For the quarter ended March 31, 2023
- A Robust Recovery in Travel and Tourism Spending is Now
Underway in both Macao and
Singapore
- At Marina Bay Sands, Adjusted Property EBITDA Reached
$394 million
-
- Marina Bay Sands Mass Gaming Revenue Reached an All-Time
Property Record $549 million
- In Macao, Adjusted Property
EBITDA Reached $398 million
-
- Macao Property Portfolio Experienced Robust Recovery in all
Gaming and Non-Gaming Segments
- Macao Property Portfolio Mass Gaming Revenue Reached
$1 billion for the First Time Since
2019
- Market-Leading Investments in Macao and Singapore Position the Company for
Strong Growth as the Recovery in Travel and Tourism Spending
Progresses
LAS
VEGAS, April 19, 2023 /PRNewswire/ -- Las Vegas
Sands Corp. (NYSE: LVS), the world's leading developer and operator
of convention-based Integrated Resorts, today reported financial
results for the quarter ended March 31,
2023.
"While travel restrictions and reduced visitation continued to
impact our financial performance during the quarter, a robust
recovery in travel and tourism spending across our markets is now
underway. We remain enthusiastic about the opportunity to
welcome more guests back to our properties throughout 2023 and in
the years ahead," said Robert G.
Goldstein, chairman and chief executive officer.
"In Singapore, we were pleased to see the ongoing recovery at
Marina Bay Sands progress during the quarter, with the property
again delivering outstanding levels of performance in both mass
gaming and tenant sales. We remain energized by the
opportunity to introduce our new suite product to more customers as
airlift capacity continues to improve and the recovery in travel
and tourism spending from China
and the wider region continues.
"In Macao, we were pleased to see the ongoing recovery now
underway in all gaming and non-gaming segments accelerate during
the quarter. We remain deeply enthusiastic about the opportunity to
continue our investments to enhance Macao's tourism appeal to travelers from
throughout the region, including to foreign visitors to
Macao. Our decades-long commitment to making investments that
enhance the business and leisure tourism appeal of Macao and support its development as a world
center of business and leisure tourism positions us exceedingly
well to deliver strong growth as visitation to the market increases
and the recovery in travel and tourism spending proceeds.
"Looking ahead, our resolute commitment to making
industry-leading investments in our team members, our communities
and our market-leading Integrated Resort property portfolio
positions us exceptionally well to deliver strong growth in the
years ahead. Our financial strength supports our ongoing
investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth
opportunities in new markets."
Net revenue was $2.12 billion,
compared to $943 million in the prior
year quarter. Operating income was $378 million, compared to an operating loss of
$302 million in the prior year
quarter. Net income from continuing operations in the first
quarter of 2023 was $145 million,
compared to a net loss from continuing operations of $478 million in the first quarter of
2022.
Consolidated adjusted property EBITDA was $792 million, compared to $110 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a
GAAP basis, total net revenues for SCL increased to $1.27 billion, compared to $547 million
in the first quarter of 2022. Net loss for SCL was
$10 million, compared to $336 million in the first quarter of 2022.
Other Factors Affecting Earnings
Interest expense, net
of amounts capitalized, was $218
million for the first quarter of 2023, compared to
$156 million in the prior year
quarter. Our weighted average borrowing cost in the first
quarter of 2023 was 5.4% compared to 4.2% during the first quarter
of 2022, while our weighted average debt balance increased compared
to the prior year quarter due to borrowings of $999 million
under the SCL Credit Facility in the last year.
Our income tax expense for the first quarter of 2023 was
$50 million, compared to $2 million in the prior year quarter. The
income tax expense for the first quarter of 2023 was primarily due
to the increased profitability of our Singapore operations and Singapore's 17% statutory rate.
Balance Sheet Items
Unrestricted cash balances as of
March 31, 2023 were $6.53 billion.
The company has access to $2.48 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of March 31, 2023, total debt
outstanding, excluding finance leases and financed purchases, was
$15.97 billion.
Capital Expenditures
Capital expenditures during the
first quarter totaled $166 million,
including construction, development and maintenance activities of
$115 million at Marina Bay Sands,
$38 million in Macao and $13
million in Corporate and Other.
Conference Call Information
The company will host a
conference call to discuss the company's results on Wednesday,
April 19, 2023 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.
About Sands (NYSE: LVS)
Sands is the world's
preeminent developer and operator of world-class Integrated
Resorts.
Our iconic properties drive valuable leisure and business
tourism and deliver significant economic benefits, sustained job
creation, financial opportunities for local businesses and
community investment to help make our host regions ideal places to
live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in
Singapore and The Venetian Macao,
The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The
Parisian Macao and Sands Macao in
Macao SAR, China, through majority
ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate
responsibility, anchored by our core tenets of serving people,
planet and communities. Our ESG leadership has led to
inclusion on the Dow Jones Sustainability Indices for World and
North America. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains
forward-looking statements made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include the
discussions of our business strategies and expectations concerning
future operations, margins, profitability, liquidity and capital
resources. In addition, in certain portions included in this
press release, the words "anticipates," "believes," "estimates,"
"seeks," "expects," "plans," "intends" and similar expressions, as
they relate to our company or management, are intended to identify
forward-looking statements. Although we believe these
forward-looking statements are reasonable, we cannot assure you any
forward-looking statements will prove to be correct.
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:
risks relating to our gaming license in Singapore and new concession in Macao and amendments to Macao's gaming laws; general economic
conditions; uncertainty about the pace of recovery of travel and
tourism in Asia from the impacts
of the COVID-19 pandemic; disruptions or reductions in travel and
our operations due to natural or man-made disasters, pandemics,
epidemics, or outbreaks of infectious or contagious diseases; our
ability to invest in future growth opportunities, execute our
capital expenditure programs in Singapore, and produce future returns; new
development, construction and ventures, including development at
our existing properties; government regulation; the extent to which
the laws and regulations of mainland China become applicable to our operations in
Macao and Hong Kong; the possibility that economic,
political and legal developments in Macao adversely affect our Macao operations, or that there is a change in
the manner in which regulatory oversight is conducted in
Macao; our subsidiaries' ability
to make distribution payments to us; substantial leverage and debt
service; fluctuations in currency exchange rates and interest
rates; our ability to collect gaming receivables; win rates for our
gaming operations; risk of fraud and cheating; competition; tax law
changes; political instability, civil unrest, terrorist acts or
war; legalization of gaming; insurance; the collectability of our
outstanding loan receivable; limitations on the transfers of cash
to and from our subsidiaries; limitations of the pataca exchange
markets; restrictions on the export of the renminbi; our ability to
continue to have our securities traded in the U.S. securities
market; 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 statements and information.
Las Vegas Sands Corp.
First Quarter
2023 Results
Non-GAAP Measures
Within the company's first quarter 2023 press release, the
company makes reference to certain non-GAAP financial measures that
supplement the company's consolidated financial information
prepared in accordance with GAAP including "adjusted net income
(loss)," "adjusted earnings (loss) 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 (loss)," and "hold-normalized adjusted earnings
(loss) per diluted share." The company believes these
measures represent important internal measures of financial
performance. Set forth in the financial schedules
accompanying this release and presentations included on the
company's website 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 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 investors have the same
financial data management uses in evaluating financial performance
with the belief 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 (loss), which is a non-GAAP financial
measure, is net income (loss) attributable to Las Vegas Sands
excluding certain nonrecurring corporate expenses, pre-opening
expense, development expense, gain or loss on disposal or
impairment of assets, loss on modification or early retirement of
debt, other income or expense and income (loss) from discontinued
operations, net of income tax. Adjusted net income (loss) and
adjusted earnings (loss) 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 Integrated
Resort 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 (loss) from continuing operations
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 or impairment 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. Integrated Resort
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, Integrated Resort companies, including Las Vegas
Sands, have historically excluded certain expenses that do not
relate to the management of specific 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 (loss) 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, debt principal payments and income tax payments, 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 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 3.30% to the Rolling Chip
volume for the quarter if the actual win percentage is outside the
expected range of 3.15% to 3.45% for our Macao and Singapore properties. We do not present
adjustments for Non-Rolling Chip drop for our table games play or
for slots at our Macao and
Singapore properties.
Hold-normalized adjusted property EBITDA is also adjusted for the
estimated gaming taxes, commissions paid, 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 (loss) and hold-normalized
adjusted earnings (loss) per diluted share are additional
supplemental non-GAAP financial measures that, in addition to the
aforementioned reasons for the presentation of adjusted net income
(loss) and adjusted earnings (loss) 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.
Exhibit 1
|
Las Vegas Sands Corp.
and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
Casino
|
|
$
1,541
|
|
$
627
|
Rooms
|
|
243
|
|
95
|
Food and
beverage
|
|
124
|
|
53
|
Mall
|
|
162
|
|
149
|
Convention,
retail and other
|
|
50
|
|
19
|
Net revenues
|
|
2,120
|
|
943
|
Operating
expenses:
|
|
|
|
|
Resort
operations
|
|
1,339
|
|
838
|
Corporate
|
|
57
|
|
59
|
Pre-opening
|
|
2
|
|
4
|
Development
|
|
42
|
|
60
|
Depreciation and
amortization
|
|
274
|
|
264
|
Amortization of
leasehold interests in land
|
|
14
|
|
14
|
Loss on disposal
or impairment of assets
|
|
14
|
|
6
|
|
|
1,742
|
|
1,245
|
Operating income
(loss)
|
|
378
|
|
(302)
|
Other income
(expense):
|
|
|
|
|
Interest
income
|
|
70
|
|
4
|
Interest
expense, net of amounts capitalized
|
|
(218)
|
|
(156)
|
Other
expense
|
|
(35)
|
|
(22)
|
Income (loss) from
continuing operations before income taxes
|
|
195
|
|
(476)
|
Income tax
expense
|
|
(50)
|
|
(2)
|
Net income (loss) from
continuing operations
|
|
145
|
|
(478)
|
Discontinued
operations:
|
|
|
|
|
Income from operations
of discontinued operations, net of tax
|
|
—
|
|
46
|
Gain on disposal of
discontinued operations, net of tax
|
|
—
|
|
2,861
|
Income from
discontinued operations, net of tax
|
|
—
|
|
2,907
|
Net income
|
|
145
|
|
2,429
|
Net loss attributable
to noncontrolling interests
|
|
2
|
|
101
|
Net income attributable
to Las Vegas Sands Corp.
|
|
$
147
|
|
$
2,530
|
|
|
|
|
|
Earnings (loss) per
share — basic:
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
$
0.19
|
|
$
(0.49)
|
Net Income from
discontinued operations, net of income taxes
|
|
—
|
|
3.80
|
Net income per common
share
|
|
$
0.19
|
|
$
3.31
|
|
|
|
|
|
Earnings (loss) per
share — diluted:
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
$
0.19
|
|
$
(0.49)
|
Net Income from
discontinued operations, net of income taxes
|
|
—
|
|
3.80
|
Net income per common
share
|
|
$
0.19
|
|
$
3.31
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
Basic
|
|
764
|
|
764
|
Diluted
|
|
766
|
|
764
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
Net
Revenues
|
|
|
|
|
The Venetian
Macao
|
$
558
|
|
$
227
|
The Londoner
Macao
|
283
|
|
121
|
The Parisian
Macao
|
174
|
|
74
|
The Plaza Macao and
Four Seasons Macao
|
172
|
|
102
|
Sands Macao
|
74
|
|
20
|
Ferry Operations and
Other
|
18
|
|
7
|
Macao
Operations
|
1,279
|
|
551
|
|
|
|
|
|
Marina Bay
Sands
|
848
|
|
399
|
Intercompany
Royalties
|
48
|
|
22
|
Intersegment
Eliminations (1)
|
(55)
|
|
(29)
|
|
|
$
2,120
|
|
$
943
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
The Venetian
Macao
|
$
210
|
|
$
19
|
The Londoner
Macao
|
56
|
|
(33)
|
The Parisian
Macao
|
46
|
|
(11)
|
The Plaza Macao and
Four Seasons Macao
|
75
|
|
32
|
Sands Macao
|
10
|
|
(17)
|
Ferry Operations and
Other
|
1
|
|
(1)
|
Macao
Operations
|
398
|
|
(11)
|
|
|
|
|
|
Marina Bay
Sands
|
394
|
|
121
|
|
$
792
|
|
$
110
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
The Venetian
Macao
|
37.6 %
|
|
8.4 %
|
The Londoner
Macao
|
19.8 %
|
|
|
The Parisian
Macao
|
26.4 %
|
|
|
The Plaza Macao and
Four Seasons Macao
|
43.6 %
|
|
31.4 %
|
Sands Macao
|
13.5 %
|
|
|
Ferry Operations and
Other
|
5.6 %
|
|
|
Macao
Operations
|
31.1 %
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
46.5 %
|
|
30.3 %
|
|
|
|
|
|
Total
|
37.4 %
|
|
11.7 %
|
____________________
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended March 31, 2022, excludes the
results of the Las Vegas Operating Properties, as they were
classified as a discontinued operation.
|
(1)
|
Intersegment
eliminations include royalties and other intercompany
services.
|
Exhibit 3
|
Las Vegas Sands Corp.
and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
|
|
The following is a
reconciliation of Net Income (Loss) from Continuing Operations to
Consolidated Adjusted
Property EBITDA and Hold-Normalized Adjusted Property
EBITDA:
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
Net income (loss) from
continuing operations
|
$
145
|
|
$
(478)
|
Add
(deduct):
|
|
|
|
Income tax
expense
|
50
|
|
2
|
Other
expense
|
35
|
|
22
|
Interest expense, net
of amounts capitalized
|
218
|
|
156
|
Interest
income
|
(70)
|
|
(4)
|
Loss on disposal or
impairment of assets
|
14
|
|
6
|
Amortization of
leasehold interests in land
|
14
|
|
14
|
Depreciation and
amortization
|
274
|
|
264
|
Development
expense
|
42
|
|
60
|
Pre-opening
expense
|
2
|
|
4
|
Stock-based
compensation (1)
|
11
|
|
5
|
Corporate
expense
|
57
|
|
59
|
Consolidated Adjusted
Property EBITDA
|
$
792
|
|
$
110
|
|
|
|
|
|
Hold-normalized casino
revenue adjustment (2)
|
1
|
|
(12)
|
Hold-normalized casino
expense adjustment (2)
|
4
|
|
5
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
$
797
|
|
$
103
|
____________________
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended March 31, 2022, excludes the
results of the Las Vegas Operating Properties, as they were
classified as a discontinued operation.
|
(1)
|
During the three months
ended March 31, 2023 and 2022, the company recorded stock-based
compensation expense of $22 million and $14 million,
respectively, of which $11 million and $9 million,
respectively, was included in corporate expense in the accompanying
condensed consolidated statements of operations.
|
(2)
|
See Exhibit
4.
|
Exhibit 4
|
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
March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
Hold-Normalized Casino Revenue
Adjustment (1)
|
|
Hold-Normalized Casino Expense
Adjustment (2)
|
|
Hold-Normalized Adjusted
Property EBITDA
|
Macao
Operations
|
|
$
398
|
|
$
(22)
|
|
$
9
|
|
$
385
|
Marina Bay
Sands
|
|
394
|
|
23
|
|
(5)
|
|
412
|
|
|
$
792
|
|
$
1
|
|
$
4
|
|
$
797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
Hold-Normalized Casino Revenue
Adjustment (1)
|
|
Hold-Normalized Casino Expense
Adjustment (2)
|
|
Hold-Normalized Adjusted
Property EBITDA
|
Macao
Operations
|
|
$
(11)
|
|
$
(12)
|
|
$
5
|
|
$
(18)
|
Marina Bay
Sands
|
|
121
|
|
—
|
|
—
|
|
121
|
|
|
$
110
|
|
$
(12)
|
|
$
5
|
|
$
103
|
____________________
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended March 31, 2022, excludes the
results of the Las Vegas Operating Properties, as they were
classified as a discontinued operation.
|
(1)
|
This adjustment
represents the estimated incremental casino revenue related to
Rolling Chip volume play that would have been earned or lost had
the company's current period win percentage equaled 3.30%.
This calculation will only be applied if the current period win
percentage is outside the expected range of 3.15% to
3.45%.
These amounts have been
offset by the estimated commissions paid and discounts and other
incentives rebated directly or indirectly to customers.
|
(2)
|
This adjustment
represents the estimated incremental expenses (gaming taxes and bad
debt expense) that would have been incurred or avoided on the
incremental casino revenue calculated in (1) above.
|
Exhibit 5
|
Las Vegas Sands Corp.
and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions, except per share data)
(Unaudited)
|
|
The following is a
reconciliation of Net Income Attributable to LVS to Adjusted Net
Income (Loss) and Hold-Normalized Adjusted
Net Income (Loss):
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
Net income attributable
to LVS
|
|
$
147
|
|
$
2,530
|
|
|
|
|
|
Pre-opening
expense
|
|
2
|
|
4
|
Development
expense
|
|
42
|
|
60
|
Loss on disposal or
impairment of assets
|
|
14
|
|
6
|
Other
expense
|
|
35
|
|
22
|
Income from
discontinued operations, net of tax
|
|
—
|
|
(2,907)
|
Income tax impact on
net income adjustments (1)
|
|
(8)
|
|
(14)
|
Noncontrolling interest
impact on net income adjustments
|
|
(15)
|
|
(7)
|
Adjusted net income
(loss) from continuing operations attributable to LVS
|
|
$
217
|
|
$
(306)
|
|
|
|
|
|
Hold-normalized casino
revenue adjustment (2)
|
|
1
|
|
(12)
|
Hold-normalized casino
expense adjustment (2)
|
|
4
|
|
5
|
Income tax impact on
hold adjustments (1)
|
|
(3)
|
|
—
|
Noncontrolling interest
impact on hold adjustments
|
|
4
|
|
2
|
Hold-normalized
adjusted net income (loss) from continuing operations attributable
to LVS
|
|
$
223
|
|
$
(311)
|
|
|
|
|
|
The following is a
reconciliation of Income per Diluted Share to Adjusted Earnings
(Loss) per Diluted Share and Hold-
Normalized Adjusted Earnings (Loss) per Diluted Share:
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
Per diluted share of
common stock:
|
|
|
|
|
Net income attributable
to LVS
|
|
$
0.19
|
|
$
3.31
|
|
|
|
|
|
Pre-opening
expense
|
|
—
|
|
—
|
Development
expense
|
|
0.05
|
|
0.08
|
Loss on disposal or
impairment of assets
|
|
0.02
|
|
0.01
|
Other
expense
|
|
0.05
|
|
0.03
|
Income from
discontinued operations, net of income taxes
|
|
—
|
|
(3.80)
|
Income tax impact on
net income adjustments
|
|
(0.01)
|
|
(0.02)
|
Noncontrolling interest
impact on net income adjustments
|
|
(0.02)
|
|
(0.01)
|
Adjusted earnings
(loss) per diluted share from continuing operations
|
|
$
0.28
|
|
$
(0.40)
|
|
|
|
|
|
Hold-normalized casino
revenue adjustment
|
|
—
|
|
(0.02)
|
Hold-normalized casino
expense adjustment
|
|
0.01
|
|
0.01
|
Income tax impact on
hold adjustments
|
|
—
|
|
—
|
Noncontrolling interest
impact on hold adjustments
|
|
—
|
|
—
|
Hold-normalized
adjusted earnings (loss) per diluted share from continuing
operations
|
|
$
0.29
|
|
$
(0.41)
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
766
|
|
764
|
____________________
|
(1)
|
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.
|
(2)
|
See Exhibit
4.
|
Exhibit 6
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
Casino
Statistics:
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
8,576
|
|
$
3,202
|
Slot machine win per
unit per day (2)
|
|
$
373
|
|
$
101
|
Average number of
table games
|
|
623
|
|
631
|
Average number of slot
machines
|
|
1,383
|
|
1,418
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
5,378
|
|
$
2,242
|
Slot machine win per
unit per day (2)
|
|
$
321
|
|
$
60
|
Average number of
table games
|
|
486
|
|
476
|
Average number of slot
machines
|
|
1,125
|
|
1,350
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
5,632
|
|
$
2,395
|
Slot machine win per
unit per day (2)
|
|
$
267
|
|
$
41
|
Average number of
table games
|
|
269
|
|
272
|
Average number of slot
machines
|
|
920
|
|
1,101
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
13,630
|
|
$
5,839
|
Slot machine win per
unit per day (2)
|
|
$
257
|
|
$
52
|
Average number of
table games
|
|
123
|
|
142
|
Average number of slot
machines
|
|
105
|
|
165
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
4,538
|
|
$
1,221
|
Slot machine win per
unit per day (2)
|
|
$
224
|
|
$
63
|
Average number of
table games
|
|
153
|
|
156
|
Average number of slot
machines
|
|
712
|
|
714
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
11,222
|
|
$
4,302
|
Slot machine win per
unit per day (2)
|
|
$
894
|
|
$
671
|
Average number of
table games
|
|
521
|
|
526
|
Average number of slot
machines
|
|
2,900
|
|
2,226
|
____________________
|
Note:
|
The 2022 casino
statistics exclude slot machines shutdown due to social distancing
measures.
|
(1)
|
Table games win per
unit per day is shown before discounts, commissions, deferring
revenue associated with the company's loyalty programs and
allocating casino revenues related to goods and services provided
to patrons on a complimentary basis.
|
(2)
|
Slot machine win per
unit per day is shown before deferring revenue associated with the
company's loyalty programs and allocating casino revenues related
to goods and services provided to patrons on a complimentary
basis.
|
Exhibit 7
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Venetian
Macao
|
March 31,
|
|
|
(Dollars in
millions)
|
2023
|
|
2022
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
446
|
|
$
157
|
|
$ 289
|
Rooms
|
39
|
|
16
|
|
23
|
Food and
Beverage
|
13
|
|
6
|
|
7
|
Mall
|
51
|
|
44
|
|
7
|
Convention, Retail and
Other
|
9
|
|
4
|
|
5
|
Net Revenues
|
$
558
|
|
$
227
|
|
$ 331
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
210
|
|
$
19
|
|
$ 191
|
EBITDA Margin
%
|
37.6 %
|
|
8.4 %
|
|
29.2
pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$ 1,254
|
|
$
720
|
|
$ 534
|
Rolling Chip Win
%(1)
|
5.03 %
|
|
3.25 %
|
|
1.78
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$ 1,769
|
|
$
636
|
|
$
1,133
|
Non-Rolling Chip Win
%
|
23.6 %
|
|
24.9 %
|
|
(1.3)pts
|
|
|
|
|
|
|
Slot Handle
|
$ 1,050
|
|
$
423
|
|
$ 627
|
Slot Hold %
|
4.4 %
|
|
3.0 %
|
|
1.4 pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
85.7 %
|
|
42.7 %
|
|
43.0
pts
|
Average Daily Rate
(ADR)
|
$
207
|
|
$
153
|
|
$
54
|
Revenue per Available
Room (RevPAR)
|
$
177
|
|
$
65
|
|
$ 112
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions, the property operated
at a reduced capacity, with some operations temporarily closed at
various times during 2022.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Londoner
Macao
|
March 31,
|
|
|
(Dollars in
millions)
|
2023
|
|
2022
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
198
|
|
$
79
|
|
$ 119
|
Rooms
|
55
|
|
19
|
|
36
|
Food and
Beverage
|
14
|
|
8
|
|
6
|
Mall
|
14
|
|
14
|
|
—
|
Convention, Retail and
Other
|
2
|
|
1
|
|
1
|
Net Revenues
|
$
283
|
|
$
121
|
|
$ 162
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
56
|
|
$
(33)
|
|
$
89
|
EBITDA Margin
%
|
19.8 %
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$ 1,452
|
|
$
369
|
|
$
1,083
|
Rolling Chip Win
%(1)
|
2.36 %
|
|
4.72 %
|
|
(2.36) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
899
|
|
$
354
|
|
$ 545
|
Non-Rolling Chip Win
%
|
22.4 %
|
|
22.2 %
|
|
0.2 pts
|
|
|
|
|
|
|
Slot Handle
|
$
788
|
|
$
232
|
|
$ 556
|
Slot Hold %
|
4.1 %
|
|
3.1 %
|
|
1.0 pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
46.7 %
|
|
28.0 %
|
|
18.7
pts
|
Average Daily Rate
(ADR)
|
$
231
|
|
$
154
|
|
$
77
|
Revenue per Available
Room (RevPAR)
|
$
108
|
|
$
43
|
|
$
65
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions, the property operated
at a reduced capacity, with some operations temporarily closed at
various times during 2022. Rooms utilized for government quarantine
purposes and to house team members due to travel restrictions
during 2022 were excluded from the calculation of hotel statistics
above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Parisian
Macao
|
March 31,
|
|
|
(Dollars in
millions)
|
2023
|
|
2022
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
128
|
|
$
51
|
|
$
77
|
Rooms
|
28
|
|
11
|
|
17
|
Food and
Beverage
|
9
|
|
3
|
|
6
|
Mall
|
8
|
|
8
|
|
—
|
Convention, Retail and
Other
|
1
|
|
1
|
|
—
|
Net Revenues
|
$
174
|
|
$
74
|
|
$ 100
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
46
|
|
$
(11)
|
|
$
57
|
EBITDA Margin
%
|
26.4 %
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
48
|
|
$
160
|
|
$ (112)
|
Rolling Chip Win
%(1)
|
9.58 %
|
|
7.95 %
|
|
1.63
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
584
|
|
$
180
|
|
$ 404
|
Non-Rolling Chip Win
%
|
22.6 %
|
|
25.5 %
|
|
(2.9)pts
|
|
|
|
|
|
|
Slot Handle
|
$
536
|
|
$
123
|
|
$ 413
|
Slot Hold %
|
4.1 %
|
|
3.3 %
|
|
0.8 pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
77.8 %
|
|
41.3 %
|
|
36.5
pts
|
Average Daily Rate
(ADR)
|
$
156
|
|
$
119
|
|
$
37
|
Revenue per Available
Room (RevPAR)
|
$
121
|
|
$
49
|
|
$
72
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions, the property operated
at a reduced capacity, with some operations temporarily closed at
various times during 2022. Rooms utilized to house team members due
to travel restrictions during 2022 were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
The Plaza Macao and
Four Seasons Macao
|
|
March 31,
|
|
|
(Dollars in
millions)
|
|
2023
|
|
2022
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
Casino
|
|
$
109
|
|
$
55
|
|
$
54
|
Rooms
|
|
20
|
|
9
|
|
11
|
Food and
Beverage
|
|
6
|
|
4
|
|
2
|
Mall
|
|
36
|
|
34
|
|
2
|
Convention, Retail and
Other
|
|
1
|
|
—
|
|
1
|
Net Revenues
|
|
$
172
|
|
$
102
|
|
$
70
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
$
75
|
|
$
32
|
|
$
43
|
EBITDA Margin
%
|
|
43.6 %
|
|
31.4 %
|
|
12.2
pts
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
|
$ 1,227
|
|
$
574
|
|
$
653
|
Rolling Chip Win
%(1)
|
|
4.11 %
|
|
3.29 %
|
|
0.82
pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
|
$
426
|
|
$
215
|
|
$
211
|
Non-Rolling Chip Win
%
|
|
23.5 %
|
|
25.9 %
|
|
(2.4)pts
|
|
|
|
|
|
|
|
Slot Handle
|
|
$
28
|
|
$
9
|
|
$
19
|
Slot Hold %
|
|
8.7 %
|
|
8.7 %
|
|
—
pts
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
66.4 %
|
|
35.8 %
|
|
30.6
pts
|
Average Daily Rate
(ADR)
|
|
$
528
|
|
$
440
|
|
$
88
|
Revenue per Available
Room (RevPAR)
|
|
$
351
|
|
$
157
|
|
$
194
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions, the property operated
at a reduced capacity, with some operations temporarily closed at
various times during 2022. Rooms utilized to house team members due
to travel restrictions during 2022 were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Sands
Macao
|
March 31,
|
|
|
(Dollars in
millions)
|
2023
|
|
2022
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
67
|
|
$
17
|
|
$
50
|
Rooms
|
4
|
|
2
|
|
2
|
Food and
Beverage
|
3
|
|
1
|
|
2
|
Net Revenues
|
$
74
|
|
$
20
|
|
$
54
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
10
|
|
$
(17)
|
|
$
27
|
EBITDA Margin
%
|
13.5 %
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
30
|
|
$
80
|
|
$ (50)
|
Rolling Chip Win
%(1)
|
8.52 %
|
|
2.83 %
|
|
5.69
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
346
|
|
$
77
|
|
$ 269
|
Non-Rolling Chip Win
%
|
17.3 %
|
|
19.4 %
|
|
(2.1)pts
|
|
|
|
|
|
|
Slot Handle
|
$
407
|
|
$
124
|
|
$ 283
|
Slot Hold %
|
3.5 %
|
|
3.3 %
|
|
0.2 pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
91.0 %
|
|
57.1 %
|
|
33.9
pts
|
Average Daily Rate
(ADR)
|
$
167
|
|
$
137
|
|
$
30
|
Revenue per Available
Room (RevPAR)
|
$
151
|
|
$
78
|
|
$
73
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions, the property operated
at a reduced capacity, with some operations temporarily closed at
various times during 2022.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Marina Bay
Sands
|
March 31,
|
|
|
(Dollars in
millions)
|
2023
|
|
2022
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
593
|
|
$
268
|
|
$ 325
|
Rooms
|
97
|
|
38
|
|
59
|
Food and
Beverage
|
79
|
|
31
|
|
48
|
Mall
|
53
|
|
49
|
|
4
|
Convention, Retail and
Other
|
26
|
|
13
|
|
13
|
Net Revenues
|
$
848
|
|
$
399
|
|
$ 449
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
394
|
|
$
121
|
|
$ 273
|
EBITDA Margin
%
|
46.5 %
|
|
30.3 %
|
|
16.2
pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$ 7,075
|
|
$ 1,899
|
|
$
5,176
|
Rolling Chip Win
%(1)
|
2.96 %
|
|
3.30 %
|
|
(0.34)pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$ 1,676
|
|
$
795
|
|
$ 881
|
Non-Rolling Chip Win
%
|
18.9 %
|
|
17.7 %
|
|
1.2 pts
|
|
|
|
|
|
|
Slot Handle
|
$ 5,563
|
|
$ 3,282
|
|
$
2,281
|
Slot Hold %
|
4.2 %
|
|
4.1 %
|
|
0.1 pts
|
|
|
|
|
|
|
Hotel
Statistics(2)
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.6 %
|
|
83.8 %
|
|
13.8
pts
|
Average Daily Rate
(ADR)
|
$
594
|
|
$
257
|
|
$ 337
|
Revenue per Available
Room (RevPAR)
|
$
580
|
|
$
215
|
|
$ 365
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2022.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
(2)
|
During the three months
ended March 31, 2023, approximately 500 rooms were under
construction for renovation purposes.
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
|
|
|
|
For the Three Months
Ended March 31, 2023
|
|
TTM
March 31,
2023
|
(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
|
|
$
51
|
|
$
45
|
|
88.2 %
|
|
818,693
|
|
80.6 %
|
|
$
1,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21
|
|
19
|
|
90.5 %
|
|
129,932
|
|
100.0 %
|
|
6,068
|
Other Stores
|
|
15
|
|
13
|
|
86.7 %
|
|
118,882
|
|
82.3 %
|
|
2,417
|
Total
|
|
36
|
|
32
|
|
88.9 %
|
|
248,814
|
|
91.6 %
|
|
4,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner
|
|
14
|
|
11
|
|
78.6 %
|
|
611,108
|
|
55.8 %
|
|
1,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
8
|
|
6
|
|
75.0 %
|
|
296,371
|
|
65.7 %
|
|
435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
109
|
|
94
|
|
86.2 %
|
|
1,974,986
|
|
72.1 %
|
|
1,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay
Sands
|
|
53
|
|
46
|
|
86.8 %
|
|
622,653
|
|
99.7 %
|
|
2,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
162
|
|
$ 140
|
|
86.4 %
|
|
2,597,639
|
|
78.7 %
|
|
$
2,023
|
____________________
|
Note:
|
This table excludes the
results of our retail outlets at Sands Macao.
|
(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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2023-results-301802294.html
SOURCE Las Vegas Sands Corp.