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Third Quarter Overview
Mr.
"In
"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a high priority for the company. The board of directors of
Company-Wide Operating Results
Net revenue for the third quarter of 2012 was
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2012 decreased 15.6% to
Adjusted net income (see Note 1) decreased to
On a GAAP basis, net income attributable to common stockholders in the third quarter of 2012 decreased 1.1% to
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. increased 36.7% to
The Venetian Macao Third Quarter Operating Results
The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of
The following table summarizes the key operating results for The Venetian Macao for the third quarter of 2012 compared to the third quarter of 2011:
Three Months Ended
The Venetian Macao Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 671.1 $ 586.9 $ 84.2 14.3%
Rooms 55.4 57.1 (1.7) -3.0%
Food and Beverage 21.0 18.8 2.2 11.7%
Mall 36.9 31.4 5.5 17.5%
Convention, Retail and
Other 19.0 21.7 (2.7) -12.4%
Less - Promotional
Allowances (30.6) (26.7) (3.9) -14.6%
---------- ---------- ----------
Net Revenues $ 772.8 $ 689.2 $ 83.6 12.1%
Adjusted Property EBITDA $ 299.0 $ 252.7 $ 46.3 18.3%
EBITDA Margin % 38.7% 36.7% 2.0 pts
Operating Income $ 261.3 $ 206.5 $ 54.8 26.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 11,199.4 $ 12,706.8 $ (1,507.4) -11.9%
Rolling Chip Win %(1) 3.32% 2.66% 0.66 pts
Non-Rolling Chip Drop $ 1,140.9 $ 1,074.2 $ 66.7 6.2%
Non-Rolling Chip Win %(2) 31.3% 27.6% 3.7 pts
Slot Handle $ 1,262.8 $ 897.1 $ 365.7 40.8%
Slot Hold %(3) 4.9% 6.4% -1.5 pts
Hotel Statistics
Occupancy % 93.9% 94.1% -0.2 pts
Average Daily Rate (ADR) $ 227 $ 232 $ (5) -2.2%
Revenue per Available Room
(RevPAR) $ 213 $ 218 $ (5) -2.3%
(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 30.2% (calculated before discounts).
(3) This compares to The Venetian Macao's trailing 12 month slot hold percentage of 5.4% (calculated before slot club cash incentives).
Four
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and Three Months Ended
Plaza Casino Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 194.7 $ 140.6 $ 54.1 38.5%
Rooms 10.0 8.3 1.7 20.5%
Food and Beverage 6.1 5.2 0.9 17.3%
Mall 23.1 21.0 2.1 10.0%
Convention, Retail and
Other 0.7 0.6 0.1 16.7%
Less - Promotional
Allowances (10.1) (6.6) (3.5) -53.0%
---------- ---------- ----------
Net Revenues $ 224.5 $ 169.1 $ 55.4 32.8%
Adjusted Property EBITDA $ 54.4 $ 59.7 $ (5.3) -8.9%
EBITDA Margin % 24.2% 35.3% -11.1 pts
Operating Income $ 40.3 $ 45.1 $ (4.8) -10.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 8,962.5 $ 4,160.5 $ 4,802.0 115.4%
Rolling Chip Win %(1) 2.58% 2.90% -0.32 pts
Non-Rolling Chip Drop $ 110.8 $ 107.6 $ 3.2 3.0%
Non-Rolling Chip Win %(2) 32.6% 38.9% -6.3 pts
Slot Handle $ 214.8 $ 201.5 $ 13.3 6.6%
Slot Hold %(3) 4.4% 6.4% -2.0 pts
Hotel Statistics
Occupancy % 83.1% 70.8% 12.3 pts
Average Daily Rate (ADR) $ 349 $ 335 $ 14 4.2%
Revenue per Available Room
(RevPAR) $ 290 $ 237 $ 53 22.4%
(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to the
(3) This compares to the
Sands Cotai Central Third Quarter Operating Results
The first phase of Sands Cotai Central opened on
Rolling Chip volume reflected meaningful growth and reached
The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2012 and the 81 days of operations in the second quarter of 2012:
Quarter Ended 81 Days Ended
Sands Cotai Central September 30, June 30,
(Dollars in millions) 2012(1) 2012
------------- -------------
Revenues:
Casino $ 272.1 $ 249.5
Rooms 24.0 15.3
Food and Beverage 11.3 9.4
Mall 3.8 3.3
Convention, Retail and Other 2.4 1.7
Less - Promotional Allowances (17.7) (13.6)
------------- -------------
Net Revenues $ 295.9 $ 265.6
Adjusted Property EBITDA $ 53.7 $ 51.8
EBITDA Margin % 18.1% 19.5%
Operating Loss $ (19.9) $ (17.9)
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 9,055.2 $ 6,820.6
Rolling Chip Win % 2.28% 3.12%
Non-Rolling Chip Drop $ 542.0 $ 389.4
Non-Rolling Chip Win % 20.7% 21.5%
Slot Handle $ 1,032.4 $ 665.4
Slot Hold % 3.1% 4.0%
Hotel Statistics
Occupancy % 88.9% 75.1%
Average Daily Rate (ADR) $ 149 $ 141
Revenue per Available Room (RevPAR) $ 132 $ 106
(1) On
Sands Macao Third Quarter Operating Results
Sands
The following table summarizes our key operating results for the Sands Macao for the third quarter of 2012 compared to the third quarter of 2011:
Three Months Ended
Sands Macao Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 307.7 $ 299.8 $ 7.9 2.6%
Rooms 6.0 6.2 (0.2) -3.2%
Food and Beverage 8.9 10.5 (1.6) -15.2%
Convention, Retail and
Other 2.5 2.3 0.2 8.7%
Less - Promotional
Allowances (9.8) (11.4) 1.6 -14.0%
---------- ---------- ----------
Net Revenues $ 315.3 $ 307.4 $ 7.9 2.6%
Adjusted Property EBITDA $ 80.9 $ 75.8 $ 5.1 6.7%
EBITDA Margin % 25.6% 24.7% 0.9 pts
Operating Income $ 72.4 $ 67.2 $ 5.2 7.7%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,818.6 $ 7,902.9 $ (1,084.3) -13.7%
Rolling Chip Win %(1) 2.96% 2.65% 0.31 pts
Non-Rolling Chip Drop $ 739.0 $ 722.6 $ 16.4 2.3%
Non-Rolling Chip Win %(2) 20.8% 20.0% 0.8 pts
Slot Handle $ 596.3 $ 536.5 $ 59.8 11.1%
Slot Hold %(3) 4.2% 5.3% -1.1 pts
Hotel Statistics
Occupancy % 97.3% 92.9% 4.4 pts
Average Daily Rate (ADR) $ 236 $ 251 $ (15) -6.0%
Revenue per Available Room
(RevPAR) $ 230 $ 233 $ (3) -1.3%
(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.8% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold percentage of 4.4% (calculated before slot club cash incentives).
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in
Non-Rolling Chip drop decreased 5.7% to
The high margin hotel room and mall segments of the property continued to reflect solid revenue growth of 12.4% and 7.6%, respectively. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 12.1% compared to the same quarter last year.
The following table summarizes our key operating results for Marina Bay Sands for the third quarter of 2012 compared to the third quarter of 2011:
Three Months Ended
Marina Bay Sands Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 470.8 $ 651.9 $ (181.1) -27.8%
Rooms 84.0 74.7 9.3 12.4%
Food and Beverage 46.1 49.2 (3.1) -6.3%
Mall 39.7 36.9 2.8 7.6%
Convention, Retail and
Other 26.1 32.4 (6.3) -19.4%
Less - Promotional
Allowances (41.2) (52.7) 11.5 21.8%
---------- ---------- ----------
Net Revenues $ 625.5 $ 792.4 $ (166.9) -21.1%
Adjusted Property EBITDA $ 260.8 $ 413.9 $ (153.1) -37.0%
EBITDA Margin % 41.7% 52.2% -10.5 pts
Operating Income $ 166.5 $ 315.4 $ (148.9) -47.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 11,790.8 $ 16,720.2 $ (4,929.4) -29.5%
Rolling Chip Win %(1) 1.79% 2.69% -0.90 pts
Non-Rolling Chip Drop $ 1,131.3 $ 1,199.2 $ (67.9) -5.7%
Non-Rolling Chip Win %(2) 24.0% 22.6% 1.4 pts
Slot Handle $ 2,620.8 $ 2,792.5 $ (171.7) -6.1%
Slot Hold %(3) 5.2% 5.3% -0.1 pts
Hotel Statistics
Occupancy % 99.8% 98.1% 1.7 pts
Average Daily Rate (ADR) $ 361 $ 327 $ 34 10.4%
Revenue per Available Room
(RevPAR) $ 360 $ 321 $ 39 12.1%
(1) This compares to
(2) This compares to
(3) This compares to
Las Vegas Third 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 September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 171.5 $ 124.3 $ 47.2 38.0%
Rooms 105.7 114.0 (8.3) -7.3%
Food and Beverage 42.4 57.2 (14.8) -25.9%
Convention, Retail and
Other 68.0 72.7 (4.7) -6.5%
Less - Promotional
Allowances (23.2) (20.8) (2.4) 11.5%
---------- ---------- ----------
Net Revenues $ 364.4 $ 347.4 $ 17.0 4.9%
Adjusted Property EBITDA $ 98.2 $ 94.3 $ 3.9 4.1%
EBITDA Margin % 26.9% 27.1% -0.2 pts
Operating Income $ 74.0 $ 64.8 $ 9.2 14.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 581.5 $ 536.1 $ 45.4 8.5%
Table Games Win %(1) 28.1% 20.4% 7.7 pts
Slot Handle $ 498.4 $ 490.2 $ 8.2 1.7%
Slot Hold %(2) 8.7% 8.7% 0.0 pts
Hotel Statistics
Occupancy % 87.3% 92.7% -5.4 pts
Average Daily Rate (ADR) $ 191 $ 191 $ 0 0.0%
Revenue per Available Room
(RevPAR) $ 167 $ 177 $ (10) -5.6%
(1) This compares to our Las Vegas Operations' trailing 12 month table games win percentage of 22.1% (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 Third Quarter Operating Results
Net revenue for Sands Bethlehem in
The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2012 compared to the third quarter of 2011:
Three Months Ended
Sands Bethlehem Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 113.1 $ 99.7 $ 13.4 13.4%
Rooms 2.7 2.1 0.6 28.6%
Food and Beverage 7.0 6.4 0.6 9.4%
Mall(1) 0.4 0.0 0.4 N/A
Convention, Retail and
Other 4.9 4.1 0.8 19.5%
Less - Promotional
Allowances (6.1) (5.6) (0.5) 8.9%
---------- ---------- ----------
Net Revenues $ 122.0 $ 106.7 $ 15.3 14.3%
Adjusted Property EBITDA $ 32.1 $ 25.2 $ 6.9 27.4%
EBITDA Margin % 26.3% 23.6% 2.7 pts
Operating Income $ 24.3 $ 16.3 $ 8.0 49.1%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 234.9 $ 188.9 $ 46.0 24.4%
Table Games Win %(2) 16.0% 14.3% 1.7 pts
Slot Handle $ 1,015.3 $ 988.4 $ 26.9 2.7%
Slot Hold %(3) 7.2% 7.1% 0.1 pts
Hotel Statistics
Occupancy % 69.6% 47.3% 22.3 pts
Average Daily Rate (ADR) $ 142 $ 168 (26) -15.5%
Revenue per Available Room
(RevPAR) $ 99 $ 79 20 25.3%
(1) The first phase of the
(2) This compares to Sands Bethlehem's trailing 12 month table games win percentage of 15.0% (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
September
For The Three Months Ended September 30, 2012 30, 2012
----------------------------------------------- ---------
(Dollars in Gross
millions Operating Leasable Occupancy Tenant
except per square Gross Operating Profit Area % at End Sales Per
foot data) Revenue Profit Margin (sq. ft.) of Period Sq. Ft.2
------- --------- --------- --------- --------- ---------
The Grand Canal
Shoppes at The
Venetian Macao $ 36.3 $ 30.6 84.3% 809,204 91.7% $ 1,186
The Shoppes at
Four Seasons
Luxury Retail 19.4 18.4 94.8% 89,576 100.0% 6,322
Other Stores 3.7 3.4 91.9% 99,512 83.4% 1,453
------- --------- ---------
Total 23.1 21.8 189,088 91.2% 4,353
------- --------- ---------
The Shoppes at
Sands Cotai
Central 3.7 2.7 73.0% 210,143 100.0% -
------- --------- ---------
Total Cotai Strip
in Macao 63.1 55.1 87.3% 1,208,255 93.1% 1,781
------- --------- ---------
The Shoppes at
Marina Bay Sands 39.7 31.4 79.1% 631,024 96.2% 1,366
------- --------- ---------
Total $ 102.8 $ 86.5 84.1% 1,839,279 94.1% $ 1,617
======= ========= =========
(1) 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
Other income, which was principally composed of foreign currency gains, was
The company's effective income tax rate for the third quarter of 2012 was 7.0%. 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 third quarter of 2012 of
Balance Sheet Items
Unrestricted cash balances as of
As of
Capital Expenditures
Capital expenditures during the third 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
Third Quarter 2012 Results
Non-GAAP Reconciliations
Within the company's third quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-adjusted 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 (loss) 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 Nine Months Ended September 30, September 30, 2012 2011 2012 2011 ------------ ------------ ------------ ------------ Revenues: Casino $ 2,201,030 $ 1,903,142 $ 6,534,947 $ 5,429,903 Rooms 287,849 262,352 830,887 734,022 Food and beverage 142,685 147,223 455,884 438,632 Mall 103,232 89,212 268,390 218,956 Convention, retail and other 117,129 134,629 363,680 370,182 ------------ ------------ ------------ ------------ 2,851,925 2,536,558 8,453,788 7,191,695 Less - promotional allowances (142,443) (127,183) (399,658) (325,305) ------------ ------------ ------------ ------------ 2,709,482 2,409,375 8,054,130 6,866,390 ------------ ------------ ------------ ------------ Operating expenses: Resort operations 1,839,991 1,492,506 5,288,946 4,317,348 Corporate 54,617 54,031 162,164 133,983 Pre-opening 39,872 15,823 134,803 43,472 Development 4,201 3,308 12,196 6,301 Depreciation and amortization 226,538 200,071 641,725 596,469 Amortization of leasehold interests in land 10,014 10,143 30,016 33,333 Impairment loss - - 143,674 - Loss on disposal of assets 154 937 1,229 8,879 ------------ ------------ ------------ ------------ 2,175,387 1,776,819 6,414,753 5,139,785 ------------ ------------ ------------ ------------ Operating income 534,095 632,556 1,639,377 1,726,605 Other income (expense): Interest income 4,176 2,369 16,716 8,444 Interest expense, net of amounts capitalized (62,292) (70,761) (191,497) (214,938) Other income (expense) 2,352 (6,617) 715 (9,384) Loss on modification or early retirement of debt - - (19,234) - ------------ ------------ ------------ ------------ Income before income taxes 478,331 557,547 1,446,077 1,510,727 Income tax expense (33,351) (52,375) (135,607) (151,960) ------------ ------------ ------------ ------------ Net income 444,980 505,172 1,310,470 1,358,767 Net income attributable to noncontrolling interests (95,198) (80,293) (221,159) (233,928) ------------ ------------ ------------ ------------ Net income attributable to Las Vegas Sands Corp. 349,782 424,879 1,089,311 1,124,839 Preferred stock dividends - (19,140) - (57,957) Accretion to redemption value of preferred stock issued to Principal Stockholder's family - (23,136) - (69,408) Preferred stock inducement and repurchase premiums - (28,972) - (48,080) ------------ ------------ ------------ ------------ Net income attributable to common stockholders $ 349,782 $ 353,631 $ 1,089,311 $ 949,394 ============ ============ ============ ============ Earnings per share: Basic $ 0.43 $ 0.48 $ 1.36 $ 1.31 ============ ============ ============ ============ Diluted $ 0.42 $ 0.44 $ 1.32 $ 1.17 ============ ============ ============ ============ Weighted average shares outstanding: Basic 821,482,154 729,773,246 801,084,165 727,309,255 ============ ============ ============ ============ Diluted 825,606,248 812,543,534 823,361,035 811,550,683 ============ ============ ============ ============ Dividends declared per common share $ 0.25 $ - $ 0.75 $ - ============ ============ ============ ============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 September 30, 2012 (Gain) Loss Amortization on Operating Depreciation of Leasehold Disposal Income and Interests of (Loss) Amortization in Land Assets --------- ------------- ------------- -------- Macao: The Venetian Macao $ 261,294 $ 34,973 $ 1,652 $ (300) Sands Macao 72,425 7,752 354 (15) Four Seasons Hotel Macao and Plaza Casino 40,284 12,448 706 172 Sands Cotai Central (19,873) 32,085 2,152 62 --------- ------------- ------------- -------- Macao Property Operations 354,130 87,258 4,864 (81) Marina Bay Sands 166,452 65,601 4,528 185 United States: Las Vegas Operating Properties 74,011 54,795 - (64) Sands Bethlehem 24,329 7,593 - 1 --------- ------------- ------------- -------- United States Property Operations 98,340 62,388 - (63) Other Asia (2) (16,800) 3,706 - 9 Other Development (5,196) 153 622 104 Corporate (62,831) 7,432 - - --------- ------------- ------------- -------- $ 534,095 $ 226,538 $ 10,014 $ 154 ========= ============= ============= ======== Three Months Ended September 30, 2012 Pre-Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ -------- ------------- ---------- -------- Macao: The Venetian Macao $ 60 $ - $ 1,322 $ - $299,001 Sands Macao - - 353 - 80,869 Four Seasons Hotel Macao and Plaza Casino 731 - 45 - 54,386 Sands Cotai Central 38,858 - 370 - 53,654 ------------ -------- ------------- ---------- -------- Macao Property Operations 39,649 - 2,090 - 487,910 Marina Bay Sands - 21,810 2,212 - 260,788 United States: Las Vegas Operating Properties - (33,464) 2,928 - 98,206 Sands Bethlehem 64 - 131 - 32,118 ------------ -------- ------------- ---------- -------- United States Property Operations 64 (33,464) 3,059 - 130,324 Other Asia (2) 43 10,872 46 - (2,124) Other Development 4,317 - - - - Corporate - 782 - 54,617 - ------------ -------- ------------- ---------- -------- $ 44,073 $ - $ 7,407 $ 54,617 $876,898 ============ ======== ============= ========== ======== Three Months Ended September 30, 2011 (Gain) Loss Amortization on Operating Depreciation of Leasehold Disposal Income and Interests of (Loss) Amortization in Land Assets --------- ------------- ------------- -------- Macao: The Venetian Macao $ 206,513 $ 40,078 $ 1,646 $ 68 Sands Macao 67,218 7,696 352 156 Four Seasons Hotel Macao and Plaza Casino 45,120 12,684 704 1 --------- ------------- ------------- -------- Macao Property Operations 318,851 60,458 2,702 225 Marina Bay Sands 315,435 65,776 4,678 (5) United States: Las Vegas Operating Properties 64,781 56,885 - - Sands Bethlehem 16,302 8,349 - - --------- ------------- ------------- -------- United States Property Operations 81,083 65,234 - - Other Asia (2) (6,659) 3,775 - - Other Development (17,725) 174 2,763 717 Corporate (58,429) 4,654 - - --------- ------------- ------------- -------- $ 632,556 $ 200,071 $ 10,143 $ 937 ========= ============= ============= ======== Three Months Ended September 30, 2011 Pre-Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ----------- -------- ------------- ---------- -------- Macao: The Venetian Macao $ 2,958 $ - $ 1,457 $ - $252,720 Sands Macao - - 399 - 75,821 Four Seasons Hotel Macao and Plaza Casino 1,138 - 72 - 59,719 ----------- -------- ------------- ---------- -------- Macao Property Operations 4,096 - 1,928 - 388,260 Marina Bay Sands 672 25,621 1,716 - 413,893 United States: Las Vegas Operating Properties - (30,365) 3,010 - 94,311 Sands Bethlehem 119 - 400 - 25,170 ----------- -------- ------------- ---------- -------- United States Property Operations 119 (30,365) 3,410 - 119,481 Other Asia (2) 173 5,000 226 - 2,515 Other Development 14,071 - - - - Corporate - (256) - 54,031 - ----------- -------- ------------- ---------- -------- $ 19,131 $ - $ 7,280 $ 54,031 $924,149 =========== ======== ============= ========== ======== Nine Months Ended September 30, 2012 Impairment and (Gain) Amortization Loss Operating Depreciation of Leasehold on Income and Interests Disposal (Loss) Amortization in Land of Assets ---------- ------------- ------------- ---------- Macao: The Venetian Macao $ 649,780 $ 108,085 $ 4,954 $ 42,649 Sands Macao 234,259 22,779 1,060 (184) Four Seasons Hotel Macao and Plaza Casino 155,679 37,352 2,116 209 Sands Cotai Central (37,749) 57,643 4,304 62 ---------- ------------- ------------- ---------- Macao Property Operations 1,001,969 225,859 12,434 42,736 Marina Bay Sands 774,941 196,668 13,570 184 United States: Las Vegas Operating Properties 199,997 167,511 - 503 Sands Bethlehem 59,869 25,332 - 414 ---------- ------------- ------------- ---------- United States Property Operations 259,866 192,843 - 917 Other Asia (2) (51,816) 11,089 - 33 Other Development (168,455) 575 4,012 101,034 Corporate (177,128) 14,691 - (1) ---------- ------------- ------------- ---------- $1,639,377 $ 641,725 $ 30,016 $ 144,903 ========== ============= ============= ========== Nine Months Ended September 30, 2012 Pre-Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ -------- ------------- --------- ---------- Macao: The Venetian Macao $ 113 $ - $ 4,594 $ - $ 810,175 Sands Macao - - 1,215 - 259,129 Four Seasons Hotel Macao and Plaza Casino 2,953 - 183 - 198,492 Sands Cotai Central 80,629 - 603 - 105,492 ------------ -------- ------------- --------- ---------- Macao Property Operations 83,695 - 6,595 - 1,373,288 Marina Bay Sands - 72,600 5,749 - 1,063,712 United States: Las Vegas Operating Properties - (99,020) 9,371 - 278,362 Sands Bethlehem 305 - 617 - 86,537 ------------ -------- ------------- --------- ---------- United States Property Operations 305 (99,020) 9,988 - 364,899 Other Asia (2) 165 26,146 582 - (13,801) Other Development 62,834 - - - - Corporate - 274 - 162,164 - ------------ -------- ------------- --------- ---------- $ 146,999 $ - $ 22,914 $ 162,164 $2,788,098 ============ ======== ============= ========= ========== Nine Months Ended September 30, 2011 (Gain) Loss Amortization on Operating Depreciation of Leasehold Disposal Income and Interests of (Loss) Amortization in Land Assets ---------- ------------- ------------- -------- Macao: The Venetian Macao $ 601,814 $ 125,489 $ 4,943 $ (652) Sands Macao 238,113 23,245 1,057 278 Four Seasons Hotel Macao and Plaza Casino 110,402 39,188 2,111 123 ---------- ------------- ------------- -------- Macao Property Operations 950,329 187,922 8,111 (251) Marina Bay Sands 827,454 183,760 16,926 738 United States: Las Vegas Operating Properties 149,910 176,002 - (1,778) Sands Bethlehem 42,928 23,202 - - ---------- ------------- ------------- -------- United States Property Operations 192,838 199,204 - (1,778) Other Asia (2) (39,208) 11,745 - 2 Other Development (50,517) 523 8,296 2,506 Corporate (154,291) 13,315 - 7,662 ---------- ------------- ------------- -------- $1,726,605 $ 596,469 $ 33,333 $ 8,879 ========== ============= ============= ======== Nine Months Ended September 30, 2011 Pre-Opening and (1) Adjusted Development Royalty Stock-Based Corporate Property Expense Fees Compensation Expense EBITDA ------------ -------- ------------- ---------- ---------- Macao: The Venetian Macao $ 3,173 $ - $ 4,719 $ - $ 739,486 Sands Macao - - 1,349 - 264,042 Four Seasons Hotel Macao and Plaza Casino 2,769 - 293 - 154,886 ------------ -------- ------------- ---------- ---------- Macao Property Operations 5,942 - 6,361 - 1,158,414 Marina Bay Sands 3,516 66,896 4,433 - 1,103,723 United States: Las Vegas Operating Properties - (81,227) 9,478 - 252,385 Sands Bethlehem 758 - 1,430 - 68,318 ------------ -------- ------------- ---------- ---------- United States Property Operations 758 (81,227) 10,908 - 320,703 Other Asia (2) 365 15,000 775 - (11,321) Other Development 39,192 - - - - Corporate - (669) - 133,983 - ------------ -------- ------------- ---------- ---------- $ 49,773 $ - $ 22,477 $ 133,983 $2,571,519 ============ ======== ============= ========== ==========
(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 are reconciliations of Adjusted Property EBITDA to Hold- Adjusted Adjusted Property EBITDA: Three Months Ended September 30, 2012 (1) (2) Hold- Hold- Hold- Adjusted Adjusted Adjusted Adjusted Adjusted Property Casino Casino Property EBITDA Revenue Expense EBITDA --------- --------- --------- --------- Macao Property Operations $ 487,910 $ - $ - $ 487,910 Marina Bay Sands 260,788 118,070 (13,236) 365,622 United States: Las Vegas Operating Properties 98,206 (31,459) 2,359 69,106 Sands Bethlehem 32,118 (2,288) 343 30,173 --------- --------- --------- --------- United States Property Operations 130,324 (33,747) 2,702 99,279 Other Asia (2,124) - - (2,124) Other Development - - - - Corporate - - - - --------- --------- --------- --------- $ 876,898 $ 84,323 $ (10,534) $ 950,687 ========= ========= ========= ========= Three Months Ended September 30, 2011 (1) (2) Hold- Hold- Hold- Adjusted Adjusted Adjusted Adjusted Adjusted Property Casino Casino Property EBITDA Revenue Expense EBITDA --------- --------- --------- --------- Macao Property Operations $ 388,260 $ 42,887 $ (16,726) $ 414,421 Marina Bay Sands 413,893 20,643 (2,314) 432,222 United States: Las Vegas Operating Properties 94,311 (9,921) 744 85,134 Sands Bethlehem 25,170 379 (66) 25,483 --------- --------- --------- --------- United States Property Operations 119,481 (9,542) 678 110,617 Other Asia 2,515 - - 2,515 Other Development - - - - Corporate - - - - --------- --------- --------- --------- $ 924,149 $ 53,988 $ (18,362) $ 959,775 ========= ========= ========= =========
(1) For
For the
(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
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 Nine Months Ended September 30, September 30, 2012 2011 2012 2011 ---------- ---------- ---------- ---------- Net income attributable to Las Vegas Sands Corp. $ 349,782 $ 424,879 $1,089,311 $1,124,839 Add (deduct): Net income attributable to noncontrolling interests 95,198 80,293 221,159 233,928 Income tax expense 33,351 52,375 135,607 151,960 Loss on modification or early retirement of debt - - 19,234 - Other (income) expense (2,352) 6,617 (715) 9,384 Interest expense, net of amounts capitalized 62,292 70,761 191,497 214,938 Interest income (4,176) (2,369) (16,716) (8,444) Loss on disposal of assets 154 937 1,229 8,879 Impairment loss - - 143,674 - Amortization of leasehold interests in land 10,014 10,143 30,016 33,333 Depreciation and amortization 226,538 200,071 641,725 596,469 Development expense 4,201 3,308 12,196 6,301 Pre-opening expense 39,872 15,823 134,803 43,472 Stock-based compensation (1) 7,407 7,280 22,914 22,477 Corporate expense 54,617 54,031 162,164 133,983 ---------- ---------- ---------- ---------- Adjusted Property EBITDA $ 876,898 $ 924,149 $2,788,098 $2,571,519 ========== ========== ========== ========== Hold-adjusted casino revenue (2) 84,323 53,988 Hold-adjusted casino expense (2) (10,534) (18,362) ---------- ---------- Hold-Adjusted Adjusted Property EBITDA $ 950,687 $ 959,775 ========== ========== (1) See Exhibit 2 (2) See Exhibit 3 _______________________Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Net Revenues (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 ---------- ---------- ---------- ---------- The Venetian Macao $ 772,769 $ 689,243 $2,194,975 $2,062,917 Sands Macao 315,280 307,420 935,966 961,173 Four Seasons Hotel Macao and Plaza Casino 224,478 169,050 790,219 461,914 Sands Cotai Central 295,855 - 561,456 - Marina Bay Sands 625,548 792,427 2,168,979 2,114,921 Las Vegas Operating Properties 364,426 347,446 1,076,342 985,043 Sands Bethlehem 121,966 106,720 352,624 294,870 Other Asia 37,289 43,190 110,792 109,413 Intersegment Eliminations (48,129) (46,121) (137,223) (123,861) ---------- ---------- ---------- ---------- $2,709,482 $2,409,375 $8,054,130 $6,866,390 ========== ========== ========== ========== _______________________Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 ---------- ---------- ---------- ---------- The Venetian Macao 38.7% 36.7% 36.9% 35.8% Sands Macao 25.6% 24.7% 27.7% 27.5% Four Seasons Hotel Macao and Plaza Casino 24.2% 35.3% 25.1% 33.5% Sands Cotai Central 18.1% N/A 18.8% N/A Marina Bay Sands 41.7% 52.2% 49.0% 52.2% Las Vegas Operating Properties 26.9% 27.1% 25.9% 25.6% Sands Bethlehem 26.3% 23.6% 24.5% 23.2% Other Asia -5.7% 5.8% -12.5% -10.3% Total 32.4% 38.4% 34.6% 37.5%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 Nine Months Ended September 30, September 30, 2012 2011 2012 2011 ------------ ------------ ------------ ------------ Net income attributable to common stockholders $ 349,782 $ 353,631 $ 1,089,311 $ 949,394 Pre-opening expense, net 28,057 15,709 94,867 42,874 Development expense, net 4,201 3,308 12,196 6,301 Impairment loss, net - - 101,009 - Loss on disposal of assets, net 144 937 1,190 8,879 Loss on modification or early retirement of debt, net - - 18,714 - Preferred stock dividends - 19,140 - 57,957 Accretion to redemption value of preferred stockissued to Principal Stockholder's family - 23,136 - 69,408 Preferred stock inducement and repurchase premiums - 28,972 - 48,080 ------------ ------------ ------------ ------------ Adjusted net income $ 382,184 $ 444,833 $ 1,317,287 $ 1,182,893 ============ ============ ============ ============ Per diluted share of common stock: Net income attributable to common stockholders $ 0.42 $ 0.44 $ 1.32 $ 1.17 Pre-opening expense, net 0.03 0.02 0.12 0.05 Development expense, net 0.01 - 0.01 0.01 Impairment loss, net - - 0.13 - Loss on disposal of assets, net - - - 0.01 Loss on modification or early retirement of debt, net - - 0.02 - Preferred stock dividends - 0.02 - 0.07 Accretion to redemption value of preferred stockissued to Principal Stockholder's family - 0.03 - 0.09 Preferred stock inducement and repurchase premiums - 0.04 - 0.06 ------------ ------------ ------------ ------------ Adjusted earnings per diluted share $ 0.46 $ 0.55 $ 1.60 $ 1.46 ============ ============ ============ ============ Weighted average diluted shares outstanding 825,606,248 812,543,534 823,361,035 811,550,683Las Vegas Sands Corp. and Subsidiaries Supplemental Data Schedule (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 --------- --------- --------- --------- Room Statistics: The Venetian Macao: Occupancy % 93.9% 94.1% 91.4% 90.1% Average daily room rate (ADR) (1) $ 227 $ 232 $ 233 $ 227 Revenue per available room (RevPAR) (2) $ 213 $ 218 $ 213 $ 205 Sands Macao: Occupancy % 97.3% 92.9% 94.8% 88.6% Average daily room rate (ADR) (1) $ 236 $ 251 $ 243 $ 248 Revenue per available room (RevPAR) (2) $ 230 $ 233 $ 231 $ 220 Four Seasons Hotel Macao and Plaza Casino: Occupancy % 83.1% 70.8% 79.6% 67.8% Average daily room rate (ADR) (1) $ 349 $ 335 $ 355 $ 333 Revenue per available room (RevPAR) (2) $ 290 $ 237 $ 282 $ 225 Sands Cotai Central: Occupancy % 88.9% N/A 82.8% N/A Average daily room rate (ADR) (1) $ 149 N/A $ 146 N/A Revenue per available room (RevPAR) (2) $ 132 N/A $ 121 N/A Marina Bay Sands: Occupancy % 99.8% 98.1% 99.1% 91.8% Average daily room rate (ADR) (1) $ 361 $ 327 $ 351 $ 303 Revenue per available room (RevPAR) (2) $ 360 $ 321 $ 348 $ 278 Las Vegas Operating Properties: Occupancy % 87.3% 92.7% 85.6% 88.5% Average daily room rate (ADR) (1) $ 191 $ 191 $ 203 $ 201 Revenue per available room (RevPAR) (2) $ 167 $ 177 $ 174 $ 178 Sands Bethlehem: Occupancy % 69.6% 47.3% 60.7% 47.7% Average daily room rate (ADR) (1) $ 142 $ 168 $ 141 $ 168 Revenue per available room (RevPAR) (2) $ 99 $ 79 $ 86 $ 80 Casino Statistics: The Venetian Macao: Table games win per unit per day (3) $ 15,697 $ 11,705 $ 14,632 $ 12,086 Slot machine win per unit per day (4) $ 312 $ 303 $ 314 $ 287 Average number of table games 504 589 520 596 Average number of slot machines 2,155 2,057 2,219 2,120 Sands Macao: Table games win per unit per day (3) $ 12,337 $ 9,303 $ 10,808 $ 9,683 Slot machine win per unit per day (4) $ 224 $ 280 $ 251 $ 271 Average number of table games 313 413 353 414 Average number of slot machines 1,205 1,109 1,152 1,133 Four Seasons Hotel Macao and Plaza Casino: Table games win per unit per day (3) $ 19,480 $ 13,964 $ 22,989 $ 13,980 Slot machine win per unit per day (4) $ 545 $ 766 $ 642 $ 696 Average number of table games 149 127 157 121 Average number of slot machines 188 182 183 189 Sands Cotai Central: Table games win per unit per day (3) $ 9,728 N/A $ 9,909 N/A Slot machine win per unit per day (4) $ 316 N/A $ 349 N/A Average number of table games 356 N/A 359 N/A Average number of slot machines 1,086 N/A 961 N/A Marina Bay Sands: Table games win per unit per day (3) $ 8,480 $ 13,205 $ 10,406 $ 11,017 Slot machine win per unit per day (4) $ 603 $ 662 $ 632 $ 601 Average number of table games 619 593 612 605 Average number of slot machines 2,441 2,416 2,468 2,334 Las Vegas Operating Properties: Table games win per unit per day (3) $ 7,648 $ 5,267 $ 6,047 $ 4,149 Slot machine win per unit per day (4) $ 238 $ 175 $ 207 $ 156 Average number of table games 232 226 230 227 Average number of slot machines 1,975 2,663 2,186 2,665 Sands Bethlehem: Table games win per unit per day (3) $ 3,341 $ 2,763 $ 2,983 $ 2,723 Slot machine win per unit per day (4) $ 262 $ 253 $ 268 $ 247 Average number of table games 122 106 121 92 Average number of slot machines 3,024 3,023 3,014 3,021
(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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