Analysis of Reportable Segments
Las Vegas Sands Corp. operates in 8 segments: The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and Sands Bethlehem.
Segment Profit Margin
Las Vegas Sands Corp., profit margin by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| The Venetian Macao | -3.67% | 23.65% | -7.18% | 40.09% | 39.67% |
| The Londoner Macao | -54.00% | -14.29% | -61.95% | 35.38% | 35.25% |
| The Parisian Macao | -54.79% | -4.76% | -50.58% | 32.97% | 31.57% |
| The Plaza Macao and Four Seasons Macao | 25.88% | 40.11% | 12.45% | 39.34% | 36.44% |
| Sands Macao | -124.62% | -56.56% | -63.33% | 27.87% | 27.38% |
| Marina Bay Sands | 41.97% | 32.70% | 30.37% | 53.56% | 55.07% |
| Las Vegas Operating Properties | — | — | -16.80% | 26.79% | 23.42% |
| Sands Bethlehem | — | — | — | 22.91% | 21.64% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | The Venetian Macao | The Venetian Macao segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| The Londoner Macao | The Londoner Macao segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| The Parisian Macao | The Parisian Macao segment profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. | |
| The Plaza Macao and Four Seasons Macao | The Plaza Macao and Four Seasons Macao segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| Sands Macao | Sands Macao segment profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. | |
| Marina Bay Sands | Marina Bay Sands segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. | |
| Las Vegas Operating Properties | ||
| Sands Bethlehem |
Segment Profit Margin: The Venetian Macao
Las Vegas Sands Corp.; The Venetian Macao; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (25) | 297) | (53) | 1,407) | 1,378) |
| Net revenues | 682) | 1,256) | 738) | 3,510) | 3,474) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -3.67% | 23.65% | -7.18% | 40.09% | 39.67% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × -25 ÷ 682 = -3.67%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | The Venetian Macao | The Venetian Macao segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Profit Margin: The Londoner Macao
Las Vegas Sands Corp.; The Londoner Macao; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (189) | (84) | (184) | 726) | 759) |
| Net revenues | 350) | 588) | 297) | 2,052) | 2,153) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -54.00% | -14.29% | -61.95% | 35.38% | 35.25% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × -189 ÷ 350 = -54.00%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | The Londoner Macao | The Londoner Macao segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Profit Margin: The Parisian Macao
Las Vegas Sands Corp.; The Parisian Macao; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (103) | (17) | (131) | 544) | 484) |
| Net revenues | 188) | 357) | 259) | 1,650) | 1,533) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -54.79% | -4.76% | -50.58% | 32.97% | 31.57% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × -103 ÷ 188 = -54.79%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | The Parisian Macao | The Parisian Macao segment profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Profit Margin: The Plaza Macao and Four Seasons Macao
Las Vegas Sands Corp.; The Plaza Macao and Four Seasons Macao; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | 81) | 219) | 33) | 345) | 262) |
| Net revenues | 313) | 546) | 265) | 877) | 719) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 25.88% | 40.11% | 12.45% | 39.34% | 36.44% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × 81 ÷ 313 = 25.88%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | The Plaza Macao and Four Seasons Macao | The Plaza Macao and Four Seasons Macao segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Profit Margin: Sands Macao
Las Vegas Sands Corp.; Sands Macao; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (81) | (69) | (76) | 175) | 178) |
| Net revenues | 65) | 122) | 120) | 628) | 650) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -124.62% | -56.56% | -63.33% | 27.87% | 27.38% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × -81 ÷ 65 = -124.62%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Sands Macao | Sands Macao segment profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Profit Margin: Marina Bay Sands
Las Vegas Sands Corp.; Marina Bay Sands; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | 1,056) | 448) | 383) | 1,661) | 1,690) |
| Net revenues | 2,516) | 1,370) | 1,261) | 3,101) | 3,069) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 41.97% | 32.70% | 30.37% | 53.56% | 55.07% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × 1,056 ÷ 2,516 = 41.97%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Marina Bay Sands | Marina Bay Sands segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: Las Vegas Operating Properties
Las Vegas Sands Corp.; Las Vegas Operating Properties; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | —) | —) | (124) | 487) | 394) |
| Net revenues | —) | —) | 738) | 1,818) | 1,682) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | — | — | -16.80% | 26.79% | 23.42% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × 0 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Las Vegas Operating Properties |
Segment Profit Margin: Sands Bethlehem
Las Vegas Sands Corp.; Sands Bethlehem; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | —) | —) | —) | 52) | 116) |
| Net revenues | —) | —) | —) | 227) | 536) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | — | — | — | 22.91% | 21.64% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted property EBITDA ÷ Net revenues
= 100 × 0 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Sands Bethlehem |
Segment Return on Assets (Segment ROA)
Las Vegas Sands Corp., ROA by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| The Venetian Macao | -1.17% | 14.23% | -2.17% | 43.39% | 40.49% |
| The Londoner Macao | -4.21% | -1.87% | -4.28% | 16.12% | 17.67% |
| The Parisian Macao | -5.63% | -0.87% | -6.18% | 23.14% | 19.71% |
| The Plaza Macao and Four Seasons Macao | 7.94% | 19.13% | 2.74% | 27.85% | 29.67% |
| Sands Macao | -38.94% | -27.27% | -23.75% | 54.01% | 55.28% |
| Marina Bay Sands | 17.41% | 8.41% | 6.85% | 28.25% | 36.16% |
| Las Vegas Operating Properties | — | — | -3.22% | 11.84% | 9.12% |
| Sands Bethlehem | — | — | — | — | 18.15% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | The Venetian Macao | The Venetian Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| The Londoner Macao | The Londoner Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| The Parisian Macao | The Parisian Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| The Plaza Macao and Four Seasons Macao | The Plaza Macao and Four Seasons Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| Sands Macao | Sands Macao segment ROA deteriorated from 2020 to 2021 and from 2021 to 2022. | |
| Marina Bay Sands | Marina Bay Sands segment ROA improved from 2020 to 2021 and from 2021 to 2022. | |
| Las Vegas Operating Properties | ||
| Sands Bethlehem |
Segment ROA: The Venetian Macao
Las Vegas Sands Corp.; The Venetian Macao; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (25) | 297) | (53) | 1,407) | 1,378) |
| Total assets | 2,135) | 2,087) | 2,446) | 3,243) | 3,403) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -1.17% | 14.23% | -2.17% | 43.39% | 40.49% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × -25 ÷ 2,135 = -1.17%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | The Venetian Macao | The Venetian Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment ROA: The Londoner Macao
Las Vegas Sands Corp.; The Londoner Macao; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (189) | (84) | (184) | 726) | 759) |
| Total assets | 4,489) | 4,494) | 4,298) | 4,504) | 4,295) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -4.21% | -1.87% | -4.28% | 16.12% | 17.67% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × -189 ÷ 4,489 = -4.21%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | The Londoner Macao | The Londoner Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment ROA: The Parisian Macao
Las Vegas Sands Corp.; The Parisian Macao; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (103) | (17) | (131) | 544) | 484) |
| Total assets | 1,828) | 1,962) | 2,119) | 2,351) | 2,455) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -5.63% | -0.87% | -6.18% | 23.14% | 19.71% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × -103 ÷ 1,828 = -5.63%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | The Parisian Macao | The Parisian Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment ROA: The Plaza Macao and Four Seasons Macao
Las Vegas Sands Corp.; The Plaza Macao and Four Seasons Macao; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | 81) | 219) | 33) | 345) | 262) |
| Total assets | 1,020) | 1,145) | 1,203) | 1,239) | 883) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.94% | 19.13% | 2.74% | 27.85% | 29.67% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × 81 ÷ 1,020 = 7.94%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | The Plaza Macao and Four Seasons Macao | The Plaza Macao and Four Seasons Macao segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment ROA: Sands Macao
Las Vegas Sands Corp.; Sands Macao; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | (81) | (69) | (76) | 175) | 178) |
| Total assets | 208) | 253) | 320) | 324) | 322) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -38.94% | -27.27% | -23.75% | 54.01% | 55.28% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × -81 ÷ 208 = -38.94%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Sands Macao | Sands Macao segment ROA deteriorated from 2020 to 2021 and from 2021 to 2022. |
Segment ROA: Marina Bay Sands
Las Vegas Sands Corp.; Marina Bay Sands; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | 1,056) | 448) | 383) | 1,661) | 1,690) |
| Total assets | 6,067) | 5,326) | 5,592) | 5,880) | 4,674) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 17.41% | 8.41% | 6.85% | 28.25% | 36.16% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × 1,056 ÷ 6,067 = 17.41%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Marina Bay Sands | Marina Bay Sands segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
Segment ROA: Las Vegas Operating Properties
Las Vegas Sands Corp.; Las Vegas Operating Properties; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | —) | —) | (124) | 487) | 394) |
| Total assets | —) | —) | 3,849) | 4,112) | 4,321) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | — | — | -3.22% | 11.84% | 9.12% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × 0 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Las Vegas Operating Properties |
Segment ROA: Sands Bethlehem
Las Vegas Sands Corp.; Sands Bethlehem; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted property EBITDA | —) | —) | —) | 52) | 116) |
| Total assets | —) | —) | —) | —) | 639) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | — | — | — | — | 18.15% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted property EBITDA ÷ Total assets
= 100 × 0 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Sands Bethlehem |
Segment Asset Turnover
Las Vegas Sands Corp., asset turnover by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| The Venetian Macao | 0.32 | 0.60 | 0.30 | 1.08 | 1.02 |
| The Londoner Macao | 0.08 | 0.13 | 0.07 | 0.46 | 0.50 |
| The Parisian Macao | 0.10 | 0.18 | 0.12 | 0.70 | 0.62 |
| The Plaza Macao and Four Seasons Macao | 0.31 | 0.48 | 0.22 | 0.71 | 0.81 |
| Sands Macao | 0.31 | 0.48 | 0.38 | 1.94 | 2.02 |
| Marina Bay Sands | 0.41 | 0.26 | 0.23 | 0.53 | 0.66 |
| Las Vegas Operating Properties | — | — | 0.19 | 0.44 | 0.39 |
| Sands Bethlehem | — | — | — | — | 0.84 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | The Venetian Macao | The Venetian Macao segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| The Londoner Macao | The Londoner Macao segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| The Parisian Macao | The Parisian Macao segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. | |
| The Plaza Macao and Four Seasons Macao | The Plaza Macao and Four Seasons Macao segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| Sands Macao | Sands Macao segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. | |
| Marina Bay Sands | Marina Bay Sands segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. | |
| Las Vegas Operating Properties | ||
| Sands Bethlehem |
Segment Asset Turnover: The Venetian Macao
Las Vegas Sands Corp.; The Venetian Macao; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 682) | 1,256) | 738) | 3,510) | 3,474) |
| Total assets | 2,135) | 2,087) | 2,446) | 3,243) | 3,403) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.32 | 0.60 | 0.30 | 1.08 | 1.02 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 682 ÷ 2,135 = 0.32
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | The Venetian Macao | The Venetian Macao segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Asset Turnover: The Londoner Macao
Las Vegas Sands Corp.; The Londoner Macao; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 350) | 588) | 297) | 2,052) | 2,153) |
| Total assets | 4,489) | 4,494) | 4,298) | 4,504) | 4,295) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.08 | 0.13 | 0.07 | 0.46 | 0.50 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 350 ÷ 4,489 = 0.08
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | The Londoner Macao | The Londoner Macao segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Asset Turnover: The Parisian Macao
Las Vegas Sands Corp.; The Parisian Macao; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 188) | 357) | 259) | 1,650) | 1,533) |
| Total assets | 1,828) | 1,962) | 2,119) | 2,351) | 2,455) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.10 | 0.18 | 0.12 | 0.70 | 0.62 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 188 ÷ 1,828 = 0.10
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | The Parisian Macao | The Parisian Macao segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Asset Turnover: The Plaza Macao and Four Seasons Macao
Las Vegas Sands Corp.; The Plaza Macao and Four Seasons Macao; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 313) | 546) | 265) | 877) | 719) |
| Total assets | 1,020) | 1,145) | 1,203) | 1,239) | 883) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.31 | 0.48 | 0.22 | 0.71 | 0.81 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 313 ÷ 1,020 = 0.31
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | The Plaza Macao and Four Seasons Macao | The Plaza Macao and Four Seasons Macao segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Asset Turnover: Sands Macao
Las Vegas Sands Corp.; Sands Macao; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 65) | 122) | 120) | 628) | 650) |
| Total assets | 208) | 253) | 320) | 324) | 322) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.31 | 0.48 | 0.38 | 1.94 | 2.02 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 65 ÷ 208 = 0.31
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Sands Macao | Sands Macao segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Asset Turnover: Marina Bay Sands
Las Vegas Sands Corp.; Marina Bay Sands; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 2,516) | 1,370) | 1,261) | 3,101) | 3,069) |
| Total assets | 6,067) | 5,326) | 5,592) | 5,880) | 4,674) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.41 | 0.26 | 0.23 | 0.53 | 0.66 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 2,516 ÷ 6,067 = 0.41
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Marina Bay Sands | Marina Bay Sands segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Asset Turnover: Las Vegas Operating Properties
Las Vegas Sands Corp.; Las Vegas Operating Properties; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | —) | —) | 738) | 1,818) | 1,682) |
| Total assets | —) | —) | 3,849) | 4,112) | 4,321) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | — | — | 0.19 | 0.44 | 0.39 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 0 ÷ 0 = —
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Las Vegas Operating Properties |
Segment Asset Turnover: Sands Bethlehem
Las Vegas Sands Corp.; Sands Bethlehem; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | —) | —) | —) | 227) | 536) |
| Total assets | —) | —) | —) | —) | 639) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | — | — | — | — | 0.84 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 0 ÷ 0 = —
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Sands Bethlehem |
Net revenues
Las Vegas Sands Corp., net revenues by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| The Venetian Macao | 682) | 1,256) | 738) | 3,510) | 3,474) |
| The Londoner Macao | 350) | 588) | 297) | 2,052) | 2,153) |
| The Parisian Macao | 188) | 357) | 259) | 1,650) | 1,533) |
| The Plaza Macao and Four Seasons Macao | 313) | 546) | 265) | 877) | 719) |
| Sands Macao | 65) | 122) | 120) | 628) | 650) |
| Ferry Operations and Other | 29) | 28) | 28) | 117) | 160) |
| Macao | 1,627) | 2,897) | 1,707) | 8,834) | 8,689) |
| Marina Bay Sands | 2,516) | 1,370) | 1,261) | 3,101) | 3,069) |
| Singapore | 2,516) | 1,370) | 1,261) | 3,101) | 3,069) |
| Las Vegas Operating Properties | —) | —) | 738) | 1,818) | 1,682) |
| Sands Bethlehem | —) | —) | —) | 227) | 536) |
| United States | —) | —) | 738) | 2,045) | 2,218) |
| Intercompany royalties | 107) | 83) | —) | —) | —) |
| Intercompany eliminations | (140) | (116) | (94) | (241) | (247) |
| Total | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Adjusted property EBITDA
Las Vegas Sands Corp., adjusted property ebitda by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| The Venetian Macao | (25) | 297) | (53) | 1,407) | 1,378) |
| The Londoner Macao | (189) | (84) | (184) | 726) | 759) |
| The Parisian Macao | (103) | (17) | (131) | 544) | 484) |
| The Plaza Macao and Four Seasons Macao | 81) | 219) | 33) | 345) | 262) |
| Sands Macao | (81) | (69) | (76) | 175) | 178) |
| Ferry Operations and Other | (7) | (8) | (20) | (8) | 18) |
| Macao | (324) | 338) | (431) | 3,189) | 3,079) |
| Marina Bay Sands | 1,056) | 448) | 383) | 1,661) | 1,690) |
| Singapore | 1,056) | 448) | 383) | 1,661) | 1,690) |
| Las Vegas Operating Properties | —) | —) | (124) | 487) | 394) |
| Sands Bethlehem | —) | —) | —) | 52) | 116) |
| United States | —) | —) | (124) | 539) | 510) |
| Total | 732) | 786) | (172) | 5,389) | 5,279) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Total assets
Las Vegas Sands Corp., total assets by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| The Venetian Macao | 2,135) | 2,087) | 2,446) | 3,243) | 3,403) |
| The Londoner Macao | 4,489) | 4,494) | 4,298) | 4,504) | 4,295) |
| The Parisian Macao | 1,828) | 1,962) | 2,119) | 2,351) | 2,455) |
| The Plaza Macao and Four Seasons Macao | 1,020) | 1,145) | 1,203) | 1,239) | 883) |
| Sands Macao | 208) | 253) | 320) | 324) | 322) |
| Ferry Operations and Other | 870) | 132) | 141) | 156) | 259) |
| Macao | 10,550) | 10,073) | 10,527) | 11,817) | 11,617) |
| Marina Bay Sands | 6,067) | 5,326) | 5,592) | 5,880) | 4,674) |
| Singapore | 6,067) | 5,326) | 5,592) | 5,880) | 4,674) |
| Las Vegas Operating Properties | —) | —) | 3,849) | 4,112) | 4,321) |
| Sands Bethlehem | —) | —) | —) | —) | 639) |
| United States | —) | —) | 3,849) | 4,112) | 4,960) |
| Corporate and Other | 5,422) | 1,357) | 839) | 1,390) | 1,296) |
| Total | 22,039) | 16,756) | 20,807) | 23,199) | 22,547) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).