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LAS VEGAS SANDS CORP. (Exact Name of Registration As Specified in Its Charter) ______

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LAS VEGAS SANDS CORP. (Exact Name of Registration As Specified in Its Charter) ______ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ Form 10-Q _________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32373 _________________________________________________________ LAS VEGAS SANDS CORP. (Exact name of registration as specified in its charter) _________________________________________________________ Nevada 27-0099920 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3355 Las Vegas Boulevard South Las Vegas, Nevada 89109 (Address of principal executive offices) (Zip Code) (702) 414-1000 (Registrant’s telephone number, including area code) _______________________________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.001 par value) LVS New York Stock Exchange Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ 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 ☒ Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date. Class Outstanding at July 21, 2021 Common Stock ($0.001 par value) 763,989,752 shares Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES Table of Contents PART I FINANCIAL INFORMATION Item 1. Financial Statements (unaudited)........................................................................................................ 3 Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020......................... 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020................................................................................................................................... 4 Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020..................................................................................................................... 5 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2021 and 2020............................................................................................................................................ 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020................................................................................................................................................... 7 Notes to Condensed Consolidated Financial Statements.................................................................... 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations............. 27 Item 3. Quantitative and Qualitative Disclosures about Market Risk............................................................. 54 Item 4. Controls and Procedures...................................................................................................................... 55 PART II OTHER INFORMATION Item 1. Legal Proceedings............................................................................................................................... 56 Item 1A. Risk Factors......................................................................................................................................... 56 Item 6. Exhibits................................................................................................................................................ 58 Signatures ............................................................................................................................................................ 59 2 Table of Contents PART I FINANCIAL INFORMATION ITEM 1 — FINANCIAL STATEMENTS LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2021 2020 (In millions, except par value) (Unaudited) ASSETS Current assets: Cash and cash equivalents......................................................................................... $ 2,057 $ 2,082 Restricted cash and cash equivalents......................................................................... 16 16 Accounts receivable, net of provision for credit losses of $240 and $255................ 160 252 Inventories................................................................................................................. 22 22 Prepaid expenses and other........................................................................................ 108 113 Current assets of discontinued operations held for sale............................................ 3,214 3,222 Total current assets.............................................................................................................. 5,577 5,707 Property and equipment, net................................................................................................ 12,028 12,280 Deferred income taxes, net.................................................................................................. 338 318 Leasehold interests in land, net............................................................................................ 2,202 2,256 Intangible assets, net............................................................................................................ 15 25 Other assets, net................................................................................................................... 218 221 Total assets.......................................................................................................................... $ 20,378 $ 20,807 LIABILITIES AND EQUITY Current liabilities: Accounts payable....................................................................................................... $ 69 $ 89 Construction payables................................................................................................ 201 336 Other accrued liabilities............................................................................................. 1,345 1,474 Income taxes payable................................................................................................. 27 87 Current maturities of long-term debt......................................................................... 75 75 Current liabilities of discontinued operations held for sale....................................... 825 755 Total current liabilities......................................................................................................... 2,542 2,816 Other long-term liabilities................................................................................................... 336 336 Deferred income taxes......................................................................................................... 179 188 Long-term debt.................................................................................................................... 14,375 13,929 Total liabilities..................................................................................................................... 17,432 17,269 Commitments and contingencies (Note 8) Equity: Preferred stock, $0.001 par value, 50 shares authorized, zero shares issued and outstanding.............................................................................................................. — — Common stock, $0.001 par value, 1,000 shares authorized, 833 shares issued, 764 shares outstanding................................................................................................... 1 1 Treasury stock, at cost, 69 shares.............................................................................. (4,481) (4,481) Capital in excess of par value...................................................................................
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