Las Vegas Sands Corp. (NYSE:LVS)

Adjusted Property EBITDA

The Adjusted Property EBITDA remained relatively stable from 2018 through 2019, registering $1,378 million and $1,407 million, respectively. However, there was a sharp decline in 2020, with a negative value of -$53 million, indicating a significant operational challenge or loss. Although the figure improved to a positive $297 million in 2021, it declined again in 2022 to -$25 million, suggesting continued volatility and difficulty in sustaining profitability at this segment.

Net Revenues

Net revenues showed a steady level close to $3.5 billion in 2018 and 2019. In 2020, revenues experienced a dramatic reduction to $738 million, representing a drop of nearly 79% from the previous year. This was followed by an increase in 2021 to $1,256 million, signaling partial recovery. However, revenues fell again in 2022 to $682 million, indicating persistent challenges impacting revenue generation.

Segment Profit Margin

The segment profit margin consistently hovered around 40% in 2018 and 2019, reflecting strong profitability during those years. There was a drastic decline in 2020, moving into negative territory at -7.18%, signifying a loss-making period. Although the margin recovered to 23.65% in 2021, it declined once more in 2022 to -3.67%, underscoring ongoing struggles to maintain healthy profitability margins in recent years.

Summary

The data reveals significant disruptions beginning in 2020, with both net revenues and profitability metrics showing marked deterioration likely tied to extraordinary external factors. While partial recovery was observed in 2021, the segment has yet to return to pre-2020 levels of financial performance. Fluctuations in Adjusted Property EBITDA and segment profit margins indicate ongoing operational challenges and instability in the segment's profitability trajectory through 2022.

Adjusted Property EBITDA

The adjusted property EBITDA demonstrated a notable decline over the period analyzed. Starting from US$759 million in 2018, it decreased slightly to US$726 million in 2019. However, a sharp downturn occurred in 2020 when the value dropped to a negative US$184 million, indicating a significant operational loss. The negative trend persisted in the following two years, with figures of negative US$84 million in 2021 and negative US$189 million in 2022, reflecting ongoing challenges affecting profitability.

Net Revenues

Net revenues exhibited a downward trend from 2018 to 2020, starting at US$2,153 million in 2018 and declining to US$2,052 million in 2019, followed by a drastic decrease to US$297 million in 2020. Despite a partial recovery to US$588 million in 2021, revenues decreased again to US$350 million in 2022, indicating volatility and a substantial reduction compared to pre-2020 levels.

Segment Profit Margin

The segment profit margin mirrored the trends observed in EBITDA and revenues. Margins remained robust and stable in 2018 and 2019, at around 35%. However, a collapse occurred in 2020 with a steep decline to -61.95%, followed by some improvement to -14.29% in 2021, which nonetheless remained negative. In 2022, the margin declined again to -54%, signaling persistent underperformance and challenges in regaining profitability. Overall, the segment's profitability was severely impacted during the period, with no return to positive margins by the end of 2022.

Adjusted Property EBITDA

The Adjusted Property EBITDA experienced a positive trend from 2018 to 2019, increasing from 484 million US dollars to 544 million US dollars. However, in 2020, there was a significant decline, resulting in a negative value of -131 million US dollars. This negative trend continued in 2021 and 2022, with values of -17 million and -103 million US dollars respectively, indicating ongoing operational challenges and reduced profitability in these years.

Net Revenues

Net revenues showed moderate growth from 2018 to 2019, rising from 1,533 million US dollars to 1,650 million US dollars. In 2020, there was a sharp decline to 259 million US dollars, followed by a slight recovery to 357 million US dollars in 2021. However, revenues decreased again to 188 million US dollars in 2022, indicating instability and difficulty in regaining pre-2020 revenue levels.

Segment Profit Margin

The segment profit margin remained positive and relatively stable in 2018 and 2019, increasing slightly from 31.57% to 32.97%. Starting in 2020, the margin turned negative, dropping sharply to -50.58%, and remained negative in 2021 and 2022 at -4.76% and -54.79% respectively. This highlights a significant decline in profitability, with losses outweighing revenues in the latter years.

Net Revenues

Net revenues experienced an initial increase from 719 million US dollars in 2018 to 877 million US dollars in 2019. This was followed by a sharp decline to 265 million US dollars in 2020, likely due to adverse external factors impacting the business environment. A partial recovery was observed in 2021 with revenues rising to 546 million US dollars; however, the figure decreased again in 2022 to 313 million US dollars, remaining significantly below the pre-2020 levels.

Adjusted Property EBITDA

Adjusted property EBITDA mirrored the fluctuations seen in revenues, increasing from 262 million US dollars in 2018 to 345 million US dollars in 2019, then declining precipitously to 33 million US dollars in 2020. A recovery followed, reaching 219 million US dollars in 2021, yet EBITDA decreased again in 2022 to 81 million US dollars. EBITDA performance has generally tracked the revenue changes, though the recovery has been less robust in 2022 compared to earlier years.

Segment Profit Margin

The segment profit margin demonstrated variability over the years, with a rise from 36.44% in 2018 to 39.34% in 2019, indicating improved profitability. A sharp contraction occurred in 2020, with margin dropping to 12.45%, suggesting the impact of decreased revenues and potentially fixed costs or other operational challenges. The margin rebounded strongly to 40.11% in 2021, surpassing earlier levels, but subsequently declined to 25.88% in 2022. Overall, margins have been volatile, reflecting the underlying fluctuations in both revenue and operating efficiency within the segment.

The analysis of the annual financial data for the Sands Macao segment reveals significant volatility and challenges, particularly in the period starting from 2020.

Adjusted property EBITDA

The adjusted property EBITDA remained relatively stable at approximately $175-178 million in 2018 and 2019. However, starting in 2020, there was a dramatic decline, with EBITDA turning negative at -$76 million and continuing to deteriorate slightly in 2021 and 2022, reaching -$81 million by the end of 2022. This shift indicates significant operational or market challenges impacting profitability.

Net revenues

Net revenues showed a consistent pattern in 2018 and 2019 with values of $650 million and $628 million respectively. A notable collapse occurred in 2020 with revenues plummeting to $120 million and remaining at low levels through 2021 and 2022, with a further decrease to $65 million in 2022. This steep revenue decline strongly reflects external disruptions affecting the segment's top line.

Segment profit margin

The segment profit margin was relatively healthy and stable at approximately 27% in 2018 and 2019. Beginning in 2020, it shifted drastically into negative territory, recording -63.33% and worsening further to -124.62% by 2022. This extreme negative margin suggests that fixed costs and other expenses continued despite sharply lower revenues, further eroding profitability.

Overall, the Sands Macao segment experienced a stable and profitable position through 2019, followed by a severe downturn beginning in 2020. Both revenues and profitability metrics have shown dramatic declines, likely reflecting significant operational disruptions or unfavorable market conditions that persisted into 2022.

The data reveals notable trends in key financial metrics for the Marina Bay Sands segment over a five-year span. A significant decline is observed in both adjusted property EBITDA and net revenues during 2020, correlating with a broader economic disruption likely impacting the hospitality and gaming industry. Specifically, adjusted property EBITDA plummeted from $1,661 million in 2019 to $383 million in 2020, while net revenues decreased sharply from $3,101 million to $1,261 million in the same year.

Following this downturn, a gradual recovery trend is evident in 2021, with adjusted property EBITDA rising modestly to $448 million and net revenues increasing to $1,370 million. This recovery continued more robustly in 2022, where adjusted property EBITDA more than doubled compared to the previous year, reaching $1,056 million, and net revenues grew substantially to $2,516 million, though still below pre-2020 levels.

The segment profit margin shows a parallel trend. It declined from a high of 55.07% in 2018 to a low of 30.37% in 2020, reflecting the impact of reduced revenues on profitability. Some improvement is recorded in 2021, with the margin increasing to 32.7%, and a more significant recovery occurs in 2022, with the profit margin reaching 41.97%. Despite improvement, the margin in 2022 remains below the 2018 and 2019 levels, suggesting some lingering effects on cost structures or revenue mix.

Adjusted Property EBITDA

Remained relatively stable in 2018 and 2019, dropped sharply in 2020, then recovered gradually in 2021 and more substantially in 2022.

Net Revenues

Followed a similar trend as EBITDA, with stability through 2018-2019, a steep decline in 2020, and progressive recovery through 2021 and 2022.

Segment Profit Margin

Declined significantly in 2020, improved slightly in 2021, and showed stronger recovery in 2022, though not returning to pre-pandemic profitability levels.

Overall, the data indicates that the Marina Bay Sands segment experienced a substantial impact in 2020, likely due to external factors affecting the broader hospitality and gaming sectors, followed by a phase of partial recovery through 2021 and 2022. While revenues and profitability have improved, they have yet to reach the peak levels observed prior to 2020.

The financial data for the operating segment exhibits notable fluctuations over the observed periods. Net revenues initially increased from US$1,682 million in 2018 to US$1,818 million in 2019, indicating growth in business activity. However, there was a significant decline in 2020, with net revenues falling sharply to US$738 million, which may suggest operational challenges or adverse external circumstances impacting revenue generation.

Adjusted property EBITDA reflects a similar pattern. The metric rose from US$394 million in 2018 to US$487 million in 2019, demonstrating improved earnings performance. Nevertheless, in 2020, the EBITDA value turned negative to -US$124 million, signaling a substantial erosion of profitability and possibly losses at the property level.

The segment profit margin aligns with these trends. From a positive margin of 23.42% in 2018, it increased to 26.79% in 2019, indicating enhanced profitability efficiency. However, the margin drastically deteriorated to -16.8% in 2020, reflecting operational losses and adverse financial outcomes for the segment during that year.

The absence of reported data for 2021 and 2022 prevents analysis of recovery or further trends beyond 2020. Overall, the data highlights a period of growth and profitability improvement up to 2019, followed by a significant downturn in 2020, likely attributable to extraordinary circumstances affecting the operating environment.

Adjusted Property EBITDA

The adjusted property EBITDA showed a significant decline from US$116 million in 2018 to US$52 million in 2019. Data for subsequent years is not available, preventing further trend analysis beyond 2019.

Net Revenues

Net revenues experienced a pronounced decrease from US$536 million in 2018 to US$227 million in 2019. Similar to EBITDA, there is no data for years following 2019, limiting the ability to assess ongoing revenue performance.

Segment Profit Margin

The segment profit margin increased slightly from 21.64% in 2018 to 22.91% in 2019, indicating a minor improvement in profitability despite the considerable drops in both EBITDA and net revenues during the same period. However, the lack of data beyond 2019 restricts a full evaluation of margin sustainability or trends.

Adjusted property EBITDA

Adjusted property EBITDA exhibited a generally positive trend from 2018 to 2019, increasing slightly from 1,378 million US dollars to 1,407 million US dollars. However, there was a significant downturn in 2020, with a sharp decline to a negative 53 million US dollars, indicating a substantial loss. The segment showed some recovery in 2021, reaching 297 million US dollars, though the figure remained well below pre-2020 levels. In 2022, EBITDA reverted to a negative amount of 25 million US dollars, highlighting continued operational challenges.

Total assets

Total assets decreased consistently over the analyzed period. Beginning at 3,403 million US dollars in 2018, the asset base declined gradually each year, dropping to 3,243 million in 2019, then to 2,446 million in 2020. The reduction continued in 2021 to 2,087 million, with a slight increase to 2,135 million in 2022. Overall, the trend indicates a significant contraction in asset size over the five-year span.

Segment ROA (Return on Assets)

Return on Assets showed a strong positive performance in 2018 and 2019, with values of 40.49% and 43.39% respectively, reflecting a highly profitable segment relative to asset size. This profitability plummeted in 2020 to a negative 2.17%, coinciding with the adverse EBITDA figures and likely reflecting operational or market disruptions. In 2021, the ROA partially recovered to 14.23%, indicating improvement but remaining significantly lower than pre-2020 levels. The ratio again fell into negative territory in 2022 at -1.17%, suggesting ongoing difficulties in achieving profitability in relation to assets.

Adjusted Property EBITDA

The Adjusted Property EBITDA demonstrated a declining trend from 2018 to 2022. Starting at US$759 million in 2018, it slightly decreased to US$726 million in 2019. Subsequently, it turned negative from 2020 onwards, with a significant drop to -US$184 million in 2020, a modest improvement to -US$84 million in 2021, and then a further decline to -US$189 million in 2022. This trajectory reflects a substantial deterioration in operating profitability over the period.

Total Assets

Total assets exhibited relative stability across the years, with a gradual increase from US$4,295 million in 2018 to US$4,504 million in 2019. There was a slight decline to US$4,298 million in 2020, followed by an increase again to US$4,494 million in 2021. The asset base remained virtually unchanged at US$4,489 million in 2022. Overall, the asset level remained fairly constant with minor fluctuations, indicating no major investment expansions or disposals during the period.

Segment Return on Assets (ROA)

The Segment ROA showed a positive and relatively robust performance in 2018 and 2019, with returns of 17.67% and 16.12%, respectively. However, from 2020 onwards, the Segment ROA turned negative, falling to -4.28% in 2020 and remaining negative in the subsequent years, albeit with some improvement to -1.87% in 2021 before deteriorating to -4.21% in 2022. This shift mirrors the EBITDA trend and indicates a decline in asset profitability and efficiency starting in 2020.

Adjusted property EBITDA

The Adjusted Property EBITDA demonstrates a positive trend in 2018 and 2019, increasing from 484 million US$ to 544 million US$, indicating improved operational performance during this period. However, starting in 2020, there is a sharp decline, with negative values recorded in 2020 (-131 million US$), 2021 (-17 million US$), and 2022 (-103 million US$). This shift suggests significant operational difficulties or external challenges adversely affecting earnings over these years.

Total assets

The total assets show a continuous decrease from 2455 million US$ in 2018 to 1828 million US$ in 2022. This steady reduction over five years suggests asset disposals, depreciation, impairment, or revaluation impacts that have gradually diminished the asset base.

Segment ROA (Return on Assets)

The Segment ROA mirrors the EBITDA trend, with strong positive returns of 19.71% and 23.14% in 2018 and 2019, respectively. After 2019, the return turns negative, with -6.18% in 2020, slight improvement but still negative at -0.87% in 2021, followed by a return to -5.63% in 2022. This pattern highlights declining profitability relative to assets, indicating challenges in generating returns from the asset base during these later periods.

The annual data for the segment "The Plaza Macao and Four Seasons Macao" reveals several key trends and variations between 2018 and 2022.

Adjusted Property EBITDA

The adjusted property EBITDA showed a rising trend from 2018 to 2019, increasing from 262 million US dollars to 345 million US dollars. However, there was a significant decline in 2020, dropping sharply to 33 million US dollars. This drastic decrease was partially recovered in 2021 with EBITDA rising to 219 million, but the figure fell again in 2022 to 81 million. Overall, the data indicate high volatility in profitability, likely influenced by external factors affecting operations during those years.

Total Assets

Total assets rose notably from 883 million US dollars in 2018 to 1,239 million US dollars in 2019, suggesting asset growth or acquisition activity during that period. However, there was a mild decrease from 2019 through 2022, with assets reducing to 1,203 million in 2020, then 1,145 million in 2021, and further down to 1,020 million in 2022. This downward trend in assets over the latter years may reflect disposals, depreciation, or revaluation impacts.

Segment Return on Assets (ROA)

The segment ROA followed a pattern consistent with the EBITDA trend. It started at a high level of 29.67% in 2018, slightly declined to 27.85% in 2019, and then plummeted to 2.74% in 2020, indicating a steep drop in asset profitability. In 2021, ROA improved to 19.13%, demonstrating a significant recovery, but declined again to 7.94% in 2022. This fluctuation symbolizes challenges in generating returns from assets, likely driven by operational disruptions and market conditions within the reviewed timeframe.

In summary, the segment experienced considerable instability in financial performance from 2018 to 2022. While initial years showed growth in earnings and asset base, the subsequent years were marked by significant downturns and partial recoveries in profitability metrics. Asset levels likewise declined after peaking in 2019. The volatility in both profitability and asset efficiency points to external pressures or internal adjustments affecting the segment’s operations during this period.

Adjusted Property EBITDA

The Adjusted Property EBITDA demonstrated a stable performance in 2018 and 2019, with values of 178 million and 175 million US dollars, respectively. However, starting in 2020, there was a significant decline, with the metric becoming negative. It was -76 million US dollars in 2020, and remained negative in both 2021 and 2022, showing values of -69 million and -81 million, respectively. This indicates that the segment experienced substantial operational challenges beginning in 2020, with a deterioration persisting through 2022.

Total Assets

Total assets held by the segment exhibited a slight decline over the period. From 322 million US dollars in 2018, the asset base remained fairly stable through 2019 at 324 million and slightly decreased to 320 million in 2020. Afterward, a sharper reduction occurred with total assets declining to 253 million in 2021 and further to 208 million in 2022. This trend suggests possible asset divestitures, impairments, or other factors leading to a contraction of the asset base in recent years.

Segment Return on Assets (ROA)

The segment ROA was notably strong and positive in 2018 and 2019, with 55.28% and 54.01% respectively, indicating efficient use of assets to generate income. However, beginning in 2020, the segment recorded negative returns on assets, with values of -23.75% in 2020, -27.27% in 2021, and -38.94% in 2022. This shift highlights the segment’s declining profitability relative to its assets, consistent with the negative Adjusted Property EBITDA figures during the same periods.

Adjusted Property EBITDA

The Adjusted Property EBITDA showed a substantial decrease from 2018 to 2020, falling sharply from US$1,690 million in 2018 to US$383 million in 2020. This significant decline corresponds with a period that likely involved external challenges. Subsequently, there was a gradual recovery, with EBITDA increasing to US$448 million in 2021 and then more than doubling to US$1,056 million in 2022, reflecting an improving operational performance.

Total Assets

Total assets increased from US$4,674 million in 2018 to US$5,880 million in 2019. A slight decrease was observed in the following two years, with assets at US$5,592 million in 2020 and US$5,326 million in 2021. By 2022, total assets rose again to US$6,067 million, surpassing previous years and indicating asset growth and potential investment or asset valuation changes.

Segment Return on Assets (ROA)

The segment ROA presented a downward trend from 36.16% in 2018 to a low of 6.85% in 2020, reflecting deteriorating asset profitability during this period. A slight improvement occurred in 2021, with ROA increasing to 8.41%, followed by a more pronounced recovery to 17.41% in 2022. Despite the rebound, the ROA in 2022 remained below levels seen in 2018 and 2019, suggesting that while profitability has improved, it has not yet returned to pre-decline efficiency.

The segment exhibited fluctuating financial performance over the observed periods, with notable volatility in key metrics.

Adjusted Property EBITDA

The adjusted property EBITDA increased from 394 million US dollars in 2018 to 487 million US dollars in 2019, reflecting an improvement in operating profitability. However, this trend reversed sharply in 2020, resulting in a negative EBITDA of 124 million US dollars, indicating significant operational challenges or extraordinary costs during that year. Data for subsequent years is not available, thus trends beyond 2020 cannot be assessed.

Total Assets

Total assets showed a declining trend from 4,321 million US dollars at the end of 2018 to 3,849 million US dollars by the end of 2020. This decrease suggests potential asset disposals, impairments, or other balance sheet adjustments affecting the segment's asset base. Information for 2021 and 2022 is not provided.

Segment Return on Assets (ROA)

The segment ROA improved from 9.12% in 2018 to 11.84% in 2019, indicating enhanced efficiency in generating earnings from assets. However, in 2020, ROA fell sharply to -3.22%, consistent with the decline in adjusted EBITDA, and highlighting a period of negative profitability relative to the asset base. Later years' data is unavailable.

Overall, the segment demonstrated growth and improving profitability through 2019, followed by a substantial downturn in 2020, reflected in reduced earnings, asset base contraction, and a negative return on assets. The absence of data for 2021 and 2022 limits the ability to ascertain recovery or further decline in these metrics.

The financial data for the Sands Bethlehem segment reveals limited but notable information over the reported years.

Adjusted Property EBITDA

The adjusted property EBITDA shows a significant decline from US$116 million in 2018 to US$52 million in 2019. There is no data available for the years 2020 through 2022, making it difficult to assess any further trend or recovery following the sharp decrease in 2019.

Total Assets

Total assets were reported as US$639 million in 2018, with no subsequent data available. This lack of information prevents analysis of asset growth, contraction, or investment activity beyond 2018.

Segment Return on Assets (ROA)

Segment ROA was recorded at 18.15% in 2018, indicating relatively strong profitability relative to the segment's asset base at that time. However, no further ROA figures are provided, limiting understanding of performance trends in later years.

Overall, the data suggests a material decrease in profitability within the first reported interval, as seen in the EBITDA decline between 2018 and 2019. The absence of data beyond those years restricts comprehensive trend analysis. Additional data would be necessary to fully evaluate the segment's financial trajectory, asset management, and profitability in subsequent periods.

Net Revenues

Net revenues showed a sharp decline from 2019 to 2020, dropping from 3,510 million US dollars to 738 million US dollars, indicating a significant reduction likely due to external factors impacting operations. In 2021, there was a partial recovery to 1,256 million US dollars, followed by another decrease to 682 million US dollars in 2022. Overall, net revenues in 2022 remained substantially below the levels seen prior to 2020.

Total Assets

Total assets exhibited a downward trend throughout the five-year period. From 3,403 million US dollars in 2018, total assets decreased gradually each year to 3,243 million in 2019, 2,446 million in 2020, 2,087 million in 2021, and slightly increased to 2,135 million in 2022. The overall decline suggests contraction or asset divestment within the segment.

Segment Asset Turnover

The segment asset turnover ratio showed a significant drop from above 1 in 2018 and 2019 to a low of 0.3 in 2020, indicating a decreased efficiency in generating revenues from assets. The ratio improved moderately to 0.6 in 2021 but declined again to 0.32 in 2022. This pattern reflects challenges in operational efficiency and asset utilization throughout the period.

Net Revenues

The net revenues show a significant decline starting from 2018 to 2020. Specifically, revenues dropped from 2,153 million USD in 2018 to 297 million USD in 2020, indicating a considerable contraction. This was followed by a partial recovery in 2021 to 588 million USD, but revenues decreased again in 2022 to 350 million USD, remaining well below pre-2020 levels.

Total Assets

Total assets experienced slight fluctuations but remained relatively stable over the period. The assets increased from 4,295 million USD in 2018 to 4,504 million USD in 2019, then decreased slightly in 2020 to 4,298 million USD. In the subsequent years, total assets showed minor increases, reaching 4,494 million USD in 2021 and 4,489 million USD in 2022, indicating a stable asset base despite revenue volatility.

Segment Asset Turnover

The segment asset turnover ratio, which measures how efficiently assets generate revenue, declined markedly from 0.5 in 2018 to a low of 0.07 in 2020. This aligns with the sharp revenue decline in the same period. Some improvement was observed in 2021 with a ratio of 0.13, yet it decreased again to 0.08 in 2022, remaining far below the levels seen before 2020. Overall, this indicates reduced efficiency in asset utilization to generate revenues during and after the period of downturn.

Net Revenues

Net revenues experienced a significant decline from 2018 to 2022. Starting at 1,533 million US dollars in 2018, revenues increased slightly to 1,650 million US dollars in 2019. However, there was a sharp decrease in 2020 to 259 million US dollars, likely reflecting extraordinary circumstances during that period. A modest recovery is observed in 2021 with revenues increasing to 357 million US dollars, but this was followed by another decline to 188 million US dollars in 2022. Overall, net revenues fell dramatically over the five-year span, ending at a fraction of the initial 2018 figure.

Total Assets

Total assets showed a consistent downward trend throughout the period. Starting at 2,455 million US dollars in 2018, assets diminished every year, reaching 1,828 million US dollars by the end of 2022. The steady reduction indicates either asset disposals, write-downs, or a strategic realignment resulting in lower asset bases.

Segment Asset Turnover

The segment asset turnover ratio, which indicates the efficiency of assets in generating revenue, initially increased from 0.62 in 2018 to 0.70 in 2019. However, a dramatic drop occurred in 2020 to 0.12, aligning with the steep decline in net revenues. The ratio slightly increased to 0.18 in 2021 before declining again to 0.10 in 2022. These fluctuations reflect severe disruptions impacting asset utilization and revenue generation capacity in the segment over these years.

The analysis of the financial data reveals several notable trends in the reportable segment over the five-year period from 2018 to 2022.

Net Revenues

The net revenues exhibit significant fluctuation across the years. Starting at 719 million US dollars in 2018, there was an increase to 877 million in 2019. However, a sharp decline is evident in 2020, where revenues dropped dramatically to 265 million. In 2021, the segment saw a partial recovery with revenues rising to 546 million, followed by another decline to 313 million in 2022. This volatility likely reflects external shocks or operational challenges impacting revenue generation during the period.

Total Assets

Total assets increased from 883 million US dollars in 2018 to a peak of 1239 million in 2019. Following this peak, assets experienced a gradual decrease over the subsequent years, reaching 1020 million by the end of 2022. Despite the decline, the asset base in 2022 remains above the initial 2018 level, indicating sustained investment or retention of assets despite fluctuations in revenue.

Segment Asset Turnover

The segment asset turnover ratio, which measures the efficiency in generating revenues from assets, shows a declining trend overall. Beginning at 0.81 in 2018, it decreased to 0.71 in 2019 and plummeted to 0.22 in 2020, corresponding with the significant drop in revenues during that year. A partial rebound to 0.48 occurred in 2021, yet it fell back to 0.31 in 2022. This pattern suggests challenges in effectively utilizing assets to generate revenue, especially evident during and after 2020.

In summary, the segment experienced notable revenue volatility and reduced efficiency in asset utilization over the analyzed period. While asset levels remained relatively elevated compared to the starting point, the declining asset turnover ratio implies diminished operational effectiveness. The years 2020 and beyond appear particularly challenging, likely reflecting adverse external conditions impacting both revenue and asset productivity.

The data reveals notable fluctuations in the Sands Macao segment's financial performance over the five-year period. Net revenues demonstrated a significant downward trend, decreasing from 650 million US dollars in 2018 to just 65 million US dollars in 2022. This decline was especially steep between 2019 and 2020, corresponding with a drop from 628 million to 120 million, followed by a slight recovery in 2021 before falling further in 2022.

Total assets held within the segment exhibited a more gradual decline, decreasing from 322 million US dollars in 2018 to 208 million US dollars in 2022. The reduction in total assets was steady but less pronounced relative to net revenues, suggesting a potential strategic adjustment or asset write-down during this period.

The segment asset turnover ratio, which measures revenue generated per unit of asset investment, mirrored the challenges faced in revenue generation. Initially remaining close to 2.00 in 2018 and 2019, the ratio dramatically decreased to 0.38 in 2020, reflecting sharply reduced operational efficiency or asset utilization. Although there was a minor improvement to 0.48 in 2021, the ratio further declined to 0.31 in 2022, indicating ongoing inefficiencies in asset use relative to revenue generation.

Net Revenues

Steady and large declines from 650 million to 65 million US dollars over five years; sharpest drop occurred between 2019 and 2020.

Total Assets

Gradual reduction from 322 million to 208 million US dollars, indicating possible asset divestiture or impairment in line with lower operational scale.

Segment Asset Turnover

Significant decrease from near 2.0 to below 0.5, then further down to 0.31, signifying reduced efficiency in utilizing assets to generate revenue.

Overall, the data indicates a period of significant operational contraction and declining asset productivity within the Sands Macao segment, with marked decreases in both revenue and asset turnover that outpace the reduction in total assets. This may reflect external market conditions impacting demand or internal strategic repositioning affecting segment performance.

Net Revenues

The net revenues experienced a slight increase from 2018 to 2019, moving from $3,069 million to $3,101 million. However, there was a significant decline in 2020 to $1,261 million, likely reflecting external adverse impacts during that period. A modest recovery is observed in 2021 with revenues rising to $1,370 million, followed by a more notable increase in 2022 reaching $2,516 million. Despite this improvement, the 2022 level remains below the pre-2020 figures.

Total Assets

Total assets increased steadily from $4,674 million in 2018 to $5,880 million in 2019. In 2020, assets decreased slightly to $5,592 million and continued declining to $5,326 million in 2021. By 2022, total assets rebounded to $6,067 million, representing the highest value in the given timeframe. This overall growth trend, with a dip in the middle years, suggests investment or asset adjustments in response to changing business conditions.

Segment Asset Turnover

The segment asset turnover ratio showed a consistent downward trend from 0.66 in 2018 to 0.53 in 2019, dropping sharply to 0.23 in 2020. Minor improvements occurred in 2021 and 2022, with ratios rising to 0.26 and 0.41 respectively, but these values remain well below the levels seen before 2020. This pattern indicates diminished efficiency of asset utilization to generate revenue during the period impacted most, followed by a gradual recovery.

Net Revenues

Net revenues displayed a rising trend from 2018 to 2019, increasing from 1,682 million US dollars to 1,818 million US dollars, marking a growth of approximately 8.1%. However, there was a significant decline in 2020, with revenues dropping sharply to 738 million US dollars. Data for subsequent years 2021 and 2022 is not available, preventing further analysis in those periods.

Total Assets

Total assets decreased progressively over the three recorded years. Starting at 4,321 million US dollars in 2018, assets declined to 4,112 million US dollars in 2019, a reduction of about 4.8%. This downward trend continued into 2020, with total assets falling further to 3,849 million US dollars, representing an overall decrease of approximately 10.9% across the period. No data is available for the years 2021 and 2022.

Segment Asset Turnover

The component asset turnover ratio exhibited an increase between 2018 and 2019, moving from 0.39 to 0.44. This suggests improved efficiency in generating revenue from the assets during this period. However, there was a pronounced decline in 2020, with the ratio dropping sharply to 0.19, which indicates a significant reduction in asset utilization efficiency. No data exists for the years 2021 and 2022 to identify if the trend persisted or reversed.

The available data for the Sands Bethlehem segment reveals limited information spanning primarily the year ending December 31, 2018, with some data reported for 2019 and no figures for subsequent years.

Net Revenues

Net revenues experienced a significant decline from 536 million US dollars in 2018 to 227 million US dollars in 2019. No revenue data is available for 2020 through 2022, which prevents assessment of trends beyond 2019.

Total Assets

Total assets were reported at 639 million US dollars in 2018, with no values provided for any later years. This single data point does not allow for analysis of asset growth or reduction over time.

Segment Asset Turnover

The segment asset turnover ratio was 0.84 in 2018. There are no subsequent figures to evaluate performance changes in efficiently utilizing assets to generate revenues.

Due to the sparse data, the most notable observation is the sharp drop in net revenues from 2018 to 2019, indicating a potential operational or market challenge during that period. The absence of data beyond 2019 impedes a comprehensive analysis of trends or recovery patterns. The unchanged or missing asset and asset turnover data further restrict the ability to draw conclusions about the segment’s operational efficiency or asset management over time.