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 information as of December 31, 2014, 2013 and 2012, has been reclassified to conform to the current presentation. The historical results are not necessarily indicative of the results of operations to be expected in the future.
Year Ended December 31,
2016(2)
2015
2014(3)
2013(4)(5)
2012(6)(7)
(In millions, except per share data)
STATEMENT OF OPERATIONS DATA
Gross revenues
$
12,196
$
12,414
$
15,426
$
14,494
$
11,685
Less — promotional allowances
(786
)
(726
)
(842
)
(724
)
(554
)
Net revenues
11,410
11,688
14,584
13,770
11,131
Operating expenses
8,917
8,847
10,485
10,362
8,820
Operating income
2,493
2,841
4,099
3,408
2,311
Interest, net
(264
)
(250
)
(248
)
(255
)
(235
)
Other income
31
31
2
5
6
Loss on modification or early retirement of debt
(5
)
—
(20
)
(14
)
(19
)
Income before income taxes
2,255
2,622
3,833
3,144
2,063
Income tax expense
(239
)
(236
)
(245
)
(189
)
(181
)
Net income
2,016
2,386
3,588
2,955
1,882
Net income attributable to noncontrolling interests
(346
)
(420
)
(747
)
(649
)
(358
)
Net income attributable to Las Vegas Sands Corp.
$
1,670
$
1,966
$
2,841
$
2,306
$
1,524
Per share data:
Basic earnings per share
$
2.10
$
2.47
$
3.52
$
2.80
$
1.89
Diluted earnings per share
$
2.10
$
2.47
$
3.52
$
2.79
$
1.85
Cash dividends declared per common share(1)
$
2.88
$
2.60
$
2.00
$
1.40
$
3.75
OTHER DATA
Capital expenditures
$
1,398
$
1,529
$
1,179
$
898
$
1,449
December 31,
2016
2015
2014
2013
2012
(In millions)
BALANCE SHEET DATA
Total assets
$
20,469
$
20,863
$
22,207
$
22,563
$
21,978
Long-term debt
$
9,428
$
9,249
$
9,746
$
9,235
$
9,946
Total Las Vegas Sands Corp. stockholders’ equity
$
6,177
$
6,817
$
7,214
$
7,665
$
7,062
(1)
During the years ended December 31, 2016, 2015, 2014, 2013 and 2012, we paid quarterly dividends of $0.72, $0.65, $0.50, $0.35 and $0.25, respectively, 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.
(2)
During the year ended December 31, 2016, we recorded pre-opening expenses of $130 million primarily due to the opening of The Parisian Macao in September 2016, a non-recurring corporate expense of $79 million and a loss on disposal or impairment of assets of $79 million primarily related to the write-off of costs related to the Las Vegas Condo Tower, as well as other dispositions at the Company's various operating properties.
(3)
During the year ended December 31, 2014, we received a $90 million property tax refund related to a property tax settlement at Marina Bay Sands for the years 2010 through 2014.
(4)
The second Sheraton tower of Sands Cotai Central opened in January 2013.
(5)
During the year ended December 31, 2013, we recorded a legal settlement expense of $47 million.
(6)
The Conrad and Holiday Inn tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively.
(7)
During the year ended December 31, 2012, we recorded an impairment loss of $144 million, consisting primarily of a $101 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 $43 million impairment due to the termination of the ZAiA show at The Venetian Macao.
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