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Now senior vice president of casino operations at MBS, the iconic.. the few places in the area that's open 24 hours a day, seven days a week.


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Nevada State or other jurisdiction of incorporation or organization 27-0099920 IRS Employer Identification No.
Yes þ No o Indicate by check mark if the registrant is not required to file reports pursuant to Section casino access vip hollywood amphitheatre or Section 15 d of the Https://allo-hebergeur.com/casino/casino-christmas-lights.html />Yes o No þ 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.
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Yes þ No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K § 229.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Check one : Large accelerated filer þ Accelerated filer o Non-Accelerated filer o Smaller reporting company o Do not check if a smaller reporting company Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Act.
Portions of the definitive Proxy Statement to be used in connection with the registrant’s 2012 Annual Meeting of Stockholders Part III Item 10 through Item 14 Las Vegas Sands Corp.
“LVSC,” or together with its subsidiaries “we” or the “Company” is a Fortune 500 company and the leading global developer of destination properties integrated resorts that feature premium accommodations, world-class gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities.
We currently own and operate integrated resorts in Asia and the United States.
We believe that our geographic diversity, best-in-class properties and convention-based business model provide us with the best platform in the hospitality and gaming industry to continue generating substantial cash flow while simultaneously pursuing new development opportunities.
Our unique convention-based marketing strategy allows us to attract business travelers during the slower mid-week periods while leisure travelers fill our properties during the weekends.
Our convention, trade show and meeting facilities combined with the on-site amenities offered at our Macao, Singapore and Las Vegas integrated resort properties provide flexible and expansive space for trade shows, conventions and other meetings.
In addition, our properties are differentiated by our important high-end gaming facilities and significant retail offerings.
The Paiza Club located at our properties is an important part of our VIP gaming marketing strategy.
Our Paiza Clubs are exclusive invitation-only clubs available to our premium players that feature high-end services and amenities, including luxury accommodations, restaurants, lounges and private gaming salons.
We also offer players club loyalty programs at our properties, which provide access to rewards, privileges and members-only events.
Additionally, we believe that being in the retail mall business and, specifically, owning some of the largest retail properties in Asia will provide meaningful value for us, particularly as the retail market in Asia continues to grow.
With the completion of Sands Cotai Central, we will own approximately 2.
“SCL”we own and operate a collection of integrated resort properties in the Macao Special Administrative Region “Macao” of the People’s Republic of China “China”.
These properties include The Venetian Macao Resort Hotel “The Venetian Macao”the Four Seasons Hotel Macao, Cotai Strip the “Four Seasons Hotel Macao,” which is managed by Four Seasons Hotels, Inc.
In April 2012, we will open Conrad and Holiday Inn-branded properties as part of the first phase of our Sands Cotai Central integrated resort complex.
In Singapore, we own and operate the iconic Marina Bay Sands, which has become one of Singapore’s major tourist, business and retail destinations since its opening in 2010.
Our properties in the United States include The Venetian Resort Hotel Casino “The Venetian Las Vegas” and The Palazzo Resort Hotel Casino “The Palazzo”Five-Diamond luxury resorts on the Las Vegas Join winner mobile casino speaking, as well as the Sands Expo and Convention Center the “Sands Expo Center” in Las Vegas, Nevada and the Sands Casino Resort Bethlehem the “Sands Bethlehem” in Bethlehem, Pennsylvania.
We pride ourselves on being an exemplary employer and an upstanding corporate citizen that helps improve the quality of life for our team members and the communities in which we operate.
Through our Sands Foundation and other avenues, we are an active community partner offering assistance to charitable organizations and other worthy causes.
We are also committed to protecting the environment and to being a global leader in sustainable resort development.
Through our Sands ECO 360 Global Sustainability program, we develop and implement environmental practices for our existing and future resort developments to protect our natural resources, offer our team members a safe and healthy work environment and enhance the resort experiences of our guests.
LVSC was incorporated as a Nevada corporation in August 2004.
Our common stock is traded on the New York Stock Exchange the “NYSE” under the symbol “LVS.
” Our principal executive office is located at 3355 Las Vegas Boulevard South, Las Vegas, Nevada 89109 and our telephone number at that address is 702 414-1000.
Our website address is www.
The information on our website is not part of this Annual Report on Form 10-K.
Information related to the operation of the SEC’s public reference room may be obtained by calling the SEC at 1-800-SEC-0330.
This Annual Report on Form 10-K contains certain forward-looking statements.
See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Special Note Regarding Forward-Looking Statements.
” Our principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States.
Management reviews the results of operations for each of its operating segments, which generally are our properties.
In Macao, our operating segments are: The Venetian Macao; Four Seasons Macao; Sands Macao; and Other Asia comprised primarily of our ferry operations and various other operations that are ancillary to our properties in Macao.
In Singapore, our operating segment is Marina Bay Sands.
In the United States, our operating segments are: The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem.
The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment the “Las Vegas Operating Properties”considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and our organizational and management reporting structure.
Management also reviews construction and development activities for each of its primary projects under development, some of which have been suspended, in addition to its reportable segments noted above.
See “Item 7 — Management Discussion and Analysis of Financial Condition and Results of Operations — Development Projects.
” Our primary projects under development are Sands Cotai Central which we formerly referred to as parcels 5 and 6 and Other Development Projects Cotai Strip parcels 3 and 7 and 8 in Macao and Corporate and Other comprised primarily of airplanes and our Las Vegas condominium project in the United States.
See “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 18 — Segment Information.
” The Venetian Macao is the anchor property of our Cotai Strip development and is conveniently located approximately two miles from Macao’s Taipa Temporary Ferry Terminal on Macao’s Taipa Island.
The Venetian Macao includes approximately 534,000 square feet of gaming space with approximately 550 table games and 2,000 slot machines.
The Venetian Macao features a 39-floor luxury hotel tower with over 2,900 elegantly appointed luxury suites and approximately 1.
The property is home to more than 50 restaurants featuring an international assortment of cuisines.
In addition, The Venetian Macao has approximately 1.
The Four Seasons Macao, which is located adjacent to The Venetian Macao, has approximately 91,000 square feet of gaming space with approximately 170 table games and 180 slot machines at its Plaza Casino.
The Four Seasons Macao also has 360 elegantly appointed rooms and suites; several food and beverage offerings; and conference and banquet facilities.
The Shoppes at Four Seasons includes approximately 211,000 square feet of retail space and is connected to the Grand Canal Shoppes at The Venetian Macao.
The Four Seasons Macao also features our ultra-exclusive Paiza Mansions, which are individually designed and made available by invitation only.
The Sands Macao, the first U.
The Sands Macao includes approximately 197,000 square feet of gaming space with approximately 420 table games and 1,100 slot machines.
The Sands Macao also includes a 289-suite hotel tower, spa facilities, several restaurants and entertainment areas, and a Paiza Club.
In April 2012, we will open the first phase of Sands Cotai Central, which is part of our Cotai Strip development.
Upon completion, Sands Cotai Central will consist of a 13.
See “Item 7 — Management Discussion and Analysis of Financial Condition and Results of Operations — Development Projects.
” 4 We operate the gaming areas within our Macao properties pursuant to a 20-year gaming subconcession that expires in June 2022.
See “— Regulation and Licensing — Macao Concession and Our Subconcession.
” Marina Bay Sands opened during 2010 and features approximately 2,600 rooms and suites located in three 55-story hotel towers.
Atop the three towers is the Sands SkyPark, an extensive outdoor recreation area with a 150-meter infinity swimming pool and several dining options.
at charles town hollywood casino Bay Sands also includes approximately 1.
Macao is the largest gaming market in the world and the only market in China to offer legalized casino gaming.
We believe that Macao will continue to experience meaningful growth in both gaming and non-gaming revenues and the record 28 million visitors Macao welcomed in 2011 will continue to increase.
We believe this growth will result from a variety of factors, including the movement of Chinese citizens to urban centers in China, the introduction of new transportation infrastructure and the coming significant increase in hotel room inventory.
Table games are the dominant form of gaming in Asia, with baccarat being the most popular game.
With the increase in the mass gaming market, we have seen a significant increase in slot machine play and expect this business to continue to grow in Macao.
We intend to continue to introduce more modern and popular products that appeal to the Asian marketplace and believe that our high-quality gaming product has enabled us to capture a meaningful share of the overall Macao gaming market, including the VIP player segment.
Visitors from Hong Kong, southeast China, Taiwan and other locations in Asia can reach Macao in a relatively short period of time, using a variety of transportation methods, and visitors from more distant locations in Asia can take advantage of short travel times by air to Macao, Zhuhai, Shenzhen, Guangzhou or to Hong Kong followed by a road, ferry or helicopter trip to Macao.
In addition, numerous air carriers fly directly into Macao International Airport from many major cities in Asia.
Macao draws a significant number of customers who are visitors or residents of Hong Kong.
One of the major methods of transportation to Macao from Hong Kong is the jetfoil ferry service, including our ferry service, The Cotai Strip CotaiJet.
Macao is also accessible from Hong Kong by helicopter.
In addition, the proposed bridge linking Hong Kong, Macao and Zhuhai is expected to reduce the travel time between central Hong Kong and Macao and is expected be completed sometime between 2015 and 2016.
Gaming in Macao is administered by the government through concessions awarded to three different concessionaires and three subconcessionaires, of which we are one.
No additional concessions have been granted by the Macao government since 2002; however, if the Macao government were to allow additional gaming operators in Macao through the grant of additional concessions or subconcessions, we would face additional competition.
Sociedade de Jogos de Macau S.
“SJM” holds one of the three concessions and currently operates 21 facilities throughout Macao.
Historically, SJM was the only gaming operator in Macao, with many of its gaming facilities being relatively small locations that are offered as amenities in hotels; however, some are large operations, including the Hotel Lisboa and The Grand Lisboa.
“Wynn Resorts Macau”a subsidiary of Wynn Resorts Limited, holds a concession and owns and operates the Wynn Macau and Encore at Go here Macau, which opened in September 2006 and April 2010, respectively.
In 2006, Wynn Resorts Macau sold its subconcession right under its gaming concession to an affiliate of Publishing and Broadcasting Limited “PBL”which permitted the PBL affiliate to receive a gaming subconcession from the Macao government.
In May 2007, the PBL affiliate opened the Crown Macao, now known as Altira.
In June 2009, the PBL affiliate opened the City of Dreams, an integrated casino resort located adjacent to our Sands Cotai Central, which includes Crown Towers, Hard Rock and Grand Hyatt hotels.
Galaxy Casino Company Limited “Galaxy” holds the third concession and has the ability to operate casino properties independent of our subconcession agreement with Galaxy and the Macao government.
Galaxy currently operates five casinos in Macao, including StarWorld Hotel, which opened in October 2006, and Galaxy Macau, which is located near The Venetian Macao and opened in May 2011.
MGM Grand Paradise Limited, a joint venture between MGM Resorts International and Pansy Ho Chiu-King, obtained a subconcession from SJM in April 2005, allowing the joint venture to conduct gaming operations in Macao.
The MGM Grand Macau opened in December 2007 and is located on the Macao Peninsula adjacent to the Wynn Macau.
Our Macao operations also face competition from other gaming and resort destinations, both in Asia and globally.
Singapore is regarded as having the most developed financial and transportation infrastructure in the Southeast Asia region.
Singapore has established itself as a destination for both business and leisure visitors, offering convention and exhibition facilities as well as world-class shopping malls and hotel accommodations.
In 2006, after a competitive bid process, the Singapore government awarded two concessions to develop and operate two integrated resorts.
We were awarded the concession for the Marina Bay site, which is adjacent to Singapore’s central business district, and Genting International was awarded the second integrated resort site, located on Singapore’s Sentosa Island.
Based on figures released by the Singapore Tourism Board the “STB”Singapore welcomed 13.
The Casino Regulatory Authority the “CRA”the gaming regulator in Singapore, does not disclose gaming revenue for the market and thus no official figure exists.
Junket operators do not operate in Singapore, unlike most other Asian casino markets.
We believe Marina Bay Sands is ideally positioned within Singapore to cater to both business and leisure visitors.
The integrated resort is centrally located within a 20-minute drive from Singapore’s Changi International Airport and near the new deep water cruise ship terminal, which is scheduled to open in the second quarter of 2012, and a recently opened mass rapid transit station.
Marina Bay Sands is also located near several entertainment attractions, including the Read more by the Bay botanical gardens, which is expected to open in June 2012, and the planned Singapore Sports Hub, a sports complex that will feature a new 55,000-seat National Stadium.
To date, the overall gaming market consists of a balanced contribution from both the VIP and mass gaming segments.
Consistent with our experience in Macao, baccarat is the preferred table game in both the VIP and mass gaming segments.
Additionally, contributions from slot machines and from the mass gaming segment, including electronic table games offerings, have enhanced the early growth of the market.
As Marina Bay Sands and the Singapore market as a whole continue to mature, we expect to broaden our visitor base to continue to capture visitors from around the world.
More than 100 airlines operate in Singapore, connecting it to over 200 cities in 60 countries.
The estimated population within a 5-hour flight of Singapore is more than 2.
Based on figures released by the STB, the largest source markets for visitors to Singapore in 2011 were Indonesia and China.
The STB’s methodology for reporting visitor arrivals does not recognize Malaysian citizens entering Singapore by land, although this method of visitation is generally thought to be substantial.
Pursuant to the request for proposals to develop an integrated resort at Marina Bay, Singapore the “Request for Proposal”the CRA is required to ensure that there will not be more than two casino licenses during a ten-year exclusive period that began on March 1, 2007.
Resorts World Sentosa, which is mbs casino operating hours owned by Genting Singapore and located on Sentosa Island, began its phased opening on January 20, 2010, and is primarily a family tourist destination connected to Singapore via a 500-meter long vehicular and pedestrian bridge.
Our Las Vegas Operating Properties form an integrated resort that includes The Venetian Las Vegas, The Palazzo and the Sands Expo Center.
The Venetian Las Vegas has 4,027 suites situated in a 3,014-suite, 35-story three-winged tower rising above the casino and the adjoining 1,013-suite, 12-story Venezia tower.
The casino at The Venetian Las Vegas has approximately 120,000 square feet of gaming space and includes approximately 110 table games and 1,500 slot machines.
The Venetian Las Vegas features a variety of amenities for its guests, including a Paiza Club, several theaters and a Canyon Ranch SpaClub.
The Venetian Las Vegas also includes The Grand Canal Shoppes, an enclosed retail, dining and entertainment complex that was sold to GGP Limited Partnership “GGP” in 2004.
The Palazzo features modern European ambience and design, and is directly connected to The Venetian Las Vegas and Sands Expo Center.
The casino at The Palazzo has approximately 105,000 square feet of gaming space and includes approximately 120 table games and 1,200 slot machines.
The Palazzo has a 50-floor luxury hotel tower with 3,066 suites and includes a Canyon Ranch SpaClub, a Paiza Club, a world-class theatre and The Shoppes at The Palazzo, an enclosed shopping and dining complex that was sold to GGP in 2008.
Sands Expo Center is one of the largest overall trade show and convention facilities in the United States as measured by net leasable square footagewith approximately 1.
We also own an approximately 1.
Together, we offer approximately 2.
We own and operate the Sands Bethlehem, a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania.
The Sands Bethlehem, which opened in 2009, currently features approximately 152,000 square feet of gaming space that includes approximately 110 table games and more than 3,000 slot machines; a 300-room hotel tower that opened in May 2011; an approximate 150,000-square-foot retail facility “The Shoppes at Sands Bethlehem”which opened in November 2011, with additional stores expected to open during 2012; an arts and cultural center; and is the broadcast home of the local PBS affiliate.
The property is also expected to include a 50,000-square foot multipurpose event center, which is scheduled to open in the second quarter of 2012, and be home to the National Museum of Industrial History.
We own 86% of the economic interest in the gaming, hotel and entertainment portion of Sands Bethlehem through our ownership interest in Sands Bethworks Gaming LLC “Sands Bethworks Gaming” and more than 35% of the economic interest in the retail portion of Sands Bethlehem through our ownership interest in Sands Bethworks Retail LLC “Sands Bethworks Retail”.
Hotels on the Las Vegas Strip compete with other hotels on and off the Las Vegas Strip, including hotels in downtown Las Vegas.
In addition, several large projects in Las Vegas are currently suspended and when opened may target the same customers as we do.
We also compete with casinos located on Native American tribal lands.
The proliferation of gaming in California and other areas located in the same region as our Las Vegas Operating Properties could have an adverse effect on our financial condition, results of operations or cash flows.
The continued proliferation of gaming venues could have a significant and adverse effect on our business.
In particular, the legalization of casino gaming in or near major metropolitan areas from which we traditionally attract customers could have a material adverse effect on our business.
The current global trend toward liberalization of gaming restrictions and the resulting proliferation of gaming venues could result in a decrease in the number of visitors to our Las Vegas Operating Properties, which could have an adverse effect on our financial condition, results of operations or cash flows.
Also, on December 23, 2011, the U.
Department of Justice reversed previous opinions on the permissibility of state-sanctioned lottery sales on the internet on an intrastate basis.
Those states that permit these distribution channels may also expand the gaming offerings of their lotteries in a manner that could have an adverse effect on our business.
Las Vegas generally competes with trade show and convention facilities located in and around major U.
Within Las Vegas, the Sands Expo Center competes with the Las Vegas Convention Center the “LVCC”which currently has approximately 3.
In addition to the LVCC, some of our Las Vegas competitors have convention and conference facilities that compete with our Las Vegas Operating Properties.
We own and operate retail malls at our integrated resorts at The Venetian Macao, Four Seasons Macao, Marina Bay Sands and Sands Bethlehem.
link further described in “Agreements Relating to the Malls in Las Vegas” below, The Grand Canal Shoppes at The Venetian Las Vegas and The Shoppes at The Palazzo were sold to GGP and are not owned or operated by us.
With the completion of Sands Cotai Central, we will own approximately 2.
Management believes that being in the retail mall business and, specifically, owning some of the largest retail properties in Asia will provide meaningful value for us, particularly as the retail market in Asia continues to grow.
Our malls are designed to complement our other unique amenities and service offerings provided by our integrated resorts.
Our strategy is to seek out desirable tenants that appeal to our customers and provide a wide variety of shopping options.
We generate our mall revenue primarily from leases with tenants through base minimum rents, overage rents, management fees and reimbursements for common area maintenance and other expenditures.
For further information related to the financial performance of our malls, see “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.
” The tables below set forth certain information regarding our mall operations as of December 31, 2011.
These tables do not reflect subsequent activity in 2012.
The Shoppes at Four Seasons 189,170 3 Versace, Brioni, Canali, Cartier, Gucci, Dior, Armani, Hugo Boss, Ralph Lauren The Shoppes at Marina Bay Sands 629,428 4 Louis Vuitton, Chanel, Fendi, Bvlgari, Prada, Gucci, Robinsons, Banana Republic, Adidas Excludes approximately 177,000 square feet of space on the fifth floor currently not on the market for lease.
We actively engage in direct marketing as allowed in various geographic regions, which is targeted at specific market segments, including the premium slot and table games markets.
We are continuing to develop our properties in Macao and the U.
We also continue to aggressively pursue a variety of new development opportunities around the world.
See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Development Projects.
” In June 2002, the Macao government granted one of three concessions to operate casinos in Macao to Galaxy.
During December 2002, we entered into a subconcession agreement with Galaxy, which was approved by the Macao government.
The subconcession agreement allows us to develop and operate certain casino projects in Macao, including Sands Macao, The Venetian Macao, Four Seasons Macao and Sands Cotai Central, separately from Galaxy.
Under the subconcession agreement, we are obligated to operate casino games of chance or games of other forms in Macao.
We were also obligated to develop and open The Venetian Macao and a convention center by December 2007, and we were required to invest, or cause to be invested, at least 4.
If the Galaxy concession is terminated for any reason, our subconcession will remain in effect.
The subconcession may be terminated by agreement between ourselves and Galaxy.
Galaxy is not entitled to terminate the subconcession unilaterally; however, the Macao government, with the consent of Galaxy, may terminate the subconcession under certain circumstances.
Galaxy has developed, and may continue to develop, hotel and casino projects separately from us.
We are subject to licensing and control under applicable Macao law and are required to be licensed by the Macao gaming authorities to operate a casino.
We must pay periodic fees and taxes, and our gaming license is not transferable.
We must periodically submit detailed financial and operating reports to the Macao gaming authorities and furnish any other information that the Macao gaming authorities may require.
No person may acquire any rights over the shares or assets of Venetian Macau Limited “VML”SCL’s wholly owned subsidiary, without first obtaining the approval of the Macao gaming authorities.
Similarly, no person may enter into possession of its premises or operate them through a management agreement or any other contract or through step in rights without first obtaining the approval of, and receiving a license from, the Macao gaming authorities.
The transfer or creation of encumbrances over ownership of shares representing the share capital of VML or other rights relating to such shares, and any act involving the granting of voting rights or other stockholders’ rights to persons other than the original owners, would require the approval of the Macao government and the subsequent report of such acts and transactions to the Macao gaming authorities.
The requirements in provisions ii and iii above will not apply, however, to securities listed as tradable on a stock exchange.
LVSC and SCL shareholders with 5% or more of the share capital, directors and some of our key employees must apply for and undergo a finding of suitability process and maintain due qualification during the subconcession term, and accept the persistent and long-term inspection and supervision exercised by the Macao government.
VML is required to immediately notify the Macao government should VML become aware of any fact that may be material to the appropriate qualification of any shareholder who owns 5% of the share capital, or any officer, director or key employee.
Changes in licensed positions must be reported to the Macao gaming authorities, and in addition to their authority to deny an application for a finding of suitability or licensure, the Macao gaming authorities have jurisdiction to disapprove a change in corporate position.
If the Macao gaming authorities were to find one of our officers, directors or key employees unsuitable for licensing, we would have to sever all relationships with that person.
In addition, the Macao gaming authorities may require us to terminate the employment of any person who refuses to file appropriate applications.
Any person who fails or refuses to apply for a finding of suitability after being ordered to do so by the Macao gaming authorities may be found unsuitable.
Any stockholder found unsuitable who holds, directly or indirectly, any beneficial ownership of the common stock of a company incorporated in Macao and registered with the Macao Companies and Moveable Assets Registrar a “Macao registered corporation” beyond the period of time prescribed by the Macao gaming authorities may lose their rights to the shares.
We will be subject to disciplinary action if, after we receive notice that a person is unsuitable to be a stockholder or to have any other relationship with us, we: allow that person to exercise, directly or indirectly, any voting right conferred through shares held by that person; • The Macao gaming authorities also have the authority to approve all persons owning or controlling the stock of any corporation holding a gaming license.
In addition, the Macao gaming authorities require prior approval for the creation of liens and encumbrances over VML’s assets and restrictions on stock in connection with any financing.
The Macao gaming authorities must give their prior approval to changes in control of VML through a merger, consolidation, stock or asset acquisition, management or consulting agreement or any act or northwoods casino watersmeet by any person whereby he or she obtains control.
Entities seeking to acquire control of a Macao registered corporation must satisfy the Macao gaming authorities concerning a variety of stringent standards prior to assuming control.
The Macao Gaming Commission may also require controlling stockholders, officers, directors and other persons having a material relationship or involvement with the entity proposing to acquire control, to be investigated and licensed as part of the approval process of the transaction.
The Macao gaming authorities may consider that some management opposition to corporate acquisitions, repurchases of voting securities and corporate defense tactics affecting Macao gaming licensees, and Macao registered corporations that are affiliated with those operations, may be injurious to stable and productive corporate gaming.
The Chief Executive of Macao could also require VML to increase its share capital if he deemed it necessary.
The Macao government also has the right, after consultation with Galaxy, to unilaterally terminate the subconcession agreement at any time upon the occurrence of specified events of default, including: the operation of gaming without permission or operation of business which does not fall within the business scope of the subconcession; • the suspension of operations of our gaming business in Macao without reasonable grounds for more than seven consecutive days or more than fourteen non-consecutive days within one calendar year; • the failure to resume operations following the temporary assumption of operations by the Macao are legal in india • the failure to provide or supplement the guarantee deposit or the guarantees specified in the subconcession within the prescribed period; • serious and repeated violation by VML of the applicable rules for carrying out casino games of chance or games of other forms or the operation of casino games of chance or games of other forms; • the failure by a controlling shareholder in VML to dispose of its interest in VML following notice from the gaming authorities of another jurisdiction in which such controlling shareholder is licensed to operate casino games of chance to the effect that such controlling shareholder can no longer own shares in VML.
In addition, we must comply with various covenants and other provisions under the subconcession, including obligations to: operate and conduct casino games of chance in a fair and honest manner without the influence of criminal activities; • safeguard and ensure Macao’s interests in tax revenue from the operation of casinos and other gaming areas; and • The subconcession agreement also allows the Macao government to casino egypt menu various changes in the plans and specifications of our Macao properties and to make various other decisions and determinations that may be binding on us.
For example, the Macao government has the right to require that we contribute additional capital to our Macao subsidiaries or that we provide certain deposits or other guarantees of performance in any amount determined by the Macao government to be necessary.
VML is limited in its ability to this web page additional capital by the need to first obtain the approval of the Macao gaming and governmental authorities before raising certain debt or equity.
If our subconcession is terminated in the event of a default, the casinos and gaming-related equipment would be automatically transferred to the Macao government without compensation to us and we would cease to generate any revenues from these operations.
In many of these instances, the subconcession agreement does not provide a specific cure period within which any such events may be cured and, instead, we would rely on consultations and negotiations with the Macao government to give us an opportunity to remedy any such default.
The Sands Macao, The Venetian Macao and Four Seasons Macao are being, and Sands Cotai Central will be, operated under our subconcession agreement.
This subconcession excludes the following gaming activities: mutual bets, lotteries, raffles, interactive gaming and games of chance or other gaming, betting or gambling activities on ships or planes.
Our subconcession is exclusively governed by Macao law.
We are subject to the exclusive jurisdiction of the courts of Macao in case of any dispute or conflict relating to our subconcession.
Our subconcession agreement expires on June 26, 2022.
Unless our subconcession is extended, on that date, the casinos and gaming-related equipment will automatically be transferred to the Macao government without compensation to us and we will cease to generate any revenues from these operations.
Beginning on December 26, 2017, the Macao government may redeem our subconcession by giving us at least one year prior notice and by paying us fair compensation or indemnity.
See “Item 1A — Risk Factors — Risks Associated with Our International Operations — We will stop generating any revenues from our Macao gaming operations if we cannot secure an extension of our subconcession in 2022 or if the Macao government exercises its redemption right.
” Under our subconcession, we are obligated to pay to the Macao government an continue reading premium with a fixed portion and a variable portion based on the number and type of gaming tables employed and gaming machines operated by us.
The fixed portion of the premium is equal to 30.
We also have to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes.
We must also contribute 4% of our gross gaming revenue to utilities designated by the Macao government, a portion of which must be used for promotion of tourism in Macao.
This percentage may be subject to change in the future.
Currently, the gaming tax in Macao is calculated as a percentage of gross gaming revenue; however, unlike Nevada, gross gaming revenue does not include deductions for credit losses.
As a result, if we extend credit to our customers in Macao and are unable to collect on the related receivables from them, we have to pay taxes on our winnings from these customers even though we were unable to collect on the related receivables.
If the laws are not changed, our business in Macao may not be able to realize the full benefits of extending credit to our customers.
Although there are proposals to revise the gaming tax laws in Macao, there can be no assurance that the laws will be changed.
We have received an exemption from Macao’s corporate income tax on profits generated by the operation of casino games of chance for the five-year period ending December 31, 2013.
Additionally, we entered into an agreement with the Macao government effective through 2013 that provides for an annual payment that is a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions.
See “Item 1A — Risk Factors — Risks Associated with Our International Operations — We are currently not required to pay corporate income taxes on our casino gaming operations in Macao.
Additionally, we currently have an agreement with the Macao government read more provides for a fixed annual payment that is a substitution for a 12% tax otherwise due on dividends distributed from our Macao gaming operations.
These tax arrangements expire at the end of 2013.
” 12 On August 23, 2006, our wholly owned subsidiary, Marina Bay Sands Pte.
“MBS”entered into a development agreement, as amended by a supplementary agreement on December 11, 2009 the “Development Agreement” with the STB to design, develop, construct and operate the Marina Bay Sands.
The Development Agreement includes a concession for MBS to own and operate a casino within the integrated resort.
MBS is one of two companies that have been awarded a concession to operate a casino in Singapore.
Under the Request for Proposal, MBS has been provided a ten-year exclusive period, which began March 1, 2007, during which only two licensees will be granted the right to operate a casino in Singapore.
During the same ten-year period discussed above, the Company, which is currently the 100% indirect shareholder of MBS, must continue to be the single largest entity with direct or indirect controlling interest of at least 20% in MBS, unless otherwise approved by the CRA.
The term of the casino concession provided under the Development Agreement is for 30 years commencing from the date the Development Agreement was entered into, or August 23, 2006.
In order to renew the casino concession, MBS must give notice to the STB and other relevant authorities in Singapore at least five years before its expiration in August 2036.
The Singapore government may mbs casino operating hours the casino concession prior to its expiration in order to serve the best interests of the public, in which event fair compensation will be paid to MBS.
Under the Development Agreement, MBS was required to be licensed by the relevant gaming authorities in Singapore before it could commence operating the casino under the casino concession.
In connection with issuing the gaming license, the relevant gaming authorities looked into various factors relating to MBS, including, but not limited to: i its reputation, character, honesty and integrity, ii whether or not it is sound and stable from a financial point of view, iii confirming that it has a satisfactory corporate ownership structure, iv the adequacy of its financial resources in order to ensure the financial viability of the casino operations, v whether it has engaged and employed persons who have sufficient experience managing and operating a casino and that are suitable to act in such capacities, vi its ability to sufficiently maintain a successful casino operation, vii confirming that there are no business associations with any person, body or association who is not of good repute, has a disregard for character, honesty and integrity, or has undesirable or unsatisfactory financial resources, viii determining whether the persons associated or connected with the ownership, administration or management of the casino operations or business are suitable persons to act in such capacity and ix the operation plan for the casino.
On April 26, 2010, MBS was issued a gaming license for a three-year period, which was acquired for SGD 37.
This license is being amortized over its three-year term and is renewable upon submitting a renewal application, paying the applicable license fee and meeting the renewal requirements as determined by the CRA.
The Development Agreement contains, among other things, restrictions limiting the wynn casino host number of the leased land to the development and operation of the project, requirements that MBS obtain prior approval from the STB in order to subdivide the hotel and retail components of the project, and prohibitions on any such subdivision during a ten-year exclusive period, which began March 1, 2007.
The Development Agreement also contains provisions relating to the construction of the project and associated deadlines for substantial completion and opening; the location of the casino within the project site and casino licensing issues; insurance requirements; and limitations on MBS’ ability to assign the lease or sub-lease any portion of the land during the ten-year exclusivity period that commenced March 1, 2007.
In addition, the Development Agreement contains events of default, have dancing eagle casino snack bar remarkable, among other things, the failure of MBS to perform its obligations under the Development Agreement and events of bankruptcy or dissolution.
The Development Agreement requires MBS to invest at least SGD 3.
This minimum investment requirement, which has been fulfilled, must be satisfied in full upon the earlier of eight years from the date of the Development Agreement or three years from the issuance of the casino license, which was issued in April 2010.
MBS was required to complete the construction of the Marina Bay Sands by August 22, 2014, in order to avoid an event of default under the Development Agreement that could result in a forfeiture of the lease for the land parcels underlying the integrated resort.
Under the terms of the Development Agreement, MBS agreed to design, develop and construct the integrated resort in accordance with the plans set forth in its response to the Request for Proposal, which was accepted by the STB.
There were no financial consequences to MBS if it failed to meet the agreed upon schedule, provided that the entire integrated resort opened by December 31, 2011.
MBS met the schedule as confirmed by an audit conducted on behalf of the STB.
Had the STB determined that MBS had not satisfied the requirements of the Development Agreement by December 31, 2011, the STB would have been entitled to draw on the SGD 192.
As such requirements have been satisfied, the banker’s guarantee has been released in January 2012.
Employees whose job duties relate to the operations of the casino are required to be licensed by the relevant authorities in Singapore.
MBS also must comply with comprehensive internal control standards or regulations concerning advertising; branch office operations; the location, floor plans table fresno casino ca mountain layout of the casino; casino operations including casino related financial transactions and patron disputes, issuance of credit and collection of debt, relationships with and permitted payments to junket operators; security and surveillance; casino access by Singaporeans and non-Singaporeans; compliance functions and the prevention of money laundering; periodic standard and other reports to the CRA; and those relating to social controls including the exclusion of certain persons from the casino.
There is a goods and services tax of 7% imposed on gross gaming revenue and a casino tax of 15% imposed on the gross gaming revenue from the casino after reduction for the amount of goods and services tax, except in the case of gaming by premium players, in which case a casino tax of 5% is imposed on the gross gaming revenue generated from such players after reduction for the amount of the goods and services tax.
The tax rates will not be changed for a period of 15 years from March 1, 2007.
The casino tax is deductible against the Singapore corporate taxable income of MBS.
The provision for bad debts arising from the extension of credit granted to gaming patrons is not deductible against gross gaming revenue when calculating the casino tax, but is deductible for the purposes of calculating corporate income tax and the goods and services tax subject to the prevailing law.
MBS is permitted to extend casino credit to persons who are not Singapore citizens or permanent residents, but is not permitted to extend casino credit to Singapore citizens or permanent residents except to premium players.
The key constraint imposed on the casino under the Development Agreement is the total size of the gaming area, which must not be more than 15,000 square meters approximately 161,000 square feet.
The following will not be counted towards the gaming area: back of house facilities, reception, restrooms, food and beverage areas, retail shops, stairs, escalators and lift lobbies leading to the gaming area, aesthetic and decorative displays, performance areas and major aisles.
The casino located within Marina Bay Sands may not have more than 2,500 gaming machines, but there is no limit on the number of tables for casino games permitted in the casino.
The ownership and operation of casino gaming facilities in the State of Nevada are subject to the Nevada Gaming Control Act and the regulations promulgated thereunder collectively, the “Nevada Act” and various local regulations.
Our gaming operations are also subject to the licensing and regulatory control of the Nevada Gaming Commission the “Nevada Commission”the Nevada Gaming Control Board the “Nevada Board” and the Clark County Liquor and Gaming Licensing Board the “CCLGLB” and together with the Nevada Commission and the Nevada Board, the “Nevada Gaming Authorities”.
The laws, regulations and supervisory procedures of the Nevada Gaming Authorities are based upon declarations of public policy that are concerned with, among other things: the prevention of unsavory or unsuitable persons from having a direct or indirect involvement with gaming at any time or in any capacity; • the maintenance of effective controls over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and the safeguarding of assets and revenues, providing reliable record-keeping and requiring the filing of periodic reports with the Nevada Gaming Authorities; • Any change in such laws, regulations and procedures could have an adverse effect on our Las Vegas operations.
Las Vegas Sands, LLC “LVSLLC” is licensed by the Nevada Gaming Authorities to operate both The Venetian Las Vegas and The Palazzo as a single resort hotel as set forth in the Nevada Act.
The gaming license requires the periodic payment of fees and taxes and is not transferable.
LVSLLC is also registered as an intermediary company of Venetian Casino Resort, LLC “VCR”.
VCR is licensed as a manufacturer and distributor of gaming devices.
LVSLLC and VCR are collectively referred to as the “licensed subsidiaries.
” LVSC is registered with the Nevada Commission as a publicly traded corporation the “registered corporation”.
As such, we must periodically submit detailed financial and operating reports to the Nevada Gaming Authorities and furnish any other information that the Nevada Gaming Authorities may require.
No person may become a stockholder of, or receive any percentage of the profits from, the licensed subsidiaries without first obtaining licenses and approvals from the Nevada Gaming Authorities.
Additionally, the CCLGLB has taken the position that it has the authority to approve all persons owning or controlling the stock of any corporation controlling a gaming licensee.
We, and the licensed subsidiaries, possess all state and local government registrations, approvals, permits and licenses required in order for us to engage in gaming activities at The Venetian Las Vegas and The Palazzo.
The Nevada Gaming Authorities may investigate any individual who has a material relationship to or material involvement with us or the licensed subsidiaries to determine whether such individual is suitable or should be licensed as a business associate of a gaming licensee.
Officers, directors and certain key employees of the licensed subsidiaries must file applications with the Nevada Gaming Authorities and may be required to be licensed by the Nevada Gaming Authorities.
Our officers, directors and key employees who are actively and directly involved in the gaming activities of the licensed subsidiaries may be required to be licensed or found suitable by the Nevada Gaming Authorities.
The Nevada Gaming Authorities may deny an application for licensing or a finding of suitability for any cause they deem reasonable.
A finding of suitability is comparable to licensing; both require submission of detailed personal and financial information followed by a thorough investigation.
The applicant for licensing or a finding of suitability, or the gaming licensee by whom the applicant is employed or for whom the applicant serves, must pay all the costs of the investigation.
Changes in licensed positions must be reported to the Nevada Gaming Authorities, and in addition to their authority to deny an application for a finding of suitability or licensure, the Nevada Gaming Authorities have jurisdiction to disapprove a change in a corporate position.
If the Nevada Gaming Authorities were to find an officer, director or key employee unsuitable for licensing or to have an inappropriate relationship with us or the licensed subsidiaries, we would have to sever all relationships with such person.
In addition, the Nevada Commission may require us or the licensed subsidiaries to terminate the employment of any person who refuses to file appropriate applications.
Determinations of suitability or questions pertaining to licensing are not subject to judicial review in Nevada.
We, and the licensed subsidiaries, are required to submit periodic detailed financial and operating reports to the Nevada Commission.
Substantially all of our and our licensed subsidiaries’ material loans, leases, sales of securities and similar financing transactions must be reported to or approved by the Nevada Commission.
If it were determined that we or a licensed subsidiary violated the Nevada Act, the registration and gaming licenses we then hold could be limited, conditioned, suspended or revoked, subject to compliance with certain statutory and regulatory procedures.
In addition, we and the persons involved could be subject to substantial fines for each separate violation of the Nevada Act at the discretion of the Nevada Commission.
Further, a supervisor could be appointed by the Nevada Commission to operate the casinos, and, under certain circumstances, earnings generated during the supervisor’s appointment except for the reasonable rental value of the casinos could be forfeited to the State of Nevada.
Limitation, conditioning or suspension of any gaming registration or license or the appointment of a supervisor could and revocation of any gaming license would materially adversely affect our gaming operations.
Any beneficial holder of our voting securities, regardless of the number of shares owned, may be required to file an application, be investigated, and have its suitability as a beneficial holder of our voting securities determined if the Nevada Commission has reason to believe that such ownership would otherwise be inconsistent with the declared policies of the State of Nevada.
The applicant must pay all costs of investigation incurred by the Nevada Gaming Authorities in conducting any such investigation.
The Nevada Act requires any person who acquires more than 5% of our voting securities to report https://allo-hebergeur.com/casino/who-bought-greektown-casino-in-detroit.html acquisition to the Nevada Commission.
The Nevada Act requires that beneficial owners of more than 10% of our voting securities apply to the Nevada Commission for a finding of suitability within thirty days after the Chairman of the Nevada Board mails the written notice requiring such filing.
Under certain circumstances, an “institutional investor” as defined in the Nevada Act, which acquires more than 10%, but not more than 25%, of our voting securities subject to certain additional holdings as a result of certain debt restructuringsmay apply to the Nevada Commission for a waiver of such finding of suitability if such institutional investor holds the voting securities only for investment purposes.
Additionally, an institutional investor that has been granted such a waiver may acquire more than 25% but not more than 29% of our voting securities if such additional ownership results from a stock re-purchase program and such institutional investor does not purchase or otherwise acquire any additional voting securities that would result in an increase in its ownership percentage.
Activities that are deemed consistent with holding voting securities only for investment purposes include: making financial and other inquiries of management of the type normally made by securities analysts for informational purposes and not to cause a change in management, policies or operations; and • such other activities as the Nevada Commission may determine to be consistent with such investment intent.
If the beneficial holder of voting securities who must be found suitable is a corporation, partnership or trust, it must submit detailed business and financial information including a list of beneficial owners.
The applicant is required to pay all costs of investigation.
Any person who fails or refuses to apply for a finding of suitability or a license within thirty days after being ordered to do so by the Nevada Commission or the Chairman of the Nevada Board may be found unsuitable.
The same restrictions apply to a record owner if the record owner, after request, fails to identify the beneficial owner.
Any stockholder found unsuitable who holds, directly or indirectly, any beneficial ownership of the common stock of a registered corporation beyond such period of time as may be prescribed by the Nevada Commission may be guilty of a criminal offense.
We are subject to disciplinary action if, after we receive notice that a person is unsuitable to be a stockholder or to have any other relationship with us or a licensed subsidiary, we, or any of the licensed subsidiaries: allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person; • fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, the purchase for cash at fair market value.
The Nevada Commission may, in its discretion, require the holder of any debt security of a registered corporation to file an application, be investigated and be found suitable to own the debt security of such registered corporation.
If the Nevada Commission determines that a person is unsuitable to own such security, then pursuant to the Nevada Act, the registered corporation can be sanctioned, including the loss of its approvals, if without the prior approval of the Nevada Commission, it: We are required to maintain a current more info ledger in Nevada that may be examined by the Nevada Gaming Authorities at any time.
If any securities are held in trust by an agent or by a nominee, the record holder may be required to disclose the identity of the beneficial owner to the Nevada Gaming Authorities and we are also required to disclose the identity of the beneficial owner to the Nevada Gaming Authorities.
A failure to make such disclosure may be grounds for finding the record holder unsuitable.
We are also required to render maximum assistance in determining the identity of the beneficial owner.
We cannot make a public offering of any securities without the prior approval of the Nevada Commission if the securities or the proceeds from the offering are intended to be used to construct, acquire or finance gaming facilities in Nevada, or to retire or extend obligations incurred for such purposes.
On November 18, 2010, the Nevada Commission granted us prior approval to make public offerings for a period of two years, subject to certain conditions the “shelf approval”.
The shelf approval includes prior approval by the Nevada Commission permitting us to place restrictions on the transfer of the membership interests and to enter into agreements not to encumber the membership interests of LVSLLC.
However, the shelf approval may be rescinded for good cause without prior notice upon the issuance of an interlocutory stop order by the Chairman of the Nevada Board.
The shelf approval does not constitute a finding, recommendation, or approval by the Nevada Commission or the Nevada Board as to the investment merits of any securities offered under the shelf approval.
Any representation to the contrary is unlawful.
Entities seeking to acquire control of a registered corporation must satisfy the Nevada Board and the Nevada Commission concerning a variety of stringent standards prior to assuming control of such registered corporation.
The Nevada Commission may also require controlling stockholders, officers, directors and other persons having a material relationship or involvement with the entity proposing to acquire control, to be investigated and licensed as part of the approval process of the transaction.
The Nevada legislature has declared that some corporate acquisitions opposed by management, repurchases of voting securities and corporate defense tactics affecting Nevada gaming licensees, and registered corporations that are affiliated with those operations, may be injurious to stable and productive corporate gaming.
The Nevada Commission has established a regulatory scheme to ameliorate the potentially adverse effects of these business practices upon Nevada’s gaming industry and to further Nevada’s policy to: Approvals are, in certain circumstances, required from the Nevada Commission before we can make exceptional repurchases of voting securities above the current market price thereof and before a corporate acquisition opposed by management can be consummated.
The Nevada Act also requires prior approval of a plan of recapitalization proposed by the Board of Directors in response to a tender offer made directly to our stockholders for the purposes of acquiring control of the registered corporation.
License fees and taxes, computed in various ways depending upon the type of gaming or activity involved, are payable to the State of Nevada and to Clark County, Nevada.
Depending upon the particular fee or tax involved, these fees and taxes are payable monthly, quarterly or annually and are based upon: The tax on gross revenues received is generally 6.
In addition, an excise tax is paid by us on charges for admission to any facility where certain forms of live entertainment are provided.
VCR is also required to pay certain fees and taxes to the State of Nevada as a licensed manufacturer and distributor.
The revolving fund is subject to increase or decrease at the discretion of the Nevada Commission.
Thereafter, licensees are also required to comply with certain reporting requirements imposed by the Nevada Act.
Licensees are also subject to disciplinary action by the Nevada Commission if they knowingly violate any laws of any foreign jurisdiction pertaining to such foreign gaming operation, fail to conduct such foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations, engage in activities that are harmful to the State of Nevada or its ability to collect gaming taxes and fees, or employ a person in such foreign operation who has been denied a license or a finding of suitability in Nevada on the ground of personal unsuitability or who has been found guilty of cheating at gambling.
Our licensed subsidiaries have obtained the necessary liquor licenses to sell alcoholic beverages.
All licenses are revocable and are not transferable.
The agencies involved have full power to limit, condition, suspend or revoke any such licenses, and any such disciplinary action could and revocation of such licenses would have a material adverse effect upon our operations.
Sands Bethworks Gaming is subject to the rules and regulations promulgated by the Pennsylvania Gaming Control Board “PaGCB” and the Pennsylvania Department of Revenue, the on-site direction of the Pennsylvania State Police and the requirements of other more info />On December 20, 2006, we were awarded one of two category 2 “at large” gaming licenses available in Pennsylvania, and a location in the Pocono Mountains was awarded the other category 2 “at large” license.
On the same day, two category 2 licenses were awarded to applicants for locations in Philadelphia, one category 2 license was awarded to an applicant in Pittsburgh, and six race tracks were awarded permanent category 1 licenses.
One of the Philadelphia category 2 licenses was revoked by the PaGCB in 2010.
The revocation was upheld in November 2011 by an intermediate appellate court in Pennsylvania, but a request to review the revocation is pending before the Pennsylvania Supreme Court.
The principal difference between category 1 and category 2 licenses is that the former is available only to certain race tracks.
A category 1 or category 2 licensee is authorized to open with up to 3,000 slot machines and to increase to up to 5,000 slot machines upon approval of the PaGCB, which may not take effect earlier than six months after opening.
The PaGCB also is permitted to award three category 3 licenses.
A category 3 licensee is authorized to operate up to 600 slot machines and 50 table games or up to 500 slot machines without table games.
To date, two category 3 licenses have been awarded but the award of the second category 3 license has been appealed and one more may be issued, but not before July 2017.
In February 2010, we submitted a petition to the PaGCB to obtain a table games operation certificate to operate table games at Sands Bethlehem, based on a revision to the law in 2010 that authorized table games.
Table games operations commenced on July 18, 2010.
We must notify the PaGCB if we become aware of any proposed or contemplated change of control including more than 5% of the ownership interests of Sands Bethworks Gaming or of more than 5% of the ownership interests of any entity that owns, directly or indirectly, at least 20% of Sands Bethworks Gaming, including LVSC.
The acquisition by a person or a group of persons acting in concert of more than 20% of the ownership interests of Sands Bethworks Gaming or of any entity that owns, directly or indirectly, at least 20% of Sands Bethworks Gaming with the exception of the ownership interest of a person at the time of the original licensure when the license fee was paid, would be defined as a change of control under applicable Pennsylvania gaming law and regulations.
The PaGCB retains the discretion to eliminate the need for qualification and may reduce the license fee upon a change of control.
The PaGCB may provide up to 120 days for any person who is required to apply for a license and who is found not qualified to completely divest the person’s ownership interest.
Any person who acquires beneficial ownership of 5% or more of our voting securities will be required to apply to the PaGCB for licensure, obtain licensure and remain licensed.
Licensure requires, among other things, that the applicant establish by clear and convincing evidence the applicant’s good character, honesty and integrity.
Additionally, any trust that holds 5% or more of our voting securities is required to be licensed by the PaGCB and each individual who is a grantor, trustee or beneficiary of the trust is also required to be licensed by the PaGCB.
Under certain circumstances and under the regulations of the PaGCB, an “institutional investor” as defined under the regulations of the PaGCB, which acquires beneficial ownership of 5% or more, but less than 10%, of our voting securities, may not be required to be licensed by the PaGCB provided the institutional investor files an Institutional Notice of Ownership Form with the PaGCB Bureau of Licensing and has filed, and remains eligible to file, a statement of beneficial ownership on Schedule 13G with the SEC as a result of this ownership interest.
In addition, any beneficial owner of our voting securities, regardless of the number of shares beneficially owned, may be required at the discretion of the PaGCB to file an application for licensure.
In February 2009, the PaGCB approved our petition seeking its consent of the suspension of the hotel, retail and multipurpose event center components of Sands Bethlehem.
This approval is subject to monthly reviews by the PaGCB’s financial suitability task force and our meetings with this task force to evaluate our potential to finance the completion of the suspended components.
Once the task force determines that we have the potential to finance the suspended components, a public hearing will be set to consider establishing a completion date for the overall project.
No determination has been made to date that we have the potential to finance all of the suspended components.
In April 2010, we recommenced construction of the 300-room hotel tower, which opened in May 2011.
We have also recommenced construction of the retail mall with a progressive opening that began in November 2011 and multipurpose event center expected to open in the second quarter of 2012.
We directly employ approximately 40,000 employees click to see more and hire temporary employees on an as-needed basis.
Our employees in Macao, Singapore, Las Vegas and Bethlehem are not covered by collective bargaining agreements.
We believe that we have good relations with our employees.
Certain unions have engaged in confrontational and obstructive tactics at some of our properties, including contacting potential customers, tenants and investors, objecting to various administrative approvals and picketing, and may continue these tactics in the future.
Although we believe we will be able to operate despite such tactics, no assurance can be given that we will be able to do so or that the failure to do so would not have a material adverse effect on our financial condition, results of operations or cash flows.
Although no assurances can be given, if employees decide to be represented by labor unions, management does not believe that such representation would have a material effect on our financial condition, results of operations or cash flows.
Certain culinary personnel are hired from time to time for trade shows and conventions at Sands Expo Center and are covered under a collective bargaining agreement between Local 226 and Sands Expo Center.
This collective bargaining agreement expired in December 2000, but automatically renews on an annual basis.
As a result, Sands Expo Center is operating under the terms of the expired bargaining agreement with respect to these employees.
Our intellectual property “IP” portfolio currently consists of a combination of copyrights, contractual rights, domain names and domain name system configurations, patents, trade secrets, trademarks, service marks and trade names.
As they have the effect of developing brand identification and we believe that the name recognition, reputation and image that we have developed attract customers to facilities, we seek to protect the marks of material importance to our business in the countries where we operate or significantly advertise, as well as in countries where we might operate in the future.
The marks we consider material include PAIZA ®, PALAZZO ®, SANDS ®, THE VENETIAN ®, the sunburst design mark, the V crest and winged lion design mark, and variations of these marks and logos.
In May 2004, we completed the sale of The Grand Canal Shoppes and leased to GGP 19 retail and restaurant spaces on the casino level of The Venetian Las Vegas for 89 years with annual rent of one dollar, and GGP assumed our interest as landlord under the various leases associated with these 19 spaces.
The lease payments relating to the Blue Man Group theater, the canal space within The Grand Canal Shoppes and the office space from GGP are subject to automatic increases of 5% in the sixth lease year and each subsequent fifth lease year.
The Shoppes at The Palazzo opened on January 18, 2008, with some tenants not yet open and with construction of certain portions of the mall not yet completed.
We contracted to sell The Shoppes at The Palazzo to GGP pursuant to a purchase and sale agreement dated as of April 12, 2004, as amended the “Amended Agreement”.
Under the Amended Agreement, we also leased to GGP certain restaurant and retail space on the casino level of The Palazzo for 89 years with annual rent of one dollar and GGP assumed our interest as landlord under the various space leases associated with these spaces.
The total purchase price to be paid by GGP for The Shoppes at The Palazzo was to be determined by taking The Shoppes at The Palazzo’s net operating income “NOI”as defined in the Amended Agreement, for months 19 through 30 of its operations assuming that the fixed rent and other fixed periodic payments due from all tenants in month 30 was actually due in each of months 19 through 30, provided that this 12-month period can be delayed if certain conditions are satisfied divided by a capitalization rate.
The capitalization rate was 0.
We agreed with GGP to suspend the scheduled purchase price adjustments, subsequent to the June 2008 payment, including the final adjustment payment as both parties continued to work on various matters related to the calculation of NOI.
On June 24, 2011, we reached a settlement with GGP regarding the final purchase price.
Our business plan calls for each of The Venetian Las Vegas, The Palazzo, Sands Expo Center, The Grand Canal Shoppes, The Shoppes at The Palazzo and the high-rise residential condominium tower that was being constructed on the Las Vegas strip between The Palazzo and The Venetian Las Vegas the “Las Vegas Condo Tower”though separately owned, to be integrally related components of one facility the “LV Integrated Resort”.
In establishing the terms for the integrated operation of these components, the cooperation agreement sets forth agreements regarding, among other things, encroachments, easements, operating standards, maintenance requirements, insurance requirements, casualty and condemnation, joint marketing, and the sharing of some facilities and related costs.
Subject to applicable law, the cooperation agreement binds visit web page current and future owners of all portions of the LV Integrated Resort and has priority over the liens securing LVSLLC’s senior secured credit facility and in some or all respects any liens that may secure any indebtedness of the owners of any portion of the LV Integrated Resort.
Accordingly, subject to applicable law, the obligations in the cooperation agreement will “run with the land” if any of the components change hands.
The cooperation agreement regulates certain aspects of the operation of the LV Integrated Resort.
For example, under the cooperation agreement, we are obligated to operate The Venetian Las Vegas continuously and to use it exclusively in accordance with standards of first-class Las Vegas Boulevard-style hotels and casinos.
We are also obligated to operate and use the Sands Expo Center exclusively in accordance with standards of click to see more convention, trade show and exposition centers.
The owners of The Grand Canal Shoppes and The Shoppes at The Palazzo are obligated to operate their properties exclusively in accordance with standards of first-class restaurant and retail complexes.
For so long as The Venetian Las Vegas is operated in accordance with a “Venetian” theme, the owner of The Grand Canal Shoppes must operate The Grand Canal Shoppes in accordance with the overall Venetian theme.
We must maintain The Venetian Las Vegas and The Palazzo as well as some common areas and common facilities that are to be shared with The Grand Canal Shoppes and The Shoppes at The Palazzo.
The cost of maintenance of all shared common areas and common facilities is to be shared between us and the owners of The Grand Canal Shoppes and The Shoppes at The Palazzo.
We must also maintain, repair and restore Sands Expo Center and certain common areas and common facilities located in Sands Expo Center.
The owners of The Grand Canal Shoppes and The Shoppes at The Palazzo must maintain, repair and restore The Grand Canal Shoppes and The Shoppes at The Palazzo and certain common areas and common facilities located within.
We and the owners of The Grand Canal Shoppes and The Shoppes at The Palazzo must maintain minimum types and levels of insurance, including property damage, general liability and business interruption insurance.
The cooperation agreement establishes an insurance trustee to assist in the implementation of the insurance requirements.
The cooperation agreement also addresses issues relating to the use of the LV Integrated Resort’s parking facilities and easements for access.
The Venetian Las Vegas, The Palazzo, Sands Expo Center, The Grand Canal Shoppes and The Shoppes at The Palazzo may use the parking spaces in the LV Integrated Resort’s parking facilities on a “first come, first served” basis.
Each party to the cooperation agreement has granted to the others non-exclusive easements and rights to use the roadways and walkways on each other’s properties for vehicular and pedestrian access to the parking garages.
All property owners have also granted each other all appropriate and necessary easement rights to utility lines servicing the LV Integrated Resort.
Consents, Approvals and Disputes.
If any current or future party to the cooperation agreement has a consent or approval right or has discretion to act or refrain from acting, the consent or approval of such party will only be granted and action will be taken or not taken only if a commercially reasonable owner would do so and such consent, approval, action or inaction would not have a material adverse effect on the property owned by such property owner.
The cooperation agreement provides for the appointment of an independent please click for source to resolve some disputes between the parties, as well as for expedited arbitration for other disputes.
Sale of The Grand Canal Shoppes or The Shoppes at The Palazzo by GGP.
We have a right of first offer in connection with flosstradamus feat casino mosh pit instrumental proposed sale of The Grand Canal Shoppes or The Shoppes at The Palazzo by GGP.
We also have the right to receive notice of any default by GGP sent by any lender holding a mortgage on The Grand Canal Shoppes or The Shoppes at The Palazzo, if any, and the right to cure such default subject to our meeting certain net worth tests.
You should carefully consider the risk factors set forth below as well as the other information contained in this Annual Report on Form 10-K in connection with evaluating the Company.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, results of operations or cash flows.
Certain statements in “Risk Factors” are forward-looking statements.
See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Special Note Regarding Forward-Looking Statements.
” Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy.
Changes in discretionary consumer spending or corporate spending on conventions and business travel could be driven by many factors, such as: perceived or actual general economic conditions; the current housing crisis and the credit crisis; high energy, fuel and food costs; the increased cost of travel; the potential for bank failures; the weakened job market; perceived or actual disposable consumer income and wealth; fears of recession and changes in consumer confidence in the economy; or fears of war and future acts of terrorism.
These factors could reduce consumer and corporate demand for the luxury amenities and leisure activities we offer, thus imposing additional limits on pricing and harming our operations.
Our current debt instruments contain, and any future debt instruments likely will contain, a number of restrictive covenants that impose significant operating and financial restrictions on us, including restrictions on our ability to: pay dividends or make distributions and make other restricted payments, such as purchasing equity interests, repurchasing junior indebtedness or making investments in third parties; • In addition, our Macao, Singapore and U.
See “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 1 — Organization and Business of Company — Development Financing Strategy” and “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 9 — Long-Term Debt” for further description of these covenants and the potential impact of noncompliance.
We also have substantial debt and significant debt service obligations.
This substantial indebtedness could have important consequences to us.
For example, it could: impair our ability to obtain additional financing in the future for working capital needs, capital expenditures, development projects, acquisitions or general corporate purposes; • require us to dedicate a significant portion of our cash flow from operations to the payment of principal and interest on our debt, which would reduce the funds available for our operations and development projects; • limit our flexibility in planning for, or reacting to, changes in the business and the industry in which we operate; • subject us to higher interest expense in the event of increases in interest rates as a significant portion of our debt is, and will continue to be, at variable rates of interest.
We expect that all of our projects currently under construction will be funded with existing cash balances, cash flows from operations and available borrowings from our existing credit facilities.
We cannot assure you that we will obtain all the financing required for the construction and opening of our remaining planned projects on acceptable terms, if at all.
Severe disruptions in the commercial credit markets in the last few years have resulted in a tightening of credit markets worldwide.
Liquidity in the global credit markets was severely contracted by these market disruptions, making it difficult and costly to obtain new lines of credit or to refinance existing debt.
The effect of these disruptions was widespread and difficult to quantify.
While economic conditions have recently improved, that trend may not continue and the extent of the current economic improvement is unknown.
Any future disruptions in the commercial credit markets may impact liquidity in the global credit market as greatly, or even more, than in recent years.
Our business and financing plan may be dependent upon completion of future financings.
If the credit environment worsens, it may be difficult to obtain any additional financing on acceptable terms, which could have an adverse effect on our ability to complete our remaining planned development projects, and as a consequence, our results of operations and business plans.
Should general economic conditions not improve, if we are unable to obtain sufficient funding or applicable government approvals such that completion of our planned projects is not probable, or should management decide to abandon certain projects, all or a portion of our investment to date in our planned projects could be lost and would result in an impairment charge.
We are subject to extensive regulation and the cost of compliance or failure to comply with such regulations may have an adverse effect on our business, financial condition, results of operations or cash flows.
We are required to obtain and maintain licenses from various jurisdictions in order to operate certain aspects of our business, and we are subject to extensive background investigations and suitability standards in our gaming business.
We also will become subject to regulation in any other jurisdiction where we choose to operate in the future.
There can be no assurance that we will be able to obtain new licenses or renew any of our existing licenses, or that if such licenses are obtained, that such licenses will not be conditioned, suspended or revoked, and the loss, denial or non-renewal of any of our licenses could have a material adverse effect on our results of operations, business or prospects.
Our gaming operations and the ownership of our securities are subject to extensive regulation by the Nevada Commission, the Nevada Board and the CCLGLB.
The Nevada Gaming Authorities have broad authority with respect to licensing and registration of our business entities and individuals investing in or otherwise involved with us.
Although we currently are registered with, and LVSLLC and VCR currently hold gaming licenses issued by, the Nevada Gaming Authorities, these authorities may, among other things, revoke the gaming license of any corporate entity or the registration of a registered corporation or any entity registered as a holding company of a corporate licensee for violations of gaming regulations.
In addition, the Nevada Gaming Authorities may, under certain conditions, revoke the license or finding of suitability of any officer, director, controlling person, stockholder, noteholder or key employee of a licensed or registered entity.
If our gaming licenses were revoked for any reason, the Nevada Gaming Authorities could require the closing of the casinos, which would have a material adverse effect on our business.
In addition, compliance costs associated with gaming laws, regulations or licenses are significant.
Any change in the laws, regulations or licenses applicable to our business or gaming licenses could require us to make substantial expenditures or could otherwise have a material adverse effect on our financial condition, results of operations or cash flows.
A similar dynamic exists in all jurisdictions where we operate and a regulatory action against one of our operating entities in any gaming jurisdiction could impact our operations in other gaming jurisdictions where we do business.
For a more complete description of the gaming regulatory requirements that have an effect on our business, see “Item 1 — Business — Regulation and Licensing.
” We are subject to regulations imposed by for low deposit casinos uk were Foreign Corrupt Practices Act the “FCPA”which generally prohibits U.
On February 9, 2011, LVSC received a subpoena from the SEC requesting that we produce documents relating to our compliance with the FCPA.
We have also been advised by the Department of Justice that it is conducting a similar investigation.
Any violation of the FCPA could have a material adverse effect on our financial condition.
We also deal with significant amounts of cash in our operations and are subject to various reporting and anti-money laundering regulations.
Any violation of anti-money laundering laws or regulations by any of our properties could have a material adverse effect on our financial condition, results of operations or cash flows.
Our ongoing and future construction projects, such as our Cotai Strip projects, entail significant risks.
Construction activity requires us to obtain qualified contractors and subcontractors, the availability of have ignacio casino hotel opinion may be uncertain.
Construction, equipment or staffing problems or difficulties in obtaining any of the requisite materials, licenses, permits, allocations and authorizations from governmental or regulatory authorities could increase the total cost, delay, jeopardize, prevent the construction or opening of our projects, or otherwise affect the design and features.
In addition, the number of ongoing projects and their locations throughout the world present unique challenges and risks to our management structure.
If our management is unable to successfully manage our worldwide construction projects, it could have an adverse effect on our financial condition, results of operations or cash flows.
The anticipated costs and completion dates for our current projects are based on budgets, designs, development and construction documents and schedule estimates that we have prepared with the assistance of architects and other construction development consultants and that are subject to change as the design, development and construction documents are finalized and as actual construction work is performed.
A failure to complete our projects on budget or on schedule may have an adverse effect on our financial condition, results of operations or cash flows.
The estimated costs to complete and open our remaining planned projects are currently not determinable with certainty and therefore may have an adverse effect on our financial condition, results of operations or cash flows.
See also “— Risks Associated with Our International Operations — We are required to build and open our Cotai Strip development on parcel 3 by April 2013, which we will be unable to meet, and Sands Cotai Central by May 2014.
If we are unable to meet the applicable deadline for Sands Cotai Central and the deadlines for either development are not extended, we may lose the respective land concession, which would prohibit us from operating any facilities developed under such land concession.
” Because we are currently dependent primarily upon our properties in three markets for all of our cash flow, we are subject to greater risks than a gaming company with more operating properties or that operates in more markets.
We currently do not have material operations other than our Macao, Singapore and Las Vegas properties.
As a result, we are primarily dependent upon these properties for all of our cash.
Given that our operations are currently conducted primarily at properties in Macao, Singapore and Las Vegas and that a large portion of our planned future development is in Macao, we will be subject to greater degrees of risk than a gaming company with more operating properties or that operates in more markets.
The risks to which we will have a greater degree of exposure include the following: inaccessibility due to inclement weather, road construction or closure of primary access routes; • changes in local and state governmental laws and regulations, including gaming laws and regulations; • Our indebtedness is secured by a substantial portion of our assets, except for our equity interests in our subsidiaries.
Subject to applicable laws, including gaming laws, and certain agreed upon exceptions, our debt is secured by liens on substantially all of our assets, except for our equity interests in our subsidiaries.
In the event of a default under our financing agreements, or if we experience insolvency, liquidation, dissolution or reorganization, the holders of our secured debt instruments would first be entitled to payment from their collateral security, and only then would holders of our unsecured debt and equity holders be entitled to payment from our remaining assets.
In addition, our insurance costs may increase and we may not be able to obtain the same insurance coverage in the future.
We have comprehensive property and liability insurance policies for our properties in operation as well as those in the course of construction with coverage features and insured limits that we believe are customary in see more breadth and scope.
Market forces beyond our control may nonetheless limit the scope of the insurance coverage we can obtain or our ability to obtain coverage at reasonable rates.
Certain types of losses, generally of a catastrophic nature, such as earthquakes, hurricanes and floods, or terrorist acts, or certain liabilities may be uninsurable or too expensive to justify obtaining insurance.
As a result, we may not be successful in obtaining insurance without increases in cost or decreases in coverage levels.
In addition, in the event of a substantial loss, the insurance coverage we carry may not be sufficient to pay the full market value or replacement cost of our lost investment or in some cases could result in certain losses being totally uninsured.
As a result, we could lose some or all of the capital we have invested in a property, as well as the anticipated future revenue from the property, and we could remain obligated for debt or other financial obligations related to the property.
Our debt instruments and other material agreements require us to maintain a certain minimum level of insurance.
Failure to satisfy these requirements could result in an event of default under these debt instruments or material agreements.
We depend on the continued services of key managers and employees.
If we do not retain our key personnel or attract and retain other highly skilled employees, our business will suffer.
Our ability to maintain our competitive position is dependent to a large degree on the services of our senior management team, including Sheldon G.
Adelson and our other executive officers.
The loss of Mr.
Adelson’s services or the services of our other senior managers, or the inability to attract and retain additional senior management personnel could have a material adverse effect on our business.
Adelson’s employment agreement is scheduled to expire in December 2012 and is subject to extensions.
Adelson, his family members and trusts and other entities established for the benefit of Mr.
Our Principal Stockholder’s family has indicated their intent to exercise their outstanding warrants in March 2012, which would result in our Principal Stockholder’s family beneficially owning approximately 52% of our outstanding common stock.
Adelson exercises significant influence over our business policies and affairs, including the composition of our Board of Directors and any action requiring the approval of our stockholders, including the adoption of amendments to our articles of incorporation and the approval of a merger or sale of substantially all of our assets.
The concentration of ownership may also delay, defer or even prevent a change in control of our company and may make some transactions more difficult or impossible without the support of Mr.
The interests of Mr.
Adelson may conflict with your interests.
We are a parent company and our primary source of cash is and will be distributions from our subsidiaries.
We are a parent company with limited business operations of our own.
Our main asset is the capital stock of our subsidiaries.
We conduct most of our business operations through our direct and indirect subsidiaries.
Accordingly, our primary sources of cash are dividends and distributions with respect to our ownership interests in our subsidiaries that are derived from the earnings and cash flow generated by our operating properties.
Our subsidiaries might not generate sufficient earnings and cash flow to pay dividends or distributions in the future.
Our subsidiaries’ payments to us will be contingent upon their earnings and upon other business considerations.
In addition, our subsidiaries’ debt instruments and other agreements limit or prohibit certain payments of dividends or other distributions to us.
We expect that future debt instruments for the financing of our other developments will contain similar restrictions.
Our business is sensitive to the willingness of our customers to travel.
Acts of terrorism, regional political events and developments in the conflicts in certain countries could cause severe disruptions in air travel that reduce the number of visitors to our facilities, resulting in a material adverse effect on our financial condition, results of operations or cash flows.
We are dependent on the willingness of our customers to travel.
Only a small amount of our business is and will be generated by local residents.
Most of our customers travel to reach our Macao, Singapore, Las Vegas and Pennsylvania properties.
Acts of terrorism may severely disrupt domestic and international travel, which would result in a decrease in customer visits to Macao, Singapore, Las Vegas and Pennsylvania, including our properties.
Regional conflicts could have a similar effect on domestic and international travel.
Management cannot predict the extent to which disruptions in air or other forms of travel as a result of any further terrorist act, outbreak of hostilities or escalation of war would have an adverse effect on our financial condition, results of operations or cash flows.
We conduct our gaming activities on a credit and cash basis.
Any such credit we extend is unsecured.
Table games players typically are extended more credit than slot players, and high-stakes players typically are extended more credit than patrons who tend to wager lower amounts.
High-end gaming is more volatile than other forms of gaming, and variances in win-loss results attributable to high-end gaming may have a significant positive or negative impact on cash flow and earnings in a particular quarter.
During the year ended December 31, 2011, approximately 27.
We extend credit to those customers whose level of play and financial resources warrant, in the opinion of management, an extension of credit.
These large receivables could have a significant impact on our results of operations if deemed uncollectible.
While gaming debts evidenced by a credit instrument, including what is commonly referred to as a “marker,” and judgments on gaming debts are enforceable under the current laws of Nevada, and Nevada judgments on gaming debts are enforceable in all states under the Full Faith and Credit Clause of the U.
Constitution, other jurisdictions may determine that enforcement of gaming debts is against public policy.
Although courts of some foreign nations will enforce gaming debts directly and the assets in the U.
A failure to establish and protect our IP rights could have an adverse effect on our business, financial condition and results of operations.
We endeavor to establish and protect our IP rights and our goods and services through trademarks and service marks, copyrights, patents, trade secrets, domain names, licenses, other contractual provisions, employee nondisclosure agreements, and confidentiality and information-security measures and procedures.
Our failure to possess, obtain or maintain adequate protection of https://allo-hebergeur.com/casino/james-bond-casino-soundtrack.html IP rights for any reason could have a material adverse effect on our business, financial condition and results of operations.
Examples of such a potential failure include: 1 if one of our marks becomes so well known by the public antonio casino tx from san tours its use is deemed generic, we could lose exclusive rights to such mark or be forced to rebrand; 2 if a third party claims we have infringed, currently infringe, or could in the future infringe its IP rights, we may need to cease use of such IP or take other steps; 3 if third parties violate their obligations to us to maintain confidentiality of our proprietary information or there is a security breach or lapse, our business may be affected; or 4 if third parties misappropriate or infringe our IP, our business may be affected.
Conflicts of interest may arise because certain of our directors and officers are also directors of SCL.
In November 2009, our subsidiary, SCL, listed its ordinary shares on The Main Board of The Stock Exchange of Hong Kong Limited the “SCL Offering”.
We currently own 70.
Decisions that could have different implications for us and SCL, including contractual arrangements that we have entered into or may in the future enter into with SCL may give rise to the appearance of a potential conflict of interest.
We are subject to taxation and regulation by various government agencies, primarily in Macao, Singapore and the U.
From time to time, U.
In particular, government agencies may make changes that could reduce the profits that we can effectively realize from our non-U.
If changes in tax laws and regulations were to significantly increase the tax rates on non-U.
So called “Acts of God,” such as typhoons, particularly in Macao, and other natural disasters, man-made disasters, outbreaks of highly infectious diseases, such as avian flu, SARS and H1N1 flu, terrorist activity or war may result in decreases in travel to and from, and economic activity in, areas in which we operate, and may adversely affect the number of visitors to our properties.
Any of these events also may disrupt our ability to adequately staff our business, could generally disrupt our operations and could have a material adverse effect on our financial condition, results of operations or cash flows.
Although we have insurance coverage with respect clans casino minnesota some of these events, we cannot assure you that any such coverage will be sufficient to fully indemnify us against all direct and indirect costs, including any loss of business that could result from substantial damage to, or partial or complete destruction of, any of our properties.
Our business requires the collection and retention of large volumes of internal and customer data, including credit card numbers and other personally identifiable information of our customers in various information systems that we maintain and in those maintained by third-parties with whom we contract to provide services.
We also maintain personally identifiable information about our employees.
The integrity and protection of that customer, employee and company data is important to us.
The regulatory environment, as well as the requirements imposed on us by the payment card industry surrounding information, security and privacy, is also increasingly demanding, in both the U.
Our systems may be unable to satisfy changing regulatory and payment card industry requirements and employee and customer expectations, or may require significant additional investments or time in order to do so.
Our information systems and records, including those we maintain with our service providers, may be subject to security breaches, system failures, viruses, operator error or inadvertent releases of data.
A significant theft, loss or fraudulent use of customer, employee or company data maintained by us or by a service provider could have an adverse effect on our reputation and could result in remedial and other expenses, fines or litigation.
A breach in the security of our information systems or those of our service providers could lead to an interruption in the operation of our systems and could have an adverse effect on our results of operations and cash flows.
Conducting business in Macao and Singapore has certain political and economic risks, which may have an adverse effect on the financial condition, results of operations or cash flows of our Asian operations.
Our operations in Macao include The Venetian Macao, Four Seasons Mobile casino marvel and Sands Macao.
We plan to open and operate additional hotels, gaming areas and https://allo-hebergeur.com/casino/seven-mile-casino-yelp.html space within the Cotai Strip in Macao, including Sands Cotai Central, which is scheduled to open in April 2012.
We also own and operate the Marina Bay Sands in Singapore.
Accordingly, our business development plans, financial condition, results of operations or cash flows may be materially and seminole coconut creek casino host affected by significant political, social and economic developments in Macao and Singapore, and by changes in policies of the governments or changes in laws and regulations or their interpretations.
Our operations in Macao and Singapore are also exposed to the risk of changes in laws and policies that govern operations of companies based in those countries.
Jurisdictional tax laws and regulations may also be subject to amendment or different interpretation and implementation, thereby having an adverse effect on our profitability after tax.
These changes may have a material adverse effect on our financial condition, results of operations or cash flows.
As we expect a significant number of consumers to continue to come to our Macao properties from mainland China, general economic conditions and policies in China could have a significant impact on our financial prospects.
Any slowdown in economic growth or changes to China’s current restrictions on travel and currency movements could disrupt the number of visitors from mainland China to our casinos in Macao as well as the amounts they are willing to spend in our casinos.
See “— The number of visitors to Macao, particularly visitors from mainland China, may decline or travel to Macao may be disrupted.
” Current Macao laws and regulations concerning gaming and gaming concessions are, for the most part, fairly recent and there is little precedent on the interpretation of these laws and regulations.
We believe that our organizational structure and operations are in compliance in all material respects with all applicable laws and regulations of Macao.
These laws and regulations are complex and a court or an administrative or regulatory body may in the future render an interpretation of these laws and regulations, or issue regulations, which differs from our interpretation and could have a material adverse effect on our financial condition, results of operations or cash flows.
As Marina Bay Sands is one of two gaming facilities in Singapore following the government’s adoption of gaming legislation in 2005, the laws and regulations relating to gaming and their interpretations are untested.
We cannot assure you that we will be able to obtain all necessary approvals, which may have a material adverse effect on our long-term business strategy and operations.
Macao and Singapore laws permit redress to the courts with respect to administrative actions; however, such redress is largely untested in relation to gaming issues.
During December 2010, we received notice from the Macao government that our application for a land concession for parcels 7 and 8 was not approved.
If we do not obtain the land concession or do not receive full reimbursement of our capitalized investment in this project, we would record a charge for all or some portion of our investment in this site and would not be able to build or operate the planned facilities on this site.
In December 2010, we received notice from the Macao government that our application for a land concession for parcels 7 and 8 was not approved and we applied to the Chief Executive of Macao for an executive review of the decision.
In January 2011, we filed a judicial appeal with the Court of Second Instance in Macao, which has yet to issue a decision.
Should we win our judicial appeal, it is still possible for the Chief Executive of Macao to again deny the land concession based upon public policy considerations.
We are required to build and open our Cotai Strip development on parcel 3 by April 2013, which we will be unable to meet, and Sands Cotai Central by May 2014.
If we are unable to meet the applicable deadline for Sands Cotai Central and the deadlines for either development are not extended, we may lose the respective land concession, which would prohibit us from operating any facilities developed under such land concession.
We received a land concession from the Macao government casino havana ibague parcels 1, 2 and 3, including the sites on which The Venetian Macao parcel 1 and Four Seasons Macao parcel 2 are located.
The Macao government granted us a two-year extension of the development deadline under the land concession for Parcel 3 and we have submitted preliminary plans to the Macao government, but have not received a decision on approval for development.
Under the terms of the land concession, we must complete development of parcel 3 by April 17, 2013.
The land concession for Sands Cotai Central parcels 5 and 6 contains a similar requirement that the corresponding development be completed by May 2014 48 months from the date the land concession became effective.
See “— Risks Related to Our Business — Disruptions in the financial markets could have an adverse effect on our ability to raise additional financing,” “— Risks Related to Our Business — There are significant risks associated with our construction projects, which could have an adverse effect on our financial condition, results of operations or cash flows from these planned facilities” and “— Conducting business in Macao and Singapore has certain political and economic risks, which may have an adverse effect on the financial condition, results of operations or cash flows of our Asian operations.
” We intend to apply for an extension from the Macao government to complete our parcel 3 development as we will be unable to meet the April 2013 deadline.
Should we determine that we are unable to complete Sands Cotai Central by May 2014, we also intend to apply for an extension from the Macao government.
If we are unable to meet the applicable deadline for Sands Cotai Central and the deadlines for either development are not extended, the Macao government has the right to unilaterally terminate our respective land concessions for parcel 3 or Sands Cotai Central.
A loss of the land concession would prohibit us from operating any properties developed under the land concession for parcel 3 or Sands Cotai Central.
Our Macao subconcession can be terminated under certain circumstances without compensation to us, which would have a material adverse effect on our financial condition, results of operations or cash flows.
The Macao government has the right, after consultation with Galaxy, to unilaterally terminate our subconcession in the event of VML’s serious non-compliance with its basic obligations under the subconcession and applicable Macao laws.
Upon termination of our subconcession, our casinos and gaming-related equipment would automatically be transferred to the Macao government without compensation to us and we would cease to generate any revenues from these operations.
The loss of our subconcession would prohibit us from conducting gaming operations in Macao, which would have a material adverse effect on our financial condition, results of operations or cash flows.
The Development Agreement between MBS and the STB contains events of default which could permit the STB to terminate the agreement without compensation to us.
If the Development Agreement is terminated, we could lose our right to operate the Marina Bay Sands and our investment in Marina Bay Sands could be lost.
For a more complete description of the Singapore gaming regulatory requirements applicable to beneficial owners of our voting securities, see “Item 1 — Business — Regulation and Licensing — Development Agreement with Singapore Tourism Board.
” We will stop generating any revenues from our Macao gaming operations if we cannot secure an extension of our subconcession in 2022 or if the Macao government exercises its redemption right.
Our subconcession agreement expires on June 26, 2022.
Unless our subconcession is extended, all of VML’s casino premises and gaming-related equipment will automatically be transferred to the Macao government on that date without compensation to us and we will cease to generate revenues from these gaming operations.
Beginning on December 26, 2017, the Macao government may redeem the subconcession agreement by providing us at least one year prior notice.
In the event the Macao government exercises this redemption right, we are entitled to fair compensation or indemnity.
The amount of this compensation or indemnity will be determined based on the amount of gaming and non-gaming revenue generated by The Venetian Macao during the tax year prior to the redemption multiplied by the number of remaining years before expiration of the subconcession.
We cannot assure you that we will be able to renew or extend our subconcession agreement on terms favorable to us or at all.
We also cannot assure you that if our subconcession is redeemed, the compensation paid will be adequate to compensate us for the loss of future revenues.
The number of visitors to Macao, particularly visitors from mainland China, may decline mbs casino operating hours travel to Macao may be disrupted.
Our VIP and mass market gaming patrons typically come from nearby destinations in Asia, including mainland China, Hong Kong, South Korea and Japan.
Increasingly, a significant number of gaming patrons come to our casinos from mainland China.
Any slowdown in economic growth or changes of China’s current restrictions on travel and currency movements could disrupt the number of visitors from mainland China to our casinos in Macao as well as the amounts they are willing and able to spend while at our properties.
Policies and measures adopted from time to time by the Chinese government include restrictions imposed on exit visas granted to residents of mainland China for travel to Macao and Hong Kong.
These measures have, and any future policy developments that may be implemented may have, the effect of reducing the number of visitors to Macao from mainland China, which could adversely impact tourism and the gaming industry in Macao.
Our Macao operations face intense competition, which could have a material adverse effect on our financial condition, results of operations or cash flows.
The hotel, resort and casino businesses are highly competitive.
Our Macao operations currently compete with numerous other casinos located in Macao.
Our Macao operations will also compete to some extent with casinos located elsewhere in Asia, including Singapore, Australia, New Zealand and elsewhere in the world, including Las Vegas.
In addition, certain countries have legalized, and others may in the future legalize, casino gaming, including Hong Kong, Japan, Taiwan and Thailand.
The proliferation of gaming venues in Southeast Asia could have a significant and on gratis de juegos line casino effect on our financial condition, results of operations or cash flows.
The Macao and Singapore governments could grant additional rights to conduct gaming in the future, which could have a material adverse effect on our financial condition, results of operations charming casino boats near myrtle beach sc have cash flows.
We hold a subconcession under one of only three gaming concessions authorized by the Macao government to operate casinos in Macao.
No additional concessions have been granted since 2002; however, if the Macao government were to allow additional gaming operators in Macao through the grant of additional concessions or subconcessions, we would face additional competition, which could have a material adverse effect on our financial condition, results of operations or cash flows.
Under the Request for Proposal, the CRA is required to ensure that there will not be more than two casino licenses during a ten-year exclusive period that began on March 1, 2007.
If the Singapore government were to license additional casinos, we would face additional competition, which could have a material adverse effect on our financial condition, results of operations or cash flows.
We may not be able to attract and retain professional staff necessary for our existing and future operations in Macao and Singapore.
Our success depends in large part upon our ability to attract, retain, train, manage and motivate skilled employees at our properties.
In addition, the Macao government requires that we only hire Macao residents as dealers in our casinos.
There is significant competition in Macao and Singapore for employees with the skills required to perform the services we offer and competition for these individuals in Macao is likely to increase as we open Sands Cotai Central and our remaining Cotai Strip developments and as other competitors expand their operations.
There can be no assurance that a sufficient number of construction labor and skilled employees will be available or that we will be successful in training, retaining and motivating current or future employees.
If we are unable to obtain, attract, retain and train skilled employees, our ability to adequately manage and staff our existing and planned casino and resort properties in Macao and Singapore could be impaired, which could have a material adverse effect on our business, financial condition, results of operations or cash flows.
We are dependent upon gaming junket operators for a significant portion of our gaming revenues in Macao.
Junket operators, which promote gaming and draw high-roller customers to casinos, are responsible for a significant portion of our gaming revenues in Macao.
With the rise in gaming in Macao, the competition for relationships with junket operators has increased.
While we are undertaking initiatives to strengthen our relationships with our current junket operators, there can be no assurance that we will be able to maintain, or grow, our relationships with junket operators.
If we are unable to maintain or grow our relationships with junket operators, or if the junket operators experience financial difficulties or are unable to develop or maintain relationships with our high-roller customers, our ability to grow our gaming revenues will be hampered.
In addition, the quality of junket operators is important to our reputation and our ability to continue to operate in compliance with our gaming licenses.
While we strive for excellence in our associations with junket operators, we cannot assure you that the junket operators with whom we are associated will meet the high standards we insist upon.
If a junket operator falls below our standards, we may suffer reputational harm, as well as worsening relationships with, and learn more here sanctions from, gaming regulators with authority over our operations.
Our business could be adversely affected by the limitations of the pataca exchange markets and restrictions on the export of the renminbi.
Our revenues in Macao are denominated in patacas, the legal currency of Macao, and Hong Kong dollars.
The Macao pataca and the Hong Kong dollar are linked to each other and, in many cases, are used interchangeably in Macao.
Although currently permitted, we cannot assure you that patacas will continue to be freely exchangeable into U.
Also, because the currency market for patacas is relatively small and undeveloped, our ability to convert large amounts of patacas into U.
As a result, we may experience difficulty in converting patacas into U.
We are currently prohibited from accepting wagers in renminbi, the legal currency of China.
There are also restrictions on the export of the renminbi outside of mainland China and the amount of renminbi that can be converted into foreign currencies, including the pataca and Hong Kong dollar.
Restrictions on the export of the renminbi may impede the flow of gaming customers from mainland China to Macao, inhibit the growth of gaming in Macao and negatively impact our gaming operations.
On July 21, 2005, the People’s Bank of China announced that the renminbi will no longer be pegged to the U.
The Macao pataca is pegged to the Hong Kong dollar.
Certain Asian countries have publicly asserted their desire to eliminate the peg of the Hong Kong dollar to the U.
As a result, we cannot assure you that the Hong Kong dollar and the Macao pataca will continue to be pegged to the U.
The floating of the renminbi and possible changes to the peg of the Hong Kong dollar may result in severe fluctuations in the exchange rate for these currencies.
Any change in such exchange rates could have a material adverse effect on our operations and on our ability to make payments on certain of our debt instruments.
We do not currently hedge for foreign currency risk.
Certain Nevada gaming laws also apply to our gaming activities and associations in jurisdictions outside the State of Nevada.
We are required to comply with certain reporting requirements concerning our proposed gaming activities and associations occurring outside the State of Nevada, including Macao, Singapore and other jurisdictions.
We will also be subject to disciplinary action by the Nevada Commission if: we knowingly violate any laws of the foreign jurisdiction pertaining to the foreign gaming operation; • we fail to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations; • we engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to the gaming policies of Nevada; • we engage in any activity or enter into any association that interferes with the ability of the State of Nevada to collect gaming taxes and fees; • we employ, contract with or associate with any person in the foreign gaming operation who has been denied a license or a finding of suitability in Nevada on the ground of personal unsuitability, or who has been found guilty of cheating at gambling; or • our current reporting is determined to be unsatisfactory due to Macao regulations regarding personal data protection prohibiting us from satisfying certain reporting requirements.
In addition, if the Nevada Board determines that one of our actual or intended activities or associations in a foreign gaming operation may violate one or more of the foregoing, we can be required to file an application with the Nevada Commission for a finding of suitability of such activity or association.
If the Nevada Commission finds that the activity or association in the foreign gaming operation is unsuitable or prohibited, we will either be required to terminate the activity or association, or will be prohibited from undertaking the activity or association.
Consequently, should the Nevada Commission find that our gaming activities or associations in Macao or certain other jurisdictions where we operate are unsuitable, we may be prohibited from undertaking our planned gaming activities or associations in those jurisdictions.
The gaming authorities in other jurisdictions where we operate or plan to operate, including in Macao and Singapore, exercise similar powers for purposes of assessing suitability in relation to our activities in other gaming jurisdictions where we do business.
Our ability to monetize these assets will be subject to market conditions, applicable legislation, the receipt of necessary government approvals and other factors.
These alternative sources of capital let's lincoln city casino fireworks with not be available on commercially reasonable terms or at all.
VML may have financial and other obligations to foreign workers managed by its contractors under government labor quotas.
The Macao government has granted VML a quota to permit it to hire foreign workers.
VML has effectively assigned the management of this quota to its contractors for the construction of our Cotai Strip projects.
VML, however, remains ultimately liable for all employer obligations relating to these employees, including for payment of wages and taxes and compliance with labor and workers’ compensation laws.
VML requires each contractor to whom it has assigned the management of part of its labor quota to indemnify VML for any costs or liabilities VML incurs as a result of such contractor’s failure to fulfill employer obligations.
VML’s agreements with its contractors also contain provisions that permit it to retain some payments for up to one year after the contractors’ complete work on the projects.
We cannot assure you that VML’s contractors will fulfill their obligations to employees hired under the labor quotas or to VML under the indemnification agreements, or that the amount of any indemnification payments received will be sufficient to pay for any obligations VML may owe to employees managed by contractors under VML’s quotas.
Until we make final payments to our contractors, we have offset rights to collect amounts they may owe us, including amounts owed under the indemnities relating to employer obligations.
After we have made the final payments, it may be more difficult for us to enforce any unpaid indemnity obligations.
Macao is in the process of expanding its transportation infrastructure to service the increased number of visitors to Macao.
If the planned expansions of transportation facilities to and from Macao are delayed or not completed, and Macao’s transportation infrastructure is insufficient to meet the demands of an increased volume of visitors to Macao, the desirability of Macao as a gaming and tourist destination, as well as the results of operations of our Macao properties, could be negatively impacted.
We are currently not required to pay corporate income taxes on our casino gaming operations in Macao.
Additionally, we currently have an agreement with the Macao government that provides for a fixed annual payment that is a substitution for a 12% tax otherwise due on dividends distributed from our Macao gaming operations.
These tax arrangements expire at the end of 2013.
We have had the benefit of a corporate tax exemption in Macao, which exempts us from paying the 12% corporate income tax on profits generated by the operation of casino games.
We will continue to benefit from this tax exemption through the end of 2013.
Additionally, we entered into an agreement with the Macao government in February 2011, effective through the end of 2013 that provides for an annual payment that is a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits.
We will request a 5-year extension of both of these tax arrangements; however, we cannot assure you that either of the extensions will be granted and we do not expect the arrangements to apply to our non-gaming activities.
We face significant competition in Las Vegas, which could have a material adverse effect on our financial condition, results of operations or cash flows.
In addition, any significant downturn in the idaho indian casinos directory show and convention business could have a significant and adverse effect on our mid-week occupancy rates have texas holdem fundraising necessary business.
The hotel, resort and casino businesses in Las Vegas are highly competitive.
If demand for hotel rooms does not keep up with the increase in the number of hotel rooms, competitive pressures may cause reductions in average room rates.
We also compete with legalized gaming from casinos located on Native American tribal lands, including those located in California.
While the competitive impact on our operations in Las Vegas from the continued growth of Native American gaming establishments in California remains uncertain, the proliferation of gaming in California and other areas located in the same region as our Las Vegas Operating Properties could suing tribal casino an adverse effect on our results of operations.
In addition, certain states have legalized, and others may legalize, casino gaming in specific areas, including metropolitan areas from which we traditionally attract customers.
A number of states have permitted or are considering permitting gaming at “racinos” combined race tracks and casinoson Native American reservations and through expansion of state lotteries.
The current global trend toward liberalization of gaming restrictions and resulting proliferation of gaming venues could result in a decrease in the number of visitors to our Las Vegas facilities by attracting customers close to home and away from Las Vegas, which could have an adverse effect on our financial condition, results of operations or cash flows.
Also, on December 23, 2011, the U.
Department of Justice reversed previous opinions on the permissibility of state-sanctioned lottery sales on the internet on an intrastate basis.
Those states that permit these distribution channels may also expand the gaming offerings of their lotteries in a manner that could have an adverse effect on our business.
The Sands Expo Center provides recurring demand for mid-week room nights for business travelers who attend meetings, trade shows and conventions in Las Vegas.
The Sands Expo Center presently competes with other large convention centers, including convention centers in Las Vegas and other cities.
To the extent that these competitors are able to capture a substantially larger portion of the trade show and convention business, there could be a material adverse effect on our financial condition, results of operations or cash flows.
Any person who acquires beneficial ownership of more than 10% of our voting securities will be required to apply to the Nevada Commission for a finding of suitability within thirty days after the Chairman of the Nevada Board mails a written notice requiring the filing.
Under certain circumstances, an “institutional investor” as defined under the regulations of the Nevada Commission, which acquires beneficial ownership of more than 10%, but not more than 25%, of our voting securities subject to certain additional holdings as a result of certain debt restructurings or stock repurchase programs under the Nevada Actmay apply to the Nevada Commission for a waiver of such finding of suitability requirement if the institutional investor holds our voting securities only for investment purposes.
In addition, any beneficial owner of our voting securities, regardless of the number of shares beneficially owned, may be required at the discretion of the Nevada Commission to file an application for a finding of suitability as such.
In either case, a finding of suitability is comparable can tulalip casino birthday deals something licensing and the applicant must pay all costs of investigation incurred by the Nevada Gaming Authorities in conducting the investigation.
Any person who fails or refuses to apply for a finding of suitability or a license within thirty days after being ordered to do so by the Nevada Gaming Authorities may be found unsuitable.
The same restrictions apply to a record owner if the record owner, after request, fails to identify the beneficial owner.
Any stockholder found unsuitable who holds, directly or indirectly, any beneficial ownership of the common stock of a registered corporation beyond such period of time as may be prescribed by the Nevada Commission may be guilty of a criminal offense.
We are subject to disciplinary action if, after we receive notice that a person is unsuitable to be a stockholder or to have any other relationship with us or a licensed subsidiary, we, or any of the licensed subsidiaries: allow that person to exercise, directly or indirectly, any voting right conferred through securities held by that person; • fail to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including, if necessary, purchasing them for cash at fair market value.
For a more complete description of the Nevada gaming regulatory requirements applicable to beneficial owners of our voting securities, see “Item 1 — Business — Regulation and Licensing — State of Nevada.
” Certain beneficial owners of our voting securities may be required to file a license application with, and be investigated by, the Pennsylvania Gaming Control Board, the Pennsylvania State Police and other agencies.
Any person who acquires beneficial ownership of 5% or more of our voting securities will be required to apply to the PaGCB for licensure, obtain licensure and remain licensed.
Licensure requires, among other things, that the applicant establish by clear and convincing evidence the applicant’s good character, honesty and integrity.
Additionally, any trust that holds 5% or more of our voting securities is required to be licensed by the PaGCB and each individual who is a grantor, trustee or beneficiary of the trust is also required to be licensed by the PaGCB.
Under certain circumstances and under the regulations of the PaGCB, an “institutional investor” as defined under the regulations of the PaGCB, which acquires beneficial ownership of 5% or more, but less than 10%, of our voting securities, may not be required to be licensed by the PaGCB provided the PaGCB grants a waiver of the licensure requirement.
In addition, any beneficial owner of our voting securities, regardless of the number of shares beneficially owned, may be required at the discretion of the PaGCB to file an application for licensure.
Furthermore, casino does trump own person or a group of persons acting in concert who acquire s more than 20% of our securities, with the exception of the ownership interest of a person at the time of original licensure when the license fee was paid, would trigger a “change in control” as defined under applicable law.
In the event a security holder is required to be found qualified and is not found qualified, or fails to apply for qualification, such security holder may be required by the PaGCB to divest of the interest at a price not exceeding the cost of the interest.
” If GGP or any future owner of The Shoppes at The Palazzo or The Grand Canal Shoppes breaches any of its material agreements with us or if we are unable to maintain an acceptable working relationship with GGP or any future ownerthere could be a material adverse effect on our financial condition, results of operations or cash flows.
We have entered into agreements with GGP under which, among other things, GGP has agreed to operate The Grand Canal Shoppes and The Shoppes at The Palazzo subject to, and in accordance with, the cooperation agreement.
Our agreements with GGP could be adversely affected in ways that could have a material adverse effect on our financial condition, results of operations or cash flows if we do not maintain an acceptable working relationship with GGP or its successors.
For example, the cooperation agreement that governs the relationships between The Shoppes at The Palazzo and The Palazzo and The Grand Canal Shoppes and The Venetian Las Vegas requires that the owners cooperate in various ways and take various joint actions, which will be more difficult to accomplish, especially in a cost-effective manner, if the parties do not have an acceptable working relationship.
There could be similar material adverse consequences to us if GGP breaches any of its agreements with us, such as its agreement under the cooperation agreement to operate The Grand Canal Shoppes consistent with the standards of first-class restaurant and retail please click for source and the overall Venetian theme, and its various obligations as shorter alabama open landlord under the leases described above.
Although our agreements with GGP provide us with various remedies in the event of any breaches by GGP and include various dispute resolution procedures and mechanisms, these remedies, procedures and mechanisms may be inadequate to prevent a material adverse effect on our financial condition, results of operations or cash flows if breaches by GGP occur or if we do not maintain an acceptable working relationship with GGP.
We have received concessions from the Macao government to build on a six-acre land site this web page the Sands Macao and parcels 1, 2, 3 and 5 and 6 on the Cotai Strip, including the sites on which The Venetian Macao parcel 1Four Seasons Macao parcel 2 and Sands Cotai Central parcels 5 and 6 are located.
We do not own see more land sites in Macao; however, the land concessions grant us exclusive use of the land.
As specified in the land concessions, we are required to pay premiums, which are either payable in a single lump sum upon acceptance of our land concessions by the Macao government or in seven semi-annual installments, as well as annual rent for the term of the land concession, which may be revised every five years by the Macao government.
See “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 6 — Leasehold Interests in Land, Net” for more information on our payment obligation under these land concessions.
In December 2010, we received notice from the Macao government that our application for a land concession for parcels 7 and 8 was not approved and we applied to the Chief Executive of Macao for an executive review of the decision.
In January 2011, we filed a judicial appeal with the Court of Second Instance in Macao, which has yet to issue a decision.
Should we win our judicial appeal, it is still possible for the Chief Executive of Macao to again deny the land concession based upon public policy considerations.
Under our land concession for parcel 3, we were initially required to complete the corresponding development by August 2011.
The Macao government has granted us a two-year extension to complete the development of parcel 3, which now must be completed by April 2013.
The land concession for Sands Cotai Central contains a similar requirement that the corresponding development be completed by May 2014 48 months from the date the land concession became effective.
We intend to apply for an extension from the Macao government to complete our parcel 3 development as we will be unable to meet the April 2013 deadline.
Should we determine that we are unable to complete Sands Cotai Central by May 2014, we also intend to apply for an extension from the government.
No assurances can be given that additional extensions will be granted.
If we are unable to meet the applicable deadline for Sands Cotai Central and the deadlines for either development are not extended, we could lose our land concessions for parcel 3 or Sands Cotai Central, which would prohibit us from operating any facilities developed click the following article the respective land concessions.
We own an approximately 63-acre parcel of land on which our Las Vegas Operating Properties are located and an approximately 19-acre parcel of land located to the east of the 63-acre parcel.
We own these parcels of land in fee simple, subject to certain easements, encroachments and other non-monetary encumbrances.
LVSLLC’s senior secured credit facility and LVSC’s senior notes are, subject to certain exceptions, collateralized by a first priority security interest subject to permitted liens in substantially all of LVSLLC’s property.
The Sands Bethlehem resort is located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania, which is about 70 miles from midtown Manhattan, New York.
In September 2008, our joint venture partner, Bethworks Now, LLC, contributed the land on which Sands Bethlehem is being developed to Sands Bethworks Gaming and Sands Bethworks Retail, a portion of which was contributed through a condominium form of ownership.
In March 2004, we entered into a long-term lease with a third party for the airspace over which a portion of The Shoppes at The Palazzo was constructed the “Leased Airspace”.
We acquired fee title from the same third party to the airspace above the Leased Airspace the “Acquired Airspace” in order to build the Las Vegas Condo Tower in January 2008.
In February 2008, in connection with the sale of The Shoppes at The Palazzo, GGP acquired control of the Leased Airspace.
We continue to retain mbs casino operating hours title to the Acquired Airspace in order to resume building the Las Vegas Condo Tower when market conditions improve.
In addition to the matters described at “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 14 — Commitments and Contingencies — Litigation,” we are party to various legal matters and claims arising in the ordinary course of business.
Management has made certain estimates for potential litigation costs based upon consultation with legal counsel.
Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material adverse effect on our financial condition, results of operations or cash flows.
— MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company’s common stock trades on the NYSE under the symbol “LVS.
” The following table sets forth the high and low sales prices for the common stock on the NYSE for the fiscal quarter indicated: As of February 21, 2012, there were 734,061,465 shares of our common stock issued and outstanding that were held by 456 stockholders of record.
Our ability to declare and pay dividends on our common stock is subject to the requirements of Nevada law.
In addition, we are a parent company with limited business operations of our own.
Accordingly, our primary sources of cash are dividends and distributions with respect to our ownership interest in our subsidiaries that are derived from the earnings and cash flow generated by our operating properties.
Our subsidiaries’ long-term debt arrangements place restrictions on their ability to pay cash dividends to the Company.
This may restrict our ability to pay cash dividends other than from cash on hand.
See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Restrictions on Distributions” and “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Hampton beach casino ballroom 9 — Long-Term Debt.
Our Board of Directors will continue to periodically assess the level and appropriateness of any cash dividends.
Preferred Stock Dividends Paid to Preferred Stock Total Preferred Board of Directors’ Principal Dividends Paid to Stock Declaration Date Payment Date Stockholder’s Family Public Holders Dividends Paid As further described in “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 10 — Equity — Preferred Stock and Warrants — Redemption of Preferred Stock,” we redeemed all of the preferred shares outstanding on November 15, 2011.
There have not been any sales by the Company of equity securities in the last fiscal year that have not been registered under the Securities Act of 1933.
The stock price performance in this graph is not necessarily indicative of future stock price performance.
The historical results are not necessarily indicative of the results of operations to be expected in the future.
Year Ended December 31, 2011 1 2010 2 2009 3 4 2008 5 2007 6 In thousands, except per share data Less — promotional allowances 451,589 464,755 366,339 345,180 153,855 Loss on modification or early retirement of debt 22,554 18,555 23,248 9,141 10,705 Income loss before income taxes 2,094,823 855,905 372,627 228,025 138,279 Net income loss attributable to noncontrolling interests 322,996 182,209 14,264 4,767 — Net income loss attributable to Las Vegas Sands Corp.
Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements.
See “— Special Note Regarding Forward-Looking Statements.
” We view each of our casino properties as an operating segment.
Our Macao operating segments consist of The Venetian Macao, Sands Macao, Four Seasons Macao, Sands Cotai Central, when opened, and other ancillary operations that support these properties.
Our Singapore operating segment consists of the Marina Bay Sands, which partially opened on April 27, 2010, with additional portions opened progressively throughout 2010.
Our operating segments in the U.
The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated into our Las Vegas Operating Properties, considering their similar economic characteristics, types of customers, types of services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure.
The percentage of non-gaming revenue reflects the integrated resort’s emphasis on the group convention and trade show business and the resulting high occupancy and room rates throughout the week, including during mid-week periods.
Year Ended December 31, Percent Percent 2011 Change 2010 Change 2009 Dollars in thousands Income loss before income taxes 2,094,823 144.
Operating revenues at The Venetian Macao, Four Seasons Macao, Marina Bay Sands and our Las Vegas Operating Properties are dependent upon the volume of customers who stay at the hotel, which affects the price that can be charged for hotel rooms and the volume of play for table games and slot machines including similar electronic gaming devices.
Operating revenues at Sands Macao and Sands Bethlehem are principally driven by casino customers who visit the properties on a daily basis.
Casino revenue measurements for Macao and Singapore: Macao and Singapore table games are segregated into two groups, consistent with the Macao and Singapore markets’ convention: Rolling Chip play all VIP players and Non-Rolling Chip play mostly non-VIP players.
The volume measurement for Rolling Chip play is non-negotiable gaming chips wagered and lost.
The volume measurement for Non-Rolling Chip play is table games drop “drop”which is the sum of markers issued credit instruments less markers paid at the table, plus cash deposited in the table drop box.
Rolling Chip and Non-Rolling Chip volume measurements are not comparable as the amounts wagered and lost are substantially higher than the amounts dropped.
Slot handle “handle”also a volume measurement, is the gross amount wagered for the period cited.
We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold as a percentage of slot handle.
Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is casino leeds opening times by the casino and recorded as casino revenue.
Based upon our mix of table games, our Rolling Chip win percentage calculated before discounts and commissions is expected to be 2.
Generally, slot machine play is conducted on a cash basis.
In Macao and Singapore, 27.
Casino revenue measurements for the U.
We view table games win as a percentage of drop and slot hold as a percentage of handle.
As in Macao and Singapore, slot machine play is generally conducted on a cash basis.
Hotel revenue measurements: Hotel occupancy rate, which is the average percentage of available hotel rooms occupied during a period, and average daily room rate, which is the average price of occupied rooms per day, are used as performance indicators.
Revenue per available room represents a summary of hotel average daily room rates and occupancy.
Because not all available rooms are occupied, average daily room rates are normally higher than revenue per available room.
Reserved rooms where the guests do not show up for their stay and lose their deposit may be re-sold to walk-in guests.
These rooms are considered to be occupied twice for statistical purposes due to obtaining the original deposit and the walk-in guest revenue.
In cases where a significant number of rooms are resold, occupancy rates may be in excess of 100% and revenue per available room may be higher than the average daily room rate.
Mall revenue measurements: Occupancy, base rent per square foot and tenant sales per square foot are used as performance indicators.
Occupancy represents gross leasable occupied area “GLOA” divided by gross leasable area “GLA” at the end of the reporting period.
GLOA is the sum of: 1 tenant occupied space under lease and 2 tenants no longer occupying space, but paying rent.
GLA does not include space that is currently learn more here development or not on the market for lease.
Base rent per square foot is the weighted average base or minimum rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy.
Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period.
Only tenants that have been open for a minimum of 12 months are included in the tenant sales per square foot calculation.
The following table summarizes the results of our casino activity: Year Ended December 31, 2011 2010 Change Dollars in thousands In our experience, average win percentages remain steady when measured over extended periods of time, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.
The hotel tower at Sands Bethlehem opened in May 2011.
The suites at Sands Macao are primarily provided to casino patrons on a complimentary basis.
The following table summarizes the results of our mall activity: Year Ended December 31, 2011 2010 Change Mall revenues in thousands Occupancy, base rent per square foot and tenant sales per square foot are excluded from the table as The Shoppes at Sands Bethlehem was only partially open as of December 31, 2011, due to its progressive opening beginning in November 2011.
The increase in operating expenses was primarily attributable to the progressive opening of the Marina Bay Sands, as well as increased casino activity at our Macao operations and an increase in corporate expense and general and administrative expenses, partially offset by a decrease in pre-opening expenses.
These increases were driven by the associated increases in the related revenues described above.
The amount of this provision can vary over short periods of time because of factors specific to the customers who owe us money at any given time.
We believe that the amount of our provision for doubtful accounts in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
The increase was primarily due to increased legal expenses and higher incentive compensation expenses.
Pre-opening expense represents personnel and other costs incurred prior to the think, new york new york casino swimming pool congratulate of new ventures, which are expensed as incurred.
Pre-opening expenses for the year ended December mbs casino operating hours, 2011, were primarily related to activities at Sands Cotai Central.
Pre-opening expenses for the year ended December 31, 2010, were primarily related to activities at the Marina Bay Sands and costs associated with recommencing work at Sands Cotai Central.
Development expenses, which were not material for the years ended December 31, 2011 and 2010, include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred.
The loss for the year ended December 31, 2011, related to the disposition of one of our majority owned subsidiaries, as well as the disposition of construction materials and equipment in Macao.
The losses incurred during the year ended December 31, 2010, were principally related to the disposition of construction materials in Macao and Las Vegas.
Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, corporate expense, rental expense, pre-opening expense, development expense, depreciation and amortization, impairment loss, loss on disposal of assets, interest, other expense, loss on modification or early retirement of debt and income taxes.
Adjusted property EBITDA at Marina Bay Sands does not have a comparable prior-year period as the property opened in April 2010.
The increase was primarily driven by the commencement of table games operations in July 2010.
The expense during the year ended December 31, 2011, was primarily due to decreases in the fair value of our interest rate cap agreements in Macao and Singapore, and foreign exchange losses.
Our effective income tax rate was 10.
The effective income tax rate for the years ended December 31, 2011 and 2010, reflects a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on our Macao gaming operations due to our income tax exemption in Macao, which, if not extended, will expire in 2013.
We have recorded a valuation allowance related to deferred tax assets generated by operations in the U.
These amounts are primarily related to the noncontrolling interest of SCL.
The following table summarizes the results of our casino activity: Year Ended December 31, 2010 2009 Change Dollars in thousands In our experience, average win percentages remain steady when measured over extended periods of time, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.
The suites at Sands Macao are primarily provided to casino patrons on a complimentary basis.
These increases were driven by the associated increases in the related revenues described above.
The amount of this provision can vary over short periods of time because of factors specific to the customers who owe us money at any given time.
We believe that the amount of our provision for doubtful accounts in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.
Pre-opening expense represents personnel and other costs incurred prior to the opening of new ventures, please click for source are expensed as incurred.
Pre-opening expenses for the year ended December 31, 2010, were primarily related to activities at the Marina Bay Sands and at Sands Cotai Central.
Development expenses, which were not material for the years ended December 31, 2010 and 2009, include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred.
The impairment loss for the year ended December 31, 2010, related to equipment in Macao that is expected to be disposed of.
The loss for the year ended December 31, 2010, related to the disposition of construction materials in Macao and Las Vegas.
Adjusted property EBITDA at Marina Bay Sands, which opened in April 2010, and Sands Bethlehem, which opened in May 2009, do not have a comparable prior-year period.
Results of their operations are as previously described.
The increase was primarily attributable to an increase in our weighted average interest rate driven by our VOL credit facility and the amendment to our U.
The increase in capitalized interest was driven by the recommencement of activities at Sands Cotai Central in Macao during 2010.
The expense during the year ended December 31, 2010, was primarily attributable to foreign exchange losses and decreases in the fair value of our interest rate cap agreements in Macao and Singapore.
Our effective income tax rate was 8.
The effective income tax rate for the year ended December 31, 2010, reflects a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on our Macao gaming operations due to our income tax exemption in Macao, which, if not extended, will expire in 2013.
The effective income tax rate for the year ended December 31, 2009, includes the recording of a valuation allowance on the net deferred tax assets of our U.
We have not recorded an income tax benefit related to deferred tax assets generated by operations in the U.
These amounts are primarily related to the noncontrolling interest of SCL.
We have suspended portions of our development projects and should general economic conditions fail to improve, if we are unable to obtain sufficient funding or applicable government approvals such that completion of our suspended projects is not probable, or should management decide to abandon certain projects, all or a portion of our investment to date on our suspended projects could be lost and would result in an impairment charge.
Subject to the approval from the Macao government, as discussed further below, the developments are expected to include hotels, exhibition and conference facilities, gaming areas, showrooms, spas, dining, retail and entertainment facilities, and other amenities.
We commenced construction or pre-construction activities on these developments and plan to operate the related gaming areas under our Macao gaming subconcession.
In addition, we are completing the development of some public areas surrounding our Cotai Strip properties on behalf of the Macao government.
We currently intend to develop our other Cotai Strip properties as follows: Sands Cotai Central — We are staging the construction of the Sands Cotai Central integrated resort.
Upon completion of phases I and II of the project, the integrated resort will feature approximately 5,800 hotel rooms, approximately 300,000 square feet of gaming space, approximately 1.
Phase I, which is currently expected to open in April 2012, consists of a hotel tower on parcel 5 to be managed by Hilton Worldwide, which will include 600 five-star rooms and suites under the Conrad brand, and InterContinental Hotels Group, which will include 1,200 four-star rooms and suites under the Holiday Inn brand.
Phase I also includes completion of the structural work of an adjacent hotel tower, located on parcel 6, to be managed by Sheraton International Inc.
Phase IIA, which is currently scheduled to open in the third quarter of 2012, includes the opening of the first hotel tower on parcel 6, which will feature nearly 2,000 Sheraton-branded rooms, along with click to see more second casino and the remaining retail, entertainment, dining and meeting facilities.
Phase IIB, which is projected to open in the first quarter of 2013, consists of the second hotel tower on parcel 6 and will feature an additional 2,000 rooms and suites under the Sheraton Towers brand.
Phase III of the project is expected to include a fourth hotel and mixed-use tower, located on parcel 5, to be managed by Starwood under the St.
We intend to commence construction of phase III of the project as demand and market conditions warrant it.
In November 2011, we amended our management agreement with Starwood to, among other things, provide for new construction and opening obligations and deadlines.
Parcel 3 — Once completed, the integrated resort on parcel 3 will be connected to The Venetian Macao and Four Seasons Macao.
The multi-hotel complex is intended to include a gaming area, a shopping mall and serviced luxury apart-hotel units.
We intend to commence construction after Sands Cotai Central is complete and necessary government approvals are obtained.
We intended to commence construction after Sands Cotai Central and the integrated resort on parcel 3 were completed, necessary government approvals obtained including the land concessionassuming future demand warrants it and additional financing is obtained.
If we are successful in winning our judicial appeal and obtaining the land concession for parcels 7 and 8 as discussed belowand are able to proceed with this portion of the development as planned, the related integrated resort is expected to be similar in size and scope to Sands Cotai Central.
The impact of the delayed construction on our previously estimated cost to complete our Cotai Strip developments on parcels 3 and 7 and 8 is currently not determinable with certainty.
We have received land concessions from the Macao government to build on parcels 1, 2, 3 and 5 and 6, including the sites on which The Venetian Macao parcel 1Four Seasons Macao parcel 2 and Sands Cotai Central parcels 5 and 6 are located.
We do not own these land sites in Macao; however, the land concessions grant us exclusive use of the land.
As specified in the land concessions, we are required to pay premiums for each parcel, which are either payable in a single lump sum upon acceptance of the land concessions by the Macao government or in seven semi-annual installments, as well as annual rent for the term of the land concessions.
In December 2010, we received notice from the Macao government that our application for a land concession for parcels 7 and 8 was not approved and we applied to the Chief Executive of Macao for an executive review of the decision.
In January 2011, we filed a judicial appeal with the Court of Second Instance in Macao, which has yet to issue a decision.
Should we win our judicial appeal, it is still possible for the Chief Executive of Macao to again deny the land concession based upon public policy considerations.
Under our land concession for parcel 3, we were initially required to complete the corresponding development by August 2011.
The Click at this page government has granted us a two-year extension to complete the development of parcel 3, which now must be completed by April 2013.
The land concession for Sands Cotai Central contains a similar requirement that the corresponding development be completed by May 2014 48 months from the date the land concession became effective.
We intend to apply for an extension from the Macao government to complete our parcel 3 development as we will be unable to meet the April 2013 deadline.
Should we determine that we are unable to complete Sands Cotai Central by May 2014, we also intend to apply for an extension from the government.
No assurances can be given that additional extensions will be granted.
If we are unable to meet the applicable deadline for Sands Cotai Central and the deadlines for either development are not extended, we could lose our land concessions for parcel 3 or Sands Cotai Central, which would prohibit us from operating any facilities developed under the respective land concessions.
We were constructing the Las Vegas Condo Tower, located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas.
We suspended our construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions.
We intend to recommence construction when demand and conditions improve.
The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.
Year Ended December 31, 2011 2010 2009 In thousands Year Ended December 31, 2011 2010 2009 In thousands Proceeds from sale of and contribution from noncontrolling interest, net of transaction costs — — 2,386,428 Net cash generated from used in financing activities 1,093,461 1,127,557 3,305,973 Table games play at our properties is conducted on a cash and credit basis.
Slot machine play is primarily conducted on a cash basis.
The retail hotel rooms business is generally conducted on a cash basis, the group hotel rooms business is conducted on a cash and credit basis, and banquet business is conducted primarily on a credit basis resulting in operating cash flows being generally affected by changes in operating income and accounts receivable.
The increase was attributable primarily to the increase in our operating income during the year ended December 31, 2011, as previously described.
Through December 31, 2011, we have funded our development projects primarily through borrowings from our U.
The maximum leverage ratio is 6.
The Singapore credit facility requires operations of Marina Bay Sands to comply with similar financial covenants, which commenced with the quarterly period ended September 30, 2011, including maintaining a maximum leverage ratio 54 of debt to Adjusted EBITDA.
The maximum leverage ratio is 5.
In Macao, our 2011 VML Credit Facility, entered into in September 2011, will also require our Macao operations to comply with similar financial covenants commencing with the quarterly period ended March 31, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA.
The maximum leverage ratio will be 4.
If we are unable to maintain compliance with the financial covenants under these credit facilities, we would be in default under the respective credit facilities.
A default under the U.
Certain defaults under the 2011 VML Credit Facility would trigger a cross-default under our ferry financing.
Any defaults or cross-defaults under these agreements would allow the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements.
If the lenders were to exercise their rights to accelerate the due dates of the indebtedness outstanding, there can be no assurance that we would be able to repay or refinance any amounts that may become due and payable under such agreements, which could force us to restructure or alter our operations or debt obligations.
A portion of the proceeds from these offerings was used in the U.
As of December 31, 2011, our U.
The remaining unrestricted amounts are not available for repatriation primarily due to dividend requirements to third party public shareholders in the case of funds being repatriated from SCL.
We believe the cash on hand, cash flow generated from operations and available borrowings under our credit facilities will be sufficient to fund our developments currently under construction and maintain compliance with the financial covenants of our U.
In the normal course of our activities, we will continue to evaluate our capital structure and opportunities for enhancements thereof.
Also on January 31, 2012, the Board of Directors of SCL declared a dividend of 0.
As a result, the outstanding balance has been reclassified above to “Less than 1 Year.
” 3 Based on December 31, 2011, London Inter-Bank Offered Rate “LIBOR” and Hong Kong Inter-Bank Offered Rate “HIBOR” of 0.
The lease has a 10-year term with a purchase option at the third, fifth, seventh and tenth anniversary dates.
The HVAC Equipment Lease has been capitalized at the present value of the future minimum lease payments at lease inception.
Under the agreement for The Grand Canal Shoppes sale, we are obligated to fulfill the lease termination and asset purchase agreements.
We are unable to reasonably estimate the timing of the liability in individual years beyond 12 months due to uncertainties in the timing of the effective settlement of tax positions; therefore, such amounts are not included in the table.
We have not entered more info any transactions with special purpose entities, nor have we engaged in any derivative transactions other than interest rate caps.
We are a parent company with limited business operations.
Our main asset just click for source the stock and membership interests of our subsidiaries.
The debt instruments of our U.
We believe that inflation and changing prices click to see more not had a material impact on our sales, revenues or income from continuing operations during the past three fiscal years.
This report contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.
In addition, in certain portions included in this report, the words: “anticipates,” “believes,” “estimates,” “seeks,” “expects,” “plans,” “intends” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.
Although we believe that these forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct.
These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
These factors include, among others, the risks associated link general economic and business conditions which may impact levels of disposable income, consumer spending, group meeting business, pricing of hotel rooms and retail and mall sales; • our substantial leverage, debt service and debt covenant compliance including the pledge of our assets as security for our indebtedness ; • disruptions in the global financing markets and our ability to obtain sufficient funding for our current and future developments; • the extensive regulations to which we are subject to and the costs of compliance with such regulations; 57 increased competition for labor and materials due to other planned construction projects in Macao and quota limits on the hiring of foreign here • the impact of the suspensions of certain of our development projects and our ability to meet certain development deadlines; • the uncertainty of tourist behavior related to discretionary spending and vacationing at casino-resorts in Macao, Singapore, Las Vegas and Pennsylvania; • regulatory policies in mainland China or other countries in which our customers reside, including visa restrictions limiting the number of visits or the length of stay for visitors from mainland China to Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts; • our dependence upon properties primarily in Macao, Singapore and Las Vegas for all of our cash flow; • our relationship with GGP or any successor owner of The Shoppes at The Palazzo and The Grand Canal Shoppes; • the passage of new legislation and receipt of governmental approvals for our proposed developments in Macao and other jurisdictions where we are planning to operate; • our insurance coverage, including the risk that we have not obtained sufficient coverage or will only be able to obtain additional coverage at significantly increased rates; • disruptions or reductions in travel, as well as disruptions in our operations, due to natural or man-made disasters, outbreaks of infectious diseases, such as avian epiphone elitist casino uk, SARS and H1N1 flu, terrorist activity or war; • government regulation of the casino industry, including gaming license regulation, the requirement for certain beneficial owners of our securities to be found suitable by gaming authorities, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet; • increased competition in Macao and Las Vegas, including recent and upcoming increases in hotel rooms, meeting and convention space, retail space and potential additional gaming licenses; • fluctuations in the demand for all-suites rooms, occupancy rates and average daily room rates in Macao, Singapore and Las Vegas; • All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the just click for source statements contained or referred to in this section.
New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
Readers are cautioned not to place undue reliance on these forward-looking statements.
We assume no obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities laws.
The preparation of our read more financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities.
These estimates and judgments are based on historical information, information that is currently available to us and on various other assumptions that management believes to be reasonable under the circumstances.
Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations.
Changes in these estimates and assumptions may have a material effect on our results of operations and financial condition.
We believe that the critical accounting policies discussed below affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.
We maintain an allowance, or reserve, for doubtful casino accounts at our operating casino resorts in Macao, Singapore and the U.
We specifically analyze the collectability of each account with a balance over a specified dollar amount, based upon the age of the account, the customer’s financial condition, collection history and any other known information, and we apply standard reserve percentages to aged account balances under the specified dollar amount.
We also monitor regional and global economic conditions and forecasts in our evaluation of the adequacy of the recorded reserves.
Credit or marker play was 27.
Our allowance for doubtful casino accounts was 22.
As the credit extended to our junkets can be offset by the commissions payable to said junkets, the allowance for doubtful accounts related to receivables from junkets is not material.
Our allowance for doubtful accounts from our hotel and other receivables is also not material.
We are subject to various claims and legal actions.
We estimate the accruals for these claims and legal actions based on all relevant facts and circumstances currently available and include such accruals in other accrued liabilities in the consolidated balance sheets when it is determined that such contingencies are both probable and reasonably estimable.
We depreciate property and equipment on a straight-line basis over their estimated useful lives.
The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life.
Future events, such as property expansions, property developments, new competition, or new regulations, could result in a change in the manner in which we use certain assets requiring a change in the estimated useful lives of such assets.
For assets to be held and used including projects under developmentfixed assets are reviewed for impairment whenever indicators of impairment exist.
If an indicator of impairment exists, we first group our assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities the “asset group”.
Secondly, we estimate the undiscounted future cash flows that are directly associated with and expected to arise from the completion, use and eventual disposition of such asset group.
We estimate the undiscounted cash flows over the remaining useful life of the primary asset within the asset group.
If the undiscounted cash flows exceed the carrying value, no impairment is indicated.
If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model.
If an asset is still under development, future cash flows include remaining construction costs.
Determining the recoverability of our asset groups is judgmental in nature and requires the use of significant estimates and assumptions, including estimated cash flows, probability weighting of potential scenarios, costs to complete construction for assets under development, growth rates and future market conditions, among others.
Future changes to our estimates and assumptions based upon changes in macro-economic factors, regulatory environments, operating results or management’s intentions may result in future changes to the recoverability of our asset groups.
For assets to be held for sale, the fixed assets the “disposal group” are measured at the lower of their carrying amount or fair value less cost to sell.
Losses are recognized for any initial geneva nearest casino wisconsin lake near subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of the cumulative loss previously recognized.
Any gains or losses not previously recognized that result from the sale of the disposal group shall be recognized at the date of sale.
Fixed assets are not depreciated while classified as held for sale.
Interest costs associated with our major construction projects are capitalized and included in the cost of the projects.
When no debt is incurred specifically for construction projects, we capitalize interest on amounts expended using the weighted average cost of our outstanding borrowings.
Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period.
Leasehold interests in land represent payments made for the use of land over an extended period of time.
The leasehold interests in land are amortized on a straight-line basis over the expected term of the related lease agreements.
Assets with indefinite useful lives are not subject to amortization and are tested for impairment and recoverability annually or more frequently if events or circumstances indicate that the assets might be impaired.
The impairment test consists of a comparison of the fair value of the asset with its carrying amount.
If the carrying amount of the asset is not recoverable and exceeds its fair value, an impairment will be recognized in an amount equal to that excess.
If the carrying amount of the asset does not exceed the fair value, no impairment is recognized.
The fair value of our Sands Bethlehem gaming license and table games certificate was estimated using our expected adjusted property EBITDA, combined with estimated future tax-affected cash flows and a terminal value using the Gordon Growth Model, which were discounted to present value at rates commensurate with our capital structure and the prevailing borrowing rates within the casino industry in general.
Adjusted property EBITDA and discounted cash flows are common measures used to value cash-intensive businesses such as casinos.
Determining the fair value of the gaming license and table games certificate is judgmental in nature and requires the use of significant estimates and assumptions, including adjusted property EBITDA, growth rates, discount rates and future market conditions, among others.
Future changes to our estimates and assumptions based upon changes in macro-economic factors, operating results or management’s intentions may result in future changes to the fair value of the gaming license and table games certificate.
Accounting standards regarding share-based payments require the recognition of compensation expense in the consolidated statements of operations related to the fair value of employee stock-based compensation.
Determining the fair value of stock-based awards at the grant date requires judgment, including estimating the expected term that stock options will be outstanding prior to exercise, the associated volatility and the expected dividends.
Expected volatilities are based on our historical volatility or combined with the historical volatilities from a selection of companies from our peer group when there is a lack click at this page our historical information, as is the case for our SCL equity plan.
We used the simplified method for estimating expected option life, as the options qualify as “plain-vanilla” options and we will continue to use the simplified method beyond December 31, 2011, due to the lack of historical information as allowed under related accounting standards.
We believe that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of our stock options granted.
Judgment is also 60 required in estimating the amount of stock-based awards expected to be forfeited prior to vesting.
If actual forfeitures differ significantly from these estimates, stock-based compensation expense could be materially impacted.
All employee stock options were granted with an exercise price equal to the fair market value as defined in the Company’s equity award plans.
The stock option and restricted stock and stock units costs are expected to be recognized over a weighted average period of 2.
We are subject to income taxes in the U.
We record income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
Accounting standards regarding income taxes requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized.
Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold.
This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards not expiring, and implementation of tax planning strategies.
Management will reassess the realization of deferred tax assets based on the applicable accounting standards for income taxes each reporting period and consider the scheduled reversal of deferred tax liabilities, sources of taxable income and tax planning strategies.
To the extent that the financial results of these operations improve and it becomes “more-likely-than-not” that the deferred tax assets are realizable, we will be able to reduce the valuation allowance.
Significant judgment is required in evaluating our tax positions and determining our provision for income taxes.
During the ordinary course of business, there are many transactions for which the tax treatment is uncertain.
Accounting standards regarding uncertainty in income taxes provides a two-step approach to recognizing and measuring uncertain tax positions.
The first step is https://allo-hebergeur.com/casino/admiral-casino-lublin.html evaluate the tax position for recognition by determining if the weight of available evidence indicates it is “more-likely-than-not” that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any.
The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based solely on the technical merits, of being sustained on examinations.
We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes.
Our major tax jurisdictions are the U.
We are subject to examination for years after 2006 in Macao and Singapore and for tax years after 2009 in the U.
See related disclosure at “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 2 — Summary of Significant Accounting Policies.
” 61 Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.
Our primary exposure to market risk is interest rate risk associated with our variable rate long-term debt, which we attempt to manage through the use of interest rate cap agreements.
We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions.
Our derivative financial instruments consist exclusively of interest rate cap agreements, which do not qualify for hedge accounting.
Interest differentials resulting from these agreements are recorded on an accrual basis as an adjustment to interest expense.
To manage exposure to counterparty credit risk in interest rate cap agreements, we enter into agreements with highly rated institutions that can be expected to fully perform under the terms of such agreements.
Frequently, these institutions are also members of the bank group providing our credit facilities, which management believes further minimizes the risk of nonperformance.
The table below provides information about our financial instruments that are sensitive to changes in interest rates.
For debt obligations, the table presents notional amounts and weighted average interest rates by contractual maturity dates.
Notional amounts are used to calculate the contractual payments to be exchanged under the contract.
Weighted average variable rates are based on December 31, 2011, LIBOR, HIBOR and SOR plus the applicable interest rate spread in accordance with the respective debt agreements.
The information is presented in U.
Borrowings under the U.
The portions of the revolving facility and term loans that were not extended bear interest at the alternative base rate plus 0.
The extended revolving facility and extended term loans bear interest at the alternative base rate plus 1.
Applicable spreads under the U.
Borrowings under the 2011 VML Credit Facility bear interest at either the adjusted Eurodollar rate or an alternative base rate in the case of U.
Beginning May 14, 2012, the spread for all borrowings is subject to reduction based on a specified consolidated leverage ratio.
Borrowings under the Singapore credit facility bear interest at SOR plus a spread of 2.
Borrowings under the airplane financings bear interest at LIBOR plus approximately 1.
Borrowings under the ferry financing, as amended, bear interest at HIBOR plus 2.
We may be vulnerable to changes in the U.
Based on balances as of December 31, 2011, an assumed 1% change in the U.
We do not hedge our exposure to foreign currencies; however, we maintain a significant amount of our operating funds in the same currencies in which we have obligations thereby reducing our exposure to currency fluctuations.
See also “— Liquidity and Capital Resources” and “Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 9 — Long-Term Debt.
” 63 The financial information included in the financial statement schedule should be read in conjunction with the consolidated financial statements.
All other financial statement schedules have been omitted because they are not applicable or the required information is included in the consolidated financial statements or the notes thereto.
In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission COSO.
The Company’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A.
Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Company’s internal control over financial reporting based on our integrated audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board United States.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
Our audits also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audits provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those policies and procedures that i pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; ii provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and iii provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
“LVSC” or together with its subsidiaries, the “Company” is incorporated in Nevada and its common stock is traded on the New York Stock Exchange under the symbol “LVS.
” In November 2009, the Company’s subsidiary, Sands China Ltd.
“SCL,” the direct or indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region “Macao” of the People’s Republic of Chinacompleted an initial public offering by listing its ordinary shares the “SCL Offering” on The Main Board of The Stock Exchange of Hong Kong Limited “SEHK”.
Immediately following the SCL Offering and several transactions consummated in connection with such offering see “— Note 10 — Equity — Noncontrolling Interests”the Company owned 70.
The shares of SCL were not, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.
The Company currently owns 70.
The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession.
The Company owns and operates The Venetian Macao Resort Hotel “The Venetian Macao”which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties in Macao.
The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 534,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; retail and dining space of approximately 1.
The Company owns the Four Seasons Hotel Macao, Cotai Strip the “Four Seasons Hotel Macao”which features 360 rooms and suites managed and operated by Four Seasons Hotels Inc.
Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino together with the Four Seasons Hotel Macao, the “Four Seasons Macao”which features approximately 91,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 211,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities.
This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip the “Four Seasons Apartments”an apart-hotel tower that consists of approximately 1.
The Company has completed the structural work of the tower and expects to subsequently monetize units within the Four Seasons Apartments subject to market conditions and obtaining the necessary government approvals.
The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao.
The Sands Macao offers approximately 197,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.

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Marina Bay Sands is an integrated resort fronting Marina Bay in Singapore, owned by the Las Vegas Sands corporation. At its opening in 2010, it was billed as the world's most expensive. Two months after the initial phased opening, the casino attracts around 25,000 visitors daily,... Straits Times, 6 May 2010, page A1.


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Interview with Andrew MacDonald, Corporate Senior Vice President and Chief Casino Officer at Las Vegas Sands Corporation, Marina Bay Sands, Singapore By: Victor H Royer I remember the first time I was in Singapore.
It was 1969, and I was a sprightly young lad, still quite unsure of many things in life, and all too eager to experience it — all of it — and everything else in between.
We arrived there in July, from Europe, via Iraq, Iran, and India.
By the time we arrived at the famed Raffles Hotel, I considered myself a man of the world — although, as I said, I was still far from a man in the truest sense of the word — worldly, or not.
My youth was perhaps telling on everyone around, except, of course, for me.
I sauntered about like someone who was truly a world-traveller, which, in a sense, I actually was.
The world had been my oyster from the time I was very young — so young that I was a baby when we first travelled the world.
Later, in my early teens, I experienced the thrills of young love on the Orient Express, from Istanbul in Turkey to Berlin, and points beyond.
My fondest memories of Singapore were from my stay at the Raffles Hotel, more specifically the Raffles Bar.
Not only did I are casinos in denver being there, and slinging the Singapore Slings — even though I was perhaps too young to have them, but I did anyway.
The one moment that still sticks in my mind is sitting in the booth favoured by Ernest Click the following article when he stayed at the Raffles Hotel, and spent time at the Raffles Bar.
I simply remember that I was told this when I sat in that booth.
To this day I fondly remember that moment, and I certainly hope that the story told to me was true, and that — in some way — I share a sense of kinship with Hemmingway.
Later we went on to Australia, and then, later still, to many other points in the world.
But it was that stay in Singapore that I still remember so vividly, because of the connection with Hemmingway, whose works I have read, and later studied at the University as part of my degrees, one of which is in English Literature.
When the Marina Bay Sands Resort was built in Singapore, that too brought back many of these memories.
The awesome structure of this resort destination and casino is now world-famous, of course.
When the opportunity arose for me to interview Andrew MacDonald, the Senior Casino Officer at the Marina Bay Sands MBSit once again brought back for me those remarkable memories I experienced, now so many years ago.
Here at Casino Life magazine we pride ourselves on showcasing the best gaming properties in the world, and conducting in-depth and meaningful interviews with the top leaders of the gaming industry worldwide.
We therefore asked Andrew a series of questions which we hope will be not only interesting, but enlightening, especially in the current world climate.
As you know, Casino Life Magazine takes great pride in interviewing leading industry CEOs and Senior Level Management to better understand both the companies that they work for or own, as well as what are the key attributes for their success.
Please tell our readers about yourself and your role at Marina Bay Sands.
I am responsible for all facets of casino operations across all properties belonging to Las Vegas Sands Corp.
Among other responsibilities, I evaluate the casino performance of each property and work with segment leaders and the global gaming operations team to analyze financial results and statistical data.
I also provide strategic recommendations to executive management.
What has been the approach employed by the MBS in the current gaming climate?
Specifically, how is the slow-down in Macau, and China, affecting the MBS?
Has there been a noticeable impact on the MBS?
If yes, or no, please elaborate.
We have had a phenomenal success story over the last six years and are now the market leader in both VIP and Mass segments.
China continues to undoubtedly be one of our top markets and we see growth in the mass segment, which is pretty on par with strong contributions from other regional markets like Indonesia and Malaysia.
The softening in the China VIP segment is definitely more evident in Macau than in Singapore but in general, the austerity measures in China learn more here affected everyone in the past few years.
It is a good time to re-focus mbs casino operating hours efforts on optimization and cost-efficiencies, and do more with what we have.
Creating an enjoyable fun and relaxed environment is an important factor in Leisure and Entertainment venues.
The Parisian Macau is built on a thematic approach — similar to the Venetian Macao — and is designed to attract the Chinese not enjoy punta del este resort y casino remarkable market.
In terms of its design, experiences and offerings, Marina Bay Sands is also more cosmopolitan, cutting-edge and modern.
Will there be a cross-purpose conflict with the MBS and the new Parisian?
As above, the Parisian Macau is designed to attract the Chinese mass market.
All our sister properties are uniquely themed and differentiated in their own right.
We build a strong brand, and customers travel to our new properties to experience different product offerings under our same brand Las Vegas Sands.
What would you say makes the MBS unique as a choice in casino destinations in the region?
The beauty of Marina Bay Sands lies in its integrated resort model, rather than the success of any single component.
How has the MBS evolved in recent years?
We have been committed to reinvesting in the entire property over the years.
Is it possible for the MBS to have further expansion of the gaming floor?
If yes, how, by how much, and when?
If No, then why not?
The gaming area in Marina Bay Sands is 15,000sqm, which is less than 3% of the entire footprint of the IR.
So really, it is not so much about physical expansion, but doing more with what we already have.
We have phenomenal gaming optimization and operations teams who work together to strategically introduce new products and diversify, optimize game mix, casino layout, and read more optimal pricing strategies etc.
We leverage technology and automation where possible to innovate and drive operational efficiencies which translates to better processes and profitability.
How has the MBS developed over the years in its ways of providing promotions and incentives to its customers in this digital world of Facebook and Twitter?
Marina Bay Sands taps on social media in a way that most brands do — to connect with digitally-savvy consumers, especially the millennial travellers.
In establishing their presence in the digital space, different business units may have varying strategies and tactics on social media, depending on which platform works best for their was sacramento casino maybe />For instance, Mbs casino operating hours will tap on LinkedIn and Twitter to engage with delegates while they are on property.
On the gaming side, we find that nothing beats the traditional face-to-face interaction with our customers.
In this sense, loyalty programmes are more effective, targeted and measurable than mbs casino operating hours broad social media strategy.
What is the split between local, tourist and travelling business guests for which the Casino caters?
We have a fairly good and balanced split between locals, and foreign tourists.
They are there for the gaming facilities mainly.
Our foreign gaming market is strong, but the tourists we have are here also for the rest of the non-gaming amenities such as entertainment, dining and retail.
How have the private gaming suites helped the MBS?
It is necessary, just to stay on par with competition.
There are private gaming suites across our properties in Macau and Las Vegas, and in competitor properties too.
VIP players look for aspirational gaming spaces; they love the privacy and exclusivity that private gaming suites offer.
The VIP segment has generated a good revenue stream for us consistently, and a sizeable percentage of casino revenue comes from our VIP Paiza suites.
Does the MBS offer complimentary suites and amenities to mbs casino operating hours High Rollers?
As part of our marketing strategy to attract the VIP players, once they sign up on our Rolling Programs and reach a certain level of play, they will be extended complimentary suites and amenities.
What about the general guest, such as the traditional tourist — what do they get?
And how would they get it?
They can sign up for our Loyalty Club memberships.
We have the Sands Rewards Lifestyle for the non-gamers, the Sands Rewards Club for mass players, and Paiza membership for VIP patrons.
Once they do so, they can spend, and earn points and redeem for retail spend and gaming play.
MBS has one of the most robust Baccarat operations in the Asian market.
How was this accomplished?
Through a good combination of game variety, product innovation and pricing strategy.
We have several Baccarat variations priced differently and located at different locations with the right supply to strategically target different segments of patrons.
We have the right service levels at the right locations for the different pricing levels.
Our gaming optimization team helps figure out all this so that we know how to cater to different demands of the market.
Our Marketing team then increases the awareness of the game and its variants through campaigns and tournaments.
Is there now some danger of Baccarat play attrition to the Parisian in Macau, or to Wynn Palace?
If you are asking if there is a cannibalization effect, I would say no.
We have different target customer segments, and if anything, I believe with every new property, we grow incrementally as a whole.
What are the other popular card games offered at the MBS, and is there any variation in preferences that you are aware of between the MBS and Macau?
As for the difference in game preferences, we have a much stronger ETG and Slot patron base compared to Macau, where patrons gravitate towards Baccarat and SicBo.
Why is there no traditional Poker being played at the MBS?
We already have a good mix of games, and stronger game types that we channel our resources and efforts to.
What is your policy of trialling new games and EGMs?
We monitor the lifecycles of all our existing games and decisions to remove some of them, extend others or introduce new games are made from there.
To be ahead of the game, we constantly innovate and offer Sands exclusive games as a differentiator to maintain our competitive advantage.
After all, change is the only constant.
Promotions and incentives are an important mix of patron loyalty.
What are the provisions like at the MBS as far as prizes and rewards for patrons?
We have a strong loyalty program.
Patrons are rewarded with what we call Sands Dollars and these can be used in our Retail outlets in the mall, and they can be redeemed for more free play.
We have games, lucky draws, earn and get programs, and tournaments.
We are proud of the Global Grand Dragon Master Baccarat Championships, and have been growing participation three fold from when we first started in 2012 to today.
Quality and affordability have been two key words associated with food and drink at Casinos, catering for many of their local regular patrons as well as visitors.
Thank you, Andrew, for your time, and for sharing this with us, and the readers of Casino Life magazine.
Andrew and the Staff at the Marina Bay Sands are gracious hosts, and all have cooperated with my requests marvellously, and I wish to thank them all again for their kindness.
And so, as the sun sets on Singapore, I too sadly sleep on my fond memories, think of my time there, and all the wondrous things that I saw and experienced, as a young man, and now.
I wish you all a good time, and great joy!
He is also the President of Gaming Services and Research, established in 1984.
Publicly, he isarticles, and columns on casino games and gambling, such as Casino Secrets, Great Casino Slots, Great Gamblers: True Stories and Amazing Facts, but he is also the author of several titles of fiction, including the Western: Riders on the Wind, and the action romance: Another Day.
In his capacity as a confidential research consultant, he has profiled most of the major casinos in the United States over the past 30 years, and has authored and researched hundreds of confidential industry reports for both casino operators and gaming equipment manufacturers.
About Since its launch in 2005, casino life magazine has grown to become the leading business-to-business publication that focuses on Casino Operations and, Manufacturers and Suppliers of Gaming Equipment and Services.
Published 10 times each year.

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MBS has announced that it will close it casino on Sunday for 4 hours as well. We shall now propose to everyone not to gamble in any forms on Sunday.


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Singapore casinos at risk of Beijing crackdown over capital flight through potential misuse of UnionPay network Singapore casinos at risk of Beijing crackdown over capital flight through potential misuse of UnionPay network Share A Facebook icon Mbs casino operating hours by facebook A Twitter icon Share by twitter A LinkedIn icon Share by linkedin An email icon Share by email Beijing's crackdown on capital flight could be about to extend to amid concerns that large sums of money may have been funneled out of the mainland in violation of 's strict currency controls through casinos in the city state.
As the nation battles to plug holes in a system which is seeing billions haemorrhage from a slowing economy at a time of unprecedented global uncertainty, a potential misuse mbs casino operating hours the China UnionPay banking network at casinos in Singapore could be contributing significantly to capital flight.
The concerns centre on a casino "resort entertainment" voucher program which gives UnionPay card holders access to gaming chips — a purchase which a top official at the has told the South China Morning Post is outlawed.
When told of the program by the Post, Xie Zhong, the director of the payment settlement department at the central bank in Beijing, said: "China UnionPay's bank cards should certainly not be used in casinos.
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The amount of revenue generated by the program is not known, but it was mbs casino operating hours by the Marina Bay Sands casino resort in February 2015, the promotional material says.
China UnionPay also did not respond to questions about the program.
Marina Bay Sands defended the program, saying it complied with terms and conditions of use for China UnionPay cards.
More from the South China Morning Post: Ron Reese, senior vice-president of global communications and corporate affairs for thesaid: "The resort entertainment voucher program at Marina Bay Sands was designed to give guests increased flexibility in purchasing a variety of goods and services.
Marina Bay Sands operates the resorts entertainment voucher program in accordance with the terms and conditions of China UnionPay cards.
We look forward to continuing to offer this amenity.
The move meant credit cards issued on the mainland with Visa or MasterCard must be replaced with those issued by China UnionPay, the country's dominant currency clearing company, when they expire, a policy that will help Beijing better monitor capital flows across borders.
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Concerns over the misuse of China UnionPay cards first surfaced in Macau, prompting a major crackdown on illicit cash outflows by Beijing.
A Macau gaming consultant who asked not to be identified said: "No bank in Macau would do the clearing work on such transactions.
The monetary authority here would shut it down immediately.
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Singapore casinos at risk of Beijing crackdown over capital flight through potential misuse of UnionPay network Singapore casinos at risk of Beijing crackdown over capital flight through potential misuse of UnionPay network Share A Facebook icon Share by betandmove mobile A Twitter icon Share by twitter A LinkedIn icon Share by linkedin An email icon Share by email Beijing's crackdown on capital flight could be about to extend to amid concerns that large sums of money may have been funneled out of the mainland in violation of 's strict currency controls through casinos in the city state.
As the nation battles to plug holes in a system which is seeing billions haemorrhage from a slowing economy at a time of unprecedented global uncertainty, a potential misuse of the China UnionPay banking network at casinos in Singapore could be contributing significantly to capital flight.
The concerns centre on a casino "resort entertainment" voucher program which gives UnionPay card holders access to gaming chips — a purchase which a mbs casino operating hours official at the has told the South China Morning Post is outlawed.
When told of the program by the Post, Xie Zhong, the director of the payment settlement department at the central bank in Beijing, said: "China UnionPay's bank cards should certainly not be used in casinos.
The city state's gaming watchdog, the Singapore Casino Regulatory Authority, declined to please click for source despite being asked mbs casino operating hours times to do so by the Post.
The amount of revenue generated by the program is not known, but mbs casino operating hours was launched by the Marina Bay Sands casino resort in February 2015, the promotional material says.
China UnionPay also did not respond to questions about the program.
Marina Bay Sands defended the program, saying it complied with terms and conditions of use for China UnionPay cards.
More from mbs casino operating hours South China Morning Post: Ron Reese, senior vice-president of global communications and corporate affairs for thesaid: "The resort entertainment voucher program at Marina Bay Sands was designed to give guests increased flexibility in purchasing a variety of goods and services.
Marina Bay Sands operates the resorts entertainment voucher program in accordance with the terms and conditions of China UnionPay cards.
We look forward to continuing to offer this amenity.
The move meant credit cards issued on the mainland with Visa or MasterCard must be replaced with those issued by China UnionPay, the mbs casino operating hours dominant currency clearing company, when they expire, a policy that will help Beijing better monitor capital flows across borders.
Prior to that, China UnionPay banned mainlanders using its cards to buy investment-linked insurance products in Hong Kong.
Concerns over the misuse of China UnionPay cards first surfaced in Macau, prompting a major crackdown on illicit cash outflows by Beijing.
A Macau gaming consultant who asked not to be identified said: "No bank in Macau would do the clearing work on such transactions.
The monetary authority here would shut it down immediately.
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