The following reflects selected historical financial data that should be read in conjunction with “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The historical results are not necessarily indicative of the results of operations to be expected in the future.
Year Ended December 31,
2013(1)(2)(3)
2012(4)(5)(6)
2011(7)
2010(8)
2009(9)(10)
(In thousands, except per share data)
STATEMENT OF OPERATIONS DATA
Gross revenues
$
14,494,436
$
11,684,669
$
9,862,334
$
7,317,937
$
4,929,444
Less — promotional allowances
(724,551
)
(553,537
)
(451,589
)
(464,755
)
(366,339
)
Net revenues
13,769,885
11,131,132
9,410,745
6,853,182
4,563,105
Operating expenses
10,361,642
8,819,750
7,020,858
5,672,596
4,591,845
Operating income (loss)
3,408,243
2,311,382
2,389,887
1,180,586
(28,740
)
Interest expense, net
(254,874
)
(235,312
)
(268,555
)
(297,866
)
(310,748
)
Other income (expense)
4,321
5,740
(3,955
)
(8,260
)
(9,891
)
Loss on modification or early retirement of debt
(14,178
)
(19,234
)
(22,554
)
(18,555
)
(23,248
)
Income (loss) before income taxes
3,143,512
2,062,576
2,094,823
855,905
(372,627
)
Income tax benefit (expense)
(188,836
)
(180,763
)
(211,704
)
(74,302
)
3,884
Net income (loss)
2,954,676
1,881,813
1,883,119
781,603
(368,743
)
Net (income) loss attributable to noncontrolling interests
(648,679
)
(357,720
)
(322,996
)
(182,209
)
14,264
Net income (loss) attributable to Las Vegas Sands Corp.
2,305,997
1,524,093
1,560,123
599,394
(354,479
)
Preferred stock dividends
—
—
(63,924
)
(92,807
)
(93,026
)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family
—
—
(80,975
)
(92,545
)
(92,545
)
Preferred stock inducement, repurchase and redemption premiums
—
—
(145,716
)
(6,579
)
—
Net income (loss) attributable to common stockholders
$
2,305,997
$
1,524,093
$
1,269,508
$
407,463
$
(540,050
)
Per share data:
Basic earnings (loss) per share
$
2.80
$
1.89
$
1.74
$
0.61
$
(0.82
)
Diluted earnings (loss) per share
$
2.79
$
1.85
$
1.56
$
0.51
$
(0.82
)
Cash dividends declared per common share
$
1.40
$
3.75
$
—
$
—
$
—
OTHER DATA
Capital expenditures
$
898,111
$
1,449,234
$
1,508,493
$
2,023,981
$
2,092,896
December 31,
2013(2)
2012(6)
2011(7)
2010
2009
(In thousands)
BALANCE SHEET DATA
Total assets
$
22,724,264
$
22,163,652
$
22,244,123
$
21,044,308
$
20,572,106
Long-term debt
$
9,382,752
$
10,132,265
$
9,577,131
$
9,373,755
$
10,852,147
Preferred stock issued to Principal Stockholder’s family
$
—
$
—
$
—
$
503,379
$
410,834
Total Las Vegas Sands Corp. stockholders’ equity
$
7,665,494
$
7,061,842
$
7,850,689
$
6,662,991
$
5,850,699
(1)
The second Sheraton tower of Sands Cotai Central opened in January 2013.
(2)
On March 29, June 28, September 27 and December 31, 2013, we paid a dividend of $0.35 per common share as part of a regular cash dividend program.
(3)
During the year ended December 31, 2013, we recorded a legal settlement expense of $47.4 million.
(4)
The Conrad and Holiday Inn tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively.
(5)
During the year ended December 31, 2012, we recorded an impairment loss of $143.7 million, consisting primarily of a $100.7 million write-off of capitalized construction costs related to our former Cotai Strip development (referred to as parcels 7 and 8) in Macao and a $42.9 million impairment due to the termination of the ZAiA show at The Venetian Macao.
(6)
On March 30, June 29, September 28 and December 28, 2012, we paid a dividend of $0.25 per common share as part of a regular cash dividend program. Additionally, on December 18, 2012, we paid a special cash dividend of $2.75 per common share.
(7)
During the year ended December 31, 2011, we repurchased, redeemed or induced holders to redeem all outstanding preferred stock, which resulted in a charge to retained earnings of $145.7 million and is also included in the calculation of net income attributable to common stockholders.
(8)
Marina Bay Sands partially opened on April 27, 2010.
(9)
Sands Bethlehem partially opened on May 22, 2009.
(10)
During the year ended December 31, 2009, we recorded an impairment loss of $169.5 million, a legal settlement expense of $42.5 million and a valuation allowance against our U.S. deferred tax assets of $96.9 million.
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