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Company-Wide Operating Results
Net revenue for the second quarter of 2011 was a record
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2011 increased 264.6% to reach
Adjusted net income (see Note 1) increased to
On a GAAP basis, net income attributable to common stockholders in the second quarter of 2011 increased to
Second Quarter Overview
We are pleased to report record financial results for the second quarter of 2011. We set quarterly records for both net revenue and adjusted property EBITDA during the quarter. Strong revenue growth and margin expansion in
In
In
In
The financial benefits of our integrated resort business model, the successful execution of our deleveraging strategy, and the improving margin profile of our property portfolio in
Sands China Ltd. Consolidated Financial Results
Sands China Ltd. is a majority-owned subsidiary of the company, which owns and operates the company's integrated resort properties and other assets in
The Venetian Macao Second Quarter Operating Results
The Venetian Macao continues to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of
The following table summarizes our key operating results for The Venetian Macao for the second quarter of 2011 compared to the second quarter of 2010:
The Venetian Macao Three Months Ended
Operations June 30,
------------------------
(Dollars in millions) 2011 2010 $ Change Change
----------- ----------- ----------- ----------
Revenues:
Casino $ 648.5 $ 506.1 $ 142.4 28.1%
Rooms 51.4 47.8 3.6 7.5%
Food and Beverage 16.3 15.5 0.8 5.2%
Retail and Other 43.7 37.9 5.8 15.3%
Less - Promotional
Allowances (24.5) (26.3) 1.8 6.8%
----------- ----------- -----------
Net Revenues $ 735.4 $ 581.0 $ 154.4 26.6%
Adjusted Property EBITDA $ 258.4 $ 192.8 $ 65.6 34.0%
EBITDA Margin % 35.1% 33.2% 1.9 pts
Operating Income $ 214.5 $ 134.7 $ 79.8 59.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 13,369.9 $ 9,765.6 $ 3,604.3 36.9%
Rolling Chip Win %(1) 3.46% 3.36% 0.10 pts
Non-Rolling Chip Drop $ 1,024.2 $ 897.7 $ 126.5 14.1%
Non-Rolling Chip Win %(2) 25.6% 24.8% 0.8 pts
Slot Handle $ 858.2 $ 701.6 $ 156.6 22.3%
Slot Hold %(3) 6.7% 7.1% -0.4 pts
Hotel Statistics
Occupancy % 89.7% 91.9% -2.2 pts
Average Daily Rate (ADR) $ 223 $ 203 $ 20 9.9%
Revenue per Available
Room (RevPAR) $ 200 $ 187 $ 13 7.0%
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 26.9% (calculated before discounts).
(3)This compares to The Venetian Macao's trailing 12 month slot hold percentage of 6.9% (calculated before slot club cash incentives).
Sands Macao Second Quarter Operating Results
Sands
The following table summarizes our key operating results for the Sands Macao for the second quarter of 2011 compared to the second quarter of 2010:
Three Months Ended
Sands Macao Operations June 30,
------------------------
(Dollars in millions) 2011 2010 $ Change Change
----------- ----------- ----------- ----------
Revenues:
Casino $ 323.7 $ 297.1 $ 26.6 9.0%
Rooms 5.6 6.2 (0.6) -9.7%
Food and Beverage 10.0 9.9 0.1 1.0%
Retail and Other 2.1 1.2 0.9 75.0%
Less - Promotional
Allowances (10.4) (12.2) 1.8 14.8%
----------- ----------- -----------
Net Revenues $ 331.0 $ 302.2 $ 28.8 9.5%
Adjusted Property EBITDA $ 95.6 $ 81.2 $ 14.4 17.7%
EBITDA Margin % 28.9% 26.9% 2.0 pts
Operating Income $ 87.0 $ 70.0 $ 17.0 24.3%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 7,753.3 $ 7,220.9 $ 532.4 7.4%
Rolling Chip Win %(1) 2.98% 3.05% -0.07 pts
Non-Rolling Chip Drop $ 713.5 $ 603.6 $ 109.9 18.2%
Non-Rolling Chip Win
%(2) 20.0% 20.7% -0.7 pts
Slot Handle $ 462.6 $ 406.6 $ 56.0 13.8%
Slot Hold %(3) 5.8% 5.5% 0.3 pts
Hotel Statistics
Occupancy % 88.0% 97.8% -9.8 pts
Average Daily Rate (ADR)$ 242 $ 245 $ (3) -1.2%
Revenue per Available
Room (RevPAR) $ 213 $ 239 $ (26) -10.9%
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.3% (calculated before discounts).
(3)This compares to the Sands Macao's trailing 12 month slot hold percentage of 6.0% (calculated before slot club cash incentives).
Four
The following table summarizes our key operating results for the
Four Seasons Hotel Macao
and Plaza Casino Three Months Ended
Operations June 30,
------------------------
(Dollars in millions) 2011 2010 $ Change Change
----------- ----------- ----------- ----------
Revenues:
Casino $ 98.3 $ 132.5 $ (34.2) -25.8%
Rooms 7.6 6.9 0.7 10.1%
Food and Beverage 5.4 5.4 - 0.0%
Retail and Other 15.8 7.0 8.8 125.7%
Less - Promotional
Allowances (6.3) (7.7) 1.4 18.2%
----------- ----------- -----------
Net Revenues $ 120.8 $ 144.1 $ (23.3) -16.2%
Adjusted Property EBITDA $ 37.6 $ 33.0 $ 4.6 13.9%
EBITDA Margin % 31.2% 22.9% 8.3 pts
Operating Income $ 22.6 $ 20.6 $ 2.0 9.7%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 3,355.7 $ 4,845.0 $ (1,489.3) -30.7%
Rolling Chip Win %(1) 2.25% 3.07% -0.82 pts
Non-Rolling Chip Drop $ 96.9 $ 95.6 $ 1.3 1.4%
Non-Rolling Chip Win
%(2) 37.6% 28.4% 9.2 pts
Slot Handle $ 200.6 $ 107.6 $ 93.0 86.4%
Slot Hold %(3) 5.4% 5.6% -0.2 pts
Hotel Statistics
Occupancy % 67.8% 69.1% -1.3 pts
Average Daily Rate (ADR)$ 323 $ 298 $ 25 8.4%
Revenue per Available
Room (RevPAR) $ 219 $ 206 $ 13 6.3%
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the
(3)This compares to the
Marina Bay Sands Second Quarter Operating Results
Marina Bay Sands in
Gaming volumes reflected strong growth in each segment of the business. Rolling Chip volume was a record
The Room, Food and Beverage, and Retail segments of the property all reflected growth as the property's offerings and amenities continued to mature. Occupancy, Average Daily Rate and RevPAR all expanded during the quarter.
The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2011:
Three Months
Ended
Marina Bay Sands Operations June 30,
(Dollars in millions) 2011
-------------
Revenues:
Casino $ 594.6
Rooms 61.6
Food and Beverage 45.4
Retail and Other 73.3
Less - Promotional Allowances (37.3)
-------------
Net Revenues $ 737.6
Adjusted Property EBITDA $ 405.4
EBITDA Margin % 55.0%
Operating Income $ 315.3
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 12,228.8
Rolling Chip Win %(1) 2.99%
Non-Rolling Chip Drop $ 1,114.5
Non-Rolling Chip Win % 22.5%
Slot Handle $ 2,380.7
Slot Hold % 5.4%
Hotel Statistics
Occupancy % 90.8%
Average Daily Rate (ADR) $ 295
Revenue per Available Room (RevPAR) $ 268
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Las Vegas Second Quarter Operating Results
The Venetian and The Palazzo delivered
The following table summarizes our key operating results for our
Three Months Ended
Las Vegas Operations June 30,
------------------------
(Dollars in millions) 2011 2010(1) $ Change Change
----------- ----------- ----------- ----------
Revenues:
Casino $ 105.1 $ 102.9 $ 2.2 2.1%
Rooms 112.9 120.2 (7.3) -6.1%
Food and Beverage 63.4 56.4 7.0 12.4%
Retail, Royalty Fee and
Other 68.0 43.6 24.4 56.0%
Less - Promotional
Allowances (16.9) (41.9) 25.0 59.7%
----------- ----------- -----------
Net Revenues $ 332.5 $ 281.2 $ 51.3 18.2%
Adjusted Property EBITDA $ 92.9 $ 66.0 $ 26.9 40.8%
EBITDA Margin % 27.9% 23.5% 4.4 pts
Operating Income $ 53.8 $ 2.9 $ 50.9 1,755.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 422.2 $ 417.1 $ 5.1 1.2%
Table Games Win %(2) 20.0% 13.8% 6.2 pts
Slot Handle $ 411.5 $ 670.8 $ (259.3) -38.7%
Slot Hold %(3) 8.8% 7.8% 1.0 pts
Hotel Statistics
Occupancy % 88.8% 97.8% -9.0 pts
Average Daily Rate (ADR)$ 200 $ 192 $ 8 4.2%
Revenue per Available
Room (RevPAR) $ 177 $ 187 $ (10) -5.3%
(1) Revenue amounts and hotel statistics have been reclassified to conform to the current presentation.
(2) This compares to our Las Vegas Operation's trailing 12 month table games win percentage of 16.0% (calculated before discounts).
(3) This compares to our Las Vegas Operation's trailing 12 month slot hold percentage of 8.0% (calculated before slot club cash incentives).
Sands Bethlehem Second Quarter Operating Results
Net revenue for Sands Bethlehem in
The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2011 compared to the second quarter of 2010:
Three Months Ended
Sands Bethlehem Operations June 30,
------------------------
(Dollars in millions) 2011 2010(1) $ Change Change
----------- ----------- ----------- ----------
Revenues:
Casino $ 92.0 $ 65.0 $ 27.0 41.5%
Rooms 0.7 0.0 0.7 N/A
Food and Beverage 5.5 4.4 1.1 25.0%
Retail and Other 3.6 1.9 1.7 89.5%
Less - Promotional
Allowances (4.7) (2.7) (2.0) -74.1%
----------- ----------- -----------
Net Revenues $ 97.1 $ 68.6 $ 28.5 41.5%
Adjusted Property EBITDA $ 21.0 $ 12.1 $ 8.9 73.6%
EBITDA Margin % 21.7% 17.7% 4.0 pts
Operating Income $ 12.5 $ 3.7 $ 8.8 237.8%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 151.5 $ N/A $ N/A N/A
Table Games Win % 14.0% N/A N/A N/A
Slot Handle $ 947.9 $ 947.4 $ 0.5 0.1%
Slot Hold %(2) 7.2% 6.9% 0.3 pts
Hotel Statistics
Occupancy % 49.1% N/A N/A N/A
Average Daily Rate (ADR)$ 168 $ N/A $ N/A N/A
Revenue per Available
Room (RevPAR) $ 83 $ N/A $ N/A N/A
(1) Table games were introduced at the property on
(2) This compares to Sands Bethlehem's trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).
Other Factors Affecting Earnings
Other
Pre-opening expenses, related principally to Marina Bay Sands in
Depreciation and amortization expense was
Interest expense, net of amounts capitalized, was
Corporate expense was
Other income, which was principally composed of foreign currency gains, was
The company's effective tax rate for the second quarter of 2011 was 10.0%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17%
Net income attributable to noncontrolling interests during the second quarter of
Balance Sheet Items
Unrestricted cash balances as of
As of
Capital Expenditures
Capital expenditures during the second quarter totaled
Conference Call Information
The company will host a conference call to discuss the company's results on
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificates and subconcession, infrastructure in
Note 1
Adjusted net income excludes pre-opening expense, development expense, loss on disposal of assets, gain on early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement and repurchase premiums.
About
THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands Bethlehem in
Through its majority-owned subsidiary
The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Sheraton and St. Regis hotel brands.
Second Quarter 2011 Results
Non-GAAP Reconciliations
Within the company's second quarter 2011 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to
Las Vegas Sands Corp. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 ------------- ------------- ------------- ------------- Revenues: Casino $ 1,862,272 $ 1,294,301 $ 3,526,761 $ 2,356,071 Rooms 239,696 190,767 471,670 371,549 Food and beverage 146,016 105,079 291,409 197,158 Convention, retail and other 200,642 115,266 365,297 223,481 ------------- ------------- ------------- ------------- 2,448,626 1,705,413 4,655,137 3,148,259 Less - promotional allowances (103,530) (110,937) (198,122) (218,895) ------------- ------------- ------------- ------------- 2,345,096 1,594,476 4,457,015 2,929,364 ------------- ------------- ------------- ------------- Operating expenses: Resort operations 1,450,362 1,129,774 2,824,842 2,099,471 Corporate expense 42,376 25,954 79,952 49,430 Rental expense 10,034 12,806 23,190 21,504 Pre-opening expense 18,178 50,118 27,649 87,577 Development expense 2,420 676 2,993 833 Depreciation and amortization 206,161 170,694 396,398 323,783 Loss on disposal of assets 7,443 37,679 7,942 38,171 ------------- ------------- ------------- ------------- 1,736,974 1,427,701 3,362,966 2,620,769 ------------- ------------- ------------- ------------- Operating income 608,122 166,775 1,094,049 308,595 Interest income 4,028 2,073 6,075 3,706 Interest expense, net of amounts capitalized (70,592) (76,987) (144,177) (155,152) Other income (expense) 1,908 (6,201) (2,767) (12,649) Gain on early retirement of debt - 961 - 3,137 ------------- ------------- ------------- ------------- Income before income taxes 543,466 86,621 953,180 147,637 Income tax expense (54,374) (8,073) (99,585) (21,275) ------------- ------------- ------------- ------------- Net income 489,092 78,548 853,595 126,362 Net income attributable to noncontrolling interests (78,455) (36,741) (153,635) (66,974) ------------- ------------- ------------- ------------- Net income attributable to Las Vegas Sands Corp. 410,637 41,807 699,960 59,388 Preferred stock dividends (19,219) (23,350) (38,817) (46,700) Accretion to redemption value of preferred stock issued to Principal Stockholder's family (23,136) (23,136) (46,272) (46,272) Preferred stock inducement and repurchase premiums (675) - (19,108) - ------------- ------------- ------------- ------------- Net income (loss) attributable to common stockholders $ 367,607 $ (4,679) $ 595,763 $ (33,584) ============= ============= ============= ============= Basic earnings (loss) per share$ 0.50 $ (0.01) $ 0.82 $ (0.05) ============= ============= ============= ============= Diluted earnings (loss) per share$ 0.45 $ (0.01) $ 0.73 $ (0.05) ============= ============= ============= ============= Weighted average shares outstanding: Basic 728,695,140 660,364,559 726,056,840 660,322,428 ============= ============= ============= ============= Diluted 811,274,706 660,364,559 811,243,195 660,322,428 ============= ============= ============= =============Las Vegas Sands Corp. and Subsidiaries Non-GAAP Measure (In thousands) (Unaudited) The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA: Three Months Ended June 30, 2011 (Gain) Pre-Opening Operating Depreciation Loss on and Income and Disposal Development Royalty (Loss) Amortization of Assets Expense Fees ----------- ------------ ---------- ----------- ----------- The Venetian Macao $ 214,460 $ 42,132 $ (1,093) $ 18 $ - Sands Macao 86,982 7,737 21 - - Four Seasons Hotel Macao and Plaza Casino 22,602 13,150 37 1,002 - ----------- ------------ ---------- ----------- ----------- Macau Property Operations 324,044 63,019 (1,035) 1,020 - Las Vegas Operating Properties 53,811 65,037 (1,715) - (27,111) Sands Bethlehem 12,508 7,532 - 484 - ----------- ------------ ---------- ----------- ----------- United States Property Operations 66,319 72,569 (1,715) 484 (27,111) Marina Bay Sands 315,292 62,078 56 274 22,334 Other Asia (2) (18,522) 3,843 4 133 5,000 Other Development (24,718) 174 2,471 18,687 - Corporate (54,293) 4,478 7,662 - (223) ----------- ------------ ---------- ----------- ----------- $ 608,122 $ 206,161 $ 7,443 $ 20,598 $ - =========== ============ ========== =========== ===========Las Vegas Sands Corp. and Subsidiaries Non-GAAP Measure (In thousands) (Unaudited) The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA: Three Months Ended June 30, 2011 (1) Adjusted Stock-Based Corporate Rental Property Compensation Expense Expense EBITDA ------------ ----------- ----------- ----------- The Venetian Macao $ 1,821 $ - $ 1,028 $ 258,366 Sands Macao 481 - 352 95,573 Four Seasons Hotel Macao and Plaza Casino 126 - 703 37,620 ------------ ----------- ----------- ----------- Macau Property Operations 2,428 - 2,083 391,559 Las Vegas Operating Properties 2,887 - - 92,909 Sands Bethlehem 515 - - 21,039 ------------ ----------- ----------- ----------- United States Property Operations 3,402 - - 113,948 Marina Bay Sands 760 - 4,565 405,359 Other Asia (2) 312 - - (9,230) Other Development - - 3,386 - Corporate - 42,376 - - ------------ ----------- ----------- ----------- $ 6,902 $ 42,376 $ 10,034 $ 901,636 ============ =========== =========== ===========
Three Months Ended June 30, 2010
(Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development Royalty
(Loss) Amortization of Assets Expense Fees
----------- ------------ ---------- ----------- -----------
The Venetian
Macao $ 134,667 $ 51,073 $ 218 $ - $ -
Sands Macao 70,009 10,373 (278) - -
Four Seasons
Hotel Macao
and Plaza
Casino 20,553 10,218 - 780 -
----------- ------------ ---------- ----------- -----------
Macau
Property
Operations 225,229 71,664 (60) 780 -
Las Vegas
Operating
Properties 2,923 58,874 277 - -
Sands Bethlehem 3,679 7,034 - 840 -
----------- ------------ ---------- ----------- -----------
United States
Property
Operations 6,602 65,908 277 840 -
Marina Bay
Sands 52,043 25,282 (9) 13,409 -
Other Asia (2) (10,523) 4,043 - 46 -
Other
Development (77,605) 780 37,471 35,719 -
Corporate (28,971) 3,017 - - -
----------- ------------ ---------- ----------- -----------
$ 166,775 $ 170,694 $ 37,679 $ 50,794 $ -
=========== ============ ========== =========== ===========
Three Months Ended June 30, 2010
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ 1,859 $ - $ 5,012 $ 192,829
Sands Macao 754 - 354 81,212
Four Seasons
Hotel Macao
and Plaza
Casino 118 - 1,330 32,999
------------ ----------- ----------- -----------
Macau
Property
Operations 2,731 - 6,696 307,040
Las Vegas
Operating
Properties 3,918 - - 65,992
Sands Bethlehem 568 - - 12,121
------------ ----------- ----------- -----------
United States
Property
Operations 4,486 - - 78,113
Marina Bay
Sands 1,266 - 2,475 94,466
Other Asia (2) 280 - - (6,154)
Other
Development - - 3,635 -
Corporate - 25,954 - -
------------ ----------- ----------- -----------
$ 8,763 $ 25,954 $ 12,806 $ 473,465
============ =========== =========== ===========
Six Months Ended June 30, 2011
(Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development Royalty
(Loss) Amortization of Assets Expense Fees
---------- ------------ ---------- ------------ -----------
The Venetian
Macao $ 395,301 $ 85,411 $ (720) $ 215 $ -
Sands Macao 170,895 15,549 122 - -
Four Seasons
Hotel Macao
and Plaza
Casino 65,282 26,504 122 1,631 -
---------- ------------ ---------- ------------ -----------
Macau
Property
Operations 631,478 127,464 (476) 1,846 -
Las Vegas
Operating
Properties 85,129 119,117 (1,778) - (50,862)
Sands
Bethlehem 26,626 14,853 - 639 -
---------- ------------ ---------- ------------ -----------
United
States
Property
Operations 111,755 133,970 (1,778) 639 (50,862)
Marina Bay
Sands 512,019 117,984 743 2,844 41,275
Other Asia (2) (32,549) 7,970 2 192 10,000
Other
Development (32,792) 349 1,789 25,121 -
Corporate (95,862) 8,661 7,662 - (413)
---------- ------------ ---------- ------------ -----------
$1,094,049 $ 396,398 $ 7,942 $ 30,642 $ -
========== ============ ========== ============ ===========
Six Months Ended June 30, 2011
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ 3,262 $ - $ 3,297 $ 486,766
Sands Macao 950 - 705 188,221
Four Seasons
Hotel Macao
and Plaza
Casino 221 - 1,407 95,167
------------ ----------- ----------- -----------
Macau
Property
Operations 4,433 - 5,409 770,154
Las Vegas
Operating
Properties 6,468 - - 158,074
Sands
Bethlehem 1,030 - - 43,148
------------ ----------- ----------- -----------
United
States
Property
Operations 7,498 - - 201,222
Marina Bay
Sands 2,717 - 12,248 689,830
Other Asia (2) 549 - - (13,836)
Other
Development - - 5,533 -
Corporate - 79,952 - -
------------ ----------- ----------- -----------
$ 15,197 $ 79,952 $ 23,190 $ 1,647,370
============ =========== =========== ===========
Six Months Ended June 30, 2010
(Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development Royalty
(Loss) Amortization of Assets Expense Fees
---------- ------------ ---------- ------------ -----------
The Venetian
Macao $ 248,554 $ 104,235 $ 272 $ - $ -
Sands Macao 128,829 20,815 (589) - -
Four Seasons
Hotel Macao
and Plaza
Casino 24,731 24,571 (5) 988 -
---------- ------------ ---------- ------------ -----------
Macau
Property
Operations 402,114 149,621 (322) 988 -
Las Vegas
Operating
Properties 44,240 118,990 277 - -
Sands Bethlehem 7,311 13,892 - 875 -
---------- ------------ ---------- ------------ -----------
United States
Property
Operations 51,551 132,882 277 875 -
Marina Bay
Sands 52,043 25,282 (9) 13,409 -
Other Asia (2) (19,054) 7,961 - 44 -
Other
Development (122,593) 2,001 38,225 73,094 -
Corporate (55,466) 6,036 - - -
---------- ------------ ---------- ------------ -----------
$ 308,595 $ 323,783 $ 38,171 $ 88,410 $ -
========== ============ ========== ============ ===========
Six Months Ended June 30, 2010
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ 2,619 $ - $ 7,064 $ 362,744
Sands Macao 1,211 - 707 150,973
Four Seasons
Hotel Macao
and Plaza
Casino 224 - 1,985 52,494
------------ ----------- ----------- -----------
Macau
Property
Operations 4,054 - 9,756 566,211
Las Vegas
Operating
Properties 7,777 - - 171,284
Sands Bethlehem 1,011 - - 23,089
------------ ----------- ----------- -----------
United States
Property
Operations 8,788 - - 194,373
Marina Bay
Sands 1,266 - 2,475 94,466
Other Asia (2) 463 - - (10,586)
Other
Development - - 9,273 -
Corporate - 49,430 - -
------------ ----------- ----------- -----------
$ 14,571 $ 49,430 $ 21,504 $ 844,464
============ =========== =========== ===========
(1) During the three months ended
(2) Primarily includes the results of the CotaiJet ferry operations.
Las Vegas Sands Corp. and Subsidiaries Non-GAAP Measure (In thousands) (Unaudited) The following is a reconciliation of Net Income Attributable toLas Vegas Sands Corp. to Adjusted Property EBITDA: Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Net income attributable to Las Vegas Sands Corp.$ 410,637 $ 41,807 $ 699,960 $ 59,388 Add (deduct): Net income attributable to noncontrolling interests 78,455 36,741 153,635 66,974 Income tax expense 54,374 8,073 99,585 21,275 Gain on early retirement of debt - (961) - (3,137) Other (income) expense (1,908) 6,201 2,767 12,649 Interest expense, net of amounts capitalized 70,592 76,987 144,177 155,152 Interest income (4,028) (2,073) (6,075) (3,706) Loss on disposal of assets 7,443 37,679 7,942 38,171 Depreciation and amortization 206,161 170,694 396,398 323,783 Development expense 2,420 676 2,993 833 Pre-opening expense 18,178 50,118 27,649 87,577 Stock-based compensation (1) 6,902 8,763 15,197 14,571 Rental expense 10,034 12,806 23,190 21,504 Corporate expense 42,376 25,954 79,952 49,430 ----------- ----------- ----------- ----------- Adjusted Property EBITDA $ 901,636 $ 473,465 $ 1,647,370 $ 844,464 =========== =========== =========== =========== (1) See prior page (Exhibit 2)
Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Net Revenues (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 ----------- ----------- ----------- ----------- The Venetian Macao $ 735,405 $ 581,032 $ 1,373,674 $ 1,130,727 Sands Macao 330,960 302,212 653,753 586,018 Four Seasons Hotel Macao and Plaza Casino 120,757 144,096 292,864 246,440 Las Vegas Operating Properties 332,522 281,219 637,597 611,729 Sands Bethlehem 97,120 68,624 188,150 135,865 Marina Bay Sands 737,569 216,393 1,322,494 216,393 Other Asia 32,450 28,386 66,223 52,558 Eliminations (41,687) (27,486) (77,740) (50,366) ----------- ----------- ----------- ----------- $ 2,345,096 $ 1,594,476 $ 4,457,015 $ 2,929,364 =========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 ---------- ---------- ---------- ---------- The Venetian Macao 35.1% 33.2% 35.4% 32.1% Sands Macao 28.9% 26.9% 28.8% 25.8% Four Seasons Hotel Macao and Plaza Casino 31.2% 22.9% 32.5% 21.3% Las Vegas Operating Properties 27.9% 23.5% 24.8% 28.0% Sands Bethlehem 21.7% 17.7% 22.9% 17.0% Marina Bay Sands 55.0% 43.7% 52.2% 43.7% Other Asia -28.4% -21.7% -20.9% -20.1% Total 38.4% 29.7% 37.0% 28.8%Las Vegas Sands Corp. and Subsidiaries Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share (In thousands, except share and per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 ------------ ------------ ------------ ------------ Net income (loss) attributable to common stockholders $ 367,607 $ (4,679) $ 595,763 $ (33,584) Pre-opening expense, net 18,131 50,118 27,165 87,577 Development expense, net 2,420 676 2,993 833 Loss on disposal of assets, net 7,443 37,679 7,942 38,171 Gain on early retirement of debt - (961) - (3,137) Preferred stock dividends 19,219 23,350 38,817 46,700 Accretion to redemption value of preferred stock issued to Principal Stockholder's family 23,136 23,136 46,272 46,272 Preferred stock inducement and repurchase premiums 675 - 19,108 - ------------ ------------ ------------ ------------ Adjusted net income $ 438,631 $ 129,319 $ 738,060 $ 182,832 ============ ============ ============ ============ Per diluted share of common stock: Net income (loss) attributable to common stockholders $ 0.46 $ (0.01) $ 0.74 $ (0.04) Pre-opening expense, net 0.02 0.07 0.03 0.11 Development expense, net - - - - Loss on disposal of assets, net 0.01 0.05 0.01 0.05 Gain on early retirement of debt - - - - Preferred stock dividends 0.02 0.03 0.05 0.06 Accretion to redemption value of preferred stock issued to Principal Stockholder's family 0.03 0.03 0.06 0.06 Preferred stock inducement and repurchase premiums - - 0.02 - ------------ ------------ ------------ ------------ Adjusted earnings per diluted share $ 0.54 $ 0.17 $ 0.91 $ 0.24 ============ ============ ============ ============ Weighted average diluted shares outstanding 811,274,706 782,625,373 811,243,195 776,713,399Las Vegas Sands Corp. and Subsidiaries Supplemental Data Schedule (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Room Statistics: The Venetian Macao: Occupancy % 89.7% 91.9% 88.1% 92.4% Average daily room rate (ADR) (1) $ 223 $ 203 $ 225 $ 203 Revenue per available room (RevPAR) (2) $ 200 $ 187 $ 198 $ 187 Sands Macao: Occupancy % 88.0% 97.8% 86.5% 97.6% Average daily room rate (ADR) (1) $ 242 $ 245 $ 247 $ 253 Revenue per available room (RevPAR) (2) $ 213 $ 239 $ 213 $ 247 Four Seasons Hotel Macao and Plaza Casino: Occupancy % 67.8% 69.1% 66.2% 71.0% Average daily room rate (ADR) (1) $ 323 $ 298 $ 331 $ 288 Revenue per available room (RevPAR) (2) $ 219 $ 206 $ 220 $ 204 Las Vegas Operating Properties: Occupancy % 88.8% 97.8% 86.4% 94.5% Average daily room rate (ADR) (1) $ 200 $ 192 $ 206 $ 199 Revenue per available room (RevPAR) (2) $ 177 $ 187 $ 178 $ 188 Sands Bethlehem: Occupancy % 49.1% N/A 49.1% N/A Average daily room rate (ADR) (1) $ 168 N/A $ 168 N/A Revenue per available room (RevPAR) (2) $ 83 N/A $ 83 N/A Marina Bay Sands: Occupancy % 90.8% 54.9% 88.6% 54.9% Average daily room rate (ADR) (1) $ 295 $ 226 $ 290 $ 226 Revenue per available room (RevPAR) (2) $ 268 $ 124 $ 257 $ 124 Casino Statistics: The Venetian Macao: Table games win per unit per day (3) $ 13,269 $ 10,193 $ 12,276 $ 9,973 Slot machine win per unit per day (4) $ 295 $ 251 $ 279 $ 252 Average number of table games 600 594 599 596 Average number of slot machines 2,154 2,181 2,152 2,183 Sands Macao: Table games win per unit per day (3) $ 9,926 $ 9,116 $ 9,875 $ 8,889 Slot machine win per unit per day (4) $ 257 $ 209 $ 267 $ 211 Average number of table games 414 416 415 415 Average number of slot machines 1,157 1,180 1,145 1,173 Four Seasons Hotel Macao and Plaza Casino: Table games win per unit per day (3) $ 10,420 $ 16,579 $ 13,988 $ 13,818 Slot machine win per unit per day (4) $ 627 $ 352 $ 662 $ 426 Average number of table games 118 117 118 117 Average number of slot machines 190 187 192 185 Las Vegas Operating Properties: Table games win per unit per day (3) $ 4,032 $ 2,762 $ 3,586 $ 4,420 Slot machine win per unit per day (4) $ 152 $ 212 $ 147 $ 202 Average number of table games 230 230 228 232 Average number of slot machines 2,608 2,701 2,666 2,779 Sands Bethlehem: Table games win per unit per day (3) $ 2,550 N/A $ 2,698 N/A Slot machine win per unit per day (4) $ 249 $ 229 $ 244 $ 224 Average number of table games 91 N/A 84 N/A Average number of slot machines 3,024 3,121 3,020 3,170 Marina Bay Sands: Table games win per unit per day (3) $ 11,185 $ 5,255 $ 9,936 $ 5,255 Slot machine win per unit per day (4) $ 611 $ 364 $ 568 $ 364 Average number of table games 606 588 610 588 Average number of slot machines 2,297 1,523 2,293 1,523
(1) ADR is calculated by dividing total room revenue by total rooms occupied.
(2) RevPAR is calculated by dividing total room revenue by total rooms available.
(3) Table games win per unit per day is shown before discounts and commissions.
(4) Slot machine win per unit per day is shown before deducting cost for slot points.
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