What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-10-20 compared with 2023-07-21 · 229 added, 143 removed, 634 unchanged (37% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,

2023 December 31,

44 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

12 unchanged sentences

Convention, retail and other 52 27 141 73

Provision for (recovery of) credit losses 5 2 ( 1 ) 6

Provision for credit losses

General and administrative 290 238 820 694

41 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

21 unchanged sentences

(In millions)

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

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

Net loss — — — — ( 239 ) ( 142 ) ( 381 )

4 unchanged sentences

— — 10 — — — 10

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 September 30, 2022 $ 1 $ ( 4,481 ) $ 6,675 $ ( 148 ) $ 1,853 $ ( 119 ) $ 3,781

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

2 unchanged sentences

— — — ( 127 ) — ( 2 ) ( 129 )

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

Stock-based compensation

1 unchanged sentence

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

Balance at September 30, 2022 $ 1 $ ( 4,481 ) $ 6,675 $ ( 148 ) $ 1,853 $ ( 119 ) $ 3,781

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

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

Net income — — — — 380 69 449

5 unchanged sentences

Stock-based compensation — — 11 — — — 11

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

Dividends declared ($ 0.20 per share) (Note 5)

— — — — ( 153 ) — ( 153 )

Balance at September 30, 2023 $ 1 $ ( 4,481 ) $ 6,720 $ ( 57 ) $ 2,370 $ ( 101 ) $ 4,452

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

8 unchanged sentences

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

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

Dividends declared ($ 0.20 per share) (Note 5)

— — — — ( 153 ) — ( 153 )

Balance at September 30, 2023 $ 1 $ ( 4,481 ) $ 6,720 $ ( 57 ) $ 2,370 $ ( 101 ) $ 4,452

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

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

(In millions)

9 unchanged sentences

Stock-based compensation expense 33 30

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

Provision for credit losses

Foreign exchange loss 15 28

14 unchanged sentences

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

Dividends paid

Proceeds from long-term debt — 700

31 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 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.

The Macao government announced total visitation from mainland China to Macao increased approximately 243.6% and decreased approximately 39.7%, during the eight months ended August 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 779.7% and decreased approximately 31.1%, during the three months ended September 30, 2023, as compared to the same period in 2022 and 2019, respectively.

Additionally, gross gaming revenue increased approximately 305.3% and decreased approximately 41.5%, during the nine months ended September 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.

2 unchanged sentences

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 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.

The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased from approximately 3.7 million in 2022 to 10.1 million for the nine months ended September 30, 2023, while visitation decreased 29.2% 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.

However, the Company has a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $ 5.57 billion and access to $ 1.50 billion, $ 2.24 billion and $ 431 million of available borrowing capacity from the Company’s LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, as of September 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

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)

(the “Nassau Coliseum Transaction”).

Development Projects

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.

2 unchanged sentences

(“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 Second Development Agreement provides for a total minimum project cost of approximately 4.50 billion Singapore dollars (“SGD,” approximately $ 3.29 billion at exchange rates in effect on September 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 $ 1.07 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.

The Company has incurred approximately $ 1.08 billion as of September 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.

The Company is nearing completion of the renovation of Towers 1 and 2 of Marina Bay Sands.

This renovation has introduced world class suites and other luxury amenities at a cost estimated at approximately $ 1.0 billion upon completion.

The Company also announced the next phase with the renovation of the Tower 3 hotel rooms into world class suites and other property changes at an estimated cost of approximately $ 750 million.

These renovations at Marina Bay Sands are substantially upgrading the overall guest experience for our premium customers, including new dining and retail experiences, and upgrading the casino floor, among other things.

These projects are in addition to the previously announced plans for the MBS Expansion Project.

The Company has commenced work on Phase II of the Londoner Macao, which includes the renovation of the rooms in the Sheraton and Conrad hotel towers and the addition of new attractions, dining, retail and entertainment offerings.

These projects have a total estimated cost of $ 1.0 billion .

Recent Accounting Pronouncements

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.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

13 unchanged sentences

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

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Accounts receivable consists of the following:

September 30,

2023 December 31,

5 unchanged sentences

Balance at January 1 $ 217 $ 232

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

Provision for credit losses

Write-offs ( 16 ) ( 30 )

Exchange rate impact

Balance at June 30

Balance at September 30

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Customer Contract Related Liabilities

8 unchanged sentences

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

Balance at June 30

Balance at September 30

130 92 65 68 711 611

1 unchanged sentence

____________________

(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.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(1) Of this amount, $ 160 million and $ 149 million as of September 30 and January 1, 2023, respectively, and $ 148 million and $ 145 million as of September 30 and January 1, 2022, related to mall deposits that are accounted for based on lease terms usually greater than one year.

Note 3 — Goodwill and Intangible Assets, Net

Goodwill and intangible assets consist of the following:

September 30,

2023 December 31,

(In millions)

Finite-lived intangible assets:

Amortizable intangible assets:

Macao concession $ 496 $ —

1 unchanged sentence

Less — accumulated amortization ( 63 ) ( 12 )

Indefinite-lived intangible assets 18 12

Goodwill 110 10

Technology, software and other

Total amortizable intangible assets, net

Total goodwill and intangible assets, net

2 unchanged sentences

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 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).

The fixed portion of the premium is 30 million patacas (approximately $ 4 million at exchange rates in effect on September 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 $ 37,200 , $ 18,600 and $ 124 , respectively, at exchange rates in effect on September 30, 2023).

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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 $ 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 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.

On January 1, 2023, the Company recognized an intangible asset and financial liability of 4.0 billion patacas (approximately $ 496 million at exchange rates in effect on September 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.

1 unchanged sentence

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 ten years.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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.

Amortization expense for all intangible assets was $ 17 million and $ 7 million for the three months ended September 30, 2023 and 2022, respectively, and $ 51 million and $ 16 million for the nine months ended September 30, 2023 and 2022, respectively.

The estimated future amortization expense for all intangible assets is approximately $ 17 million for the three 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

10 unchanged sentences

Long-term debt consists of the following:

September 30,

2023 December 31,

12 unchanged sentences

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 )

4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $ 8 )

2.850% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $ 5 and $ 6 , respectively)

4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $ 7 and $ 8 , respectively)

3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $ 5 )

7 unchanged sentences

____________________

(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.

(1) Unamortized deferred financing costs of $ 66 million and $ 60 million as of September 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.

of $ 202 million as of September 30, 2023 and Macao of $ 18 million and $ 21 million as of September 30, 2023 and December 31, 2022, respectively.

LAS VEGAS SANDS CORP.

2 unchanged sentences

LVSC Revolving Facility

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.

As of September 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.

7 unchanged sentences

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.

SCL Senior Notes

On July 26, 2023, Standard & Poor’s (“S&P”) upgraded the credit rating for the Company and Sands China Ltd.

(“SCL,” a majority-owned subsidiary of the Company) to BBB–.

As a result of the upgrade, the coupon on each series of the outstanding SCL senior notes decreased by 0.25 % per annum effective on the first interest payment date after July 26, 2023.

2018 SCL Credit Facility

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.

On May 11, 2023, SCL 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;

3 unchanged sentences

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 .

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

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

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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 September 30, 2023, SCL had $ 2.24 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of HKD commitments of HKD 15.86 billion (approximately $ 2.03 billion at exchange rates in effect on September 30, 2023) and U.S.

dollar commitments of $ 213 million .

2012 Singapore Credit Facility

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.

As of September 30, 2023, MBS had SGD 589 million (approximately $ 431 million at exchange rates in effect on September 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 $ 112 million at exchange rates in effect on September 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 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.

As of September 30, 2023, there was SGD 3.69 billion (approximately $ 2.70 billion at exchange rates in effect on September 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 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.

As of September 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 January 1, 2024, 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:

Six Months Ended

Nine Months Ended

September 30,

(In millions)

4 unchanged sentences

$ ( 1,803 ) $ ( 50 )

Fair Value of Long-Term Debt

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).

LAS VEGAS SANDS CORP.

2 unchanged sentences

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.

On August 16, 2023, the Company paid a dividend of $ 0.20 per common share as part of a regular cash dividend program.

During the nine months ended September 30, 2023, the Company recorded $ 153 million as a distribution against retained earnings.

In October 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 November 15, 2023, to stockholders of record on November 7, 2023.

Share Repurchases

On October 16, 2023, the Company’s Board of Directors authorized increasing the remaining share repurchase amount of $ 916 million to $ 2.0 billion and extending the expiration date from November 2024 to November 3, 2025.

Repurchases of the Company's common stock are made at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise.

The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

During the nine months ended September 30, 2023, no shares of its common stock were repurchased.

All share repurchases of the Company's common stock have been recorded as treasury stock.

Earnings Per Share

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

5 unchanged sentences

Note 6 — Income Taxes

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.

In December 2022, the Company requested a corporate tax exemption on profits generated by the operation of casino games in Macao for the new gaming concession period effective from January 1, 2023 through December 31, 2032, or for a period of corporate tax exemption that the Chief Executive of Macao may deem more appropriate.

There is no assurance the corporate tax exemption will be granted.

The Company’s effective income tax rate from continuing operations was 18.7 % for the nine months ended September 30, 2023, compared to 15.6 % for the nine months ended September 30, 2022.

The effective income tax rate for the nine months ended September 30, 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 operations in Macao are subject to a 12 % statutory income tax rate, but in connection with the 35 % gaming tax, VML and its peers received a corporate income tax exemption on gaming operations through December 31, 2022.

In December 2022, VML requested a corporate tax exemption on profits generated by the operation of casino games in Macao for the new gaming concession period effective from January 1, 2023 through December 31, 2032, or for a period of corporate tax exemption that the Chief Executive of Macao may deem more appropriate.

Additionally, the Company entered into a shareholder dividend tax agreement with the Macao

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

government in April 2019, effective through June 26, 2022, providing an annual payment as a substitution for a 12 % tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits.

The Company is evaluating the timing of an application for a new shareholder dividend tax agreement.

The effective income tax rate for the nine months ended September 30, 2023, anticipates similar tax agreements for the new Concession period;

however, there is no assurance such agreements will be entered into.

In accordance with interim accounting guidance, the Company calculated an estimated annual effective tax rate based on expected annual income and statutory rates in the jurisdictions in which the Company operates.

3 unchanged sentences

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.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

Certain of the 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.

2 unchanged sentences

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.

As of September 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.

1 unchanged sentence

The future minimum lease payments are $ 1 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.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

Three Months Ended June 30,

Three Months Ended September 30,

Mall Other Mall Other

5 unchanged sentences

$ 176 $ — $ 98 $ —

Six Months Ended June 30,

Nine Months Ended September 30,

Mall Other Mall Other

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 8 — Fair Value Disclosures

As of September 30, 2023 and December 31, 2022, the amounts of the Company's assets and liabilities that were accounted for at fair value were immaterial.

As of September 30, 2023 and December 31, 2022, certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivables, net, and accounts payable, had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

The Company considers all highly liquid short-term investments with original maturities of three months or less to be cash equivalents.

Cash equivalents include cash deposits, cash held in money market funds and U.S.

Treasury Bills.

Treasury Bills are held-to-maturity.

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of September 30, 2023 and December 31, 2022, using available market information.

Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies.

September 30, 2023

Hierarchy Level

Carrying Amount Level 1

(in millions)

Cash equivalents

Cash deposits

$ 2,316 $ 2,316

Money market funds

Treasury Bills 914 913

Loan Receivable (1)

1,186 $ 1,073

Long-term debt (2)

14,257 13,301

December 31, 2022

Hierarchy Level

Carrying Amount Level 1

(in millions)

Cash equivalents

Cash deposits

$ 3,249 $ 3,249

Money market funds

Loan Receivable (1)

1,165 $ 1,078

Long-term debt (2)

16,060 15,140

____________________

(1) The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.

(2) 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).

The carrying amount in the table represents the contractual amount.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 9 — Commitments and Contingencies

5 unchanged sentences

Venetian Macau Limited, et al.

On February 5, 2007, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) brought a claim (the “Prior Action”) in the U.S.

District Court for the District of Nevada (the “U.S.

District Court”) against Las Vegas Sands, Inc.

(now known as Las Vegas Sands, LLC (“LVSLLC”)), Venetian Casino Resort, LLC (“VCR”) and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P.

Weidner and David Friedman, who are former executives of the Company.

The Prior Action sought damages based on an alleged breach of agreements entered into between AAEC and the aforementioned 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.

District Court entered an order dismissing the Prior Action on April 16, 2010.

On January 19, 2012, AAEC filed another claim (the “Macao Action”) with the Macao Judicial Court against VML, LVS (Nevada) International Holdings, Inc.

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

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.

On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc.

(“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $ 372 million at exchange rates in effect on September 30, 2023), which 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 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.

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

On May 8, 2014, AAEC lodged an appeal against that decision and the appeal is currently pending.

On June 5, 2015, the U.S.

Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata based on the dismissal of the Prior Action.

On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata.

Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims.

On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata.

An appeal against that decision was lodged by U.S.

1 unchanged sentence

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 $ 11.95 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.

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

On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.96 billion at exchange rates in effect on September 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 First Instance 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.

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

On April 16, 2021, the U.S.

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

The Macao Judicial Court denied the U.S.

The Macao First Instance Court denied the U.S.

Defendants’ motion on May 28, 2021.

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

Defendants appealed that ruling on June 16, 2021, and that appeal is currently pending.

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)

By order dated June 17, 2021, the Macao First Instance 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 First Instance Court’s June 17, 2021 order, and that appeal is currently pending.

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 June 30, 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 September 30, 2023) based on Plaintiff’s July 15, 2019 amendment.

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

Defendants moved for an order withdrawing that invoice.

The Macao Judicial Court denied that motion by order dated September 11, 2021.

The Macao First Instance Court denied that motion by order dated September 11, 2021.

Defendants appealed that order on September 23, 2021, and that appeal is currently pending.

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.

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.

The Macao Judicial Court also held that Plaintiff litigated certain aspects of its case in bad faith.

Plaintiff filed a notice of appeal from the Macao Judicial Court’s judgment on May 13, 2022.

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

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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 $ 7.18 billion and $ 7.72 billion, respectively, at exchange rates in effect on September 30, 2023).

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

The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith.

Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022.

That appeal is fully briefed and remains pending with the Macao Second Instance Court.

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 June 30, 2023).

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

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

Defendants moved the Macao Judicial Court for an order withdrawing that invoice.

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

Defendants moved the Macao First Instance Court for an order withdrawing that invoice.

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

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

On October 9, 2023, the U.S.

Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023.

The deadline for U.S.

Defendants to respond is October 30, 2023.

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.

17 unchanged sentences

Adelson as a defendant in this action.

On May 7, 2021, the defendants filed a motion to dismiss the amended complaint.

Lead Plaintiffs filed an opposition to the motion to dismiss on July 6, 2021, and the defendants filed their reply on August 5, 2021.

On March 28, 2022, the U.S.

District Court entered an order dismissing the amended complaint in its entirety.

On May 7, 2021, the defendants filed a motion to dismiss the amended complaint, which on March 28, 2022, the U.S.

District Court granted in its entirety.

District Court dismissed certain claims with prejudice, but granted Lead Plaintiffs leave to amend the complaint with respect to the other claims by April 18, 2022.

On April 8, 2022, Lead Plaintiffs filed a Motion for Reconsideration and to Extend Time to File the Amended Complaint, requesting the U.S.

District Court to reconsider certain aspects of its March 28, 2022 order and to extend the deadline for Lead Plaintiffs to file an amended complaint.

On April 8, 2022, Lead Plaintiffs filed a motion for reconsideration and to extend time to file an Amended Complaint.

The defendants filed an opposition to the motion on April 22, 2022.

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, 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.

On May 18, 2022, the defendants filed a motion to dismiss the second amended complaint, and briefing was completed on July 8, 2022.

On August 8, 2023, the U.S.

District Court denied Lead Plaintiffs’ motion for reconsideration, and granted in part and denied in part the defendants’ motion to dismiss the second amended complaint.

District Court dismissed Lead Plaintiffs’ allegations pertaining to challenged statements that were made in 2016, 2017 and 2018, but allowed the challenged statements from 2019 and 2020 to proceed.

On August 22, 2023, the defendants filed a motion for partial reconsideration, requesting that the U.S.

District Court reconsider its denial of the motion to dismiss with respect to the challenged statements from 2019 and 2020.

If the motion for partial reconsideration is

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

granted, this would result in dismissal of the second amended complaint.

The defendants also moved, in the event the motion for partial reconsideration is not granted, for certification for interlocutory appeal of the U.S.

District Court’s order allowing the challenged statements from 2019 and 2020 to proceed.

The defendants simultaneously filed a motion for a stay pending adjudication of the motion for reconsideration, which requests a stay of all discovery and case deadlines.

Lead Plaintiffs filed oppositions to both motions on September 5, 2023, and the defendants filed their replies on September 12, 2023.

These motions are pending before the U.S.

District Court.

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.

21 unchanged sentences

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.

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 September 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.

Sponsorship and Similar Agreements

The Company has agreements with certain celebrities and professional sports leagues and teams for the hosting of events, advertising, marketing, promotional and sponsorship opportunities in order to promote the Company’s brand and services.

As of September 30, 2023, obligations related to these agreements were $ 300 million, with contracts extending through 2029 .

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 10 — Segment Information

7 unchanged sentences

and Marina Bay Sands.

The Company also reviews construction and development activities for its primary projects under development, in addition to its reportable segments noted above, which include the renovation and expansion of the Company’s MICE, entertainment and retail product in Macao and the MBS Expansion Project.

The Company also reviews construction and development activities for its primary projects under development, in addition to its reportable segments noted above.

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 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:

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 nine months ended September 30, 2022, excludes these results.

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

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

(In millions)

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

The Venetian Macao $ 575 $ 55 $ 17 $ 58 $ 18 $ 723

10 unchanged sentences

Total net revenues $ 2,008 $ 342 $ 156 $ 201 $ 88 $ 2,795

Three Months Ended June 30, 2022

Three Months Ended September 30, 2022

The Venetian Macao $ 60 $ 10 $ 3 $ 27 $ 4 $ 104

10 unchanged sentences

Total net revenues $ 637 $ 123 $ 82 $ 119 $ 44 $ 1,005

Six Months Ended June 30, 2023

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

(In millions)

Nine Months Ended September 30, 2023

The Venetian Macao $ 1,544 $ 142 $ 47 $ 162 $ 39 $ 1,934

10 unchanged sentences

Total net revenues $ 5,411 $ 881 $ 423 $ 535 $ 207 $ 7,457

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

(In millions)

Six Months Ended June 30, 2022

Nine Months Ended September 30, 2022

The Venetian Macao $ 308 $ 38 $ 12 $ 112 $ 11 $ 481

13 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

10 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

40 unchanged sentences

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

(2) During the three months ended September 30, 2023 and 2022 , the Company recorded stock-based compensation expense of $ 16 million and $ 18 million, respectively, of which $ 10 million and $ 9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense of $ 58 million and $ 47 million, respectively, of which $ 33 million and $ 27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Nine Months Ended

September 30,

(In millions)

8 unchanged sentences

Total capital expenditures $ 692 $ 504

September 30,

2023 December 31,

13 unchanged sentences

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