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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
Form 10-Q
_________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-32373
_________________________________________________________ 
LAS VEGAS SANDS CORP.
(Exact name of registration as specified in its charter)
_________________________________________________________ 
Nevada27-0099920
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3355 Las Vegas Boulevard South
Las Vegas,Nevada89109
(Address of principal executive offices)(Zip Code)
(702) 414-1000
(Registrant’s telephone number, including area code)
 _______________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)LVSNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.
Class  Outstanding at October 20, 2021
Common Stock ($0.001 par value)  763,989,752 shares


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
Table of Contents
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 6.
2

PART I FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2021
December 31,
2020
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,644 $2,082 
Restricted cash and cash equivalents16 16 
Accounts receivable, net of provision for credit losses of $241 and $255
167 252 
Inventories22 22 
Prepaid expenses and other124 113 
Current assets of discontinued operations held for sale3,255 3,222 
Total current assets5,228 5,707 
Property and equipment, net11,932 12,280 
Deferred income taxes, net325 318 
Leasehold interests in land, net2,169 2,256 
Intangible assets, net15 25 
Other assets, net223 221 
Total assets$19,892 $20,807 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$74 $89 
Construction payables233 336 
Other accrued liabilities1,265 1,474 
Income taxes payable15 87 
Current maturities of long-term debt73 75 
Current liabilities of discontinued operations held for sale827 755 
Total current liabilities2,487 2,816 
Other long-term liabilities341 336 
Deferred income taxes173 188 
Long-term debt14,462 13,929 
Total liabilities17,463 17,269 
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding
  
Common stock, $0.001 par value, 1,000 shares authorized, 833 shares issued, 764 shares outstanding
1 1 
Treasury stock, at cost, 69 shares
(4,481)(4,481)
Capital in excess of par value6,639 6,611 
Accumulated other comprehensive income (loss)(32)29 
Retained earnings (deficit)(25)813 
Total Las Vegas Sands Corp. stockholders’ equity2,102 2,973 
Noncontrolling interests327 565 
Total equity2,429 3,538 
Total liabilities and equity$19,892 $20,807 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(In millions, except per share data)
(Unaudited)
Revenues:
Casino$533 $281 $2,241 $1,352 
Rooms100 35 311 181 
Food and beverage42 31 148 101 
Mall165 83 469 228 
Convention, retail and other17 16 57 63 
Net revenues857 446 3,226 1,925 
Operating expenses:
Casino451 274 1,603 1,109 
Rooms40 28 124 101 
Food and beverage55 54 186 177 
Mall17 13 48 41 
Convention, retail and other21 22 62 79 
Provision for credit losses3 24 9 52 
General and administrative223 196 667 615 
Corporate64 33 169 145 
Pre-opening6 5 15 14 
Development13 3 59 18 
Depreciation and amortization262 248 775 745 
Amortization of leasehold interests in land14 14 42 41 
Loss on disposal or impairment of assets4 55 18 62 
1,173 969 3,777 3,199 
Operating loss(316)(523)(551)(1,274)
Other income (expense):
Interest income1 3 3 20 
Interest expense, net of amounts capitalized(157)(134)(469)(376)
Other income (expense)(12)(5)(19)29 
Loss on modification or early retirement of debt(137) (137) 
Loss from continuing operations before income taxes(621)(659)(1,173)(1,601)
Income tax (expense) benefit27 (5)19 4 
Net loss from continuing operations(594)(664)(1,154)(1,597)
Income (loss) from discontinued operations, net of income taxes99 (67)75 (170)
Net loss(495)(731)(1,079)(1,767)
Net loss attributable to noncontrolling interests from continuing operations127 166 241 381 
Net loss attributable to Las Vegas Sands Corp.$(368)$(565)$(838)$(1,386)
Earnings (loss) per share - basic:
Loss from continuing operations$(0.61)$(0.65)$(1.20)$(1.59)
Income (loss) from discontinued operations, net of income taxes0.13 (0.09)0.10 (0.22)
Net loss attributable to Las Vegas Sands Corp.$(0.48)$(0.74)$(1.10)$(1.81)
Earnings (loss) per share - diluted:
Loss from continuing operations$(0.61)$(0.65)$(1.20)$(1.59)
Income (loss) from discontinued operations, net of income taxes0.13 (0.09)0.10 (0.22)
Net loss attributable to Las Vegas Sands Corp.$(0.48)$(0.74)$(1.10)$(1.81)
Weighted average shares outstanding:
Basic764 764 764 764 
Diluted764 764 764 764 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(In millions)
(Unaudited)
Net loss$(495)$(731)$(1,079)$(1,767)
Currency translation adjustment(26)36 (62)(30)
Cash flow hedge fair value adjustment(2) (2) 
Total comprehensive loss(523)(695)(1,143)(1,797)
Comprehensive loss attributable to noncontrolling interests129 166 244 376 
Comprehensive loss attributable to Las Vegas Sands Corp.$(394)$(529)$(899)$(1,421)
The accompanying notes are an integral part of these condensed consolidated financial statements.

5

LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Las Vegas Sands Corp. Stockholders’ Equity  
Common
Stock
Treasury
Stock
Capital in
Excess of
Par Value
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings (Deficit)
Noncontrolling
Interests
Total
(In millions)
(Unaudited)
Balance at June 30, 2020$1 $(4,481)$6,597 $(74)$1,677 $805 $4,525 
Net loss— — — — (565)(166)(731)
Currency translation adjustment
— — — 36 —  36 
Exercise of stock options
— — 3 — — 1 4 
Stock-based compensation
— — 4 — — 1 5 
Other— — 1 — —  1 
Balance at September 30, 2020$1 $(4,481)$6,605 $(38)$1,112 $641 $3,840 
Balance at January 1, 2020$1 $(4,481)$6,569 $(3)$3,101 $1,320 $6,507 
Net loss— — — — (1,386)(381)(1,767)
Currency translation adjustment
— — — (35)— 5 (30)
Exercise of stock options
— — 20 — — 2 22 
Stock-based compensation
— — 15 — — 3 18 
Other— — 1 — —  1 
Dividends declared ($0.79 per share) and noncontrolling interest payments
— — — — (603)(308)(911)
Balance at September 30, 2020$1 $(4,481)$6,605 $(38)$1,112 $641 $3,840 
Balance at June 30, 2021$1 $(4,481)$6,634 $(6)$343 $455 $2,946 
Net loss
— — — — (368)(127)(495)
Currency translation adjustment
— — — (24)— (2)(26)
Cash flow hedge fair value adjustment— — — (2)— — (2)
Stock-based compensation
— — 5 — — 1 6 
Balance at September 30, 2021$1 $(4,481)$6,639 $(32)$(25)$327 $2,429 
Balance at January 1, 2021$1 $(4,481)$6,611 $29 $813 $565 $3,538 
Net loss
— — — — (838)(241)(1,079)
Currency translation adjustment
— — — (59)— (3)(62)
Cash flow hedge fair value adjustment— — — (2)— — (2)
Exercise of stock options
— — 15 — — 4 19 
Stock-based compensation
— — 13 — — 2 15 
Balance at September 30, 2021$1 $(4,481)$6,639 $(32)$(25)$327 $2,429 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
20212020
(In millions)
(Unaudited)
Cash flows from operating activities from continuing operations:
Net loss from continuing operations$(1,154)$(1,597)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization775 745 
Amortization of leasehold interests in land42 41 
Amortization of deferred financing costs and original issue discount38 32 
Change in fair value of derivative asset/liability(1) 
Loss on modification or early retirement of debt137  
Loss on disposal or impairment of assets8 36 
Stock-based compensation expense15 17 
Provision for credit losses9 52 
Foreign exchange (gain) loss22 (29)
Deferred income taxes(17)(40)
Changes in operating assets and liabilities:
Accounts receivable72 323 
Other assets(12)(3)
Accounts payable(15)(76)
Other liabilities(264)(740)
Net cash used in operating activities from continuing operations(345)(1,239)
Cash flows from investing activities from continuing operations:
Capital expenditures(640)(998)
Proceeds from disposal of property and equipment7 1 
Acquisition of intangible assets(5) 
Net cash used in investing activities from continuing operations(638)(997)
Cash flows from financing activities from continuing operations:
Proceeds from exercise of stock options19 22 
Dividends paid and noncontrolling interest payments (911)
Proceeds from long-term debt (Note 3)2,451 1,945 
Repayments of long-term debt (Note 3)(1,852)(451)
Payments of financing costs(36)(30)
Make-whole premium on early extinguishment of debt (Note 3)(131) 
Transactions with discontinued operations111 (133)
Net cash generated from financing activities from continuing operations562 442 
Cash flows from discontinued operations:
Net cash generated from (used in) operating activities159 (77)
Net cash used in investing activities(45)(80)
Net cash provided (to) by continuing operations and (used in) financing activities(112)133 
Net cash generated from (used in) discontinued operations2 (24)
Effect of exchange rate on cash, cash equivalents and restricted cash(17)(26)
Decrease in cash, cash equivalents and restricted cash(436)(1,844)
Cash, cash equivalents and restricted cash at beginning of period2,137 4,242 
Cash, cash equivalents and restricted cash at end of period1,701 2,398 
Less: cash, cash equivalents and restricted cash at end of period for discontinued operations(41)(34)
Cash, cash equivalents and restricted cash at end of period for continuing operations$1,660 $2,364 
Supplemental disclosure of cash flow information from continuing operations:
Cash payments for interest, net of amounts capitalized$534 $379 
Cash payments for taxes, net of refunds$84 $125 
Change in construction payables$(103)$(35)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1 — Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2020, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year.
COVID-19 Pandemic Update
In early January 2020, an outbreak of a respiratory illness caused by a novel coronavirus (“COVID-19”) was identified and the disease spread rapidly across the world causing the World Health Organization to declare the outbreak of a pandemic on March 12, 2020 (the “COVID-19 Pandemic”). Governments around the world mandated actions to contain the spread of the virus that included stay-at-home orders, quarantines, capacity limits, closures of non-essential businesses, including entertainment activities, and significant restrictions on travel. The government actions varied based upon a number of factors, including the extent and severity of the COVID-19 Pandemic within their respective countries and jurisdictions.
Macao
Visitation to the Macao Special Administrative Region (“Macao”) of the People’s Republic of China (“China”) has decreased substantially as a result of various government policies limiting or discouraging travel. As of the date of this report, other than people from mainland China who in general may enter Macao without quarantine subject to them holding the appropriate travel documents, a negative COVID-19 test result and a green health-code, there remains in place a complete ban on entry or a need to undergo various quarantine requirements depending on the person’s residency and recent travel history. The Company’s operations in Macao will continue to be impacted and subject to changes in the government policies of Macao, China, Hong Kong and other jurisdictions in Asia addressing travel and public health measures associated with COVID-19.
Macao began administering the COVID-19 vaccine to front-line health workers on February 9, 2021, and to the general population on March 3, 2021.
On March 3, 2021, the negative COVID-19 test requirement to enter casinos was removed. Various other health safeguards implemented by the Macao government remain in place, including mandatory mask protection, limitation on the number of seats per table game, slot machine spacing and temperature checks. Management is currently unable to determine when the remaining measures will be eased or cease to be necessary.
As of the date of this report, most businesses are allowed to remain open, subject to social distancing and health code checking requirements as designated by the Macao government.
In support of the Macao government’s initiatives to fight the COVID-19 Pandemic, the Company provided one tower (approximately 2,100 hotel rooms) at the Sheraton Grand Macao to the Macao government to house individuals who returned to Macao for quarantine purposes. This tower has been utilized for quarantine purposes on several occasions during 2020 and 2021. From October 4, 2021, an additional tower (approximately 1,800 hotel rooms) at the Sheraton Grand Macao was provided.
The Company’s Macao gaming operations remained open during the nine months ended September 30, 2021, compared to the same period in 2020 when the Company’s Macao gaming operations were suspended from February 5, 2020 to February 19, 2020 due to a government mandate, except for gaming operations at The Londoner Macao, which resumed on February 27, 2020. Some of the Company’s Macao hotel facilities were also closed
8



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
during the casino suspension in response to the decrease in visitation and were gradually reopened from February 20, 2020, with the exception of the Conrad Macao at The Londoner Macao (the “Conrad hotel”), which reopened on June 13, 2020.
Operating hours at restaurants across the Company’s Macao properties are continuously being adjusted in line with fluctuations in guest visitation. The majority of retail outlets in the Company’s various shopping malls are open with reduced operating hours. The timing and manner in which these areas will return to full operation are currently unknown.
The Company’s ferry operations between Macao and Hong Kong remain suspended. The timing and manner in which the Company’s ferry operations will be able to resume are currently unknown.
The Company’s operations in Macao have been significantly impacted by the reduced visitation to Macao. The Macao government announced total visitation from mainland China to Macao decreased to 1.6 million visits during the quarter ended March 31, 2021, from 2.3 million visits during the quarter ended March 31, 2020, and increased to a total of 2.0 million visits during the quarter ended June 30, 2021, from approximately 46,000 visits during the quarter ended June 30, 2020. Total visitation increased to a total of approximately 1.1 million visits in July and August 2021 as compared to 267,000 visits during the same two-month period in 2020. The Macao government also announced gross gaming revenue increased by 75.6% during the nine months ended September 30, 2021, as compared to the same period in 2020.
Singapore
As of the date of this report, entry into Singapore is largely limited to Singapore citizens and permanent residents, with certain visitors allowed from specified countries on a quarantine-free basis, subject to certain requirements and health control measures. Additionally, there are no stay-at-home orders or curfews except for certain individuals arriving into Singapore who are subject to quarantine and individuals who may be assessed to have been exposed to COVID-19 as a result of the government’s contact tracing efforts. All operations are currently subject to limited capacities and other social distancing measures. Effective October 13, 2021, only fully vaccinated individuals or those with a valid negative pre-event test result are allowed to enter the casino and other attractions.
Singapore started administering the COVID-19 vaccine to front-line health workers on December 30, 2020, and continues to roll-out the vaccine to the general population.
The Company’s operations at Marina Bay Sands will continue to be impacted and subject to changes in the government policies of Singapore and other jurisdictions in Asia addressing travel and public health measures associated with COVID-19. These government policies will continue to impact (i) the number of people allowed at business-to-business events, sporting events and live performances; (ii) closure or limited seating at food and beverage or entertainment establishments; and (iii) casino capacity limits, among other restrictions. During the nine months ended September 30, 2021, gaming operations at Marina Bay Sands were closed on May 17 until May 18, 2021 and on July 22 until August 4, 2021 due to pandemic-related measures in consultation with the Singapore government authorities.
As a result of the border closures, visitation to Marina Bay Sands continues to be impacted by the effects of the COVID-19 Pandemic. The Singapore Tourism Board (“STB”) announced total visitation to Singapore decreased to approximately 70,000 visits during the quarter ended March 31, 2021, as compared to 2.7 million visits during the same period in 2020, and increased to approximately 50,000 visits during the quarter ended June 30, 2021, as compared to 4,000 visits during the same period in 2020. Total visitation increased to a total of approximately 34,000 visits in July and August 2021 as compared to 16,000 visits during the same two-month period in 2020.
Las Vegas
Effective June 1, 2021, pursuant to State of Nevada and Nevada Gaming Control Board decisions, all capacity limits, restrictions on large gatherings and other restrictions, which had been implemented in response to the impact of the COVID-19 Pandemic, were lifted and the Company’s Las Vegas Operating Properties are operating under pre-pandemic guidelines.
9



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Las Vegas started administering the COVID-19 vaccine in early 2021 and, effective April 5, 2021, all individuals, 16 and older are eligible to receive the vaccine.
During the nine months ended September 30, 2021, the Company’s Las Vegas Operating Properties were open subject to various capacity limits in place at various times throughout the year. This compares to the same period in 2020 when the Company’s Las Vegas Operating Properties operations were suspended on March 18, 2020, due to a government mandate, and on June 4, 2020, The Venetian Tower, The Palazzo Tower and select food and beverage outlets reopened, with certain operations subject to reduced capacity. Convention, meeting and certain entertainment related operations remained closed for a portion of the nine months ended September 30, 2020.
Visitation to the Company’s Las Vegas Operating Properties continues to be impacted by the effects of the COVID-19 Pandemic; however, visitation has increased since restrictions have been lifted. The Las Vegas Convention and Visitors Authority announced for the quarters ended March 31, 2021 and June 30, 2021, visitation to Las Vegas decreased to 5.1 million visits and increased to 8.4 million visits, respectively, as compared to 8.4 million visits and 1.3 million visits during the same periods in 2020, respectively. Total visitation increased to a total of 6.3 million visits in July and August 2021, as compared to 3.0 million during the same two-month period in 2020. The Las Vegas Convention and Visitors Authority also announced for the quarters ended March 31, 2021 and June 30, 2021, gross gaming revenue for the Las Vegas Strip decreased to $1.17 billion and increased to $1.75 billion, respectively, as compared to $1.47 billion and $245 million during the same periods in 2020, respectively. Total gross gaming revenue increased to $1.42 billion in July and August 2021, as compared to $647 million during the same two-month period in 2020.
Summary
The disruptions arising from the COVID-19 Pandemic continued to have a significant adverse impact on the Company’s financial condition and operations during the nine months ended September 30, 2021. The duration and intensity of this global health emergency and related disruptions are uncertain. Given the dynamic nature of these circumstances, the impact on the Company’s consolidated results of operations, cash flows and financial condition in 2021 will be material, but cannot be reasonably estimated at this time as it is unknown when the impact of the COVID-19 Pandemic will end, when or how quickly the current travel and operational restrictions will be modified or cease to be necessary and the resulting impact on the Company’s business and the willingness of tourism patrons to spend on travel and entertainment and business patrons to spend on MICE.
While each of the Company’s properties were open and operating at reduced levels due to lower visitation and the implementation of required safety measures during the nine months ended September 30, 2021, the current economic and regulatory environment on a global basis and in each of the Company’s jurisdictions continues to evolve. The Company cannot predict the manner in which governments will react as the global and regional impact of the COVID-19 Pandemic changes over time, which could significantly alter the Company’s current operations.
The Company has a strong balance sheet and sufficient liquidity in place, including total cash and cash equivalents balance, excluding restricted cash and cash equivalents, of $1.64 billion and access to $1.50 billion, $2.0 billion and $436 million of available borrowing capacity from the LVSC Revolving Facility, 2018 SCL Revolving Facility and the 2012 Singapore Revolving Facility, respectively, and 3.69 billion Singapore dollars (“SGD,” approximately $2.71 billion at exchange rates in effect on September 30, 2021) under the Singapore Delayed Draw Term Facility, exclusively for capital expenditures for the Marina Bay Sands expansion project (subject to restrictions as described in Note 3 — Long-Term Debt), as of September 30, 2021. The Company believes it is able to support continuing operations, complete the major construction projects that are underway and respond to the current COVID-19 Pandemic challenges. The Company has taken various mitigating measures to manage through the current environment, including a cost and capital expenditure reduction program to minimize cash outflow for non-essential items.
Macao Subconcession
Gaming in Macao is administered by the government through concession agreements awarded to three different concessionaires and three subconcessionaires, of which Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.) is one. These concession agreements expire on June 26, 2022. If VML’s subconcession is not
10



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
extended or renewed, VML may be prohibited from conducting gaming operations in Macao, and VML could cease to generate revenues from the gaming operations when the subconcession agreement expires on June 26, 2022. In addition, all of VML’s casino premises and gaming-related equipment could be automatically transferred to the Macao government without any compensation to VML. It is possible the Macao government could change or interpret the associated gaming laws in a manner that could negatively impact the Company.
Under the Company’s SCL senior notes indentures, upon the occurrence of any event resulting from any change in Gaming Law (as defined in the indentures) after which none of Sands China Ltd. (“SCL”) subsidiaries own or manage casino or gaming areas or operate casino games of fortune and chance in Macao in substantially the same manner as they are owning or managing casino or gaming areas or operating casino games as of the issue date of the SCL senior notes, for a period of 30 consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of SCL and its subsidiaries, taken as a whole, holders of the SCL senior notes can require the Company to repurchase all or any part of the SCL senior notes at par, plus any accrued and unpaid interest (the “Investor Put Option”).
Additionally, under the 2018 SCL Credit Facility, the events that trigger an Investor Put Option under the SCL senior notes (as described above) would be an event of default, which may result in commitments being immediately cancelled, in whole or in part, and the related outstanding balances and accrued interest, if any, becoming immediately due and payable.
The subconcession not being extended or renewed and the potential impact if holders of the notes and the agent have the ability to, and make the election to, accelerate the repayment of the Company’s debt would have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. The Company intends to follow the process for a concession renewal once the process and requirements are announced by the Macao government. The Company is actively monitoring developments with respect to the Macao government’s concession renewal process and continues to believe its subconcession will be extended or renewed beyond June 26, 2022.
Discontinued Operations Held for Sale
On March 2, 2021, the Company entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively referred to as the “Las Vegas Operations”) for a total enterprise value of $6.25 billion to Pioneer OpCo, LLC, an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc., and VICI Properties L.P. The Company currently anticipates the closing of the transaction in the first quarter of 2022, subject to regulatory review and other closing conditions. Additionally, as discussed in “Note 2 — Held for Sale Discontinued Operations,” the Company concluded the Las Vegas Operations met the criteria for held for sale and discontinued operations beginning in the first quarter of 2021. As a result, the Las Vegas Operations is presented in the accompanying condensed consolidated statements of operations and cash flows as a discontinued operation for all periods presented. Current and non-current assets and liabilities of the Las Vegas Operations are presented in the accompanying condensed consolidated balance sheets as current assets and liabilities held for sale for all periods presented.
Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations.
Recent Accounting Pronouncements
The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.
11



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Reclassification
Certain amounts in the accompanying condensed consolidated financial statements and accompanying notes have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on net income for the prior periods.
Note 2 — Held for Sale — Discontinued Operations
On March 2, 2021, the Company entered into definitive agreements to sell the Las Vegas Operations for an aggregate purchase price of approximately $6.25 billion (the “Las Vegas Sale”) to Pioneer OpCo, LLC (“OpCo”), an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc., and VICI Properties L.P. (“VICI” and together with OpCo, the “Purchasers”). Under the terms of the agreements, OpCo will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas Operations for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.20 billion in seller financing in the form of a six-year term loan credit and security agreement and VICI will acquire subsidiaries that hold the real estate and real estate-related assets of the Las Vegas Operations for approximately $4.0 billion in cash. The closing of the Las Vegas Sale is subject to customary closing conditions, including regulatory approvals, and is anticipated to close in the first quarter of 2022.
In connection with the closing, the Company and OpCo will enter into a post-closing contingent lease support agreement (the “Contingent Lease Support Agreement”) pursuant to which, among other things, the Company may be required to make certain payments (“Support Payments”) to OpCo. The Support Payments are payable on a monthly basis following closing through the year ending December 31, 2023, based upon the performance of the Las Vegas Operations relative to certain agreed upon target metrics and subject to quarterly and annual adjustments. The target metrics are measured against a benchmark annual EBITDAR (as defined in the Contingent Lease Support Agreement) of the Las Vegas Operations equal to $286 million for 2021 and $500 million for 2022 and 2023 (as it may be adjusted as a result of when the closing occurs). The Company’s payment obligations are subject to an annual cap equal to $250 million, subject to prorated reduction depending on when the closing occurs. Each monthly Support Payment is subject to a prorated cap based on the annual cap (as it may be adjusted as a result of when the closing occurs).
After consideration of the relevant facts, the Company concluded the assets and liabilities of the Las Vegas Operations met the criteria for classification as held for sale. The Company further concluded the proposed disposal activities