LAS VEGAS, NV--(Jan 30, 2013) - Las Vegas
Sands
Corp. (NYSE: LVS)
For the Quarter Ended December 31, 2012:
- Net Revenue Increased 20.9% to a
Record $3.08 Billion
- Consolidated Adjusted Property
EBITDA Increased 4.4% to
$1.002 Billion (Consolidated Hold-Adjusted Adjusted Property EBITDA
increased
17.6% to a Record $1.09 Billion)
- Record Gaming Volumes in Macao
Drove Adjusted Property
EBITDA in Macao Up 43.3% to a Record $622.2 Million
- Net Income Attributable to
Common Stockholders Rose 35.8% to
Reach $434.8 Million or $0.53 per diluted share (Adjusted Earnings per
diluted
share was $0.54)
- The Company Paid a Special
Dividend of $2.75 per share and a
Recurring Dividend of $0.25 per share
- The Company's Board of Directors
Increased the Recurring
Quarterly Dividend by 40%, Declaring a $0.35 per share Dividend Payable
in
March of 2013
- For the Year Ended December 31,
2012:
- Net Revenue Increased 18.3% to a
Record $11.13 Billion from
$9.41 Billion
- Consolidated Adjusted Property
EBITDA Reached a Record $3.79
Billion
- Net Income Attributable to
Common Stockholders Rose 20.1% to
Reach $1.52 Billion or $1.85 per diluted share (Adjusted Earnings per
diluted
share was $2.14)
- The Company Paid Dividends
of $3.75 per share
Las Vegas Sands Corp. (NYSE: LVS)
today
reported financial results for the quarter ended December 31, 2012.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief
executive
officer, said, "I am pleased to report that our quarterly results
reflect
both 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 eleven million visitors to our Cotai
Strip
Properties during the quarter, including five million in the month of
December.
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.
"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 board
of
directors of Las Vegas Sands has increased the recurring quarterly
dividend of
the company 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
and
paid during the fourth quarter of 2012 a special dividend of $2.75 per
share,
as well as a $0.25 per share recurring dividend, while maintaining a
strong
balance sheet and ample liquidity to pursue future growth
opportunities."
Company-Wide Operating Results
Net revenue for the fourth quarter of 2012
was $3.08 billion,
an increase of 20.9% compared to $2.54 billion in the fourth quarter of
2011.
Consolidated adjusted property EBITDA in the fourth quarter of 2012 was
$1.00
billion, an increase of 4.4% compared to $960.6 million in the year-ago
quarter. On a hold-adjusted basis, adjusted property EBITDA was $1.09
billion
in the fourth quarter of 2012, an increase of 17.6%. Consolidated
adjusted
property EBITDA margin decreased to 32.6% in the fourth quarter of
2012,
compared to 37.8% in the fourth quarter of 2011. The quarter's adjusted
property EBITDA and EBITDA margin were unfavorably impacted, compared
to the
quarter one year ago, by lower table games hold (approximately $90.2
million
adjusted property EBITDA impact), as well as an additional $24.0
million property
tax assessment at Marina Bay Sands.
On a GAAP (Generally Accepted Accounting
Principles) basis,
operating income in the fourth quarter of 2012 increased 1.3% to $672.0
million, compared to $663.3 million in the fourth quarter of 2011. The
increase
in operating income was principally due to strong operating results in
Macao,
offset by higher depreciation and amortization related to the opening
of Sands
Cotai Central and lower table games hold in Singapore.
On a GAAP basis, net income attributable to
common
stockholders in the fourth quarter of 2012 increased 35.8% to $434.8
million,
compared to $320.1 million in the fourth quarter of 2011, while diluted
earnings per share in the fourth quarter of 2012 increased 35.9% to
$0.53,
compared to $0.39 in the prior year quarter. The increase in net income
attributable to common stockholders reflected the increase in operating
income
described above as well as the benefit from the discontinuation of
preferred
stock dividends and charges related to the retirement of our preferred
stock in
November 2011.
Adjusted net income (see Note 1) decreased
to $450.5
million, or $0.54 per diluted share, compared to $460.9 million, or
$0.57 per
diluted share, in the fourth quarter of 2011. The decrease in adjusted
net
income was principally driven by the increase in net income
attributable to
noncontrolling interests, which was partially offset by the higher
operating
income described above.
Full year 2012 net revenue increased 18.3%
to a record
$11.13 billion, compared to $9.41 billion in 2011. Consolidated
adjusted property
EBITDA in 2012 increased 7.3% to a record $3.79 billion, compared to
$3.53
billion in 2011. Consolidated adjusted property EBITDA margin decreased
340
basis points to 34.1% in 2012, compared to 37.5% in 2011. Lower hold
rates in
2012 compared to 2011, as well as higher expenses at the recently
opened Sands
Cotai Central, contributed to the lower EBITDA margin in 2012.
Full year adjusted net income (see Note 1)
was a record
$1.77 billion in 2012, or $2.14 per diluted share, compared to $1.64
billion,
or $2.02 per diluted share in 2011.
On a GAAP basis, full year 2012 operating
income decreased
3.3% to a $2.31 billion in 2012, compared to $2.39 billion in 2011. Net
income
attributable to common stockholders increased 20.1% to $1.52 billion,
or $1.85
per diluted share in 2012, compared to $1.27 billion, or $1.56 per
diluted
share in 2011. The improvement in our net income attributable to common
stockholders reflects lower net interest expense, lower income tax
expense as
well as the benefit from the discontinuation of preferred stock
dividends and
charges related to the retirement of our preferred stock described
above.
Sands China Ltd. Consolidated Financial
Results
On a GAAP basis, total net revenues for
Sands China Ltd.
increased 48.1% to $1.97 billion in the fourth quarter of 2012,
compared to
$1.33 billion in the fourth quarter of 2011. Adjusted property EBITDA
for Sands
China Ltd. increased 44.1% to $619.9 million in the fourth quarter of
2012,
compared to $430.1 million in the fourth quarter of 2011. Net income
for Sands
China Ltd. increased 52.3% to $467.0 million in the fourth quarter of
2012,
compared to $306.7 million in the fourth quarter of 2011.
The Venetian Macao Fourth Quarter Operating
Results
The Venetian Macao continued to enjoy strong
visitation and
financial performance. The property delivered a record adjusted
property EBITDA
of $333.1 million, an increase of 17.6% compared to the fourth quarter
of 2011.
Operating results were positively impacted by higher than expected
Rolling Chip
win percentage of 3.25%, compared to 2.95% in the fourth quarter of
2011.
Adjusted property EBITDA margin increased to 39.5% in the fourth
quarter of
2012 from 37.1% in the year-ago quarter. Non-Rolling Chip drop was
$1.22
billion for the quarter, an increase of 10.5% compared to the same
quarter one
year ago, while Non-Rolling Chip win percentage increased to 29.9%.
Rolling
Chip volume during the quarter decreased 6.6% to $12.66 billion
partially due
to Paiza Club renovations, which resulted in 29 fewer active rolling
tables in
service on average during the quarter. Slot handle was $1.29 billion,
an
increase of 21.3% compared to the quarter one year ago. Mall revenues
increased
12.3% during the quarter compared to the quarter last year.
The following table summarizes the key
operating results for
The Venetian Macao for the fourth quarter of 2012 compared to the
fourth
quarter of 2011:
|
|
|
|
|
|
The Venetian Macao Operations
|
Three Months Ended
December 31,
|
|
|
|
|
(Dollars in millions)
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
722.3
|
|
|
$
|
641.3
|
|
|
$
|
81.0
|
|
|
12.6
|
%
|
|
Rooms
|
|
59.9
|
|
|
|
61.4
|
|
|
|
(1.5
|
)
|
|
-2.4
|
%
|
|
Food and Beverage
|
|
23.4
|
|
|
|
21.9
|
|
|
|
1.5
|
|
|
6.8
|
%
|
|
Mall
|
|
46.5
|
|
|
|
41.4
|
|
|
|
5.1
|
|
|
12.3
|
%
|
|
Convention, Retail and Other
|
|
23.2
|
|
|
|
27.6
|
|
|
|
(4.4
|
)
|
|
-15.9
|
%
|
|
Less - Promotional Allowances
|
|
(32.3
|
)
|
|
|
(29.3
|
)
|
|
|
(3.0
|
)
|
|
-10.2
|
%
|
Net Revenues
|
$
|
843.0
|
|
|
$
|
764.3
|
|
|
$
|
78.7
|
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
333.1
|
|
|
$
|
283.3
|
|
|
$
|
49.8
|
|
|
17.6
|
%
|
|
EBITDA Margin %
|
|
39.5
|
%
|
|
|
37.1
|
%
|
|
|
|
|
|
2.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
$
|
298.2
|
|
|
$
|
242.3
|
|
|
$
|
55.9
|
|
|
23.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$
|
12,662.9
|
|
|
$
|
13,551.1
|
|
|
$
|
(888.2
|
)
|
|
-6.6
|
%
|
|
Rolling Chip Win %(1)
|
|
3.25
|
%
|
|
|
2.95
|
%
|
|
|
|
|
|
0.30 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$
|
1,215.0
|
|
|
$
|
1,099.8
|
|
|
$
|
115.2
|
|
|
10.5
|
%
|
|
Non-Rolling Chip Win %
|
|
29.9
|
%
|
|
|
28.2
|
%
|
|
|
|
|
|
1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,293.7
|
|
|
$
|
1,066.2
|
|
|
$
|
227.5
|
|
|
21.3
|
%
|
|
Slot Hold %
|
|
5.5
|
%
|
|
|
5.9
|
%
|
|
|
|
|
|
-0.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.4
|
%
|
|
|
95.2
|
%
|
|
|
|
|
|
-1.8 pts
|
|
Average Daily Rate (ADR)
|
$
|
248
|
|
|
$
|
246
|
|
|
$
|
2
|
|
|
0.8
|
%
|
Revenue per Available Room (RevPAR)
|
$
|
231
|
|
|
$
|
234
|
|
|
$
|
(3
|
)
|
|
-1.3
|
%
|
(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
Fourth Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza
Casino generated
adjusted property EBITDA of $89.7 million in the fourth quarter of
2012, an
increase of 42.4% compared to the fourth quarter of 2011, despite the
fact that
operating results were negatively impacted by lower than expected
Rolling Chip
win percentage of 2.68% for the current quarter. Rolling Chip volume
reached
$10.73 billion for the quarter, an increase of 42.7% compared to the
fourth
quarter of 2011. Non-Rolling Chip drop was a record $125.5 million
while
Non-Rolling Chip win percentage was 45.1%. Slot handle was a record
$350.4
million during the quarter, an increase of 43.7% compared to the fourth
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
21.3% in the quarter. Mall revenue increased 16.7% to $28.6 million.
The following table summarizes our key
operating results for
the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of
2012
compared to the fourth quarter of 2011:
|
|
|
|
|
|
Four Seasons Hotel Macao and Plaza Casino Operations
|
Three Months Ended
December 31,
|
|
|
|
|
(Dollars in millions)
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
260.2
|
|
|
$
|
183.7
|
|
|
$
|
76.5
|
|
|
41.6
|
%
|
|
Rooms
|
|
10.8
|
|
|
|
8.9
|
|
|
|
1.9
|
|
|
21.3
|
%
|
|
Food and Beverage
|
|
7.5
|
|
|
|
7.0
|
|
|
|
0.5
|
|
|
7.1
|
%
|
|
Mall
|
|
28.6
|
|
|
|
24.5
|
|
|
|
4.1
|
|
|
16.7
|
%
|
|
Convention, Retail and Other
|
|
0.8
|
|
|
|
0.8
|
|
|
|
-
|
|
|
0.0
|
%
|
|
Less - Promotional Allowances
|
|
(11.7
|
)
|
|
|
(8.5
|
)
|
|
|
(3.2
|
)
|
|
-37.6
|
%
|
Net Revenues
|
$
|
296.2
|
|
|
$
|
216.4
|
|
|
$
|
79.8
|
|
|
36.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
89.7
|
|
|
$
|
63.0
|
|
|
$
|
26.7
|
|
|
42.4
|
%
|
|
EBITDA Margin %
|
|
30.3
|
%
|
|
|
29.1
|
%
|
|
|
|
|
|
1.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
$
|
76.5
|
|
|
$
|
48.6
|
|
|
$
|
27.9
|
|
|
57.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$
|
10,731.5
|
|
|
$
|
7,519.6
|
|
|
$
|
3,211.9
|
|
|
42.7
|
%
|
|
Rolling Chip Win %(1)
|
|
2.68
|
%
|
|
|
2.61
|
%
|
|
|
|
|
|
0.07 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$
|
125.5
|
|
|
$
|
101.3
|
|
|
$
|
24.2
|
|
|
23.9
|
%
|
|
Non-Rolling Chip Win %
|
|
45.1
|
%
|
|
|
44.4
|
%
|
|
|
|
|
|
0.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
350.4
|
|
|
$
|
243.9
|
|
|
$
|
106.5
|
|
|
43.7
|
%
|
|
Slot Hold %
|
|
5.3
|
%
|
|
|
4.8
|
%
|
|
|
|
|
|
0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
81.8
|
%
|
|
|
76.1
|
%
|
|
|
|
|
|
5.7 pts
|
|
Average Daily Rate (ADR)
|
$
|
382
|
|
|
$
|
339
|
|
|
$
|
43
|
|
|
12.7
|
%
|
Revenue per Available Room (RevPAR)
|
$
|
313
|
|
|
$
|
258
|
|
|
$
|
55
|
|
|
21.3
|
%
|
(1) This compares to our expected Rolling
Chip win
percentage of 2.7% to 3.0% (calculated before discounts and
commissions).
Sands Cotai Central Fourth Quarter Operating
Results
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. An additional
2,100
Sheraton rooms opened on January 28, 2013. Net revenues and adjusted
property
EBITDA for the fourth quarter of 2012 were $490.7 million and $108.0
million,
respectively, resulting in an EBITDA margin of 22.0%. The quarter's
results
were positively impacted by higher than expected Rolling Chip win
percentage of
3.13%.
Rolling Chip volume reflected meaningful
growth and reached
$10.17 billion while Non-Rolling Chip drop reached $932.5 million with
Non-Rolling Chip win percentage of 20.6%. Slot handle, driven by robust
electronic table games play, was $1.24 billion for the quarter. Rolling
Volume
per table per day expanded to reach approximately $760,000 in the
quarter, an
increase of 15.1% compared to the third quarter of 2012. Mass table,
slot and
ETG win per day climbed to $2.58 million, an increase of 65.4% compared
to the
third quarter of 2012. Hotel occupancy reached 84.0% during the quarter
with
ADR of $164.
Visitation to the property continues to
expand, reaching in
excess of three 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 fourth quarter of 2012:
|
|
|
Sands Cotai Central
(Dollars in millions)
|
Quarter Ended
December 31,
2012
|
|
Revenues:
|
|
|
|
|
Casino
|
$
|
438.7
|
|
|
Rooms
|
|
44.5
|
|
|
Food and Beverage
|
|
19.2
|
|
|
Mall
|
|
9.2
|
|
|
Convention, Retail and Other
|
|
4.6
|
|
|
Less - Promotional Allowances
|
|
(25.5
|
)
|
Net Revenues
|
$
|
490.7
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
108.0
|
|
|
EBITDA Margin %
|
|
22.0
|
%
|
|
|
|
|
Operating Income
|
$
|
48.0
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$
|
10,170.3
|
|
|
Rolling Chip Win %(1)
|
|
3.13
|
%
|
|
|
|
|
Non-Rolling Chip Drop
|
$
|
932.5
|
|
|
Non-Rolling Chip Win %
|
|
20.6
|
%
|
|
|
|
|
Slot Handle
|
$
|
1,241.7
|
|
|
Slot Hold %
|
|
3.7
|
%
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
Occupancy %
|
|
84.0
|
%
|
Average Daily Rate (ADR)
|
$
|
164
|
|
Revenue per Available Room (RevPAR)
|
$
|
138
|
|
(1) This compares to our expected Rolling
Chip win
percentage of 2.7% to 3.0% (calculated before discounts and
commissions).
Sands Macao Fourth Quarter Operating Results
Sands Macao's adjusted property EBITDA was
$91.5 million, an
increase of 4.2% compared to last year, while adjusted property EBITDA
margin
increased 170 basis points to 29.1%. Rolling Chip volume of $5.77
billion for
the quarter, which was a decrease of 24.2% compared to the prior year's
quarter, reflected a 31.9% decrease in the number of Rolling Chip
tables to an
average of 96 tables for the quarter. Win percentage on Rolling Table
games
play was 3.29%, which was higher than the same quarter last year.
Non-Rolling
Chip drop was $708.6 million during the quarter, an increase of 3.1%,
despite
106 fewer Non-Rolling chip tables in operation during the quarter. Slot
handle
decreased 2.5% to $605.4 million.
The following table summarizes our key
operating results for
Sands Macao for the fourth quarter of 2012 compared to the fourth
quarter of
2011:
|
|
|
|
|
|
Sands Macao Operations
|
Three Months Ended
December 31,
|
|
|
|
|
(Dollars in millions)
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
305.8
|
|
|
$
|
311.9
|
|
|
$
|
(6.1
|
)
|
|
-2.0
|
%
|
|
Rooms
|
|
6.4
|
|
|
|
6.6
|
|
|
|
(0.2
|
)
|
|
-3.0
|
%
|
|
Food and Beverage
|
|
10.1
|
|
|
|
10.1
|
|
|
|
-
|
|
|
0.0
|
%
|
|
Convention, Retail and Other
|
|
2.7
|
|
|
|
3.1
|
|
|
|
(0.4
|
)
|
|
-12.9
|
%
|
|
Less - Promotional Allowances
|
|
(10.4
|
)
|
|
|
(10.7
|
)
|
|
|
0.3
|
|
|
2.8
|
%
|
Net Revenues
|
$
|
314.6
|
|
|
$
|
321.0
|
|
|
$
|
(6.4
|
)
|
|
-2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
91.5
|
|
|
$
|
87.8
|
|
|
$
|
3.7
|
|
|
4.2
|
%
|
|
EBITDA Margin %
|
|
29.1
|
%
|
|
|
27.4
|
%
|
|
|
|
|
|
1.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
$
|
83.1
|
|
|
$
|
79.5
|
|
|
$
|
3.6
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$
|
5,767.8
|
|
|
$
|
7,611.7
|
|
|
$
|
(1,843.9
|
)
|
|
-24.2
|
%
|
|
Rolling Chip Win %(1)
|
|
3.29
|
%
|
|
|
2.77
|
%
|
|
|
|
|
|
0.52 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$
|
708.6
|
|
|
$
|
687.2
|
|
|
$
|
21.4
|
|
|
3.1
|
%
|
|
Non-Rolling Chip Win %
|
|
22.2
|
%
|
|
|
21.7
|
%
|
|
|
|
|
|
0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
605.4
|
|
|
$
|
621.0
|
|
|
$
|
(15.6
|
)
|
|
-2.5
|
%
|
|
Slot Hold %
|
|
4.3
|
%
|
|
|
4.8
|
%
|
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.9
|
%
|
|
|
96.0
|
%
|
|
|
|
|
|
0.9 pts
|
|
Average Daily Rate (ADR)
|
$
|
250
|
|
|
$
|
259
|
|
|
$
|
(9
|
)
|
|
-3.5
|
%
|
Revenue per Available Room (RevPAR)
|
$
|
243
|
|
|
$
|
248
|
|
|
$
|
(5
|
)
|
|
-2.0
|
%
|
(1) This compares to our expected Rolling
Chip win
percentage of 2.7% to 3.0% (calculated before discounts and
commissions).
Marina Bay Sands Fourth Quarter Operating
Results
Marina Bay Sands in Singapore had adjusted
property EBITDA
of $302.5 million for the fourth quarter. The operating results were
unfavorably impacted by lower than expected Rolling Chip win percentage
of
2.14% for the quarter. On a hold-adjusted basis, adjusted property
EBITDA was
$406.4 million. The operating results also reflect the recording of an
additional $24.0 million property tax assessment received during the
quarter
for the 2011 and 2012 calendar years.
Rolling Chip volume was $16.47 billion for
the quarter, the
second highest quarterly volume in the property's history. Non-Rolling
Chip
drop decreased 3.2% to $1.11 billion and slot handle decreased 2.0% to
$2.69
billion. Total mass win per day during the quarter decreased 3.4% to
$4.49
million, compared to $4.64 million in the fourth quarter of 2011.
The high margin hotel room and mall segments
of the property
continued to reflect strong revenue growth of 10.2% and 11.5%,
respectively.
ADR expanded during the quarter, driving a RevPAR increase of 10.0%
compared to
the same quarter last year.
The following table summarizes our key
operating results for
Marina Bay Sands for the fourth quarter of 2012 compared to the fourth
quarter
of 2011:
|
|
|
|
|
|
Marina Bay Sands Operations
|
Three Months Ended
December 31,
|
|
|
|
|
(Dollars in millions)
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
549.5
|
|
|
$
|
654.0
|
|
|
$
|
(104.5
|
)
|
|
-16.0
|
%
|
|
Rooms
|
|
84.2
|
|
|
|
76.4
|
|
|
|
7.8
|
|
|
10.2
|
%
|
|
Food and Beverage
|
|
51.9
|
|
|
|
54.2
|
|
|
|
(2.3
|
)
|
|
-4.2
|
%
|
|
Mall
|
|
44.7
|
|
|
|
40.1
|
|
|
|
4.6
|
|
|
11.5
|
%
|
|
Convention, Retail and Other
|
|
29.0
|
|
|
|
29.2
|
|
|
|
(0.2
|
)
|
|
-0.7
|
%
|
|
Less - Promotional Allowances
|
|
(42.1
|
)
|
|
|
(47.0
|
)
|
|
|
4.9
|
|
|
10.4
|
%
|
Net Revenues
|
$
|
717.2
|
|
|
$
|
806.9
|
|
|
$
|
(89.7
|
)
|
|
-11.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
302.5
|
|
|
$
|
426.9
|
|
|
$
|
(124.4
|
)
|
|
-29.1
|
%
|
|
EBITDA Margin %
|
|
42.2
|
%
|
|
|
52.9
|
%
|
|
|
|
|
|
-10.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
$
|
202.6
|
|
|
$
|
330.4
|
|
|
$
|
(127.8
|
)
|
|
-38.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$
|
16,467.1
|
|
|
$
|
10,762.3
|
|
|
$
|
5,704.8
|
|
|
53.0
|
%
|
|
Rolling Chip Win %(1)
|
|
2.14
|
%
|
|
|
3.34
|
%
|
|
|
|
|
|
-1.20 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$
|
1,108.4
|
|
|
$
|
1,145.2
|
|
|
$
|
(36.8
|
)
|
|
-3.2
|
%
|
|
Non-Rolling Chip Win %
|
|
24.2
|
%
|
|
|
24.2
|
%
|
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
2,690.9
|
|
|
$
|
2,744.8
|
|
|
$
|
(53.9
|
)
|
|
-2.0
|
%
|
|
Slot Hold %
|
|
5.4
|
%
|
|
|
5.4
|
%
|
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.4
|
%
|
|
|
98.8
|
%
|
|
|
|
|
|
-0.4 pts
|
|
Average Daily Rate (ADR)
|
$
|
368
|
|
|
$
|
333
|
|
|
$
|
35
|
|
|
10.5
|
%
|
Revenue per Available Room (RevPAR)
|
$
|
362
|
|
|
$
|
329
|
|
|
$
|
33
|
|
|
10.0
|
%
|
(1) This compares to our expected Rolling
Chip win
percentage of 2.7% to 3.0% (calculated before discounts and
commissions).
Las Vegas Operations Fourth Quarter
Operating Results
The Venetian and The Palazzo including the
Sands Expo and
Convention Center delivered, on a hold-adjusted basis, adjusted
property EBITDA
of $87.9 million. Adjusted property EBITDA was $52.8 million for the
fourth
quarter of 2012, a decrease of 34.7% compared to the fourth quarter of
2011.
The operating results were negatively impacted by lower than expected
table
games win percentage of 12.7% for the quarter. Adjusted property EBITDA
margin
was 17.1% for the quarter. Table games drop decreased 13.7% to $459.4
million.
Slot handle decreased 0.7% to $517.3 million while slot hold percentage
was
8.9%. Although hotel occupancy percentage was down 1.5%, ADR grew 4.1%
compared
to last year's quarter leading to overall RevPAR growth of 1.7%.
The following table summarizes our key
operating results for
our Las Vegas operations for the fourth quarter of 2012 compared to the
fourth
quarter of 2011:
|
|
|
|
|
Las Vegas Operations
|
Three Months Ended
December 31,
|
|
|
|
(Dollars in millions)
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
87.9
|
|
|
$
|
118.3
|
|
|
$
|
(30.4)
|
|
|
-25.7%
|
|
|
Rooms
|
|
114.3
|
|
|
|
110.6
|
|
|
|
3.7
|
|
|
3.3%
|
|
|
Food and Beverage
|
|
53.5
|
|
|
|
60.9
|
|
|
|
(7.4)
|
|
|
-12.2%
|
|
|
Convention, Retail and Other
|
|
74.5
|
|
|
|
71.9
|
|
|
|
2.6
|
|
|
3.6%
|
|
|
Less - Promotional Allowances
|
|
(21.9)
|
|
|
|
(22.2)
|
|
|
|
0.3
|
|
|
1.4%
|
|
Net Revenues
|
$
|
308.3
|
|
|
$
|
339.5
|
|
|
$
|
(31.2)
|
|
|
-9.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
52.8
|
|
|
$
|
80.9
|
|
|
$
|
(28.1)
|
|
|
-34.7%
|
|
EBITDA Margin %
|
|
17.1%
|
|
|
|
23.8%
|
|
|
|
|
|
|
-6.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
$
|
22.2
|
|
|
$
|
48.5
|
|
|
$
|
(26.3)
|
|
|
-54.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games Drop
|
$
|
459.4
|
|
|
$
|
532.4
|
|
|
$
|
(73.0)
|
|
|
-13.7%
|
|
Table Games Win %(1)
|
|
12.7%
|
|
|
|
17.9%
|
|
|
|
|
|
|
-5.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
517.3
|
|
|
$
|
520.8
|
|
|
$
|
(3.5)
|
|
|
-0.7%
|
|
Slot Hold %
|
|
8.9%
|
|
|
|
8.8%
|
|
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.6%
|
|
|
|
89.1%
|
|
|
|
|
|
|
-1.5 pts
|
|
Average Daily Rate (ADR)
|
$
|
203
|
|
|
$
|
195
|
|
|
$
|
8
|
|
|
4.1%
|
|
Revenue per Available Room (RevPAR)
|
$
|
177
|
|
|
$
|
174
|
|
|
$
|
3
|
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This compares to our expected
Non-Rolling Chip win
percentage of 20% and 22% (calculated before discounts).
Sands Bethlehem Fourth Quarter Operating
Results
Net revenue for Sands Bethlehem in
Pennsylvania was $117.8
million and adjusted property EBITDA reached $27.5 million for the
fourth
quarter of 2012. Table games drop was $230.6 million for the quarter,
an
increase of 19.0% compared to the quarter one year ago, while table
games win
percentage was 15.8%. Slot handle increased 1.2% to reach $967.8
million 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 fourth quarter of 2012 compared to the fourth
quarter
of 2011:
|
|
|
|
|
|
Sands Bethlehem Operations
|
Three Months Ended
December 31,
|
|
|
|
|
(Dollars in millions)
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
108.8
|
|
|
$
|
97.9
|
|
|
$
|
10.9
|
|
|
11.1
|
%
|
|
Rooms
|
|
3.0
|
|
|
|
2.1
|
|
|
|
0.9
|
|
|
42.9
|
%
|
|
Food and Beverage
|
|
7.1
|
|
|
|
6.2
|
|
|
|
0.9
|
|
|
14.5
|
%
|
|
Mall(1)
|
|
0.4
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
100.0
|
%
|
|
Convention, Retail and Other
|
|
4.6
|
|
|
|
4.4
|
|
|
|
0.2
|
|
|
4.5
|
%
|
|
Less - Promotional Allowances
|
|
(6.1
|
)
|
|
|
(5.8
|
)
|
|
|
(0.3
|
)
|
|
-5.2
|
%
|
Net Revenues
|
$
|
117.8
|
|
|
$
|
105.0
|
|
|
$
|
12.8
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$
|
27.5
|
|
|
$
|
22.5
|
|
|
$
|
5.0
|
|
|
22.2
|
%
|
EBITDA Margin %
|
|
23.4
|
%
|
|
|
21.4
|
%
|
|
|
|
|
|
2.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
$
|
18.7
|
|
|
$
|
13.2
|
|
|
$
|
5.5
|
|
|
41.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games Drop
|
$
|
230.6
|
|
|
$
|
193.8
|
|
|
$
|
36.8
|
|
|
19.0
|
%
|
Table Games Win %(2)
|
|
15.8
|
%
|
|
|
14.7
|
%
|
|
|
|
|
|
1.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
967.8
|
|
|
$
|
956.1
|
|
|
$
|
11.7
|
|
|
1.2
|
%
|
Slot Hold %
|
|
7.2
|
%
|
|
|
7.0
|
%
|
|
|
|
|
|
0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
78.2
|
%
|
|
|
54.5
|
%
|
|
|
|
|
|
23.7 pts
|
|
Average Daily Rate (ADR)
|
$
|
136
|
|
|
$
|
156
|
|
|
|
(20
|
)
|
|
-12.8
|
%
|
Revenue per Available Room (RevPAR)
|
$
|
107
|
|
|
$
|
85
|
|
|
|
22
|
|
|
25.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The first phase of the Retail Mall
opened on November 1,
2011.
(2) This compares to our expected Non-Rolling Chip win percentage of
14% and
16% (calculated before discounts).
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 $128.1 million for
the
fourth quarter of 2012, an increase of 21.0% compared to the fourth
quarter of
2011. Operating profit derived from these retail mall assets increased
20.5%
for the quarter to reach $110.7 million.
|
|
|
|
|
|
(Dollars in millions
except per square foot data)
|
|
For The Three Months Ended December
31, 2012
|
|
|
LTM December 31, 2012
|
Gross
Revenue (1)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
|
Gross
Leasable
Area
(sq. ft.)
|
|
Occupancy
% at End
of Period
|
|
|
Tenant
Sales
Per Sq.
Ft.(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Grand Canal Shoppes at The
Venetian Macao
|
|
$
|
45.7
|
|
$
|
40.2
|
|
88.0
|
%
|
|
805,976
|
|
92.3
|
%
|
|
$
|
1,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Four Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury Retail
|
|
|
22.0
|
|
|
20.9
|
|
95.0
|
%
|
|
140,206
|
|
100.0
|
%
|
|
|
6,488
|
|
Other Stores
|
|
|
6.6
|
|
|
6.3
|
|
95.5
|
%
|
|
99,512
|
|
81.1
|
%
|
|
|
1,478
|
|
Total
|
|
|
28.6
|
|
|
27.2
|
|
95.1
|
%
|
|
239,718
|
|
92.1
|
%
|
|
|
4,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Sands Cotai Central
|
|
|
9.1
|
|
|
7.6
|
|
83.5
|
%
|
|
210,143
|
|
100.0
|
%
|
|
|
N/A
|
Total Cotai Strip in Macao
|
|
|
83.4
|
|
|
75.0
|
|
89.9
|
%
|
|
1,255,837
|
|
93.5
|
%
|
|
|
1,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina Bay Sands
|
|
|
44.7
|
|
|
35.7
|
|
79.9
|
%
|
|
637,980
|
|
96.0
|
%
|
|
|
1,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
128.1
|
|
$
|
110.7
|
|
86.4
|
%
|
|
1,893,817
|
|
94.4
|
%
|
|
$
|
1,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $2.1 million
during the
quarter, compared to negative $3.8 million in the fourth quarter of
2011.
Pre-opening expenses, related primarily to
Sands Cotai
Central on the Cotai Strip in Macao, decreased to $9.0 million in the
fourth
quarter of 2012, compared to $22.4 million in the fourth quarter of
2011.
Depreciation and amortization expense was
$250.3 million in
the fourth quarter of 2012, compared to $197.9 million in the fourth
quarter of
2011.
Interest expense, net of amounts
capitalized, was $67.1
million for the fourth quarter of 2012, compared to $68.0 million
during the
fourth quarter of 2011. Capitalized interest was $5.0 million during
the fourth
quarter of 2012, compared to $29.8 million during the fourth quarter of
2011.
Our weighted average borrowing cost in the fourth quarter of 2012 was
2.8%.
Corporate expense was $44.9 million in the
fourth quarter of
2012, compared to $51.7 million in the fourth quarter of 2011.
Other income, which was principally composed
of foreign
currency gains, was $5.0 million in the fourth quarter of 2012,
compared to
$5.4 million in the fourth quarter of 2011.
The company's effective income tax rate for
the fourth
quarter of 2012 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 fourth quarter of 2012 of $136.6 million was principally related to
Sands
China Ltd.
Balance Sheet Items
Unrestricted cash balances as of December
31, 2012, were
$2.51 billion.
As of December 31, 2012, total debt
outstanding, including
the current portion, was $10.23 billion. Total principal payments for
the full
year 2013 are expected to be approximately $97.8 million.
Capital Expenditures
Capital expenditures during the fourth
quarter totaled
$386.5 million, including construction and development activities of
$243.7
million in Macao, $117.4 million in Las Vegas, $21.3 million at Marina
Bay
Sands, and $4.1 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to
discuss the
company's results on Wednesday, January 30, 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, 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 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.
Fourth Quarter 2012 Results
Non-GAAP Reconciliations
Within the company's fourth 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 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
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
2,473,211
|
|
|
$
|
2,007,099
|
|
|
$
|
9,008,158
|
|
|
$
|
7,437,002
|
|
|
Rooms
|
|
|
323,137
|
|
|
|
266,013
|
|
|
|
1,154,024
|
|
|
|
1,000,035
|
|
|
Food and beverage
|
|
|
172,644
|
|
|
|
160,191
|
|
|
|
628,528
|
|
|
|
598,823
|
|
|
Mall
|
|
|
128,537
|
|
|
|
106,167
|
|
|
|
396,927
|
|
|
|
325,123
|
|
|
Convention, retail and other
|
|
|
133,352
|
|
|
|
131,169
|
|
|
|
497,032
|
|
|
|
501,351
|
|
|
|
|
3,230,881
|
|
|
|
2,670,639
|
|
|
|
11,684,669
|
|
|
|
9,862,334
|
|
|
Less - promotional allowances
|
|
|
(153,879
|
)
|
|
|
(126,284
|
)
|
|
|
(553,537
|
)
|
|
|
(451,589
|
)
|
|
|
|
3,077,002
|
|
|
|
2,544,355
|
|
|
|
11,131,132
|
|
|
|
9,410,745
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resort operations
|
|
|
2,081,896
|
|
|
|
1,592,709
|
|
|
|
7,370,842
|
|
|
|
5,910,057
|
|
|
Corporate
|
|
|
44,866
|
|
|
|
51,711
|
|
|
|
207,030
|
|
|
|
185,694
|
|
|
Pre-opening
|
|
|
8,992
|
|
|
|
22,353
|
|
|
|
143,795
|
|
|
|
65,825
|
|
|
Development
|
|
|
7,762
|
|
|
|
5,008
|
|
|
|
19,958
|
|
|
|
11,309
|
|
|
Depreciation and amortization
|
|
|
250,321
|
|
|
|
197,935
|
|
|
|
892,046
|
|
|
|
794,404
|
|
|
Amortization of leasehold interests in
land
|
|
|
10,149
|
|
|
|
10,033
|
|
|
|
40,165
|
|
|
|
43,366
|
|
|
Impairment loss
|
|
|
-
|
|
|
|
-
|
|
|
|
143,674
|
|
|
|
-
|
|
|
Loss on disposal of assets
|
|
|
1,011
|
|
|
|
1,324
|
|
|
|
2,240
|
|
|
|
10,203
|
|
|
|
|
2,404,997
|
|
|
|
1,881,073
|
|
|
|
8,819,750
|
|
|
|
7,020,858
|
|
Operating income
|
|
|
672,005
|
|
|
|
663,282
|
|
|
|
2,311,382
|
|
|
|
2,389,887
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
6,536
|
|
|
|
5,950
|
|
|
|
23,252
|
|
|
|
14,394
|
|
|
Interest expense, net of amounts
capitalized
|
|
|
(67,067
|
)
|
|
|
(68,011
|
)
|
|
|
(258,564
|
)
|
|
|
(282,949
|
)
|
|
Other income (expense)
|
|
|
5,025
|
|
|
|
5,429
|
|
|
|
5,740
|
|
|
|
(3,955
|
)
|
|
Loss on modification or early
retirement of debt
|
|
|
-
|
|
|
|
(22,554
|
)
|
|
|
(19,234
|
)
|
|
|
(22,554
|
)
|
Income before income taxes
|
|
|
616,499
|
|
|
|
584,096
|
|
|
|
2,062,576
|
|
|
|
2,094,823
|
|
Income tax expense
|
|
|
(45,156
|
)
|
|
|
(59,744
|
)
|
|
|
(180,763
|
)
|
|
|
(211,704
|
)
|
Net income
|
|
|
571,343
|
|
|
|
524,352
|
|
|
|
1,881,813
|
|
|
|
1,883,119
|
|
Net income attributable to
noncontrolling interests
|
|
|
(136,561
|
)
|
|
|
(89,068
|
)
|
|
|
(357,720
|
)
|
|
|
(322,996
|
)
|
Net income attributable to Las Vegas
Sands Corp.
|
|
|
434,782
|
|
|
|
435,284
|
|
|
|
1,524,093
|
|
|
|
1,560,123
|
|
Preferred stock dividends
|
|
|
-
|
|
|
|
(5,967
|
)
|
|
|
-
|
|
|
|
(63,924
|
)
|
Accretion to redemption value of
preferred stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
issued to Principal Stockholder's
family
|
|
|
-
|
|
|
|
(11,567
|
)
|
|
|
-
|
|
|
|
(80,975
|
)
|
Preferred stock inducement, repurchase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and redemption premiums
|
|
|
-
|
|
|
|
(97,636
|
)
|
|
|
-
|
|
|
|
(145,716
|
)
|
Net income attributable to common
stockholders
|
|
$
|
434,782
|
|
|
$
|
320,114
|
|
|
$
|
1,524,093
|
|
|
$
|
1,269,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.53
|
|
|
$
|
0.44
|
|
|
$
|
1.89
|
|
|
$
|
1.74
|
|
|
Diluted
|
|
$
|
0.53
|
|
|
$
|
0.39
|
|
|
$
|
1.85
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
822,214,678
|
|
|
|
731,412,225
|
|
|
|
806,395,660
|
|
|
|
728,343,428
|
|
|
Diluted
|
|
|
826,662,036
|
|
|
|
812,718,294
|
|
|
|
824,556,036
|
|
|
|
811,816,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
$
|
3.00
|
|
|
$
|
-
|
|
|
$
|
3.75
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
on
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
Depreciation
|
|
of Leasehold
|
|
Disposal
|
|
|
and
|
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Income
|
|
|
and
|
|
Interests
|
|
of
|
|
|
Development
|
|
Royalty
|
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
(Loss)
|
|
|
Amortization
|
|
in Land
|
|
Assets
|
|
|
Expense
|
|
Fees
|
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao
|
|
$
|
298,218
|
|
|
$
|
32,133
|
|
$
|
1,655
|
|
$
|
(413
|
)
|
|
$
|
22
|
|
$
|
-
|
|
|
$
|
1,455
|
|
$
|
-
|
|
$
|
333,070
|
|
|
Sands Macao
|
|
|
83,060
|
|
|
|
7,606
|
|
|
354
|
|
|
198
|
|
|
|
-
|
|
|
-
|
|
|
|
292
|
|
|
-
|
|
|
91,510
|
|
|
Four Seasons Hotel Macao and Plaza
Casino
|
|
|
76,451
|
|
|
|
11,385
|
|
|
705
|
|
|
6
|
|
|
|
1,119
|
|
|
-
|
|
|
|
12
|
|
|
-
|
|
|
89,678
|
|
|
Sands Cotai Central
|
|
|
48,040
|
|
|
|
51,235
|
|
|
2,154
|
|
|
177
|
|
|
|
5,834
|
|
|
-
|
|
|
|
544
|
|
|
-
|
|
|
107,984
|
|
Macao Property Operations
|
|
|
505,769
|
|
|
|
102,359
|
|
|
4,868
|
|
|
(32
|
)
|
|
|
6,975
|
|
|
-
|
|
|
|
2,303
|
|
|
-
|
|
|
622,242
|
|
Marina Bay Sands
|
|
|
202,631
|
|
|
|
72,261
|
|
|
4,659
|
|
|
1,156
|
|
|
|
-
|
|
|
19,081
|
|
|
|
2,745
|
|
|
-
|
|
|
302,533
|
|
United States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties
|
|
|
22,170
|
|
|
|
58,051
|
|
|
-
|
|
|
(115
|
)
|
|
|
1,909
|
|
|
(31,744
|
)
|
|
|
2,549
|
|
|
-
|
|
|
52,820
|
|
|
Sands Bethlehem
|
|
|
18,685
|
|
|
|
8,578
|
|
|
-
|
|
|
-
|
|
|
|
40
|
|
|
-
|
|
|
|
215
|
|
|
-
|
|
|
27,518
|
|
United States Property Operations
|
|
|
40,855
|
|
|
|
66,629
|
|
|
-
|
|
|
(115
|
)
|
|
|
1,949
|
|
|
(31,744
|
)
|
|
|
2,764
|
|
|
-
|
|
|
80,338
|
|
Other Asia (2)
|
|
|
(19,774
|
)
|
|
|
3,688
|
|
|
-
|
|
|
2
|
|
|
|
35
|
|
|
13,854
|
|
|
|
46
|
|
|
-
|
|
|
(2,149
|
)
|
Other Development
|
|
|
(8,571
|
)
|
|
|
154
|
|
|
622
|
|
|
-
|
|
|
|
7,795
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Corporate
|
|
|
(48,905
|
)
|
|
|
5,230
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(1,191
|
)
|
|
|
-
|
|
|
44,866
|
|
|
-
|
|
|
|
$
|
672,005
|
|
|
$
|
250,321
|
|
$
|
10,149
|
|
$
|
1,011
|
|
|
$
|
16,754
|
|
$
|
-
|
|
|
$
|
7,858
|
|
$
|
44,866
|
|
$
|
1,002,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
|
|
on
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
Depreciation
|
|
Leasehold
|
|
Disposal
|
|
and
|
|
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Income
|
|
|
and
|
|
Interests
|
|
of
|
|
Development
|
|
|
Royalty
|
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
(Loss)
|
|
|
Amortization
|
|
in Land
|
|
Assets
|
|
Expense
|
|
|
Fees
|
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao
|
|
$
|
242,298
|
|
|
$
|
37,696
|
|
$
|
1,647
|
|
$
|
117
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,534
|
|
$
|
-
|
|
$
|
283,292
|
|
|
Sands Macao
|
|
|
79,501
|
|
|
|
7,478
|
|
|
353
|
|
|
38
|
|
|
-
|
|
|
|
-
|
|
|
|
465
|
|
|
-
|
|
|
87,835
|
|
|
Four Seasons Hotel Macao and Plaza
Casino
|
|
|
48,596
|
|
|
|
12,706
|
|
|
702
|
|
|
40
|
|
|
895
|
|
|
|
-
|
|
|
|
98
|
|
|
-
|
|
|
63,037
|
|
Macao Property Operations
|
|
|
370,395
|
|
|
|
57,880
|
|
|
2,702
|
|
|
195
|
|
|
895
|
|
|
|
-
|
|
|
|
2,097
|
|
|
-
|
|
|
434,164
|
|
Marina Bay Sands
|
|
|
330,371
|
|
|
|
65,363
|
|
|
4,567
|
|
|
94
|
|
|
(10
|
)
|
|
|
25,040
|
|
|
|
1,475
|
|
|
-
|
|
|
426,900
|
|
United States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties
|
|
|
48,480
|
|
|
|
56,947
|
|
|
-
|
|
|
563
|
|
|
-
|
|
|
|
(29,790
|
)
|
|
|
4,710
|
|
|
-
|
|
|
80,910
|
|
|
Sands Bethlehem
|
|
|
13,217
|
|
|
|
8,687
|
|
|
-
|
|
|
-
|
|
|
93
|
|
|
|
-
|
|
|
|
487
|
|
|
-
|
|
|
22,484
|
|
United States Property Operations
|
|
|
61,697
|
|
|
|
65,634
|
|
|
-
|
|
|
563
|
|
|
93
|
|
|
|
(29,790
|
)
|
|
|
5,197
|
|
|
-
|
|
|
103,394
|
|
Other Asia (2)
|
|
|
(13,636
|
)
|
|
|
3,681
|
|
|
-
|
|
|
472
|
|
|
440
|
|
|
|
5,000
|
|
|
|
221
|
|
|
-
|
|
|
(3,822
|
)
|
Other Development
|
|
|
(28,906
|
)
|
|
|
199
|
|
|
2,764
|
|
|
-
|
|
|
25,943
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Corporate
|
|
|
(56,639
|
)
|
|
|
5,178
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
(250
|
)
|
|
|
-
|
|
|
51,711
|
|
|
-
|
|
|
|
$
|
663,282
|
|
|
$
|
197,935
|
|
$
|
10,033
|
|
$
|
1,324
|
|
$
|
27,361
|
|
|
$
|
-
|
|
|
$
|
8,990
|
|
$
|
51,711
|
|
$
|
960,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
and (Gain)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
|
|
Loss
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
Depreciation
|
|
Leasehold
|
|
on
|
|
|
and
|
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Income
|
|
|
and
|
|
Interests
|
|
Disposal
|
|
|
Development
|
|
Royalty
|
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
(Loss)
|
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
|
Expense
|
|
Fees
|
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao
|
|
$
|
947,998
|
|
|
$
|
140,218
|
|
$
|
6,609
|
|
$
|
42,236
|
|
|
$
|
135
|
|
$
|
-
|
|
|
$
|
6,049
|
|
$
|
-
|
|
$
|
1,143,245
|
|
|
Sands Macao
|
|
|
317,319
|
|
|
|
30,385
|
|
|
1,414
|
|
|
14
|
|
|
|
-
|
|
|
-
|
|
|
|
1,507
|
|
|
-
|
|
|
350,639
|
|
|
Four Seasons Hotel Macao and Plaza
Casino
|
|
|
232,130
|
|
|
|
48,737
|
|
|
2,821
|
|
|
215
|
|
|
|
4,072
|
|
|
-
|
|
|
|
195
|
|
|
-
|
|
|
288,170
|
|
|
Sands Cotai Central
|
|
|
10,291
|
|
|
|
108,878
|
|
|
6,458
|
|
|
239
|
|
|
|
86,463
|
|
|
-
|
|
|
|
1,147
|
|
|
-
|
|
|
213,476
|
|
Macao Property Operations
|
|
|
1,507,738
|
|
|
|
328,218
|
|
|
17,302
|
|
|
42,704
|
|
|
|
90,670
|
|
|
-
|
|
|
|
8,898
|
|
|
-
|
|
|
1,995,530
|
|
Marina Bay Sands
|
|
|
977,572
|
|
|
|
268,929
|
|
|
18,229
|
|
|
1,340
|
|
|
|
-
|
|
|
91,681
|
|
|
|
8,494
|
|
|
-
|
|
|
1,366,245
|
|
United States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties
|
|
|
222,167
|
|
|
|
225,562
|
|
|
-
|
|
|
388
|
|
|
|
1,909
|
|
|
(130,764
|
)
|
|
|
11,920
|
|
|
-
|
|
|
331,182
|
|
|
Sands Bethlehem
|
|
|
78,554
|
|
|
|
33,910
|
|
|
-
|
|
|
414
|
|
|
|
345
|
|
|
-
|
|
|
|
832
|
|
|
-
|
|
|
114,055
|
|
United States Property Operations
|
|
|
300,721
|
|
|
|
259,472
|
|
|
-
|
|
|
802
|
|
|
|
2,254
|
|
|
(130,764
|
)
|
|
|
12,752
|
|
|
-
|
|
|
445,237
|
|
Other Asia (2)
|
|
|
(71,590
|
)
|
|
|
14,777
|
|
|
-
|
|
|
35
|
|
|
|
200
|
|
|
40,000
|
|
|
|
628
|
|
|
-
|
|
|
(15,950
|
)
|
Other Development
|
|
|
(177,026
|
)
|
|
|
729
|
|
|
4,634
|
|
|
101,034
|
|
|
|
70,629
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Corporate
|
|
|
(226,033
|
)
|
|
|
19,921
|
|
|
-
|
|
|
(1
|
)
|
|
|
-
|
|
|
(917
|
)
|
|
|
-
|
|
|
207,030
|
|
|
-
|
|
|
|
$
|
2,311,382
|
|
|
$
|
892,046
|
|
$
|
40,165
|
|
$
|
145,914
|
|
|
$
|
163,753
|
|
$
|
-
|
|
|
$
|
30,772
|
|
$
|
207,030
|
|
$
|
3,791,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
(Gain)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
|
|
Loss on
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
Depreciation
|
|
Leasehold
|
|
Disposal
|
|
|
and
|
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Income
|
|
|
and
|
|
Interests
|
|
of
|
|
|
Development
|
|
Royalty
|
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
(Loss)
|
|
|
Amortization
|
|
in Land
|
|
Assets
|
|
|
Expense
|
|
Fees
|
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao
|
|
$
|
844,112
|
|
|
$
|
163,185
|
|
$
|
6,590
|
|
$
|
(535
|
)
|
|
$
|
3,173
|
|
$
|
-
|
|
|
$
|
6,253
|
|
$
|
-
|
|
$
|
1,022,778
|
|
|
Sands Macao
|
|
|
317,614
|
|
|
|
30,723
|
|
|
1,410
|
|
|
316
|
|
|
|
-
|
|
|
-
|
|
|
|
1,814
|
|
|
-
|
|
|
351,877
|
|
|
Four Seasons Hotel Macao and Plaza
Casino
|
|
|
158,998
|
|
|
|
51,894
|
|
|
2,813
|
|
|
163
|
|
|
|
3,664
|
|
|
-
|
|
|
|
391
|
|
|
-
|
|
|
217,923
|
|
Macao Property Operations
|
|
|
1,320,724
|
|
|
|
245,802
|
|
|
10,813
|
|
|
(56
|
)
|
|
|
6,837
|
|
|
-
|
|
|
|
8,458
|
|
|
-
|
|
|
1,592,578
|
|
Marina Bay Sands
|
|
|
1,157,825
|
|
|
|
249,123
|
|
|
21,493
|
|
|
832
|
|
|
|
3,506
|
|
|
91,936
|
|
|
|
5,908
|
|
|
-
|
|
|
1,530,623
|
|
United States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties
|
|
|
198,390
|
|
|
|
232,949
|
|
|
-
|
|
|
(1,215
|
)
|
|
|
-
|
|
|
(111,017
|
)
|
|
|
14,188
|
|
|
-
|
|
|
333,295
|
|
|
Sands Bethlehem
|
|
|
56,145
|
|
|
|
31,889
|
|
|
-
|
|
|
-
|
|
|
|
851
|
|
|
-
|
|
|
|
1,917
|
|
|
-
|
|
|
90,802
|
|
United States Property Operations
|
|
|
254,535
|
|
|
|
264,838
|
|
|
-
|
|
|
(1,215
|
)
|
|
|
851
|
|
|
(111,017
|
)
|
|
|
16,105
|
|
|
-
|
|
|
424,097
|
|
Other Asia (2)
|
|
|
(52,844
|
)
|
|
|
15,426
|
|
|
-
|
|
|
474
|
|
|
|
805
|
|
|
20,000
|
|
|
|
996
|
|
|
-
|
|
|
(15,143
|
)
|
Other Development
|
|
|
(79,423
|
)
|
|
|
722
|
|
|
11,060
|
|
|
2,506
|
|
|
|
65,135
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Corporate
|
|
|
(210,930
|
)
|
|
|
18,493
|
|
|
-
|
|
|
7,662
|
|
|
|
-
|
|
|
(919
|
)
|
|
|
-
|
|
|
185,694
|
|
|
-
|
|
|
|
$
|
2,389,887
|
|
|
$
|
794,404
|
|
$
|
43,366
|
|
$
|
10,203
|
|
|
$
|
77,134
|
|
$
|
-
|
|
|
$
|
31,467
|
|
$
|
185,694
|
|
$
|
3,532,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the three months ended
December 31, 2012 and 2011, the Company recorded stock-based
compensation expense of $15.1 million and $15.5 million, respectively,
of which $7.2 million and $6.4 million, respectively, is included in
corporate expense and $0.0 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 year ended
December 31, 2012 and 2011, the Company recorded stock-based
compensation expense of $65.4 million and $62.7 million, respectively,
of which $33.9 million and $30.8 million, respectively, is included in
corporate expense and $0.7 million and $0.4 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 December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(2)
|
|
|
Hold-
|
|
|
|
|
|
|
Hold-
|
|
|
Hold-
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
Adjusted
|
|
|
Adjusted
|
|
|
Adjusted
|
|
|
|
Property
|
|
|
Casino
|
|
|
Casino
|
|
|
Property
|
|
|
|
EBITDA
|
|
|
Revenue
|
|
|
Expense
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macao Property Operations
|
|
$
|
622,242
|
|
|
$
|
(76,822
|
)
|
|
$
|
29,961
|
|
|
$
|
575,381
|
|
Marina Bay Sands
|
|
|
302,533
|
|
|
|
117,003
|
|
|
|
(13,116
|
)
|
|
|
406,420
|
|
United States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties
|
|
|
52,820
|
|
|
|
37,976
|
|
|
|
(2,848
|
)
|
|
|
87,948
|
|
|
Sands Bethlehem
|
|
|
27,518
|
|
|
|
(2,292
|
)
|
|
|
355
|
|
|
|
25,581
|
|
United States Property Operations
|
|
|
80,338
|
|
|
|
35,684
|
|
|
|
(2,493
|
)
|
|
|
113,529
|
|
Other Asia
|
|
|
(2,149
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,149
|
)
|
Other Development
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Corporate
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
$
|
1,002,964
|
|
|
$
|
75,865
|
|
|
$
|
14,352
|
|
|
$
|
1,093,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
Hold-
|
|
|
|
|
|
|
|
|
Hold-
|
|
|
|
Hold-
|
|
|
|
Adjusted
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
|
Property
|
|
|
|
Casino
|
|
|
|
Casino
|
|
|
|
Property
|
|
|
|
|
EBITDA
|
|
|
|
Revenue
|
|
|
|
Expense
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macao Property Operations
|
|
$
|
434,164
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
434,164
|
|
Marina Bay Sands
|
|
|
426,900
|
|
|
|
(52,497
|
)
|
|
|
5,885
|
|
|
|
380,288
|
|
United States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties
|
|
|
80,910
|
|
|
|
16,426
|
|
|
|
(1,232
|
)
|
|
|
96,104
|
|
|
Sands Bethlehem
|
|
|
22,484
|
|
|
|
191
|
|
|
|
(33
|
)
|
|
|
22,642
|
|
United States Property Operations
|
|
|
103,394
|
|
|
|
16,617
|
|
|
|
(1,265
|
)
|
|
|
118,746
|
|
Other Asia
|
|
|
(3,822
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,822
|
)
|
Other Development
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Corporate
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
$
|
960,636
|
|
|
$
|
(35,880
|
)
|
|
$
|
4,620
|
|
|
$
|
929,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
Net income attributable to Las Vegas
Sands Corp.
|
|
$
|
434,782
|
|
|
$
|
435,284
|
|
|
$
|
1,524,093
|
|
|
$
|
1,560,123
|
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests
|
|
|
136,561
|
|
|
|
89,068
|
|
|
|
357,720
|
|
|
|
322,996
|
|
|
|
Income tax expense
|
|
|
45,156
|
|
|
|
59,744
|
|
|
|
180,763
|
|
|
|
211,704
|
|
|
|
Loss on modification or early
retirement of debt
|
|
|
-
|
|
|
|
22,554
|
|
|
|
19,234
|
|
|
|
22,554
|
|
|
|
Other (income) expense
|
|
|
(5,025
|
)
|
|
|
(5,429
|
)
|
|
|
(5,740
|
)
|
|
|
3,955
|
|
|
|
Interest expense, net of amounts
capitalized
|
|
|
67,067
|
|
|
|
68,011
|
|
|
|
258,564
|
|
|
|
282,949
|
|
|
|
Interest income
|
|
|
(6,536
|
)
|
|
|
(5,950
|
)
|
|
|
(23,252
|
)
|
|
|
(14,394
|
)
|
|
|
Loss on disposal of assets
|
|
|
1,011
|
|
|
|
1,324
|
|
|
|
2,240
|
|
|
|
10,203
|
|
|
|
Impairment loss
|
|
|
-
|
|
|
|
-
|
|
|
|
143,674
|
|
|
|
-
|
|
|
|
Amortization of leasehold interests in
land
|
|
|
10,149
|
|
|
|
10,033
|
|
|
|
40,165
|
|
|
|
43,366
|
|
|
|
Depreciation and amortization
|
|
|
250,321
|
|
|
|
197,935
|
|
|
|
892,046
|
|
|
|
794,404
|
|
|
|
Development expense
|
|
|
7,762
|
|
|
|
5,008
|
|
|
|
19,958
|
|
|
|
11,309
|
|
|
|
Pre-opening expense
|
|
|
8,992
|
|
|
|
22,353
|
|
|
|
143,795
|
|
|
|
65,825
|
|
|
|
Stock-based compensation (1)
|
|
|
7,858
|
|
|
|
8,990
|
|
|
|
30,772
|
|
|
|
31,467
|
|
|
|
Corporate expense
|
|
|
44,866
|
|
|
|
51,711
|
|
|
|
207,030
|
|
|
|
185,694
|
|
Adjusted Property EBITDA
|
|
$
|
1,002,964
|
|
|
$
|
960,636
|
|
|
$
|
3,791,062
|
|
|
$
|
3,532,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-adjusted casino revenue (2)
|
|
|
75,865
|
|
|
|
(35,880
|
)
|
|
|
|
|
|
|
|
|
|
|
Hold-adjusted casino expense (2)
|
|
|
14,352
|
|
|
|
4,620
|
|
|
|
|
|
|
|
|
|
Hold-Adjusted Adjusted Property EBITDA
|
|
$
|
1,093,181
|
|
|
$
|
929,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) See Exhibit 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data - Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao
|
|
$
|
843,000
|
|
|
$
|
764,257
|
|
|
$
|
3,037,975
|
|
|
$
|
2,827,174
|
|
Sands Macao
|
|
|
314,586
|
|
|
|
321,028
|
|
|
|
1,250,552
|
|
|
|
1,282,201
|
|
Four Seasons Hotel Macao and Plaza
Casino
|
|
|
296,237
|
|
|
|
216,379
|
|
|
|
1,086,456
|
|
|
|
678,293
|
|
Sands Cotai Central
|
|
|
490,668
|
|
|
|
-
|
|
|
|
1,052,124
|
|
|
|
-
|
|
Marina Bay Sands
|
|
|
717,160
|
|
|
|
806,942
|
|
|
|
2,886,139
|
|
|
|
2,921,863
|
|
Las Vegas Operating Properties
|
|
|
308,287
|
|
|
|
339,462
|
|
|
|
1,384,629
|
|
|
|
1,324,505
|
|
Sands Bethlehem
|
|
|
117,834
|
|
|
|
105,030
|
|
|
|
470,458
|
|
|
|
399,900
|
|
Other Asia
|
|
|
37,538
|
|
|
|
37,910
|
|
|
|
148,330
|
|
|
|
147,323
|
|
Intersegment Eliminations
|
|
|
(48,308
|
)
|
|
|
(46,653
|
)
|
|
|
(185,531
|
)
|
|
|
(170,514
|
)
|
|
|
$
|
3,077,002
|
|
|
$
|
2,544,355
|
|
|
$
|
11,131,132
|
|
|
$
|
9,410,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data - Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
The Venetian Macao
|
|
|
39.5
|
%
|
|
|
37.1
|
%
|
|
|
37.6
|
%
|
|
|
36.2
|
%
|
Sands Macao
|
|
|
29.1
|
%
|
|
|
27.4
|
%
|
|
|
28.0
|
%
|
|
|
27.4
|
%
|
Four Seasons Hotel Macao and Plaza
Casino
|
|
|
30.3
|
%
|
|
|
29.1
|
%
|
|
|
26.5
|
%
|
|
|
32.1
|
%
|
Sands Cotai Central
|
|
|
22.0
|
%
|
|
|
N/A
|
|
|
|
20.3
|
%
|
|
|
N/A
|
|
Marina Bay Sands
|
|
|
42.2
|
%
|
|
|
52.9
|
%
|
|
|
47.3
|
%
|
|
|
52.4
|
%
|
Las Vegas Operating Properties
|
|
|
17.1
|
%
|
|
|
23.8
|
%
|
|
|
23.9
|
%
|
|
|
25.2
|
%
|
Sands Bethlehem
|
|
|
23.4
|
%
|
|
|
21.4
|
%
|
|
|
24.2
|
%
|
|
|
22.7
|
%
|
Other Asia
|
|
|
-5.7
|
%
|
|
|
-10.1
|
%
|
|
|
-10.8
|
%
|
|
|
-10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
32.6
|
%
|
|
|
37.8
|
%
|
|
|
34.1
|
%
|
|
|
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
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net income attributable to common
stockholders
|
|
$
|
434,782
|
|
$
|
320,114
|
|
$
|
1,524,093
|
|
$
|
1,269,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense, net
|
|
|
6,908
|
|
|
4,193
|
|
|
101,775
|
|
|
47,067
|
Development expense, net
|
|
|
7,762
|
|
|
5,008
|
|
|
19,958
|
|
|
11,309
|
Impairment loss, net
|
|
|
-
|
|
|
-
|
|
|
101,009
|
|
|
-
|
Loss on disposal of assets, net
|
|
|
1,021
|
|
|
456
|
|
|
2,211
|
|
|
9,335
|
Loss on modification or early
retirement of debt, net
|
|
|
-
|
|
|
16,005
|
|
|
18,714
|
|
|
16,005
|
Preferred stock dividends
|
|
|
-
|
|
|
5,967
|
|
|
-
|
|
|
63,924
|
Accretion to redemption value of
preferred stock issued to Principal Stockholder's family
|
|
|
-
|
|
|
11,567
|
|
|
-
|
|
|
80,975
|
Preferred stock inducement, repurchase
and redemption premiums
|
|
|
-
|
|
|
97,636
|
|
|
-
|
|
|
145,716
|
Adjusted net income
|
|
$
|
450,473
|
|
$
|
460,946
|
|
$
|
1,767,760
|
|
$
|
1,643,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per diluted share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common
stockholders
|
|
$
|
0.53
|
|
$
|
0.39
|
|
$
|
1.85
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense, net
|
|
|
-
|
|
|
0.01
|
|
|
0.12
|
|
|
0.06
|
Development expense, net
|
|
|
0.01
|
|
|
0.01
|
|
|
0.03
|
|
|
0.01
|
Impairment loss, net
|
|
|
-
|
|
|
-
|
|
|
0.12
|
|
|
-
|
Loss on disposal of assets, net
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.01
|
Loss on modification or early
retirement of debt, net
|
|
|
-
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
Preferred stock dividends
|
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.08
|
Accretion to redemption value of
preferred stock issued to Principal Stockholder's family
|
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.10
|
Preferred stock inducement, repurchase
and redemption premiums
|
|
|
-
|
|
|
0.12
|
|
|
-
|
|
|
0.18
|
Adjusted earnings per diluted share
|
|
$
|
0.54
|
|
$
|
0.57
|
|
$
|
2.14
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
outstanding
|
|
|
826,662,036
|
|
|
812,718,294
|
|
|
824,556,036
|
|
|
811,816,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data Schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.4
|
%
|
|
|
95.2
|
%
|
|
|
91.9
|
%
|
|
|
91.4
|
%
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
248
|
|
|
$
|
246
|
|
|
$
|
237
|
|
|
$
|
232
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
231
|
|
|
$
|
234
|
|
|
$
|
218
|
|
|
$
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.9
|
%
|
|
|
96.0
|
%
|
|
|
95.3
|
%
|
|
|
90.5
|
%
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
250
|
|
|
$
|
259
|
|
|
$
|
245
|
|
|
$
|
251
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
243
|
|
|
$
|
248
|
|
|
$
|
234
|
|
|
$
|
227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel Macao and Plaza
Casino:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
81.8
|
%
|
|
|
76.1
|
%
|
|
|
80.1
|
%
|
|
|
69.9
|
%
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
382
|
|
|
$
|
339
|
|
|
$
|
362
|
|
|
$
|
334
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
313
|
|
|
$
|
258
|
|
|
$
|
290
|
|
|
$
|
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
84.0
|
%
|
|
|
N/A
|
|
|
|
83.4
|
%
|
|
|
N/A
|
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
164
|
|
|
|
N/A
|
|
|
$
|
155
|
|
|
|
N/A
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
138
|
|
|
|
N/A
|
|
|
$
|
129
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay Sands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
98.4
|
%
|
|
|
98.8
|
%
|
|
|
98.9
|
%
|
|
|
93.6
|
%
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
368
|
|
|
$
|
333
|
|
|
$
|
355
|
|
|
$
|
311
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
362
|
|
|
$
|
329
|
|
|
$
|
351
|
|
|
$
|
291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
87.6
|
%
|
|
|
89.1
|
%
|
|
|
86.1
|
%
|
|
|
88.6
|
%
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
203
|
|
|
$
|
195
|
|
|
$
|
203
|
|
|
$
|
199
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
177
|
|
|
$
|
174
|
|
|
$
|
175
|
|
|
$
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
78.2
|
%
|
|
|
54.5
|
%
|
|
|
65.1
|
%
|
|
|
50.5
|
%
|
|
|
Average daily room rate (ADR) (1)
|
|
$
|
136
|
|
|
$
|
156
|
|
|
$
|
140
|
|
|
$
|
162
|
|
|
|
Revenue per available room (RevPAR) (2)
|
|
$
|
107
|
|
|
$
|
85
|
|
|
$
|
91
|
|
|
$
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Venetian Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
18,424
|
|
|
$
|
13,371
|
|
|
$
|
15,496
|
|
|
$
|
12,402
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
357
|
|
|
$
|
328
|
|
|
$
|
325
|
|
|
$
|
297
|
|
|
|
Average number of table games
|
|
|
457
|
|
|
|
577
|
|
|
|
504
|
|
|
|
591
|
|
|
|
Average number of slot machines
|
|
|
2,183
|
|
|
|
2,089
|
|
|
|
2,210
|
|
|
|
2,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
14,362
|
|
|
$
|
9,482
|
|
|
$
|
11,518
|
|
|
$
|
9,632
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
235
|
|
|
$
|
279
|
|
|
$
|
247
|
|
|
$
|
273
|
|
|
|
Average number of table games
|
|
|
263
|
|
|
|
413
|
|
|
|
330
|
|
|
|
414
|
|
|
|
Average number of slot machines
|
|
|
1,216
|
|
|
|
1,165
|
|
|
|
1,168
|
|
|
|
1,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel Macao and Plaza
Casino:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
25,986
|
|
|
$
|
18,928
|
|
|
$
|
23,693
|
|
|
$
|
15,360
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
1,052
|
|
|
$
|
728
|
|
|
$
|
749
|
|
|
$
|
704
|
|
|
|
Average number of table games
|
|
|
144
|
|
|
|
139
|
|
|
|
154
|
|
|
|
125
|
|
|
|
Average number of slot machines
|
|
|
192
|
|
|
|
176
|
|
|
|
185
|
|
|
|
185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
11,995
|
|
|
|
N/A
|
|
|
$
|
10,758
|
|
|
|
N/A
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
214
|
|
|
|
N/A
|
|
|
$
|
273
|
|
|
|
N/A
|
|
|
|
Average number of table games
|
|
|
462
|
|
|
|
N/A
|
|
|
|
395
|
|
|
|
N/A
|
|
|
|
Average number of slot machines
|
|
|
2,310
|
|
|
|
N/A
|
|
|
|
1,429
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay Sands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
10,950
|
|
|
$
|
11,508
|
|
|
$
|
10,543
|
|
|
$
|
11,140
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
682
|
|
|
$
|
661
|
|
|
$
|
644
|
|
|
$
|
616
|
|
|
|
Average number of table games
|
|
|
616
|
|
|
|
602
|
|
|
|
613
|
|
|
|
604
|
|
|
|
Average number of slot machines
|
|
|
2,299
|
|
|
|
2,459
|
|
|
|
2,426
|
|
|
|
2,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
2,660
|
|
|
$
|
4,511
|
|
|
$
|
5,171
|
|
|
$
|
4,241
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
215
|
|
|
$
|
195
|
|
|
$
|
209
|
|
|
$
|
166
|
|
|
|
Average number of table games
|
|
|
239
|
|
|
|
230
|
|
|
|
232
|
|
|
|
228
|
|
|
|
Average number of slot machines
|
|
|
2,329
|
|
|
|
2,557
|
|
|
|
2,222
|
|
|
|
2,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (3)
|
|
$
|
3,244
|
|
|
$
|
2,921
|
|
|
$
|
3,049
|
|
|
$
|
2,779
|
|
|
|
Slot machine win per unit per day (4)
|
|
$
|
251
|
|
|
$
|
241
|
|
|
$
|
264
|
|
|
$
|
246
|
|
|
|
Average number of table games
|
|
|
122
|
|
|
|
106
|
|
|
|
121
|
|
|
|
95
|
|
|
|
Average number of slot machines
|
|
|
3,018
|
|
|
|
3,021
|
|
|
|
3,015
|
|
|
|
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.
|
|