Name: Las Vegas Sands Corp. (NYSE:LVS) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

Download chart

Las Vegas Sands Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Casino	2,008)	1,862)	1,541)	654)	637)	709)	627)	651)	533)	843)	865)	741)	340)	10)	1,177)	2,485)	2,321)	2,361)	2,661)	2,461)	2,413)	2,346)	2,599)
Rooms	342)	296)	243)	154)	123)	97)	95)	104)	100)	115)	96)	140)	76)	14)	268)	434)	439)	429)	450)	435)	435)	418)	445)
Food and beverage	156)	143)	124)	103)	82)	63)	53)	51)	42)	50)	56)	78)	54)	12)	139)	242)	199)	224)	232)	223)	195)	219)	228)
Mall	201)	172)	162)	164)	119)	148)	149)	180)	165)	148)	156)	153)	83)	42)	103)	215)	175)	166)	160)	200)	170)	164)	156)
Convention, retail and other	88)	69)	50)	42)	44)	28)	19)	22)	17)	17)	23)	34)	33)	20)	95)	133)	116)	154)	143)	156)	159)	156)	151)
Net revenues	2,795)	2,542)	2,120)	1,117)	1,005)	1,045)	943)	1,008)	857)	1,173)	1,196)	1,146)	586)	98)	1,782)	3,509)	3,250)	3,334)	3,646)	3,475)	3,372)	3,303)	3,579)
Casino	(1,103)	(1,034)	(874)	(469)	(410)	(445)	(468)	(465)	(451)	(574)	(578)	(520)	(313)	(218)	(707)	(1,316)	(1,240)	(1,309)	(1,439)	(1,402)	(1,344)	(1,331)	(1,371)
Rooms	(80)	(71)	(56)	(48)	(41)	(41)	(43)	(40)	(40)	(42)	(42)	(68)	(61)	(50)	(92)	(112)	(109)	(113)	(110)	(108)	(109)	(111)	(110)
Food and beverage	(128)	(117)	(104)	(98)	(83)	(73)	(65)	(58)	(55)	(60)	(71)	(84)	(82)	(66)	(139)	(188)	(162)	(174)	(178)	(174)	(159)	(168)	(172)
Mall	(23)	(21)	(21)	(20)	(16)	(19)	(18)	(17)	(17)	(16)	(15)	(18)	(13)	(11)	(17)	(24)	(19)	(18)	(17)	(25)	(19)	(18)	(17)
Convention, retail and other	(52)	(50)	(39)	(30)	(27)	(24)	(22)	(23)	(21)	(19)	(22)	(32)	(34)	(27)	(56)	(77)	(72)	(75)	(80)	(83)	(91)	(78)	(84)
Cost of revenues	(1,386)	(1,293)	(1,094)	(665)	(577)	(602)	(616)	(603)	(584)	(711)	(728)	(722)	(503)	(372)	(1,011)	(1,717)	(1,602)	(1,689)	(1,824)	(1,792)	(1,722)	(1,706)	(1,754)
Gross profit (loss)	1,409)	1,249)	1,026)	452)	428)	443)	327)	405)	273)	462)	468)	424)	83)	(274)	771)	1,792)	1,648)	1,645)	1,822)	1,683)	1,650)	1,597)	1,825)
(Provision for) recovery of credit losses	(3)	(5)	6)	(1)	(8)	(2)	(4)	6)	(3)	(2)	(4)	(39)	(25)	(17)	(18)	(15)	(4)	(7)	(4)	(9)	(5)	(7)	16)
General and administrative	(290)	(279)	(251)	(242)	(238)	(238)	(218)	(164)	(223)	(219)	(225)	(249)	(263)	(262)	(319)	(393)	(364)	(376)	(369)	(404)	(366)	(368)	(345)
Corporate	(49)	(60)	(57)	(68)	(53)	(55)	(59)	(42)	(64)	(56)	(49)	(23)	(33)	(53)	(59)	(51)	(59)	(51)	(152)	(58)	(55)	(33)	(56)
Pre-opening	(3)	(8)	(2)	(2)	(4)	(3)	(4)	(4)	(6)	(4)	(5)	(5)	(5)	(4)	(5)	(11)	(9)	(10)	(4)	(1)	(2)	(2)	(1)
Development	(44)	(54)	(42)	(35)	(26)	(22)	(60)	(50)	(13)	(37)	(9)	—)	(3)	(9)	(6)	(11)	(4)	(4)	(5)	(3)	(4)	(2)	(3)
Depreciation and amortization	(313)	(288)	(274)	(256)	(260)	(256)	(264)	(266)	(262)	(258)	(255)	(293)	(292)	(285)	(290)	(291)	(284)	(289)	(301)	(289)	(284)	(274)	(264)
Amortization of leasehold interests in land	(15)	(14)	(14)	(13)	(14)	(14)	(14)	(14)	(14)	(14)	(14)	(14)	(14)	(13)	(14)	(14)	(14)	(14)	(9)	(9)	(8)	(9)	(9)
Loss on disposal or impairment of assets	(4)	(4)	(14)	(1)	(2)	—)	(6)	(9)	(4)	(11)	(3)	(12)	(58)	(5)	(5)	(72)	(11)	—)	(7)	(36)	(4)	(105)	(5)
Operating income (loss)	688)	537)	378)	(166)	(177)	(147)	(302)	(138)	(316)	(139)	(96)	(211)	(610)	(922)	55)	934)	899)	894)	971)	874)	922)	797)	1,158)
Interest income	79)	76)	70)	60)	38)	14)	4)	1)	1)	1)	1)	1)	3)	4)	13)	17)	20)	17)	20)	23)	22)	9)	5)
Interest expense, net of amounts capitalized	(200)	(210)	(218)	(201)	(183)	(162)	(156)	(152)	(157)	(158)	(154)	(150)	(137)	(118)	(131)	(134)	(137)	(143)	(141)	(138)	(126)	(93)	(89)
Other income (expense)	4)	14)	(35)	20)	2)	(9)	(22)	(12)	(12)	10)	(17)	(8)	(4)	(3)	37)	31)	(7)	20)	(21)	(8)	16)	44)	(26)
Gain on sale of Sands Bethlehem	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	556)	—)	—)	—)	—)	—)
Loss on modification or early retirement of debt	—)	—)	—)	—)	—)	—)	—)	—)	(137)	—)	—)	—)	—)	—)	—)	—)	(24)	—)	—)	(9)	(52)	—)	(3)
Income (loss) from continuing operations before income taxes	571)	417)	195)	(287)	(320)	(304)	(476)	(301)	(621)	(286)	(266)	(368)	(748)	(1,039)	(26)	848)	751)	1,344)	829)	742)	782)	757)	1,045)
Income tax (expense) benefit	(122)	(49)	(50)	18)	(60)	(110)	(2)	(14)	27)	6)	(14)	(8)	17)	54)	(25)	(65)	(82)	(236)	(85)	(782)	(83)	(81)	571)
Net income (loss) from continuing operations	449)	368)	145)	(269)	(380)	(414)	(478)	(315)	(594)	(280)	(280)	(376)	(731)	(985)	(51)	783)	669)	1,108)	744)	(40)	699)	676)	1,616)
Income (loss) from operations of discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	46)	118)	99)	38)	(62)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on disposal of discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	2,861)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Adjustment to gain on disposal of discontinued operations, net of tax	—)	—)	—)	(5)	(1)	(3)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) from discontinued operations, net of tax	—)	—)	—)	(5)	(1)	(3)	2,907)	118)	99)	38)	(62)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss)	449)	368)	145)	(274)	(381)	(417)	2,429)	(197)	(495)	(242)	(342)	(376)	(731)	(985)	(51)	783)	669)	1,108)	744)	(40)	699)	676)	1,616)
Net (income) loss attributable to noncontrolling interests from continuing operations	(69)	(56)	2)	105)	142)	127)	101)	74)	127)	50)	64)	77)	166)	165)	50)	(154)	(136)	(154)	(162)	(130)	(128)	(120)	(160)
Net income (loss) attributable to Las Vegas Sands Corp.	380)	312)	147)	(169)	(239)	(290)	2,530)	(123)	(368)	(192)	(278)	(299)	(565)	(820)	(1)	629)	533)	954)	582)	(170)	571)	556)	1,456)

The revenue trajectory between March 2018 and September 2023 is characterized by a period of stability, a severe contraction, and a subsequent recovery phase. Prior to 2020, quarterly net revenues remained consistent, generally fluctuating between 3.3 billion and 3.6 billion US dollars. A precipitous decline occurred in the first half of 2020, with net revenues reaching a nadir of 98 million US dollars in June 2020. While a gradual recovery was observed throughout 2021 and 2022, a significant acceleration in growth began in early 2023, with quarterly revenues climbing to 2.8 billion US dollars by September 2023.

Segmental Revenue Performance: The Casino segment serves as the primary revenue driver. Its volatility mirrored the overall net revenue trend, falling from pre-pandemic levels of approximately 2.3 to 2.6 billion US dollars per quarter to just 10 million US dollars in June 2020. By September 2023, this segment recovered to 2.0 billion US dollars. The Rooms segment exhibited a similar pattern but has struggled to return to pre-2020 levels; whereas it previously generated over 400 million US dollars per quarter, it ended the analyzed period at 342 million US dollars. Mall revenues showed greater relative resilience, maintaining a higher baseline during the downturn compared to the Rooms and Convention segments.
Operating Profitability and Cost Structure: Gross profit margins were severely compressed during the 2020-2022 period, with the company reporting a gross loss of 274 million US dollars in June 2020. Operating income followed a similar trajectory, shifting from positive quarterly averages of approximately 800 to 900 million US dollars pre-pandemic to deep deficits, including a loss of 922 million US dollars in June 2020. A return to operational profitability was achieved in the first quarter of 2023, with operating income expanding from 378 million US dollars in March to 688 million US dollars by September 2023.
Expense Management and Fixed Costs: General and administrative expenses were reduced during the pandemic, dropping from peaks of 404 million US dollars to lows of 219 million US dollars. However, depreciation and amortization remained remarkably inelastic, consistently ranging between 250 million and 313 million US dollars per quarter regardless of the revenue collapse. This high fixed-cost base contributed significantly to the operating losses observed between 2020 and 2022.
Net Income and Non-Recurring Events: Net income attributable to the corporation was heavily impacted by operational losses and non-recurring items. A notable anomaly occurred in March 2022, where net income spiked to 2.5 billion US dollars, driven primarily by a 2.9 billion US dollar gain on the disposal of discontinued operations. Excluding this one-time event, the net income trend shows a transition from severe quarterly losses in 2020 and 2021 to a sustainable return to profitability in 2023, ending the period with a net income of 380 million US dollars in September 2023.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Las Vegas Sands Corp. (NYSE:LVS)

Income StatementQuarterly Data

Income Statement
Quarterly Data