What changed in this filing

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Item 1. Financial Statements

2023-07-21 compared with 2023-04-21 · 240 added, 112 removed, 537 unchanged (40% of the section changed)

16 unchanged sentences

Leasehold interests in land, net 2,075 2,128

Intangible assets, net 545 64

Goodwill and intangible assets, net 631 64

Other assets, net 244 231

18 unchanged sentences

Capital in excess of par value 6,708 6,684

Accumulated other comprehensive income (loss) 11 ( 7 )

Accumulated other comprehensive loss ( 41 ) ( 7 )

Retained earnings 2,143 1,684

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2023 2022 2023 2022

(In millions, except per share data)

Casino $ 1,862 $ 709 $ 3,403 $ 1,336

Rooms 296 97 539 192

Food and beverage 143 63 267 116

Mall 172 148 334 297

Convention, retail and other 69 28 119 47

2 unchanged sentences

Casino 1,034 445 1,908 913

Rooms 71 41 127 84

Food and beverage 117 73 221 138

Mall 21 19 42 37

Convention, retail and other 50 24 89 46

7 unchanged sentences

Loss on disposal or impairment of assets 4 — 18 6

2,005 1,192 3,747 2,437

Operating income (loss) 537 ( 147 ) 915 ( 449 )

2 unchanged sentences

Interest expense, net of amounts capitalized ( 210 ) ( 162 ) ( 428 ) ( 318 )

Other expense ( 35 ) ( 22 )

Other income (expense) 14 ( 9 ) ( 21 ) ( 31 )

Income (loss) from continuing operations before income taxes 417 ( 304 ) 612 ( 780 )

4 unchanged sentences

Gain on disposal of discontinued operations, net of tax — — — 2,861

Income from discontinued operations, net of tax — 2,907

Net income 145 2,429

Net loss attributable to noncontrolling interests from continuing operations 2 101

Net income attributable to Las Vegas Sands Corp.

Adjustment to gain on disposal of discontinued operations, net of tax — ( 3 ) — ( 3 )

Income (loss) from discontinued operations, net of tax — ( 3 ) — 2,904

Net income (loss) 368 ( 417 ) 513 2,012

Net (income) loss attributable to noncontrolling interests from continuing operations ( 56 ) 127 ( 54 ) 228

Net income (loss) attributable to Las Vegas Sands Corp.

$ 312 $ ( 290 ) $ 459 $ 2,240

2 unchanged sentences

Income from discontinued operations, net of tax — — — 3.80

Net income attributable to Las Vegas Sands Corp.

Net income (loss) attributable to Las Vegas Sands Corp.

$ 0.41 $ ( 0.38 ) $ 0.60 $ 2.93

2 unchanged sentences

Income from discontinued operations, net of tax — — — 3.80

Net income attributable to Las Vegas Sands Corp.

Net income (loss) attributable to Las Vegas Sands Corp.

$ 0.41 $ ( 0.38 ) $ 0.60 $ 2.93

5 unchanged sentences

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended

June 30, Six Months Ended

2023 2022 2023 2022

(In millions)

Net income $ 145 $ 2,429

Net income (loss) $ 368 $ ( 417 ) $ 513 $ 2,012

Currency translation adjustment ( 52 ) ( 61 ) ( 29 ) ( 65 )

Cash flow hedge fair value adjustment ( 1 ) 6 ( 6 ) —

Total comprehensive income 163 2,419

Comprehensive loss attributable to noncontrolling interests 2 104

Comprehensive income attributable to Las Vegas Sands Corp.

Total comprehensive income (loss) 315 ( 472 ) 478 1,947

Comprehensive (income) loss attributable to noncontrolling interests ( 55 ) 125 ( 53 ) 229

Comprehensive income (loss) attributable to Las Vegas Sands Corp.

$ 260 $ ( 347 ) $ 425 $ 2,176

13 unchanged sentences

(In millions)

Balance at March 31, 2022 $ 1 $ ( 4,481 ) $ 6,656 $ ( 29 ) $ 2,382 $ 148 $ 4,677

Net loss — — — — ( 290 ) ( 127 ) ( 417 )

Currency translation adjustment

— — — ( 61 ) — — ( 61 )

Cash flow hedge fair value adjustment — — — 4 — 2 6

Stock-based compensation

— — 10 — — 1 11

Tax withholding on vesting of equity awards — — ( 1 ) — — — ( 1 )

Balance at June 30, 2022 $ 1 $ ( 4,481 ) $ 6,665 $ ( 86 ) $ 2,092 $ 24 $ 4,215

Balance at January 1, 2022 $ 1 $ ( 4,481 ) $ 6,646 $ ( 22 ) $ ( 148 ) $ 252 $ 2,248

2 unchanged sentences

— — — ( 64 ) — ( 1 ) ( 65 )

Cash flow hedge fair value adjustment — — — ( 4 ) — ( 2 ) ( 6 )

Stock-based compensation

— — 20 — — 1 21

Tax withholding on vesting of equity awards — — ( 1 ) — — — ( 1 )

Balance at June 30, 2022 $ 1 $ ( 4,481 ) $ 6,665 $ ( 86 ) $ 2,092 $ 24 $ 4,215

Balance at March 31, 2023 $ 1 $ ( 4,481 ) $ 6,694 $ 11 $ 1,831 $ ( 227 ) $ 3,829

Net income — — — — 312 56 368

Currency translation adjustment

— — — ( 51 ) — ( 1 ) ( 52 )

Cash flow hedge fair value adjustment — — — ( 1 ) — — ( 1 )

Exercise of stock options

— — 3 — — — 3

Stock-based compensation — — 11 — — 1 12

Balance at June 30, 2023 $ 1 $ ( 4,481 ) $ 6,708 $ ( 41 ) $ 2,143 $ ( 171 ) $ 4,159

Balance at January 1, 2023 $ 1 $ ( 4,481 ) $ 6,684 $ ( 7 ) $ 1,684 $ ( 225 ) $ 3,656

Net income (loss) — — — — 147 ( 2 ) 145

Net income — — — — 459 54 513

Currency translation adjustment

1 unchanged sentence

Cash flow hedge fair value adjustment — — — ( 5 ) — ( 1 ) ( 6 )

Exercise of stock options

— — 3 — — — 3

Stock-based compensation

1 unchanged sentence

Tax withholding on vesting of equity awards — — ( 1 ) — — — ( 1 )

Balance at March 31, 2023 $ 1 $ ( 4,481 ) $ 6,694 $ 11 $ 1,831 $ ( 227 ) $ 3,829

Balance at June 30, 2023 $ 1 $ ( 4,481 ) $ 6,708 $ ( 41 ) $ 2,143 $ ( 171 ) $ 4,159

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

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(In millions)

24 unchanged sentences

Cash flows from financing activities from continuing operations:

Proceeds from exercise of stock options 3 —

Tax withholding on vesting of equity awards ( 1 ) ( 1 )

11 unchanged sentences

Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents ( 18 ) ( 22 )

Increase in cash, cash equivalents and restricted cash and cash equivalents 220 4,521

Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents ( 544 ) 4,543

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 6,436 1,925

Cash, cash equivalents and restricted cash and cash equivalents at end of period 6,656 6,446

Cash, cash equivalents and restricted cash and cash equivalents at end of period for continuing operations $ 5,892 $ 6,468

17 unchanged sentences

Since then, visitation to the Company’s Macao Integrated Resorts and operations have improved.

The Macao government announced total visitation from mainland China to Macao increased approximately 59.5% and decreased approximately 60.6%, during the two months ended February 28, 2023 (the latest statistics currently available), as compared to the same period in 2022 and 2019 (pre-pandemic), respectively.

The Macao government also announced gross gaming revenue increased approximately 94.9% and decreased approximately 54.5%, during the three months ended March 31, 2023, as compared to the same period in 2022 and 2019, respectively.

The Macao government announced total visitation from mainland China to Macao increased approximately 118.3% and decreased approximately 50.1%, during the five months ended May 31, 2023 (the latest statistics currently available), as compared to the same period in 2022 and 2019 (pre-pandemic), respectively.

The Macao government also announced gross gaming revenue increased approximately 205.1% and decreased approximately 46.4%, during the six months ended June 30, 2023, as compared to the same period in 2022 and 2019, respectively.

From 2020 through early 2022, the Company’s operations in Singapore were negatively impacted by the reduction in travel and tourism related to the COVID-19 pandemic.

However, the Vaccinated Travel Framework (“VTF”), launched in April 2022, facilitated the resumption of travel for all travelers, including short-term visitors, which has had and continues to have a positive impact on operations at Marina Bay Sands.

However, the Vaccinated Travel Framework (“VTF”), launched in April 2022, facilitated the resumption of travel and had a positive impact on operations at Marina Bay Sands.

During February 2023, any remaining COVID-19 border measures were lifted.

Visitation to Marina Bay Sands continues to improve since the travel restrictions have been lifted.

The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 246,000 in 2022 to 2.9 million for the three months ended March 31, 2023, while visitation decreased 37.9% when compared to the same period in 2019.

While the disruptions arising from the COVID-19 pandemic have subsided, given the dynamic nature of these circumstances, the potential future impact on the Company’s consolidated results of operations, cash flows and financial condition is uncertain.

However, the Company has a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $ 6.53 billion and access to $ 1.50 billion, $ 537 million and $ 444 million of available borrowing capacity from the Company’s LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, as of March 31, 2023.

The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 1.5 million in 2022 to 6.3 million for the six months ended June 30, 2023, while visitation decreased 32.6% when compared to the same period in 2019.

While the disruptions arising from the COVID-19 pandemic have subsided, given the dynamic nature of these circumstances, the potential future impact, if any, on the Company’s consolidated results of operations, cash flows and financial condition is uncertain.

However, the Company has a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $ 5.77 billion and access to $ 1.50 billion, $ 1.74 billion and $ 435 million of available borrowing capacity from the Company’s LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, as of June 30, 2023.

The Company believes it is able to support continuing operations and complete the Company’s major construction projects that are underway.

Development Projects

In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte.

On June 2, 2023, the Company acquired the Nassau Coliseum from Nassau Live Center, LLC and related entities, which included the right to lease the underlying land from the County of Nassau in the State of New York

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”).

The Second Development Agreement provides for a total minimum project cost of approximately 4.50 billion Singapore dollars (“SGD,” approximately $ 3.39 billion at exchange rates in effect on March 31, 2023).

(the “Nassau Coliseum Transaction”).

The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort.

There is no assurance the Company will be able to obtain such casino license.

In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte.

(“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development, which will include a hotel tower with luxury rooms and suites, a rooftop attraction, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”).

The Second Development Agreement provides for a total minimum project cost of approximately 4.50 billion Singapore dollars (“SGD,” approximately $ 3.32 billion at exchange rates in effect on June 30, 2023).

The estimated cost and timing of the total project will be updated as the Company completes design and begins construction.

The Company expects the total project cost will materially exceed the amounts referenced above from April 2019 based on current market conditions due to inflation, higher material and labor costs and other factors.

The Company has incurred approximately $ 1.05 billion as of March 31, 2023, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS Expansion Project site.

The Company has incurred approximately $ 1.07 billion as of June 30, 2023, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS Expansion Project site.

On March 22, 2023, MBS and the STB entered into a supplemental agreement, which further extended the construction commencement date to April 8, 2024 and the construction completion date to April 8, 2028, and allowed for changes to the construction and operation plans under the Second Development Agreement.

Recent Accounting Pronouncements

The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

The Company’s management has evaluated the accounting standards that have been recently issued, but not yet effective, or those proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities

11 unchanged sentences

The Company also specifically analyzes the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the patron's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis.

The Company also monitors regional and global economic conditions and forecasts, which include the impact of the COVID-19 pandemic, in its evaluation of the adequacy of the recorded reserves.

The Company also monitors regional and global economic conditions and forecasts in its evaluation of the adequacy of the recorded reserves.

Account balances are written off against the provision when the Company believes it is probable the receivable will not be recovered.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Accounts receivable, net, consists of the following:

Accounts receivable consists of the following:

2023 December 31,

5 unchanged sentences

Balance at January 1 $ 217 $ 232

Current period provision for (recovery of) credit losses ( 6 ) 4

Provision for (recovery of) credit losses ( 1 ) 6

Write-offs ( 11 ) ( 24 )

Balance at March 31

Exchange rate impact

Balance at June 30

Customer Contract Related Liabilities

8 unchanged sentences

Balance at January 1 $ 81 $ 74 $ 72 $ 61 $ 614 $ 618

Balance at March 31

Balance at June 30

137 68 66 63 654 574

1 unchanged sentence

____________________

(1) Of this amount, $ 152 million and $ 149 million as of March 31 and January 1, 2023, respectively, and $ 145 million as of March 31 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year.

(1) Of this amount, $ 154 million and $ 149 million as of June 30 and January 1, 2023, respectively, and $ 144 million and $ 145 million as of June 30 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 3 — Intangible Assets, Net

Intangible assets consist of the following:

Note 3 — Goodwill and Intangible Assets, Net

Goodwill and intangible assets consist of the following:

2023 December 31,

(In millions)

Finite-lived intangible assets:

Macao concession $ 495 $ —

1 unchanged sentence

Less — accumulated amortization ( 45 ) ( 12 )

Total intangible assets, net $ 545 $ 64

Indefinite-lived intangible assets 18 12

Goodwill 110 10

Total goodwill and intangible assets, net $ 631 $ 64

Macao Concession

1 unchanged sentence

Under the terms of the Concession, VML is required to pay the Macao government an annual gaming premium consisting of a fixed portion and a variable portion.

The fixed portion of the premium is 30 million patacas (approximately $ 4 million at exchange rates in effect on March 31, 2023).

The variable portion is 300,000 patacas per gaming table reserved exclusively for certain types of games or players, 150,000 patacas per gaming table not so reserved (the mass rate) and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $ 37,104 , $ 18,552 and $ 124 , respectively, at exchange rates in effect on March 31, 2023).

The fixed portion of the premium is 30 million patacas (approximately $ 4 million at exchange rates in effect on June 30, 2023).

The variable portion is 300,000 patacas per gaming table reserved exclusively for certain types of games or players, 150,000 patacas per gaming table not so reserved (the mass rate) and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $ 37,158 , $ 18,579 and $ 124 , respectively, at exchange rates in effect on June 30, 2023).

On December 30, 2022, VML and certain other subsidiaries of the Company, confirmed and agreed to revert certain gaming equipment and gaming areas to the Macao government without compensation and free of any liens or charges in accordance with, and upon the expiry of, VML’s subconcession.

On the same day, VML and the Macao government entered into a handover record (the “Handover Record”) granting VML the right to operate the reverted gaming equipment and gaming areas for the duration of the Concession in consideration for the payment of an annual fee.

The annual fee is calculated based on a price per square meter of reverted gaming area, being 750 patacas per square meter in the first three years and 2,500 patacas per square meter in the subsequent seven years (approximately $ 93 and $ 309 , respectively, at exchange rates in effect on March 31, 2023).

The annual fee is calculated based on a price per square meter of reverted gaming area, being 750 patacas per square meter in the first three years and 2,500 patacas per square meter in the subsequent seven years (approximately $ 93 and $ 310 , respectively, at exchange rates in effect on June 30, 2023).

The price per square meter used to determine the annual fee will be adjusted annually based on Macao’s average price index of the corresponding preceding year.

The annual fee is estimated to be $ 13 million for the first three years and $ 42 million for the following seven years, subject to the aforementioned adjustment.

On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $ 495 million at exchange rates in effect on March 31, 2023), representing the right to operate the gaming equipment and the gaming areas, the right to conduct games of chance in Macao and the unconditional obligation to make payments under the Concession.

On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $ 495 million at exchange rates in effect on June 30, 2023), representing the right to operate the gaming equipment and the gaming areas, the right to conduct games of chance in Macao and the unconditional obligation to make payments under the Concession.

This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Handover Record.

The contractually obligated annual variable premium payments associated with the intangible asset was determined using the maximum number of table games at the mass rate and the maximum number of gaming machines that VML is currently allowed to operate by the Macao government.

In the accompanying condensed consolidated balance sheet, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the period of the Concession, being 10 years.

Amortization expense for all intangible assets for the three months ending March 31, 2023 and 2022 was $ 17 million and $ 4 million, respectively.

The estimated future amortization expense for all intangible assets is approximately $ 51 million for the nine months ending December 31, 2023, and $ 68 million, $ 55 million,

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

$ 49 million, $ 49 million for the years ending December 31, 2024, 2025, 2026 and 2027, respectively, and $ 247 million thereafter.

Amortization expense for all intangible assets was $ 17 million and $ 4 million for the three months ended June 30, 2023 and 2022, respectively, and $ 34 million and $ 9 million for the six months ended June 30, 2023 and 2022, respectively.

The estimated future amortization expense for all intangible assets is approximately $ 34 million for the six months ending December 31, 2023, and $ 67 million, $ 55 million, $ 50 million, $ 50 million for the years ending December 31, 2024, 2025, 2026 and 2027, respectively, and $ 248 million thereafter.

Nassau Coliseum

On June 2, 2023, the Company closed on its acquisition of the Nassau Coliseum, an entertainment arena in the State of New York.

The Company paid an aggregate amount of $ 241 million, consisting of $ 221 million upon closing and a $ 20 million deposit made in 2022.

The purchase of the Nassau Coliseum, which continues to operate following the closing of the sale, primarily included the fixed assets related to the arena and the right to lease the underlying land from the owner, the County of Nassau in the State of New York.

This transaction resulted in the recognition of $ 100 million of goodwill.

The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort.

There is no assurance the Company will be able to obtain such casino license.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 4 — Long-Term Debt

11 unchanged sentences

5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $ 6 and $ 7 , respectively)

3.800% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $ 5 )

2.300% Senior Notes due 2027 (net of unamortized original issue discount and deferred financing costs of $ 6 )

5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $ 13 )

3.800% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 , respectively)

2.300% Senior Notes due 2027 (net of unamortized original issue discount and deferred financing costs of $ 5 and $ 6 , respectively)

5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $ 12 and $ 13 , respectively)

2.850% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $ 6 )

9 unchanged sentences

____________________

(1) Unamortized deferred financing costs of $ 53 million and $ 60 million as of March 31, 2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

(2) Includes finance leases related to Macao of $ 20 million and $ 21 million as of March 31, 2023 and December 31, 2022, respectively.

(1) Unamortized deferred financing costs of $ 44 million and $ 60 million as of June 30, 2023 and December 31, 2022, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

(2) Includes finance leases related to the U.S.

of $ 201 million as of June 30, 2023 and Macao of $ 18 million and $ 21 million as of June 30, 2023 and December 31, 2022, respectively.

LAS VEGAS SANDS CORP.

2 unchanged sentences

LVSC Revolving Facility

As of March 31, 2023, the Company had $ 1.50 billion of available borrowing capacity under the LVSC Revolving Facility, net of outstanding letters of credit.

As of June 30, 2023, the Company had $ 1.50 billion of available borrowing capacity under the LVSC Revolving Facility, net of outstanding letters of credit.

On January 30, 2023, LVSC entered into Amendment No.

4 with lenders to the LVSC Revolving Credit Agreement.

4 (the “Fourth Amendment”) with lenders to the LVSC Revolving Credit Agreement.

Pursuant to the Fourth Amendment, the existing LVSC Revolving Credit Agreement was amended to (a) determine consolidated adjusted EBITDA on a year-to-date annualized basis during the period commencing on the effective date and ending on and including December 31, 2023, as follows:

2 unchanged sentences

and (c) extend the period during which LVSC is unable to declare or pay any dividend or other distribution, unless liquidity is greater than $ 1.0 billion on a pro forma basis after giving effect to such dividend or distribution, to December 31, 2023.

On June 30, 2023, LVSC entered into Amendment No.

5 (the “Fifth Amendment”) with lenders to the LVSC Revolving Credit Agreement.

Pursuant to the Fifth Amendment, the existing LVSC Revolving Credit Agreement was amended to update the terms therein and provide for the adoption of the Secured Overnight Financing Rate (“SOFR”) as the benchmark interest rate.

2018 SCL Credit Facility

As of March 31, 2023, Sands China Ltd.

(“SCL,” a majority-owned subsidiary of the Company) had $ 537 million of available borrowing capacity under the 2018 SCL Revolving Facility comprised of Hong Kong dollar (“HKD”) commitments of HKD 3.82 billion (approximately $ 486 million at exchange rates in effect on March 31, 2023) and U.S.

On May 11, 2023, Sands China Ltd.

(“SCL,” a majority-owned subsidiary of the Company) entered into an amended and restated facility agreement (the “A&R Facility Agreement”) with respect to certain provisions of the 2018 SCL Credit Facility, pursuant to which lenders have (a) extended the termination date for the Hong Kong Dollar (“HKD”) commitments and U.S.

dollar commitments of the lenders that consented to the waivers and amendments in the A&R Facility Agreement (the “Extending Lenders”) from July 31, 2023 to July 31, 2025;

(b) extended to (and including) January 1, 2024, the waiver period for the requirement for SCL to comply with the requirements that SCL ensure (i) the consolidated leverage ratio does not exceed 4.0 x and (ii) the consolidated interest coverage ratio is not less than 2.5 x;

(c) amended the definition of consolidated total debt such that it excludes any financial indebtedness that is subordinated and subject in right of payment to the prior payment in full of the A&R Facility Agreement (including the $ 1.0 billion subordinated unsecured term loan facility made available by the Company to SCL);

(d) amended the maximum permitted consolidated leverage ratio as of the last day of each of the financial quarters ending March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and subsequent financial quarters to be 6.25 x, 5.5 x, 5.0 x, 4.5 x, and 4.0 x, respectively;

and (e) extended to (and including) January 1, 2025, the period during which SCL’s ability to declare or make any dividend payment or similar distribution is restricted if at such time (x) the Total Commitments (as defined in the A&R Facility Agreement) exceed $ 2.0 billion by SCL’s exercise of the option to increase the Total Commitments by an aggregate amount of up to $ 1.0 billion and (y) the consolidated leverage ratio is greater than 4.0 x, unless, after giving effect to such payment, the sum of (i) the aggregate amount of cash and cash equivalents of SCL on such date and (ii) the aggregate amount of the undrawn facility under the A&R Facility Agreement and unused commitments under other credit facilities of SCL is greater than $ 2.0 billion.

The amendments shall take effect with respect to the Extended Commitments on July 31, 2023.

Pursuant to the A&R Facility Agreement, SCL will pay a customary fee to the Extending Lenders that consented.

The Extending Lenders’ HKD commitments total HKD 17.63 billion (approximately $ 2.25 billion at exchange rates in effect on May 11, 2023) and U.S.

dollar commitments total $ 237 million, which together represent 100% of the total available commitments under the A&R Facility Agreement.

As of June 30, 2023, SCL had $ 1.74 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of HKD commitments of HKD 12.32 billion (approximately $ 1.57 billion at exchange rates in effect on June 30, 2023) and U.S.

dollar commitments of $ 166 million .

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2012 Singapore Credit Facility

As of March 31, 2023, MBS had SGD 590 million (approximately $ 444 million at exchange rates in effect on March 31, 2023) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee for SGD 153 million (approximately $ 115 million at exchange rates in effect on March 31, 2023) pursuant to a development agreement.

As of June 30, 2023, MBS had SGD 590 million (approximately $ 435 million at exchange rates in effect on June 30, 2023) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee for SGD 153 million (approximately $ 113 million at exchange rates in effect on June 30, 2023) pursuant to a development agreement.

During 2021, the Company amended its 2012 Singapore Credit Facility, which, among other things, extended to March 31, 2022, the deadline for delivering the construction cost estimate and the construction schedule for the MBS Expansion Project.

1 unchanged sentence

As a result, the construction cost estimate and construction schedule were not delivered to the lenders by the March 31, 2022 deadline.

As of March 31, 2023, there is SGD 3.69 billion (approximately $ 2.78 billion at exchange rates in effect on March 31, 2023) left of total borrowing capacity, which is only available to be drawn under the Singapore Delayed Draw Term Facility after the construction cost estimate and construction schedule for the MBS Expansion Project are delivered to lenders.

As of June 30, 2023, there is SGD 3.69 billion (approximately $ 2.72 billion at exchange rates in effect on June 30, 2023) left of total borrowing capacity, which is only available to be drawn under the Singapore Delayed Draw Term Facility after the construction cost estimate and construction schedule for the MBS Expansion Project are delivered to lenders.

The Company does not anticipate material spend related to the MBS Expansion Project prior to the delivery of these items to the lenders.

Debt Covenant Compliance

As of March 31, 2023, management believes the Company was in compliance with all debt covenants.

The Company amended its 2018 SCL Credit Facility to, among other things, waive SCL’s requirement to comply with financial covenants through July 31, 2023, which include a maximum leverage ratio of total debt to trailing twelve-months adjusted earnings before interest, income taxes, depreciation and amortization, calculated in accordance with the credit agreement, of 4.0 x under the 2018 SCL Credit Facility.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

As of June 30, 2023, management believes the Company was in compliance with all debt covenants.

The Company amended its 2018 SCL Credit Facility to, among other things, waive SCL’s requirement to comply with financial covenants through July 31, 2023, which will be extended to January 1, 2024, effective from July 31, 2023, which include a maximum leverage ratio of total debt to trailing twelve-months adjusted earnings before interest, income taxes, depreciation and amortization, calculated in accordance with the A&R Facility Agreement.

Cash Flows from Financing Activities

Cash flows from financing activities related to long-term debt and finance lease obligations are as follows:

Three Months Ended

Six Months Ended

(In millions)

Proceeds from 2018 SCL Credit Facility $ — $ 700

Repayments on 2018 SCL Credit Facility $ ( 1,198 ) $ —

Repayments on 2012 Singapore Credit Facility ( 31 ) ( 30 )

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Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of March 31, 2023 and December 31, 2022, was approximately $ 15.24 billion and $ 15.14 billion, respectively, compared to its contractual value of $ 16.07 billion and $ 16.06 billion, respectively.

The estimated fair value of the Company’s long-term debt as of June 30, 2023 and December 31, 2022, was approximately $ 13.92 billion and $ 15.14 billion, respectively, compared to its contractual value of $ 14.79 billion and $ 16.06 billion, respectively.

The estimated fair value of the Company’s long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).

Note 5 — Earnings (Loss) Per Share

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 5 — Equity and Earnings (Loss) Per Share

In July 2023, the Company’s Board of Directors declared a quarterly dividend of $ 0.20 per common share (a total estimated to be approximately $ 153 million) to be paid on August 16, 2023, to stockholders of record on August 8, 2023.

Earnings Per Share

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

Three Months Ended

June 30, Six Months Ended

2023 2022 2023 2022

(In millions)

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Note 6 — Income Taxes

The Company’s effective income tax rate from continuing operations was 25.6 % for the three months ended March 31, 2023, compared to 0.4 % for the three months ended March 31, 2022.

The effective income tax rate for the three months ended March 31, 2023, reflects a 17 % statutory tax rate on the Company’s Singapore operations and a 21 % corporate income tax rate on its domestic operations.

The Company’s effective income tax rate from continuing operations was 16.2 % for the six months ended June 30, 2023, compared to 14.4 % for the six months ended June 30, 2022.

The effective income tax rate for the six months ended June 30, 2023 reflects a 17 % statutory tax rate on the Company’s Singapore operations, a 21 % corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations.

The Company’s operations in Macao are subject to a 12 % statutory income tax rate, but in connection with the 35 % gaming tax, the Company’s subsidiaries in Macao and their peers received a corporate income tax exemption on gaming operations through December 31, 2022.

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This estimated annual effective tax rate is applied to actual year-to-date operating results to determine the provision for income taxes.

Note 7 — Leases

The Company has operating and finance leases for various real estate (including leasehold interests in land) and equipment.

Certain of these lease agreements include rental payments adjusted periodically for inflation, rental payments based on usage and rental payments contingent on certain events occurring (e.g., the Nassau Land Lease rental payments will increase in the event the Company is awarded a gaming license in New York).

Certain of the

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 7 — Leases

Company’s leases include options to extend the lease term by one month to 10 years.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Nassau Coliseum

In conjunction with the Nassau Coliseum Transaction, the Company entered into a lease agreement with the County of Nassau in the State of New York, for the use and exclusive right to develop and operate assets on approximately 72 acres of land, including the Nassau Coliseum and other improvements thereon (the “Nassau Land Lease”), which commenced on June 2, 2023 and has a 99-year lease term.

The Company is required to make annual rent payments in the amounts and at the times specified in the Nassau Land Lease agreement, including additional rent payments contingent on certain events occurring as defined in the agreement.

As of June 30, 2023, the related right-of-use (“ROU”) asset and finance lease liability were $ 279 million and $ 201 million, respectively.

Refer to “Note 3 — Goodwill and Intangible Assets, Net” for further details on this transaction.

In the accompanying condensed consolidated balance sheet, the Nassau Land Lease ROU asset is included in “Property and equipment, net” and the noncurrent portion of the related finance lease liability is included in “Long-term debt.” A one-time rent payment of $ 54 million was made under the finance lease liability within two business days of the lease term commencement date and is included in cash flows used in financing activities.

The future minimum lease payments are $ 3 million for the period ending December 31, 2023, $ 6 million for each of the years ending December 31, 2024 through 2027, and $ 1.77 billion thereafter.

Lease revenue for the Company’s mall operations consists of the following:

Three Months Ended March 31,

Three Months Ended June 30,

Mall Other Mall Other

(In millions)

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$ 148 $ 1 $ 126 $ 1

(1) Rent concessions were provided for the periods presented to tenants as a result of the COVID-19 pandemic and the impact on mall operations.

Six Months Ended June 30,

Mall Other Mall Other

(In millions)

Minimum rents $ 244 $ 1 $ 250 $ 1

Overage rents 43 — 26 —

Rent concessions (1)

Total overage rents and rent concessions 43 — 2 —

$ 287 $ 1 $ 252 $ 1

___________________

(1) Rent concessions were provided to tenants as a result of the COVID-19 pandemic and the impact on mall operations.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 8 — Commitments and Contingencies

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(“LVS (Nevada)”), LVSLLC and VCR (collectively, the “Defendants”).

The claim was for 3.0 billion patacas (approximately $ 371 million at exchange rates in effect on March 31, 2023).

The claim was for 3.0 billion patacas (approximately $ 372 million at exchange rates in effect on June 30, 2023).

The Macao Action alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S.

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 and amended the defense on January 4, 2013.

On March 24, 2014, the Macao Judicial Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings.

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Defendants on April 7, 2016.

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

end of December 2016, all the appeals were transferred to the Macao Second Instance Court.

At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court.

Evidence gathering by the Macao Judicial Court commenced by letters rogatory, which was completed on March 14, 2019.

On July 15, 2019, AAEC submitted a request to the Macao Judicial Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.93 billion at exchange rates in effect on March 31, 2023), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022.

On September 4, 2019, the Macao Judicial Court allowed AAEC’s request to increase the amount of its claim.

On September 17, 2019, the Macao Judicial Court accepted the appeal and that appeal is currently pending.

On June 18, 2020, the U.S.

Defendants moved to reschedule the trial, which had been scheduled to begin on September 16, 2020, due to travel disruptions and other extraordinary circumstances resulting from the ongoing COVID-19 pandemic.

The Macao Judicial Court granted that motion and rescheduled the trial to begin on June 16, 2021.

On July 15, 2019, AAEC submitted a request to the Macao Judicial Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.95 billion at exchange rates in effect on June 30, 2023), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022.

On September 4, 2019, the Macao Judicial Court allowed AAEC’s amended request.

Defendants appealed the decision allowing the amended claim on September 17, 2019;

the Macao Judicial Court accepted the appeal on September 26, 2019, and that appeal is currently pending.

On April 16, 2021, the U.S.

Defendants again moved to reschedule the trial because of the ongoing COVID-19 pandemic.

Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic.

The Macao Judicial Court denied the U.S.

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The LVSC entities appealed that ruling on June 16, 2021, and that appeal is currently pending.

The trial began as scheduled on June 16, 2021.

The trial began on June 16, 2021.

By order dated June 17, 2021, the Macao Judicial Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao.

Defendants appealed certain aspects of the Macao Judicial Court’s June 17, 2021 order, and that appeal is currently pending.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

On July 10, 2021, the U.S.

Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $ 12 million at exchange rates in effect on March 31, 2023) based on Plaintiff’s July 15, 2019 amendment.

Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $ 12 million at exchange rates in effect on June 30, 2023) based on Plaintiff’s July 15, 2019 amendment.

By motion dated July 20, 2021, the U.S.

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By order dated September 29, 2021, the Macao Judicial Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal.

The Macao Judicial Court heard additional testimony in late 2021.

Certain witnesses who were not able to enter Macao due to ongoing COVID-19 travel restrictions presented testimony in writing.

From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $ 7.16 billion and $ 7.70 billion, respectively, at exchange rates in effect on March 31, 2023).

The parties presented factual and rebuttal summations in January 2022 and filed post-trial briefs on points of law in March 2022.

From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $ 7.17 billion and $ 7.72 billion, respectively, at exchange rates in effect on June 30, 2023).

On April 28, 2022, the Macao Judicial Court entered a judgment for the U.S.

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On September 19, 2022, the U.S.

Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $ 6 million at exchange rates in effect on March 31, 2023).

Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $ 6 million at exchange rates in effect on June 30, 2023).

By motion dated September 29, 2022, the U.S.

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The Macao Judicial Court denied that motion by order dated October 24, 2022.

Defendants appealed that order on November 10, 2022, and that appeal remains pending.

By order dated November 15, 2022, the Macao Judicial Court ordered that the invoice for appeal court fees be stayed pending resolution of that appeal.

Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief, and that appeal remains pending.

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.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Daniels Family 2001 Revocable Trust v.

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On April 18, 2022, Lead Plaintiffs filed a second amended complaint.

On May 18, 2022, the defendants filed a motion to dismiss the second amended complaint.

Lead Plaintiffs filed an opposition to the motion to dismiss on June 17, 2022, and the defendants filed their reply on July 8, 2022.

On May 18, 2022, the defendants filed a motion to dismiss the second amended complaint, which Lead Plaintiffs opposed on June 17, 2022.

Briefing was completed on July 8, 2022, and the motion is pending before the U.S.

District Court.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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.

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The Company intends to defend this matter vigorously.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Macao Concession - Committed Investment

Under the Concession, the Company is required to invest a minimum of 30.24 billion patacas (approximately $ 3.75 billion at exchange rates in effect on June 30, 2023), in certain gaming and non-gaming projects in Macao by December 2032.

The specific investments to be carried out are determined annually by VML and proposed to the Macao government for approval.

VML submitted the list of investments and projects it intends to carry out in 2023 to the Macao government on March 31, 2023, which has been approved by the Macao government.

Note 9 — Segment Information

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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) and Corporate and Other to reconcile to the condensed consolidated results of operations and financial condition.

The operations that comprised the Company’s former Las Vegas Operating Properties reportable business segment were classified as a discontinued operation and the information below for the three months ended March 31, 2022, excludes these results.

The Company’s segment information as of March 31, 2023 and December 31, 2022, and for the three months ended March 31, 2023 and 2022 is as follows:

The operations that comprised the Company’s former Las Vegas Operating Properties reportable business segment were classified as a discontinued operation through February 22, 2022, and the information below for the six months ended June 30, 2022, excludes these results.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Company’s segment information as of June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 and 2022 is as follows:

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

(In millions)

Three Months Ended March 31, 2023

Three Months Ended June 30, 2023

The Venetian Macao $ 523 $ 48 $ 17 $ 53 $ 12 $ 653

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Total net revenues $ 1,862 $ 296 $ 143 $ 172 $ 69 $ 2,542

Three Months Ended June 30, 2022

The Venetian Macao $ 91 $ 12 $ 3 $ 41 $ 3 $ 150

The Londoner Macao 42 14 7 12 4 79

The Parisian Macao 24 7 3 7 1 42

The Plaza Macao and Four Seasons Macao 38 6 1 33 1 79

Sands Macao 14 2 1 — — 17

Ferry Operations and Other — — — — 7 7

209 41 15 93 16 374

Marina Bay Sands 500 56 48 55 20 679

Intercompany royalties — — — — 28 28

Intercompany eliminations (1)

— — — — ( 36 ) ( 36 )

Total net revenues $ 709 $ 97 $ 63 $ 148 $ 28 $ 1,045

Six Months Ended June 30, 2023

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

LAS VEGAS SANDS CORP.

3 unchanged sentences

(In millions)

Three Months Ended March 31, 2022

Six Months Ended June 30, 2022

The Venetian Macao $ 248 $ 28 $ 9 $ 85 $ 7 $ 377

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Three Months Ended

June 30, Six Months Ended

2023 2022 2023 2022

(In millions)

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Ferry Operations and Other 7 6 12 11

Marina Bay Sands 2 1 2 1

Intercompany royalties 55 28 103 50

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Three Months Ended

June 30, Six Months Ended

2023 2022 2023 2022

(In millions)

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Ferry Operations and Other 6 ( 1 ) 7 ( 2 )

541 ( 110 ) 939 ( 121 )

Marina Bay Sands 432 319 826 440

Consolidated adjusted property EBITDA (1)

973 209 1,765 319

Other Operating Costs and Expenses

Stock-based compensation (2)

( 8 ) ( 6 ) ( 19 ) ( 11 )

Corporate ( 60 ) ( 55 ) ( 117 ) ( 114 )

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Interest expense, net of amounts capitalized ( 210 ) ( 162 ) ( 428 ) ( 318 )

Other expense ( 35 ) ( 22 )

Other income (expense) 14 ( 9 ) ( 21 ) ( 31 )

Income tax expense ( 49 ) ( 110 ) ( 99 ) ( 112 )

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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.

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(2) During the three months ended March 31, 2023 and 2022, the Company recorded stock-based compensation expense of $ 22 million and $ 14 million, respectively, of which $ 11 million and $ 9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Three Months Ended

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, 2023 and 2022 , the Company recorded stock-based compensation expense of $ 20 million and $ 15 million, respectively, of which $ 12 million and $ 9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

During the six months ended June 30, 2023 and 2022, the Company recorded stock-based compensation expense of $ 42 million and $ 29 million, respectively, of which $ 23 million and $ 18 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Six Months Ended

(In millions)

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The Londoner Macao 45 118

The Parisian Macao 1 1

The Plaza Macao and Four Seasons Macao 4 5

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements