Las Vegas Sands Reports Record First Quarter 2014 Results
LAS VEGAS, NV--(Marketwired - Apr 24, 2014) - Las Vegas Sands
Corp. (NYSE: LVS)
For the Quarter Ended March 31, 2014 (Compared to the Quarter
Ended March 31, 2013):
- Net Revenue Increased 21.4% to a Record $4.01 Billion
- Strong Gaming Volumes in Macao Drove Adjusted Property EBITDA
Up 49.1% to a Record $939.8 Million
- Consolidated Adjusted Property EBITDA Grew 26.8% to a Record
$1.48 Billion
- Adjusted Earnings per Diluted Share Climbed 36.6% to a Record
$0.97 (GAAP Earnings per Diluted Share Increased 37.7% to
$0.95)
- The Company Paid Dividends of $0.50 per share, an Increase of
42.9%
- The Company Returned $810.0 Million of Capital to Shareholders
through its Stock Repurchase Program (Exceeding its $75.0 Million
per Month Minimum Target)
Las Vegas Sands Corp. (NYSE: LVS) today reported record
financial results for the quarter ended March 31, 2014.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer,
said, "I am extremely pleased to report another quarter of record
financial results that reflect continued strong growth in revenue,
cash flow and earnings per share. The focused and consistent
execution of our global growth strategy, which leverages the power
of our convention-based Integrated Resort business model, is
clearly driving our financial results. Continued execution of
that strategy will extend our position as the global leader in
Integrated Resort development and operation.
"In Macao, we delivered record financial results, with strong
growth and operating momentum reflected in every segment of our
business. We welcomed more than seventeen million visits during the
quarter to our Macao property portfolio, which delivered a record
$939.8 million of adjusted property EBITDA. We remain confident
that our market-leading Cotai Strip properties, including our
latest Integrated Resort on the Cotai Strip, the Parisian Macao,
which is targeted to open in late 2015, will meaningfully enhance
the appeal of Macao to business and leisure travelers and provide
an outstanding platform for growth in the years ahead."
In Singapore, adjusted property EBITDA reached $435.2 million
reflecting strong growth in non-gaming revenue, steady mass gaming
results and a higher hold rate on VIP play. Mass win-per-day
increased slightly to $4.65 million per day.
Mr. Adelson added, "The prudent management of our cash flow,
including the ability to increase the return of capital to
shareholders while maintaining a strong balance sheet and ample
liquidity to invest in future growth opportunities, remains a
cornerstone of our strategy."
The company paid a recurring quarterly dividend of $0.50 per
common share during the quarter, an increase of 42.9% compared to
the first quarter of 2013.
The company repurchased approximately $810.0 million of common
stock (10.0 million shares at a weighted average price of $80.80)
during the quarter ended March 31, 2014.
Company-Wide Operating Results
Net revenue for the first quarter of 2014 increased 21.4% to
reach $4.01 billion, compared to $3.30 billion in the first quarter
of 2013. Consolidated adjusted property EBITDA increased 26.8% to
reach $1.48 billion in the first quarter of 2014, compared to $1.17
billion in the year-ago quarter. On a hold-normalized basis,
adjusted property EBITDA increased 15.2% to reach $1.37 billion in
the first quarter of 2014, compared to $1.19 billion in the first
quarter of 2013.
On a GAAP (Generally Accepted Accounting Principles) basis,
operating income in the first quarter of 2014 increased 38.4% to
$1.14 billion, compared to $826.7 million in the first quarter of
2013. The increase in operating income was principally due to
stronger operating results across our Macao property
portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in
the first quarter of 2014 increased 35.7% to $776.2 million,
compared to $572.0 million in the first quarter of 2013, while
diluted earnings per share in the first quarter of 2014 increased
37.7% to $0.95, compared to $0.69 in the prior year quarter. The
increase in net income attributable to Las Vegas Sands reflected
the increase in operating income described above, partially offset
by the increase in net income attributable to noncontrolling
interests.
Adjusted net income (see Note 1) increased to $793.9 million, or
$0.97 per diluted share, compared to $583.9 million, or $0.71 per
diluted share, in the first quarter of 2013. The increase in
adjusted net income was driven by the higher net income
attributable to Las Vegas Sands described above.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd.
increased 34.7% to $2.72 billion in the first quarter of 2014,
compared to $2.02 billion in the first quarter of 2013. Adjusted
property EBITDA for Sands China Ltd. increased 49.8% to $938.1
million in the first quarter of 2014, compared to $626.4 million in
the first quarter of 2013. Net income for Sands China Ltd.
increased 66.0% to $751.9 million in the first quarter of 2014,
compared to $452.9 million in the first quarter of 2013.
The Venetian Macao First Quarter Operating Results
The Venetian Macao continued to enjoy Macao market-leading
visitation and financial performance. The property delivered record
adjusted property EBITDA of $470.1 million, an increase of 34.9%
compared to the first quarter of 2013. Non-Rolling Chip drop
increased 80.7% to reach a property record $2.41 billion for the
quarter with Non-Rolling Chip win percentage of 26.1%. Rolling
Chip volume during the quarter increased 31.2% to reach $15.32
billion. Slot handle was $1.45 billion, increasing 21.9%
compared to the first quarter of 2013. Mall revenues increased
26.4% during the quarter to reach $38.3 million.
The following table summarizes the key operating results for The
Venetian Macao for the first quarter of 2014 compared to the first
quarter of 2013:
| |
|
|
|
|
|
|
| The Venetian Macao Operations |
|
Three Months Ended |
|
|
|
|
| March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
1,075.7 |
|
|
$ |
778.5 |
|
|
$ |
297.2 |
|
|
38.2 |
% |
| |
Rooms |
|
|
65.3 |
|
|
|
54.4 |
|
|
|
10.9 |
|
|
20.0 |
% |
| |
Food
and Beverage |
|
|
25.8 |
|
|
|
21.9 |
|
|
|
3.9 |
|
|
17.8 |
% |
| |
Mall |
|
|
38.3 |
|
|
|
30.3 |
|
|
|
8.0 |
|
|
26.4 |
% |
| |
Convention, Retail and Other |
|
|
24.1 |
|
|
|
16.7 |
|
|
|
7.4 |
|
|
44.3 |
% |
| |
Less
- Promotional Allowances |
|
|
(44.6 |
) |
|
|
(29.6 |
) |
|
|
(15.0 |
) |
|
-50.7 |
% |
| Net Revenues |
|
$ |
1,184.6 |
|
|
$ |
872.2 |
|
|
$ |
312.4 |
|
|
35.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
470.1 |
|
|
$ |
348.5 |
|
|
$ |
121.6 |
|
|
34.9 |
% |
| |
EBITDA Margin % |
|
|
39.7 |
% |
|
|
40.0 |
% |
|
|
|
|
|
-0.3 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
429.6 |
|
|
$ |
311.9 |
|
|
$ |
117.7 |
|
|
37.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rolling Chip Volume |
|
$ |
15,315.4 |
|
|
$ |
11,670.9 |
|
|
$ |
3,644.5 |
|
|
31.2 |
% |
| |
Rolling Chip Win %(1) |
|
|
3.49 |
% |
|
|
3.57 |
% |
|
|
|
|
|
-0.08 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Rolling Chip Drop |
|
$ |
2,410.2 |
|
|
$ |
1,333.9 |
|
|
$ |
1,076.3 |
|
|
80.7 |
% |
| |
Non-Rolling Chip Win % |
|
|
26.1 |
% |
|
|
32.1 |
% |
|
|
|
|
|
-6.0 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
1,452.4 |
|
|
$ |
1,191.5 |
|
|
$ |
260.9 |
|
|
21.9 |
% |
| |
Slot
Hold % |
|
|
5.1 |
% |
|
|
5.5 |
% |
|
|
|
|
|
-0.4 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
94.4 |
% |
|
|
91.6 |
% |
|
|
|
|
|
2.8 pts |
|
| Average Daily Rate (ADR) |
|
$ |
267 |
|
|
$ |
231 |
|
|
$ |
36 |
|
|
15.6 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
252 |
|
|
$ |
212 |
|
|
$ |
40 |
|
|
18.9 |
% |
| |
| (1)
This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). |
| |
| |
Sands Cotai Central First Quarter Operating Results
Net revenues and adjusted property EBITDA for the first quarter
of 2014 at Sands Cotai Central were $827.6 million and $265.2
million, respectively, resulting in an EBITDA margin of 32.0%.
Rolling Chip volume grew 13.8% to reach $15.51 billion for the
quarter, while Non-Rolling Chip drop increased 73.9% to reach a
record $1.80 billion with Non-Rolling Chip win percentage of 22.9%.
Slot handle increased 48.3% to $1.82 billion for the quarter.
Mass win per table per day increased 82.3% year-over-year and
3.7% compared to the fourth quarter of 2013, reaching $14,463,
while mass table, slot and electronic table game (ETG) win per day
climbed to $5.3 million, an increase of 76.3% year-over-year and
9.2% compared to the fourth quarter of 2013. Hotel occupancy
reached 88.8% with ADR of $177.
Visitation to the property continues to grow and approached 4.8
million visits in the quarter.
The following table summarizes our key operating results for
Sands Cotai Central for the first quarter of 2014 compared to the
first quarter of 2013:
| |
|
|
|
|
|
|
| Sands Cotai Central Operations |
|
Three Months Ended |
|
|
|
|
| March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
750.3 |
|
|
$ |
533.8 |
|
|
$ |
216.5 |
|
|
40.6 |
% |
| |
Rooms |
|
|
79.4 |
|
|
|
46.2 |
|
|
|
33.2 |
|
|
71.9 |
% |
| |
Food
and Beverage |
|
|
32.8 |
|
|
|
22.6 |
|
|
|
10.2 |
|
|
45.1 |
% |
| |
Mall |
|
|
8.8 |
|
|
|
8.0 |
|
|
|
0.8 |
|
|
10.0 |
% |
| |
Convention, Retail and Other |
|
|
7.5 |
|
|
|
5.2 |
|
|
|
2.3 |
|
|
44.2 |
% |
| |
Less
- Promotional Allowances |
|
|
(51.2 |
) |
|
|
(28.6 |
) |
|
|
(22.6 |
) |
|
-79.0 |
% |
| Net Revenues |
|
$ |
827.6 |
|
|
$ |
587.2 |
|
|
$ |
240.4 |
|
|
40.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
265.2 |
|
|
$ |
131.5 |
|
|
$ |
133.7 |
|
|
101.7 |
% |
| |
EBITDA Margin % |
|
|
32.0 |
% |
|
|
22.4 |
% |
|
|
|
|
|
9.6 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
195.1 |
|
|
$ |
60.9 |
|
|
$ |
134.2 |
|
|
220.4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rolling Chip Volume |
|
$ |
15,505.3 |
|
|
$ |
13,622.4 |
|
|
$ |
1,882.9 |
|
|
13.8 |
% |
| |
Rolling Chip Win %(1) |
|
|
2.83 |
% |
|
|
3.09 |
% |
|
|
|
|
|
-0.26 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Rolling Chip Drop |
|
$ |
1,800.7 |
|
|
$ |
1,035.3 |
|
|
$ |
765.4 |
|
|
73.9 |
% |
| |
Non-Rolling Chip Win % |
|
|
22.9 |
% |
|
|
21.6 |
% |
|
|
|
|
|
1.3 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
1,821.4 |
|
|
$ |
1,228.5 |
|
|
$ |
592.9 |
|
|
48.3 |
% |
| |
Slot
Hold % |
|
|
3.7 |
% |
|
|
3.9 |
% |
|
|
|
|
|
-0.2 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
88.8 |
% |
|
|
70.8 |
% |
|
|
|
|
|
18.0 pts |
|
| Average Daily Rate (ADR) |
|
$ |
177 |
|
|
$ |
152 |
|
|
$ |
25 |
|
|
16.4 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
157 |
|
|
$ |
108 |
|
|
$ |
49 |
|
|
45.4 |
% |
| |
| (1)
This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). |
| |
| |
Four Seasons Hotel Macao First Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted
property EBITDA of $113.0 million in the first quarter of 2014, an
increase of 110.8% compared to the year-ago
quarter. Non-Rolling Chip drop increased to $352.0 million,
while Non-Rolling Chip win percentage was 28.4%. Rolling Chip
volume was $9.19 billion for the quarter, a decrease of 3.0%
compared to the first quarter of 2013. Rolling Chip win percentage
was 3.62% in the quarter, above the expected range and above the
2.21% experienced in the prior-year quarter. Slot handle increased
57.2% to $289.8 million during the quarter.
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and Plaza Casino for the first quarter of
2014 compared to the first quarter of 2013:
| |
|
|
|
|
|
|
| Four Seasons Hotel Macao and Plaza Casino
Operations |
|
Three Months Ended |
|
|
|
|
| March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
340.2 |
|
|
$ |
206.5 |
|
|
$ |
133.7 |
|
|
64.7 |
% |
| |
Rooms |
|
|
12.6 |
|
|
|
10.2 |
|
|
|
2.4 |
|
|
23.5 |
% |
| |
Food
and Beverage |
|
|
8.3 |
|
|
|
6.5 |
|
|
|
1.8 |
|
|
27.7 |
% |
| |
Mall |
|
|
23.0 |
|
|
|
10.3 |
|
|
|
12.7 |
|
|
123.3 |
% |
| |
Convention, Retail and Other |
|
|
1.1 |
|
|
|
0.8 |
|
|
|
0.3 |
|
|
37.5 |
% |
| |
Less
- Promotional Allowances |
|
|
(15.2 |
) |
|
|
(11.1 |
) |
|
|
(4.1 |
) |
|
-36.9 |
% |
| Net Revenues |
|
$ |
370.0 |
|
|
$ |
223.2 |
|
|
$ |
146.8 |
|
|
65.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
113.0 |
|
|
$ |
53.6 |
|
|
$ |
59.4 |
|
|
110.8 |
% |
| |
EBITDA Margin % |
|
|
30.6 |
% |
|
|
24.0 |
% |
|
|
|
|
|
6.6 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
99.9 |
|
|
$ |
40.7 |
|
|
$ |
59.2 |
|
|
145.5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rolling Chip Volume |
|
$ |
9,193.7 |
|
|
$ |
9,480.1 |
|
|
$ |
(286.4 |
) |
|
-3.0 |
% |
| |
Rolling Chip Win %(1) |
|
|
3.62 |
% |
|
|
2.21 |
% |
|
|
|
|
|
1.41 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Rolling Chip Drop |
|
$ |
352.0 |
|
|
$ |
110.5 |
|
|
$ |
241.5 |
|
|
218.6 |
% |
| |
Non-Rolling Chip Win % |
|
|
28.4 |
% |
|
|
48.6 |
% |
|
|
|
|
|
-20.2 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
289.8 |
|
|
$ |
184.4 |
|
|
$ |
105.4 |
|
|
57.2 |
% |
| |
Slot
Hold % |
|
|
4.3 |
% |
|
|
5.0 |
% |
|
|
|
|
|
-0.7 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
87.1 |
% |
|
|
81.2 |
% |
|
|
|
|
|
5.9 pts |
|
| Average Daily Rate (ADR) |
|
$ |
429 |
|
|
$ |
370 |
|
|
$ |
59 |
|
|
15.9 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
373 |
|
|
$ |
301 |
|
|
$ |
72 |
|
|
23.9 |
% |
| |
| (1)
This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). |
| |
| |
Sands Macao First Quarter Operating Results
Sands Macao's adjusted property EBITDA decreased 5.4% compared
to the same quarter last year to $91.4 million. Adjusted property
EBITDA margin decreased 200 basis points to 29.1%. Non-Rolling Chip
drop increased 43.1% to reach $1.09 billion during the quarter,
while slot handle increased 13.7% to reach $803.2 million. The
property realized 2.59% win on Rolling Chip volume during the
quarter, below the expected range of 2.70 to 3.00% and below the
2.76% generated in the year-ago quarter. Rolling Chip volume was
$5.38 billion for the quarter.
The following table summarizes our key operating results for
Sands Macao for the first quarter of 2014 compared to the first
quarter of 2013:
| |
|
|
|
|
|
|
| Sands Macao Operations |
|
Three Months Ended |
|
|
|
|
| March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
306.6 |
|
|
$ |
302.4 |
|
|
$ |
4.2 |
|
|
1.4 |
% |
| |
Rooms |
|
|
7.3 |
|
|
|
6.0 |
|
|
|
1.3 |
|
|
21.7 |
% |
| |
Food
and Beverage |
|
|
10.2 |
|
|
|
9.8 |
|
|
|
0.4 |
|
|
4.1 |
% |
| |
Convention, Retail and Other |
|
|
2.5 |
|
|
|
2.6 |
|
|
|
(0.1 |
) |
|
-3.8 |
% |
| |
Less
- Promotional Allowances |
|
|
(12.6 |
) |
|
|
(10.5 |
) |
|
|
(2.1 |
) |
|
-20.0 |
% |
| Net Revenues |
|
$ |
314.0 |
|
|
$ |
310.3 |
|
|
$ |
3.7 |
|
|
1.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
91.4 |
|
|
$ |
96.6 |
|
|
$ |
(5.2 |
) |
|
-5.4 |
% |
| |
EBITDA Margin % |
|
|
29.1 |
% |
|
|
31.1 |
% |
|
|
|
|
|
-2.0 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
82.3 |
|
|
$ |
88.1 |
|
|
$ |
(5.8 |
) |
|
-6.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rolling Chip Volume |
|
$ |
5,380.5 |
|
|
$ |
6,379.0 |
|
|
$ |
(998.5 |
) |
|
-15.7 |
% |
| |
Rolling Chip Win %(1) |
|
|
2.59 |
% |
|
|
2.76 |
% |
|
|
|
|
|
-0.17 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Rolling Chip Drop |
|
$ |
1,091.9 |
|
|
$ |
763.2 |
|
|
$ |
328.7 |
|
|
43.1 |
% |
| |
Non-Rolling Chip Win % |
|
|
18.0 |
% |
|
|
21.1 |
% |
|
|
|
|
|
-3.1 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
803.2 |
|
|
$ |
706.5 |
|
|
$ |
96.7 |
|
|
13.7 |
% |
| |
Slot
Hold % |
|
|
3.8 |
% |
|
|
3.7 |
% |
|
|
|
|
|
0.1 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
96.7 |
% |
|
|
94.9 |
% |
|
|
|
|
|
1.8 pts |
|
| Average Daily Rate (ADR) |
|
$ |
292 |
|
|
$ |
246 |
|
|
$ |
46 |
|
|
18.7 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
283 |
|
|
$ |
233 |
|
|
$ |
50 |
|
|
21.5 |
% |
| |
| (1)
This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). |
| |
| |
Marina Bay Sands First Quarter Operating Results
Marina Bay Sands in Singapore generated adjusted property EBITDA
of $435.2 million, an increase of 9.7% compared to the first
quarter of 2013. Rolling Chip win percentage of 3.41% in the
first quarter of 2014 was above the expected range, and above the
2.51% achieved in the first quarter of 2013.
Non-Rolling Chip drop decreased 3.1% to $1.16 billion during the
quarter. Slot handle increased 9.5% to $3.05 billion for the
quarter compared to the year-ago quarter. Total mass win per day
during the quarter increased slightly to $4.65 million, compared to
$4.64 million in the first quarter of 2013. Rolling Chip volume was
$12.94 billion for the quarter.
The high-margin hotel room segment of the property continued to
reflect strong revenue growth of 14.8%. ADR increased to $428
during the quarter, driving a RevPAR increase of 14.2% compared to
the same quarter last year. Occupancy was 99.3% during the
quarter.
The following table summarizes our key operating results for
Marina Bay Sands for the first quarter of 2014 compared to the
first quarter of 2013:
| |
|
|
|
|
|
|
| Marina Bay Sands Operations |
|
Three Months Ended |
|
|
|
|
| March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
680.4 |
|
|
$ |
640.2 |
|
|
$ |
40.2 |
|
|
6.3 |
% |
| |
Rooms |
|
|
97.1 |
|
|
|
84.6 |
|
|
|
12.5 |
|
|
14.8 |
% |
| |
Food
and Beverage |
|
|
46.0 |
|
|
|
48.8 |
|
|
|
(2.8 |
) |
|
-5.7 |
% |
| |
Mall |
|
|
38.5 |
|
|
|
36.8 |
|
|
|
1.7 |
|
|
4.6 |
% |
| |
Convention, Retail and Other |
|
|
26.3 |
|
|
|
26.4 |
|
|
|
(0.1 |
) |
|
-0.4 |
% |
| |
Less
- Promotional Allowances |
|
|
(52.9 |
) |
|
|
(41.9 |
) |
|
|
(11.0 |
) |
|
-26.3 |
% |
| Net Revenues |
|
$ |
835.4 |
|
|
$ |
794.9 |
|
|
$ |
40.5 |
|
|
5.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
435.2 |
|
|
$ |
396.8 |
|
|
$ |
38.4 |
|
|
9.7 |
% |
| |
EBITDA Margin % |
|
|
52.1 |
% |
|
|
49.9 |
% |
|
|
|
|
|
2.2 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
331.5 |
|
|
$ |
292.7 |
|
|
$ |
38.8 |
|
|
13.3 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rolling Chip Volume |
|
$ |
12,941.5 |
|
|
$ |
18,207.3 |
|
|
$ |
(5,265.8 |
) |
|
-28.9 |
% |
| |
Rolling Chip Win %(1) |
|
|
3.41 |
% |
|
|
2.51 |
% |
|
|
|
|
|
0.90 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Rolling Chip Drop |
|
$ |
1,157.4 |
|
|
$ |
1,194.6 |
|
|
$ |
(37.2 |
) |
|
-3.1 |
% |
| |
Non-Rolling Chip Win % |
|
|
23.4 |
% |
|
|
23.2 |
% |
|
|
|
|
|
0.2 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
3,050.0 |
|
|
$ |
2,785.3 |
|
|
$ |
264.7 |
|
|
9.5 |
% |
| |
Slot
Hold % |
|
|
4.8 |
% |
|
|
5.1 |
% |
|
|
|
|
|
-0.3 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
99.3 |
% |
|
|
98.5 |
% |
|
|
|
|
|
0.8 pts |
|
| Average Daily Rate (ADR) |
|
$ |
428 |
|
|
$ |
378 |
|
|
$ |
50 |
|
|
13.2 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
425 |
|
|
$ |
372 |
|
|
$ |
53 |
|
|
14.2 |
% |
| |
| (1)
This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). |
| |
| |
Las Vegas Operations First Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The
Palazzo, including the Sands Expo and Convention Center, was $79.7
million for the quarter. On a hold-normalized basis, adjusted
property EBITDA was $97.3 million, up 4.8% compared to the first
quarter of 2013. Hotel ADR reached $241 in the quarter, which
was the highest quarterly ADR for our Las Vegas operations since
the second quarter of 2008, and an increase of 14.2% compared to
the first quarter of 2013. RevPAR increased 12.0% to $214 in
the quarter. Table games drop increased 2.4% in the quarter to
reach $518.5 million reflecting strong growth in Baccarat
drop. Slot handle decreased 4.4% to $473.2 million.
The following table summarizes our key operating results for our
Las Vegas operations for the first quarter of 2014 compared to the
first quarter of 2013:
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
|
|
| Las Vegas Operations |
|
March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
109.8 |
|
|
$ |
159.9 |
|
|
$ |
(50.1 |
) |
|
-31.3 |
% |
| |
Rooms |
|
|
135.7 |
|
|
|
121.1 |
|
|
|
14.6 |
|
|
12.1 |
% |
| |
Food
and Beverage |
|
|
72.8 |
|
|
|
68.3 |
|
|
|
4.5 |
|
|
6.6 |
% |
| |
Convention, Retail and Other |
|
|
87.3 |
|
|
|
85.3 |
|
|
|
2.0 |
|
|
2.3 |
% |
| |
Less
- Promotional Allowances |
|
|
(22.9 |
) |
|
|
(23.1 |
) |
|
|
0.2 |
|
|
0.9 |
% |
| Net Revenues |
|
$ |
382.7 |
|
|
$ |
411.5 |
|
|
$ |
(28.8 |
) |
|
-7.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
79.7 |
|
|
$ |
113.4 |
|
|
$ |
(33.7 |
) |
|
-29.7 |
% |
| EBITDA Margin % |
|
|
20.8 |
% |
|
|
27.6 |
% |
|
|
|
|
|
-6.8 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
68.6 |
|
|
$ |
98.8 |
|
|
$ |
(30.2 |
) |
|
-30.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table Games Drop |
|
$ |
518.5 |
|
|
$ |
506.4 |
|
|
$ |
12.1 |
|
|
2.4 |
% |
| Table Games Win %(1) |
|
|
17.1 |
% |
|
|
27.6 |
% |
|
|
|
|
|
-10.5 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
473.2 |
|
|
$ |
495.1 |
|
|
$ |
(21.9 |
) |
|
-4.4 |
% |
| Slot Hold % |
|
|
8.6 |
% |
|
|
8.8 |
% |
|
|
|
|
|
-0.2 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
88.9 |
% |
|
|
90.3 |
% |
|
|
|
|
|
-1.4 pts |
|
| Average Daily Rate (ADR) |
|
$ |
241 |
|
|
$ |
211 |
|
|
$ |
30 |
|
|
14.2 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
214 |
|
|
$ |
191 |
|
|
$ |
23 |
|
|
12.0 |
% |
| |
| (1)
This compares to our expected Baccarat win percentage of 22.0% to
30.0% and our expected non-Baccarat win percentage of 14.0% to
18.0% (calculated before discounts). |
| |
| |
Sands Bethlehem First Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania decreased 4.6%
to $117.2 million and adjusted property EBITDA decreased 11.4% to
$26.5 million for the first quarter of 2014. Table games drop
increased 1.2% to $247.6 million for the quarter, while table games
win percentage was 16.1%, which compared to 15.6% in the first
quarter of 2013. Slot handle decreased 8.3% year-over-year to
$948.5 million for the quarter with slot hold percentage of
7.1%.
The following table summarizes our key operating results for
Sands Bethlehem for the first quarter of 2014 compared to the first
quarter of 2013:
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
|
|
| Sands Bethlehem Operations |
|
March 31, |
|
|
|
|
| (Dollars in millions) |
|
2014 |
|
|
2013 |
|
|
$ Change |
|
|
Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
109.0 |
|
|
$ |
114.8 |
|
|
$ |
(5.8 |
) |
|
-5.1 |
% |
| |
Rooms |
|
|
2.7 |
|
|
|
2.4 |
|
|
|
0.3 |
|
|
12.5 |
% |
| |
Food
and Beverage |
|
|
6.8 |
|
|
|
7.2 |
|
|
|
(0.4 |
) |
|
-5.6 |
% |
| |
Mall |
|
|
0.6 |
|
|
|
0.6 |
|
|
|
- |
|
|
0.0 |
% |
| |
Convention, Retail and Other |
|
|
3.9 |
|
|
|
4.0 |
|
|
|
(0.1 |
) |
|
-2.5 |
% |
| |
Less
- Promotional Allowances |
|
|
(5.8 |
) |
|
|
(6.1 |
) |
|
|
0.3 |
|
|
4.9 |
% |
| Net Revenues |
|
$ |
117.2 |
|
|
$ |
122.9 |
|
|
$ |
(5.7 |
) |
|
-4.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Property EBITDA |
|
$ |
26.5 |
|
|
$ |
29.9 |
|
|
$ |
(3.4 |
) |
|
-11.4 |
% |
| EBITDA Margin % |
|
|
22.6 |
% |
|
|
24.3 |
% |
|
|
|
|
|
-1.7 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
$ |
17.3 |
|
|
$ |
20.8 |
|
|
$ |
(3.5 |
) |
|
-16.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Table Games Drop |
|
$ |
247.6 |
|
|
$ |
244.7 |
|
|
$ |
2.9 |
|
|
1.2 |
% |
| Table Games Win %(1) |
|
|
16.1 |
% |
|
|
15.6 |
% |
|
|
|
|
|
0.5 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Slot Handle |
|
$ |
948.5 |
|
|
$ |
1,033.9 |
|
|
$ |
(85.4 |
) |
|
-8.3 |
% |
| Slot Hold % |
|
|
7.1 |
% |
|
|
7.1 |
% |
|
|
|
|
|
0.0 pts |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy % |
|
|
68.8 |
% |
|
|
65.3 |
% |
|
|
|
|
|
3.5 pts |
|
| Average Daily Rate (ADR) |
|
$ |
146 |
|
|
$ |
138 |
|
|
$ |
8 |
|
|
5.8 |
% |
| Revenue per Available Room (RevPAR) |
|
$ |
101 |
|
|
$ |
90 |
|
|
$ |
11 |
|
|
12.2 |
% |
| |
| (1)
This compares to our expected Table Games win percentage of 14.0%
and 16.0% (calculated before discounts). |
| |
| |
Asian Retail Mall Operations
Gross revenue from tenants in the company's retail malls on
Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and
Sands Cotai Central) and Marina Bay Sands in Singapore reached
$108.4 million for the first quarter of 2014, an increase of 27.7%
compared to the first quarter of 2013. Operating profit
derived from these retail mall assets increased 34.6% for the
quarter compared to the quarter one year ago, reaching $91.5
million.
| |
|
|
|
|
|
| |
|
For The Three Months Ended March 31, 2014 |
|
|
TTM March 31, 2014 |
| (Dollars in millions except per square foot data) |
|
Gross Revenue(1) |
|
Operating Profit |
|
Operating Profit Margin |
|
|
Gross Leasable Area (sq. ft.) |
|
|
Occupancy % at End of Period |
|
|
Tenant Sales Per Sq. Ft.(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shoppes at Venetian |
|
$ |
38.2 |
|
$ |
32.3 |
|
84.6 |
% |
|
755,876 |
|
|
96.0 |
% |
|
$ |
1,535 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shoppes at Four Seasons |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Luxury Retail |
|
|
17.8 |
|
|
16.6 |
|
93.3 |
% |
|
142,562 |
|
|
100.0 |
% |
|
|
6,129 |
| |
Other
Stores |
|
|
5.2 |
|
|
4.8 |
|
92.3 |
% |
|
99,907 |
|
|
61.4 |
% |
|
|
2,863 |
| |
Total |
|
|
23.0 |
|
|
21.4 |
|
93.0 |
% |
|
242,469 |
|
|
84.1 |
% |
|
|
5,359 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shoppes at Cotai Central |
|
|
8.7 |
|
|
7.0 |
|
80.5 |
% |
|
210,191(3 |
) |
|
99.9 |
% |
|
|
1,365 |
| Total Cotai Strip in Macao |
|
|
69.9 |
|
|
60.7 |
|
86.8 |
% |
|
1,208,536 |
|
|
94.3 |
% |
|
|
2,198 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The Shoppes at Marina Bay Sands |
|
|
38.5 |
|
|
30.8 |
|
80.0 |
% |
|
650,083 |
|
|
88.1%(4 |
) |
|
|
1,544 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
108.4 |
|
$ |
91.5 |
|
84.4 |
% |
|
1,858,619 |
|
|
92.1 |
% |
|
$ |
2,006 |
| |
| (1)
Gross revenue figures are net of intersegment revenue
eliminations. |
| (2)
Tenant sales per square foot reflect sales from tenants only after
the tenant has been open for a period of 12 months. |
| (3)
At completion of all phases, the Shoppes at Cotai Central will
feature up to 600,000 square feet of gross leasable area. |
| (4)
This occupancy percentage reflects the ongoing repositioning of the
mall in which approximately 54,000 square feet of gross leasable
area is undergoing new fit-out but rent collection has not
commenced. |
| |
| |
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally
comprised of our CotaiJet ferry operation, reflected a loss of $1.4
million during the quarter, compared to a loss of $3.6 million in
the first quarter of 2013.
Pre-opening expenses decreased to $4.3 million in the first
quarter of 2014, compared to $6.8 million in the first quarter of
2013.
Depreciation and amortization expense was $261.0 million in the
first quarter of 2014, compared to $252.6 million in the first
quarter of 2013.
Interest expense, net of amounts capitalized, was $71.1 million
for the first quarter of 2014, compared to $68.8 million in the
prior-year quarter. Capitalized interest was $1.7 million during
the first quarter of 2014, compared to $1.8 million during the
first quarter of 2013. Our weighted average borrowing cost in
the first quarter of 2014 was approximately 2.8%.
Corporate expense was $50.7 million in the first quarter of
2014, compared to $56.3 million in the first quarter of 2013.
The Company recorded an $18.0 million loss on modification or
early retirement of debt during the quarter as a result of the
refinancing of its Macao credit facility.
Other expense, which was principally composed of foreign
currency losses, was $4.7 million in the first quarter of 2014,
compared to $2.1 million in the first quarter of 2013.
The company's effective income tax rate for the first quarter of
2014 was 5.6%. The tax rate is primarily driven by a provision for
the earnings from Marina Bay Sands at the 17% Singapore income tax
rate.
The net income attributable to noncontrolling interests during
the first quarter of 2014 of $220.5 million was principally related
to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2014 were $3.30
billion.
As of March 31, 2014, total debt outstanding, including the
current portion, was $10.27 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $251.7
million, including construction, development and maintenance
activities of $210.2 million in Macao, $25.8 million in Las Vegas,
$12.7 million at Marina Bay Sands and $3.0 million at Sands
Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Thursday, April 24, 2014 at 1:30 p.m. Pacific Time.
Interested parties may listen to the conference call through a
webcast available on the company's website at
www.lasvegassands.com.
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, tax law changes, legalization
of gaming, interest rates, future terrorist acts, influenza,
insurance, gaming promoters, risks relating to our gaming licenses,
certificate and subconcession, infrastructure in Macao and other
factors detailed in the reports filed by Las Vegas Sands Corp. with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date thereof. Las Vegas Sands Corp. assumes no
obligation to update such information.
Note 1
Adjusted net income excludes pre-opening expense, development
expense, gain or loss on disposal of assets and loss on
modification or early retirement of debt.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world's leading developer and
operator of Integrated Resorts. Our collection of Integrated
Resorts in Asia and the United States feature state of the art
convention and exhibition facilities, premium accommodations,
world-class gaming and entertainment, destination retail and dining
including celebrity chef restaurants, and many other amenities.
Our properties include the five-diamond Venetian and Palazzo
resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in
Eastern Pennsylvania, and the iconic Marina Bay Sands in
Singapore. Through its majority ownership in Sands China Ltd.
(HK: 1928), LVS owns a portfolio of properties on the Cotai Strip
in Macao, including The Venetian Macao, The Plaza and Four Seasons
Hotel Macao and Sands Cotai Central, as well as the Sands Macao on
the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by
the core tenets of delivering a great working environment for
nearly 50,000 employees worldwide, driving impact through its Sands
Cares corporate citizenship program and leading innovation with the
company's award-winning Sands ECO360° global sustainability
program. To learn more, please visit www.sands.com.
Las Vegas Sands Corp. First Quarter 2014 Results Non-GAAP
Reconciliations
Within the company's first quarter 2014 press release, the
company makes reference to certain non-GAAP financial measures
including "adjusted net income," "hold-normalized adjusted net
income," "adjusted earnings per diluted share," "hold-normalized
adjusted earnings per diluted share," "adjusted property EBITDA,"
and "hold-normalized 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 Las
Vegas Sands Corp.'s financial condition, results of operations and
cash flows has been provided in the Form 8-K filed in connection
with this press release.
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, 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. to adjusted property EBITDA and hold-normalized
adjusted property EBITDA are included in the financial schedules
accompanying this release.
| |
|
| |
|
| 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, |
|
| |
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
|
| |
Casino |
|
$ |
3,372,065 |
|
|
$ |
2,736,054 |
|
| |
Rooms |
|
|
400,222 |
|
|
|
325,016 |
|
| |
Food
and beverage |
|
|
202,787 |
|
|
|
185,329 |
|
| |
Mall |
|
|
109,031 |
|
|
|
85,461 |
|
| |
Convention, retail and other |
|
|
137,376 |
|
|
|
126,061 |
|
| |
|
|
|
4,221,481 |
|
|
|
3,457,921 |
|
| |
Less
- promotional allowances |
|
|
(211,097 |
) |
|
|
(155,202 |
) |
| |
|
|
4,010,384 |
|
|
|
3,302,719 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| |
Resort operations |
|
|
2,538,292 |
|
|
|
2,142,900 |
|
| |
Corporate |
|
|
50,677 |
|
|
|
56,272 |
|
| |
Pre-opening |
|
|
4,300 |
|
|
|
6,837 |
|
| |
Development |
|
|
1,692 |
|
|
|
5,351 |
|
| |
Depreciation and amortization |
|
|
261,047 |
|
|
|
252,557 |
|
| |
Amortization of leasehold interests in land |
|
|
10,026 |
|
|
|
10,167 |
|
| |
Loss
on disposal of assets |
|
|
525 |
|
|
|
1,932 |
|
| |
|
|
2,866,559 |
|
|
|
2,476,016 |
|
| Operating income |
|
|
1,143,825 |
|
|
|
826,703 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
| |
Interest income |
|
|
5,803 |
|
|
|
3,793 |
|
| |
Interest expense, net of amounts capitalized |
|
|
(71,126 |
) |
|
|
(68,832 |
) |
| |
Other
expense |
|
|
(4,657 |
) |
|
|
(2,108 |
) |
| |
Loss
on modification or early retirement of debt |
|
|
(17,964 |
) |
|
|
- |
|
| Income before income taxes |
|
|
1,055,881 |
|
|
|
759,556 |
|
| Income tax expense |
|
|
(59,153 |
) |
|
|
(55,582 |
) |
| Net income |
|
|
996,728 |
|
|
|
703,974 |
|
| Net income attributable to noncontrolling
interests |
|
|
(220,543 |
) |
|
|
(132,013 |
) |
| Net income attributable to Las Vegas Sands Corp. |
|
$ |
776,185 |
|
|
$ |
571,961 |
|
| |
|
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
0.95 |
|
|
$ |
0.69 |
|
| |
Diluted |
|
$ |
0.95 |
|
|
$ |
0.69 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
| |
Basic |
|
|
814,766,709 |
|
|
|
823,367,441 |
|
| |
Diluted |
|
|
817,537,615 |
|
|
|
827,452,691 |
|
| |
|
|
|
|
|
|
|
|
| Dividends declared per common share |
|
$ |
0.50 |
|
|
$ |
0.35 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| 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, 2014 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Operating Income (Loss) |
|
|
Depreciation and Amortization |
|
Amortization of Leasehold Interests in Land |
|
(Gain) Loss on Disposal of Assets |
|
|
Pre-Opening and Development Expense |
|
Royalty Fees |
|
|
(1) Stock-Based Compensation |
|
|
Corporate Expense |
|
Adjusted Property EBITDA |
|
| Macao: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The
Venetian Macao |
|
$ |
429,611 |
|
|
$ |
36,238 |
|
$ |
1,653 |
|
$ |
147 |
|
|
$ |
- |
|
$ |
- |
|
|
$ |
2,435 |
|
|
$ |
- |
|
$ |
470,084 |
|
| |
Sands
Cotai Central |
|
|
195,096 |
|
|
|
66,105 |
|
|
2,153 |
|
|
320 |
|
|
|
415 |
|
|
- |
|
|
|
1,117 |
|
|
|
- |
|
|
265,206 |
|
| |
Four
Seasons Hotel Macao and Plaza Casino |
|
|
99,917 |
|
|
|
9,778 |
|
|
706 |
|
|
38 |
|
|
|
2,329 |
|
|
- |
|
|
|
273 |
|
|
|
- |
|
|
113,041 |
|
| |
Sands
Macao |
|
|
82,305 |
|
|
|
8,254 |
|
|
354 |
|
|
83 |
|
|
|
- |
|
|
- |
|
|
|
442 |
|
|
|
- |
|
|
91,438 |
|
| Macao Property Operations |
|
|
806,929 |
|
|
|
120,375 |
|
|
4,866 |
|
|
588 |
|
|
|
2,744 |
|
|
- |
|
|
|
4,267 |
|
|
|
- |
|
|
939,769 |
|
| Marina Bay Sands |
|
|
331,454 |
|
|
|
71,471 |
|
|
4,539 |
|
|
38 |
|
|
|
- |
|
|
26,252 |
|
|
|
1,407 |
|
|
|
- |
|
|
435,161 |
|
| United States: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Las
Vegas Operating Properties |
|
|
68,593 |
|
|
|
47,538 |
|
|
- |
|
|
(285 |
) |
|
|
97 |
|
|
(38,189 |
) |
|
|
1,898 |
|
|
|
- |
|
|
79,652 |
|
| |
Sands
Bethlehem |
|
|
17,344 |
|
|
|
9,172 |
|
|
- |
|
|
35 |
|
|
|
2 |
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
26,531 |
|
| United States Property Operations |
|
|
85,937 |
|
|
|
56,710 |
|
|
- |
|
|
(250 |
) |
|
|
99 |
|
|
(38,189 |
) |
|
|
1,876 |
|
|
|
- |
|
|
106,183 |
|
| Other Asia (2) |
|
|
(17,437 |
) |
|
|
3,588 |
|
|
- |
|
|
149 |
|
|
|
29 |
|
|
12,200 |
|
|
|
57 |
|
|
|
- |
|
|
(1,414 |
) |
| Other Development |
|
|
(3,892 |
) |
|
|
151 |
|
|
621 |
|
|
- |
|
|
|
3,120 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
| Corporate |
|
|
(59,166 |
) |
|
|
8,752 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(263 |
) |
|
|
- |
|
|
|
50,677 |
|
|
- |
|
| |
|
$ |
1,143,825 |
|
|
$ |
261,047 |
|
$ |
10,026 |
|
$ |
525 |
|
|
$ |
5,992 |
|
$ |
- |
|
|
$ |
7,607 |
|
|
$ |
50,677 |
|
$ |
1,479,699 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three
Months Ended March 31, 2013 |
| |
|
| |
|
|
Operating Income (Loss) |
|
|
|
Depreciation and Amortization |
|
|
Amortization of Leasehold Interests in Land |
|
|
Loss on Disposal of Assets |
|
|
|
Pre-Opening and Development Expense |
|
|
Royalty Fees |
|
|
|
(1) Stock Based Compensation |
|
|
|
Corporate Expense |
|
|
Adjusted Property EBITDA |
|
| Macao: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The
Venetian Macao |
|
$ |
311,884 |
|
|
$ |
32,853 |
|
$ |
1,654 |
|
$ |
374 |
|
|
$ |
121 |
|
$ |
- |
|
|
$ |
1,596 |
|
|
$ |
- |
|
$ |
348,482 |
|
| |
Sands
Cotai Central |
|
|
60,891 |
|
|
|
62,414 |
|
|
2,154 |
|
|
3 |
|
|
|
5,487 |
|
|
- |
|
|
|
572 |
|
|
|
- |
|
|
131,521 |
|
| |
Four
Seasons Hotel Macao and Plaza Casino |
|
|
40,691 |
|
|
|
11,300 |
|
|
706 |
|
|
13 |
|
|
|
807 |
|
|
- |
|
|
|
35 |
|
|
|
- |
|
|
53,552 |
|
| |
Sands
Macao |
|
|
88,072 |
|
|
|
7,684 |
|
|
354 |
|
|
112 |
|
|
|
- |
|
|
- |
|
|
|
380 |
|
|
|
- |
|
|
96,602 |
|
| Macao Property Operations |
|
|
501,538 |
|
|
|
114,251 |
|
|
4,868 |
|
|
502 |
|
|
|
6,415 |
|
|
- |
|
|
|
2,583 |
|
|
|
- |
|
|
630,157 |
|
| Marina Bay Sands |
|
|
292,682 |
|
|
|
70,028 |
|
|
4,677 |
|
|
854 |
|
|
|
- |
|
|
26,691 |
|
|
|
1,849 |
|
|
|
- |
|
|
396,781 |
|
| United States: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Las
Vegas Operating Properties |
|
|
98,809 |
|
|
|
49,154 |
|
|
- |
|
|
563 |
|
|
|
115 |
|
|
(37,424 |
) |
|
|
2,211 |
|
|
|
- |
|
|
113,428 |
|
| |
Sands
Bethlehem |
|
|
20,832 |
|
|
|
8,865 |
|
|
- |
|
|
- |
|
|
|
46 |
|
|
- |
|
|
|
113 |
|
|
|
- |
|
|
29,856 |
|
| United States Property Operations |
|
|
119,641 |
|
|
|
58,019 |
|
|
- |
|
|
563 |
|
|
|
161 |
|
|
(37,424 |
) |
|
|
2,324 |
|
|
|
- |
|
|
143,284 |
|
| Other Asia (2) |
|
|
(18,597 |
) |
|
|
3,697 |
|
|
- |
|
|
13 |
|
|
|
240 |
|
|
11,000 |
|
|
|
58 |
|
|
|
- |
|
|
(3,589 |
) |
| Other Development |
|
|
(6,152 |
) |
|
|
158 |
|
|
622 |
|
|
- |
|
|
|
5,372 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
| Corporate |
|
|
(62,409 |
) |
|
|
6,404 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(267 |
) |
|
|
- |
|
|
|
56,272 |
|
|
- |
|
| |
|
$ |
826,703 |
|
|
$ |
252,557 |
|
$ |
10,167 |
|
$ |
1,932 |
|
|
$ |
12,188 |
|
$ |
- |
|
|
$ |
6,814 |
|
|
$ |
56,272 |
|
$ |
1,166,633 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) During the three months ended March 31, 2014 and
2013, the Company recorded stock-based compensation expense of
$16.1 million and $14.6 million, respectively, of which $8.4
million and $7.8 million, respectively, is included in corporate
expense and $0.1 million and $0.0 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 are reconciliations of Adjusted Property
EBITDA to Hold-Normalized Adjusted Property EBITDA: |
|
| |
|
| Three Months Ended March 31, 2014 |
|
| |
|
| |
|
Adjusted Property EBITDA |
|
|
(1) Hold-Normalized Casino Revenue |
|
|
(2) Hold-Normalized Casino Expense |
|
|
Hold-Normalized Adjusted Property EBITDA |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Macao Property Operations |
|
$ |
939,769 |
|
|
$ |
(138,933 |
) |
|
$ |
64,012 |
|
|
$ |
864,848 |
|
| Marina Bay Sands |
|
|
435,161 |
|
|
|
(71,741 |
) |
|
|
14,472 |
|
|
|
377,892 |
|
| United States: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Las
Vegas Operating Properties |
|
|
79,652 |
|
|
|
21,430 |
|
|
|
(3,768 |
) |
|
|
97,314 |
|
| |
Sands
Bethlehem |
|
|
26,531 |
|
|
|
- |
|
|
|
- |
|
|
|
26,531 |
|
| United States Property Operations |
|
|
106,183 |
|
|
|
21,430 |
|
|
|
(3,768 |
) |
|
|
123,845 |
|
| Other Asia |
|
|
(1,414 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,414 |
) |
| Other Development |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Corporate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
$ |
1,479,699 |
|
|
$ |
(189,244 |
) |
|
$ |
74,716 |
|
|
$ |
1,365,171 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended March 31, 2013 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Adjusted Property EBITDA |
|
|
|
(1) Hold-Normalized Casino Revenue |
|
|
|
(2) Hold-Normalized Casino Expense |
|
|
|
Hold-Normalized Adjusted Property EBITDA |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Macao Property Operations |
|
$ |
630,157 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
630,157 |
|
| Marina Bay Sands |
|
|
396,781 |
|
|
|
49,098 |
|
|
|
(9,904 |
) |
|
|
435,975 |
|
| United States: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Las
Vegas Operating Properties |
|
|
113,428 |
|
|
|
(24,975 |
) |
|
|
4,391 |
|
|
|
92,844 |
|
| |
Sands
Bethlehem |
|
|
29,856 |
|
|
|
- |
|
|
|
- |
|
|
|
29,856 |
|
| United States Property Operations |
|
|
143,284 |
|
|
|
(24,975 |
) |
|
|
4,391 |
|
|
|
122,700 |
|
| Other Asia |
|
|
(3,589 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,589 |
) |
| Other Development |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Corporate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
$ |
1,166,633 |
|
|
$ |
24,123 |
|
|
$ |
(5,513 |
) |
|
$ |
1,185,243 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) For Macao Property Operations and Marina Bay Sands, this
represents the estimated incremental casino revenue related to
Rolling Volume play that would have been earned or lost had the
Company's current period win percentage equaled 2.85%. This
calculation will only be done if the current period win percentage
is outside the expected range of 2.7% to 3.0%. |
| |
| For the Las Vegas Operating Properties, this represents the
estimated incremental casino revenue related to all table games
play that would have been earned or lost had the Company's current
period win percentage equaled 26.0% for Baccarat and 16.0% for
non-Baccarat. This calculation will only be done if the
current period win percentages for Baccarat and non-Baccarat are
outside the expected ranges of 22.0% to 30.0% and 14.0% to 18.0%,
respectively. |
| |
| For Sands Bethlehem, no adjustments have been, or will be,
made. |
| |
| These amounts have been offset by the estimated commissions
paid, discounts and other incentives rebated directly or
indirectly to customers. |
| |
| (2) Represents the estimated incremental expenses (gaming
taxes, bad debt expense and commissions paid to third parties) 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 to Las Vegas Sands Corp. to Adjusted Property EBITDA
and Hold-Normalized Adjusted Property EBITDA: |
|
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Net income attributable to Las Vegas Sands Corp. |
|
$ |
776,185 |
|
|
$ |
571,961 |
|
| |
Add (deduct): |
|
|
|
|
|
|
|
|
| |
|
Net
income attributable to noncontrolling interests |
|
|
220,543 |
|
|
|
132,013 |
|
| |
|
Income tax expense |
|
|
59,153 |
|
|
|
55,582 |
|
| |
|
Loss
on modification or early retirement of debt |
|
|
17,964 |
|
|
|
- |
|
| |
|
Other
expense |
|
|
4,657 |
|
|
|
2,108 |
|
| |
|
Interest expense, net of amounts capitalized |
|
|
71,126 |
|
|
|
68,832 |
|
| |
|
Interest income |
|
|
(5,803 |
) |
|
|
(3,793 |
) |
| |
|
Loss
on disposal of assets |
|
|
525 |
|
|
|
1,932 |
|
| |
|
Amortization of leasehold interests in land |
|
|
10,026 |
|
|
|
10,167 |
|
| |
|
Depreciation and amortization |
|
|
261,047 |
|
|
|
252,557 |
|
| |
|
Development expense |
|
|
1,692 |
|
|
|
5,351 |
|
| |
|
Pre-opening expense |
|
|
4,300 |
|
|
|
6,837 |
|
| |
|
Stock-based compensation (1) |
|
|
7,607 |
|
|
|
6,814 |
|
| |
|
Corporate expense |
|
|
50,677 |
|
|
|
56,272 |
|
| Adjusted Property EBITDA |
|
$ |
1,479,699 |
|
|
$ |
1,166,633 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Hold-normalized casino revenue (2) |
|
|
(189,244 |
) |
|
|
24,123 |
|
| |
|
Hold-normalized casino expense (2) |
|
|
74,716 |
|
|
|
(5,513 |
) |
| Hold-Normalized Adjusted Property EBITDA |
|
$ |
1,365,171 |
|
|
$ |
1,185,243 |
|
| |
|
|
|
|
|
|
|
|
| (1) See Exhibit 2 |
|
| (2) See Exhibit 3 |
|
| _______________________ |
|
| |
|
| Las Vegas Sands Corp. and Subsidiaries |
|
| Supplemental Data - Net Revenues |
|
| (In thousands) |
|
| (Unaudited) |
|
| |
|
| |
|
|
Three Months Ended |
|
| |
|
|
March 31, |
|
| |
|
|
2014 |
|
|
|
2013 |
|
| The Venetian Macao |
|
$ |
1,184,591 |
|
|
$ |
872,212 |
|
| Sands Cotai Central |
|
|
827,583 |
|
|
|
587,179 |
|
| Four Seasons Hotel Macao and Plaza Casino |
|
|
370,016 |
|
|
|
223,220 |
|
| Sands Macao |
|
|
313,961 |
|
|
|
310,273 |
|
| Marina Bay Sands |
|
|
835,423 |
|
|
|
794,864 |
|
| Las Vegas Operating Properties |
|
|
382,658 |
|
|
|
411,541 |
|
| Sands Bethlehem |
|
|
117,183 |
|
|
|
122,916 |
|
| Other Asia |
|
|
35,161 |
|
|
|
33,873 |
|
| Intersegment Eliminations |
|
|
(56,192 |
) |
|
|
(53,359 |
) |
| |
|
$ |
4,010,384 |
|
|
$ |
3,302,719 |
|
| |
|
|
|
|
|
|
|
|
| _______________________ |
|
|
|
|
|
|
|
|
| |
|
| Las Vegas Sands Corp. and Subsidiaries |
|
| Supplemental Data - Adjusted Property EBITDA as a
Percentage of Net Revenues |
|
| (Unaudited) |
|
| |
|
| |
|
|
Three Months Ended |
|
| |
|
|
March 31, |
|
| |
|
|
2014 |
|
|
|
2013 |
|
| The Venetian Macao |
|
|
39.7 |
% |
|
|
40.0 |
% |
| Sands Cotai Central |
|
|
32.0 |
% |
|
|
22.4 |
% |
| Four Seasons Hotel Macao and Plaza Casino |
|
|
30.6 |
% |
|
|
24.0 |
% |
| Sands Macao |
|
|
29.1 |
% |
|
|
31.1 |
% |
| Marina Bay Sands |
|
|
52.1 |
% |
|
|
49.9 |
% |
| Las Vegas Operating Properties |
|
|
20.8 |
% |
|
|
27.6 |
% |
| Sands Bethlehem |
|
|
22.6 |
% |
|
|
24.3 |
% |
| Other Asia |
|
|
-4.0 |
% |
|
|
-10.6 |
% |
| |
|
|
|
|
|
|
|
|
| Total |
|
|
36.9 |
% |
|
|
35.3 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
| Las Vegas Sands Corp. and Subsidiaries |
|
| Non-GAAP Measure - Adjusted Net Income; Hold-Normalized
Adjusted Net Income; Adjusted Earnings Per Diluted Share; and
Hold-Normalized Adjusted Earnings Per Diluted Share |
|
| (In thousands, except share and per share data) |
|
| (Unaudited) |
|
| |
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2014 |
|
|
2013 |
|
| Net
income attributable to Las Vegas Sands Corp. |
|
$ |
776,185 |
|
|
$ |
571,961 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense, net |
|
|
3,052 |
|
|
|
4,827 |
|
|
Development expense, net |
|
|
1,692 |
|
|
|
5,351 |
|
| Loss
on disposal of assets, net |
|
|
350 |
|
|
|
1,779 |
|
| Loss
on modification or early retirement of debt, net |
|
|
12,611 |
|
|
|
- |
|
|
Adjusted net income |
|
$ |
793,890 |
|
|
$ |
583,918 |
|
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino revenue (1) |
|
|
(189,244 |
) |
|
|
24,123 |
|
|
Hold-normalized casino expense (1) |
|
|
74,716 |
|
|
|
(5,513 |
) |
|
Income tax impact on hold adjustments |
|
|
9,736 |
|
|
|
(6,663 |
) |
|
Noncontrolling interest impact on hold adjustments |
|
|
22,356 |
|
|
|
- |
|
|
Hold-normalized adjusted net income |
|
$ |
711,454 |
|
|
$ |
595,865 |
|
|
|
|
|
|
|
|
|
|
|
| (1)
See Exhibit 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per
diluted share of common stock: |
|
|
|
|
|
|
|
|
| Net
income attributable to Las Vegas Sands Corp. |
|
$ |
0.95 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense, net |
|
|
- |
|
|
|
0.01 |
|
|
Development expense, net |
|
|
- |
|
|
|
0.01 |
|
| Loss
on disposal of assets, net |
|
|
- |
|
|
|
- |
|
| Loss
on modification or early retirement of debt, net |
|
|
0.02 |
|
|
|
- |
|
|
Adjusted earnings per diluted share |
|
$ |
0.97 |
|
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino revenue |
|
|
(0.23 |
) |
|
|
0.03 |
|
|
Hold-normalized casino expense |
|
|
0.09 |
|
|
|
(0.01 |
) |
|
Income tax impact on hold adjustments |
|
|
0.01 |
|
|
|
(0.01 |
) |
|
Noncontrolling interest impact on hold adjustments |
|
|
0.03 |
|
|
|
- |
|
|
Hold-normalized adjusted earnings per diluted share |
|
$ |
0.87 |
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
817,537,615 |
|
|
|
827,452,691 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
| Las Vegas Sands Corp. and Subsidiaries |
|
| Supplemental Data Schedule |
|
| (Unaudited) |
|
| |
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
| Room Statistics: |
|
|
|
|
|
|
|
|
| |
The Venetian Macao: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
94.4 |
% |
|
|
91.6 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
267 |
|
|
$ |
231 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
252 |
|
|
$ |
212 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Sands Cotai Central: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
88.8 |
% |
|
|
70.8 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
177 |
|
|
$ |
152 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
157 |
|
|
$ |
108 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Four Seasons Hotel Macao and Plaza Casino: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
87.1 |
% |
|
|
81.2 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
429 |
|
|
$ |
370 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
373 |
|
|
$ |
301 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Sands Macao: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
96.7 |
% |
|
|
94.9 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
292 |
|
|
$ |
246 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
283 |
|
|
$ |
233 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Marina Bay Sands: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
99.3 |
% |
|
|
98.5 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
428 |
|
|
$ |
378 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
425 |
|
|
$ |
372 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Las Vegas Operating Properties: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
88.9 |
% |
|
|
90.3 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
241 |
|
|
$ |
211 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
214 |
|
|
$ |
191 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Sands Bethlehem: |
|
|
|
|
|
|
|
|
| |
|
Occupancy % |
|
|
68.8 |
% |
|
|
65.3 |
% |
| |
|
Average daily room rate (ADR) (1) |
|
$ |
146 |
|
|
$ |
138 |
|
| |
|
Revenue per available room (RevPAR) (2) |
|
$ |
101 |
|
|
$ |
90 |
|
| |
|
|
|
|
|
|
|
|
|
| Casino Statistics: |
|
|
|
|
|
|
|
|
| |
The Venetian Macao: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
19,130 |
|
|
$ |
17,902 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
389 |
|
|
$ |
320 |
|
| |
|
Average number of table games |
|
|
675 |
|
|
|
525 |
|
| |
|
Average number of slot machines |
|
|
2,126 |
|
|
|
2,270 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Sands Cotai Central: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
20,446 |
|
|
$ |
14,225 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
390 |
|
|
$ |
247 |
|
| |
|
Average number of table games |
|
|
462 |
|
|
|
503 |
|
| |
|
Average number of slot machines |
|
|
1,896 |
|
|
|
2,157 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Four Seasons Hotel Macao and Plaza Casino: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
37,641 |
|
|
$ |
20,071 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
818 |
|
|
$ |
549 |
|
| |
|
Average number of table games |
|
|
128 |
|
|
|
146 |
|
| |
|
Average number of slot machines |
|
|
171 |
|
|
|
187 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Sands Macao: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
13,868 |
|
|
$ |
13,023 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
316 |
|
|
$ |
238 |
|
| |
|
Average number of table games |
|
|
269 |
|
|
|
287 |
|
| |
|
Average number of slot machines |
|
|
1,084 |
|
|
|
1,229 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Marina Bay Sands: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
12,257 |
|
|
$ |
13,608 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
686 |
|
|
$ |
708 |
|
| |
|
Average number of table games |
|
|
646 |
|
|
|
600 |
|
| |
|
Average number of slot machines |
|
|
2,391 |
|
|
|
2,211 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Las Vegas Operating Properties: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
3,966 |
|
|
$ |
6,502 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
188 |
|
|
$ |
199 |
|
| |
|
Average number of table games |
|
|
249 |
|
|
|
239 |
|
| |
|
Average number of slot machines |
|
|
2,395 |
|
|
|
2,452 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Sands Bethlehem: |
|
|
|
|
|
|
|
|
| |
|
Table
games win per unit per day (3) |
|
$ |
2,740 |
|
|
$ |
3,020 |
|
| |
|
Slot
machine win per unit per day (4) |
|
$ |
248 |
|
|
$ |
272 |
|
| |
|
Average number of table games |
|
|
161 |
|
|
|
141 |
|
| |
|
Average number of slot machines |
|
|
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. |
| |
| |
Contacts: Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
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