Property, Plant and Equipment Disclosure
Asset Age Ratios (Summary)
Average Age
Estimated Total Useful Life
Estimated Age, Time Elapsed Since Purchase
Estimated Remaining Life

Las Vegas Sands Corp., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Land and improvements	450)	449)	637)	650)	651)
Building and improvements	15,494)	14,840)	18,014)	17,662)	17,861)
Furniture, fixtures, equipment and leasehold improvements	4,155)	3,992)	4,843)	4,520)	4,255)
Transportation	482)	494)	525)	520)	458)
Construction in progress	1,123)	1,513)	2,074)	1,507)	1,184)
Property and equipment, gross	21,704)	21,288)	26,093)	24,859)	24,409)
Accumulated depreciation and amortization	(10,253)	(9,438)	(10,984)	(10,015)	(9,255)
Property and equipment, net	11,451)	11,850)	15,109)	14,844)	15,154)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Property and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Las Vegas Sands Corp. property and equipment, gross decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.
Property and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Las Vegas Sands Corp. property and equipment, net decreased from 2020 to 2021 and from 2021 to 2022.

Las Vegas Sands Corp., asset age ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Average age ratio	48.24%	45.29%	43.15%	41.37%	38.96%
Estimated total useful life (years)	21	20	22	21	22
Estimated age, time elapsed since purchase (years)	10	9	10	9	8
Estimated remaining life (years)	11	11	13	12	13

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Las Vegas Sands Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2020 to 2021 and from 2021 to 2022.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Las Vegas Sands Corp. estimated total useful life of depreciable property, plant and equipment decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Las Vegas Sands Corp. estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Estimated remaining life		Las Vegas Sands Corp. estimated remaining life of depreciable property, plant and equipment decreased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Accumulated depreciation and amortization	10,253)	9,438)	10,984)	10,015)	9,255)
Property and equipment, gross	21,704)	21,288)	26,093)	24,859)	24,409)
Land and improvements	450)	449)	637)	650)	651)
Asset Age Ratio
Average age¹	48.24%	45.29%	43.15%	41.37%	38.96%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Average age = 100 × Accumulated depreciation and amortization ÷ (Property and equipment, gross – Land and improvements)
= 100 × 10,253 ÷ (21,704 – 450) = 48.24%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Las Vegas Sands Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Property and equipment, gross	21,704)	21,288)	26,093)	24,859)	24,409)
Land and improvements	450)	449)	637)	650)	651)
Depreciation expense	1,010)	1,020)	1,140)	1,150)	1,100)
Asset Age Ratio (Years)
Estimated total useful life¹	21	20	22	21	22

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Estimated total useful life = (Property and equipment, gross – Land and improvements) ÷ Depreciation expense
= (21,704 – 450) ÷ 1,010 = 21

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Las Vegas Sands Corp. estimated total useful life of depreciable property, plant and equipment decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Accumulated depreciation and amortization	10,253)	9,438)	10,984)	10,015)	9,255)
Depreciation expense	1,010)	1,020)	1,140)	1,150)	1,100)
Asset Age Ratio (Years)
Time elapsed since purchase¹	10	9	10	9	8

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Time elapsed since purchase = Accumulated depreciation and amortization ÷ Depreciation expense
= 10,253 ÷ 1,010 = 10

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Las Vegas Sands Corp. estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Property and equipment, net	11,451)	11,850)	15,109)	14,844)	15,154)
Land and improvements	450)	449)	637)	650)	651)
Depreciation expense	1,010)	1,020)	1,140)	1,150)	1,100)
Asset Age Ratio (Years)
Estimated remaining life¹	11	11	13	12	13

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Estimated remaining life = (Property and equipment, net – Land and improvements) ÷ Depreciation expense
= (11,451 – 450) ÷ 1,010 = 11

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Asset age ratio	Description	The company
Estimated remaining life		Las Vegas Sands Corp. estimated remaining life of depreciable property, plant and equipment decreased from 2020 to 2021 and from 2021 to 2022.

Las Vegas Sands Corp. (NYSE:LVS)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life