Segment Information The Company's principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; The Parisian Macao; The Plaza Macao and Four Seasons Hotel Macao; Sands Macao; Marina Bay Sands; Las Vegas Operating Properties; and Sands Bethlehem. The Company also reviews construction and development activities for each of its primary projects currently under development, in addition to its reportable segments noted above, which include the renovation, expansion and rebranding of Sands Cotai Central to The Londoner Macao, the suites within the tower also occupied by the St. Regis hotel and the Four Seasons Tower Suites Macao in Macao, and the Las Vegas Condo Tower (for which construction currently is suspended) in the United States. The Company has included Ferry Operations and Other (comprised primarily of the Company's ferry operations and various other operations that are ancillary to its properties in Macao) to reconcile to condensed consolidated results of operations and financial condition. The Company has included Corporate and Other (which includes the Las Vegas Condo Tower and corporate activities of the Company) to reconcile to the condensed consolidated financial condition. The Company's segment information as of March 31, 2019 and December 31, 2018 , and for the three months ended March 31, 2019 and 2018 is as follows: Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues Three Months Ended March 31, 2019 (In millions) Macao: The Venetian Macao $ 740 $ 57 $ 22 $ 56 $ 22 $ 897 Sands Cotai Central 445 84 26 16 6 577 The Parisian Macao 387 32 18 12 5 454 The Plaza Macao and Four Seasons Hotel Macao 173 10 9 31 1 224 Sands Macao 139 4 7 1 1 152 Ferry Operations and Other     30 30 1,884 187 82 116 65 2,334 Marina Bay Sands 544 102 53 43 25 767 United States: Las Vegas Operating Properties 113 157 90  111 471 Sands Bethlehem 120 4 7 1 5 137 233 161 97 1 116 608 Intercompany eliminations (1)     (63 ) (63 ) Total net revenues $ 2,661 $ 450 $ 232 $ 160 $ 143 $ 3,646 Three Months Ended March 31, 2018 Macao: The Venetian Macao $ 716 $ 57 $ 23 $ 53 $ 19 $ 868 Sands Cotai Central 418 82 29 14 6 549 The Parisian Macao 291 33 15 15 5 359 The Plaza Macao and Four Seasons Hotel Macao 142 9 8 31 1 191 Sands Macao 142 4 7  1 154 Ferry Operations and Other     39 39 1,709 185 82 113 71 2,160 Marina Bay Sands 652 100 52 42 26 872 United States: Las Vegas Operating Properties 120 156 88  113 477 Sands Bethlehem 118 4 6 1 5 134 238 160 94 1 118 611 Intercompany eliminations (1)     (64 ) (64 ) Total net revenues $ 2,599 $ 445 $ 228 $ 156 $ 151 $ 3,579 ____________________ (1) Intercompany eliminations include royalties and other intercompany services. Three Months Ended March 31, 2019 2018 (In millions) Intersegment Revenues Macao: The Venetian Macao $ 1 $ 1 Ferry Operations and Other 6 6 7 7 Marina Bay Sands 1 2 Las Vegas Operating Properties 55 55 Total intersegment revenues $ 63 $ 64 Three Months Ended March 31, 2019 2018 (In millions) Adjusted Property EBITDA Macao: The Venetian Macao $ 361 $ 348 Sands Cotai Central 212 201 The Parisian Macao 163 116 The Plaza Macao and Four Seasons Hotel Macao 85 73 Sands Macao 40 47 Ferry Operations and Other (3 ) 4 858 789 Marina Bay Sands 423 541 United States: Las Vegas Operating Properties 138 141 Sands Bethlehem 33 29 171 170 Consolidated adjusted property EBITDA (1) 1,452 1,500 Other Operating Costs and Expenses Stock-based compensation (2) (3 ) (4 ) Corporate (152 ) (56 ) Pre-opening (4 ) (1 ) Development (5 ) (3 ) Depreciation and amortization (301 ) (264 ) Amortization of leasehold interests in land (9 ) (9 ) Loss on disposal or impairment of assets (7 ) (5 ) Operating income 971 1,158 Other Non-Operating Costs and Expenses Interest income 20 5 Interest expense, net of amounts capitalized (141 ) (89 ) Other expense (21 ) (26 ) Loss on modification or early retirement of debt  (3 ) Income tax (expense) benefit (85 ) 571 Net income $ 744 $ 1,616 ____________________ (1) Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Consolidated adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies. (2) During the three months ended March 31, 2019 and 2018 , the company recorded stock-based compensation expense of $9 million in each period, of which $6 million and $5 million , respectively, is included in corporate expense on the company's condensed consolidated statements of operations. Three Months Ended March 31, 2019 2018 (In millions) Capital Expenditures Corporate and Other $ 23 $ 49 Macao: The Venetian Macao 24 42 Sands Cotai Central 64 28 The Parisian Macao 8 42 The Plaza Macao and Four Seasons Hotel Macao 30 9 Sands Macao 2 4 128 125 Marina Bay Sands 49 35 United States: Las Vegas Operating Properties 38 26 Sands Bethlehem 2 3 40 29 Total capital expenditures $ 240 $ 238