LAS VEGAS, April 20, 2016 /PRNewswire/ -- Las Vegas Sands
Corp. (NYSE: LVS), the world's leading developer and operator of
convention-based integrated resorts, today reported financial
results for the quarter ended March 31,
2016.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "The operating environment in
Macao remained challenging during
the quarter; but we do see signs of stabilization, particularly in
the mass market. Our focus on the higher margin mass and non-gaming
segments and the geographic diversification of our cash flows
enabled us to once again deliver in excess of one billion U.S. dollars of hold-normalized
adjusted property EBITDA during the quarter. We remain
intensely focused on the consistent execution of our proven global
growth strategy, which leverages the power of our unique
convention-based Integrated Resort business model.
"Our convention-based Integrated Resort business model continues
to appeal to the broadest set of customers, generate the most
diversified set of cash flows and deliver 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."
The company paid a recurring quarterly dividend of $0.72 per common share during the quarter, an
increase of 10.8% compared to the first quarter of 2015. The
company announced that its next recurring quarterly dividend of
$0.72 per common share will be paid
on June 30, 2016, to Las Vegas Sands
shareholders of record on June 22,
2016. That dividend also represents an increase of 10.8%
compared to the dividend paid in the second quarter of 2015.
Additionally, since the inception of the company's share repurchase
program in June 2013, the company has
returned $2.44 billion to
shareholders through the repurchase of 35.4 million shares.
Mr. Adelson added, "In Macao, notwithstanding the difficult
operating environment, we delivered $510.4
million in adjusted property EBITDA across our Macao property portfolio during the quarter.
We remain confident that our market-leading Cotai Strip properties,
which will be complemented later this year by The Parisian Macao,
targeted to open in mid-September
2016, will continue to provide the economic benefits of
diversification to Macao, help
attract greater numbers of business and leisure travelers, and
provide our company with an outstanding and diversified platform
for growth in the years ahead."
Marina Bay Sands in Singapore
continues to attract visitors from across the region to
Singapore, which enabled us to
generate yet another record mass gaming win-per-day in local
currency terms. While the impact of the stronger U.S. dollar and
low win percentage on Rolling Chip play negatively impacted the
company's reported financial results for the quarter, both gaming
volumes and our non-gaming segments remain resilient. On a constant
currency basis, hold-normalized adjusted property EBITDA increased
10.3%.
At The Venetian Las Vegas and The Palazzo, including the Sands
Expo and Convention Center, a 10.0% year-over-year increase in
RevPAR to $231 drove a 17.3% increase
in adjusted property EBITDA during the first quarter of 2016.
Company-Wide Operating Results
Net revenue for the first quarter of 2016 decreased 9.8% to
$2.72 billion, compared to
$3.01 billion in the first quarter of
2015. Consolidated adjusted property EBITDA of $917.6 million decreased 12.7% in the first
quarter of 2016, compared to the year-ago quarter. On a
hold-normalized basis, adjusted property EBITDA increased 0.9% to
$1.03 billion in the first quarter of
2016.
On a GAAP (Generally Accepted Accounting Principles) basis,
operating income in the first quarter of 2016 decreased 17.6% to
$585.6 million, compared to
$711.1 million in the first quarter
of 2015. The decrease in operating income was principally due
to softer results across the company's Macao property portfolio and lower win
percentage on Rolling Chip play at Marina Bay Sands in Singapore.
On a GAAP basis, net income attributable to Las Vegas Sands in
the first quarter of 2016 decreased 37.5% to $320.2 million, compared to $511.9 million in the first quarter of 2015,
while diluted earnings per share in the first quarter of 2016
decreased 37.5% to $0.40, compared to
$0.64 in the prior-year quarter. The
decrease in net income attributable to Las Vegas Sands reflected
the decline in operating income described above as well as a
$35.8 million mark-to-market loss on
Singapore dollar forward
contracts. This was partially offset by a $10.4 million decrease in net income attributable
to noncontrolling interests.
Adjusted net income (see Note 1) decreased to $357.3 million, or $0.45 per diluted share, compared to $531.1 million, or $0.66 per diluted share, in the first quarter of
2015.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd.
decreased 7.9% to $1.63 billion in
the first quarter of 2016, compared to $1.77
billion in the first quarter of 2015. Adjusted property
EBITDA for Sands China Ltd. decreased 2.5% to $517.9 million in the first quarter of 2016,
compared to $531.0 million in the
first quarter of 2015. Net income for Sands China Ltd. decreased
9.6% to $311.6 million in the first
quarter of 2016, compared to $344.7
million in the first quarter of 2015.
The Venetian Macao First Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy
market-leading visitation and financial performance. The property
generated adjusted property EBITDA of $267.8
million in the first quarter with an adjusted property
EBITDA margin of 35.8%. Non-Rolling Chip drop was
$1.77 billion for the quarter, with a
Non-Rolling Chip win percentage of 25.1%. Rolling Chip volume
during the quarter decreased 3.4% to $8.23
billion. Rolling Chip win percentage was 3.21% in the
quarter, above the 2.83% experienced in the prior-year quarter.
Slot handle was $1.07 billion.
The following table summarizes the key operating results for The
Venetian Macao for the first quarter of 2016 compared to the first
quarter of 2015:
The Venetian Macao
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
654.9
|
|
$
|
676.9
|
|
$
|
(22.0)
|
|
-3.3%
|
Rooms
|
|
46.2
|
|
|
59.6
|
|
|
(13.4)
|
|
-22.5%
|
Food and
Beverage
|
|
20.9
|
|
|
24.2
|
|
|
(3.3)
|
|
-13.6%
|
Mall
|
|
48.9
|
|
|
44.4
|
|
|
4.5
|
|
10.1%
|
Convention, Retail and
Other
|
|
14.1
|
|
|
22.1
|
|
|
(8.0)
|
|
-36.2%
|
Less - Promotional
Allowances
|
|
(36.0)
|
|
|
(40.0)
|
|
|
4.0
|
|
10.0%
|
Net
Revenues
|
$
|
749.0
|
|
$
|
787.2
|
|
$
|
(38.2)
|
|
-4.9%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
267.8
|
|
$
|
269.9
|
|
$
|
(2.1)
|
|
-0.8%
|
EBITDA Margin
%
|
|
35.8%
|
|
|
34.3%
|
|
|
|
|
1.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
223.9
|
|
$
|
220.0
|
|
$
|
3.9
|
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
8,226.0
|
|
$
|
8,518.0
|
|
$
|
(292.0)
|
|
-3.4%
|
Rolling Chip Win
%(1)
|
|
3.21%
|
|
|
2.83%
|
|
|
|
|
0.38 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,770.1
|
|
$
|
1,868.0
|
|
$
|
(97.9)
|
|
-5.2%
|
Non-Rolling Chip Win
%
|
|
25.1%
|
|
|
25.0%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,070.0
|
|
$
|
1,062.5
|
|
$
|
7.5
|
|
0.7%
|
Slot Hold
%
|
|
4.4%
|
|
|
4.9%
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
77.7%
|
|
|
85.8%
|
|
|
|
|
-8.1 pts
|
Average Daily Rate
(ADR)
|
$
|
226
|
|
$
|
270
|
|
$
|
(44)
|
|
-16.3%
|
Revenue per Available
Room (RevPAR)
|
$
|
176
|
|
$
|
232
|
|
$
|
(56)
|
|
-24.1%
|
|
(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 2016 at Sands Cotai Central were $530.3
million and $163.5 million,
respectively, resulting in an adjusted property EBITDA margin of
30.8%.
Non-Rolling Chip drop was $1.50
billion in the first quarter with a Non-Rolling Chip win
percentage of 20.9%. Rolling Chip volume was $3.60 billion for the quarter with a Rolling Chip
win percentage of 3.92%. Slot handle was $1.56 billion for the quarter. Hotel occupancy
was 77.1% with ADR of $155.
The following table summarizes our key operating results for
Sands Cotai Central for the first quarter of 2016 compared to the
first quarter of 2015:
Sands Cotai Central
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
459.0
|
|
$
|
493.0
|
|
$
|
(34.0)
|
|
-6.9%
|
Rooms
|
|
66.6
|
|
|
71.9
|
|
|
(5.3)
|
|
-7.4%
|
Food and
Beverage
|
|
25.9
|
|
|
28.0
|
|
|
(2.1)
|
|
-7.5%
|
Mall
|
|
15.4
|
|
|
13.5
|
|
|
1.9
|
|
14.1%
|
Convention, Retail and
Other
|
|
5.0
|
|
|
6.8
|
|
|
(1.8)
|
|
-26.5%
|
Less - Promotional
Allowances
|
|
(41.6)
|
|
|
(41.4)
|
|
|
(0.2)
|
|
-0.5%
|
Net
Revenues
|
$
|
530.3
|
|
$
|
571.8
|
|
$
|
(41.5)
|
|
-7.3%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
163.5
|
|
$
|
155.9
|
|
$
|
7.6
|
|
4.9%
|
EBITDA Margin
%
|
|
30.8%
|
|
|
27.3%
|
|
|
|
|
3.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
85.5
|
|
$
|
76.4
|
|
$
|
9.1
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
3,603.4
|
|
$
|
6,083.0
|
|
$
|
(2,479.6)
|
|
-40.8%
|
Rolling Chip Win
%(1)
|
|
3.92%
|
|
|
2.76%
|
|
|
|
|
1.16 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,504.0
|
|
$
|
1,645.1
|
|
$
|
(141.1)
|
|
-8.6%
|
Non-Rolling Chip Win
%
|
|
20.9%
|
|
|
20.8%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,559.1
|
|
$
|
1,643.8
|
|
$
|
(84.7)
|
|
-5.2%
|
Slot Hold
%
|
|
3.5%
|
|
|
3.2%
|
|
|
|
|
0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
77.1%
|
|
|
81.5%
|
|
|
|
|
-4.4 pts
|
Average Daily Rate
(ADR)
|
$
|
155
|
|
$
|
173
|
|
$
|
(18)
|
|
-10.4%
|
Revenue per Available
Room (RevPAR)
|
$
|
119
|
|
$
|
141
|
|
$
|
(22)
|
|
-15.6%
|
|
(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 First Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted
property EBITDA of $48.2 million in
the first quarter of 2016, an increase of 8.3% compared to the
year-ago quarter. Non-Rolling Chip drop increased 31.0% to
$300.1 million, with a Non-Rolling
Chip win percentage of 19.1%. Rolling Chip volume was
$2.62 billion for the quarter.
Rolling Chip win percentage was 3.22% in the quarter, above the
2.81% experienced in the prior-year quarter. Slot handle was
$90.2 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
2016 compared to the first quarter of 2015:
Four Seasons Hotel
Macao and Plaza Casino Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
111.2
|
|
$
|
125.4
|
|
$
|
(14.2)
|
|
-11.3%
|
Rooms
|
|
8.4
|
|
|
10.7
|
|
|
(2.3)
|
|
-21.5%
|
Food and
Beverage
|
|
6.5
|
|
|
6.7
|
|
|
(0.2)
|
|
-3.0%
|
Mall
|
|
31.3
|
|
|
29.7
|
|
|
1.6
|
|
5.4%
|
Convention, Retail and
Other
|
|
0.6
|
|
|
0.9
|
|
|
(0.3)
|
|
-33.3%
|
Less - Promotional
Allowances
|
|
(9.7)
|
|
|
(12.1)
|
|
|
2.4
|
|
19.8%
|
Net
Revenues
|
$
|
148.3
|
|
$
|
161.3
|
|
$
|
(13.0)
|
|
-8.1%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
48.2
|
|
$
|
44.5
|
|
$
|
3.7
|
|
8.3%
|
EBITDA Margin
%
|
|
32.5%
|
|
|
27.6%
|
|
|
|
|
4.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
36.8
|
|
$
|
31.9
|
|
$
|
4.9
|
|
15.4%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,621.5
|
|
$
|
3,962.6
|
|
$
|
(1,341.1)
|
|
-33.8%
|
Rolling Chip Win
%(1)
|
|
3.22%
|
|
|
2.81%
|
|
|
|
|
0.41 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
300.1
|
|
$
|
229.0
|
|
$
|
71.1
|
|
31.0%
|
Non-Rolling Chip Win
%
|
|
19.1%
|
|
|
23.1%
|
|
|
|
|
-4.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
90.2
|
|
$
|
133.9
|
|
$
|
(43.7)
|
|
-32.6%
|
Slot Hold
%
|
|
6.8%
|
|
|
4.8%
|
|
|
|
|
2.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
69.0%
|
|
|
77.0%
|
|
|
|
|
-8.0 pts
|
Average Daily Rate
(ADR)
|
$
|
358
|
|
$
|
410
|
|
$
|
(52)
|
|
-12.7%
|
Revenue per Available
Room (RevPAR)
|
$
|
247
|
|
$
|
316
|
|
$
|
(69)
|
|
-21.8%
|
|
(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 was $31.0 million. Non-Rolling
Chip drop was $699.9 million during
the quarter, while slot handle was $657.7
million. Rolling Chip volume was $2.24 billion for the quarter. The property
realized 2.45% win on Rolling Chip volume during the quarter, below
the 2.86% generated in the year-ago quarter.
The following table summarizes our key operating results for
Sands Macao for the first quarter of 2016 compared to the first
quarter of 2015:
Sands Macao
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
169.5
|
|
$
|
218.8
|
|
$
|
(49.3)
|
|
-22.5%
|
Rooms
|
|
5.2
|
|
|
5.6
|
|
|
(0.4)
|
|
-7.1%
|
Food and
Beverage
|
|
7.0
|
|
|
9.1
|
|
|
(2.1)
|
|
-23.1%
|
Convention, Retail and
Other
|
|
2.1
|
|
|
2.4
|
|
|
(0.3)
|
|
-12.5%
|
Less - Promotional
Allowances
|
|
(8.7)
|
|
|
(10.5)
|
|
|
1.8
|
|
17.1%
|
Net
Revenues
|
$
|
175.1
|
|
$
|
225.4
|
|
$
|
(50.3)
|
|
-22.3%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
31.0
|
|
$
|
57.4
|
|
$
|
(26.4)
|
|
-46.0%
|
EBITDA Margin
%
|
|
17.7%
|
|
|
25.5%
|
|
|
|
|
-7.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
21.8
|
|
$
|
44.7
|
|
$
|
(22.9)
|
|
-51.2%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,241.0
|
|
$
|
2,526.2
|
|
$
|
(285.2)
|
|
-11.3%
|
Rolling Chip Win
%(1)
|
|
2.45%
|
|
|
2.86%
|
|
|
|
|
-0.41 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
699.9
|
|
$
|
789.9
|
|
$
|
(90.0)
|
|
-11.4%
|
Non-Rolling Chip Win
%
|
|
16.9%
|
|
|
19.1%
|
|
|
|
|
-2.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
657.7
|
|
$
|
707.1
|
|
$
|
(49.4)
|
|
-7.0%
|
Slot Hold
%
|
|
3.3%
|
|
|
3.5%
|
|
|
|
|
-0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.8%
|
|
|
98.4%
|
|
|
|
|
-2.6 pts
|
Average Daily Rate
(ADR)
|
$
|
207
|
|
$
|
226
|
|
$
|
(19)
|
|
-8.4%
|
Revenue per Available
Room (RevPAR)
|
$
|
198
|
|
$
|
222
|
|
$
|
(24)
|
|
-10.8%
|
|
(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
The stronger U.S. dollar negatively impacted the financial
results and key performance indicators of Marina Bay Sands in
Singapore in the current quarter.
Low win percentage on Rolling Chip play also negatively
impacted our reported financial results. The property generated
adjusted property EBITDA of $274.9
million. On a hold-normalized basis, adjusted property
EBITDA was $382.8 million. On a
constant-currency basis, hold-normalized adjusted property EBITDA
increased 10.3%.
Rolling Chip win percentage of 1.42% in the first quarter of
2016 was below the expected range and considerably below the 3.41%
achieved in the first quarter of 2015. Rolling Chip volume was
$9.63 billion for the quarter.
Non-Rolling Chip drop was $1.01
billion during the quarter, with a Non-Rolling Chip win
percentage of 29.1%. Slot handle increased 8.8% to $3.36 billion for the quarter compared to the
year-ago quarter. Total mass win-per-day during the quarter was
$4.8 million and was an all-time
quarterly record for the property in local currency terms.
ADR decreased to $394 during the
quarter, but occupancy increased to 97.9%, resulting in a RevPAR
decrease of 1.8% compared to the same quarter last
year.
The following table summarizes our key operating results for
Marina Bay Sands for the first quarter of 2016 compared to the
first quarter of 2015:
Marina Bay Sands
Operations
|
Three Months
Ended
|
|
March 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
453.1
|
|
$
|
631.9
|
|
$
|
(178.8)
|
|
-28.3%
|
Rooms
|
|
88.9
|
|
|
89.6
|
|
|
(0.7)
|
|
-0.8%
|
Food and
Beverage
|
|
46.0
|
|
|
45.2
|
|
|
0.8
|
|
1.8%
|
Mall
|
|
39.0
|
|
|
39.8
|
|
|
(0.8)
|
|
-2.0%
|
Convention, Retail and
Other
|
|
21.0
|
|
|
26.7
|
|
|
(5.7)
|
|
-21.3%
|
Less - Promotional
Allowances
|
|
(44.3)
|
|
|
(48.4)
|
|
|
4.1
|
|
8.5%
|
Net
Revenues
|
$
|
603.7
|
|
$
|
784.8
|
|
$
|
(181.1)
|
|
-23.1%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
274.9
|
|
$
|
415.3
|
|
$
|
(140.4)
|
|
-33.8%
|
EBITDA Margin
%
|
|
45.5%
|
|
|
52.9%
|
|
|
|
|
-7.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
186.0
|
|
$
|
319.0
|
|
$
|
(133.0)
|
|
-41.7%
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
9,632.1
|
|
$
|
10,090.0
|
|
$
|
(457.9)
|
|
-4.5%
|
Rolling Chip Win
%(1)
|
|
1.42%
|
|
|
3.41%
|
|
|
|
|
-1.99 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,006.5
|
|
$
|
1,108.7
|
|
$
|
(102.2)
|
|
-9.2%
|
Non-Rolling Chip Win
%
|
|
29.1%
|
|
|
25.3%
|
|
|
|
|
3.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,355.4
|
|
$
|
3,084.3
|
|
$
|
271.1
|
|
8.8%
|
Slot Hold
%
|
|
4.3%
|
|
|
4.6%
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.9%
|
|
|
94.8%
|
|
|
|
|
3.1 pts
|
Average Daily Rate
(ADR)
|
$
|
394
|
|
$
|
414
|
|
$
|
(20)
|
|
-4.8%
|
Revenue per Available
Room (RevPAR)
|
$
|
386
|
|
$
|
393
|
|
$
|
(7)
|
|
-1.8%
|
|
(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
$86.9 million for the quarter, an
increase of 17.3% compared to the first quarter of 2015. On a
hold-normalized basis, adjusted property EBITDA in the quarter
increased 15.0% year-over-year to $102.5
million. RevPAR increased 10.0% year-over-year to
$231 in the quarter, reflecting a
2.9% increase in ADR to $251 and a
5.9 percentage point increase in occupancy to 92.1%. Table
games drop decreased 9.3% in the quarter to $483.5 million, reflecting softer play in both
Baccarat and non-Baccarat segments, while slot handle increased
1.4% to $586.5 million.
The following table summarizes our key operating results for our
Las Vegas operations for the first
quarter of 2016 compared to the first quarter of 2015:
|
Three Months
Ended
|
|
|
Las Vegas
Operations
|
March 31,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
104.4
|
|
$
|
111.8
|
|
$
|
(7.4)
|
|
-6.6%
|
|
Rooms
|
|
147.6
|
|
|
130.6
|
|
|
17.0
|
|
13.0%
|
|
Food and
Beverage
|
|
74.2
|
|
|
68.9
|
|
|
5.3
|
|
7.7%
|
|
Convention, Retail and
Other
|
|
84.5
|
|
|
87.6
|
|
|
(3.1)
|
|
-3.5%
|
|
Less - Promotional
Allowances
|
|
(25.8)
|
|
|
(22.5)
|
|
|
(3.3)
|
|
-14.7%
|
|
Net
Revenues
|
$
|
384.9
|
|
$
|
376.4
|
|
$
|
8.5
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
86.9
|
|
$
|
74.1
|
|
$
|
12.8
|
|
17.3%
|
|
EBITDA Margin
%
|
|
22.6%
|
|
|
19.7%
|
|
|
|
|
2.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
78.3
|
|
$
|
70.4
|
|
$
|
7.9
|
|
11.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
483.5
|
|
$
|
533.1
|
|
$
|
(49.6)
|
|
-9.3%
|
|
Table Games Win
%(1)
|
|
15.9%
|
|
|
16.6%
|
|
|
|
|
-0.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
586.5
|
|
$
|
578.5
|
|
$
|
8.0
|
|
1.4%
|
|
Slot Hold
%
|
|
8.1%
|
|
|
7.6%
|
|
|
|
|
0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
92.1%
|
|
|
86.2%
|
|
|
|
|
5.9 pts
|
|
Average Daily Rate
(ADR)
|
$
|
251
|
|
$
|
244
|
|
$
|
7
|
|
2.9%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
231
|
|
$
|
210
|
|
$
|
21
|
|
10.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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% (calculated before
discounts).
|
Sands Bethlehem First Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 8.6% to $138.7 million and adjusted property EBITDA
increased 26.1% to $37.7 million for
the quarter. Table games drop increased 6.7% to $281.0 million for the quarter, while table games
win percentage was 19.8%, above the 17.3% realized in the first
quarter of 2015. Slot handle increased 7.6% year-over-year to
$1.08 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 first quarter of 2016 compared to the first
quarter of 2015:
|
Three Months
Ended
|
|
|
Sands Bethlehem
Operations
|
March 31,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
130.1
|
|
$
|
118.8
|
|
$
|
11.3
|
|
9.5%
|
|
Rooms
|
|
3.4
|
|
|
3.4
|
|
|
-
|
|
0.0%
|
|
Food and
Beverage
|
|
7.1
|
|
|
7.4
|
|
|
(0.3)
|
|
-4.1%
|
|
Mall
|
|
0.6
|
|
|
0.6
|
|
|
-
|
|
0.0%
|
|
Convention, Retail and
Other
|
|
4.9
|
|
|
4.2
|
|
|
0.7
|
|
16.7%
|
|
Less - Promotional
Allowances
|
|
(7.4)
|
|
|
(6.7)
|
|
|
(0.7)
|
|
-10.4%
|
|
Net
Revenues
|
$
|
138.7
|
|
$
|
127.7
|
|
$
|
11.0
|
|
8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
37.7
|
|
$
|
29.9
|
|
$
|
7.8
|
|
26.1%
|
|
EBITDA Margin
%
|
|
27.2%
|
|
|
23.4%
|
|
|
|
|
3.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
|
29.7
|
|
$
|
23.2
|
|
$
|
6.5
|
|
28.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
281.0
|
|
$
|
263.4
|
|
$
|
17.6
|
|
6.7%
|
|
Table Games Win
%(1)
|
|
19.8%
|
|
|
17.3%
|
|
|
|
|
2.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
1,081.9
|
|
$
|
1,005.2
|
|
$
|
76.7
|
|
7.6%
|
|
Slot Hold
%
|
|
7.0%
|
|
|
7.1%
|
|
|
|
|
-0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
90.7%
|
|
|
84.5%
|
|
|
|
|
6.2 pts
|
|
Average Daily Rate
(ADR)
|
$
|
153
|
|
$
|
149
|
|
$
|
4.0
|
|
2.7%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
138
|
|
$
|
126
|
|
$
|
12.0
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$134.3 million for the first quarter
of 2016, an increase of 5.6% compared to the first quarter of
2015. Operating profit derived from these retail mall assets
increased 6.9% year-over-year to $120.2
million.
|
|
For The Three Months
Ended March 31, 2016
|
|
TTM
March 31,
2016
|
(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
|
$
|
48.7
|
|
$
|
43.7
|
|
89.7%
|
|
780,834
|
|
97.5%
|
|
$
|
1,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21.4
|
|
|
20.4
|
|
95.3%
|
|
142,562
|
|
100.0%
|
|
|
4,389
|
|
Other
Stores
|
|
9.9
|
|
|
9.0
|
|
90.9%
|
|
118,008
|
|
97.9%
|
|
|
1,508
|
|
Total
|
|
31.3
|
|
|
29.4
|
|
93.9%
|
|
260,570
|
|
99.0%
|
|
|
3,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
15.3
|
|
|
13.4
|
|
87.6%
|
|
331,444
|
|
96.0%
|
|
|
872
|
Total Cotai Strip in
Macao
|
|
95.3
|
|
|
86.5
|
|
90.8%
|
|
1,372,848
|
|
97.4%
|
|
|
1,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
39.0
|
|
|
33.7
|
|
86.4%
|
|
644,719
|
|
96.2%
|
|
|
1,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
134.3
|
|
$
|
120.2
|
|
89.5%
|
|
2,017,567
|
|
97.0%
|
|
$
|
1,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, which is
principally comprised of our CotaiJet ferry operation, reflected
adjusted property EBITDA of $7.7
million during the quarter, compared to $3.5 million in the first quarter of 2015.
Pre-opening expense was $8.6
million in the first quarter of 2016 and related primarily
to The Parisian Macao.
Depreciation and amortization expense was $259.9 million in the first quarter of 2016,
compared to $253.9 million in the
first quarter of 2015.
Interest expense, net of amounts capitalized, was $68.6 million for the first quarter of 2016,
compared to $66.3 million in the
prior-year quarter. Capitalized interest was $9.8 million during the first quarter of 2016,
compared to $4.2 million during the
first quarter of 2015. Our weighted average borrowing cost in
the first quarter of 2016 was approximately 3.1%.
Corporate expense was $46.6
million in the first quarter of 2016, compared to
$45.2 million in the first quarter of
2015.
Other expense was $47.1 million in
the first quarter of 2016, compared to other income of $15.5 million in the first quarter of 2015. A
mark-to-market loss of $35.8 million
on Singapore dollar forward
contracts was incurred in the first quarter of 2016. There were no
contracts in place in the first quarter of 2015.
The company's effective income tax rate for the first quarter of
2016 was 13.4% compared to 8.3% in the prior-year quarter. The
increase relates primarily to a discrete non-cash charge in
connection with a valuation allowance on certain foreign deferred
tax assets. 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 2016 of $88.7
million was principally related to Sands China
Ltd.
Balance Sheet Items
Unrestricted cash balances as of March
31, 2016 were $1.70
billion.
As of March 31, 2016, total debt
outstanding, including the current portion, was $9.51 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled
$343.6 million, including
construction, development and maintenance activities of
$307.3 million in Macao (principally for The Parisian Macao),
$17.0 million in Las Vegas, $13.1
million at Marina Bay Sands, and $6.2
million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, April 20, 2016
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, loss on modification
or early retirement of debt and fair value adjustment of forward
contracts, attributable to Las Vegas Sands, net of income tax.
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 Venetian and The Palazzo resorts and
Sands Expo Center in Las Vegas,
Sands Bethlehem in Eastern
Pennsylvania, and the iconic Marina Bay Sands in
Singapore. Through majority
ownership in Sands China Ltd.(HK: 1928), LVS owns a portfolio of
properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza
and Four Seasons Hotel Macao and Sands Cotai Central, as well as
the Sands Macao on the Macao
Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by
the core tenets of delivering a great working environment for
nearly 50,000 employees worldwide, driving impact through its Sands
Cares corporate citizenship program and leading innovation with the
company's award-winning Sands ECO360° global sustainability
program. To learn more, please visit www.sands.com.
|
Contacts:
|
Investment
Community:
|
Daniel
Briggs
|
(702)
414-1221
|
Media:
|
Ron Reese
|
(702)
414-3607
|
|
|
|
Las Vegas Sands Corp.
First Quarter 2016
Results
Non-GAAP Reconciliations
Within the company's first quarter 2016 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,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Casino
|
|
|
$ 2,082,196
|
|
$ 2,376,688
|
Rooms
|
|
|
366,300
|
|
371,413
|
Food and
beverage
|
|
|
187,567
|
|
189,411
|
Mall
|
|
|
134,931
|
|
127,814
|
Convention,
retail and other
|
|
123,552
|
|
134,137
|
|
|
|
2,894,546
|
|
3,199,463
|
Less -
promotional allowances
|
|
(178,306)
|
|
(187,841)
|
|
|
|
2,716,240
|
|
3,011,622
|
Operating
expenses:
|
|
|
|
|
|
Resort
operations
|
|
|
1,804,185
|
|
1,965,089
|
Corporate
|
|
|
46,628
|
|
45,223
|
Pre-opening
|
|
|
8,609
|
|
9,579
|
Development
|
|
|
2,377
|
|
1,533
|
Depreciation
and amortization
|
|
259,876
|
|
253,922
|
Amortization
of leasehold interests in land
|
9,547
|
|
9,838
|
(Gain) loss on
disposal of assets
|
|
(612)
|
|
15,323
|
|
|
|
2,130,610
|
|
2,300,507
|
Operating
income
|
|
|
585,630
|
|
711,115
|
Other income
(expense):
|
|
|
|
|
|
Interest
income
|
|
|
2,027
|
|
6,378
|
Interest
expense, net of amounts capitalized
|
(68,648)
|
|
(66,255)
|
Other income
(expense)
|
|
(47,071)
|
|
15,465
|
Income before income
taxes
|
|
471,938
|
|
666,703
|
Income tax
expense
|
|
|
(63,025)
|
|
(55,665)
|
Net
income
|
|
|
408,913
|
|
611,038
|
Net income
attributable to noncontrolling interests
|
(88,746)
|
|
(99,115)
|
Net income
attributable to Las Vegas Sands Corp.
|
$ 320,167
|
|
$ 511,923
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
|
|
$
0.40
|
|
$
0.64
|
Diluted
|
|
|
$
0.40
|
|
$
0.64
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
|
|
794,488,858
|
|
797,935,314
|
Diluted
|
|
|
795,032,018
|
|
798,877,040
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
0.72
|
|
$
0.65
|
|
|
|
|
|
|
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, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of
Leasehold
Interests
in Land
|
|
|
|
Pre-Opening
and
Development
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and
Amortization
|
|
|
(Gain)
Loss
on
Disposal
of Assets
|
|
|
|
|
(1)
Stock-Based
Compensation
|
|
|
|
Adjusted
Property
EBITDA
|
|
|
|
Operating
Income
(Loss)
|
|
|
|
|
|
Royalty
Fees
|
|
|
Corporate
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
|
$ 223,949
|
|
$ 39,632
|
|
$ 1,662
|
|
$
112
|
|
$
64
|
|
$ -
|
|
$
2,387
|
|
$ -
|
|
$ 267,806
|
Sands
Cotai Central
|
|
85,543
|
|
74,381
|
|
2,134
|
|
373
|
|
95
|
|
-
|
|
940
|
|
-
|
|
163,466
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
36,810
|
|
9,705
|
|
719
|
|
10
|
|
692
|
|
-
|
|
250
|
|
-
|
|
48,186
|
Sands
Macao
|
|
|
21,795
|
|
8,601
|
|
372
|
|
(22)
|
|
-
|
|
-
|
|
225
|
|
-
|
|
30,971
|
Macao Property
Operations
|
|
|
368,097
|
|
132,319
|
|
4,887
|
|
473
|
|
851
|
|
-
|
|
3,802
|
|
-
|
|
510,429
|
Marina Bay
Sands
|
|
|
185,957
|
|
66,446
|
|
4,048
|
|
(1,633)
|
|
-
|
|
19,879
|
|
175
|
|
-
|
|
274,872
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
78,252
|
|
43,236
|
|
-
|
|
(14)
|
|
257
|
|
(36,048)
|
|
1,215
|
|
-
|
|
86,898
|
Sands
Bethlehem
|
|
|
29,696
|
|
7,234
|
|
-
|
|
561
|
|
234
|
|
-
|
|
-
|
|
-
|
|
37,725
|
United States
Property Operations
|
|
107,948
|
|
50,470
|
|
-
|
|
547
|
|
491
|
|
(36,048)
|
|
1,215
|
|
-
|
|
124,623
|
Other Asia
(2)
|
|
|
(12,699)
|
|
3,625
|
|
-
|
|
-
|
|
29
|
|
16,368
|
|
337
|
|
-
|
|
7,660
|
Other
Development
|
|
|
(10,236)
|
|
9
|
|
612
|
|
-
|
|
9,615
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
(53,437)
|
|
7,007
|
|
-
|
|
1
|
|
-
|
|
(199)
|
|
-
|
|
46,628
|
|
-
|
|
|
|
$ 585,630
|
|
$ 259,876
|
-
|
$ 9,547
|
|
$ (612)
|
|
$ 10,986
|
-
|
$ -
|
|
$
5,529
|
|
$ 46,628
|
|
$ 917,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of
Leasehold
Interests
in Land
|
|
|
|
Pre-Opening
and
Development
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and
Amortization
|
|
|
(Gain)
Loss
on
Disposal
of Assets
|
|
|
|
|
(1)
Stock-Based
Compensation
|
|
|
|
Adjusted
Property
EBITDA
|
|
|
|
Operating
Income
(Loss)
|
|
|
|
|
|
Royalty
Fees
|
|
|
Corporate
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the three
months ended March 31, 2016 and 2015, the Company recorded
stock-based compensation expense of $13.7 million and $12.2
million, respectively, of which $7.8 million and $8.1 million,
respectively, is included in corporate expense and $0.4 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.
|
|
|
|
|
|
|
|
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, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Hold-Normalized
Casino
Revenue
|
|
(2)
Hold-Normalized
Casino
Expense
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|
|
|
Adjusted
Property
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macao Property
Operations
|
|
$ 510,429
|
|
$
(43,909)
|
|
$
33,973
|
|
$
500,493
|
Marina Bay
Sands
|
|
|
274,872
|
|
135,443
|
|
(27,543)
|
|
382,772
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
86,898
|
|
19,073
|
|
(3,479)
|
|
102,492
|
Sands
Bethlehem
|
|
37,725
|
|
-
|
|
-
|
|
37,725
|
United States
Property Operations
|
|
124,623
|
|
19,073
|
|
(3,479)
|
|
140,217
|
Other Asia
|
|
|
7,660
|
|
-
|
|
-
|
|
7,660
|
Other
Development
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
$ 917,584
|
|
$
110,607
|
|
$
2,951
|
|
$
1,031,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Hold-Normalized
Casino
Revenue
|
|
(2)
Hold-Normalized
Casino
Expense
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|
|
|
Adjusted
Property
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
|
|
|
|
|
|
|
|
|
|
|
|
(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. 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 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
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$ 320,167
|
|
$ 511,923
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests
|
|
88,746
|
|
99,115
|
|
Income tax
expense
|
|
|
63,025
|
|
55,665
|
|
Other (income)
expense
|
|
|
47,071
|
|
(15,465)
|
|
Interest expense, net of
amounts capitalized
|
|
68,648
|
|
66,255
|
|
Interest income
|
|
|
(2,027)
|
|
(6,378)
|
|
(Gain) loss on disposal of
assets
|
|
(612)
|
|
15,323
|
|
Amortization of leasehold
interests in land
|
|
9,547
|
|
9,838
|
|
Depreciation and
amortization
|
|
259,876
|
|
253,922
|
|
Development
expense
|
|
|
2,377
|
|
1,533
|
|
Pre-opening
expense
|
|
|
8,609
|
|
9,579
|
|
Stock-based compensation
(1)
|
|
5,529
|
|
3,975
|
|
Corporate expense
|
|
|
46,628
|
|
45,223
|
|
Adjusted Property
EBITDA
|
|
|
$ 917,584
|
|
$ 1,050,508
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
110,607
|
|
(36,954)
|
|
Hold-normalized casino
expense (2)
|
|
2,951
|
|
8,025
|
|
Hold-Normalized
Adjusted Property EBITDA
|
|
$ 1,031,142
|
|
$ 1,021,579
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
|
2016
|
|
2015
|
|
The Venetian
Macao
|
|
|
$ 748,954
|
|
$ 787,191
|
|
Sands Cotai
Central
|
|
|
530,280
|
|
571,764
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
148,266
|
|
161,251
|
|
Sands
Macao
|
|
|
|
175,091
|
|
225,371
|
|
Marina Bay
Sands
|
|
|
603,653
|
|
784,816
|
|
Las Vegas Operating
Properties
|
|
384,876
|
|
376,383
|
|
Sands
Bethlehem
|
|
|
138,668
|
|
127,699
|
|
Other Asia
|
|
|
|
38,589
|
|
35,479
|
|
Intersegment
Eliminations
|
|
|
(52,137)
|
|
(58,332)
|
|
|
|
|
|
$ 2,716,240
|
|
$ 3,011,622
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
Supplemental Data -
Adjusted Property EBITDA as a Percentage of Net Revenues
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
The Venetian
Macao
|
|
|
35.8%
|
|
34.3%
|
|
Sands Cotai
Central
|
|
|
30.8%
|
|
27.3%
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
32.5%
|
|
27.6%
|
|
Sands
Macao
|
|
|
|
17.7%
|
|
25.5%
|
|
Marina Bay
Sands
|
|
|
45.5%
|
|
52.9%
|
|
Las Vegas Operating
Properties
|
|
22.6%
|
|
19.7%
|
|
Sands
Bethlehem
|
|
|
27.2%
|
|
23.4%
|
|
Other Asia
|
|
|
|
19.9%
|
|
10.0%
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
33.8%
|
|
34.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2016
|
|
2015
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$ 320,167
|
|
$ 511,923
|
|
|
|
|
|
|
|
Pre-opening expense,
net (1)
|
|
6,000
|
|
6,782
|
|
Development expense,
net (1)
|
|
2,360
|
|
1,533
|
|
(Gain) loss on
disposal of assets, net (1)
|
|
(943)
|
|
10,868
|
|
Fair value adjustment
of forward contracts, net (1)
|
|
29,748
|
|
-
|
|
Adjusted net
income
|
|
$ 357,332
|
|
$ 531,106
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
|
110,607
|
|
(36,954)
|
|
Hold-normalized
casino expense (2)
|
|
2,951
|
|
8,025
|
|
Income tax impact on
hold adjustments
|
|
(18,343)
|
|
7,477
|
|
Noncontrolling
interest impact on hold adjustments
|
|
2,969
|
|
-
|
|
Hold-normalized
adjusted net income
|
|
$ 455,516
|
|
$ 509,654
|
|
|
|
|
|
|
|
(1) Amount
attributable to Las Vegas Sands Corp., net of tax
|
|
|
|
|
(2) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
|
|
Per diluted share of
common stock:
|
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
0.40
|
|
$
0.64
|
|
|
|
|
|
|
|
Pre-opening expense,
net
|
|
0.01
|
|
0.01
|
|
Development expense,
net
|
|
-
|
|
-
|
|
(Gain) loss on
disposal of assets, net
|
|
-
|
|
0.01
|
|
Fair value adjustment
of forward contracts, net
|
|
0.04
|
|
-
|
|
Adjusted earnings per
diluted share
|
|
$
0.45
|
|
$
0.66
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
0.14
|
|
(0.04)
|
|
Hold-normalized
casino expense
|
|
-
|
|
0.01
|
|
Income tax impact on
hold adjustments
|
|
(0.02)
|
|
0.01
|
|
Noncontrolling
interest impact on hold adjustments
|
|
-
|
|
-
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
0.57
|
|
$
0.64
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
795,032,018
|
|
798,877,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
Supplemental Data
Schedule
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
77.7%
|
|
85.8%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 226
|
|
$ 270
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 176
|
|
$ 232
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
77.1%
|
|
81.5%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 155
|
|
$ 173
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 119
|
|
$ 141
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
Occupancy
%
|
|
|
69.0%
|
|
77.0%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 358
|
|
$ 410
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 247
|
|
$ 316
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
95.8%
|
|
98.4%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 207
|
|
$ 226
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 198
|
|
$ 222
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
97.9%
|
|
94.8%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 394
|
|
$ 414
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 386
|
|
$ 393
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
92.1%
|
|
86.2%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 251
|
|
$ 244
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 231
|
|
$ 210
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
90.7%
|
|
84.5%
|
|
|
|
Average daily room
rate (ADR) (1)
|
$ 153
|
|
$ 149
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
$ 138
|
|
$ 126
|
|
|
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$12,107
|
|
$13,054
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 270
|
|
$ 277
|
|
|
|
Average number of
table games
|
|
643
|
|
603
|
|
|
|
Average number of
slot machines
|
|
1,914
|
|
2,111
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$ 9,708
|
|
$10,937
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 316
|
|
$ 341
|
|
|
|
Average number of
table games
|
|
517
|
|
517
|
|
|
|
Average number of
slot machines
|
|
1,901
|
|
1,709
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$15,792
|
|
$13,917
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 459
|
|
$ 484
|
|
|
|
Average number of
table games
|
|
99
|
|
131
|
|
|
|
Average number of
slot machines
|
|
146
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$ 7,162
|
|
$ 8,673
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 264
|
|
$ 302
|
|
|
|
Average number of
table games
|
|
266
|
|
286
|
|
|
|
Average number of
slot machines
|
|
916
|
|
918
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$ 7,769
|
|
$11,538
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 664
|
|
$ 673
|
|
|
|
Average number of
table games
|
|
608
|
|
601
|
|
|
|
Average number of
slot machines
|
|
2,411
|
|
2,355
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$ 3,468
|
|
$ 4,041
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 258
|
|
$ 215
|
|
|
|
Average number of
table games
|
|
244
|
|
243
|
|
|
|
Average number of
slot machines
|
|
2,036
|
|
2,274
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
$ 3,455
|
|
$ 2,857
|
|
|
|
Slot machine win per
unit per day (4)
|
$ 276
|
|
$ 262
|
|
|
|
Average number of
table games
|
|
177
|
|
177
|
|
|
|
Average number of
slot machines
|
|
3,012
|
|
3,013
|
|
|
|
|
|
|
|
|
|
|
(1)
ADR is calculated by dividing total room revenue by total rooms
occupied.
(2)
RevPAR is calculated by dividing total room revenue by total rooms
available.
(3)
Table games win per unit per day is shown before discounts and
commissions.
(4)
Slot machine win per unit per day is shown before deducting cost
for slot points.
|
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2016-results-300254791.html
SOURCE Las Vegas Sands Corp.