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,
2017(1)(2)
2016(3)
2015
2014(4)
2013(5)(6)
(In millions, except per share data)
STATEMENT OF OPERATIONS DATA
Gross revenues
$
13,721
$
12,196
$
12,414
$
15,426
$
14,494
Less — promotional allowances
(839
)
(786
)
(726
)
(842
)
(724
)
Net revenues
12,882
11,410
11,688
14,584
13,770
Operating expenses
9,420
8,917
8,847
10,485
10,362
Operating income
3,462
2,493
2,841
4,099
3,408
Interest, net
(311
)
(264
)
(250
)
(248
)
(255
)
Other income (expense)
(94
)
31
31
2
5
Loss on modification or early retirement of debt
(5
)
(5
)
—
(20
)
(14
)
Income before income taxes
3,052
2,255
2,622
3,833
3,144
Income tax benefit (expense)
209
(239
)
(236
)
(245
)
(189
)
Net income
3,261
2,016
2,386
3,588
2,955
Net income attributable to noncontrolling interests
(455
)
(346
)
(420
)
(747
)
(649
)
Net income attributable to Las Vegas Sands Corp.
$
2,806
$
1,670
$
1,966
$
2,841
$
2,306
Per share data:
Basic earnings per share
$
3.54
$
2.10
$
2.47
$
3.52
$
2.80
Diluted earnings per share
$
3.54
$
2.10
$
2.47
$
3.52
$
2.79
Cash dividends declared per common share(7)
$
2.92
$
2.88
$
2.60
$
2.00
$
1.40
OTHER DATA
Capital expenditures
$
837
$
1,398
$
1,529
$
1,179
$
898
December 31,
2017
2016
2015
2014
2013
(In millions)
BALANCE SHEET DATA
Total assets
$
20,687
$
20,469
$
20,863
$
22,207
$
22,563
Long-term debt
$
9,344
$
9,428
$
9,249
$
9,746
$
9,235
Total Las Vegas Sands Corp. stockholders' equity
$
6,493
$
6,177
$
6,817
$
7,214
$
7,665
(1)
During the year ended December 31, 2017, we recorded a nonrecurring non-cash income tax benefit of $526 million due to U.S. tax reform enacted at the end of 2017.
(2)
During the year ended December 31, 2017, we revised the estimated useful lives of certain assets to better reflect the estimated periods during which these assets are expected to remain in service, resulting in a decrease in depreciation and amortization expense and an increase in operating income of $112 million, and an increase in net income attributable to Las Vegas Sands Corp. of $72 million.
(3)
During the year ended December 31, 2016, we recorded pre-opening expenses of $130 million driven by the opening of The Parisian Macao in September 2016, a nonrecurring 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.
(4)
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.
(5)
The second Sheraton tower of Sands Cotai Central opened in January 2013.
(6)
During the year ended December 31, 2013, we recorded a legal settlement expense of $47 million.
(7)
During the years ended December 31, 2017, 2016, 2015, 2014 and 2013, we paid quarterly dividends of $0.73, $0.72, $0.65, $0.50 and $0.35, respectively, per common share as part of a regular cash dividend program.
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