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, through May 30, 2019, Sands Bethlehem. On May 31, 2019, the Company closed the sale of Sands Bethlehem in Pennsylvania (see "Note 1  Organization and Business of Company"). 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, the MBS Expansion Project, 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 June 30, 2019 and December 31, 2018 , and for the three and six months ended June 30, 2019 and 2018 is as follows: Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues Three Months Ended June 30, 2019 (In millions) Macao: The Venetian Macao $ 698 $ 53 $ 17 $ 62 $ 24 $ 854 Sands Cotai Central 358 77 24 16 8 483 The Parisian Macao 343 32 17 15 7 414 The Plaza Macao and Four Seasons Hotel Macao 162 10 7 31 1 211 Sands Macao 141 5 7 1 1 155 Ferry Operations and Other     30 30 1,702 177 72 125 71 2,147 Marina Bay Sands 468 93 58 42 27 688 United States: Las Vegas Operating Properties 112 156 90  108 466 Sands Bethlehem (1) 79 3 4  4 90 191 159 94  112 556 Intercompany eliminations (2)    (1 ) (56 ) (57 ) Total net revenues $ 2,361 $ 429 $ 224 $ 166 $ 154 $ 3,334 Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues Three Months Ended June 30, 2018 Macao: The Venetian Macao $ 677 $ 52 $ 18 $ 56 $ 27 $ 830 Sands Cotai Central 386 78 23 15 7 509 The Parisian Macao 308 28 16 15 4 371 The Plaza Macao and Four Seasons Hotel Macao 136 10 7 33  186 Sands Macao 166 4 7 2 1 180 Ferry Operations and Other     42 42 1,673 172 71 121 81 2,118 Marina Bay Sands 494 93 51 42 25 705 United States: Las Vegas Operating Properties 60 149 91  102 402 Sands Bethlehem (1) 119 4 6 1 6 136 179 153 97 1 108 538 Intercompany eliminations (2)     (58 ) (58 ) Total net revenues $ 2,346 $ 418 $ 219 $ 164 $ 156 $ 3,303 Six Months Ended June 30, 2019 Macao: The Venetian Macao $ 1,438 $ 110 $ 39 $ 118 $ 46 $ 1,751 Sands Cotai Central 803 161 50 32 14 1,060 The Parisian Macao 730 64 35 27 12 868 The Plaza Macao and Four Seasons Hotel Macao 335 20 16 62 2 435 Sands Macao 280 9 14 2 2 307 Ferry Operations and Other     60 60 3,586 364 154 241 136 4,481 Marina Bay Sands 1,012 195 111 85 52 1,455 United States: Las Vegas Operating Properties 225 313 180  219 937 Sands Bethlehem (1) 199 7 11 1 9 227 424 320 191 1 228 1,164 Intercompany eliminations (2)    (1 ) (119 ) (120 ) Total net revenues $ 5,022 $ 879 $ 456 $ 326 $ 297 $ 6,980 Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues Six Months Ended June 30, 2018 Macao: The Venetian Macao $ 1,393 $ 109 $ 41 $ 109 $ 46 $ 1,698 Sands Cotai Central 804 160 52 29 13 1,058 The Parisian Macao 599 61 31 30 9 730 The Plaza Macao and Four Seasons Hotel Macao 278 19 15 64 1 377 Sands Macao 308 8 14 2 2 334 Ferry Operations and Other     81 81 3,382 357 153 234 152 4,278 Marina Bay Sands 1,146 193 103 84 51 1,577 United States: Las Vegas Operating Properties 180 305 179  215 879 Sands Bethlehem (1) 237 8 12 2 11 270 417 313 191 2 226 1,149 Intercompany eliminations (2)     (122 ) (122 ) Total net revenues $ 4,945 $ 863 $ 447 $ 320 $ 307 $ 6,882 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019 (see "Note 1  Organization and Business of Company"). Results of operations include Sands Bethlehem through May 30, 2019. (2) Intercompany eliminations include royalties and other intercompany services. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In millions) Intersegment Revenues Macao: The Venetian Macao $ 1 $ 1 $ 2 $ 2 Ferry Operations and Other 7 6 13 12 8 7 15 14 Marina Bay Sands 1 3 2 5 Las Vegas Operating Properties (1) 48 48 103 103 Total intersegment revenues $ 57 $ 58 $ 120 $ 122 ____________________ (1) Primarily consists of royalties from the Company's international operations. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In millions) Adjusted Property EBITDA Macao: The Venetian Macao $ 336 $ 331 $ 697 $ 679 Sands Cotai Central 165 176 377 377 The Parisian Macao 139 114 302 230 The Plaza Macao and Four Seasons Hotel Macao 83 72 168 145 Sands Macao 43 52 83 99 Ferry Operations and Other (1 ) 5 (4 ) 9 765 750 1,623 1,539 Marina Bay Sands 346 368 769 909 United States: Las Vegas Operating Properties 136 77 274 218 Sands Bethlehem (1) 19 30 52 59 155 107 326 277 Consolidated adjusted property EBITDA (2) 1,266 1,225 2,718 2,725 Other Operating Costs and Expenses Stock-based compensation (3) (4 ) (3 ) (7 ) (7 ) Corporate (51 ) (33 ) (203 ) (89 ) Pre-opening (10 ) (2 ) (14 ) (3 ) Development (4 ) (2 ) (9 ) (5 ) Depreciation and amortization (289 ) (274 ) (590 ) (538 ) Amortization of leasehold interests in land (14 ) (9 ) (23 ) (18 ) Loss on disposal or impairment of assets  (105 ) (7 ) (110 ) Operating income 894 797 1,865 1,955 Other Non-Operating Costs and Expenses Interest income 17 9 37 14 Interest expense, net of amounts capitalized (143 ) (93 ) (284 ) (182 ) Other income (expense) 20 44 (1 ) 18 Gain on sale of Sands Bethlehem 556  556  Loss on modification or early retirement of debt    (3 ) Income tax (expense) benefit (236 ) (81 ) (321 ) 490 Net income $ 1,108 $ 676 $ 1,852 $ 2,292 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019 (see "Note 1  Organization and Business of Company"). Results of operations include Sands Bethlehem through May 30, 2019. (2) 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. (3) During the three months ended June 30, 2019 and 2018 , the Company recorded stock-based compensation expense of $9 million and $7 million , respectively, of which $5 million and $4 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the six months ended June 30, 2019 and 2018 , the Company recorded stock-based compensation expense of $18 million and $16 million , respectively, of which $11 million and $9 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. Six Months Ended June 30, 2019 2018 (In millions) Capital Expenditures Corporate and Other $ 49 $ 54 Macao: The Venetian Macao 38 69 Sands Cotai Central 109 53 The Parisian Macao 14 68 The Plaza Macao and Four Seasons Hotel Macao 60 22 Sands Macao 6 8 227 220 Marina Bay Sands 98 72 United States: Las Vegas Operating Properties 77 58 Sands Bethlehem (1) 2 12 79 70 Total capital expenditures $ 453 $ 416 ____________________ (1) The Company completed the sale of Sands Bethlehem on May 31, 2019 (see "Note 1  Organization and Business of Company"). Capital expenditures for Sands Bethlehem are through May 30, 2019.