2020 Annual Report

LA S ANNUAL REPORT VE GA S SA 2020 NDS | ANNU AL REPOR T 2020 LAS VEGAS | MACAO | SINGAPORE Corporate Headquarters 3355 Las Vegas Boulevard South Las Vegas, Nevada 89109 702.414.1000 | sands.com On the cover: The Londoner® Macao LAS VEGAS SANDS CORP. FELLOW SHAREHOLDERS, I am pleased to present to you our 2020 Annual Report. We were fortunate to begin the year with strong operating momentum following a very profitable and successful year in 2019, when we delivered $5.4 billion of adjusted property EBITDA. Beginning in early 2020, the Covid-19 pandemic dramatically impacted the operating environment in each of our markets. Throughout this challenging year, our primary focus has been on the safety and well-being of our team members and guests, and on providing support to those most impacted in our host communities of Macao, Singapore and Las Vegas. While we implemented a wide range of cost control measures in 2020, we maintained our commitments to our employees, avoided mass workforce reductions and protected jobs and health care benefits for our team members. Our focus on the well-being of our people and our communities directly reflects the values of our visionary founder, Mr. Sheldon G. Adelson, who passed away in early 2021. The company suffered a tremendous loss with his passing. We are all deeply committed to continuing to execute his vision for the company while building upon his legacy. Nowhere is that legacy more evident than in our market-leading investments in Macao. Sands China has now invested $15 billion to deliver on our promise to help Macao in its economic diversification and its continued evolution into Asia’s leading leisure and business tourism destination. The company remains deeply committed to making additional investments in Macao in support of Macao’s tourism and diversification objectives. Due to the impact of the pandemic, our properties in Macao were closed for a portion of the first quarter of the year. In addition, reduced travel in the region and visa restrictions meaningfully limited the ability for visitors from mainland China and elsewhere to visit Macao. Despite these challenges, our scale and financial strength allowed us to accelerate our capital investment programs in support of Macao’s diversification and long-term development objectives. These expansion programs included the addition of luxurious new suite product at the Grand Suites at Four Seasons, as well as the expansion and transformation of Sands Cotai Central into a new destination Integrated Resort, The Londoner Macao. The first phase of The Londoner debuted on February the 8th, 2021. We believe these new offerings, together with the unrivaled scale of our other Integrated Resort offerings in Macao, position us exceedingly well to benefit from the travel and tourism recovery that will take place as the impact of the pandemic eventually subsides. We also continued to invest in our existing facilities at Marina Bay Sands and remain enthusiastic about our plans for the expansion of our market-leading Integrated Resort in Singapore. Disruption to Singapore’s international visitation and tourism, as well as a period of closure for our property, impacted Marina Bay Sands during 2020. We have complete confidence in an eventual recovery in travel and tourism spending in Singapore and we look forward to continuing to contribute to the success of Singapore as a leading leisure and business tourism destination. In Las Vegas, after a record year for The Venetian Resort in 2019, the Covid-19 pandemic deeply impacted the market in 2020. Group meeting business and airlift into the market were both severely constrained by the impact of the pandemic. While we expect a robust recovery in the Las Vegas market over time, we reached an agreement in March 2021 to sell our Las Vegas assets for approximately $6.25 billion. We expect the transaction to close in the fourth quarter of 2021. Looking ahead, our operations in Asia will remain the centerpiece of the company. We look forward to future investment in our properties and communities in both Macao and Singapore. In addition, we believe there are meaningful potential development opportunities in emerging jurisdictions in both the US and elsewhere where capital investment could provide a substantial economic benefit to those jurisdictions while delivering strong returns on invested capital for the company. We remain deeply committed to our mission of enhancing the leisure and business tourism appeal of our host markets, creating local employment opportunities, investing in our people and our communities, and providing growth opportunities for local businesses while protecting our environment. Our success in these areas is only possible through the contributions of our 50,000 team members. They responded with unwavering optimism, energy, creativity and enthusiasm to the challenges and opportunities presented in this unprecedented year. I am deeply grateful for their efforts. Thank you for the confidence you have shown in our company. We look forward to sharing our ongoing success with you in the years ahead. Robert G. Goldstein Chairman of the Board and Chief Executive Officer March 31, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIESEXCHANGEACT OF 1934 For the fiscal year ended December 31,2020 or ☐ 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 registrant as specified in its charter) Nevada 27-0099920 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 3355 Las Vegas Boulevard South Las Vegas, Nevada 89109 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (702) 414-1000 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock ($0.001 par value) LVS New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by checkmarkifthe registrant is awell-known seasoned issuer, as definedinRule 405 of the Securities Act. Yes ☒ No ☐ Indicate by checkmarkifthe registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, anon-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated Filer ☒ Accelerated Filer ☐ Emerging Growth Company ☐ Non-Accelerated Filer ☐ Smaller Reporting 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 has filed areport on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by checkmarkwhether the registrant is ashell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ As of June 30, 2020, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was $15,059,203,280 based on the closing sale price on that date as reported on the New York Stock Exchange. The Company had 763,842,938 shares of common stock outstanding as of February 2, 2021. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement to be used in connection with the registrant's 2021 Annual Meeting of Stockholders are incorporated into Part III (Item 10 through Item 14) of this Annual Report on Form 10-K. Las Vegas Sands Corp. Table of Contents Page PART I ITEM 1—BUSINESS......................................................................................................................... 3 ITEM 1A —RISK FACTORS................................................................................................................ 22 ITEM 1B —UNRESOLVED STAFF COMMENTS............................................................................. 36 ITEM 2—PROPERTIES..................................................................................................................... 36 ITEM 3—LEGAL PROCEEDINGS..................................................................................................

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