Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________________________________________ 
Form 10-Q
____________________________________________________ 
_________________________________________________________ 
ý☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2017
2021
¨☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-32373
_____________________________________________________________________________________________________________ 
LAS VEGAS SANDS CORP.
(Exact name of registration as specified in its charter)
____________________________________________________ 
_________________________________________________________ 
Nevada27-0099920
(State or other jurisdiction of

incorporation or organization)
(I.R.S. Employer

Identification No.)
3355 Las Vegas Boulevard South
Las Vegas, NevadaNevada89109
(Address of principal executive offices)(Zip Code)
(702) 414-1000
(Registrant'sRegistrant’s telephone number, including area code)
 ___________________________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)LVSNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý☒    No  ¨☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý☒    No  ¨☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large“large accelerated filer," "accelerated” “accelerated filer," "smaller” “smaller reporting company,"” and "emerging“emerging growth company"company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒Accelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Large accelerated filerEmerging Growth Companyý☐Accelerated filer¨
Non-accelerated filer
¨ (Do not check if a smaller reporting company)
Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨☐    No  ý☒
Indicate the number of shares outstanding of each of the Registrant'sRegistrant’s classes of common stock, as of the latest practicable date.
ClassOutstanding at November 1, 2017October 20, 2021
Common Stock ($0.001 par value)790,480,010763,989,752 shares



Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
Table of Contents
 
PART I
FINANCIAL INFORMATION
Item 1.
PART I
FINANCIAL INFORMATION
Item 1.
Financial Statements (unaudited)
3
Condensed Consolidated Balance Sheets at September 30, 20172021 and December 31, 20162020
3
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 20172021 and 20162020
4
Condensed Consolidated Statements of Comprehensive IncomeLoss for the Three and Nine Months Ended September 30, 20172021 and 20162020
5
Condensed Consolidated Statements of Equity for the NineThree and Nine Months Ended September 30, 20172021 and 20162020
6
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 20172021 and 20162020
7
Notes to Condensed Consolidated Financial Statements
98
Item 2.
Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations
2530
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
4958
Item 4.
Controls and Procedures
4959
PART II
OTHER INFORMATION
Item 1.
Legal Proceedings
5160
Item 1A.
Risk Factors
5160
Item 2.6.
Unregistered Sales of Equity Securities and Use of ProceedsExhibits
5162
Item 6.
Exhibits
52
Signatures
5363

2

Table of Contents
PART 1I FINANCIAL INFORMATION
ITEM 1— FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 September 30,
2017		 December 31,
2016
 
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:   
Cash and cash equivalents$2,001
 $2,128
Restricted cash and cash equivalents11
 10
Accounts receivable, net637
 776
Inventories45
 46
Prepaid expenses and other142
 138
Total current assets2,836
 3,098
Property and equipment, net15,498
 15,903
Leasehold interests in land, net1,234
 1,210
Intangible assets, net93
 103
Other assets, net147
 155
Total assets$19,808
 $20,469
LIABILITIES AND EQUITY
Current liabilities:   
Accounts payable$141
 $128
Construction payables165
 384
Other accrued liabilities1,992
 1,935
Income taxes payable229
 192
Current maturities of long-term debt134
 167
Total current liabilities2,661
 2,806
Other long-term liabilities136
 126
Deferred income taxes229
 200
Deferred amounts related to mall sale transactions408
 413
Long-term debt9,483
 9,428
Total liabilities12,917
 12,973
Commitments and contingencies (Note 6)
 
Equity:   
Common stock, $0.001 par value, 1,000 shares authorized, 831 and 830 shares issued, 790 and 795 shares outstanding1
 1
Treasury stock, at cost, 41 and 35 shares(2,743) (2,443)
Capital in excess of par value6,569
 6,516
Accumulated other comprehensive loss(13) (119)
Retained earnings2,082
 2,222
Total Las Vegas Sands Corp. stockholders' equity5,896
 6,177
Noncontrolling interests995
 1,319
Total equity6,891
 7,496
Total liabilities and equity$19,808
 $20,469
The accompanying notes are an integral part of these condensed consolidated financial statements.


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 
(In millions, except per share data)
(Unaudited)
Revenues:       
Casino$2,511
 $2,307
 $7,379
 $6,406
Rooms411
 402
 1,194
 1,123
Food and beverage198
 184
 610
 559
Mall160
 147
 476
 422
Convention, retail and other128
 141
 400
 389
 3,408

3,181
 10,059
 8,899
Less — promotional allowances(209) (212) (613) (564)
Net revenues3,199
 2,969
 9,446
 8,335
Operating expenses:       
Casino1,342
 1,198
 3,968
 3,531
Rooms74
 67
 216
 197
Food and beverage109
 101
 329
 306
Mall18
 16
 52
 44
Convention, retail and other69
 66
 200
 184
Provision for doubtful accounts23
 51
 77
 139
General and administrative358
 330
 1,050
 931
Corporate51
 39
 136
 208
Pre-opening1
 86
 7
 128
Development3
 3
 8
 7
Depreciation and amortization265
 277
 913
 792
Amortization of leasehold interests in land9
 10
 28
 29
Loss on disposal or impairment of assets21
 5
 27
 15
 2,343
 2,249
 7,011
 6,511
Operating income856
 720
 2,435
 1,824
Other income (expense):       
Interest income4
 2
 11
 6
Interest expense, net of amounts capitalized(83) (65) (240) (198)
Other income (expense)(19) 21
 (80) (33)
Loss on modification or early retirement of debt—
 (3) (5) (3)
Income before income taxes758
 675
 2,121
 1,596
Income tax expense(73) (69) (220) (187)
Net income685
 606
 1,901
 1,409
Net income attributable to noncontrolling interests(115) (93) (306) (248)
Net income attributable to Las Vegas Sands Corp.$570
 $513
 $1,595
 $1,161
Earnings per share:       
Basic$0.72
 $0.65
 $2.01
 $1.46
Diluted$0.72
 $0.65
 $2.01
 $1.46
Weighted average shares outstanding:       
Basic791
 795
 792
 795
Diluted792
 795
 793
 795
Dividends declared per common share$0.73
 $0.72
 $2.19
 $2.16
The accompanying notes are an integral part of these condensed consolidated financial statements.


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 
(In millions)
(Unaudited)
Net income$685
 $606
 $1,901
 $1,409
Currency translation adjustment, before and after tax33
 (25) 98
 62
Total comprehensive income718
 581
 1,999
 1,471
Comprehensive income attributable to noncontrolling interests(115) (93) (298) (247)
Comprehensive income attributable to Las Vegas Sands Corp.$603
 $488
 $1,701
 $1,224
September 30,
2021		December 31,
2020
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,644 $2,082 
Restricted cash and cash equivalents16 16 
Accounts receivable, net of provision for credit losses of $241 and $255167 252 
Inventories22 22 
Prepaid expenses and other124 113 
Current assets of discontinued operations held for sale3,255 3,222 
Total current assets5,228 5,707 
Property and equipment, net11,932 12,280 
Deferred income taxes, net325 318 
Leasehold interests in land, net2,169 2,256 
Intangible assets, net15 25 
Other assets, net223 221 
Total assets$19,892 $20,807 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$74 $89 
Construction payables233 336 
Other accrued liabilities1,265 1,474 
Income taxes payable15 87 
Current maturities of long-term debt73 75 
Current liabilities of discontinued operations held for sale827 755 
Total current liabilities2,487 2,816 
Other long-term liabilities341 336 
Deferred income taxes173 188 
Long-term debt14,462 13,929 
Total liabilities17,463 17,269 
Commitments and contingencies (Note 9)00
Equity:
Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding— — 
Common stock, $0.001 par value, 1,000 shares authorized, 833 shares issued, 764 shares outstanding1 1 
Treasury stock, at cost, 69 shares(4,481)(4,481)
Capital in excess of par value6,639 6,611 
Accumulated other comprehensive income (loss)(32)29 
Retained earnings (deficit)(25)813 
Total Las Vegas Sands Corp. stockholders’ equity2,102 2,973 
Noncontrolling interests327 565 
Total equity2,429 3,538 
Total liabilities and equity$19,892 $20,807 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3


Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY 
 Las Vegas Sands Corp. Stockholders' Equity    
 
Common
Stock
 Treasury
Stock		 
Capital in
Excess of
Par Value
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Noncontrolling
Interests
 Total
 
(In millions)
(Unaudited)
Balance at January 1, 2016$1
 $(2,443) $6,485
 $(66) $2,840
 $1,601
 $8,418
Net income—
 —
 —
 —
 1,161
 248
 1,409
Currency translation adjustment—
 —
 —
 63
 —
 (1) 62
Exercise of stock options—
 —
 4
 —
 —
 1
 5
Tax shortfall from stock-based compensation—
 —
 (8) —
 —
 —
 (8)
Conversion of equity awards to liability awards—
 —
 (1) —
 —
 —
 (1)
Stock-based compensation—
 —
 24
 —
 —
 4
 28
Dividends declared—
 —
 —
 —
 (1,716) (630) (2,346)
Balance at September 30, 2016$1
 $(2,443) $6,504
 $(3) $2,285
 $1,223
 $7,567
Balance at January 1, 2017$1
 $(2,443) $6,516
 $(119) $2,222
 $1,319
 $7,496
Cumulative effect adjustment from change in accounting principle—
 —
 3
 —
 (2) (1) —
Net income—
 —
 —
 —
 1,595
 306
 1,901
Currency translation adjustment—
 —
 —
 106
 —
 (8) 98
Exercise of stock options—
 —
 28
 —
 —
 4
 32
Stock-based compensation—
 —
 22
 —
 —
 4
 26
Repurchase of common stock—
 (300) —
 —
 —
 —
 (300)
Dividends declared—
 —
 —
 —
 (1,733) (629) (2,362)
Balance at September 30, 2017$1
 $(2,743) $6,569
 $(13) $2,082
 $995
 $6,891
OPERATIONS
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(In millions, except per share data)
(Unaudited)
Revenues:
Casino$533 $281 $2,241 $1,352 
Rooms100 35 311 181 
Food and beverage42 31 148 101 
Mall165 83 469 228 
Convention, retail and other17 16 57 63 
Net revenues857 446 3,226 1,925 
Operating expenses:
Casino451 274 1,603 1,109 
Rooms40 28 124 101 
Food and beverage55 54 186 177 
Mall17 13 48 41 
Convention, retail and other21 22 62 79 
Provision for credit losses3 24 9 52 
General and administrative223 196 667 615 
Corporate64 33 169 145 
Pre-opening6 5 15 14 
Development13 3 59 18 
Depreciation and amortization262 248 775 745 
Amortization of leasehold interests in land14 14 42 41 
Loss on disposal or impairment of assets4 55 18 62 
1,173 969 3,777 3,199 
Operating loss(316)(523)(551)(1,274)
Other income (expense):
Interest income1 3 3 20 
Interest expense, net of amounts capitalized(157)(134)(469)(376)
Other income (expense)(12)(5)(19)29 
Loss on modification or early retirement of debt(137)— (137)— 
Loss from continuing operations before income taxes(621)(659)(1,173)(1,601)
Income tax (expense) benefit27 (5)19 4 
Net loss from continuing operations(594)(664)(1,154)(1,597)
Income (loss) from discontinued operations, net of income taxes99 (67)75 (170)
Net loss(495)(731)(1,079)(1,767)
Net loss attributable to noncontrolling interests from continuing operations127 166 241 381 
Net loss attributable to Las Vegas Sands Corp.$(368)$(565)$(838)$(1,386)
Earnings (loss) per share - basic:
Loss from continuing operations$(0.61)$(0.65)$(1.20)$(1.59)
Income (loss) from discontinued operations, net of income taxes0.13 (0.09)0.10 (0.22)
Net loss attributable to Las Vegas Sands Corp.$(0.48)$(0.74)$(1.10)$(1.81)
Earnings (loss) per share - diluted:
Loss from continuing operations$(0.61)$(0.65)$(1.20)$(1.59)
Income (loss) from discontinued operations, net of income taxes0.13 (0.09)0.10 (0.22)
Net loss attributable to Las Vegas Sands Corp.$(0.48)$(0.74)$(1.10)$(1.81)
Weighted average shares outstanding:
Basic764 764 764 764 
Diluted764 764 764 764 
The accompanying notes are an integral part of these condensed consolidated financial statements.

4


Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Nine Months Ended 
 September 30,
 2017 2016
 
(In millions)
(Unaudited)
Cash flows from operating activities:   
Net income$1,901
 $1,409
Adjustments to reconcile net income to net cash generated from operating activities:   
Depreciation and amortization913
 792
Amortization of leasehold interests in land28
 29
Amortization of deferred financing costs and original issue discount31
 33
Amortization of deferred gain on and rent from mall sale transactions(3) (3)
Loss on modification or early retirement of debt5
 2
Loss on disposal or impairment of assets27
 15
Stock-based compensation expense26
 28
Provision for doubtful accounts77
 139
Foreign exchange loss38
 20
Deferred income taxes21
 24
Changes in operating assets and liabilities:   
Accounts receivable76
 280
Other assets(4) (22)
Accounts payable11
 12
Other liabilities75
 73
Net cash generated from operating activities3,222
 2,831
Cash flows from investing activities:   
Change in restricted cash and cash equivalents(1) (1)
Capital expenditures(592) (1,103)
Proceeds from disposal of property and equipment2
 4
Acquisition of intangible assets—
 (47)
Net cash used in investing activities(591) (1,147)
Cash flows from financing activities:   
Proceeds from exercise of stock options32
 5
Repurchase of common stock(300) —
Dividends paid(2,362) (2,348)
Proceeds from long-term debt (Note 3)654
 2,260
Repayments of long-term debt (Note 3)(828) (1,963)
Payments of financing costs(5) (31)
Net cash used in financing activities(2,809) (2,077)
Effect of exchange rate on cash51
 4
Decrease in cash and cash equivalents(127) (389)
Cash and cash equivalents at beginning of period2,128
 2,179
Cash and cash equivalents at end of period$2,001
 $1,790



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 Nine Months Ended 
 September 30,
 2017 2016
 (In millions)
(Unaudited)
Supplemental disclosure of cash flow information:   
Cash payments for interest, net of amounts capitalized$198
 $154
Cash payments for taxes, net of refunds$202
 $194
Change in construction payables$(219) $136
Non-cash investing and financing activities:   
Change in dividends payable included in other accrued liabilities$—
 $(2)
Property and equipment acquired under capital lease$—
 $6
Conversion of equity awards to liability awards$—
 $1

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



5
Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Las Vegas Sands Corp. Stockholders’ Equity  
Common
Stock		Treasury
Stock		Capital in
Excess of
Par Value		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings (Deficit)		Noncontrolling
Interests		Total
(In millions)
(Unaudited)
Balance at June 30, 2020$1 $(4,481)$6,597 $(74)$1,677 $805 $4,525 
Net loss— — — — (565)(166)(731)
Currency translation adjustment— — — 36 — — 36 
Exercise of stock options— — 3 — — 1 4 
Stock-based compensation— — 4 — — 1 5 
Other— — 1 — — — 1 
Balance at September 30, 2020$1 $(4,481)$6,605 $(38)$1,112 $641 $3,840 
Balance at January 1, 2020$1 $(4,481)$6,569 $(3)$3,101 $1,320 $6,507 
Net loss— — — — (1,386)(381)(1,767)
Currency translation adjustment— — — (35)— 5 (30)
Exercise of stock options— — 20 — — 2 22 
Stock-based compensation— — 15 — — 3 18 
Other— — 1 — — — 1 
Dividends declared ($0.79 per share) and noncontrolling interest payments— — — — (603)(308)(911)
Balance at September 30, 2020$1 $(4,481)$6,605 $(38)$1,112 $641 $3,840 
Balance at June 30, 2021$1 $(4,481)$6,634 $(6)$343 $455 $2,946 
Net loss— — — — (368)(127)(495)
Currency translation adjustment— — — (24)— (2)(26)
Cash flow hedge fair value adjustment— — — (2)— — (2)
Stock-based compensation— — 5 — — 1 6 
Balance at September 30, 2021$1 $(4,481)$6,639 $(32)$(25)$327 $2,429 
Balance at January 1, 2021$1 $(4,481)$6,611 $29 $813 $565 $3,538 
Net loss— — — — (838)(241)(1,079)
Currency translation adjustment— — — (59)— (3)(62)
Cash flow hedge fair value adjustment— — — (2)— — (2)
Exercise of stock options— — 15 — — 4 19 
Stock-based compensation— — 13 — — 2 15 
Balance at September 30, 2021$1 $(4,481)$6,639 $(32)$(25)$327 $2,429 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
Table of Contents
LAS VEGAS SANDS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
20212020
(In millions)
(Unaudited)
Cash flows from operating activities from continuing operations:
Net loss from continuing operations$(1,154)$(1,597)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization775 745 
Amortization of leasehold interests in land42 41 
Amortization of deferred financing costs and original issue discount38 32 
Change in fair value of derivative asset/liability(1)— 
Loss on modification or early retirement of debt137 — 
Loss on disposal or impairment of assets8 36 
Stock-based compensation expense15 17 
Provision for credit losses9 52 
Foreign exchange (gain) loss22 (29)
Deferred income taxes(17)(40)
Changes in operating assets and liabilities:
Accounts receivable72 323 
Other assets(12)(3)
Accounts payable(15)(76)
Other liabilities(264)(740)
Net cash used in operating activities from continuing operations(345)(1,239)
Cash flows from investing activities from continuing operations:
Capital expenditures(640)(998)
Proceeds from disposal of property and equipment7 1 
Acquisition of intangible assets(5)— 
Net cash used in investing activities from continuing operations(638)(997)
Cash flows from financing activities from continuing operations:
Proceeds from exercise of stock options19 22 
Dividends paid and noncontrolling interest payments— (911)
Proceeds from long-term debt (Note 3)2,451 1,945 
Repayments of long-term debt (Note 3)(1,852)(451)
Payments of financing costs(36)(30)
Make-whole premium on early extinguishment of debt (Note 3)(131)— 
Transactions with discontinued operations111 (133)
Net cash generated from financing activities from continuing operations562 442 
Cash flows from discontinued operations:
Net cash generated from (used in) operating activities159 (77)
Net cash used in investing activities(45)(80)
Net cash provided (to) by continuing operations and (used in) financing activities(112)133 
Net cash generated from (used in) discontinued operations2 (24)
Effect of exchange rate on cash, cash equivalents and restricted cash(17)(26)
Decrease in cash, cash equivalents and restricted cash(436)(1,844)
Cash, cash equivalents and restricted cash at beginning of period2,137 4,242 
Cash, cash equivalents and restricted cash at end of period1,701 2,398 
Less: cash, cash equivalents and restricted cash at end of period for discontinued operations(41)(34)
Cash, cash equivalents and restricted cash at end of period for continuing operations$1,660 $2,364 
Supplemental disclosure of cash flow information from continuing operations:
Cash payments for interest, net of amounts capitalized$534 $379 
Cash payments for taxes, net of refunds$84 $125 
Change in construction payables$(103)$(35)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


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

Note 1 — Organization and Business of Company
The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. ("LVSC"(“LVSC”), a Nevada corporation, and its subsidiaries (collectively the "Company"“Company”) for the year ended December 31, 2016,2020, and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"(“GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company's common stock is traded
COVID-19 Pandemic Update
In early January 2020, an outbreak of a respiratory illness caused by a novel coronavirus (“COVID-19”) was identified and the disease spread rapidly across the world causing the World Health Organization to declare the outbreak of a pandemic on March 12, 2020 (the “COVID-19 Pandemic”). Governments around the New York Stock Exchange underworld mandated actions to contain the symbol "LVS."
The ordinary sharesspread of the Company's subsidiary, Sands China Ltd. ("SCL,"virus that included stay-at-home orders, quarantines, capacity limits, closures of non-essential businesses, including entertainment activities, and significant restrictions on travel. The government actions varied based upon a number of factors, including the indirect ownerextent and operatorseverity of the majority of the Company's operations inCOVID-19 Pandemic within their respective countries and jurisdictions.
Macao
Visitation to the Macao Special Administrative Region ("Macao"(“Macao”) of the People'sPeople’s Republic of China), are listedChina (“China”) has decreased substantially as a result of various government policies limiting or discouraging travel. As of the date of this report, other than people from mainland China who in general may enter Macao without quarantine subject to them holding the appropriate travel documents, a negative COVID-19 test result and a green health-code, there remains in place a complete ban on entry or a need to undergo various quarantine requirements depending on the person’s residency and recent travel history. The Main BoardCompany’s operations in Macao will continue to be impacted and subject to changes in the government policies of The Stock Exchange ofMacao, China, Hong Kong Limited ("SEHK"). The shares were not, and other jurisdictions in Asia addressing travel and public health measures associated with COVID-19.
Macao began administering the COVID-19 vaccine to front-line health workers on February 9, 2021, and to the general population on March 3, 2021.
On March 3, 2021, the negative COVID-19 test requirement to enter casinos was removed. Various other health safeguards implemented by the Macao government remain in place, including mandatory mask protection, limitation on the number of seats per table game, slot machine spacing and temperature checks. Management is currently unable to determine when the remaining measures will not be registered undereased or cease to be necessary.
As of the Securities Actdate of 1933,this report, most businesses are allowed to remain open, subject to social distancing and health code checking requirements as amended,designated by the Macao government.
In support of the Macao government’s initiatives to fight the COVID-19 Pandemic, the Company provided one tower (approximately 2,100 hotel rooms) at the Sheraton Grand Macao to the Macao government to house individuals who returned to Macao for quarantine purposes. This tower has been utilized for quarantine purposes on several occasions during 2020 and may not be offered or sold in2021. From October 4, 2021, an additional tower (approximately 1,800 hotel rooms) at the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements. The Company currently owns 70.1% of SCL.Sheraton Grand Macao was provided.
The Company has entered into various joint venture agreements with independent third parties, which have been consolidated based on accounting standards for variable interest entities. As ofCompany’s Macao gaming operations remained open during the nine months ended September 30, 2017 and December 31, 2016, the Company's consolidated joint ventures had total assets of $80 million and $79 million, respectively, and total liabilities of $194 million and $173 million, respectively. The Company's joint ventures had intercompany liabilities of $193 million and $171 million as of September 30, 2017 and December 31, 2016, respectively.
Development Projects
As the Company's integrated resorts mature, the Company continues to reinvest in its portfolio of properties to maintain the high quality products and remain competitive in the markets in which it operates. The Company is constantly evaluating opportunities to improve its product offerings, such as refreshing its meeting and convention facilities, suites and rooms, retail malls, restaurant and nightlife mix and its gaming areas, as well as other anticipated revenue generating additions2021, compared to the Company's integrated resorts.
Macao
The Plaza Casino and Four Seasons Hotel Macao
In October 2017,same period in 2020 when the Company announced that The Plaza Casino and Four Seasons HotelCompany’s Macao will feature an additional 295 new suites ingaming operations were suspended from February 5, 2020 to February 19, 2020 due to a separate tower, The Four Seasons Macao Hotel Tower Suites. The Company has completed the structural work of the tower and plans to commence build out of the suites in 2018. The Company expects the project to be completed in 2019.
Sands Cotai Central
In October 2017, the Company announced that it will renovate, expand and rebrand the Sands Cotai Central into a new destination integrated resort, The Londoner Macao.government mandate, except for gaming operations at The Londoner Macao, will feature new attractions and features from London, including somewhich resumed on February 27, 2020. Some of London’s most recognizable landmarks, an expanded retail mall and the St. RegisCompany’s Macao Tower Suites, offering approximately 350 luxurious new suites. The project will commence in 2018 and be phased to minimize disruption during the property’s peak periods. The Company expects the project to be completed in 2020.

hotel facilities were also closed
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(UNAUDITED)

during the casino suspension in response to the decrease in visitation and were gradually reopened from February 20, 2020, with the exception of the Conrad Macao at The Londoner Macao (the “Conrad hotel”), which reopened on June 13, 2020.
Capital Financing OverviewOperating hours at restaurants across the Company’s Macao properties are continuously being adjusted in line with fluctuations in guest visitation. The majority of retail outlets in the Company’s various shopping malls are open with reduced operating hours. The timing and manner in which these areas will return to full operation are currently unknown.
The Company’s ferry operations between Macao and Hong Kong remain suspended. The timing and manner in which the Company’s ferry operations will be able to resume are currently unknown.
The Company’s operations in Macao have been significantly impacted by the reduced visitation to Macao. The Macao government announced total visitation from mainland China to Macao decreased to 1.6 million visits during the quarter ended March 31, 2021, from 2.3 million visits during the quarter ended March 31, 2020, and increased to a total of 2.0 million visits during the quarter ended June 30, 2021, from approximately 46,000 visits during the quarter ended June 30, 2020. Total visitation increased to a total of approximately 1.1 million visits in July and August 2021 as compared to 267,000 visits during the same two-month period in 2020. The Macao government also announced gross gaming revenue increased by 75.6% during the nine months ended September 30, 2021, as compared to the same period in 2020.
Singapore
As of the date of this report, entry into Singapore is largely limited to Singapore citizens and permanent residents, with certain visitors allowed from specified countries on a quarantine-free basis, subject to certain requirements and health control measures. Additionally, there are no stay-at-home orders or curfews except for certain individuals arriving into Singapore who are subject to quarantine and individuals who may be assessed to have been exposed to COVID-19 as a result of the government’s contact tracing efforts. All operations are currently subject to limited capacities and other social distancing measures. Effective October 13, 2021, only fully vaccinated individuals or those with a valid negative pre-event test result are allowed to enter the casino and other attractions.
Singapore started administering the COVID-19 vaccine to front-line health workers on December 30, 2020, and continues to roll-out the vaccine to the general population.
The Company’s operations at Marina Bay Sands will continue to be impacted and subject to changes in the government policies of Singapore and other jurisdictions in Asia addressing travel and public health measures associated with COVID-19. These government policies will continue to impact (i) the number of people allowed at business-to-business events, sporting events and live performances; (ii) closure or limited seating at food and beverage or entertainment establishments; and (iii) casino capacity limits, among other restrictions. During the nine months ended September 30, 2021, gaming operations at Marina Bay Sands were closed on May 17 until May 18, 2021 and on July 22 until August 4, 2021 due to pandemic-related measures in consultation with the Singapore government authorities.
As a result of the border closures, visitation to Marina Bay Sands continues to be impacted by the effects of the COVID-19 Pandemic. The Singapore Tourism Board (“STB”) announced total visitation to Singapore decreased to approximately 70,000 visits during the quarter ended March 31, 2021, as compared to 2.7 million visits during the same period in 2020, and increased to approximately 50,000 visits during the quarter ended June 30, 2021, as compared to 4,000 visits during the same period in 2020. Total visitation increased to a total of approximately 34,000 visits in July and August 2021 as compared to 16,000 visits during the same two-month period in 2020.
Las Vegas
Effective June 1, 2021, pursuant to State of Nevada and Nevada Gaming Control Board decisions, all capacity limits, restrictions on large gatherings and other restrictions, which had been implemented in response to the impact of the COVID-19 Pandemic, were lifted and the Company’s Las Vegas Operating Properties are operating under pre-pandemic guidelines.
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(UNAUDITED)
Las Vegas started administering the COVID-19 vaccine in early 2021 and, effective April 5, 2021, all individuals, 16 and older are eligible to receive the vaccine.
During the nine months ended September 30, 2021, the Company’s Las Vegas Operating Properties were open subject to various capacity limits in place at various times throughout the year. This compares to the same period in 2020 when the Company’s Las Vegas Operating Properties operations were suspended on March 18, 2020, due to a government mandate, and on June 4, 2020, The Venetian Tower, The Palazzo Tower and select food and beverage outlets reopened, with certain operations subject to reduced capacity. Convention, meeting and certain entertainment related operations remained closed for a portion of the nine months ended September 30, 2020.
Visitation to the Company’s Las Vegas Operating Properties continues to be impacted by the effects of the COVID-19 Pandemic; however, visitation has increased since restrictions have been lifted. The Las Vegas Convention and Visitors Authority announced for the quarters ended March 31, 2021 and June 30, 2021, visitation to Las Vegas decreased to 5.1 million visits and increased to 8.4 million visits, respectively, as compared to 8.4 million visits and 1.3 million visits during the same periods in 2020, respectively. Total visitation increased to a total of 6.3 million visits in July and August 2021, as compared to 3.0 million during the same two-month period in 2020. The Las Vegas Convention and Visitors Authority also announced for the quarters ended March 31, 2021 and June 30, 2021, gross gaming revenue for the Las Vegas Strip decreased to $1.17 billion and increased to $1.75 billion, respectively, as compared to $1.47 billion and $245 million during the same periods in 2020, respectively. Total gross gaming revenue increased to $1.42 billion in July and August 2021, as compared to $647 million during the same two-month period in 2020.
Summary
The disruptions arising from the COVID-19 Pandemic continued to have a significant adverse impact on the Company’s financial condition and operations during the nine months ended September 30, 2021. The duration and intensity of this global health emergency and related disruptions are uncertain. Given the dynamic nature of these circumstances, the impact on the Company’s consolidated results of operations, cash flows and financial condition in 2021 will be material, but cannot be reasonably estimated at this time as it is unknown when the impact of the COVID-19 Pandemic will end, when or how quickly the current travel and operational restrictions will be modified or cease to be necessary and the resulting impact on the Company’s business and the willingness of tourism patrons to spend on travel and entertainment and business patrons to spend on MICE.
While each of the Company’s properties were open and operating at reduced levels due to lower visitation and the implementation of required safety measures during the nine months ended September 30, 2021, the current economic and regulatory environment on a global basis and in each of the Company’s jurisdictions continues to evolve. The Company cannot predict the manner in which governments will react as the global and regional impact of the COVID-19 Pandemic changes over time, which could significantly alter the Company’s current operations.
The Company funds its development projects primarily through borrowings under its credit facilitieshas a strong balance sheet and operating cash flows.
The Company held unrestrictedsufficient liquidity in place, including total cash and cash equivalents of $2.0 billion andbalance, excluding restricted cash and cash equivalents, of $11$1.64 billion and access to $1.50 billion, $2.0 billion and $436 million of available borrowing capacity from the LVSC Revolving Facility, 2018 SCL Revolving Facility and the 2012 Singapore Revolving Facility, respectively, and 3.69 billion Singapore dollars (“SGD,” approximately $2.71 billion at exchange rates in effect on September 30, 2021) under the Singapore Delayed Draw Term Facility, exclusively for capital expenditures for the Marina Bay Sands expansion project (subject to restrictions as described in Note 3 — Long-Term Debt), as of September 30, 2017.2021. The Company believes it is able to support continuing operations, complete the major construction projects that are underway and respond to the current COVID-19 Pandemic challenges. The Company has taken various mitigating measures to manage through the current environment, including a cost and capital expenditure reduction program to minimize cash outflow for non-essential items.
Macao Subconcession
Gaming in Macao is administered by the government through concession agreements awarded to three different concessionaires and three subconcessionaires, of which Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.) is one. These concession agreements expire on handJune 26, 2022. If VML’s subconcession is not
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(UNAUDITED)
extended or renewed, VML may be prohibited from conducting gaming operations in Macao, and VML could cease to generate revenues from the gaming operations when the subconcession agreement expires on June 26, 2022. In addition, all of VML’s casino premises and gaming-related equipment could be automatically transferred to the Macao government without any compensation to VML. It is possible the Macao government could change or interpret the associated gaming laws in a manner that could negatively impact the Company.
Under the Company’s SCL senior notes indentures, upon the occurrence of any event resulting from any change in Gaming Law (as defined in the indentures) after which none of Sands China Ltd. (“SCL”) subsidiaries own or manage casino or gaming areas or operate casino games of fortune and chance in Macao in substantially the same manner as they are owning or managing casino or gaming areas or operating casino games as of the issue date of the SCL senior notes, for a period of 30 consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of SCL and its subsidiaries, taken as a whole, holders of the SCL senior notes can require the Company to repurchase all or any part of the SCL senior notes at par, plus any accrued and unpaid interest (the “Investor Put Option”).
Additionally, under the 2018 SCL Credit Facility, the events that trigger an Investor Put Option under the SCL senior notes (as described above) would be an event of default, which may result in commitments being immediately cancelled, in whole or in part, and the related outstanding balances and accrued interest, if any, becoming immediately due and payable.
The subconcession not being extended or renewed and the potential impact if holders of the notes and the agent have the ability to, and make the election to, accelerate the repayment of the Company’s debt would have a material adverse effect on the Company’s business, financial condition, results of operations and cash flow generated from operationsflows. The Company intends to follow the process for a concession renewal once the process and requirements are announced by the Macao government. The Company is actively monitoring developments with respect to the Macao government’s concession renewal process and continues to believe its subconcession will be sufficient to maintain compliance with the financial covenants of its credit facilities. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunitiesextended or renewed beyond June 26, 2022.
Discontinued Operations Held for enhancements thereof. InSale
On March 2017,2, 2021, the Company entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively referred to as the “Las Vegas Operations”) for a total enterprise value of $6.25 billion to Pioneer OpCo, LLC, an agreement to amend its U.S. credit facility, which refinancedaffiliate of certain funds managed by affiliates of Apollo Global Management, Inc., and VICI Properties L.P. The Company currently anticipates the term loans in an aggregate amount of $2.18 billion, extended the maturityclosing of the term loanstransaction in the first quarter of 2022, subject to March 29, 2024, removedregulatory review and other closing conditions. Additionally, as discussed in “Note 2 — Held for Sale — Discontinued Operations,” the requirementCompany concluded the Las Vegas Operations met the criteria for held for sale and discontinued operations beginning in the first quarter of 2021. As a result, the Las Vegas Operations is presented in the accompanying condensed consolidated statements of operations and cash flows as a discontinued operation for all periods presented. Current and non-current assets and liabilities of the Las Vegas Operations are presented in the accompanying condensed consolidated balance sheets as current assets and liabilities held for sale for all periods presented.
Unless otherwise noted, amounts and disclosures throughout these Notes to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances and loweredCondensed Consolidated Financial Statements relate to the applicable margin credit spread for borrowings under the term loans (see "— Note 3 — Long-Term Debt — 2013 U.S. Credit Facility").Company's continuing operations.
Recent Accounting Pronouncements
In May 2014,The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Boards ("FASB"Board (“FASB”) issued an accounting standard update (as subsequently amended) on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange forother standards-setting bodies through the goods or services. It also requires more detailed disclosures to enable usersfiling date of these financial statements to understandand does not believe the nature, amount, timing and uncertaintyfuture adoption of revenue and cash flows arising from contracts with customers. The guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for fiscal years beginning after December 15, 2017. The Company plans to adopt the new standard on January 1, 2018, on a full retrospective basis. The Company continues to assess the impact the new standardany such pronouncements will have a material effect on the Company'sCompany’s financial condition,position, results of operations and cash flows and related disclosures. Upon adoption, management expects the standard to change the presentation of, and accounting for, complimentary revenues and promotional allowances currently presented in the statements of operations in accordance with current industry standards. It is anticipated a majority of total promotional allowances will be netted against casino revenue and expenses will be allocated among the respective categories in a different manner. Management also anticipates a change in the manner the Company assigns value to accrued customer benefits related to its frequent players programs. The resulting liability will be recorded using the retail value of such benefits less estimated breakage and will be offset against casino revenue. When the benefits are redeemed, revenue will be recognized in the resulting category of the goods or services provided. The adoption of this guidance is not expected to have a material impact on the Company's financial condition or results of operations.
In March 2016, the FASB issued an accounting standard update to simplify several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification in the statement of cash flows and electing an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. The Company adopted this guidance effective January 1, 2017, and as a result, excess tax benefits or deficiencies related to the exercise or vesting of share-based awards are now reflected in the accompanying condensed consolidated statements of operations as a component of income tax expense, whereas previously they were recognized in stockholders' equity when realized. As a result of the prior guidance that required that deferred tax assets are not recognized for net operating loss carryforwards or credit carryforwards resulting from windfall tax benefits, the Company had windfall tax benefits of $379 million as of December 31, 2016, that were not reflected in deferred tax assets. With the adoption of the new accounting standard, the Company recorded these deferred tax assets, but established a full valuation allowance against those deferred tax assets based on the determination that it was "more-likely-than-not" that those deferred tax assets would not be realized. The accompanying condensed consolidated statements of cash flows present excess tax benefits as an operating activity on a retrospective basis. The reclassification of the prior period had an immaterial impact on the Company's cash flows from operating and financing activities. The Company has elected to account for forfeitures as they occur rather than account for forfeitures based upon an estimated rate. This change in accounting policy was adopted on a modified retrospective basis and resulted in a $2 million cumulative effect adjustment to retained earnings.

flows.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Reclassification
Certain amounts in the accompanying condensed consolidated balance sheet as of December 31, 2016,financial statements and the condensed consolidated statement of cash flows for the nine months ended September 30, 2016,accompanying notes have been reclassified to be consistent with the current yearperiod presentation. The reclassificationThese reclassifications had no impacteffect on net income for the Company's financial condition, results of operations or cash flows.prior periods.
Note 2 — PropertyHeld for Sale — Discontinued Operations
On March 2, 2021, the Company entered into definitive agreements to sell the Las Vegas Operations for an aggregate purchase price of approximately $6.25 billion (the “Las Vegas Sale”) to Pioneer OpCo, LLC (“OpCo”), an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc., and Equipment, Net
PropertyVICI Properties L.P. (“VICI” and equipment consiststogether with OpCo, the “Purchasers”). Under the terms of the following:
 September 30,
2017		 December 31,
2016
 (In millions)
Land and improvements$659
 $626
Building and improvements17,598
 17,478
Furniture, fixtures, equipment and leasehold improvements3,890
 3,720
Transportation455
 454
Construction in progress1,141
 1,094
 23,743
 23,372
Less — accumulated depreciation and amortization(8,245) (7,469)
 $15,498
 $15,903
Construction in progress consistsagreements, OpCo will acquire subsidiaries that hold the operating assets and liabilities of the following:
 September 30,
2017		 December 31,
2016
 (In millions)
The Plaza Macao and Four Seasons Hotel Macao$441
 $430
Sands Cotai Central292
 286
Other408
 378
 $1,141
 $1,094
The $408 millionLas Vegas Operations for approximately $1.05 billion in other constructioncash, subject to certain post-closing adjustments, and $1.20 billion in progress as of September 30, 2017, consists primarily of constructionseller financing in the form of a high-rise residential condominium tower (the "Lassix-year term loan credit and security agreement and VICI will acquire subsidiaries that hold the real estate and real estate-related assets of the Las Vegas Condo Tower")Operations for approximately $4.0 billion in cash. The closing of the Las Vegas Sale is subject to customary closing conditions, including regulatory approvals, and various projects at The Venetian Macao.is anticipated to close in the first quarter of 2022.
DuringIn connection with the nine months ended September 30, 2017 and the three and nine months ended September 30, 2016,closing, the Company capitalized $1 million, $12 million and $33 million, respectively, of interest expense. During the three and nine months ended September 30, 2017 and the three and nine months ended September 30, 2016,OpCo will enter into a post-closing contingent lease support agreement (the “Contingent Lease Support Agreement”) pursuant to which, among other things, the Company capitalized approximately $6 million, $18 million, $8 million and $22 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved withmay be required to make certain payments (“Support Payments”) to OpCo. The Support Payments are payable on a monthly basis following closing through the development and construction of property.
Duringyear ending December 31, 2023, based upon the three months ended September 30, 2017, the Company completed an evaluationperformance of the estimated useful livesLas Vegas Operations relative to certain agreed upon target metrics and subject to quarterly and annual adjustments. The target metrics are measured against a benchmark annual EBITDAR (as defined in the Contingent Lease Support Agreement) of its propertythe Las Vegas Operations equal to $286 million for 2021 and equipment.$500 million for 2022 and 2023 (as it may be adjusted as a result of when the closing occurs). The timing of this review wasCompany’s payment obligations are subject to an annual cap equal to $250 million, subject to prorated reduction depending on when the closing occurs. Each monthly Support Payment is subject to a prorated cap based on the annual cap (as it may be adjusted as a combinationresult of factors accumulating over time that providedwhen the Company with updated information to make a better estimate on the economic lives of certain property and equipment. These factors included (1) the accumulation of historical asset replacement data at the Company's operating properties, which reflects the actual length of time the Company uses certain property and equipment, (2) the stabilization of the operating, regulatory and competitive environment in each jurisdiction the Company operates in, which includes meeting the final land concession government imposed deadlines for the Company's Macao properties on the Cotai Strip, (3) transitioning to more predictable renovation cycles at the Company's operating properties and (4)closing occurs).
After consideration of the estimated useful lives assigned to buildingsrelevant facts, the Company concluded the assets and liabilities of the Company's peersLas Vegas Operations met the criteria for classification as held for sale. The Company further concluded the proposed disposal activities represented a strategic shift that will have a major effect on the Company’s operations and financial results and qualified for presentation as discontinued operations in accordance with FASB Accounting Standards Codification (“ASC”) 205-20. Accordingly, the financial results of the Las Vegas Operations are presented in the gamingaccompanying condensed consolidated statements of operations and hospitality industry. Based on these factors,cash flows as well asdiscontinued operations for all periods presented.
The Las Vegas Operations are recorded at the anticipated use and conditioncarrying value of the assets held for sale. The fair value of these assets was determined to be the stated sales price per the agreements, which is greater than the carrying amount of the net assets and consequently no impairment charge was recognized. Depreciation and amortization on the assets held for sale ceased upon entering into the Las Vegas Sale agreements.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

The following table represents summarized balance sheet information of assets and liabilities held for sale:
evaluated,
September 30,
2021		December 31,
2020
(In millions)
Cash and cash equivalents$41 $39 
Accounts receivable, net of provision for credit losses of $54 and $59106 86 
Inventories8 10 
Prepaid expenses and other27 23 
Property and equipment, net2,843 2,830 
Other assets, net230 234 
Total held for sale assets in the balance sheet(1)
$3,255 $3,222 
Accounts payable$21 $9 
Construction payables5 6 
Other accrued liabilities320 232 
Long-term debt2 3 
Deferred amounts related to mall sale transactions339 344 
Other long-term liabilities140 161 
Total held for sale liabilities in the balance sheet(1)
$827 $755 
____________________
(1)All assets and liabilities held for sale were classified as current as it is probable the Company determined that changes to the useful lives of certain property and equipment were appropriate. As a result, the Company revised the estimated useful lives of its buildings, building improvements and land improvements from a range of 15 to 40 years to 10 to 50 years and certain other furniture, fixtures and equipment from 3 to 6 years to 5 to 10 years to better reflect the estimated periods during which these assets are expected to remain in service.
This change in estimated useful lives was accounted for as a change in accounting estimate effective July 1, 2017. The impact of this change for the three and nine months ended September 30, 2017, was a decrease in depreciation and amortization expense and an increase in operating income of $51 million, and an increase in net income of $46 million, or earnings per share of $0.06 on a basic and diluted basis.
Note 3 — Long-Term Debt
Long-term debt consistssale of the following:Las Vegas Operations will be completed within one year.
13
 September 30,
2017		 December 31,
2016
 (In millions)
Corporate and U.S. Related(1):
   
2013 U.S. Credit Facility — Extended Term B (net of unamortized original issue discount and deferred financing costs of $11)$2,155
 $—
2013 U.S. Credit Facility — Term B (net of unamortized original issue discount and deferred financing costs of $13)—
 2,170
2013 U.S. Credit Facility — Extended Revolving—
 36
Airplane Financings—
 56
HVAC Equipment Lease13
 14
Macao Related(1):
   
2016 VML Credit Facility — Term (net of unamortized deferred financing costs of $59 and $69, respectively)4,041
 4,049
2016 VML Credit Facility — Non-Extended Term (net of unamortized deferred financing costs of $3 and $4, respectively)252
 266
Other6
 8
Singapore Related(1):
   
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $35 and $44, respectively)3,150
 2,996
 9,617
 9,595
Less — current maturities(134) (167)
Total long-term debt$9,483
 $9,428
____________________
(1)Unamortized deferred financing costs of $27 million and $35 million as of September 30, 2017 and December 31, 2016, respectively, related to the U.S., Macao and Singapore revolving credit facilities are included in other assets, net in the accompanying condensed consolidated balance sheets.

2013 U.S. Credit Facility
During March 2017, the Company entered into an agreement (the "Amendment Agreement") to amend the existing 2013 U.S. Credit Facility to, among other things, refinance the term loans (by way of continuing or replacing existing term loans) in an aggregate amount of $2.18 billion (the "2013 Extended U.S. Term B Facility") and to lower the applicable margin credit spread for adjusted Eurodollar rate term loans from 2.25% to 2.00% per annum and for alternative base rate term loans from 1.25% to 1.00% per annum (the interest rate was set at 3.2% as of September 30, 2017). Additionally, the Amendment Agreement removed the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances and extended the maturity date of the term loans from December 19, 2020 to March 29, 2024. The 2013 Extended U.S. Term B Facility is subject to quarterly

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

The following table represents summarized income statement information of discontinued operations:
amortization payments of $5 million, which began on March 31, 2017, followed by a balloon payment of $2.03 billion due on March 29, 2024. The Company recorded a $5 million loss on modification of debt during
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(In millions)(In millions)
Revenues:
Casino$141 $59 $304 $175 
Rooms142 41 294 177 
Food and beverage70 23 146 104 
Convention, retail and other46 17 84 85 
Net revenues399 140 828 541 
Resort operations expenses172 113 434 380 
Provision for credit losses4 1 7 8 
General and administrative90 66 250 227 
Corporate— — — 1 
Depreciation and amortization— 44 25 122 
Loss on disposal or impairment of assets2 3 5 6 
Operating income (loss)131 (87)107 (203)
Interest expense(3)(3)(10)(10)
Other income (expense)(1)1 — 1 
Income (loss) from discontinued operations before income tax127 (89)97 (212)
Income tax (expense) benefit(28)22 (22)42 
Net income (loss) from discontinued operations presented in the statement of operations$99 $(67)$75 $(170)
Adjusted Property EBITDA$132 $(40)$136 $(74)
For the three and nine months ended September 30, 2017,2021, the Company’s Las Vegas Operations were classified as a discontinued operation held for sale. The Company applied the intra-period tax allocation rules to allocate the provision for income taxes between continuing operations and discontinued operations using the “with and without” approach. The Company calculated income tax expense from all financial statement components (continuing and discontinued operations), the “with” computation, and compared that to the income tax expense attributable to continuing operations, the “without” computation. The difference between the “with” and “without” computations was allocated to discontinued operations.
The Company’s effective income tax rate from discontinued operations was 22.0% and 22.7% for the three and nine months ended September 30, 2021, respectively. This compares to a (24.7)% and (19.8)% effective income tax rate from discontinued operations for the three and nine months ended September 30, 2020, respectively, which reflects the application of the “with and without” approach consistent with intra-period tax allocation rules. The income tax on discontinued operations reflects a 21% corporate income tax rate on the Company’s Las Vegas Operations.


14


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 3 — Long-Term Debt
Long-term debt consists of the following:
September 30,
2021		December 31,
2020
(In millions)
Corporate and U.S. Related(1):
3.200% Senior Notes due 2024 (net of unamortized original issue discount and deferred financing costs of $9 and $11, respectively)$1,741 $1,739 
2.900% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $3 and $4, respectively)497 496 
3.500% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $9 and $10, respectively)991 990 
3.900% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $7 and $8, respectively)743 742 
Macao Related(1):
4.600% Senior Notes due 2023 (net of unamortized original issue discount and deferred financing costs of $9)— 1,791 
5.125% Senior Notes due 2025 (net of unamortized original issue discount and deferred financing costs of $10 and $11, respectively)1,790 1,789 
3.800% Senior Notes due 2026 (net of unamortized original issue discount and deferred financing costs of $7 and $8, respectively)793 792 
2.300% Senior Notes due 2027 (net of unamortized original issue discount and deferred financing costs of $7)693 — 
5.400% Senior Notes due 2028 (net of unamortized original issue discount and deferred financing costs of $16)1,884 1,884 
2.850% Senior Notes due 2029 (net of unamortized original issue discount and deferred financing costs of $7)643 — 
4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $9 and $10, respectively)691 690 
3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $6)594 — 
2018 SCL Credit Facility — Revolving503 — 
Other27 21 
Singapore Related(1):
2012 Singapore Credit Facility — Term (net of unamortized deferred financing costs of $46 and $50, respectively)2,896 3,023 
2012 Singapore Credit Facility — Delayed Draw Term (net of unamortized deferred financing costs of $1)45 46 
Other4 1 
14,535 14,004 
Less — current maturities(73)(75)
Total long-term debt$14,462 $13,929 
____________________
(1)Unamortized deferred financing costs of $88 million and $91 million as of September 30, 2021 and December 31, 2020, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility are included in connection withother assets, net, in the Amendment Agreement.accompanying condensed consolidated balance sheets.
15


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
LVSC Revolving Facility
As of September 30, 2017,2021, the Company had $1.15$1.50 billion of available borrowing capacity under the 2013 Extended U.S.LVSC Revolving Facility, net of outstanding letters of credit.
Airplane FinancingsOn September 3, 2021, LVSC entered into an amendment agreement (the “Second Amendment”) with lenders to the LVSC Revolving Credit Agreement. Pursuant to the Second Amendment, the existing LVSC Revolving Credit Agreement was amended to (a) extend the period during which LVSC is not required to maintain a maximum consolidated leverage ratio of 4.0x as of the last day of any fiscal quarter to December 31, 2022; (b) extend the period during which LVSC is required to maintain a specified amount of minimum liquidity as of the last day of each month to December 31, 2022; (c) increase the minimum liquidity amount that LVSC is required to maintain until December 31, 2022 to $700 million; and (d) extend the period during which LVSC is unable to declare or pay any dividend or other distribution, unless liquidity is greater than $1.0 billion on a pro forma basis after giving effect to such dividend or distribution, to December 31, 2022. In addition, pursuant to the Second Amendment and subject to the satisfaction of certain conditions specified therein, the requisite lenders under the existing LVSC Revolving Credit Agreement consented to, and waived any applicable restrictions prohibiting, the consummation of the announced sale of the Las Vegas Operations. Pursuant to the Second Amendment, LVSC paid a customary fee to the lenders that consented.
InSCL Senior Notes
On September 23, 2021, SCL issued in a private offering three series of senior unsecured notes in an aggregate principal amount of $1.95 billion, consisting of $700 million of 2.300% Senior Notes due March 2017,8, 2027 (the “2027 SCL Senior Notes”), $650 million of 2.850% Senior Notes due March 8, 2029 (the “2029 SCL Senior Notes”) and $600 million of 3.250% Senior Notes due August 8, 2031 (the “2031 SCL Senior Notes” and, together with the Company repaid2027and2029 SCL Senior Notes, the “SCL Senior Notes”). SCL used the net proceeds from the offering and cash on hand to redeem in full the outstanding $56 million balanceprincipal amount of its $1.80 billion 4.600% Senior Notes due 2023, any accrued interest and the associated make-whole premium as determined under the Airplane Financings.related senior notes indenture dated as of August 9, 2018.
2016 VMLThe SCL Senior Notes are senior unsecured obligations of SCL. Each series of SCL Senior Notes rank equally in right of payment with all of SCL’s existing and future senior unsecured debt and will rank senior in right of payment to all of SCL’s future subordinated debt, if any. The SCL Senior Notes will be effectively subordinated in right of payment to all of SCL’s future secured debt (to the extent of the value of the collateral securing such debt) and will be structurally subordinated to all of the liabilities of SCL’s subsidiaries. None of SCL’s subsidiaries will guarantee the SCL Senior Notes.
The SCL Senior Notes were issued pursuant to an indenture, dated September 23, 2021 (the “Indenture”), between SCL and U.S. Bank National Association, as trustee. The Indenture contains covenants, subject to customary exceptions and qualifications, that limit the ability of SCL and its subsidiaries to, among other things, incur liens, enter into sale and leaseback transactions and consolidate, merge, sell or otherwise dispose of all or substantially all of SCL’s assets on a consolidated basis. The Indenture also provides for customary events of default.
Under the SCL senior notes indentures, upon the occurrence of any event resulting from any change in Gaming Law (as defined in the indentures) after which none of SCL subsidiaries own or manage casino or gaming areas or operate casino games of fortune and chance in Macao in substantially the same manner as they are owning or managing casino or gaming areas or operating casino games as of the issue date of the SCL senior notes, for a period of 30 consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of SCL and its subsidiaries, taken as a whole, each holder of the SCL senior notes will have the right to require SCL to repurchase all or any part of such holder’s SCL senior notes at par plus accrued and unpaid interest (the “Investor Put Option”). Refer to “Note 1 — Organization and Business of Company” for further information related to the Macao subconcession.
The cost associated with the early termination of the 4.600% Senior Notes due 2023, including the make-whole premium of $131 million and $6 million in original issue discount and deferred financing costs, was recorded
16


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
to loss on modification or early retirement of debt in the condensed consolidated statement of operations, net, during the three months ended September 30, 2021.
2018 SCL Credit Facility
As of September 30, 2017, the Company had $1.99 billion of available borrowing capacityOn January 25, 2021, SCL entered into an agreement with lenders to increase commitments under the 2016 VML Revolving Facility.
2012 Singapore2018 SCL Credit Facility
As of September 30, 2017, the Company had 495 million Singapore by 3.83 billion Hong Kong dollars ("SGD,"(“HKD,” approximately $364$491 million at exchange rates in effect on September 30, 2017)2021). During the nine months ended September 30, 2021, SCL drew down $48 million and HKD 3.54 billion (approximately $455 million at exchange rates in effect on September 30, 2021) under the facility for general corporate purposes.
As of September 30, 2021, SCL had $2.0 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of HKD commitments of 14.09 billion (approximately $1.81 billion at exchange rates in effect on September 30, 2021) and U.S. dollar commitments of $189 million.
On July 7, 2021, SCL entered into a waiver extension and amendment request letter (the "Third Waiver Extension Letter") with respect to certain provisions of the 2018 SCL Credit Facility, pursuant to which lenders agreed to (a) extend by one year to (and including) January 1, 2023, the waiver period for the requirement for SCL to comply with the requirements that SCL ensure the consolidated leverage ratio does not exceed 4.0x and the consolidated interest coverage ratio is not less than 2.5x as at the last day of the financial quarter; (b) extend the period of time during which SCL may supply the agent with its audited consolidated financial statements for the financial year ending on December 31, 2021 to April 30, 2022; and (c) extend by one year to (and including) January 1, 2023, the period during which SCL's ability to declare or make any dividend payment or similar distribution is restricted if at such time (x) the Total Commitments (as defined in the 2018 SCL Credit Facility) exceed $2.0 billion by SCL's exercise of the option to increase the Total Commitments by an aggregate amount of up to $1.0 billion; and (y) the consolidated leverage ratio is greater than 4.0x, unless, after giving effect to such payment, the sum of (i) the aggregate amount of cash and cash equivalents of SCL on such date; and (ii) the aggregate amount of the undrawn facility under the 2018 SCL Credit Facility and unused commitments under other credit facilities of SCL is greater than $2.0 billion. Pursuant to the Third Waiver Extension Letter, SCL paid a customary fee to the lenders that consented.
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 (as defined in the credit agreement), which could 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. Refer to “Note 1 — Organization and Business of Company” for further information related to the Macao subconcession.
2012 Singapore Credit Facility
As of September 30, 2021, Marina Bay Sands Pte. Ltd. (“MBS”) had SGD 593 million (approximately $436 million at exchange rates in effect on September 30, 2021) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit.credit, primarily consisting of a banker’s guarantee for SGD 157 million (approximately $115 million at exchange rates in effect on September 30, 2021) pursuant to a development agreement.
On September 7, 2021, MBS entered into an amendment letter (the “Second Amendment Letter”) with DBS Bank Ltd. (“DBS”), as agent. The Second Amendment Letter amends the facility agreement originally dated as of June 25, 2012 (as amended, restated, amended and restated, supplemented and otherwise modified, including by the amendment letter, dated as of June 18, 2020 (the "First Amendment Letter"), the “Facility Agreement”), among MBS, the lenders party thereto, DBS, as the agent, and the other parties thereto.
The Second Amendment Letter (a) extends by one year to (and including) December 31, 2022, the waiver period for the requirement for MBS to comply with the financial covenant provisions under the Facility Agreement such that MBS will not have to comply with the leverage or interest coverage covenants for the financial quarters ending, and including, September 30, 2021 through, and including, December 31, 2022 (the “Waiver Period”); (b) extends to March 31, 2022, the deadline for delivering the construction cost estimate and the construction schedule for the MBS Expansion Project; and (c) permits MBS to make dividend payments during the Waiver Period of (i) an
17


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
unlimited amount if the ratio of its debt to consolidated adjusted EBITDA is lower than or equal to 4.25x and (ii) up to SGD 500 million per fiscal year if the ratio of its debt to consolidated adjusted EBITDA is higher than 4.25x, subject to the additional requirements that (a) the aggregate amount of MBS’s cash plus Facility B availability is greater than or equal to SGD 800 million immediately following such dividend payment and (b) MBS’s interest coverage ratio is higher than 3.0x. Pursuant to the Second Amendment Letter, MBS paid a customary fee to the lenders that consented.
As of September 30, 2021, SGD 3.69 billion (approximately $2.71 billion at exchange rates in effect on September 30, 2021) remains available to be drawn under the Singapore Delayed Draw Term Facility. If the construction cost estimate and construction schedule to the MBS Expansion Project are not delivered by the extended deadline, the Company will not be permitted to make further draws on the Singapore Delayed Draw Term Facility after March 31, 2022 until these items are delivered to lenders.
Debt Covenant Compliance
As of September 30, 2017,2021, management believes the Company was in compliance with all debt covenants. The Company amended its credit facilities to, among other things, waive the Company’s requirement to comply with certain financial covenant ratios through December 31, 2022 for LVSC and MBS and January 1, 2023 for SCL, which include a maximum leverage ratio or net debt to trailing twelve-months adjusted earnings before interest, income taxes, depreciation and amortization, calculated in accordance with the respective credit agreement, of 4.0x, 4.0x and 4.5x under the LVSC Revolving Facility, 2018 SCL Credit Facility and 2012 Singapore Credit Facility, respectively. The Company’s compliance with its financial covenants for periods beyond December 31, 2022 for MBS and LVSC and January 1, 2023 for SCL, could be affected by certain factors beyond the Company’s control, such as the impact of the COVID-19 Pandemic, including current travel and border restrictions continuing in the future. The Company will pursue additional waivers to meet the required financial covenant ratios for periods beyond their current deadlines, if deemed necessary.
Cash Flows from Financing Activities
Cash flows from financing activities related to long-term debt and capitalfinance lease obligations are as follows:
 Nine Months Ended 
 September 30,
 2017 2016
 (In millions)
Proceeds from 2016 VML Credit Facility$649
 $1,000
Proceeds from 2013 U.S. Credit Facility5
 260
Proceeds from 2011 VML Credit Facility—
 1,000
 $654
 $2,260
Repayments on 2016 VML Credit Facility$(662) $(1,000)
Repayments on 2013 U.S. Credit Facility(57) (907)
Repayments on 2012 Singapore Credit Facility(50) (50)
Repayments on Airplane Financings(56) (3)
Repayments on HVAC Equipment Lease and Other Long-Term Debt(3) (3)
 $(828) $(1,963)
Nine Months Ended
September 30,
20212020
(In millions)
Proceeds from 2027, 2029 and 2031 SCL Senior Notes$1,946 $— 
Proceeds from 2026 and 2030 SCL Senior Notes— 1,496 
Proceeds from 2018 SCL Credit Facility505 403 
Proceeds from 2012 Singapore Credit Facility - Delayed Draw Term— 46 
$2,451 $1,945 
Repayment on 2023 SCL Senior Notes$(1,800)$— 
Repayments on 2018 SCL Credit Facility— (404)
Repayments on 2012 Singapore Credit Facility(46)(45)
Repayments on Other Long-Term Debt(6)(2)
$(1,852)$(451)
Fair Value of Long-Term Debt
The estimated fair value of the Company'sCompany’s long-term debt as of September 30, 20172021 and December 31, 2016,2020, was approximately $9.57$15.09 billion and $9.58$15.15 billion, respectively, compared to its carryingcontractual value of $9.71$14.65 billion and $9.70$14.12 billion, respectively. The estimated fair value of the Company'sCompany’s long-term debt is based on levelrecent trades, if available, and indicative pricing from market information (level 2 inputs (quoted prices in markets that are not active)inputs).

18
13







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

Note 4 — Equity and Earnings Per ShareDerivative Instruments
Common Stock
Dividends
On March 31, June 30 and September 29, 2017, the Company paid a dividend of $0.73 per common share as part of a regular cash dividend program. During the ninethree months ended September 30, 2017,2021, the Company recorded $1.73 billion asentered into two foreign currency swap agreements. The objective of both agreements is to manage the risk of changes in cash flows resulting from foreign currency gains/losses realized upon remeasurement of U.S. dollar denominated SCL senior notes by swapping a distribution against retained earnings (of which $946 million related to the Principal Stockholder and his family and the remaining $787 million related to all other shareholders).
On March 31, June 30 and September 30, 2016, the Company paid a dividendspecified amount of $0.72 per common share as part of a regular cash dividend program. During the nine months ended September 30, 2016, the Company recorded $1.72 billion as a distribution against retained earnings (of which $933 million related to the Principal Stockholder and his family and the remaining $784 million related to all other shareholders).
In October 2017, the Company's Board of Directors declared a quarterly dividend of $0.73 per common share (a total estimated to be approximately$577 million) to be paid on December 29, 2017, to shareholders of record on December 21, 2017.
In October 2017, the Company announced that its Board of Directors increased the dividend for the 2018 calendar year to $3.00 per common share, or $0.75 per common share per quarter.
Repurchase Program
In October 2014, the Company's Board of Directors authorized the repurchase of $2.0 billion of its outstanding common stock, which expired in October 2016. In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which expires in November 2018. Repurchases of the Company's common stock are made at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, legal requirements, other investment opportunities and market conditions. During the nine months ended September 30, 2017, the Company repurchased 5,107,237 shares of its common stock for $300 million (including commissions) under the current program. During the nine months ended September 30, 2016, no shares were repurchased under the previous program. All share repurchases of the Company's common stock have been recorded as treasury stock.
Noncontrolling Interests
On February 24 and June 23, 2017, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD"for U.S. dollars at the contractual spot rate. The terms in one of the contracts did not effectively match the terms of the related SCL senior notes; thus, it was not designated as hedging (the “Non-Hedging Swap”). The remaining contract was designated as a hedge of the cash flows related to a portion of the SCL senior notes (the “Hedging Swap,” and HKD 1.00 per share,together with the Non-Hedging Swap, the “FX Swaps”). The Non-Hedging Swap and the Hedging Swap have a total notional value of $500 million and $1.0 billion, respectively, and expire in August 2023 and August 2025, respectively.
The total fair value of the FX Swaps is recorded as an asset in other assets, net. The fair value of the FX Swaps was estimated using Level 2 inputs from recently reported market transactions of foreign currency exchange rates. For the Hedging Swap, the changes in fair value of the derivative were recognized as other comprehensive income in the accompanying condensed consolidated balance sheets. Additionally, the foreign currency gains/losses incurred from the remeasurement of the portion of the SCL senior notes being hedged were also recognized in other comprehensive income. For the Non-Hedging Swap the changes in fair value of the derivative were recorded in other income in the accompanying condensed consolidated statements of operations.
Note 5 — Accounts Receivable, Net and Customer Contract Related Liabilities
Accounts Receivable and Provision for Credit Losses
Accounts receivable is comprised of casino, hotel, mall and other receivables, which do not bear interest and are recorded at amortized cost. The Company extends credit to SCL shareholders (a totalapproved casino patrons following background checks and investigations of $2.07 billion,creditworthiness. The Company also extends credit to gaming promoters in Macao. These receivables can be offset against commissions payable to the respective gaming promoters. Business or economic conditions, the legal enforceability of gaming debts, foreign currency control measures or other significant events in foreign countries could affect the collectability of receivables from patrons and gaming promoters residing in these countries.
Accounts receivable primarily consists of casino receivables. Other than casino receivables, there is no other concentration of credit risk with respect to accounts receivable. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit evaluation process, credit policies, credit control and collection procedures, and also believes there are no concentrations of credit risk for which a provision has not been established. Although management believes the provision is adequate, it is possible the estimated amount of cash collections with respect to accounts receivable could change.
The Company maintains a provision for expected credit losses on casino, hotel and mall receivables and regularly evaluates the balances. The Company applies standard reserve percentages to aged account balances, which are grouped based on shared credit risk characteristics and days past due. The reserve percentages are based on estimated loss rates supported by historical observed default rates over the expected life of the receivable and are adjusted for forward-looking information. The Company also specifically analyzes the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the patron's financial condition, collection history and any other known information and adjusts the aforementioned reserve with the results from the individual reserve analysis. The Company also monitors regional and global economic conditions and forecasts, which include the impact of the COVID-19 Pandemic, in its evaluation of the adequacy of the recorded reserves. Account balances are written off against the provision when the Company retained $1.45 billion duringbelieves it is probable the nine months ended September 30, 2017). On February 26 and June 24, 2016, SCL paid a dividend of HKD 0.99 and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which the Company retained $1.45 billion during the nine months ended September 30, 2016).
During the nine months ended September 30, 2017 and 2016, the Company distributed $10 million and $11 million, respectively, to certain of its noncontrolling interests.

receivable will not be recovered.
14
19






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

Accounts receivable, net, consists of the following:
September 30,
2021		December 31,
2020
(In millions)
Casino$332 $415 
Rooms7 9 
Mall52 49 
Other17 34 
408 507 
Less - provision for credit losses(241)(255)
$167 $252 
The following table shows the movement in the provision for credit losses recognized for accounts receivable:
20212020
(In millions)
Balance at January 1$255 $220 
Current period provision for credit losses9 52 
Write-offs(20)(33)
Exchange rate impact(3)(3)
Balance at September 30$241 $236 
Customer Contract Related Liabilities
The Company provides numerous products and services to its patrons. There is often a timing difference between the cash payment by the patrons and recognition of revenue for each of the associated performance obligations. The Company has the following main types of liabilities associated with contracts with customers: (1) outstanding chip liability, (2) loyalty program liability and (3) customer deposits and other deferred revenue for gaming and non-gaming products and services yet to be provided.
The following table summarizes the liability activity related to contracts with customers:
Outstanding Chip LiabilityLoyalty Program Liability
Customer Deposits and Other Deferred Revenue(1)
202120202021202020212020
(In millions)
Balance at January 1$197 $510 $62 $63 $633 $591 
Balance at September 30112 305 63 62 599 645 
Increase (decrease)$(85)$(205)$1 $(1)$(34)$54 
____________________
(1)Of this amount, $148 million and $152 million as of September 30 and January 1, 2021, respectively, and $152 million and $154 million as of September 30 and January 1, 2020, respectively, relate to mall deposits that are accounted for based on lease terms usually greater than one year.
Note 6 — Equity and Earnings Per Share
Common Stock
Dividends
In April 2020, the Company suspended the quarterly dividend program due to the impact of the COVID-19 Pandemic.
20


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Noncontrolling Interests
In February 2021, SCL announced it will not pay a final dividend for 2020 due to the impact of the COVID-19 Pandemic.
Earnings (Loss) Per Share
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)764 764 764 764 
Potential dilution from stock options and restricted stock and stock units— — — — 
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)764 764 764 764 
Antidilutive stock options excluded from the calculation of diluted earnings per share9 9 8 9 
Note 7 — Income Taxes
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)791
 795
 792
 795
Potential dilution from stock options and restricted stock and stock units1
 —
 1
 —
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)792
 795
 793
 795
Antidilutive stock options excluded from the calculation of diluted earnings per share6
 7
 7
 7
Accumulated Other Comprehensive Loss
As ofThe Company’s effective income tax rate from continuing operations was (1.6)% for the nine months ended September 30, 20172021, compared to (0.2)% for the nine months ended September 30, 2020. The effective income tax rate for the nine months ended September 30, 2021, reflects a 17% statutory tax rate on the Company’s Singapore operations and December 31, 2016, accumulated other comprehensive loss consisted solelya 21% corporate income tax rate on its domestic operations. The Company's operations in Macao are subject to a 12% statutory income tax rate, but in connection with the 35% gaming tax, the Company’s subsidiaries in Macao and its peers receive an income tax exemption on gaming operations through June 2022. During the nine months ended September 30, 2021, the Company recorded a valuation allowance of $20 million related to certain U.S. foreign currency translation adjustments.
Note 5 — Fair Value Measurements
The Company currently uses foreign currency forward contracts as effective economic hedgestax credits, which it no longer expects to manage a portion of its foreign currency exposure. Foreign currency forward contracts involveutilize due to lower forecasted U.S. taxable income in years following the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The aggregate notional value of these foreign currency contracts was $144 million and $427 million as of September 30, 2017 and December 31, 2016, respectively. As these derivatives have not been designated and/or do not qualify for hedge accounting, the changes in fair value are recognized as other income (expense) in the accompanying condensed consolidated statements of operations.
The following table provides the assets and liabilities carried at fair value:Las Vegas Operations.
   Fair Value Measurements Using:
 
Total Carrying
Value
 
Quoted Market
Prices in Active
Markets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 (In millions)
As of September 30, 2017       
Assets       
Cash equivalents(1)
$694
 $694
 $—
 $—
Liabilities       
Forward contracts(2)
$4
 $—
 $4
 $—
As of December 31, 2016       
Assets       
Cash equivalents(1)
$931
 $931
 $—
 $—
Forward contracts(2)
$12
 $—
 $12
 $—
21
____________________
(1)The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

15






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

Note 8 — Leases
(2)As of September 30, 2017 and December 31, 2016, the Company had 8 and 18 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying condensed consolidated balance sheets. During the nine months ended September 30, 2017 and the three and nine months ended September 30, 2016, the Company recorded in other income (expense) a $16 million loss, $10 million gain and $18 million loss, respectively, related to the change in fair value of the forward contracts.
Lessor
Lease revenue for the Company’s mall operations consists of the following:
Three months ended September 30,
20212020
MallOtherMallOther
(In millions)
Minimum rents$124 $— $132 $— 
Overage rents34 — 7 — 
Rent concessions(1)
(16)— (78)— 
Total overage rents and rent concessions18 — (71)— 
$142 $— $61 $— 


Nine months ended September 30,
20212020
MallOtherMallOther
(In millions)
Minimum rents$381 $1 $395 $1 
Overage rents68 — 13 — 
Rent concessions(1)
(53)— (248)— 
Other(2)
6 — — — 
Total overage rents, rent concessions and other21 — (235)— 
$402 $1 $160 $1 
___________________
(1)Rent concessions were provided for the periods presented to tenants as a result of the COVID-19 Pandemic and the impact on mall operations.
(2)Amount 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.
Note 69 — Commitments and Contingencies
Litigation
The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon consultation with legal counsel and has accrued a nominal amount for such costs as of September 30, 2017.counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company'sCompany’s financial condition, results of operations and cash flows.
Round Square CompanyAsian American Entertainment Corporation, Limited v. Las Vegas Sands Corp.Venetian Macau Limited, et al.
On October 15, 2004, Richard Suen and Round Square CompanyFebruary 5, 2007, Asian American Entertainment Corporation, Limited ("Roundsquare"(“AAEC” or “Plaintiff”) filed an actionbrought a claim (the “Prior Action”) in the U.S. District Court for the District of Nevada (the “U.S. District Court”) against LVSC, Las Vegas Sands, Inc. ("LVSI"(now known as Las Vegas Sands, LLC (“LVSLLC”)), Sheldon G. AdelsonVenetian Casino Resort, LLC (“VCR”) and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner inand David Friedman, who are former executives of the District Court of Clark County, Nevada (the "District Court"), asserting aCompany. The Prior Action sought damages based on an alleged breach of an alleged agreement to payagreements entered into between AAEC and the aforementioned defendants for their joint presentation of a success fee of $5 million and 2.0% of the net profit from the Company's Macao resort operationsbid in response to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so betweenpublic tender held by the parties. Pursuant to an order filed March 16, 2006, plaintiffs' fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdictMacao government for the plaintiffs in the amountaward of $44 million. On June 30, 2008, a judgment was entered in this matter in the amount of $59 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings, including overturning the pre-trial dismissal of the plaintiffs' breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court. On February 27, 2012, the District Court set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court granted both requests. The retrial began on March 27 and on May 14, 2013, the jury returned a verdict in favor of Roundsquare in the amount of $70 million. On May 28, 2013, a judgment was entered in the matter in the amount of $102 million (including pre-judgment interest). On June 7, 2013, the Company filed a motion with the District Court requesting that the judgment be set aside as a matter of law or in the alternative that a new trial be granted. On July 30, 2013, the District Court denied the Company's motion. On October 17, 2013, the District Court entered an order granting plaintiff's request for certain costs and fees associated with the litigation in the amount of approximately $1 million. On December 6, 2013, the Company filed a notice of appeal of the jury verdict with the Nevada Supreme Court. The Company filed its opening appellate brief with the Nevada Supreme Court on June 16, 2014. On August 19, 2014, the Nevada Supreme Court issued an order granting plaintiffs additional time until September 15, 2014, to file their answering brief. On September 15, 2014, Roundsquare filed a request to the Nevada Supreme Court to file a brief exceeding the maximum number of words, which was granted. On October 10, 2014, Roundsquare filed its answering brief. On January 12, 2015, the defendants filed their reply brief. On January 27, 2015, Roundsquare filed its reply brief. The Nevada Supreme Court set oral argument for December 17, 2015, before a panel of justices only to reset it for January 26, 2016, en banc. Oral arguments were presented to the Nevada Supreme Court as scheduled. On March 11, 2016, the Nevada Supreme Court issued an order affirming the judgment of liability, but reversing the damages award and remanding for a new trial on damages. On March 29, 2016, Roundsquare filed a petition for

gaming
16
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

concessions at the end of 2001. The U.S. District Court entered an order dismissing the Prior Action on April 16, 2010.
rehearing.On January 19, 2012, AAEC filed another claim (the “Macao Action”) with the Macao Judicial Court against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), LVSLLC and VCR (collectively, the “Defendants”). The Nevada Supreme Court ordered an answerclaim was for 3.0 billionpatacas (approximately $374 million at exchange rates in effect on September 30, 2021). The Macao Action alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S. Defendants”) for their joint presentation of a bid in response to the public tender held by the Company, whichMacao government for the Company filed on May 4, 2016. On May 12, 2016, Roundsquare filed a motion for leave to file a reply brief in supportaward of its petition for rehearing, and on May 19, 2016,gaming concessions at the Company filed an opposition to that motion. On June 24, 2016, the Nevada Supreme Court issued an order granting Roundsquare's petition for rehearing and submitting the appeal for decision on rehearing without further briefing or oral argument.end of 2001. On July 22, 2016,4, 2012, the Nevada Supreme Court once again ordered a new trial asDefendants filed their defense to plaintiff Roundsquare on the issue of quantum merit damages. A pre-trial hearing was set in District Court for December 12, 2016. At the December 12, 2016 hearing, the District Court indicated that it would allow a scope of trial and additional discovery into areas the Company opposed as inconsistentMacao Action with the Nevada Supreme Court's remand. The DistrictMacao Judicial Court and amended the defense on January 4, 2013.
On March 24, 2014, the Macao Judicial Court issued a writtendecision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings, and the claim should proceed exclusively against the U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision and the appeal is currently pending.
On June 5, 2015, the U.S. Defendants applied to the Macao Judicial Court to dismiss the claims against them as res judicata based on the dismissal of the Prior Action. On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. As of the end of December 2016, all appeals (including VML’s dismissal and the res judicata appeals) were being transferred to the Macao Second Instance Court. On May 11, 2017, the Macao Second Instance Court notified the parties of its decision of refusal to deal with the appeals at the present time. The Macao Second Instance Court ordered the court file be transferred back to the Macao Judicial Court. Evidence gathering by the Macao Judicial Court commenced by letters rogatory, which was completed on March 14, 2019, and the trial of this matter was scheduled for September 2019.
On July 15, 2019, AAEC submitted a request to the Macao Judicial Court to increase the amount of its claim to 96.45 billion patacas (approximately $12.03 billion at exchange rates in effect on September 30, 2021), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022 in due course at the enforcement stage. On September 4, 2019, the Macao Judicial Court allowed AAEC’s request to increase the amount of its claim. On September 17, 2019, the U.S. Defendants appealed the decision granting AAEC’s request and that appeal is currently pending.
On September 2, 2019, the U.S. Defendants moved to revoke the legal aid granted to AAEC, which excuses AAEC from paying its share of court costs. On September 4, 2019, the Macao Judicial Court deferred ruling on the U.S. Defendants’ motion regarding legal aid until the entry of final judgment. The U.S. Defendants appealed that deferral on September 17, 2019. On September 26, 2019, the Macao Judicial Court rejected that appeal on procedural grounds. The U.S. Defendants requested clarification of that order on the scope of retrial and discoveryOctober 29, 2019. By order dated December 15, 2016. On January 5, 2017,4, 2019, the Company moved for a stayMacao Judicial Court stated it would reconsider the U.S. Defendants’ motion to revoke legal aid and, as part of proceedings in the District Court, pending the Nevada Supreme Court's resolutionthat reconsideration, it would reanalyze portions of the Company's petition for writrecord, seek an opinion from the Macao Public Prosecutor regarding the propriety of mandamus or prohibition, which was filed on January 13, 2017. On February 13, 2017,legal aid and consult with the Districttrial court overseeing AAEC’s separate litigation against Galaxy Entertainment Group Ltd., Galaxy Entertainment Group S.A. and two of the U.S. Defendants’ former executives, individually. The Macao Judicial Court denied the motion to stay proceedingsrevoke legal aid on January 14, 2020.
On June 18, 2020, the U.S. Defendants moved to reschedule the trial, which had been scheduled to begin on September 16, 2020, due to travel disruptions and other extraordinary circumstances resulting from the ongoing COVID-19 Pandemic. The Macao Judicial Court granted that motion and rescheduled the trial to begin on FebruaryJune 16, 2017,2021. On April 16, 2021, the Nevada SupremeU.S. Defendants again moved to reschedule the trial because continued travel disruptions resulting from the pandemic prevented the representatives of the U.S. Defendants and certain witnesses from attending the trial as scheduled. Plaintiff opposed that motion on April 29, 2021. The Macao Judicial Court denied the writ.U.S. Defendants’ motion on May 28, 2021, concluding that, under Macao law, it lacked the power to reschedule the trial absent agreement of the parties. The U.S. Defendants appealed that ruling on June 16, 2021, and that appeal is currently pending.
23


LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The trial began as scheduled on June 16, 2021. The Macao Judicial Court heard testimony on June 16, 17, 23, and July 1. By order dated June 17, 2021, the Macao Judicial Court scheduled additional trial dates during September, October and December 2021 to hear witnesses who are currently subject to COVID-19 travel restrictions that prevent or severely limit their ability to enter Macao. That order also provided a procedure for the parties to request written testimony from witnesses who are presently engagednot able to travel to Macao on those dates. On June 28, 2021, the U.S. Defendants sought clarification of certain aspects of that ruling concerning procedures for written testimony and appealed aspects of that ruling setting limits on written testimony, imposing a deadline for in-person testimony, and rejecting the U.S. Defendants’ request to have witnesses testify via video conference. On July 9, 2021, the Macao Judicial Court issued an order clarifying the procedure for written testimony. The U.S. Defendants’ appeal on the remainder of the Macao Judicial Court’s June 17, 2021 order is currently pending.
On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in document discovery.effect on September 30, 2021) based on Plaintiff’s July 15, 2019 amendment of its claim amount. By motion dated July 20, 2021, the U.S. Defendants moved the Macao Judicial Court for an order withdrawing that invoice on the grounds that it was procedurally improper and conflicted with rights guaranteed in Macao’s Basic Law. The Macao Judicial Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021, and that appeal is currently pending.
On September 6, 2021, Plaintiff notified the Macao Judicial Court that it would not be bringing any additional witnesses to testify in-person on the scheduled hearing dates. In submissions dated September 6 and September 20, 2021, Defendants notified the Macao Judicial Court that certain witnesses were unable to attend the September hearing dates due to ongoing travel restrictions related to the COVID-19 Pandemic. By orders dated September 11 and September 23, 2021, the Macao Judicial Court cancelled the various hearing dates scheduled in September.
Trial in the Macao Action resumed on October 8, 2021 with additional in-person hearing dates scheduled during October and December 2021.
Management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company has accrued a nominal amount for estimated costs relatedintends to this legal matter as of September 30, 2017. In the event that the Company's assumptions used to evaluatedefend this matter change in future periods, it may be required to record an additional liability for an adverse outcome.vigorously.
Frank J. Fosbre, Jr.The Daniels Family 2001 Revocable Trust v. Las Vegas Sands Corp., Sheldon G. Adelson and William P. WeidnerLVSC, et al.
On May 24, 2010, Frank J. Fosbre, Jr.October 22, 2020, The Daniels Family 2001 Revocable Trust, a putative purchaser of the Company’s shares, filed a purported class action complaint in the U.S. District Court against LVSC, Sheldon G. Adelson and William P. Weidner.Patrick Dumont. The complaint allegedasserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that LVSC through the individual defendants, disseminated or approvedmade materially false information,or misleading statements, or failed to disclose material facts, from February 27, 2016 through press releases, investor conference callsSeptember 15, 2020, with respect to its operations at the Marina Bay Sands, its compliance with Singapore laws and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damagesregulations, and attorneys' feesits disclosure controls and costs.procedures. On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above, sought, among other relief, class certification, compensatory damages and attorneys' fees and costs. On August 31, 2010,January 5, 2021, the U.S. District Court entered an order consolidating the Fosbreappointing Carl S. Ciaccio and Combs cases, and appointedDonald M. DeSalvo as lead plaintiffs and lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter.(“Lead Plaintiffs”). On November 1, 2010,March 8, 2021, Lead Plaintiffs filed a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson, Patrick Dumont, and William P. Weidner. The amended complaint alleges that LVSC,Robert G. Goldstein, alleging similar violations of Sections 10(b) and 20(a) of the Exchange Act over the same time period of February 27, 2016 through September 15, 2020. On March 22, 2021, the individual defendants, disseminated or approved materially false and misleading information, or failedU.S. District Court granted Lead Plaintiffs’ motion to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys' fees and costs.substitute Dr. Miriam Adelson, in her capacity as the Special Administrator for the estate of Sheldon G. Adelson, for Sheldon G. Adelson as a defendant in this action. On January 10, 2011,May 7, 2021, the defendants filed a motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendantscomplaint. Lead Plaintiffs filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing defendants' Motion for Partial Reconsideration of the U.S. District Court's order dated August 24, 2011, striking additional portions of the plaintiffs' complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiffs filed a purported class action second amended complaint (the "Second Amended Complaint") seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs respondedopposition to the motion to dismiss on November 1, 2012,July 6, 2021, and the defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decisionAugust 5, 2021. All briefing on the new motion to dismiss and therefore, the discovery process was suspended. On April 16, 2013, the case was reassigned to a new judge. On July 30, 2013, the U.S. District Court heard the motion to dismiss is complete and took the matter under advisement. On November 7, 2013, the judge granted in part and denied in part defendants' motions to dismiss. On December 13, 2013, the defendants filed their answer to the

17





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

Second Amended Complaint. Discovery in the matter resumed. On January 8, 2014, plaintiffs filed a motion to expand the certified class period, which was granted byis pending before the U.S. District Court on June 15, 2015. Fact discovery closed on July 31, 2015, and expert discovery closed on December 18, 2015. On January 22, 2016, defendants filed motions for summary judgment. Plaintiffs filed an opposition to the motions for summary judgment on March 11, 2016. Defendants filed their replies in support of summary judgment on April 8, 2016. Summary judgment in favor of the defendants was entered on January 4, 2017. The plaintiffs filed a notice of appeal on February 2, 2017, and their opening brief in support of their appeal on July 14, 2017. Defendants filed their answering briefs in opposition to the appeal on October 13, 2017. The Company intends to defend this matter vigorously.
Benyamin Kohanim v. Adelson, et al.
On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the "Kohanim action") on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the Foreign Corrupt Practices Act. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the "Gaines action") on behalf of the Company in the District Court against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the District Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the District Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until July 22, 2013. The District Court granted several successive stays since that time, but lifted the stay on April 25, 2017, following an in-chambers status check. On July 20, 2017, the District Court ordered counsel of record for all parties to appear for an August 10, 2017 status check. The District Court subsequently ordered the parties to submit supplemental briefing on the pending motion to dismiss and a hearing on that motion is scheduled for November 9, 2017.Court. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Nasser Moradi, et al. v. Adelson, et al.
On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed a shareholder derivative action (the "Moradi action"), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the "LAMPERS action") on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages,

1824






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

Turesky v. Sheldon G. Adelson, et al.
and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff. On April 22, 2011, John ZarembaDecember 28, 2020, Andrew Turesky filed a putative shareholder derivative action (the "Zaremba action") on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader,Patrick Dumont, Robert G. Goldstein, Irwin Chafetz, Micheline Chau, Charles D. Forman, Steven L. Gerard, George P. Koo, MichaelJamieson, Charles A. Leven, Jeffrey H. SchwartzKoppelman, Lewis Kramer and Irwin A. Siegel, the membersDavid F. Levi, all of whom are current or former directors and/or officers of LVSC. The complaint asserts claims for breach of fiduciary duty, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, violations of Sections 10(b), 14(a) and 20(a) of the Board of Directors at the time,Exchange Act and Wing T. Chao, a former memberfor contribution under Sections 10(b) and 21D of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff.Exchange Act. On August 25, 2011,February 24, 2021, the U.S. District Court consolidatedentered an order granting the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011,parties’ stipulation to stay this action in light of the defendants filed aDaniels Family 2001 Revocable Trust putative securities class action (the “Securities Action”). Subject to the terms of the parties’ stipulation, this action is stayed until 30 days after the final resolution of the motion to dismiss or alternatively to stayin the federal action due to the parallel District Court action described above.Securities Action. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012,March 11, 2021, the U.S. District Court granted the plaintiff’s motion to stay pending a further update ofsubstitute Dr. Miriam Adelson, in her capacity as the Special Litigation Committee due on October 30, 2012. On October 30, 2012,Administrator for the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants requestestate of Sheldon G. Adelson, for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. On May 31, 2013, the case was reassigned toSheldon G. Adelson as a new judge. On April 11, 2014, the judge denied the motion to dismiss without prejudice and ordered the case stayed pending the outcome of the District Court actiondefendant in Kohanim described above. Pursuant to a series of court orders, the parties have filed a number of status reports during the pendency of the stay, including most recently on June 16, 2017.This consolidatedthis action. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
Asian American Entertainment Corporation, Limited v.
Note 10 — Segment Information
The Company’s principal operating and developmental activities occur in two geographic areas: Macao and Singapore. The Company reviews the results of operations and construction and development activities for each of its operating segments: The Venetian Macau Limited, et al.
On January 19, 2012, Asian American Entertainment Corporation, Limited ("AAEC") filed a claim (the "Macao action") withMacao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; Sands Macao; and Marina Bay Sands. The Company has included Ferry Operations and Other (comprised primarily of the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. ("LVS (Nevada)"),Company’s ferry operations and various other operations that are ancillary to its properties in Macao) and Corporate and Other to reconcile to the condensed consolidated results of operations and financial condition. The operations that comprised the Company’s former Las Vegas Sands, LLC ("LVSLLC")Operating Properties reportable business segment were classified as a discontinued operation and VCR (collectively, the "Defendants"). information below for the three and nine months ended June 30, 2021 and 2020, excludes these results.
The claim isCompany’s segment information for 3.0 billion patacas (approximately $373 million at exchange rates in effect onthe three and nine months ended September 30, 2017)2021 and 2020 is as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the "U.S. Defendants") for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. On September 23, 2013, the U.S. Defendants filed a motion with the Macao Second Instance Court, seeking recognition and enforcement of the U.S. Court of Appeals ruling in the Prior Action, referred to below, given on April 10, 2009, which partially dismissed AAEC's claims against the U.S. Defendants.follows:
On March 24, 2014, the Macao Judicial Court issued a Decision (Despacho Seneador) holding that AAEC's claim against VML is unfounded and that VML be removed as a party to the proceedings, and that the claim should proceed exclusively against the U.S. Defendants. On May 8, 2014, AAEC lodged an appeal against that decision. The Macao Judicial Court further held that the existence of the pending application for recognition and enforcement of the U.S. Court of Appeals ruling before the Macao Second Instance Court did not justify a stay of the proceedings against the U.S. Defendants at the present time, although in principle an application for a stay of the proceedings against the U.S. Defendants could be reviewed after the Macao Second Instance Court had issued its decision. On June 25, 2014, the Macao Second Instance Court delivered a decision, which gave formal recognition to and allowed enforcement in Macao of the judgment of the U.S. Court of Appeals, dismissing AAEC's claims against the U.S. Defendants.
AAEC appealed against the recognition decision to the Macao Court of Final Appeal, which, on May 6, 2015, dismissed the appeal and held the U.S. judgment to be final and have preclusive effect. The Macao Court of Final Appeal's decision became final on May 21, 2015. On June 5, 2015, the U.S. Defendants applied to the Macao Judicial

CasinoRoomsFood and BeverageMallConvention, Retail and OtherNet Revenues
(In millions)
Three Months Ended September 30, 2021
Macao:
The Venetian Macao$176 $18 $6 $49 $4 $253 
The Londoner Macao80 22 6 13 2 123 
The Parisian Macao75 12 4 10 1 102 
The Plaza Macao and Four Seasons Macao44 11 3 52 1 111 
Sands Macao16 2 2 — — 20 
Ferry Operations and Other— — — — 7 7 
391 65 21 124 15 616 
Marina Bay Sands142 35 21 41 10 249 
Intercompany royalties(1)
— — — — 16 16 
Intercompany eliminations(2)
— — — — (24)(24)
Total net revenues$533 $100 $42 $165 $17 $857 
19
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LAS VEGAS SANDS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Court to dismiss the claims against them as res judicata. AAEC filed its response to that application on June 30, 2015. The U.S. Defendants filed their reply on July 23, 2015. On September 14, 2015, the Macao Judicial Court admitted two further legal opinions from Portuguese and U.S. law experts. On March 16, 2016, the Macao Judicial Court dismissed the defense of res judicata. An appeal against that decision was lodged on April 7, 2016, together with a request that the appeal be heard immediately. By a decision dated April 13, 2016, the Macao Judicial Court accepted that the appeal be heard immediately. Legal arguments were submitted May 23, 2016. AAEC replied to the legal arguments on or about July 14, 2016, which was three days late, upon payment of a penalty. The U.S. Defendants submitted a response on September 20, 2016. On December 13, 2016, the Macao Judicial Court confirmed its earlier decision not to stay the proceedings pending appeal. As of the end of December 2016, all appeals (including VML's dismissal and the res judicata appeals) were being transferred to the Macao Second Instance Court. On May 11, 2017, the Macao Second Instance Court notified the parties of its decision of refusal to deal with the appeals at the present time. The Macao Second Instance Court ordered that the court file be transferred back to the Macao Judicial Court. Evidence gathering by the Macao Judicial Court has commenced by letters rogatory. On June 30, 2017, the Macao Judicial Court sent letters rogatory to the Public Prosecutor's office, for onward transmission to relevant authorities in the U.S. and Hong Kong.
On March 25, 2015, application was made by the U.S. Defendants to the Macao Judicial Court to revoke the legal aid granted to AAEC, accompanied by a request for evidence taking from AAEC, relating to the fees and expenses that they incurred and paid in the U.S. subsequent action referred to below. The Macao Public Prosecutor has opposed the action on the ground of lack of evidence that AAEC's financial position has improved. No decision has been issued in respect to that application up to the present time. A complaint against AAEC's Macao lawyer arising from certain conduct in relation to recent U.S. proceedings was submitted to the Macao Lawyer's Association on October 19, 2015. A letter dated February 26, 2016, has been received from the Conselho Superior de Advocacia of the Macao Bar Association advising that disciplinary proceedings have commenced. A further letter dated April 5, 2016, was received from the Conselho Superior de Advocacia requesting confirmation that the signatories of the complaint were acting within their corporate authority. By a letter dated April 14, 2016, such confirmation has been provided. On September 28, 2016, the Conselho Superior de Advocacia invited comments on the defense, which had been lodged by AAEC's Macao lawyer.
On July 9, 2014, the plaintiff filed another action in the U.S. District Court against LVSC, LVSLLC, VCR (collectively, the "LVSC entities"), Sheldon G. Adelson, William P. Weidner, David Friedman and Does 1-50 for declaratory judgment, equitable accounting, misappropriation of trade secrets, breach of confidence and conversion based on a theory of copyright law. The claim is for $5.0 billion. On November 4, 2014, plaintiff finally effected notice on the LVSC entities, which was followed by a motion to dismiss by the LVSC entities on November 10, 2014. Plaintiff failed to timely respond and on December 2, 2014, the LVSC entities moved for immediate dismissal and sanctions against plaintiff and his counsel for bringing a frivolous lawsuit. On December 19, 2014, plaintiff filed an incomplete and untimely response, which was followed by plaintiff's December 27, 2014 notice of withdrawal of the lawsuit and the LVSC entities' December 29, 2014, reply in favor of sanctions and dismissal with prejudice. On August 31, 2015, the judge dismissed the U.S. action and the LVSC entities' sanctions motion. The Macao action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.
As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the "Prior Action") in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the "Nevada Action") against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC's filing, and the U.S. District Court's dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

CasinoRoomsFood and BeverageMallConvention, Retail and OtherNet Revenues
(In millions)
Three Months Ended September 30, 2020
Macao:
The Venetian Macao$32 $3 $2 $28 $3 $68 
The Londoner Macao5 2 3 9 3 22 
The Parisian Macao26 4 3 6 1 40 
The Plaza Macao and Four Seasons Macao10 1 — 13 1 25 
Sands Macao11 — 1 — — 12 
Ferry Operations and Other— — — — 4 4 
84 10 9 56 12 171 
Marina Bay Sands197 25 22 28 9 281 
Intercompany royalties(1)
— — — — 11 11 
Intercompany eliminations(2)
— — — (1)(16)(17)
Total net revenues$281 $35 $31 $83 $16 $446 
Nine Months Ended September 30, 2021
Macao:
The Venetian Macao$749 $61 $19 $144 $11 $984 
The Londoner Macao304 69 22 43 11 449 
The Parisian Macao203 41 13 30 3 290 
The Plaza Macao and Four Seasons Macao233 34 12 125 2 406 
Sands Macao84 7 4 1 1 97 
Ferry Operations and Other— — — — 22 22 
1,573 212 70 343 50 2,248 
Marina Bay Sands668 99 78 127 30 1,002 
Intercompany royalties(1)
— — — — 66 66 
Intercompany eliminations(2)
— — — (1)(89)(90)
Total net revenues$2,241 $311 $148 $469 $57 $3,226 
Nine Months Ended September 30, 2020
Macao:
The Venetian Macao$288 $25 $8 $75 $15 $411 
The Londoner Macao129 29 12 25 7 202 
The Parisian Macao111 18 9 16 4 158 
The Plaza Macao and Four Seasons Macao101 6 4 39 1 151 
Sands Macao80 3 3 1 1 88 
Ferry Operations and Other— — — — 22 22 
709 81 36 156 50 1,032 
Marina Bay Sands643 100 65 73 35 916 
Intercompany royalties(1)
— — — — 46 46 
Intercompany eliminations(2)
— — — (1)(68)(69)
Total net revenues$1,352 $181 $101 $228 $63 $1,925 
20
26







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

____________________
Note 7 — Segment Information
The Company's principal operating and developmental activities occur(1)Royalties earned from foreign operations, which were previously included in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; The Parisian Macao, which opened in September 2016; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties;Properties and Sands Bethlehem. The Company also reviews construction and development activities for each of its primary projects under development, in addition to its reportable segments noted above, which include the renovation, expansion and rebranding of Sands Cotai Central and the Four Seasons Macao Hotel Tower Suites in Macao, and our Las Vegas Condo Tower (which construction currently is suspended) in the United States. The Company has included Ferry Operations and Other (comprised primarilywill continue post-closing of the Company's ferry operationssale.
(2)Intercompany eliminations include royalties and various other operations that are ancillary to its properties in Macao) to reconcile to condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to condensed consolidated financial condition. The Company's segment information as of September 30, 2017 and December 31, 2016, and for the three and nine months ended September 30, 2017 and 2016, is as follows:intercompany services.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(In millions)
Intersegment Revenues
Macao:
The Venetian Macao$— $1 $2 $3 
The Londoner Macao1 — 1 — 
Ferry Operations and Other5 4 17 16 
6 5 20 19 
Marina Bay Sands2 1 4 4 
Intercompany royalties16 11 66 46 
Total intersegment revenues$24 $17 $90 $69 
27
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Net Revenues       
Macao:       
The Venetian Macao$718
 $773
 $2,146
 $2,188
Sands Cotai Central474
 518
 1,386
 1,521
The Parisian Macao418
 69
 1,097
 69
The Plaza Macao and Four Seasons Hotel Macao147
 161
 427
 434
Sands Macao143
 167
 486
 527
Ferry Operations and Other44
 46
 130
 126
 1,944
 1,734
 5,672
 4,865
Marina Bay Sands793
 762
 2,329
 2,076
United States:       
Las Vegas Operating Properties378
 384
 1,196
 1,125
Sands Bethlehem148
 147
 437
 432
 526
 531
 1,633
 1,557
Intersegment eliminations(64) (58) (188) (163)
Total net revenues$3,199
 $2,969
 $9,446
 $8,335
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Intersegment Revenues       
Macao:       
The Venetian Macao$1
 $2
 $4
 $5
Ferry Operations and Other10
 10
 30
 29
 11
 12
 34
 34
Marina Bay Sands2
 2
 6
 6
Las Vegas Operating Properties51
 44
 148
 123
Total intersegment revenues$64
 $58
 $188
 $163


21






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


Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(In millions)
Adjusted Property EBITDA
Macao:
The Venetian Macao$40 $(78)$230 $(126)
The Londoner Macao(33)(71)(61)(150)
The Parisian Macao5 (40)(3)(124)
The Plaza Macao and Four Seasons Macao42 (15)156 (5)
Sands Macao(21)(26)(52)(58)
Ferry Operations and Other(1)(3)(6)(15)
32 (233)264 (478)
Marina Bay Sands15 70 271 239 
Consolidated adjusted property EBITDA(1)
47 (163)535 (239)
Other Operating Costs and Expenses
Stock-based compensation(2)
— (2)(8)(10)
Corporate(64)(33)(169)(145)
Pre-opening(6)(5)(15)(14)
Development(13)(3)(59)(18)
Depreciation and amortization(262)(248)(775)(745)
Amortization of leasehold interests in land(14)(14)(42)(41)
Loss on disposal or impairment of assets(4)(55)(18)(62)
Operating loss(316)(523)(551)(1,274)
Other Non-Operating Costs and Expenses
Interest income1 3 3 20 
Interest expense, net of amounts capitalized(157)(134)(469)(376)
Other income (expense)(12)(5)(19)29 
Loss on modification or early retirement of debt(137)— (137)— 
Income tax (expense) benefit27 (5)19 4 
Net loss from continuing operations$(594)$(664)$(1,154)$(1,597)
____________________
(1)Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, 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. The Company has 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.
28
 Three Months Ended 
 September 30,		 Nine Months Ended 
 September 30,
 2017 2016 2017 2016
 (In millions)
Adjusted Property EBITDA       
Macao:       
The Venetian Macao$263
 $315
 $808
 $827
Sands Cotai Central155
 176
 431
 484
The Parisian Macao135
 19
 323
 19
The Plaza Macao and Four Seasons Hotel Macao52
 62
 162
 154
Sands Macao41
 46
 134
 125
Ferry Operations and Other6
 10
 18
 25
 652
 628
 1,876
 1,634
Marina Bay Sands442
 391
 1,299
 1,023
United States:       
Las Vegas Operating Properties76
 86
 277
 245
Sands Bethlehem40
 37
 113
 113
 116
 123
 390
 358
Consolidated adjusted property EBITDA(1)
1,210
 1,142
 3,565
 3,015
Other Operating Costs and Expenses       
Stock-based compensation(4) (2) (11) (12)
Corporate(51) (39) (136) (208)
Pre-opening(1) (86) (7) (128)
Development(3) (3) (8) (7)
Depreciation and amortization(265) (277) (913) (792)
Amortization of leasehold interests in land(9) (10) (28) (29)
Loss on disposal or impairment of assets(21) (5) (27) (15)
Operating income856
 720
 2,435
 1,824
Other Non-Operating Costs and Expenses       
Interest income4
 2
 11
 6
Interest expense, net of amounts capitalized(83) (65) (240) (198)
Other income (expense)(19) 21
 (80) (33)
Loss on modification or early retirement of debt—
 (3) (5) (3)
Income tax expense(73) (69) (220) (187)
Net income$685
 $606
 $1,901
 $1,409
____________________
(1)Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income 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. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA.

22






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

Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.
(2)During the three months ended September 30, 2021 and 2020, the Company recorded stock-based compensation expense of $3 million and $6 million, respectively, of which $3 million and $4 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2021 and 2020, the company recorded stock-based compensation expense of $17 million and $19 million, respectively, of which $9 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Nine Months Ended
September 30,
20212020
(In millions)
Capital Expenditures
Corporate and Other$25 $4 
Macao:
The Venetian Macao50 103 
The Londoner Macao440 591 
The Parisian Macao3 9 
The Plaza Macao and Four Seasons Macao15 147 
Sands Macao4 6 
Ferry Operations and Other1 1 
513 857 
Marina Bay Sands102 137 
Total capital expenditures$640 $998 

29
 Nine Months Ended 
 September 30,
 2017 2016
 (In millions)
Capital Expenditures   
Corporate and Other$5
 $6
Macao:   
The Venetian Macao113
 50
Sands Cotai Central58
 97
The Parisian Macao149
 798
The Plaza Macao and Four Seasons Hotel Macao19
 9
Sands Macao6
 13
Ferry Operations and Other4
 3
 349
 970
Marina Bay Sands137
 50
United States:   
Las Vegas Operating Properties86
 57
Sands Bethlehem15
 20
 101
 77
Total capital expenditures$592
 $1,103
 September 30,
2017		 December 31,
2016
 (In millions)
Total Assets   
Corporate and Other$463
 $465
Macao:   
The Venetian Macao2,173
 2,642
Sands Cotai Central3,722
 4,152
The Parisian Macao2,523
 2,711
The Plaza Macao and Four Seasons Hotel Macao928
 966
Sands Macao300
 316
Ferry Operations and Other271
 281
 9,917
 11,068
Marina Bay Sands4,988
 5,031
United States:   
Las Vegas Operating Properties3,749
 3,214
Sands Bethlehem691
 691
 4,440
 3,905
Total assets$19,808
 $20,469

23

Table of Contents




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

 September 30,
2017		 December 31,
2016
 (In millions)
Total Long-Lived Assets(1)
   
Corporate and Other$251
 $264
Macao:   
The Venetian Macao1,705
 1,726
Sands Cotai Central3,532
 3,720
The Parisian Macao2,400
 2,572
The Plaza Macao and Four Seasons Hotel Macao859
 874
Sands Macao225
 245
Ferry Operations and Other149
 157
 8,870
 9,294
Marina Bay Sands4,294
 4,192
United States:   
Las Vegas Operating Properties2,773
 2,815
Sands Bethlehem544
 548
 3,317
 3,363
Total long-lived assets$16,732
 $17,113
 ____________________
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization, and leasehold interests in land, net of accumulated amortization.



LAS VEGAS SANDS CORP. AND SUBSIDIARIES
ITEM 2 — MANAGEMENT'SMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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“Management’s Discussion and Analysis of Financial Condition and Results of Operations"Operations” are forward-looking statements. See "—Special“Special Note Regarding Forward-Looking Statements."”
COVID-19 Pandemic
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 decreased substantially as a result of various government policies limiting or discouraging travel. As of the date of this report, other than people from mainland China who in general may enter Macao without quarantine subject to them holding the appropriate travel documents, a negative COVID-19 test result and a green health-code, there remains in place a complete ban on entry or a need to undergo various quarantine requirements depending on the person’s residency and recent travel history. 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.
Macao began administering the COVID-19 vaccine to front-line health workers on February 9, 2021, and to the general population on March 3, 2021.
On March 3, 2021, the negative COVID-19 test requirement to enter casinos was removed. Various other health safeguards implemented by the Macao government remain in place, including mandatory mask protection, limitation on the number of seats per table game, slot machine spacing and temperature checks. Management is currently unable to determine when the remaining measures will be eased or cease to be necessary.
As of the date of this report, most businesses are allowed to remain open, subject to social distancing and health code checking requirements as designated by the Macao government.
In support of the Macao government’s initiatives to fight the COVID-19 Pandemic, we provided one tower (approximately 2,100 hotel rooms) at the Sheraton Grand Macao to the Macao government to house individuals who returned to Macao for quarantine purposes. This tower has been utilized for quarantine purposes on several occasions during 2020 and 2021. From October 4, 2021, an additional tower (approximately 1,800 hotel rooms) at the Sheraton Grand Macao was provided.
Our Macao gaming operations remained open during the nine months ended September 30, 2021, compared to the same period in 2020 when our Macao gaming operations were suspended from February 5, 2020 to February 19, 2020 due to a government mandate, except for gaming operations at The Londoner Macao, which resumed on February 27, 2020. Some of our Macao hotel facilities were also closed during the casino suspension in response to the decrease in visitation and were gradually reopened from February 20, 2020, with the exception of the Conrad Macao, at The Londoner Macao (the “Conrad hotel”), which reopened on June 13, 2020.
Operating hours at restaurants across our Macao properties are continuously being adjusted in line with fluctuations in guest visitation. The majority of retail outlets in our Macao shopping malls are open with reduced operating hours. The timing and manner in which these areas will return to full operation are currently unknown.
Our ferry operations between Macao and Hong Kong remain suspended. The timing and manner in which our normal ferry operations will be able to resume are currently unknown.
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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 to 1.6 million visits during the quarter ended March 31, 2021, from 2.3 million visits during the quarter ended March 31, 2020, and increased to a total of 2.0 million visits during the quarter ended June 30, 2021, from approximately 46,000 visits during the quarter ended June 30, 2020. Total visitation increased to a total of approximately 1.1 million visits in July and August 2021 as compared to 267,000 visits during the same two-month period in 2020. The Macao government also announced gross gaming revenue increased by 75.6% during the nine months ended September 30, 2021, as compared to the same period in 2020.
As of the date of this report, entry into Singapore is largely limited to Singapore citizens and permanent residents, with certain visitors allowed from specified countries on a quarantine-free basis, subject to certain requirements and health control measures. Additionally, there are no stay-at-home orders or curfews except for certain individuals arriving into Singapore who are subject to quarantine and individuals who may be assessed to have been exposed to COVID-19 as a result of the government’s contact tracing efforts. All operations are currently subject to limited capacities and other social distancing measures. Effective October 13, 2021, only fully vaccinated individuals or those with a valid negative pre-event test result are allowed to enter the casino and other attractions.
Singapore started administering the COVID-19 vaccine to front-line health workers on December 30, 2020, and continues to roll-out the vaccine to the general population.
Our operations at Marina Bay Sands will continue to be impacted and subject to changes in the government policies of Singapore and other jurisdictions in Asia addressing travel and public health measures associated with COVID-19. These government policies will continue to impact (i) the number of people allowed at business-to-business events, sporting events and live performances; (ii) closure or limited seating at food and beverage or entertainment establishments; and (iii) casino capacity limits, among other restrictions. During the nine months ended September 30, 2021, gaming operations at Marina Bay Sands were closed on May 17 until May 18, 2021 and on July 22 until August 4, 2021 due to pandemic-related measures in consultation with the Singapore government authorities.
As a result of the border closures, visitation to Marina Bay Sands continues to be impacted by the effects of the COVID-19 Pandemic. The Singapore Tourism Board (“STB”) announced total visitation to Singapore decreased to approximately 70,000 visits during the quarter ended March 31, 2021, as compared to 2.7 million visits during the same period in 2020, and increased to approximately 50,000 visits during the quarter ended June 30, 2021, as compared to 4,000 visits during the same period in 2020. Total visitation increased to a total of approximately 34,000 visits in July and August 2021 as compared to 16,000 visits during the same two-month period in 2020.
Effective June 1, 2021, pursuant to State of Nevada and Nevada Gaming Control Board decisions, all capacity limits, restrictions on large gatherings and other restrictions, which had been implemented in response to the impact of the COVID-19 Pandemic, were lifted and our Las Vegas Operating Properties are operating under pre-pandemic guidelines.
Las Vegas started administering the COVID-19 vaccine in early 2021 and, effective April 5, 2021, all individuals, 16 and older are eligible to receive the vaccine.
During the nine months ended September 30, 2021, our Las Vegas Operating Properties were open subject to various capacity limits in place at various times throughout the year. This compares to the same period in 2020 when our Las Vegas Operating Properties operations were suspended on March 18, 2020, due to a government mandate, and on June 4, 2020, The Venetian Tower, The Palazzo Tower and select food and beverage outlets reopened, with certain operations subject to reduced capacity. Convention, meeting and certain entertainment related operations remained closed for a portion of the nine months ended September 30, 2020.
Visitation to our Las Vegas Operating Properties continues to be impacted by the effects of the COVID-19 Pandemic; however, visitation has increased as restrictions have been lifted. The Las Vegas Convention and Visitors Authority announced for the quarters ended March 31, 2021 and June 30, 2021, visitation to Las Vegas decreased to 5.1 million visits and increased to 8.4 million visits, respectively, as compared to 8.4 million visits and 1.3 million visits during the same periods in 2020, respectively. Total visitation increased to a total of 6.3 million visits in July and August 2021, as compared to 3.0 million during the same two-month period in 2020. The Las Vegas Convention and Visitors Authority also announced for the quarters ended March 31, 2021 and June 30, 2021, gross
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gaming revenue for the Las Vegas Strip decreased to $1.17 billion and increased to $1.75 billion, respectively, as compared to $1.47 billion and $245 million during the same periods in 2020, respectively. Total gross gaming revenue increased to $1.42 billion in July and August 2021, as compared to $647 million during the same two-month period in 2020.
At our Macao properties and Marina Bay Sands, 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. Additionally, there is uncertainty around the impact the COVID-19 Pandemic will continue to have on operations in future periods. If our Integrated Resorts are not permitted to resume normal operations, travel restrictions such as those related to the China Individual Visit Scheme and other global restrictions on inbound travel from other countries are not modified or eliminated, 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 Macao and Singapore properties were open and operating at reduced levels due to lower visitation and the implementation of required safety measures as described above during the nine months ended September 30, 2021, the current economic and regulatory environment on a global basis and in each of our jurisdictions continues 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 $1.64 billion and access to $1.50 billion, $2.0 billion and $436 million of available borrowing capacity from our LVSC Revolving Facility, 2018 SCL Revolving Facility and 2012 Singapore Revolving Facility, respectively, and 3.69 billion Singapore dollars (“SGD,” approximately $2.71 billion at exchange rates in effect on September 30, 2021) under our Singapore Delayed Draw Term Facility, exclusively for capital expenditures for the Marina Bay Sands expansion project (subject to restrictions as described further below under Development Projects), as of September 30, 2021. We believe we are able to support continuing operations, complete the major construction projects that are underway and respond to the current COVID-19 Pandemic challenges. We have taken various mitigating measures to manage through the current environment, including a cost and capital expenditure reduction program to minimize cash outflow of non-essential items.
Operations
Generally, weWe view each of our integrated resortIntegrated Resort properties as an operating segment. Our operating segments in the Macao Special Administrative Region ("Macao") of the People's Republic of China consist of The Venetian Macao; Sands Cotai Central;The Londoner Macao; The Parisian Macao, which opened on September 13, 2016;Macao; The Plaza Macao and Four Seasons Hotel Macao; and the Sands Macao. Our operating segment in Singapore is the Marina Bay Sands. Our operating segments in the U.S. consist of the
On March 2, 2021, we entered into definitive agreements to sell our Las Vegas Operating Properties, which includesreal property and operations, including The Venetian Resort Las Vegas The Palazzo and the Sands Expo Center;and Convention Center, for a total enterprise value of $6.25 billion to Pioneer OpCo, LLC, an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc., and VICI Properties L.P, a subsidiary of VICI Properties Inc. The closing of the transaction is subject to regulatory review and other closing conditions and we anticipate the closing of the transaction in the first quarter of 2022.
Macao Subconcession
Gaming in Macao is administered by the government through concession agreements awarded to three different concessionaires and three subconcessionaires, of which Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.) is one. These concession agreements expire on June 26, 2022. If VML’s subconcession is not extended or renewed, VML may be prohibited from conducting gaming operations in Macao, and VML could cease to generate revenues from the gaming operations when the subconcession agreement expires on June 26, 2022. In addition, all of VML’s casino premises and gaming-related equipment could be automatically transferred to the Macao government without any compensation to VML. It is possible the Macao government could change or interpret the associated gaming laws in a manner that could negatively impact us.
Under our SCL senior notes indentures, upon the occurrence of any event resulting from any change in Gaming Law (as defined in the indentures) after which none of Sands China Ltd. (“SCL”) subsidiaries own or manage casino or gaming areas or operate casino games of fortune and chance in Macao in substantially the same
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manner as they are owning or managing casino or gaming areas or operating casino games as of the issue date of the SCL senior notes, for a period of 30 consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of SCL and its subsidiaries, taken as a whole, holders of the SCL senior notes can require us to repurchase all or any part of the SCL senior notes at par, plus any accrued and unpaid interest (the “Investor Put Option”).
Additionally, under the 2018 SCL Credit Facility, the events that trigger an Investor Put Option under the SCL senior notes (as described above) would be an event of default, which may result in commitments being immediately cancelled, in whole or in part, and the Sands Bethlehem.related outstanding balances and accrued interest, if any, becoming immediately due and payable.
The subconcession not being extended or renewed and the potential impact if holders of the notes and the agent have the ability to, and make the election to, accelerate the repayment of 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 once the process and requirements are announced by the Macao government. We are actively monitoring developments with respect to the Macao government’s concession renewal process and continue to believe our subconcession will be extended or renewed beyond June 26, 2022.
Critical Accounting Policies and Estimates
The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information currently available to us and on various other assumptions management believes to be reasonable under the circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations. Changes in these estimates and assumptions may have a material effect on our financial condition and results of operations. We believe these critical accounting policies affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. For a discussion of our significant accounting policies and estimates, please refer to "Management's“Management’s Discussion and Analysis of Financial Condition and Results of Operations"Operations” presented in our 20162020 Annual Report on Form 10-K filed on February 24, 2017.5, 2021.
With the exception of the change in the useful lives of certain property and equipment (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net"), thereThere were no newly identified significant accounting estimates during the nine months ended September 30, 2017,2021, nor were there any material changes to the critical accounting policies and estimates discussed in our 20162020 Annual Report.
Recent Accounting Pronouncements
See related disclosure at "Item“Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 1 — Organization and Business of Company — Recent Accounting Pronouncements."”
Summary Financial Results
The following table summarizes our results of operations:
  Three Months Ended September 30, Nine Months Ended September 30,
  2017 2016 
Percent
Change
 2017 2016 
Percent
Change
  (Dollars in millions)
Net revenues $3,199
 $2,969
 7.7% $9,446
 $8,335
 13.3%
Operating expenses 2,343
 2,249
 4.2% 7,011
 6,511
 7.7%
Operating income 856
 720
 18.9% 2,435
 1,824
 33.5%
Income before income taxes 758
 675
 12.3% 2,121
 1,596
 32.9%
Net income 685
 606
 13.0% 1,901
 1,409
 34.9%
Net income attributable to Las Vegas Sands Corp. 570
 513
 11.1% 1,595
 1,161
 37.4%


The increase in operating income was due to The Parisian Macao, which opened in September 2016, stronger results at Marina Bay Sands in Singapore and the impact of the change in useful lives of certain property and equipment. The increase in net income and net income attributable to Las Vegas Sands Corp. reflected the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests, other expense, interest expense and income tax expense, as further described below.
Operating Results
Key Operating Revenue Measurements
Operating revenues at The Venetian Macao, Sands Cotai Central,The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Marina Bay Sands and our Las Vegas Operating Properties are dependent upon the volume of customerspatrons who stay at the hotel, which affects the price that can be charged for hotel rooms and our gaming volume. Operating revenues at Sands Macao and Sands Bethlehem are principally driven by casino customersthe volume of gaming patrons who visit the propertiesproperty 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"(“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, ("handle"), also a volume measurement, is the gross amount wagered for the period cited.
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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. BeginningOur win and hold percentages are calculated before discounts, commissions, deferring revenue associated with the three months ended March 31, 2017, we revised the expected range for our Macao operations dueloyalty programs and allocating casino revenues related to the Rolling Chip win percentage experience over the last several years.goods and services provided to patrons on a complimentary basis. Our Rolling Chip table games are expected to produce a win percentage (calculated before discounts and commissions) is expectedof 3.15% to be 3.0% to 3.3%3.45% in Macao and 2.7% to 3.0% in Singapore, and our Non-Rolling Chip table games have produced a trailing 12-month win percentage (calculated before discounts) of 24.7%26.7%, 20.1%21.6%, 19.3%22.3%, 21.8%22.1%, 19.4%16.9% and 28.5%16.6% at The Venetian Macao, Sands Cotai Central,The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 5.0%3.9%, 3.9%, 3.7%3.3%, 7.1%5.7%, 3.4%3.3% and 4.4%4.3% at The Venetian Macao, Sands Cotai Central,The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel 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, 14.9%15.2% and 34.9%8.1%, respectively, of our table games play was conducted on a credit basis for the nine months ended September 30, 2017.2021.
Casino revenue measurements for the U.S.:The volume measurements in the U.S. are slot handle, as previously described, and table games drop, which is the total amount of cash and net markers issued that are(credit instruments) deposited in the table drop box. We view table games win as a percentage of drop and slot hold as a percentage of slot handle. BeginningOur win and hold percentages are calculated before discounts, commissions, deferring revenue associated with the three months ended March 31, 2017, we revised the expected range for our Las Vegas Operating Properties dueloyalty programs and allocating casino revenues related to the win percentage experienced over the last several years.goods and services provided to patrons on a complimentary basis. Based upon our mix of table games, our table games are expected to produce a win percentage (calculated before discounts) of 18% to 26% for Baccarat and 16% to 24% for non-Baccarat. Table games at Sands Bethlehem have produced a trailing 12-month win percentage of 20.0%. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 8.0% and 6.6% at our Las Vegas Operating Properties and at Sands Bethlehem, respectively.8.4%. Actual win and hold percentages may vary from our expected win percentage and the trailing 12-month win and hold percentages. Similar to Macao and Singapore, slot machine play is generally conducted on a cash basis. Approximately 59.2%53.9% of our table games play at our Las Vegas Operating Properties, for the nine months ended September 30, 2017,2021, was conducted on a credit basis, while our table games play in Pennsylvania is primarily 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.requirements (such as government mandated closure, lodging for team members and usage by the Macao and Singapore governments for quarantine measures). The calculations of the occupancy rate and ADR include the impact of rooms provided on a complimentary basis. Complimentary room rates are determined based on an analysis of retail (or cash) room rates by type of customer and room product to ensure the complimentary room rates are consistent with retail rates. Revenue per available room ("RevPAR"(“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 resoldre-sold to walk-in guests. These rooms are considered to be occupied twice for statistical purposes due to obtaining the original deposit and the walk-in guest revenue. In cases where a significant number of rooms are resold, occupancy rates may be in excess of 100% and RevPAR may be higher than the ADR.
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"(“GLOA”) divided by gross leasable area ("GLA"(“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 that is 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 sum of 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 September 30, 20172021 Compared to the Three Months Ended September 30, 20162020
Summary Financial Results
Our financial results have improved as a result of increased visitation as COVID-19 Pandemic travel restrictions have been lifted in some jurisdictions, and social distancing measures and operating capacity limitations have eased. See “COVID-19 Pandemic” for further information. Net revenues for the three months ended September 30, 2021, were $857 million, compared to $446 million for the three months ended September 30, 2020.
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Operating loss was $316 million for the three months ended September 30, 2021, compared to $523 million for the three months ended September 30, 2020. Net loss from continuing operations was $594 million for the three months ended September 30, 2021, compared to $664 million for the three months ended September 30, 2020.
Operating Revenues
Our net revenues consisted of the following:
Three Months Ended September 30,
Three Months Ended September 30,20212020Percent
Change
2017 2016 
Percent
Change
(Dollars in millions)(Dollars in millions)
Casino$2,511
 $2,307
 8.8%Casino$533 $281 89.7 %
Rooms411
 402
 2.2%Rooms100 35 185.7 %
Food and beverage198
 184
 7.6%Food and beverage42 31 35.5 %
Mall160
 147
 8.8%Mall165 83 98.8 %
Convention, retail and other128
 141
 (9.2)%Convention, retail and other17 16 6.3 %
3,408
 3,181
 7.1%
Less — promotional allowances(209) (212) 1.4%
Total net revenues$3,199
 $2,969
 7.7%Total net revenues$857 $446 92.2 %
Consolidated net revenues were $3.20 billion$857 million for the three months ended September 30, 2017,2021, an increase of $230$411 million compared to $2.97 billion$446 million for the three months ended September 30, 2016.2020. The increase is due to a $444 million increase at our Macao operations, partially offset by a $33 million decrease at Marina Bay Sands. The increase at our Macao operations was due to increased visitation compared to the three months ended September 30, 2020; however, tighter border restrictions were introduced in late July and September 2021 as a result of increased positive COVID-19 cases in the region. The $33 million decrease at Marina Bay Sands was primarily due to increaseslower visitation and the closure of $349 million at The Parisian Macao, which opened in September 2016, and $31 million at Marina Bay Sands, primarily duethe property from July 22 to increasedAugust 4, 2021.
Net casino revenues partially offset by a $137 million decrease at our Macao properties (excluding The Parisian Macao), driven by decreased casino revenues.


Casino revenues increased $204$252 million compared to the three months ended September 30, 2016.2020. The change was driven by a$307 million increase wasat our Macao operations due to increases of $321 million at The Parisian Macaohigher visitation across our properties resulting in increased Non-Rolling Chip drop, Rolling Chip volume and $37 millionslot handle. Casino revenues at Marina Bay Sands driven primarily by an increase in Rolling Chip volume. This increase was partially offset by a $145decreased $55 million decrease at our Macao properties (excluding The Parisian Macao), driven primarily bydue to a decrease in Rolling Chip win percentage.volume and slot handle, driven by the temporary closure of gaming operations at the property from July 22 to August 4, 2021. The following table summarizes the results of our casino activity:
Three Months Ended September 30,
 20212020Change
 (Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues$176 $32 450.0 %
Non-Rolling Chip drop$632 $118 435.6 %
Non-Rolling Chip win percentage27.9 %22.5 %5.4 pts
Rolling Chip volume$781 $188 315.4 %
Rolling Chip win percentage2.22 %3.93 %(1.71)pts
Slot handle$362 $101 258.4 %
Slot hold percentage3.8 %4.6 %(0.8)pts
The Londoner Macao
Total net casino revenues$80 $5 1,500.0 %
Non-Rolling Chip drop$388 $29 1,237.9 %
Non-Rolling Chip win percentage20.5 %19.5 %1.0 pts
Rolling Chip volume$1,266 $— 100.0 %
Rolling Chip win percentage2.04 %— %2.04 pts
Slot handle$225 $36 525.0 %
Slot hold percentage3.8 %2.9 %0.9 pts
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Three Months Ended September 30,
Three Months Ended September 30, 20212020Change
2017 2016 Change
(Dollars in millions) (Dollars in millions)
Macao Operations:    
The Venetian Macao    
Total casino revenues$617
 $670
 (7.9)%
The Parisian MacaoThe Parisian Macao
Total net casino revenuesTotal net casino revenues$75 $26 188.5 %
Non-Rolling Chip drop$1,892
 $1,714
 10.4%Non-Rolling Chip drop$246 $44 459.1 %
Non-Rolling Chip win percentage22.8% 25.6% (2.8) ptsNon-Rolling Chip win percentage22.8 %19.3 %3.5 pts
Rolling Chip volume$6,898
 $6,868
 0.4%Rolling Chip volume$175 $335 (47.8)%
Rolling Chip win percentage3.28% 3.75% (0.47) ptsRolling Chip win percentage16.12 %6.13 %9.99 pts
Slot handle$718
 $958
 (25.1)%Slot handle$153 $44 247.7 %
Slot hold percentage5.1% 4.7% 0.4 ptsSlot hold percentage3.1 %5.9 %(2.8)pts
Sands Cotai Central    
Total casino revenues$390
 $443
 (12.0)%
Non-Rolling Chip drop$1,442
 $1,557
 (7.4)%
Non-Rolling Chip win percentage20.4% 20.2% 0.2 pts
Rolling Chip volume$2,846
 $2,817
 1.0%
Rolling Chip win percentage2.66% 4.16% (1.50) pts
Slot handle$1,182
 $1,477
 (20.0)%
Slot hold percentage4.4% 3.6% 0.8 pts
The Parisian Macao    
Total casino revenues$379
 $58
 553.4%
Non-Rolling Chip drop$1,001
 $190
 426.8%
Non-Rolling Chip win percentage20.9% 19.9% 1.0 pts
Rolling Chip volume$6,948
 $748
 828.9%
Rolling Chip win percentage3.11% 3.01% 0.10 pts
Slot handle$927
 $171
 442.1%
Slot hold percentage3.1% 5.2% (2.1) pts
The Plaza Macao and Four Seasons Hotel Macao    
Total casino revenues$109
 $124
 (12.1)%
The Plaza Macao and Four Seasons MacaoThe Plaza Macao and Four Seasons Macao
Total net casino revenuesTotal net casino revenues$44 $10 340.0 %
Non-Rolling Chip drop$297
 $270
 10.0%Non-Rolling Chip drop$269 $41 556.1 %
Non-Rolling Chip win percentage23.1% 23.8% (0.7) ptsNon-Rolling Chip win percentage20.0 %14.6 %5.4 pts
Rolling Chip volume$3,132
 $2,007
 56.1%Rolling Chip volume$308 $397 (22.4)%
Rolling Chip win percentage2.23% 3.67% (1.44) ptsRolling Chip win percentage2.40 %2.84 %(0.44)pts
Slot handle$117
 $113
 3.5%Slot handle$7 $— 100.0 %
Slot hold percentage6.6% 5.5% 1.1 ptsSlot hold percentage9.7 %— %9.7 pts
Sands Macao    Sands Macao
Total casino revenues$138
 $162
 (14.8)%
Total net casino revenuesTotal net casino revenues$16 $11 45.5 %
Non-Rolling Chip drop$603
 $671
 (10.1)%Non-Rolling Chip drop$89 $46 93.5 %
Non-Rolling Chip win percentage18.7% 19.3% (0.6) ptsNon-Rolling Chip win percentage17.4 %17.9 %(0.5)pts
Rolling Chip volume$680
 $1,416
 (52.0)%Rolling Chip volume$137 $129 6.2 %
Rolling Chip win percentage1.13% 2.03% (0.90) ptsRolling Chip win percentage0.11 %2.67 %(2.56)pts
Slot handle$602
 $665
 (9.5)%Slot handle$147 $67 119.4 %
Slot hold percentage3.4% 3.3% 0.1 ptsSlot hold percentage3.4 %3.1 %0.3 pts
Singapore Operations:    Singapore Operations:
Marina Bay Sands    Marina Bay Sands
Total casino revenues$629
 $592
 6.3%
Total net casino revenuesTotal net casino revenues$142 $197 (27.9)%
Non-Rolling Chip drop$943
 $985
 (4.3)%Non-Rolling Chip drop$638 $421 51.5 %
Non-Rolling Chip win percentage28.4% 28.8% (0.4) ptsNon-Rolling Chip win percentage11.7 %17.8 %(6.1)pts
Rolling Chip volume$9,443
 $7,258
 30.1%Rolling Chip volume$459 $1,477 (68.9)%
Rolling Chip win percentage3.29% 3.25% 0.04 ptsRolling Chip win percentage4.05 %4.23 %(0.18)pts
Slot handle$3,658
 $3,457
 5.8%Slot handle$2,299 $2,636 (12.8)%
Slot hold percentage4.2% 4.5% (0.3) ptsSlot hold percentage4.2 %4.5 %(0.3)pts
U.S. Operations:U.S. Operations:
Las Vegas Operating Properties(1)
Las Vegas Operating Properties(1)
Total net casino revenuesTotal net casino revenues$141 $59 139.0 %
Table games dropTable games drop$440 $425 3.5 %
Table games win percentageTable games win percentage20.7 %8.0 %12.7 pts
Slot handleSlot handle$1,057 $588 79.8 %
Slot hold percentageSlot hold percentage8.7 %8.4 %0.3 pts

__________________________

 Three Months Ended September 30,
 2017 2016 Change
 (Dollars in millions)
U.S. Operations:     
Las Vegas Operating Properties     
Total casino revenues$111
 $122
 (9.0)%
Table games drop$401
 $431
 (7.0)%
Table games win percentage17.1% 20.0% (2.9) pts
Slot handle$658
 $634
 3.8%
Slot hold percentage8.1% 8.2% (0.1) pts
Sands Bethlehem     
Total casino revenues$138
 $136
 1.5%
Table games drop$293
 $284
 3.2%
Table games win percentage20.1% 19.6% 0.5 pts
Slot handle$1,210
 $1,169
 3.5%
Slot hold percentage6.5% 6.7% (0.2) pts
(1)    The Las Vegas Operating Properties are classified as a discontinued operation held for sale.
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 that are associated with games of chance in which large amounts are wagered.

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Room revenues increased $9$65 million compared to the three months ended September 30, 2016.2020. The increase was primarily due to a $29 million increase at The Parisian Macao, partially offset by a $16 million decrease at Marina Bay Sands,increased occupancy rates and increased RevPAR driven by a decrease in ADR. During the three months ended September 30, 2017, there were approximately 8%, 7%, 6% and 3% fewer rooms available at The Venetian Macao, Marina Bay Sands, The Plaza Macao and Four Seasons Hotel Macao, andhigher visitation across our Las Vegas Operating Properties, respectively,properties compared to the three months ended September 30, 2016.2020. The following table summarizes the results of our room activity:
 Three Months Ended September 30,
 20212020Change
 (Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues$18 $3 500.0 %
Occupancy rate48.4 %7.6 %40.8 pts
Average daily room rate (ADR)$149 $198 (24.7)%
Revenue per available room (RevPAR)$72 $15 380.0 %
The Londoner Macao
Total room revenues$22 $2 1,000.0 %
Occupancy rate38.8 %4.0 %34.8 pts
Average daily room rate (ADR)$155 $129 20.2 %
Revenue per available room (RevPAR)$60 $5 1,100.0 %
The Parisian Macao
Total room revenues$12 $4 200.0 %
Occupancy rate52.5 %12.7 %39.8 pts
Average daily room rate (ADR)$116 $131 (11.5)%
Revenue per available room (RevPAR)$61 $17 258.8 %
The Plaza Macao and Four Seasons Macao
Total room revenues$11 $1 1,000.0 %
Occupancy rate41.3 %8.7 %32.6 pts
Average daily room rate (ADR)$439 $260 68.8 %
Revenue per available room (RevPAR)$181 $23 687.0 %
Sands Macao
Total room revenues$2 $— N.M.
Occupancy rate63.2 %14.5 %48.7 pts
Average daily room rate (ADR)$134 $159 (15.7)%
Revenue per available room (RevPAR)$85 $23 269.6 %
Singapore Operations:
Marina Bay Sands
Total room revenues$35 $25 40.0 %
Occupancy rate71.7 %55.5 %16.2 pts
Average daily room rate (ADR)$235 $257 (8.6)%
Revenue per available room (RevPAR)$169 $143 18.2 %
U.S. Operations:
Las Vegas Operating Properties(1)
Total room revenues$142 $41 246.3 %
Occupancy rate96.9 %43.7 %53.2 pts
Average daily room rate (ADR)$228 $174 31.0 %
Revenue per available room (RevPAR)$221 $76 190.8 %
__________________________
N.M. Not Meaningful
(1)    The Las Vegas Operating Properties are classified as a discontinued operation held for sale.
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 Three Months Ended September 30,
 2017 2016 Change
 (Room revenues in millions)
Macao Operations:     
The Venetian Macao     
Total room revenues$45
 $47
 (4.3)%
Occupancy rate90.7% 93.2% (2.5) pts
Average daily room rate (ADR)$224
 $209
 7.2%
Revenue per available room (RevPAR)$203
 $195
 4.1%
Sands Cotai Central     
Total room revenues$79
 $73
 8.2%
Occupancy rate93.0% 89.2% 3.8 pts
Average daily room rate (ADR)$148
 $145
 2.1%
Revenue per available room (RevPAR)$138
 $129
 7.0%
The Parisian Macao     
Total room revenues$35
 $6
 483.3%
Occupancy rate94.1% 87.5% 6.6 pts
Average daily room rate (ADR)$144
 $138
 4.3%
Revenue per available room (RevPAR)$136
 $121
 12.4%
The Plaza Macao and Four Seasons Hotel Macao     
Total room revenues$9
 $9
 —
Occupancy rate80.8% 80.8% —
Average daily room rate (ADR)$335
 $345
 (2.9)%
Revenue per available room (RevPAR)$271
 $279
 (2.9)%
Sands Macao     
Total room revenues$5
 $5
 —
Occupancy rate95.7% 97.9% (2.2) pts
Average daily room rate (ADR)$191
 $190
 0.5%
Revenue per available room (RevPAR)$183
 $186
 (1.6)%
Singapore Operations:     
Marina Bay Sands     
Total room revenues$93
 $109
 (14.7)%
Occupancy rate96.6% 98.3% (1.7) pts
Average daily room rate (ADR)$445
 $475
 (6.3)%
Revenue per available room (RevPAR)$430
 $467
 (7.9)%
U.S. Operations:     
Las Vegas Operating Properties     
Total room revenues$141
 $149
 (5.4)%
Occupancy rate97.0% 96.5% 0.5 pts
Average daily room rate (ADR)$232
 $240
 (3.3)%
Revenue per available room (RevPAR)$225
 $232
 (3.0)%
Sands Bethlehem     
Total room revenues$4
 $4
 —
Occupancy rate96.1% 97.2% (1.1) pts
Average daily room rate (ADR)$164
 $164
 —
Revenue per available room (RevPAR)$158
 $160
 (1.3)%


MallFood and beverage revenues increased $13$11 million compared to the three months ended September 30, 2016.2020. The increase was due to an $11increased visitation during the quarter as compared to the three months ended September 30, 2020.
Mall revenues increased$82 million compared to the three months ended September 30, 2020. The increase was primarily due to a $62 million decrease in rent concessions granted to our mall tenants in Macao and Singapore compared to the three months ended September 30, 2020, as well as a $27 million increase at the Shoppes at Parisian. in turnover rent. These items were partially offset by a decrease in occupancy percentages across our Macao mall operations.
For further information related to the financial performance of our malls, see "— Additional“Additional Information Regarding our Retail Mall Operations."” The following table summarizes the results of our mall activity:malls on the Cotai Strip in Macao and in Singapore:
Three Months Ended September 30,
Three Months Ended September 30, 20212020Change
2017 2016 Change
(Mall revenues in millions) (Mall revenues in millions)
Macao Operations:    Macao Operations:
Shoppes at Venetian    Shoppes at Venetian
Total mall revenues$55
 $52
 5.8%Total mall revenues$49 $27 81.5 %
Mall gross leasable area (in square feet)785,973
 781,304
 0.6%Mall gross leasable area (in square feet)814,731 812,934 0.2 %
Occupancy97.3% 97.1% 0.2 ptsOccupancy78.7 %84.9 %(6.2)pts
Base rent per square foot$244
 $237
 3.0%Base rent per square foot$296 $302 (2.0)%
Tenant sales per square foot$1,357
 $1,359
 (0.1)%
Shoppes at Cotai Central(1)
    
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$1,368 $935 46.3 %
Shoppes at Londoner(2)
Shoppes at Londoner(2)
Total mall revenues$15
 $15
 —Total mall revenues$13 $9 44.4 %
Mall gross leasable area (in square feet)425,581
 407,102
 4.5%Mall gross leasable area (in square feet)520,302 525,497 (1.0)%
Occupancy93.0% 98.2% (5.2) ptsOccupancy60.4 %85.6 %(25.2)pts
Base rent per square foot$113
 $130
 (13.1)%Base rent per square foot$138 $100 38.0 %
Tenant sales per square foot$711
 $868
 (18.1)%
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$1,240 $476 160.5 %
Shoppes at Parisian(2)
    
Total mall revenues$16
 $5
 220.0%Total mall revenues$10 $6 66.7 %
Mall gross leasable area (in square feet)299,125
 299,458
 (0.1)%Mall gross leasable area (in square feet)296,322 295,963 0.1 %
Occupancy92.5% 92.6% (0.1) ptsOccupancy76.7 %82.5 %(5.8)pts
Base rent per square foot$223
 $222
 0.5%Base rent per square foot$146 $152 (3.9)%
Tenant sales per square foot$531
 —
 N/M
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$683 $407 67.8 %
Shoppes at Four Seasons    Shoppes at Four Seasons
Total mall revenues$31
 $31
 —Total mall revenues$52 $13 300.0 %
Mall gross leasable area (in square feet)258,392
 259,410
 (0.4)%Mall gross leasable area (in square feet)244,193 242,425 0.7 %
Occupancy100.0% 97.3% 2.7 ptsOccupancy94.3 %94.3 %— pts
Base rent per square foot$453
 $458
 (1.1)%Base rent per square foot$550 $544 1.1 %
Tenant sales per square foot$3,247
 $2,971
 9.3%
Tenant sales per square foot(1)
Tenant sales per square foot(1)
$6,298 $2,830 122.5 %
Singapore Operations:    Singapore Operations:
The Shoppes at Marina Bay Sands    The Shoppes at Marina Bay Sands
Total mall revenues$42
 $43
 (2.3)%Total mall revenues$41 $28 46.4 %
Mall gross leasable area (in square feet)606,946
 618,649
 (1.9)%Mall gross leasable area (in square feet)622,073 620,213 0.3 %
Occupancy97.2% 97.2% —Occupancy97.5 %95.0 %2.5 pts
Base rent per square foot$243
 $236
 3.0%Base rent per square foot$265 $257 3.1 %
Tenant sales per square foot(1)$1,506
 $1,396
 7.9%$1,480 $1,225 20.8 %
U.S. Operations:    
The Outlets at Sands Bethlehem    
Total mall revenues$1
 $1
 —
Mall gross leasable area (in square feet)151,044
 151,029
 N/M
Occupancy95.9% 90.4% 5.5 pts
Base rent per square foot$20
 $21
 (4.8)%
Tenant sales per square foot$346
 $357
 (3.1)%
__________________________
N/M - Not MeaningfulNote:    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 September 30, 2021 and 2020. Base rent per square foot presented above excludes the impact of these rent concessions.
(1)The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Central's
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(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.
(2)    The Shoppes at Londoner will feature up to an estimated 600,000 square feet of gross leasable area upon completion of all phases of the renovation, rebranding and expansion to The Londoner Macao.
(2)The Shoppes at Parisian opened in September 2016.


Convention, retail and other revenues decreased $13 million compared to the three months ended September 30, 2016. The decrease is primarily driven by decreases of $6 million in entertainment revenues at The Venetian Macao, $4 million in convention revenues at our Las Vegas Operating Properties and $3 million in our passenger ferry service operations in Macao.
Operating Expenses
Our operating expenses consisted of the following:
Three Months Ended September 30,
Three Months Ended September 30, 20212020Percent
Change
2017 2016 
Percent
Change
(Dollars in millions) (Dollars in millions)
Casino$1,342
 $1,198
 12.0%Casino$451 $274 64.6 %
Rooms74
 67
 10.4%Rooms40 28 42.9 %
Food and beverage109
 101
 7.9%Food and beverage55 54 1.9 %
Mall18
 16
 12.5%Mall17 13 30.8 %
Convention, retail and other69
 66
 4.5%Convention, retail and other21 22 (4.5)%
Provision for doubtful accounts23
 51
 (54.9)%
Provision for credit lossesProvision for credit losses3 24 (87.5)%
General and administrative358
 330
 8.5%General and administrative223 196 13.8 %
Corporate51
 39
 30.8%Corporate64 33 93.9 %
Pre-opening1
 86
 (98.8)%Pre-opening6 5 20.0 %
Development3
 3
 —%Development13 3 333.3 %
Depreciation and amortization265
 277
 (4.3)%Depreciation and amortization262 248 5.6 %
Amortization of leasehold interests in land9
 10
 (10.0)%Amortization of leasehold interests in land14 14 — %
Loss on disposal or impairment of assets21
 5
 320.0%Loss on disposal or impairment of assets4 55 (92.7)%
Total operating expenses$2,343
 $2,249
 4.2%Total operating expenses$1,173 $969 21.1 %
Operating expenses were $2.34$1.17 billion for the three months ended September 30, 2017,2021, an increase of $94$204 million compared to $2.25 billion$969 million for the three months ended September 30, 2016. The2020, primarily driven by a $177 million increase in operatingcasino expenses, was driven by the openingdue to an increase in gaming taxes as a result of The Parisian Macaoincreased gaming revenues as well as increases in September 2016.corporate and general and administrative expenses.
Casino expenses increased $144$177 million compared to the three months ended September 30, 2016.2020. The increase was primarily driven byattributable to a $197$143 million increase at The Parisian Macao, partially offset by decreases of $27 million and $19 million at Sands Cotai Central and Sands Macao, respectively, driven by a decrease in gaming taxes due to decreased casino revenues.increased revenues, as previously described.
The provision for doubtful accounts was $23Room expenses increased $12 million forcompared to the three months ended September 30, 2017,2020, driven by increases of $8 million and $4 million at our Macao properties and Marina Bay Sands, respectively. These increases are consistent with the increase in room revenue.
Provision for credit losses decreased $21 million compared to $51 million for the three months ended September 30, 2016.2020. The decrease was primarily resulted from increased collectionsdriven by an increase in the aging of previously reserved customer balances duringpatron receivables recorded for the three monthsperiod ended September 30, 2017, as compared to2020 in connection with the prior year period.impact of the COVID-19 Pandemic. The amount of this provision can vary over short periods of time because of factors specific to the customerspatrons who owe us money from gaming activities. We believe that the amount of our provision for doubtful accountscredit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
General and administrative expenses increased $28$27 million compared to the three months ended September 30, 2016.2020, due primarily to increases of $17 million and $10 million at Marina Bay Sands and our Macao properties, respectively. The increase wasincreases were primarily driven by a $25 million increase at The Parisian Macao.increases in marketing and property operations costs.
Corporate expenses increased $12$31 million compared to the three months ended September 30, 2016. The increase was2020, primarily due to payroll-relateda $19 million increase in payroll and related costs, driven by no bonus expense recorded during the three months ended September 30, 2020. The remainder of the increase is due to increases in information technology costs and a charitable donation committed to assist the Macao community with long-term relief, recovery and rebuilding efforts due to Typhoon Hato.legal fees.
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Table of Contents
Pre-opening expense representsexpenses represent personnel and other costs incurred prior to the opening of new ventures, which are expensed as incurred. Pre-opening
Development expenses decreased $85increased $10 million compared to the three months ended September 30, 2016. The decrease was primarily due to pre-opening activities at The Parisian Macao, which opened in September 2016. Development expenses2020, and include the costs associated with the Company'sour evaluation and pursuit of new business opportunities, whichprimarily in Florida and Texas, as well as digital gaming related efforts. Development costs are also expensed as incurred.
Depreciation and amortization expenseLoss on disposal or impairment of assets decreased $12$51 million compared to the three months ended September 30, 2016.2020. The decrease waslosses incurred for the three months ended September 30, 2021 and September 30, 2020, were primarily driven by a $51 million decrease resulting from a change in the estimated usefuldue to asset disposals and demolition costs related to The Londoner Macao.

Segment Adjusted Property EBITDA

lives of certain property and equipmentThe following table summarizes information related to our segments (see "Item“Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net"), partially offset by a $38 million increase at The Parisian Macao.
The loss on disposal of assets of $21 million for the three months ended September 30, 2017, primarily related to dispositions at our Macao operations due to property damages caused by Typhoon Hato.
Adjusted Property EBITDA
The following table summarizes information related to our segments (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 710 — Segment Information"Information” for discussion of our operating segments and a reconciliation of consolidated adjusted property EBITDA to net income).loss from continuing operations):
Three Months Ended September 30,
20212020Percent
Change
(Dollars in millions)
Macao:
The Venetian Macao$40 $(78)(151.3)%
The Londoner Macao(33)(71)(53.5)%
The Parisian Macao5 (40)(112.5)%
The Plaza Macao and Four Seasons Macao42 (15)(380.0)%
Sands Macao(21)(26)(19.2)%
Ferry Operations and Other(1)(3)(66.7)%
32 (233)(113.7)%
Marina Bay Sands15 70 (78.6)%
Consolidated adjusted property EBITDA(1)
$47 $(163)(128.8)%
Las Vegas Operating Properties(2)
$132 $(40)(430.0)%
__________________________
(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 resortResort 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 resortIntegrated 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, and 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.
(2)The Las Vegas Operating Properties are classified as a discontinued operation held for sale.
40
 Three Months Ended September 30,
 2017 2016 
Percent
Change
 (Dollars in millions)
Macao:     
The Venetian Macao$263
 $315
 (16.5)%
Sands Cotai Central155
 176
 (11.9)%
The Parisian Macao135
 19
 610.5%
The Plaza Macao and Four Seasons Hotel Macao52
 62
 (16.1)%
Sands Macao41
 46
 (10.9)%
Ferry Operations and Other6
 10
 (40.0)%
 652
 628
 3.8%
Marina Bay Sands442
 391
 13.0%
United States:     
Las Vegas Operating Properties76
 86
 (11.6)%
Sands Bethlehem40
 37
 8.1%
 116
 123
 (5.7)%
Consolidated adjusted property EBITDA$1,210
 $1,142
 6.0%
Table of Contents
Adjusted property EBITDA at our Macao operations increased $24$265 million compared with the three months ended September 30, 2020, primarily due to increases in casino, room, food and beverage and mall revenues driven by increased visitation at our properties.
Adjusted property EBITDA at Marina Bay Sands decreased $55 million compared to the three months ended September 30, 2016. The increase was2020, primarily due to a $116 million increase at The Parisian Macao, which openeddecrease in September 2016. This increase was partially offset by an $88 million decrease at our Macao properties (excluding The Parisian Macao), mainlycasino revenue due to decreased casino operations, driven by a lower Rolling Chip win percentage.the aforementioned closure of property from July 22 to August 4, 2021.


Adjusted property EBITDA at Marina Bay Sands increased $51 million compared to the three months ended September 30, 2016. As previously described, the increase was primarily due to increased casino revenues, driven by an increase in Rolling Chip volume.Discontinued Operations
Adjusted property EBITDA at our Las Vegas Operating Properties decreased $10increased $172 million compared to the three months ended September 30, 2016. The decrease was2020, primarily due to decreased casino revenues, driven by a decrease in table games dropincreased visitation to the property as capacity limits, restrictions on large gatherings and lower win percentage.other restrictions were lifted, effective June 1, 2021, and the Las Vegas Operating Properties operated under pre-pandemic guidelines.
Interest Expense
The following table summarizes information related to interest expense:
Three Months Ended September 30,
Three Months Ended September 30,20212020
2017 2016
(Dollars in millions)(Dollars in millions)
Interest cost (which includes the amortization of deferred financing costs and original issue discount)$80
 $72
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo4
 4
Interest costInterest cost$160 $139 
Less — capitalized interest(1) (11)Less — capitalized interest(3)(5)
Interest expense, net$83
 $65
Interest expense, net$157 $134 
Cash paid for interest$70
 $63
Weighted average total debt balance$10,074
 $10,055
Weighted average total debt balance$14,574 $14,004 
Weighted average interest rate3.2% 2.9%Weighted average interest rate4.4 %4.0 %
Interest cost increased $8$21 million compared to the three months ended September 30, 2016,2020, resulting primarily from an increase in our weighted average total debt balance due to the issuance of the 2026 and 2030 SCL Senior Notes on June 4, 2020 and draws on the SCL revolver during the three months ended March 31, 2021. Additionally, the weighted average interest rate. Capitalized interest decreased $10 million comparedrate increased from 4.0% to 4.4% during the three months ended September 30, 2016, primarily due2021, as a result of the expiration of interest rate swaps in August 2020 related to the opening of The Parisian MacaoSCL senior notes that were issued in September 2016.2018.
Other Factors EffectingAffecting Earnings
Other expense was $19Loss on early retirement of debt of $137 million for the three months ended September 30, 2017, compared2021 was due to other incomethe issuance of $21new SCL senior notes, which funds were utilized to repay the outstanding borrowings under the SCL senior notes due in 2023. The loss on early retirement of debt was comprised of a $131 million make-whole premium payment to retire the 2023 senior notes and $6 million of unamortized deferred financing costs (see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-Term Debt — SCL Senior Notes”).
Other expense was $12 million for the three months ended September 30, 2016. Other expense during2021, compared to $5 million for the three months ended September 30, 2017,2020. The change from prior period was due primarily attributable to a depreciation$17 million increase in foreign transaction losses driven by the impact of foreign currency exchange rate increase of 235 basis points on the U.S. dollar versus the Singapore dollar during the period. This resulteddenominated debt held by SCL, offset by a $7 million increase in $19 million of foreign currency transaction losses,gains driven by the impact of the foreign currency exchange rate increase of 404 basis points on Singapore dollar denominated intercompany debt reported in U.S. dollars.
Our effective income tax ratebenefit was 9.6%$27 million on a loss before income taxes of $621 million for the three months ended September 30, 2017, compared2021, resulting in a (4.3)% effective income tax rate. This compares to 10.2%a 0.8% effective income tax rate for the three months ended September 30, 2016.2020. The decrease in the effective income tax rate relates primarily to the valuation allowances recorded duringbenefit for the three months ended September 30, 2016, as we determined that certain deferred tax assets were no longer "more-likely than-not" realizable. The effective income tax rates reflect2021, reflects a 17% statutory tax rate on our Singapore operations and a zero percent21% corporate income tax on our domestic operations. Our operations in Macao are subject to a 12% statutory income tax rate, onbut in connection with the 35% gaming tax, our subsidiaries in Macao gaming operations due to ourand their peers receive an income tax exemption in Macao, effectiveon gaming operations through the endJune 2022.
41
Table of 2018. We have recorded a valuation allowance related to certain deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extent that the financial results of these operations improve and it becomes "more-likely-than-not" that these deferred tax assets, or a portion thereof, are realizable, we will reduce the valuation allowances in the period such determination is made, as appropriate.Contents
The net incomeloss attributable to our noncontrolling interests was $115$127 million for the three months ended September 30, 2017,2021, compared to $93$166 million for the three months ended September 30, 2016.2020. These amounts are primarily related to the noncontrolling interest of Sands China Ltd. ("SCL").

SCL.

Nine Months Ended September 30, 20172021 Compared to the Nine Months Ended September 30, 20162020
Summary Financial Results
Our financial results have slightly improved as a result of increased visitation as travel restrictions connected with the COVID-19 Pandemic and social distancing measures and operating capacity limitations have eased. Our gaming operations remained open during the nine months ended September 30, 2021, with the exception of our gaming operations in Singapore, which closed for short intervals, compared to the same period in 2020 in which gaming operations in Macao and Singapore were suspended at various times throughout the period. See “COVID-19 Pandemic” for further information. Net revenues for the nine months ended September 30, 2021, were $3.23 billion, compared to $1.93 billion for the nine months ended September 30, 2020. Operating loss was $551 million compared to $1.27 billion for the nine months ended September 30, 2020. Net loss from continuing operations was $1.15 billion for the nine months ended September 30, 2021, compared to $1.60 billion for the nine months ended September 30, 2020.
Operating Revenues
Our net revenues consisted of the following:
Nine Months Ended September 30,
Nine Months Ended September 30,20212020Percent
Change
2017 2016 
Percent
Change
(Dollars in millions)(Dollars in millions)
Casino$7,379
 $6,406
 15.2%Casino$2,241 $1,352 65.8 %
Rooms1,194
 1,123
 6.3%Rooms311 181 71.8 %
Food and beverage610
 559
 9.1%Food and beverage148 101 46.5 %
Mall476
 422
 12.8%Mall469 228 105.7 %
Convention, retail and other400
 389
 2.8%Convention, retail and other57 63 (9.5)%
10,059
 8,899
 13.0%
Less — promotional allowances(613) (564) (8.7)%
Total net revenues$9,446
 $8,335
 13.3%Total net revenues$3,226 $1,925 67.6 %
Consolidated net revenues were $9.45$3.23 billion for the nine months ended September 30, 2017,2021, an increase of $1.11$1.30 billion compared to $8.34$1.93 billion for the nine months ended September 30, 2016. The increase was primarily2020, due to increases of $1.03$1.22 billion at The Parisian Macao, which opened in September 2016, and $253$86 million at our Macao operations and Marina Bay Sands, primarily duerespectively. The increases were driven by increased visitation, as well as temporary closures of Marina Bay Sands from April 7, 2020 through June 18, 2020, with gaming operations closed through June 30, 2020, and our Macao gaming operations from February 5, 2020 to increasedFebruary 19, 2020, with the exception of The Londoner Macao, which resumed on February 27, 2020, and with the hotel facilities temporarily closed during the casino revenues.suspension.
Casino
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Table of Contents
Net casino revenues increased $973$889 million compared to the nine months ended September 30, 2016. The increase was due to increases of $922 million at The Parisian2020, driven by increased visitation, as well as our Macao properties and $267 million at Marina Bay Sands being closed for a portion of the nine months ended September 30, 2020. Revenues at our Macao operations and Marina Bay Sands increased $864 million and $25 million, respectively, driven by increases in Rolling Chip win percentage and volume, partially offset by a $154 million decrease at Sands Cotai Central, driven by a decrease in Non-Rolling Chip drop, as well as decreases in Rolling Chip win percentagevolume and volume.slot handle. The following table summarizes the results of our casino activity:
 Nine Months Ended September 30,
 20212020Change
 (Dollars in millions)
Macao Operations:
The Venetian Macao
Total net casino revenues$749 $288 160.1 %
Non-Rolling Chip drop$2,539 $951 167.0 %
Non-Rolling Chip win percentage27.6 %26.4 %1.2 pts
Rolling Chip volume$3,522 $2,566 37.3 %
Rolling Chip win percentage4.15 %3.03 %1.12 pts
Slot handle$1,376 $597 130.5 %
Slot hold percentage3.8 %4.3 %(0.5)pts
The Londoner Macao
Total net casino revenues$304 $129 135.7 %
Non-Rolling Chip drop$1,347 $590 128.3 %
Non-Rolling Chip win percentage21.1 %21.7 %(0.6)pts
Rolling Chip volume$2,915 $167 1,645.5 %
Rolling Chip win percentage3.39 %5.85 %(2.46)pts
Slot handle$709 $413 71.7 %
Slot hold percentage3.8 %4.2 %(0.4)pts
The Parisian Macao
Total net casino revenues$203 $111 82.9 %
Non-Rolling Chip drop$903 $440 105.2 %
Non-Rolling Chip win percentage22.0 %23.3 %(1.3)pts
Rolling Chip volume$321 $2,607 (87.7)%
Rolling Chip win percentage8.53 %1.65 %6.88 pts
Slot handle$620 $495 25.3 %
Slot hold percentage3.1 %3.7 %(0.6)pts
The Plaza Macao and Four Seasons Macao
Total net casino revenues$233 $101 130.7 %
Non-Rolling Chip drop$874 $270 223.7 %
Non-Rolling Chip win percentage21.8 %25.9 %(4.1)pts
Rolling Chip volume$2,273 $2,586 (12.1)%
Rolling Chip win percentage5.10 %2.75 %2.35 pts
Slot handle$29 $37 (21.6)%
Slot hold percentage5.9 %4.7 %1.2 pts
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Table of Contents
Nine Months Ended September 30,
Nine Months Ended September 30, 20212020Change
2017 2016 Change
(Dollars in millions) (Dollars in millions)
Macao Operations:    
The Venetian Macao    
Total casino revenues$1,849
 $1,893
 (2.3)%
Sands MacaoSands Macao
Total net casino revenuesTotal net casino revenues$84 $80 5.0 %
Non-Rolling Chip drop$5,315
 $5,141
 3.4%Non-Rolling Chip drop$341 $324 5.2 %
Non-Rolling Chip win percentage24.6% 25.2% (0.6) ptsNon-Rolling Chip win percentage16.4 %18.9 %(2.5)pts
Rolling Chip volume$18,218
 $21,963
 (17.1)%Rolling Chip volume$953 $855 11.5 %
Rolling Chip win percentage3.61% 3.23% 0.38 ptsRolling Chip win percentage4.49 %3.19 %1.30 pts
Slot handle$2,052
 $3,007
 (31.8)%Slot handle$466 $420 11.0 %
Slot hold percentage5.2% 4.6% 0.6 ptsSlot hold percentage3.4 %3.1 %0.3 pts
Sands Cotai Central    
Total casino revenues$1,153
 $1,307
 (11.8)%
Singapore Operations:Singapore Operations:
Marina Bay SandsMarina Bay Sands
Total net casino revenuesTotal net casino revenues$668 $643 3.9 %
Non-Rolling Chip drop$4,278
 $4,571
 (6.4)%Non-Rolling Chip drop$1,865 $1,524 22.4 %
Non-Rolling Chip win percentage20.5% 20.5% —Non-Rolling Chip win percentage16.3 %19.3 %(3.0)pts
Rolling Chip volume$8,267
 $9,502
 (13.0)%Rolling Chip volume$2,583 $8,239 (68.6)%
Rolling Chip win percentage2.92% 3.52% (0.60) ptsRolling Chip win percentage5.52 %3.63 %1.89 pts
Slot handle$3,509
 $4,521
 (22.4)%Slot handle$9,209 $5,600 64.4 %
Slot hold percentage4.1% 3.6% 0.5 ptsSlot hold percentage4.2 %4.4 %(0.2)pts
The Parisian Macao    
Total casino revenues$980
 $58
 N/M
Non-Rolling Chip drop$2,957
 $190
 N/M
Non-Rolling Chip win percentage19.6% 19.9% (0.3) pts
Rolling Chip volume$14,430
 $748
 N/M
Rolling Chip win percentage3.24% 3.01% 0.23 pts
U.S. Operations:U.S. Operations:
Las Vegas Operating Properties(1)
Las Vegas Operating Properties(1)
Total net casino revenuesTotal net casino revenues$304 $175 73.7 %
Table games dropTable games drop$1,137 $969 17.3 %
Table games win percentageTable games win percentage16.0 %13.9 %2.1 pts
Slot handle$2,716
 $171
 N/MSlot handle$2,683 $1,382 94.1 %
Slot hold percentage3.4% 5.2% (1.8) ptsSlot hold percentage8.5 %7.9 %0.6 pts

__________________________

 Nine Months Ended September 30,
 2017 2016 Change
 (Dollars in millions)
The Plaza Macao and Four Seasons Hotel Macao     
Total casino revenues$317
 $324
 (2.2)%
Non-Rolling Chip drop$894
 $800
 11.8%
Non-Rolling Chip win percentage23.1% 23.3% (0.2) pts
Rolling Chip volume$7,379
 $6,511
 13.3%
Rolling Chip win percentage2.48% 3.05% (0.57) pts
Slot handle$311
 $306
 1.6%
Slot hold percentage7.1% 5.9% 1.2 pts
Sands Macao     
Total casino revenues$471
 $512
 (8.0)%
Non-Rolling Chip drop$1,842
 $2,021
 (8.9)%
Non-Rolling Chip win percentage19.2% 18.1% 1.1 pts
Rolling Chip volume$3,561
 $5,610
 (36.5)%
Rolling Chip win percentage2.65% 2.64% 0.01 pts
Slot handle$1,811
 $1,990
 (9.0)%
Slot hold percentage3.3% 3.3% —
Singapore Operations:     
Marina Bay Sands     
Total casino revenues$1,869
 $1,602
 16.7%
Non-Rolling Chip drop$2,821
 $2,927
 (3.6)%
Non-Rolling Chip win percentage28.6% 28.7% (0.1) pts
Rolling Chip volume$27,068
 $23,630
 14.5%
Rolling Chip win percentage3.40% 2.58% 0.82 pts
Slot handle$10,481
 $10,058
 4.2%
Slot hold percentage4.3% 4.5% (0.2) pts
U.S. Operations:     
Las Vegas Operating Properties     
Total casino revenues$332
 $308
 7.8%
Table games drop$1,186
 $1,289
 (8.0)%
Table games win percentage18.5% 15.7% 2.8 pts
Slot handle$1,867
 $1,882
 (0.8)%
Slot hold percentage8.0% 8.0% —
Sands Bethlehem     
Total casino revenues$408
 $402
 1.5%
Table games drop$838
 $853
 (1.8)%
Table games win percentage20.3% 19.3% 1.0 pts
Slot handle$3,550
 $3,367
 5.4%
Slot hold percentage6.6% 6.9% (0.3) pts
 ____________________
N/M - Not Meaningful
In our experience, average win percentages remain fairly consistent when measured over extended periods(1)    The Las Vegas Operating Properties are classified as a discontinued operation held for sale. Due to statewide closure of time with a significant volume of wagers, but can vary considerably within shorter time periodsnon-essential services as a result of the statistical variances that are associated with gamesCOVID-19 Pandemic, the property temporarily closed on March 18, 2020, and reopened on June 4, 2020.
44
Table of chance in which large amounts are wagered.Contents



Room revenues increased $71$130 million compared to the nine months ended September 30, 2016.2020. The increase iswas primarily due to a $90 million increase at The Parisian Macao, partially offset by a $14 million decrease at Marina Bay Sands,increased occupancy rates and increased RevPAR driven by higher visitation across our properties, as well as our properties being closed for a decrease in available rooms. Duringportion of the nine months ended September 30, 2017, there were approximately 16%, 12%, 6% and 2% fewer rooms available at The Plaza Macao and Four Seasons Hotel Macao, The Venetian Macao, Marina Bay Sands and our Las Vegas Operating Properties, respectively, compared to the nine months ended September 30, 2016.2020. The following table summarizes the results of our room activity:
Nine Months Ended September 30,
20212020Change
(Room revenues in millions)
Macao Operations:
The Venetian Macao
Total room revenues$61 $25 144.0 %
Occupancy rate51.5 %17.7 %33.8 pts
Average daily room rate (ADR)$155 $232 (33.2)%
Revenue per available room (RevPAR)$80 $41 95.1 %
The Londoner Macao
Total room revenues$69 $29 137.9 %
Occupancy rate39.9 %16.7 %23.2 pts
Average daily room rate (ADR)$158 $171 (7.6)%
Revenue per available room (RevPAR)$63 $29 117.2 %
The Parisian Macao
Total room revenues$41 $18 127.8 %
Occupancy rate52.6 %18.5 %34.1 pts
Average daily room rate (ADR)$118 $158 (25.3)%
Revenue per available room (RevPAR)$62 $29 113.8 %
The Plaza Macao and Four Seasons Macao
Total room revenues$34 $6 466.7 %
Occupancy rate44.5 %19.9 %24.6 pts
Average daily room rate (ADR)$439 $321 36.8 %
Revenue per available room (RevPAR)$195 $64 204.7 %
Sands Macao
Total room revenues$7 $3 133.3 %
Occupancy rate68.6 %28.2 %40.4 pts
Average daily room rate (ADR)$138 $173 (20.2)%
Revenue per available room (RevPAR)$95 $49 93.9 %
Singapore Operations:
Marina Bay Sands
Total room revenues$99 $100 (1.0)%
Occupancy rate67.4 %69.1 %(1.7)pts
Average daily room rate (ADR)$228 $361 (36.8)%
Revenue per available room (RevPAR)$154 $250 (38.4)%
U.S. Operations:
Las Vegas Operating Properties(1)
Total room revenues$294 $177 66.1 %
Occupancy rate76.2 %61.2 %15.0 pts
Average daily room rate (ADR)$209 $230 (9.1)%
Revenue per available room (RevPAR)$160 $141 13.5 %
__________________________
(1)    The Las Vegas Operating Properties are classified as a discontinued operation held for sale. Due to statewide closure of non-essential services as a result of the COVID-19 Pandemic, the property temporarily closed on March 18, 2020, and reopened on June 4, 2020.
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 Nine Months Ended September 30,
 2017 2016 Change
 (Room revenues in millions)
Macao Operations:     
The Venetian Macao     
Total room revenues$130
 $138
 (5.8)%
Occupancy rate90.0% 83.7% 6.3 pts
Average daily room rate$214
 $215
 (0.5)%
Revenue per available room$193
 $180
 7.2%
Sands Cotai Central     
Total room revenues$210
 $204
 2.9%
Occupancy rate84.6% 80.9% 3.7 pts
Average daily room rate$147
 $149
 (1.3)%
Revenue per available room$124
 $121
 2.5%
The Parisian Macao     
Total room revenues$96
 $6
 N/M
Occupancy rate87.9% 87.5% 0.4 pts
Average daily room rate$140
 $138
 1.4%
Revenue per available room$123
 $121
 1.7%
The Plaza Macao and Four Seasons Hotel Macao     
Total room revenues$25
 $26
 (3.8)%
Occupancy rate80.4% 73.0% 7.4 pts
Average daily room rate$352
 $348
 1.1%
Revenue per available room$283
 $254
 11.4%
Sands Macao     
Total room revenues$15
 $15
 —
Occupancy rate97.4% 96.6% 0.8 pts
Average daily room rate$192
 $200
 (4.0)%
Revenue per available room$187
 $193
 (3.1)%
Singapore Operations:     
Marina Bay Sands     
Total room revenues$267
 $281
 (5.0)%
Occupancy rate95.9% 97.6% (1.7) pts
Average daily room rate$426
 $415
 2.7%
Revenue per available room$409
 $405
 1.0%
U.S. Operations:     
Las Vegas Operating Properties     
Total room revenues$440
 $442
 (0.5)%
Occupancy rate94.7% 94.5% 0.2 pts
Average daily room rate$248
 $244
 1.6%
Revenue per available room$235
 $230
 2.2%
Sands Bethlehem     
Total room revenues$11
 $11
 —
Occupancy rate93.4% 94.9% (1.5) pts
Average daily room rate$161
 $159
 1.3%
Revenue per available room$151
 $151
 —
 ____________________
N/M - Not Meaningful


MallFood and beverage revenues increased $54$47 million compared to the nine months ended September 30, 2016.2020. The increase was mainly due to increases of $34 million and $13 million at our Macao properties and Marina Bay Sands, respectively. The increase was due to increased visitation during the nine months ended September 30, 2021.
Mall revenues increased $241 million compared to the nine months ended September 30, 2020. The increase was primarily due to increases of $45a $195 million atdecrease in rent concessions granted to our mall tenants in Macao and Singapore compared to the Shoppes at Parisian and $9nine months ended September 30, 2020, as well as a $55 million at the Shoppes at Venetian, driven by an increase in base rents. turnover rent and $6 million in government grants. These items were partially offset by a decrease in occupancy percentages for our Macao mall operations.
For further information related to the financial performance of our malls, see "— Additional“Additional Information Regarding our Retail Mall Operations."” The following table summarizes the results of our mall activity:malls on the Cotai Strip in Macao and in Singapore:
Nine Months Ended September 30,(1)
Nine Months Ended September 30,(1)
 20212020Change
2017 2016 Change
(Mall revenues in millions) (Mall revenues in millions)
Macao Operations:    Macao Operations:
Shoppes at Venetian    Shoppes at Venetian
Total mall revenues$161
 $152
 5.9%Total mall revenues$144 $74 94.6 %
Mall gross leasable area (in square feet)785,973
 781,304
 0.6%Mall gross leasable area (in square feet)814,731 812,934 0.2 %
Occupancy97.3% 97.1% 0.2 ptsOccupancy78.7 %84.9 %(6.2)pts
Base rent per square foot$244
 $237
 3.0%Base rent per square foot$296 $302 (2.0)%
Tenant sales per square foot$1,357
 $1,359
 (0.1)%
Shoppes at Cotai Central(2)
    
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$1,368 $935 46.3 %
Shoppes at Londoner(3)
Shoppes at Londoner(3)
Total mall revenues$48
 $46
 4.3%Total mall revenues$42 $25 68.0 %
Mall gross leasable area (in square feet)425,581
 407,102
 4.5%Mall gross leasable area (in square feet)520,302 525,497 (1.0)%
Occupancy93.0% 98.2% (5.2) ptsOccupancy60.4 %85.6 %(25.2)pts
Base rent per square foot$113
 $130
 (13.1)%Base rent per square foot$138 $100 38.0 %
Tenant sales per square foot$711
 $868
 (18.1)%
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$1,240 $476 160.5 %
Shoppes at Parisian(3)
    
Total mall revenues$50
 $5
 900.0%Total mall revenues$30 $16 87.5 %
Mall gross leasable area (in square feet)299,125
 299,458
 (0.1)%Mall gross leasable area (in square feet)296,322 295,963 0.1 %
Occupancy92.5% 92.6% (0.1) ptsOccupancy76.7 %82.5 %(5.8)pts
Base rent per square foot$223
 $222
 0.5%Base rent per square foot$146 $152 (3.9)%
Tenant sales per square foot$531
 —
 N/M
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$683 $407 67.8 %
Shoppes at Four Seasons    Shoppes at Four Seasons
Total mall revenues$94
 $94
 —Total mall revenues$125 $39 220.5 %
Mall gross leasable area (in square feet)258,392
 259,410
 (0.4)%Mall gross leasable area (in square feet)244,193 242,425 0.7 %
Occupancy100.0% 97.3% 2.7 ptsOccupancy94.3 %94.3 %— pts
Base rent per square foot$453
 $458
 (1.1)%Base rent per square foot$550 $544 1.1 %
Tenant sales per square foot$3,247
 $2,971
 9.3%
Tenant sales per square foot(2)
Tenant sales per square foot(2)
$6,298 $2,830 122.5 %
Singapore Operations:    Singapore Operations:
The Shoppes at Marina Bay Sands    The Shoppes at Marina Bay Sands
Total mall revenues$120
 $122
 (1.6)%Total mall revenues$127 $73 74.0 %
Mall gross leasable area (in square feet)606,946
 618,649
 (1.9)%Mall gross leasable area (in square feet)622,073 620,213 0.3 %
Occupancy97.2% 97.2% —Occupancy97.5 %95.0 %2.5 pts
Base rent per square foot$243
 $236
 3.0%Base rent per square foot$265 $257 3.1 %
Tenant sales per square foot(2)$1,506
 $1,396
 7.9%$1,480 $1,225 20.8 %
U.S. Operations:    
The Outlets at Sands Bethlehem    
Total mall revenues$3
 $3
 —
Mall gross leasable area (in square feet)151,044
 151,029
 N/M
Occupancy95.9% 90.4% 5.5 pts
Base rent per square foot$20
 $21
 (4.8)%
Tenant sales per square foot$346
 $357
 (3.1)%
__________________________
N/M - Not Meaningful
(1)As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of September 30, 2017 and 2016, they are identical to the summary presented herein for the three months ended September 30, 2017 and 2016, respectively.
(2)The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao.
(3)The Shoppes at Parisian opened in September 2016.

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 nine months ended September 30, 2021 and 2020. Base rent per square foot presented above excludes the impact of these rent concessions.

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Table of Contents
(1)    As GLA, occupancy, base rent per square foot and tenant sales per square foot are calculated as of September 30, 2021 and 2020, they are identical to the summary presented herein for the three months ended September 30, 2021 and 2020, 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.
(3)    The Shoppes at Londoner will feature up to an estimated 600,000 square feet of gross leasable area upon completion of all phases of the renovation, rebranding and expansion to The Londoner Macao.
Convention, retail and other revenues decreased $6 million compared to the nine months ended September 30, 2020, due primarily to Marina Bay Sands, driven by lower Skypark and convention revenue due to the COVID-19 Pandemic described above.
Operating Expenses
Our operating expenses consisted of the following:
Nine Months Ended September 30,
Nine Months Ended September 30,20212020Percent
Change
2017 2016 
Percent
Change
(Dollars in millions)(Dollars in millions)
Casino$3,968
 $3,531
 12.4%Casino$1,603 $1,109 44.5 %
Rooms216
 197
 9.6%Rooms124 101 22.8 %
Food and beverage329
 306
 7.5%Food and beverage186 177 5.1 %
Mall52
 44
 18.2%Mall48 41 17.1 %
Convention, retail and other200
 184
 8.7%Convention, retail and other62 79 (21.5)%
Provision for doubtful accounts77
 139
 (44.6)%
Provision for credit lossesProvision for credit losses9 52 (82.7)%
General and administrative1,050
 931
 12.8%General and administrative667 615 8.5 %
Corporate136
 208
 (34.6)%Corporate169 145 16.6 %
Pre-opening7
 128
 (94.5)%Pre-opening15 14 7.1 %
Development8
 7
 14.3%Development59 18 227.8 %
Depreciation and amortization913
 792
 15.3%Depreciation and amortization775 745 4.0 %
Amortization of leasehold interests in land28
 29
 (3.4)%Amortization of leasehold interests in land42 41 2.4 %
Loss on disposal or impairment of assets27
 15
 80.0%Loss on disposal or impairment of assets18 62 (71.0)%
Total operating expenses$7,011
 $6,511
 7.7%Total operating expenses$3,777 $3,199 18.1 %
Operating expenses were $7.01$3.78 billion for the nine months ended September 30, 2017,2021, an increase of $500$578 million compared to $6.51$3.20 billion for the nine months ended September 30, 2016.2020. The increase in operating expenses was primarily driven by the opening of The Parisian Macao.a $494 million increase in casino expenses, as well as increases in general and administrative expenses and development expenses.
Casino expenses increased $437$494 million compared to the nine months ended September 30, 2016.2020. The increase was primarily attributable to a $589an increase of $436 million increase at The Parisian Macao, partially offset by decreases of $92 million, $48 million and $30 million at Sands Cotai Central, Sands Macao and The Venetian Macao, respectively, driven by a decrease in gaming taxes due to increased casino revenues, as previously described.
Room expenses increased $23 million compared to the nine months ended September 30, 2020. The increase was driven by increases of $15 million and $8 million at our Macao properties and Marina Bay Sands, respectively.
Food and beverage expensesincreased $9 million compared to the nine months ended September 30, 2020, due to increases of $5 million and $4 million at our Macao properties and Marina Bay Sands, respectively. These increases are consistent with the increase in food and beverage revenues.
Convention, retail and other expenses decreased casino revenues.$17 million compared to the nine months ended September 30, 2020, driven by a $11 million decrease related to the closure of the ferry terminals in February 2020. Additionally, convention, retail and other expenses at our Macao properties decreased $6 million, primarily as a result of the cancellation of MICE and entertainment events due to the COVID-19 Pandemic.
The provision for doubtful accountscredit losses was $77$9 million for the nine months ended September 30, 2017,2021, compared to $139$52 million for the nine months ended September 30, 2016.2020. The decrease resulted fromwas primarily due to an increased collectionslevel of previously reserved customer balances
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provision recorded during the nine months ended September 30, 2017, as compared2020, due to the prior year period, and continuing improvementaging of patron receivables in connection with the qualityimpact of casino credit currently being extended.the COVID-19 Pandemic. The amount of this provision can vary over short periods of time because of factors specific to the customerspatrons who owe us money from gaming activities at any given time.activities. We believe that the amount of our provision for doubtful accountscredit losses in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
General and administrative expenses increased $119$52 million compared to the nine months ended September 30, 2016. The increase was primarily2020, due to increases of $91$34 million at The Parisian Macao, and $18 million at Marina Bay Sands and $9 million at our Las Vegas Operating Properties andMacao properties, respectively. The Venetian Macao, respectively,increases were primarily driven by an increaseincreases in marketing, payroll and advertising efforts.property operations costs.
Corporate expenses decreased $72increased $24 million compared to the to the nine months ended September 30, 2016. The decrease was2020, primarily due to nonrecurring legala $23 million increase in payroll and related costs, incurreddriven by no bonus expense recorded during the nine months ended September 30, 2016.2020.
Pre-opening expense representsexpenses represent personnel and other costs incurred prior to the opening of new ventures, which are expensed as incurred. Pre-opening
Development expenses decreased $121increased $41 million compared to the nine months ended September 30, 2016. The decrease was primarily due to pre-opening activities at The Parisian Macao, which opened in September 2016. Development expenses2020, and include the costs associated with the Company'sour evaluation and pursuit of new business opportunities, whichprimarily in Florida and Texas, as well as our digital gaming related efforts. Development costs are also expensed as incurred.
Depreciation and amortization expense increased $121Loss on disposal or impairment of assets decreased $44 million compared to the nine months ended September 30, 2016.2020, The increase waslosses incurred for the nine months ended September 30, 2021 and September 30, 2020, were primarily attributabledue to a $150 million increase atasset disposals and demolition costs related to The Parisian Macao, partially offset by a $51 million decrease resulting from a change in the estimated useful lives of certain property and equipmentLondoner Macao.
Segment Adjusted Property EBITDA
The following table summarizes information related to our segments (see "Item


“Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 210 — PropertySegment Information” for a reconciliation of consolidated adjusted property EBITDA to net loss):
 Nine Months Ended September 30,
 20212020Percent
Change
 (Dollars in millions)
Macao:
The Venetian Macao$230 $(126)(282.5)%
The Londoner Macao(61)(150)(59.3)%
The Parisian Macao(3)(124)(97.6)%
The Plaza Macao and Four Seasons Macao156 (5)(3,220.0)%
Sands Macao(52)(58)(10.3)%
Ferry Operations and Other(6)(15)(60.0)%
264 (478)(155.2)%
Marina Bay Sands271 239 13.4 %
Consolidated adjusted property EBITDA$535 $(239)(323.8)%
Las Vegas Operating Properties (1)
$136 $(74)(283.8)%
____________________
(1)The Las Vegas Operating Properties are classified as a discontinued operation held for sale. Due to statewide closure of non-essential services as a result of the COVID-19 Pandemic, the property temporarily closed on March 18, 2020, and Equipment, Net").reopened on June 4, 2020.
Adjusted property EBITDA at our Macao operations increased $742 million compared to the nine months ended September 30, 2020, primarily due to increased casino, mall and room operations driven by increased visitation.
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Adjusted property EBITDA at Marina Bay Sands increased $32 million compared to the nine months ended September 30, 2020. The increase was primarily due to increased casino and mall operations driven by increased visitation.
Discontinued Operations
Adjusted property EBITDA at our Las Vegas Operating Properties increased $210 million compared to the nine months ended September 30, 2020. 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.
Interest Expense
The lossfollowing table summarizes information related to interest expense:
Nine Months Ended September 30,
20212020
(Dollars in millions)
Interest cost$480 $389 
Less — capitalized interest(11)(13)
Interest expense, net$469 $376 
Weighted average total debt balance$14,509 $13,190 
Weighted average interest rate4.4 %3.9 %
Interest cost increased $91 million compared to the nine months ended September 30, 2020, resulting from an increase in our weighted average total debt balance due to the issuance of the 2026 and 2030 SCL Senior Notes on disposalJune 4, 2020, and draws on the SCL revolver during the three months ended March 31, 2021. Additionally, the weighted average interest rate increased from 3.9% to 4.4% during the nine months ended September 30, 2021 as a result of assetsthe expiration of $27interest rate swaps in August 2020 related to the SCL senior notes that were issued in 2018.
Other Factors Affecting Earnings
Loss on early retirement of debt of $137 million for the nine months ended September 30, 2017, primarily related to dispositions at our Macao operations2021, was due to property damages caused by Typhoon Hato.
Adjusted Property EBITDA
the issuance of new SCL senior notes, which funds were utilized to repay the outstanding borrowings under the senior notes due in 2023. The following table summarizes information relatedloss on early retirement of debt was comprised of a $131 million make-whole premium payment to our segmentsretire the 2023 senior notes and $6 million of unamortized deferred financing costs written-off (see "Item“Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 73 — Segment Information" for discussion of our operating segments and a reconciliation of consolidated adjusted property EBITDA to net income):Long-Term Debt — SCL Senior Notes”).
 Nine Months Ended September 30,
 2017 2016 
Percent
Change
 (Dollars in millions)
Macao:     
The Venetian Macao$808
 $827
 (2.3)%
Sands Cotai Central431
 484
 (11.0)%
The Parisian Macao323
 19
 N/M
The Plaza Macao and Four Seasons Hotel Macao162
 154
 5.2%
Sands Macao134
 125
 7.2%
Ferry Operations and Other18
 25
 (28.0)%
 1,876
 1,634
 14.8%
Marina Bay Sands1,299
 1,023
 27.0%
United States:     
Las Vegas Operating Properties277
 245
 13.1%
Sands Bethlehem113
 113
 —%
 390
 358
 8.9%
Consolidated adjusted property EBITDA$3,565
 $3,015
 18.2%
 ____________________
N/M - Not Meaningful
Adjusted property EBITDA at our Macao operations increased $242 million compared to the nine months ended September 30, 2016. The increase was primarily attributable to a $304 million increase at The Parisian Macao. This increase was partially offset by a $55 million decrease at our Macao properties (excluding The Parisian Macao), mainly due to decreased casino operations, driven by a decrease in Rolling Chip volume.
Adjusted property EBITDA at Marina Bay Sands increased $276 million compared to the nine months ended September 30, 2016. As previously described, the increase was primarily due to increased casino revenues, driven by increases in Rolling Chip win percentage and volume.
Adjusted property EBITDA at our Las Vegas Operating Properties increased $32 million compared to the nine months ended September 30, 2016. The increase was primarily due to a $43 million increase in net revenues (excluding intersegment royalty revenue), driven by increased casino revenue.


Interest Expense
The following table summarizes information related to interest expense:
 Nine Months Ended September 30,
 2017 2016
 (Dollars in millions)
Interest cost (which includes the amortization of deferred financing costs and original issue discounts)$230
 $219
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo11
 11
Less — capitalized interest(1) (32)
Interest expense, net$240
 $198
Cash paid for interest$199
 $186
Weighted average total debt balance$9,970
 $9,740
Weighted average interest rate3.1% 3.0%
Interest cost increased $11 million compared to the nine months ended September 30, 2016, resulting primarily from an increase in our weighted average total debt balance. Capitalized interest decreased $31 million compared to the nine months ended September 30, 2016, primarily due to the opening of The Parisian Macao in September 2016.
Other Factors Effecting Earnings
Other expense was $80 million for the nine months ended September 30, 2017, compared to $33$19 million for the nine months ended September 30, 2016. Other expense during the nine months ended September 30, 2017, was primarily attributable2021, compared to a depreciationother income of the U.S. dollar versus the Singapore dollar during the period. This resulted in $65$29 million of foreign currency transaction losses, driven by Singapore dollar denominated intercompany debt reported in U.S. dollars, and a $16 million fair value adjustment on our Singapore forward contracts.
Our effective income tax rate was 10.4% for the nine months ended September 30, 2017, compared2020. The change from prior period was due primarily to 11.7%a $50 million increase in foreign transaction losses driven by the impact of a foreign currency exchange rate increase of 732 basis points on the U.S. dollar denominated debt held by SCL.
Our income tax benefit was $19 million on a loss before income taxes of $1.17 billion for the nine months ended September 30, 2016. The decrease2021, resulting in thea (1.6)% effective income tax rate. This compares to a (0.2)% effective income tax rate relates primarily to the valuation allowances recorded duringfor the nine months ended September 30, 2016, as we determined that certain deferred tax assets were no longer "more-likely-than-not" realizable.2020. The effective income tax rates reflectbenefit for the nine months ended September 30, 2021, 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, effective throughMacao. Our U.S. operations recorded tax benefits associated with the end of 2018. We have recordedpre-tax book losses, primarily related to U.S. corporate and interest expense incurred during the nine months ended September 30, 2021. Our U.S. tax benefit was partially offset by a valuation allowance relatedrecorded on certain U.S. foreign tax credits, which we no longer expect to certain deferred tax assets generated by operationsutilize due to lower royalty income resulting from a decrease in the U.S.revenues from Macao and certain foreign jurisdictions; however,Singapore compared to the extent that the financial results of these operations improve and it becomes "more-likely-than-not" that these deferred tax assets, or a portion thereof, are realizable, we will reduce the valuation allowances in the period such determination is made, as appropriate.prior estimates.
The net incomeloss attributable to our noncontrolling interests was $306$241 million for the nine months ended September 30, 2017,2021, compared to $248$381 million for the nine months ended September 30, 2016.2020. These amounts arewere primarily related to the noncontrolling interest of SCL.
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Additional Information Regarding our Retail Mall Operations
We own and operate retail malls at our integrated resortsIntegrated Resorts at The Venetian Macao, Sands Cotai Central, The Plaza Macao and Four Seasons HotelMacao, The Londoner Macao, The Parisian Macao and Marina Bay Sands and Sands Bethlehem.Sands. Management believes that 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.Integrated Resorts. Our strategy is to seek out desirable tenants that appeal to our customerspatrons 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"(“CAM”) and other expenditures.


The following tables summarize the results of our mall operations on the Cotai Strip and at Marina Bay Sands for the three and nine months ended September 30, 20172021 and 2016:2020:
Shoppes at
Venetian		Shoppes at
Four
Seasons		Shoppes at
Londoner		Shoppes at
Parisian		The Shoppes at Marina
Bay Sands
(In millions)
For the three months ended September 30, 2021
Mall revenues:
Minimum rents(1)
$45 $29 $8 $7 $35 
Overage rents4 20 3 1 6 
Rent concessions(2)
(8)— (1)(1)(6)
Total overage rents, rent concessions and other(4)20 2 — — 
CAM, levies and direct recoveries8 3 3 3 6 
Total mall revenues49 52 13 10 41 
Mall operating expenses:
Common area maintenance3 1 1 1 4 
Marketing and other direct operating expenses1 1 1 1 1 
Mall operating expenses4 2 2 2 5 
Property taxes(4)
— — — — 2 
Mall-related expenses(5)
$4 $2 $2 $2 $7 
For the three months ended September 30, 2020
Mall revenues:
Minimum rents(1)
$49 $31 $9 $9 $34 
Overage rents3 — — — 2 
Rent concessions(2)
(32)(20)(5)(6)(13)
Total overage rents and rent concessions(29)(20)(5)(6)(11)
CAM, levies and direct recoveries7 2 5 3 5 
Total mall revenues27 13 9 6 28 
Mall operating expenses:
Common area maintenance2 1 2 1 3 
Marketing and other direct operating expenses1 — — — 1 
Mall operating expenses3 1 2 1 4 
Property taxes(4)
— — — — 1 
Recovery of credit losses(1)— — (1)— 
Mall-related expenses(5)
$2 $1 $2 $— $5 
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Shoppes at
Venetian
 
Shoppes at
Four
Seasons
 
Shoppes at
Cotai
Central
 
Shoppes at
Parisian(1)
 
The Shoppes 
at Marina
Bay Sands
 
The Outlets 
at Sands
Bethlehem(2)
 Total
 (In millions)
For the three months ended September 30, 2017             
Mall revenues:             
Minimum rents(3)
$45
 $28
 $9
 $13
 $31
 $—
 $126
Overage rents2
 1
 1
 —
 5
 1
 10
CAM, levies and direct recoveries8
 2
 5
 3
 6
 —
 24
Total mall revenues55
 31
 15
 16
 42
 1
 160
Mall operating expenses:             
Common area maintenance4
 1
 1
 2
 4
 —
 12
Marketing and other direct operating expenses2
 1
 1
 1
 1
 —
 6
Mall operating expenses6
 2
 2
 3
 5
 —
 18
Property taxes(4)
—
 —
 —
 —
 1
 —
 1
Provision for doubtful accounts—
 —
 —
 1
 —
 —
 1
Mall-related expenses(5)
$6
 $2
 $2
 $4
 $6
 $—
 $20
For the three months ended September 30, 2016             
Mall revenues:             
Minimum rents(3)
$42
 $29
 $11
 $2
 $31
 $—
 $115
Overage rents2
 —
 1
 —
 5
 1
 9
CAM, levies and direct recoveries8
 2
 3
 3
 7
 —
 23
Total mall revenues52
 31
 15
 5
 43
 1
 147
Mall operating expenses:             
Common area maintenance4
 1
 2
 1
 4
 —
 12
Marketing and other direct operating expenses1
 1
 —
 —
 2
 —
 4
Mall operating expenses5
 2
 2
 1
 6
 —
 16
Property taxes(4)
—
 —
 —
 —
 1
 1
 2
Provision for doubtful accounts—
 —
 —
 —
 1
 —
 1
Mall-related expenses(5)
$5
 $2
 $2
 $1
 $8
 $1
 $19


Shoppes at
Venetian		Shoppes at
Four
Seasons		Shoppes at
Londoner		Shoppes at
Parisian		The Shoppes at Marina
Bay Sands
Shoppes at
Venetian
 
Shoppes at
Four
Seasons
 
Shoppes at
Cotai
Central
 
Shoppes at
Parisian(1)
 
The Shoppes 
at Marina
Bay Sands
 
The Outlets 
at Sands
Bethlehem(2)
 Total
For the nine months ended September 30, 2017             
(In millions)
For the nine months ended September 30, 2021For the nine months ended September 30, 2021
Mall revenues:             Mall revenues:
Minimum rents(3)
$132
 $85
 $30
 $41
 $92
 $1
 $381
Minimum rents(1)
Minimum rents(1)
$137 $91 $22 $23 $108 
Overage rents5
 2
 2
 —
 10
 2
 21
Overage rents10 28 13 3 14 
Rent concessions(2)
Rent concessions(2)
(25)(1)(3)(4)(20)
Other(3)
Other(3)
— — — — 6 
Total overage rents and rent concessionsTotal overage rents and rent concessions(15)27 10 (1)— 
CAM, levies and direct recoveries24
 7
 16
 9
 18
 —
 74
CAM, levies and direct recoveries22 7 10 8 19 
Total mall revenues161
 94
 48
 50
 120
 3
 476
Total mall revenues144 125 42 30 127 
Mall operating expenses:             Mall operating expenses:
Common area maintenance11
 4
 4
 5
 11
 1
 36
Common area maintenance9 4 5 3 12 
Marketing and other direct operating expenses5
 2
 2
 3
 4
 —
 16
Marketing and other direct operating expenses4 2 2 2 4 
Mall operating expenses16
 6
 6
 8
 15
 1
 52
Mall operating expenses13 6 7 5 16 
Property taxes(4)
—
 —
 —
 —
 3
 1
 4
Property taxes(4)
1 — — — 5 
Provision for doubtful accounts—
 —
 1
 1
 —
 —
 2
Provision for (recovery of) credit lossesProvision for (recovery of) credit losses(1)— — 3 — 
Mall-related expenses(5)
$16
 $6
 $7
 $9
 $18
 $2
 $58
Mall-related expenses(5)
$13 $6 $7 $8 $21 
For the nine months ended September 30, 2016             
For the nine months ended September 30, 2020For the nine months ended September 30, 2020
Mall revenues:             Mall revenues:
Minimum rents(3)
$125
 $86
 $34
 $2
 $92
 $1
 $340
Minimum rents(1)
Minimum rents(1)
$146 $91 $28 $27 $102 
Overage rents4
 1
 2
 —
 10
 2
 19
Overage rents4 1 2 — 5 
Rent concessions(2)
Rent concessions(2)
(100)(60)(19)(19)(48)
Total overage rents and rent concessionsTotal overage rents and rent concessions(96)(59)(17)(19)(43)
CAM, levies and direct recoveries23
 7
 10
 3
 20
 —
 63
CAM, levies and direct recoveries24 7 14 8 14 
Total mall revenues152
 94
 46
 5
 122
 3
 422
Total mall revenues74 39 25 16 73 
Mall operating expenses:             Mall operating expenses:
Common area maintenance12
 4
 5
 1
 12
 —
 34
Common area maintenance8 3 5 3 9 
Marketing and other direct operating expenses3
 1
 1
 —
 4
 1
 10
Marketing and other direct operating expenses4 1 1 2 3 
Mall operating expenses15
 5
 6
 1
 16
 1
 44
Mall operating expenses12 4 6 5 12 
Property taxes(4)
—
 —
 —
 —
 3
 1
 4
Property taxes(4)
1 — — — 2 
Provision for doubtful accounts1
 —
 —
 —
 3
 —
 4
Provision for credit lossesProvision for credit losses— — 1 — — 
Mall-related expenses(5)
$16
 $5
 $6
 $1
 $22
 $2
 $52
Mall-related expenses(5)
$13 $4 $7 $5 $14 
____________________
(1)The Shoppes at Parisian opened in September 2016.
(2)Revenues from CAM, levies and direct recoveries are included in minimum rents for The Outlets at Sands Bethlehem.
(3)Minimum rents include base rents and straight-line adjustments of base rents.
(4)Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. Each property is also eligible to obtain an additional six-year exemption, provided certain qualifications are met. To date, The Venetian Macao and The Plaza Macao and Four Seasons Hotel Macao have obtained a second exemption, extending the property tax exemption to the end of July 2019 and the end of July 2020, respectively. Under the initial exemption, The Parisian Macao is tax exempt until the end of July 2022 and Sands Cotai Central has a distinct exemption for each hotel tower, which have varying expiration dates that range from the end of March 2018 to the end of November 2021. The Company is currently working on obtaining the second exemption for The Parisian Macao and Sands Cotai Central.
(5)Mall-related expenses consist of CAM, marketing fees and other direct operating expenses, property taxes and provision for doubtful accounts, but excludes depreciation and amortization and general and administrative costs.
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. Each property is also eligible to obtain an additional six-year exemption, provided certain qualifications are met. To date, The Venetian Macao, The Plaza Macao and Four Seasons Macao, The Londoner Macao and The Parisian Macao have obtained a second 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.
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It is common in the mall operating industry for companies to disclose mall net operating income ("NOI"(“NOI”) as a useful supplemental measure of a mall'small’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 that 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.
Development Projects
As our integrated resorts mature, we continue to reinvest in our portfolio of properties to maintain our high quality products and remain competitive in the markets in which we operate. We are constantly evaluatingregularly 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 generatingrevenue-generating additions to our integrated resorts.Integrated Resorts.
Macao
The Plaza Casino and Four Seasons Hotel Macao
In October 2017, we announced that The Plaza Casino and Four Seasons Hotel Macao will feature an additional 295 new suites in a separate tower, The Four Seasons Macao Hotel Tower Suites. We have completedOur construction work on the structural workconversion of the tower and plan to commence build out of the suites in 2018. We expect the project to be completed in 2019.
Sands Cotai Central
In October 2017, we announced that we will renovate, expand and rebrand the Sands Cotai Central into athe new destination integrated resort,Integrated Resort, The Londoner Macao.Macao, is progressing. This project is being delivered in phases, which started in 2020 and will continue throughout 2021. Upon completion, The Londoner Macao will feature new attractions and features internally and externally from London, including some of London’s most recognizable landmarks, an expanded retail mallsuch as the Houses of Parliament and the St. RegisElizabeth Tower (commonly known as "Big Ben"). The Londoner Macao TowerHotel opened in January 2021 with 594 London-themed suites, including 14 exclusive Suites offeringby David Beckham. The Integrated Resort also features Londoner Court, which opened on September 16, 2021 and includes approximately 350 luxurious new370 luxury suites. The expansion of our retail offerings, which have been rebranded as Shoppes at Londoner, is progressing.
We anticipate the total costs associated with The Londoner Macao development project will commence in 2018described above and the completed The Grand Suites at Four Seasons to be phasedapproximately $2.2 billion, of which $1.9 billion has been spent as of September 30, 2021. The ultimate costs and completion dates for The Londoner Macao development are subject to minimize disruption duringchange as we complete the property’s peak periods.project. 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 “Development Agreement”) pursuant to which MBS will construct a development, the MBS Expansion Project, which will include a hotel tower with a rooftop attraction, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats. The Development Agreement provides for a total project cost of approximately SGD 4.5 billion (approximately $3.31 billion at exchange rates in effect on September 30, 2021). The amount of the total project cost will be finalized as we complete design and development and begin construction. In connection with the Development Agreement, MBS entered into a lease with the STB for the parcels of land underlying the project. In April 2019 and in connection with the lease, MBS provided various governmental agencies in Singapore the required premiums, deposits, stamp duty, goods and services tax and other fees in an aggregate amount of approximately SGD 1.54 billion (approximately $1.14 billion at exchange rates in effect at the time of the transaction). 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 Development Agreement. On June 18, 2020, we further amended the 2012 Singapore Credit Facility, which, among other things, extended to June 30, 2021, the deadline for delivering the construction cost estimate and the construction schedule for the MBS Expansion Project. On September 7, 2021, we amended the 2012 Singapore Credit Facility, which further extended this deadline 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. If we do not meet the March 31, 2022 deadline, we will not
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be completedpermitted to make further draws on the Singapore Delayed Draw Term Facility until these items are delivered to lenders.
Other
We continue to evaluate additional development projects in 2020.each of our markets and pursue new development opportunities globally.
Liquidity and Capital Resources
Cash Flows — Summary
Our cash flows consisted of the following:
 Nine Months Ended September 30,
 2017 2016
 (In millions)
Net cash generated from operating activities$3,222
 $2,831
Cash flows from investing activities:   
Change in restricted cash and cash equivalents(1) (1)
Capital expenditures(592) (1,103)
Proceeds from disposal of property and equipment2
 4
Acquisition of intangible assets—
 (47)
Net cash used in investing activities(591) (1,147)
Cash flows from financing activities:   
Proceeds from exercise of stock options32
 5
Repurchase of common stock(300) —
Dividends paid(2,362) (2,348)
Proceeds from long-term debt654
 2,260
Repayments on long-term debt(828) (1,963)
Payments of financing costs(5) (31)
Net cash used in financing activities(2,809) (2,077)
Effect of exchange rate on cash51
 4
Decrease in cash and cash equivalents(127) (389)
Cash and cash equivalents at beginning of period2,128
 2,179
Cash and cash equivalents at end of period$2,001
 $1,790


Nine Months Ended September 30,
20212020
(In millions)
Net cash used in operating activities from continuing operations$(345)$(1,239)
Cash flows from investing activities from continuing operations:
Capital expenditures(640)(998)
Proceeds from disposal of property and equipment7 1 
Acquisition of intangible assets(5)— 
Net cash used in investing activities from continuing operations(638)(997)
Cash flows from financing activities from continuing operations:
Proceeds from exercise of stock options19 22 
Dividends paid and noncontrolling interest payments— (911)
Proceeds from long-term debt2,451 1,945 
Repayments on long-term debt(1,852)(451)
Payments of financing costs(36)(30)
Make-whole premium on early extinguishment of debt(131)— 
Transaction with discontinued operations111 (133)
Net cash generated from financing activities from continuing operations562 442 
Net cash generated from (used in) discontinued operations2 (24)
Effect of exchange rate on cash, cash equivalents and restricted cash(17)(26)
Decrease in cash, cash equivalents and restricted cash(436)(1,844)
Cash, cash equivalents and restricted cash at beginning of period2,137 4,242 
Cash, cash equivalents and restricted cash at end of period1,701 2,398 
Less: cash, cash equivalents and restricted cash at end of period for discontinued operations(41)(34)
Cash, cash equivalents and restricted cash at end of period from continuing operations$1,660 $2,364 
Cash Flows — Operating Activities
Table games play at our properties is conducted on a cash and credit basis, while slot machine play is primarily conducted on a cash basis. Our rooms, food and beverage and other non-gaming revenues are conducted primarily on a cash basis or as a trade receivable, resulting in operating cash flows being generally affected by changes in operating income and accounts receivable. Net cash generated fromused in operating activities for the nine months ended September 30, 2017, increased $3912021, was $345 million compared to $1.24 billion for the nine months ended September 30, 2020, primarily resulting from a decrease in net loss as our properties remained opened during the nine months ended September 30, 2021, with the exception of the closure of the casino at Marina Bay Sands on two different occasions (approximately 15 days total), compared to the nine months ended September 30, 2016. The increase was primarily attributable to2020, in which our properties were closed at various times and for an increase inextended period. Additionally, our net income, partially offset by the level of contribution of our working capital accounts, driven byrequirements decreased during the change in accounts receivable.nine months ended September 30, 2020.
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Cash Flows — Investing Activities
Capital expenditures for the nine months ended September 30, 2017,2021, totaled $592 million, including $349$640 million. Included in this amount was $513 million for construction and development activities in Macao, which consisted primarily of $149$440 million for The ParisianLondoner Macao, $113$50 million for The Venetian Macao and $58$15 million for Sands Cotai Central; $137The Plaza Macao and Four Seasons Macao. Additionally, this amount included $102 million at Marina Bay Sands;Sands in Singapore and $86$25 million at our Las Vegas Operating Properties.for corporate and other.
Capital expenditures for the nine months ended September 30, 2016,2020, totaled $1.10 billion, including $970$998 million. Included in this amount was $857 million for construction and development activities in Macao, which consisted primarily of $798$591 million for The ParisianLondoner Macao, $147 million for The Plaza Macao and $97Four Seasons Macao related primarily to the Grand Suites at Four Seasons Macao and $103 million for Sands Cotai Central; $57The Venetian Macao. We also incurred capital expenditures of $137 million at our Las Vegas Operating Properties;Marina Bay Sands in Singapore and $50$4 million in Singapore. Additionally, during the nine months ended September 30, 2016, we paid 66 million Singapore dollars ("SGD," approximately $47 million at exchange rates in effect at the time of the transaction) to renew our Singapore gaming license for a three-year term.corporate and other.
Cash Flows — Financing Activities
Net cash flows used ingenerated from financing activities were $2.81 billion$562 million for the nine months ended September 30, 2017,2021, which was primarily attributable to $2.36 billion in dividend payments, $300net proceeds of $505 million, received from the drawdown of our SCL revolving facility, and transactions with discontinued operations. These items were partially offset by $36 million in common stock repurchasesdeferred financing costs related to the issuance of the new unsecured notes at SCL and $174 million of net repayments on ourthe various credit facilities.agreements.
Net cash flows used ingenerated from financing activities were $2.08 billion$442 million for the nine months ended September 30, 2016,2020, which was primarily attributable to $2.34the issuance of $1.50 billion in dividend payments,of unsecured notes at SCL, partially offset by $297$911 million of net proceeds from our various credit facilities.in dividend payments.
Capital Financing Overview
We fund our development projects primarily through borrowings from our credit facilities (see, "Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-Term Debt")debt instruments and operating cash flows.
In September 2021, SCL issued, in a private offering, three series of unsecured notes in an aggregate principal amount of $1.95 billion. The net proceeds from the offering along with cash on hand was used to redeem in full the outstanding principal amount of its $1.80 billion 4.600% senior notes due 2023, any accrued interest and the associated make-whole premium as determined under the related senior notes indenture dated as of August 9, 2018.
Our U.S., MacaoSCL and Singapore credit facilities, as amended, contain various financial covenants. The U.S. credit facility requires our Las Vegas operations to comply with a financial covenant at the end of each quarter to the extent that any revolving loans or certain letters of credit are outstanding. This financial covenant requires our Las Vegas operations to maintaincovenants, which include maintaining a maximum leverage ratio ofor net debt, as defined, to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined ("Adjusted EBITDA"). Thedefined. In September 2021, LVSC extended the amendment, pursuant to which lenders, among other things, removed LVSC’s requirement to maintain a maximum leverage ratio as of the last day of the fiscal quarter, through and including December 31, 2022. In July 2021, SCL extended the waiver and amendment request letter, pursuant to which lenders, among other things, waived SCL’s requirement to ensure the leverage ratio does not exceed 4.0x and the interest coverage ratio is 5.5x for all quarterly periodsgreater than 2.50x, through maturity. We can electJanuary 1, 2023. In September 2021, MBS extended the amendment letter, pursuant to contribute cash on hand to our Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio. Our Macao credit facility requires our Macao operationswhich MBS will not have to comply with similarthe leverage or interest coverage covenants as of the last day of the fiscal quarter, through and including December 31, 2022. Our compliance with our financial covenants for periods beyond December 31, 2022, could be affected by certain factors beyond our control, such as the impact of the COVID-19 Pandemic, including maintainingcurrent travel and border restrictions continuing in the future. We will pursue additional waivers to meet the required financial covenant ratios, which include a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.5x for all quarterly periods through maturity. Our Singapore credit facility requires our Marina Bay Sands operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.5x for the quarterly periods ending September 30, 2017 through September 30, 2019,4.0x, 4.0x and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. As of September 30, 2017,4.5x under our U.S., Macao and Singapore leverage ratios, as defined percredit facilities, respectively, for periods beyond December 31, 2022 for LVSC and MBS and January 1, 2023 for SCL, if deemed necessary. We believe we will be successful in obtaining the respective credit facility agreements, were 0.5x, 1.8xadditional waivers, although no assurance can be provided that such waivers will be granted, which could negatively impact our ability to be in compliance with our debt covenants for periods beyond December 31, 2022 for LVSC and 2.0x, respectively, comparedMBS and January 1, 2023 for SCL.
In addition, pursuant to the maximum leverage ratios allowedSecond Amendment and subject to the satisfaction of 5.5x, 3.5x and 3.5x, respectively. If we are unable to maintain compliance withcertain conditions specified therein, the financial covenants under these credit facilities, we would be in defaultrequisite lenders under the respective credit facilities. Any defaults under these agreements would allowexisting LVSC Revolving Credit Agreement consented to, and waived any applicable restrictions prohibiting, the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements. If the lenders were to exercise their rights to accelerate the due datesconsummation of the indebtedness outstanding, there can be no assurance that we would be able to repay or refinance any amounts that mayannounced sale of the Las Vegas Operations.

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become due and payable under such agreements, which could force us to restructure or alter our operations or debt obligations.
We held unrestricted cash and cash equivalents of approximately $2.0$1.64 billion and restricted cash and cash equivalents of approximately $11$16 million as of September 30, 2017,2021, of which approximately $1.04 billion$868 million of the unrestricted amount is held by non-U.S. subsidiaries. Of the $1.04 billion,$868 million, approximately $857$557 million is available to be repatriated to the U.S. with minimaland we do not expect withholding taxes owed on such amounts dueor other foreign income taxes to apply should these earnings be distributed in the significant foreign taxes we paid, which would ultimately generate U.S. foreign tax credits if cash is repatriated.form of dividends or otherwise. The remaining unrestricted amounts held by non-U.S. subsidiaries are not available for repatriation primarily due to dividend requirements to third partythird-party public shareholdersstockholders in the case of funds being repatriated from SCL.
We believe the cash on hand and cash flow generated from operations, as well as the $3.51$3.94 billion available for borrowing under our U.S., MacaoSCL and Singapore revolving credit facilities, net of outstanding letters of credit, and SGD 3.69 billion (approximately $2.71 billion at exchange rates in effect on September 30, 2021) under our Singapore Delayed Draw Term Facility as of September 30, 2017,2021, will be sufficient to maintain compliance with the financial covenants of our credit facilities and fund our working capital needs, committed and planned capital expenditures, development opportunities and debt obligationsobligations. If the construction cost estimate and dividend commitments.construction schedule to the MBS Expansion Project are not delivered by the extended deadline, we will not be permitted to make further draws on the Singapore Delayed Draw Term Facility after March 31, 2022 until these items are delivered to lenders. In the normal course of our activities, we will continue to evaluate ourglobal capital structure andmarkets to consider future opportunities for enhancements thereof.
In March 2017,of our capital structure. During 2020, we entered into an agreementamendment request letter on the 2018 SCL Credit Facility, which provides us with the option to amend our U.S. credit facility, which refinancedincrease the term loans intotal borrowing capacity by an aggregate amount of $2.18up to $1.0 billion. Subsequently on January 25, 2021, we increased the amount available under the SCL revolving credit facility by HKD 3.83 billion extended(approximately $491 million at exchange rates in effect on September 30, 2021) to further enhance our liquidity. During the maturitythree months ended March 31, 2021, SCL drew down $48 million and HKD 3.54 billion (approximately $455 million at exchange rates in effect on September 30, 2021) under this facility for general corporate purposes.
We have suspended our quarterly dividend program and SCL did not pay a final dividend for 2020 due to the impact of the term loansCOVID-19 Pandemic.
We have a strong balance sheet and sufficient liquidity in place, including access to March 2024, removedavailable borrowing capacity under our credit facilities. We believe we are well positioned to support our continuing operations, complete the requirementmajor construction projects in Macao and Singapore that are underway and respond to prepay outstanding revolving loans and/or permanently reduce revolving commitmentsthe current COVID-19 Pandemic challenges. We have taken various mitigating measures to manage through the current environment, including a cost and capital expenditure reduction program to minimize cash outflow for non-essential items.
Aggregate Indebtedness and Other Contractual Obligations
As of September 30, 2021, there had been no material changes to our aggregated indebtedness and other contractual obligations previously reported in certain circumstancesour Annual Report on Form 10-K for the year ended December 31, 2020, with the exception of the issuance of the 2027, 2029 and lowered2031 SCL Senior Notes, the applicable margin credit spread for borrowings underrepayment of the term loans (see "Item2023 SCL Senior Note and the draw on the 2018 SCL Revolving Credit Facility of $505 million. These transactions are summarized below:
Payments Due During Period Ending December 31,
2021(1)
2022 - 20232024 - 2025ThereafterTotal
(In millions)
Long-Term Debt Obligations(2)
2027, 2029 and 2031 SCL Senior Notes$— $— $— $1,950 $1,950 
2018 SCL Revolving Facility— 503 — — 503 
Fixed Interest Payments(3)
— 105 108 206 419 
Variable Interest Payments(4)
3 19 — — 22 
Total$3 $627 $108 $2,156 $2,894 
_______________________
(1)Represents the three-month period ending December 31, 2021.
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(2)See “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-Term Debt — 2013 U.S. Credit Facility"). DuringDebt” for further details on these financing transactions.
(3)Represents the nine months ended September 30, 2017, we had net repayments of $36 million on our 2013 U.S. Extended Revolving Facility.
On February 24 and June 23, 2017, SCL paid a dividend of 0.99 Hong Kong dollars ("HKD") and HKD 1.00 per share, respectively, to SCL shareholders (a total of $2.07 billion, of which we retained $1.45 billion during the nine months ended September 30, 2017). On March 31, June 30 and September 30, 2017, we paid a dividend of $0.73 per common share as part of a regular cash dividend program and recorded $1.73 billion as a distribution against retained earnings (of which $946 millionfixed interest payments related to our Principal Stockholder's familythe 2027, 2029 and 2031 SCL Senior Notes.
(4)Represents the remaining $787 millionvariable interest payment related to all other shareholders) during the nine months ended September 30, 2017. In October 2017, the Company's Board of Directors declared a quarterly dividend of $0.73 per common share (a total estimated to be approximately $577 million) to be paid on December 29, 2017, to shareholders of record on December 21, 2017. In October 2017, we announced that our Board of Directors increased the dividend for the 2018 calendar year to $3.00 per common share, or $0.75 per common share per quarter.
In November 2016, our Board of Directors authorizedSCL Credit Facility. Based on the repurchase of $1.56 billion of our outstanding common stock, which expires in November 2018. During the nine months ended September 30, 2017, we repurchased 5,107,237 shares of our common stock for $300 million (including commissions) under this program. All share repurchases of our common stock are recorded1-month rate as treasury stock. As of September 30, 2017, we have remaining authorization to repurchase $1.26 billion2021, London Inter-Bank Offered Rate ("LIBOR") of our outstanding common shares. Repurchases0.08% and Hong Kong Inter-Bank Offer Rate (“HIBOR”) of our common stock are made at our discretion0.06%, plus the applicable interest rate spread in accordance with applicable federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, legal requirements, other investment opportunities and market conditions.respective debt agreement.
Aggregate Indebtedness and Other Known Contractual Obligations
As of September 30, 2017, there had been no material changes to our aggregated indebtedness and other known contractual obligations, which are set forth in the table included in our Annual Report on Form 10-K for the year ended December 31, 2016, with the exception of the following:
amendment and extension of our 2013 U.S. Credit Facility (see "Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 3 — Long-Term Debt — 2013 U.S. Credit Facility"); and
net repayments of $36 million on our 2013 U.S. Extended Revolving Facility (which would have matured in December 2018 with no interim amortization).


Restrictions on Distributions
We are a parent company with limited business operations. Our main asset is the stock and membership interests of our subsidiaries. The debt instruments of our U.S., Macao and Singapore subsidiaries contain certain restrictions that, among other things, limit the ability of certain subsidiaries to incur additional indebtedness, issue disqualified stock or equity interests, pay dividends or make other distributions, repurchase equity interests or certain indebtedness, create certain liens, enter into certain transactions with affiliates, enter into certain mergers or consolidations or sell our assets of our company without prior approval of the lenders or noteholders.
Special Note Regarding Forward-Looking Statements
This report contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this report, the words: "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends"“anticipates,” “believes,” “estimates,” “seeks,” “expects,” “plans,” “intends” and similar expressions, as they relate to our companyCompany or management, are intended to identify forward-looking statements. Although we believe that these forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements involve known and unknown risks, uncertainties and other factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among others, the risks associated with:
•the uncertainty of the extent, duration and effects of the COVID-19 Pandemic and the response of governments and other third parties, including government-mandated property closures, increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects;
•our ability to maintain our gaming licenses and subconcession in Macao, Singapore and Las Vegas, including the renewal or extension of the subconcession in Macao that expires on June 26, 2022;
•our ability to invest in future growth opportunities;
•the ability to execute our previously announced capital expenditure programs in both Macao and Singapore, and produce future returns;
•the satisfaction of the conditions precedent to the consummation of the proposed sale of our Las Vegas real property and operations, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center (the “Proposed Transaction”), including the receipt of regulatory approvals;
•unanticipated difficulties or expenditures relating to the Proposed Transaction;
•legal proceedings, judgments or settlements that may be instituted in connection with the Proposed Transaction, including those against us, our board of directors and executive officers and others;
•disruptions of current plans and operations caused by the announcement and pendency of the Proposed Transaction;
•potential difficulties in employee retention due to the announcement and pendency of the Proposed Transaction;
•the response of patrons, suppliers, business partners and regulators to the announcement of the Proposed Transaction;
•general economic and business conditions in the U.S. and internationally, which may impact levels of disposable income, consumer spending, group meeting business, pricing of hotel rooms and retail and mall tenant sales;
•disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases, political instability, civil unrest, terrorist activity or war;
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•the uncertainty of consumer behavior related to discretionary spending and vacationing at casino-resortsour Integrated Resorts in Macao, Singapore and Las Vegas and Bethlehem, Pennsylvania;Vegas;
•the extensive regulations to which we are subject and the costs of compliance or failure to comply with such regulations;
•new developments, construction projects and ventures, including our Cotai Strip developments and MBS Expansion Project;
•regulatory policies in China or other countries in which our patrons reside, or where we have operations, including visa restrictions limiting the number of visits or the length of stay for visitors from China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts;
•the ability of our subsidiaries to make distribution payments to us;
•our leverage, debt service and debt covenant compliance, including the pledge of certain of our assets (other than our equity interests in our subsidiaries) as security for our indebtedness and ability to refinance our debt obligations as they come due or to obtain sufficient funding for our planned, or any future, development projects;
•fluctuations in currency exchange rates and interest rates;
•increased competition for labor and materials due to planned construction projects in Macao and Singapore and quota limits on the hiring of foreign workers;
our ability to obtain required visas and work permits for management and employees from outside countries to work in Macao, and •our ability to compete for thelimited management and labor resources in Macao and Singapore, and policies of those governments may also affect our ability to employ imported managers and employees with the skills required to perform the services we offer at our properties;or labor from other countries;
new developments, construction projects and ventures;
regulatory policies in mainland China or other countries in which our customers reside, or where we have operations, including visa restrictions limiting the number of visits or the length of stay for visitors from mainland China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts;
•our dependence upon properties primarily in Macao, Singapore and Las Vegas for all of our cash flow;
•the passage of new legislation and receipt of governmental approvals for our operations in Macao and Singapore and other jurisdictions where we are planning to operate;
•our insurance coverage, including the risk that we have not obtained sufficient coverage may not be ableadequate to obtain sufficient coveragecover all possible losses that our properties could suffer and our insurance costs may increase in the future, or will only be able to obtain additional coverage at significantly increased rates;future;
disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, outbreaks of infectious diseases, terrorist activity or war;


•our ability to collect gaming receivables from our credit players;
•our relationship with gaming promoters in Macao;
•our dependence on chance and theoretical win rates;
•fraud and cheating;
•our ability to establish and protect our IPintellectual property rights;
•conflicts of interest that arise because certain of our directors and officers are also directors of SCL;
•government regulation of the casino industry (as well as new laws and regulations and changes to existing laws and regulations), including gaming license regulation, the requirement for certain beneficial owners of our securities to be found suitable by gaming authorities, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet;internet;
•increased competition in Macao and Las Vegas, including recent and upcoming increases in hotel rooms, meeting and convention space, retail space, potential additional gaming licenses and online gaming;
•the popularity of Macao, Singapore and Las Vegas as convention and trade show destinations;
•new taxes, changes to existing tax rates or proposed changes in tax legislation;legislation and the impact of U.S. tax reform;
our ability to maintain our gaming licenses, certificate and subconcession in Macao, Singapore, Las Vegas and Bethlehem, Pennsylvania;
•the continued services of our key management and personnel;officers;
•any potential conflict between the interests of our Principal StockholderStockholders and us;
the ability
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Table of our subsidiaries to make distribution payments to us;Contents
•labor actions and other labor problems;
•our failure to maintain the integrity of our customerinformation and information systems or companycomply with applicable privacy and data including against past or future cybersecurity attacks,security requirements and any litigation or disruption toregulations could harm our operations resulting from such loss of data integrity;reputation and adversely affect our business;
•the completion of infrastructure projects in Macao;
•our relationship with GGPBrookfield or any successor owner of the Grand Canal Shoppes; and
•the outcome of any ongoing and future litigation.
All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Readers are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities laws.
Investors and others should note that we announce material financial information using our investor relations website (http:(https://investor.sands.com)investor.sands.com), our company website, SEC filings, investor events, news and earnings releases, public conference calls and webcasts. We use these channels to communicate with our investors and the public about our company, our products and services, and other issues.
In addition, we post certain information regarding SCL, a subsidiary of Las Vegas Sands Corp. with ordinary shares listed on The Stock Exchange of Hong Kong Limited, from time to time on our company website and our investor relations website. It is possible that the information we post regarding SCL could be deemed to be material information.
The contents of these websites are not intended to be incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we file, and any reference to these websites are intended to be inactive textual references only.


ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposureexposures to market risk isare interest rate risk associated with our variable rate long-term debt and foreign currency exchange rate risk associated with our operations outside the United States, which we may manage through the use of interest rate swaps, futures, options, caps, forward contracts and similar instruments. We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions. Our derivative financial instruments currently consist primarily of foreign currency forward contracts, none of which have been designated as hedging instruments for accounting purposes.
To manage exposure to counterparty credit risk in foreign currency forward contracts, we enter into agreements with highly rated institutions that can be expected to fully perform under the terms of such agreements. Frequently, these institutions are also members of the bank group providing our credit facilities, which management believes further minimizes the risk of nonperformance.
As of September 30, 2017,2021, the estimated fair value of our long-term debt was approximately $9.57$15.09 billion, compared to its carryingcontractual value of $9.71$14.65 billion. The estimated fair value of our long-term debt is based on levelrecent trades, if available, and indicative pricing from market information (level 2 inputs (quoted prices in markets that are not active)inputs). As our long-term debt obligations are primarily variable-rate debt, aA hypothetical 100 basis point change in LIBOR, HIBOR and SOR is not expected to have a material impact onmarket rates would cause the fair value of our long-term debt. Based on variable-rate debt levels as of September 30, 2017, ato change by $552 million. A hypothetical 100 basis point change in LIBOR, HIBOR and SOR for the duration of a yearSingapore Swap Offer Rate would cause our annual interest cost on our long-term debt to change by approximately $98$30 million.
Foreign currency transaction losses were $65$22 million for the nine months ended September 30, 2017,2021, primarily due to U.S. dollar denominated debt issued by SCL and Singapore dollar denominated intercompany debt reported in U.S. dollars and U.S. dollar denominated intercompany debt held in Macao. dollars.We may be vulnerable to changes in the U.S. dollar/SGD and U.S. dollar/pataca exchange rates. Based on balances as of September 30, 2017,2021, a hypothetical10% strengthening or weakening of the U.S. dollar against the dollar/SGD (excluding the impact of foreign currency forward contracts)exchange rate would cause a foreign currency transaction gain of approximately $105 million or a loss of approximately $129$22 million, and a hypothetical 100 basis point change in1% weakening of the U.S. dollar/pataca exchange rate would cause a foreign currency transaction gain/loss of approximately $15 million.$53 million (net of the impact from the foreign currency swap agreements). The pataca is pegged to the Hong Kong dollar and the Hong Kong dollar is pegged to the U.S. dollar (within a narrow range). We maintain a significant amount of our operating funds in the same currencies in which we have obligations thereby reducing our exposure to currency fluctuations.
We manage a portion
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Table of our exposure to currency fluctuations with foreign currency forward contracts. As of September 30, 2017, we had eight foreign currency forward contracts with a total notional value of $144 million, contract expirations through December 2017 and a total liability fair value of $4 million. As of September 30, 2017, a hypothetical unfavorable 10% change in the U.S. dollar/SGD exchange rate would cause an increase in our unrealized loss by approximately $14 million.Contents
See also "Liquidity and Capital Resources."
ITEM 4 —CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission'sCommission’s rules and forms and that such information is accumulated and communicated to the Company'sCompany’s management, including its principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. The Company'sCompany’s Chief Executive Officer and its Chief Financial Officer have evaluated the disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) of the Company as of September 30, 2017,2021, and have concluded that they are effective at the reasonable assurance level.
It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent


limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control over Financial Reporting
There were no changes in the Company'sCompany’s internal control over financial reporting that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that had a material effect, or waswere reasonably likely to have a material effect, on the Company'sCompany’s internal control over financial reporting.

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PART II OTHER INFORMATION
ITEM 1 —LEGAL PROCEEDINGS
The Company is party to litigation matters and claims related to its operations. For more information, see the Company'sCompany’s Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q for the quarterly periods ended March 312020, and June 30, 2017, and "Part“Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 69 — Commitments and Contingencies"Contingencies” of this Quarterly Report on Form 10-Q.
ITEM 1A —RISK FACTORS
There have been no material changes fromIn addition to the risk factors previously disclosed in the Company'sCompany’s Annual Report on Form 10-K for the year ended December 31, 2016.2020, the following risk factor was identified:
We are subject to a number of risks associated with the proposed sale of the Las Vegas Operations, and these risks could adversely impact our operations, financial condition and business.
ITEMOn March 2, —UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS2021, we entered into definitive agreements (the “Agreements”) to sell 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 an aggregate purchase price of approximately $6.25 billion (the “Las Vegas Sale”). We are subject to a number of risks associated with the Las Vegas Sale, including risks associated with:
The following table provides information about share repurchases made•the failure to satisfy, on a timely basis or at all, the closing conditions set forth in the Agreements, including the receipt of regulatory approvals;
•legal proceedings, judgments or settlements, including those that may be instituted against us, our board of directors and executive officers and others;
•the operation of our retained businesses without the Las Vegas Operations;
•issues, delays, complications and/or additional costs associated with the carve-out activities, including the transition of operations, systems, technology infrastructure and data, third-party contracts and personnel, to allow the Las Vegas Operations to operate as a stand-alone business after the closing, including incurring unanticipated costs to complete such activities, each, as applicable, within the terms of the Agreements;
•unfavorable reaction to the sale by patrons, competitors, suppliers, other business partners, regulators and employees;
•the Companydisruption to and uncertainty in our business and our relationships with our patrons;
•difficulties in hiring, retaining and motivating key personnel during this process or as a result of its common stock during uncertainties generated by this process or any developments or actions relating to it;
•the quarter ended September 30, 2017:diversion of our management’s attention away from the operation of the businesses we are retaining;
•our incurrence of significant transaction costs in connection with the Las Vegas Sale, regardless of whether it is completed;
•the restrictions on and obligations with respect to our business set forth in the Agreements;
•any required payments of indemnification obligations under the Agreements for retained liabilities and breaches of representations, warranties or covenants;
•fluctuations in our market value, including the depreciation in our market value if the Las Vegas Sale is not completed or the failure of the transaction, even if completed, to increase our market value;
•the amount and timing of payments (if any) required under the post-closing contingent lease support agreement to be entered into in connection with the closing of the Las Vegas Sale;
•failure to receive full repayment of the $1.2 billion in seller financing that we anticipate providing at closing; and
•conduct of the Las Vegas Operations under the “Venetian” and “Palazzo” brands and certain other trademarks licensed to the Las Vegas Operations pursuant to the Agreements, which could result in
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Period
Total
Number of
Shares
Purchased
 
Weighted
Average
Price Paid
per Share
 
Total Number
of Shares
Purchased as
Part of a Publicly
Announced Program
 
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Program
(in millions)(1)
July 1, 2017 — July 31, 2017—
 $—
 —
 $1,335
August 1, 2017 — August 31, 2017—
 $—
 —
 $1,335
September 1, 2017 — September 30, 20171,173,500
 $63.90
 1,173,500
 $1,260
reputational harm to certain of the businesses we are retaining that will continue to operate under such brands if the Las Vegas Operations does not continue to operate in accordance with our high standards and applicable law as required under the Agreements.
__________________________
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ITEM 6 — EXHIBITS
List of Exhibits
(1)In November 2016, the Company's Board of Directors authorized the repurchase of $1.56 billion of its outstanding common stock, which expires on November 2, 2018. All repurchases under the stock repurchase program are made from time to time at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise. All share repurchases of the Company's common stock have been recorded as treasury stock.


ITEM 6 —EXHIBITS
List of Exhibits
Exhibit No.Description of Document
10.1+2.1*
2.2*
4.1
4.2
10.1†
10.2†
31.1
31.2
32.1++
32.2++
101.INS101XBRL Instance DocumentThe following financial information from the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2021, formatted in Inline Extensible Business Reporting Language (“iXBRL”): (i) Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020, (iii) Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020, (iv) Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2021 and 2020, (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020, and (vi) Notes to Condensed Consolidated Financial Statements.
101.SCH104Cover Page Interactive Data File - the cover page XBRL Taxonomy Extension Schema Document
101.CALtags are embedded within the Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Documentdocument
____________________
+Denotes a management contract or compensatory plan or arrangement.
++This exhibit will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

*    Certain schedules to this Exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K.

†    Certain portions of this document that constitute confidential information have been redacted in accordance with Regulation S-K, Item 601(b)(10).


+    This exhibit will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.


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Table of Contents
LAS VEGAS SANDS CORP.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.
LAS VEGAS SANDS CORP.
October 22, 2021LAS VEGAS SANDS CORP.By:
/S/ ROBERT G. GOLDSTEIN
November 3, 2017By:/s/ SheldonRobert G. Adelson
Sheldon G. Adelson
Goldstein
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
October 22, 2021By:
/S/RANDY HYZAK
November 3, 2017By:/s/ Patrick Dumont
Patrick Dumont
Randy Hyzak
Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

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