|
LAS
VEGAS, NV -- -- 11/01/12 -- Las Vegas Sands Corp. (NYSE:
LVS) today reported financial results for the quarter ended September
30, 2012.
Market Share of Gross Gaming Revenue in Macao Reached 19.3% in
the
Quarter Compared to 14.3% Last Year, Reflecting Market Share Growth of
35%; Net Revenue Increased 12.5% to $2.71 Billion in the Third Quarter
of 2012 Compared to the Third Quarter of 2011; Record Gaming Volumes in
Macao Drove Adjusted Property EBITDA in Macao Up 25.7% to Record $487.9
Million; Board of Directors Increases Dividend by 40% to $0.35 per
Quarter, or $1.40 per Year, for 2013 and Declares $0.25 per Share
Dividend for the Fourth Quarter of 2012; Consolidated Adjusted Property
EBITDA of $876.9 Million Reflected Low Hold on Table Games Play in
Singapore (Consolidated Hold-Adjusted Adjusted Property EBITDA Was
$950.7 Million)
Third Quarter Overview
Mr. Sheldon G. Adelson,
chairman and chief executive officer, said, "Despite low hold on table
games play at Marina Bay Sands in Singapore, our financial results reflect
strong revenue growth and cash flow for the quarter.
"In Macao,
we delivered record financial results, with outstanding growth and
strong operating momentum reflected in every segment of our business.
We also made strong progress on the execution of our Cotai Strip
development plan, as we successfully opened the second phase of Sands
Cotai Central, the largest Integrated Resort
development in the company's history and a key component of our Cotai
Strip master plan. We expect the attractions and offerings of Sands
Cotai Central, and in particular its vast inventory of hotel rooms and
suites, to meaningfully benefit Macao and the Cotai Strip as it
strengthens its position as one of the leading business and leisure
destinations in the world. Looking ahead, we remain confident that our
soon to be interconnected Cotai Strip properties, The Venetian Macao, Four
Seasons Macao and Plaza Casino, and Sands Cotai Central, with 28
million square feet of Integrated Resort
capacity, will provide an outstanding platform for growth in Macao in the years
ahead.
"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 high priority for the company.
The board of directors of Las
Vegas Sands is pleased to increase the quarterly dividend by 40%
to $0.35 per common share, or $1.40 per
common share per year, beginning in the first quarter of 2013. The
company also declared its fourth consecutive quarterly dividend of $0.25
per common share to be paid on December 28, 2012 to
shareholders of record as of December 20, 2012."
Company-Wide Operating Results
Net revenue for the third quarter of 2012 was $2.71
billion, an increase of 12.5% compared to $2.41 billion
in the third quarter of 2011. Consolidated adjusted property EBITDA in
the third quarter of 2012 was $876.9 million, a
decrease of 5.1% compared to $924.1 million in the
year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA
was $950.7 million. Consolidated adjusted property
EBITDA margin decreased to 32.4% in the third quarter of 2012, compared
to 38.4% in the third quarter of 2011. The quarter's adjusted property
EBITDA and EBITDA margin were unfavorably impacted compared to the
quarter one year ago due to lower hold (approximately $74
million adjusted property EBITDA impact) and increased
provisions for accounts receivable (approximately $15 million
in adjusted property EBITDA impact) in Singapore.
On a GAAP (Generally Accepted Accounting Principles) basis,
operating income in the third quarter of 2012 decreased 15.6% to $534.1
million, compared to $632.6 million in the
third quarter of 2011. The decrease in operating income was principally
due to the previously mentioned reasons as well as pre-opening expenses
and higher depreciation and amortization related to the opening of
Sands Cotai Central.
Adjusted net income (see Note 1) decreased to $382.2
million, or $0.46 per diluted share, compared
to $444.8 million, or $0.55 per diluted
share, in the third quarter of 2011. The decrease in adjusted net
income was principally driven by the decrease in operating income
described above.
On a GAAP basis, net income attributable to common
stockholders in the third quarter of 2012 decreased 1.1% to $349.8
million, compared to $353.6 million in the
third quarter of 2011, while diluted earnings per share in the third
quarter of 2012 decreased 4.5% to $0.42, compared to $0.44
in the prior year quarter. The decrease in net income attributable to
common stockholders reflected the decrease in operating income
described above, partially offset by the benefit from the
discontinuation of preferred stock dividends and the accretion of
preferred stock resulting from the redemption of the company's
outstanding preferred stock in November 2011.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd.
increased 36.7% to $1.64 billion in the third quarter
of 2012, compared to $1.20 billion in the third quarter
of 2011. Adjusted property EBITDA for Sands China Ltd. increased 24.3%
to $485.6 million in the third quarter of 2012,
compared to $390.6 million in the third quarter of
2011. Net income for Sands China Ltd. increased 17.4% to $326.7
million in the third quarter of 2012, compared to $278.3
million in the third quarter of 2011.
The Venetian Macao Third Quarter Operating Results
The Venetian Macao continued to enjoy strong visitation and
financial performance. The property delivered a record adjusted
property EBITDA of $299.0 million, an increase of 18.3%
compared to $252.7 million in the third quarter of
2011. Operating results were positively impacted by higher than
expected Rolling Chip win percentage of 3.32%, compared to 2.66% in the
third quarter of 2011. Adjusted property EBITDA margin increased to
38.7% in the third quarter of 2012 from 36.7% in the year-ago quarter.
Non-Rolling Chip drop was $1.14 billion for the
quarter, an increase of 6.2% compared to the same quarter one year ago,
while Non-Rolling Chip win percentage increased to 31.3%. Rolling Chip
volume during the quarter decreased 11.9% to $11.20 billion
partially due to Paiza Club renovations, which resulted in
23 fewer active rolling tables on average during the quarter. Slot
handle was $1.26 billion, an increase of 40.8% compared
to the quarter one year ago. Mall revenues increased 17.5% during the
quarter compared to the quarter last year.
The following table summarizes the key operating results for
The Venetian Macao for the third quarter of 2012 compared to the third
quarter of 2011:
Three Months Ended
The Venetian Macao Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 671.1 $ 586.9 $ 84.2 14.3%
Rooms 55.4 57.1 (1.7) -3.0%
Food and Beverage 21.0 18.8 2.2 11.7%
Mall 36.9 31.4 5.5 17.5%
Convention, Retail and
Other 19.0 21.7 (2.7) -12.4%
Less - Promotional
Allowances (30.6) (26.7) (3.9) -14.6%
---------- ---------- ----------
Net Revenues $ 772.8 $ 689.2 $ 83.6 12.1%
Adjusted Property EBITDA $ 299.0 $ 252.7 $ 46.3 18.3%
EBITDA Margin % 38.7% 36.7% 2.0 pts
Operating Income $ 261.3 $ 206.5 $ 54.8 26.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 11,199.4 $ 12,706.8 $ (1,507.4) -11.9%
Rolling Chip Win %(1) 3.32% 2.66% 0.66 pts
Non-Rolling Chip Drop $ 1,140.9 $ 1,074.2 $ 66.7 6.2%
Non-Rolling Chip Win %(2) 31.3% 27.6% 3.7 pts
Slot Handle $ 1,262.8 $ 897.1 $ 365.7 40.8%
Slot Hold %(3) 4.9% 6.4% -1.5 pts
Hotel Statistics
Occupancy % 93.9% 94.1% -0.2 pts
Average Daily Rate (ADR) $ 227 $ 232 $ (5) -2.2%
Revenue per Available Room
(RevPAR) $ 213 $ 218 $ (5) -2.3%
(1) This compares to our Macao Operations trailing 12
month Rolling Chip win percentage of 2.88% (calculated before discounts
and commissions).
(2) This compares to The Venetian Macao's trailing 12
month Non-Rolling Chip win percentage of 30.2% (calculated before
discounts).
(3) This compares to The Venetian Macao's trailing 12
month slot hold percentage of 5.4% (calculated before slot club cash
incentives).
Four Seasons Hotel Macao and Plaza
Casino Third Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino
generated adjusted property EBITDA of $54.4 million in
the third quarter of 2012, a decrease of 8.9% compared to the $59.7
million for the third quarter of 2011. The operating results
were negatively impacted by lower than expected Rolling Chip win
percentage of 2.58% for the current quarter. Rolling Chip volume
reached $8.96 billion for the quarter, an increase of
115.4% compared to the third quarter of 2011. Non-Rolling Chip drop was
a record $110.8 million while Non-Rolling Chip win
percentage was 32.6% and lower than the 38.9% in the prior year
quarter. Slot handle was $214.8 million during the
quarter, an increase of 6.6% compared to the third quarter of 2011. The
non-gaming offerings of the property continued to exhibit healthy
growth, with increases in both occupancy and ADR driving a RevPAR
increase of 22.4% in the quarter. Mall revenue increased 10.0% to $23.1
million.
The following table summarizes our key operating results for
the Four Seasons Hotel Macao and Plaza Casino for the third
quarter of 2012 compared to the third quarter of 2011:
Four Seasons Hotel Macao and Three Months Ended
Plaza Casino Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 194.7 $ 140.6 $ 54.1 38.5%
Rooms 10.0 8.3 1.7 20.5%
Food and Beverage 6.1 5.2 0.9 17.3%
Mall 23.1 21.0 2.1 10.0%
Convention, Retail and
Other 0.7 0.6 0.1 16.7%
Less - Promotional
Allowances (10.1) (6.6) (3.5) -53.0%
---------- ---------- ----------
Net Revenues $ 224.5 $ 169.1 $ 55.4 32.8%
Adjusted Property EBITDA $ 54.4 $ 59.7 $ (5.3) -8.9%
EBITDA Margin % 24.2% 35.3% -11.1 pts
Operating Income $ 40.3 $ 45.1 $ (4.8) -10.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 8,962.5 $ 4,160.5 $ 4,802.0 115.4%
Rolling Chip Win %(1) 2.58% 2.90% -0.32 pts
Non-Rolling Chip Drop $ 110.8 $ 107.6 $ 3.2 3.0%
Non-Rolling Chip Win %(2) 32.6% 38.9% -6.3 pts
Slot Handle $ 214.8 $ 201.5 $ 13.3 6.6%
Slot Hold %(3) 4.4% 6.4% -2.0 pts
Hotel Statistics
Occupancy % 83.1% 70.8% 12.3 pts
Average Daily Rate (ADR) $ 349 $ 335 $ 14 4.2%
Revenue per Available Room
(RevPAR) $ 290 $ 237 $ 53 22.4%
(1) This compares to our Macao Operations trailing 12
month Rolling Chip win percentage of 2.88% (calculated before discounts
and commissions).
(2) This compares to the Plaza Casino's
trailing 12 month Non-Rolling Chip win percentage of 40.4% (calculated
before discounts).
(3) This compares to the Plaza Casino's
trailing 12 month slot hold percentage of 5.1% (calculated before slot
club cash incentives).
Sands Cotai Central Third Quarter Operating Results
The first phase of Sands Cotai Central opened on April
11, 2012 and the second phase of the property opened on September
20, 2012, adding additional mass gaming capacity, approximately
1,800 Sheraton-branded hotel rooms and additional retail amenities to
the property for the last eleven days of the quarter. Net revenues and
adjusted property EBITDA for the third quarter of 2012 were $295.9
million and $53.7 million, respectively,
resulting in an EBITDA margin of 18.1%. The quarter's results were
negatively impacted by lower than expected Rolling Chip win percentage
of 2.28%.
Rolling Chip volume reflected meaningful growth and reached $9.06
billion while Non-Rolling Chip drop reached $542.0
million with Non-Rolling Chip win percentage of 20.7%. Slot
handle, driven by robust electronic table games play, was $1.03
billion for the quarter. Rolling Volume per table per day
expanded to reach approximately $660,000 in the
quarter, an increase of 13.8% compared to the second quarter of 2012.
Mass table, slot and ETG win per day climbed to $1.56 million,
an increase of 15.0% compared to the second quarter of 2012. Hotel
occupancy reached 88.9% during the quarter with ADR of $149.
The following table summarizes our key operating results for
Sands Cotai Central for the third quarter of 2012 and the 81 days of
operations in the second quarter of 2012:
Quarter Ended 81 Days Ended
Sands Cotai Central September 30, June 30,
(Dollars in millions) 2012(1) 2012
------------- -------------
Revenues:
Casino $ 272.1 $ 249.5
Rooms 24.0 15.3
Food and Beverage 11.3 9.4
Mall 3.8 3.3
Convention, Retail and Other 2.4 1.7
Less - Promotional Allowances (17.7) (13.6)
------------- -------------
Net Revenues $ 295.9 $ 265.6
Adjusted Property EBITDA $ 53.7 $ 51.8
EBITDA Margin % 18.1% 19.5%
Operating Loss $ (19.9) $ (17.9)
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 9,055.2 $ 6,820.6
Rolling Chip Win % 2.28% 3.12%
Non-Rolling Chip Drop $ 542.0 $ 389.4
Non-Rolling Chip Win % 20.7% 21.5%
Slot Handle $ 1,032.4 $ 665.4
Slot Hold % 3.1% 4.0%
Hotel Statistics
Occupancy % 88.9% 75.1%
Average Daily Rate (ADR) $ 149 $ 141
Revenue per Available Room (RevPAR) $ 132 $ 106
(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.
Sands Macao Third Quarter Operating Results
Sands Macao's
adjusted property EBITDA was $80.9 million, an increase
of 6.7% compared to last year, while adjusted property EBITDA margin
increased 90 basis points to 25.6%. Rolling Chip volume of $6.82
billion for the quarter, which was a decrease of 13.7% compared
to the prior year's quarter, reflected a 19.6% decrease in the number
of Rolling Chip tables to an average of 115 tables for the quarter.
Non-Rolling Chip drop was $739.0 million during the
quarter, an increase of 2.3%, despite 72 fewer Non-Rolling chip tables
in operation during the quarter. Slot handle increased 11.1% to $596.3
million.
The following table summarizes our key operating results for
the Sands Macao for the third quarter of 2012 compared to the third
quarter of 2011:
Three Months Ended
Sands Macao Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 307.7 $ 299.8 $ 7.9 2.6%
Rooms 6.0 6.2 (0.2) -3.2%
Food and Beverage 8.9 10.5 (1.6) -15.2%
Convention, Retail and
Other 2.5 2.3 0.2 8.7%
Less - Promotional
Allowances (9.8) (11.4) 1.6 -14.0%
---------- ---------- ----------
Net Revenues $ 315.3 $ 307.4 $ 7.9 2.6%
Adjusted Property EBITDA $ 80.9 $ 75.8 $ 5.1 6.7%
EBITDA Margin % 25.6% 24.7% 0.9 pts
Operating Income $ 72.4 $ 67.2 $ 5.2 7.7%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,818.6 $ 7,902.9 $ (1,084.3) -13.7%
Rolling Chip Win %(1) 2.96% 2.65% 0.31 pts
Non-Rolling Chip Drop $ 739.0 $ 722.6 $ 16.4 2.3%
Non-Rolling Chip Win %(2) 20.8% 20.0% 0.8 pts
Slot Handle $ 596.3 $ 536.5 $ 59.8 11.1%
Slot Hold %(3) 4.2% 5.3% -1.1 pts
Hotel Statistics
Occupancy % 97.3% 92.9% 4.4 pts
Average Daily Rate (ADR) $ 236 $ 251 $ (15) -6.0%
Revenue per Available Room
(RevPAR) $ 230 $ 233 $ (3) -1.3%
(1) This compares to our Macao Operations trailing 12
month Rolling Chip win percentage of 2.88% (calculated before discounts
and commissions).
(2) This compares to the Sands Macao's trailing 12 month
Non-Rolling Chip win percentage of 20.8% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month
slot hold percentage of 4.4% (calculated before slot club cash
incentives).
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in Singapore
delivered adjusted property EBITDA of $260.8 million
for the third quarter. On a hold-adjusted basis, adjusted property
EBITDA was $365.6 million. The operating results were
unfavorably impacted by lower than expected Rolling Chip win percentage
of 1.79% for the quarter, as well as an increase of approximately $15
million in the provision for accounts receivable during the
quarter.
Non-Rolling Chip drop decreased 5.7% to $1.13 billion
while Non-Rolling Chip win was flat at $271.9 million.
Slot handle decreased 6.1% to $2.62 billion, with slot
hold percentage of 5.2%. Total mass win per day during the quarter
decreased 2.6% to $4.43 million, compared to $4.55
million in the third quarter of 2011. Rolling Chip volume was $11.79
billion for the quarter.
The high margin hotel room and mall segments of the property
continued to reflect solid revenue growth of 12.4% and 7.6%,
respectively. Occupancy and ADR both expanded during the quarter,
driving a RevPAR increase of 12.1% compared to the same quarter last
year.
The following table summarizes our key operating results for
Marina Bay Sands for the third quarter of 2012 compared to the third
quarter of 2011:
Three Months Ended
Marina Bay Sands Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 470.8 $ 651.9 $ (181.1) -27.8%
Rooms 84.0 74.7 9.3 12.4%
Food and Beverage 46.1 49.2 (3.1) -6.3%
Mall 39.7 36.9 2.8 7.6%
Convention, Retail and
Other 26.1 32.4 (6.3) -19.4%
Less - Promotional
Allowances (41.2) (52.7) 11.5 21.8%
---------- ---------- ----------
Net Revenues $ 625.5 $ 792.4 $ (166.9) -21.1%
Adjusted Property EBITDA $ 260.8 $ 413.9 $ (153.1) -37.0%
EBITDA Margin % 41.7% 52.2% -10.5 pts
Operating Income $ 166.5 $ 315.4 $ (148.9) -47.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 11,790.8 $ 16,720.2 $ (4,929.4) -29.5%
Rolling Chip Win %(1) 1.79% 2.69% -0.90 pts
Non-Rolling Chip Drop $ 1,131.3 $ 1,199.2 $ (67.9) -5.7%
Non-Rolling Chip Win %(2) 24.0% 22.6% 1.4 pts
Slot Handle $ 2,620.8 $ 2,792.5 $ (171.7) -6.1%
Slot Hold %(3) 5.2% 5.3% -0.1 pts
Hotel Statistics
Occupancy % 99.8% 98.1% 1.7 pts
Average Daily Rate (ADR) $ 361 $ 327 $ 34 10.4%
Revenue per Available Room
(RevPAR) $ 360 $ 321 $ 39 12.1%
(1) This compares to Marina Bay Sands'
trailing 12 month Rolling Chip win percentage of 2.79% (calculated
before discounts and commissions).
(2) This compares to Marina Bay Sands'
trailing 12 month Non-Rolling Chip win percentage of 23.1% (calculated
before discounts).
(3) This compares to Marina Bay Sands'
trailing 12 month slot hold percentage of 5.3% (calculated before slot
club cash incentives).
Las Vegas Third Quarter Operating Results
The Venetian and The Palazzo delivered adjusted property
EBITDA of $98.2 million for the third quarter of 2012,
an increase of 4.1% compared to the $94.3 million
generated in the third quarter of 2011. Adjusted property EBITDA margin
was 26.9% for the quarter. The operating results were positively
impacted by higher than expected table games win percentage of 28.1%
for the quarter. Table games drop, which benefitted from strong growth
in baccarat play, increased 8.5% to a third quarter record of $581.5
million. Slot handle increased 1.7% to $498.4 million
while slot hold percentage was 8.7%. Hotel ADR
was flat compared to last year's quarter, although RevPAR decreased
5.6% due to a lower occupancy percentage.
The following table summarizes our key operating results for
our Las Vegas
operations for the third quarter of 2012 compared to the third quarter
of 2011:
Three Months Ended
Las Vegas Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 171.5 $ 124.3 $ 47.2 38.0%
Rooms 105.7 114.0 (8.3) -7.3%
Food and Beverage 42.4 57.2 (14.8) -25.9%
Convention, Retail and
Other 68.0 72.7 (4.7) -6.5%
Less - Promotional
Allowances (23.2) (20.8) (2.4) 11.5%
---------- ---------- ----------
Net Revenues $ 364.4 $ 347.4 $ 17.0 4.9%
Adjusted Property EBITDA $ 98.2 $ 94.3 $ 3.9 4.1%
EBITDA Margin % 26.9% 27.1% -0.2 pts
Operating Income $ 74.0 $ 64.8 $ 9.2 14.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 581.5 $ 536.1 $ 45.4 8.5%
Table Games Win %(1) 28.1% 20.4% 7.7 pts
Slot Handle $ 498.4 $ 490.2 $ 8.2 1.7%
Slot Hold %(2) 8.7% 8.7% 0.0 pts
Hotel Statistics
Occupancy % 87.3% 92.7% -5.4 pts
Average Daily Rate (ADR) $ 191 $ 191 $ 0 0.0%
Revenue per Available Room
(RevPAR) $ 167 $ 177 $ (10) -5.6%
(1) This compares to our Las Vegas Operations'
trailing 12 month table games win percentage of 22.1% (calculated
before discounts).
(2) This compares to our Las Vegas Operations' trailing
12 month slot hold percentage of 8.7% (calculated before slot club cash
incentives).
Sands Bethlehem Third Quarter Operating Results
Net revenue for Sands Bethlehem in Pennsylvania was $122.0
million and adjusted property EBITDA reached a record $32.1
million for the third quarter of 2012. Table games drop was $234.9
million for the quarter, an increase of 24.4% compared to the
quarter one year ago, while table games win percentage was 16.0%. Slot
handle increased 2.7% to reach $1.02 billion for the
quarter with slot hold percentage of 7.2%. The hotel, together with the
addition of the retail mall and the events center, which debuted in May
2012, should contribute to future growth.
The following table summarizes our key operating results for
Sands Bethlehem for the third quarter of 2012 compared to the third
quarter of 2011:
Three Months Ended
Sands Bethlehem Operations September 30,
----------------------
(Dollars in millions) 2012 2011 $ Change Change
---------- ---------- ---------- ---------
Revenues:
Casino $ 113.1 $ 99.7 $ 13.4 13.4%
Rooms 2.7 2.1 0.6 28.6%
Food and Beverage 7.0 6.4 0.6 9.4%
Mall(1) 0.4 0.0 0.4 N/A
Convention, Retail and
Other 4.9 4.1 0.8 19.5%
Less - Promotional
Allowances (6.1) (5.6) (0.5) 8.9%
---------- ---------- ----------
Net Revenues $ 122.0 $ 106.7 $ 15.3 14.3%
Adjusted Property EBITDA $ 32.1 $ 25.2 $ 6.9 27.4%
EBITDA Margin % 26.3% 23.6% 2.7 pts
Operating Income $ 24.3 $ 16.3 $ 8.0 49.1%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 234.9 $ 188.9 $ 46.0 24.4%
Table Games Win %(2) 16.0% 14.3% 1.7 pts
Slot Handle $ 1,015.3 $ 988.4 $ 26.9 2.7%
Slot Hold %(3) 7.2% 7.1% 0.1 pts
Hotel Statistics
Occupancy % 69.6% 47.3% 22.3 pts
Average Daily Rate (ADR) $ 142 $ 168 (26) -15.5%
Revenue per Available Room
(RevPAR) $ 99 $ 79 20 25.3%
(1) The first phase of the Retail Mall
opened on November 1, 2011.
(2) This compares to Sands Bethlehem's trailing 12
month table games win percentage of 15.0% (calculated before discounts).
(3) This compares to Sands Bethlehem's trailing 12 month
slot hold percentage of 7.2% (calculated before slot club cash
incentives).
Retail Mall Operations
Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip
(The Venetian Macao, the Four Seasons Macao and Sands Cotai Central)
and Marina Bay Sands in Singapore
reached $102.8 million for the third quarter of 2012,
an increase of 15.2% compared to the third quarter of 2011. Operating
profit derived from these retail mall assets increased 16.9% for the
quarter to reach $86.5 million.
LTM
September
For The Three Months Ended September 30, 2012 30, 2012
----------------------------------------------- ---------
(Dollars in Gross
millions Operating Leasable Occupancy Tenant
except per square Gross Operating Profit Area % at End Sales Per
foot data) Revenue Profit Margin (sq. ft.) of Period Sq. Ft.2
------- --------- --------- --------- --------- ---------
The Grand Canal
Shoppes at The
Venetian Macao $ 36.3 $ 30.6 84.3% 809,204 91.7% $ 1,186
The Shoppes at
Four Seasons
Luxury Retail 19.4 18.4 94.8% 89,576 100.0% 6,322
Other Stores 3.7 3.4 91.9% 99,512 83.4% 1,453
------- --------- ---------
Total 23.1 21.8 189,088 91.2% 4,353
------- --------- ---------
The Shoppes at
Sands Cotai
Central 3.7 2.7 73.0% 210,143 100.0% -
------- --------- ---------
Total Cotai Strip
in Macao 63.1 55.1 87.3% 1,208,255 93.1% 1,781
------- --------- ---------
The Shoppes at
Marina Bay Sands 39.7 31.4 79.1% 631,024 96.2% 1,366
------- --------- ---------
Total $ 102.8 $ 86.5 84.1% 1,839,279 94.1% $ 1,617
======= ========= =========
(1) 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 $2.1 million during the
quarter, compared to a profit of $2.5 million in the
third quarter of 2011, which included a one-time benefit for a sales
tax refund of approximately $7 million.
Pre-opening expenses, related primarily to Sands Cotai Central
on the Cotai Strip in Macao,
increased to $39.9 million in the third quarter of
2012, compared to $15.8 million in the third quarter of
2011.
Depreciation and amortization expense was $226.5
million in the third quarter of 2012, compared to $200.1
million in the third quarter of 2011.
Interest expense, net of amounts capitalized, was $62.3
million for the third quarter of 2012, compared to $70.8
million during the third quarter of 2011. The decrease was
principally the result of a lower average borrowing cost, as well as
lower debt balances outstanding during the quarter compared to the
third quarter of 2011. Capitalized interest was $9.9 million
during the third quarter of 2012, compared to $34.9 million
during the third quarter of 2011. Our weighted average borrowing cost
in the third quarter of 2012 was 2.9%.
Corporate expense was $54.6 million in the
third quarter of 2012, compared to $54.0 million in the
third quarter of 2011.
Other income, which was principally composed of foreign
currency gains, was $2.4 million in the third quarter
of 2012, compared to other expense of $6.6 million in
the third quarter of 2011.
The company's effective income tax rate for the third quarter
of 2012 was 7.0%. 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
third quarter of 2012 of $95.2 million was principally
related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2012,
were $3.75 billion.
As of September 30, 2012, total debt
outstanding, including the current portion, was $9.50 billion.
Total principal payments for the remainder of 2012 and the full year
2013 are approximately $8.7 million and $97.5
million, respectively.
Capital Expenditures
Capital expenditures during the third quarter totaled $327.3
million, including construction and development activities of $231.8
million in Macao,
$79.8 million in Las Vegas, $10.9 million
at Marina Bay Sands, and $4.8 million at Sands
Bethlehem.
Conference Call Information
The company will host a conference call to discuss the
company's results on Thursday, November 1, 2012 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, loss on
modification or early retirement of debt, preferred stock dividends,
accretion to redemption value of preferred stock issued to the
Principal Stockholder's family, and preferred stock inducement,
repurchase and redemption premiums.
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., the
company owns a portfolio of properties on Macao's COTAISTRIP®, including THE
VENETIAN® Macao,
Four Seasons Hotel Macao, and Sands Cotai Central, a 13.7 million
square foot 6,400-room Integrated Resort. The
company also owns the SANDS® Macao on the Macao Peninsula.
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.
Las Vegas Sands
Corp.
Third Quarter 2012 Results
Non-GAAP Reconciliations
Within the company's third quarter 2012 press release, the
company makes reference to certain non-GAAP financial measures
including "adjusted net income," "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 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 Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
------------ ------------ ------------ ------------
Revenues:
Casino $ 2,201,030 $ 1,903,142 $ 6,534,947 $ 5,429,903
Rooms 287,849 262,352 830,887 734,022
Food and beverage 142,685 147,223 455,884 438,632
Mall 103,232 89,212 268,390 218,956
Convention, retail
and other 117,129 134,629 363,680 370,182
------------ ------------ ------------ ------------
2,851,925 2,536,558 8,453,788 7,191,695
Less - promotional
allowances (142,443) (127,183) (399,658) (325,305)
------------ ------------ ------------ ------------
2,709,482 2,409,375 8,054,130 6,866,390
------------ ------------ ------------ ------------
Operating expenses:
Resort operations 1,839,991 1,492,506 5,288,946 4,317,348
Corporate 54,617 54,031 162,164 133,983
Pre-opening 39,872 15,823 134,803 43,472
Development 4,201 3,308 12,196 6,301
Depreciation and
amortization 226,538 200,071 641,725 596,469
Amortization of
leasehold
interests in land 10,014 10,143 30,016 33,333
Impairment loss - - 143,674 -
Loss on disposal
of assets 154 937 1,229 8,879
------------ ------------ ------------ ------------
2,175,387 1,776,819 6,414,753 5,139,785
------------ ------------ ------------ ------------
Operating income 534,095 632,556 1,639,377 1,726,605
Other income
(expense):
Interest income 4,176 2,369 16,716 8,444
Interest expense,
net of amounts
capitalized (62,292) (70,761) (191,497) (214,938)
Other income
(expense) 2,352 (6,617) 715 (9,384)
Loss on
modification or
early retirement
of debt - - (19,234) -
------------ ------------ ------------ ------------
Income before income
taxes 478,331 557,547 1,446,077 1,510,727
Income tax expense (33,351) (52,375) (135,607) (151,960)
------------ ------------ ------------ ------------
Net income 444,980 505,172 1,310,470 1,358,767
Net income
attributable to
noncontrolling
interests (95,198) (80,293) (221,159) (233,928)
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp. 349,782 424,879 1,089,311 1,124,839
Preferred stock
dividends - (19,140) - (57,957)
Accretion to
redemption value of
preferred stock
issued to Principal
Stockholder's
family - (23,136) - (69,408)
Preferred stock
inducement and
repurchase premiums - (28,972) - (48,080)
------------ ------------ ------------ ------------
Net income
attributable to
common stockholders $ 349,782 $ 353,631 $ 1,089,311 $ 949,394
============ ============ ============ ============
Earnings per share:
Basic $ 0.43 $ 0.48 $ 1.36 $ 1.31
============ ============ ============ ============
Diluted $ 0.42 $ 0.44 $ 1.32 $ 1.17
============ ============ ============ ============
Weighted average
shares outstanding:
Basic 821,482,154 729,773,246 801,084,165 727,309,255
============ ============ ============ ============
Diluted 825,606,248 812,543,534 823,361,035 811,550,683
============ ============ ============ ============
Dividends declared
per common share $ 0.25 $ - $ 0.75 $ -
============ ============ ============ ============
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, 2012
(Gain)
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
--------- ------------- ------------- --------
Macao:
The Venetian
Macao $ 261,294 $ 34,973 $ 1,652 $ (300)
Sands Macao 72,425 7,752 354 (15)
Four Seasons
Hotel Macao and
Plaza Casino 40,284 12,448 706 172
Sands Cotai
Central (19,873) 32,085 2,152 62
--------- ------------- ------------- --------
Macao Property
Operations 354,130 87,258 4,864 (81)
Marina Bay Sands 166,452 65,601 4,528 185
United States:
Las Vegas
Operating
Properties 74,011 54,795 - (64)
Sands Bethlehem 24,329 7,593 - 1
--------- ------------- ------------- --------
United States
Property
Operations 98,340 62,388 - (63)
Other Asia (2) (16,800) 3,706 - 9
Other Development (5,196) 153 622 104
Corporate (62,831) 7,432 - -
--------- ------------- ------------- --------
$ 534,095 $ 226,538 $ 10,014 $ 154
========= ============= ============= ========
Three Months Ended September 30, 2012
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ -------- ------------- ---------- --------
Macao:
The Venetian
Macao $ 60 $ - $ 1,322 $ - $299,001
Sands Macao - - 353 - 80,869
Four Seasons
Hotel Macao and
Plaza Casino 731 - 45 - 54,386
Sands Cotai
Central 38,858 - 370 - 53,654
------------ -------- ------------- ---------- --------
Macao Property
Operations 39,649 - 2,090 - 487,910
Marina Bay Sands - 21,810 2,212 - 260,788
United States:
Las Vegas
Operating
Properties - (33,464) 2,928 - 98,206
Sands Bethlehem 64 - 131 - 32,118
------------ -------- ------------- ---------- --------
United States
Property
Operations 64 (33,464) 3,059 - 130,324
Other Asia (2) 43 10,872 46 - (2,124)
Other Development 4,317 - - - -
Corporate - 782 - 54,617 -
------------ -------- ------------- ---------- --------
$ 44,073 $ - $ 7,407 $ 54,617 $876,898
============ ======== ============= ========== ========
Three Months Ended September 30, 2011
(Gain)
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
--------- ------------- ------------- --------
Macao:
The Venetian Macao $ 206,513 $ 40,078 $ 1,646 $ 68
Sands Macao 67,218 7,696 352 156
Four Seasons Hotel
Macao and Plaza
Casino 45,120 12,684 704 1
--------- ------------- ------------- --------
Macao Property
Operations 318,851 60,458 2,702 225
Marina Bay Sands 315,435 65,776 4,678 (5)
United States:
Las Vegas
Operating
Properties 64,781 56,885 - -
Sands Bethlehem 16,302 8,349 - -
--------- ------------- ------------- --------
United States
Property
Operations 81,083 65,234 - -
Other Asia (2) (6,659) 3,775 - -
Other Development (17,725) 174 2,763 717
Corporate (58,429) 4,654 - -
--------- ------------- ------------- --------
$ 632,556 $ 200,071 $ 10,143 $ 937
========= ============= ============= ========
Three Months Ended September 30, 2011
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
----------- -------- ------------- ---------- --------
Macao:
The Venetian Macao $ 2,958 $ - $ 1,457 $ - $252,720
Sands Macao - - 399 - 75,821
Four Seasons Hotel
Macao and Plaza
Casino 1,138 - 72 - 59,719
----------- -------- ------------- ---------- --------
Macao Property
Operations 4,096 - 1,928 - 388,260
Marina Bay Sands 672 25,621 1,716 - 413,893
United States:
Las Vegas
Operating
Properties - (30,365) 3,010 - 94,311
Sands Bethlehem 119 - 400 - 25,170
----------- -------- ------------- ---------- --------
United States
Property
Operations 119 (30,365) 3,410 - 119,481
Other Asia (2) 173 5,000 226 - 2,515
Other Development 14,071 - - - -
Corporate - (256) - 54,031 -
----------- -------- ------------- ---------- --------
$ 19,131 $ - $ 7,280 $ 54,031 $924,149
=========== ======== ============= ========== ========
Nine Months Ended September 30, 2012
Impairment
and (Gain)
Amortization Loss
Operating Depreciation of Leasehold on
Income and Interests Disposal
(Loss) Amortization in Land of Assets
---------- ------------- ------------- ----------
Macao:
The Venetian
Macao $ 649,780 $ 108,085 $ 4,954 $ 42,649
Sands Macao 234,259 22,779 1,060 (184)
Four Seasons
Hotel Macao and
Plaza Casino 155,679 37,352 2,116 209
Sands Cotai
Central (37,749) 57,643 4,304 62
---------- ------------- ------------- ----------
Macao Property
Operations 1,001,969 225,859 12,434 42,736
Marina Bay Sands 774,941 196,668 13,570 184
United States:
Las Vegas
Operating
Properties 199,997 167,511 - 503
Sands Bethlehem 59,869 25,332 - 414
---------- ------------- ------------- ----------
United States
Property
Operations 259,866 192,843 - 917
Other Asia (2) (51,816) 11,089 - 33
Other Development (168,455) 575 4,012 101,034
Corporate (177,128) 14,691 - (1)
---------- ------------- ------------- ----------
$1,639,377 $ 641,725 $ 30,016 $ 144,903
========== ============= ============= ==========
Nine Months Ended September 30, 2012
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ -------- ------------- --------- ----------
Macao:
The Venetian
Macao $ 113 $ - $ 4,594 $ - $ 810,175
Sands Macao - - 1,215 - 259,129
Four Seasons
Hotel Macao and
Plaza Casino 2,953 - 183 - 198,492
Sands Cotai
Central 80,629 - 603 - 105,492
------------ -------- ------------- --------- ----------
Macao Property
Operations 83,695 - 6,595 - 1,373,288
Marina Bay Sands - 72,600 5,749 - 1,063,712
United States:
Las Vegas
Operating
Properties - (99,020) 9,371 - 278,362
Sands Bethlehem 305 - 617 - 86,537
------------ -------- ------------- --------- ----------
United States
Property
Operations 305 (99,020) 9,988 - 364,899
Other Asia (2) 165 26,146 582 - (13,801)
Other Development 62,834 - - - -
Corporate - 274 - 162,164 -
------------ -------- ------------- --------- ----------
$ 146,999 $ - $ 22,914 $ 162,164 $2,788,098
============ ======== ============= ========= ==========
Nine Months Ended September 30, 2011
(Gain)
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------- ------------- --------
Macao:
The Venetian
Macao $ 601,814 $ 125,489 $ 4,943 $ (652)
Sands Macao 238,113 23,245 1,057 278
Four Seasons
Hotel Macao
and Plaza
Casino 110,402 39,188 2,111 123
---------- ------------- ------------- --------
Macao Property
Operations 950,329 187,922 8,111 (251)
Marina Bay Sands 827,454 183,760 16,926 738
United States:
Las Vegas
Operating
Properties 149,910 176,002 - (1,778)
Sands
Bethlehem 42,928 23,202 - -
---------- ------------- ------------- --------
United States
Property
Operations 192,838 199,204 - (1,778)
Other Asia (2) (39,208) 11,745 - 2
Other
Development (50,517) 523 8,296 2,506
Corporate (154,291) 13,315 - 7,662
---------- ------------- ------------- --------
$1,726,605 $ 596,469 $ 33,333 $ 8,879
========== ============= ============= ========
Nine Months Ended September 30, 2011
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ -------- ------------- ---------- ----------
Macao:
The Venetian
Macao $ 3,173 $ - $ 4,719 $ - $ 739,486
Sands Macao - - 1,349 - 264,042
Four Seasons
Hotel Macao
and Plaza
Casino 2,769 - 293 - 154,886
------------ -------- ------------- ---------- ----------
Macao Property
Operations 5,942 - 6,361 - 1,158,414
Marina Bay Sands 3,516 66,896 4,433 - 1,103,723
United States:
Las Vegas
Operating
Properties - (81,227) 9,478 - 252,385
Sands
Bethlehem 758 - 1,430 - 68,318
------------ -------- ------------- ---------- ----------
United States
Property
Operations 758 (81,227) 10,908 - 320,703
Other Asia (2) 365 15,000 775 - (11,321)
Other
Development 39,192 - - - -
Corporate - (669) - 133,983 -
------------ -------- ------------- ---------- ----------
$ 49,773 $ - $ 22,477 $ 133,983 $2,571,519
============ ======== ============= ========== ==========
(1) During the three months ended September 30, 2012
and 2011, the Company recorded stock-based compensation expense of $17.4
million and $13.9 million, respectively, of
which $9.8 million and $6.5 million,
respectively, is included in corporate expense and $0.2 million
and $0.1 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, 2012 and 2011, the Company recorded stock-based
compensation expense of $50.3 million and $47.2
million, respectively, of which $26.7 million
and $24.4 million, respectively, is included in
corporate expense and $0.7 million and $0.3
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 September 30, 2012
(1) (2) Hold-
Hold- Hold- Adjusted
Adjusted Adjusted Adjusted Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
--------- --------- --------- ---------
Macao Property Operations $ 487,910 $ - $ - $ 487,910
Marina Bay Sands 260,788 118,070 (13,236) 365,622
United States:
Las Vegas Operating Properties 98,206 (31,459) 2,359 69,106
Sands Bethlehem 32,118 (2,288) 343 30,173
--------- --------- --------- ---------
United States Property
Operations 130,324 (33,747) 2,702 99,279
Other Asia (2,124) - - (2,124)
Other Development - - - -
Corporate - - - -
--------- --------- --------- ---------
$ 876,898 $ 84,323 $ (10,534) $ 950,687
========= ========= ========= =========
Three Months Ended September 30, 2011
(1) (2) Hold-
Hold- Hold- Adjusted
Adjusted Adjusted Adjusted Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
--------- --------- --------- ---------
Macao Property Operations $ 388,260 $ 42,887 $ (16,726) $ 414,421
Marina Bay Sands 413,893 20,643 (2,314) 432,222
United States:
Las Vegas Operating Properties 94,311 (9,921) 744 85,134
Sands Bethlehem 25,170 379 (66) 25,483
--------- --------- --------- ---------
United States Property
Operations 119,481 (9,542) 678 110,617
Other Asia 2,515 - - 2,515
Other Development - - - -
Corporate - - - -
--------- --------- --------- ---------
$ 924,149 $ 53,988 $ (18,362) $ 959,775
========= ========= ========= =========
(1) For Macao
and Singapore
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 the win percentage for
the trailing twelve months. 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 the win percentage
for the trailing twelve months.
(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:
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
---------- ---------- ---------- ----------
Net income attributable to
Las Vegas Sands Corp. $ 349,782 $ 424,879 $1,089,311 $1,124,839
Add (deduct):
Net income attributable
to noncontrolling
interests 95,198 80,293 221,159 233,928
Income tax expense 33,351 52,375 135,607 151,960
Loss on modification or
early retirement of
debt - - 19,234 -
Other (income) expense (2,352) 6,617 (715) 9,384
Interest expense, net of
amounts capitalized 62,292 70,761 191,497 214,938
Interest income (4,176) (2,369) (16,716) (8,444)
Loss on disposal of
assets 154 937 1,229 8,879
Impairment loss - - 143,674 -
Amortization of
leasehold interests in
land 10,014 10,143 30,016 33,333
Depreciation and
amortization 226,538 200,071 641,725 596,469
Development expense 4,201 3,308 12,196 6,301
Pre-opening expense 39,872 15,823 134,803 43,472
Stock-based compensation
(1) 7,407 7,280 22,914 22,477
Corporate expense 54,617 54,031 162,164 133,983
---------- ---------- ---------- ----------
Adjusted Property EBITDA $ 876,898 $ 924,149 $2,788,098 $2,571,519
========== ========== ========== ==========
Hold-adjusted casino
revenue (2) 84,323 53,988
Hold-adjusted casino
expense (2) (10,534) (18,362)
---------- ----------
Hold-Adjusted Adjusted
Property EBITDA $ 950,687 $ 959,775
========== ==========
(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,
2012 2011 2012 2011
---------- ---------- ---------- ----------
The Venetian Macao $ 772,769 $ 689,243 $2,194,975 $2,062,917
Sands Macao 315,280 307,420 935,966 961,173
Four Seasons Hotel Macao and
Plaza Casino 224,478 169,050 790,219 461,914
Sands Cotai Central 295,855 - 561,456 -
Marina Bay Sands 625,548 792,427 2,168,979 2,114,921
Las Vegas Operating
Properties 364,426 347,446 1,076,342 985,043
Sands Bethlehem 121,966 106,720 352,624 294,870
Other Asia 37,289 43,190 110,792 109,413
Intersegment Eliminations (48,129) (46,121) (137,223) (123,861)
---------- ---------- ---------- ----------
$2,709,482 $2,409,375 $8,054,130 $6,866,390
========== ========== ========== ==========
_______________________
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,
2012 2011 2012 2011
---------- ---------- ---------- ----------
The Venetian Macao 38.7% 36.7% 36.9% 35.8%
Sands Macao 25.6% 24.7% 27.7% 27.5%
Four Seasons Hotel Macao and
Plaza Casino 24.2% 35.3% 25.1% 33.5%
Sands Cotai Central 18.1% N/A 18.8% N/A
Marina Bay Sands 41.7% 52.2% 49.0% 52.2%
Las Vegas Operating
Properties 26.9% 27.1% 25.9% 25.6%
Sands Bethlehem 26.3% 23.6% 24.5% 23.2%
Other Asia -5.7% 5.8% -12.5% -10.3%
Total 32.4% 38.4% 34.6% 37.5%
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted
Share
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
------------ ------------ ------------ ------------
Net income attributable
to common stockholders $ 349,782 $ 353,631 $ 1,089,311 $ 949,394
Pre-opening expense, net 28,057 15,709 94,867 42,874
Development expense, net 4,201 3,308 12,196 6,301
Impairment loss, net - - 101,009 -
Loss on disposal of
assets, net 144 937 1,190 8,879
Loss on modification or
early retirement of
debt, net - - 18,714 -
Preferred stock
dividends - 19,140 - 57,957
Accretion to redemption
value of preferred
stockissued to
Principal Stockholder's
family - 23,136 - 69,408
Preferred stock
inducement and
repurchase premiums - 28,972 - 48,080
------------ ------------ ------------ ------------
Adjusted net income $ 382,184 $ 444,833 $ 1,317,287 $ 1,182,893
============ ============ ============ ============
Per diluted share of
common stock:
Net income attributable
to common stockholders $ 0.42 $ 0.44 $ 1.32 $ 1.17
Pre-opening expense, net 0.03 0.02 0.12 0.05
Development expense, net 0.01 - 0.01 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 -
Preferred stock
dividends - 0.02 - 0.07
Accretion to redemption
value of preferred
stockissued to
Principal Stockholder's
family - 0.03 - 0.09
Preferred stock
inducement and
repurchase premiums - 0.04 - 0.06
------------ ------------ ------------ ------------
Adjusted earnings per
diluted share $ 0.46 $ 0.55 $ 1.60 $ 1.46
============ ============ ============ ============
Weighted average diluted
shares outstanding 825,606,248 812,543,534 823,361,035 811,550,683
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
--------- --------- --------- ---------
Room Statistics:
The Venetian Macao:
Occupancy % 93.9% 94.1% 91.4% 90.1%
Average daily room rate
(ADR) (1) $ 227 $ 232 $ 233 $ 227
Revenue per available room
(RevPAR) (2) $ 213 $ 218 $ 213 $ 205
Sands Macao:
Occupancy % 97.3% 92.9% 94.8% 88.6%
Average daily room rate
(ADR) (1) $ 236 $ 251 $ 243 $ 248
Revenue per available room
(RevPAR) (2) $ 230 $ 233 $ 231 $ 220
Four Seasons Hotel Macao and
Plaza Casino:
Occupancy % 83.1% 70.8% 79.6% 67.8%
Average daily room rate
(ADR) (1) $ 349 $ 335 $ 355 $ 333
Revenue per available room
(RevPAR) (2) $ 290 $ 237 $ 282 $ 225
Sands Cotai Central:
Occupancy % 88.9% N/A 82.8% N/A
Average daily room rate
(ADR) (1) $ 149 N/A $ 146 N/A
Revenue per available room
(RevPAR) (2) $ 132 N/A $ 121 N/A
Marina Bay Sands:
Occupancy % 99.8% 98.1% 99.1% 91.8%
Average daily room rate
(ADR) (1) $ 361 $ 327 $ 351 $ 303
Revenue per available room
(RevPAR) (2) $ 360 $ 321 $ 348 $ 278
Las Vegas Operating
Properties:
Occupancy % 87.3% 92.7% 85.6% 88.5%
Average daily room rate
(ADR) (1) $ 191 $ 191 $ 203 $ 201
Revenue per available room
(RevPAR) (2) $ 167 $ 177 $ 174 $ 178
Sands Bethlehem:
Occupancy % 69.6% 47.3% 60.7% 47.7%
Average daily room rate
(ADR) (1) $ 142 $ 168 $ 141 $ 168
Revenue per available room
(RevPAR) (2) $ 99 $ 79 $ 86 $ 80
Casino Statistics:
The Venetian Macao:
Table games win per unit per
day (3) $ 15,697 $ 11,705 $ 14,632 $ 12,086
Slot machine win per unit
per day (4) $ 312 $ 303 $ 314 $ 287
Average number of table
games 504 589 520 596
Average number of slot
machines 2,155 2,057 2,219 2,120
Sands Macao:
Table games win per unit per
day (3) $ 12,337 $ 9,303 $ 10,808 $ 9,683
Slot machine win per unit
per day (4) $ 224 $ 280 $ 251 $ 271
Average number of table
games 313 413 353 414
Average number of slot
machines 1,205 1,109 1,152 1,133
Four Seasons Hotel Macao and
Plaza Casino:
Table games win per unit per
day (3) $ 19,480 $ 13,964 $ 22,989 $ 13,980
Slot machine win per unit
per day (4) $ 545 $ 766 $ 642 $ 696
Average number of table
games 149 127 157 121
Average number of slot
machines 188 182 183 189
Sands Cotai Central:
Table games win per unit per
day (3) $ 9,728 N/A $ 9,909 N/A
Slot machine win per unit
per day (4) $ 316 N/A $ 349 N/A
Average number of table
games 356 N/A 359 N/A
Average number of slot
machines 1,086 N/A 961 N/A
Marina Bay Sands:
Table games win per unit per
day (3) $ 8,480 $ 13,205 $ 10,406 $ 11,017
Slot machine win per unit
per day (4) $ 603 $ 662 $ 632 $ 601
Average number of table
games 619 593 612 605
Average number of slot
machines 2,441 2,416 2,468 2,334
Las Vegas Operating
Properties:
Table games win per unit per
day (3) $ 7,648 $ 5,267 $ 6,047 $ 4,149
Slot machine win per unit
per day (4) $ 238 $ 175 $ 207 $ 156
Average number of table
games 232 226 230 227
Average number of slot
machines 1,975 2,663 2,186 2,665
Sands Bethlehem:
Table games win per unit per
day (3) $ 3,341 $ 2,763 $ 2,983 $ 2,723
Slot machine win per unit
per day (4) $ 262 $ 253 $ 268 $ 247
Average number of table
games 122 106 121 92
Average number of slot
machines 3,024 3,023 3,014 3,021
(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.
|
