What Las Vegas Sands Corp. told the SEC could break it.

After selling its Las Vegas operations, Las Vegas Sands depends on properties in just two markets — Macao and Singapore — for all of its cash flow, with substantially all of SCL's assets and revenue in Macao.

“We depend primarily on our properties in two markets for all of our cash flow, and because we are a parent company, our primary source of cash is and will be distributions from our subsidiaries. ... Substantially all of SCL's assets are located in Macao and substantially all of SCL's revenue is derived from Macao.”

LVS depends on its Macao gaming concession and Singapore gaming license; results are exposed to Macao/China political-legal risk (capital/FX controls), Singapore casino-tax and GST increases (GST to 9%; casino tax to 8%/18%), and changes in laws or their interpretation.

“Our business development plans, financial condition, results of operations and cash flows may be materially and adversely 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.”

LVS depends on customers' willingness and ability to travel to its Macao and Singapore properties (only a portion is local); infectious-disease outbreaks, disasters or political instability that curb travel sharply reduce visitation and revenue.

“Our business is sensitive to the willingness of our customers to travel . We are dependent on the willingness of our customers to travel. Only a portion of our business is and will be generated by local residents. Most of our customers travel to reach our Macao and Singapore properties. Infectious diseases may severely disrupt, and in the past, have severely disrupted, domestic and international travel”