Attached files
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| 8-K - FORM 8-K - LAS VEGAS SANDS CORP | eh1301161_8k.htm |
EXHIBIT 99.1
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Press Release
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Las Vegas Sands Again Reports
Record Quarterly Results
For the quarter ended September 30, 2013 compared to the quarter ended September 30, 2012:
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·
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Net Revenue Increased 31.7% to a Record $3.57 Billion
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Consolidated Adjusted Property EBITDA Increased 45.5% to $1.28 Billion
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Strong Gaming Volumes in Macao Drove Adjusted Property EBITDA Up 60.8% to a Record $784.3 Million
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Adjusted Earnings per Diluted Share Increased 78.3% to $0.82; GAAP Earnings per Diluted Share Increased 81.0% to $0.76
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The Company’s Board of Directors Increased the Planned Common Recurring Dividend to $2.00 per Share ($0.50 per Quarter) for the 2014 Calendar Year, An Increase of 42.9%
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The Company Repurchased $299.6 Million of Stock During the Quarter Under its $2.0 Billion Stock Repurchase Program
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Las Vegas, NV (October 17, 2013) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2013.
Third Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “I am extremely pleased to report outstanding quarterly financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is increasingly being reflected in our financial results. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.
1
“In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than sixteen million visits during the quarter to our Macao property portfolio, which delivered a record $784.3 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead.”
The company also generated healthy financial results in Singapore, with solid growth in gaming and non-gaming revenues contributing to a strong financial performance. Rolling Chip volume increased 16.9% to reach $13.79 billion, while adjusted property EBITDA increased 43.3% to reach $373.6 million compared to $260.8 million in the third quarter of 2012, which was negatively impacted by low hold.
Mr. Adelson added, “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. I am therefore extremely pleased to announce that our recurring annual dividend will be increased to $2.00 per share, or $0.50 per quarter, for the 2014 calendar year, an increase of 42.9%.”
The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the third quarter of 2012. The company also announced that its next recurring quarterly dividend for the fourth quarter of 2013 of $0.35 per common share will be paid on December 31, 2013 to Las Vegas Sands shareholders of record on December 20, 2013.
The company repurchased approximately $299.6 million of common stock (4.6 million shares at a weighted average price of $65.18) during the quarter ended September 30, 2013.
Company-Wide Operating Results
Net revenue for the third quarter of 2013 increased 31.7% to reach $3.57 billion, compared to $2.71 billion in the third quarter of 2012. Consolidated adjusted property EBITDA increased 45.5% to reach $1.28 billion in the third quarter of 2013, compared to $876.9 million in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 30.5% to reach $1.24 billion in the third quarter of 2013, compared to $947.7 million in the third quarter of 2012.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2013 increased 71.3% to $914.8 million, compared to $534.1 million in the third quarter of 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in the third quarter of 2013 increased 79.2% to $626.7 million, compared to $349.8 million in the third quarter of 2012, while diluted earnings per share in the third quarter of 2013 increased 81.0% to $0.76, compared to $0.42 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.
Adjusted net income (see Note 1) increased to $681.3 million, or $0.82 per diluted share, compared to $382.2 million, or $0.46 per diluted share, in the third quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.
2
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. increased 42.7% to $2.34 billion in the third quarter of 2013, compared to $1.64 billion in the third quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 61.7% to $785.3 million in the third quarter of 2013, compared to $485.6 million in the third quarter of 2012. Net income for Sands China Ltd. increased 89.1% to $617.9 million in the third quarter of 2013, compared to $326.7 million in the third quarter of 2012.
The Venetian Macao Third Quarter Operating Results
The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered adjusted property EBITDA of $357.2 million, an increase of 19.5% compared to the third quarter of 2012. Non-Rolling Chip drop increased 75.7% to reach a property record $2.01 billion for the quarter with Non-Rolling Chip win percentage of 23.9%. Rolling Chip volume during the quarter increased 26.4% to reach $14.15 billion. Slot win was $65.4 million, an increase of 5.7% compared to the third quarter of 2012. Mall revenues increased 23.3% during the quarter to reach $45.5 million.
The following table summarizes the key operating results for The Venetian Macao for the third quarter of 2013 compared to the third quarter of 2012:
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Three Months Ended
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The Venetian Macao Operations
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September 30,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 825.0 | $ | 671.1 | $ | 153.9 | 22.9% | |||||||||
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Rooms
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58.3 | 55.4 | 2.9 | 5.2% | ||||||||||||
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Food and Beverage
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24.3 | 21.0 | 3.3 | 15.7% | ||||||||||||
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Mall
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45.5 | 36.9 | 8.6 | 23.3% | ||||||||||||
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Convention, Retail and Other
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21.6 | 19.0 | 2.6 | 13.7% | ||||||||||||
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Less - Promotional Allowances
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(39.5 | ) | (30.6 | ) | (8.9 | ) | -29.1% | |||||||||
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Net Revenues
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$ | 935.2 | $ | 772.8 | $ | 162.4 | 21.0% | |||||||||
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Adjusted Property EBITDA
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$ | 357.2 | $ | 299.0 | $ | 58.2 | 19.5% | |||||||||
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EBITDA Margin %
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38.2% | 38.7% |
-0.5 pts
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Operating Income
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$ | 317.6 | $ | 261.3 | $ | 56.3 | 21.5% | |||||||||
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 14,152.3 | $ | 11,199.4 | $ | 2,952.9 | 26.4% | |||||||||
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Rolling Chip Win %(1)
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3.03% | 3.32% |
-0.29 pts
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Non-Rolling Chip Drop
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$ | 2,005.1 | $ | 1,140.9 | $ | 864.2 | 75.7% | |||||||||
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Non-Rolling Chip Win %
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23.9% | 31.3% |
-7.4 pts
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Slot Handle
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$ | 1,144.4 | $ | 1,262.8 | $ | (118.4 | ) | -9.4% | ||||||||
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Slot Hold %
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5.7% | 4.9% |
0.8 pts
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Hotel Statistics
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Occupancy %
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91.8% | 93.9% |
-2.1 pts
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Average Daily Rate (ADR)
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$ | 242 | $ | 227 | $ | 15 | 6.6% | |||||||||
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Revenue per Available Room (RevPAR)
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$ | 222 | $ | 213 | $ | 9 | 4.2% | |||||||||
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
3
Sands Cotai Central Third Quarter Operating Results
Net revenues and adjusted property EBITDA for the third quarter of 2013 at Sands Cotai Central were $736.6 million and $224.3 million, respectively, resulting in an EBITDA margin of 30.4%.
Rolling Chip volume reflected strong growth of 71.7% and reached $15.55 billion for the quarter, while Non-Rolling Chip drop increased 163.7% to reach $1.43 billion with Non-Rolling Chip win percentage of 23.4%. Slot handle, driven by robust electronic table games play, reached $1.46 billion for the quarter.
Mass win per table per day increased 117.7% year-over-year and 33.3% compared to the second quarter of 2013, reaching $12,813 per day, while mass table, slot and ETG win per day climbed to $4.3 million, an increase of 174.3% year-over-year and 22.2% compared to the second quarter of 2013. Hotel occupancy reached 84.8% on 5,723 available hotel rooms with ADR of $152.
Visitation to the property continues to grow and exceeded 4.5 million visits in the quarter.
The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2013 compared to third quarter of 2012:
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Three Months Ended
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Sands Cotai Central Operations
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September 30,
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(Dollars in millions)
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2013
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2012(1)
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$ Change
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Change
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Revenues:
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Casino
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$ | 660.9 | $ | 272.1 | $ | 388.8 | 142.9% | |||||||||
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Rooms
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65.9 | 24.0 | 41.9 | 174.6% | ||||||||||||
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Food and Beverage
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28.2 | 11.3 | 16.9 | 149.6% | ||||||||||||
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Mall
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11.5 | 3.8 | 7.7 | 202.6% | ||||||||||||
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Convention, Retail and Other
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7.1 | 2.4 | 4.7 | 195.8% | ||||||||||||
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Less - Promotional Allowances
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(37.0 | ) | (17.7 | ) | (19.3 | ) | -109.0% | |||||||||
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Net Revenues
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$ | 736.6 | $ | 295.9 | $ | 440.7 | 148.9% | |||||||||
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Adjusted Property EBITDA
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$ | 224.3 | $ | 53.7 | $ | 170.6 | 317.7% | |||||||||
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EBITDA Margin %
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30.4% | 18.1% |
12.3 pts
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Operating Income (Loss)
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$ | 154.3 | $ | (19.9 | ) | $ | 174.2 |
N.M.
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 15,550.1 | $ | 9,055.2 | $ | 6,494.9 | 71.7% | |||||||||
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Rolling Chip Win %(2)
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2.71% | 2.28% |
0.43 pts
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Non-Rolling Chip Drop
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$ | 1,429.3 | $ | 542.0 | $ | 887.3 | 163.7% | |||||||||
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Non-Rolling Chip Win %
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23.4% | 20.7% |
2.7 pts
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Slot Handle
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$ | 1,459.7 | $ | 1,032.4 | $ | 427.3 | 41.4% | |||||||||
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Slot Hold %
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4.1% | 3.1% |
1.0 pts
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Hotel Statistics
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Occupancy %
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84.8% | 88.9% |
-4.1 pts
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Average Daily Rate (ADR)
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$ | 152 | $ | 149 | $ | 3 | 2.0% | |||||||||
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Revenue per Available Room (RevPAR)
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$ | 129 | $ | 132 | $ | (3 | ) | -2.3% | ||||||||
(1) On September 20, 2012, the second phase of Sands Cotai Central opened adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities.
(2) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
N.M. – Not Meaningful
4
Four Seasons Hotel Macao Third Quarter Operating Results
The Four Seasons Hotel Macao generated adjusted property EBITDA of $112.9 million in the third quarter of 2013, an increase of 107.5% compared to the year-ago quarter. Rolling Chip volume was $10.45 billion for the quarter, an increase of 16.6% compared to the third quarter of 2012. Non-Rolling Chip drop increased 145.8% to $272.3 million, while Non-Rolling Chip win percentage was 28.3% and below the 32.6% experienced in the third quarter of 2012. Slot handle increased 22.6% to $263.4 million during the quarter.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2013 compared to the third quarter of 2012:
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Three Months Ended
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Four Seasons Hotel Macao and Plaza Casino Operations
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September 30,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 290.6 | $ | 194.7 | $ | 95.9 | 49.3% | |||||||||
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Rooms
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11.1 | 10.0 | 1.1 | 11.0% | ||||||||||||
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Food and Beverage
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8.2 | 6.1 | 2.1 | 34.4% | ||||||||||||
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Mall
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32.2 | 23.1 | 9.1 | 39.4% | ||||||||||||
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Convention, Retail and Other
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1.0 | 0.7 | 0.3 | 42.9% | ||||||||||||
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Less - Promotional Allowances
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(13.1 | ) | (10.1 | ) | (3.0 | ) | -29.7% | |||||||||
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Net Revenues
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$ | 330.0 | $ | 224.5 | $ | 105.5 | 47.0% | |||||||||
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Adjusted Property EBITDA
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$ | 112.9 | $ | 54.4 | $ | 58.5 | 107.5% | |||||||||
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EBITDA Margin %
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34.2% | 24.2% |
10.0 pts
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Operating Income
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$ | 100.1 | $ | 40.3 | $ | 59.8 | 148.4% | |||||||||
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 10,451.7 | $ | 8,962.5 | $ | 1,489.2 | 16.6% | |||||||||
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Rolling Chip Win %(1)
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2.88% | 2.58% |
0.30 pts
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Non-Rolling Chip Drop
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$ | 272.3 | $ | 110.8 | $ | 161.5 | 145.8% | |||||||||
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Non-Rolling Chip Win %
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28.3% | 32.6% |
-4.3 pts
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Slot Handle
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$ | 263.4 | $ | 214.8 | $ | 48.6 | 22.6% | |||||||||
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Slot Hold %
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5.6% | 4.4% |
1.2 pts
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Hotel Statistics
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Occupancy %
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88.2% | 83.1% |
5.1 pts
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Average Daily Rate (ADR)
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$ | 363 | $ | 349 | $ | 14 | 4.0% | |||||||||
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Revenue per Available Room (RevPAR)
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$ | 321 | $ | 290 | $ | 31 | 10.7% | |||||||||
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
5
Sands Macao Third Quarter Operating Results
Sands Macao’s adjusted property EBITDA increased 11.1% compared to the same quarter last year to reach $89.9 million. Adjusted property EBITDA margin increased 390 basis points to 29.5%. Non-Rolling Chip drop increased 18.7% to reach $877.4 million during the quarter, while slot handle increased 10.7% to reach $660.3 million. The property realized 2.94% win on Rolling Chip volume during the quarter, in line with the year-ago quarter. Rolling Chip volume was $5.23 billion for the quarter.
The following table summarizes our key operating results for Sands Macao for the third quarter of 2013 compared to the third quarter of 2012:
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Three Months Ended
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Sands Macao Operations
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September 30,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 297.9 | $ | 307.7 | $ | (9.8 | ) | -3.2% | ||||||||
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Rooms
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6.2 | 6.0 | 0.2 | 3.3% | ||||||||||||
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Food and Beverage
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10.0 | 8.9 | 1.1 | 12.4% | ||||||||||||
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Convention, Retail and Other
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2.6 | 2.5 | 0.1 | 4.0% | ||||||||||||
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Less - Promotional Allowances
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(11.4 | ) | (9.8 | ) | (1.6 | ) | -16.3% | |||||||||
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Net Revenues
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$ | 305.3 | $ | 315.3 | $ | (10.0 | ) | -3.2% | ||||||||
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Adjusted Property EBITDA
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$ | 89.9 | $ | 80.9 | $ | 9.0 | 11.1% | |||||||||
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EBITDA Margin %
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29.5% | 25.6% |
3.9 pts
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Operating Income
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$ | 80.3 | $ | 72.4 | $ | 7.9 | 10.9% | |||||||||
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 5,232.9 | $ | 6,818.6 | $ | (1,585.7 | ) | -23.3% | ||||||||
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Rolling Chip Win %(1)
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2.94% | 2.96% |
-0.02 pts
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Non-Rolling Chip Drop
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$ | 877.4 | $ | 739.0 | $ | 138.4 | 18.7% | |||||||||
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Non-Rolling Chip Win %
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19.6% | 20.8% |
-1.2 pts
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Slot Handle
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$ | 660.3 | $ | 596.3 | $ | 64.0 | 10.7% | |||||||||
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Slot Hold %
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3.9% | 4.2% |
-0.3 pts
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Hotel Statistics
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Occupancy %
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96.9% | 97.3% |
-0.4 pts
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Average Daily Rate (ADR)
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$ | 243 | $ | 236 | $ | 7 | 3.0% | |||||||||
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Revenue per Available Room (RevPAR)
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$ | 236 | $ | 230 | $ | 6 | 2.6% | |||||||||
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
6
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in Singapore generated adjusted property EBITDA of $373.6 million, an increase of 43.3% compared to the third quarter of 2012. Rolling chip win percentage of 2.85% in the third quarter of 2013 was within the expected range, while the third quarter of 2012 was negatively impacted by lower than expected Rolling Chip win percentage of 1.79%.
Rolling Chip volume increased 16.9% to reach $13.79 billion for the quarter. Non-Rolling Chip drop increased 2.2% to reach $1.16 billion during the quarter. Slot handle increased 5.5% to $2.76 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 2.0% to $4.52 million, compared to $4.43 million in the third quarter of 2012.
The high-margin hotel room segment of the property continued to reflect strong revenue growth of 11.1%. ADR expanded to $401 during the quarter, driving a RevPAR increase of 11.1% compared to the same quarter last year. Occupancy was 99.8% during the quarter.
The following table summarizes our key operating results for Marina Bay Sands for the third quarter of 2013 compared to the third quarter of 2012:
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Three Months Ended
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Marina Bay Sands Operations
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September 30,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 628.1 | $ | 470.8 | $ | 157.3 | 33.4% | |||||||||
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Rooms
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93.3 | 84.0 | 9.3 | 11.1% | ||||||||||||
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Food and Beverage
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44.4 | 46.1 | (1.7 | ) | -3.7% | |||||||||||
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Mall
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38.0 | 39.7 | (1.7 | ) | -4.3% | |||||||||||
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Convention, Retail and Other
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24.5 | 26.1 | (1.6 | ) | -6.1% | |||||||||||
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Less - Promotional Allowances
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(54.1 | ) | (41.2 | ) | (12.9 | ) | -31.3% | |||||||||
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Net Revenues
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$ | 774.2 | $ | 625.5 | $ | 148.7 | 23.8% | |||||||||
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Adjusted Property EBITDA
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$ | 373.6 | $ | 260.8 | $ | 112.8 | 43.3% | |||||||||
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EBITDA Margin %
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48.3% | 41.7% |
6.6 pts
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Operating Income
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$ | 282.1 | $ | 166.5 | $ | 115.6 | 69.4% | |||||||||
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 13,785.4 | $ | 11,790.8 | $ | 1,994.6 | 16.9% | |||||||||
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Rolling Chip Win %(1)
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2.85% | 1.79% |
1.06 pts
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Non-Rolling Chip Drop
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$ | 1,156.3 | $ | 1,131.3 | $ | 25.0 | 2.2% | |||||||||
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Non-Rolling Chip Win %
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23.6% | 24.0% |
-0.4 pts
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|||||||||||||
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Slot Handle
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$ | 2,763.7 | $ | 2,620.8 | $ | 142.9 | 5.5% | |||||||||
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Slot Hold %
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5.1% | 5.2% |
-0.1 pts
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Hotel Statistics
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Occupancy %
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99.8% | 99.8% |
0.0 pts
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|||||||||||||
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Average Daily Rate (ADR)
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$ | 401 | $ | 361 | $ | 40 | 11.1% | |||||||||
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Revenue per Available Room (RevPAR)
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$ | 400 | $ | 360 | $ | 40 | 11.1% | |||||||||
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
7
Las Vegas Operations Third Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, decreased 11.3% to $87.1 million for the quarter. Table games drop decreased 6.4% to $544.3 million reflecting lower baccarat drop. Slot handle increased 2.6% to $511.4 million with steady slot hold percentage of 8.7%. Hotel RevPAR increased 2.4% to $171 in the quarter driven by a 2.6% increase in ADR.
The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2013 compared to the third quarter of 2012:
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Three Months Ended
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Las Vegas Operations
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September 30,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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||||||||||||
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Revenues:
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||||||||||||||||
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Casino
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$ | 168.1 | $ | 171.5 | $ | (3.4 | ) | -2.0% | ||||||||
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Rooms
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110.9 | 105.7 | 5.2 | 4.9% | ||||||||||||
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Food and Beverage
|
51.8 | 42.4 | 9.4 | 22.2% | ||||||||||||
|
Convention, Retail and Other
|
68.7 | 68.0 | 0.7 | 1.0% | ||||||||||||
|
Less - Promotional Allowances
|
(24.5 | ) | (23.2 | ) | (1.3 | ) | -5.6% | |||||||||
|
Net Revenues
|
$ | 375.0 | $ | 364.4 | $ | 10.6 | 2.9% | |||||||||
|
Adjusted Property EBITDA
|
$ | 87.1 | $ | 98.2 | $ | (11.1 | ) | -11.3% | ||||||||
|
EBITDA Margin %
|
23.2% | 26.9% |
-3.7 pts
|
|||||||||||||
|
Operating Income
|
$ | 24.9 | $ | 74.0 | $ | (49.1 | ) | -66.4% | ||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
Table Games Drop
|
$ | 544.3 | $ | 581.5 | $ | (37.2 | ) | -6.4% | ||||||||
|
Table Games Win %(1)
|
28.7% | 28.1% |
0.6 pts
|
|||||||||||||
|
Slot Handle
|
$ | 511.4 | $ | 498.4 | $ | 13.0 | 2.6% | |||||||||
|
Slot Hold %
|
8.7% | 8.7% |
0.0 pts
|
|||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
Occupancy %
|
87.6% | 87.3% |
0.3 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$ | 196 | $ | 191 | $ | 5 | 2.6% | |||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 171 | $ | 167 | $ | 4 | 2.4% | |||||||||
(1) This compares to our expected Table Games win percentage of 20.0% and 22.0% (calculated before discounts).
8
Sands Bethlehem Third Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased slightly to $122.9 million while adjusted property EBITDA decreased 7.8% to $29.6 million for the third quarter of 2013. Table games drop increased 11.4% to reach $261.6 million for the quarter, while table games win percentage was 15.0% compared to 16.0% in the third quarter of 2012. Slot handle increased 2.9% year-over-year to $1.05 billion for the quarter with slot hold percentage of 6.9%.
The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2013 compared to the third quarter of 2012:
|
Three Months Ended
|
||||||||||||||||
|
Sands Bethlehem Operations
|
September 30,
|
|||||||||||||||
|
(Dollars in millions)
|
2013
|
2012
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 113.9 | $ | 113.1 | $ | 0.8 | 0.7% | |||||||||
|
Rooms
|
3.2 | 2.7 | 0.5 | 18.5% | ||||||||||||
|
Food and Beverage
|
7.3 | 7.0 | 0.3 | 4.3% | ||||||||||||
|
Mall
|
1.0 | 0.4 | 0.6 | 150.0% | ||||||||||||
|
Convention, Retail and Other
|
3.9 | 4.9 | (1.0 | ) | -20.4% | |||||||||||
|
Less - Promotional Allowances
|
(6.4 | ) | (6.1 | ) | (0.3 | ) | -4.9% | |||||||||
|
Net Revenues
|
$ | 122.9 | $ | 122.0 | $ | 0.9 | 0.7% | |||||||||
|
Adjusted Property EBITDA
|
$ | 29.6 | $ | 32.1 | $ | (2.5 | ) | -7.8% | ||||||||
|
EBITDA Margin %
|
24.0% | 26.3% |
-2.3 pts
|
|||||||||||||
|
Operating Income
|
$ | 20.5 | $ | 24.3 | $ | (3.8 | ) | -15.6% | ||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
Table Games Drop
|
$ | 261.6 | $ | 234.9 | $ | 26.7 | 11.4% | |||||||||
|
Table Games Win %(1)
|
15.0% | 16.0% |
-1.0 pts
|
|||||||||||||
|
Slot Handle
|
$ | 1,045.1 | $ | 1,015.3 | $ | 29.8 | 2.9% | |||||||||
|
Slot Hold %
|
6.9% | 7.2% |
-0.3 pts
|
|||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
Occupancy %
|
82.1% | 69.6% |
12.5 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$ | 141 | $ | 142 | $ | (1 | ) | -0.7% | ||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 115 | $ | 99 | $ | 16 | 16.2% | |||||||||
(1) This compares to our expected Table Games win percentage of 14.0% and 16.0% (calculated before discounts).
9
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 $127.1 million for the third quarter of 2013, an increase of 23.6% compared to the third quarter of 2012. Operating profit derived from these retail mall assets increased 27.5% for the quarter compared to the quarter one year ago, reaching $110.3 million.
|
For The Three Months Ended September 30, 2013
|
TTM
September 30,
2013
|
|||||||||||||||||||||||
|
(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)
|
||||||||||||||||||
|
The Grand Canal Shoppes at The
Venetian Macao
|
$ | 45.4 | $ | 39.8 | 87.7 | % | 756,271 | 94.2 | % | $ | 1,473 | |||||||||||||
|
The Shoppes at Four Seasons
|
||||||||||||||||||||||||
|
Luxury Retail
|
25.9 | 24.7 | 95.4 | % | 141,904 | 100.0 | % | 7,034 | ||||||||||||||||
|
Other Stores
|
6.3 | 5.8 | 92.1 | % | 99,512 | 77.4 | % | 1,890 | ||||||||||||||||
|
Total
|
32.2 | 30.5 | 94.7 | % | 241,416 | 90.7 | % | 4,769 | ||||||||||||||||
|
The Shoppes at Sands Cotai Central
|
11.5 | 9.6 | 83.5 | % | 210,143 | (3) | 100.0 | % | 1,308 | |||||||||||||||
|
Total Cotai Strip in Macao
|
89.1 | 79.9 | 89.7 | % | 1,207,830 | 94.5 | % | 2,009 | ||||||||||||||||
|
The Shoppes at Marina Bay Sands
|
38.0 | 30.4 | 80.0 | % | 641,442 | 88.7 | %(4) | 1,556 | ||||||||||||||||
|
Total
|
$ | 127.1 | $ | 110.3 | 86.8 | % | 1,849,272 | 92.5 | % | $ | 1,865 | |||||||||||||
(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflects 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 Sands Cotai Central will feature up to 600,000 square feet of gross leasable area.
(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 39,000 square feet of gross leasable area is undergoing new fit-out but rent collection has not commenced.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected a profit of $1.2 million during the quarter, compared to a $2.1 million loss in the third quarter of 2012.
Pre-opening expenses decreased to $1.8 million in the third quarter of 2013, compared to $39.9 million in the third quarter of 2012.
Depreciation and amortization expense was $248.9 million in the third quarter of 2013, compared to $226.5 million in the third quarter of 2012.
10
Interest expense, net of amounts capitalized, was $66.9 million for the third quarter of 2013, compared to $62.3 million during the third quarter of 2012. Capitalized interest was $0.9 million during the third quarter of 2013, compared to $9.9 million during the third quarter of 2012. Our weighted average borrowing cost in the third quarter of 2013 was 2.7%.
Corporate expense was $38.5 million in the third quarter of 2013, compared to $54.6 million in the third quarter of 2012.
Other income, which was principally composed of foreign currency gains, was $3.2 million in the third quarter of 2013, compared to $2.4 million in the third quarter of 2012.
The company’s effective income tax rate for the third quarter of 2013 was 5.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
The net income attributable to noncontrolling interests during the third quarter of 2013 of $182.6 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2013 were $3.21 billion.
As of September 30, 2013, total debt outstanding, including the current portion, was $9.76 billion.
Capital Expenditures
Capital expenditures during the third quarter totaled $205.5 million, including construction, development and maintenance activities of $152.7 million in Macao, $26.0 million at Marina Bay Sands, $25.3 million in Las Vegas, and $1.5 million at Sands Bethlehem.
###
Conference Call Information
The company will host a conference call to discuss the company's results on Thursday, October 17, 2013 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
11
service, government regulation, 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, impairment loss, 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.
In Macao, through our majority-owned subsidiary Sands China Ltd. (HKSE: 1928), the company owns and operates a portfolio of properties on Macao’s Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns and operates the Sands® Macao on the Macao Peninsula. In Singapore, the company owns and operates Marina Bay Sands®, the iconic Integrated Resort located in the city-state’s downtown Marina Bay district.
Our properties in the United States include The Venetian® and The Palazzo® on the Las Vegas Strip and Sands® Bethlehem in Eastern Pennsylvania.
Las Vegas Sands is committed to global sustainability through its Sands Eco 360 program and is an active community partner through its various charitable organizations.
Contacts:
| Investment Community: | Daniel Briggs | (702) 414-1221 |
| Media: | Ron Reese | (702) 414-3607 |
12
Las Vegas Sands Corp.
Third Quarter 2013 Results
Non-GAAP Reconciliations
Within the company’s third quarter 2013 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, impairment loss, 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.
13
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 2,984,538 | $ | 2,201,030 | $ | 8,394,721 | $ | 6,534,947 | ||||||||
|
Rooms
|
349,001 | 287,849 | 998,646 | 830,887 | ||||||||||||
|
Food and beverage
|
174,260 | 142,685 | 534,361 | 455,884 | ||||||||||||
|
Mall
|
128,068 | 103,232 | 321,522 | 268,390 | ||||||||||||
|
Convention, retail and other
|
123,259 | 117,129 | 372,370 | 363,680 | ||||||||||||
| 3,759,126 | 2,851,925 | 10,621,620 | 8,453,788 | |||||||||||||
|
Less - promotional allowances
|
(190,586 | ) | (142,443 | ) | (507,420 | ) | (399,658 | ) | ||||||||
| 3,568,540 | 2,709,482 | 10,114,200 | 8,054,130 | |||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Resort operations
|
2,348,295 | 1,839,991 | 6,634,063 | 5,288,946 | ||||||||||||
|
Corporate
|
38,468 | 54,617 | 141,221 | 162,164 | ||||||||||||
|
Pre-opening
|
1,778 | 39,872 | 9,646 | 134,803 | ||||||||||||
|
Development
|
3,487 | 4,201 | 14,840 | 12,196 | ||||||||||||
|
Depreciation and amortization
|
248,925 | 226,538 | 752,530 | 641,725 | ||||||||||||
|
Amortization of leasehold interests in land
|
10,022 | 10,014 | 30,297 | 30,016 | ||||||||||||
|
Impairment loss
|
- | - | - | 143,674 | ||||||||||||
|
Loss on disposal of assets
|
2,739 | 154 | 9,433 | 1,229 | ||||||||||||
| 2,653,714 | 2,175,387 | 7,592,030 | 6,414,753 | |||||||||||||
|
Operating income
|
914,826 | 534,095 | 2,522,170 | 1,639,377 | ||||||||||||
|
Other income (expense):
|
||||||||||||||||
|
Interest income
|
3,819 | 4,176 | 10,848 | 16,716 | ||||||||||||
|
Interest expense, net of amounts capitalized
|
(66,917 | ) | (62,292 | ) | (204,125 | ) | (191,497 | ) | ||||||||
|
Other income
|
3,207 | 2,352 | 4,992 | 715 | ||||||||||||
|
Loss on modification or early retirement of debt
|
- | - | - | (19,234 | ) | |||||||||||
|
Income before income taxes
|
854,935 | 478,331 | 2,333,885 | 1,446,077 | ||||||||||||
|
Income tax expense
|
(45,637 | ) | (33,351 | ) | (148,940 | ) | (135,607 | ) | ||||||||
|
Net income
|
809,298 | 444,980 | 2,184,945 | 1,310,470 | ||||||||||||
|
Net income attributable to noncontrolling interests
|
(182,554 | ) | (95,198 | ) | (456,487 | ) | (221,159 | ) | ||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 626,744 | $ | 349,782 | $ | 1,728,458 | $ | 1,089,311 | ||||||||
|
Earnings per share:
|
||||||||||||||||
|
Basic
|
$ | 0.76 | $ | 0.43 | $ | 2.10 | $ | 1.36 | ||||||||
|
Diluted
|
$ | 0.76 | $ | 0.42 | $ | 2.09 | $ | 1.32 | ||||||||
|
Weighted average shares outstanding:
|
||||||||||||||||
|
Basic
|
823,200,515 | 821,482,154 | 823,512,889 | 801,084,165 | ||||||||||||
|
Diluted
|
826,965,340 | 825,606,248 | 827,543,510 | 823,361,035 | ||||||||||||
|
Dividends declared per common share
|
$ | 0.35 | $ | 0.25 | $ | 1.05 | $ | 0.75 | ||||||||
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
|
Three Months Ended September 30, 2013
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
Legal
|
||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
Settlement
|
Adjusted
|
||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
and Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 317,596 | $ | 35,391 | $ | 1,681 | $ | 232 | $ | (1 | ) | $ | - | $ | 2,298 | $ | - | $ | 357,197 | |||||||||||||||||
|
Sands Cotai Central
|
154,292 | 65,606 | 2,152 | 931 | 194 | - | 1,097 | - | 224,272 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
100,075 | 11,017 | 677 | 31 | 1,077 | - | 45 | - | 112,922 | |||||||||||||||||||||||||||
|
Sands Macao
|
80,267 | 8,204 | 354 | 397 | - | - | 725 | - | 89,947 | |||||||||||||||||||||||||||
|
Macao Property Operations
|
652,230 | 120,218 | 4,864 | 1,591 | 1,270 | - | 4,165 | - | 784,338 | |||||||||||||||||||||||||||
|
Marina Bay Sands
|
282,061 | 62,086 | 4,536 | 119 | - | 23,171 | 1,639 | - | 373,612 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
24,865 | 46,333 | - | (6 | ) | 271 | (33,939 | ) | 2,211 | 47,400 | 87,135 | |||||||||||||||||||||||||
|
Sands Bethlehem
|
20,537 | 8,737 | - | 34 | 132 | - | 113 | - | 29,553 | |||||||||||||||||||||||||||
|
United States Property Operations
|
45,402 | 55,070 | - | 28 | 403 | (33,939 | ) | 2,324 | 47,400 | 116,688 | ||||||||||||||||||||||||||
|
Other Asia (2)
|
(13,529 | ) | 3,653 | - | - | 11 | 11,000 | 42 | - | 1,177 | ||||||||||||||||||||||||||
|
Other Development
|
(4,360 | ) | 157 | 622 | - | 3,581 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(46,978 | ) | 7,741 | - | 1,001 | - | (232 | ) | - | 38,468 | - | |||||||||||||||||||||||||
| $ | 914,826 | $ | 248,925 | $ | 10,022 | $ | 2,739 | $ | 5,265 | $ | - | $ | 8,170 | $ | 85,868 | $ | 1,275,815 | |||||||||||||||||||
|
Three Months Ended September 30, 2012
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 261,294 | $ | 34,973 | $ | 1,652 | $ | (300 | ) | $ | 60 | $ | - | $ | 1,322 | $ | - | $ | 299,001 | |||||||||||||||||
|
Sands Cotai Central
|
(19,873 | ) | 32,085 | 2,152 | 62 | 38,858 | - | 370 | - | 53,654 | ||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
40,284 | 12,448 | 706 | 172 | 731 | - | 45 | - | 54,386 | |||||||||||||||||||||||||||
|
Sands Macao
|
72,425 | 7,752 | 354 | (15 | ) | - | - | 353 | - | 80,869 | ||||||||||||||||||||||||||
|
Macao Property Operations
|
354,130 | 87,258 | 4,864 | (81 | ) | 39,649 | - | 2,090 | - | 487,910 | ||||||||||||||||||||||||||
|
Marina Bay Sands
|
166,452 | 65,601 | 4,528 | 185 | - | 21,810 | 2,212 | - | 260,788 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
74,011 | 54,795 | - | (64 | ) | - | (33,464 | ) | 2,928 | - | 98,206 | |||||||||||||||||||||||||
|
Sands Bethlehem
|
24,329 | 7,593 | - | 1 | 64 | - | 131 | - | 32,118 | |||||||||||||||||||||||||||
|
United States Property Operations
|
98,340 | 62,388 | - | (63 | ) | 64 | (33,464 | ) | 3,059 | - | 130,324 | |||||||||||||||||||||||||
|
Other Asia (2)
|
(16,800 | ) | 3,706 | - | 9 | 43 | 10,872 | 46 | - | (2,124 | ) | |||||||||||||||||||||||||
|
Other Development
|
(5,196 | ) | 153 | 622 | 104 | 4,317 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(62,831 | ) | 7,432 | - | - | - | 782 | - | 54,617 | - | ||||||||||||||||||||||||||
| $ | 534,095 | $ | 226,538 | $ | 10,014 | $ | 154 | $ | 44,073 | $ | - | $ | 7,407 | $ | 54,617 | $ | 876,898 | |||||||||||||||||||
|
Nine Months Ended September 30, 2013
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
Legal
|
||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
Loss
|
and
|
(1) |
Settlement
|
Adjusted
|
||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
and Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 952,064 | $ | 102,275 | $ | 4,959 | $ | 1,712 | $ | 120 | $ | - | $ | 5,413 | $ | - | $ | 1,066,543 | ||||||||||||||||||
|
Sands Cotai Central
|
293,664 | 191,709 | 6,458 | 2,243 | 5,563 | - | 2,303 | - | 501,940 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
188,856 | 34,364 | 2,117 | 96 | 2,726 | - | 124 | - | 228,283 | |||||||||||||||||||||||||||
|
Sands Macao
|
248,077 | 23,726 | 1,061 | 513 | - | - | 1,510 | - | 274,887 | |||||||||||||||||||||||||||
|
Macao Property Operations
|
1,682,661 | 352,074 | 14,595 | 4,564 | 8,409 | - | 9,350 | - | 2,071,653 | |||||||||||||||||||||||||||
|
Marina Bay Sands
|
829,835 | 198,814 | 13,837 | 2,713 | - | 75,205 | 5,338 | - | 1,125,742 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
173,188 | 142,268 | - | 1,108 | 387 | (107,453 | ) | 6,634 | 47,400 | 263,532 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
65,731 | 26,645 | - | 34 | 239 | - | 339 | - | 92,988 | |||||||||||||||||||||||||||
|
United States Property Operations
|
238,919 | 168,913 | - | 1,142 | 626 | (107,453 | ) | 6,973 | 47,400 | 356,520 | ||||||||||||||||||||||||||
|
Other Asia (2)
|
(49,027 | ) | 11,035 | - | 13 | 262 | 33,000 | 170 | - | (4,547 | ) | |||||||||||||||||||||||||
|
Other Development
|
(17,527 | ) | 473 | 1,865 | - | 15,189 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(162,691 | ) | 21,221 | - | 1,001 | - | (752 | ) | - | 141,221 | - | |||||||||||||||||||||||||
| $ | 2,522,170 | $ | 752,530 | $ | 30,297 | $ | 9,433 | $ | 24,486 | $ | - | $ | 21,831 | $ | 188,621 | $ | 3,549,368 | |||||||||||||||||||
|
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Impairment
|
Pre-Opening
|
||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
and (Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 649,780 | $ | 108,085 | $ | 4,954 | $ | 42,649 | $ | 113 | $ | - | $ | 4,594 | $ | - | $ | 810,175 | ||||||||||||||||||
|
Sands Cotai Central
|
(37,749 | ) | 57,643 | 4,304 | 62 | 80,629 | - | 603 | - | 105,492 | ||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
155,679 | 37,352 | 2,116 | 209 | 2,953 | - | 183 | - | 198,492 | |||||||||||||||||||||||||||
|
Sands Macao
|
234,259 | 22,779 | 1,060 | (184 | ) | - | - | 1,215 | - | 259,129 | ||||||||||||||||||||||||||
|
Macao Property Operations
|
1,001,969 | 225,859 | 12,434 | 42,736 | 83,695 | - | 6,595 | - | 1,373,288 | |||||||||||||||||||||||||||
|
Marina Bay Sands
|
774,941 | 196,668 | 13,570 | 184 | - | 72,600 | 5,749 | - | 1,063,712 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
199,997 | 167,511 | - | 503 | - | (99,020 | ) | 9,371 | - | 278,362 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
59,869 | 25,332 | - | 414 | 305 | - | 617 | - | 86,537 | |||||||||||||||||||||||||||
|
United States Property Operations
|
259,866 | 192,843 | - | 917 | 305 | (99,020 | ) | 9,988 | - | 364,899 | ||||||||||||||||||||||||||
|
Other Asia (2)
|
(51,816 | ) | 11,089 | - | 33 | 165 | 26,146 | 582 | - | (13,801 | ) | |||||||||||||||||||||||||
|
Other Development
|
(168,455 | ) | 575 | 4,012 | 101,034 | 62,834 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(177,128 | ) | 14,691 | - | (1 | ) | - | 274 | - | 162,164 | - | |||||||||||||||||||||||||
| $ | 1,639,377 | $ | 641,725 | $ | 30,016 | $ | 144,903 | $ | 146,999 | $ | - | $ | 22,914 | $ | 162,164 | $ | 2,788,098 | |||||||||||||||||||
(1) During the three months ended September 30, 2013 and 2012, the Company recorded stock-based compensation expense of $13.4 million and $17.4 million, respectively, of which $5.2 million and $9.8 million, respectively, is included in corporate expense and $0.0 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the nine months ended September 30, 2013 and 2012, the Company recorded stock-based compensation expense of $39.8 million and $50.3 million, respectively, of which $18.0 million and $26.7 million, respectively, is included in corporate expense and $0.0 million and $0.7 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.
(2) Primarily includes the results of the CotaiJet ferry operations.
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
|
Three Months Ended September 30, 2013
|
||||||||||||||||
| (1) | (2) |
Hold-Normalized
|
||||||||||||||
|
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
|
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
|
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
|
Macao Property Operations
|
$ | 784,338 | $ | - | $ | - | $ | 784,338 | ||||||||
|
Marina Bay Sands
|
373,612 | - | - | 373,612 | ||||||||||||
|
United States:
|
||||||||||||||||
|
Las Vegas Operating Properties
|
87,135 | (41,729 | ) | 3,130 | 48,536 | |||||||||||
|
Sands Bethlehem
|
29,553 | (618 | ) | 96 | 29,031 | |||||||||||
|
United States Property Operations
|
116,688 | (42,347 | ) | 3,226 | 77,567 | |||||||||||
|
Other Asia
|
1,177 | - | - | 1,177 | ||||||||||||
|
Other Development
|
- | - | - | - | ||||||||||||
|
Corporate
|
- | - | - | - | ||||||||||||
| $ | 1,275,815 | $ | (42,347 | ) | $ | 3,226 | $ | 1,236,694 | ||||||||
|
Three Months Ended September 30, 2012
|
||||||||||||||||
| (1) | (2) |
Hold-Normalized
|
||||||||||||||
|
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
|
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
|
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
|
Macao Property Operations
|
$ | 487,910 | $ | - | $ | - | $ | 487,910 | ||||||||
|
Marina Bay Sands
|
260,788 | 125,356 | (14,052 | ) | 372,092 | |||||||||||
|
United States:
|
||||||||||||||||
|
Las Vegas Operating Properties
|
98,206 | (41,239 | ) | 3,093 | 60,060 | |||||||||||
|
Sands Bethlehem
|
32,118 | (2,739 | ) | 415 | 29,794 | |||||||||||
|
United States Property Operations
|
130,324 | (43,978 | ) | 3,508 | 89,854 | |||||||||||
|
Other Asia
|
(2,124 | ) | - | - | (2,124 | ) | ||||||||||
|
Other Development
|
- | - | - | - | ||||||||||||
|
Corporate
|
- | - | - | - | ||||||||||||
| $ | 876,898 | $ | 81,378 | $ | (10,544 | ) | $ | 947,732 | ||||||||
(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 and Sands Bethlehem, 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 21.0% and 14.8%, respectively.
(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 626,744 | $ | 349,782 | $ | 1,728,458 | $ | 1,089,311 | ||||||||
|
Add (deduct):
|
||||||||||||||||
|
Net income attributable to noncontrolling interests
|
182,554 | 95,198 | 456,487 | 221,159 | ||||||||||||
|
Income tax expense
|
45,637 | 33,351 | 148,940 | 135,607 | ||||||||||||
|
Loss on modification or early retirement of debt
|
- | - | - | 19,234 | ||||||||||||
|
Other income
|
(3,207 | ) | (2,352 | ) | (4,992 | ) | (715 | ) | ||||||||
|
Interest expense, net of amounts capitalized
|
66,917 | 62,292 | 204,125 | 191,497 | ||||||||||||
|
Interest income
|
(3,819 | ) | (4,176 | ) | (10,848 | ) | (16,716 | ) | ||||||||
|
Loss on disposal of assets
|
2,739 | 154 | 9,433 | 1,229 | ||||||||||||
|
Impairment loss
|
- | - | - | 143,674 | ||||||||||||
|
Amortization of leasehold interests in land
|
10,022 | 10,014 | 30,297 | 30,016 | ||||||||||||
|
Depreciation and amortization
|
248,925 | 226,538 | 752,530 | 641,725 | ||||||||||||
|
Development expense
|
3,487 | 4,201 | 14,840 | 12,196 | ||||||||||||
|
Pre-opening expense
|
1,778 | 39,872 | 9,646 | 134,803 | ||||||||||||
|
Stock-based compensation (1)
|
8,170 | 7,407 | 21,831 | 22,914 | ||||||||||||
|
Legal settlement expense (1)
|
47,400 | - | 47,400 | - | ||||||||||||
|
Corporate expense
|
38,468 | 54,617 | 141,221 | 162,164 | ||||||||||||
|
Adjusted Property EBITDA
|
$ | 1,275,815 | $ | 876,898 | $ | 3,549,368 | $ | 2,788,098 | ||||||||
|
Hold-normalized casino revenue (2)
|
(42,347 | ) | 81,378 | |||||||||||||
|
Hold-normalized casino expense (2)
|
3,226 | (10,544 | ) | |||||||||||||
|
Hold-Normalized Adjusted Property EBITDA
|
$ | 1,236,694 | $ | 947,732 | ||||||||||||
|
(1) See Exhibit 2
|
||||||||||||||||
|
(2) See Exhibit 3
|
||||||||||||||||
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
|
September 30,
|
September 30,
|
||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
|
The Venetian Macao
|
$ | 935,233 | $ | 772,769 | $ | 2,702,151 | $ | 2,194,975 | ||||||||
|
Sands Cotai Central
|
736,599 | 295,855 | 1,907,780 | 561,456 | ||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
330,027 | 224,478 | 827,336 | 790,219 | ||||||||||||
|
Sands Macao
|
305,329 | 315,280 | 910,269 | 935,966 | ||||||||||||
|
Marina Bay Sands
|
774,199 | 625,548 | 2,308,553 | 2,168,979 | ||||||||||||
|
Las Vegas Operating Properties
|
375,041 | 364,426 | 1,132,312 | 1,076,342 | ||||||||||||
|
Sands Bethlehem
|
122,922 | 121,966 | 372,597 | 352,624 | ||||||||||||
|
Other Asia
|
35,385 | 37,289 | 105,666 | 110,792 | ||||||||||||
|
Intersegment Eliminations
|
(46,195 | ) | (48,129 | ) | (152,464 | ) | (137,223 | ) | ||||||||
| $ | 3,568,540 | $ | 2,709,482 | $ | 10,114,200 | $ | 8,054,130 | |||||||||
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
|
The Venetian Macao
|
38.2% | 38.7% | 39.5% | 36.9% | ||||||||||||
|
Sands Cotai Central
|
30.4% | 18.1% | 26.3% | 18.8% | ||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
34.2% | 24.2% | 27.6% | 25.1% | ||||||||||||
|
Sands Macao
|
29.5% | 25.6% | 30.2% | 27.7% | ||||||||||||
|
Marina Bay Sands
|
48.3% | 41.7% | 48.8% | 49.0% | ||||||||||||
|
Las Vegas Operating Properties
|
23.2% | 26.9% | 23.3% | 25.9% | ||||||||||||
|
Sands Bethlehem
|
24.0% | 26.3% | 25.0% | 24.5% | ||||||||||||
|
Other Asia
|
3.3% | -5.7% | -4.3% | -12.5% | ||||||||||||
|
Total
|
35.8% | 32.4% | 35.1% | 34.6% | ||||||||||||
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per
Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 626,744 | $ | 349,782 | $ | 1,728,458 | $ | 1,089,311 | ||||||||
|
Pre-opening expense, net
|
1,368 | 28,057 | 7,027 | 94,867 | ||||||||||||
|
Development expense, net
|
3,487 | 4,201 | 14,840 | 12,196 | ||||||||||||
|
Impairment loss, net
|
- | - | - | 101,009 | ||||||||||||
|
Loss on disposal of assets, net
|
2,265 | 144 | 8,069 | 1,190 | ||||||||||||
|
Loss on modification or early retirement of debt, net
|
- | - | - | 18,714 | ||||||||||||
|
Legal settlement expense
|
47,400 | - | 47,400 | - | ||||||||||||
|
Adjusted net income
|
$ | 681,264 | $ | 382,184 | $ | 1,805,794 | $ | 1,317,287 | ||||||||
|
Hold-normalized casino revenue (1)
|
(42,347 | ) | 81,378 | |||||||||||||
|
Hold-normalized casino expense (1)
|
3,226 | (10,544 | ) | |||||||||||||
|
Income tax impact on hold adjustments
|
- | (18,922 | ) | |||||||||||||
|
Noncontrolling interest impact on hold adjustments
|
- | - | ||||||||||||||
|
Hold-normalized adjusted net income
|
$ | 642,143 | $ | 434,096 | ||||||||||||
|
(1) See Exhibit 3
|
||||||||||||||||
|
Per diluted share of common stock:
|
||||||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 0.76 | $ | 0.42 | $ | 2.09 | $ | 1.32 | ||||||||
|
Pre-opening expense, net
|
- | 0.03 | - | 0.12 | ||||||||||||
|
Development expense, net
|
- | 0.01 | 0.02 | 0.01 | ||||||||||||
|
Impairment loss, net
|
- | - | - | 0.13 | ||||||||||||
|
Loss on disposal of assets, net
|
- | - | 0.01 | - | ||||||||||||
|
Loss on modification or early retirement of debt, net
|
- | - | - | 0.02 | ||||||||||||
|
Legal settlement expense
|
0.06 | - | 0.06 | - | ||||||||||||
|
Adjusted earnings per diluted share
|
$ | 0.82 | $ | 0.46 | $ | 2.18 | $ | 1.60 | ||||||||
|
Hold-normalized casino revenue
|
(0.05 | ) | 0.10 | |||||||||||||
|
Hold-normalized casino expense
|
0.01 | (0.01 | ) | |||||||||||||
|
Income tax impact on hold adjustments
|
- | (0.02 | ) | |||||||||||||
|
Noncontrolling interest impact on hold adjustments
|
- | - | ||||||||||||||
|
Hold-normalized adjusted earnings per diluted share
|
$ | 0.78 | $ | 0.53 | ||||||||||||
|
Weighted average diluted shares outstanding
|
826,965,340 | 825,606,248 | 827,543,510 | 823,361,035 | ||||||||||||
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Room Statistics:
|
||||||||||||||||
|
The Venetian Macao:
|
||||||||||||||||
|
Occupancy %
|
91.8% | 93.9% | 90.3% | 91.4% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 242 | $ | 227 | $ | 234 | $ | 233 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 222 | $ | 213 | $ | 211 | $ | 213 | ||||||||
|
Sands Cotai Central:
|
||||||||||||||||
|
Occupancy %
|
84.8% | 88.9% | 74.6% | 82.8% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 152 | $ | 149 | $ | 149 | $ | 146 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 129 | $ | 132 | $ | 111 | $ | 121 | ||||||||
|
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
|
Occupancy %
|
88.2% | 83.1% | 83.4% | 79.6% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 363 | $ | 349 | $ | 362 | $ | 355 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 321 | $ | 290 | $ | 302 | $ | 282 | ||||||||
|
Sands Macao:
|
||||||||||||||||
|
Occupancy %
|
96.9% | 97.3% | 95.6% | 94.8% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 243 | $ | 236 | $ | 244 | $ | 243 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 236 | $ | 230 | $ | 233 | $ | 231 | ||||||||
|
Marina Bay Sands:
|
||||||||||||||||
|
Occupancy %
|
99.8% | 99.8% | 99.2% | 99.1% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 401 | $ | 361 | $ | 386 | $ | 351 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 400 | $ | 360 | $ | 383 | $ | 348 | ||||||||
|
Las Vegas Operating Properties:
|
||||||||||||||||
|
Occupancy %
|
87.6% | 87.3% | 89.8% | 85.6% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 196 | $ | 191 | $ | 204 | $ | 203 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 171 | $ | 167 | $ | 183 | $ | 174 | ||||||||
|
Sands Bethlehem:
|
||||||||||||||||
|
Occupancy %
|
82.1% | 69.6% | 73.4% | 60.7% | ||||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 141 | $ | 142 | $ | 141 | $ | 141 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 115 | $ | 99 | $ | 103 | $ | 86 | ||||||||
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Casino Statistics:
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The Venetian Macao:
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Table games win per unit per day (3)
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$ | 16,099 | $ | 15,697 | $ | 16,878 | $ | 14,632 | ||||||||
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Slot machine win per unit per day (4)
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$ | 332 | $ | 312 | $ | 322 | $ | 314 | ||||||||
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Average number of table games
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612 | 504 | 565 | 520 | ||||||||||||
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Average number of slot machines
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2,141 | 2,155 | 2,218 | 2,219 | ||||||||||||
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Sands Cotai Central:
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Table games win per unit per day (3)
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$ | 18,223 | $ | 9,728 | $ | 15,075 | $ | 9,909 | ||||||||
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Slot machine win per unit per day (4)
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$ | 317 | $ | 316 | $ | 269 | $ | 349 | ||||||||
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Average number of table games
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450 | 356 | 488 | 359 | ||||||||||||
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Average number of slot machines
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2,053 | 1,086 | 2,118 | 961 | ||||||||||||
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Four Seasons Hotel Macao and Plaza Casino:
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Table games win per unit per day (3)
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$ | 26,549 | $ | 19,480 | $ | 23,496 | $ | 22,989 | ||||||||
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Slot machine win per unit per day (4)
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$ | 899 | $ | 545 | $ | 717 | $ | 642 | ||||||||
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Average number of table games
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155 | 149 | 152 | 157 | ||||||||||||
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Average number of slot machines
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177 | 188 | 180 | 183 | ||||||||||||
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Sands Macao:
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Table games win per unit per day (3)
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$ | 11,710 | $ | 12,337 | $ | 12,069 | $ | 10,808 | ||||||||
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Slot machine win per unit per day (4)
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$ | 249 | $ | 224 | $ | 243 | $ | 251 | ||||||||
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Average number of table games
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302 | 313 | 298 | 353 | ||||||||||||
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Average number of slot machines
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1,135 | 1,205 | 1,185 | 1,152 | ||||||||||||
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Marina Bay Sands:
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Table games win per unit per day (3)
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$ | 11,326 | $ | 8,480 | $ | 12,062 | $ | 10,406 | ||||||||
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Slot machine win per unit per day (4)
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$ | 692 | $ | 603 | $ | 691 | $ | 632 | ||||||||
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Average number of table games
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639 | 619 | 619 | 612 | ||||||||||||
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Average number of slot machines
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2,234 | 2,441 | 2,233 | 2,468 | ||||||||||||
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Las Vegas Operating Properties:
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Table games win per unit per day (3)
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$ | 6,948 | $ | 7,648 | $ | 5,830 | $ | 6,047 | ||||||||
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Slot machine win per unit per day (4)
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$ | 215 | $ | 238 | $ | 202 | $ | 207 | ||||||||
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Average number of table games
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244 | 232 | 241 | 230 | ||||||||||||
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Average number of slot machines
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2,247 | 1,975 | 2,352 | 2,186 | ||||||||||||
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Sands Bethlehem:
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Table games win per unit per day (3)
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$ | 2,909 | $ | 3,341 | $ | 3,022 | $ | 2,983 | ||||||||
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Slot machine win per unit per day (4)
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$ | 260 | $ | 262 | $ | 267 | $ | 268 | ||||||||
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Average number of table games
|
147 | 122 | 145 | 121 | ||||||||||||
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Average number of slot machines
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3,012 | 3,024 | 3,015 | 3,014 | ||||||||||||
___________________
(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.
Exhibit 6