LAS VEGAS, Jan. 25, 2017 /PRNewswire/ --
For the Quarter Ended December 31, 2016
(Compared to the
Quarter Ended December 31,
2015)
- Consolidated Net Revenue Increased 7.4% to $3.08 Billion, Net Income Increased 5.6% to
$607 Million
- GAAP Earnings per Diluted Share was $0.64; Adjusted Earnings per Diluted Share was
$0.62; and Hold-Normalized Adjusted
Earnings per Diluted Share was $0.58
- Consolidated Adjusted Property EBITDA Increased 6.1% to
$1.12 Billion, With Margin of
36.3%
- Hold-Normalized Adjusted Property EBITDA was $1.07 Billion, With Margin of 35.7%
In Macao:
- Adjusted Property EBITDA Increased 5.0% to $610 Million, While Hold-Normalized Adjusted
Property EBITDA Increased 2.0% to $566
Million
- The Parisian Macao Generated Adjusted Property EBITDA of
$95 Million During Its First Full
Quarter of Operation
At Marina Bay Sands in Singapore:
- Adjusted Property EBITDA Increased 8.0% to $366 Million, With Margin Increasing 240 basis
points to 50.6%
- Hotel RevPAR Increased 7.9% to $409
At Our Las Vegas Operating Properties:
- Adjusted Property EBITDA Increased 14.4% to $111 Million
- Hotel RevPAR Increased 4.5% to $230
- The Company Paid a Quarterly Dividend of $0.72 per Share
For the Year Ended December 31, 2016
(Compared to the
Year Ended December 31, 2015)
- Net Revenue was $11.41
Billion, Net Income was $2.02
Billion and $2.10 per Diluted
Share
- Consolidated Adjusted Property EBITDA was $4.13 Billion, Adjusted Earnings per Diluted
Share was $2.33
- The Company Paid Dividends of $2.88 per Share
- The Company's Board of Directors Announced an Increase in
the Company's Recurring Common Stock Dividend for the 2017 Calendar
Year to $2.92 per Share ($0.73 per Share per Quarter)
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 December 31, 2016.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "We are pleased to have
delivered a solid operating performance in each of our markets,
which enabled us to generate $1.12
billion in adjusted property EBITDA for the quarter, an
increase of 6.1% compared to the fourth quarter of 2015.
"In Macao, our industry-leading Cotai Strip property portfolio,
which has been meaningfully expanded by the opening of the Parisian
Macao, generated growth of 16% in the mass gaming segment. This
result was our strongest growth in Macao's most important and profitable segment
since the second quarter of 2014. The Macao market overall continued its recovery in
the fourth quarter, while our Macao portfolio generated visitation growth of
23% and higher hotel occupancy rates. We are confident that
the benefits of the increased scale we have achieved in our
market-leading hotel, retail and entertainment offerings will
enable us to deliver growth in Macao and strong financial performance.
"We are pleased The Parisian Macao, our latest Integrated Resort
delivered $95 million in adjusted
property EBITDA during its first full quarter of operation and
quickly established itself as another 'must see' destination for
visitors to the Cotai Strip. To date we have invested 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 portfolio of 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 future growth.
"Our focus remains on the consistent execution of our proven
global growth strategy, which leverages the power of our unique
convention-based Integrated Resort business model. We are
particularly encouraged by the recent passage of the IR Promotion
Bill in Japan as it paves the way
for more detailed legislation that we believe will create
opportunities for us to bring the economic benefits of our
industry-leading convention-based Integrated Resort business model
to this dynamic and promising market."
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
$0.73 per common share will be paid
on March 31, 2017, to Las Vegas Sands
shareholders of record on March 23,
2017.
Marina Bay Sands in Singapore
delivered $366 million in adjusted
property EBITDA, an increase of 8.0% compared to the same quarter
last year. The property continues to attract business and leisure
visitors from across the region and deliver the economic benefits
of our convention-based business model to Singapore. Consistent mass win-per-day of
$4.59 million and strength in
non-gaming revenues, including a 7.9% increase in RevPAR,
contributed to an adjusted property EBITDA margin of 50.6%,
240 basis points higher than in the prior-year quarter.
At The Venetian Las Vegas and The Palazzo, including the Sands
Expo and Convention Center, adjusted property EBITDA grew 14.4% to
$111 million compared to the fourth
quarter of last year. Revenue growth of 3.0% reflected modest
top-line increases in all business segments. Revenue growth in
combination with cost discipline generated a 260 basis point
improvement in adjusted property EBITDA margin to 26.9%.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2016 increased 7.4% to
$3.08 billion, compared to
$2.86 billion in the fourth quarter
of 2015. Net income increased 5.6% to $607
million in the fourth quarter of 2016, compared to
$575 million in the year-ago
quarter.
On a GAAP (accounting principles generally accepted in
the United States of America)
basis, operating income in the fourth quarter of 2016 decreased
4.7% to $669 million, compared to
$702 million in the fourth quarter of
2015. The modest decrease in operating income was a result of
higher depreciation and amortization expenses as well as asset
impairment charges during the quarter. This was largely offset by
higher revenues and lower pre-opening costs. Consolidated adjusted
property EBITDA (a non-GAAP measure) of $1.12 billion increased 6.1% in the fourth
quarter of 2016, compared to the year-ago quarter. On a
hold-normalized basis, adjusted property EBITDA was $1.07 billion in the fourth quarter of 2016,
unchanged from the prior-year quarter.
On a GAAP basis, net income attributable to Las Vegas Sands in
the fourth quarter of 2016 increased 9.2% to $509 million, compared to $466 million in the fourth quarter of 2015, while
diluted earnings per share in the fourth quarter of 2016 of
$0.64, represented an increase of
8.5% compared to the prior-year quarter. The increase in net income
attributable to Las Vegas Sands was a result primarily of
$64 million of other income related
to foreign exchange gains and changes in the value of forward
currency contracts.
Adjusted net income attributable to Las Vegas Sands (a non-GAAP
measure) decreased 0.6% to $491
million, or $0.62 per diluted
share, compared to $494 million, or
$0.62 per diluted share, in the
fourth quarter of 2015.
On a GAAP basis, full year 2016 operating income decreased 12.2%
to $2.49 billion, compared to
$2.84 billion in 2015. The decrease
in operating income was principally due to lower net revenues,
non-recurring legal costs in 2016 and higher pre-opening expenses,
most of which relate to The Parisian Macao. Net income attributable
to Las Vegas Sands decreased 15.1% to $1.67
billion, or $2.10 per diluted
share, in 2016, compared to $2.0
billion, or $2.47 per diluted
share, in 2015. The decline in net income attributable to Las Vegas
Sands reflected the decrease in operating income described above,
partially offset by a decrease in net income attributable to
noncontrolling interests.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. (SCL)
increased 12.0% to $1.86 billion in
the fourth quarter of 2016, compared to $1.66 billion in the fourth quarter of 2015. Net
income for SCL decreased 7.9% to $348
million in the fourth quarter of 2016, compared to
$378 million in the fourth quarter of
2015.
On a GAAP basis, full year 2016 total net revenues for Sands
China Ltd. decreased 2.5% to $6.69
billion, compared to $6.86
billion in 2015. Net income for Sands China Ltd. decreased
15.9% to $1.22 billion in 2016,
compared to $1.45 billion in
2015.
The Venetian Macao Fourth Quarter Operating Results
The property generated revenue of $707
million and adjusted property EBITDA of $262 million in the fourth quarter, with an
adjusted property EBITDA margin of 37.1%. Non-Rolling Chip drop was
$1.72 billion for the quarter, with a
Non-Rolling Chip win percentage of 25.1%. Rolling Chip volume
decreased $1.1 billion to
$6.89 billion, with a Rolling Chip
win percentage of 3.23%, below the 3.34% experienced in the
prior-year quarter. Slot handle was $783
million.
The following table summarizes the key operating results for The
Venetian Macao for the fourth quarter of 2016 compared to the
fourth quarter of 2015:
The Venetian Macao
Operations
|
Three Months
Ended
|
|
December 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
602
|
|
$
|
632
|
|
$
|
(30)
|
|
-4.7%
|
Rooms
|
|
44
|
|
|
50
|
|
|
(6)
|
|
-12.0%
|
Food and
Beverage
|
|
21
|
|
|
24
|
|
|
(3)
|
|
-12.5%
|
Mall
|
|
57
|
|
|
62
|
|
|
(5)
|
|
-8.1%
|
Convention, Retail and
Other
|
|
21
|
|
|
30
|
|
|
(9)
|
|
-30.0%
|
Less - Promotional
Allowances
|
|
(38)
|
|
|
(37)
|
|
|
(1)
|
|
-2.7%
|
Net
Revenues
|
$
|
707
|
|
$
|
761
|
|
$
|
(54)
|
|
-7.1%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
262
|
|
$
|
298
|
|
$
|
(36)
|
|
-12.1%
|
EBITDA Margin
%
|
|
37.1%
|
|
|
39.2%
|
|
|
|
|
-2.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,889
|
|
$
|
7,997
|
|
$
|
(1,108)
|
|
-13.9%
|
Rolling Chip Win
%(1)
|
|
3.23%
|
|
|
3.34%
|
|
|
|
|
-0.11 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,715
|
|
$
|
1,743
|
|
$
|
(28)
|
|
-1.6%
|
Non-Rolling Chip Win
%
|
|
25.1%
|
|
|
23.4%
|
|
|
|
|
1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
783
|
|
$
|
1,009
|
|
$
|
(226)
|
|
-22.4%
|
Slot Hold
%
|
|
4.3%
|
|
|
4.7%
|
|
|
|
|
-0.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.2%
|
|
|
83.5%
|
|
|
|
|
10.7 pts
|
Average Daily Rate
(ADR)
|
$
|
211
|
|
$
|
223
|
|
$
|
(12)
|
|
-5.4%
|
Revenue per Available
Room (RevPAR)
|
$
|
199
|
|
$
|
186
|
|
$
|
13
|
|
7.0%
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Sands Cotai Central Fourth Quarter Operating Results
Revenue and adjusted property EBITDA for the fourth quarter of
2016 at Sands Cotai Central were $444
million and $132 million,
respectively, resulting in an adjusted property EBITDA margin of
29.7%.
Non-Rolling Chip drop was $1.42
billion in the fourth quarter, with a Non-Rolling Chip win
percentage of 19.1%. Rolling Chip volume was $2.83 billion for the quarter, with a Rolling
Chip win percentage of 3.04%. Slot handle was $1.27 billion for the quarter. Hotel occupancy
was 85.9% with an ADR of $146.
The following table summarizes our key operating results for
Sands Cotai Central for the fourth quarter of 2016 compared to the
fourth quarter of 2015:
Sands Cotai Central
Operations
|
Three Months
Ended
|
|
December 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
365
|
|
$
|
426
|
|
$
|
(61)
|
|
-14.3%
|
Rooms
|
|
71
|
|
|
69
|
|
|
2
|
|
2.9%
|
Food and
Beverage
|
|
26
|
|
|
26
|
|
|
-
|
|
-%
|
%Mall
|
|
16
|
|
|
18
|
|
|
(2)
|
|
-11.1%
|
Convention, Retail and
Other
|
|
6
|
|
|
7
|
|
|
(1)
|
|
-14.3%
|
Less - Promotional
Allowances
|
|
(40)
|
|
|
(40)
|
|
|
-
|
|
-%
|
Net
Revenues
|
$
|
444
|
|
$
|
506
|
|
$
|
(62)
|
|
-12.3%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
132
|
|
$
|
160
|
|
$
|
(28)
|
|
-17.5%
|
EBITDA Margin
%
|
|
29.7%
|
|
|
31.6%
|
|
|
|
|
-1.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,827
|
|
$
|
4,129
|
|
$
|
(1,302)
|
|
-31.5%
|
Rolling Chip Win
%(1)
|
|
3.04%
|
|
|
2.62%
|
|
|
|
|
0.42 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,421
|
|
$
|
1,459
|
|
$
|
(38)
|
|
-2.6%
|
Non-Rolling Chip Win
%
|
|
19.1%
|
|
|
21.3%
|
|
|
|
|
-2.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,273
|
|
$
|
1,480
|
|
$
|
(207)
|
|
-14.0%
|
Slot Hold
%
|
|
3.4%
|
|
|
3.6%
|
|
|
|
|
-0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.9%
|
|
|
85.4%
|
|
|
|
|
0.5 pts
|
Average Daily Rate
(ADR)
|
$
|
146
|
|
$
|
151
|
|
$
|
(5)
|
|
-3.3%
|
Revenue per Available
Room (RevPAR)
|
$
|
125
|
|
$
|
129
|
|
$
|
(4)
|
|
-3.1%
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
The Parisian Macao Fourth Quarter Operating Results
The Parisian Macao opened on September
13, 2016, and the fourth quarter results reflect its first
full quarter of operation. Revenue and adjusted property EBITDA at
The Parisian Macao were $344 million
and $95 million, respectively,
resulting in an adjusted property EBITDA margin of 27.6%.
Non-Rolling Chip drop was $895
million, with a Non-Rolling Chip win percentage of 18.3%.
Rolling Chip volume was $3.31
billion, with a Rolling Chip win percentage of 4.52%. Slot
handle was $803 million and hotel
occupancy was 91.1% with an ADR of $138.
The following table summarizes our key operating results for The
Parisian Macao in the fourth quarter of 2016:
The Parisian Macao
Operations
|
Three Months
Ended December
31,(2)
|
(Dollars in
millions)
|
2016
|
Revenues:
|
|
|
Casino
|
$
|
301
|
Rooms
|
|
30
|
Food and
Beverage
|
|
17
|
Mall
|
|
18
|
Convention, Retail and
Other
|
|
6
|
Less - Promotional
Allowances
|
|
(28)
|
Net
Revenues
|
$
|
344
|
|
|
|
Adjusted Property
EBITDA
|
$
|
95
|
EBITDA Margin
%
|
|
27.6%
|
|
|
|
Gaming
Statistics
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
3,313
|
Rolling Chip Win
%(1)
|
|
4.52%
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
895
|
Non-Rolling Chip Win
%
|
|
18.3%
|
|
|
|
Slot Handle
|
$
|
803
|
Slot Hold
%
|
|
4.4%
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
Occupancy %
|
|
91.1%
|
Average Daily Rate
(ADR)
|
$
|
138
|
Revenue per Available
Room (RevPAR)
|
$
|
126
|
|
|
|
(1) This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
(2) The Parisian Macao opened
in September 2016.
|
Four Seasons Hotel Macao and Plaza Casino Fourth Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated revenue
of $163 million and adjusted property
EBITDA of $67 million in the fourth
quarter of 2016. Non-Rolling Chip drop was $313 million, with a Non-Rolling Chip win
percentage of 18.4%. Rolling Chip volume was $2.49 billion for the quarter. Rolling Chip win
percentage was 3.22% in the quarter, below the 3.43% experienced in
the prior-year quarter. Slot handle was $108
million during the quarter.
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of
2016 compared to the fourth quarter of 2015:
Four Seasons Hotel
Macao and Plaza Casino Operations
|
Three Months
Ended
|
|
December 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
121
|
|
$
|
114
|
|
$
|
7
|
|
6.1%
|
Rooms
|
|
10
|
|
|
10
|
|
|
-
|
|
-%
|
Food and
Beverage
|
|
7
|
|
|
7
|
|
|
-
|
|
-%
|
Mall
|
|
33
|
|
|
38
|
|
|
(5)
|
|
-13.2%
|
Convention, Retail and
Other
|
|
1
|
|
|
1
|
|
|
-
|
|
-%
|
Less - Promotional
Allowances
|
|
(9)
|
|
|
(12)
|
|
|
3
|
|
25.0%
|
Net
Revenues
|
$
|
163
|
|
$
|
158
|
|
$
|
5
|
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
67
|
|
$
|
66
|
|
$
|
1
|
|
1.5%
|
EBITDA Margin
%
|
|
41.1%
|
|
|
41.8%
|
|
|
|
|
-0.7 pts
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,494
|
|
$
|
2,425
|
|
$
|
69
|
|
2.8%
|
Rolling Chip Win
%(1)
|
|
3.22%
|
|
|
3.43%
|
|
|
|
|
-0.21 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
313
|
|
$
|
272
|
|
$
|
41
|
|
15.1%
|
Non-Rolling Chip Win
%
|
|
18.4%
|
|
|
20.1%
|
|
|
|
|
-1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
108
|
|
$
|
104
|
|
$
|
4
|
|
3.8%
|
Slot Hold
%
|
|
7.2%
|
|
|
6.6%
|
|
|
|
|
0.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
82.8%
|
|
|
81.1%
|
|
|
|
|
1.7 pts
|
Average Daily Rate
(ADR)
|
$
|
413
|
|
$
|
351
|
|
$
|
62
|
|
17.7%
|
Revenue per Available
Room (RevPAR)
|
$
|
342
|
|
$
|
284
|
|
$
|
58
|
|
20.4%
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Sands Macao Fourth Quarter Operating Results
Sands Macao's revenue was
$161 million and adjusted property
EBITDA was $47 million. Non-Rolling
Chip drop was $608 million during the
quarter, while slot handle was $592
million. Rolling Chip volume was $1.40 billion for the quarter. The property
realized 1.83% win on Rolling Chip volume during the quarter, below
the 3.18% generated in the year-ago quarter. Adjusted property
EBITDA margin of 29.2% represents an increase of 430 basis points
compared to the prior-year quarter.
The following table summarizes our key operating results for
Sands Macao for the fourth quarter of 2016 compared to the fourth
quarter of 2015:
Sands Macao
Operations
|
Three Months
Ended
|
|
December 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
155
|
|
$
|
198
|
|
$
|
(43)
|
|
-21.7%
|
Rooms
|
|
5
|
|
|
6
|
|
|
(1)
|
|
-16.7%
|
Food and
Beverage
|
|
7
|
|
|
8
|
|
|
(1)
|
|
-12.5%
|
Convention, Retail and
Other
|
|
2
|
|
|
3
|
|
|
(1)
|
|
-33.3%
|
Less - Promotional
Allowances
|
|
(8)
|
|
|
(10)
|
|
|
2
|
|
20.0%
|
Net
Revenues
|
$
|
161
|
|
$
|
205
|
|
$
|
(44)
|
|
-21.5%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
47
|
|
$
|
51
|
|
$
|
(4)
|
|
-7.8%
|
EBITDA Margin
%
|
|
29.2%
|
|
|
24.9%
|
|
|
|
|
4.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,404
|
|
$
|
2,696
|
|
$
|
(1,292)
|
|
-47.9%
|
Rolling Chip Win
%(1)
|
|
1.83%
|
|
|
3.18%
|
|
|
|
|
-1.35 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
608
|
|
$
|
716
|
|
$
|
(108)
|
|
-15.1%
|
Non-Rolling Chip Win
%
|
|
20.0%
|
|
|
17.3%
|
|
|
|
|
2.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
592
|
|
$
|
662
|
|
$
|
(70)
|
|
-10.6%
|
Slot Hold
%
|
|
3.4%
|
|
|
3.3%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.6%
|
|
|
99.1%
|
|
|
|
|
-0.5 pts
|
Average Daily Rate
(ADR)
|
$
|
196
|
|
$
|
209
|
|
$
|
(13)
|
|
-6.2%
|
Revenue per Available
Room (RevPAR)
|
$
|
193
|
|
$
|
207
|
|
$
|
(14)
|
|
-6.8%
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Marina Bay Sands Fourth Quarter Operating Results
Marina Bay Sands generated revenue of $723 million and adjusted property EBITDA of
$366 million.
Rolling Chip win percentage of 2.87% in the fourth quarter of
2016 was above the 2.39% achieved in the fourth quarter of 2015,
but within the expected range. Rolling Chip volume was $8.26 billion for the quarter.
Non-Rolling Chip drop was $951
million during the quarter, with a Non-Rolling Chip win
percentage of 28.1%. Slot handle increased 1.8% to $3.38 billion for the quarter compared to the
year-ago quarter. Total mass win-per-day during the quarter was
$4.59 million, consistent with the
same quarter last year.
Occupancy was essentially unchanged at 96.7% during the quarter,
while ADR increased 7.9% to $423,
resulting in a RevPAR increase of 7.9% compared to the same quarter
last year.
The following table summarizes our key operating results for
Marina Bay Sands for the fourth quarter of 2016 compared to the
fourth quarter of 2015:
Marina Bay Sands
Operations
|
Three Months
Ended
|
|
December 31,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
563
|
|
$
|
533
|
|
$
|
30
|
|
5.6%
|
Rooms
|
|
95
|
|
|
88
|
|
|
7
|
|
8.0%
|
Food and
Beverage
|
|
55
|
|
|
55
|
|
|
-
|
|
-%
|
Mall
|
|
44
|
|
|
42
|
|
|
2
|
|
4.8%
|
Convention, Retail and
Other
|
|
26
|
|
|
29
|
|
|
(3)
|
|
-10.3%
|
Less - Promotional
Allowances
|
|
(60)
|
|
|
(44)
|
|
|
(16)
|
|
-36.4%
|
Net
Revenues
|
$
|
723
|
|
$
|
703
|
|
$
|
20
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
366
|
|
$
|
339
|
|
$
|
27
|
|
8.0%
|
EBITDA Margin
%
|
|
50.6%
|
|
|
48.2%
|
|
|
|
|
2.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
8,257
|
|
$
|
10,117
|
|
$
|
(1,860)
|
|
-18.4%
|
Rolling Chip Win
%(1)
|
|
2.87%
|
|
|
2.39%
|
|
|
|
|
0.48 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
951
|
|
$
|
976
|
|
$
|
(25)
|
|
-2.6%
|
Non-Rolling Chip Win
%
|
|
28.1%
|
|
|
28.5%
|
|
|
|
|
-0.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,383
|
|
$
|
3,323
|
|
$
|
60
|
|
1.8%
|
Slot Hold
%
|
|
4.6%
|
|
|
4.4%
|
|
|
|
|
0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.7%
|
|
|
96.6%
|
|
|
|
|
0.1 pts
|
Average Daily Rate
(ADR)
|
$
|
423
|
|
$
|
392
|
|
$
|
31
|
|
7.9%
|
Revenue per Available
Room (RevPAR)
|
$
|
409
|
|
$
|
379
|
|
$
|
30
|
|
7.9%
|
|
(1) This
compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
|
Las Vegas Operations Fourth Quarter Operating Results
Revenue and adjusted property EBITDA at The Venetian Las Vegas
and The Palazzo, including the Sands Expo and Convention Center,
were $412 million and $111 million, respectively, for the quarter.
RevPAR increased 4.5% year-over-year to $230 in the quarter, reflecting a 6.3% increase
in ADR to $254 and a 1.8 percentage
point decrease in occupancy to 90.3%. Table games drop
decreased 14.8% in the quarter to $403
million, reflecting softer play in both the Baccarat and
non-Baccarat segments, while slot handle increased 4.3% to
$707 million.
The following table summarizes our key operating results for our
Las Vegas operations for the
fourth quarter of 2016 compared to the fourth quarter of 2015:
|
Three Months
Ended
|
|
|
Las Vegas
Operations
|
December
31,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
130
|
|
$
|
129
|
|
$
|
1
|
|
0.8%
|
|
Rooms
|
|
144
|
|
|
142
|
|
|
2
|
|
1.4%
|
|
Food and
Beverage
|
|
75
|
|
|
74
|
|
|
1
|
|
1.4%
|
|
Convention, Retail and
Other
|
|
90
|
|
|
82
|
|
|
8
|
|
9.8%
|
|
Less - Promotional
Allowances
|
|
(27)
|
|
|
(27)
|
|
|
-
|
|
-%
|
|
Net
Revenues
|
$
|
412
|
|
$
|
400
|
|
$
|
12
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
111
|
|
$
|
97
|
|
$
|
14
|
|
14.4%
|
|
EBITDA Margin
%
|
|
26.9%
|
|
|
24.3%
|
|
|
|
|
2.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
403
|
|
$
|
473
|
|
$
|
(70)
|
|
-14.8%
|
|
Table Games
Win %(1)
|
|
22.3%
|
|
|
18.5%
|
|
|
|
|
3.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
707
|
|
$
|
678
|
|
$
|
29
|
|
4.3%
|
|
Slot Hold
%
|
|
7.9%
|
|
|
8.0%
|
|
|
|
|
-0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
90.3%
|
|
|
92.1%
|
|
|
|
|
-1.8 pts
|
|
Average Daily Rate
(ADR)
|
$
|
254
|
|
$
|
239
|
|
$
|
15
|
|
6.3%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
230
|
|
$
|
220
|
|
$
|
10
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Fourth Quarter Operating Results
Revenue and adjusted property EBITDA at Sands Bethlehem were
$139 million and $28 million, respectively, for the quarter. Table
games drop decreased 7.5% to $271
million for the quarter, while table games win percentage
was 19.0%, above the 18.3% realized in the fourth quarter of 2015.
Slot handle increased 8.1% year-over-year to $1.15 billion for the quarter, with a slot hold
percentage of 6.6%.
The following table summarizes our key operating results for
Sands Bethlehem for the fourth quarter of 2016 compared to the
fourth quarter of 2015:
|
Three Months
Ended
|
|
|
Sands Bethlehem
Operations
|
December
31,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
129
|
|
$
|
130
|
|
$
|
(1)
|
|
-0.8%
|
|
Rooms
|
|
4
|
|
|
4
|
|
|
-
|
|
-%
|
|
Food and
Beverage
|
|
7
|
|
|
8
|
|
|
(1)
|
|
-12.5%
|
|
Mall
|
|
1
|
|
|
1
|
|
|
-
|
|
-%
|
|
Convention, Retail and
Other
|
|
5
|
|
|
5
|
|
|
-
|
|
-%
|
|
Less - Promotional
Allowances
|
|
(7)
|
|
|
(8)
|
|
|
1
|
|
-12.5%
|
|
Net
Revenues
|
$
|
139
|
|
$
|
140
|
|
$
|
(1)
|
|
-0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
28
|
|
$
|
34
|
|
$
|
(6)
|
|
-17.6%
|
|
EBITDA Margin
%
|
|
20.1%
|
|
|
24.3%
|
|
|
|
|
-4.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
271
|
|
$
|
293
|
|
$
|
(22)
|
|
-7.5%
|
|
Table Games
Win %(1)
|
|
19.0%
|
|
|
18.3%
|
|
|
|
|
0.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
1,149
|
|
$
|
1,063
|
|
$
|
86
|
|
8.1%
|
|
Slot Hold
%
|
|
6.6%
|
|
|
6.9%
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
93.3%
|
|
|
92.8%
|
|
|
|
|
0.5 pts
|
|
Average Daily Rate
(ADR)
|
$
|
163
|
|
$
|
152
|
|
$
|
11
|
|
7.2%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
152
|
|
$
|
141
|
|
$
|
11
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This
compares to our expected table games win percentage of 14.0% to
16.0% (calculated before discounts).
|
Asian Retail Mall Operations
Gross revenue from tenants in the Company's retail malls on
Macao's Cotai Strip (The Venetian
Macao, Four Seasons Macao, Sands Cotai Central and The Parisian
Macao) and Marina Bay Sands in Singapore was $167
million for the fourth quarter of 2016, an increase of 5.0%
compared to the fourth quarter of 2015. Operating profit derived
from these retail mall assets increased 2.8% year-over-year to
$148 million.
|
|
For The Three Months
Ended December 31, 2016
|
|
|
TTM
December
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
|
$
|
56
|
|
$
|
51
|
|
91.1%
|
|
777,413
|
|
97.6%
|
|
$
|
1,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21
|
|
|
19
|
|
90.5%
|
|
142,562
|
|
100.0%
|
|
|
4,200
|
|
Other
Stores
|
|
12
|
|
|
11
|
|
91.7%
|
|
116,848
|
|
98.4%
|
|
|
1,451
|
|
Total
|
|
33
|
|
|
30
|
|
90.9%
|
|
259,410
|
|
99.3%
|
|
|
3,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
16
|
|
|
14
|
|
87.5%
|
|
407,065
|
|
96.7%
|
|
|
882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian(4)
|
|
18
|
|
|
15
|
|
83.3%
|
|
299,778
|
|
92.6%
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
123
|
|
|
110
|
|
89.4%
|
|
1,743,666
|
|
96.8%
|
|
|
1,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
44
|
|
|
38
|
|
86.4%
|
|
612,567
|
|
98.3%
|
|
|
1,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
167
|
|
$
|
148
|
|
088.6%
|
|
2,356,233
|
|
97.2%
|
|
$
|
1,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$7 million during the quarter,
compared to $6 million in the fourth
quarter of 2015.
Pre-opening expense was $2 million
in the fourth quarter of 2016, compared to $18 million in the fourth quarter of 2015.
Depreciation and amortization expense was $319 million in the fourth quarter of 2016,
compared to $249 million in the
fourth quarter of 2015. This increase was driven primarily by the
opening of The Parisian Macao.
Interest expense, net of amounts capitalized, was $76 million for the fourth quarter of 2016,
compared to $66 million in the
prior-year quarter. Capitalized interest was $1 million during the fourth quarter of 2016,
compared to $11 million during the
fourth quarter of 2015. Our weighted average borrowing cost in the
fourth quarter of 2016 was approximately 3.0%.
The Company's effective income tax rate for the fourth quarter
of 2016 was 7.9% compared to 9.7% 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 fourth quarter of 2016 of $98
million was principally related to Sands China
Ltd.
Balance Sheet Items
Unrestricted cash balances as of December
31, 2016 were $2.13
billion.
As of December 31, 2016, total
debt outstanding, including the current portion and net of deferred
financing costs (excluding those costs related to our revolving
facilities) and original issue discount, was $9.60 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled
$295 million, including construction,
development and maintenance activities of $215 million in Macao (principally for The Parisian Macao),
$40 million in Las Vegas, $33
million at Marina Bay Sands and $7
million at Sands Bethlehem.
Conference Call Information
The Company will host a conference call to discuss the Company's
results on Wednesday, January 25,
2017 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.
Fourth Quarter 2016
Results
Non-GAAP Measures
Within the Company's fourth 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. 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 other income
and expense, 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 alternative measures 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 millions, except
share and per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
2,365
|
|
$
2,162
|
|
$
8,771
|
|
$
9,083
|
Rooms
|
|
|
404
|
|
367
|
|
1,527
|
|
1,470
|
Food and
beverage
|
|
|
215
|
|
201
|
|
774
|
|
757
|
Mall
|
|
|
169
|
|
160
|
|
591
|
|
564
|
Convention,
retail and other
|
|
144
|
|
152
|
|
533
|
|
540
|
|
|
|
3,297
|
|
3,042
|
|
12,196
|
|
12,414
|
Less -
promotional allowances
|
|
(222)
|
|
(180)
|
|
(786)
|
|
(726)
|
|
|
|
3,075
|
|
2,862
|
|
11,410
|
|
11,688
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
|
1,962
|
|
1,815
|
|
7,294
|
|
7,540
|
Corporate
|
|
|
48
|
|
49
|
|
256
|
|
176
|
Pre-opening
|
|
|
2
|
|
18
|
|
130
|
|
48
|
Development
|
|
|
2
|
|
3
|
|
9
|
|
10
|
Depreciation
and amortization
|
|
319
|
|
249
|
|
1,111
|
|
999
|
Amortization
of leasehold interests in land
|
9
|
|
10
|
|
38
|
|
39
|
Loss on
disposal or impairment of assets
|
64
|
|
16
|
|
79
|
|
35
|
|
|
|
2,406
|
|
2,160
|
|
8,917
|
|
8,847
|
Operating
income
|
|
|
669
|
|
702
|
|
2,493
|
|
2,841
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
4
|
|
2
|
|
10
|
|
15
|
Interest
expense, net of amounts capitalized
|
(76)
|
|
(66)
|
|
(274)
|
|
(265)
|
Other income
(expense)
|
|
|
64
|
|
(1)
|
|
31
|
|
31
|
Loss on
modification or early retirement of debt
|
(2)
|
|
-
|
|
(5)
|
|
-
|
Income before income
taxes
|
|
659
|
|
637
|
|
2,255
|
|
2,622
|
Income tax
expense
|
|
|
(52)
|
|
(62)
|
|
(239)
|
|
(236)
|
Net
income
|
|
|
607
|
|
575
|
|
2,016
|
|
2,386
|
Net income
attributable to noncontrolling interests
|
(98)
|
|
(109)
|
|
(346)
|
|
(420)
|
Net income
attributable to Las Vegas Sands Corp.
|
$
509
|
|
$
466
|
|
$
1,670
|
|
$
1,966
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
0.64
|
|
$
0.59
|
|
$
2.10
|
|
$
2.47
|
Diluted
|
|
|
$
0.64
|
|
$
0.59
|
|
$
2.10
|
|
$
2.47
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
794,778,997
|
|
794,963,357
|
|
794,627,349
|
|
796,785,900
|
Diluted
|
|
|
795,077,689
|
|
795,653,442
|
|
795,210,673
|
|
797,596,082
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
0.72
|
|
$
0.65
|
|
$
2.88
|
|
$
2.60
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure and
Supplemental Data
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
|
$
707
|
|
$
761
|
|
$
2,895
|
|
$
2,987
|
Sands
Cotai Central
|
|
|
444
|
|
506
|
|
1,965
|
|
2,182
|
The Parisian
Macao
|
|
|
344
|
|
-
|
|
413
|
|
-
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
163
|
|
158
|
|
597
|
|
691
|
Sands
Macao
|
|
|
|
161
|
|
205
|
|
688
|
|
879
|
Ferry Operations and
Other
|
|
|
48
|
|
43
|
|
174
|
|
160
|
Macao
Operations
|
|
|
1,867
|
|
1,673
|
|
6,732
|
|
6,899
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
|
723
|
|
703
|
|
2,799
|
|
2,952
|
Las Vegas Operating
Properties
|
|
|
412
|
|
400
|
|
1,537
|
|
1,508
|
Sands
Bethlehem
|
|
|
139
|
|
140
|
|
571
|
|
549
|
Intersegment
Eliminations
|
|
|
(66)
|
|
(54)
|
|
(229)
|
|
(220)
|
|
|
|
|
$3,075
|
|
$2,862
|
|
$11,410
|
|
$11,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
|
$
262
|
|
$
298
|
|
$
1,089
|
|
$
1,079
|
Sands Cotai
Central
|
|
|
132
|
|
160
|
|
616
|
|
651
|
The Parisian
Macao
|
|
|
95
|
|
-
|
|
114
|
|
-
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
67
|
|
66
|
|
221
|
|
243
|
Sands
Macao
|
|
|
|
47
|
|
51
|
|
172
|
|
226
|
Ferry Operations and
Other
|
|
|
7
|
|
6
|
|
32
|
|
23
|
Macao
Operations
|
|
|
610
|
|
581
|
|
2,244
|
|
2,222
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
|
366
|
|
339
|
|
1,389
|
|
1,507
|
Las Vegas Operating
Properties
|
|
|
111
|
|
97
|
|
356
|
|
305
|
Sands
Bethlehem
|
|
|
28
|
|
34
|
|
141
|
|
136
|
|
|
|
|
$1,115
|
|
$1,051
|
|
$
4,130
|
|
$
4,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
|
37.1%
|
|
39.2%
|
|
37.6%
|
|
36.1%
|
Sands Cotai
Central
|
|
|
29.7%
|
|
31.6%
|
|
31.3%
|
|
29.8%
|
The Parisian
Macao
|
|
|
27.6%
|
|
-
|
|
27.6%
|
|
-
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
41.1%
|
|
41.8%
|
|
37.0%
|
|
35.2%
|
Sands
Macao
|
|
|
|
29.2%
|
|
24.9%
|
|
25.0%
|
|
25.7%
|
Ferry Operations and
Other
|
|
|
14.6%
|
|
14.0%
|
|
18.4%
|
|
14.4%
|
Macao
Operations
|
|
|
32.7%
|
|
34.7%
|
|
33.3%
|
|
32.2%
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
|
50.6%
|
|
48.2%
|
|
49.6%
|
|
51.1%
|
Las Vegas Operating
Properties
|
|
|
26.9%
|
|
24.3%
|
|
23.2%
|
|
20.2%
|
Sands
Bethlehem
|
|
|
20.1%
|
|
24.3%
|
|
24.7%
|
|
24.8%
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
36.3%
|
|
36.7%
|
|
36.2%
|
|
35.7%
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
94.2%
|
|
83.5%
|
|
86.0%
|
|
84.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
211
|
|
$
223
|
|
$
214
|
|
$
243
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
199
|
|
$
186
|
|
$
184
|
|
$
204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
85.9%
|
|
85.4%
|
|
82.2%
|
|
83.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
146
|
|
$
151
|
|
$
148
|
|
$
157
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
125
|
|
$
129
|
|
$
122
|
|
$
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
91.1%
|
|
0.0%
|
|
90.5%
|
|
0.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
138
|
|
$
-
|
|
$
138
|
|
$
-
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
126
|
|
$
-
|
|
$
125
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
82.8%
|
|
81.1%
|
|
75.3%
|
|
82.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
413
|
|
$
351
|
|
$
364
|
|
$
376
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
342
|
|
$
284
|
|
$
274
|
|
$
308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
98.6%
|
|
99.1%
|
|
97.1%
|
|
99.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
196
|
|
$
209
|
|
$
199
|
|
$
220
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
193
|
|
$
207
|
|
$
193
|
|
$
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
96.7%
|
|
96.6%
|
|
97.3%
|
|
96.3%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
423
|
|
$
392
|
|
$
417
|
|
$
404
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
409
|
|
$
379
|
|
$
406
|
|
$
389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
90.3%
|
|
92.1%
|
|
93.5%
|
|
91.8%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
254
|
|
$
239
|
|
$
246
|
|
$
233
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
230
|
|
$
220
|
|
$
230
|
|
$
214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
93.3%
|
|
92.8%
|
|
94.5%
|
|
91.5%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
163
|
|
$
152
|
|
$
160
|
|
$
151
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
152
|
|
$
141
|
|
$
151
|
|
$
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$13,244
|
|
$11,563
|
|
$11,789
|
|
$11,864
|
|
|
Slot machine win per
unit per day (4)
|
|
$
240
|
|
$
267
|
|
$
258
|
|
$
261
|
|
|
Average number of
table games
|
|
|
536
|
|
635
|
|
616
|
|
618
|
|
|
Average number of
slot machines
|
|
|
1,528
|
|
1,925
|
|
1,807
|
|
2,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
9,600
|
|
$
9,035
|
|
$
9,294
|
|
$10,340
|
|
|
Slot machine win per
unit per day (4)
|
|
$
294
|
|
$
320
|
|
$
315
|
|
$
341
|
|
|
Average number of
table games
|
|
|
405
|
|
503
|
|
479
|
|
504
|
|
|
Average number of
slot machines
|
|
|
1,606
|
|
1,791
|
|
1,788
|
|
1,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
8,502
|
|
$
-
|
|
$
8,467
|
|
$
-
|
|
|
Slot machine win per
unit per day (4)
|
|
$
242
|
|
$
-
|
|
$
255
|
|
$
-
|
|
|
Average number of
table games
|
|
|
400
|
|
-
|
|
401
|
|
-
|
|
|
Average number of
slot machines
|
|
|
1,583
|
|
-
|
|
1,572
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$17,080
|
|
$15,024
|
|
$15,166
|
|
$15,801
|
|
|
Slot machine win per
unit per day (4)
|
|
$
684
|
|
$
471
|
|
$
501
|
|
$
501
|
|
|
Average number of
table games
|
|
|
88
|
|
100
|
|
94
|
|
116
|
|
|
Average number of
slot machines
|
|
|
123
|
|
157
|
|
141
|
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
8,129
|
|
$
8,309
|
|
$
7,467
|
|
$
8,616
|
|
|
Slot machine win per
unit per day (4)
|
|
$
267
|
|
$
260
|
|
$
267
|
|
$
281
|
|
|
Average number of
table games
|
|
|
197
|
|
274
|
|
242
|
|
280
|
|
|
Average number of
slot machines
|
|
|
826
|
|
912
|
|
886
|
|
945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
9,236
|
|
$
9,218
|
|
$
8,972
|
|
$10,434
|
|
|
Slot machine win per
unit per day (4)
|
|
$
676
|
|
$
661
|
|
$
667
|
|
$
659
|
|
|
Average number of
table games
|
|
|
592
|
|
613
|
|
594
|
|
600
|
|
|
Average number of
slot machines
|
|
|
2,496
|
|
2,402
|
|
2,471
|
|
2,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
3,865
|
|
$
3,856
|
|
$
3,222
|
|
$
3,698
|
|
|
Slot machine win per
unit per day (4)
|
|
$
301
|
|
$
284
|
|
$
282
|
|
$
242
|
|
|
Average number of
table games
|
|
|
253
|
|
247
|
|
248
|
|
245
|
|
|
Average number of
slot machines
|
|
|
2,006
|
|
2,080
|
|
2,002
|
|
2,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
3,156
|
|
$
3,332
|
|
$
3,342
|
|
$
3,159
|
|
|
Slot machine win per
unit per day (4)
|
|
$
260
|
|
$
270
|
|
$
273
|
|
$
274
|
|
|
Average number of
table games
|
|
|
177
|
|
175
|
|
177
|
|
176
|
|
|
Average number of
slot machines
|
|
|
3,162
|
|
2,976
|
|
3,077
|
|
2,992
|
|
|
_________________
|
|
|
(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
millions)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Net Income to Consolidated Adjusted Property
EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income
|
|
|
|
$
607
|
|
$
575
|
|
$2,016
|
|
$2,386
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
52
|
|
62
|
|
239
|
|
236
|
Loss on modification or
early retirement of debt
|
|
2
|
|
-
|
|
5
|
|
-
|
Other (income)
expense
|
|
|
(64)
|
|
1
|
|
(31)
|
|
(31)
|
Interest expense, net of
amounts capitalized
|
|
76
|
|
66
|
|
274
|
|
265
|
Interest income
|
|
|
(4)
|
|
(2)
|
|
(10)
|
|
(15)
|
Loss on disposal or
impairment of assets
|
|
64
|
|
16
|
|
79
|
|
35
|
Amortization of leasehold
interests in land
|
|
9
|
|
10
|
|
38
|
|
39
|
Depreciation and
amortization
|
|
319
|
|
249
|
|
1,111
|
|
999
|
Development
expense
|
|
|
2
|
|
3
|
|
9
|
|
10
|
Pre-opening
expense
|
|
|
2
|
|
18
|
|
130
|
|
48
|
Stock-based compensation
(1)
|
|
2
|
|
4
|
|
14
|
|
22
|
Corporate expense
|
|
|
48
|
|
49
|
|
256
|
|
176
|
Consolidated Adjusted
Property EBITDA
|
|
$1,115
|
|
$1,051
|
|
$4,130
|
|
$4,170
|
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
(78)
|
|
8
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
34
|
|
11
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$1,071
|
|
$1,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit
7
|
|
|
|
|
|
|
|
|
|
(2) See Exhibit
5
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following are
reconciliations of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Macao
Operations
|
|
|
$
610
|
|
$
(78)
|
|
$
34
|
|
$
566
|
Marina Bay
Sands
|
|
|
366
|
|
-
|
|
-
|
|
366
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
111
|
|
-
|
|
-
|
|
111
|
Sands
Bethlehem
|
|
28
|
|
-
|
|
-
|
|
28
|
United States
Property Operations
|
|
139
|
|
-
|
|
-
|
|
139
|
|
|
|
$ 1,115
|
|
$
(78)
|
|
$
34
|
|
$
1,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Macao
Operations
|
|
|
$
581
|
|
$
(48)
|
|
$
22
|
|
$
555
|
Marina Bay
Sands
|
|
|
339
|
|
46
|
|
(9)
|
|
376
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
97
|
|
10
|
|
(2)
|
|
105
|
Sands
Bethlehem
|
|
34
|
|
-
|
|
-
|
|
34
|
United States
Property Operations
|
|
131
|
|
10
|
|
(2)
|
|
139
|
|
|
|
$ 1,051
|
|
$
8
|
|
$
11
|
|
$
1,070
|
|
|
|
|
|
|
|
|
|
|
(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 millions, 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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
(1)
|
|
2016
|
|
2015
(1)
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
509
|
|
$
466
|
|
$
1,670
|
|
$
1,966
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
-
|
|
-
|
|
79
|
|
-
|
Pre-opening
expense
|
|
2
|
|
18
|
|
130
|
|
48
|
Development
expense
|
|
2
|
|
3
|
|
9
|
|
10
|
Loss on disposal or
impairment of assets
|
|
64
|
|
16
|
|
79
|
|
35
|
Other (income)
expense
|
|
(64)
|
|
1
|
|
(31)
|
|
(31)
|
Loss on modification
or early retirement of debt
|
|
2
|
|
-
|
|
5
|
|
-
|
Income tax impact on
net income adjustments (2)
|
|
(21)
|
|
(4)
|
|
(40)
|
|
(5)
|
Noncontrolling
interest impact on net income adjustments
|
|
(3)
|
|
(6)
|
|
(52)
|
|
(19)
|
Adjusted net
income
|
|
$
491
|
|
$
494
|
|
$
1,849
|
|
$
2,004
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (3)
|
|
(78)
|
|
8
|
|
|
|
|
Hold-normalized
casino expense (3)
|
|
34
|
|
11
|
|
|
|
|
Income tax impact on
hold adjustments(2)
|
|
-
|
|
(6)
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
13
|
|
8
|
|
|
|
|
Hold-normalized
adjusted net income
|
|
$
460
|
|
$
515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
(1)
|
|
2016
|
|
2015
(1)
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
0.64
|
|
$
0.59
|
|
$
2.10
|
|
$
2.47
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
-
|
|
-
|
|
0.10
|
|
-
|
Pre-opening
expense
|
|
-
|
|
0.02
|
|
0.16
|
|
0.06
|
Development
expense
|
|
-
|
|
-
|
|
0.01
|
|
0.01
|
Loss on disposal or
impairment of assets
|
|
0.08
|
|
0.02
|
|
0.10
|
|
0.04
|
Other (income)
expense
|
|
(0.08)
|
|
0.01
|
|
(0.04)
|
|
(0.04)
|
Loss on modification
or early retirement of debt
|
|
-
|
|
-
|
|
0.01
|
|
-
|
Income tax impact on
net income adjustments
|
|
(0.02)
|
|
(0.01)
|
|
(0.04)
|
|
(0.01)
|
Noncontrolling
interest impact on net income adjustments
|
|
-
|
|
(0.01)
|
|
(0.07)
|
|
(0.02)
|
Adjusted earnings per
diluted share
|
|
$
0.62
|
|
$
0.62
|
|
$
2.33
|
|
$
2.51
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
(0.10)
|
|
0.01
|
|
|
|
|
Hold-normalized
casino expense
|
|
0.04
|
|
0.02
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
-
|
|
(0.01)
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
0.02
|
|
0.01
|
|
|
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
0.58
|
|
$
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
795,077,689
|
|
795,653,442
|
|
795,210,673
|
|
797,596,082
|
|
|
(1)
|
The information for
the three months and year ended December 31, 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
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data By
Segment
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
Loss
on
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
Disposal
or
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
Operating
|
|
and
|
|
Interests
|
|
Impairment
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
$
217
|
|
$
40
|
|
$
2
|
|
$
2
|
|
$
-
|
|
$
-
|
|
$
1
|
|
$
-
|
|
$
262
|
Sands
Cotai Central
|
|
55
|
|
70
|
|
2
|
|
4
|
|
-
|
|
-
|
|
1
|
|
-
|
|
132
|
The
Parisian Macao
|
|
45
|
|
48
|
|
1
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
95
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
54
|
|
10
|
|
1
|
|
-
|
|
2
|
|
-
|
|
-
|
|
-
|
|
67
|
Sands
Macao
|
|
37
|
|
10
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
47
|
Ferry
Operations and Other
|
|
(19)
|
|
4
|
|
-
|
|
-
|
|
(1)
|
|
23
|
|
-
|
|
-
|
|
7
|
Macao
Operations
|
|
389
|
|
182
|
|
6
|
|
6
|
|
2
|
|
23
|
|
2
|
|
-
|
|
610
|
Marina Bay
Sands
|
|
259
|
|
76
|
|
3
|
|
2
|
|
-
|
|
26
|
|
-
|
|
-
|
|
366
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
110
|
|
45
|
|
-
|
|
5
|
|
-
|
|
(49)
|
|
-
|
|
-
|
|
111
|
Sands
Bethlehem
|
|
20
|
|
7
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
28
|
United States
Property Operations
|
|
130
|
|
52
|
|
-
|
|
6
|
|
-
|
|
(49)
|
|
-
|
|
-
|
|
139
|
Other
Development
|
|
(53)
|
|
2
|
|
-
|
|
49
|
|
2
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(56)
|
|
7
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
48
|
|
-
|
|
|
$
669
|
|
$
319
|
|
$
9
|
|
$
64
|
|
$
4
|
|
$
-
|
|
$
2
|
|
$
48
|
|
$ 1,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
Loss
on
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
Disposal
or
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
Operating
|
|
and
|
|
Interests
|
|
Impairment
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
$
253
|
|
$
40
|
|
$
2
|
|
$
1
|
|
$
-
|
|
$
-
|
|
$
2
|
|
$
-
|
|
$
298
|
Sands
Cotai Central
|
|
78
|
|
67
|
|
2
|
|
3
|
|
9
|
|
-
|
|
1
|
|
-
|
|
160
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
53
|
|
11
|
|
1
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
66
|
Sands
Macao
|
|
42
|
|
9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
51
|
Ferry
Operations and Other
|
|
(12)
|
|
4
|
|
-
|
|
-
|
|
-
|
|
14
|
|
-
|
|
-
|
|
6
|
Macao
Operations
|
|
414
|
|
131
|
|
5
|
|
4
|
|
10
|
|
14
|
|
3
|
|
-
|
|
581
|
Marina Bay
Sands
|
|
247
|
|
62
|
|
4
|
|
1
|
|
1
|
|
24
|
|
-
|
|
-
|
|
339
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
80
|
|
43
|
|
-
|
|
11
|
|
-
|
|
(38)
|
|
1
|
|
-
|
|
97
|
Sands
Bethlehem
|
|
27
|
|
7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
34
|
United States
Property Operations
|
|
107
|
|
50
|
|
-
|
|
11
|
|
-
|
|
(38)
|
|
1
|
|
-
|
|
131
|
Other
Development
|
|
(10)
|
|
(1)
|
|
1
|
|
-
|
|
10
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(56)
|
|
7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
49
|
|
-
|
|
|
$
702
|
|
$
249
|
|
$
10
|
|
$
16
|
|
$
21
|
|
$
-
|
|
$
4
|
|
$
49
|
|
$ 1,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
Loss
on
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
Disposal
or
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
Operating
|
|
and
|
|
Interests
|
|
Impairment
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
$
912
|
|
$
160
|
|
$
7
|
|
$
3
|
|
$
-
|
|
$
-
|
|
$
7
|
|
$
-
|
|
$ 1,089
|
Sands
Cotai Central
|
|
311
|
|
287
|
|
8
|
|
8
|
|
(1)
|
|
-
|
|
3
|
|
-
|
|
616
|
The
Parisian Macao
|
|
34
|
|
57
|
|
1
|
|
-
|
|
22
|
|
-
|
|
-
|
|
-
|
|
114
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
174
|
|
39
|
|
3
|
|
-
|
|
4
|
|
-
|
|
1
|
|
-
|
|
221
|
Sands
Macao
|
|
132
|
|
38
|
|
1
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
172
|
Ferry
Operations and Other
|
|
(56)
|
|
15
|
|
-
|
|
-
|
|
-
|
|
73
|
|
-
|
|
-
|
|
32
|
Macao
Operations
|
|
1,507
|
|
596
|
|
20
|
|
11
|
|
25
|
|
73
|
|
12
|
|
-
|
|
2,244
|
Marina Bay
Sands
|
|
1,002
|
|
280
|
|
16
|
|
1
|
|
-
|
|
90
|
|
-
|
|
-
|
|
1,389
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
325
|
|
175
|
|
-
|
|
15
|
|
1
|
|
(162)
|
|
2
|
|
-
|
|
356
|
Sands
Bethlehem
|
|
111
|
|
29
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
141
|
United States
Property Operations
|
|
436
|
|
204
|
|
-
|
|
16
|
|
1
|
|
(162)
|
|
2
|
|
-
|
|
497
|
Other
Development
|
|
(166)
|
|
2
|
|
2
|
|
49
|
|
113
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(286)
|
|
29
|
|
-
|
|
2
|
|
-
|
|
(1)
|
|
-
|
|
256
|
|
-
|
|
|
$
2,493
|
|
$
1,111
|
|
$
38
|
|
$
79
|
|
$
139
|
|
$
-
|
|
$
14
|
|
$
256
|
|
$ 4,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
Loss
on
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
Disposal
or
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
Operating
|
|
and
|
|
Interests
|
|
Impairment
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
$
898
|
|
$
155
|
|
$
7
|
|
$
10
|
|
$
-
|
|
$
-
|
|
$
9
|
|
$
-
|
|
$ 1,079
|
Sands
Cotai Central
|
|
337
|
|
277
|
|
8
|
|
7
|
|
18
|
|
-
|
|
4
|
|
-
|
|
651
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
194
|
|
39
|
|
3
|
|
-
|
|
6
|
|
-
|
|
1
|
|
-
|
|
243
|
Sands
Macao
|
|
185
|
|
36
|
|
1
|
|
3
|
|
-
|
|
-
|
|
1
|
|
-
|
|
226
|
Ferry
Operations and Other
|
|
(47)
|
|
14
|
|
-
|
|
-
|
|
-
|
|
55
|
|
1
|
|
-
|
|
23
|
Macao
Operations
|
|
1,567
|
|
521
|
|
19
|
|
20
|
|
24
|
|
55
|
|
16
|
|
-
|
|
2,222
|
Marina Bay
Sands
|
|
1,145
|
|
243
|
|
17
|
|
2
|
|
2
|
|
97
|
|
1
|
|
-
|
|
1,507
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
264
|
|
174
|
|
-
|
|
13
|
|
-
|
|
(151)
|
|
5
|
|
-
|
|
305
|
Sands
Bethlehem
|
|
108
|
|
28
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
136
|
United States
Property Operations
|
|
372
|
|
202
|
|
-
|
|
13
|
|
-
|
|
(151)
|
|
5
|
|
-
|
|
441
|
Other
Development
|
|
(35)
|
|
-
|
|
3
|
|
-
|
|
32
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
(208)
|
|
33
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
176
|
|
-
|
|
|
$
2,841
|
|
$
999
|
|
$
39
|
|
$
35
|
|
$
58
|
|
$
-
|
|
$
22
|
|
$
176
|
|
$ 4,170
|
|
|
(1)
|
During the three
months ended December 31, 2016 and 2015, the Company recorded
stock-based compensation expense of $6 million and $9 million,
respectively, of which $4 million and $5 million, respectively, is
included in corporate expense on the Company's condensed
consolidated statements of operations. During the years ended
December 31, 2016 and 2015, the Company recorded stock-based
compensation expense of $34 million and $46 million, respectively,
of which $19 million and $23 million, respectively, is included in
corporate expense, and $1 million and $1 million, respectively, is
included in pre-opening expense on the Company's condensed
consolidated statements of operations.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-and-full-year-2016-results-300396855.html
SOURCE Las Vegas Sands Corp.