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LAS VEGAS SANDS CORP.

(LVS)
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LAS VEGAS SANDS CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

07/22/2022 | 04:30pm EDT
The following discussion should be read in conjunction with, and is qualified in
its entirety by, the condensed consolidated financial statements and the notes
thereto, and other financial information included in this Form 10-Q. Certain
statements in this "Management's Discussion and Analysis of Financial Condition
and Results of Operations" are forward-looking statements. See "Special Note
Regarding Forward-Looking Statements."

Operations


We view each of our Integrated Resort properties as an operating segment. Our
operating segments in Macao consist of The Venetian Macao; The Londoner Macao;
The Parisian Macao; The Plaza Macao and Four Seasons Macao; and the Sands Macao.
Our operating segment in Singapore is Marina Bay Sands.

On February 23, 2022, we closed the sale of our Las Vegas real property and
operations including The Venetian Resort Las Vegas and the Sands Expo and
Convention Center (the "Las Vegas Operations") for $6.25 billion. At closing, we
received approximately $5.05 billion in cash proceeds, before transaction costs
and working capital adjustments of $77 million, a $1.20 billion seller financing
loan and recognized a gain on disposal of $3.61 billion, before income tax
expense of $750 million, during the six months ended June 30, 2022.

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 has since 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 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.

Visitation to the Macao Special Administrative Region ("Macao") of the People's
Republic of China ("China") has remained substantially below pre-COVID-19 levels
as a result of various government policies limiting or discouraging travel.
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 issued within a specified time period 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. Our 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.

Following an outbreak in Macao in mid-June, the Macao government announced a
series of preventative measures. These included closure of a range of
government, public and social facilities, with restaurants only permitted to
offer take away services. Residential and commercial buildings with confirmed
COVID-19 cases have been required to implement various levels of access control.
In addition to the health safeguards already in place, the government has
implemented a series of mass nucleic acid and rapid antigen tests for the
general population. Management is currently unable to determine when these
measures will be eased or cease to be necessary.

Our Macao gaming operations remained open during the six months ended June 30,
2022. Guest visitation to the properties, however, was adversely affected during
the six months ended June 30, 2022 due to the various outbreaks that occurred in
Shanghai, Hong Kong, Guangdong and Macao, which resulted in tighter travel
restrictions.

On July 9, 2022, the Macao government issued executive order 115/2022 ordering
casinos and all non-essential businesses to close from July 11 to July 18 in an
attempt to control a recent outbreak of COVID-19 in Macao. On July 16, 2022, the
Macao government announced an extension of this executive order through July 22.
On July 20, 2022, the Macao government announced a consolidation period, which
would start on July 23, 2022 and end on July 30, 2022 whereby certain business
activities will be allowed to resume limited operations, clarifying that casino
operations could resume but with a maximum capacity of 50% of casino staff
working at any point in time.

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The timing and manner in which our casinos, restaurants and shopping malls will reopen and/or operate at full capacity are currently unknown.


As with prior periods, in support of the Macao government's initiatives to fight
the COVID-19 Pandemic, throughout the six months ended June 30, 2022 and in June
in particular, we have provided both towers of the Sheraton Grand Macao hotel
and also The Parisian Macao hotel to the Macao government to house individuals
for quarantine and medical observation purposes.

Our ferry operations between Macao and Hong Kong remain suspended. The timing
and manner in which our ferry operations will be able to resume are currently
unknown.

Our Macao operations have been significantly impacted by the reduced visitation
to Macao. The Macao government announced total visitation from mainland China to
Macao decreased approximately 12.2% and 78.1%, during the six months ended June
30, 2022, as compared to the same period in 2021 and 2019 (pre-pandemic),
respectively. The Macao government also announced gross gaming revenue decreased
approximately 46.4% and 82.4%, during the six months ended June 30, 2022, as
compared to the same period in 2021 and 2019, respectively.

In Singapore, Vaccinated Travel Lanes ("VTLs") were introduced for a number of
key source markets in November and December of 2021 for vaccinated visitors with
a negative COVID-19 test. Due to the emergence of the Omicron variant, however,
new ticket sales for the VTLs were suspended on December 23, 2021 through
January 20, 2022. The VTL program was terminated on March 31, 2022, and the
Vaccinated Travel Framework ("VTF") was launched on April 1, 2022, to facilitate
the resumption of travel for all travelers, including short-term visitors. Under
the VTF, all fully vaccinated travelers and non-fully vaccinated children aged
12 and below are permitted to enter Singapore, without entry approvals or taking
VTL transport and starting April 26, 2022, these travelers are no longer
required to take a COVID-19 test before departing for Singapore. 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.

Visitation to Marina Bay Sands continues to be impacted by the effects of the
COVID-19 Pandemic; however, visitation has since increased since restrictions
have been lifted. The Singapore Tourism Board ("STB") announced total visitation
to Singapore increased from approximately 119,000 in 2021 to 1.5 million in 2022
on a year-to-date basis, while visitation decreased 83.9% when compared to the
same period in 2019. The latest available statistics show that passenger traffic
at Changi Airport has been on the rise reaching approximately 2.5 million in May
2022, up from approximately 1.9 million in April 2022, and averaging above 40%
of pre-pandemic levels as the travel industry continues to recover from the
impact of COVID-19.

At our Macao properties, we are adhering to social distancing requirements,
which include reduced seating at table games and a decreased number of active
slot machines on the casino floor compared to pre-COVID-19 levels. Additionally,
there is uncertainty whether the impact of the COVID-19 Pandemic on operations
will continue in future periods. If our Integrated Resorts are not permitted to
resume normal operations, travel restrictions such as those related to inbound
travel from other countries are not modified or eliminated, there is a
resumption of the suspension of the China Individual Visit Scheme, or the global
response to contain the COVID-19 Pandemic escalates or is unsuccessful, our
operations, cash flows and financial condition will be further materially
impacted.

While our properties were open and operating at reduced levels due to lower
visitation and required safety measures in place as described above during the
six months ended June 30, 2022, the current economic and regulatory environment
on a global basis and in each of our jurisdictions continue to evolve. We 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 our current operations.

We have a strong balance sheet and sufficient liquidity in place, including
total cash and cash equivalents balance, excluding restricted cash and cash
equivalents, of $6.45 billion and access to $1.50 billion, $1.04 billion and
$423 million of available borrowing capacity from our LVSC Revolving Facility,
2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively,
as of June 30, 2022. We believe we are able to support continuing operations,
complete the major construction projects that are underway, proceed with the
Macao concession renewal process and respond to the current COVID-19 Pandemic
challenges. We have taken various

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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.
On June 23, 2022, an extension was approved and authorized by the Macao
government and executed between VML and Galaxy Casino, S.A., pursuant to which
the subconcession has been extended from June 26, 2022 to December 31, 2022. VML
paid the Macao government 47 million patacas (approximately $6 million at
exchange rates in effect on June 30, 2022) and will provide a bank guarantee by
September 23, 2022 of 2.31 billion patacas (approximately $286 million at
exchange rates in effect on June 30, 2022) to secure the fulfillment of VML's
payment obligations towards its employees should VML be unsuccessful in
tendering for a new concession contract after its subconcession expires.

In order to enable VML to fulfill the relevant requirements to become eligible
to obtain the subconcession extension as mentioned above, each of VML, Venetian
Cotai Limited ("VCL") and Venetian Orient Limited ("VOL") entered into a letter
of undertaking ("Undertakings"), pursuant to which each of VML, VCL and VOL has
undertaken, pursuant to article 40 of the Gaming Law and article 43 of VML's
subconcession agreement, to revert to the Macao government relevant gaming
equipment and gaming areas (as identified in the Undertakings) without
compensation and free of any liens or charges upon the expiry of the term of the
subconcession extension period. The total casino areas and supporting areas
subject to reversion is approximately 136,000 square meters, representing
approximately 4.7% of the total property area of these entities.

On June 21, 2022, the Macao Legislative Assembly passed a draft bill entitled
Amendment to Law No. 16/2001 to amend Macao's gaming law, which was published in
the Macao Official Gazette on June 22, 2022 as Law No. 7/2022, and became
effective on June 23, 2022 (the "Gaming Law"). Certain changes to the Gaming Law
include a reduction in the term of future gaming concessions to ten (10) years;
authorization of up to six (6) gaming concession contracts; an increase in the
minimum capital contribution of concessionaires to 5 billion patacas
(approximately $619 million at exchange rates in effect on June 30, 2022); an
increase in the percentage of the share capital of the concessionaire that must
be held by the local managing director to 15%; a requirement that casinos be
located in real estate owned by the concessionaire; and a prohibition of revenue
sharing arrangements between gaming promoters and concessionaires.

On July 5, 2022, the Macao government published Administrative Regulation No.
28/2022 - Amendment of Administrative Regulation No. 26/2001, which sets forth
the regulations governing the upcoming tender for gaming concessions in Macao.
The regulation includes details on the process of bidding for the gaming
concessions, qualifications of the companies bidding and the criteria for
granting them. We continue to believe we will be successful in extending the
term of our subconcession and/or obtaining a new gaming concession when our
current subconcession expires; however, it is possible the Macao government
could further change or interpret the associated gaming laws in a manner that
could negatively impact us.

Under our Sands China Ltd. ("SCL") senior notes indentures, upon the occurrence
of any event resulting from any change in the Gaming Law (as defined in the
indentures) or any action by the gaming authority after which none of SCL or any
of its 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 were
owning or managing casino or gaming areas or operating casino games as at 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, each holder of the SCL senior notes would have the right to require
us to repurchase all or any part of such holder's 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.

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The subconcession not being further 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 our debt would have a material adverse
effect on our business, financial condition, results of operations and cash
flows. We intend to follow the process for a concession renewal as indicated
above.

Marina Bay Sands Gaming License


In April 2022, we paid 72 million Singapore dollars ("SGD,"
approximately $53 million at exchange rates in effect at the time of the
transaction) to the Singapore Casino Regulatory Authority as part of the process
to renew its gaming license at Marina Bay Sands, which will now expire in April
2025.

Critical Accounting Policies and Estimates


For a discussion of our significant accounting policies and estimates, please
refer to "Management's Discussion and Analysis of Financial Condition and
Results of Operations" presented in our 2021 Annual Report on Form 10-K filed on
February 4, 2022.

There were no newly identified significant accounting estimates during the six
months ended June 30, 2022, nor were there any material changes to the critical
accounting policies and estimates discussed in our 2021 Annual Report.

Recent Accounting Pronouncements

See related disclosure at "Item 1 - Financial Statements - Notes to Condensed Consolidated Financial Statements - Note 1 - Organization and Business of Company - Recent Accounting Pronouncements."

Operating Results

Key Operating Revenue Measurements


Operating revenues at The Venetian Macao, The Londoner Macao, The Parisian
Macao, The Plaza Macao and Four Seasons Macao, Marina Bay Sands and our Las
Vegas Operating Properties, prior to its sale on February 23, 2022, were
dependent upon the volume of patrons who stay at the hotel, which affects the
price charged for hotel rooms and our gaming volume. Operating revenues at Sands
Macao are principally driven by the volume of gaming patrons who visit the
property on a daily basis.

Management utilizes the following volume and pricing measures in order to
evaluate past performance and assist in forecasting future revenues. The various
volume measurements indicate our ability to attract patrons to our Integrated
Resorts. In casino operations, win and hold percentages indicate the amount of
revenue to be expected based on volume. In hotel operations, average daily rate
and revenue per available room indicate the demand for rooms and our ability to
capture that demand. In mall operations, base rent per square foot indicates our
ability to attract and maintain profitable tenants for our leasable space.

The following are the key measurements we use to evaluate operating revenues:


Casino revenue measurements for Macao and Singapore: Macao and Singapore table
games are segregated into two groups: Rolling Chip play (composed of VIP
players) and Non-Rolling Chip play (mostly non-VIP players). The volume
measurement for Rolling Chip play is non-negotiable gaming chips wagered and
lost. The volume measurement for Non-Rolling Chip play is table games drop
("drop"), which is net markers issued (credit instruments), cash deposited in
the table drop boxes and gaming chips purchased and exchanged at the cage.
Rolling Chip and Non-Rolling Chip volume measurements are not comparable as they
are two distinct measures of volume. The amounts wagered and lost for Rolling
Chip play are substantially higher than the amounts dropped for Non-Rolling Chip
play. Slot handle, also a volume measurement, is the gross amount wagered for
the period cited.

We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling
Chip win as a percentage of drop and slot hold (amount won by the casino) as a
percentage of slot handle. Win or hold percentage represents the percentage of
Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the
casino and recorded as casino revenue. Our win and hold percentages are
calculated before discounts, commissions, deferring revenue associated with our
loyalty programs and allocating casino revenues related to goods and services
provided to patrons on a complimentary basis. Our Rolling Chip table games are
expected to produce a win percentage of

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3.15% to 3.45% in Macao and Singapore, and our Non-Rolling Chip table games have
produced a trailing 12-month win percentage of 26.4%, 22.1%, 23.6%, 25.1%, 18.6%
and 15.5% at The Venetian Macao, The Londoner Macao, The Parisian Macao, The
Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands,
respectively. Our slot machines have produced a trailing 12-month hold
percentage of 3.9%, 3.7%, 3.5%, 7.4%, 2.8% and 4.2% at The Venetian Macao, The
Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao,
Sands Macao and Marina Bay Sands, respectively. Actual win and hold percentages
may vary from our expected win percentage and the trailing 12-month win and hold
percentages. Generally, slot machine play is conducted on a cash basis. In Macao
and Singapore, 11.8% and 12.0%, respectively, of our table games play was
conducted on a credit basis for the six months ended June 30, 2022.

Casino revenue measurements for the U.S.: The volume measurements in the U.S.
were slot handle, as previously described, and table games drop, which was the
total amount of cash and net markers issued (credit instruments) deposited in
the table drop box. We viewed table games win as a percentage of drop and slot
hold as a percentage of slot handle. Our win and hold percentages were
calculated before discounts, commissions, deferring revenue associated with our
loyalty programs and allocating casino revenues related to goods and services
provided to patrons on a complimentary basis. Similar to Macao and Singapore,
slot machine play was generally conducted on a cash basis.

Hotel revenue measurements: Performance indicators used are occupancy rate (a
volume indicator), which is the average percentage of available hotel rooms
occupied during a period and average daily room rate ("ADR," a price indicator),
which is the average price of occupied rooms per day. Available rooms exclude
those rooms unavailable for occupancy during the period due to renovation,
development or other requirements (such as government mandated closure, lodging
for team members and usage by the Macao government for quarantine measures). The
calculations of the occupancy rate and ADR include the impact of rooms provided
on a complimentary basis. Revenue per available room ("RevPAR") represents a
summary of hotel ADR and occupancy. Because not all available rooms are
occupied, ADR is normally higher than RevPAR. Reserved rooms where the guests do
not show up for their stay and lose their deposit, or where guests check out
early, may be re-sold to walk-in guests.

Mall revenue measurements: Occupancy, base rent per square foot and tenant sales
per square foot are used as performance indicators. Occupancy represents gross
leasable occupied area ("GLOA") divided by gross leasable area ("GLA") at the
end of the reporting period. GLOA is the sum of: (1) tenant occupied space under
lease and (2) tenants no longer occupying space, but paying rent. GLA does not
include space currently under development or not on the market for lease. Base
rent per square foot is the weighted average base or minimum rent charge in
effect at the end of the reporting period for all tenants that would qualify to
be included in occupancy. Tenant sales per square foot is the reported
comparable sales for the trailing 12 months divided by the comparable square
footage for the same period. Only tenants that have been open for a minimum of
12 months are included in the tenant sales per square foot calculation.

Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021


Summary Financial Results

Our financial results were adversely impacted as a result of decreased
visitation at our Macao operating properties as tighter border restrictions were
re-introduced as a result of increased positive COVID-19 cases in Macao and the
surrounding regions, partially offset by increased visitation at Marina Bay
Sands due to the VTF program and loosened pandemic-related restrictions. See
"COVID-19 Pandemic" for further information. Net revenues for the three months
ended June 30, 2022, were $1.05 billion, compared to $1.17 billion for the three
months ended June 30, 2021. Operating loss was $147 million for the three months
ended June 30, 2022, compared to $139 million for the three months ended June
30, 2021. Net loss from continuing operations was $414 million for the three
months ended June 30, 2022, compared to $280 million for the three months ended
June 30, 2021.

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Operating Revenues

Our net revenues consisted of the following:

                                              Three Months Ended June 30,
                                                                              Percent
                                            2022                  2021        Change

                                                 (Dollars in millions)
Casino                           $         709                  $   843       (15.9) %
Rooms                                       97                      115       (15.7) %
Food and beverage                           63                       50        26.0  %
Mall                                       148                      148           -  %
Convention, retail and other                28                       17        64.7  %
Total net revenues               $       1,045                  $ 1,173       (10.9) %


Consolidated net revenues were $1.05 billion for the three months ended June 30,
2022, a decrease of $128 million compared to $1.17 billion for the three months
ended June 30, 2021. The decrease is due to a $480 million decrease at our Macao
operations, partially offset by a $352 million increase at Marina Bay Sands.

Net casino revenues decreased $134 million compared to the three months ended
June 30, 2021. The change was driven by a $411 million decrease at our Macao
operations due to lower visitation across our properties resulting in decreased
table games and slot volumes. Casino revenues at Marina Bay Sands increased
$277 million due to increases in Rolling Chip volume and Non-Rolling Chip drop,
driven by increased visitation. The following table summarizes the results of
our casino activity:

                                              Three Months Ended June 30,
                                      2022                      2021         Change

                                                 (Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues         $      91                  $   307        (70.4)   %
Non-Rolling Chip drop             $     332                  $   999        (66.8)   %
Non-Rolling Chip win percentage        26.2   %                 27.6  %      (1.4) pts
Rolling Chip volume               $     264                  $ 1,510        (82.5)   %
Rolling Chip win percentage            4.76   %                 4.91  %     (0.15) pts
Slot handle                       $     254                  $   551        (53.9)   %
Slot hold percentage                    4.9   %                  3.7  %       1.2  pts
The Londoner Macao
Total net casino revenues         $      42                  $   133        (68.4)   %
Non-Rolling Chip drop             $     175                  $   551        (68.2)   %
Non-Rolling Chip win percentage        23.2   %                 21.0  %       2.2  pts
Rolling Chip volume               $     222                  $ 1,126        (80.3)   %
Rolling Chip win percentage            4.35   %                 4.76  %     (0.41) pts
Slot handle                       $     163                  $   286        (43.0)   %
Slot hold percentage                    4.0   %                  3.8  %       0.2  pts
The Parisian Macao
Total net casino revenues         $      24                  $    69        (65.2)   %
Non-Rolling Chip drop             $      91                  $   358        (74.6)   %
Non-Rolling Chip win percentage        22.4   %                 20.6  %       1.8  pts
Rolling Chip volume               $      48                  $    32         50.0    %
Rolling Chip win percentage           14.20   %                 8.24  %      5.96  pts
Slot handle                       $      64                  $   244        (73.8)   %
Slot hold percentage                    4.7   %                  3.0  %       1.7  pts


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                                                     Three Months Ended June 30,
                                              2022                     2021         Change

                                                        (Dollars in millions)
The Plaza Macao and Four Seasons Macao
Total net casino revenues                $        38                $    74        (48.6)   %
Non-Rolling Chip drop                    $       101                $   350        (71.1)   %
Non-Rolling Chip win percentage                 26.4   %               21.4  %       5.0  pts
Rolling Chip volume                      $       489                $   529         (7.6)   %
Rolling Chip win percentage                     4.90   %               4.42  %      0.48  pts
Slot handle                              $         3                $    18        (83.3)   %
Slot hold percentage                             5.9   %                3.5  %       2.4  pts
Sands Macao
Total net casino revenues                $        14                $    37        (62.2)   %
Non-Rolling Chip drop                    $        57                $   131        (56.5)   %
Non-Rolling Chip win percentage                 17.6   %               16.9  %       0.7  pts
Rolling Chip volume                      $        66                $   332        (80.1)   %
Rolling Chip win percentage                     6.86   %               6.51  %      0.35  pts
Slot handle                              $       120                $   161        (25.5)   %
Slot hold percentage                             2.7   %                3.3  %      (0.6) pts
Singapore Operations:
Marina Bay Sands
Total net casino revenues                $       500                $   223        124.2    %
Non-Rolling Chip drop                    $     1,137                $   553        105.6    %
Non-Rolling Chip win percentage                 18.5   %               18.1  %       0.4  pts
Rolling Chip volume                      $     5,394                $   612        781.4    %
Rolling Chip win percentage                     4.29   %               6.44  %     (2.15) pts
Slot handle                              $     4,090                $ 3,165         29.2    %
Slot hold percentage                             4.4   %                4.3  %       0.1  pts


In our experience, average win percentages remain fairly consistent when
measured over extended periods of time with a significant volume of wagers, but
can vary considerably within shorter time periods as a result of the statistical
variances associated with games of chance in which large amounts are wagered.

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Room revenues decreased $18 million compared to the three months ended June 30,
2021. The decrease was primarily due to decreased occupancy rates and decreased
RevPAR driven by lower visitation at our Macao operations compared to the three
months ended June 30, 2021. The decrease was partially offset by an increase at
Marina Bay Sands as visitation increased due to the VTF program and loosened
pandemic-related restrictions. The following table summarizes the results of our
room activity:

                                                      Three Months Ended June 30,
                                              2022                       2021        Change

                                                      (Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues                      $       12                    $  24        (50.0)   %
Occupancy rate                                 36.8   %                 58.6  %     (21.8) pts
Average daily room rate (ADR)            $      137                    $ 159        (13.8)   %
Revenue per available room (RevPAR)      $       50                    $  93        (46.2)   %
The Londoner Macao
Total room revenues                      $       14                    $  28        (50.0)   %
Occupancy rate                                 24.9   %                 44.2  %     (19.3) pts
Average daily room rate (ADR)            $      137                    $ 152         (9.9)   %
Revenue per available room (RevPAR)      $       34                    $  67        (49.3)   %
The Parisian Macao
Total room revenues                      $        7                    $  17        (58.8)   %
Occupancy rate                                 37.0   %                 58.4  %     (21.4) pts
Average daily room rate (ADR)            $      100                    $ 119        (16.0)   %
Revenue per available room (RevPAR)      $       37                    $  70        (47.1)   %
The Plaza Macao and Four Seasons Macao
Total room revenues                      $        6                    $  12        (50.0)   %
Occupancy rate                                 23.3   %                 48.4  %     (25.1) pts
Average daily room rate (ADR)            $      412                    $ 445         (7.4)   %
Revenue per available room (RevPAR)      $       96                    $ 215        (55.3)   %
Sands Macao
Total room revenues                      $        2                    $   2            -    %
Occupancy rate                                 56.6   %                 71.1  %     (14.5) pts
Average daily room rate (ADR)            $      127                    $ 141         (9.9)   %
Revenue per available room (RevPAR)      $       72                    $ 100        (28.0)   %
Singapore Operations:
Marina Bay Sands(1)
Total room revenues                      $       56                    $  32         75.0    %
Occupancy rate                                 93.9   %                 67.9  %      26.0  pts
Average daily room rate (ADR)            $      330                    $ 221         49.3    %
Revenue per available room (RevPAR)      $      310                    $ 150        106.7    %


__________________________

(1) During the three months ended June 30, 2022, approximately 500 rooms were under construction for renovation purposes.

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Food and beverage revenues increased $13 million compared to the three months
ended June 30, 2021. The increase was due to $24 million in increased business
volume at food and beverage outlets at Marina Bay Sands, including a $19 million
increase at major food outlets and $5 million increase in banquets driven by
loosened pandemic-related restrictions. This increase was partially offset by an
$11 million decrease at our Macao operations due to lower business volume at
most outlets.

Mall revenues were flat compared to the three months ended June 30, 2021. A
$16 million decrease in mall revenues in Macao, driven by decreases in base rent
and turnover rent and an increase in rent concessions granted to our mall
tenants in Macao, was offset by a $16 million increase in mall revenues in
Singapore, driven by a decrease in rent concessions granted to our mall tenants
in Singapore.

For further information related to the financial performance of our malls, see
"Additional Information Regarding our Retail Mall Operations." The following
table summarizes the results of our malls on the Cotai Strip in Macao and in
Singapore:

                                                                         Three Months Ended June 30,
                                                              2022                  2021                 Change

                                                                         (Mall revenues in millions)
Macao Operations:
Shoppes at Venetian
Total mall revenues                                      $        41           $        49                 (16.3)   %
Mall gross leasable area (in square feet)                    814,720               814,731                     -    %
Occupancy                                                       75.1   %              79.2  %               (4.1) pts
Base rent per square foot                                $       299           $       297                   0.7    %
Tenant sales per square foot(1)                          $     1,169           $     1,227                  (4.7)   %
Shoppes at Londoner
Total mall revenues                                      $        12           $        15                 (20.0)   %
Mall gross leasable area (in square feet)                    605,429               520,941                  16.2    %
Occupancy                                                       58.3   %              60.9  %               (2.6) pts
Base rent per square foot                                $       141           $       136                   3.7    %
Tenant sales per square foot(1)                          $     1,407           $     1,058                  33.0    %
Shoppes at Parisian
Total mall revenues                                      $         7           $        10                 (30.0)   %
Mall gross leasable area (in square feet)                    296,322               296,145                   0.1    %
Occupancy                                                       73.2   %              78.1  %               (4.9) pts
Base rent per square foot                                $       129           $       147                 (12.2)   %
Tenant sales per square foot(1)                          $       475           $       593                 (19.9)   %
Shoppes at Four Seasons
Total mall revenues                                      $        33           $        34                  (2.9)   %
Mall gross leasable area (in square feet)                    248,663               244,104                   1.9    %
Occupancy                                                       94.4   %              93.9  %                0.5  pts
Base rent per square foot                                $       544           $       548                  (0.7)   %
Tenant sales per square foot(1)                          $     5,139           $     5,389                  (4.6)   %
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues                                      $        55           $        39                  41.0    %
Mall gross leasable area (in square feet)                    622,038               620,427                   0.3    %
Occupancy                                                       99.7   %              98.2  %                1.5  pts
Base rent per square foot                                $       277           $       267                   3.7    %
Tenant sales per square foot(1)                          $     2,051           $     1,366                  50.1    %


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__________________________


Note:  This table excludes the results of our mall operations at Sands Macao. As
a result of the COVID-19 Pandemic, tenants were provided rent concessions during
the three months ended June 30, 2022 and 2021. Base rent per square foot
presented above excludes the impact of these rent concessions.

(1)  Tenant sales per square foot is the sum of reported comparable sales for
the trailing 12 months divided by the comparable square footage for the same
period.

Convention, retail and other revenues increased $11 million compared to the three months ended June 30, 2021. This increase was primarily due to a $10 million increase at Marina Bay Sands, driven by convention revenue and other revenues (e.g., museum and SkyPark).

Operating Expenses

Our operating expenses consisted of the following:

                                                                            Three Months Ended June 30,
                                                                                                           Percent
                                                                  2022                 2021                 Change

                                                                               (Dollars in millions)
Casino                                                      $         445          $      574                  (22.5) %
Rooms                                                                  41                  42                   (2.4) %
Food and beverage                                                      73                  60                   21.7  %
Mall                                                                   19                  16                   18.8  %
Convention, retail and other                                           24                  19                   26.3  %
Provision for credit losses                                             2                   2                      -  %
General and administrative                                            238                 219                    8.7  %
Corporate                                                              55                  56                   (1.8) %
Pre-opening                                                             3                   4                  (25.0) %
Development                                                            22                  37                  (40.5) %
Depreciation and amortization                                         256                 258                   (0.8) %
Amortization of leasehold interests in land                            14                  14                      -  %
Loss on disposal or impairment of assets                                -                  11                 (100.0) %
Total operating expenses                                    $       1,192          $    1,312                   (9.1) %


Operating expenses were $1.19 billion for the three months ended June 30, 2022,
a decrease of $120 million compared to $1.31 billion for the three months ended
June 30, 2021, primarily driven by a $129 million decrease in casino expenses,
due to a decrease in gaming taxes as a result of decreased gaming revenues in
Macao, a $15 million decrease in development expense and an $11 million decrease
in loss on disposal or impairment of assets, partially offset by a $19 million
increase in general and administrative expense.

Casino expenses decreased $129 million compared to the three months ended June
30, 2021. The decrease was primarily attributable to a $136 million decrease in
gaming taxes due to decreased revenues, as previously described. The $411
million decrease in casino revenue at our Macao operating properties is subject
to a 39% tax rate, whereas the $277 million increase in casino revenue at Marina
Bay Sands is subject to a lower tax rate.

Food and beverage expenses increased $13 million compared to the three months
ended June 30, 2021. An increase of $17 million at Marina Bay Sands was due to
increased food outlet and banquet volumes, partially offset by a decrease of
$4 million at our Macao operations due to lower business volume.

Convention, retail and other expenses increased $5 million compared to the three
months ended June 30, 2021, primarily driven by an $6 million increase at Marina
Bay Sands, partially offset by a $1 million decrease in ferry expenses resulting
from decreases in operating and maintenance costs as ferries were under dry
dock.

General and administrative expenses increased $19 million compared to the three
months ended June 30, 2021. The increase was primarily due to an increase of
$22 million at Marina Bay Sands, partially offset by a decrease of $3 million at
our Macao operations. The increase at Marina Bay Sands was primarily driven by
an increase in payroll, marketing and property operation costs. The decrease at
our Macao operations was primarily driven by decreased marketing and property
operations costs.

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Development expenses were $22 million for the three months ended June 30, 2022,
compared to $37 million for the three months ended June 30, 2021. During the
three months ended June 30, 2022, the costs were associated with our evaluation
and pursuit of new business opportunities, primarily in Texas and digital gaming
related efforts. Development costs are expensed as incurred.

There was no loss on disposal or impairment of assets for three months ended
June 30, 2022, compared to $11 million for the three months ended June 30, 2021.
The losses incurred for the three months ended June 30, 2021, were primarily due
to asset disposal and demolition costs at The Londoner Macao.

Segment Adjusted Property EBITDA

The following table summarizes information related to our segments:

                                                                    Three Months Ended June 30,
                                                                                                   Percent
                                                          2022                 2021                 Change

                                                                       (Dollars in millions)
Macao:
The Venetian Macao                                  $         (21)         $      108                 (119.4) %
The Londoner Macao                                            (54)                 (5)                 980.0  %
The Parisian Macao                                            (29)                  -                        NM
The Plaza Macao and Four Seasons Macao                         17                  44                  (61.4) %
Sands Macao                                                   (22)                (13)                  69.2  %
Ferry Operations and Other                                     (1)                 (2)                 (50.0) %
                                                             (110)                132                 (183.3) %
Marina Bay Sands                                              319                 112                  184.8  %
Consolidated adjusted property EBITDA(1)            $         209          $      244                  (14.3) %


__________________________


(1)  Consolidated adjusted property EBITDA, which is a non-GAAP financial
measure, is used by management as the primary measure of the operating
performance of our segments. Consolidated adjusted property EBITDA is net income
(loss) from continuing operations before stock-based compensation expense,
corporate expense, pre-opening expense, development expense, depreciation and
amortization, amortization of leasehold interests in land, gain or loss on
disposal or impairment of assets, interest, other income or expense, gain or
loss on modification or early retirement of debt and income taxes. Consolidated
adjusted property EBITDA is a supplemental non-GAAP financial measure used by
management, as well as industry analysts, to evaluate operations and operating
performance. In particular, management utilizes consolidated adjusted property
EBITDA to compare the operating profitability of its operations with those of
its competitors, as well as a basis for determining certain incentive
compensation. Integrated Resort companies have historically reported adjusted
property EBITDA as a supplemental performance measure to GAAP financial
measures. In order to view the operations of their properties on a more
stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp.,
have historically excluded certain expenses that do not relate to the management
of specific properties, such as pre-opening expense, development expense and
corporate expense, from their adjusted property EBITDA calculations.
Consolidated adjusted property EBITDA should not be interpreted as an
alternative to income from operations (as an indicator of operating performance)
or to cash flows from operations (as a measure of liquidity), in each case, as
determined in accordance with GAAP. We have significant uses of cash flow,
including capital expenditures, dividend payments, interest payments, debt
principal repayments and income taxes, which are not reflected in consolidated
adjusted property EBITDA. Not all companies calculate adjusted property EBITDA
in the same manner. As a result, our presentation of consolidated adjusted
property EBITDA may not be directly comparable to similarly titled measures
presented by other companies.


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                                                                       Three Months Ended June 30,
                                                                        2022                   2021

                                                                              (In millions)
Consolidated adjusted property EBITDA                            $           209          $       244
Other Operating Costs and Expenses
Stock-based compensation(a)                                                   (6)                  (3)
Corporate                                                                    (55)                 (56)
Pre-opening                                                                   (3)                  (4)
Development                                                                  (22)                 (37)
Depreciation and amortization                                               (256)                (258)
Amortization of leasehold interests in land                                  (14)                 (14)
Loss on disposal or impairment of assets                                       -                  (11)
Operating loss                                                              (147)                (139)
Other Non-Operating Costs and Expenses
Interest income                                                               14                    1
Interest expense, net of amounts capitalized                                (162)                (158)
Other income (expense)                                                        (9)                  10

Income tax (expense) benefit                                                (110)                   6
Net loss from continuing operations                              $          

(414) $ (280)



(a)During the three months ended June 30, 2022 and 2021, the Company recorded
stock-based compensation expense of $15 million and $7 million, respectively, of
which $9 million and $4 million, respectively, was included in corporate expense
in the accompanying condensed consolidated statements of operations.

Adjusted property EBITDA at our Macao operations decreased $242 million compared
with the three months ended June 30, 2021, primarily due to decreases in casino,
room, food and beverage and mall revenues driven by decreased visitation at our
properties as tighter border restrictions were introduced as a result of
increased positive COVID-19 cases in the region.

Adjusted property EBITDA at Marina Bay Sands increased $207 million compared to
the three months ended June 30, 2021, primarily due to increases in casino, room
and food and beverage operations due to increased visitation and loosened
pandemic-related restrictions.

Interest Expense

The following table summarizes information related to interest expense:

                                              Three Months Ended June 30,
                                             2022                       2021

                                                 (Dollars in millions)
Interest cost                          $         163                 $    162

Less - capitalized interest                       (1)                      (4)
Interest expense, net                  $         162                 $    158

Weighted average total debt balance    $      15,103                 $ 

14,590

Weighted average interest rate                   4.3   %                  

4.4 %



Interest cost increased $1 million compared to the three months ended June 30,
2021, primarily resulting from an increase in our weighted average total debt
balance primarily due to $951 million drawn on the SCL Revolving Facility during
the twelve months ended June 30, 2022. The increase was partially offset by a
decrease in our weighted average interest rate from 4.4% to 4.3% during the
three months ended June 30, 2022. The decrease in interest cost was primarily
due to the issuance of the 2.300%, 2.850% and 3.250% SCL Senior Notes in
September 2021, which carry a lower interest rate than the 4.600% SCL Senior
Notes extinguished in September 2021.

Other Factors Affecting Earnings


Other expense was $9 million for the three months ended June 30, 2022, compared
to other income of $10 million for the three months ended June 30, 2021. Other
expense during the three months ended June 30, 2022, was primarily attributable
to $15 million of foreign currency transaction losses driven by U.S. dollar
denominated debt

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held by SCL, partially offset by $6 million of foreign currency transaction gains driven by Singapore dollar denominated intercompany debt reported in U.S. dollars.


Our income tax expense was $110 million on a loss before income taxes of $304
million for the three months ended June 30, 2022, resulting in a 36.2% effective
income tax rate. This compares to a (2.1)% effective income tax rate for the
three months ended June 30, 2021. The income tax expense for the three months
ended June 30, 2022, reflects a 17% statutory tax rate on our Singapore
operations and a 21% corporate income tax on our domestic operations. Our
operations in Macao are subject to a 12% statutory income tax rate, but in
connection with the 35% gaming tax, our subsidiaries in Macao and their peers
received an income tax exemption on gaming operations through June 26, 2022. In
July 2022, we requested an additional extension of our income tax exemption for
gaming operations through December 31, 2022; however, there is no assurance we
will receive the additional extension. Our income tax expense is based on the
Company's estimated annual effective tax rate for the year applied to
year-to-date operating results in accordance with interim accounting guidelines.

The net loss attributable to our noncontrolling interests was $127 million for the three months ended June 30, 2022, compared to $50 million for the three months ended June 30, 2021. These amounts are related to the noncontrolling interest of SCL.

Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021

Summary Financial Results


Our financial results were adversely impacted as a result of decreased
visitation to our properties in Macao due to the COVID-19 Pandemic, as tighter
border restrictions were introduced as a result of increased positive COVID-19
cases in Macao and the surrounding regions, partially offset by increased
visitation at Marina Bay Sands due to the VTL and VTF programs and loosened
pandemic-related restrictions. See "COVID-19 Pandemic" for further information.
Net revenues for the six months ended June 30, 2022, were $1.99 billion,
compared to $2.37 billion for the six months ended June 30, 2021. Operating loss
was $449 million for the six months ended June 30, 2022, compared to $235
million for the six months ended June 30, 2021. Net loss from continuing
operations was $892 million for the six months ended June 30, 2022, compared to
$560 million for the six months ended June 30, 2021.

Operating Revenues

Our net revenues consisted of the following:

                                             Six Months Ended June 30,
                                                                           Percent
                                           2022                2021        Change

                                               (Dollars in millions)
Casino                           $      1,336                $ 1,708       (21.8) %
Rooms                                     192                    211        (9.0) %
Food and beverage                         116                    106         9.4  %
Mall                                      297                    304        (2.3) %
Convention, retail and other               47                     40        17.5  %
Total net revenues               $      1,988                $ 2,369       (16.1) %


Consolidated net revenues were $1.99 billion for the six months ended June 30,
2022, a decrease of $381 million compared to $2.37 billion for the six months
ended June 30, 2021, due to a decrease of $707 million at our Macao operations.
The decrease at our Macao operations was due to decreased visitation compared to
the six months ended June 30, 2021, as tighter border restrictions were
introduced as a result of increased positive COVID-19 cases in Macao and the
surrounding region. The $326 million increase at Marina Bay Sands was primarily
due to increased visitation driven by the VTL and VTF programs and loosened
pandemic-related restrictions.


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Net casino revenues decreased $372 million compared to the six months ended June
30, 2021. The decrease was driven by a $614 million decrease at our Macao
operations due to lower visitation across our properties resulting in decreased
table games and slot volumes. Casino revenues at Marina Bay Sands increased by
$242 million due to increases in Rolling Chip volume and Non-Rolling Chip drop,
driven by an increase in play due to VTL and VTF programs and loosened
pandemic-related restrictions. The following table summarizes the results of our
casino activity:

                                                     Six Months Ended June 30,
                                              2022                  2021         Change

                                                       (Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues                $      248              $   573        (56.7)   %
Non-Rolling Chip drop                    $      968              $ 1,907        (49.2)   %
Non-Rolling Chip win percentage                25.3   %             27.5  %      (2.2) pts
Rolling Chip volume                      $      984              $ 2,740        (64.1)   %
Rolling Chip win percentage                    3.65   %             4.70  %     (1.05) pts
Slot handle                              $      677              $ 1,013        (33.2)   %
Slot hold percentage                            3.7   %              3.8  %      (0.1) pts
The Londoner Macao
Total net casino revenues                $      121              $   224        (46.0)   %
Non-Rolling Chip drop                    $      529              $   959        (44.8)   %
Non-Rolling Chip win percentage                22.5   %             21.3  %       1.2  pts
Rolling Chip volume                      $      591              $ 1,648        (64.1)   %
Rolling Chip win percentage                    4.58   %             4.43  %      0.15  pts
Slot handle                              $      394              $   483        (18.4)   %
Slot hold percentage                            3.5   %              3.8  %      (0.3) pts
The Parisian Macao
Total net casino revenues                $       75              $   128        (41.4)   %
Non-Rolling Chip drop                    $      271              $   657        (58.8)   %
Non-Rolling Chip win percentage                24.5   %             21.7  %       2.8  pts
Rolling Chip volume                      $      209              $   146         43.2    %
Rolling Chip win percentage                    9.39   %            (0.53) %      9.92  pts
Slot handle                              $      187              $   467        (60.0)   %
Slot hold percentage                            3.7   %              3.2  %       0.5  pts
The Plaza Macao and Four Seasons Macao
Total net casino revenues                $       93              $   189        (50.8)   %
Non-Rolling Chip drop                    $      316              $   606        (47.9)   %
Non-Rolling Chip win percentage                26.1   %             22.5  %       3.6  pts
Rolling Chip volume                      $    1,063              $ 1,965        (45.9)   %
Rolling Chip win percentage                    4.03   %             5.52  %     (1.49) pts
Slot handle                              $       12              $    22        (45.5)   %
Slot hold percentage                            8.0   %              4.8  %       3.2  pts


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                                                Six Months Ended June 30,
                                         2022                  2021         Change

                                                  (Dollars in millions)
Sands Macao
Total net casino revenues           $       31              $    68        (54.4)   %
Non-Rolling Chip drop               $      134              $   253        (47.0)   %
Non-Rolling Chip win percentage           18.6   %             16.1  %       2.5  pts
Rolling Chip volume                 $      146              $   816        (82.1)   %
Rolling Chip win percentage               4.65   %             5.22  %     (0.57) pts
Slot handle                         $      244              $   319        (23.5)   %
Slot hold percentage                       3.0   %              3.4  %      (0.4) pts

Singapore Operations:
Marina Bay Sands
Total net casino revenues           $      768              $   526         46.0    %
Non-Rolling Chip drop               $    1,932              $ 1,227         57.5    %
Non-Rolling Chip win percentage           18.2   %             18.6  %      (0.4) pts
Rolling Chip volume                 $    7,293              $ 2,123        243.5    %
Rolling Chip win percentage               4.03   %             5.83  %     (1.80) pts
Slot handle                         $    7,372              $ 6,910          6.7    %
Slot hold percentage                       4.3   %              4.2  %       0.1  pts
U.S. Operations:
Las Vegas Operating Properties(1)
Total net casino revenues           $       61              $   163        (62.6)   %
Table games drop                    $      257              $   698        (63.2)   %
Table games win percentage                13.6   %             13.0  %       0.6  pts
Slot handle                         $      599              $ 1,625        (63.1)   %
Slot hold percentage                       8.2   %              8.4  %      (0.2) pts


__________________________

(1) The Las Vegas Operating Properties are classified as a discontinued operation. We completed the sale on February 23, 2022. Financial results are for the period through February 22, 2022.

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Room revenues decreased $19 million compared to the six months ended June 30,
2021. The decrease was primarily due to decreased occupancy rates and decreased
RevPAR driven by reduced visitation across our Macao properties. The decrease
was partially offset by increases in occupancy and ADR at Marina Bay Sands
driven by increased visitation. The following table summarizes the results of
our room activity:

                                                      Six Months Ended June 30,
                                              2022                     2021        Change

                                                     (Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues                       $      28                  $  43        (34.9)   %
Occupancy rate                                 39.9   %               52.9  %     (13.0) pts
Average daily room rate (ADR)             $     146                  $ 158         (7.6)   %
Revenue per available room (RevPAR)       $      58                  $  84        (31.0)   %
The Londoner Macao
Total room revenues                       $      33                  $  47        (29.8)   %
Occupancy rate                                 26.5   %               40.4  %     (13.9) pts
Average daily room rate (ADR)             $     146                  $ 160         (8.8)   %
Revenue per available room (RevPAR)       $      39                  $  65        (40.0)   %
The Parisian Macao
Total room revenues                       $      18                  $  29        (37.9)   %
Occupancy rate                                 39.2   %               52.6  %     (13.4) pts
Average daily room rate (ADR)             $     110                  $ 119         (7.6)   %
Revenue per available room (RevPAR)       $      43                  $  62        (30.6)   %
The Plaza Macao and Four Seasons Macao
Total room revenues                       $      15                  $  23        (34.8)   %
Occupancy rate                                 29.5   %               46.1  %     (16.6) pts
Average daily room rate (ADR)             $     429                  $ 439         (2.3)   %
Revenue per available room (RevPAR)       $     127                  $ 202        (37.1)   %
Sands Macao
Total room revenues                       $       4                  $   5        (20.0)   %
Occupancy rate                                 56.9   %               71.3  %     (14.4) pts
Average daily room rate (ADR)             $     132                  $ 140         (5.7)   %
Revenue per available room (RevPAR)       $      75                  $ 100        (25.0)   %
Singapore Operations:
Marina Bay Sands(1)
Total room revenues                       $      94                  $  64         46.9    %
Occupancy rate                                 88.9   %               65.4  %      23.5  pts
Average daily room rate (ADR)             $     296                  $ 224         32.1    %
Revenue per available room (RevPAR)       $     263                  $ 147         78.9    %
U.S. Operations:
Las Vegas Operating Properties(2)
Total room revenues                       $      78                  $ 152        (48.7)   %
Occupancy rate                                 84.6   %               65.0  %      19.6  pts
Average daily room rate (ADR)             $     247                  $ 194         27.3    %
Revenue per available room (RevPAR)       $     209                  $ 126         65.9    %


__________________________

(1)During the six months ended June 30, 2022, approximately 500 rooms were under construction for renovation purposes.

(2) The Las Vegas Operating Properties are classified as a discontinued operation. We completed the sale on February 23, 2022. Financial results are for the period through February 22, 2022.

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Food and beverage revenues increased $10 million compared to the six months ended June 30, 2021. The increase was due to a $22 million increase driven by increased business volume at food and beverage outlets at Marina Bay Sands, partially offset by a $12 million decrease at our Macao operations.


Mall revenues decreased $7 million compared to the six months ended June 30,
2021. The decrease was primarily due to decreases of $8 million in overage rent
and $7 million in base rent, and a $6 million government grant provided by the
Singapore government in Q2 2021, partially offset by a $13 million decrease in
rent concessions granted to our mall tenants in Singapore.

For further information related to the financial performance of our malls, see
"Additional Information Regarding our Retail Mall Operations." The following
table summarizes the results of our malls on the Cotai Strip in Macao and in
Singapore:

                                                                         Six Months Ended June 30,(1)
                                                              2022                  2021                 Change

                                                                         (Mall revenues in millions)
Macao Operations:
Shoppes at Venetian
Total mall revenues                                      $        85           $        95                 (10.5)   %
Mall gross leasable area (in square feet)                    814,720               814,731                     -    %
Occupancy                                                       75.1   %              79.2  %               (4.1) pts
Base rent per square foot                                $       299           $       297                   0.7    %
Tenant sales per square foot(2)                          $     1,169           $     1,227                  (4.7)   %
Shoppes at Londoner
Total mall revenues                                      $        26           $        29                 (10.3)   %
Mall gross leasable area (in square feet)                    605,429               520,941                  16.2    %
Occupancy                                                       58.3   %              60.9  %               (2.6) pts
Base rent per square foot                                $       141           $       136                   3.7    %
Tenant sales per square foot(2)                          $     1,407           $     1,058                  33.0    %
Shoppes at Parisian
Total mall revenues                                      $        15           $        20                 (25.0)   %
Mall gross leasable area (in square feet)                    296,322               296,145                   0.1    %
Occupancy                                                       73.2   %              78.1  %               (4.9) pts
Base rent per square foot                                $       129           $       147                 (12.2)   %
Tenant sales per square foot(2)                          $       475           $       593                 (19.9)   %
Shoppes at Four Seasons
Total mall revenues                                      $        67           $        73                  (8.2)   %
Mall gross leasable area (in square feet)                    248,663               244,104                   1.9    %
Occupancy                                                       94.4   %              93.9  %                0.5  pts
Base rent per square foot                                $       544           $       548                  (0.7)   %
Tenant sales per square foot(2)                          $     5,139           $     5,389                  (4.6)   %
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues                                      $       104           $        86                  20.9    %
Mall gross leasable area (in square feet)                    622,038               620,427                   0.3    %
Occupancy                                                       99.7   %              98.2  %                1.5  pts
Base rent per square foot                                $       277           $       267                   3.7    %
Tenant sales per square foot(2)                          $     2,051           $     1,366                  50.1    %


__________________________

Note: This table excludes the results of our mall operations at Sands Macao. As
a result of the COVID-19 Pandemic, tenants were provided rent concessions during
the six months ended June 30, 2022 and 2021. Base rent per square foot presented
above excludes the impact of these rent concessions.

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(1) As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of June 30, 2022 and 2021, they are identical to the summary presented herein for the three months ended June 30, 2022 and 2021, respectively.


(2)  Tenant sales per square foot is the sum of reported comparable sales for
the trailing 12 months divided by the comparable square footage for the same
period.

Convention, retail and other revenues increased $7 million compared to the six
months ended June 30, 2021, due primarily to a $13 million increase at Marina
Bay Sands, partially offset by a $6 million decrease at our Macao operations.

Operating Expenses

Our operating expenses consisted of the following:


                                                                     Six 

Months Ended June 30,

                                                                                                   Percent
                                                          2022                 2021                Change

                                                                       (Dollars in millions)
Casino                                               $        913          $    1,152                 (20.7) %
Rooms                                                          84                  84                     -  %
Food and beverage                                             138                 131                   5.3  %
Mall                                                           37                  31                  19.4  %
Convention, retail and other                                   46                  41                  12.2  %
Provision for credit losses                                     6                   6                     -  %
General and administrative                                    456                 444                   2.7  %
Corporate                                                     114                 105                   8.6  %
Pre-opening                                                     7                   9                 (22.2) %
Development                                                    82                  46                  78.3  %
Depreciation and amortization                                 520                 513                   1.4  %
Amortization of leasehold interests in land                    28                  28                     -  %
Loss on disposal or impairment of assets                        6                  14                 (57.1) %
Total operating expenses                             $      2,437          $    2,604                  (6.4) %


Operating expenses were $2.44 billion for the six months ended June 30, 2022, a
decrease of $167 million compared to $2.60 billion for the six months ended June
30, 2021. The decrease was primarily driven by a $239 million increase in casino
expenses.

Casino expenses decreased $239 million compared to the six months ended June 30,
2021. The decrease was primarily attributable to a decrease of $233 million in
gaming taxes. The $614 million decrease in casino revenue at our Macao operating
properties is subject to a 39% tax rate, whereas the $242 increase in casino
revenue at Marina Bay Sands is subject to a lower tax rate.

Food and beverage expenses increased $7 million compared to the six months ended
June 30, 2021. The increase was due to an increase of $12 million at Marina Bay
Sands, due to the increased business volume at food outlets and banquets,
partially offset by a decrease of $5 million at our Macao operations.

Convention, retail and other expenses increased $5 million compared to the six
months ended June 30, 2021, primarily driven by an $6 million increase at Marina
Bay Sands, partially offset by a $2 million decrease in ferry expenses resulting
from decreases in operating and maintenance costs as ferries were under dry
dock.

General and administrative expenses increased $12 million compared to the six
months ended June 30, 2021. The increase was primarily due to an increase of
$19 million at Marina Bay Sands, partially offset by a decrease of $7 million at
our Macao operations. The increase at Marina Bay Sands was primarily driven by
increases in marketing, payroll and property operations costs. The decrease at
our Macao operations was primarily driven by decreased marketing and property
operations costs.

Corporate expenses increased $9 million compared to the to the six months ended
June 30, 2021, primarily due to a $4 million increase in corporate payroll and
related costs and $4 million in travel and related costs during the six months
ended June 30, 2022.

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Development expenses were $82 million for the six months ended June 30, 2022,
compared to $46 million for the six months ended June 30, 2021. During the six
months ended June 30, 2022, the costs were associated with our evaluation and
pursuit of new business opportunities primarily in Florida and Texas and digital
gaming related efforts. Development costs are expensed as incurred.

Loss on disposal or impairment of assets decreased $8 million compared to the
six months ended June 30, 2021, The losses incurred for the six months ended
June 30, 2022 were primarily due to asset disposals related to aircraft parts of
$4 million and asset disposal and demolition costs, primarily at The Londoner
Macao, The Venetian Macao and Sands Macao, as well as at our Corporate offices.
The losses incurred for the six months ended June 30, 2021 were primarily due to
asset disposals and demolition costs related to The Londoner Macao.

Segment Adjusted Property EBITDA

The following table summarizes information related to our segments:

                                                                            Six Months Ended June 30,
                                                                                                           Percent
                                                                 2022                 2021                 Change

                                                                              (Dollars in millions)
Macao:
The Venetian Macao                                         $          (2)         $      190                  (101.1) %
The Londoner Macao                                                   (87)                (28)                  210.7  %
The Parisian Macao                                                   (40)                 (8)                  400.0  %
The Plaza Macao and Four Seasons Macao                                49                 114                   (57.0) %
Sands Macao                                                          (39)                (31)                   25.8  %
Ferry Operations and Other                                            (2)                 (5)                  (60.0) %
                                                                    (121)                232                  (152.2) %
Marina Bay Sands                                                     440                 256                    71.9  %
Consolidated adjusted property EBITDA(1)                   $         319          $      488                   (34.6) %

Las Vegas Operating Properties (2)                         $          63          $        4                 1,475.0  %


____________________

(1)  Consolidated adjusted property EBITDA, which is a non-GAAP financial
measure, is used by management as the primary measure of the operating
performance of our segments. Consolidated adjusted property EBITDA is net income
(loss) from continuing operations before stock-based compensation expense,
corporate expense, pre-opening expense, development expense, depreciation and
amortization, amortization of leasehold interests in land, gain or loss on
disposal or impairment of assets, interest, other income or expense, gain or
loss on modification or early retirement of debt and income taxes. Consolidated
adjusted property EBITDA is a supplemental non-GAAP financial measure used by
management, as well as industry analysts, to evaluate operations and operating
performance. In particular, management utilizes consolidated adjusted property
EBITDA to compare the operating profitability of its operations with those of
its competitors, as well as a basis for determining certain incentive
compensation. Integrated Resort companies have historically reported adjusted
property EBITDA as a supplemental performance measure to GAAP financial
measures. In order to view the operations of their properties on a more
stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp.,
have historically excluded certain expenses that do not relate to the management
of specific properties, such as pre-opening expense, development expense and
corporate expense, from their adjusted property EBITDA calculations.
Consolidated adjusted property EBITDA should not be interpreted as an
alternative to income from operations (as an indicator of operating performance)
or to cash flows from operations (as a measure of liquidity), in each case, as
determined in accordance with GAAP. We have significant uses of cash flow,
including capital expenditures, dividend payments, interest payments, debt
principal repayments and income taxes, which are not reflected in consolidated
adjusted property EBITDA. Not all companies calculate adjusted property EBITDA
in the same manner. As a result, our presentation of consolidated adjusted
property EBITDA may not be directly comparable to similarly titled measures
presented by other companies.


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                                                       Six Months Ended June 30,
                                                           2022                   2021

                                                             (In millions)
Consolidated adjusted property EBITDA          $          319               

$ 488


Other Operating Costs and Expenses
Stock-based compensation(a)                               (11)                      (8)
Corporate                                                (114)                    (105)
Pre-opening                                                (7)                      (9)
Development                                               (82)                     (46)
Depreciation and amortization                            (520)                    (513)
Amortization of leasehold interests in land               (28)              

(28)

Loss on disposal or impairment of assets                   (6)              

(14)

Operating loss                                           (449)              

(235)

Other Non-Operating Costs and Expenses
Interest income                                            18               

2

Interest expense, net of amounts capitalized             (318)                    (312)
Other expense                                             (31)                      (7)

Income tax expense                                       (112)                      (8)
Net loss from continuing operations            $         (892)              

$ (560)



(a)During the six months ended June 30, 2022 and 2021, the Company recorded
stock-based compensation expense of $29 million and $14 million, respectively,
of which $18 million and $6 million, respectively, was included in corporate
expense in the accompanying condensed consolidated statements of operations.

(2) The Las Vegas Operating Properties are classified as a discontinued operation. We completed the sale on February 23, 2022. Financial results are for the period through February 22, 2022.


Adjusted property EBITDA at our Macao operations decreased $353 million compared
to the six months ended June 30, 2021, primarily due to decreased casino, mall
and room operations driven by decreased visitation at our properties as tighter
boarder restrictions were introduced as a result of increased COVID-19 cases in
Macao and the surrounding region.

Adjusted property EBITDA at Marina Bay Sands increased $184 million compared to
the six months ended June 30, 2021. The increase was primarily due to increased
casino and mall operations driven by increased visitation and loosened
pandemic-related restrictions.

Discontinued Operations


Adjusted property EBITDA at our Las Vegas Operating Properties increased $59
million compared to the six months ended June 30, 2021. The increase was
primarily due to increased casino and room operations driven by increased
visitation to the property as capacity limits, restrictions on large gatherings
and other restrictions were lifted, effective June 1, 2021, and the Las Vegas
Operating Properties operated under pre-pandemic guidelines.

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Interest Expense

The following table summarizes information related to interest expense:

                                             Six Months Ended June 30,
                                             2022                    2021

                                               (Dollars in millions)
Interest cost                          $        320               $    320

Less - capitalized interest                      (2)                    (8)
Interest expense, net                  $        318               $    312

Weighted average total debt balance    $     15,029               $ 14,466
Weighted average interest rate                  4.3   %                4.4  %


Interest cost was flat compared to the six months ended June 30, 2021. The weighted average interest rate decreased from 4.4% to 4.3% during the six months ended June 30, 2022, primarily due to the extinguishment of the SCL 4.600% senior notes in Q3 2021.

Other Factors Affecting Earnings


Other expense was $31 million for the six months ended June 30, 2022, compared
to other expense of $7 million for the six months ended June 30, 2021. Other
expense during the six months ended June 30, 2022, was primarily attributable to
$37 million of foreign currency transaction losses driven by U.S. dollar
denominated debt held by SCL, partially offset by $6 million of foreign currency
transaction gains driven by Singapore dollar denominated intercompany debt
reported in U.S. dollars.

Our income tax expense was $112 million on a loss before income taxes of $780
million for the six months ended June 30, 2022, resulting in a 14.4% effective
income tax rate. This compares to a 1.4% effective income tax rate for the six
months ended June 30, 2021. The income tax expense for the six months ended June
30, 2022, reflects a 17% statutory tax rate on our Singapore operations, a 21%
corporate income tax on our domestic operations and a zero percent tax rate on
our Macao gaming operations due to our income tax exemption in Macao. Our U.S.
operations recorded tax benefits associated with the pre-tax book losses,
primarily related to U.S. corporate and interest expense incurred during the six
months ended June 30, 2022. Our income tax expense is based on the Company's
estimated annual effective tax rate for the year applied to year-to-date
operating results in accordance with interim accounting guidance.

The net loss attributable to our noncontrolling interests was $228 million for
the six months ended June 30, 2022, compared to $114 million for the six months
ended June 30, 2021. These amounts were primarily related to the noncontrolling
interest of SCL.

Additional Information Regarding our Retail Mall Operations


We own and operate retail malls at our Integrated Resorts at The Venetian Macao,
The Plaza Macao and Four Seasons Macao, The Londoner Macao, The Parisian Macao
and Marina Bay Sands. Management believes being in the retail mall business and,
specifically, owning some of the largest retail properties in Asia will provide
meaningful value for us, particularly as the retail market in Asia continues to
grow.

Our malls are designed to complement our other unique amenities and service offerings provided by our Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our patrons and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through minimum base rents, overage rents, and reimbursements for common area maintenance ("CAM") and other expenditures.

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The following tables summarize the results of our mall operations on the Cotai
Strip and at Marina Bay Sands for the three and six months ended June 30, 2022
and 2021:

                                                               Shoppes at
                                          Shoppes at              Four              Shoppes at           Shoppes at           The Shoppes at Marina
                                           Venetian             Seasons              Londoner             Parisian                  Bay Sands

                                                                                        (In millions)
For the three months ended June 30,
2022
Mall revenues:
Minimum rents(1)                        $        44          $        31          $         8          $         7          $                   36
Overage rents                                     -                    1                    2                    -                               9
Rent concessions(2)                             (11)                  (1)                   -                   (2)                              2

Total overage rents and rent
concessions                                     (11)                   -                    2                   (2)                             11
CAM, levies and direct recoveries                 8                    2                    2                    2                               8
Total mall revenues                              41                   33                   12                    7                              55
Mall operating expenses:
Common area maintenance                           3                    1                    2                    1                               5
Marketing and other direct operating
expenses                                          2                    1                    1                    1                               2
Mall operating expenses                           5                    2                    3                    2                               7
Property taxes(4)                                 1                    -                    -                    -                               1

Mall-related expenses(5)                $         6          $         2          $         3          $         2          $                    8
For the three months ended June 30,
2021
Mall revenues:
Minimum rents(1)                        $        45          $        30          $         6          $         7          $                   35
Overage rents                                     4                    2                    6                    1                               4
Rent concessions(2)                              (8)                  (1)                   -                   (1)                             (7)

Total overage rents and rent
concessions                                      (4)                   1                    6                    -                              (3)
CAM, levies and direct recoveries                 8                    3                    3                    3                               7
Total mall revenues                              49                   34                   15                   10                              39
Mall operating expenses:
Common area maintenance                           3                    2                    3                    1                               4
Marketing and other direct operating
expenses                                          2                    -                    -                    1                               1
Mall operating expenses                           5                    2                    3                    2                               5
Property taxes(4)                                 -                    -                    -                    -                               1
Provision for credit losses                       -                    -                    -                    3                               -
Mall-related expenses(5)                $         5          $         2          $         3          $         5          $                    6
For the six months ended June 30, 2022
Mall revenues:
Minimum rents(1)                        $        88          $        61          $        15          $        13          $                   73
Overage rents                                     1                    2                    6                    1                              16
Rent concessions(2)                             (19)                  (1)                  (1)                  (3)                              -

Total overage rents and rent
concessions                                     (18)                   1                    5                   (2)                             16
CAM, levies and direct recoveries                15                    5                    6                    4                              15
Total mall revenues                              85                   67                   26                   15                             104
Mall operating expenses:
Common area maintenance                           6                    2                    3                    2                               9
Marketing and other direct operating
expenses                                          4                    3                    2                    2                               3
Mall operating expenses                          10                    5                    5                    4                              12
Property taxes(4)                                 1                    -                    -                    -                               2

Mall-related expenses(5)                $        11          $         5          $         5          $         4          $                   14


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                                                               Shoppes at
                                          Shoppes at              Four              Shoppes at           Shoppes at           The Shoppes at Marina
                                           Venetian             Seasons              Londoner             Parisian                  Bay Sands

                                                                                        (In millions)
For the six months ended June 30, 2021
Mall revenues:
Minimum rents(1)                        $        91          $        61          $        14          $        16          $                   72
Overage rents                                     6                    8                   10                    2                               8
Rent concessions(2)                             (17)                  (1)                  (2)                  (3)                            (13)
Other(3)                                          -                    -                    -                    -                               6
Total overage rents, rent concessions
and other                                       (11)                   7                    8                   (1)                              1
CAM, levies and direct recoveries                15                    5                    7                    5                              13
Total mall revenues                              95                   73                   29                   20                              86
Mall operating expenses:
Common area maintenance                           6                    3                    4                    2                               8
Marketing and other direct operating
expenses                                          3                    1                    1                    1                               3
Mall operating expenses                           9                    4                    5                    3                              11
Property taxes(4)                                 1                    -                    -                    -                               3
Provision for (recovery of) credit
losses                                           (1)                   -                    -                    3                               -
Mall-related expenses(5)                $         9          $         4          $         5          $         6          $                   14


____________________

Note: These tables exclude the results of our mall operations at Sands Macao.

(1)Minimum rents include base rents and straight-line adjustments of base rents.

(2)Rent concessions were provided to tenants as a result of the COVID-19 Pandemic and the impact on mall operations.

(3)The amount for Marina Bay Sands of $6 million related to a grant provided by the Singapore government to lessors to support small and medium enterprises impacted by the COVID-19 Pandemic in connection with their rent obligations.


(4)Commercial property that generates rental income is exempt from property tax
for the first six years for newly constructed buildings in Cotai. If the
property also qualifies for Tourism Utility Status, the property tax exemption
can be extended to twelve years with effect from opening of the property. To
date, The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner
Macao and The Parisian Macao have obtained an extended exemption. The exemption
for The Venetian Macao and The Plaza Macao and Four Seasons Macao expired in
August 2019 and August 2020, respectively, and the exemption for The Londoner
Macao and The Parisian Macao will be expiring in December 2027 and September
2028, respectively.

(5)Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for credit losses, but excludes depreciation and amortization and general and administrative costs.


It is common in the mall operating industry for companies to disclose mall net
operating income ("NOI") as a useful supplemental measure of a mall's operating
performance. Because NOI excludes general and administrative expenses, interest
expense, impairment losses, depreciation and amortization, gains and losses from
property dispositions, allocations to noncontrolling interests and provision for
income taxes, it provides a performance measure that, when compared year over
year, reflects the revenues and expenses directly associated with owning and
operating commercial real estate properties and the impact on operations from
trends in occupancy rates, rental rates and operating costs.

In the tables above, we believe taking total mall revenues less mall-related
expenses provides an operating performance measure for our malls. Other mall
operating companies may use different methodologies for deriving mall-related
expenses. As such, this calculation may not be comparable to the NOI of other
mall operating companies.

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Development Projects

We regularly evaluate opportunities to improve our product offerings, such as refreshing our meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and our gaming areas, as well as other anticipated revenue-generating additions to our Integrated Resorts.

Macao


The Londoner Macao is the result of our renovation, expansion and rebranding of
Sands Cotai Central, which included the addition of extensive thematic elements
both externally and internally. The Londoner Macao presents a range of new
attractions and features, including some of London's most recognizable
landmarks, such as the Houses of Parliament and the Elizabeth Tower (commonly
known as "Big Ben"), and interactive guest experiences. The Integrated Resort
features The Londoner Macao Hotel with 594 London-themed suites, including 14
exclusive Suites by David Beckham, Londoner Court with approximately 370 luxury
suites and the 6,000-seat Londoner Arena. The Londoner Arena and the expansion
of the Shoppes at Londoner have been completed during the first half of 2022.

We anticipate the total costs associated with The Londoner Macao development
project described above and the completed The Grand Suites at Four Seasons to be
approximately $2.20 billion, of which $2.11 billion was spent as of June 30,
2022. We expect to fund our developments through a combination of cash on hand,
borrowings from the 2018 SCL Credit Facility and surplus from operating cash
flows.

Singapore

In April 2019, our wholly owned subsidiary, Marina Bay Sands Pte. Ltd. ("MBS")
and the Singapore Tourism Board (the "STB") entered into a development agreement
(the "Second Development Agreement") pursuant to which MBS has agreed to
construct a development, which will include a hotel tower with approximately
1,000 rooms and suites, a rooftop attraction, convention and meeting facilities
and a state-of-the-art live entertainment arena with approximately 15,000 seats
(the "MBS Expansion Project"). The Second Development Agreement provides for a
total project cost of approximately SGD 4.50 billion (approximately $3.23
billion at exchange rates in effect on June 30, 2022), which investment must be
completed within eight years from the effective date of the agreement. On March
30, 2022, MBS and the STB entered into a letter agreement (the "Letter
Agreement") that amends the Second Development Agreement. The Letter Agreement
extended the deadline for MBS to commence construction, as defined in the Second
Development Agreement, by one year to April 8, 2023. The amount of the total
project cost will be finalized as we complete design and development and begin
construction. We amended our 2012 Singapore Credit Facility to provide for the
financing of the development and construction costs, fees and other expenses
related to the MBS Expansion Project pursuant to the Second Development
Agreement. On September 7, 2021, we amended the 2012 Singapore Credit Facility,
which, among other things, extended the deadline for delivering the construction
cost estimate and the construction schedule for the MBS Expansion Project to
March 31, 2022. We are in the process of reviewing the budget and timing of the
MBS expansion based on the impact of the COVID-19 Pandemic and other factors. As
a result, the construction cost estimate and construction schedule were not
delivered to the lenders by the extended deadline, and we will not be permitted
to make further draws on the Singapore Delayed Draw Term Facility until these
items are delivered. We do not anticipate material spend related to the MBS
Expansion Project prior to the delivery of these items to lenders.

We also began the approximately $1.0 billion renovation of Marina Bay Sands,
which is expected to introduce world-class suites in Tower 1 and Tower 2, and
substantially upgrade the overall guest experience for premium customers. This
project is in addition to our previously announced plans for the MBS Expansion
Project.

Other

We continue to evaluate additional development projects in each of our markets and pursue new development opportunities globally.

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