Segment Information

The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; The Parisian Macao, which opened in September 2016; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and Sands Bethlehem. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above, which include the remainder of Sands Cotai Central and the Four Seasons Apartments in Macao, and our Las Vegas Condo Tower (which construction currently is suspended) in the United States. The Company has included Ferry Operations and Other (comprised primarily of the Company's ferry operations and various other operations that are ancillary to its properties in Macao) to reconcile to condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to condensed consolidated financial condition. The Company’s segment information as of June 30, 2017 and December 31, 2016, and for the three and six months ended June 30, 2017 and 2016, is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Net Revenues
Macao:
The Venetian Macao	$	687		$	666		$	1,428		$	1,415
Sands Cotai Central	445			473			912			1,003
The Parisian Macao	361			—			679			—
The Plaza Macao and Four Seasons Hotel Macao	137			125			280			273
Sands Macao	161			185			343			360
Ferry Operations and Other	45			41			86			80
	1,836			1,490			3,728			3,131
Marina Bay Sands	836			710			1,536			1,314
United States:
Las Vegas Operating Properties	384			356			818			741
Sands Bethlehem	147			146			289			285
	531			502			1,107			1,026
Intersegment eliminations	(62		)	(53		)	(124		)	(105		)
Total net revenues	$	3,141		$	2,649		$	6,247		$	5,366



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In millions)
Intersegment Revenues
Macao:
The Venetian Macao	$	2	$	1	$	3	$	3
Ferry Operations and Other	10		10		20		19
	12		11		23		22
Marina Bay Sands	2		2		4		4
Las Vegas Operating Properties	48		40		97		79
Total intersegment revenues	$	62	$	53	$	124	$	105



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao	$	256		$	244		$	545		$	512
Sands Cotai Central	133			145			276			308
The Parisian Macao	106			—			188			—
The Plaza Macao and Four Seasons Hotel Macao	59			44			110			92
Sands Macao	39			48			93			79
Ferry Operations and Other	7			7			12			15
	600			488			1,224			1,006
Marina Bay Sands	492			357			857			632
United States:
Las Vegas Operating Properties	79			72			201			159
Sands Bethlehem	37			38			73			76
	116			110			274			235
Consolidated adjusted property EBITDA⁽¹⁾	1,208			955			2,355			1,873
Other Operating Costs and Expenses
Stock-based compensation	(4		)	(5		)	(7		)	(10		)
Corporate	(43		)	(122		)	(85		)	(169		)
Pre-opening	(4		)	(33		)	(6		)	(42		)
Development	(2		)	(2		)	(5		)	(4		)
Depreciation and amortization	(327		)	(255		)	(648		)	(515		)
Amortization of leasehold interests in land	(9		)	(9		)	(19		)	(19		)
Loss on disposal or impairment of assets	(3		)	(11		)	(6		)	(10		)
Operating income	816			518			1,579			1,104
Other Non-Operating Costs and Expenses
Interest income	4			2			7			4
Interest expense, net of amounts capitalized	(79		)	(64		)	(157		)	(133		)
Other expense	(25		)	(7		)	(61		)	(54		)
Loss on modification or early retirement of debt	—			—			(5		)	—
Income tax expense	(78		)	(55		)	(147		)	(118		)
Net income	$	638		$	394		$	1,216		$	803

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(1)

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



	Six Months Ended June 30,
	2017		2016
	(In millions)
Capital Expenditures
Corporate and Other	$	4	$	4
Macao:
The Venetian Macao	61		24
Sands Cotai Central	34		68
The Parisian Macao	111		516
The Plaza Macao and Four Seasons Hotel Macao	13		6
Sands Macao	3		7
Ferry Operations and Other	2		2
	224		623
Marina Bay Sands	92		29
United States:
Las Vegas Operating Properties	50		37
Sands Bethlehem	10		13
	60		50
Total capital expenditures	$	380	$	706



	June 30, 2017		December 31, 2016
	(In millions)
Total Assets
Corporate and Other	$	1,189	$	465
Macao:
The Venetian Macao	2,196		2,642
Sands Cotai Central	3,850		4,152
The Parisian Macao	2,562		2,711
The Plaza Macao and Four Seasons Hotel Macao	928		966
Sands Macao	275		316
Ferry Operations and Other	280		281
	10,091		11,068
Marina Bay Sands	4,904		5,031
United States:
Las Vegas Operating Properties	3,279		3,214
Sands Bethlehem	679		691
	3,958		3,905
Total assets	$	20,142	$	20,469



	June 30, 2017		December 31, 2016
	(In millions)
Total Long-Lived Assets⁽¹⁾
Corporate and Other	$	255	$	264
Macao:
The Venetian Macao	1,697		1,726
Sands Cotai Central	3,573		3,720
The Parisian Macao	2,455		2,572
The Plaza Macao and Four Seasons Hotel Macao	862		874
Sands Macao	228		245
Ferry Operations and Other	152		157
	8,967		9,294
Marina Bay Sands	4,257		4,192
United States:
Las Vegas Operating Properties	2,774		2,815
Sands Bethlehem	543		548
	3,317		3,363
Total long-lived assets	$	16,796	$	17,113

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(1)	Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.