|
LAS VEGAS, NV--( May 1, 2013) -
Las Vegas Sands Corp. (NYSE: LVS)
For the quarter ended March 31, 2013 compared
to the quarter ended March 31, 2012:
- Net
Revenue Increased 19.5% to a Record $3.30 Billion
- Consolidated
Hold-Adjusted Adjusted Property EBITDA Increased 28.2% to a Record
$1.19 Billion (Consolidated Adjusted Property EBITDA Increased 9.4% to
a Record $1.17 Billion)
- Record
Gaming Volumes in Macao Drove Hold-Adjusted Adjusted Property EBITDA in
Macao Up 51.2% to Record $630.2 Million (Macao Adjusted Property EBITDA
was up 38.1% to a Record $630.2 Million)
- Hold-Adjusted
Adjusted Net Income Attributable to Las Vegas Sands Rose 30.8% to Reach
$596.6 Million (Net Income Attributable to Las Vegas Sands Rose 14.6%
to Reach $572.0 Million)
- Hold-Adjusted
Adjusted Earnings per Diluted Share Increased 28.6% to $0.72 (Adjusted
Earnings per diluted share was $0.71)
- The
Company Paid a Recurring Quarterly Dividend of $0.35 per share, an
Increase of 40% over the First Quarter of 2012
Las Vegas Sands Corp. (NYSE: LVS)
today reported financial results for the quarter ended March 31, 2013.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief
executive officer, said, "I am extremely pleased to report all-time
record
quarterly financial results that reflect strong revenue and cash flow
growth
and the steady execution of our global growth strategy.
"In Macao, we delivered record financial
results, with outstanding growth and strong operating momentum
reflected in
every segment of our business. We welcomed a record fourteen million
visits to
our Cotai Strip properties during the quarter, and delivered a record
$630.2
million of adjusted property EBITDA from our Macao property portfolio.
We
remain confident that our market-leading Cotai Strip properties, The
Venetian
Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai
Central, with
their unrivaled hotel inventory of nearly 9,000 rooms and suites,
including the
world's largest Sheraton, Conrad and Holiday Inn, and 28 million square
feet of
interconnected Integrated Resort capacity, 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.
"We also delivered strong financial
results in Singapore, with meaningful growth in gaming and non-gaming
revenues
contributing to a record financial performance. Rolling Chip volume
increased
42.2% to reach a property record $18.21 billion, while Hold-Adjusted
Adjusted
Property EBITDA increased 15.7% to reach a record $451.1 million.
"The prudent management of our cash
flow, including the ability to both invest in future growth and to
increase the
return of capital to our shareholders, remains a cornerstone of our
strategy.
The company paid a recurring quarterly dividend of $0.35 per common
share
during the quarter, an increase of 40% compared to the first quarter of
2012."
The company also announced that its next
recurring quarterly dividend of $0.35 per common share will be paid to
Las
Vegas Sands shareholders on June 28, 2013 to shareholders of record as
of June
20, 2013.
Company-Wide Operating Results
Net revenue for the first quarter of 2013
increased 19.5% to reach $3.30 billion, compared to $2.76 billion in
the first
quarter of 2012. Consolidated adjusted property EBITDA increased 9.4%
to reach
$1.17 billion in the first quarter of 2013, compared to $1.07 billion
in the
year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA
increased
28.2% to reach $1.19 billion in the first quarter of 2013, compared to
$927
million in the first quarter of 2012.
On a GAAP (Generally Accepted Accounting
Principles) basis, operating income in the first quarter of 2013
increased
16.8% to $826.7 million, compared to $707.6 million in the first
quarter of
2012. The increase in operating income was principally due to strong
operating
results in Macao, partially offset by higher depreciation and
amortization
expense related to the opening of Sands Cotai Central and lower table
games
hold in Singapore.
On a GAAP basis, net income attributable to
Las Vegas Sands in the first quarter of 2013 increased 14.6% to $572.0
million,
compared to $498.9 million in the first quarter of 2012, while diluted
earnings
per share in the first quarter of 2013 increased 13.1% to $0.69,
compared to
$0.61 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
$583.9 million, or $0.71 per diluted share, compared to $569.8 million,
or
$0.70 per diluted share, in the first quarter of 2012. The increase in
adjusted
net income was driven by the higher net income attributable to Las
Vegas Sands
described above.
Sands China Ltd. Consolidated Financial
Results
On a GAAP basis, total net revenues for Sands
China Ltd. increased 39.3% to $2.02 billion in the first quarter of
2013,
compared to $1.45 billion in the first quarter of 2012. Adjusted
property
EBITDA for Sands China Ltd. increased 39.0% to $626.4 million in the
first
quarter of 2013, compared to $450.6 million in the first quarter of
2012. Net
income for Sands China Ltd. increased 63.3% to $452.9 million in the
first
quarter of 2013, compared to $277.4 million in the first quarter of
2012.
The Venetian Macao First Quarter Operating
Results
The Venetian Macao continued to enjoy strong
visitation and financial performance. The property delivered a record
adjusted
property EBITDA of $348.5 million, an increase of 23.6% compared to the
first
quarter of 2012. Operating results were positively impacted by higher
than
expected Rolling Chip win percentage of 3.57%, compared to 2.93% in the
first
quarter of 2012. Adjusted property EBITDA margin increased to 40.0% in
the
first quarter of 2013 from 36.5% in the year-ago quarter. Non-Rolling
Chip drop
increased 20.6% to reach a property record $1.33 billion for the
quarter, while
Non-Rolling Chip win percentage increased to 32.1%. Rolling Chip volume
during
the quarter decreased 15.4% to $11.67 billion partially due to Paiza
Club
renovations, which resulted in 18 fewer active rolling tables in
service on
average during the quarter. Slot handle was $1.19 billion, a decrease
of 4.0%
compared to the quarter one year ago. Mall revenues increased 15.2%
during the
quarter compared to the quarter last year.
The following table summarizes the key
operating results for The Venetian Macao for the first quarter of 2013
compared
to the first quarter of 2012:
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
The
Venetian Macao Operations
|
|
March
31,
|
|
|
|
|
|
(Dollars
in millions)
|
|
2013
|
|
|
2012
|
|
|
$
Change
|
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
778.5
|
|
|
$
|
673.9
|
|
|
$
|
104.6
|
|
|
15.5
|
%
|
|
Rooms
|
|
|
54.4
|
|
|
|
59.0
|
|
|
|
(4.6
|
)
|
|
-7.8
|
%
|
|
Food
and Beverage
|
|
|
21.9
|
|
|
|
22.5
|
|
|
|
(0.6
|
)
|
|
-2.7
|
%
|
|
Mall
|
|
|
30.3
|
|
|
|
26.3
|
|
|
|
4.0
|
|
|
15.2
|
%
|
|
Convention,
Retail and Other
|
|
|
16.7
|
|
|
|
22.8
|
|
|
|
(6.1
|
)
|
|
-26.8
|
%
|
|
Less
- Promotional Allowances
|
|
|
(29.6
|
)
|
|
|
(31.7
|
)
|
|
|
2.1
|
|
|
6.6
|
%
|
|
Net
Revenues
|
|
$
|
872.2
|
|
|
$
|
772.8
|
|
|
$
|
99.4
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
348.5
|
|
|
$
|
281.9
|
|
|
$
|
66.6
|
|
|
23.6
|
%
|
|
EBITDA
Margin %
|
|
|
40.0
|
%
|
|
|
36.5
|
%
|
|
|
|
|
|
3.5
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
311.9
|
|
|
$
|
198.6
|
|
|
$
|
113.3
|
|
|
57.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling
Chip Volume
|
|
$
|
11,670.9
|
|
|
$
|
13,801.6
|
|
|
$
|
(2,130.7
|
)
|
|
-15.4
|
%
|
|
Rolling
Chip Win %(1)
|
|
|
3.57
|
%
|
|
|
2.93
|
%
|
|
|
|
|
|
0.64
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling
Chip Drop
|
|
$
|
1,333.9
|
|
|
$
|
1,105.6
|
|
|
$
|
228.3
|
|
|
20.6
|
%
|
|
Non-Rolling
Chip Win %
|
|
|
32.1
|
%
|
|
|
30.7
|
%
|
|
|
|
|
|
1.4
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
1,191.5
|
|
|
$
|
1,240.8
|
|
|
$
|
(49.3
|
)
|
|
-4.0
|
%
|
|
Slot
Hold %
|
|
|
5.5
|
%
|
|
|
5.6
|
%
|
|
|
|
|
|
-0.1
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
91.6
|
%
|
|
|
93.4
|
%
|
|
|
|
|
|
-1.8
pts
|
|
|
Average
Daily Rate (ADR)
|
|
$
|
231
|
|
|
$
|
244
|
|
|
$
|
(13
|
)
|
|
-5.3
|
%
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
212
|
|
|
$
|
228
|
|
|
$
|
(16
|
)
|
|
-7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Rolling Chip win percentage of 2.7% to 3.0%
(calculated before discounts and commissions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai Central First Quarter Operating
Results
The first two phases of Sands Cotai Central
opened on April 11, 2012 and September 20, 2012. An additional 2,100
Sheraton
rooms opened on January 28, 2013. Net revenues and adjusted property
EBITDA for
the first quarter of 2013 were $587.2 million and $131.5 million,
respectively,
resulting in an EBITDA margin of 22.4%. The quarter's results were
positively
impacted by higher than expected Rolling Chip win percentage of 3.09%.
Rolling Chip volume reflected meaningful
growth and reached $13.62 billion while Non-Rolling Chip drop reached
$1.04
billion with Non-Rolling Chip win percentage of 21.6%. Slot handle,
driven by
robust electronic table games play, was $1.23 billion for the quarter.
Rolling
Chip Volume per table per day expanded to reach approximately $800,000
in the
quarter. Mass win per table per day increased 20% compared to the
fourth
quarter of 2012, reaching $7,933 per day, while mass table, slot and
ETG win
per day climbed to $3.01 million, an increase of 16.7% compared to the
fourth
quarter of 2012. Hotel occupancy reached 70.8% during the quarter with
ADR of
$152.
Visitation to the property continues to
expand, reaching in excess of 3.4 million visits in the quarter. An
air-conditioned footbridge connecting Sands Cotai Central on the East
side of
the Cotai Strip with The Venetian Macao and Four Seasons Macao Hotel
and Plaza
Casino on the West side of the Cotai Strip opened on December 20, 2012.
The following table summarizes our key
operating results for Sands Cotai Central for the first quarter of 2013:
|
|
|
|
|
Sands
Cotai Central
|
|
Three
Months Ended
|
|
|
(Dollars
in millions)
|
|
March
31, 2013
|
|
|
Revenues:
|
|
|
|
|
|
Casino
|
|
$
|
533.8
|
|
|
Rooms
|
|
|
46.2
|
|
|
Food
and Beverage
|
|
|
22.6
|
|
|
Mall
|
|
|
8.0
|
|
|
Convention,
Retail and Other
|
|
|
5.2
|
|
|
Less
- Promotional Allowances
|
|
|
(28.6
|
)
|
|
Net
Revenues
|
|
$
|
587.2
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
131.5
|
|
|
EBITDA
Margin %
|
|
|
22.4
|
%
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
60.9
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
Rolling
Chip Volume
|
|
$
|
13,622.4
|
|
|
Rolling
Chip Win %(1)
|
|
|
3.09
|
%
|
|
|
|
|
|
|
Non-Rolling
Chip Drop
|
|
$
|
1,035.3
|
|
|
Non-Rolling
Chip Win %
|
|
|
21.6
|
%
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
1,228.5
|
|
|
Slot
Hold %
|
|
|
3.9
|
%
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
70.8
|
%
|
|
Average
Daily Rate (ADR)
|
|
$
|
152
|
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
108
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Rolling Chip win percentage of 2.7% to 3.0%
(calculated before discounts and commissions).
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel Macao and Plaza Casino
First Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino
generated adjusted property EBITDA of $53.6 million in the first
quarter of
2013. Operating results were negatively impacted by lower than expected
Rolling
Chip win percentage of 2.21% for the current quarter. Rolling Chip
volume was
$9.48 billion for the quarter. Non-Rolling Chip drop was $110.5 million
while
Non-Rolling Chip win percentage was 48.6%. Slot handle was $184.4
million
during the quarter.
The following table summarizes our key
operating results for the Four Seasons Hotel Macao and Plaza Casino for
the
first quarter of 2013 compared to the first quarter of 2012:
|
Four
Seasons Hotel Macao and Plaza Casino Operations
|
|
Three
Months Ended
March 31,
|
|
|
|
|
|
(Dollars
in millions)
|
|
2013
|
|
|
2012
|
|
|
$
Change
|
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
206.5
|
|
|
$
|
282.9
|
|
|
$
|
(76.4
|
)
|
|
-27.0
|
%
|
|
Rooms
|
|
|
10.2
|
|
|
|
10.1
|
|
|
|
0.1
|
|
|
1.0
|
%
|
|
Food
and Beverage
|
|
|
6.5
|
|
|
|
6.8
|
|
|
|
(0.3
|
)
|
|
-4.4
|
%
|
|
Mall
|
|
|
10.3
|
|
|
|
10.5
|
|
|
|
(0.2
|
)
|
|
-1.9
|
%
|
|
Convention,
Retail and Other
|
|
|
0.8
|
|
|
|
0.7
|
|
|
|
0.1
|
|
|
14.3
|
%
|
|
Less
- Promotional Allowances
|
|
|
(11.1
|
)
|
|
|
(11.4
|
)
|
|
|
0.3
|
|
|
2.6
|
%
|
|
Net
Revenues
|
|
$
|
223.2
|
|
|
$
|
299.6
|
|
|
$
|
(76.4
|
)
|
|
-25.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
53.6
|
|
|
$
|
67.5
|
|
|
$
|
(13.9
|
)
|
|
-20.6
|
%
|
|
EBITDA
Margin %
|
|
|
24.0
|
%
|
|
|
22.5
|
%
|
|
|
|
|
|
1.5
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
40.7
|
|
|
$
|
53.4
|
|
|
$
|
(12.7
|
)
|
|
-23.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling
Chip Volume
|
|
$
|
9,480.1
|
|
|
$
|
12,703.2
|
|
|
$
|
(3,223.1
|
)
|
|
-25.4
|
%
|
|
Rolling
Chip Win %(1)
|
|
|
2.21
|
%
|
|
|
2.83
|
%
|
|
|
|
|
|
-0.62
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling
Chip Drop
|
|
$
|
110.5
|
|
|
$
|
105.9
|
|
|
$
|
4.6
|
|
|
4.3
|
%
|
|
Non-Rolling
Chip Win %
|
|
|
48.6
|
%
|
|
|
41.7
|
%
|
|
|
|
|
|
6.9
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
184.4
|
|
|
$
|
198.2
|
|
|
$
|
(13.8
|
)
|
|
-7.0
|
%
|
|
Slot
Hold %
|
|
|
5.0
|
%
|
|
|
6.0
|
%
|
|
|
|
|
|
-1.0
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
81.2
|
%
|
|
|
82.3
|
%
|
|
|
|
|
|
-1.1
pts
|
|
|
Average
Daily Rate (ADR)
|
|
$
|
370
|
|
|
$
|
360
|
|
|
$
|
10
|
|
|
2.8
|
%
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
301
|
|
|
$
|
296
|
|
|
$
|
5
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Rolling Chip win percentage of 2.7% to 3.0%
(calculated before discounts and commissions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Macao First Quarter Operating Results
Sands Macao's adjusted property EBITDA was
$96.6 million. Adjusted property EBITDA margin increased 50 basis
points to
31.1%. The property realized 2.76% win on Rolling Chip volume during
the
quarter, compared to 3.73% in the year-ago quarter. Rolling Chip volume
was
$6.38 billion for the quarter. Non-Rolling Chip drop was $763.2 million
during
the quarter, an increase of 7.8%, despite 71 fewer Non-Rolling Chip
tables in
operation during the quarter. Slot handle increased 6.5% to $706.5
million.
The following table summarizes our key
operating results for Sands Macao for the first quarter of 2013
compared to the
first quarter of 2012:
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Sands
Macao Operations
|
March
31,
|
|
|
|
|
|
(Dollars
in millions)
|
|
2013
|
|
|
2012
|
|
|
$
Change
|
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
302.4
|
|
|
$
|
341.1
|
|
|
$
|
(38.7
|
)
|
|
-11.3
|
%
|
|
Rooms
|
|
|
6.0
|
|
|
|
6.2
|
|
|
|
(0.2
|
)
|
|
-3.2
|
%
|
|
Food
and Beverage
|
|
|
9.8
|
|
|
|
9.3
|
|
|
|
0.5
|
|
|
5.4
|
%
|
|
Convention,
Retail and Other
|
|
|
2.6
|
|
|
|
2.6
|
|
|
|
0.0
|
|
|
0.0
|
%
|
|
Less
- Promotional Allowances
|
|
|
(10.5
|
)
|
|
|
(10.1
|
)
|
|
|
(0.4
|
)
|
|
-4.0
|
%
|
|
Net
Revenues
|
|
$
|
310.3
|
|
|
$
|
349.1
|
|
|
$
|
(38.8
|
)
|
|
-11.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
96.6
|
|
|
$
|
107.0
|
|
|
$
|
(10.4
|
)
|
|
-9.7
|
%
|
|
EBITDA
Margin %
|
|
|
31.1
|
%
|
|
|
30.6
|
%
|
|
|
|
|
|
0.5
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
88.1
|
|
|
$
|
98.5
|
|
|
$
|
(10.4
|
)
|
|
-10.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling
Chip Volume
|
|
$
|
6,379.0
|
|
|
$
|
6,433.5
|
|
|
$
|
(54.5
|
)
|
|
-0.8
|
%
|
|
Rolling
Chip Win %(1)
|
|
|
2.76
|
%
|
|
|
3.73
|
%
|
|
|
|
|
|
-0.97
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling
Chip Drop
|
|
$
|
763.2
|
|
|
$
|
707.8
|
|
|
$
|
55.4
|
|
|
7.8
|
%
|
|
Non-Rolling
Chip Win %
|
|
|
21.1
|
%
|
|
|
21.2
|
%
|
|
|
|
|
|
-0.1
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
706.5
|
|
|
$
|
663.2
|
|
|
$
|
43.3
|
|
|
6.5
|
%
|
|
Slot
Hold %
|
|
|
3.7
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
-0.7
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
94.9
|
%
|
|
|
93.8
|
%
|
|
|
|
|
|
1.1
pts
|
|
|
Average
Daily Rate (ADR)
|
|
$
|
246
|
|
|
$
|
252
|
|
|
$
|
(6
|
)
|
|
-2.4
|
%
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
233
|
|
|
$
|
236
|
|
|
$
|
(3
|
)
|
|
-1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Rolling Chip win percentage of 2.7% to 3.0%
(calculated before discounts and commissions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay Sands First Quarter Operating
Results
Marina Bay Sands in Singapore delivered a
record hold-adjusted adjusted property EBITDA of $451.1 million, an
increase of
15.7% compared to the first quarter of 2012. Adjusted property EBITDA
was
$396.8 million for the first quarter, reflecting lower than expected
Rolling
Chip win percentage of 2.51% for the quarter.
Rolling Chip volume increased 42.2% to reach
$18.21 billion for the quarter, the highest quarterly volume in the
property's
history. Non-Rolling Chip drop increased 2.4% to $1.19 billion and slot
handle
increased 1.6% to $2.79 billion. Total mass win per day during the
quarter
increased 3.9% to reach $4.64 million, compared to $4.47 million in the
first
quarter of 2012.
The high margin hotel room and mall segments
of the property continued to reflect strong revenue growth of 9.7% and
6.7%,
respectively. ADR expanded during the quarter, driving a RevPAR
increase of
11.0% compared to the same quarter last year. Occupancy was 98.5%
during the
quarter.
The following table summarizes our key
operating results for Marina Bay Sands for the first quarter of 2013
compared
to the first quarter of 2012:
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Marina
Bay Sands Operations
|
March
31,
|
|
|
|
|
|
(Dollars
in millions)
|
|
2013
|
|
|
2012
|
|
|
$
Change
|
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
640.2
|
|
|
$
|
701.3
|
|
|
$
|
(61.1
|
)
|
|
-8.7
|
%
|
|
Rooms
|
|
|
84.6
|
|
|
|
77.1
|
|
|
|
7.5
|
|
|
9.7
|
%
|
|
Food
and Beverage
|
|
|
48.8
|
|
|
|
47.1
|
|
|
|
1.7
|
|
|
3.6
|
%
|
|
Mall
|
|
|
36.8
|
|
|
|
34.5
|
|
|
|
2.3
|
|
|
6.7
|
%
|
|
Convention,
Retail and Other
|
|
|
26.4
|
|
|
|
29.8
|
|
|
|
(3.4
|
)
|
|
-11.4
|
%
|
|
Less
- Promotional Allowances
|
|
|
(41.9
|
)
|
|
|
(41.1
|
)
|
|
|
(0.8
|
)
|
|
-1.9
|
%
|
|
Net
Revenues
|
|
$
|
794.9
|
|
|
$
|
848.7
|
|
|
$
|
(53.8
|
)
|
|
-6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
396.8
|
|
|
$
|
472.5
|
|
|
$
|
(75.7
|
)
|
|
-16.0
|
%
|
|
EBITDA
Margin %
|
|
|
49.9
|
%
|
|
|
55.7
|
%
|
|
|
|
|
|
-5.8
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
292.7
|
|
|
$
|
373.2
|
|
|
$
|
(80.5
|
)
|
|
-21.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling
Chip Volume
|
|
$
|
18,207.3
|
|
|
$
|
12,804.5
|
|
|
$
|
5,402.8
|
|
|
42.2
|
%
|
|
Rolling
Chip Win %(1)
|
|
|
2.51
|
%
|
|
|
3.58
|
%
|
|
|
|
|
|
-1.07
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling
Chip Drop
|
|
$
|
1,194.6
|
|
|
$
|
1,167.0
|
|
|
$
|
27.6
|
|
|
2.4
|
%
|
|
Non-Rolling
Chip Win %
|
|
|
23.2
|
%
|
|
|
22.2
|
%
|
|
|
|
|
|
1.0
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
2,785.3
|
|
|
$
|
2,740.6
|
|
|
$
|
44.7
|
|
|
1.6
|
%
|
|
Slot
Hold %
|
|
|
5.1
|
%
|
|
|
5.4
|
%
|
|
|
|
|
|
-0.3
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
98.5
|
%
|
|
|
98.4
|
%
|
|
|
|
|
|
0.1
pts
|
|
|
Average
Daily Rate (ADR)
|
|
$
|
378
|
|
|
$
|
341
|
|
|
$
|
37
|
|
|
10.9
|
%
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
372
|
|
|
$
|
335
|
|
|
$
|
37
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Rolling Chip win percentage of 2.7% to 3.0%
(calculated before discounts and commissions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operations First Quarter Operating
Results
The Venetian and The Palazzo, including the
Sands Expo and Convention Center, delivered adjusted property EBITDA of
$113.4
million for the first quarter of 2013. The operating results were
favorably
impacted by higher than expected table games win percentage of 27.6%
for the
quarter. Adjusted property EBITDA margin was 27.6% for the quarter.
Table games
drop decreased 16.8% to $506.4 million. Slot handle increased 2.3% to
$495.1
million while slot hold percentage was 8.8%. Hotel occupancy percentage
increased
690 basis points during the quarter while RevPAR grew 7.3% compared to
last
year's quarter.
The following table summarizes our key
operating results for our Las Vegas operations for the first quarter of
2013
compared to the first quarter of 2012:
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Las
Vegas Operations
|
|
March
31,
|
|
|
|
|
|
(Dollars
in millions)
|
|
2013
|
|
|
2012
|
|
|
$
Change
|
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
159.9
|
|
|
$
|
158.7
|
|
|
$
|
1.2
|
|
|
0.8
|
%
|
|
Rooms
|
|
|
121.1
|
|
|
|
113.4
|
|
|
|
7.7
|
|
|
6.8
|
%
|
|
Food
and Beverage
|
|
|
68.3
|
|
|
|
61.0
|
|
|
|
7.3
|
|
|
12.0
|
%
|
|
Convention,
Retail and Other
|
|
|
85.3
|
|
|
|
74.7
|
|
|
|
10.6
|
|
|
14.2
|
%
|
|
Less
- Promotional Allowances
|
|
|
(23.1
|
)
|
|
|
(23.2
|
)
|
|
|
0.1
|
|
|
0.4
|
%
|
|
Net
Revenues
|
|
$
|
411.5
|
|
|
$
|
384.6
|
|
|
$
|
26.9
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
113.4
|
|
|
$
|
115.8
|
|
|
$
|
(2.4
|
)
|
|
-2.1
|
%
|
|
EBITDA
Margin %
|
|
|
27.6
|
%
|
|
|
30.1
|
%
|
|
|
|
|
|
-2.5
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
98.8
|
|
|
$
|
87.7
|
|
|
$
|
11.1
|
|
|
12.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
Games Drop
|
|
$
|
506.4
|
|
|
$
|
609.0
|
|
|
$
|
(102.6
|
)
|
|
-16.8
|
%
|
|
Table
Games Win %(1)
|
|
|
27.6
|
%
|
|
|
24.0
|
%
|
|
|
|
|
|
3.6
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
495.1
|
|
|
$
|
483.8
|
|
|
$
|
11.3
|
|
|
2.3
|
%
|
|
Slot
Hold %
|
|
|
8.8
|
%
|
|
|
8.5
|
%
|
|
|
|
|
|
0.3
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
90.3
|
%
|
|
|
83.4
|
%
|
|
|
|
|
|
6.9
pts
|
|
|
Average
Daily Rate (ADR)
|
|
$
|
211
|
|
|
$
|
214
|
|
|
$
|
(3
|
)
|
|
-1.4
|
%
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
191
|
|
|
$
|
178
|
|
|
$
|
13
|
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Table Games win percentage of 20.0% and 22.0%
(calculated before discounts).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Bethlehem First Quarter Operating
Results
Net revenue for Sands Bethlehem in
Pennsylvania increased 6.3% to reach was $122.9 million and adjusted
property
EBITDA increased 8.7% to reach $29.9 million for the first quarter of
2013.
Table games drop increased 21.4% to reach $244.7 million for the
quarter, while
table games win percentage was 15.6%. Slot handle was $1.03 billion for
the
quarter with slot hold percentage of 7.1%.
The following table summarizes our key
operating results for Sands Bethlehem for the first quarter of 2013
compared to
the first quarter of 2012:
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Sands
Bethlehem Operations
|
|
March
31,
|
|
|
|
|
|
(Dollars
in millions)
|
|
2013
|
|
|
2012
|
|
|
$
Change
|
|
|
Change
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
114.8
|
|
|
$
|
108.7
|
|
|
$
|
6.1
|
|
|
5.6
|
%
|
|
Rooms
|
|
|
2.4
|
|
|
|
1.9
|
|
|
|
0.5
|
|
|
26.3
|
%
|
|
Food
and Beverage
|
|
|
7.2
|
|
|
|
6.7
|
|
|
|
0.5
|
|
|
7.5
|
%
|
|
Mall
|
|
|
0.6
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
100.0
|
%
|
|
Convention,
Retail and Other
|
|
|
4.0
|
|
|
|
3.8
|
|
|
|
0.2
|
|
|
5.3
|
%
|
|
Less
- Promotional Allowances
|
|
|
(6.1
|
)
|
|
|
(5.8
|
)
|
|
|
(0.3
|
)
|
|
-5.2
|
%
|
|
Net
Revenues
|
|
$
|
122.9
|
|
|
$
|
115.6
|
|
|
$
|
7.3
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property EBITDA
|
|
$
|
29.9
|
|
|
$
|
27.5
|
|
|
$
|
2.4
|
|
|
8.7
|
%
|
|
EBITDA
Margin %
|
|
|
24.3
|
%
|
|
|
23.8
|
%
|
|
|
|
|
|
0.5
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
20.8
|
|
|
$
|
18.2
|
|
|
$
|
2.6
|
|
|
14.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
Games Drop
|
|
$
|
244.7
|
|
|
$
|
201.5
|
|
|
$
|
43.2
|
|
|
21.4
|
%
|
|
Table
Games Win %(1)
|
|
|
15.6
|
%
|
|
|
14.9
|
%
|
|
|
|
|
|
0.7
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
|
$
|
1,033.9
|
|
|
$
|
1,033.7
|
|
|
$
|
0.2
|
|
|
0.0
|
%
|
|
Slot
Hold %
|
|
|
7.1
|
%
|
|
|
7.3
|
%
|
|
|
|
|
|
-0.2
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
65.3
|
%
|
|
|
50.3
|
%
|
|
|
|
|
|
15.0
pts
|
|
|
Average
Daily Rate (ADR)
|
|
$
|
138
|
|
|
$
|
139
|
|
|
$
|
(1
|
)
|
|
-0.7
|
%
|
|
Revenue
per Available Room (RevPAR)
|
|
$
|
90
|
|
|
$
|
70
|
|
|
$
|
20
|
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
This
compares to our expected Non-Rolling Chip win percentage of 14.0% and
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 $84.9
million
for the first quarter of 2013, an increase of 19.4% compared to the
first
quarter of 2012. Operating profit derived from these retail mall assets
increased 23.4% for the quarter to reach $68.0 million.
|
|
|
|
|
|
|
For
The Three Months Ended March 31, 2013
|
|
LTM
March 31, 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
|
|
$
|
29.9
|
|
$
|
24.5
|
|
81.9%
|
|
821,129
|
|
93.2%
|
|
$
|
1,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Shoppes at Four Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
|
5.8
|
|
|
4.9
|
|
84.5%
|
|
140,206
|
|
100.0%
|
|
|
6,658
|
|
Other
Stores
|
|
|
4.5
|
|
|
3.8
|
|
84.4%
|
|
99,512
|
|
78.1%
|
|
|
1,675
|
|
Total
|
|
|
10.3
|
|
|
8.7
|
|
84.5%
|
|
239,718
|
|
90.9%
|
|
|
4,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Shoppes at Sands Cotai Central
|
|
|
7.9
|
|
|
6.3
|
|
79.7%
|
|
210,143
|
|
100.0%
|
|
|
N/A
|
|
Total
Cotai Strip in Macao
|
|
|
48.1
|
|
|
39.5
|
|
82.1%
|
|
1,270,990
|
|
93.9%
|
|
|
1,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Shoppes at Marina Bay Sands
|
|
|
36.8
|
|
|
28.5
|
|
77.4%
|
|
637,881
|
|
95.6%
|
|
|
1,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
84.9
|
|
$
|
68.0
|
|
80.1%
|
|
1,908,871
|
|
94.4%
|
|
$
|
1,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is
principally composed of our CotaiJet ferry operation, was negative $3.6
million
during the quarter, compared to negative $5.7 million in the first
quarter of
2012.
Pre-opening expenses, related primarily to
Sands Cotai Central on the Cotai Strip in Macao, decreased to $6.8
million in
the first quarter of 2013, compared to $51.5 million in the first
quarter of
2012.
Depreciation and amortization expense was
$252.6 million in the first quarter of 2013, compared to $194.7 million
in the
first quarter of 2012.
Interest expense, net of amounts capitalized,
was $68.8 million for the first quarter of 2013, compared to $64.7
million
during the first quarter of 2012. Capitalized interest was $1.8 million
during
the first quarter of 2013, compared to $22.1 million during the first
quarter
of 2012. Our weighted average borrowing cost in the first quarter of
2013 was
2.7%.
Corporate expense was $56.3 million in the
first quarter of 2013, compared to $49.0 million in the first quarter
of 2012.
Other expense, which was principally composed
of foreign currency losses, was $2.1 million in the first quarter of
2013,
compared to $3.4 million in the first quarter of 2012.
The company's effective income tax rate for
the first quarter of 2013 was 7.3%. The tax rate is primarily driven by
a
provision for the earnings from Marina Bay Sands at the 17% Singapore
income
tax rate.
Net income attributable to noncontrolling
interests during the first quarter of 2013 of $132.0 million was
principally
related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of March 31,
2013 were $2.38 billion.
As of March 31, 2013, total debt outstanding,
including the current portion, was $9.83 billion. Total principal
payments for
the remainder of 2013 are expected to be approximately $89.2 million.
Capital Expenditures
Capital expenditures during the first quarter
totaled $197.2 million, including construction and development
activities of
$128.7 million in Macao, $36.1 million at Marina Bay Sands, $31.4
million in
Las Vegas, and $1.0 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to
discuss the company's results on Wednesday, May 1, 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
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 and loss on modification or early retirement of debt.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS)
is a Fortune 500 company and the leading global developer of
destination
properties (Integrated Resorts) that feature premium accommodations,
world-class gaming and entertainment, convention and exhibition
facilities,
celebrity chef restaurants, and many other amenities.
The Venetian®
and The Palazzo®,
Five-Diamond luxury resorts
on the Las Vegas Strip, and Sands®
Bethlehem
in Eastern Pennsylvania are the company's properties in the United
States. Marina Bay
Sands® is the company's iconic
Integrated Resort in Singapore's downtown Marina Bay district.
Through its majority-owned subsidiary Sands
China Ltd. (1928:HK), the company owns 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 the Sands®
Macao on the Macao Peninsula.
Las Vegas Sands is committed to global
sustainability through its Sands ECO360º program and is an active
community
partner through its various charitable organizations.
For more information, please visit www.lasvegassands.com.
Las Vegas Sands Corp.
First Quarter 2013 Results
Non-GAAP Reconciliations
Within the company's first quarter 2013 press
release, the company makes reference to certain non-GAAP financial
measures
including "adjusted net income," "hold-adjusted adjusted net
income," "adjusted earnings per diluted share,"
"hold-adjusted adjusted earnings per diluted share," "adjusted
property EBITDA," and "hold-adjusted 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, 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-adjusted adjusted property EBITDA are included
in the
financial schedules accompanying this release.
|
|
|
|
|
|
|
Las
Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
(In
thousands, except share and per share data)
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
2,736,054
|
|
|
$
|
2,266,493
|
|
|
Rooms
|
|
325,016
|
|
|
|
267,727
|
|
|
Food
and beverage
|
|
185,329
|
|
|
|
153,455
|
|
|
Mall
|
|
85,461
|
|
|
|
71,418
|
|
|
Convention,
retail and other
|
|
126,061
|
|
|
|
129,717
|
|
|
|
3,457,921
|
|
|
|
2,888,810
|
|
|
Less
- promotional allowances
|
|
(155,202
|
)
|
|
|
(126,068
|
)
|
|
|
3,302,719
|
|
|
|
2,762,742
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
2,142,900
|
|
|
|
1,705,398
|
|
|
Corporate
|
|
56,272
|
|
|
|
48,955
|
|
|
Pre-opening
|
|
6,837
|
|
|
|
51,459
|
|
|
Development
|
|
5,351
|
|
|
|
1,198
|
|
|
Depreciation
and amortization
|
|
252,557
|
|
|
|
194,747
|
|
|
Amortization
of leasehold interests in land
|
|
10,167
|
|
|
|
9,945
|
|
|
Impairment
loss
|
|
-
|
|
|
|
42,893
|
|
|
Loss
on disposal of assets
|
|
1,932
|
|
|
|
593
|
|
|
|
2,476,016
|
|
|
|
2,055,188
|
|
|
Operating
income
|
|
826,703
|
|
|
|
707,554
|
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
3,793
|
|
|
|
5,648
|
|
|
Interest
expense, net of amounts capitalized
|
|
(68,832
|
)
|
|
|
(64,672
|
)
|
|
Other
expense
|
|
(2,108
|
)
|
|
|
(3,419
|
)
|
|
Loss
on early retirement of debt
|
|
-
|
|
|
|
(2,831
|
)
|
|
Income
before income taxes
|
|
759,556
|
|
|
|
642,280
|
|
|
Income
tax expense
|
|
(55,582
|
)
|
|
|
(63,171
|
)
|
|
Net
income
|
|
703,974
|
|
|
|
579,109
|
|
|
Net
income attributable to noncontrolling interests
|
|
(132,013
|
)
|
|
|
(80,167
|
)
|
|
Net
income attributable to Las Vegas Sands Corp.
|
$
|
571,961
|
|
|
$
|
498,942
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.69
|
|
|
$
|
0.66
|
|
|
Diluted
|
$
|
0.69
|
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
823,367,441
|
|
|
|
760,437,437
|
|
|
Diluted
|
|
827,452,691
|
|
|
|
818,797,155
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared per common share
|
$
|
0.35
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss)
|
|
|
Depreciation
and Amortization
|
|
Amortization
of Leasehold Interests in Land
|
|
Loss
on Disposal of Assets
|
|
|
Pre-Opening
and Development Expense
|
|
Royalty
Fees
|
|
|
(1)
Stock-Based Compensation
|
|
Corporate
Expense
|
|
Adjusted
Property EBITDA
|
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
$
|
311,884
|
|
|
$
|
32,853
|
|
$
|
1,654
|
|
$
|
374
|
|
|
$
|
121
|
|
$
|
-
|
|
|
$
|
1,596
|
|
$
|
-
|
|
$
|
348,482
|
|
|
Sands
Cotai Central
|
|
60,891
|
|
|
|
62,414
|
|
|
2,154
|
|
|
3
|
|
|
|
5,487
|
|
|
-
|
|
|
|
572
|
|
|
-
|
|
|
131,521
|
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
40,691
|
|
|
|
11,300
|
|
|
706
|
|
|
13
|
|
|
|
807
|
|
|
-
|
|
|
|
35
|
|
|
-
|
|
|
53,552
|
|
|
Sands
Macao
|
|
88,072
|
|
|
|
7,684
|
|
|
354
|
|
|
112
|
|
|
|
-
|
|
|
-
|
|
|
|
380
|
|
|
-
|
|
|
96,602
|
|
|
Macao
Property Operations
|
|
501,538
|
|
|
|
114,251
|
|
|
4,868
|
|
|
502
|
|
|
|
6,415
|
|
|
-
|
|
|
|
2,583
|
|
|
-
|
|
|
630,157
|
|
|
Marina
Bay Sands
|
|
292,682
|
|
|
|
70,028
|
|
|
4,677
|
|
|
854
|
|
|
|
-
|
|
|
26,691
|
|
|
|
1,849
|
|
|
-
|
|
|
396,781
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
98,809
|
|
|
|
49,154
|
|
|
-
|
|
|
563
|
|
|
|
115
|
|
|
(37,424
|
)
|
|
|
2,211
|
|
|
-
|
|
|
113,428
|
|
|
Sands
Bethlehem
|
|
20,832
|
|
|
|
8,865
|
|
|
-
|
|
|
-
|
|
|
|
46
|
|
|
-
|
|
|
|
113
|
|
|
-
|
|
|
29,856
|
|
|
United
States Property Operations
|
|
119,641
|
|
|
|
58,019
|
|
|
-
|
|
|
563
|
|
|
|
161
|
|
|
(37,424
|
)
|
|
|
2,324
|
|
|
-
|
|
|
143,284
|
|
|
Other
Asia (2)
|
|
(18,597
|
)
|
|
|
3,697
|
|
|
-
|
|
|
13
|
|
|
|
240
|
|
|
11,000
|
|
|
|
58
|
|
|
-
|
|
|
(3,589
|
)
|
|
Other
Development
|
|
(6,152
|
)
|
|
|
158
|
|
|
622
|
|
|
-
|
|
|
|
5,372
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Corporate
|
|
(62,409
|
)
|
|
|
6,404
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(267
|
)
|
|
|
-
|
|
|
56,272
|
|
|
-
|
|
|
$
|
826,703
|
|
|
$
|
252,557
|
|
$
|
10,167
|
|
$
|
1,932
|
|
|
$
|
12,188
|
|
$
|
-
|
|
|
$
|
6,814
|
|
$
|
56,272
|
|
$
|
1,166,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss)
|
|
|
Depreciation
and Amortization
|
|
Amortization
of Leasehold Interests in Land
|
|
Impairment
and (Gain) Loss on Disposal of Assets
|
|
|
Pre-Opening
and Development Expense
|
|
Royalty
Fees
|
|
|
(1)
Stock-Based Compensation
|
|
Corporate
Expense
|
|
Adjusted
Property EBITDA
|
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
$
|
198,568
|
|
|
$
|
36,768
|
|
$
|
1,650
|
|
$
|
42,932
|
|
|
$
|
-
|
|
$
|
-
|
|
|
$
|
2,015
|
|
$
|
-
|
|
$
|
281,933
|
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
53,410
|
|
|
|
12,424
|
|
|
705
|
|
|
4
|
|
|
|
882
|
|
|
-
|
|
|
|
94
|
|
|
-
|
|
|
67,519
|
|
|
Sands
Macao
|
|
98,542
|
|
|
|
7,411
|
|
|
353
|
|
|
92
|
|
|
|
-
|
|
|
-
|
|
|
|
558
|
|
|
-
|
|
|
106,956
|
|
|
Macao
Property Operations
|
|
350,520
|
|
|
|
56,603
|
|
|
2,708
|
|
|
43,028
|
|
|
|
882
|
|
|
-
|
|
|
|
2,667
|
|
|
-
|
|
|
456,408
|
|
|
Marina
Bay Sands
|
|
373,198
|
|
|
|
65,051
|
|
|
4,468
|
|
|
(139
|
)
|
|
|
-
|
|
|
28,141
|
|
|
|
1,800
|
|
|
-
|
|
|
472,519
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
87,704
|
|
|
|
56,682
|
|
|
-
|
|
|
402
|
|
|
|
-
|
|
|
(32,860
|
)
|
|
|
3,878
|
|
|
-
|
|
|
115,806
|
|
|
Sands
Bethlehem
|
|
18,178
|
|
|
|
8,874
|
|
|
-
|
|
|
8
|
|
|
|
94
|
|
|
-
|
|
|
|
348
|
|
|
-
|
|
|
27,502
|
|
|
United
States Property Operations
|
|
105,882
|
|
|
|
65,556
|
|
|
-
|
|
|
410
|
|
|
|
94
|
|
|
(32,860
|
)
|
|
|
4,226
|
|
|
-
|
|
|
143,308
|
|
|
Other
Asia (2)
|
|
(14,950
|
)
|
|
|
3,681
|
|
|
-
|
|
|
-
|
|
|
|
71
|
|
|
5,000
|
|
|
|
476
|
|
|
-
|
|
|
(5,722
|
)
|
|
Other
Development
|
|
(54,835
|
)
|
|
|
269
|
|
|
2,769
|
|
|
187
|
|
|
|
51,610
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Corporate
|
|
(52,261
|
)
|
|
|
3,587
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(281
|
)
|
|
|
-
|
|
|
48,955
|
|
|
-
|
|
|
$
|
707,554
|
|
|
$
|
194,747
|
|
$
|
9,945
|
|
$
|
43,486
|
|
|
$
|
52,657
|
|
$
|
-
|
|
|
$
|
9,169
|
|
$
|
48,955
|
|
$
|
1,066,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the three months ended March 31,
2013 and 2012, the Company recorded stock-based compensation expense of
$14.6
million and $19.2 million, respectively, of which $7.8 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.
(2) Primarily includes the results of the
CotaiJet ferry operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following are reconciliations of Adjusted Property EBITDA to
Hold-Adjusted Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(2)
|
|
|
Hold-Adjusted
|
|
|
Adjusted
|
|
|
Hold-Adjusted
|
|
|
Hold-Adjusted
|
|
|
Adjusted
|
|
|
Property
|
|
|
Casino
|
|
|
Casino
|
|
|
Property
|
|
|
EBITDA
|
|
|
Revenue
|
|
|
Expense
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macao
Property Operations
|
$
|
630,157
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
630,157
|
|
|
Marina
Bay Sands
|
|
396,781
|
|
|
|
61,191
|
|
|
|
(6,860
|
)
|
|
|
451,112
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
113,428
|
|
|
|
(33,265
|
)
|
|
|
2,495
|
|
|
|
82,658
|
|
|
Sands
Bethlehem
|
|
29,856
|
|
|
|
(2,004
|
)
|
|
|
311
|
|
|
|
28,163
|
|
|
United
States Property Operations
|
|
143,284
|
|
|
|
(35,269
|
)
|
|
|
2,806
|
|
|
|
110,821
|
|
|
Other
Asia
|
|
(3,589
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,589
|
)
|
|
Other
Development
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Corporate
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
1,166,633
|
|
|
$
|
25,922
|
|
|
$
|
(4,054
|
)
|
|
$
|
1,188,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(2)
|
|
|
Hold-Adjusted
|
|
|
Adjusted
|
|
|
Hold-Adjusted
|
|
|
Hold-Adjusted
|
|
|
Adjusted
|
|
|
Property
|
|
|
Casino
|
|
|
Casino
|
|
|
Property
|
|
|
EBITDA
|
|
|
Revenue
|
|
|
Expense
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macao
Property Operations
|
$
|
456,408
|
|
|
$
|
(65,172
|
)
|
|
$
|
25,417
|
|
|
$
|
416,653
|
|
|
Marina
Bay Sands
|
|
472,519
|
|
|
|
(92,996
|
)
|
|
|
10,425
|
|
|
|
389,948
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
115,806
|
|
|
|
(18,498
|
)
|
|
|
1,387
|
|
|
|
98,695
|
|
|
Sands
Bethlehem
|
|
27,502
|
|
|
|
(242
|
)
|
|
|
42
|
|
|
|
27,302
|
|
|
United
States Property Operations
|
|
143,308
|
|
|
|
(18,740
|
)
|
|
|
1,429
|
|
|
|
125,997
|
|
|
Other
Asia
|
|
(5,722
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,722
|
)
|
|
Other
Development
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Corporate
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
1,066,513
|
|
|
$
|
(176,908
|
)
|
|
$
|
37,271
|
|
|
$
|
926,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
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-Adjusted Adjusted
Property EBITDA:
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
|
2013
|
|
|
2012
|
|
|
Net
income attributable to Las Vegas Sands Corp.
|
$
|
571,961
|
|
|
$
|
498,942
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
Net
income attributable to noncontrolling interests
|
|
132,013
|
|
|
|
80,167
|
|
|
|
Income
tax expense
|
|
55,582
|
|
|
|
63,171
|
|
|
|
Loss
on early retirement of debt
|
|
-
|
|
|
|
2,831
|
|
|
|
Other
expense
|
|
2,108
|
|
|
|
3,419
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
68,832
|
|
|
|
64,672
|
|
|
|
Interest
income
|
|
(3,793
|
)
|
|
|
(5,648
|
)
|
|
|
Loss
on disposal of assets
|
|
1,932
|
|
|
|
593
|
|
|
|
Impairment
loss
|
|
-
|
|
|
|
42,893
|
|
|
|
Amortization
of leasehold interests in land
|
|
10,167
|
|
|
|
9,945
|
|
|
|
Depreciation
and amortization
|
|
252,557
|
|
|
|
194,747
|
|
|
|
Development
expense
|
|
5,351
|
|
|
|
1,198
|
|
|
|
Pre-opening
expense
|
|
6,837
|
|
|
|
51,459
|
|
|
|
Stock-based
compensation (1)
|
|
6,814
|
|
|
|
9,169
|
|
|
|
Corporate
expense
|
|
56,272
|
|
|
|
48,955
|
|
|
Adjusted
Property EBITDA
|
$
|
1,166,633
|
|
|
$
|
1,066,513
|
|
|
|
|
|
|
|
|
|
|
|
Hold-adjusted
casino revenue (2)
|
|
25,922
|
|
|
|
(176,908
|
)
|
|
|
Hold-adjusted
casino expense (2)
|
|
(4,054
|
)
|
|
|
37,271
|
|
|
Hold-Adjusted
Adjusted Property EBITDA
|
$
|
1,188,501
|
|
|
$
|
926,876
|
|
|
|
|
|
|
|
|
|
|
(1)
See Exhibit 2
|
|
|
|
|
|
|
|
|
(2)
See Exhibit 3
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
|
|
Supplemental
Data - Net Revenues
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
$
|
872,212
|
|
|
$
|
772,760
|
|
|
Sands
Cotai Central
|
|
587,179
|
|
|
|
-
|
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
223,220
|
|
|
|
299,604
|
|
|
Sands
Macao
|
|
310,273
|
|
|
|
349,083
|
|
|
Marina
Bay Sands
|
|
794,864
|
|
|
|
848,669
|
|
|
Las
Vegas Operating Properties
|
|
411,541
|
|
|
|
384,603
|
|
|
Sands
Bethlehem
|
|
122,916
|
|
|
|
115,562
|
|
|
Other
Asia
|
|
33,873
|
|
|
|
35,568
|
|
|
Intersegment
Eliminations
|
|
(53,359
|
)
|
|
|
(43,107
|
)
|
|
$
|
3,302,719
|
|
|
$
|
2,762,742
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
|
|
Supplemental
Data - Adjusted Property EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
|
2013
|
|
|
2012
|
|
|
The
Venetian Macao
|
|
40.0%
|
|
|
|
36.5%
|
|
|
Sands
Cotai Central
|
|
22.4%
|
|
|
|
N/A
|
|
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
24.0%
|
|
|
|
22.5%
|
|
|
Sands
Macao
|
|
31.1%
|
|
|
|
30.6%
|
|
|
Marina
Bay Sands
|
|
49.9%
|
|
|
|
55.7%
|
|
|
Las
Vegas Operating Properties
|
|
27.6%
|
|
|
|
30.1%
|
|
|
Sands
Bethlehem
|
|
24.3%
|
|
|
|
23.8%
|
|
|
Other
Asia
|
|
-10.6%
|
|
|
|
-16.1%
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
35.3%
|
|
|
|
38.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
Non-GAAP
Measure - Adjusted Net Income, Hold-Adjusted Adjusted Net Income,
Adjusted Earnings Per Diluted Share and Hold-Adjusted Adjusted Earnings
Per Diluted Share
|
|
|
(In
thousands, except share and per share data)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Las Vegas Sands Corp.
|
|
$
|
571,961
|
|
|
$
|
498,942
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense, net
|
|
|
4,827
|
|
|
|
36,199
|
|
|
Development
expense, net
|
|
|
5,351
|
|
|
|
1,198
|
|
|
Impairment
loss, net
|
|
|
-
|
|
|
|
30,154
|
|
|
Loss
on disposal of assets, net
|
|
|
1,779
|
|
|
|
497
|
|
|
Loss
on early retirement of debt, net
|
|
|
-
|
|
|
|
2,831
|
|
|
Adjusted
net income
|
|
$
|
583,918
|
|
|
$
|
569,821
|
|
|
|
|
|
|
|
|
|
|
|
Hold-adjusted
casino revenue (1)
|
|
|
25,922
|
|
|
|
(176,908
|
)
|
|
Hold-adjusted
casino expense (1)
|
|
|
(4,054
|
)
|
|
|
37,271
|
|
|
Income
tax impact on hold adjustments
|
|
|
(9,236
|
)
|
|
|
14,037
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
|
-
|
|
|
|
11,815
|
|
|
Hold-adjusted
adjusted net income
|
|
$
|
596,550
|
|
|
$
|
456,036
|
|
|
|
|
|
|
|
|
|
|
|
(1)
See Exhibit 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
diluted share of common stock:
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Las Vegas Sands Corp.
|
|
$
|
0.69
|
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense, net
|
|
|
0.01
|
|
|
|
0.05
|
|
|
Development
expense, net
|
|
|
0.01
|
|
|
|
-
|
|
|
Impairment
loss, net
|
|
|
-
|
|
|
|
0.04
|
|
|
Loss
on disposal of assets, net
|
|
|
-
|
|
|
|
-
|
|
|
Loss
on early retirement of debt, net
|
|
|
-
|
|
|
|
-
|
|
|
Adjusted
earnings per diluted share
|
|
$
|
0.71
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
|
|
Hold-adjusted
casino revenue
|
|
|
0.03
|
|
|
|
(0.22
|
)
|
|
Hold-adjusted
casino expense
|
|
|
(0.01
|
)
|
|
|
0.04
|
|
|
Income
tax impact on hold adjustments
|
|
|
(0.01
|
)
|
|
|
0.02
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
|
-
|
|
|
|
0.02
|
|
|
Hold-adjusted
adjusted earnings per diluted share
|
|
$
|
0.72
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding
|
|
|
827,452,691
|
|
|
|
818,797,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
Supplemental
Data Schedule
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
|
|
|
The
Venetian Macao:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
91.6
|
%
|
|
|
93.4
|
%
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
231
|
|
|
$
|
244
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
212
|
|
|
$
|
228
|
|
|
|
|
|
|
|
|
|
|
Sands
Cotai Central:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
70.8
|
%
|
|
|
N/A
|
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
152
|
|
|
|
N/A
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
108
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Four
Seasons Hotel Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
81.2
|
%
|
|
|
82.3
|
%
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
370
|
|
|
$
|
360
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
301
|
|
|
$
|
296
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
94.9
|
%
|
|
|
93.8
|
%
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
246
|
|
|
$
|
252
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
233
|
|
|
$
|
236
|
|
|
|
|
|
|
|
|
|
|
Marina
Bay Sands:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
98.5
|
%
|
|
|
98.4
|
%
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
378
|
|
|
$
|
341
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
372
|
|
|
$
|
335
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
90.3
|
%
|
|
|
83.4
|
%
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
211
|
|
|
$
|
214
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
191
|
|
|
$
|
178
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
65.3
|
%
|
|
|
50.3
|
%
|
|
|
Average
daily room rate (ADR) (1)
|
$
|
138
|
|
|
$
|
139
|
|
|
|
Revenue
per available room (RevPAR) (2)
|
$
|
90
|
|
|
$
|
70
|
|
|
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
The
Venetian Macao:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
17,902
|
|
|
$
|
14,334
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
320
|
|
|
$
|
334
|
|
|
|
Average
number of table games
|
|
525
|
|
|
|
570
|
|
|
|
Average
number of slot machines
|
|
2,270
|
|
|
|
2,282
|
|
|
|
|
|
|
|
|
|
|
Sands
Cotai Central:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
14,225
|
|
|
|
N/A
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
247
|
|
|
|
N/A
|
|
|
|
Average
number of table games
|
|
503
|
|
|
|
N/A
|
|
|
|
Average
number of slot machines
|
|
2,157
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Four
Seasons Hotel Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
20,071
|
|
|
$
|
26,933
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
549
|
|
|
$
|
740
|
|
|
|
Average
number of table games
|
|
146
|
|
|
|
165
|
|
|
|
Average
number of slot machines
|
|
187
|
|
|
|
176
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
13,023
|
|
|
$
|
10,733
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
238
|
|
|
$
|
295
|
|
|
|
Average
number of table games
|
|
287
|
|
|
|
399
|
|
|
|
Average
number of slot machines
|
|
1,229
|
|
|
|
1,093
|
|
|
|
|
|
|
|
|
|
|
Marina
Bay Sands:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
13,608
|
|
|
$
|
12,975
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
708
|
|
|
$
|
665
|
|
|
|
Average
number of table games
|
|
600
|
|
|
|
607
|
|
|
|
Average
number of slot machines
|
|
2,211
|
|
|
|
2,479
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
6,502
|
|
|
$
|
7,085
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
199
|
|
|
$
|
188
|
|
|
|
Average
number of table games
|
|
239
|
|
|
|
227
|
|
|
|
Average
number of slot machines
|
|
2,452
|
|
|
|
2,417
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
Table
games win per unit per day (3)
|
$
|
3,020
|
|
|
$
|
2,784
|
|
|
|
Slot
machine win per unit per day (4)
|
$
|
272
|
|
|
$
|
279
|
|
|
|
Average
number of table games
|
|
141
|
|
|
|
119
|
|
|
|
Average
number of slot machines
|
|
3,020
|
|
|
|
2,995
|
|
|
|
|
|
|
|
|
|
(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.
|
