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.

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)

Revenue Trends: The overall net revenues exhibited a generally stable pattern from 2018 through 2019, with quarterly values mostly ranging between 3,200 and 3,600 million USD. Beginning in 2020, a sharp decline is observed coinciding with a significant reduction in casino revenues, dropping from about 2,485 million USD at the end of 2019 to a low of 10 million USD in mid-2020. Recovery signs appeared starting late 2020, with gradual increases across all segments, especially casino and rooms revenue, continuing into 2023, although still below pre-2020 levels.
Segment Performance: Casino revenue experienced the most volatility, mirroring pandemic impacts. Other segments such as rooms, food and beverage, mall, and convention, retail and other revenues similarly declined sharply during early 2020, with partial recovery observed thereafter. The mall segment showed relative resilience by the end of 2020 with revenues rebounding to near pre-pandemic levels by 2023. The convention, retail, and other segment demonstrated slower recovery and more fluctuation.
Cost of Revenues and Gross Profit: Cost of revenues dropped significantly in 2020, aligning with revenue declines. Despite lower revenues, the proportionate reduction in costs resulted in positive gross profit throughout the periods, although gross profit sharply decreased at the pandemic onset. By late 2022 and into 2023, gross profit returned to a stronger level, reflecting improving operating conditions.
Operating Income and Expenses: Operating income displayed substantial volatility, with positive gains through 2019 but turning sharply negative in 2020, hitting a low of approximately -922 million USD, driven by pandemic-related disruption. After 2020, operating income showed gradual improvement, turning positive again in 2023 but not reaching pre-pandemic peaks. General and administrative expenses were relatively stable though showing a moderate downward trend post-2020, suggesting cost control measures. Corporate and other operating expenses fluctuated but did not have a significant trend.
Non-Operating Items: Interest income remained low but increased gradually from 2021 onward. Interest expense net of capitalization remained relatively stable but increased slightly over recent quarters. Other income/expense was volatile without a clear trend. Notably, a significant gain from the sale of Sands Bethlehem was recorded once in 2019, providing a one-time income boost. Debt modification losses appeared sporadically, especially in early 2019 and 2021, negatively impacting results.
Net Income and Discontinued Operations: Net income from continuing operations was positive in pre-pandemic years, turned negative during 2020 with the pandemic, and gradually improved thereafter but showed ongoing fluctuations. Discontinued operations contributed notably positive effects in select quarters of 2021, mainly due to a large gain on disposal exceeding 2,800 million USD, significantly boosting net income in those periods. Excluding discontinued operations, net income mirrored the volatility seen in operating income and revenues, with a substantial decline during 2020 and gradual recovery since.
Overall Financial Health and Trends: The data indicate a strong impact of external disruption beginning early 2020, with substantial revenue and profit declines. Recovery efforts were evident with progressive improvements across most financial metrics post-2020. The company demonstrated cost management and resilience in gross profit generation despite ongoing challenges. Discontinued operations and one-off gains significantly influenced net income trends, indicating strategic portfolio adjustments. Continued monitoring of operating efficiencies and revenue recovery in core segments is critical for sustained financial stabilization.

Download chart

Las Vegas Sands Corp. (NYSE:LVS)

Income Statement Quarterly Data

Income Statement
Quarterly Data