Delicious
Digg
Facebook
LinkedIn
Twitter
Second Quarter Overview
Mr.
"We successfully opened on
In
These gaming volume and revenue increases in
Marina Bay Sands in
In
Sands
Adjusted earnings per diluted share was
The prudent management of our cash flow, including the ability to both invest in future growth and to continue to return cash to shareholders, remains a high priority for the company. The board of directors of
Company-Wide Operating Results
Net revenue for the second quarter of 2012 was
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2012 decreased 34.6% to
Adjusted net income (see Note 1) decreased to
On a GAAP basis, net income attributable to common stockholders in the second quarter of 2012 decreased 34.6% to
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. increased 22.3% to
The Venetian Macao Second Quarter Operating Results
The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered adjusted property EBITDA of
The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2012 compared to the second quarter of 2011:
Three Months Ended
The Venetian Macao Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 561.6 $ 648.5 $ (86.9) -13.4%
Rooms 49.9 51.4 (1.5) -2.9%
Food and Beverage 19.0 16.3 2.7 16.6%
Mall 31.8 25.7 6.1 23.7%
Convention, Retail and Other 14.7 18.0 (3.3) -18.3%
Less - Promotional Allowances (27.6) (24.5) (3.1) -12.7%
--------- --------- ---------
Net Revenues $ 649.4 $ 735.4 $ (86.0) -11.7%
Adjusted Property EBITDA $ 229.2 $ 258.4 $ (29.2) -11.3%
EBITDA Margin % 35.3% 35.1% 0.2 pts
Operating Income $ 189.9 $ 214.5 $ (24.6) -11.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $11,161.6 $13,369.9 $(2,208.3) -16.5%
Rolling Chip Win %(1) 2.68% 3.46% -0.78 pts
Non-Rolling Chip Drop $ 1,020.9 $ 1,024.2 $ (3.3) -0.3%
Non-Rolling Chip Win %(2) 30.6% 25.6% 5.0 pts
Slot Handle $ 1,148.8 $ 858.2 $ 290.6 33.9%
Slot Hold %(3) 5.2% 6.7% -1.5 pts
Hotel Statistics
Occupancy % 86.7% 89.7% -3.0 pts
Average Daily Rate (ADR) $ 228 $ 223 $ 5 2.2%
Revenue per Available Room
(RevPAR) $ 198 $ 200 $ (2) -1.0%
(1)This compares to The Venetian Macao's trailing 12 month Rolling Chip win
percentage of 2.81% (calculated before discounts and commissions).
(2)This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip
win percentage of 29.2% (calculated before discounts).
(3)This compares to The Venetian Macao's trailing 12 month slot hold
percentage of 5.7% (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 Three Months Ended
Plaza Casino Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 239.8 $ 98.3 $ 141.5 143.9%
Rooms 8.9 7.6 1.3 17.1%
Food and Beverage 5.6 5.4 0.2 3.7%
Mall 21.3 15.2 6.1 40.1%
Convention, Retail and Other 0.8 0.6 0.2 33.3%
Less - Promotional Allowances (10.3) (6.3) (4.0) -63.5%
--------- --------- ---------
Net Revenues $ 266.1 $ 120.8 $ 145.3 120.3%
Adjusted Property EBITDA $ 76.6 $ 37.6 $ 39.0 103.7%
EBITDA Margin % 28.8% 31.2% -2.4 pts
Operating Income $ 62.0 $ 22.6 $ 39.4 174.3%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 9,207.3 $ 3,355.7 $ 5,851.6 174.4%
Rolling Chip Win %(1) 3.05% 2.25% 0.80 pts
Non-Rolling Chip Drop $ 91.0 $ 96.9 $ (5.9) -6.1%
Non-Rolling Chip Win %(2) 43.9% 37.6% 6.3 pts
Slot Handle $ 199.1 $ 200.6 $ (1.5) -0.7%
Slot Hold %(3) 5.4% 5.4% 0.0 pts
Hotel Statistics
Occupancy % 73.3% 67.8% 5.5 pts
Average Daily Rate (ADR) $ 357 $ 323 $ 34 10.5%
Revenue per Available Room
(RevPAR) $ 261 $ 219 $ 42 19.2%
(1)This compares to the Plaza Casino's trailing 12 month Rolling Chip win
percentage of 2.85% (calculated before discounts and commissions).
(2)This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip
win percentage of 42.1% (calculated before discounts).
(3)This compares to the Plaza Casino's trailing 12 month slot hold
percentage of 5.6% (calculated before slot club cash incentives).
Sands Cotai Central Second Quarter Operating Results
The first phase of Sands Cotai Central on
Rolling Chip volume was
The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2012:
81-Day Period
Ended
Sands Cotai Central Operations June 30,
(Dollars in millions) 2012
-------------
Revenues:
Casino $ 249.5
Rooms 15.3
Food and Beverage 9.4
Mall 3.3
Convention, Retail and Other 1.7
Less - Promotional Allowances (13.6)
-------------
Net Revenues $ 265.6
Adjusted Property EBITDA $ 51.8
EBITDA Margin % 19.5%
Operating Loss $ (17.9)
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,820.6
Rolling Chip Win % 3.12%
Non-Rolling Chip Drop $ 389.4
Non-Rolling Chip Win % 21.5%
Slot Handle $ 665.4
Slot Hold % 4.0%
Hotel Statistics
Occupancy % 75.1%
Average Daily Rate (ADR) $ 141
Revenue per Available Room (RevPAR) $ 106
Sands Macao Second Quarter Operating Results
Sands
The following table summarizes our key operating results for the Sands Macao for the second quarter of 2012 compared to the second quarter of 2011:
Three Months Ended
Sands Macao Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 264.8 $ 323.7 $ (58.9) -18.2%
Rooms 5.8 5.6 0.2 3.6%
Food and Beverage 8.3 10.0 (1.7) -17.0%
Convention, Retail and Other 2.4 2.1 0.3 14.3%
Less - Promotional Allowances (9.7) (10.4) 0.7 6.7%
--------- --------- ---------
Net Revenues $ 271.6 $ 331.0 $ (59.4) -17.9%
Adjusted Property EBITDA $ 71.3 $ 95.6 $ (24.3) -25.4%
EBITDA Margin % 26.3% 28.9% -2.6 pts
Operating Income $ 63.3 $ 87.0 $ (23.7) -27.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,164.8 $ 7,753.3 $(1,588.5) -20.5%
Rolling Chip Win %(1) 2.58% 2.98% -0.40 pts
Non-Rolling Chip Drop $ 717.1 $ 713.5 $ 3.6 0.5%
Non-Rolling Chip Win %(2) 19.7% 20.0% -0.3 pts
Slot Handle $ 611.7 $ 462.6 $ 149.1 32.2%
Slot Hold %(3) 4.1% 5.8% -1.7 pts
Hotel Statistics
Occupancy % 93.2% 88.0% 5.2 pts
Average Daily Rate (ADR) $ 242 $ 242 $ 0 0.0%
Revenue per Available Room
(RevPAR) $ 225 $ 213 $ 12 5.6%
(1)This compares to the Sands Macao's trailing 12 month Rolling Chip win
percentage of 2.91% (calculated before discounts and commissions).
(2)This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win
percentage of 20.6% (calculated before discounts).
(3)This compares to the Sands Macao's trailing 12 month slot hold percentage
of 4.6% (calculated before slot club cash incentives).
Marina Bay Sands Second Quarter Operating Results
Marina Bay Sands in
Gaming volumes reflected strong growth in the mass segments. Non-Rolling Chip drop increased 8.2% to
The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 30.0% and 13.0%, 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 29.9% compared to the same quarter last year.
The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2012 compared to the second quarter of 2011:
Three Months Ended
Marina Bay Sands Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 550.2 $ 594.6 $ (44.4) -7.5%
Rooms 80.1 61.6 18.5 30.0%
Food and Beverage 43.4 45.4 (2.0) -4.4%
Mall 37.4 33.1 4.3 13.0%
Convention, Retail and Other 25.0 40.2 (15.2) -37.8%
Less - Promotional Allowances (41.3) (37.3) (4.0) -10.7%
--------- --------- ---------
Net Revenues $ 694.8 $ 737.6 $ (42.8) -5.8%
Adjusted Property EBITDA $ 330.4 $ 405.4 $ (75.0) -18.5%
EBITDA Margin % 47.6% 55.0% -7.4 pts
Operating Income $ 235.3 $ 315.3 $ (80.0) -25.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $11,505.7 $12,228.8 $ (723.1) -5.9%
Rolling Chip Win %(1) 2.42% 2.99% -0.57 pts
Non-Rolling Chip Drop $ 1,205.5 $ 1,114.5 $ 91.0 8.2%
Non-Rolling Chip Win %(2) 22.2% 22.5% -0.3 pts
Slot Handle $ 2,741.1 $ 2,380.7 $ 360.4 15.1%
Slot Hold %(3) 5.2% 5.4% -0.2 pts
Hotel Statistics
Occupancy % 99.1% 90.8% 8.3 pts
Average Daily Rate (ADR) $ 351 $ 295 $ 56 19.0%
Revenue per Available Room
(RevPAR) $ 348 $ 268 $ 80 29.9%
(1)This compares to Marina Bay Sands' trailing 12 month Rolling Chip win
percentage of 2.98% (calculated before discounts and commissions).
(2)This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win
percentage of 22.8% (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 Second 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 June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 94.6 $ 105.1 $ (10.5) -10.0%
Rooms 112.8 112.9 (0.1) -0.1%
Food and Beverage 67.2 63.4 3.8 6.0%
Convention, Retail and Other 72.3 68.0 4.3 6.3%
Less - Promotional Allowances (19.6) (16.9) (2.7) -16.0%
--------- --------- ---------
Net Revenues $ 327.3 $ 332.5 $ (5.2) -1.6%
Adjusted Property EBITDA $ 64.4 $ 92.9 $ (28.5) -30.7%
EBITDA Margin % 19.7% 27.9% -8.2 pts
Operating Income $ 38.3 $ 53.8 $ (15.5) -28.8%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 434.6 $ 422.2 $ 12.4 2.9%
Table Games Win %(1) 16.5% 20.0% -3.5 pts
Slot Handle $ 445.1 $ 411.5 $ 33.6 8.2%
Slot Hold %(2) 8.9% 8.8% 0.1 pts
Hotel Statistics
Occupancy % 86.2% 88.8% -2.6 pts
Average Daily Rate (ADR) $ 205 $ 200 $ 5 2.5%
Revenue per Available Room
(RevPAR) $ 176 $ 177 $ (1) -0.6%
(1) This compares to our Las Vegas Operations' trailing 12 month table games
win percentage of 20.0% (calculated before discounts).
(2) This compares to our Las Vegas Operations' trailing 12 month slot hold
percentage of 8.7% (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 2012 compared to the second quarter of 2011:
Three Months Ended
Sands Bethlehem Operations June 30,
--------------------
(Dollars in millions) 2012 2011(1) $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 107.0 $ 92.0 $ 15.0 16.3%
Rooms 2.4 0.7 1.7 242.9%
Food and Beverage 6.9 5.5 1.4 25.5%
Mall 0.5 - 0.5 N/A
Convention, Retail and Other 4.3 3.6 0.7 19.4%
Less - Promotional Allowances (6.0) (4.7) (1.3) -27.7%
--------- --------- ---------
Net Revenues $ 115.1 $ 97.1 $ 18.0 18.5%
Adjusted Property EBITDA $ 26.9 $ 21.0 $ 5.9 28.1%
EBITDA Margin % 23.4% 21.7% 1.7 pts
Operating Income $ 17.4 $ 12.5 $ 4.9 39.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 218.4 $ 151.5 $ 66.9 44.2%
Table Games Win %(2) 14.3% 14.0% 0.3 pts
Slot Handle $ 1,012.6 $ 947.9 $ 64.7 6.8%
Slot Hold %(3) 7.2% 7.2% 0.0 pts
Hotel Statistics
Occupancy % 62.2% 49.1% 13.1 pts
Average Daily Rate (ADR) $ 142 $ 168 (26) -15.5%
Revenue per Available Room
(RevPAR) $ 88 $ 83 5 6.0%
(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 14.5% (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 on
LTM June
For The Three Months Ended June 30, 2012 30, 2012
------------------------------------------------ --------
(Dollars in Gross Tenant
millions Operating Leasable Occupancy Sales
except per square Gross Operating Profit Area % at End Per Sq.
foot data) Revenue Profit(1) Margin (sq. ft.) of Period Ft.(2)
------- ---------- --------- --------- --------- --------
The Grand Canal
Shoppes at The
Venetian Macao $ 31.3 $ 25.5 81.5% 806,897 91.6% $ 1,165
The Shoppes at
Four Seasons
Luxury Retail 17.3 16.3 94.2% 87,063 100.0% 6,335
Other Stores 4.0 3.4 85.0% 102,025 85.6% 1,251
------- ---------- ---------
Total 21.3 19.7 92.5% 189,088 92.2% 4,095
The Shoppes at
Sands Cotai
Central (Phase I
only) 3.3 2.1 63.6% 50,635 100.0% N/A
The Shoppes at
Marina Bay Sands 37.4 28.5 76.2% 629,734 97.2% 1,313
------- ---------- ---------
Total $ 93.3 $ 75.8 81.2% 1,676,354 94.0% $ 1,582
======= ========== =========
(1) Operating profit excludes bad debt expense of $0.1 million at The Grand
Canal Shoppes at The Venetian Macao and $0.2 million at The Shoppes at Four
Seasons. Bad debt expense at The Shoppes at Sands Cotai Central and The
Shoppes at Marina Bay Sands was immaterial for the quarter.
(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 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 a non-cash impairment loss of
Other income, which was principally composed of foreign currency gains, was
The company recorded a
The company's effective income tax rate for the second quarter of 2012 was 12.0%. 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 2012 of
Balance Sheet Items
Unrestricted cash balances as of
As of
During the quarter, the company refinanced its
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, 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 owns a portfolio of properties on
Second Quarter 2012 Results
Non-GAAP Reconciliations
Within the company's second 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 Six Months Ended June 30, June 30, 2012 2011 2012 2011 ------------ ------------ ------------ ------------ Revenues: Casino $ 2,067,424 $ 1,862,272 $ 4,333,917 $ 3,526,761 Rooms 275,311 239,696 543,038 471,670 Food and beverage 159,744 146,016 313,199 291,409 Mall 93,740 73,879 165,158 129,744 Convention, retail and other 116,834 126,763 246,551 235,553 ------------ ------------ ------------ ------------ 2,713,053 2,448,626 5,601,863 4,655,137 Less - promotional allowances (131,147) (103,530) (257,215) (198,122) ------------ ------------ ------------ ------------ 2,581,906 2,345,096 5,344,648 4,457,015 ------------ ------------ ------------ ------------ Operating expenses: Resort operations 1,743,557 1,450,362 3,448,955 2,824,842 Corporate 58,592 42,376 107,547 79,952 Pre-opening 43,472 18,178 94,931 27,649 Development 6,797 2,420 7,995 2,993 Depreciation and amortization 220,440 206,161 415,187 396,398 Amortization of leasehold interests in land 10,057 10,034 20,002 23,190 Impairment loss 100,781 - 143,674 - Loss on disposal of assets 482 7,443 1,075 7,942 ------------ ------------ ------------ ------------ 2,184,178 1,736,974 4,239,366 3,362,966 ------------ ------------ ------------ ------------ Operating income 397,728 608,122 1,105,282 1,094,049 Other income (expense): Interest income 6,892 4,028 12,540 6,075 Interest expense, net of amounts capitalized (64,533) (70,592) (129,205) (144,177) Other income (expense) 1,782 1,908 (1,637) (2,767) Loss on modification or early retirement of debt (16,403) - (19,234) - ------------ ------------ ------------ ------------ Income before income taxes 325,466 543,466 967,746 953,180 Income tax expense (39,085) (54,374) (102,256) (99,585) ------------ ------------ ------------ ------------ Net income 286,381 489,092 865,490 853,595 Net income attributable to noncontrolling interests (45,794) (78,455) (125,961) (153,635) ------------ ------------ ------------ ------------ Net income attributable to Las Vegas Sands Corp. 240,587 410,637 739,529 699,960 Preferred stock dividends - (19,219) - (38,817) Accretion to redemption value of preferred stock issued to Principal Stockholder's family - (23,136) - (46,272) Preferred stock inducement and repurchase premiums - (675) - (19,108) ------------ ------------ ------------ ------------ Net income attributable to common stockholders $ 240,587 $ 367,607 $ 739,529 $ 595,763 ============ ============ ============ ============ Earnings per share: Basic $ 0.29 $ 0.50 $ 0.94 $ 0.82 ============ ============ ============ ============ Diluted $ 0.29 $ 0.45 $ 0.90 $ 0.73 ============ ============ ============ ============ Weighted average shares outstanding: Basic 821,110,555 728,695,140 790,773,996 726,056,840 ============ ============ ============ ============ Diluted 826,102,326 811,274,706 822,458,833 811,243,195 ============ ============ ============ ============ Dividends declared per common share $ 0.25 $ - $ 0.50 $ - ============ ============ ============ ============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, 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 $ 189,918 $ 36,344 $ 1,652 $ 17 Sands Macao 63,292 7,616 353 (261) Four Seasons Hotel Macao and Plaza Casino 61,985 12,480 705 33 Sands Cotai Central (17,876) 25,558 2,152 - ---------- ------------- -------------- ------------- Macao Property Operations 297,319 81,998 4,862 (211) Marina Bay Sands 235,291 66,016 4,574 138 United States: Las Vegas Operating Properties 38,282 56,034 - 165 Sands Bethlehem 17,362 8,865 - 405 ---------- ------------- -------------- ------------- United States Property Operations 55,644 64,899 - 570 Other Asia (2) (20,066) 3,702 - 24 Other Development (108,424) 153 621 100,743 Corporate (62,036) 3,672 - (1) ---------- ------------- -------------- ------------- $ 397,728 $ 220,440 $ 10,057 $ 101,263 ========== ============= ============== =============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, 2012 Pre- Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ --------- -------------- ---------- ------------ Macao: The Venetian Macao $ 53 $ - $ 1,257 $ - $ 229,241 Sands Macao - - 304 - 71,304 Four Seasons Hotel Macao and Plaza Casino 1,340 - 44 - 76,587 Sands Cotai Central 41,771 - 233 - 51,838 ------------ --------- ------------- ---------- ------------ Macao Property Operations 43,164 - 1,838 - 428,970 Marina Bay Sands - 22,649 1,737 - 330,405 United States: Las Vegas Operating Properties - (32,696) 2,565 - 64,350 Sands Bethlehem 147 - 138 - 26,917 ------------ --------- ------------- ---------- ------------ United States Property Operations 147 (32,696) 2,703 - 91,267 Other Asia (2) 51 10,274 60 - (5,955) Other Development 6,907 - - - - Corporate - (227) - 58,592 - ------------ --------- ------------- ---------- ------------ $ 50,269 $ - $ 6,338 $ 58,592 $ 844,687 ============ ========= ============= ========== ============ Three Months Ended June 30, 2011 Amortization (Gain) of Loss on Operating Depreciation Leasehold Disposal Income and Interests of (Loss) Amortization in Land Assets ---------- ------------- -------------- ------------- Macao: The Venetian Macao $ 214,460 $ 42,132 $ 1,028 $ (1,093) Sands Macao 86,982 7,737 352 21 Four Seasons Hotel Macao and Plaza Casino 22,602 13,150 703 37 ---------- ------------- -------------- ------------- Macao Property Operations 324,044 63,019 2,083 (1,035) Marina Bay Sands 315,292 62,078 4,565 56 United States: Las Vegas Operating Properties 53,811 65,037 - (1,715) Sands Bethlehem 12,508 7,532 - - ---------- ------------- -------------- ------------- United States Property Operations 66,319 72,569 - (1,715) Other Asia (2) (18,522) 3,843 - 4 Other Development (24,718) 174 3,386 2,471 Corporate (54,293) 4,478 - 7,662 ---------- ------------- -------------- ------------- $ 608,122 $ 206,161 $ 10,034 $ 7,443 ========== ============= ============== ============= Three Months Ended June 30, 2011 Pre- Opening (1) and Stock- Adjusted Development Royalty Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ --------- ------------------------- ------------ Macao: The Venetian Macao $ 18 $ - $ 1,821 $ - $ 258,366 Sands Macao - - 481 - 95,573 Four Seasons Hotel Macao and Plaza Casino 1,002 - 126 - 37,620 ------------ --------- ------------- ---------- ------------ Macao Property Operations 1,020 - 2,428 - 391,559 Marina Bay Sands 274 22,334 760 - 405,359 United States: Las Vegas Operating Properties - (27,111) 2,887 - 92,909 Sands Bethlehem 484 - 515 - 21,039 ------------ --------- ------------- ---------- ------------ United States Property Operations 484 (27,111) 3,402 - 113,948 Other Asia (2) 133 5,000 312 - (9,230) Other Development 18,687 - - - - Corporate - (223) - 42,376 - ------------ --------- ------------- ---------- ------------ $ 20,598 $ - $ 6,902 $ 42,376 $ 901,636 ============ ========= ============= ========== ============ Six Months Ended June 30, 2012 Impairment and Amortization (Gain) of Loss Operating Depreciation Leasehold on Income and Interests Disposal (Loss) Amortization in Land of Assets ---------- ------------- -------------- ------------- Macao: The Venetian Macao $ 388,486 $ 73,112 $ 3,302 $ 42,949 Sands Macao 161,834 15,027 706 (169) Four Seasons Hotel Macao and Plaza Casino 115,395 24,904 1,410 37 Sands Cotai Central (17,876) 25,558 2,152 - ---------- ------------- -------------- ------------- Macao Property Operations 647,839 138,601 7,570 42,817 Marina Bay Sands 608,489 131,067 9,042 (1) United States: Las Vegas Operating Properties 125,986 112,716 - 567 Sands Bethlehem 35,540 17,739 - 413 ---------- ------------- -------------- ------------- United States Property Operations 161,526 130,455 - 980 Other Asia (2) (35,016) 7,383 - 24 Other Development (163,259) 422 3,390 100,930 Corporate (114,297) 7,259 - (1) ---------- ------------- -------------- ------------- $1,105,282 $ 415,187 $ 20,002 $ 144,749 ========== ============= ============== ============= Six Months Ended June 30, 2012 Pre- Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ --------- ------------- ---------- ------------ Macao: The Venetian Macao $ 53 $ - $ 3,272 $ - $ 511,174 Sands Macao - - 862 - 178,260 Four Seasons Hotel Macao and Plaza Casino 2,222 - 138 - 144,106 Sands Cotai Central 41,771 - 233 - 51,838 ------------ --------- ------------- ---------- ------------ Macao Property Operations 44,046 - 4,505 - 885,378 Marina Bay Sands - 50,790 3,537 - 802,924 United States: Las Vegas Operating Properties - (65,556) 6,443 - 180,156 Sands Bethlehem 241 - 486 - 54,419 ------------ --------- ------------- ---------- ------------ United States Property Operations 241 (65,556) 6,929 - 234,575 Other Asia (2) 122 15,274 536 - (11,677) Other Development 58,517 - - - - Corporate - (508) - 107,547 - ------------ --------- ------------- ---------- ------------ $ 102,926 $ - $ 15,507 $ 107,547 $ 1,911,200 ============ ========= ============= ========== ============
Six Months Ended June 30, 2011
Amortization (Gain)
of Loss on
Operating Depreciation Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------- -------------- -------------
Macao:
The
Venetian
Macao $ 395,301 $ 85,411 $ 3,297 $ (720)
Sands Macao 170,895 15,549 705 122
Four
Seasons
Hotel
Macao and
Plaza
Casino 65,282 26,504 1,407 122
---------- ------------- -------------- -------------
Macao
Property
Operations 631,478 127,464 5,409 (476)
Marina Bay
Sands 512,019 117,984 12,248 743
United
States:
Las Vegas
Operating
Properties 85,129 119,117 - (1,778)
Sands
Bethlehem 26,626 14,853 - -
---------- ------------- -------------- -------------
United States
Property
Operations 111,755 133,970 - (1,778)
Other Asia
(2) (32,549) 7,970 - 2
Other
Development (32,792) 349 5,533 1,789
Corporate (95,862) 8,661 - 7,662
---------- ------------- -------------- -------------
$1,094,049 $ 396,398 $ 23,190 $ 7,942
========== ============= ============== =============
Six Months Ended June 30, 2011
Pre-
Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ --------- ------------- ---------- ------------
Macao:
The
Venetian
Macao $ 215 $ - $ 3,262 $ - $ 486,766
Sands Macao - - 950 - 188,221
Four
Seasons
Hotel
Macao and
Plaza
Casino 1,631 - 221 - 95,167
------------ --------- ------------- ---------- ------------
Macao
Property
Operations 1,846 - 4,433 - 770,154
Marina Bay
Sands 2,844 41,275 2,717 - 689,830
United
States:
Las Vegas
Operating
Properties - (50,862) 6,468 - 158,074
Sands
Bethlehem 639 - 1,030 - 43,148
------------ --------- ------------- ---------- ------------
United States
Property
Operations 639 (50,862) 7,498 - 201,222
Other Asia
(2) 192 10,000 549 - (13,836)
Other
Development 25,121 - - - -
Corporate - (413) - 79,952 -
------------ --------- ------------- ---------- ------------
$ 30,642 $ - $ 15,197 $ 79,952 $ 1,647,370
============ ========= ============= ========== ============
(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, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Net income attributable to Las Vegas Sands Corp. $ 240,587 $ 410,637 $ 739,529 $ 699,960 Add (deduct): Net income attributable to noncontrolling interests 45,794 78,455 125,961 153,635 Income tax expense 39,085 54,374 102,256 99,585 Loss on modification or early retirement of debt 16,403 - 19,234 - Other (income) expense (1,782) (1,908) 1,637 2,767 Interest expense, net of amounts capitalized 64,533 70,592 129,205 144,177 Interest income (6,892) (4,028) (12,540) (6,075) Loss on disposal of assets 482 7,443 1,075 7,942 Impairment loss 100,781 - 143,674 - Amortization of leasehold interests in land 10,057 10,034 20,002 23,190 Depreciation and amortization 220,440 206,161 415,187 396,398 Development expense 6,797 2,420 7,995 2,993 Pre-opening expense 43,472 18,178 94,931 27,649 Stock-based compensation (1) 6,338 6,902 15,507 15,197 Corporate expense 58,592 42,376 107,547 79,952 ----------- ----------- ----------- ----------- Adjusted Property EBITDA $ 844,687 $ 901,636 $ 1,911,200 $ 1,647,370 =========== =========== =========== =========== (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, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- The Venetian Macao $ 649,446 $ 735,405 $ 1,422,206 $ 1,373,674 Sands Macao 271,603 330,960 620,686 653,753 Four Seasons Hotel Macao and Plaza Casino 266,137 120,757 565,741 292,864 Sands Cotai Central 265,601 - 265,601 - Marina Bay Sands 694,762 737,569 1,543,431 1,322,494 Las Vegas Operating Properties 327,313 332,522 711,916 637,597 Sands Bethlehem 115,096 97,120 230,658 188,150 Other Asia 37,935 32,450 73,503 66,223 Intersegment Eliminations (45,987) (41,687) (89,094) (77,740) ----------- ----------- ----------- ----------- $ 2,581,906 $ 2,345,096 $ 5,344,648 $ 4,457,015 =========== =========== =========== ===========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, 2012 2011 2012 2011 ---------- ---------- ---------- ---------- The Venetian Macao 35.3% 35.1% 35.9% 35.4% Sands Macao 26.3% 28.9% 28.7% 28.8% Four Seasons Hotel Macao and Plaza Casino 28.8% 31.2% 25.5% 32.5% Sands Cotai Central 19.5% N/A 19.5% N/A Marina Bay Sands 47.6% 55.0% 52.0% 52.2% Las Vegas Operating Properties 19.7% 27.9% 25.3% 24.8% Sands Bethlehem 23.4% 21.7% 23.6% 22.9% Other Asia -15.7% -28.4% -15.9% -20.9% Total 32.7% 38.4% 35.8% 37.0%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, 2012 2011 2012 2011 ------------- ------------- ------------- ------------- Net income attributable to common stockholders $ 240,587 $ 367,607 $ 739,529 $ 595,763 Pre-opening expense, net 30,611 18,131 66,810 27,165 Development expense, net 6,797 2,420 7,995 2,993 Impairment loss, net 70,855 - 101,009 - Loss on disposal of assets, net 549 7,443 1,046 7,942 Loss on modification or early retirement of debt, net 15,883 - 18,714 - Preferred stock dividends - 19,219 - 38,817 Accretion to redemption value of preferred stock issued to Principal Stockholder's family - 23,136 - 46,272 Preferred stock inducement and repurchase premiums - 675 - 19,108 ------------- ------------- ------------- ------------- Adjusted net income $ 365,282 $ 438,631 $ 935,103 $ 738,060 ============= ============= ============= ============= Per diluted share of common stock: Net income attributable to common stockholders $ 0.29 $ 0.46 $ 0.90 $ 0.74 Pre-opening expense, net 0.03 0.02 0.08 0.03 Development expense, net 0.01 - 0.01 - Impairment loss, net 0.09 - 0.13 - Loss on disposal of assets, net - 0.01 - 0.01 Loss on modification or early retirement of debt, net 0.02 - 0.02 - Preferred stock dividends - 0.02 - 0.05 Accretion to redemption value of preferred stock issued to Principal Stockholder's family - 0.03 - 0.06 Preferred stock inducement and repurchase premiums - - - 0.02 ------------- ------------- ------------- ------------- Adjusted earnings per diluted share $ 0.44 $ 0.54 $ 1.14 $ 0.91 ============= ============= ============= ============= Weighted average diluted shares outstanding 826,102,326 811,274,706 822,458,833 811,243,195Las Vegas Sands Corp. and Subsidiaries Supplemental Data Schedule (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Room Statistics: The Venetian Macao: Occupancy % 86.7% 89.7% 90.1% 88.1% Average daily room rate (ADR) (1) $ 228 $ 223 $ 236 $ 225 Revenue per available room (RevPAR) (2) $ 198 $ 200 $ 213 $ 198 Sands Macao: Occupancy % 93.2% 88.0% 93.5% 86.5% Average daily room rate (ADR) (1) $ 242 $ 242 $ 247 $ 247 Revenue per available room (RevPAR) (2) $ 225 $ 213 $ 231 $ 213 Four Seasons Hotel Macao and Plaza Casino: Occupancy % 73.3% 67.8% 77.8% 66.2% Average daily room rate (ADR) (1) $ 357 $ 323 $ 358 $ 331 Revenue per available room (RevPAR) (2) $ 261 $ 219 $ 279 $ 220 Sands Cotai Central: Occupancy % 75.1% N/A 75.1% N/A Average daily room rate (ADR) (1) $ 141 N/A $ 141 N/A Revenue per available room (RevPAR) (2) $ 106 N/A $ 106 N/A Marina Bay Sands: Occupancy % 99.1% 90.8% 98.7% 88.6% Average daily room rate (ADR) (1) $ 351 $ 295 $ 346 $ 290 Revenue per available room (RevPAR) (2) $ 348 $ 268 $ 341 $ 257 Las Vegas Operating Properties: Occupancy % 86.2% 88.8% 84.8% 86.4% Average daily room rate (ADR) (1) $ 205 $ 200 $ 209 $ 206 Revenue per available room (RevPAR) (2) $ 176 $ 177 $ 177 $ 178 Sands Bethlehem: Occupancy % 62.2% 49.1% 56.2% 49.1% Average daily room rate (ADR) (1) $ 142 $ 168 $ 141 $ 168 Revenue per available room (RevPAR) (2) $ 88 $ 83 $ 79 $ 83 Casino Statistics: The Venetian Macao: Table games win per unit per day (3) $ 13,860 $ 13,269 $ 14,117 $ 12,276 Slot machine win per unit per day (4) $ 295 $ 295 $ 315 $ 279 Average number of table games 485 600 527 599 Average number of slot machines 2,220 2,154 2,251 2,152 Sands Macao: Table games win per unit per day (3) $ 9,500 $ 9,926 $ 10,159 $ 9,875 Slot machine win per unit per day (4) $ 240 $ 257 $ 267 $ 267 Average number of table games 348 414 373 415 Average number of slot machines 1,158 1,157 1,125 1,145 Four Seasons Hotel Macao and Plaza Casino: Table games win per unit per day (3) $ 22,227 $ 10,420 $ 24,625 $ 13,988 Slot machine win per unit per day (4) $ 649 $ 627 $ 694 $ 662 Average number of table games 159 118 162 118 Average number of slot machines 183 190 180 192 Sands Cotai Central: Table games win per unit per day (3) $ 10,112 N/A $ 10,112 N/A Slot machine win per unit per day (4) $ 397 N/A $ 397 N/A Average number of table games 362 N/A 362 N/A Average number of slot machines 819 N/A 819 N/A Marina Bay Sands: Table games win per unit per day (3) $ 9,825 $ 11,185 $ 11,395 $ 9,936 Slot machine win per unit per day (4) $ 636 $ 611 $ 646 $ 568 Average number of table games 611 606 609 610 Average number of slot machines 2,484 2,297 2,482 2,293 Las Vegas Operating Properties: Table games win per unit per day (3) $ 3,402 $ 4,032 $ 5,227 $ 3,586 Slot machine win per unit per day (4) $ 200 $ 152 $ 194 $ 147 Average number of table games 231 230 229 228 Average number of slot machines 2,170 2,608 2,293 2,666 Sands Bethlehem: Table games win per unit per day (3) $ 2,813 $ 2,550 $ 2,799 $ 2,698 Slot machine win per unit per day (4) $ 265 $ 249 $ 272 $ 244 Average number of table games 122 91 120 84 Average number of slot machines 3,024 3,024 3,009 3,020
(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.
Add to
Contacts: Investment Community:Daniel Briggs (702) 414-1221 Media:Ron Reese (702) 414-3607
Source:
News Provided by Acquire Media
Yahoo! Buzz