Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Las Vegas Sands Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Casino	2,627)	2,892)	2,268)	9,828)	9,819)
Rooms	469)	415)	498)	1,752)	1,733)
Food and beverage	301)	199)	283)	897)	865)
Mall	580)	649)	381)	716)	690)
Convention, retail and other	133)	79)	182)	546)	622)
Net revenues	4,110)	4,234)	3,612)	13,739)	13,729)
Casino	(1,792)	(2,068)	(1,758)	(5,304)	(5,448)
Rooms	(173)	(164)	(271)	(444)	(438)
Food and beverage	(319)	(244)	(371)	(702)	(673)
Mall	(73)	(65)	(59)	(78)	(79)
Convention, retail and other	(103)	(85)	(149)	(304)	(336)
Cost of revenues	(2,460)	(2,626)	(2,608)	(6,832)	(6,974)
Gross profit	1,650)	1,608)	1,004)	6,907)	6,755)
Provision for credit losses	(15)	(3)	(99)	(30)	(5)
General and administrative	(936)	(831)	(1,093)	(1,502)	(1,483)
Corporate	(235)	(211)	(168)	(313)	(202)
Pre-opening	(13)	(19)	(19)	(34)	(6)
Development	(143)	(109)	(18)	(24)	(12)
Depreciation and amortization	(1,036)	(1,041)	(1,160)	(1,165)	(1,111)
Amortization of leasehold interests in land	(55)	(56)	(55)	(51)	(35)
Loss on disposal or impairment of assets	(9)	(27)	(80)	(90)	(150)
Operating income (loss)	(792)	(689)	(1,688)	3,698)	3,751)
Interest income	116)	4)	21)	74)	59)
Interest expense, net of amounts capitalized	(702)	(621)	(536)	(555)	(446)
Other income (expense)	(9)	(31)	22)	23)	26)
Gain on sale of Sands Bethlehem	—)	—)	—)	556)	—)
Loss on modification or early retirement of debt	—)	(137)	—)	(24)	(64)
Income (loss) from continuing operations before income taxes	(1,387)	(1,474)	(2,181)	3,772)	3,326)
Income tax (expense) benefit	(154)	5)	38)	(468)	(375)
Net income (loss) from continuing operations	(1,541)	(1,469)	(2,143)	3,304)	2,951)
Income from operations of discontinued operations, net of tax	46)	193)	—)	—)	—)
Gain on disposal of discontinued operations, net of tax	2,861)	—)	—)	—)	—)
Adjustment to gain on disposal of discontinued operations, net of tax	(9)	—)	—)	—)	—)
Income from discontinued operations, net of tax	2,898)	193)	—)	—)	—)
Net income (loss)	1,357)	(1,276)	(2,143)	3,304)	2,951)
Net (income) loss attributable to noncontrolling interests from continuing operations	475)	315)	458)	(606)	(538)
Net income (loss) attributable to Las Vegas Sands Corp.	1,832)	(961)	(1,685)	2,698)	2,413)

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).

Revenue Trends: The net revenues experienced a substantial drop from 2019 to 2020, declining sharply from approximately $13.7 billion to $3.6 billion. This decline was driven primarily by decreases across all segments including Casino, Rooms, and Food and Beverage. Post-2020, there is a partial recovery with revenues increasing modestly in 2021 and remaining relatively stable in 2022, but still significantly below pre-2020 levels.
Cost of Revenues and Gross Profit: Cost of revenues decreased sharply in 2020 in line with revenue declines, from about $6.8 billion in 2019 to $2.6 billion, then remaining stable through 2021 and 2022. Despite this, the gross profit dropped drastically in 2020 to around $1 billion from nearly $7 billion in prior years, indicating a substantial erosion in profitability. There was a gradual improvement in gross profit in 2021 and 2022, but levels remained far below those of 2018 and 2019.
Operating Expenses and Other Costs: General and administrative expenses showed a downward trend starting in 2020, decreasing from about $1.5 billion in 2019 to under $1 billion in 2021 and 2022, suggesting cost control measures. Other operating expenses such as corporate costs and depreciation remained relatively steady, with development expenses rising notably in 2021 and 2022. Losses on asset disposals progressively declined, indicating less impairment activity in recent years.
Operating Income and Profitability: The operating income experienced a dramatic swing from positive values in 2018 and 2019 of approximately $3.7 billion to significant losses beginning in 2020, with continuing negative operating results in 2021 and 2022. This reflects the severe operational challenges during these years, possibly linked to external disruptions impacting revenue-generating activities.
Interest and Other Income/Expense: Interest expense increased steadily over the period, rising from around $446 million in 2018 to $702 million by 2022, indicating higher borrowing costs or debt levels. Interest income was relatively small and volatile, peaking notably in 2022. Other income and expense items fluctuated without a clear trend.
Income Before Taxes and Effective Tax Rate: Income before income taxes shifted from strong gains in 2018 and 2019 to substantial losses commencing in 2020, reflecting the underlying operating challenges. Income tax expense dropped sharply in 2020 and into 2021, turning into small tax benefits, but increased again as a significant expense in 2022, reducing net profitability.
Net Income and Earnings Attributable to Parent: Net income declined sharply to a large loss in 2020, followed by moderate losses in 2021. In 2022, net income returned to positive territory but remained below pre-2020 levels. Income from discontinued operations in 2022 included a substantial gain on disposal, contributing significantly to the improved net income figure. The net income attributable to the parent company followed the same pattern, with losses recorded from 2020 to 2021 and a return to positive earnings in 2022.
Segment Performance Details: The Casino segment, the largest contributor to revenues, mirrored the overall revenue trend with a sharp decline in 2020 and limited recovery thereafter. Rooms and Food and Beverage segments similarly contracted in 2020 with minor recovery through 2022. The Mall segment showed a less severe decline and partial rebound by 2021, while the Convention, Retail, and Other segment remained depressed with only a slight improvement in 2022.
Summary: The data indicates that the company experienced a significant external shock impacting revenues and profitability beginning in 2020, with partial operational and financial recovery by 2022. Cost controls and reductions in general and administrative expenses partly mitigated the profit decline, but overall profitability remains below historic levels. The gain on disposal of discontinued operations in 2022 notably supported net income improvement. Interest expenses trends and increased development costs suggest ongoing investment despite challenging market conditions.

Download chart

Las Vegas Sands Corp. (NYSE:LVS)

Income Statement