LAS VEGAS, April 22, 2015 /PRNewswire/ -- Las Vegas Sands
Corp. (NYSE: LVS) today reported financial results for the quarter
ended March 31, 2015.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "While the operating environment
in Macao, particularly in the
high-end gaming segments, remained challenging during the quarter,
our focus on the higher margin mass and non-gaming segments and the
geographic diversification of our cash flows allowed us to deliver
in excess of one billion U.S. dollars
of Adjusted Property EBITDA during the quarter. Despite the
current headwinds in the Macao
market, we remain steadfast in our focus on the consistent
execution of our global growth strategy, which leverages the power
of our unique convention-based Integrated Resort business
model.
"Our convention-based Integrated Resort business model appeals
to the broadest set of customers, generates the most diversified
set of cash flows, delivers the industry's highest revenue and
profit from non-gaming segments and brings the greatest economic
and diversification benefits in the industry to the regions in
which we operate. We remain confident that the continued
execution of our strategy will further extend our position as the
global leader in Integrated Resort development and operation and
enable us to deliver strong growth in the future.
"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 $0.65 per common share during the quarter, an
increase of 30.0% compared to the first quarter of 2014. The
company also announced that its next recurring quarterly dividend
of $0.65 per common share will be
paid on June 30, 2015, to Las Vegas
Sands shareholders of record on June
22, 2015. That dividend represents an increase of
30.0% compared to the dividend paid in the second quarter of 2014.
Additionally, since the inception of the company's share repurchase
program in June 2013, the company has
returned $2.23 billion to
shareholders through the repurchase of nearly 31.0 million
shares.
Mr. Adelson added, "The Macao
market saw strong visitation from mainland China during the quarter and we enjoyed solid
visitation to our Cotai Strip properties. We welcomed over 16
million visits to our Macao
property portfolio, delivered strong growth in the high-margin
retail mall business and steady performance in most of the other
non-gaming segments of our business. Notwithstanding a
challenging environment in the VIP and premium mass gaming
segments, we delivered $527.7 million
in adjusted property EBITDA across our Macao property portfolio. We remain
confident that our market-leading Cotai Strip properties, which
will be complemented in the future by The Parisian Macao and the
St. Regis tower at Sands Cotai Central, will continue to provide
the economic benefits of diversification to Macao, meaningfully enhance the appeal of
Macao to business and leisure
travelers and provide an outstanding and diversified platform for
growth in the years ahead."
In Singapore, adjusted property
EBITDA decreased to $415.3 million in
the first quarter of 2015, reflecting modest growth in mass gaming
and retail mall revenues, offset by a decrease in Rolling Chip win
during the current quarter. Adjusted Property EBITDA was up 0.2% on
a constant-currency basis. Mass win-per-day reached
$4.70 million, an increase of 1.1% in
the quarter compared to the year ago quarter. The mass win per day
figure was an all-time quarterly record when measured in local
currency terms.
Company-Wide Operating Results
Net revenue for the first quarter of 2015 decreased 24.9% to
$3.01 billion, compared to
$4.01 billion in the first quarter of
2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 29.0% in the first
quarter of 2015, compared to the year-ago quarter. On a
hold-normalized basis, adjusted property EBITDA decreased 25.2% to
$1.02 billion in the first quarter of
2015.
On a GAAP (Generally Accepted Accounting Principles) basis,
operating income in the first quarter of 2015 decreased 37.8% to
$711.1 million, compared to
$1.14 billion in the first quarter of
2014. The decrease in operating income was principally due to
softer results across our Macao
property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in
the first quarter of 2015 decreased 34.0% to $511.9 million, compared to $776.2 million in the first quarter of 2014,
while diluted earnings per share in the first quarter of 2015
decreased 32.6% to $0.64, compared to
$0.95 in the prior-year quarter. The
decrease in net income attributable to Las Vegas Sands reflected
the decline in operating income described above, offset by a
$121.4 million decrease in net income
attributable to noncontrolling interests.
Adjusted net income (see Note 1) decreased to $531.1 million, or $0.66 per diluted share, compared to $793.9 million, or $0.97 per diluted share, in the first quarter of
2014.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd.
decreased 34.9% to $1.77 billion in
the first quarter of 2015, compared to $2.72
billion in the first quarter of 2014. Adjusted property
EBITDA for Sands China Ltd. decreased 43.4% to $531.0 million in the first quarter of 2015,
compared to $938.1 million in the
first quarter of 2014. Net income for Sands China Ltd. decreased
54.2% to $344.7 million in the first
quarter of 2015, compared to $751.9
million in the first quarter of 2014.
The Venetian Macao First Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy
Macao market-leading visitation
and financial performance. The property generated adjusted property
EBITDA of $269.9 million with an
EBITDA margin of 34.3%. Non-Rolling Chip drop decreased 22.5%
to $1.87 billion for the quarter with
a Non-Rolling Chip win percentage of 25.0%. Rolling Chip
volume during the quarter decreased 44.4% to $8.52 billion. Rolling Chip win percentage
was 2.83% in the quarter, below the 3.49% experienced in the
prior-year quarter. Slot handle decreased 26.8% compared to the
first quarter of 2014 to $1.06
billion. Mall revenues increased 15.9% during the
quarter to reach $44.4 million.
The following table summarizes the key operating results for The
Venetian Macao for the first quarter of 2015 compared to the
first quarter of 2014:
The Venetian Macao
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
676.9
|
|
$
|
1,075.7
|
|
$
|
(398.8)
|
|
-37.1%
|
Rooms
|
|
59.6
|
|
|
65.3
|
|
|
(5.7)
|
|
-8.7%
|
Food and
Beverage
|
|
24.2
|
|
|
25.8
|
|
|
(1.6)
|
|
-6.2%
|
Mall
|
|
44.4
|
|
|
38.3
|
|
|
6.1
|
|
15.9%
|
Convention, Retail and
Other
|
|
22.1
|
|
|
24.1
|
|
|
(2.0)
|
|
-8.3%
|
Less - Promotional
Allowances
|
|
(40.0)
|
|
|
(44.6)
|
|
|
4.6
|
|
10.3%
|
Net
Revenues
|
$
|
787.2
|
|
$
|
1,184.6
|
|
$
|
(397.4)
|
|
-33.5%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
269.9
|
|
$
|
470.1
|
|
$
|
(200.2)
|
|
-42.6%
|
EBITDA Margin
%
|
|
34.3%
|
|
|
39.7%
|
|
|
|
|
-5.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
220.0
|
|
$
|
429.6
|
|
$
|
(209.6)
|
|
-48.8%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
8,518.0
|
|
$
|
15,315.4
|
|
$
|
(6,797.4)
|
|
-44.4%
|
Rolling Chip Win
%(1)
|
|
2.83%
|
|
|
3.49%
|
|
|
|
|
-0.66 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,868.0
|
|
$
|
2,410.2
|
|
$
|
(542.2)
|
|
-22.5%
|
Non-Rolling Chip Win
%
|
|
25.0%
|
|
|
26.1%
|
|
|
|
|
-1.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,062.5
|
|
$
|
1,452.4
|
|
$
|
(389.9)
|
|
-26.8%
|
Slot Hold
%
|
|
4.9%
|
|
|
5.1%
|
|
|
|
|
-0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.8%
|
|
|
94.4%
|
|
|
|
|
-8.6 pts
|
Average Daily Rate
(ADR)
|
$
|
270
|
|
$
|
267
|
|
$
|
3
|
|
1.1%
|
Revenue per Available
Room (RevPAR)
|
$
|
232
|
|
$
|
252
|
|
$
|
(20)
|
|
-7.9%
|
|
(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 2015 at Sands Cotai Central were $571.8
million and $155.9 million,
respectively, resulting in an EBITDA margin of 27.3%.
Non-Rolling Chip drop decreased 8.6% to $1.65 billion with a Non-Rolling Chip win
percentage of 20.8%. Rolling Chip volume was $6.08 billion for the quarter with a Rolling Chip
win percentage of 2.76%. Slot handle decreased 9.8% to
$1.64 billion for the quarter.
Mall revenues increased 53.4% during the quarter to reach
$13.5 million. Hotel occupancy
was 81.5% with ADR of $173.
The following table summarizes our key operating results for
Sands Cotai Central for the first quarter of 2015 compared to the
first quarter of 2014:
Sands Cotai Central
Operations
|
|
|
Three Months
Ended March 31,
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
493.0
|
|
$
|
750.3
|
|
$
|
(257.3)
|
|
-34.3%
|
Rooms
|
|
71.9
|
|
|
79.4
|
|
|
(7.5)
|
|
-9.4%
|
Food and
Beverage
|
|
28.0
|
|
|
32.8
|
|
|
(4.8)
|
|
-14.6%
|
Mall
|
|
13.5
|
|
|
8.8
|
|
|
4.7
|
|
53.4%
|
Convention, Retail and
Other
|
|
6.8
|
|
|
7.5
|
|
|
(0.7)
|
|
-9.3%
|
Less - Promotional
Allowances
|
|
(41.4)
|
|
|
(51.2)
|
|
|
9.8
|
|
19.1%
|
Net
Revenues
|
$
|
571.8
|
|
$
|
827.6
|
|
$
|
(255.8)
|
|
-30.9%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
155.9
|
|
$
|
265.2
|
|
$
|
(109.3)
|
|
-41.2%
|
EBITDA Margin
%
|
|
27.3%
|
|
|
32.0%
|
|
|
|
|
-4.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
76.4
|
|
$
|
195.1
|
|
$
|
(118.7)
|
|
-60.8%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,083.0
|
|
$
|
15,505.3
|
|
$
|
(9,422.3)
|
|
-60.8%
|
Rolling Chip Win
%(1)
|
|
2.76%
|
|
|
2.83%
|
|
|
|
|
-0.07 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,645.1
|
|
$
|
1,800.7
|
|
$
|
(155.6)
|
|
-8.6%
|
Non-Rolling Chip Win
%
|
|
20.8%
|
|
|
22.9%
|
|
|
|
|
-2.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,643.8
|
|
$
|
1,821.4
|
|
$
|
(177.6)
|
|
-9.8%
|
Slot Hold
%
|
|
3.2%
|
|
|
3.7%
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
81.5%
|
|
|
88.8%
|
|
|
|
|
-7.3 pts
|
Average Daily Rate
(ADR)
|
$
|
173
|
|
$
|
177
|
|
$
|
(4)
|
|
-2.3%
|
Revenue per Available
Room (RevPAR)
|
$
|
141
|
|
$
|
157
|
|
$
|
(16)
|
|
-10.2%
|
|
(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 and Plaza Casino First Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted
property EBITDA of $44.5 million in
the first quarter of 2015, a decrease of 60.6% compared to the
year-ago quarter. Non-Rolling Chip drop decreased 34.9% in
the first quarter of 2015 to $229.0
million, while Non-Rolling Chip win percentage was
23.1%. Rolling Chip volume decreased 56.9% to $3.96 billion for the quarter. Rolling Chip win
percentage was 2.81% in the quarter, below the 3.62% experienced in
the prior-year quarter. Slot handle decreased to $133.9 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
2015 compared to the first quarter of 2014:
Four Seasons Hotel
Macao and Plaza Casino Operations
|
|
|
Three Months Ended March 31,
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
125.4
|
|
$
|
340.2
|
|
$
|
(214.8)
|
|
-63.1%
|
Rooms
|
|
10.7
|
|
|
12.6
|
|
|
(1.9)
|
|
-15.1%
|
Food and
Beverage
|
|
6.7
|
|
|
8.3
|
|
|
(1.6)
|
|
-19.3%
|
Mall
|
|
29.7
|
|
|
23.0
|
|
|
6.7
|
|
29.1%
|
Convention, Retail and
Other
|
|
0.9
|
|
|
1.1
|
|
|
(0.2)
|
|
-18.2%
|
Less - Promotional
Allowances
|
|
(12.1)
|
|
|
(15.2)
|
|
|
3.1
|
|
20.4%
|
Net
Revenues
|
$
|
161.3
|
|
$
|
370.0
|
|
$
|
(208.7)
|
|
-56.4%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
44.5
|
|
$
|
113.0
|
|
$
|
(68.5)
|
|
-60.6%
|
EBITDA Margin
%
|
|
27.6%
|
|
|
30.6%
|
|
|
|
|
-3.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
31.9
|
|
$
|
99.9
|
|
$
|
(68.0)
|
|
-68.1%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
3,962.6
|
|
$
|
9,193.7
|
|
$
|
(5,231.1)
|
|
-56.9%
|
Rolling Chip Win
%(1)
|
|
2.81%
|
|
|
3.62%
|
|
|
|
|
-0.81 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
229.0
|
|
$
|
352.0
|
|
$
|
(123.0)
|
|
-34.9%
|
Non-Rolling Chip Win
%
|
|
23.1%
|
|
|
28.4%
|
|
|
|
|
-5.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
133.9
|
|
$
|
289.8
|
|
$
|
(155.9)
|
|
-53.8%
|
Slot Hold
%
|
|
4.8%
|
|
|
4.3%
|
|
|
|
|
0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
77.0%
|
|
|
87.1%
|
|
|
|
|
-10.1 pts
|
Average Daily Rate
(ADR)
|
$
|
410
|
|
$
|
429
|
|
$
|
(19)
|
|
-4.4%
|
Revenue per Available
Room (RevPAR)
|
$
|
316
|
|
$
|
373
|
|
$
|
(57)
|
|
-15.3%
|
|
(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 37.2% to $57.4
million compared to the same quarter last year. Non-Rolling
Chip drop decreased 27.7% to $789.9
million during the quarter, while slot handle decreased
12.0% to $707.1 million. Rolling Chip
volume decreased 53.0% to $2.53
billion for the quarter. The property realized 2.86% win on
Rolling Chip volume during the quarter, above the 2.59% generated
in the year-ago quarter.
The following table summarizes our key operating results for
Sands Macao for the first quarter of 2015 compared to the first
quarter of 2014:
Sands Macao
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
218.8
|
|
$
|
306.6
|
|
$
|
(87.8)
|
|
-28.6%
|
Rooms
|
|
5.6
|
|
|
7.3
|
|
|
(1.7)
|
|
-23.3%
|
Food and
Beverage
|
|
9.1
|
|
|
10.2
|
|
|
(1.1)
|
|
-10.8%
|
Convention, Retail and
Other
|
|
2.4
|
|
|
2.5
|
|
|
(0.1)
|
|
-4.0%
|
Less - Promotional
Allowances
|
|
(10.5)
|
|
|
(12.6)
|
|
|
2.1
|
|
16.7%
|
Net
Revenues
|
$
|
225.4
|
|
$
|
314.0
|
|
$
|
(88.6)
|
|
-28.2%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
57.4
|
|
$
|
91.4
|
|
$
|
(34.0)
|
|
-37.2%
|
EBITDA Margin
%
|
|
25.5%
|
|
|
29.1%
|
|
|
|
|
-3.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
44.7
|
|
$
|
82.3
|
|
$
|
(37.6)
|
|
-45.7%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,526.2
|
|
$
|
5,380.5
|
|
$
|
(2,854.3)
|
|
-53.0%
|
Rolling Chip Win
%(1)
|
|
2.86%
|
|
|
2.59%
|
|
|
|
|
0.27 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
789.9
|
|
$
|
1,091.9
|
|
$
|
(302.0)
|
|
-27.7%
|
Non-Rolling Chip Win
%
|
|
19.1%
|
|
|
18.0%
|
|
|
|
|
1.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
707.1
|
|
$
|
803.2
|
|
$
|
(96.1)
|
|
-12.0%
|
Slot Hold
%
|
|
3.5%
|
|
|
3.8%
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.4%
|
|
|
96.7%
|
|
|
|
|
1.7 pts
|
Average Daily Rate
(ADR)
|
$
|
226
|
|
$
|
292
|
|
$
|
(66)
|
|
-22.6%
|
Revenue per Available
Room (RevPAR)
|
$
|
222
|
|
$
|
283
|
|
$
|
(61)
|
|
-21.6%
|
|
(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 $415.3
million, a decrease of 4.6% compared to the first quarter of
2014. On a constant-currency basis, EBITDA increased 0.2%.
Rolling Chip win percentage of 3.41% in the first
quarter of 2015 was above the expected range and in-line with the
3.41% achieved in the first quarter of 2014.
Non-Rolling Chip drop was $1.11
billion during the quarter. Slot handle increased 1.1% to
$3.08 billion for the quarter
compared to the year-ago quarter. Total mass win per day during the
quarter increased 1.1% to $4.70
million, compared to $4.65
million in the first quarter of 2014. Rolling Chip volume
decreased 22.0% to $10.09 billion for
the quarter.
ADR decreased to $414 during the
quarter and occupancy decreased to 94.8%, driving a RevPAR decrease
of 7.5% compared to the same quarter last year. Retail mall revenue
increased 3.4% to $39.8 million
during the first quarter of 2015, compared to $38.5 million in the prior-year quarter.
The following table summarizes our key operating results for
Marina Bay Sands for the first quarter of 2015 compared to the
first quarter of 2014:
Marina Bay Sands
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
631.9
|
|
$
|
680.4
|
|
$
|
(48.5)
|
|
-7.1%
|
Rooms
|
|
89.6
|
|
|
97.1
|
|
|
(7.5)
|
|
-7.7%
|
Food and
Beverage
|
|
45.2
|
|
|
46.0
|
|
|
(0.8)
|
|
-1.7%
|
Mall
|
|
39.8
|
|
|
38.5
|
|
|
1.3
|
|
3.4%
|
Convention, Retail and
Other
|
|
26.7
|
|
|
26.3
|
|
|
0.4
|
|
1.5%
|
Less - Promotional
Allowances
|
|
(48.4)
|
|
|
(52.9)
|
|
|
4.5
|
|
8.5%
|
Net
Revenues
|
$
|
784.8
|
|
$
|
835.4
|
|
$
|
(50.6)
|
|
-6.1%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
415.3
|
|
$
|
435.2
|
|
$
|
(19.9)
|
|
-4.6%
|
EBITDA Margin
%
|
|
52.9%
|
|
|
52.1%
|
|
|
|
|
0.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
319.0
|
|
$
|
331.5
|
|
$
|
(12.5)
|
|
-3.8%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
10,090.0
|
|
$
|
12,941.5
|
|
$
|
(2,851.5)
|
|
-22.0%
|
Rolling Chip Win
%(1)
|
|
3.41%
|
|
|
3.41%
|
|
|
|
|
0.00 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,108.7
|
|
$
|
1,157.4
|
|
$
|
(48.7)
|
|
-4.2%
|
Non-Rolling Chip Win
%
|
|
25.3%
|
|
|
23.4%
|
|
|
|
|
1.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,084.3
|
|
$
|
3,050.0
|
|
$
|
34.3
|
|
1.1%
|
Slot Hold
%
|
|
4.6%
|
|
|
4.8%
|
|
|
|
|
-0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.8%
|
|
|
99.3%
|
|
|
|
|
-4.5 pts
|
Average Daily Rate
(ADR)
|
$
|
414
|
|
$
|
428
|
|
$
|
(14)
|
|
-3.3%
|
Revenue per Available
Room (RevPAR)
|
$
|
393
|
|
$
|
425
|
|
$
|
(32)
|
|
-7.5%
|
|
(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
$74.1 million for the quarter, a 7.0%
decrease compared to the first quarter of 2014. Hotel ADR
increased 1.2% to reach $244 in the
quarter while occupancy declined to 86.2%, compared to the first
quarter of 2014. RevPAR decreased 1.9% to $210 in the quarter. Table games drop,
which reflected a solid quarter for non-Baccarat play, increased
2.8% in the quarter to $533.1
million, while slot handle increased 22.3% to $578.5 million.
The following table summarizes our key operating results for our
Las Vegas operations for the first
quarter of 2015 compared to the first quarter of 2014:
Las Vegas
Operations
|
Three Months
Ended
|
|
|
March 31,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
111.8
|
|
$
|
109.8
|
|
$
|
2.0
|
|
1.8%
|
|
Rooms
|
|
130.6
|
|
|
135.7
|
|
|
(5.1)
|
|
-3.8%
|
|
Food and
Beverage
|
|
68.9
|
|
|
72.8
|
|
|
(3.9)
|
|
-5.4%
|
|
Convention, Retail and
Other
|
|
87.6
|
|
|
87.3
|
|
|
0.3
|
|
0.3%
|
|
Less - Promotional
Allowances
|
|
(22.5)
|
|
|
(22.9)
|
|
|
0.4
|
|
1.7%
|
|
Net
Revenues
|
$
|
376.4
|
|
$
|
382.7
|
|
$
|
(6.3)
|
|
-1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
74.1
|
|
$
|
79.7
|
|
$
|
(5.6)
|
|
-7.0%
|
|
EBITDA Margin
%
|
|
19.7%
|
|
|
20.8%
|
|
|
|
|
-1.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
70.4
|
|
$
|
68.6
|
|
$
|
1.8
|
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
533.1
|
|
$
|
518.5
|
|
$
|
14.6
|
|
2.8%
|
|
Table Games Win
%(1)
|
|
16.6%
|
|
|
17.1%
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
578.5
|
|
$
|
473.2
|
|
$
|
105.3
|
|
22.3%
|
|
Slot Hold
%
|
|
7.6%
|
|
|
8.6%
|
|
|
|
|
-1.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
86.2%
|
|
|
88.9%
|
|
|
|
|
-2.7 pts
|
|
Average Daily Rate
(ADR)
|
$
|
244
|
|
$
|
241
|
|
$
|
3
|
|
1.2%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
210
|
|
$
|
214
|
|
$
|
(4)
|
|
-1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
This compares to our expected
Baccarat win percentage of 21.0% to 29.0% and our expected
non-Baccarat win percentage of 16.0% to 20.0% in the current year
quarter (calculated before discounts). Our expected Baccarat win
percentage in the prior-year quarter was 22.0% to 30.0% and our
expected non-Baccarat win percentage was 14.0% to18.0% (calculated
before discounts).
|
Sands Bethlehem First Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 9.0% to $127.7 million and adjusted property EBITDA
increased 12.8% to $29.9 million for
the quarter. Table games drop increased 6.4% to $263.4 million for the quarter, while table games
win percentage was 17.3%, which was higher than the 16.1% realized
in the first quarter of 2014. Slot handle increased 6.0%
year-over-year to $1.01 billion 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 2015 compared to the first
quarter of 2014:
Sands Bethlehem
Operations
|
Three Months
Ended
|
|
|
March 31,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
118.8
|
|
$
|
109.0
|
|
$
|
9.8
|
|
9.0%
|
|
Rooms
|
|
3.4
|
|
|
2.7
|
|
|
0.7
|
|
25.9%
|
|
Food and
Beverage
|
|
7.4
|
|
|
6.8
|
|
|
0.6
|
|
8.8%
|
|
Mall
|
|
0.6
|
|
|
0.6
|
|
|
-
|
|
0.0%
|
|
Convention, Retail and
Other
|
|
4.2
|
|
|
3.9
|
|
|
0.3
|
|
7.7%
|
|
Less - Promotional
Allowances
|
|
(6.7)
|
|
|
(5.8)
|
|
|
(0.9)
|
|
-15.5%
|
|
Net
Revenues
|
$
|
127.7
|
|
$
|
117.2
|
|
$
|
10.5
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
29.9
|
|
$
|
26.5
|
|
$
|
3.4
|
|
12.8%
|
|
EBITDA Margin
%
|
|
23.4%
|
|
|
22.6%
|
|
|
|
|
0.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
23.2
|
|
$
|
17.3
|
|
$
|
5.9
|
|
34.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
263.4
|
|
$
|
247.6
|
|
$
|
15.8
|
|
6.4%
|
|
Table Games Win
%(1)
|
|
17.3%
|
|
|
16.1%
|
|
|
|
|
1.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
1,005.2
|
|
$
|
948.5
|
|
$
|
56.7
|
|
6.0%
|
|
Slot Hold
%
|
|
7.1%
|
|
|
7.1%
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
84.5%
|
|
|
68.8%
|
|
|
|
|
15.7 pts
|
|
Average Daily Rate
(ADR)
|
$
|
149
|
|
$
|
146
|
|
$
|
3
|
|
2.1%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
126
|
|
$
|
101
|
|
$
|
25
|
|
24.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This
compares to our expected table games win percentage of 14.0% to
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
$127.2 million for the first quarter
of 2015, an increase of 17.3% compared to the first quarter of
2014. Operating profit derived from these retail mall assets
increased 22.8% for the quarter compared to the quarter one year
ago, reaching $112.4 million.
|
|
For The Three Months
Ended March 31, 2015
|
|
TTM March 31,
2015
|
(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
|
$
|
44.2
|
|
$
|
39.2
|
|
88.7%
|
|
780,754
|
|
96.6%
|
|
$
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
20.7
|
|
|
19.6
|
|
94.7%
|
|
142,562
|
|
100.0%
|
|
|
5,925
|
|
Other
Stores
|
|
9.1
|
|
|
8.6
|
|
94.5%
|
|
114,905
|
|
100.0%
|
|
|
2,818
|
|
Total
|
|
29.8
|
|
|
28.2
|
|
94.6%
|
|
257,467
|
|
100.0%
|
|
|
5,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central
|
|
13.4
|
|
|
11.2
|
|
83.6%
|
|
331,327
(3)
|
|
97.9%
|
|
|
1,407
|
Total Cotai Strip in
Macao
|
|
87.4
|
|
|
78.6
|
|
89.9%
|
|
1,369,548
|
|
97.5%
|
|
|
2,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
39.8
|
|
|
33.8
|
|
84.9%
|
|
644,203
|
|
95.6%
|
|
|
1,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
127.2
|
|
$
|
112.4
|
|
88.4%
|
|
2,013,751
|
|
96.9%
|
|
$
|
1,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
Other Factors Affecting Earnings
Other Asia adjusted property
EBITDA, which is principally comprised of our CotaiJet ferry
operation, reflected adjusted property EBITDA of $3.5 million during the quarter, compared to a
loss of $1.4 million in the first
quarter of 2014.
Pre-opening expense was $9.6
million in the first quarter of 2015, compared to
$4.3 million in the first quarter of
2014.
Depreciation and amortization expense was $253.9 million in the first quarter of 2015,
compared to $261.0 million in the
first quarter of 2014.
Interest expense, net of amounts capitalized, was $66.3 million for the first quarter of 2015,
compared to $71.1 million in the
prior-year quarter. Capitalized interest was $4.2 million during the first quarter of 2015,
compared to $1.7 million during the
first quarter of 2014. Our weighted average borrowing cost in
the first quarter of 2015 was approximately 2.7%.
Corporate expense was $45.2
million in the first quarter of 2015, compared to
$50.7 million in the first quarter of
2014.
Other income, which was principally composed of foreign currency
gains, was $15.5 million in the first
quarter of 2015, compared to $4.7
million of expense in the first quarter of 2014.
The company's effective income tax rate for the first quarter of
2015 was 8.3%. 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 2015 of $99.1
million was principally related to Sands China
Ltd.
Balance Sheet Items
Unrestricted cash balances as of March
31, 2015 were $2.41
billion.
As of March 31, 2015, total debt
outstanding, including the current portion, was $9.24 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled
$367.3 million, including
construction, development and maintenance activities of
$326.5 million in Macao, $23.4
million at Marina Bay Sands, $14.3
million in Las Vegas, and
$3.1 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, April 22, 2015
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 our 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 our 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.
Contacts:
Investment
Community:
|
Daniel
Briggs
|
(702)
414-1221
|
|
|
|
Media:
|
Ron Reese
|
(702)
414-3607
|
Non-GAAP Reconciliations
Within the company's first quarter 2015 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,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Casino
|
|
|
$ 2,376,688
|
|
$ 3,372,065
|
Rooms
|
|
|
371,413
|
|
400,222
|
Food and
beverage
|
|
|
189,411
|
|
202,787
|
Mall
|
|
|
127,814
|
|
109,031
|
Convention,
retail and other
|
|
134,137
|
|
137,376
|
|
|
|
3,199,463
|
|
4,221,481
|
Less -
promotional allowances
|
|
(187,841)
|
|
(211,097)
|
|
|
|
3,011,622
|
|
4,010,384
|
Operating
expenses:
|
|
|
|
|
|
Resort
operations
|
|
|
1,965,089
|
|
2,538,292
|
Corporate
|
|
|
45,223
|
|
50,677
|
Pre-opening
|
|
|
9,579
|
|
4,300
|
Development
|
|
|
1,533
|
|
1,692
|
Depreciation
and amortization
|
|
253,922
|
|
261,047
|
Amortization
of leasehold interests in land
|
9,838
|
|
10,026
|
Loss on
disposal of assets
|
|
15,323
|
|
525
|
|
|
|
2,300,507
|
|
2,866,559
|
Operating
income
|
|
|
711,115
|
|
1,143,825
|
Other income
(expense):
|
|
|
|
|
|
Interest
income
|
|
|
6,378
|
|
5,803
|
Interest
expense, net of amounts capitalized
|
(66,255)
|
|
(71,126)
|
Other income
(expense)
|
|
15,465
|
|
(4,657)
|
Loss on
modification or early retirement of debt
|
-
|
|
(17,964)
|
Income before income
taxes
|
|
666,703
|
|
1,055,881
|
Income tax
expense
|
|
|
(55,665)
|
|
(59,153)
|
Net
income
|
|
|
611,038
|
|
996,728
|
Net income
attributable to noncontrolling interests
|
(99,115)
|
|
(220,543)
|
Net income
attributable to Las Vegas Sands Corp.
|
$ 511,923
|
|
$ 776,185
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
|
|
$
0.64
|
|
$
0.95
|
Diluted
|
|
|
$
0.64
|
|
$
0.95
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
|
|
797,935,314
|
|
814,766,709
|
Diluted
|
|
|
798,877,040
|
|
817,537,615
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
0.65
|
|
$
0.50
|
|
Exhibit 1
|
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, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of Leasehold
|
|
(Gain) Loss
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Operating
|
|
and
|
|
Interests
|
|
on Disposal
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
Income (Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
$ 220,030
|
|
$ 38,116
|
|
$ 1,666
|
|
$ 8,573
|
|
$ -
|
|
$ -
|
|
$1,557
|
|
$ -
|
|
$ 269,942
|
Sands
Cotai Central
|
|
76,423
|
|
71,683
|
|
2,147
|
|
3,313
|
|
1,873
|
|
-
|
|
471
|
|
-
|
|
155,910
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
31,935
|
|
9,741
|
|
720
|
|
7
|
|
1,892
|
|
-
|
|
177
|
|
-
|
|
44,472
|
Sands
Macao
|
|
44,731
|
|
9,028
|
|
367
|
|
3,006
|
|
-
|
|
-
|
|
246
|
|
-
|
|
57,378
|
Macao Property
Operations
|
|
373,119
|
|
128,568
|
|
4,900
|
|
14,899
|
|
3,765
|
|
-
|
|
2,451
|
|
-
|
|
527,702
|
Marina Bay
Sands
|
|
319,017
|
|
64,416
|
|
4,325
|
|
274
|
|
252
|
|
26,776
|
|
212
|
|
-
|
|
415,272
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
70,415
|
|
42,337
|
|
-
|
|
244
|
|
136
|
|
(40,148)
|
|
1,125
|
|
-
|
|
74,109
|
Sands
Bethlehem
|
|
23,200
|
|
6,701
|
|
-
|
|
(94)
|
|
12
|
|
-
|
|
74
|
|
-
|
|
29,893
|
United States
Property Operations
|
|
93,615
|
|
49,038
|
|
-
|
|
150
|
|
148
|
|
(40,148)
|
|
1,199
|
|
-
|
|
104,002
|
Other Asia
(2)
|
|
(13,731)
|
|
3,510
|
|
-
|
|
-
|
|
-
|
|
13,640
|
|
113
|
|
-
|
|
3,532
|
Other
Development
|
|
(7,722)
|
|
162
|
|
613
|
|
-
|
|
6,947
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(53,183)
|
|
8,228
|
|
-
|
|
-
|
|
-
|
|
(268)
|
|
-
|
|
45,223
|
|
-
|
|
|
|
$ 711,115
|
|
$253,922
|
|
$ 9,838
|
|
$15,323
|
|
$11,112
|
|
$ -
|
|
$3,975
|
|
$45,223
|
|
$1,050,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of Leasehold
|
|
(Gain) Loss
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Operating
|
|
and
|
|
Interests
|
|
on Disposal
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
Income (Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
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
|
|
(1) During the three
months ended March 31, 2015 and 2014, the Company recorded
stock-based compensation expense of $12.2 million and $16.1
million, respectively, of which $8.1 million and $8.4 million,
respectively, is included in corporate expense and $0.1 million and
$0.1 million, respectively, is included in pre-opening and
development expense on the Company's condensed consolidated
statements of operations.
|
|
(2) Primarily
includes the results of the CotaiJet ferry operations.
|
|
Exhibit 2
|
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, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Macao Property
Operations
|
|
$ 527,702
|
|
$
-
|
|
$ -
|
|
$ 527,702
|
Marina Bay
Sands
|
|
|
415,272
|
|
(55,265)
|
|
11,283
|
|
371,290
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
74,109
|
|
18,311
|
|
(3,258)
|
|
89,162
|
Sands
Bethlehem
|
|
29,893
|
|
-
|
|
-
|
|
29,893
|
United States
Property Operations
|
|
104,002
|
|
18,311
|
|
(3,258)
|
|
119,055
|
Other Asia
|
|
|
3,532
|
|
-
|
|
-
|
|
3,532
|
Other
Development
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
$1,050,508
|
|
$ (36,954)
|
-
|
$ 8,025
|
|
$1,021,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
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
|
|
(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 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and
26.0% for Baccarat and 16.0% for non-Baccarat for 2014. This
calculation will only be done if the current period win percentages
for Baccarat and non-Baccarat are outside the expected ranges of
21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0%
to 30.0% and 14.0% to 18.0%, respectively, for
2014.
|
|
For Sands Bethlehem,
no adjustments have been, or will be, made.
|
|
These amounts have
been offset by the estimated commissions paid and 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.
|
|
Exhibit 3
|
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,
|
|
|
|
|
2015
|
|
2014
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$ 511,923
|
|
$ 776,185
|
Add
(deduct):
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests
|
|
99,115
|
|
220,543
|
Income tax
expense
|
|
|
55,665
|
|
59,153
|
Loss on modification or
early retirement of debt
|
|
-
|
|
17,964
|
Other (income)
expense
|
|
|
(15,465)
|
|
4,657
|
Interest expense, net of
amounts capitalized
|
|
66,255
|
|
71,126
|
Interest income
|
|
|
(6,378)
|
|
(5,803)
|
Loss on disposal of
assets
|
|
|
15,323
|
|
525
|
Amortization of leasehold
interests in land
|
|
9,838
|
|
10,026
|
Depreciation and
amortization
|
|
253,922
|
|
261,047
|
Development
expense
|
|
|
1,533
|
|
1,692
|
Pre-opening
expense
|
|
|
9,579
|
|
4,300
|
Stock-based compensation
(1)
|
|
3,975
|
|
7,607
|
Corporate expense
|
|
|
45,223
|
|
50,677
|
Adjusted Property
EBITDA
|
|
|
$ 1,050,508
|
|
$ 1,479,699
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
(36,954)
|
|
(189,244)
|
Hold-normalized casino
expense (2)
|
|
8,025
|
|
74,716
|
Hold-Normalized
Adjusted Property EBITDA
|
|
$ 1,021,579
|
|
$ 1,365,171
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
2015
|
|
2014
|
The Venetian
Macao
|
|
|
$ 787,191
|
|
$ 1,184,591
|
Sands Cotai
Central
|
|
|
571,764
|
|
827,583
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
161,251
|
|
370,016
|
Sands
Macao
|
|
|
|
225,371
|
|
313,961
|
Marina Bay
Sands
|
|
|
784,816
|
|
835,423
|
Las Vegas Operating
Properties
|
|
376,383
|
|
382,658
|
Sands
Bethlehem
|
|
|
127,699
|
|
117,183
|
Other Asia
|
|
|
|
35,479
|
|
35,161
|
Intersegment
Eliminations
|
|
|
(58,332)
|
|
(56,192)
|
|
|
|
|
$ 3,011,622
|
|
$ 4,010,384
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data -
Adjusted Property EBITDA as a Percentage of Net Revenues
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2015
|
|
2014
|
The Venetian
Macao
|
|
|
34.3%
|
|
39.7%
|
Sands Cotai
Central
|
|
|
27.3%
|
|
32.0%
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
27.6%
|
|
30.6%
|
Sands
Macao
|
|
|
|
25.5%
|
|
29.1%
|
Marina Bay
Sands
|
|
|
52.9%
|
|
52.1%
|
Las Vegas Operating
Properties
|
|
19.7%
|
|
20.8%
|
Sands
Bethlehem
|
|
|
23.4%
|
|
22.6%
|
Other Asia
|
|
|
|
10.0%
|
|
-4.0%
|
|
|
|
|
|
|
|
Total
|
|
|
|
34.9%
|
|
36.9%
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 4
|
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,
|
|
|
2015
|
|
2014
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$ 511,923
|
|
$ 776,185
|
|
|
|
|
|
Pre-opening expense,
net
|
|
6,782
|
|
3,052
|
Development expense,
net
|
|
1,533
|
|
1,692
|
Loss on disposal of
assets, net
|
|
10,868
|
|
350
|
Loss on modification
or early retirement of debt, net
|
|
-
|
|
12,611
|
Adjusted net
income
|
|
$ 531,106
|
|
$ 793,890
|
|
|
|
|
|
Hold-normalized
casino revenue (1)
|
|
(36,954)
|
|
(189,244)
|
Hold-normalized
casino expense (1)
|
|
8,025
|
|
74,716
|
Income tax impact on
hold adjustments
|
|
7,477
|
|
9,736
|
Noncontrolling
interest impact on hold adjustments
|
|
-
|
|
22,356
|
Hold-normalized
adjusted net income
|
|
$ 509,654
|
|
$ 711,454
|
|
|
|
|
|
(1) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
Per diluted share of
common stock:
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
0.64
|
|
$
0.95
|
|
|
|
|
|
Pre-opening expense,
net
|
|
0.01
|
|
-
|
Development expense,
net
|
|
-
|
|
-
|
Loss on disposal of
assets, net
|
|
0.01
|
|
-
|
Loss on modification
or early retirement of debt, net
|
|
-
|
|
0.02
|
Adjusted earnings per
diluted share
|
|
$
0.66
|
|
$
0.97
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
(0.04)
|
|
(0.23)
|
Hold-normalized
casino expense
|
|
0.01
|
|
0.09
|
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
|
|
$
0.64
|
|
$
0.87
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
798,877,040
|
|
817,537,615
|
|
Exhibit 5
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
Supplemental Data
Schedule
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
Occupancy
%
|
|
85.8%
|
|
94.4%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 270
|
|
$ 267
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 232
|
|
$ 252
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
Occupancy
%
|
|
81.5%
|
|
88.8%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 173
|
|
$ 177
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 141
|
|
$ 157
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
Occupancy
%
|
|
77.0%
|
|
87.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 410
|
|
$ 429
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 316
|
|
$ 373
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
Occupancy
%
|
|
98.4%
|
|
96.7%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 226
|
|
$ 292
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 222
|
|
$ 283
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
Occupancy
%
|
|
94.8%
|
|
99.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 414
|
|
$ 428
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 393
|
|
$ 425
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
Occupancy
%
|
|
86.2%
|
|
88.9%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 244
|
|
$ 241
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 210
|
|
$ 214
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
Occupancy
%
|
|
84.5%
|
|
68.8%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 149
|
|
$ 146
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 126
|
|
$ 101
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$13,054
|
|
$19,130
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 277
|
|
$ 389
|
|
|
Average number of
table games
|
|
603
|
|
675
|
|
|
Average number of
slot machines
|
|
2,111
|
|
2,126
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$10,937
|
|
$20,446
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 341
|
|
$ 390
|
|
|
Average number of
table games
|
|
517
|
|
462
|
|
|
Average number of
slot machines
|
|
1,709
|
|
1,896
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$13,917
|
|
$37,641
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 484
|
|
$ 818
|
|
|
Average number of
table games
|
|
131
|
|
128
|
|
|
Average number of
slot machines
|
|
147
|
|
171
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$ 8,673
|
|
$13,868
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 302
|
|
$ 316
|
|
|
Average number of
table games
|
|
286
|
|
269
|
|
|
Average number of
slot machines
|
|
918
|
|
1,084
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$11,538
|
|
$12,257
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 673
|
|
$ 686
|
|
|
Average number of
table games
|
|
601
|
|
646
|
|
|
Average number of
slot machines
|
|
2,355
|
|
2,391
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$ 4,041
|
|
$ 3,966
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 215
|
|
$ 188
|
|
|
Average number of
table games
|
|
243
|
|
249
|
|
|
Average number of
slot machines
|
|
2,274
|
|
2,395
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$ 2,857
|
|
$ 2,740
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 262
|
|
$ 248
|
|
|
Average number of
table games
|
|
177
|
|
161
|
|
|
Average number of
slot machines
|
|
3,013
|
|
3,009
|
|
|
|
|
|
|
(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.
|
|
|
|
Exhibit 6
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2015-results-300070490.html
SOURCE Las Vegas Sands Corp.