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In the First Quarter of 2012 Compared to the First Quarter of 2011:
First Quarter Overview
We are extremely pleased to report record financial results for the first quarter of 2012. Strong growth and EBITDA margins at our
In
We are extremely gratified to have successfully opened on
In
In
The reliable and predictable nature of the cash flows generated by our
The board of directors of
Company-Wide Operating Results
Net revenue for the first quarter of 2012 was a record
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2012 increased 45.6% to reach
Adjusted net income (see Note 1) increased to
On a GAAP basis, net income attributable to common stockholders in the first quarter of 2012 increased 118.7% to
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. increased 25.0% to
The Venetian Macao First Quarter Operating Results
The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of
The following table summarizes the key operating results for The Venetian Macao for the first quarter of 2012 compared to the first quarter of 2011:
The Venetian Macao Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 673.9 $ 553.4 $ 120.5 21.8%
Rooms 59.0 50.2 8.8 17.5%
Food and Beverage 22.5 18.3 4.2 23.0%
Mall 26.1 23.0 3.1 13.5%
Convention, Retail and Other 23.1 13.6 9.5 69.9%
Less - Promotional Allowances (31.8) (20.2) (11.6) -57.4%
--------- --------- ---------
Net Revenues $ 772.8 $ 638.3 $ 134.5 21.1%
Adjusted Property EBITDA $ 281.9 $ 228.4 $ 53.5 23.4%
EBITDA Margin % 36.5% 35.8% 0.7 pts
Operating Income $ 198.6 $ 180.8 $ 17.8 9.8%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $13,801.6 $12,389.0 $ 1,412.6 11.4%
Rolling Chip Win %(1) 2.93% 2.69% 0.24 pts
Non-Rolling Chip Drop $ 1,105.6 $ 980.6 $ 125.0 12.7%
Non-Rolling Chip Win %(2) 30.7% 27.9% 2.8 pts
Slot Handle $ 1,240.8 $ 743.1 $ 497.7 67.0%
Slot Hold %(3) 5.6% 6.9% -1.3 pts
Hotel Statistics
Occupancy % 93.4% 86.5% 6.9 pts
Average Daily Rate (ADR) $ 244 $ 227 $ 17 7.5%
Revenue per Available Room
(RevPAR) $ 228 $ 197 $ 31 15.7%
(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 27.3% (calculated before discounts).
(3) This compares to The Venetian Macao's trailing 12 month slot hold
percentage of 6.4% (calculated before slot club cash incentives).
Sands Macao First Quarter Operating Results
Sands
The following table summarizes our key operating results for the Sands Macao for the first quarter of 2012 compared to the first quarter of 2011:
Sands Macao Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 341.1 $ 315.7 $ 25.4 8.0%
Rooms 6.2 5.5 0.7 12.7%
Food and Beverage 9.3 10.0 (0.7) -7.0%
Convention, Retail and Other 2.6 2.4 0.2 8.3%
Less - Promotional Allowances (10.1) (10.8) 0.7 6.5%
--------- --------- ---------
Net Revenues $ 349.1 $ 322.8 $ 26.3 8.1%
Adjusted Property EBITDA $ 107.0 $ 92.6 $ 14.4 15.6%
EBITDA Margin % 30.6% 28.7% 1.9 pts
Operating Income $ 98.5 $ 83.9 $ 14.6 17.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,433.5 $ 8,269.4 $(1,835.9) -22.2%
Rolling Chip Win %(1) 3.73% 2.75% 0.98 pts
Non-Rolling Chip Drop $ 707.8 $ 688.7 $ 19.1 2.8%
Non-Rolling Chip Win %(2) 21.2% 20.3% 0.9 pts
Slot Handle $ 663.2 $ 435.9 $ 227.3 52.1%
Slot Hold %(3) 4.4% 6.5% -2.1 pts
Hotel Statistics
Occupancy % 93.8% 84.9% 8.9 pts
Average Daily Rate (ADR) $ 252 $ 251 $ 1 0.4%
Revenue per Available Room
(RevPAR) $ 236 $ 213 $ 23 10.8%
(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 20.5% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold
percentage of 5.5% (calculated before slot club cash incentives).
Four Seasons Hotel Macao and
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and
Plaza Casino Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 282.9 $ 160.8 $ 122.1 75.9%
Rooms 10.1 7.5 2.6 34.7%
Food and Beverage 6.8 5.0 1.8 36.0%
Mall 10.5 5.3 5.2 98.1%
Convention, Retail and Other 0.7 0.5 0.2 40.0%
Less - Promotional Allowances (11.4) (7.0) (4.4) -62.9%
--------- --------- ---------
Net Revenues $ 299.6 $ 172.1 $ 127.5 74.1%
Adjusted Property EBITDA $ 67.5 $ 57.5 $ 10.0 17.4%
EBITDA Margin % 22.5% 33.4% -10.9 pts
Operating Income $ 53.4 $ 42.7 $ 10.7 25.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $12,703.2 $ 3,948.0 $ 8,755.2 221.8%
Rolling Chip Win %(1) 2.83% 3.90% -1.07 pts
Non-Rolling Chip Drop $ 105.9 $ 82.4 $ 23.5 28.5%
Non-Rolling Chip Win %(2) 41.7% 40.1% 1.6 pts
Slot Handle $ 198.2 $ 187.5 $ 10.7 5.7%
Slot Hold %(3) 6.0% 6.5% -0.5 pts
Hotel Statistics
Occupancy % 82.3% 64.6% 17.7 pts
Average Daily Rate (ADR) $ 360 $ 341 $ 19 5.6%
Revenue per Available Room
(RevPAR) $ 296 $ 220 $ 76 34.5%
(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 Plaza Casino's trailing 12 month Non-Rolling Chip
win percentage of 40.3% (calculated before discounts).
(3) This compares to the Plaza Casino's trailing 12 month slot hold
percentage of 5.7% (calculated before slot club cash incentives).
Marina Bay Sands First Quarter Operating Results
Marina Bay Sands in
Gaming volumes reflected strong growth in each segment of the business. Rolling Chip volume increased 26.4% to reach
The high margin hotel room and mall segments of the property both reflected strong revenue growth of 38.2% and 25.0%, respectively, as the property's full complement of offerings and amenities continued to mature. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 36.2% compared to the same quarter last year.
The following table summarizes our key operating results for Marina Bay Sands for the first quarter of 2012 compared to the first quarter of 2011:
Marina Bay Sands Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 701.3 $ 464.4 $ 236.9 51.0%
Rooms 77.1 55.8 21.3 38.2%
Food and Beverage 47.1 43.2 3.9 9.0%
Mall 34.5 27.6 6.9 25.0%
Convention, Retail and Other 29.8 25.7 4.1 16.0%
Less - Promotional Allowances (41.1) (31.8) (9.3) -29.2%
--------- --------- ---------
Net Revenues $ 848.7 $ 584.9 $ 263.8 45.1%
Adjusted Property EBITDA $ 472.5 $ 284.5 $ 188.0 66.1%
EBITDA Margin % 55.7% 48.6% 7.1 pts
Operating Income $ 373.2 $ 196.7 $ 176.5 89.7%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $12,804.5 $10,132.3 $ 2,672.2 26.4%
Rolling Chip Win %(1) 3.58% 2.56% 1.02 pts
Non-Rolling Chip Drop $ 1,167.0 $ 986.4 $ 180.6 18.3%
Non-Rolling Chip Win %(2) 22.2% 22.6% -0.4 pts
Slot Handle $ 2,740.6 $ 2,041.8 $ 698.8 34.2%
Slot Hold %(3) 5.4% 5.3% 0.1 pts
Hotel Statistics
Occupancy % 98.4% 86.3% 12.1 pts
Average Daily Rate (ADR) $ 341 $ 285 $ 56 19.6%
Revenue per Available Room
(RevPAR) $ 335 $ 246 $ 89 36.2%
(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 Marina Bay Sands trailing 12 month Non-Rolling Chip win
percentage of 23.0% (calculated before discounts).
(3) This compares to Marina Bay Sands trailing 12 month slot hold percentage
of 5.3% (calculated before slot club cash incentives).
Las Vegas First Quarter Operating Results
The Venetian and The Palazzo delivered adjusted property EBITDA of
The following table summarizes our key operating results for our
Three Months Ended
Las Vegas Operations March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 158.7 $ 83.1 $ 75.6 91.0%
Rooms 113.4 112.9 0.5 0.4%
Food and Beverage 61.0 64.0 (3.0) -4.7%
Convention, Retail and Other 74.7 63.5 11.2 17.6%
Less - Promotional Allowances (23.2) (18.4) (4.8) -26.1%
--------- --------- ---------
Net Revenues $ 384.6 $ 305.1 $ 79.5 26.1%
Adjusted Property EBITDA $ 115.8 $ 65.2 $ 50.6 77.6%
EBITDA Margin % 30.1% 21.4% 8.7 pts
Operating Income $ 87.7 $ 31.3 $ 56.4 180.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 609.0 $ 476.6 $ 132.4 27.8%
Table Games Win %(1) 24.0% 13.3% 10.7 pts
Slot Handle $ 483.8 $ 407.3 $ 76.5 18.8%
Slot Hold %(2) 8.5% 8.5% 0.0 pts
Hotel Statistics
Occupancy % 83.4% 83.9% -0.5 pts
Average Daily Rate (ADR) $ 214 $ 212 $ 2 0.9%
Revenue per Available Room
(RevPAR) $ 178 $ 178 $ 0 0.0%
(1) This compares to our Las Vegas Operation's trailing 12 month table games
win percentage of 17.9% (calculated before discounts).
(2) This compares to our Las Vegas Operation's trailing 12 month slot hold
percentage of 8.7% (calculated before slot club cash incentives).
Sands Bethlehem First Quarter Operating Results
Net revenue for Sands Bethlehem in
The following table summarizes our key operating results for Sands Bethlehem for the first quarter of 2012 compared to the first quarter of 2011:
Three Months Ended
Sands Bethlehem Operations March 31,
--------------------
(Dollars in millions) 2012 2011(1) $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 108.7 $ 87.1 $ 21.6 24.8%
Rooms 1.9 N/A 1.9 N/A
Food and Beverage 6.7 5.0 1.7 34.0%
Mall 0.3 N/A 0.3 N/A
Convention, Retail and Other 3.8 2.6 1.2 46.2%
Less - Promotional Allowances (5.8) (3.7) (2.1) -56.8%
--------- --------- ---------
Net Revenues $ 115.6 $ 91.0 $ 24.6 27.0%
Adjusted Property EBITDA $ 27.5 $ 22.1 $ 5.4 24.4%
EBITDA Margin % 23.8% 24.3% -0.5 pts
Operating Income $ 18.2 $ 14.1 $ 4.1 29.1%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 201.5 $ 119.0 $ 82.5 69.3%
Table Games Win %(2) 14.9% 16.7% -1.8 pts
Slot Handle $ 1,033.7 $ 881.4 $ 152.3 17.3%
Slot Hold %(3) 7.3% 7.4% -0.1 pts
Hotel Statistics
Occupancy % 50.3% NA N/A N/A
Average Daily Rate (ADR) $ 139 $ NA N/A N/A
Revenue per Available Room
(RevPAR) $ 70 $ NA N/A N/A
(1) The hotel tower opened on May 27, 2011 and the first phase of the retail
mall opened on November 1, 2011 .
(2) This compares to Sands Bethlehem's trailing 12 month table games win
percentage of 14.8% (calculated before discounts).
(3) This compares to Sands Bethlehem's trailing 12 month slot hold
percentage of 7.2% (calculated before slot club cash incentives).
Retail Mall Operations
Gross revenue from tenants in the company's retail malls at The Venetian Macao, the Four Seasons Macao and Marina Bay Sands in
LTM
March
For The Three Months Ended March 31, 2012 31, 2012
-------------------------------------------------- --------
Tenant
(Dollars in Gross Sales
millions except Operating Leasable Occupancy Per
per square foot Gross Operating Profit Area % at End Sq.
data) Revenue Profit(1) Margin (sq. ft.) of Period Ft.(2)
-------- ---------- --------- --------- --------- --------
The Grand Canal
Shoppes at The
Venetian Macao $ 26.1 $ 20.5 78.5% 817,361 89.8% $ 1,121
The Shoppes at
Four Seasons
Luxury Retail 6.7 5.9 88.1% 87,063 100.0% 5,989
Other Stores 3.8 2.9 76.3% 102,019 84.4% 1,108
-------- ---------- ---------
Total 10.5 8.8 83.8% 189,082 91.6% 3,744
The Shoppes at
Marina Bay
Sands 34.5 25.9 75.1% 629,982 94.9% 1,302
-------- ---------- ---------
Total $ 71.1 $ 55.2 77.6% 1,636,425 92.0% $ 1,526
======== ========== =========
(1) Operating profit excludes bad debt credit of $0.2 million at The Grand
Canal Shoppes at The Venetian Macao and bad debt expense of $0.2 million
at The Shoppes at Four Seasons. No bad debt expense was recorded for the
quarter at The Shoppes at Marina Bay Sands.
(2) Tenant sales per square foot reflects sales from tenants only after the
tenant has been open for a period of 12 months.
Other Factors Affecting Earnings
Other
Pre-opening expenses, related primarily to Sands Cotai Central on the COTAI Strip in
Depreciation and amortization expense was
Interest expense, net of amounts capitalized, was
Corporate expense was
The company recorded an impairment loss of
Other expense, which was principally composed of foreign currency losses, was
The company's effective tax rate for the first quarter of 2012 was 9.8%. 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 first quarter of 2012 of
Balance Sheet Items
Unrestricted cash balances as of
As of
During the quarter, the company elected to redeem all of its outstanding 6.375% Senior Notes due 2015 at a total cash cost of
Capital Expenditures
Capital expenditures during the first 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, certificate and subconcession, infrastructure in
Note 1
Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or 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, repurchase and redemption premiums.
About
THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and SANDS®
MARINA BAY SANDS® is the company's iconic
Through its majority-owned subsidiary Sands China Ltd., the company also owns a portfolio of properties on
First Quarter 2012 Results
Non-GAAP Reconciliations
Within the company's first quarter 2012 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, amortization of leasehold interests in land, gain or loss on disposal of assets, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, and corporate expense. Reconciliations of GAAP operating income and GAAP net income 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 March 31, 2012 2011 ------------ ------------ Revenues: Casino $ 2,266,493 $ 1,664,489 Rooms 267,727 231,974 Food and beverage 153,455 145,393 Mall 71,418 55,865 Convention, retail and other 129,717 108,790 ------------ ------------ 2,888,810 2,206,511 Less - promotional allowances (126,068) (94,592) ------------ ------------ 2,762,742 2,111,919 ------------ ------------ Operating expenses: Resort operations 1,705,398 1,374,480 Corporate 48,955 37,576 Pre-opening 51,459 9,471 Development 1,198 573 Depreciation and amortization 194,747 190,237 Amortization of leasehold interests in land 9,945 13,156 Impairment loss 42,893 - Loss on disposal of assets 593 499 ------------ ------------ 2,055,188 1,625,992 ------------ ------------ Operating income 707,554 485,927 Interest income 5,648 2,047 Interest expense, net of amounts capitalized (64,672) (73,585) Other expense (3,419) (4,675) Loss on early retirement of debt (2,831) - ------------ ------------ Income before income taxes 642,280 409,714 Income tax expense (63,171) (45,211) ------------ ------------ Net income 579,109 364,503 Net income attributable to noncontrolling interests (80,167) (75,180) ------------ ------------ Net income attributable to Las Vegas Sands Corp. 498,942 289,323 Preferred stock dividends - (19,598) Accretion to redemption value of preferred stock issued to Principal Stockholder's family - (23,136) Preferred stock inducement and repurchase premiums - (18,433) ------------ ------------ Net income attributable to common stockholders $ 498,942 $ 228,156 ============ ============ Earnings per share: Basic $ 0.66 $ 0.32 ============ ============ Diluted $ 0.61 $ 0.28 ============ ============ Weighted average shares outstanding: Basic 760,437,437 723,389,226 ============ ============ Diluted 818,797,155 811,239,242 ============ ============ Dividends declared per common share $ 0.25 $ - ============ ============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 March 31, 2012 Amortization Impairment of and (Gain) Operating Depreciation Leasehold Loss on Income and Interests Disposal (Loss) Amortization in Land of Assets ----------- ------------- ------------- ------------- Macao: The Venetian Macao $ 198,568 $ 36,768 $ 1,650 $ 42,932 Sands Macao 98,542 7,411 353 92 Four Seasons Hotel Macao and Plaza Casino 53,410 12,424 705 4 ---------- ------------- ------------- ------------ Macao Property Operations 350,520 56,603 2,708 43,028 Marina Bay Sands 373,198 65,051 4,468 (139) United States: Las Vegas Operating Properties 87,704 56,682 - 402 Sands Bethlehem 18,178 8,874 - 8 ---------- ------------- ------------- ------------ United States Property Operations 105,882 65,556 - 410 Other Asia (2) (14,950) 3,681 - - Other Development (54,835) 269 2,769 187 Corporate (52,261) 3,587 - - ---------- ------------- ------------- ------------ $ 707,554 $ 194,747 $ 9,945 $ 43,486 ========== ============= ============= ============ Pre-Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ --------- ------------- ---------- -------------- Macao: The Venetian Macao $ - $ - $ 2,015 $ - $ 281,933 Sands Macao - - 558 - 106,956 Four Seasons Hotel Macao and Plaza Casino 882 - 94 - 67,519 ------------ -------- ------------- ---------- ------------- Macao Property Operations 882 - 2,667 - 456,408 Marina Bay Sands - 28,141 1,800 - 472,519 United States: Las Vegas Operating Properties - (32,860) 3,878 - 115,806 Sands Bethlehem 94 - 348 - 27,502 ------------ -------- ------------- ---------- ------------- United States Property Operations 94 (32,860) 4,226 - 143,308 Other Asia (2) 71 5,000 476 - (5,722) Other Development 51,610 - - - - Corporate - (281) - 48,955 - ------------ -------- ------------- ---------- ------------- $ 52,657 $ - $ 9,169 $ 48,955 $ 1,066,513 ============ ======== ============= ========== ============= Three Months Ended March 31, 2011 Amortization of (Gain) Loss Operating Depreciation Leasehold on Income and Interests Disposal (Loss) Amortization in Land of Assets ---------- ------------- ------------- ------------ Macao: The Venetian Macao $ 180,841 $ 43,279 $ 2,269 $ 373 Sands Macao 83,913 7,812 353 101 Four Seasons Hotel Macao and Plaza Casino 42,680 13,354 704 85 ---------- ------------- ------------- ------------ Macao Property Operations 307,434 64,445 3,326 559 Marina Bay Sands 196,727 55,906 7,683 687 United States: Las Vegas Operating Properties 31,318 54,080 - (63) Sands Bethlehem 14,118 7,321 - - ---------- ------------- ------------- ------------ United States Property Operations 45,436 61,401 - (63) Other Asia (2) (14,027) 4,127 - (2) Other Development (8,074) 175 2,147 (682) Corporate (41,569) 4,183 - - ---------- ------------- ------------- ------------ $ 485,927 $ 190,237 $ 13,156 $ 499 ========== ============= ============= ============ Pre-Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ -------- ------------- ---------- ------------- Macao: The Venetian Macao $ 197 $ - $ 1,441 $ - $ 228,400 Sands Macao - - 469 - 92,648 Four Seasons Hotel Macao and Plaza Casino 629 - 95 - 57,547 ------------ -------- ------------- ---------- ------------- Macao Property Operations 826 - 2,005 - 378,595 Marina Bay Sands 2,570 18,941 1,957 - 284,471 United States: Las Vegas Operating Properties - (23,751) 3,581 - 65,165 Sands Bethlehem 155 - 515 - 22,109 ------------ -------- ------------- ---------- ------------- United States Property Operations 155 (23,751) 4,096 - 87,274 Other Asia (2) 59 5,000 237 - (4,606) Other Development 6,434 - - - - Corporate - (190) - 37,576 - ------------ -------- ------------- ---------- ------------- $ 10,044 $ - $ 8,295 $ 37,576 $ 745,734 ============ ======== ============= ========== ============= (1) During the three months endedMarch 31, 2012 and 2011, the Company recorded stock-based compensation expense of$19.2 million and$20.2 million , respectively, of which$9.8 million and$11.8 million , respectively, is included in corporate expense and$0.2 million and$0.1 million , respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. (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 March 31, 2012 2011 ---------- ---------- Net income attributable to Las Vegas Sands Corp. $ 498,942 $ 289,323 Add (deduct): Net income attributable to noncontrolling interests 80,167 75,180 Income tax expense 63,171 45,211 Loss on early retirement of debt 2,831 - Other (income) expense 3,419 4,675 Interest expense, net of amounts capitalized 64,672 73,585 Interest income (5,648) (2,047) Loss on disposal of assets 593 499 Impairment loss 42,893 - Amortization of leasehold interests in land 9,945 13,156 Depreciation and amortization 194,747 190,237 Development expense 1,198 573 Pre-opening expense 51,459 9,471 Stock-based compensation (1) 9,169 8,295 Corporate expense 48,955 37,576 ---------- ---------- Adjusted Property EBITDA $1,066,513 $ 745,734 ========== ========== (1) See prior page (Exhibit 2)Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Net Revenues (In thousands) (Unaudited) Three Months Ended March 31, 2012 2011 ---------- ---------- The Venetian Macao $ 772,760 $ 638,269 Sands Macao 349,083 322,793 Four Seasons Hotel Macao and Plaza Casino 299,604 172,107 Marina Bay Sands 848,669 584,925 Las Vegas Operating Properties 384,603 305,075 Sands Bethlehem 115,562 91,030 Other Asia 35,568 33,773 Intersegment Eliminations (43,107) (36,053) ---------- ---------- $2,762,742 $2,111,919 ========== ==========Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues (Unaudited) Three Months Ended March 31, 2012 2011 ---------- ---------- The Venetian Macao 36.5% 35.8% Sands Macao 30.6% 28.7% Four Seasons Hotel Macao and Plaza Casino 22.5% 33.4% Marina Bay Sands 55.7% 48.6% Las Vegas Operating Properties 30.1% 21.4% Sands Bethlehem 23.8% 24.3% Other Asia -16.1% -13.6% Total 38.6% 35.3%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 March 31, 2012 2011 ------------ ------------ Net income attributable to common stockholders $ 498,942 $ 228,156 Pre-opening expense, net 36,199 9,034 Development expense, net 1,198 573 Impairment loss, net 30,154 - Loss on disposal of assets, net 497 499 Loss on early retirement of debt, net 2,831 - Preferred stock dividends - 19,598 Accretion to redemption value of preferred stock issued to Principal Stockholder's family - 23,136 Preferred stock inducement and repurchase premiums - 18,433 ------------ ------------ Adjusted net income $ 569,821 $ 299,429 ============ ============ Per diluted share of common stock: Net income attributable to common stockholders $ 0.61 $ 0.29 Pre-opening expense, net 0.05 0.01 Development expense, net - - Impairment loss, net 0.04 - Loss on disposal of assets, net - - Loss on early retirement of debt, net - - Preferred stock dividends - 0.02 Accretion to redemption value of preferred stock issued to Principal Stockholder's family - 0.03 Preferred stock inducement and repurchase premiums - 0.02 ------------ ------------ Adjusted earnings per diluted share $ 0.70 $ 0.37 ============ ============ Weighted average diluted shares outstanding 818,797,155 811,239,242Las Vegas Sands Corp. and Subsidiaries Supplemental Data Schedule (Unaudited) Three Months Ended March 31, 2012 2011 ------------- ------------- Room Statistics: The Venetian Macao: Occupancy % 93.4% 86.5% Average daily room rate (ADR) (1) $ 244 $ 227 Revenue per available room (RevPAR) (2) $ 228 $ 197 Sands Macao: Occupancy % 93.8% 84.9% Average daily room rate (ADR) (1) $ 252 $ 251 Revenue per available room (RevPAR) (2) $ 236 $ 213Four Seasons Hotel Macao and Plaza Casino : Occupancy % 82.3% 64.6% Average daily room rate (ADR) (1) $ 360 $ 341 Revenue per available room (RevPAR) (2) $ 296 $ 220 Marina Bay Sands: Occupancy % 98.4% 86.3% Average daily room rate (ADR) (1) $ 341 $ 285 Revenue per available room (RevPAR) (2) $ 335 $ 246Las Vegas Operating Properties : Occupancy % 83.4% 83.9% Average daily room rate (ADR) (1) $ 214 $ 212 Revenue per available room (RevPAR) (2) $ 178 $ 178 Sands Bethlehem: Occupancy % 50.3% N/A Average daily room rate (ADR) (1) $ 139 N/A Revenue per available room (RevPAR) (2) $ 70 N/A Casino Statistics: The Venetian Macao: Table games win per unit per day (3) $ 14,334 $ 11,268 Slot machine win per unit per day (4) $ 334 $ 263 Average number of table games 570 598 Average number of slot machines 2,282 2,151 Sands Macao: Table games win per unit per day (3) $ 10,733 $ 9,824 Slot machine win per unit per day (4) $ 295 $ 277 Average number of table games 399 416 Average number of slot machines 1,093 1,133Four Seasons Hotel Macao and Plaza Casino : Table games win per unit per day (3) $ 26,933 $ 17,596 Slot machine win per unit per day (4) $ 740 $ 697 Average number of table games 165 118 Average number of slot machines 176 193 Marina Bay Sands: Table games win per unit per day (3) $ 12,975 $ 8,693 Slot machine win per unit per day (4) $ 665 $ 525 Average number of table games 607 615 Average number of slot machines 2,479 2,289Las Vegas Operating Properties : Table games win per unit per day (3) $ 7,085 $ 3,127 Slot machine win per unit per day (4) $ 188 $ 142 Average number of table games 227 226 Average number of slot machines 2,417 2,725 Sands Bethlehem: Table games win per unit per day (3) $ 2,784 $ 2,874 Slot machine win per unit per day (4) $ 279 $ 239 Average number of table games 119 77 Average number of slot machines 2,995 3,015 (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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