LAS VEGAS, Nov. 3, 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 September 30,
2016.
Third Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "We are pleased to have
continued to execute our strategic objectives this quarter and to
have delivered a solid operating performance in each of our
markets, which enabled us to generate $1.14
billion in adjusted property EBITDA for the quarter, an
increase of 8.6% compared to the third quarter of 2015.
Importantly, the operating environment in Macao continued to improve during the quarter,
particularly in the mass segment, as the Macao market exhibited growth in total gaming
revenue, overnight visitation, and length of stay. Our Macao portfolio experienced strong visitation
and enjoyed the benefits of our market-leading hotel, retail and
entertainment offerings while generating $628.5 million in adjusted property EBITDA, an
increase of 15.3% over the same quarter last year.
"The Parisian Macao, our latest Integrated Resort on the Cotai
Strip in Macao, opened on
September 13, 2016, expanding our
hotel, group meeting retail and entertainment offerings, and
contributing more than $19 million of
adjusted property EBITDA (at an EBITDA margin of 28.0%) during its
first 18 days of operation. We are pleased to have had the
opportunity to invest approximately $13
billion in Macao,
contributing to Macao's
diversification and appeal as a business and leisure tourism
destination. We remain confident that our market-leading Cotai
Strip properties will continue to provide the economic benefits of
diversification to Macao, help
attract greater numbers of business and leisure travelers, and
provide both Macao and our company
an outstanding and diversified platform for growth in the years
ahead.
"We remain steadfast in our focus on the consistent execution of
our proven global growth strategy, which leverages the power of our
unique convention-based Integrated Resort business model. Our
business model generates the industry's 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 further extend our global
leadership position and deliver strong growth in the future.
"The prudent management of our cash flow, including the ability
to continue 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 2017 calendar year to $2.92 per share, or $0.73 per quarter."
The company paid a recurring quarterly dividend of $0.72 per common share during the quarter. The
company announced that its next recurring quarterly dividend of
$0.72 per common share will be paid
on December 30, 2016, to Las Vegas
Sands shareholders of record on December
21, 2016.
Marina Bay Sands in Singapore
continues to attract visitors from across the region to
Singapore. Consistent mass
win-per-day of $4.8 million and
strength in non-gaming revenues, including a 10.4% increase in
RevPAR, and higher win percentage in the rolling gaming segment
contributed to an adjusted property EBITDA performance of
$390.7 million, up 0.3% compared to
the same quarter last year.
At The Venetian Las Vegas and The Palazzo, including the Sands
Expo and Convention Center, an 8.9% year-over-year increase in
RevPAR to $232, and growth in slot
volumes and non-Baccarat table win, drove a 6.9% increase in
adjusted property EBITDA during the quarter.
Company-Wide Operating Results
Net revenue for the third quarter of 2016 increased 2.6% to
$2.97 billion, compared to
$2.89 billion in the third quarter of
2015. Net income decreased 2.1% to $605.5
million in the third quarter of 2016, compared to
$618.2 million in the year-ago
quarter.
On a GAAP (accounting principles generally accepted in
the United States of America)
basis, operating income in the third quarter of 2016 decreased 2.6%
to $719.6 million, compared to
$739.1 million in the third quarter
of 2015. The modest decrease in operating income was a result of
higher pre-opening and depreciation and amortization expenses
during the third quarter of 2016, partially offset by stronger
results across the company's Macao
and Las Vegas property portfolios.
Consolidated adjusted property EBITDA (a non-GAAP measure) of
$1.14 billion increased 8.6% in the
third quarter of 2016, compared to the year-ago quarter. On a
hold-normalized basis, adjusted property EBITDA decreased 2.6% to
$1.06 billion in the third quarter of
2016.
On a GAAP basis, net income attributable to Las Vegas Sands in
the third quarter of 2016 decreased 1.2% to $513.4 million, compared to $519.4 million in the third quarter of 2015,
while diluted earnings per share in the third quarter of 2016 of
$0.65, was unchanged compared to the
prior-year quarter. The decrease in net income attributable to Las
Vegas Sands reflected the decline in operating income described
above, partially offset by a decrease in net income attributable to
noncontrolling interests and a slightly lower tax
expense.
Adjusted net income (a non-GAAP measure) increased 8.0% to
$572.2 million, or $0.72 per diluted share, compared to $529.8 million, or $0.66 per diluted share, in the third quarter of
2015.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. (SCL)
increased 3.6% to $1.72 billion in
the third quarter of 2016, compared to $1.66
billion in the third quarter of 2015. Net income for SCL
decreased 5.5% to $324.3 million in
the third quarter of 2016, compared to $343.2 million in the third quarter of 2015.
The Venetian Macao Third Quarter Operating Results
The property generated revenue of $772.5
million and adjusted property EBITDA of $314.8 million in the third quarter, with an
adjusted property EBITDA margin of 40.8%. Non-Rolling Chip drop was
$1.71 billion for the quarter, with a
Non-Rolling Chip win percentage of 25.6%. Rolling Chip volume
during the quarter was essentially flat at $6.87 billion. Rolling Chip win percentage was
3.75% in the quarter, above the 3.08% experienced in the prior-year
quarter. Slot handle was $957.5
million.
The following table summarizes the key operating results for The
Venetian Macao for the third quarter of 2016 compared to the third
quarter of 2015:
The Venetian Macao
Operations
|
Three Months
Ended
|
|
September
30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
669.8
|
|
$
|
590.0
|
|
$
|
79.8
|
|
13.5%
|
Rooms
|
|
46.8
|
|
|
53.6
|
|
|
(6.8)
|
|
-12.7%
|
Food and
Beverage
|
|
21.5
|
|
|
20.5
|
|
|
1.0
|
|
4.9%
|
Mall
|
|
52.3
|
|
|
50.4
|
|
|
1.9
|
|
3.8%
|
Convention, Retail and
Other
|
|
23.0
|
|
|
21.5
|
|
|
1.5
|
|
7.0%
|
Less - Promotional
Allowances
|
|
(40.9)
|
|
|
(36.4)
|
|
|
(4.5)
|
|
-12.4%
|
Net
Revenues
|
$
|
772.5
|
|
$
|
699.6
|
|
$
|
72.9
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
314.8
|
|
$
|
256.4
|
|
$
|
58.4
|
|
22.8%
|
EBITDA Margin
%
|
|
40.8%
|
|
|
36.6%
|
|
|
|
|
4.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,868.3
|
|
$
|
6,876.4
|
|
$
|
(8.1)
|
|
-0.1%
|
Rolling Chip Win
%(1)
|
|
3.75%
|
|
|
3.08%
|
|
|
|
|
0.67 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,713.8
|
|
$
|
1,741.5
|
|
$
|
(27.7)
|
|
-1.6%
|
Non-Rolling Chip Win
%
|
|
25.6%
|
|
|
23.4%
|
|
|
|
|
2.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
957.5
|
|
$
|
1,047.8
|
|
$
|
(90.3)
|
|
-8.6%
|
Slot Hold
%
|
|
4.7%
|
|
|
4.8%
|
|
|
|
|
-0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.2%
|
|
|
84.5%
|
|
|
|
|
8.7 pts
|
Average Daily Rate
(ADR)
|
$
|
209
|
|
$
|
239
|
|
$
|
(30)
|
|
-12.6%
|
Revenue per Available
Room (RevPAR)
|
$
|
195
|
|
$
|
202
|
|
$
|
(7)
|
|
-3.5%
|
|
|
(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
Revenue and adjusted property EBITDA for the third quarter of
2016 at Sands Cotai Central were $517.5
million and $176.6 million,
respectively, resulting in an adjusted property EBITDA margin of
34.1%.
Non-Rolling Chip drop was $1.56
billion in the third quarter, with a Non-Rolling Chip win
percentage of 20.2%. Rolling Chip volume was $2.82 billion for the quarter, with a Rolling
Chip win percentage of 4.16%. Slot handle was $1.48 billion for the quarter. Hotel occupancy
was 89.2% with an ADR of $145.
The following table summarizes our key operating results for
Sands Cotai Central for the third quarter of 2016 compared to the
third quarter of 2015:
Sands Cotai Central
Operations
|
Three Months
Ended
September 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
443.2
|
|
$
|
475.1
|
|
$
|
(31.9)
|
|
-6.7%
|
Rooms
|
|
72.9
|
|
|
68.7
|
|
|
4.2
|
|
6.1%
|
Food and
Beverage
|
|
26.0
|
|
|
25.2
|
|
|
0.8
|
|
3.2%
|
Mall
|
|
15.2
|
|
|
15.8
|
|
|
(0.6)
|
|
-3.8%
|
Convention, Retail and
Other
|
|
5.6
|
|
|
5.7
|
|
|
(0.1)
|
|
-1.8%
|
Less - Promotional
Allowances
|
|
(45.4)
|
|
|
(40.3)
|
|
|
(5.1)
|
|
-12.7%
|
Net
Revenues
|
$
|
517.5
|
|
$
|
550.2
|
|
$
|
(32.7)
|
|
-5.9%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
176.6
|
|
$
|
170.5
|
|
$
|
6.1
|
|
3.6%
|
EBITDA Margin
%
|
|
34.1%
|
|
|
31.0%
|
|
|
|
|
3.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,817.0
|
|
$
|
4,640.5
|
|
$
|
(1,823.5)
|
|
-39.3%
|
Rolling Chip Win
%(1)
|
|
4.16%
|
|
|
3.54%
|
|
|
|
|
0.62 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,557.5
|
|
$
|
1,458.7
|
|
$
|
98.8
|
|
6.8%
|
Non-Rolling Chip Win
%
|
|
20.2%
|
|
|
21.9%
|
|
|
|
|
-1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,476.7
|
|
$
|
1,503.6
|
|
$
|
(26.9)
|
|
-1.8%
|
Slot Hold
%
|
|
3.6%
|
|
|
3.7%
|
|
|
|
|
-0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
89.2%
|
|
|
86.5%
|
|
|
|
|
2.7 pts
|
Average Daily Rate
(ADR)
|
$
|
145
|
|
$
|
152
|
|
$
|
(7)
|
|
-4.6%
|
Revenue per Available
Room (RevPAR)
|
$
|
129
|
|
$
|
131
|
|
$
|
(2)
|
|
-1.5%
|
|
|
(1)
This compares to our expected Rolling
Chip win percentage of 2.7% to 3.0% (calculated before discounts
and commissions).
|
The Parisian Macao Third Quarter Operating Results
The Parisian Macao opened on September
13, 2016, and the third quarter results reflect its first 18
days of operation. Revenue and adjusted property EBITDA at The
Parisian Macao were $68.6 million and
$19.2 million, respectively,
resulting in an adjusted property EBITDA margin of 28.0%.
Non-Rolling Chip drop was $189.8
million with a Non-Rolling Chip win percentage of 19.9%.
Rolling Chip volume was $748.4
million with a Rolling Chip win percentage of 3.01%. Slot
handle was $171.2 million and hotel
occupancy was 87.5% with an ADR of $138.
The following table summarizes our key operating results for The
Parisian Macao in the third quarter of 2016:
The Parisian Macao
Operations
|
18-Day Period
Ended
|
September
30,
|
(Dollars in
millions)
|
2016
|
Revenues:
|
|
|
Casino
|
$
|
58.1
|
Rooms
|
|
5.8
|
Food and
Beverage
|
|
3.5
|
Mall
|
|
5.4
|
Convention, Retail and
Other
|
|
1.1
|
Less - Promotional
Allowances
|
|
(5.3)
|
Net
Revenues
|
$
|
68.6
|
|
|
|
Adjusted Property
EBITDA
|
$
|
19.2
|
EBITDA Margin
%
|
|
28.0%
|
|
|
|
Gaming
Statistics
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
748.4
|
Rolling Chip Win
%(1)
|
|
3.01%
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
189.8
|
Non-Rolling Chip Win
%
|
|
19.9%
|
|
|
|
Slot Handle
|
$
|
171.2
|
Slot Hold
%
|
|
5.2%
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
Occupancy %
|
|
87.5%
|
Average Daily Rate
(ADR)
|
$
|
138
|
Revenue per Available
Room (RevPAR)
|
$
|
121
|
|
|
|
(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 revenue
of $161.2 million and adjusted
property EBITDA of $62.5 million in
the third quarter of 2016. Non-Rolling Chip drop was $269.9 million, with a Non-Rolling Chip win
percentage of 23.8%. Rolling Chip volume was $2.01 billion for the quarter. Rolling Chip win
percentage was 3.67% in the quarter, above the 3.13% experienced in
the prior-year quarter. Slot handle was $113.1 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
2016 compared to the third quarter of 2015:
Four Seasons Hotel
Macao and Plaza Casino Operations
|
Three Months
Ended
September 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
123.7
|
|
$
|
129.6
|
|
$
|
(5.9)
|
|
-4.6%
|
Rooms
|
|
9.7
|
|
|
10.9
|
|
|
(1.2)
|
|
-11.0%
|
Food and
Beverage
|
|
6.4
|
|
|
6.5
|
|
|
(0.1)
|
|
-1.5%
|
Mall
|
|
31.3
|
|
|
32.0
|
|
|
(0.7)
|
|
-2.2%
|
Convention, Retail and
Other
|
|
0.7
|
|
|
0.8
|
|
|
(0.1)
|
|
-12.5%
|
Less - Promotional
Allowances
|
|
(10.6)
|
|
|
(11.9)
|
|
|
1.3
|
|
10.9%
|
Net
Revenues
|
$
|
161.2
|
|
$
|
167.9
|
|
$
|
(6.7)
|
|
-4.0%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
62.5
|
|
$
|
58.8
|
|
$
|
3.7
|
|
6.3%
|
EBITDA Margin
%
|
|
38.8%
|
|
|
35.0%
|
|
|
|
|
3.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,006.5
|
|
$
|
2,821.7
|
|
$
|
(815.2)
|
|
-28.9%
|
Rolling Chip Win
%(1)
|
|
3.67%
|
|
|
3.13%
|
|
|
|
|
0.54 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
269.9
|
|
$
|
280.9
|
|
$
|
(11.0)
|
|
-3.9%
|
Non-Rolling Chip Win
%
|
|
23.8%
|
|
|
25.4%
|
|
|
|
|
-1.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
113.1
|
|
$
|
111.8
|
|
$
|
1.3
|
|
1.2%
|
Slot Hold
%
|
|
5.5%
|
|
|
7.3%
|
|
|
|
|
-1.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
80.8%
|
|
|
86.5%
|
|
|
|
|
-5.7 pts
|
Average Daily Rate
(ADR)
|
$
|
345
|
|
$
|
363
|
|
$
|
(18)
|
|
-5.0%
|
Revenue per Available
Room (RevPAR)
|
$
|
279
|
|
$
|
314
|
|
$
|
(35)
|
|
-11.1%
|
|
|
(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 revenue was
$167.4 million and adjusted property
EBITDA was $45.7 million. Non-Rolling
Chip drop was $670.9 million during
the quarter, while slot handle was $664.9
million. Rolling Chip volume was $1.42 billion for the quarter. The property
realized 2.03% win on Rolling Chip volume during the quarter, below
the 3.57% generated in the year-ago quarter.
The following table summarizes our key operating results for
Sands Macao for the third quarter of 2016 compared to the third
quarter of 2015:
Sands Macao
Operations
|
Three Months
Ended
September 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
162.4
|
|
$
|
200.8
|
|
$
|
(38.4)
|
|
-19.1%
|
Rooms
|
|
4.9
|
|
|
6.0
|
|
|
(1.1)
|
|
-18.3%
|
Food and
Beverage
|
|
6.7
|
|
|
8.6
|
|
|
(1.9)
|
|
-22.1%
|
Convention, Retail and
Other
|
|
1.9
|
|
|
2.6
|
|
|
(0.7)
|
|
-26.9%
|
Less - Promotional
Allowances
|
|
(8.5)
|
|
|
(10.6)
|
|
|
2.1
|
|
19.8%
|
Net
Revenues
|
$
|
167.4
|
|
$
|
207.4
|
|
$
|
(40.0)
|
|
-19.3%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
45.7
|
|
$
|
51.1
|
|
$
|
(5.4)
|
|
-10.6%
|
EBITDA Margin
%
|
|
27.3%
|
|
|
24.7%
|
|
|
|
|
2.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,415.6
|
|
$
|
2,058.1
|
|
$
|
(642.5)
|
|
-31.2%
|
Rolling Chip Win
%(1)
|
|
2.03%
|
|
|
3.57%
|
|
|
|
|
-1.54 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
670.9
|
|
$
|
759.7
|
|
$
|
(88.8)
|
|
-11.7%
|
Non-Rolling Chip Win
%
|
|
19.3%
|
|
|
17.2%
|
|
|
|
|
2.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
664.9
|
|
$
|
710.2
|
|
$
|
(45.3)
|
|
-6.4%
|
Slot Hold
%
|
|
3.3%
|
|
|
3.7%
|
|
|
|
|
-0.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.9%
|
|
|
99.8%
|
|
|
|
|
-1.9 pts
|
Average Daily Rate
(ADR)
|
$
|
190
|
|
$
|
226
|
|
$
|
(36)
|
|
-15.9%
|
Revenue per Available
Room (RevPAR)
|
$
|
186
|
|
$
|
226
|
|
$
|
(40)
|
|
-17.7%
|
|
|
(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 generated revenue of $762.6 million and adjusted property EBITDA of
$390.7 million.
Rolling Chip win percentage of 3.25% in the third quarter of
2016 was above the expected range and the 2.61% achieved in the
third quarter of 2015. Rolling Chip volume was $7.26 billion for the quarter.
Non-Rolling Chip drop was $985.0
million during the quarter, with a Non-Rolling Chip win
percentage of 28.8%. Slot handle increased 1.4% to $3.46 billion for the quarter compared to the
year-ago quarter. Total mass win-per-day during the quarter was
$4.8 million, consistent with the
same quarter last year.
ADR was $475 during the quarter,
while occupancy increased to 98.3%, resulting in a RevPAR increase
of 10.4% compared to the same quarter last year.
The following table summarizes our key operating results for
Marina Bay Sands for the third quarter of 2016 compared to the
third quarter of 2015:
Marina Bay Sands
Operations
|
Three Months
Ended
September 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
591.4
|
|
$
|
584.9
|
|
$
|
6.5
|
|
1.1%
|
Rooms
|
|
109.0
|
|
|
98.7
|
|
|
10.3
|
|
10.4%
|
Food and
Beverage
|
|
54.0
|
|
|
51.1
|
|
|
2.9
|
|
5.7%
|
Mall
|
|
42.3
|
|
|
41.5
|
|
|
0.8
|
|
1.9%
|
Convention, Retail and
Other
|
|
27.0
|
|
|
23.4
|
|
|
3.6
|
|
15.4%
|
Less - Promotional
Allowances
|
|
(61.1)
|
|
|
(48.9)
|
|
|
(12.2)
|
|
-24.9%
|
Net
Revenues
|
$
|
762.6
|
|
$
|
750.7
|
|
$
|
11.9
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
390.7
|
|
$
|
389.7
|
|
$
|
1.0
|
|
0.3%
|
EBITDA Margin
%
|
|
51.2%
|
|
|
51.9%
|
|
|
|
|
-0.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
7,257.7
|
|
$
|
11,436.4
|
|
$
|
(4,178.7)
|
|
-36.5%
|
Rolling Chip Win
%(1)
|
|
3.25%
|
|
|
2.61%
|
|
|
|
|
0.64 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
985.0
|
|
$
|
1,071.7
|
|
$
|
(86.7)
|
|
-8.1%
|
Non-Rolling Chip Win
%
|
|
28.8%
|
|
|
27.0%
|
|
|
|
|
1.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,457.1
|
|
$
|
3,409.3
|
|
$
|
47.8
|
|
1.4%
|
Slot Hold
%
|
|
4.5%
|
|
|
4.4%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.3%
|
|
|
98.0%
|
|
|
|
|
0.3 pts
|
Average Daily Rate
(ADR)
|
$
|
475
|
|
$
|
432
|
|
$
|
43
|
|
10.0%
|
Revenue per Available
Room (RevPAR)
|
$
|
467
|
|
$
|
423
|
|
$
|
44
|
|
10.4%
|
|
|
(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
Revenue and adjusted property EBITDA at The Venetian Las Vegas
and The Palazzo, including the Sands Expo and Convention Center,
were $383.2 million and $85.3 million, respectively, for the quarter.
RevPAR increased 8.9% year-over-year to $232 in the quarter, reflecting an 8.1% increase
in ADR to $240 and a 0.5 percentage
point increase in occupancy to 96.5%. Table games drop
decreased 29.1% in the quarter to $430.8
million, reflecting softer play in the Baccarat segment,
while slot handle increased 6.8% to $633.8
million.
The following table summarizes our key operating results for our
Las Vegas operations for the third
quarter of 2016 compared to the third quarter of 2015:
|
Three Months
Ended
|
|
|
Las Vegas
Operations
|
September
30,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
122.0
|
|
$
|
127.9
|
|
$
|
(5.9)
|
|
-4.6%
|
|
Rooms
|
|
149.4
|
|
|
138.0
|
|
|
11.4
|
|
8.3%
|
|
Food and
Beverage
|
|
57.8
|
|
|
69.1
|
|
|
(11.3)
|
|
-16.4%
|
|
Convention, Retail and
Other
|
|
81.7
|
|
|
76.0
|
|
|
5.7
|
|
7.5%
|
|
Less - Promotional
Allowances
|
|
(27.7)
|
|
|
(25.5)
|
|
|
(2.2)
|
|
-8.6%
|
|
Net
Revenues
|
$
|
383.2
|
|
$
|
385.5
|
|
$
|
(2.3)
|
|
-0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
85.3
|
|
$
|
79.8
|
|
$
|
5.5
|
|
6.9%
|
|
EBITDA Margin
%
|
|
22.3%
|
|
|
20.7%
|
|
|
|
|
1.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
430.8
|
|
$
|
607.9
|
|
$
|
(177.1)
|
|
-29.1%
|
|
Table Games
Win %(1)
|
|
20.0%
|
|
|
16.9%
|
|
|
|
|
3.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
633.8
|
|
$
|
593.7
|
|
$
|
40.1
|
|
6.8%
|
|
Slot Hold
%
|
|
8.2%
|
|
|
8.2%
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.5%
|
|
|
96.0%
|
|
|
|
|
0.5 pts
|
|
Average Daily Rate
(ADR)
|
$
|
240
|
|
$
|
222
|
|
$
|
18
|
|
8.1%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
232
|
|
$
|
213
|
|
$
|
19
|
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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%
(calculated before discounts).
|
Sands Bethlehem Third Quarter Operating Results
Revenue for Sands Bethlehem in Pennsylvania increased 1.6% to $146.3 million and adjusted property EBITDA also
increased 1.6% to $38.1 million for
the quarter. Table games drop decreased 2.4% to $283.7 million for the quarter, while table games
win percentage was 19.6%, above the 18.7% realized in the third
quarter of 2015. Slot handle increased 4.9% year-over-year to
$1.17 billion for the quarter, with a
slot hold percentage of 6.7%.
The following table summarizes our key operating results for
Sands Bethlehem for the third quarter of 2016 compared to the third
quarter of 2015:
Sands Bethlehem
Operations
|
Three Months
Ended
September
30,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
135.9
|
|
$
|
134.3
|
|
$
|
1.6
|
|
1.2%
|
|
Rooms
|
|
3.9
|
|
|
4.0
|
|
|
(0.1)
|
|
-2.5%
|
|
Food and
Beverage
|
|
7.4
|
|
|
7.0
|
|
|
0.4
|
|
5.7%
|
|
Mall
|
|
1.2
|
|
|
1.2
|
|
|
-
|
|
0.0%
|
|
Convention, Retail and
Other
|
|
5.3
|
|
|
5.2
|
|
|
0.1
|
|
1.9%
|
|
Less - Promotional
Allowances
|
|
(7.4)
|
|
|
(7.7)
|
|
|
0.3
|
|
3.9%
|
|
Net
Revenues
|
$
|
146.3
|
|
$
|
144.0
|
|
$
|
2.3
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
38.1
|
|
$
|
37.5
|
|
$
|
0.6
|
|
1.6%
|
|
EBITDA Margin
%
|
|
26.1%
|
|
|
26.1%
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
283.7
|
|
$
|
290.7
|
|
$
|
(7.0)
|
|
-2.4%
|
|
Table Games
Win %(1)
|
|
19.6%
|
|
|
18.7%
|
|
|
|
|
0.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
1,169.2
|
|
$
|
1,114.6
|
|
$
|
54.6
|
|
4.9%
|
|
Slot Hold
%
|
|
6.7%
|
|
|
7.0%
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
97.2%
|
|
|
96.8%
|
|
|
|
|
0.4 pts
|
|
Average Daily Rate
(ADR)
|
$
|
164
|
|
$
|
151
|
|
$
|
13
|
|
8.6%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
160
|
|
$
|
146
|
|
$
|
14
|
|
9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, Sands Cotai Central and The Parisian
Macao) and Marina Bay Sands in Singapore was $146.2
million for the third quarter of 2016, an increase of 5.0%
compared to the third quarter of 2015. Operating profit derived
from these retail mall assets increased 3.8% year-over-year to
$129.8 million.
|
For The Three Months
Ended September 30, 2016
|
|
TTM
September
30, 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
|
$
|
52.1
|
|
$
|
46.9
|
|
90.0%
|
|
781,304
|
|
97.1%
|
|
$
|
1,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21.5
|
|
|
20.3
|
|
94.4%
|
|
142,562
|
|
100.0%
|
|
|
4,135
|
|
Other
Stores
|
|
9.8
|
|
|
8.9
|
|
90.8%
|
|
116,848
|
|
93.9%
|
|
|
1,440
|
|
Total
|
|
31.3
|
|
|
29.2
|
|
93.3%
|
|
259,410
|
|
97.3%
|
|
|
2,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
15.1
|
|
|
13.0
|
|
86.1%
|
|
407,102
|
|
98.2%
|
|
|
868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian(4)
|
|
5.4
|
|
|
3.6
|
|
66.7%
|
|
299,458
|
|
92.6%
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
103.9
|
|
|
92.7
|
|
89.2%
|
|
1,747,274
|
|
96.6%
|
|
|
1,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
42.3
|
|
|
37.1
|
|
87.7%
|
|
618,649
|
|
97.2%
|
|
|
1,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
146.2
|
|
$
|
129.8
|
|
88.8%
|
|
2,365,923
|
|
96.7%
|
|
$
|
1,515
|
|
(1) Gross revenue figures are net of
intersegment revenue eliminations.
|
(2) Tenant sales per square foot reflect sales
from tenants only after the tenant has been open for a period of 12
months.
|
(3) At completion of all phases, the Shoppes
at Cotai Central will feature up to 600,000 square feet of gross
leasable area.
|
(4) The Shoppes at Parisian opened in
September 2016.
|
Other Factors Affecting Earnings
Ferry Operations and Other, which is principally comprised of
our CotaiJet ferry operation, reflected adjusted property EBITDA of
$9.7 million during the quarter,
compared to $8.4 million in the third
quarter of 2015.
Pre-opening expense was $85.9
million in the third quarter of 2016, primarily related to
The Parisian Macao.
Depreciation and amortization expense was $277.8 million in the third quarter of 2016,
compared to $247.7 million in the
third quarter of 2015.
Interest expense, net of amounts capitalized, was $65.2 million for the third quarter of 2016,
compared to $67.0 million in the
prior-year quarter. Capitalized interest was $11.4 million during the third quarter of 2016,
compared to $7.1 million during the
third quarter of 2015. Our weighted average borrowing cost in the
third quarter of 2016 was approximately 2.9%.
Corporate expense was $39.1
million in the third quarter of 2016, compared to
$37.5 million in the third quarter of
2015.
The company's effective income tax rate for the third quarter of
2016 was 10.3% compared to 10.5% in the prior-year quarter. 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 2016 of $92.2
million was principally related to Sands China
Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2016 were $1.79 billion.
As of September 30, 2016, total
debt outstanding, including the current portion and net of deferred
financing costs and original issue discount, was $9.76 billion.
Capital Expenditures
Capital expenditures during the third quarter totaled
$397.1 million, including
construction, development and maintenance activities of
$348.1 million in Macao (principally for The Parisian Macao),
$21.3 million in Las Vegas and at corporate, $20.5 million at Marina Bay Sands, and
$7.2 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Thursday, November 3, 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.
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, Sands Cotai Central, and The Parisian
Macao, 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.
Third Quarter 2016 Results
Non-GAAP Measures
Within the Company's third quarter 2016 press release, the
Company makes reference to certain non-GAAP financial measures that
supplement the Company's consolidated financial information
prepared in accordance with accounting principles generally
accepted in the United States of
America ("GAAP") including "adjusted net income," "adjusted
earnings per diluted share," and "consolidated adjusted property
EBITDA," which have directly comparable GAAP financial measures
along with "adjusted property EBITDA margin," "hold-normalized
adjusted property EBITDA," "hold-normalized adjusted property
EBITDA margin," "hold-normalized adjusted net income," and
"hold-normalized adjusted earnings per diluted share." The Company
believes these measures represent important internal measures of
financial performance. Whenever such information is presented, the
Company has complied with the provisions of the rules under
Regulation G, Item 10(e) from Regulation S-K and Item 2.02 of Form
8-K. Set forth in the financial schedules accompanying this release
are reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures. The non-GAAP financial
measure disclosure by the Company has limitations and should not be
considered a substitute for, or superior to, the financial measures
prepared in accordance with GAAP. The definitions of our non-GAAP
financial measures and the specific reasons why the Company's
management believes that the presentation of the non-GAAP financial
measures provides useful information to investors regarding the
Company's financial condition, results of operations and cash flows
are presented below.
The following non-GAAP financial measures are used by
management, as well as industry analysts, to evaluate the Company's
operations and operating performance. These non-GAAP financial
measures are presented so that investors have the same financial
data that management uses in evaluating financial performance with
the belief that it will assist the investment community in properly
assessing the underlying financial performance of the Company on a
year-over-year and a quarter sequential basis.
Adjusted net income, which is a non-GAAP financial measure,
excludes certain non-recurring corporate expenses, 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. Adjusted net income and adjusted earnings per
diluted share are presented as supplemental disclosures as
management believes they are (1) each widely used measures of
performance by industry analysts and investors and (2) a principal
basis for valuation of gaming companies, as these non-GAAP measures
are considered by many as an alternative measure on which to base
expectations for future results. These measures also form the basis
of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP
financial measure, is net income before stock-based compensation
expense, corporate expense, pre-opening expense, development
expense, depreciation and amortization, amortization of leasehold
interests in land, gain or loss on disposal of assets, interest,
other income or expense, gain or loss on modification or early
retirement of debt and income taxes. Management utilizes
consolidated adjusted property EBITDA to compare the operating
profitability of its operations with those of its competitors, as
well as a basis for determining certain incentive compensation.
Gaming companies have historically reported adjusted property
EBITDA as a supplemental performance measure to GAAP financial
measures. In order to view the operations of their casinos on a
more stand-alone basis, gaming companies, including Las Vegas Sands
Corp., have historically excluded certain expenses that do not
relate to the management of specific casino properties, such as
pre-opening expense, development expense and corporate expense,
from their adjusted property EBITDA calculations. Consolidated
adjusted property EBITDA should not be interpreted as an
alternative to income from operations (as an indicator of operating
performance) or to cash flows from operations (as a measure of
liquidity), in each case, as determined in accordance with GAAP.
The Company has significant uses of cash flow, including capital
expenditures, dividend payments, interest payments and debt
principal repayments, which are not reflected in consolidated
adjusted property EBITDA. Not all companies calculate adjusted
property EBITDA in the same manner. As a result, consolidated
adjusted property EBITDA as presented by Las Vegas Sands Corp. may
not be directly comparable to similarly titled measures presented
by other companies.
Hold-normalized adjusted property EBITDA, a supplemental
non-GAAP financial measure, that, in addition to the aforementioned
reasons for the presentation of consolidated adjusted property
EBITDA, is presented to adjust for the impact of certain variances
in table games' win percentages, which can vary from period to
period. Hold-normalized adjusted property EBITDA is based on
applying a Rolling Chip win percentage of 2.85% to the Rolling Chip
volume for the quarter if the actual win percentage is outside the
expected range of 2.7% to 3.0% for our Macao and Singapore properties, and applying a win
percentage of 25.0% for Baccarat and 18.0% for non-Baccarat games
to the respective table games drops for the quarter if the actual
win percentages are outside the expected ranges of 21.0% to 29.0%
for Baccarat and 16.0% to 20.0% for non-Baccarat at our
Las Vegas properties. No hold
adjustments are made for Sands Bethlehem. We do not present
adjustments for Non-Rolling Chip drop for our table games play at
our Macao and Singapore properties, nor for slots at any of
our properties. Hold-normalized adjusted property EBITDA is also
adjusted for the estimated gaming taxes, commissions paid to third
parties on the incremental win, bad debt expense, discounts and
other incentives that would have been incurred when applying the
win percentages noted above to the respective gaming volumes. The
hold-normalized adjusted property EBITDA measure presents a
consistent measure for evaluating the operating performance of our
properties from period to period.
Hold-normalized adjusted net income and hold-normalized adjusted
earnings per diluted share are additional supplemental non-GAAP
financial measures that, in addition to the aforementioned reasons
for the presentation of adjusted net income and adjusted earnings
per diluted share, are presented to adjust for the impact of
certain variances in table games' win percentages, which can vary
from period to period.
The Company may also present the above items on a constant
currency basis. This information is a non-GAAP financial measure
that is calculated by translating current quarter local currency
amounts to U.S. dollars based on prior period exchange rates. These
amounts are compared to the prior period to derive non-GAAP
constant-currency growth/decline. Management considers non-GAAP
constant-currency growth/decline to be a useful metric to investors
and management as it allows a more direct comparison of current
performance to historical performance.
The Company also makes reference to adjusted property EBITDA
margin and hold-normalized adjusted property EBITDA margin, which
are calculated using the aforementioned non-GAAP financial
measures.
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,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
2,306,534
|
|
$
2,242,571
|
|
$
6,405,866
|
|
$
6,920,757
|
Rooms
|
402,392
|
|
379,878
|
|
1,123,432
|
|
1,102,550
|
Food and
beverage
|
183,415
|
|
188,073
|
|
558,677
|
|
555,902
|
Mall
|
147,368
|
|
140,556
|
|
421,888
|
|
403,652
|
Convention,
retail and other
|
141,004
|
|
129,761
|
|
389,041
|
|
389,412
|
|
3,180,713
|
|
3,080,839
|
|
8,898,904
|
|
9,372,273
|
Less -
promotional allowances
|
(212,171)
|
|
(187,156)
|
|
(564,041)
|
|
(545,547)
|
|
2,968,542
|
|
2,893,683
|
|
8,334,863
|
|
8,826,726
|
Operating
expenses:
|
|
|
|
|
|
|
|
Resort
operations
|
1,828,523
|
|
1,846,208
|
|
5,331,837
|
|
5,725,206
|
Corporate
|
39,110
|
|
37,488
|
|
208,114
|
|
127,276
|
Pre-opening
|
85,861
|
|
9,627
|
|
127,700
|
|
29,860
|
Development
|
2,371
|
|
3,147
|
|
6,758
|
|
7,028
|
Depreciation
and amortization
|
277,751
|
|
247,698
|
|
792,498
|
|
750,212
|
Amortization
of leasehold interests in land
|
9,728
|
|
9,737
|
|
28,623
|
|
29,060
|
Loss on
disposal of assets
|
5,621
|
|
709
|
|
15,425
|
|
18,590
|
|
2,248,965
|
|
2,154,614
|
|
6,510,955
|
|
6,687,232
|
Operating
income
|
719,577
|
|
739,069
|
|
1,823,908
|
|
2,139,494
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
2,299
|
|
2,158
|
|
6,328
|
|
12,598
|
Interest
expense, net of amounts capitalized
|
(65,189)
|
|
(66,962)
|
|
(197,874)
|
|
(199,018)
|
Other income
(expense)
|
21,514
|
|
16,275
|
|
(33,075)
|
|
31,589
|
Loss on
modification or early retirement of debt
|
(3,416)
|
|
-
|
|
(3,416)
|
|
-
|
Income before income
taxes
|
674,785
|
|
690,540
|
|
1,595,871
|
|
1,984,663
|
Income tax
expense
|
(69,272)
|
|
(72,347)
|
|
(187,008)
|
|
(173,941)
|
Net
income
|
605,513
|
|
618,193
|
|
1,408,863
|
|
1,810,722
|
Net income
attributable to noncontrolling interests
|
(92,156)
|
|
(98,835)
|
|
(247,373)
|
|
(310,268)
|
Net income
attributable to Las Vegas Sands Corp.
|
$
513,357
|
|
$
519,358
|
|
$
1,161,490
|
|
$
1,500,454
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
0.65
|
|
$
0.65
|
|
$
1.46
|
|
$
1.88
|
Diluted
|
$
0.65
|
|
$
0.65
|
|
$
1.46
|
|
$
1.88
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
794,659,426
|
|
796,559,738
|
|
794,576,430
|
|
797,400,090
|
Diluted
|
795,136,252
|
|
797,302,248
|
|
795,144,575
|
|
798,263,294
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
0.72
|
|
$
0.65
|
|
$
2.16
|
|
$
1.95
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure and
Supplemental Data
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
$
772,482
|
|
$
699,553
|
|
$
2,187,538
|
|
$
2,226,198
|
Sands Cotai
Central
|
|
517,540
|
|
550,159
|
|
1,520,499
|
|
1,676,154
|
The Parisian
Macao
|
|
68,608
|
|
-
|
|
68,608
|
|
-
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
161,213
|
|
167,947
|
|
434,486
|
|
533,314
|
Sands
Macao
|
|
167,376
|
|
207,364
|
|
527,426
|
|
674,289
|
Ferry Operations and
Other
|
|
46,400
|
|
43,422
|
|
126,076
|
|
117,428
|
Macao
Operations
|
|
1,733,619
|
|
1,668,445
|
|
4,864,633
|
|
5,227,383
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
762,606
|
|
750,677
|
|
2,076,394
|
|
2,248,535
|
Las Vegas Operating
Properties
|
|
383,234
|
|
385,472
|
|
1,124,642
|
|
1,107,871
|
Sands
Bethlehem
|
|
146,342
|
|
144,003
|
|
431,545
|
|
409,204
|
Intersegment
Eliminations
|
|
(57,259)
|
|
(54,914)
|
|
(162,351)
|
|
(166,267)
|
|
|
$
2,968,542
|
|
$
2,893,683
|
|
$
8,334,863
|
|
$
8,826,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
$
314,801
|
|
$
256,381
|
|
$
827,004
|
|
$
781,313
|
Sands Cotai
Central
|
|
176,606
|
|
170,457
|
|
484,167
|
|
490,577
|
The Parisian
Macao
|
|
19,190
|
|
-
|
|
19,190
|
|
-
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
62,527
|
|
58,785
|
|
154,401
|
|
177,591
|
Sands
Macao
|
|
45,725
|
|
51,132
|
|
125,272
|
|
174,794
|
Ferry Operations and
Other
|
|
9,662
|
|
8,427
|
|
24,457
|
|
16,780
|
Macao
Operations
|
|
628,511
|
|
545,182
|
|
1,634,491
|
|
1,641,055
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
390,660
|
|
389,717
|
|
1,022,565
|
|
1,168,243
|
Las Vegas Operating
Properties
|
|
85,307
|
|
79,790
|
|
244,690
|
|
208,065
|
Sands
Bethlehem
|
|
38,129
|
|
37,530
|
|
113,531
|
|
101,522
|
|
|
$
1,142,607
|
|
$
1,052,219
|
|
$
3,015,277
|
|
$
3,118,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
40.8%
|
|
36.6%
|
|
37.8%
|
|
35.1%
|
Sands Cotai
Central
|
|
34.1%
|
|
31.0%
|
|
31.8%
|
|
29.3%
|
The Parisian
Macao
|
|
28.0%
|
|
-
|
|
28.0%
|
|
-
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
38.8%
|
|
35.0%
|
|
35.5%
|
|
33.3%
|
Sands
Macao
|
|
27.3%
|
|
24.7%
|
|
23.8%
|
|
25.9%
|
Ferry Operations and
Other
|
|
20.8%
|
|
19.4%
|
|
19.4%
|
|
14.3%
|
Macao
Operations
|
|
36.3%
|
|
32.7%
|
|
33.6%
|
|
31.4%
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
51.2%
|
|
51.9%
|
|
49.2%
|
|
52.0%
|
Las Vegas Operating
Properties
|
|
22.3%
|
|
20.7%
|
|
21.8%
|
|
18.8%
|
Sands
Bethlehem
|
|
26.1%
|
|
26.1%
|
|
26.3%
|
|
24.8%
|
|
|
|
|
|
|
|
|
|
Total
|
|
38.5%
|
|
36.4%
|
|
36.2%
|
|
35.3%
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
93.2%
|
|
84.5%
|
|
83.7%
|
|
84.2%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
209
|
|
$
239
|
|
$
215
|
|
$
249
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
195
|
|
$
202
|
|
$
180
|
|
$
210
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
89.2%
|
|
86.5%
|
|
80.9%
|
|
82.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
145
|
|
$
152
|
|
$
149
|
|
$
160
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
129
|
|
$
131
|
|
$
121
|
|
$
131
|
|
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
87.5%
|
|
0.0%
|
|
87.5%
|
|
0.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
138
|
|
$
-
|
|
$
138
|
|
$
-
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
121
|
|
$
-
|
|
$
121
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
80.8%
|
|
86.5%
|
|
73.0%
|
|
82.4%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
345
|
|
$
363
|
|
$
348
|
|
$
384
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
279
|
|
$
314
|
|
$
254
|
|
$
316
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
97.9%
|
|
99.8%
|
|
96.6%
|
|
99.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
190
|
|
$
226
|
|
$
200
|
|
$
224
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
186
|
|
$
226
|
|
$
193
|
|
$
222
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
98.3%
|
|
98.0%
|
|
97.6%
|
|
96.2%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
475
|
|
$
432
|
|
$
415
|
|
$
408
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
467
|
|
$
423
|
|
$
405
|
|
$
393
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.5%
|
|
96.0%
|
|
94.5%
|
|
91.7%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
240
|
|
$
222
|
|
$
244
|
|
$
232
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
232
|
|
$
213
|
|
$
230
|
|
$
212
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
97.2%
|
|
96.8%
|
|
94.9%
|
|
91.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
164
|
|
$
151
|
|
$
159
|
|
$
151
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
160
|
|
$
146
|
|
$
151
|
|
$
137
|
|
|
|
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
11,930
|
|
$
10,743
|
|
$
11,382
|
|
$
11,969
|
|
|
Slot machine win per
unit per day (4)
|
|
$
268
|
|
$
252
|
|
$
263
|
|
$
259
|
|
|
Average number of
table games
|
|
635
|
|
627
|
|
643
|
|
612
|
|
|
Average number of
slot machines
|
|
1,819
|
|
2,158
|
|
1,900
|
|
2,129
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
9,784
|
|
$
10,591
|
|
$
9,212
|
|
$
10,779
|
|
|
Slot machine win per
unit per day (4)
|
|
$
331
|
|
$
350
|
|
$
321
|
|
$
348
|
|
|
Average number of
table games
|
|
480
|
|
496
|
|
504
|
|
505
|
|
|
Average number of
slot machines
|
|
1,752
|
|
1,709
|
|
1,850
|
|
1,704
|
|
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
8,289
|
|
$
-
|
|
$
8,289
|
|
$
-
|
|
|
Slot machine win per
unit per day (4)
|
|
$
327
|
|
$
-
|
|
$
327
|
|
$
-
|
|
|
Average number of
table games
|
|
404
|
|
-
|
|
404
|
|
-
|
|
|
Average number of
slot machines
|
|
1,517
|
|
-
|
|
1,517
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
16,126
|
|
$
15,344
|
|
$
14,580
|
|
$
16,015
|
|
|
Slot machine win per
unit per day (4)
|
|
$
462
|
|
$
501
|
|
$
449
|
|
$
511
|
|
|
Average number of
table games
|
|
93
|
|
113
|
|
96
|
|
122
|
|
|
Average number of
slot machines
|
|
147
|
|
177
|
|
147
|
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
7,046
|
|
$
8,053
|
|
$
7,297
|
|
$
8,717
|
|
|
Slot machine win per
unit per day (4)
|
|
$
274
|
|
$
287
|
|
$
267
|
|
$
287
|
|
|
Average number of
table games
|
|
244
|
|
276
|
|
257
|
|
282
|
|
|
Average number of
slot machines
|
|
879
|
|
1,006
|
|
906
|
|
957
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
9,576
|
|
$
10,560
|
|
$
8,883
|
|
$
10,856
|
|
|
Slot machine win per
unit per day (4)
|
|
$
680
|
|
$
662
|
|
$
664
|
|
$
658
|
|
|
Average number of
table games
|
|
590
|
|
605
|
|
595
|
|
595
|
|
|
Average number of
slot machines
|
|
2,487
|
|
2,445
|
|
2,463
|
|
2,413
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
3,724
|
|
$
4,551
|
|
$
3,001
|
|
$
3,644
|
|
|
Slot machine win per
unit per day (4)
|
|
$
284
|
|
$
241
|
|
$
275
|
|
$
229
|
|
|
Average number of
table games
|
|
251
|
|
245
|
|
246
|
|
245
|
|
|
Average number of
slot machines
|
|
1,989
|
|
2,196
|
|
2,001
|
|
2,232
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
3,421
|
|
$
3,375
|
|
$
3,404
|
|
$
3,101
|
|
|
Slot machine win per
unit per day (4)
|
|
$
272
|
|
$
284
|
|
$
278
|
|
$
275
|
|
|
Average number of
table games
|
|
177
|
|
175
|
|
177
|
|
176
|
|
|
Average number of
slot machines
|
|
3,146
|
|
2,968
|
|
3,049
|
|
2,998
|
|
(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.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Net Income to Consolidated Adjusted Property
EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income
|
|
$
605,513
|
|
$
618,193
|
|
$
1,408,863
|
|
$
1,810,722
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
69,272
|
|
72,347
|
|
187,008
|
|
173,941
|
Loss on modification or
early retirement of debt
|
|
3,416
|
|
-
|
|
3,416
|
|
-
|
Other (income)
expense
|
|
(21,514)
|
|
(16,275)
|
|
33,075
|
|
(31,589)
|
Interest expense, net of
amounts capitalized
|
|
65,189
|
|
66,962
|
|
197,874
|
|
199,018
|
Interest income
|
|
(2,299)
|
|
(2,158)
|
|
(6,328)
|
|
(12,598)
|
Loss on disposal of
assets
|
|
5,621
|
|
709
|
|
15,425
|
|
18,590
|
Amortization of leasehold
interests in land
|
|
9,728
|
|
9,737
|
|
28,623
|
|
29,060
|
Depreciation and
amortization
|
|
277,751
|
|
247,698
|
|
792,498
|
|
750,212
|
Development
expense
|
|
2,371
|
|
3,147
|
|
6,758
|
|
7,028
|
Pre-opening
expense
|
|
85,861
|
|
9,627
|
|
127,700
|
|
29,860
|
Stock-based compensation
(1)
|
|
2,588
|
|
4,744
|
|
12,251
|
|
17,365
|
Corporate expense
|
|
39,110
|
|
37,488
|
|
208,114
|
|
127,276
|
Consolidated Adjusted
Property EBITDA
|
|
$
1,142,607
|
|
$
1,052,219
|
|
$
3,015,277
|
|
$
3,118,885
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
(130,317)
|
|
10,283
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
46,785
|
|
24,819
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$
1,059,075
|
|
$
1,087,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit
7
|
|
|
|
|
|
|
|
|
(2) See Exhibit
5
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
The following are
reconciliations of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
Macao
Operations
|
|
$
628,511
|
|
$
(105,692)
|
|
$
41,692
|
|
$
564,511
|
Marina Bay
Sands
|
|
390,660
|
|
(28,662)
|
|
5,829
|
|
367,827
|
United
States:
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
85,307
|
|
4,037
|
|
(736)
|
|
88,608
|
Sands
Bethlehem
|
|
38,129
|
|
-
|
|
-
|
|
38,129
|
United States
Property Operations
|
|
123,436
|
|
4,037
|
|
(736)
|
|
126,737
|
|
|
$
1,142,607
|
|
$
(130,317)
|
|
$
46,785
|
|
$
1,059,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Operations
|
|
$
545,182
|
|
$
(43,578)
|
|
$
35,115
|
|
$
536,719
|
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
|
|
|
$
1,052,219
|
|
$
10,283
|
|
$
24,819
|
|
$
1,087,321
|
|
(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
Reconciliation
|
(In thousands, except
share and per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Net Income Attributable to Las Vegas Sands Corp.
to Adjusted Net Income and Hold-Normalized Adjusted Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
(1)
|
|
2016
|
|
2015
(1)
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
513,357
|
|
$
519,358
|
|
$
1,161,490
|
|
$
1,500,454
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
-
|
|
-
|
|
78,885
|
|
-
|
Pre-opening
expense
|
|
85,861
|
|
9,627
|
|
127,700
|
|
29,860
|
Development
expense
|
|
2,371
|
|
3,147
|
|
6,758
|
|
7,028
|
Loss on disposal of
assets
|
|
5,621
|
|
709
|
|
15,425
|
|
18,590
|
Fair value adjustment
of forward contracts
|
|
(10,045)
|
|
-
|
|
18,069
|
|
-
|
Loss on modification
or early retirement of debt
|
|
3,416
|
|
-
|
|
3,416
|
|
-
|
Income tax impact on
net income adjustments (2)
|
|
(684)
|
|
(79)
|
|
(20,894)
|
|
(201)
|
Noncontrolling
interest impact on net income adjustments
|
|
(27,696)
|
|
(2,954)
|
|
(50,011)
|
|
(13,354)
|
Adjusted net
income
|
|
$
572,201
|
|
$
529,808
|
|
$
1,340,838
|
|
$
1,542,377
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (3)
|
|
(130,317)
|
|
10,283
|
|
|
|
|
Hold-normalized
casino expense (3)
|
|
46,785
|
|
24,819
|
|
|
|
|
Income tax impact on
hold adjustments(2)
|
|
2,726
|
|
(3,670)
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
19,132
|
|
2,529
|
|
|
|
|
Hold-normalized
adjusted net income
|
|
$
510,527
|
|
$
563,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
information for the three and nine months ended September 30, 2015,
has been reclassified to conform to the current
presentation.
|
(2) The income
tax impact for each adjustment is derived by applying the effective
tax rate, including current and deferred income tax expense, based
upon the jurisdiction and the nature of the adjustment.
|
(3) See Exhibit
5
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Earnings per Share to Adjusted Earnings
per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted
Share:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
(1)
|
|
2016
|
|
2015
(1)
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
0.65
|
|
$
0.65
|
|
$
1.46
|
|
$
1.88
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
-
|
|
-
|
|
0.10
|
|
-
|
Pre-opening
expense
|
|
0.11
|
|
0.01
|
|
0.16
|
|
0.04
|
Development
expense
|
|
-
|
|
-
|
|
0.01
|
|
0.01
|
Loss on disposal of
assets
|
|
-
|
|
-
|
|
0.02
|
|
0.02
|
Fair value adjustment
of forward contracts
|
|
(0.01)
|
|
-
|
|
0.02
|
|
-
|
Loss on modification
or early retirement of debt
|
|
-
|
|
-
|
|
-
|
|
-
|
Income tax impact on
net income adjustments
|
|
-
|
|
-
|
|
(0.02)
|
|
-
|
Noncontrolling
interest impact on net income adjustments
|
|
(0.03)
|
|
-
|
|
(0.06)
|
|
(0.02)
|
Adjusted earnings per
diluted share
|
|
$
0.72
|
|
$
0.66
|
|
$
1.69
|
|
$
1.93
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
(0.16)
|
|
0.02
|
|
|
|
|
Hold-normalized
casino expense
|
|
0.06
|
|
0.03
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
-
|
|
-
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
0.02
|
|
-
|
|
|
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
0.64
|
|
$
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
795,136,252
|
|
797,302,248
|
|
795,144,575
|
|
798,263,294
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data By
Segment
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
271,014
|
|
$
39,829
|
|
$
1,663
|
|
$
624
|
|
$
18
|
|
$
-
|
|
$
1,653
|
|
$
-
|
|
$
314,801
|
Sands
Cotai Central
|
|
100,472
|
|
70,532
|
|
2,126
|
|
4,144
|
|
(1,329)
|
|
-
|
|
661
|
|
-
|
|
176,606
|
The
Parisian Macao
|
|
(10,672)
|
|
8,899
|
|
125
|
|
-
|
|
20,764
|
|
-
|
|
74
|
|
-
|
|
19,190
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
50,931
|
|
9,730
|
|
719
|
|
5
|
|
912
|
|
-
|
|
230
|
|
-
|
|
62,527
|
Sands
Macao
|
|
35,337
|
|
9,688
|
|
374
|
|
224
|
|
-
|
|
-
|
|
102
|
|
-
|
|
45,725
|
Ferry
Operations and Other
|
|
(11,891)
|
|
3,708
|
|
-
|
|
17
|
|
129
|
|
17,561
|
|
138
|
|
-
|
|
9,662
|
Macao
Operations
|
|
435,191
|
|
142,386
|
|
5,007
|
|
5,014
|
|
20,494
|
|
17,561
|
|
2,858
|
|
-
|
|
628,511
|
Marina Bay
Sands
|
|
286,559
|
|
76,843
|
|
4,236
|
|
316
|
|
-
|
|
23,014
|
|
(308)
|
|
-
|
|
390,660
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
81,694
|
|
43,837
|
|
-
|
|
(43)
|
|
25
|
|
(40,244)
|
|
38
|
|
-
|
|
85,307
|
Sands
Bethlehem
|
|
30,862
|
|
7,255
|
|
-
|
|
-
|
|
12
|
|
-
|
|
-
|
|
-
|
|
38,129
|
United States
Property Operations
|
|
112,556
|
|
51,092
|
|
-
|
|
(43)
|
|
37
|
|
(40,244)
|
|
38
|
|
-
|
|
123,436
|
Other
Development
|
|
(68,310)
|
|
124
|
|
485
|
|
-
|
|
67,701
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(46,419)
|
|
7,306
|
|
-
|
|
334
|
|
-
|
|
(331)
|
|
-
|
|
39,110
|
|
-
|
|
|
$
719,577
|
|
$
277,751
|
|
$
9,728
|
|
$
5,621
|
|
$
88,232
|
|
$
-
|
|
$
2,588
|
|
$
39,110
|
|
$
1,142,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Ferry
Operations and Other
|
|
(8,872)
|
|
3,559
|
|
-
|
|
8
|
|
-
|
|
13,640
|
|
92
|
|
-
|
|
8,427
|
Macao
Operations
|
|
387,988
|
|
130,068
|
|
4,896
|
|
712
|
|
4,940
|
|
13,640
|
|
2,938
|
|
-
|
|
545,182
|
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
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
695,107
|
|
$
120,016
|
|
$
4,960
|
|
$
765
|
|
$
156
|
|
$
-
|
|
$
6,000
|
|
$
-
|
|
$
827,004
|
Sands
Cotai Central
|
|
255,706
|
|
216,598
|
|
6,141
|
|
4,600
|
|
(1,219)
|
|
-
|
|
2,341
|
|
-
|
|
484,167
|
The
Parisian Macao
|
|
(10,672)
|
|
8,899
|
|
125
|
|
-
|
|
20,764
|
|
-
|
|
74
|
|
-
|
|
19,190
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
119,900
|
|
29,179
|
|
2,156
|
|
17
|
|
2,341
|
|
-
|
|
808
|
|
-
|
|
154,401
|
Sands
Macao
|
|
95,501
|
|
27,905
|
|
1,119
|
|
215
|
|
-
|
|
-
|
|
532
|
|
-
|
|
125,272
|
Ferry
Operations and Other
|
|
(37,575)
|
|
10,993
|
|
-
|
|
(35)
|
|
249
|
|
50,297
|
|
528
|
|
-
|
|
24,457
|
Macao
Operations
|
|
1,117,967
|
|
413,590
|
|
14,501
|
|
5,562
|
|
22,291
|
|
50,297
|
|
10,283
|
|
-
|
|
1,634,491
|
Marina Bay
Sands
|
|
742,759
|
|
204,365
|
|
12,476
|
|
(1,275)
|
|
-
|
|
64,213
|
|
27
|
|
-
|
|
1,022,565
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
214,857
|
|
130,612
|
|
-
|
|
9,900
|
|
961
|
|
(113,581)
|
|
1,941
|
|
-
|
|
244,690
|
Sands
Bethlehem
|
|
91,031
|
|
21,661
|
|
-
|
|
507
|
|
332
|
|
-
|
|
-
|
|
-
|
|
113,531
|
United States
Property Operations
|
|
305,888
|
|
152,273
|
|
-
|
|
10,407
|
|
1,293
|
|
(113,581)
|
|
1,941
|
|
-
|
|
358,221
|
Other
Development
|
|
(112,671)
|
|
151
|
|
1,646
|
|
-
|
|
110,874
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(230,035)
|
|
22,119
|
|
-
|
|
731
|
|
-
|
|
(929)
|
|
-
|
|
208,114
|
|
-
|
|
|
$
1,823,908
|
|
$
792,498
|
|
$
28,623
|
|
$
15,425
|
|
$
134,458
|
|
$
-
|
|
$
12,251
|
|
$
208,114
|
|
$
3,015,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Month 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
|
Ferry
Operations and Other
|
|
(35,014)
|
|
10,542
|
|
-
|
|
8
|
|
|
|
40,920
|
|
324
|
|
-
|
|
16,780
|
Macao
Operations
|
|
1,152,103
|
|
391,380
|
|
14,440
|
|
16,256
|
|
13,150
|
|
40,920
|
|
12,806
|
|
-
|
|
1,641,055
|
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
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
|
|
(1) During the three months ended
September 30, 2016 and 2015, the Company recorded stock-based
compensation expense of $7.0 million and $9.3 million,
respectively, of which $4.1 million
and $4.4 million,
respectively, is included in corporate expense and $0.3 million and
$0.2 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, 2016 and 2015, the Company recorded stock-based compensation
expense of $28.3 million and $36.5 million, respectively, of which
$14.9 million and $18.3 million, respectively, is included in
corporate expense and $1.1 million and $0.8 million, respectively,
is included in pre-opening and development expense on the Company's
condensed consolidated statements of operations.
|
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SOURCE Las Vegas Sands Corp.