LAS VEGAS, Oct. 21, 2015 /PRNewswire/ -- Las Vegas
Sands Corp. (NYSE: LVS) today reported financial results for the
quarter ended September 30, 2015.
Third 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 again
deliver in excess of one billion U.S.
dollars of adjusted property EBITDA during the quarter and
weather this cyclical downturn better than the industry
overall. We remain sharply focused 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, and delivers the industry's highest revenue and
profit from non-gaming segments while bringing unsurpassed economic
and diversification benefits to the regions in which we
operate. We remain confident in our ability to both further
extend our global leadership position and 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.
Accordingly, I am extremely pleased to announce that the company's
Board of Directors has increased the company's recurring common
stock dividend for the 2016 calendar year to $2.88 per share, an increase of 10.8%."
The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an
increase of 30.0% compared to the third quarter of 2014. The
company also announced that its next recurring quarterly dividend
of $0.65 per common share will be
paid on December 31, 2015, to Las
Vegas Sands shareholders of record on December 22, 2015. That dividend represents
an increase of 30.0% compared to the dividend paid in the fourth
quarter of 2014. Additionally, since the inception of the
company's share repurchase program in June
2013, the company has returned $2.38
billion to shareholders through the repurchase of 34.0
million shares, including $80.0
million of common stock (1.7 million shares at a weighted
average price of $45.75) during the
quarter ended September 30,
2015.
Mr. Adelson added, "In Macao, notwithstanding a challenging
environment in the VIP and premium mass gaming segments, we
delivered $536.8 million in adjusted
property EBITDA across our Macao
property portfolio in the third quarter. We remain confident
that our market-leading Cotai Strip properties, which will be
complemented in the future by the St. Regis tower at Sands Cotai
Central opening in December 2015, and
by The Parisian Macao, targeted to open in late 2016, will continue
to provide the economic benefits of diversification to Macao, help attract greater numbers of
business and leisure travelers, and provide an outstanding and
diversified platform for growth in the years ahead."
Despite the negative impact of the stronger U.S. dollar,
adjusted property EBITDA at Marina Bay Sands in Singapore increased 10.8% year-over-year to
$389.7 million in the current
quarter, driven by growth in mass play from visitors to
Singapore and healthy Rolling Chip
volume. Hold-normalized EBITDA increased 12.2% to $411.3 million. The property generated record
mass gaming win-per-day in local currency terms while
hold-normalized adjusted property EBITDA increased 22.4%
year-over-year on a constant-currency basis.
Company-Wide Operating Results
Net revenue for the third quarter of 2015 decreased 18.1% to
$2.89 billion, compared to
$3.53 billion in the third quarter of
2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 18.0% in the third
quarter of 2015, compared to the year-ago quarter. On a
hold-normalized basis, adjusted property EBITDA decreased 13.4% to
$1.09 billion in the third quarter of
2015.
On a GAAP (Generally Accepted Accounting Principles) basis,
operating income in the third quarter of 2015 decreased 23.9% to
$739.1 million, compared to
$971.4 million in the third quarter
of 2014. The decrease in operating income was principally due
to softer results across the company's Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in
the third quarter of 2015 decreased 22.7% to $519.4 million, compared to $671.7 million in the third quarter of 2014,
while diluted earnings per share in the third quarter of 2015
decreased 21.7% to $0.65, compared to
$0.83 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
$90.0 million decrease in net income
attributable to noncontrolling interests.
Adjusted net income (see Note 1) decreased to $529.8 million, or $0.66 per diluted share, compared to $675.7 million, or $0.84 per diluted share, in the third quarter of
2014.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd.
decreased 28.8% to $1.66 billion in
the third quarter of 2015, compared to $2.33
billion in the third quarter of 2014. Adjusted property
EBITDA for Sands China Ltd. decreased 32.8% to $545.0 million in the third quarter of 2015,
compared to $811.6 million in the
third quarter of 2014. Net income for Sands China Ltd. decreased
46.8% to $343.2 million in the third
quarter of 2015, compared to $644.6
million in the third quarter of 2014.
The Venetian Macao Third 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 $256.4 million in the third
quarter with a market-leading EBITDA margin of 36.6%.
Non-Rolling Chip drop was $1.74
billion for the quarter with a Non-Rolling Chip win
percentage of 23.4%. Rolling Chip volume during the quarter
decreased 32.1% to $6.88
billion. Rolling Chip win percentage was 3.08% in the
quarter, below the 3.13% experienced in the prior-year quarter.
Slot handle was $1.05
billion.
The following table summarizes the key operating results for The
Venetian Macao for the third quarter of 2015 compared to the third
quarter of 2014:
|
The Venetian Macao
Operations
|
Three Months
Ended
|
|
|
September
30,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
590.0
|
|
$
|
817.8
|
|
$
|
(227.8)
|
|
-27.9%
|
|
Rooms
|
|
53.6
|
|
|
66.6
|
|
|
(13.0)
|
|
-19.5%
|
|
Food and
Beverage
|
|
20.5
|
|
|
27.4
|
|
|
(6.9)
|
|
-25.2%
|
|
Mall
|
|
50.4
|
|
|
51.0
|
|
|
(0.6)
|
|
-1.2%
|
|
Convention, Retail and
Other
|
|
21.5
|
|
|
24.6
|
|
|
(3.1)
|
|
-12.6%
|
|
Less - Promotional
Allowances
|
|
(36.4)
|
|
|
(44.4)
|
|
|
8.0
|
|
18.0%
|
|
Net
Revenues
|
$
|
699.6
|
|
$
|
943.0
|
|
$
|
(243.4)
|
|
-25.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
256.4
|
|
$
|
352.7
|
|
$
|
(96.3)
|
|
-27.3%
|
|
EBITDA Margin
%
|
|
36.6%
|
|
|
37.4%
|
|
|
|
|
-0.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
213.7
|
|
$
|
312.4
|
|
$
|
(98.7)
|
|
-31.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,876.4
|
|
$
|
10,127.6
|
|
$
|
(3,251.2)
|
|
-32.1%
|
|
Rolling Chip Win
%(1)
|
|
3.08%
|
|
|
3.13%
|
|
|
|
|
-0.05 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,741.5
|
|
$
|
2,208.1
|
|
$
|
(466.6)
|
|
-21.1%
|
|
Non-Rolling Chip Win
%
|
|
23.4%
|
|
|
24.7%
|
|
|
|
|
-1.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,047.8
|
|
$
|
1,440.9
|
|
$
|
(393.1)
|
|
-27.3%
|
|
Slot Hold
%
|
|
4.8%
|
|
|
4.6%
|
|
|
|
|
0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
84.5%
|
|
|
93.3%
|
|
|
|
|
-8.8 pts
|
|
Average Daily Rate
(ADR)
|
$
|
239
|
|
$
|
269
|
|
$
|
(30)
|
|
-11.2%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
202
|
|
$
|
251
|
|
$
|
(49)
|
|
-19.5%
|
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Sands Cotai Central Third Quarter Operating Results
Net revenues and adjusted property EBITDA for the third quarter
of 2015 at Sands Cotai Central were $550.2
million and $170.5 million,
respectively, resulting in an EBITDA margin of 31.0%.
Non-Rolling Chip drop was $1.46
billion in the third quarter with a Non-Rolling Chip win
percentage of 21.9%. Rolling Chip volume was $4.64 billion for the quarter with a Rolling Chip
win percentage of 3.54%. Slot handle was $1.50 billion for the quarter. Hotel occupancy
was 86.5% with ADR of $152.
The following table summarizes our key operating results for
Sands Cotai Central for the third quarter of 2015 compared to the
third quarter of 2014:
|
Sands Cotai Central
Operations
|
Three Months
Ended
|
|
|
September
30,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
475.1
|
|
$
|
727.3
|
|
$
|
(252.2)
|
|
-34.7%
|
|
Rooms
|
|
68.7
|
|
|
81.8
|
|
|
(13.1)
|
|
-16.0%
|
|
Food and
Beverage
|
|
25.2
|
|
|
34.8
|
|
|
(9.6)
|
|
-27.6%
|
|
Mall
|
|
15.8
|
|
|
17.7
|
|
|
(1.9)
|
|
-10.7%
|
|
Convention, Retail and
Other
|
|
5.7
|
|
|
8.2
|
|
|
(2.5)
|
|
-30.5%
|
|
Less - Promotional
Allowances
|
|
(40.3)
|
|
|
(53.3)
|
|
|
13.0
|
|
24.4%
|
|
Net
Revenues
|
$
|
550.2
|
|
$
|
816.5
|
|
$
|
(266.3)
|
|
-32.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
170.5
|
|
$
|
267.0
|
|
$
|
(96.5)
|
|
-36.1%
|
|
EBITDA Margin
%
|
|
31.0%
|
|
|
32.7%
|
|
|
|
|
-1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
94.5
|
|
$
|
193.0
|
|
$
|
(98.5)
|
|
-51.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
4,640.5
|
|
$
|
10,567.2
|
|
$
|
(5,926.7)
|
|
-56.1%
|
|
Rolling Chip Win
%(1)
|
|
3.54%
|
|
|
3.48%
|
|
|
|
|
0.06 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,458.7
|
|
$
|
1,891.2
|
|
$
|
(432.5)
|
|
-22.9%
|
|
Non-Rolling Chip Win
%
|
|
21.9%
|
|
|
22.4%
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,503.6
|
|
$
|
2,025.1
|
|
$
|
(521.5)
|
|
-25.8%
|
|
Slot Hold
%
|
|
3.7%
|
|
|
3.4%
|
|
|
|
|
0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
86.5%
|
|
|
89.5%
|
|
|
|
|
-3.0 pts
|
|
Average Daily Rate
(ADR)
|
$
|
152
|
|
$
|
176
|
|
$
|
(24)
|
|
-13.6%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
131
|
|
$
|
157
|
|
$
|
(26)
|
|
-16.6%
|
|
|
(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 Third Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted
property EBITDA of $58.8 million in
the third quarter of 2015, a decrease of 41.9% compared to the
year-ago quarter. Non-Rolling Chip drop was $280.9 million, while Non-Rolling Chip win
percentage was 25.4%. Rolling Chip volume was $2.82 billion for the quarter. Rolling Chip win
percentage was 3.13% in the quarter, below the 3.45% experienced in
the prior-year quarter. Slot handle was $111.8 million during the quarter.
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and Plaza Casino for the third quarter of
2015 compared to the third quarter of 2014:
|
Four Seasons Hotel
Macao and Plaza Casino Operations
|
Three Months
Ended
|
|
|
September
30,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
129.6
|
|
$
|
221.4
|
|
$
|
(91.8)
|
|
-41.5%
|
|
Rooms
|
|
10.9
|
|
|
11.9
|
|
|
(1.0)
|
|
-8.4%
|
|
Food and
Beverage
|
|
6.5
|
|
|
7.7
|
|
|
(1.2)
|
|
-15.6%
|
|
Mall
|
|
32.0
|
|
|
36.3
|
|
|
(4.3)
|
|
-11.8%
|
|
Convention, Retail and
Other
|
|
0.8
|
|
|
1.0
|
|
|
(0.2)
|
|
-20.0%
|
|
Less - Promotional
Allowances
|
|
(11.9)
|
|
|
(12.9)
|
|
|
1.0
|
|
7.8%
|
|
Net
Revenues
|
$
|
167.9
|
|
$
|
265.4
|
|
$
|
(97.5)
|
|
-36.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
58.8
|
|
$
|
101.2
|
|
$
|
(42.4)
|
|
-41.9%
|
|
EBITDA Margin
%
|
|
35.0%
|
|
|
38.1%
|
|
|
|
|
-3.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
46.9
|
|
$
|
88.7
|
|
$
|
(41.8)
|
|
-47.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,821.7
|
|
$
|
6,236.9
|
|
$
|
(3,415.2)
|
|
-54.8%
|
|
Rolling Chip Win
%(1)
|
|
3.13%
|
|
|
3.45%
|
|
|
|
|
-0.32 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
280.9
|
|
$
|
320.4
|
|
$
|
(39.5)
|
|
-12.3%
|
|
Non-Rolling Chip Win
%
|
|
25.4%
|
|
|
25.2%
|
|
|
|
|
0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
111.8
|
|
$
|
214.6
|
|
$
|
(102.8)
|
|
-47.9%
|
|
Slot Hold
%
|
|
7.3%
|
|
|
4.6%
|
|
|
|
|
2.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
86.5%
|
|
|
88.3%
|
|
|
|
|
-1.8 pts
|
|
Average Daily Rate
(ADR)
|
$
|
363
|
|
$
|
391
|
|
$
|
(28)
|
|
-7.2%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
314
|
|
$
|
345
|
|
$
|
(31)
|
|
-9.0%
|
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Sands Macao Third Quarter Operating Results
Sands Macao's adjusted property
EBITDA was $51.1 million. Non-Rolling
Chip drop was $759.7 million during
the quarter, while slot handle was $710.2
million. Rolling Chip volume was $2.06 billion for the quarter. The property
realized 3.57% win on Rolling Chip volume during the quarter, above
the 2.76% generated in the year-ago quarter.
The following table summarizes our key operating results for
Sands Macao for the third quarter of 2015 compared to the third
quarter of 2014:
|
Sands Macao
Operations
|
Three Months
Ended
|
|
|
September
30,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
200.8
|
|
$
|
273.6
|
|
$
|
(72.8)
|
|
-26.6%
|
|
Rooms
|
|
6.0
|
|
|
5.7
|
|
|
0.3
|
|
5.3%
|
|
Food and
Beverage
|
|
8.6
|
|
|
9.8
|
|
|
(1.2)
|
|
-12.2%
|
|
Convention, Retail and
Other
|
|
2.6
|
|
|
2.5
|
|
|
0.1
|
|
4.0%
|
|
Less - Promotional
Allowances
|
|
(10.6)
|
|
|
(11.5)
|
|
|
0.9
|
|
7.8%
|
|
Net
Revenues
|
$
|
207.4
|
|
$
|
280.1
|
|
$
|
(72.7)
|
|
-26.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
51.1
|
|
$
|
88.1
|
|
$
|
(37.0)
|
|
-42.0%
|
|
EBITDA Margin
%
|
|
24.7%
|
|
|
31.5%
|
|
|
|
|
-6.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
41.8
|
|
$
|
78.3
|
|
$
|
(36.5)
|
|
-46.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,058.1
|
|
$
|
4,318.5
|
|
$
|
(2,260.4)
|
|
-52.3%
|
|
Rolling Chip Win
%(1)
|
|
3.57%
|
|
|
2.76%
|
|
|
|
|
0.81 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
759.7
|
|
$
|
884.6
|
|
$
|
(124.9)
|
|
-14.1%
|
|
Non-Rolling Chip Win
%
|
|
17.2%
|
|
|
19.1%
|
|
|
|
|
-1.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
710.2
|
|
$
|
833.4
|
|
$
|
(123.2)
|
|
-14.8%
|
|
Slot Hold
%
|
|
3.7%
|
|
|
3.6%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
99.8%
|
|
|
99.4%
|
|
|
|
|
0.4 pts
|
|
Average Daily Rate
(ADR)
|
$
|
226
|
|
$
|
219
|
|
$
|
7
|
|
3.2%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
226
|
|
$
|
218
|
|
$
|
8
|
|
3.7%
|
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in Singapore
generated adjusted property EBITDA of $389.7
million, an increase of 10.8% compared to the year-ago
quarter. On a hold-normalized basis, adjusted property EBITDA
increased 12.2% to $411.3 million. On
a constant-currency basis, adjusted property EBITDA increased 20.8%
(on a constant-currency basis, hold-normalized adjusted property
EBITDA increased 22.4% compared to the prior-year quarter).
Rolling Chip win percentage of 2.61% in the third
quarter of 2015 was below the expected range and slightly below the
2.64% achieved in the third quarter of 2014. Rolling Chip volume
was $11.44 billion for the quarter, a
25.4% increase compared to the $9.12
billion generated in the prior-year period.
Non-Rolling Chip drop was $1.07
billion during the quarter with a Non-Rolling Chip win
percentage of 27.0%. Slot handle increased 9.0% to $3.41 billion for the quarter compared to the
year-ago quarter. Total mass win-per-day during the quarter was
$4.77 million and was an all-time
quarterly record for the property in local currency terms.
ADR decreased to $432 during the
quarter and occupancy decreased to 98.0%, resulting in a RevPAR
decrease of 9.0% compared to the same quarter last year. The
impact of the stronger U.S. dollar negatively impacted the
property's financial results and key performance indicators in the
current quarter.
The following table summarizes our key operating results for
Marina Bay Sands for the third quarter of 2015 compared to the
third quarter of 2014:
|
Marina Bay Sands
Operations
|
Three Months
Ended
|
|
|
September
30,
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
584.9
|
|
$
|
573.5
|
|
$
|
11.4
|
|
2.0%
|
|
Rooms
|
|
98.7
|
|
|
101.6
|
|
|
(2.9)
|
|
-2.9%
|
|
Food and
Beverage
|
|
51.1
|
|
|
47.9
|
|
|
3.2
|
|
6.7%
|
|
Mall
|
|
41.5
|
|
|
44.8
|
|
|
(3.3)
|
|
-7.4%
|
|
Convention, Retail and
Other
|
|
23.4
|
|
|
23.9
|
|
|
(0.5)
|
|
-2.1%
|
|
Less - Promotional
Allowances
|
|
(48.9)
|
|
|
(56.2)
|
|
|
7.3
|
|
13.0%
|
|
Net
Revenues
|
$
|
750.7
|
|
$
|
735.5
|
|
$
|
15.2
|
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
389.7
|
|
$
|
351.7
|
|
$
|
38.0
|
|
10.8%
|
|
EBITDA Margin
%
|
|
51.9%
|
|
|
47.8%
|
|
|
|
|
4.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
302.4
|
|
$
|
259.0
|
|
$
|
43.4
|
|
16.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
11,436.4
|
|
$
|
9,121.8
|
|
$
|
2,314.6
|
|
25.4%
|
|
Rolling Chip Win
%(1)
|
|
2.61%
|
|
|
2.64%
|
|
|
|
|
-0.03 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,071.7
|
|
$
|
1,137.4
|
|
$
|
(65.7)
|
|
-5.8%
|
|
Non-Rolling Chip Win
%
|
|
27.0%
|
|
|
25.6%
|
|
|
|
|
1.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,409.3
|
|
$
|
3,126.5
|
|
$
|
282.8
|
|
9.0%
|
|
Slot Hold
%
|
|
4.4%
|
|
|
4.9%
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.0%
|
|
|
99.4%
|
|
|
|
|
-1.4 pts
|
|
Average Daily Rate
(ADR)
|
$
|
432
|
|
$
|
468
|
|
$
|
(36)
|
|
-7.7%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
423
|
|
$
|
465
|
|
$
|
(42)
|
|
-9.0%
|
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Las Vegas Operations Third Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The
Palazzo, including the Sands Expo and Convention Center, was
$79.8 million for the quarter.
On a hold-normalized basis, adjusted property EBITDA in the quarter
increased 21.8% year-over-year to $101.8
million. RevPAR increased 13.9% year-over-year to
$213 in the quarter, reflecting an
8.8% increase in ADR to $222 and a
4.1 percentage point increase in occupancy to 96.0%. Table
games drop decreased 4.0% in the quarter to $607.9 million, reflecting softer baccarat play,
while slot handle increased 3.6% to $593.7
million.
The following table summarizes our key operating results for our
Las Vegas operations for the third
quarter of 2015 compared to the third quarter of 2014:
|
Three Months
Ended
|
|
|
|
Las Vegas
Operations
|
September
30,
|
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
127.9
|
|
$
|
165.1
|
|
$
|
(37.2)
|
|
-22.5%
|
|
|
Rooms
|
|
138.0
|
|
|
115.6
|
|
|
22.4
|
|
19.4%
|
|
|
Food and
Beverage
|
|
69.1
|
|
|
51.6
|
|
|
17.5
|
|
33.9%
|
|
|
Convention, Retail and
Other
|
|
76.0
|
|
|
72.4
|
|
|
3.6
|
|
5.0%
|
|
|
Less - Promotional
Allowances
|
|
(25.5)
|
|
|
(24.2)
|
|
|
(1.3)
|
|
-5.4%
|
|
|
Net
Revenues
|
$
|
385.5
|
|
$
|
380.5
|
|
$
|
5.0
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
79.8
|
|
$
|
90.2
|
|
$
|
(10.4)
|
|
-11.5%
|
|
|
EBITDA Margin
%
|
|
20.7%
|
|
|
23.7%
|
|
|
|
|
-3.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
71.6
|
|
$
|
79.1
|
|
$
|
(7.5)
|
|
-9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
607.9
|
|
$
|
632.9
|
|
$
|
(25.0)
|
|
-4.0%
|
|
|
Table Games Win
%(1)
|
|
16.9%
|
|
|
24.1%
|
|
|
|
|
-7.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
593.7
|
|
$
|
573.1
|
|
$
|
20.6
|
|
3.6%
|
|
|
Slot Hold
%
|
|
8.2%
|
|
|
8.3%
|
|
|
|
|
-0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.0%
|
|
|
91.9%
|
|
|
|
|
4.1 pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
222
|
|
$
|
204
|
|
$
|
18
|
|
8.8%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
213
|
|
$
|
187
|
|
$
|
26
|
|
13.9%
|
|
|
|
(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% to 18.0% (calculated
before discounts).
|
Sands Bethlehem Third Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 13.1% to $144.0 million and adjusted property EBITDA
increased 25.8% to $37.5 million for
the quarter, which was an all-time quarterly record for the
property. Table games drop increased 5.9% to $290.7 million for the quarter, while table games
win percentage was 18.7%, which was higher than the 16.2% realized
in the third quarter of 2014. Slot handle increased 7.4%
year-over-year to $1.11 billion for
the quarter with a slot hold percentage of 7.0%.
The following table summarizes our key operating results for
Sands Bethlehem for the third quarter of 2015 compared to the third
quarter of 2014:
|
Three Months
Ended
|
|
|
|
Sands Bethlehem
Operations
|
September
30,
|
|
|
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
$ Change
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
134.3
|
|
$
|
118.3
|
|
$
|
16.0
|
|
13.5%
|
|
|
Rooms
|
|
4.0
|
|
|
3.6
|
|
|
0.4
|
|
11.1%
|
|
|
Food and
Beverage
|
|
7.0
|
|
|
6.7
|
|
|
0.3
|
|
4.5%
|
|
|
Mall
|
|
1.2
|
|
|
1.2
|
|
|
-
|
|
0.0%
|
|
|
Convention, Retail and
Other
|
|
5.2
|
|
|
4.4
|
|
|
0.8
|
|
18.2%
|
|
|
Less - Promotional
Allowances
|
|
(7.7)
|
|
|
(6.9)
|
|
|
(0.8)
|
|
-11.6%
|
|
|
Net
Revenues
|
$
|
144.0
|
|
$
|
127.3
|
|
$
|
16.7
|
|
13.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
37.5
|
|
$
|
29.8
|
|
$
|
7.7
|
|
25.8%
|
|
|
EBITDA Margin
%
|
|
26.1%
|
|
|
23.4%
|
|
|
|
|
2.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
30.8
|
|
$
|
23.5
|
|
$
|
7.3
|
|
31.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
290.7
|
|
$
|
274.6
|
|
$
|
16.1
|
|
5.9%
|
|
|
Table Games Win
%(1)
|
|
18.7%
|
|
|
16.2%
|
|
|
|
|
2.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
1,114.6
|
|
$
|
1,038.0
|
|
$
|
76.6
|
|
7.4%
|
|
|
Slot Hold
%
|
|
7.0%
|
|
|
6.9%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.8%
|
|
|
89.4%
|
|
|
|
|
7.4 pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
151
|
|
$
|
145
|
|
$
|
6
|
|
4.1%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
146
|
|
$
|
130
|
|
$
|
16
|
|
12.3%
|
|
|
|
(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 was
$139.3 million for the third quarter
of 2015, a decrease of 6.8% compared to the third quarter of
2014. Operating profit derived from these retail mall assets
decreased 5.2% year-over-year to $125.0
million.
|
For The Three Months
Ended September 30, 2015
|
|
TTM
September
30, 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
|
$
|
50.2
|
|
$
|
44.9
|
|
89.4%
|
|
779,459
|
|
97.7%
|
|
$
|
1,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
20.5
|
|
|
19.3
|
|
94.1%
|
|
142,562
|
|
100.0%
|
|
|
5,168
|
|
Other
Stores
|
|
11.5
|
|
|
10.8
|
|
93.9%
|
|
115,453
|
|
100.0%
|
|
|
1,812
|
|
Total
|
|
32.0
|
|
|
30.1
|
|
94.1%
|
|
258,015
|
|
100.0%
|
|
|
3,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central
|
|
15.6
|
|
|
13.6
|
|
87.2%
|
|
331,587
(3)
|
|
97.9%
|
|
|
938
|
|
Total Cotai Strip in
Macao
|
|
97.8
|
|
|
88.6
|
|
90.6%
|
|
1,369,061
|
|
98.2%
|
|
|
1,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
41.5
|
|
|
36.4
|
|
87.7%
|
|
644,590
|
|
95.5%
|
|
|
1,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
139.3
|
|
$
|
125.0
|
|
89.7%
|
|
2,013,651
|
|
97.3%
|
|
$
|
1,696
|
|
|
(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 $8.4 million during the quarter, compared to
$3.1 million in the third quarter of
2014.
Pre-opening expense was $9.6
million in the third quarter of 2015.
Depreciation and amortization expense was $247.7 million in the third quarter of 2015,
compared to $251.0 million in the
third quarter of 2014.
Interest expense, net of amounts capitalized, was $67.0 million for the third quarter of 2015,
compared to $66.8 million in the
prior-year quarter. Capitalized interest was $7.1 million during the third quarter of 2015,
compared to $2.9 million during the
third quarter of 2014. Our weighted average borrowing cost in
the third quarter of 2015 was approximately 3.0%.
Corporate expense was $37.5
million in the third quarter of 2015, compared to
$42.7 million in the third quarter of
2014.
Other income, which was principally composed of foreign currency
gains, was $16.3 million in the third
quarter of 2015, compared to $0.1
million in the third quarter of 2014.
The company's effective income tax rate for the third quarter of
2015 was 10.5%. 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 third quarter of 2015 of $98.8
million was principally related to Sands China
Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2015 were $1.86 billion.
As of September 30, 2015, total
debt outstanding, including the current portion, was $9.13 billion.
Capital Expenditures
Capital expenditures during the third quarter totaled
$393.7 million, including
construction, development and maintenance activities of
$329.2 million in Macao, $40.5
million at Marina Bay Sands, $19.6
million in Las Vegas, and
$4.4 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, October 21,
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.sands.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 development, construction and
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, our ability to meet certain development
deadlines, our subsidiaries' ability to make distribution payments
to us, 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
|
Las Vegas Sands Corp.
Third Quarter 2015
Results
Non-GAAP Reconciliations
Within the company's third 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
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$ 2,242,571
|
|
$ 2,897,084
|
|
$ 6,920,757
|
|
$ 9,281,959
|
|
Rooms
|
|
|
379,878
|
|
386,867
|
|
1,102,550
|
|
1,162,205
|
|
Food and
beverage
|
|
|
188,073
|
|
185,821
|
|
555,902
|
|
582,804
|
|
Mall
|
|
|
140,556
|
|
150,728
|
|
403,652
|
|
378,832
|
|
Convention,
retail and other
|
|
129,761
|
|
128,458
|
|
389,412
|
|
391,663
|
|
|
|
3,080,839
|
|
3,748,958
|
|
9,372,273
|
|
11,797,463
|
|
Less -
promotional allowances
|
|
(187,156)
|
|
(215,836)
|
|
(545,547)
|
|
(629,607)
|
|
|
|
2,893,683
|
|
3,533,122
|
|
8,826,726
|
|
11,167,856
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
|
1,846,208
|
|
2,256,479
|
|
5,725,206
|
|
7,114,528
|
|
Corporate
|
|
|
37,488
|
|
42,704
|
|
127,276
|
|
138,504
|
|
Pre-opening
|
|
|
9,627
|
|
(2,414)
|
|
29,860
|
|
18,027
|
|
Development
|
|
|
3,147
|
|
3,043
|
|
7,028
|
|
8,952
|
|
Depreciation
and amortization
|
|
247,698
|
|
251,002
|
|
750,212
|
|
776,065
|
|
Amortization
of leasehold interests in land
|
9,737
|
|
10,086
|
|
29,060
|
|
30,152
|
|
Loss on
disposal of assets
|
|
709
|
|
801
|
|
18,590
|
|
4,922
|
|
|
|
2,154,614
|
|
2,561,701
|
|
6,687,232
|
|
8,091,150
|
|
Operating
income
|
|
|
739,069
|
|
971,421
|
|
2,139,494
|
|
3,076,706
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,158
|
|
5,609
|
|
12,598
|
|
17,109
|
|
Interest
expense, net of amounts capitalized
|
(66,962)
|
|
(66,779)
|
|
(199,018)
|
|
(207,495)
|
|
Other income
(expense)
|
|
16,275
|
|
95
|
|
31,589
|
|
(2,368)
|
|
Loss on
modification or early retirement of debt
|
-
|
|
(1,978)
|
|
-
|
|
(19,942)
|
|
Income before income
taxes
|
|
690,540
|
|
908,368
|
|
1,984,663
|
|
2,864,010
|
|
Income tax
expense
|
|
|
(72,347)
|
|
(47,869)
|
|
(173,941)
|
|
(153,939)
|
|
Net
income
|
|
|
618,193
|
|
860,499
|
|
1,810,722
|
|
2,710,071
|
|
Net income
attributable to noncontrolling interests
|
(98,835)
|
|
(188,794)
|
|
(310,268)
|
|
(590,747)
|
|
Net income
attributable to Las Vegas Sands Corp.
|
$ 519,358
|
|
$ 671,705
|
|
$ 1,500,454
|
|
$ 2,119,324
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
0.65
|
|
$
0.84
|
|
$
1.88
|
|
$
2.62
|
|
Diluted
|
|
|
$
0.65
|
|
$
0.83
|
|
$
1.88
|
|
$
2.62
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
796,559,738
|
|
803,064,834
|
|
797,400,090
|
|
808,247,012
|
|
Diluted
|
|
|
797,302,248
|
|
804,810,589
|
|
798,263,294
|
|
810,288,616
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
0.65
|
|
$
0.50
|
|
$
1.95
|
|
$
1.50
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following are
reconciliations of Operating Income (Loss) to Adjusted Property
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 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
|
|
|
$ 213,653
|
|
$ 39,083
|
|
$ 1,665
|
|
$
172
|
|
$
-
|
|
$ -
|
|
$
1,808
|
|
$
-
|
|
$ 256,381
|
|
Sands
Cotai Central
|
|
94,531
|
|
68,894
|
|
2,138
|
|
566
|
|
3,609
|
|
-
|
|
719
|
|
-
|
|
170,457
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
46,923
|
|
9,596
|
|
720
|
|
-
|
|
1,331
|
|
-
|
|
215
|
|
-
|
|
58,785
|
|
Sands
Macao
|
|
|
41,753
|
|
8,936
|
|
373
|
|
(34)
|
|
-
|
|
-
|
|
104
|
|
-
|
|
51,132
|
|
Macao Property
Operations
|
|
|
396,860
|
|
126,509
|
|
4,896
|
|
704
|
|
4,940
|
|
-
|
|
2,846
|
|
-
|
|
536,755
|
|
Marina Bay
Sands
|
|
|
302,379
|
|
58,307
|
|
4,227
|
|
29
|
|
466
|
|
24,087
|
|
222
|
|
-
|
|
389,717
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
71,609
|
|
44,082
|
|
-
|
|
1
|
|
-
|
|
(37,486)
|
|
1,584
|
|
-
|
|
79,790
|
|
Sands
Bethlehem
|
|
|
30,832
|
|
6,700
|
|
-
|
|
(33)
|
|
31
|
|
-
|
|
-
|
|
-
|
|
37,530
|
|
United States
Property Operations
|
|
102,441
|
|
50,782
|
|
-
|
|
(32)
|
|
31
|
|
(37,486)
|
|
1,584
|
|
-
|
|
117,320
|
|
Other Asia
(2)
|
|
|
(8,872)
|
|
3,559
|
|
-
|
|
8
|
|
-
|
|
13,640
|
|
92
|
|
-
|
|
8,427
|
|
Other
Development
|
|
|
(8,112)
|
|
161
|
|
614
|
|
-
|
|
7,337
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Corporate
|
|
|
(45,627)
|
|
8,380
|
|
-
|
|
-
|
|
-
|
|
(241)
|
|
-
|
|
37,488
|
|
-
|
|
|
|
$ 739,069
|
|
$ 247,698
|
|
$ 9,737
|
|
$
709
|
|
$ 12,774
|
|
$ -
|
|
$
4,744
|
|
$ 37,488
|
|
$ 1,052,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 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
|
|
|
$ 312,439
|
|
$ 35,816
|
|
$ 1,655
|
|
$
112
|
|
$
-
|
|
$ -
|
|
$
2,713
|
|
$
-
|
|
$ 352,735
|
|
Sands
Cotai Central
|
|
193,005
|
|
70,061
|
|
2,154
|
|
469
|
|
(34)
|
|
-
|
|
1,376
|
|
-
|
|
267,031
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
88,678
|
|
9,843
|
|
706
|
|
40
|
|
1,499
|
|
-
|
|
418
|
|
-
|
|
101,184
|
|
Sands
Macao
|
|
|
78,308
|
|
8,858
|
|
354
|
|
44
|
|
-
|
|
-
|
|
535
|
|
-
|
|
88,099
|
|
Macao Property
Operations
|
|
|
672,430
|
|
124,578
|
|
4,869
|
|
665
|
|
1,465
|
|
-
|
|
5,042
|
|
-
|
|
809,049
|
|
Marina Bay
Sands
|
|
|
259,040
|
|
62,651
|
|
4,595
|
|
144
|
|
75
|
|
24,351
|
|
831
|
|
-
|
|
351,687
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
79,053
|
|
46,142
|
|
-
|
|
(5)
|
|
36
|
|
(36,307)
|
|
1,264
|
|
-
|
|
90,183
|
|
Sands
Bethlehem
|
|
|
23,470
|
|
6,336
|
|
-
|
|
(3)
|
|
29
|
|
-
|
|
14
|
|
-
|
|
29,846
|
|
United States
Property Operations
|
|
102,523
|
|
52,478
|
|
-
|
|
(8)
|
|
65
|
|
(36,307)
|
|
1,278
|
|
-
|
|
120,029
|
|
Other Asia
(2)
|
|
|
(12,640)
|
|
3,457
|
|
-
|
|
-
|
|
12
|
|
12,200
|
|
101
|
|
-
|
|
3,130
|
|
Other
Development
|
|
|
205
|
|
161
|
|
622
|
|
-
|
|
(988)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Corporate
|
|
|
(50,137)
|
|
7,677
|
|
-
|
|
-
|
|
-
|
|
(244)
|
|
-
|
|
42,704
|
|
-
|
|
|
|
$ 971,421
|
|
$ 251,002
|
|
$ 10,086
|
|
$
801
|
|
$
629
|
|
$ -
|
|
$
7,252
|
|
$ 42,704
|
|
$ 1,283,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 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
|
|
|
$ 644,620
|
|
$ 115,403
|
|
$ 4,971
|
|
$ 8,972
|
|
$
-
|
|
$ -
|
|
$
7,347
|
|
$
-
|
|
$ 781,313
|
|
Sands
Cotai Central
|
|
259,138
|
|
209,509
|
|
6,216
|
|
4,093
|
|
8,387
|
|
-
|
|
3,234
|
|
-
|
|
490,577
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
140,773
|
|
28,908
|
|
2,140
|
|
13
|
|
4,763
|
|
-
|
|
994
|
|
-
|
|
177,591
|
|
Sands
Macao
|
|
|
142,586
|
|
27,018
|
|
1,113
|
|
3,170
|
|
-
|
|
-
|
|
907
|
|
-
|
|
174,794
|
|
Macao Property
Operations
|
|
|
1,187,117
|
|
380,838
|
|
14,440
|
|
16,248
|
|
13,150
|
|
-
|
|
12,482
|
|
-
|
|
1,624,275
|
|
Marina Bay
Sands
|
|
|
898,583
|
|
181,610
|
|
12,779
|
|
269
|
|
1,182
|
|
73,169
|
|
651
|
|
-
|
|
1,168,243
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
183,862
|
|
131,240
|
|
-
|
|
2,192
|
|
294
|
|
(113,357)
|
|
3,834
|
|
-
|
|
208,065
|
|
Sands
Bethlehem
|
|
|
81,333
|
|
20,158
|
|
-
|
|
(127)
|
|
84
|
|
-
|
|
74
|
|
-
|
|
101,522
|
|
United States
Property Operations
|
|
265,195
|
|
151,398
|
|
-
|
|
2,065
|
|
378
|
|
(113,357)
|
|
3,908
|
|
-
|
|
309,587
|
|
Other Asia
(2)
|
|
|
(35,014)
|
|
10,542
|
|
-
|
|
8
|
|
|
|
40,920
|
|
324
|
|
-
|
|
16,780
|
|
Other
Development
|
|
|
(24,502)
|
|
483
|
|
1,841
|
|
-
|
|
22,178
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Corporate
|
|
|
(151,885)
|
|
25,341
|
|
-
|
|
-
|
|
-
|
|
(732)
|
|
-
|
|
127,276
|
|
-
|
|
|
|
$ 2,139,494
|
|
$ 750,212
|
|
$ 29,060
|
|
$ 18,590
|
|
$ 36,888
|
|
$ -
|
|
$
17,365
|
|
$ 127,276
|
|
$ 3,118,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 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
|
|
|
$ 1,103,241
|
|
$ 108,249
|
|
$ 4,961
|
|
$
716
|
|
$
-
|
|
$ -
|
|
$
7,709
|
|
$
-
|
|
$ 1,224,876
|
|
Sands
Cotai Central
|
|
561,299
|
|
204,193
|
|
6,460
|
|
1,080
|
|
4,363
|
|
-
|
|
3,815
|
|
-
|
|
781,210
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
243,814
|
|
29,540
|
|
2,118
|
|
92
|
|
5,633
|
|
-
|
|
982
|
|
-
|
|
282,179
|
|
Sands
Macao
|
|
|
233,660
|
|
25,542
|
|
1,061
|
|
162
|
|
-
|
|
-
|
|
1,431
|
|
-
|
|
261,856
|
|
Macao Property
Operations
|
|
|
2,142,014
|
|
367,524
|
|
14,600
|
|
2,050
|
|
9,996
|
|
-
|
|
13,937
|
|
-
|
|
2,550,121
|
|
Marina Bay
Sands
|
|
|
899,323
|
|
209,491
|
|
13,687
|
|
3,517
|
|
75
|
|
74,887
|
|
3,646
|
|
-
|
|
1,204,626
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
202,565
|
|
139,654
|
|
-
|
|
(724)
|
|
133
|
|
(110,738)
|
|
5,060
|
|
-
|
|
235,950
|
|
Sands
Bethlehem
|
|
|
61,022
|
|
23,254
|
|
-
|
|
(70)
|
|
94
|
|
-
|
|
(8)
|
|
-
|
|
84,292
|
|
United States
Property Operations
|
|
263,587
|
|
162,908
|
|
-
|
|
(794)
|
|
227
|
|
(110,738)
|
|
5,052
|
|
-
|
|
320,242
|
|
Other Asia
(2)
|
|
|
(46,425)
|
|
10,604
|
|
-
|
|
149
|
|
46
|
|
36,600
|
|
274
|
|
-
|
|
1,248
|
|
Other
Development
|
|
|
(18,970)
|
|
470
|
|
1,865
|
|
-
|
|
16,635
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Corporate
|
|
|
(162,823)
|
|
25,068
|
|
-
|
|
-
|
|
-
|
|
(749)
|
|
-
|
|
138,504
|
|
-
|
|
|
|
$ 3,076,706
|
|
$ 776,065
|
|
$ 30,152
|
|
$ 4,922
|
|
$ 26,979
|
|
$ -
|
|
$
22,909
|
|
$ 138,504
|
|
$ 4,076,237
|
|
|
(1) During the three
months ended September 30, 2015 and 2014, the Company recorded
stock-based compensation expense of $9.3 million and $11.6 million,
respectively, of which $4.4 million and $4.1 million, respectively,
is included in corporate expense and $0.2 million and $0.3 million,
respectively, is included in pre-opening and development expense on
the Company's condensed consolidated statements of operations.
During the nine months ended September 30, 2015 and 2014, the
Company recorded stock-based compensation expense of $36.5 million
and $37.8 million, respectively, of which $18.3 million and $14.4
million, respectively, is included in corporate expense and $0.8
million and $0.5 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
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Macao Property
Operations
|
|
$ 536,755
|
|
$
(43,578)
|
|
$
35,115
|
|
$
528,292
|
|
Marina Bay
Sands
|
|
|
389,717
|
|
27,129
|
|
(5,539)
|
|
411,307
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
79,790
|
|
26,732
|
|
(4,757)
|
|
101,765
|
|
Sands
Bethlehem
|
|
37,530
|
|
-
|
|
-
|
|
37,530
|
|
United States
Property Operations
|
|
117,320
|
|
26,732
|
|
(4,757)
|
|
139,295
|
|
Other Asia
|
|
|
8,427
|
|
-
|
|
-
|
|
8,427
|
|
Other
Development
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Corporate
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
$1,052,219
|
|
$
10,283
|
|
$
24,819
|
|
$ 1,087,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Macao Property
Operations
|
|
$ 809,049
|
|
$
(96,288)
|
|
$
59,325
|
|
$
772,086
|
|
Marina Bay
Sands
|
|
|
351,687
|
|
18,507
|
|
(3,733)
|
|
366,461
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
90,183
|
|
(8,029)
|
|
1,412
|
|
83,566
|
|
Sands
Bethlehem
|
|
29,846
|
|
-
|
|
-
|
|
29,846
|
|
United States
Property Operations
|
|
120,029
|
|
(8,029)
|
|
1,412
|
|
113,412
|
|
Other Asia
|
|
|
3,130
|
|
-
|
|
-
|
|
3,130
|
|
Other
Development
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Corporate
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
$1,283,895
|
|
$
(85,810)
|
|
$
57,004
|
|
$ 1,255,089
|
|
(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.
|
|
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
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$ 519,358
|
|
$ 671,705
|
|
$ 1,500,454
|
|
$ 2,119,324
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests
|
|
98,835
|
|
188,794
|
|
310,268
|
|
590,747
|
|
Income tax
expense
|
|
72,347
|
|
47,869
|
|
173,941
|
|
153,939
|
|
Loss on modification or
early retirement of debt
|
|
-
|
|
1,978
|
|
-
|
|
19,942
|
|
Other (income)
expense
|
|
(16,275)
|
|
(95)
|
|
(31,589)
|
|
2,368
|
|
Interest expense, net of
amounts capitalized
|
|
66,962
|
|
66,779
|
|
199,018
|
|
207,495
|
|
Interest income
|
|
(2,158)
|
|
(5,609)
|
|
(12,598)
|
|
(17,109)
|
|
Loss on disposal of
assets
|
|
709
|
|
801
|
|
18,590
|
|
4,922
|
|
Amortization of leasehold
interests in land
|
|
9,737
|
|
10,086
|
|
29,060
|
|
30,152
|
|
Depreciation and
amortization
|
|
247,698
|
|
251,002
|
|
750,212
|
|
776,065
|
|
Development
expense
|
|
3,147
|
|
3,043
|
|
7,028
|
|
8,952
|
|
Pre-opening
expense
|
|
9,627
|
|
(2,414)
|
|
29,860
|
|
18,027
|
|
Stock-based compensation
(1)
|
|
4,744
|
|
7,252
|
|
17,365
|
|
22,909
|
|
Corporate expense
|
|
37,488
|
|
42,704
|
|
127,276
|
|
138,504
|
|
Adjusted Property
EBITDA
|
|
$ 1,052,219
|
|
$ 1,283,895
|
|
$ 3,118,885
|
|
$ 4,076,237
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
10,283
|
|
(85,810)
|
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
24,819
|
|
57,004
|
|
|
|
|
|
Hold-Normalized
Adjusted Property EBITDA
|
|
$ 1,087,321
|
|
$ 1,255,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit
2
|
|
|
|
|
|
|
|
|
|
(2) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
|
Supplemental Data -
Net Revenues
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
The Venetian
Macao
|
|
$ 699,553
|
|
$ 943,037
|
|
$ 2,226,198
|
|
$ 3,160,374
|
|
Sands Cotai
Central
|
|
550,159
|
|
816,463
|
|
1,676,154
|
|
2,428,822
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
167,947
|
|
265,432
|
|
533,314
|
|
863,940
|
|
Sands
Macao
|
|
207,364
|
|
280,079
|
|
674,289
|
|
906,882
|
|
Marina Bay
Sands
|
|
750,677
|
|
735,505
|
|
2,248,535
|
|
2,375,618
|
|
Las Vegas Operating
Properties
|
|
385,472
|
|
380,461
|
|
1,107,871
|
|
1,116,194
|
|
Sands
Bethlehem
|
|
144,003
|
|
127,338
|
|
409,204
|
|
370,644
|
|
Other Asia
|
|
43,422
|
|
41,439
|
|
117,428
|
|
113,286
|
|
Intersegment
Eliminations
|
|
(54,914)
|
|
(56,632)
|
|
(166,267)
|
|
(167,904)
|
|
|
|
|
$ 2,893,683
|
|
$ 3,533,122
|
|
$ 8,826,726
|
|
$ 11,167,856
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
|
Supplemental Data -
Adjusted Property EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
The Venetian
Macao
|
|
36.6%
|
|
37.4%
|
|
35.1%
|
|
38.8%
|
|
Sands Cotai
Central
|
|
31.0%
|
|
32.7%
|
|
29.3%
|
|
32.2%
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
35.0%
|
|
38.1%
|
|
33.3%
|
|
32.7%
|
|
Sands
Macao
|
|
24.7%
|
|
31.5%
|
|
25.9%
|
|
28.9%
|
|
Marina Bay
Sands
|
|
51.9%
|
|
47.8%
|
|
52.0%
|
|
50.7%
|
|
Las Vegas Operating
Properties
|
|
20.7%
|
|
23.7%
|
|
18.8%
|
|
21.1%
|
|
Sands
Bethlehem
|
|
26.1%
|
|
23.4%
|
|
24.8%
|
|
22.7%
|
|
Other Asia
|
|
19.4%
|
|
7.6%
|
|
14.3%
|
|
1.1%
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
36.4%
|
|
36.3%
|
|
35.3%
|
|
36.5%
|
|
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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$ 519,358
|
|
$ 671,705
|
|
$ 1,500,454
|
|
$ 2,119,324
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense,
net
|
|
6,807
|
|
(1,673)
|
|
21,166
|
|
12,722
|
|
Development expense,
net
|
|
3,147
|
|
3,043
|
|
7,028
|
|
8,952
|
|
Loss on disposal of
assets, net
|
|
496
|
|
603
|
|
13,729
|
|
4,311
|
|
Loss on modification
or early retirement of debt, net
|
|
-
|
|
1,978
|
|
-
|
|
14,589
|
|
Adjusted net
income
|
|
$ 529,808
|
|
$ 675,656
|
|
$ 1,542,377
|
|
$ 2,159,898
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (1)
|
|
10,283
|
|
(85,810)
|
|
|
|
|
|
Hold-normalized
casino expense (1)
|
|
24,819
|
|
57,004
|
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
(3,670)
|
|
(2,512)
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
2,529
|
|
11,036
|
|
|
|
|
|
Hold-normalized
adjusted net income
|
|
$ 563,769
|
|
$ 655,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
0.65
|
|
$
0.83
|
|
$
1.88
|
|
$
2.62
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense,
net
|
|
0.01
|
|
-
|
|
0.02
|
|
0.02
|
|
Development expense,
net
|
|
-
|
|
0.01
|
|
0.01
|
|
0.01
|
|
Loss on disposal of
assets, net
|
|
-
|
|
-
|
|
0.02
|
|
-
|
|
Loss on modification
or early retirement of debt, net
|
|
-
|
|
-
|
|
-
|
|
0.02
|
|
Adjusted earnings per
diluted share
|
|
$
0.66
|
|
$
0.84
|
|
$
1.93
|
|
$
2.67
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
0.02
|
|
(0.11)
|
|
|
|
|
|
Hold-normalized
casino expense
|
|
0.03
|
|
0.07
|
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
-
|
|
-
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
-
|
|
0.01
|
|
|
|
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
0.71
|
|
$
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
797,302,248
|
|
804,810,589
|
|
798,263,294
|
|
810,288,616
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
Supplemental Data
Schedule
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
84.5%
|
|
93.3%
|
|
84.2%
|
|
92.2%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 239
|
|
$ 269
|
|
$ 249
|
|
$ 266
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 202
|
|
$ 251
|
|
$ 210
|
|
$ 246
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
86.5%
|
|
89.5%
|
|
82.3%
|
|
87.7%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 152
|
|
$ 176
|
|
$ 160
|
|
$ 174
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 131
|
|
$ 157
|
|
$ 131
|
|
$ 153
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
86.5%
|
|
88.3%
|
|
82.4%
|
|
87.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 363
|
|
$ 391
|
|
$ 384
|
|
$ 410
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 314
|
|
$ 345
|
|
$ 316
|
|
$ 357
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
99.8%
|
|
99.4%
|
|
99.3%
|
|
98.2%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 226
|
|
$ 219
|
|
$ 224
|
|
$ 242
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 226
|
|
$ 218
|
|
$ 222
|
|
$ 238
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
98.0%
|
|
99.4%
|
|
96.2%
|
|
99.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 432
|
|
$ 468
|
|
$ 408
|
|
$ 435
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 423
|
|
$ 465
|
|
$ 393
|
|
$ 431
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.0%
|
|
91.9%
|
|
91.7%
|
|
90.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 222
|
|
$ 204
|
|
$ 232
|
|
$ 222
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 213
|
|
$ 187
|
|
$ 212
|
|
$ 201
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.8%
|
|
89.4%
|
|
91.1%
|
|
81.9%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$ 151
|
|
$ 145
|
|
$ 151
|
|
$ 145
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$ 146
|
|
$ 130
|
|
$ 137
|
|
$ 119
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$10,743
|
|
$15,341
|
|
$11,969
|
|
$17,181
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 252
|
|
$ 385
|
|
$ 259
|
|
$ 377
|
|
|
Average number of
table games
|
|
627
|
|
610
|
|
612
|
|
645
|
|
|
Average number of
slot machines
|
|
2,158
|
|
1,887
|
|
2,129
|
|
2,020
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$10,591
|
|
$16,685
|
|
$10,779
|
|
$18,015
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 350
|
|
$ 465
|
|
$ 348
|
|
$ 427
|
|
|
Average number of
table games
|
|
496
|
|
515
|
|
505
|
|
491
|
|
|
Average number of
slot machines
|
|
1,709
|
|
1,624
|
|
1,704
|
|
1,755
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$15,344
|
|
$24,350
|
|
$16,015
|
|
$27,913
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 501
|
|
$ 711
|
|
$ 511
|
|
$ 775
|
|
|
Average number of
table games
|
|
|
113
|
|
132
|
|
122
|
|
129
|
|
|
Average number of
slot machines
|
|
|
177
|
|
152
|
|
159
|
|
158
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$ 8,053
|
|
$11,949
|
|
$ 8,717
|
|
$13,486
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 287
|
|
$ 378
|
|
$ 287
|
|
$ 353
|
|
|
Average number of
table games
|
|
276
|
|
262
|
|
282
|
|
261
|
|
|
Average number of
slot machines
|
|
1,006
|
|
852
|
|
957
|
|
949
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$10,560
|
|
$ 9,422
|
|
$10,856
|
|
$11,008
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 662
|
|
$ 674
|
|
$ 658
|
|
$ 691
|
|
|
Average number of
table games
|
|
605
|
|
614
|
|
595
|
|
625
|
|
|
Average number of
slot machines
|
|
2,445
|
|
2,465
|
|
2,413
|
|
2,397
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$ 4,551
|
|
$ 7,130
|
|
$ 3,644
|
|
$ 5,007
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 241
|
|
$ 222
|
|
$ 229
|
|
$ 199
|
|
|
Average number of
table games
|
|
245
|
|
233
|
|
245
|
|
235
|
|
|
Average number of
slot machines
|
|
2,196
|
|
2,334
|
|
2,232
|
|
2,368
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$ 3,375
|
|
$ 2,936
|
|
$ 3,101
|
|
$ 2,829
|
|
|
Slot machine win per
unit per day (4)
|
|
$ 284
|
|
$ 258
|
|
$ 275
|
|
$ 257
|
|
|
Average number of
table games
|
|
175
|
|
165
|
|
176
|
|
163
|
|
|
Average number of
slot machines
|
|
2,968
|
|
3,012
|
|
2,998
|
|
3,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
Logo - http://photos.prnewswire.com/prnh/20150528/219021LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-third-quarter-2015-results-300163966.html
SOURCE Las Vegas Sands Corp.