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; 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 currently under development, in addition to its reportable segments noted above, which include the renovation, expansion and rebranding of Sands Cotai Central to The Londoner Macao, the Four Seasons Tower Suites Macao and the St. Regis Tower Suites Macao in Macao, and the Las Vegas Condo Tower (for 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 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 the consolidated financial condition. The segment information for the years ended December 31, 2017 and 2016 have been reclassified to conform to the current presentation.

The Company's segment information as of and for the years ended December 31, 2018, 2017 and 2016 is as follows:



	Year Ended December 31,
	2018			2017			2016
	(In millions)
Net Revenues
Macao:
The Venetian Macao	$	3,474		$	2,924		$	2,831
Sands Cotai Central	2,153			1,916			1,924
The Parisian Macao	1,533			1,395			401
The Plaza Macao and Four Seasons Hotel Macao	719			587			584
Sands Macao	650			626			668
Ferry Operations and Other	160			161			158
	8,689			7,609			6,566
Marina Bay Sands	3,069			3,134			2,791
United States:
Las Vegas Operating Properties	1,682			1,657			1,571
Sands Bethlehem	536			564			555
	2,218			2,221			2,126
Intersegment eliminations	(247		)	(236		)	(212		)
Total net revenues	$	13,729		$	12,728		$	11,271



	Year Ended December 31,
	2018		2017		2016
	(In millions)
Intersegment Revenues
Macao:
The Venetian Macao	$	4	$	5	$	6
Sands Cotai Central	—		—		1
Ferry Operations and Other	25		23		22
	29		28		29
Marina Bay Sands	9		8		8
Las Vegas Operating Properties	209		200		175
Total intersegment revenues	$	247	$	236	$	212



	Year Ended December 31,
	2018			2017			2016
	(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao	$	1,378		$	1,133		$	1,089
Sands Cotai Central	759			633			616
The Parisian Macao	484			413			115
The Plaza Macao and Four Seasons Hotel Macao	262			233			221
Sands Macao	178			174			172
Ferry Operations and Other	18			21			32
	3,079			2,607			2,245
Marina Bay Sands	1,690			1,755			1,395
United States:
Las Vegas Operating Properties	394			391			356
Sands Bethlehem	116			147			143
	510			538			499
Consolidated adjusted property EBITDA⁽¹⁾	5,279			4,900			4,139
Other Operating Costs and Expenses
Stock-based compensation	(12		)	(14		)	(14		)
Corporate	(202		)	(173		)	(256		)
Pre-opening	(6		)	(8		)	(130		)
Development	(12		)	(13		)	(9		)
Depreciation and amortization	(1,111		)	(1,171		)	(1,111		)
Amortization of leasehold interests in land	(35		)	(37		)	(38		)
Loss on disposal or impairment of assets	(150		)	(20		)	(79		)
Operating income	3,751			3,464			2,502
Other Non-Operating Costs and Expenses
Interest income	59			16			10
Interest expense, net of amounts capitalized	(446		)	(327		)	(274		)
Other income (expense)	26			(94		)	31
Loss on modification or early retirement of debt	(64		)	(5		)	(5		)
Income tax (expense) benefit	(375		)	209			(239		)
Net income	$	2,951		$	3,263		$	2,025

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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, debt principal repayments and income taxes, 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.



	Year Ended December 31,
	2018		2017		2016
	(In millions)
Capital Expenditures
Corporate and Other	$	81	$	9	$	11
Macao:
The Venetian Macao	180		153		94
Sands Cotai Central	131		86		128
The Parisian Macao	131		204		925
The Plaza Macao and Four Seasons Hotel Macao	63		22		16
Sands Macao	29		10		18
Ferry Operations and Other	1		4		4
	535		479		1,185
Marina Bay Sands	182		196		83
United States:
Las Vegas Operating Properties	127		123		92
Sands Bethlehem	24		30		27
	151		153		119
Total capital expenditures	$	949	$	837	$	1,398



	December 31,
	2018		2017		2016
	(In millions)
Total Assets
Corporate and Other	$	1,296	$	953	$	465
Macao:
The Venetian Macao	3,403		2,640		2,642
Sands Cotai Central	4,295		3,891		4,152
The Parisian Macao	2,455		2,496		2,711
The Plaza Macao and Four Seasons Hotel Macao	883		930		966
Sands Macao	322		282		316
Ferry Operations and Other	259		275		281
	11,617		10,514		11,068
Marina Bay Sands	4,674		5,054		5,031
United States:
Las Vegas Operating Properties	4,321		3,530		3,214
Sands Bethlehem	639		636		691
	4,960		4,166		3,905
Total assets	$	22,547	$	20,687	$	20,469



	December 31,
	2018		2017		2016
	(In millions)
Total Long-Lived Assets⁽¹⁾
Corporate and Other	$	281	$	249	$	264
Macao:
The Venetian Macao	1,750		1,728		1,726
Sands Cotai Central	3,414		3,516		3,720
The Parisian Macao	2,317		2,375		2,572
The Plaza Macao and Four Seasons Hotel Macao	772		853		874
Sands Macao	229		222		245
Ferry Operations and Other	130		146		157
	8,612		8,840		9,294
Marina Bay Sands	4,148		4,336		4,192
United States:
Las Vegas Operating Properties	2,762		2,779		2,815
Sands Bethlehem	549		549		548
	3,311		3,328		3,363
Total long-lived assets	$	16,352	$	16,753	$	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.