ANNUAL REPORT 2018 F Ellow Shareholders, I Am Pleased to Present to You Our 2018 Annual Report

ANNUAL REPORT 2018 F ellow Shareholders, I am pleased to present to you our 2018 Annual Report. Las Vegas Sands had another good year in 2018. The company delivered strong financial and operating results, generating industry-leading adjusted property EBITDA, cash flows and profit. We also contributed meaningfully to leisure and business tourism appeal, employment, and support for local businesses in each of our markets. The strength of our business model and cash flow allowed us to invest in future growth initiatives in each of our markets while also increasing the return of capital to shareholders during the year. We returned over $3.2 billion of capital to shareholders in 2018. We increased our recurring dividend, as we have in each year since we established our recurring dividend in 2012, to $3.08 per share for the 2019 year. We continue to fortify our industry-leading balance sheet, which remains an important competitive advantage as we pursue new development opportunities in new markets, including in Japan. Macao’s development and evolution as Asia’s leading tourism destination accelerated during 2018. Market-wide visitation from China reached a record 25.2 million visits, an increase of 14% compared to last year. Growth in MICE (meetings, incentive, convention, and exhibition), retail, and entertainment were all on display in Macao this year, as we continue to contribute to Macao’s diversification. The company has invested more than $13.0 billion to deliver on our promise to help Macao in its diversification and its continued evolution into the world’s leading leisure and business tourism destination. Over the next three years, we will increase our total investment to over $15 billion as we make additional investments of $2.2 billion to expand the market-leading scale of our hotel room, retail and entertainment offerings on Cotai. In Singapore, Marina Bay Sands again delivered impressive financial and operating performance while continuing to contribute to Singapore’s leisure and business tourism appeal. Marina Bay Sands stands as the pre-eminent reference site for new jurisdictions considering the opportunity to harness the economic power and direct contributions to tourism, employment and GDP growth of our unique convention-based Integrated Resort business model. Our Las Vegas properties enjoyed strong financial performance in 2018, bolstered by robust convention and group meeting business. Importantly, the benefits of our convention-based Integrated Resort business model extend far beyond our own financial success. The company’s properties and service offerings increase the appeal of our host cities and countries as leisure and business tourism destinations, while helping to diversify their economies, attract outside investment and increase employment. I am proud to highlight the positive impact the company and our more than 50,000 team members bring to the local communities in which we operate. Thank you for the confidence you have shown in our company. We look forward to sharing with you the ongoing success of the company in the years ahead. Sheldon G. Adelson Chairman of the Board and Chief Executive Officer April 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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 Name of Each Exchange on Which Registered Common Stock ($0.001 par value) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-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 is a shell company (as defined in Rule 12b-2 of the Act). Yes No As of June 29, 2018, 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 $27,125,139,905 based on the closing sale price on that date as reported on the New York Stock Exchange. The Company had 775,051,979 shares of common stock outstanding as of February 19, 2019. DOCUMENTS INCORPORATED BY REFERENCE Description of document Part of the Form 10-K Portions of the definitive Proxy Statement to be used in connection with the Part III (Item 10 through Item 14) registrant's 2019 Annual Meeting of Stockholders Las Vegas Sands Corp. Table of Contents Page PART I ITEM 1 — BUSINESS......................................................................................................................... 3 ITEM 1A — RISK FACTORS ................................................................................................................ 25 ITEM 1B — UNRESOLVED STAFF COMMENTS ............................................................................. 41 ITEM 2 — PROPERTIES..................................................................................................................... 41 ITEM 3 — LEGAL PROCEEDINGS .................................................................................................. 42 ITEM 4 — MINE SAFETY DISCLOSURES...................................................................................... 42 PART II ITEM 5 — MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ........................ 43 ITEM 6 — SELECTED FINANCIAL DATA ...................................................................................... 46 ITEM 7 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.............................................................................. 47 ITEM 7A — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .... 75 ITEM 8 — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA..................................... 77 ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE .................................................... 131 ITEM 9A — CONTROLS AND PROCEDURES .................................................................................. 131 ITEM 9B — OTHER INFORMATION.................................................................................................. 132 PART III ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ........... 132 ITEM 11 — EXECUTIVE COMPENSATION...................................................................................... 132 ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.............................. 132 ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.......................................................................................................... 132 ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES .................................................... 132 PART IV ITEM 15 — EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.......................................... 133 ITEM 16 — FORM 10-K SUMMARY.................................................................................................

Load more