Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Segment Reporting Information

The Company’s segment information as of June 30, 2024 and December 31, 2023, and for the three and six months ended June 30, 2024 and 2023 is as follows:


	Casino		Rooms		Food and Beverage		Mall		Convention, Retail and Other		Net Revenues

	(In millions)
Three Months Ended June 30, 2024
Macao:
The Venetian Macao	$	556	$	50	$	16	$	55	$	9	$	686
The Londoner Macao	318		77		22		17		10		444
The Parisian Macao	207		32		17		7		2		265
The Plaza Macao and Four Seasons Macao	178		25		8		38		1		250
Sands Macao	70		5		3		—		1		79
Ferry Operations and Other	—		—		—		—		30		30
	1,329		189		66		117		53		1,754
Marina Bay Sands	706		124		82		58		46		1,016
Intercompany royalties	—		—		—		—		63		63
Intercompany eliminations(1)	—		—		—		(1)		(71)		(72)
Total net revenues	$	2,035	$	313	$	148	$	174	$	91	$	2,761

Three Months Ended June 30, 2023
Macao:
The Venetian Macao	$	523	$	48	$	17	$	53	$	12	$	653
The Londoner Macao	281		80		20		16		5		402
The Parisian Macao	183		35		11		8		2		239
The Plaza Macao and Four Seasons Macao	150		25		8		39		1		223
Sands Macao	76		4		3		—		1		84
Ferry Operations and Other	—		—		—		—		27		27
	1,213		192		59		116		48		1,628
Marina Bay Sands	649		104		84		57		31		925
Intercompany royalties	—		—		—		—		55		55
Intercompany eliminations(1)	—		—		—		(1)		(65)		(66)
Total net revenues	$	1,862	$	296	$	143	$	172	$	69	$	2,542


	Casino		Rooms		Food and Beverage		Mall		Convention, Retail and Other		Net Revenues

	(In millions)
Six Months Ended June 30, 2024
Macao:
The Venetian Macao	$	1,194	$	102	$	33	$	109	$	19	$	1,457
The Londoner Macao	737		166		49		33		21		1,006
The Parisian Macao	380		66		31		14		4		495
The Plaza Macao and Four Seasons Macao	248		50		16		76		2		392
Sands Macao	139		9		6		—		1		155
Ferry Operations and Other	—		—		—		—		60		60
	2,698		393		135		232		107		3,565
Marina Bay Sands	1,565		250		163		117		79		2,174
Intercompany royalties	—		—		—		—		126		126
Intercompany eliminations(1)	—		—		—		(1)		(144)		(145)
Total net revenues	$	4,263	$	643	$	298	$	348	$	168	$	5,720

Six Months Ended June 30, 2023
Macao:
The Venetian Macao	$	969	$	87	$	30	$	104	$	21	$	1,211
The Londoner Macao	479		135		34		30		7		685
The Parisian Macao	311		63		20		16		3		413
The Plaza Macao and Four Seasons Macao	259		45		14		75		2		395
Sands Macao	143		8		6		—		1		158
Ferry Operations and Other	—		—		—		—		45		45
	2,161		338		104		225		79		2,907
Marina Bay Sands	1,242		201		163		110		57		1,773
Intercompany royalties	—		—		—		—		103		103
Intercompany eliminations(1)	—		—		—		(1)		(120)		(121)
Total net revenues	$	3,403	$	539	$	267	$	334	$	119	$	4,662

____________________

(1)Intercompany eliminations include royalties and other intercompany services.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Intersegment Revenues
Macao:
The Venetian Macao	$	2	$	2	$	4	$	4

Ferry Operations and Other	7		7		13		12
	9		9		17		16
Marina Bay Sands	—		2		2		2
Intercompany royalties	63		55		126		103
Total intersegment revenues	$	72	$	66	$	145	$	121


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao	$	262	$	252	$	576	$	462
The Londoner Macao	103		103		275		159
The Parisian Macao	83		74		154		120
The Plaza Macao and Four Seasons Macao	100		91		136		166
Sands Macao	10		15		22		25
Ferry Operations and Other	3		6		8		7
	561		541		1,171		939
Marina Bay Sands	512		432		1,109		826
Consolidated adjusted property EBITDA(1)	1,073		973		2,280		1,765
Other Operating Costs and Expenses
Stock-based compensation(2)	(3)		(8)		(9)		(19)
Corporate	(69)		(60)		(147)		(117)
Pre-opening	(3)		(8)		(6)		(10)
Development	(61)		(54)		(114)		(96)
Depreciation and amortization	(316)		(288)		(636)		(562)
Amortization of leasehold interests in land	(14)		(14)		(30)		(28)
Loss on disposal or impairment of assets	(16)		(4)		(30)		(18)
Operating income	591		537		1,308		915
Other Non-Operating Costs and Expenses
Interest income	80		76		151		146
Interest expense, net of amounts capitalized	(186)		(210)		(368)		(428)
Other income (expense)	11		14		5		(21)

Income tax expense	(72)		(49)		(89)		(99)
Net income	$	424	$	368	$	1,007	$	513

____________________

(1)Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) 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 LVSC, 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.

(2)During the three months ended June 30, 2024 and 2023, the Company recorded stock-based compensation expense of $14 million and $20 million, respectively, of which $11 million and $12 million, respectively, was included in corporate

expense in the accompanying condensed consolidated statements of operations. During the six months ended June 30, 2024 and 2023, the Company recorded stock-based compensation expense of $34 million and $42 million, respectively, of which $25 million and $23 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.


	Six Months Ended June 30,
	2024		2023

	(In millions)
Capital Expenditures
Corporate and Other	$	21	$	23
Macao:
The Venetian Macao	78		28
The Londoner Macao	125		45
The Parisian Macao	6		1
The Plaza Macao and Four Seasons Macao	5		4
Sands Macao	6		2
Ferry Operations and Other	1		—
	221		80
Marina Bay Sands	239		259
Total capital expenditures	$	481	$	362


	June 30, 2024		December 31, 2023

	(In millions)
Total Assets
Corporate and Other	$	4,295	$	5,167
Macao:
The Venetian Macao	2,943		2,548
The Londoner Macao	4,280		4,193
The Parisian Macao	1,743		1,802
The Plaza Macao and Four Seasons Macao	983		1,059
Sands Macao	256		287
Ferry Operations and Other	317		335

	10,522		10,224
Marina Bay Sands	6,296		6,387
Total assets	$	21,113	$	21,778