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Press Release
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Las Vegas Sands Reports Record Fourth
Quarter and Full Year 2014 Results
For the Quarter Ended December 31, 2014
(Compared to the Quarter Ended December 31, 2013):
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—
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Adjusted Earnings per Diluted Share Increased 27.8% to $0.92
|
|
—
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Adjusted Property EBITDA in Singapore More Than Doubled, Reaching a Property Record $518.5 Million
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|
—
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Consolidated Adjusted Property EBITDA Increased 10.9% to a Fourth Quarter Record $1.35 Billion
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|
—
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Adjusted Property EBITDA at our Macao Operating Properties was $711.2 Million
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|
—
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The Company Paid Dividends of $0.50 per Share, an Increase of 42.9%
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|
—
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The Company’s Board of Directors Declared a Dividend of $0.65 per Share to be Paid in the First Quarter of 2015, an Increase of 30%
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|
—
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The Company Returned $235.0 Million of Capital to Shareholders Through its Stock Repurchase Program
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For the Year Ended December 31, 2014
(Compared to the Year Ended December 31, 2013):
|
—
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Net Revenue Increased 5.9% to a Record $14.58 Billion
|
|
—
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Consolidated Adjusted Property EBITDA Increased 13.8% to a Record $5.42 Billion
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—
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Net Income Attributable to Las Vegas Sands Rose 23.2% to a Record $2.84 Billion
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|
—
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Adjusted Earnings per Diluted Share Increased 23.4% to a Record $3.58
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|
—
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The Company Paid Dividends of $2.00 per Share, an Increase of 42.9%
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—
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The Company’s Board of Directors Raised the 2015 Annual Dividend to $2.60 per Share, an Increase of 30% Over 2014
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—
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The Company Repurchased $1.66 Billion of Stock Under its Stock Repurchase Program
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Las Vegas, NV (January 28, 2015) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2014.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “I am extremely pleased that the successful execution of our Integrated Resort operating strategy, which generates the industry’s most diversified cash flows and delivers the industry’s highest revenue and profit from non-gaming segments including hotel, convention and exhibition, retail and entertainment, allowed us to again deliver increases in consolidated adjusted property EBITDA, operating income, net income and earnings per share this quarter.
“We remain focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and brings the greatest economic and diversification benefits in the industry to the regions in which we operate. We are confident that the continued execution of our strategy will further extend our position as the global leader in Integrated Resort development and operation and enable us to deliver strong growth in the future.
“The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy.”
Since the inception of the company’s share repurchase program in June 2013, the company has returned $2.23 billion to shareholders through the repurchase of nearly 31.0 million shares, including $235.0 million of common stock (3.8 million shares at a weighted average price of $61.18) during the quarter ended December 31, 2014.
The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the fourth quarter of 2013. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on March 31, 2015, to Las Vegas Sands shareholders of record on March 23, 2015. That dividend represents an increase of 30% compared to the dividend paid in the first quarter of 2014.
Mr. Adelson added, “The Macao market saw strong visitation from mainland China during the quarter, and we enjoyed equally strong visitation to our Cotai Strip properties. We welcomed over 17 million visits to our Macao property portfolio, and delivered meaningful growth in the non-gaming segments of our business. Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $711.2 million in adjusted property EBITDA across our property portfolio. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao and the St. Regis tower at Sands Cotai Central, will continue to provide the ecomonic benefits of diversification to Macao, meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead.”
In Singapore, adjusted property EBITDA reached $518.5 million, reflecting strong growth in mass gaming and retail mall revenues, and the positive impact of a $90.1 million property tax refund during the quarter. Mass win-per-day increased 4.1% in the quarter compared to the year ago quarter, matching a property record $4.82 million per day.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2014 decreased 6.6% to $3.42 billion, compared to $3.66 billion in the fourth quarter of 2013. Consolidated adjusted property EBITDA of $1.35 billion increased 10.9% in the fourth quarter of 2014, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 4.5% to $1.27 billion in the fourth quarter of 2014.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2014 increased 15.4% to $1.02 billion, compared to $886.1 million in the fourth quarter of 2013. The increase in operating income was principally due to stronger results at Marina Bay Sands, which were partially offset by softer results at our Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2014 increased 24.9% to $721.3 million, compared to $577.5 million in the fourth quarter of 2013, while diluted earnings per share in the fourth quarter of 2014 increased 28.6% to $0.90, compared to $0.70 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above.
Adjusted net income (see Note 1) increased to $734.2 million, or $0.92 per diluted share, compared to $592.9 million, or $0.72 per diluted share, in the fourth quarter of 2013.
Full year 2014 net revenue increased 5.9% to a record $14.58 billion, compared to $13.77 billion in 2013. Consolidated adjusted property EBITDA in 2014 increased 13.8% to a record $5.42 billion, compared to $4.76 billion in 2013. Consolidated adjusted property EBITDA margin increased 260 basis points to 37.2% in 2014, compared to 34.6% in 2013. The strong growth in mass market gaming revenue in Macao, the ramp at Sands Cotai Central, as well as stronger results at Marina Bay Sands in Singapore, contributed to the EBITDA margin expansion in 2014.
Full year adjusted net income (see Note 1) was a record $2.89 billion in 2014, or $3.58 per diluted share, compared to $2.40 billion, or $2.90 per diluted share in 2013.
On a GAAP basis, full year 2014 operating income increased 20.3% to $4.10 billion in 2014, compared to $3.41 billion in 2013. The increase in operating income was principally due to stronger operating results across our Macao property portfolio and at Marina Bay Sands. Net income attributable to Las Vegas Sands increased 23.2% to $2.84 billion, or $3.52 per diluted share in 2014, compared to $2.31 billion, or $2.79 per diluted share in 2013. The improvement in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increases in income tax expense and net income attributable to noncontrolling interests.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. decreased 16.2% to $2.12 billion in the fourth quarter of 2014, compared to $2.53 billion in the fourth quarter of 2013. Adjusted property EBITDA for Sands China Ltd. decreased 14.7% to $713.2 million in the fourth quarter of 2014, compared to $836.4 million in the fourth quarter of 2013. Net income for Sands China Ltd. decreased 18.3% to $535.3 million in the fourth quarter of 2014, compared to $655.6 million in the fourth quarter of 2013.
On a GAAP basis, full year 2014 total net revenues for Sands China Ltd. increased 6.8% to $9.57 billion, compared to $8.96 billion in 2013. Adjusted property EBITDA for Sands China Ltd. increased 12.4% to $3.26 billion in 2014, compared to $2.90 billion in 2013. Net income for Sands China Ltd. increased 15.4% to $2.55 billion in 2014, compared to $2.21 billion in 2013.
The Venetian Macao Fourth Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $321.4 million with an EBITDA margin of 36.5%. Non-Rolling Chip drop decreased 7.1% to $2.11 billion for the quarter with a Non-Rolling Chip win percentage of 24.2%. Rolling Chip volume during the quarter decreased 39.7% to $10.10 billion. Rolling Chip win percentage was 2.61% in the quarter, below both the expected range and the 3.32% experienced in the prior-year quarter. Slot handle increased 2.2% compared to the fourth quarter of 2013 to reach $1.33 billion. Mall revenues increased 7.4% during the quarter to reach $60.9 million.
The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:
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|
Three Months Ended
|
|
|
|
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The Venetian Macao Operations
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|
December 31,
|
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|
(Dollars in millions)
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2014
|
|
|
2013
|
|
|
$ Change
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|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
733.3 |
|
|
$ |
1,011.3 |
|
|
$ |
(278.0 |
) |
|
|
-27.5%
|
|
Rooms
|
|
|
65.7 |
|
|
|
67.0 |
|
|
|
(1.3 |
) |
|
|
-1.9%
|
|
Food and Beverage
|
|
|
26.1 |
|
|
|
25.6 |
|
|
|
0.5 |
|
|
|
2.0%
|
|
Mall
|
|
|
60.9 |
|
|
|
56.7 |
|
|
|
4.2 |
|
|
|
7.4%
|
|
Convention, Retail and Other
|
|
|
42.6 |
|
|
|
37.4 |
|
|
|
5.2 |
|
|
|
13.9%
|
|
Less - Promotional Allowances
|
|
|
(48.3 |
) |
|
|
(48.9 |
) |
|
|
0.6 |
|
|
|
1.2%
|
|
Net Revenues
|
|
$ |
880.3 |
|
|
$ |
1,149.1 |
|
|
$ |
(268.8 |
) |
|
|
-23.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
321.4 |
|
|
$ |
433.4 |
|
|
$ |
(112.0 |
) |
|
|
-25.8%
|
|
EBITDA Margin %
|
|
36.5%
|
|
|
37.7%
|
|
|
|
|
|
|
|
-1.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
278.2 |
|
|
$ |
392.6 |
|
|
$ |
(114.4 |
) |
|
|
-29.1%
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
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Gaming Statistics
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(Dollars in millions)
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
|
$ |
10,098.7 |
|
|
$ |
16,759.2 |
|
|
$ |
(6,660.5 |
) |
|
|
-39.7%
|
|
Rolling Chip Win %(1)
|
|
2.61%
|
|
|
3.32%
|
|
|
|
|
|
|
|
-0.71 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
|
$ |
2,107.6 |
|
|
$ |
2,268.2 |
|
|
$ |
(160.6 |
) |
|
|
-7.1%
|
|
Non-Rolling Chip Win %
|
|
24.2%
|
|
|
25.2%
|
|
|
|
|
|
|
|
-1.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
1,325.4 |
|
|
$ |
1,296.3 |
|
|
$ |
29.1 |
|
|
|
2.2%
|
|
Slot Hold %
|
|
4.3%
|
|
|
5.2%
|
|
|
|
|
|
|
|
-0.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.3%
|
|
|
94.4%
|
|
|
|
|
|
|
|
-6.1 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
280 |
|
|
$ |
269 |
|
|
$ |
11 |
|
|
|
4.1%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
247 |
|
|
$ |
254 |
|
|
$ |
(7 |
) |
|
|
-2.8%
|
|
(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
Net revenues and adjusted property EBITDA for the fourth quarter of 2014 at Sands Cotai Central were $705.0 million and $220.3 million, respectively, resulting in an EBITDA margin of 31.2%.
Non-Rolling Chip drop increased 10.6% to reach $1.86 billion with Non-Rolling Chip win percentage of 20.3%. Rolling Chip volume was $8.38 billion for the quarter. Slot handle increased 3.9% to $1.82 billion for the quarter.
Hotel occupancy reached 90.9% with ADR of $183. Visitation to the property continues to grow and exceeded 5.1 million visits in the quarter.
The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2014 compared to the fourth quarter of 2013:
|
|
Three Months Ended
|
|
|
|
|
Sands Cotai Central Operations
|
|
December 31,
|
|
|
|
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
|
$ Change
|
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
611.1 |
|
|
$ |
707.7 |
|
|
$ |
(96.6 |
) |
|
|
-13.6%
|
|
Rooms
|
|
|
86.4 |
|
|
|
76.7 |
|
|
|
9.7 |
|
|
|
12.6%
|
|
Food and Beverage
|
|
|
32.2 |
|
|
|
29.3 |
|
|
|
2.9 |
|
|
|
9.9%
|
|
Mall
|
|
|
19.0 |
|
|
|
14.1 |
|
|
|
4.9 |
|
|
|
34.8%
|
|
Convention, Retail and Other
|
|
|
7.8 |
|
|
|
7.7 |
|
|
|
0.1 |
|
|
|
1.3%
|
|
Less - Promotional Allowances
|
|
|
(51.5 |
) |
|
|
(44.8 |
) |
|
|
(6.7 |
) |
|
|
-15.0%
|
|
Net Revenues
|
|
$ |
705.0 |
|
|
$ |
790.7 |
|
|
$ |
(85.7 |
) |
|
|
-10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
220.3 |
|
|
$ |
237.8 |
|
|
$ |
(17.5 |
) |
|
|
-7.4%
|
|
EBITDA Margin %
|
|
31.2%
|
|
|
30.1%
|
|
|
|
|
|
|
|
1.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
144.5 |
|
|
$ |
168.5 |
|
|
$ |
(24.0 |
) |
|
|
-14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
|
$ |
8,383.7 |
|
|
$ |
17,565.9 |
|
|
$ |
(9,182.2 |
) |
|
|
-52.3%
|
|
Rolling Chip Win %(1)
|
|
3.21%
|
|
|
2.52%
|
|
|
|
|
|
|
|
0.69 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
|
$ |
1,859.1 |
|
|
$ |
1,680.7 |
|
|
$ |
178.4 |
|
|
|
10.6%
|
|
Non-Rolling Chip Win %
|
|
20.3%
|
|
|
22.7%
|
|
|
|
|
|
|
|
-2.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
1,817.2 |
|
|
$ |
1,748.6 |
|
|
$ |
68.6 |
|
|
|
3.9%
|
|
Slot Hold %
|
|
3.5%
|
|
|
3.8%
|
|
|
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
90.9%
|
|
|
89.1%
|
|
|
|
|
|
|
|
1.8 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
183 |
|
|
$ |
167 |
|
|
$ |
16 |
|
|
|
9.6%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
167 |
|
|
$ |
149 |
|
|
$ |
18 |
|
|
|
12.1%
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Four Seasons Hotel Macao Fourth Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $92.7 million in the fourth quarter of 2014, an increase of 20.7% compared to the year-ago quarter. Non-Rolling Chip drop decreased 10.2% in the fourth quarter of 2014 to $296.9 million, while Non-Rolling Chip win percentage was 20.0%. Rolling Chip volume decreased 36.3% to $6.0 billion for the quarter. Rolling Chip win percentage was 3.12% in the quarter, exceeding both the expected range and the 1.77% experienced in the prior-year quarter. Slot handle decreased to $155.4 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 2014 compared to the fourth quarter of 2013:
|
|
Three Months Ended
|
|
|
|
|
Four Seasons Hotel Macao and Plaza Casino Operations
|
|
December 31,
|
|
|
|
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
|
$ Change
|
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
188.8 |
|
|
$ |
183.5 |
|
|
$ |
5.3 |
|
|
|
2.9%
|
|
Rooms
|
|
|
11.1 |
|
|
|
12.7 |
|
|
|
(1.6 |
) |
|
|
-12.6%
|
|
Food and Beverage
|
|
|
8.0 |
|
|
|
9.6 |
|
|
|
(1.6 |
) |
|
|
-16.7%
|
|
Mall
|
|
|
48.2 |
|
|
|
45.2 |
|
|
|
3.0 |
|
|
|
6.6%
|
|
Convention, Retail and Other
|
|
|
0.9 |
|
|
|
1.4 |
|
|
|
(0.5 |
) |
|
|
-35.7%
|
|
Less - Promotional Allowances
|
|
|
(13.2 |
) |
|
|
(14.3 |
) |
|
|
1.1 |
|
|
|
7.7%
|
|
Net Revenues
|
|
$ |
243.8 |
|
|
$ |
238.1 |
|
|
$ |
5.7 |
|
|
|
2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
92.7 |
|
|
$ |
76.8 |
|
|
$ |
15.9 |
|
|
|
20.7%
|
|
EBITDA Margin %
|
|
38.0%
|
|
|
32.2%
|
|
|
|
|
|
|
|
5.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
79.8 |
|
|
$ |
52.1 |
|
|
$ |
27.7 |
|
|
|
53.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
|
$ |
5,994.4 |
|
|
$ |
9,404.3 |
|
|
$ |
(3,409.9 |
) |
|
|
-36.3%
|
|
Rolling Chip Win %(1)
|
|
3.12%
|
|
|
1.77%
|
|
|
|
|
|
|
|
1.35 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
|
$ |
296.9 |
|
|
$ |
330.8 |
|
|
$ |
(33.9 |
) |
|
|
-10.2%
|
|
Non-Rolling Chip Win %
|
|
20.0%
|
|
|
22.5%
|
|
|
|
|
|
|
|
-2.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
155.4 |
|
|
$ |
271.1 |
|
|
$ |
(115.7 |
) |
|
|
-42.7%
|
|
Slot Hold %
|
|
5.8%
|
|
|
5.3%
|
|
|
|
|
|
|
|
0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
86.7%
|
|
|
90.8%
|
|
|
|
|
|
|
|
-4.1 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
372 |
|
|
$ |
403 |
|
|
$ |
(31 |
) |
|
|
-7.7%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
323 |
|
|
$ |
366 |
|
|
$ |
(43 |
) |
|
|
-11.7%
|
|
(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 adjusted property EBITDA decreased 12.8% to $76.7 million compared to the same quarter last year. Non-Rolling Chip drop decreased 14.2% to $880.0 million during the quarter, while slot handle increased 10.3% to reach $767.1 million. The property realized 3.57% win on Rolling Chip volume during the quarter, above the expected range and the 2.77% generated in the year-ago quarter. Rolling Chip volume decreased 43.0% to $3.31 billion for the quarter.
The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Sands Macao Operations
|
|
Three Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
|
$ Change
|
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
261.3 |
|
|
$ |
318.7 |
|
|
$ |
(57.4 |
) |
|
|
-18.0%
|
|
Rooms
|
|
|
5.6 |
|
|
|
7.0 |
|
|
|
(1.4 |
) |
|
|
-20.0%
|
|
Food and Beverage
|
|
|
9.9 |
|
|
|
9.8 |
|
|
|
0.1 |
|
|
|
1.0%
|
|
Convention, Retail and Other
|
|
|
2.5 |
|
|
|
2.7 |
|
|
|
(0.2 |
) |
|
|
-7.4%
|
|
Less - Promotional Allowances
|
|
|
(11.4 |
) |
|
|
(11.5 |
) |
|
|
0.1 |
|
|
|
0.9%
|
|
Net Revenues
|
|
$ |
267.9 |
|
|
$ |
326.7 |
|
|
$ |
(58.8 |
) |
|
|
-18.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
76.7 |
|
|
$ |
88.0 |
|
|
$ |
(11.3 |
) |
|
|
-12.8%
|
|
EBITDA Margin %
|
|
28.6%
|
|
|
26.9%
|
|
|
|
|
|
|
|
1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
67.6 |
|
|
$ |
79.0 |
|
|
$ |
(11.4 |
) |
|
|
-14.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
|
$ |
3,312.9 |
|
|
$ |
5,812.5 |
|
|
$ |
(2,499.6 |
) |
|
|
-43.0%
|
|
Rolling Chip Win %(1)
|
|
3.57%
|
|
|
2.77%
|
|
|
|
|
|
|
|
0.80 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
|
$ |
880.0 |
|
|
$ |
1,025.4 |
|
|
$ |
(145.4 |
) |
|
|
-14.2%
|
|
Non-Rolling Chip Win %
|
|
18.0%
|
|
|
18.5%
|
|
|
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
767.1 |
|
|
$ |
695.3 |
|
|
$ |
71.8 |
|
|
|
10.3%
|
|
Slot Hold %
|
|
3.6%
|
|
|
3.8%
|
|
|
|
|
|
|
|
-0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
99.9%
|
|
|
97.4%
|
|
|
|
|
|
|
|
2.5 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
225 |
|
|
$ |
276 |
|
|
$ |
(51 |
) |
|
|
-18.5%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
225 |
|
|
$ |
269 |
|
|
$ |
(44 |
) |
|
|
-16.4%
|
|
(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 in Singapore generated adjusted property EBITDA of $518.5 million, an increase of 100.3% compared to the fourth quarter of 2013. The current quarter results included a $90.1 million benefit related to a property tax settlement. Rolling Chip win percentage of 3.58% in the fourth quarter of 2014 was above both the expected range and the 1.92% achieved in the fourth quarter of 2013.
Non-Rolling Chip drop was $1.10 billion during the quarter. Slot handle increased 10.6% to $3.13 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 4.1% to $4.82 million, compared to $4.63 million in the fourth quarter of 2013. Rolling Chip volume decreased 26.8% to $10.05 billion for the quarter.
ADR decreased slightly to $422 during the quarter while occupancy increased to 98.3%, driving a RevPAR increase of 1.0% compared to the same quarter last year. Retail mall revenue increased 5.5% to $45.7 million during the fourth quarter of 2014, compared to $43.3 million in the prior-year quarter.
The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Marina Bay Sands Operations
|
|
Three Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
|
$ Change
|
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
674.4 |
|
|
$ |
504.6 |
|
|
$ |
169.8 |
|
|
|
33.7%
|
|
Rooms
|
|
|
92.1 |
|
|
|
95.8 |
|
|
|
(3.7 |
) |
|
|
-3.9%
|
|
Food and Beverage
|
|
|
50.7 |
|
|
|
49.8 |
|
|
|
0.9 |
|
|
|
1.8%
|
|
Mall
|
|
|
45.7 |
|
|
|
43.3 |
|
|
|
2.4 |
|
|
|
5.5%
|
|
Convention, Retail and Other
|
|
|
26.0 |
|
|
|
26.6 |
|
|
|
(0.6 |
) |
|
|
-2.3%
|
|
Less - Promotional Allowances
|
|
|
(50.3 |
) |
|
|
(60.3 |
) |
|
|
10.0 |
|
|
|
16.6%
|
|
Net Revenues
|
|
$ |
838.6 |
|
|
$ |
659.8 |
|
|
$ |
178.8 |
|
|
|
27.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
518.5 |
|
|
$ |
258.8 |
|
|
$ |
259.7 |
|
|
|
100.3%
|
|
EBITDA Margin %
|
|
61.8%
|
|
|
39.2%
|
|
|
|
|
|
|
|
22.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
427.4 |
|
|
$ |
165.7 |
|
|
$ |
261.7 |
|
|
|
157.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
|
$ |
10,048.2 |
|
|
$ |
13,731.0 |
|
|
$ |
(3,682.8 |
) |
|
|
-26.8%
|
|
Rolling Chip Win %(1)
|
|
3.58%
|
|
|
1.92%
|
|
|
|
|
|
|
|
1.66 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
|
$ |
1,097.7 |
|
|
$ |
1,135.5 |
|
|
$ |
(37.8 |
) |
|
|
-3.3%
|
|
Non-Rolling Chip Win %
|
|
26.7%
|
|
|
24.5%
|
|
|
|
|
|
|
|
2.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
3,125.0 |
|
|
$ |
2,824.6 |
|
|
$ |
300.4 |
|
|
|
10.6%
|
|
Slot Hold %
|
|
4.8%
|
|
|
5.2%
|
|
|
|
|
|
|
|
-0.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.3%
|
|
|
96.9%
|
|
|
|
|
|
|
|
1.4 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
422 |
|
|
$ |
425 |
|
|
$ |
(3 |
) |
|
|
-0.7%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
415 |
|
|
$ |
411 |
|
|
$ |
4 |
|
|
|
1.0%
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Las Vegas Operations Fourth Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $78.0 million for the quarter, an 11.6% decrease compared to the fourth quarter of 2013. Hotel ADR increased 6.7% to reach $222 in the quarter while occupancy declined to 81.1%, compared to the fourth quarter of 2013. RevPAR decreased 2.7% to $180 in the quarter. Table games drop, which reflected a softer quarter for bacarrat, decreased 15.6% in the quarter to $548.1 million, while slot handle increased 7.8% to $584.6 million.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2014 compared to the fourth quarter of 2013:
|
|
Three Months Ended
|
|
|
|
|
Las Vegas Operations
|
|
December 31,
|
|
|
|
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
|
$ Change
|
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
130.0 |
|
|
$ |
151.3 |
|
|
$ |
(21.3 |
) |
|
|
-14.1%
|
|
Rooms
|
|
|
113.6 |
|
|
|
119.9 |
|
|
|
(6.3 |
) |
|
|
-5.3%
|
|
Food and Beverage
|
|
|
61.5 |
|
|
|
64.5 |
|
|
|
(3.0 |
) |
|
|
-4.7%
|
|
Convention, Retail and Other
|
|
|
81.8 |
|
|
|
76.1 |
|
|
|
5.7 |
|
|
|
7.5%
|
|
Less - Promotional Allowances
|
|
|
(24.3 |
) |
|
|
(26.1 |
) |
|
|
1.8 |
|
|
|
6.9%
|
|
Net Revenues
|
|
$ |
362.6 |
|
|
$ |
385.7 |
|
|
$ |
(23.1 |
) |
|
|
-6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
78.0 |
|
|
$ |
88.2 |
|
|
$ |
(10.2 |
) |
|
|
-11.6%
|
|
EBITDA Margin %
|
|
21.5%
|
|
|
22.9%
|
|
|
|
|
|
|
|
-1.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
64.8 |
|
|
$ |
67.3 |
|
|
$ |
(2.5 |
) |
|
|
-3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games Drop
|
|
$ |
548.1 |
|
|
$ |
649.7 |
|
|
$ |
(101.6 |
) |
|
|
-15.6%
|
|
Table Games Win %(1)
|
|
19.1%
|
|
|
21.8%
|
|
|
|
|
|
|
|
-2.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
584.6 |
|
|
$ |
542.2 |
|
|
$ |
42.4 |
|
|
|
7.8%
|
|
Slot Hold %
|
|
7.7%
|
|
|
8.5%
|
|
|
|
|
|
|
|
-0.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
81.1%
|
|
|
88.8%
|
|
|
|
|
|
|
|
-7.7 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
222 |
|
|
$ |
208 |
|
|
$ |
14 |
|
|
|
6.7%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
180 |
|
|
$ |
185 |
|
|
$ |
(5 |
) |
|
|
-2.7%
|
|
(1)
|
This compares to our expected baccarat win percentage of 22.0% to 30.0% and our expected non-baccarat win percentage of 14.0% to 18.0% (calculated before discounts).
|
Sands Bethlehem Fourth Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 7.7% to $133.6 million and adjusted property EBITDA increased 19.5% to a record $36.2 million for the quarter. Table games drop increased 8.1% to $279.9 million for the quarter, while table games win percentage was 18.7%, which was higher than the 17.5% realized in the fourth quarter of 2013. Slot handle increased 1.6% year-over-year to $1.01 billion for the quarter with slot hold percentage of 6.8%.
The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2014 compared to the fourth quarter of 2013:
|
|
Three Months Ended
|
|
|
|
|
Sands Bethlehem Operations
|
|
December 31,
|
|
|
|
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
|
$ Change
|
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ |
123.6 |
|
|
$ |
115.2 |
|
|
$ |
8.4 |
|
|
|
7.3%
|
|
Rooms
|
|
|
3.6 |
|
|
|
3.0 |
|
|
|
0.6 |
|
|
|
20.0%
|
|
Food and Beverage
|
|
|
7.6 |
|
|
|
7.3 |
|
|
|
0.3 |
|
|
|
4.1%
|
|
Mall
|
|
|
1.3 |
|
|
|
0.9 |
|
|
|
0.4 |
|
|
|
44.4%
|
|
Convention, Retail and Other
|
|
|
4.7 |
|
|
|
4.1 |
|
|
|
0.6 |
|
|
|
14.6%
|
|
Less - Promotional Allowances
|
|
|
(7.2 |
) |
|
|
(6.4 |
) |
|
|
(0.8 |
) |
|
|
-12.5%
|
|
Net Revenues
|
|
$ |
133.6 |
|
|
$ |
124.1 |
|
|
$ |
9.5 |
|
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ |
36.2 |
|
|
$ |
30.3 |
|
|
$ |
5.9 |
|
|
|
19.5%
|
|
EBITDA Margin %
|
|
27.1%
|
|
|
24.4%
|
|
|
|
|
|
|
|
2.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$ |
28.9 |
|
|
$ |
19.4 |
|
|
$ |
9.5 |
|
|
|
49.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games Drop
|
|
$ |
279.9 |
|
|
$ |
258.9 |
|
|
$ |
21.0 |
|
|
|
8.1%
|
|
Table Games Win %(1)
|
|
18.7%
|
|
|
17.5%
|
|
|
|
|
|
|
|
1.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ |
1,011.4 |
|
|
$ |
995.0 |
|
|
$ |
16.4 |
|
|
|
1.6%
|
|
Slot Hold %
|
|
6.8%
|
|
|
6.8%
|
|
|
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.9%
|
|
|
74.4%
|
|
|
|
|
|
|
|
13.5 pts
|
|
Average Daily Rate (ADR)
|
|
$ |
149 |
|
|
$ |
145 |
|
|
$ |
4 |
|
|
|
2.8%
|
|
Revenue per Available Room (RevPAR)
|
|
$ |
131 |
|
|
$ |
108 |
|
|
$ |
23 |
|
|
|
21.3%
|
|
(1)
|
This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).
|
Asian Retail Mall Operations
Gross revenue from tenants in the company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $173.5 million for the fourth quarter of 2014, an increase of 9.1% compared to the fourth quarter of 2013. Operating profit derived from these retail mall assets increased 13.3% for the quarter compared to the quarter one year ago, reaching $157.4 million.
|
|
For The Three Months Ended December 31, 2014 |
|
TTM
December 31, 2014
|
|
(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
|
|
$ |
60.7 |
|
|
$ |
55.2 |
|
|
|
90.9%
|
|
|
771,345 |
|
|
|
93.4%
|
|
$ |
1,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury Retail
|
|
|
35.5 |
|
|
|
34.2 |
|
|
|
96.3%
|
|
|
142,562 |
|
|
|
100.0%
|
|
|
6,225 |
|
Other Stores
|
|
|
12.7 |
|
|
|
12.0 |
|
|
|
94.5%
|
|
|
115,401 |
|
|
|
98.2%
|
|
|
3,124 |
|
Total
|
|
|
48.2 |
|
|
|
46.2 |
|
|
|
95.9%
|
|
|
257,963 |
|
|
|
99.2%
|
|
|
5,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai Central
|
|
|
18.9 |
|
|
|
16.4 |
|
|
|
86.8%
|
|
|
330,258 |
(3) |
|
|
97.9%
|
|
|
1,450 |
|
Total Cotai Strip in Macao
|
|
|
127.8 |
|
|
|
117.8 |
|
|
|
92.2%
|
|
|
1,359,566 |
|
|
|
95.6%
|
|
|
2,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina Bay Sands
|
|
|
45.7 |
|
|
|
39.6 |
|
|
|
86.7%
|
|
|
648,778 |
|
|
|
96.1%
|
|
|
1,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
173.5 |
|
|
$ |
157.4 |
|
|
|
90.7%
|
|
|
2,008,344 |
|
|
|
95.7%
|
|
$ |
2,027 |
|
(1)
|
Gross revenue figures are net of intersegment revenue eliminations.
|
(2)
|
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
|
(3)
|
At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
|
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $2.2 million during the quarter, compared to $0.7 million in the fourth quarter of 2013.
Pre-opening expense was $8.2 million in the fourth quarter of 2014, compared to $3.7 million in the fourth quarter of 2013.
Depreciation and amortization expense was $255.5 million in the fourth quarter of 2014, compared to $254.9 million in the fourth quarter of 2013.
Interest expense, net of amounts capitalized, was $66.7 million for the fourth quarter of 2014, compared to $67.1 million in the prior-year quarter. Capitalized interest was $3.1 million during the fourth quarter of 2014, compared to $1.4 million during the fourth quarter of 2013. Our weighted average borrowing cost in the fourth quarter of 2014 was approximately 2.6%.
Corporate expense was $36.2 million in the fourth quarter of 2014, compared to $48.3 million in the fourth quarter of 2013.
Other income, which was principally composed of foreign currency gains, was $4.3 million in the fourth quarter of 2014, compared to $0.7 million of expense in the fourth quarter of 2013.
The company’s effective income tax rate for the fourth quarter of 2014 was 9.4%. 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 2014 of $156.7 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2014 were $3.51 billion.
As of December 31, 2014, total debt outstanding, including the current portion, was $9.99 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $385.5 million, including construction, development and maintenance activities of $317.5 million in Macao, $37.3 million in Las Vegas, $25.5 million at Marina Bay Sands and $5.2 million at Sands Bethlehem.
###
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January, 28 2015 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.lasvegassands.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 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 and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
Note 1
Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and legal settlement expense.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.
Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through our majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company’s award-winning Sands ECO360° global sustainability program. To learn more, please visit www.sands.com.
Contacts:
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
|
|
|
Media:
|
Ron Reese
|
(702) 414-3607
|
Las Vegas Sands Corp.
Fourth Quarter 2014 Results
Non-GAAP Reconciliations
Within the company’s fourth quarter 2014 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “hold-normalized adjusted net income,” “adjusted earnings per diluted share,” “hold-normalized adjusted earnings per diluted share,” “adjusted property EBITDA,” and “hold-normalized adjusted property EBITDA.” Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation, legal settlement expense and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.