Stock Analysis on Net

Las Vegas Sands Corp. (NYSE:LVS)

This company has been moved to the archive! The financial data has not been updated since October 20, 2023.

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Las Vegas Sands Corp., profit margin by reportable segment

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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).