends paid, per share | HKD / shares	HKD 1.00
Common stock, dividends, cash paid														$ 2,070,000,000
Common stock, dividends, cash paid, retained by company														$ 1,450,000,000
June 2013 Authorization [Member]
Class of Stock [Line Items]
Stock repurchase program, expiration											Jun. 05, 2015
Stock repurchase program, authorized amount											$ 2,000,000,000.0
October 2014 Authorization [Member]
Class of Stock [Line Items]
Stock repurchase program, expiration										Oct. 09, 2016
Stock repurchase program, authorized amount										$ 2,000,000,000.0
Retained Earnings [Member]
Class of Stock [Line Items]
Dividends declared															1,037,550,000	809,079,000
Retained Earnings [Member] | Scenario, Forecast [Member]
Class of Stock [Line Items]
Dividends declared												$ 518,000,000
Retained Earnings [Member] | Principal Stockholder's Family [Member]
Class of Stock [Line Items]
Dividends declared															561,200,000	431,700,000
Retained Earnings [Member] | All Other Shareholders [Member]
Class of Stock [Line Items]
Dividends declared															$ 476,300,000	$ 377,400,000

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Equity and Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:

	Three Months Ended   June 30,		Six Months Ended   June 30,
	2015	2014	2015	2014
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)	797,715,773	807,038,086	797,827,230	810,881,047
Potential dilution from stock options and restricted stock and stock units	837,144	2,185,965	904,170	2,423,093
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)	798,552,917	809,224,051	798,731,400	813,304,140
Antidilutive stock options excluded from the calculation of diluted earnings per share	6,070,416	1,441,300	6,052,807	1,441,300

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Equity and Earnings Per Share - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)	797,715,773	807,038,086	797,827,230	810,881,047
Potential dilution from stock options and restricted stock and stock units	837,144	2,185,965	904,170	2,423,093
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)	798,552,917	809,224,051	798,731,400	813,304,140
Antidilutive stock options excluded from the calculation of diluted earnings per share	6,070,416	1,441,300	6,052,807	1,441,300

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table provides the assets carried at fair value (in thousands):

			Fair Value Measurements Using:
	Total Carrying Value		Quoted Market Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2015
Cash equivalents(1)	$	1,519,647	$	1,519,647	$	—	$	—
Interest rate caps(2)	$	—	$	—	$	—	$	—
As of December 31, 2014
Cash equivalents(1)	$	2,072,177	$	2,072,177	$	—	$	—
Interest rate caps(2)	$	3	$	—	$	3	$	—

____________________

(1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2) As of June 30, 2015 and December 31, 2014, the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 1,192,529	$ 1,849,572
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	502,514	525,063
Amortization of leasehold interests in land	19,323	20,066
Amortization of deferred financing costs and original issue discount	21,930	27,629
Amortization of deferred gain on and rent from mall sale transactions	(2,159)	(2,394)
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo	280	491
Non-cash loss on modification or early retirement of debt	0	13,467
Loss on disposal of assets	17,881	4,121
Stock-based compensation expense	27,191	26,183
Provision for doubtful accounts	93,406	111,587
Foreign exchange (gain) loss	(5,153)	4,779
Excess tax benefits from stock-based compensation	(2,242)	(2,755)
Deferred income taxes	(21,503)	(12,224)
Changes in operating assets and liabilities:
Accounts receivable	63,385	129,067
Inventories	1,734	(1,022)
Prepaid expenses and other	12,296	(2,341)
Leasehold interests in land	(4,394)	(3,419)
Accounts payable	(18,625)	(1,074)
Accrued interest payable	(6,200)	(5,037)
Income taxes payable	(830)	14,229
Other accrued liabilities	(309,830)	(305,144)
Net cash generated from operating activities	1,581,533	2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(549)	559
Capital expenditures	(719,239)	(526,838)
Proceeds from disposal of property and equipment	639	1,106
Net cash used in investing activities	(719,149)	(525,173)
Cash flows from financing activities:
Proceeds from exercise of stock options	8,078	45,118
Excess tax benefits from stock-based compensation	2,242	2,755
Repurchase of common stock	(64,994)	(1,139,415)
Dividends paid	(1,345,804)	(1,585,655)
Distributions to noncontrolling interests	(6,871)	(4,731)
Proceeds from long-term debt (Note 3)	1,459,277	1,857,725
Repayments on long-term debt (Note 3)	(1,569,609)	(1,296,058)
Payments of deferred financing costs	(11,745)	(57,244)
Net cash used in financing activities	(1,529,426)	(2,177,505)
Effect of exchange rate on cash	(20,597)	4,147
Increase (decrease) in cash and cash equivalents	(687,639)	(307,687)
Cash and cash equivalents at beginning of period	3,506,319	3,600,414
Cash and cash equivalents at end of period	$ 2,818,680	$ 3,292,727

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	829,707,594	829,280,328
Common stock, shares outstanding	797,397,901	798,258,172
Treasury stock, shares	32,309,693	31,022,156

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows.

On October 15, 2004, Richard Suen and Round Square Company Limited (“RSC”) filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada (the “District Court”), asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court. On February 27, 2012, the District Court set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court granted both requests. The retrial began on March 27 and on May 14, 2013, the jury returned a verdict in favor of RSC in the amount of $70.0 million. On May 28, 2013, a judgment was entered in the matter in the amount of $101.6 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. On July 30, 2013, the District Court denied the Company’s motion. On October 17, 2013, the District Court entered an order granting plaintiffs' request for certain costs and fees associated with the litigation in the amount of approximately $1.0 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company filed its opening appellate brief with the Nevada Supreme Court on June 16, 2014. On August 19, 2014, the Nevada Supreme Court issued an order granting plaintiffs additional time until September 15, 2014, to file their answering brief. On September 15, 2014, RSC filed a request to the Nevada Supreme Court to file a brief exceeding the maximum number of words, which was granted. On October 10, 2014, RSC filed their answering brief. On January 9, 2015, the defendants filed their reply brief. The Company believes that it has valid bases in law and fact to appeal these verdicts. As a result, the Company believes that the likelihood that the amount of the judgments will be affirmed is not probable, and, accordingly, that the amount of any loss cannot be reasonably estimated at this time. Because the Company believes that this potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. In the event that the Company’s assumptions used to evaluate this matter as neither probable nor estimable change in future periods, it may be required to record a liability for an adverse outcome.

On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the District Court’s decision. On January 17, 2012, Mr. Jacobs filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to Mr. Jacobs’ opening brief. On March 8, 2012, the District Court set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court held a hearing to determine the outcome of certain discovery disputes and issued an Order on September 14, 2012. In its Order, the District Court fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order (the “January Writ”). On January 29, 2013, the District Court granted defendants' motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the January Writ. On February 28, 2013, the District Court ordered a hearing on plaintiff’s request for sanctions and additional discovery (the “February 28th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28th Order (the “April Writ”); and the Nevada Supreme Court ordered the plaintiff to answer the April Writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28th Order by the District Court until such time as the Nevada Supreme Court decides the April Writ. On June 18, 2013, the District Court scheduled the jurisdictional hearing for July 16-22, 2013 and issued an order allowing the plaintiff access to privileged communications of counsel to the Company (the “June 18th Order”). On June 21, 2013, the Company filed another writ with the Nevada Supreme Court challenging the June 18th Order (the “June Writ”). The Nevada Supreme Court accepted the June Writ on June 28, 2013, and issued a stay of the June 18th Order. On June 28, 2013, the District Court vacated the jurisdictional hearing. On July 3, 2013, the Company filed a motion with the Nevada Supreme Court to consolidate the pending writs (each of which have been fully briefed to the Nevada Supreme Court as of the date of this filing). On October 9, 2013, the Nevada Supreme Court heard arguments on the January Writ and plaintiff’s appeal of the District Court’s dismissal of plaintiff’s defamation claim against Mr. Adelson. The Nevada Supreme Court has taken both matters under advisement pending a decision. On January 29, 2014, the defendants filed Supplemental Authority and a Motion to Recall Mandate with the Nevada Supreme Court to (i) inform the Nevada Supreme Court of a recently decided U.S. Supreme Court case involving similar jurisdictional issues to this matter and (ii) given this new precedent, to review anew its August 26, 2011, writ of mandamus to the District Court, respectively. On February 27, 2014, the Nevada Supreme Court ruled in favor of the Company on the January Writ, which became effective on March 24, 2014. On March 3, 2014, the Nevada Supreme Court heard oral arguments on the April and June Writs. On May 30, 2014, the Nevada Supreme Court overturned the District Court’s dismissal of Mr. Jacob’s defamation claim against Mr. Adelson and remanded the claim for further determination. On June 17, 2014, Mr. Adelson filed a petition for rehearing with the Nevada Supreme Court and, on June 20, 2014, the Nevada Supreme Court ordered Mr. Jacobs to answer the petition for rehearing, which he did on July 7, 2014. On June 26, 2014, SCL filed a Motion for Summary Judgment with respect to jurisdiction with the District Court, which was denied on July 29, 2014. On June 30, 2014, Mr. Jacobs filed a motion for leave to file a second amended complaint. The defendants filed a notice of intent to oppose the motion for leave to file the second amended complaint. On July 1, 2014, Mr. Jacobs filed a motion to reconsider the dismissal of the defamation claim. On July 3, 2014, Mr. Adelson filed a notice of intent to oppose the motion to reconsider and requested oral argument. Also on July 3, 2014, the defendants filed a motion to continue the stay of the District Court’s March 26, 2013, order compelling the production of documents from Macao and a notice of intent to oppose plaintiff’s motion to reconsider the dismissal of his defamation claim against LVSC and SCL. On July 22, 2014, the defendants filed a motion for leave to file a reply in support of their petition for rehearing on the defamation claim with the Nevada Supreme Court. On July 22, 2014, SCL filed its reply in support of its Motion for Summary Judgment on jurisdiction and opposition to plaintiff’s counter Motion for Summary Judgment. On July 25, 2014, the Nevada Supreme Court granted defendants’ motion for leave to file a reply. On July 29, 2014, the Nevada Supreme Court heard the Motions for Summary Judgment and denied them both. On August 7, 2014, the Nevada Supreme Court denied the writ challenging the District Court’s order on plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On August 7, 2014, the Nevada Supreme Court granted in part defendants’ writ with respect to the District Court’s June 19, 2013, order requiring the production of privileged material. On August 7, 2014, the Nevada Supreme Court also denied rehearing on its reversal of the dismissal of the defamation claim by a vote of 4-3. On August 13, 2014, the District Court ruled that plaintiff may amend his complaint except for the defamation claim against Mr. Adelson until the remittitur from the Nevada Supreme Court is received. The District Court also allowed the sanctions hearing to move forward and is reviewing documents in camera to determine whether they were properly withheld on privilege grounds. On September 4, 2014, SCL filed its pre-hearing memorandum regarding the sanctions hearing regarding plaintiff’s March 26, 2013, Renewed Motion for Sanctions. On September 12, 2014, the plaintiff filed a motion for release of the privileged documents from the District Court appointed document custodian on the grounds of waiver. On September 16, 2014, the plaintiff filed a motion seeking to stop defendants from modifying their privilege log and seeking a waiver of all privilege claims as a result of alleged deficiencies in the original privilege. On September 26, 2014, after the Nevada Supreme Court issued its remittitur, plaintiff filed his motion for leave to file a third amended complaint against LVSC, SCL and Mr. Adelson. On September 26, 2014, the defendants filed their opposition to plaintiff’s motion for release of documents on the grounds of waiver. On October 3, 2014, the plaintiff filed his reply in support of his two waiver motions relating to the documents held by the District Court appointed custodian. On October 9, 2014, the District Court granted plaintiff's motion in part and denied the remainder. On October 17, 2014, SCL filed a motion to reconsider the District Court’s March 27, 2013, order concerning a discovery dispute. On October 10, 2014, Mr. Adelson filed his opposition to plaintiff's motion to file a third amended complaint, which SCL and LVSC joined on October 14, 2014. On October 30, 2014, the plaintiff filed his reply in support of his motion to file a third amended complaint. On November 5, 2014, the District Court ordered that SCL waived privilege on three confidential reports. On November 7, 2014, the District Court granted plaintiff's motion to file a third amended complaint. On November 7, 2014, defendants filed a motion for partial re-consideration of the November 5, 2014, order waiving privilege. On January 6, 2015, the District Court scheduled a sanctions hearing for February 9, 2015, and the evidentiary hearing on jurisdiction for April 20, 2015. On January 12, 2015, defendants each filed their motions to dismiss the third amended complaint. Defendants’ motions to dismiss the third amended complaint were fully briefed on February 19, 2015, and the District Court heard oral argument on February 27, 2015. In an order entered on March 30, 2015, the District Court denied Mr. Adelson’s motion to dismiss the defamation claim, but granted his motion to dismiss with respect to plaintiff’s wrongful discharge claim on the ground that Mr. Adelson was not the plaintiff’s employer. The District Court denied LVSC’s motion to dismiss and strike certain allegations in the complaint. The District Court reserved judgment on SCL’s motion to dismiss until after it ruled on jurisdiction. On April 7, 2015, LVSC filed a motion for reconsideration of the order on the limited ground that the court had erroneously stated that LVSC was in fact Plaintiff’s employer rather than stating that Plaintiff had alleged that he was LVSC’s employee. Plaintiff conceded that point in his response filed on April 20, 2015. A hearing was held on the motion for reconsideration on April 21, 2015.

The sanctions hearing was held over six days, beginning on February 9 and ending on March 3, 2015. On March 6, 2015, the District Court issued a decision and order imposing sanctions on SCL for violating its September 14, 2012 Order, which the District Court construed as prohibiting SCL from redacting any documents produced in response to jurisdictional discovery requests to comply with the Macao Data Privacy Act. On March 6, 2015, the District Court ordered additional discovery to be provided by SCL. The District Court also ordered SCL to pay a total of $250,000 to five different law-related entities. Finally, the District Court imposed evidentiary sanctions on SCL, prohibiting it from offering any affirmative evidence at the hearing on jurisdiction scheduled to begin on April 20, 2015, and stating that it would adversely infer, subject to SCL’s ability to rebut the inference within the evidentiary constraints imposed on it, that any document redacted to comply with the Macao Data Privacy Act would support plaintiff’s assertion of personal jurisdiction over SCL and would contradict SCL’s denial. SCL sought a stay of the order from the District Court on March 13, 2015, and when that was denied, from the Nevada Supreme Court on March 16, 2015. The Nevada Supreme Court granted a partial stay on March 17, 2015, staying SCL’s obligation to pay $250,000 and to run additional searches, but declining to stay the April 20, 2015 hearing on jurisdiction. SCL filed a petition for mandamus in the Nevada Supreme Court on March 20, 2015. Plaintiff filed his response on March 27, 2015, and SCL filed its reply on March 31, 2015. On April 2, 2015, the Nevada Supreme Court denied the mandamus petition with respect to everything but the $250,000 sanction and lifted the stay except with respect to that sanction. The jurisdictional hearing began on April 20, 2015, and concluded on May 7, 2015. On May 28, 2015, the District Court issued an order finding specific and general jurisdiction of SCL. On June 19, 2015, SCL filed a petition for writ of mandamus seeking review of the decision. On June 23, 2015, the Nevada Supreme Court entered an Order Directing Answer to the Jurisdictional Writ Petition and staying the May 28, 2015 Order. Also on June 23, 2015, SCL filed a writ petition challenging the District Court's order requiring the deposition of an SCL independent board member on U.S. soil. In conjunction with the June 23 writ petition, SCL also moved to stay the scheduled deposition and Plaintiff filed his opposition to the motion. Nevada Supreme Court filed its June 23, 2015 Order granting the emergency stay, accepting the writ and accepting Plaintiff's opposition to the motion to stay as the answer to the June 23 Petition. On June 26, 2015, Defendants filed a writ petition challenging the expedited trial date and discovery schedule set by the District Court, followed by a June 29, 2015 motion to stay all proceedings pending a decision on the writ petition. Plaintiff opposed the motion to stay on June 30, 2015. On July 1, 2015, the Nevada Supreme Court entered an order consolidating the three pending writ petitions, granting in part the stay sought in conjunction with the June 26, petition, ordering briefing on that petition. The Nevada Supreme Court's July 1, 2015 Order vacated the expedited trial date and the pretrial motions set by the District Court. On July 7, 2015, the Nevada Supreme Court filed an Order setting oral argument on all three pending writ petitions for September 1, 2015. On July 22, 2015, the Plaintiff filed his answer to the writ petition challenging the expedited trial date and related pretrial deadlines, and on July 23, Plaintiff answered the writ petition challenging the May 28 jurisdiction order. As of July 23, 2015, the three writ petitions filed in June 2015 are fully briefed and awaiting the September 1, 2015 oral argument. As a result of the Nevada Supreme Court's July 1, 2015 Order, the District Court issued a scheduling order setting a fact discovery cut-off of April 18, 2016, and a trial date of June 26, 2016.

Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above.

After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ.

As part of the 2012 annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls.

Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings:

• do not have a material impact on the financial statements of the Company;

• do not warrant any restatement of the Company’s past financial statements; and

• do not represent a material weakness in the Company’s internal controls over financial reporting as of June 30, 2015.

The investigation by the Audit Committee is complete. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, or the range of reasonably possible loss, if any.

On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (the “U.S. District Court”), against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing defendants’ Motion for Partial Reconsideration of the court’s order dated August 24, 2011, striking additional portions of the plaintiff’s complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiff filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process has been suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard the motion to dismiss and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants' motions to dismiss. On December 13, 2013, the defendants filed their answer to the Second Amended Complaint. Discovery in the matter has re-started. On January 8, 2014, plaintiffs filed a motion to expand the certified class period, which was granted by the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery is scheduled to close on December 18, 2015. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the District Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the District Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until a July 22, 2013, status hearing. On July 22, 2013, the District Court extended the stay until December 2, 2013, and then on December 2, 2013, extended it again until March 3, 2014. On March 3, 2014, the judge extended the stay until a status hearing set for September 4, 2014, when the judge extended the stay until the next status hearing set for March 5, 2015. At a status conference on March 5, 2015, the judge extended the stay for another 120 days. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel state court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned to a new judge. On April 11, 2014, the judge denied the motion to dismiss without prejudice and ordered the case stayed pending the outcome of the state court action in Kohanim described above. Since that date, the parties have filed two status reports indicating that the Kohanim action is still stayed and not resolved. There have been no other filings and the case remains stayed. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On January 23, 2014, W.A. Sokolowski filed a shareholder derivative action (the "Sokolowski action") purporting to act on behalf of the Company and in his individual capacity as a shareholder in the U.S. District Court for the District of Nevada against Sheldon G. Adelson, Michael A. Leven, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Charles A. Koppelman, Jeffrey H. Schwartz, Victor Chaltiel and Irwin A. Siegel, each of whom was serving on the Board of Directors (collectively, the “Directors”), as well as against Frederick Hipwell, a partner at PricewaterhouseCoopers LLP (“PwC”), the Company’s former auditor. The complaint alleges, among other things, that the Directors breached their fiduciary duties to the Company by attempting to conceal certain alleged misrepresentations and wrongdoing by the Company’s management, concealed certain facts in connection with audits performed by PwC and caused the issuance of a false or misleading proxy statement in 2013. The complaint seeks, among other things the appointment of a conservator or special master to oversee the Company’s discussions with governmental agencies as well as to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. The Company filed a motion to dismiss the complaint on February 13, 2014. On February 28, 2014, defendant Hipwell filed his motion to dismiss the complaint. On March 12, 2014, the plaintiff filed its response to the Company’s motion to dismiss and on March 26, 2014, the Company filed its reply. On March 31, 2014, the plaintiff filed its response to Hipwell’s motion to dismiss and on April 10, 2014, Hipwell filed his reply. On April 1, 2014, the plaintiff filed a renewed motion for expedited discovery (the first motion was filed on January 24, 2014 and was denied by the judge). The Company filed its response on April 18, 2014. On May 2, 2014, the U.S. District Court denied this second motion. On May 9, 2014, Directors Ader, Chafetz, Chaltiel, Forman, Koppelman and Leven filed their motion to dismiss. On June 10, 2014, the plaintiff filed its opposition to these Directors motion to dismiss. On June 30, 2014, these Directors filed their reply. On July 30, 2014, the U.S. District Court granted the Company’s motion to dismiss the complaint, finding plaintiff had failed to allege stock ownership facts demonstrating standing to sue, with leave for plaintiff to amend his complaint to demonstrate stock ownership with more particularity. On August 29, 2014, the plaintiff filed an amended complaint and, on September 15, 2014, the served defendants filed their motions to dismiss the amended complaint. The plaintiff's opposition to the Company's motion to dismiss was filed on October 22, 2014, and to the individuals' motions to dismiss on October 29, 2014. Plaintiffs also filed an opposition to Hipwell's motion on November 3, 2014, and opposed Mr. Adelson's joinder on December 9, 2014. The served defendants' reply briefs were filed on November 24, 25 and 26, 2014. On December 16, 2014, Mr. Adelson filed a reply brief. On March 3, 2015, the U.S. District Court denied, without prejudice, plaintiff's motion to substitute the estates of the late Messrs. Chaltiel and Schwartz. By order dated June 16, 2015, the U.S. District Court granted defendants’ motions to dismiss. The U.S. District Court did not dismiss the claims with prejudice, but it did not provide for further leave to amend and directed that the clerk close the case. On June 16, 2015, the U S. District Court entered a “Judgment In A Civil Case” pursuant to the court’s order. On June 29, 2015, plaintiff moved to re-open the dismissal order to request further leave to amend, arguing that no judgment was entered. The Company opposed the motion and on July 30, 2015, the U.S. District Court denied the motion. On July 16, 2015, the Company also filed a motion requesting the U.S. District Court make the findings regarding Federal Rules of Civil Procedure 11 (“Rule 11”) compliance required at the conclusion of a Securities Exchange Act of 1934, as amended, case, and to find that plaintiff’s counsel violated Rule 11 by filing and defending the amended complaint. On July 27, 2015, plaintiff filed a response to the Company's motion. At this stage of the proceedings with only the Rule 11 sanction pending against plaintiff and a possible appeal by plaintiff, management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 6, 2014, the Board of Directors of the Company received a shareholder demand letter from a purported shareholder named the John F. Scarpa Foundation ("Scarpa"). This letter recites substantially the same allegations as the complaint filed in the Sokolowski action and demands that the same claims be asserted by the Company, which was delivered to the Company by the same counsel representing Mr. Sokolowski. The Company responded, through its counsel, on March 26, 2014. Scarpa then sent a revised demand letter to the Board of Directors on March 31, 2014. The Company responded, through its counsel, on April 8, 2014. Scarpa then sent an additional demand letter dated August 14, 2014 to which the Company responded on August 22, 2014. This matter is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter, whether this matter will result in litigation or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and VCR (collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375.7 million at exchange rates in effect on June 30, 2015) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. On September 23, 2013, the three U.S. Defendants filed a motion with the Macao Second Instance Court, seeking recognition and enforcement of the U.S. Court of Appeals ruling in the Prior Action, referred to below, given on April 10, 2009, which partially dismissed AAEC’s claims against the three U.S. Defendants. On April 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings, and that the claim should proceed exclusively against the three U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. The Macao Judicial Court further held that the existence of the pending application for recognition and enforcement of the U.S. Court of Appeals ruling before the Macao Second Instance Court did not justify a stay of the proceedings against the three U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the three U.S. Defendants could be reviewed after the Macao Second Instance Court had issued its decision. On June 25, 2014, the Macao Second Instance Court delivered a decision, which gave formal recognition to and allowed enforcement in Macao of the judgment of the U.S. Court of Appeals, dismissing AAEC's claims against the U.S. Defendants. AAEC appealed against the recognition decision to the Macao Court of Final Appeal, which, on May 6, 2015, dismissed the appeal and held the U.S. judgment to be final and have preclusive effect. The Court of Final Appeal's decision became final on May 21, 2015. On June 5, 2015, the three U.S. Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata. AAEC filed its response to that application on June 30, 2015. The three U.S. Defendants filed their reply on July 23, 2015. On March 25, 2015, application was made by the U.S. Defendants to the Macao Judicial Court to revoke the legal aid granted to AAEC, accompanied by a request for evidence taking from AAEC, relating to the fees and expenses that they incurred and paid in the U.S. subsequent action referred to in the following sentence. No decision has been issued in respect to that application up to the present time. On July 9, 2014, the plaintiff filed yet another action in the U.S. District Court against LVSC, LVSLLC, VCR, Sheldon G. Adelson, William P. Weidner, David Friedman and Does 1-50 for declaratory judgment, equitable accounting, misappropriation of trade secrets, breach of confidence and conversion based on a theory of copyright law. The claim is for $5.0 billion. On November 4, 2014, plaintiff finally effected notice on the LVSC entities which was followed by a motion to dismiss by the U.S. Defendants on November 10, 2014. Plaintiff failed to timely respond and on December 2, 2014, the U.S. Defendants moved for immediate dismissal and sanctions against plaintiff and his counsel for the bringing of frivolous lawsuit. On December 19, 2014, plaintiff filed an incomplete and untimely response which was followed by plaintiff's December 27, 2014 notice of withdrawal of the lawsuit and the U.S. Defendants' December 29, 2014, reply in favor of sanctions and dismissal with prejudice. The judge dismissed the U.S. action and the Defendants' sanctions motion remains pending. The Macao action and this most recently filed action are in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these matters or the range of reasonably possible loss, if any. The Company intends to defend these matters vigorously.

As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

The Company previously received subpoenas from the U.S. Attorney’s Office for the Central District of California (the “USAO”) requesting the production of documents relating to two prior customers of the Company’s properties. In August 2013, the USAO completed its investigation and entered into an agreement with the Company, whereby the Company agreed to voluntarily return $47.4 million to the U.S. Treasury, which represented funds received from or on behalf of one of its customers, and provide written reports to the USAO regarding certain of its casino-related activities. The amount was paid during the year ended December 31, 2013, and the matter has been closed.

On February 11, 2014, the Company disclosed that it was the victim of a sophisticated cyber-attack on its computer networks in the United States. As a result of this criminal attack, the U.S. government has commenced investigations into the source of the attack. In addition, the Company is working with internal and external forensic information technology systems experts in connection with this effort. As a result of the investigations and the Company’s efforts, which are ongoing, the Company has learned that certain customer and employee data was compromised at its Bethlehem facility and other data may have been stolen in the attack as well as that the attack may have destroyed certain other Company data. The Company is cooperating fully with the investigations. Based on the information available to date and the absence of claims asserted thus far, management is currently unable to determine the probability of the outcome of any matters relating to the cyber-attack, the extent of materiality or the range of reasonably possible loss, if any.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	LVS
Entity Registrant Name	LAS VEGAS SANDS CORP
Entity Central Index Key	0001300514
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		797,451,176

XML

Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao, the St. Regis tower (the remaining phase of Sands Cotai Central) and the Four Seasons Apartments in Macao, and the Las Vegas Condo Tower (which construction is currently suspended and is included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The Company’s segment information as of June 30, 2015 and December 31, 2014, and for the three and six months ended June 30, 2015 and 2014, is as follows (in thousands):

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Net Revenues
Macao:
The Venetian Macao	$	739,454		$	1,032,746		$	1,526,645		$	2,217,337
Sands Cotai Central	554,231			784,776			1,125,995			1,612,359
Four Seasons Macao	204,116			228,492			365,367			598,508
Sands Macao	241,554			312,842			466,925			626,803
Other Asia	38,527			36,686			74,006			71,847
	1,777,882			2,395,542			3,558,938			5,126,854
Marina Bay Sands	713,042			804,690			1,497,858			1,640,113
United States:
Las Vegas Operating Properties	346,016			353,075			722,399			735,733
Sands Bethlehem	137,502			126,123			265,201			243,306
	483,518			479,198			987,600			979,039
Intersegment eliminations	(53,021		)	(55,080		)	(111,353		)	(111,272		)
Total net revenues	$	2,921,421		$	3,624,350		$	5,933,043		$	7,634,734

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Intersegment Revenues
Macao:
The Venetian Macao	$	1,766	$	1,261	$	3,259	$	2,388
Sands Cotai Central	78		77		156		146
Other Asia	9,689		10,573		19,901		20,439
	11,533		11,911		23,316		22,973
Marina Bay Sands	2,459		3,146		5,258		6,020
Las Vegas Operating Properties	39,029		40,023		82,779		82,279
Total intersegment revenues	$	53,021	$	55,080	$	111,353	$	111,272

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Adjusted Property EBITDA(1)
Macao:
The Venetian Macao	$	254,990		$	402,057		$	524,932		$	872,141
Sands Cotai Central	164,210			248,973			320,120			514,179
Four Seasons Macao	74,334			67,954			118,806			180,995
Sands Macao	66,284			82,319			123,662			173,757
Other Asia	4,821			(468		)	8,353			(1,882		)
	564,639			800,835			1,095,873			1,739,190
Marina Bay Sands	363,254			417,778			778,526			852,939
United States:
Las Vegas Operating Properties	54,166			66,115			128,275			145,767
Sands Bethlehem	34,099			27,915			63,992			54,446
	88,265			94,030			192,267			200,213
Total adjusted property EBITDA	1,016,158			1,312,643			2,066,666			2,792,342
Other Operating Costs and Expenses
Stock-based compensation	(8,646		)	(8,050		)	(12,621		)	(15,657		)
Corporate	(44,565		)	(45,123		)	(89,788		)	(95,800		)
Pre-opening	(10,654		)	(16,141		)	(20,233		)	(20,441		)
Development	(2,348		)	(4,217		)	(3,881		)	(5,909		)
Depreciation and amortization	(248,592		)	(264,016		)	(502,514		)	(525,063		)
Amortization of leasehold interests in land	(9,485		)	(10,040		)	(19,323		)	(20,066		)
Loss on disposal of assets	(2,558		)	(3,596		)	(17,881		)	(4,121		)
Operating income	689,310			961,460			1,400,425			2,105,285
Other Non-Operating Costs and Expenses
Interest income	4,062			5,697			10,440			11,500
Interest expense, net of amounts capitalized	(65,801		)	(69,590		)	(132,056		)	(140,716		)
Other income (expense)	(151		)	2,194			15,314			(2,463		)
Loss on modification or early retirement of debt	—			—			—			(17,964		)
Income tax expense	(45,929		)	(46,917		)	(101,594		)	(106,070		)
Net income	$	581,491		$	852,844		$	1,192,529		$	1,849,572

____________________

(1) Adjusted property EBITDA is net income before intersegment royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

	Six Months Ended   June 30,
	2015		2014
Capital Expenditures
Corporate and Other	$	6,904	$	19,670
Macao:
The Venetian Macao	43,310		44,103
Sands Cotai Central	221,069		156,725
Four Seasons Macao	8,179		21,850
Sands Macao	13,542		14,787
Other Asia	1,473		1,116
The Parisian Macao	321,621		192,648
	609,194		431,229
Marina Bay Sands	56,181		30,677
United States:
Las Vegas Operating Properties	37,917		40,320
Sands Bethlehem	9,043		4,942
	46,960		45,262
Total capital expenditures	$	719,239	$	526,838

	June 30, 2015		December 31, 2014
Total Assets
Corporate and Other	$	513,116	$	613,683
Macao:
The Venetian Macao	3,375,309		3,900,921
Sands Cotai Central	4,690,028		4,761,907
Four Seasons Macao	1,090,035		1,157,502
Sands Macao	394,961		414,689
Other Asia	282,782		304,463
The Parisian Macao	1,154,010		805,220
Other Development Projects	91		91
	10,987,216		11,344,793
Marina Bay Sands	5,976,399		6,106,397
United States:
Las Vegas Operating Properties	3,473,432		3,623,808
Sands Bethlehem	658,046		673,010
	4,131,478		4,296,818
Total assets	$	21,608,209	$	22,361,691

	June 30, 2015		December 31, 2014
Total Long-Lived Assets
Corporate and Other	$	347,297	$	357,071
Macao:
The Venetian Macao	1,843,542		1,893,032
Sands Cotai Central	3,897,675		3,814,699
Four Seasons Macao	917,994		932,034
Sands Macao	277,021		286,640
Other Asia	171,689		177,335
The Parisian Macao	1,152,042		804,328
	8,259,963		7,908,068
Marina Bay Sands	4,712,035		4,874,263
United States:
Las Vegas Operating Properties	2,972,618		3,024,380
Sands Bethlehem	554,788		561,782
	3,527,406		3,586,162
Total long-lived assets	$	16,846,701	$	16,725,564

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Casino	$ 2,301,498	$ 3,012,810	$ 4,678,186	$ 6,384,875
Rooms	351,259	375,116	722,672	775,338
Food and beverage	178,418	194,196	367,829	396,983
Mall	135,282	119,073	263,096	228,104
Convention, retail and other	125,514	125,829	259,651	263,205
Gross revenue	3,091,971	3,827,024	6,291,434	8,048,505
Less — promotional allowances	(170,550)	(202,674)	(358,391)	(413,771)
Net revenues	2,921,421	3,624,350	5,933,043	7,634,734
Operating expenses:
Casino	1,315,568	1,690,237	2,650,397	3,557,849
Rooms	64,840	64,118	130,631	128,381
Food and beverage	96,537	95,828	195,784	195,997
Mall	15,341	17,709	30,478	35,072
Convention, retail and other	69,965	74,664	138,222	165,132
Provision for doubtful accounts	36,056	49,669	93,406	111,587
General and administrative	315,602	327,532	640,080	664,031
Corporate	44,565	45,123	89,788	95,800
Pre-opening	10,654	16,141	20,233	20,441
Development	2,348	4,217	3,881	5,909
Depreciation and amortization	248,592	264,016	502,514	525,063
Amortization of leasehold interests in land	9,485	10,040	19,323	20,066
Loss on disposal of assets	2,558	3,596	17,881	4,121
Total operating expenses	2,232,111	2,662,890	4,532,618	5,529,449
Operating income	689,310	961,460	1,400,425	2,105,285
Other income (expense):
Interest income	4,062	5,697	10,440	11,500
Interest expense, net of amounts capitalized	(65,801)	(69,590)	(132,056)	(140,716)
Other income (expense)	(151)	2,194	15,314	(2,463)
Loss on modification or early retirement of debt	0	0	0	(17,964)
Income before income taxes	627,420	899,761	1,294,123	1,955,642
Income tax expense	(45,929)	(46,917)	(101,594)	(106,070)
Net income	581,491	852,844	1,192,529	1,849,572
Net income attributable to noncontrolling interests	(112,318)	(181,410)	(211,433)	(401,953)
Net income attributable to Las Vegas Sands Corp.	$ 469,173	$ 671,434	$ 981,096	$ 1,447,619
Earnings per share:
Basic (in usd per share)	$ 0.59	$ 0.83	$ 1.23	$ 1.79
Diluted (in usd per share)	$ 0.59	$ 0.83	$ 1.23	$ 1.78
Weighted average shares outstanding:
Basic (in shares)	797,715,773	807,038,086	797,827,230	810,881,047
Diluted (in shares)	798,552,917	809,224,051	798,731,400	813,304,140
Dividends declared per common share	$ 0.65	$ 0.50	$ 1.30	$ 1

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Equity and Earnings Per Share

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Equity and Earnings Per Share

EQUITY AND EARNINGS PER SHARE

Common Stock

Dividends

On March 31 and June 30, 2015, the Company paid a dividend of $0.65 per common share as part of a regular cash dividend program. During the six months ended June 30, 2015, the Company recorded $1.04 billion as a distribution against retained earnings (of which $561.2 million related to the Principal Stockholder’s family and the remaining $476.3 million related to all other shareholders).

On March 31 and June 30, 2014, the Company paid a dividend of $0.50 per common share as part of a regular cash dividend program. During the six months ended June 30, 2014, the Company recorded $809.1 million as a distribution against retained earnings (of which $431.7 million related to the Principal Stockholder’s family and the remaining $377.4 million related to all other shareholders).

In July 2015, the Company’s Board of Directors declared a quarterly dividend of $0.65 per common share (a total estimated to be approximately $518 million) to be paid on September 30, 2015, to shareholders of record on September 22, 2015.

Repurchase Program

In June 2013, the Company’s Board of Directors approved a stock repurchase program with an initial authorization of $2.0 billion, which would have expired in June 2015, but was substantially completed during the year ended December 31, 2014. In October 2014, the Company's Board of Directors authorized the repurchase of an additional $2.0 billion of its outstanding common stock, which expires in October 2016. Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities and market conditions. During the six months ended June 30, 2015 and 2014, the Company repurchased 1,287,537 and 14,203,078 shares, respectively, of its common stock for $65.0 million and $1.13 billion, respectively, (including commissions) under this program. All share repurchases of the Company’s common stock have been recorded as treasury stock.

Noncontrolling Interests

On February 27, 2015, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") per share, and, on June 17, 2015, SCL shareholders approved a dividend of HKD 1.00 per share, which was paid on July 15, 2015 (a total of $2.07 billion, of which the Company retained $1.45 billion). On February 26, 2014, SCL paid a dividend of HKD 0.87 per share and a special dividend of HKD 0.77 per share, and, on June 30, 2014, paid a dividend of HKD 0.86 per share to SCL shareholders (a total of $2.60 billion, of which the Company retained $1.82 billion during the six months ended June 30, 2014).

During the six months ended June 30, 2015 and 2014, the Company distributed $6.9 million and $4.7 million, respectively, to certain of its noncontrolling interests.

Earnings Per Share

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings per share consisted of the following:

	Three Months Ended   June 30,		Six Months Ended   June 30,
	2015	2014	2015	2014
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)	797,715,773	807,038,086	797,827,230	810,881,047
Potential dilution from stock options and restricted stock and stock units	837,144	2,185,965	904,170	2,423,093
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)	798,552,917	809,224,051	798,731,400	813,304,140
Antidilutive stock options excluded from the calculation of diluted earnings per share	6,070,416	1,441,300	6,052,807	1,441,300

Accumulated Other Comprehensive Income (Loss)

As of June 30, 2015 and December 31, 2014, accumulated other comprehensive income consisted solely of foreign currency translation adjustments. During the three and six months ended June 30, 2015, a $5.3 million gain related to the dissolution of a wholly owned foreign subsidiary was reclassified from accumulated other comprehensive income and comprehensive income to net income. The amount is included in other income (expense) in the accompanying consolidated statements of operations.

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Long-Term Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

	June 30, 2015			December 31, 2014
Corporate and U.S. Related:
2013 U.S. Credit Facility — Term B (net of original issue discount of $8,839 and $9,643, respectively)	$	2,207,411		$	2,217,857
2013 U.S. Credit Facility — Revolving	780,000			1,020,000
Airplane Financings	61,827			63,671
HVAC Equipment Lease	15,859			16,619
Other	195			401
Macao Related:
2011 VML Credit Facility — Extended Term	2,389,289			2,388,244
2011 VML Credit Facility — Accordion Term	999,804			—
2011 VML Credit Facility — Extended Revolving	—			820,024
Other	4,651			5,694
Singapore Related:
2012 Singapore Credit Facility — Term	3,359,325			3,460,137
	9,818,361			9,992,647
Less — current maturities	(98,227		)	(99,734		)
Total long-term debt	$	9,720,134		$	9,892,913

2013 U.S. Credit Facility

As of June 30, 2015, the Company had $466.0 million of available borrowing capacity under the 2013 U.S. Revolving Facility, net of outstanding letters of credit. Subsequent to June 30, 2015, the Company repaid $460.0 million under the 2013 U.S. Revolving Facility.

2011 VML Credit Facility

In April 2015, the Company entered into a joinder agreement (the "Joinder Agreement") to the 2011 VML Credit Facility. Under the Joinder Agreement, certain lenders have agreed to provide term loan commitments of $1.0 billion (the "2011 VML Accordion Term"), which was funded on April 30, 2015 (the “Joinder Funding Date”).

The 2011 VML Accordion Term bears interest, at the Company's option, at either the adjusted Eurodollar rate or Hong Kong Inter-bank Offered Rate (“HIBOR”), plus a credit spread, or an alternative base rate, plus a credit spread, which credit spread in each case is determined based on the consolidated total leverage ratio as set forth in the Joinder Agreement. The credit spread ranges from 0.25% to 1.125% per annum for loans accruing interest at the base rate and from 1.25% to 2.125% per annum for loans accruing interest at an adjusted Eurodollar or HIBOR rate. The initial credit spread as of April 30, 2015 (the date the term was funded), was 0.25% per annum for loans accruing interest at a base rate and 1.25% per annum for loans accruing at an adjusted Eurodollar or HIBOR rate.

The 2011 VML Accordion Term will mature on March 30, 2021. Commencing with the quarterly period ending June 30, 2018, and at the end of each subsequent quarter through March 31, 2019, the Joinder Agreement requires the borrower to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 2.5% of the aggregate principal amount outstanding as of the Joinder Funding Date. Commencing with the quarterly period ending on June 30, 2019, and at the end of each subsequent quarter through March 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 5.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. For the quarterly periods ending on June 30 through December 31, 2020, the borrower is required to repay the outstanding 2011 VML Accordion Term on a pro rata basis in an amount equal to 12.0% of the aggregate principal amount outstanding as of the Joinder Funding Date. The remaining balance on the 2011 VML Accordion Term is due on the maturity date.

As of June 30, 2015, the Company had $2.0 billion of available borrowing capacity under the Extended 2011 VML Revolving Facility.

2012 Singapore Credit Facility

As of June 30, 2015, the Company had 494.5 million Singapore dollars ("SGD," approximately $366.6 million at exchange rates in effect on June 30, 2015) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit.

Cash Flows from Financing Activities

Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands):

	Six Months Ended   June 30,
	2015			2014
Proceeds from 2011 VML Credit Facility	$	999,277		$	819,725
Proceeds from 2013 U.S. Credit Facility	460,000			1,038,000
	$	1,459,277		$	1,857,725
Repayments on 2011 VML Credit Facility	$	(820,188	)	$	(819,680	)
Repayments on 2013 U.S. Credit Facility	(711,250		)	(471,250		)
Repayments on 2012 Singapore Credit Facility	(34,316		)	—
Repayments on Airplane Financings	(1,844		)	(1,844		)
Repayments on HVAC Equipment Lease and Other Long-Term Debt	(2,011		)	(3,284		)
	$	(1,569,609	)	$	(1,296,058	)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of June 30, 2015 and December 31, 2014, was approximately $9.63 billion and $9.78 billion, respectively, compared to its carrying value of $9.81 billion and $9.98 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active).

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Stock-Based Employee Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Activity, Summary

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Compensation expense:
Stock options	$	6,297	$	4,520	$	15,292	$	13,350
Restricted stock and stock units	8,693		5,561		11,899		12,833
	$	14,990	$	10,081	$	27,191	$	26,183
Compensation cost capitalized as part of property and equipment	$	153	$	125	$	325	$	1,115
LVSC 2004 Plan:
Stock options granted	127		4		435		59
Weighted average grant date fair value	$	11.29	$	26.77	$	12.04	$	32.68
Restricted stock granted	17		7		39		31
Weighted average grant date fair value	$	54.99	$	76.18	$	55.23	$	75.46
Restricted stock units granted	—		6		—		6
Weighted average grant date fair value	$	—	$	73.68	$	—	$	73.68
SCL Equity Plan:
Stock options granted	2,096		4,348		2,744		10,189
Weighted average grant date fair value	$	0.91	$	3.33	$	0.95	$	3.52
Restricted stock units granted	—		—		119		189
Weighted average grant date fair value	$	—	$	—	$	4.90	$	7.37

Stock-Based Compensation Activity, Arrangements by Share-based Payment Award

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Compensation expense:
Stock options	$	6,297	$	4,520	$	15,292	$	13,350
Restricted stock and stock units	8,693		5,561		11,899		12,833
	$	14,990	$	10,081	$	27,191	$	26,183
Compensation cost capitalized as part of property and equipment	$	153	$	125	$	325	$	1,115
LVSC 2004 Plan:
Stock options granted	127		4		435		59
Weighted average grant date fair value	$	11.29	$	26.77	$	12.04	$	32.68
Restricted stock granted	17		7		39		31
Weighted average grant date fair value	$	54.99	$	76.18	$	55.23	$	75.46
Restricted stock units granted	—		6		—		6
Weighted average grant date fair value	$	—	$	73.68	$	—	$	73.68
SCL Equity Plan:
Stock options granted	2,096		4,348		2,744		10,189
Weighted average grant date fair value	$	0.91	$	3.33	$	0.95	$	3.52
Restricted stock units granted	—		—		119		189
Weighted average grant date fair value	$	—	$	—	$	4.90	$	7.37

Stock-Based Compensation Activity, Allocation of Period Costs

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Compensation expense:
Stock options	$	6,297	$	4,520	$	15,292	$	13,350
Restricted stock and stock units	8,693		5,561		11,899		12,833
	$	14,990	$	10,081	$	27,191	$	26,183
Compensation cost capitalized as part of property and equipment	$	153	$	125	$	325	$	1,115
LVSC 2004 Plan:
Stock options granted	127		4		435		59
Weighted average grant date fair value	$	11.29	$	26.77	$	12.04	$	32.68
Restricted stock granted	17		7		39		31
Weighted average grant date fair value	$	54.99	$	76.18	$	55.23	$	75.46
Restricted stock units granted	—		6		—		6
Weighted average grant date fair value	$	—	$	73.68	$	—	$	73.68
SCL Equity Plan:
Stock options granted	2,096		4,348		2,744		10,189
Weighted average grant date fair value	$	0.91	$	3.33	$	0.95	$	3.52
Restricted stock units granted	—		—		119		189
Weighted average grant date fair value	$	—	$	—	$	4.90	$	7.37

Black-Scholes Option-Pricing Model Weighted Average Assumptions

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
LVSC 2004 Plan:
Weighted average volatility	35.6	%	46.2	%	37.3	%	59.5	%
Expected term (in years)	5.8		6.0		5.8		5.5
Risk-free rate	1.4	%	1.6	%	1.3	%	1.7	%
Expected dividends	4.7	%	2.6	%	4.7	%	2.7	%
SCL Equity Plan:
Weighted average volatility	44.9	%	65.3	%	44.8	%	65.5	%
Expected term (in years)	4.0		6.3		4.0		6.3
Risk-free rate	0.6	%	1.4	%	0.7	%	1.3	%
Expected dividends	6.1	%	3.1	%	6.0	%	3.0	%

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Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

LVSLLC, as the issuer and primary obligor of the 2013 U.S. Credit Facility, VCR, Venetian Marketing, Inc., Sands Expo & Convention Center, Inc. and Sands Pennsylvania, Inc. (collectively, the “Restricted Subsidiaries”), are all guarantors under the 2013 U.S. Credit Facility. The noncontrolling interest amounts included in the Restricted Subsidiaries’ condensed consolidating financial information are related to non-voting preferred stock of one of the subsidiaries held by third parties.

In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC (a subsidiary of VCR) was sold to GGP; however, the sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain potential future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Restricted Subsidiaries, and therefore are included in the “Restricted Subsidiaries” columns in the following condensed consolidating financial information. As a result, net liabilities of $44.5 million (consisting of $268.6 million of liabilities, primarily comprised of deferred proceeds from the sale, partially offset by $224.1 million of property and equipment) and $40.3 million (consisting of $268.8 million of liabilities, primarily comprised of deferred proceeds from the sale, partially offset by $228.5 million of property and equipment) as of June 30, 2015 and December 31, 2014, respectively, and a net loss (consisting primarily of depreciation expense) of $2.3 million and $4.7 million for the three and six months ended June 30, 2015, respectively, and $3.1 million and $6.2 million for the three and six months ended June 30, 2014, respectively, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for the 2013 U.S. Credit Facility.

The following condensed consolidating financial information of LVSC, a non-guarantor parent; the Restricted Subsidiaries, including LVSLLC as the issuer; and the non-restricted subsidiaries on a combined basis as of June 30, 2015 and December 31, 2014, and for the three and six months ended June 30, 2015 and 2014, is being presented in order to meet the reporting requirements under the 2013 U.S. Credit Facility, and is not intended to comply with SEC Regulation S-X 3-10 (in thousands):

CONDENSED CONSOLIDATING BALANCE SHEETS

June 30, 2015

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	47,352	$	271,043	$	2,500,285	$	—		$	2,818,680
Restricted cash and cash equivalents	—		—		7,120		—			7,120
Intercompany receivables	536,657		266,707		—		(803,364		)	—
Intercompany notes receivable	—		—		374,640		(374,640		)	—
Accounts receivable, net	3,077		237,476		1,101,593		—			1,342,146
Inventories	6,085		10,949		22,786		—			39,820
Deferred income taxes, net	6,050		32,874		812		(39,736		)	—
Prepaid expenses and other	20,987		16,232		74,653		(1,028		)	110,844
Total current assets	620,208		835,281		4,081,889		(1,218,768		)	4,318,610
Property and equipment, net	123,479		2,929,030		12,472,905		—			15,525,414
Investments in subsidiaries	6,851,761		5,486,874		—		(12,338,635		)	—
Deferred financing costs, net	94		22,361		172,118		—			194,573
Intercompany receivables	215		17,476		—		(17,691		)	—
Intercompany notes receivable	—		1,344,397		—		(1,344,397		)	—
Deferred income taxes, net	—		—		146,106		(99,493		)	46,613
Leasehold interests in land, net	—		—		1,321,287		—			1,321,287
Intangible assets, net	690		—		78,155		—			78,845
Other assets, net	380		21,111		101,376		—			122,867
Total assets	$	7,596,827	$	10,656,530	$	18,373,836	$	(15,018,984	)	$	21,608,209
Accounts payable	$	5,377	$	26,590	$	61,654	$	—		$	93,621
Construction payables	268		5,588		282,433		—			288,289
Intercompany payables	—		490,309		313,055		(803,364		)	—
Intercompany notes payable	374,640		—		—		(374,640		)	—
Accrued interest payable	74		1,172		412		—			1,658
Other accrued liabilities	22,011		221,509		1,735,306		—			1,978,826
Deferred income taxes	—		—		53,510		(39,736		)	13,774
Income taxes payable	3,079		—		214,888		(1,028		)	216,939
Current maturities of long-term debt	3,688		24,045		70,494		—			98,227
Total current liabilities	409,137		769,213		2,731,752		(1,218,768		)	2,691,334
Other long-term liabilities	2,988		8,941		115,685		—			127,614
Intercompany payables	—		—		17,691		(17,691		)	—
Intercompany notes payable	—		—		1,344,397		(1,344,397		)	—
Deferred income taxes	55,179		44,313		180,515		(99,493		)	180,514
Deferred amounts related to mall sale transactions	—		419,854		—		—			419,854
Long-term debt	58,139		2,979,420		6,682,575		—			9,720,134
Total liabilities	525,443		4,221,741		11,072,615		(2,680,349		)	13,139,450
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384		6,434,384		5,904,251		(12,338,635		)	7,071,384
Noncontrolling interests	—		405		1,396,970		—			1,397,375
Total equity	7,071,384		6,434,789		7,301,221		(12,338,635		)	8,468,759
Total liabilities and equity	$	7,596,827	$	10,656,530	$	18,373,836	$	(15,018,984	)	$	21,608,209

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	114,125	$	345,399	$	3,046,795	$	—		$	3,506,319
Restricted cash and cash equivalents	—		—		6,566		—			6,566
Intercompany receivables	431,754		255,371		—		(687,125		)	—
Intercompany notes receivable	—		—		370,836		(370,836		)	—
Accounts receivable, net	15,144		270,838		1,224,790		—			1,510,772
Inventories	5,238		10,745		25,691		—			41,674
Deferred income taxes, net	6,803		31,240		1,196		(39,239		)	—
Prepaid expenses and other	26,210		11,889		87,530		(461		)	125,168
Total current assets	599,274		925,482		4,763,404		(1,097,661		)	5,190,499
Property and equipment, net	130,155		2,979,485		12,262,834		—			15,372,474
Investments in subsidiaries	7,010,357		5,864,848		—		(12,875,205		)	—
Deferred financing costs, net	123		25,153		180,320		—			205,596
Intercompany receivables	226		38,763		—		(38,989		)	—
Intercompany notes receivable	—		1,250,544		—		(1,250,544		)	—
Deferred income taxes, net	—		—		127,963		(96,243		)	31,720
Leasehold interests in land, net	—		—		1,353,090		—			1,353,090
Intangible assets, net	690		—		85,570		—			86,260
Other assets, net	714		19,736		101,602		—			122,052
Total assets	$	7,741,539	$	11,104,011	$	18,874,783	$	(15,358,642	)	$	22,361,691
Accounts payable	$	8,065	$	25,489	$	79,167	$	—		$	112,721
Construction payables	156		4,001		266,772		—			270,929
Intercompany payables	—		430,596		256,529		(687,125		)	—
Intercompany notes payable	370,836		—		—		(370,836		)	—
Accrued interest payable	76		1,030		6,837		—			7,943
Other accrued liabilities	31,050		233,781		1,719,613		—			1,984,444
Deferred income taxes	—		—		51,761		(39,239		)	12,522
Income taxes payable	—		—		224,662		(461		)	224,201
Current maturities of long-term debt	3,688		24,224		71,822		—			99,734
Total current liabilities	413,871		719,121		2,677,163		(1,097,661		)	2,712,494
Other long-term liabilities	3,014		9,255		112,345		—			124,614
Intercompany payables	—		—		38,989		(38,989		)	—
Intercompany notes payable	—		—		1,250,544		(1,250,544		)	—
Deferred income taxes	51,085		45,158		188,935		(96,243		)	188,935
Deferred amounts related to mall sale transactions	—		422,153		—		—			422,153
Long-term debt	59,983		3,230,653		6,602,277		—			9,892,913
Total liabilities	527,953		4,426,340		10,870,253		(2,483,437		)	13,341,109
Total Las Vegas Sands Corp. stockholders’ equity	7,213,586		6,677,266		6,197,939		(12,875,205		)	7,213,586
Noncontrolling interests	—		405		1,806,591		—			1,806,996
Total equity	7,213,586		6,677,671		8,004,530		(12,875,205		)	9,020,582
Total liabilities and equity	$	7,741,539	$	11,104,011	$	18,874,783	$	(15,358,642	)	$	22,361,691

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	86,503		$	2,214,995		$	—		$	2,301,498
Rooms	—			133,891			217,368			—			351,259
Food and beverage	—			55,040			123,378			—			178,418
Mall	—			—			135,282			—			135,282
Convention, retail and other	—			76,246			93,369			(44,101		)	125,514
	—			351,680			2,784,392			(44,101		)	3,091,971
Less — promotional allowances	(266		)	(21,160		)	(148,601		)	(523		)	(170,550		)
Net revenues	(266		)	330,520			2,635,791			(44,624		)	2,921,421
Operating expenses:
Casino	—			70,194			1,246,087			(713		)	1,315,568
Rooms	—			37,841			26,999			—			64,840
Food and beverage	—			26,856			70,705			(1,024		)	96,537
Mall	—			—			15,341			—			15,341
Convention, retail and other	—			22,097			55,029			(7,161		)	69,965
Provision for doubtful accounts	—			9,008			27,048			—			36,056
General and administrative	—			77,620			238,224			(242		)	315,602
Corporate	39,426			117			40,491			(35,469		)	44,565
Pre-opening	—			—			10,656			(2		)	10,654
Development	2,353			—			8			(13		)	2,348
Depreciation and amortization	7,102			43,922			197,568			—			248,592
Amortization of leasehold interests in land	—			—			9,485			—			9,485
Loss on disposal of assets	—			1,947			611			—			2,558
	48,881			289,602			1,938,252			(44,624		)	2,232,111
Operating income (loss)	(49,147		)	40,918			697,539			—			689,310
Other income (expense):
Interest income	33			50,521			5,861			(52,353		)	4,062
Interest expense, net of amounts capitalized	(2,194		)	(27,225		)	(88,735		)	52,353			(65,801		)
Other income (expense)	—			899			(1,050		)	—			(151		)
Income from equity investments in subsidiaries	478,531			406,945			—			(885,476		)	—
Income before income taxes	427,223			472,058			613,615			(885,476		)	627,420
Income tax benefit (expense)	41,950			(28,386		)	(59,493		)	—			(45,929		)
Net income	469,173			443,672			554,122			(885,476		)	581,491
Net income attributable to noncontrolling interests	—			(603		)	(111,715		)	—			(112,318		)
Net income attributable to Las Vegas Sands Corp.	$	469,173		$	443,069		$	442,407		$	(885,476	)	$	469,173

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	104,318		$	2,908,492		$	—		$	3,012,810
Rooms	—			126,516			248,600			—			375,116
Food and beverage	—			54,554			139,642			—			194,196
Mall	—			—			119,073			—			119,073
Convention, retail and other	—			75,781			95,539			(45,491		)	125,829
	—			361,169			3,511,346			(45,491		)	3,827,024
Less — promotional allowances	(348		)	(20,519		)	(181,386		)	(421		)	(202,674		)
Net revenues	(348		)	340,650			3,329,960			(45,912		)	3,624,350
Operating expenses:
Casino	—			66,368			1,624,606			(737		)	1,690,237
Rooms	—			36,505			27,613			—			64,118
Food and beverage	—			24,328			72,536			(1,036		)	95,828
Mall	—			—			17,709			—			17,709
Convention, retail and other	—			25,482			57,190			(8,008		)	74,664
Provision for doubtful accounts	—			9,280			40,389			—			49,669
General and administrative	—			79,349			248,401			(218		)	327,532
Corporate	40,201			709			40,120			(35,907		)	45,123
Pre-opening	—			—			16,142			(1		)	16,141
Development	4,185			—			37			(5		)	4,217
Depreciation and amortization	7,244			45,119			211,653			—			264,016
Amortization of leasehold interests in land	—			—			10,040			—			10,040
(Gain) loss on disposal of assets	—			7,040			(3,444		)	—			3,596
	51,630			294,180			2,362,992			(45,912		)	2,662,890
Operating income (loss)	(51,978		)	46,470			966,968			—			961,460
Other income (expense):
Interest income	49			43,592			6,796			(44,740		)	5,697
Interest expense, net of amounts capitalized	(1,578		)	(28,809		)	(83,943		)	44,740			(69,590		)
Other income	—			1,637			557			—			2,194
Income from equity investments in subsidiaries	673,617			612,150			—			(1,285,767		)	—
Income before income taxes	620,110			675,040			890,378			(1,285,767		)	899,761
Income tax benefit (expense)	51,324			(34,912		)	(63,329		)	—			(46,917		)
Net income	671,434			640,128			827,049			(1,285,767		)	852,844
Net income attributable to noncontrolling interests	—			(479		)	(180,931		)	—			(181,410		)
Net income attributable to Las Vegas Sands Corp.	$	671,434		$	639,649		$	646,118		$	(1,285,767	)	$	671,434

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	198,290		$	4,479,896		$	—		$	4,678,186
Rooms	—			264,448			458,224			—			722,672
Food and beverage	—			108,988			258,841			—			367,829
Mall	—			—			263,096			—			263,096
Convention, retail and other	—			164,865			187,758			(92,972		)	259,651
	—			736,591			5,647,815			(92,972		)	6,291,434
Less — promotional allowances	(446		)	(42,492		)	(314,127		)	(1,326		)	(358,391		)
Net revenues	(446		)	694,099			5,333,688			(94,298		)	5,933,043
Operating expenses:
Casino	—			147,162			2,504,907			(1,672		)	2,650,397
Rooms	—			74,743			55,888			—			130,631
Food and beverage	—			54,595			143,191			(2,002		)	195,784
Mall	—			—			30,478			—			30,478
Convention, retail and other	—			45,414			107,522			(14,714		)	138,222
Provision for doubtful accounts	—			18,280			75,126			—			93,406
General and administrative	—			154,733			485,917			(570		)	640,080
Corporate	77,192			178			87,729			(75,311		)	89,788
Pre-opening	—			—			20,236			(3		)	20,233
Development	3,899			—			8			(26		)	3,881
Depreciation and amortization	13,694			85,317			403,503			—			502,514
Amortization of leasehold interests in land	—			—			19,323			—			19,323
Loss on disposal of assets	—			2,191			15,690			—			17,881
	94,785			582,613			3,949,518			(94,298		)	4,532,618
Operating income (loss)	(95,231		)	111,486			1,384,170			—			1,400,425
Other income (expense):
Interest income	92			98,649			14,003			(102,304		)	10,440
Interest expense, net of amounts capitalized	(4,372		)	(55,779		)	(174,209		)	102,304			(132,056		)
Other income	—			1,878			13,436			—			15,314
Income from equity investments in subsidiaries	984,547			814,078			—			(1,798,625		)	—
Income before income taxes	885,036			970,312			1,237,400			(1,798,625		)	1,294,123
Income tax benefit (expense)	96,060			(61,092		)	(136,562		)	—			(101,594		)
Net income	981,096			909,220			1,100,838			(1,798,625		)	1,192,529
Net income attributable to noncontrolling interests	—			(1,497		)	(209,936		)	—			(211,433		)
Net income attributable to Las Vegas Sands Corp.	$	981,096		$	907,723		$	890,902		$	(1,798,625	)	$	981,096

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	214,108		$	6,170,767		$	—		$	6,384,875
Rooms	—			262,229			513,109			—			775,338
Food and beverage	—			114,091			282,892			—			396,983
Mall	—			—			228,104			—			228,104
Convention, retail and other	—			164,191			191,981			(92,967		)	263,205
	—			754,619			7,386,853			(92,967		)	8,048,505
Less — promotional allowances	(741		)	(42,323		)	(369,687		)	(1,020		)	(413,771		)
Net revenues	(741		)	712,296			7,017,166			(93,987		)	7,634,734
Operating expenses:
Casino	—			138,587			3,420,845			(1,583		)	3,557,849
Rooms	—			72,525			55,856			—			128,381
Food and beverage	—			52,555			145,555			(2,113		)	195,997
Mall	—			—			35,072			—			35,072
Convention, retail and other	—			56,636			124,470			(15,974		)	165,132
Provision for doubtful accounts	—			15,884			95,703			—			111,587
General and administrative	—			161,374			503,134			(477		)	664,031
Corporate	87,136			938			81,556			(73,830		)	95,800
Pre-opening	—			97			20,345			(1		)	20,441
Development	5,822			—			96			(9		)	5,909
Depreciation and amortization	14,615			91,627			418,821			—			525,063
Amortization of leasehold interests in land	—			—			20,066			—			20,066
(Gain) loss on disposal of assets	—			6,755			(2,634		)	—			4,121
	107,573			596,978			4,918,885			(93,987		)	5,529,449
Operating income (loss)	(108,314		)	115,318			2,098,281			—			2,105,285
Other income (expense):
Interest income	74			85,048			13,813			(87,435		)	11,500
Interest expense, net of amounts capitalized	(3,140		)	(57,284		)	(167,727		)	87,435			(140,716		)
Other income (expense)	—			243			(2,706		)	—			(2,463		)
Loss on modification or early retirement of debt	—			—			(17,964		)	—			(17,964		)
Income from equity investments in subsidiaries	1,474,462			1,315,763			—			(2,790,225		)	—
Income before income taxes	1,363,082			1,459,088			1,923,697			(2,790,225		)	1,955,642
Income tax benefit (expense)	84,537			(54,086		)	(136,521		)	—			(106,070		)
Net income	1,447,619			1,405,002			1,787,176			(2,790,225		)	1,849,572
Net income attributable to noncontrolling interests	—			(1,076		)	(400,877		)	—			(401,953		)
Net income attributable to Las Vegas Sands Corp.	$	1,447,619		$	1,403,926		$	1,386,299		$	(2,790,225	)	$	1,447,619

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	469,173	$	443,672		$	554,122		$	(885,476	)	$	581,491
Currency translation adjustment, net of reclassification adjustment and before and after tax	33,099		27,448			33,711			(60,547		)	33,711
Total comprehensive income	502,272		471,120			587,833			(946,023		)	615,202
Comprehensive income attributable to noncontrolling interests	—		(603		)	(112,327		)	—			(112,930		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	502,272	$	470,517		$	475,506		$	(946,023	)	$	502,272

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	671,434	$	640,128		$	827,049		$	(1,285,767	)	$	852,844
Currency translation adjustment, before and after tax	22,690		19,675			23,975			(42,365		)	23,975
Total comprehensive income	694,124		659,803			851,024			(1,328,132		)	876,819
Comprehensive income attributable to noncontrolling interests	—		(479		)	(182,216		)	—			(182,695		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	694,124	$	659,324		$	668,808		$	(1,328,132	)	$	694,124

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	981,096		$	909,220		$	1,100,838		$	(1,798,625	)	$	1,192,529
Currency translation adjustment, net of reclassification adjustment and before and after tax	(49,698		)	(42,517		)	(48,588		)	92,215			(48,588		)
Total comprehensive income	931,398			866,703			1,052,250			(1,706,410		)	1,143,941
Comprehensive income attributable to noncontrolling interests	—			(1,497		)	(211,046		)	—			(212,543		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	931,398		$	865,206		$	841,204		$	(1,706,410	)	$	931,398

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	1,447,619	$	1,405,002		$	1,787,176		$	(2,790,225	)	$	1,849,572
Currency translation adjustment, before and after tax	33,538		28,558			34,198			(62,096		)	34,198
Total comprehensive income	1,481,157		1,433,560			1,821,374			(2,852,321		)	1,883,770
Comprehensive income attributable to noncontrolling interests	—		(1,076		)	(401,537		)	—			(402,613		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	1,481,157	$	1,432,484		$	1,419,837		$	(2,852,321	)	$	1,481,157

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from operating activities	$	1,036,884		$	1,207,968		$	1,472,524		$	(2,135,843	)	$	1,581,533
Cash flows from investing activities:
Change in restricted cash and cash equivalents	—			—			(549		)	—			(549		)
Capital expenditures	(6,906		)	(35,478		)	(676,855		)	—			(719,239		)
Proceeds from disposal of property and equipment	—			12			627			—			639
Dividends received from non-restricted subsidiaries	—			959,060			—			(959,060		)	—
Repayments of receivable from non-restricted subsidiaries	—			1,287			—			(1,287		)	—
Capital contributions to subsidiaries	—			(907,460		)	—			907,460			—
Net cash generated from (used in) investing activities	(6,906		)	17,421			(676,777		)	(52,887		)	(719,149		)
Cash flows from financing activities:
Proceeds from exercise of stock options	5,566			—			2,512			—			8,078
Excess tax benefit from stock option exercises	2,242			—			—			—			2,242
Repurchase of common stock	(64,994		)	—			—			—			(64,994		)
Dividends paid	(1,037,721		)	—			(308,083		)	—			(1,345,804		)
Distributions to noncontrolling interests	—			(1,497		)	(5,374		)	—			(6,871		)
Dividends paid to Las Vegas Sands Corp.	—			(1,046,031		)	(56,181		)	1,102,212			—
Dividends paid to Restricted Subsidiaries	—			—			(1,992,691		)	1,992,691			—
Capital contributions received	—			—			907,460			(907,460		)	—
Repayments on borrowings from Restricted Subsidiaries	—			—			(1,287		)	1,287			—
Proceeds from 2011 VML credit facility	—			—			999,277			—			999,277
Proceeds from 2013 U.S. credit facility	—			460,000			—			—			460,000
Repayments on 2011 VML credit facility	—			—			(820,188		)	—			(820,188		)
Repayments on 2013 U.S. credit facility	—			(711,250		)	—			—			(711,250		)
Repayments on 2012 Singapore credit facility	—			—			(34,316		)	—			(34,316		)
Repayments on airplane financings	(1,844		)	—			—			—			(1,844		)
Repayments on HVAC equipment lease and other long-term debt	—			(967		)	(1,044		)	—			(2,011		)
Payments of deferred financing costs	—			—			(11,745		)	—			(11,745		)
Net cash used in financing activities	(1,096,751		)	(1,299,745		)	(1,321,660		)	2,188,730			(1,529,426		)
Effect of exchange rate on cash	—			—			(20,597		)	—			(20,597		)
Decrease in cash and cash equivalents	(66,773		)	(74,356		)	(546,510		)	—			(687,639		)
Cash and cash equivalents at beginning of period	114,125			345,399			3,046,795			—			3,506,319
Cash and cash equivalents at end of period	$	47,352		$	271,043		$	2,500,285		$	—		$	2,818,680

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from operating activities	$	2,094,753		$	1,609,083		$	2,309,084		$	(3,622,076	)	$	2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	—			—			559			—			559
Capital expenditures	(19,271		)	(39,995		)	(467,572		)	—			(526,838		)
Proceeds from disposal of property and equipment	—			667			439			—			1,106
Dividends received from non-restricted subsidiaries	—			1,092,406			—			(1,092,406		)	—
Repayments of receivable from non-restricted subsidiaries	—			935			—			(935		)	—
Capital contributions to subsidiaries	—			(1,047,406		)	—			1,047,406			—
Net cash generated from (used in) investing activities	(19,271		)	6,607			(466,574		)	(45,935		)	(525,173		)
Cash flows from financing activities:
Proceeds from exercise of stock options	38,454			—			6,664			—			45,118
Excess tax benefit from stock option exercises	2,755			—			—			—			2,755
Repurchase of common stock	(1,139,415		)	—			—			—			(1,139,415		)
Dividends paid	(809,085		)	—			(776,570		)	—			(1,585,655		)
Distributions to noncontrolling interests	—			(1,076		)	(3,655		)	—			(4,731		)
Dividends paid to Las Vegas Sands Corp.	—			(2,150,104		)	(42,252		)	2,192,356			—
Dividends paid to Restricted Subsidiaries	—			—			(2,522,126		)	2,522,126			—
Capital contributions received	—			—			1,047,406			(1,047,406		)	—
Repayments on borrowings from Restricted Subsidiaries	—			—			(935		)	935			—
Proceeds from 2013 U.S. credit facility	—			1,038,000			—			—			1,038,000
Proceeds from 2011 VML credit facility	—			—			819,725			—			819,725
Repayments on 2011 VML credit facility	—			—			(819,680		)	—			(819,680		)
Repayments on 2013 U.S. credit facility	—			(471,250		)	—			—			(471,250		)
Repayments on airplane financings	(1,844		)	—			—			—			(1,844		)
Repayments on HVAC equipment lease and other long-term debt	—			(1,213		)	(2,071		)	—			(3,284		)
Payments of deferred financing costs	—			—			(57,244		)	—			(57,244		)
Net cash used in financing activities	(1,909,135		)	(1,585,643		)	(2,350,738		)	3,668,011			(2,177,505		)
Effect of exchange rate on cash	—			—			4,147			—			4,147
Increase (decrease) in cash and cash equivalents	166,347			30,047			(504,081		)	—			(307,687		)
Cash and cash equivalents at beginning of period	50,180			315,489			3,234,745			—			3,600,414
Cash and cash equivalents at end of period	$	216,527		$	345,536		$	2,730,664		$	—		$	3,292,727

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Stock-Based Employee Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Employee Compensation

STOCK-BASED EMPLOYEE COMPENSATION

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
Compensation expense:
Stock options	$	6,297	$	4,520	$	15,292	$	13,350
Restricted stock and stock units	8,693		5,561		11,899		12,833
	$	14,990	$	10,081	$	27,191	$	26,183
Compensation cost capitalized as part of property and equipment	$	153	$	125	$	325	$	1,115
LVSC 2004 Plan:
Stock options granted	127		4		435		59
Weighted average grant date fair value	$	11.29	$	26.77	$	12.04	$	32.68
Restricted stock granted	17		7		39		31
Weighted average grant date fair value	$	54.99	$	76.18	$	55.23	$	75.46
Restricted stock units granted	—		6		—		6
Weighted average grant date fair value	$	—	$	73.68	$	—	$	73.68
SCL Equity Plan:
Stock options granted	2,096		4,348		2,744		10,189
Weighted average grant date fair value	$	0.91	$	3.33	$	0.95	$	3.52
Restricted stock units granted	—		—		119		189
Weighted average grant date fair value	$	—	$	—	$	4.90	$	7.37

During the three and six months ended June 30, 2015, SCL paid $2.9 million to settle vested restricted stock units that were previously classified as equity awards.

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2015		2014		2015		2014
LVSC 2004 Plan:
Weighted average volatility	35.6	%	46.2	%	37.3	%	59.5	%
Expected term (in years)	5.8		6.0		5.8		5.5
Risk-free rate	1.4	%	1.6	%	1.3	%	1.7	%
Expected dividends	4.7	%	2.6	%	4.7	%	2.7	%
SCL Equity Plan:
Weighted average volatility	44.9	%	65.3	%	44.8	%	65.5	%
Expected term (in years)	4.0		6.3		4.0		6.3
Risk-free rate	0.6	%	1.4	%	0.7	%	1.3	%
Expected dividends	6.1	%	3.1	%	6.0	%	3.0	%

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Variable Interest Entities

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

The Company consolidates any variable interest entities (“VIEs”) in which it is the primary beneficiary and discloses significant variable interests in VIEs for which it is not the primary beneficiary, if any, which management determines such designation based on accounting standards for VIEs.

The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and assesses the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis.

As of June 30, 2015 and December 31, 2014, the Company’s consolidated joint ventures had total assets of $83.8 million and $85.0 million, respectively, and total liabilities of $141.3 million and $130.6 million, respectively.

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Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macao and Singapore. The Company is subject to examination for tax years beginning 2010 in the U.S., Macao and Singapore. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax return for tax years 2010 through 2012. The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome, which may impact the provision for income taxes.

The Company does not consider the current year's tax earnings and profits of certain foreign subsidiaries to be permanently reinvested. The Company has not provided deferred taxes for these foreign earnings as the Company expects there will be sufficient creditable foreign taxes to offset the U.S. income tax that would result from the repatriation of foreign earnings. The Company recorded valuation allowances on certain net deferred tax assets of its U.S. operations and certain foreign jurisdictions. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period and to the extent it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will reduce the valuation allowance in the period such determination is made.

In October 2013, the Company received a 5-year income tax exemption in Macao that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2018. In May 2014, the Company entered into an agreement with the Macao government, effective through the end of 2018, that provides for an annual payment of 42.4 million patacas (approximately $5.3 million at exchange rates in effect on June 30, 2015) that is a substitution for a 12% tax otherwise due from Venetian Macau Limited (“VML”) shareholders on dividend distributions paid from VML gaming profits.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table provides the assets carried at fair value (in thousands):

			Fair Value Measurements Using:
	Total Carrying Value		Quoted Market Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2015
Cash equivalents(1)	$	1,519,647	$	1,519,647	$	—	$	—
Interest rate caps(2)	$	—	$	—	$	—	$	—
As of December 31, 2014
Cash equivalents(1)	$	2,072,177	$	2,072,177	$	—	$	—
Interest rate caps(2)	$	3	$	—	$	3	$	—

____________________

(1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2) As of June 30, 2015 and December 31, 2014, the Company had one and four interest rate cap agreements, respectively, with a nominal aggregate fair value based on quoted market values from the institutions holding the agreements.

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Long-Term Debt - Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Proceeds from long-term debt	$ 1,459,277	$ 1,857,725
Repayments of long-term debt and capital leases	(1,569,609)	(1,296,058)
2011 VML Credit Facility [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt	999,277	819,725
Repayments of long-term debt	(820,188)	(819,680)
2013 U.S Credit Facility [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt	460,000	1,038,000
Repayments of long-term debt	(711,250)	(471,250)
2012 Singapore Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(34,316)
Airplane Financings [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(1,844)	(1,844)
HVAC Equipment Lease and Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Repayments of long-term debt and capital leases	(2,011)	(3,284)
Secured Debt [Member] | 2011 VML Credit Facility [Member] | MACAO [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt	999,277	819,725
Repayments of long-term debt	(820,188)	(819,680)
Secured Debt [Member] | 2013 U.S Credit Facility [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt	460,000	1,038,000
Repayments of long-term debt	(711,250)	(471,250)
Secured Debt [Member] | 2012 Singapore Credit Facility [Member] | SINGAPORE [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(34,316)	0
Secured Debt [Member] | Airplane Financings [Member] | UNITED STATES [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(1,844)	(1,844)
Other Long-Term Debt And Capital Lease Obligations [Member] | HVAC Equipment Lease and Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Repayments of long-term debt and capital leases	$ (2,011)	$ (3,284)

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following (in thousands):

	June 30, 2015			December 31, 2014
Corporate and U.S. Related:
2013 U.S. Credit Facility — Term B (net of original issue discount of $8,839 and $9,643, respectively)	$	2,207,411		$	2,217,857
2013 U.S. Credit Facility — Revolving	780,000			1,020,000
Airplane Financings	61,827			63,671
HVAC Equipment Lease	15,859			16,619
Other	195			401
Macao Related:
2011 VML Credit Facility — Extended Term	2,389,289			2,388,244
2011 VML Credit Facility — Accordion Term	999,804			—
2011 VML Credit Facility — Extended Revolving	—			820,024
Other	4,651			5,694
Singapore Related:
2012 Singapore Credit Facility — Term	3,359,325			3,460,137
	9,818,361			9,992,647
Less — current maturities	(98,227		)	(99,734		)
Total long-term debt	$	9,720,134		$	9,892,913

Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations

Cash flows from financing activities related to long-term debt and capital lease obligations are as follows (in thousands):

	Six Months Ended   June 30,
	2015			2014
Proceeds from 2011 VML Credit Facility	$	999,277		$	819,725
Proceeds from 2013 U.S. Credit Facility	460,000			1,038,000
	$	1,459,277		$	1,857,725
Repayments on 2011 VML Credit Facility	$	(820,188	)	$	(819,680	)
Repayments on 2013 U.S. Credit Facility	(711,250		)	(471,250		)
Repayments on 2012 Singapore Credit Facility	(34,316		)	—
Repayments on Airplane Financings	(1,844		)	(1,844		)
Repayments on HVAC Equipment Lease and Other Long-Term Debt	(2,011		)	(3,284		)
	$	(1,569,609	)	$	(1,296,058	)

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Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

June 30, 2015

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	47,352	$	271,043	$	2,500,285	$	—		$	2,818,680
Restricted cash and cash equivalents	—		—		7,120		—			7,120
Intercompany receivables	536,657		266,707		—		(803,364		)	—
Intercompany notes receivable	—		—		374,640		(374,640		)	—
Accounts receivable, net	3,077		237,476		1,101,593		—			1,342,146
Inventories	6,085		10,949		22,786		—			39,820
Deferred income taxes, net	6,050		32,874		812		(39,736		)	—
Prepaid expenses and other	20,987		16,232		74,653		(1,028		)	110,844
Total current assets	620,208		835,281		4,081,889		(1,218,768		)	4,318,610
Property and equipment, net	123,479		2,929,030		12,472,905		—			15,525,414
Investments in subsidiaries	6,851,761		5,486,874		—		(12,338,635		)	—
Deferred financing costs, net	94		22,361		172,118		—			194,573
Intercompany receivables	215		17,476		—		(17,691		)	—
Intercompany notes receivable	—		1,344,397		—		(1,344,397		)	—
Deferred income taxes, net	—		—		146,106		(99,493		)	46,613
Leasehold interests in land, net	—		—		1,321,287		—			1,321,287
Intangible assets, net	690		—		78,155		—			78,845
Other assets, net	380		21,111		101,376		—			122,867
Total assets	$	7,596,827	$	10,656,530	$	18,373,836	$	(15,018,984	)	$	21,608,209
Accounts payable	$	5,377	$	26,590	$	61,654	$	—		$	93,621
Construction payables	268		5,588		282,433		—			288,289
Intercompany payables	—		490,309		313,055		(803,364		)	—
Intercompany notes payable	374,640		—		—		(374,640		)	—
Accrued interest payable	74		1,172		412		—			1,658
Other accrued liabilities	22,011		221,509		1,735,306		—			1,978,826
Deferred income taxes	—		—		53,510		(39,736		)	13,774
Income taxes payable	3,079		—		214,888		(1,028		)	216,939
Current maturities of long-term debt	3,688		24,045		70,494		—			98,227
Total current liabilities	409,137		769,213		2,731,752		(1,218,768		)	2,691,334
Other long-term liabilities	2,988		8,941		115,685		—			127,614
Intercompany payables	—		—		17,691		(17,691		)	—
Intercompany notes payable	—		—		1,344,397		(1,344,397		)	—
Deferred income taxes	55,179		44,313		180,515		(99,493		)	180,514
Deferred amounts related to mall sale transactions	—		419,854		—		—			419,854
Long-term debt	58,139		2,979,420		6,682,575		—			9,720,134
Total liabilities	525,443		4,221,741		11,072,615		(2,680,349		)	13,139,450
Total Las Vegas Sands Corp. stockholders’ equity	7,071,384		6,434,384		5,904,251		(12,338,635		)	7,071,384
Noncontrolling interests	—		405		1,396,970		—			1,397,375
Total equity	7,071,384		6,434,789		7,301,221		(12,338,635		)	8,468,759
Total liabilities and equity	$	7,596,827	$	10,656,530	$	18,373,836	$	(15,018,984	)	$	21,608,209

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	114,125	$	345,399	$	3,046,795	$	—		$	3,506,319
Restricted cash and cash equivalents	—		—		6,566		—			6,566
Intercompany receivables	431,754		255,371		—		(687,125		)	—
Intercompany notes receivable	—		—		370,836		(370,836		)	—
Accounts receivable, net	15,144		270,838		1,224,790		—			1,510,772
Inventories	5,238		10,745		25,691		—			41,674
Deferred income taxes, net	6,803		31,240		1,196		(39,239		)	—
Prepaid expenses and other	26,210		11,889		87,530		(461		)	125,168
Total current assets	599,274		925,482		4,763,404		(1,097,661		)	5,190,499
Property and equipment, net	130,155		2,979,485		12,262,834		—			15,372,474
Investments in subsidiaries	7,010,357		5,864,848		—		(12,875,205		)	—
Deferred financing costs, net	123		25,153		180,320		—			205,596
Intercompany receivables	226		38,763		—		(38,989		)	—
Intercompany notes receivable	—		1,250,544		—		(1,250,544		)	—
Deferred income taxes, net	—		—		127,963		(96,243		)	31,720
Leasehold interests in land, net	—		—		1,353,090		—			1,353,090
Intangible assets, net	690		—		85,570		—			86,260
Other assets, net	714		19,736		101,602		—			122,052
Total assets	$	7,741,539	$	11,104,011	$	18,874,783	$	(15,358,642	)	$	22,361,691
Accounts payable	$	8,065	$	25,489	$	79,167	$	—		$	112,721
Construction payables	156		4,001		266,772		—			270,929
Intercompany payables	—		430,596		256,529		(687,125		)	—
Intercompany notes payable	370,836		—		—		(370,836		)	—
Accrued interest payable	76		1,030		6,837		—			7,943
Other accrued liabilities	31,050		233,781		1,719,613		—			1,984,444
Deferred income taxes	—		—		51,761		(39,239		)	12,522
Income taxes payable	—		—		224,662		(461		)	224,201
Current maturities of long-term debt	3,688		24,224		71,822		—			99,734
Total current liabilities	413,871		719,121		2,677,163		(1,097,661		)	2,712,494
Other long-term liabilities	3,014		9,255		112,345		—			124,614
Intercompany payables	—		—		38,989		(38,989		)	—
Intercompany notes payable	—		—		1,250,544		(1,250,544		)	—
Deferred income taxes	51,085		45,158		188,935		(96,243		)	188,935
Deferred amounts related to mall sale transactions	—		422,153		—		—			422,153
Long-term debt	59,983		3,230,653		6,602,277		—			9,892,913
Total liabilities	527,953		4,426,340		10,870,253		(2,483,437		)	13,341,109
Total Las Vegas Sands Corp. stockholders’ equity	7,213,586		6,677,266		6,197,939		(12,875,205		)	7,213,586
Noncontrolling interests	—		405		1,806,591		—			1,806,996
Total equity	7,213,586		6,677,671		8,004,530		(12,875,205		)	9,020,582
Total liabilities and equity	$	7,741,539	$	11,104,011	$	18,874,783	$	(15,358,642	)	$	22,361,691

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	86,503		$	2,214,995		$	—		$	2,301,498
Rooms	—			133,891			217,368			—			351,259
Food and beverage	—			55,040			123,378			—			178,418
Mall	—			—			135,282			—			135,282
Convention, retail and other	—			76,246			93,369			(44,101		)	125,514
	—			351,680			2,784,392			(44,101		)	3,091,971
Less — promotional allowances	(266		)	(21,160		)	(148,601		)	(523		)	(170,550		)
Net revenues	(266		)	330,520			2,635,791			(44,624		)	2,921,421
Operating expenses:
Casino	—			70,194			1,246,087			(713		)	1,315,568
Rooms	—			37,841			26,999			—			64,840
Food and beverage	—			26,856			70,705			(1,024		)	96,537
Mall	—			—			15,341			—			15,341
Convention, retail and other	—			22,097			55,029			(7,161		)	69,965
Provision for doubtful accounts	—			9,008			27,048			—			36,056
General and administrative	—			77,620			238,224			(242		)	315,602
Corporate	39,426			117			40,491			(35,469		)	44,565
Pre-opening	—			—			10,656			(2		)	10,654
Development	2,353			—			8			(13		)	2,348
Depreciation and amortization	7,102			43,922			197,568			—			248,592
Amortization of leasehold interests in land	—			—			9,485			—			9,485
Loss on disposal of assets	—			1,947			611			—			2,558
	48,881			289,602			1,938,252			(44,624		)	2,232,111
Operating income (loss)	(49,147		)	40,918			697,539			—			689,310
Other income (expense):
Interest income	33			50,521			5,861			(52,353		)	4,062
Interest expense, net of amounts capitalized	(2,194		)	(27,225		)	(88,735		)	52,353			(65,801		)
Other income (expense)	—			899			(1,050		)	—			(151		)
Income from equity investments in subsidiaries	478,531			406,945			—			(885,476		)	—
Income before income taxes	427,223			472,058			613,615			(885,476		)	627,420
Income tax benefit (expense)	41,950			(28,386		)	(59,493		)	—			(45,929		)
Net income	469,173			443,672			554,122			(885,476		)	581,491
Net income attributable to noncontrolling interests	—			(603		)	(111,715		)	—			(112,318		)
Net income attributable to Las Vegas Sands Corp.	$	469,173		$	443,069		$	442,407		$	(885,476	)	$	469,173

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	104,318		$	2,908,492		$	—		$	3,012,810
Rooms	—			126,516			248,600			—			375,116
Food and beverage	—			54,554			139,642			—			194,196
Mall	—			—			119,073			—			119,073
Convention, retail and other	—			75,781			95,539			(45,491		)	125,829
	—			361,169			3,511,346			(45,491		)	3,827,024
Less — promotional allowances	(348		)	(20,519		)	(181,386		)	(421		)	(202,674		)
Net revenues	(348		)	340,650			3,329,960			(45,912		)	3,624,350
Operating expenses:
Casino	—			66,368			1,624,606			(737		)	1,690,237
Rooms	—			36,505			27,613			—			64,118
Food and beverage	—			24,328			72,536			(1,036		)	95,828
Mall	—			—			17,709			—			17,709
Convention, retail and other	—			25,482			57,190			(8,008		)	74,664
Provision for doubtful accounts	—			9,280			40,389			—			49,669
General and administrative	—			79,349			248,401			(218		)	327,532
Corporate	40,201			709			40,120			(35,907		)	45,123
Pre-opening	—			—			16,142			(1		)	16,141
Development	4,185			—			37			(5		)	4,217
Depreciation and amortization	7,244			45,119			211,653			—			264,016
Amortization of leasehold interests in land	—			—			10,040			—			10,040
(Gain) loss on disposal of assets	—			7,040			(3,444		)	—			3,596
	51,630			294,180			2,362,992			(45,912		)	2,662,890
Operating income (loss)	(51,978		)	46,470			966,968			—			961,460
Other income (expense):
Interest income	49			43,592			6,796			(44,740		)	5,697
Interest expense, net of amounts capitalized	(1,578		)	(28,809		)	(83,943		)	44,740			(69,590		)
Other income	—			1,637			557			—			2,194
Income from equity investments in subsidiaries	673,617			612,150			—			(1,285,767		)	—
Income before income taxes	620,110			675,040			890,378			(1,285,767		)	899,761
Income tax benefit (expense)	51,324			(34,912		)	(63,329		)	—			(46,917		)
Net income	671,434			640,128			827,049			(1,285,767		)	852,844
Net income attributable to noncontrolling interests	—			(479		)	(180,931		)	—			(181,410		)
Net income attributable to Las Vegas Sands Corp.	$	671,434		$	639,649		$	646,118		$	(1,285,767	)	$	671,434

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	198,290		$	4,479,896		$	—		$	4,678,186
Rooms	—			264,448			458,224			—			722,672
Food and beverage	—			108,988			258,841			—			367,829
Mall	—			—			263,096			—			263,096
Convention, retail and other	—			164,865			187,758			(92,972		)	259,651
	—			736,591			5,647,815			(92,972		)	6,291,434
Less — promotional allowances	(446		)	(42,492		)	(314,127		)	(1,326		)	(358,391		)
Net revenues	(446		)	694,099			5,333,688			(94,298		)	5,933,043
Operating expenses:
Casino	—			147,162			2,504,907			(1,672		)	2,650,397
Rooms	—			74,743			55,888			—			130,631
Food and beverage	—			54,595			143,191			(2,002		)	195,784
Mall	—			—			30,478			—			30,478
Convention, retail and other	—			45,414			107,522			(14,714		)	138,222
Provision for doubtful accounts	—			18,280			75,126			—			93,406
General and administrative	—			154,733			485,917			(570		)	640,080
Corporate	77,192			178			87,729			(75,311		)	89,788
Pre-opening	—			—			20,236			(3		)	20,233
Development	3,899			—			8			(26		)	3,881
Depreciation and amortization	13,694			85,317			403,503			—			502,514
Amortization of leasehold interests in land	—			—			19,323			—			19,323
Loss on disposal of assets	—			2,191			15,690			—			17,881
	94,785			582,613			3,949,518			(94,298		)	4,532,618
Operating income (loss)	(95,231		)	111,486			1,384,170			—			1,400,425
Other income (expense):
Interest income	92			98,649			14,003			(102,304		)	10,440
Interest expense, net of amounts capitalized	(4,372		)	(55,779		)	(174,209		)	102,304			(132,056		)
Other income	—			1,878			13,436			—			15,314
Income from equity investments in subsidiaries	984,547			814,078			—			(1,798,625		)	—
Income before income taxes	885,036			970,312			1,237,400			(1,798,625		)	1,294,123
Income tax benefit (expense)	96,060			(61,092		)	(136,562		)	—			(101,594		)
Net income	981,096			909,220			1,100,838			(1,798,625		)	1,192,529
Net income attributable to noncontrolling interests	—			(1,497		)	(209,936		)	—			(211,433		)
Net income attributable to Las Vegas Sands Corp.	$	981,096		$	907,723		$	890,902		$	(1,798,625	)	$	981,096

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	214,108		$	6,170,767		$	—		$	6,384,875
Rooms	—			262,229			513,109			—			775,338
Food and beverage	—			114,091			282,892			—			396,983
Mall	—			—			228,104			—			228,104
Convention, retail and other	—			164,191			191,981			(92,967		)	263,205
	—			754,619			7,386,853			(92,967		)	8,048,505
Less — promotional allowances	(741		)	(42,323		)	(369,687		)	(1,020		)	(413,771		)
Net revenues	(741		)	712,296			7,017,166			(93,987		)	7,634,734
Operating expenses:
Casino	—			138,587			3,420,845			(1,583		)	3,557,849
Rooms	—			72,525			55,856			—			128,381
Food and beverage	—			52,555			145,555			(2,113		)	195,997
Mall	—			—			35,072			—			35,072
Convention, retail and other	—			56,636			124,470			(15,974		)	165,132
Provision for doubtful accounts	—			15,884			95,703			—			111,587
General and administrative	—			161,374			503,134			(477		)	664,031
Corporate	87,136			938			81,556			(73,830		)	95,800
Pre-opening	—			97			20,345			(1		)	20,441
Development	5,822			—			96			(9		)	5,909
Depreciation and amortization	14,615			91,627			418,821			—			525,063
Amortization of leasehold interests in land	—			—			20,066			—			20,066
(Gain) loss on disposal of assets	—			6,755			(2,634		)	—			4,121
	107,573			596,978			4,918,885			(93,987		)	5,529,449
Operating income (loss)	(108,314		)	115,318			2,098,281			—			2,105,285
Other income (expense):
Interest income	74			85,048			13,813			(87,435		)	11,500
Interest expense, net of amounts capitalized	(3,140		)	(57,284		)	(167,727		)	87,435			(140,716		)
Other income (expense)	—			243			(2,706		)	—			(2,463		)
Loss on modification or early retirement of debt	—			—			(17,964		)	—			(17,964		)
Income from equity investments in subsidiaries	1,474,462			1,315,763			—			(2,790,225		)	—
Income before income taxes	1,363,082			1,459,088			1,923,697			(2,790,225		)	1,955,642
Income tax benefit (expense)	84,537			(54,086		)	(136,521		)	—			(106,070		)
Net income	1,447,619			1,405,002			1,787,176			(2,790,225		)	1,849,572
Net income attributable to noncontrolling interests	—			(1,076		)	(400,877		)	—			(401,953		)
Net income attributable to Las Vegas Sands Corp.	$	1,447,619		$	1,403,926		$	1,386,299		$	(2,790,225	)	$	1,447,619

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	469,173	$	443,672		$	554,122		$	(885,476	)	$	581,491
Currency translation adjustment, net of reclassification adjustment and before and after tax	33,099		27,448			33,711			(60,547		)	33,711
Total comprehensive income	502,272		471,120			587,833			(946,023		)	615,202
Comprehensive income attributable to noncontrolling interests	—		(603		)	(112,327		)	—			(112,930		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	502,272	$	470,517		$	475,506		$	(946,023	)	$	502,272

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	671,434	$	640,128		$	827,049		$	(1,285,767	)	$	852,844
Currency translation adjustment, before and after tax	22,690		19,675			23,975			(42,365		)	23,975
Total comprehensive income	694,124		659,803			851,024			(1,328,132		)	876,819
Comprehensive income attributable to noncontrolling interests	—		(479		)	(182,216		)	—			(182,695		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	694,124	$	659,324		$	668,808		$	(1,328,132	)	$	694,124

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	981,096		$	909,220		$	1,100,838		$	(1,798,625	)	$	1,192,529
Currency translation adjustment, net of reclassification adjustment and before and after tax	(49,698		)	(42,517		)	(48,588		)	92,215			(48,588		)
Total comprehensive income	931,398			866,703			1,052,250			(1,706,410		)	1,143,941
Comprehensive income attributable to noncontrolling interests	—			(1,497		)	(211,046		)	—			(212,543		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	931,398		$	865,206		$	841,204		$	(1,706,410	)	$	931,398

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)		Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net income	$	1,447,619	$	1,405,002		$	1,787,176		$	(2,790,225	)	$	1,849,572
Currency translation adjustment, before and after tax	33,538		28,558			34,198			(62,096		)	34,198
Total comprehensive income	1,481,157		1,433,560			1,821,374			(2,852,321		)	1,883,770
Comprehensive income attributable to noncontrolling interests	—		(1,076		)	(401,537		)	—			(402,613		)
Comprehensive income attributable to Las Vegas Sands Corp.	$	1,481,157	$	1,432,484		$	1,419,837		$	(2,852,321	)	$	1,481,157

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2015

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from operating activities	$	1,036,884		$	1,207,968		$	1,472,524		$	(2,135,843	)	$	1,581,533
Cash flows from investing activities:
Change in restricted cash and cash equivalents	—			—			(549		)	—			(549		)
Capital expenditures	(6,906		)	(35,478		)	(676,855		)	—			(719,239		)
Proceeds from disposal of property and equipment	—			12			627			—			639
Dividends received from non-restricted subsidiaries	—			959,060			—			(959,060		)	—
Repayments of receivable from non-restricted subsidiaries	—			1,287			—			(1,287		)	—
Capital contributions to subsidiaries	—			(907,460		)	—			907,460			—
Net cash generated from (used in) investing activities	(6,906		)	17,421			(676,777		)	(52,887		)	(719,149		)
Cash flows from financing activities:
Proceeds from exercise of stock options	5,566			—			2,512			—			8,078
Excess tax benefit from stock option exercises	2,242			—			—			—			2,242
Repurchase of common stock	(64,994		)	—			—			—			(64,994		)
Dividends paid	(1,037,721		)	—			(308,083		)	—			(1,345,804		)
Distributions to noncontrolling interests	—			(1,497		)	(5,374		)	—			(6,871		)
Dividends paid to Las Vegas Sands Corp.	—			(1,046,031		)	(56,181		)	1,102,212			—
Dividends paid to Restricted Subsidiaries	—			—			(1,992,691		)	1,992,691			—
Capital contributions received	—			—			907,460			(907,460		)	—
Repayments on borrowings from Restricted Subsidiaries	—			—			(1,287		)	1,287			—
Proceeds from 2011 VML credit facility	—			—			999,277			—			999,277
Proceeds from 2013 U.S. credit facility	—			460,000			—			—			460,000
Repayments on 2011 VML credit facility	—			—			(820,188		)	—			(820,188		)
Repayments on 2013 U.S. credit facility	—			(711,250		)	—			—			(711,250		)
Repayments on 2012 Singapore credit facility	—			—			(34,316		)	—			(34,316		)
Repayments on airplane financings	(1,844		)	—			—			—			(1,844		)
Repayments on HVAC equipment lease and other long-term debt	—			(967		)	(1,044		)	—			(2,011		)
Payments of deferred financing costs	—			—			(11,745		)	—			(11,745		)
Net cash used in financing activities	(1,096,751		)	(1,299,745		)	(1,321,660		)	2,188,730			(1,529,426		)
Effect of exchange rate on cash	—			—			(20,597		)	—			(20,597		)
Decrease in cash and cash equivalents	(66,773		)	(74,356		)	(546,510		)	—			(687,639		)
Cash and cash equivalents at beginning of period	114,125			345,399			3,046,795			—			3,506,319
Cash and cash equivalents at end of period	$	47,352		$	271,043		$	2,500,285		$	—		$	2,818,680

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2014

	LVSC (Non-Guarantor Parent)			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from operating activities	$	2,094,753		$	1,609,083		$	2,309,084		$	(3,622,076	)	$	2,390,844
Cash flows from investing activities:
Change in restricted cash and cash equivalents	—			—			559			—			559
Capital expenditures	(19,271		)	(39,995		)	(467,572		)	—			(526,838		)
Proceeds from disposal of property and equipment	—			667			439			—			1,106
Dividends received from non-restricted subsidiaries	—			1,092,406			—			(1,092,406		)	—
Repayments of receivable from non-restricted subsidiaries	—			935			—			(935		)	—
Capital contributions to subsidiaries	—			(1,047,406		)	—			1,047,406			—
Net cash generated from (used in) investing activities	(19,271		)	6,607			(466,574		)	(45,935		)	(525,173		)
Cash flows from financing activities:
Proceeds from exercise of stock options	38,454			—			6,664			—			45,118
Excess tax benefit from stock option exercises	2,755			—			—			—			2,755
Repurchase of common stock	(1,139,415		)	—			—			—			(1,139,415		)
Dividends paid	(809,085		)	—			(776,570		)	—			(1,585,655		)
Distributions to noncontrolling interests	—			(1,076		)	(3,655		)	—			(4,731		)
Dividends paid to Las Vegas Sands Corp.	—			(2,150,104		)	(42,252		)	2,192,356			—
Dividends paid to Restricted Subsidiaries	—			—			(2,522,126		)	2,522,126			—
Capital contributions received	—			—			1,047,406			(1,047,406		)	—
Repayments on borrowings from Restricted Subsidiaries	—			—			(935		)	935			—
Proceeds from 2013 U.S. credit facility	—			1,038,000			—			—			1,038,000
Proceeds from 2011 VML credit facility	—			—			819,725			—			819,725
Repayments on 2011 VML credit facility	—			—			(819,680		)	—			(819,680		)
Repayments on 2013 U.S. credit facility	—			(471,250		)	—			—			(471,250		)
Repayments on airplane financings	(1,844		)	—			—			—			(1,844		)
Repayments on HVAC equipment lease and other long-term debt	—			(1,213		)	(2,071		)	—			(3,284		)
Payments of deferred financing costs	—			—			(57,244		)	—			(57,244		)
Net cash used in financing activities	(1,909,135		)	(1,585,643		)	(2,350,738		)	3,668,011			(2,177,505		)
Effect of exchange rate on cash	—			—			4,147			—			4,147
Increase (decrease) in cash and cash equivalents	166,347			30,047			(504,081		)	—			(307,687		)
Cash and cash equivalents at beginning of period	50,180			315,489			3,234,745			—			3,600,414
Cash and cash equivalents at end of period	$	216,527		$	345,536		$	2,730,664		$	—		$	3,292,727

XML

Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net income	$ 581,491	$ 852,844	$ 1,192,529	$ 1,849,572
Currency translation adjustment, net of reclassification and before tax	33,711	23,975	(48,588)	34,198
Currency translation adjustment, net of reclassification and after tax	33,711	23,975	(48,588)	34,198
Total comprehensive income	615,202	876,819	1,143,941	1,883,770
Comprehensive income attributable to noncontrolling interests	(112,930)	(182,695)	(212,543)	(402,613)
Comprehensive income attributable to Las Vegas Sands Corp.	502,272	694,124	931,398	1,481,157
Consolidating/Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(885,476)	(1,285,767)	(1,798,625)	(2,790,225)
Currency translation adjustment, net of reclassification and before tax	(60,547)	(42,365)	92,215	(62,096)
Currency translation adjustment, net of reclassification and after tax	(60,547)	(42,365)	92,215	(62,096)
Total comprehensive income	(946,023)	(1,328,132)	(1,706,410)	(2,852,321)
Comprehensive income attributable to Las Vegas Sands Corp.	(946,023)	(1,328,132)	(1,706,410)	(2,852,321)
Las Vegas Sands Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	469,173	671,434	981,096	1,447,619
Currency translation adjustment, net of reclassification and before tax	33,099	22,690	(49,698)	33,538
Currency translation adjustment, net of reclassification and after tax	33,099	22,690	(49,698)	33,538
Total comprehensive income	502,272	694,124	931,398	1,481,157
Comprehensive income attributable to Las Vegas Sands Corp.	502,272	694,124	931,398	1,481,157
Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	443,672	640,128	909,220	1,405,002
Currency translation adjustment, net of reclassification and before tax	27,448	19,675	(42,517)	28,558
Currency translation adjustment, net of reclassification and after tax	27,448	19,675	(42,517)	28,558
Total comprehensive income	471,120	659,803	866,703	1,433,560
Comprehensive income attributable to noncontrolling interests	(603)	(479)	(1,497)	(1,076)
Comprehensive income attributable to Las Vegas Sands Corp.	470,517	659,324	865,206	1,432,484
Non-Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	554,122	827,049	1,100,838	1,787,176
Currency translation adjustment, net of reclassification and before tax	33,711	23,975	(48,588)	34,198
Currency translation adjustment, net of reclassification and after tax	33,711	23,975	(48,588)	34,198
Total comprehensive income	587,833	851,024	1,052,250	1,821,374
Comprehensive income attributable to noncontrolling interests	(112,327)	(182,216)	(211,046)	(401,537)
Comprehensive income attributable to Las Vegas Sands Corp.	$ 475,506	$ 668,808	$ 841,204	$ 1,419,837

XML

Stock-Based Employee Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
LVSC 2004 Plan [Member]
Black-Scholes option-pricing model, weighted average assumptions
Weighted average volatility	35.60%	46.20%	37.30%	59.50%
Expected term (in years)	5 years 10 months	6 years	5 years 10 months	5 years 6 months
Risk-free rate	1.40%	1.60%	1.30%	1.70%
Expected dividends	4.70%	2.60%	4.70%	2.70%
SCL Equity Plan [Member]
Black-Scholes option-pricing model, weighted average assumptions
Weighted average volatility	44.90%	65.30%	44.80%	65.50%
Expected term (in years)	4 years	6 years 3 months 18 days	4 years	6 years 3 months 18 days
Risk-free rate	0.60%	1.40%	0.70%	1.30%
Expected dividends	6.10%	3.10%	6.00%	3.00%

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 581,491	$ 852,844	$ 1,192,529	$ 1,849,572
Currency translation adjustment, net of reclassification and before tax	33,711	23,975	(48,588)	34,198
Currency translation adjustment, net of reclassification and after tax	33,711	23,975	(48,588)	34,198
Total comprehensive income	615,202	876,819	1,143,941	1,883,770
Comprehensive income attributable to noncontrolling interests	(112,930)	(182,695)	(212,543)	(402,613)
Comprehensive income attributable to Las Vegas Sands Corp.	$ 502,272	$ 694,124	$ 931,398	$ 1,481,157

XML

Property and Equipment, Net

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following (in thousands):

	June 30, 2015			December 31, 2014
Land and improvements	$	551,241		$	551,625
Building and improvements	15,169,341			15,187,427
Furniture, fixtures, equipment and leasehold improvements	3,162,457			3,065,859
Transportation	455,216			454,278
Construction in progress	2,319,805			1,796,554
	21,658,060			21,055,743
Less — accumulated depreciation and amortization	(6,132,646		)	(5,683,269		)
	$	15,525,414		$	15,372,474

Construction in progress consists of the following (in thousands):

	June 30, 2015		December 31, 2014
The Parisian Macao	$	1,097,603	$	749,176
Four Seasons Macao (principally the Four Seasons Apartments)	420,170		417,920
Sands Cotai Central	453,420		289,518
Other	348,612		339,940
	$	2,319,805	$	1,796,554

The $348.6 million in other construction in progress as of June 30, 2015, consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao.

In accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”), the Company sold the portion of the Grand Canal Shoppes located within The Palazzo (formerly referred to as "The Shoppes at the Palazzo"). Under the terms of the settlement with GGP on June 24, 2011, the Company retained the $295.4 million of proceeds previously received and participates in certain potential future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain potential future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $224.1 million (net of $87.3 million of accumulated depreciation) as of June 30, 2015, will continue to be recorded on the Company’s condensed consolidated balance sheet and will continue to be depreciated in the Company’s condensed consolidated income statement.

During the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, the Company capitalized interest expense of $5.5 million, $9.7 million, $1.5 million, and $3.2 million, respectively. During the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, the Company capitalized approximately $8.1 million, $15.6 million, $6.2 million and $14.1 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.

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Organization and Business of Company (Details) ft² in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($) ft² a hotel_tower Seat Room floor	Dec. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Outstanding construction payables | $	$ 288,289	$ 270,929
Cash and cash equivalents | $	2,818,680	$ 3,506,319	$ 3,292,727	$ 3,600,414
Restricted cash and cash equivalents | $	$ 7,100
MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership interest in Sands China Ltd., percentage	70.10%
Gaming subconcession, period	20 years
Las Vegas Condo Tower [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capitalized costs | $	$ 178,600
Cotai Strip [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of property (in acres) | a	140
The Venetian Macao [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of floors | floor	39
Number of hotel rooms | Room	2,900
The Venetian Macao [Member] | Gaming Space [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	376
The Venetian Macao [Member] | Arena [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of seats | Seat	15,000
The Venetian Macao [Member] | Theater [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of seats | Seat	1,800
The Venetian Macao [Member] | Retail and Dining Space [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	925
The Venetian Macao [Member] | Convention Center and Meeting Room Complex [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	1,200
Sands Cotai Central [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capitalized costs | $	$ 4,690,000
Outstanding construction payables | $	$ 76,800
Sands Cotai Central [Member] | Gaming Space [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	370
Area of real estate property, upon completion (square feet)	370
Sands Cotai Central [Member] | Convention Center and Meeting Room Facilities [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	350
Sands Cotai Central [Member] | Convention Center and Meeting Room Facilities [Member] | MACAO [Member] | Minimum [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property, upon completion (square feet)	550
Sands Cotai Central [Member] | Retail [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	330
Sands Cotai Central [Member] | Retail, Dining and Entertainment Space [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property, upon completion (square feet)	800
Sands Cotai Central [Member] | Conrad and Holiday Inn Tower [Member] | Five-Star Rooms [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	600
Sands Cotai Central [Member] | Conrad and Holiday Inn Tower [Member] | Four-Star Rooms [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	1,200
Sands Cotai Central [Member] | First Sheraton Tower [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	1,800
Sands Cotai Central [Member] | Second Sheraton Tower [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	2,100
Sands Cotai Central [Member] | St. Regis Tower [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Expected cost to complete | $	$ 380,000
Four Seasons Macao [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	360
Four Seasons Macao [Member] | Gaming Space [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	105
Four Seasons Macao [Member] | Paiza Mansion [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	19
Four Seasons Macao [Member] | Retail [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	258
Four Seasons Macao [Member] | Four Seasons Apartments [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	1,000
Sands Macao [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	289
Sands Macao [Member] | Gaming Space [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	241
Marina Bay Sands [Member] | SINGAPORE [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of floors | floor	55
Number of hotel rooms | Room	2,600
Number of towers | hotel_tower	3
Marina Bay Sands [Member] | Gaming Space [Member] | SINGAPORE [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	160
Marina Bay Sands [Member] | Convention Center and Meeting Room Complex [Member] | SINGAPORE [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	1,200
Marina Bay Sands [Member] | Retail, Dining and Entertainment Space [Member] | SINGAPORE [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	800
Las Vegas Operating Properties [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	7,100
Las Vegas Operating Properties [Member] | Gaming Space [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	225
Las Vegas Operating Properties [Member] | Convention Center and Meeting Room Facilities [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	1,100
Las Vegas Operating Properties [Member] | Sands Expo Center [Member] | Convention Center and Meeting Room Complex [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	1,200
Sands Bethlehem [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	300
Sands Bethlehem [Member] | Gaming Space [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	145
Sands Bethlehem [Member] | Retail [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	150
Sands Bethlehem [Member] | Event Center [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property (square feet)	50
Sands Bethlehem [Member] | Sands Bethworks Gaming LLC [Member] | UNITED STATES [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Economic interest in subsidiary, percentage	86.00%
Sands Bethlehem [Member] | Sands Bethworks Retail LLC [Member] | UNITED STATES [Member] | Minimum [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Economic interest in subsidiary, percentage	35.00%
The Parisian Macao [Member] | MACAO [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Expected cost to complete | $	$ 2,700,000
Capitalized costs | $	1,150,000
Outstanding construction payables | $	$ 116,600
The Parisian Macao [Member] | MACAO [Member] | Minimum [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of hotel rooms | Room	3,000

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Income Taxes (Details) - 6 months ended Jun. 30, 2015 MOP in Millions, $ in Millions	USD ($)	MOP
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | Earliest Tax Year [Member] | SINGAPORE [Member]
Income Taxes [Line Items]
Income tax examination, year subject to examination	2010	2010
Income tax examination, year under examination	2010	2010
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | Latest Tax Year [Member] | SINGAPORE [Member]
Income Taxes [Line Items]
Income tax examination, year under examination	2012	2012
Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | MACAO [Member]
Income Taxes [Line Items]
Macao income tax exemption, term	5 years	5 years
Macao income tax exemption, termination date	end of 2018	end of 2018
Macao tax agreement, annual payment, termination date	end of 2018	end of 2018
Macao tax agreement, annual payment	$ 5.3	MOP 42.4
Macao tax due on dividend distributions, percent	12.00%	12.00%
Foreign Tax Authority [Member] | Macao Finance Bureau (MFB) [Member] | Earliest Tax Year [Member] | MACAO [Member]
Income Taxes [Line Items]
Income tax examination, year subject to examination	2010	2010
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | UNITED STATES [Member]
Income Taxes [Line Items]
Income tax examination, year subject to examination	2010	2010

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Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):

	June 30, 2015			December 31, 2014
Land and improvements	$	551,241		$	551,625
Building and improvements	15,169,341			15,187,427
Furniture, fixtures, equipment and leasehold improvements	3,162,457			3,065,859
Transportation	455,216			454,278
Construction in progress	2,319,805			1,796,554
	21,658,060			21,055,743
Less — accumulated depreciation and amortization	(6,132,646		)	(5,683,269		)
	$	15,525,414		$	15,372,474

Construction in Progress

Construction in progress consists of the following (in thousands):

	June 30, 2015		December 31, 2014
The Parisian Macao	$	1,097,603	$	749,176
Four Seasons Macao (principally the Four Seasons Apartments)	420,170		417,920
Sands Cotai Central	453,420		289,518
Other	348,612		339,940
	$	2,319,805	$	1,796,554