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Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information 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; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and, through May 30, 2019, 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 MBS Expansion Project 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 Company's segment information as of and for the years ended December 31, 2020, 2019 and 2018, is as follows:
CasinoRoomsFood and BeverageMallConvention, Retail and OtherNet Revenues
(In millions)
Year Ended December 31, 2020
Macao:
The Venetian Macao$531 $46 $14 $126 $21 $738 
The Londoner Macao192 42 17 38 8 297 
The Parisian Macao180 33 14 27 5 259 
The Plaza Macao and Four Seasons Hotel Macao
159 17 9 79 1 265 
Sands Macao107 6 5 1 1 120 
Ferry Operations and Other— — — — 28 28 
1,169 144 59 271 64 1,707 
Marina Bay Sands872 136 97 112 44 1,261 
Las Vegas Operating Properties227 218 127 — 166 738 
Intercompany eliminations(1)
— — — (2)(92)(94)
Total net revenues$2,268 $498 $283 $381 $182 $3,612 
Year Ended December 31, 2019
Macao:
The Venetian Macao$2,875 $222 $73 $254 $86 $3,510 
The Londoner Macao1,541 320 97 71 23 2,052 
The Parisian Macao1,376 130 70 53 21 1,650 
The Plaza Macao and Four Seasons Hotel Macao
650 41 31 151 4 877 
Sands Macao576 18 27 3 4 628 
Ferry Operations and Other— — — — 117 117 
7,018 731 298 532 255 8,834 
Marina Bay Sands2,167 404 241 185 104 3,101 
United States:
Las Vegas Operating Properties444 610 347 — 417 1,818 
Sands Bethlehem(2)
199 7 11 1 9 227 
643 617 358 1 426 2,045 
Intercompany eliminations(1)
— — — (2)(239)(241)
Total net revenues$9,828 $1,752 $897 $716 $546 $13,739 
CasinoRoomsFood and BeverageMallConvention, Retail and OtherNet Revenues
(In millions)
Year Ended December 31, 2018
Macao:
The Venetian Macao$2,829 $223 $81 $234 $107 $3,474 
The Londoner Macao1,622 331 102 69 29 2,153 
The Parisian Macao1,265 124 65 57 22 1,533 
The Plaza Macao and Four Seasons Hotel Macao
502 39 29 145 4 719 
Sands Macao598 17 27 3 5 650 
Ferry Operations and Other— — — — 160 160 
6,816 734 304 508 327 8,689 
Marina Bay Sands2,178 393 211 179 108 3,069 
United States:
Las Vegas Operating Properties357 590 324 — 411 1,682 
Sands Bethlehem468 16 26 4 22 536 
825 606 350 4 433 2,218 
Intercompany eliminations(1)
— — — (1)(246)(247)
Total net revenues$9,819 $1,733 $865 $690 $622 $13,729 
_________________________
(1)Intercompany eliminations include royalties and other intercompany services.
(2)The Company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
Year Ended December 31,
202020192018
(In millions)
Intersegment Revenues
Macao:
The Venetian Macao$4 $4 $4 
The Londoner Macao1 — — 
Ferry Operations and Other19 27 25 
24 31 29 
Marina Bay Sands4 4 9 
Las Vegas Operating Properties66 206 209 
Total intersegment revenues$94 $241 $247 
Year Ended December 31,
202020192018
(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao$(53)$1,407 $1,378 
The Londoner Macao(184)726 759 
The Parisian Macao(131)544 484 
The Plaza Macao and Four Seasons Hotel Macao33 345 262 
Sands Macao(76)175 178 
Ferry Operations and Other(20)(8)18 
(431)3,189 3,079 
Marina Bay Sands383 1,661 1,690 
United States:
Las Vegas Operating Properties(124)487 394 
Sands Bethlehem(1)
— 52 116 
(124)539 510 
Consolidated adjusted property EBITDA(2)
(172)5,389 5,279 
Other Operating Costs and Expenses
Stock-based compensation(3)
(16)(14)(12)
Corporate(168)(313)(202)
Pre-opening(19)(34)(6)
Development(18)(24)(12)
Depreciation and amortization(1,160)(1,165)(1,111)
Amortization of leasehold interests in land(55)(51)(35)
Loss on disposal or impairment of assets(80)(90)(150)
Operating income (loss)(1,688)3,698 3,751 
Other Non-Operating Costs and Expenses
Interest income21 74 59 
Interest expense, net of amounts capitalized(536)(555)(446)
Other income22 23 26 
Gain on sale of Sands Bethlehem— 556 — 
Loss on modification or early retirement of debt— (24)(64)
Income tax (expense) benefit38 (468)(375)
Net income (loss)$(2,143)$3,304 $2,951 
_________________________
(1)The Company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
(2)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 on sale of Sands Bethlehem, 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.
(3)During the years ended December 31, 2020, 2019 and 2018, the Company recorded stock-based compensation expense of $28 million, $36 million and $30 million, respectively, of which $12 million, $22 million and $18 million, respectively, was included in corporate expense in the accompanying consolidated statements of operations.
Year Ended December 31,
202020192018
(In millions)
Capital Expenditures
Corporate and Other$5 $59 $81 
Macao:
The Venetian Macao140 131 180 
The Londoner Macao739 282 131 
The Parisian Macao11 32 131 
The Plaza Macao and Four Seasons Hotel Macao157 298 63 
Sands Macao9 16 29 
Ferry Operations and Other2 3 1 
1,058 762 535 
Marina Bay Sands164 195 182 
United States:
Las Vegas Operating Properties103 198 127 
Sands Bethlehem(1)
— 2 24 
103 200 151 
Total capital expenditures$1,330 $1,216 $949 
_________________________
(1)The Company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
December 31,
202020192018
(In millions)
Total Assets
Corporate and Other$839 $1,390 $1,296 
Macao:
The Venetian Macao2,446 3,243 3,403 
The Londoner Macao4,298 4,504 4,295 
The Parisian Macao2,119 2,351 2,455 
The Plaza Macao and Four Seasons Hotel Macao1,203 1,239 883 
Sands Macao320 324 322 
Ferry Operations and Other141 156 259 
10,527 11,817 11,617 
Marina Bay Sands5,592 5,880 4,674 
United States:
Las Vegas Operating Properties3,849 4,112 4,321 
Sands Bethlehem(1)
— — 639 
3,849 4,112 4,960 
Total assets$20,807 $23,199 $22,547 
_________________________
(1)The Company completed the sale of Sands Bethlehem on May 31, 2019.
December 31,
202020192018
(In millions)
Total Long-Lived Assets(1)
Corporate and Other$308 $311 $281 
Macao:
The Venetian Macao1,705 1,740 1,750 
The Londoner Macao4,162 3,591 3,414 
The Parisian Macao2,067 2,203 2,317 
The Plaza Macao and Four Seasons Hotel Macao1,135 1,112 772 
Sands Macao218 237 229 
Ferry Operations and Other73 54 130 
9,360 8,937 8,612 
Marina Bay Sands4,989 5,063 4,148 
United States:
Las Vegas Operating Properties2,708 2,805 2,762 
Sands Bethlehem(2)
— — 549 
2,708 2,805 3,311 
Total long-lived assets$17,365 $17,116 $16,352 
_________________________
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.
(2)The Company completed the sale of Sands Bethlehem on May 31, 2019.