Form 8-K LAS VEGAS SANDS CORP For: Jul 22
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 22, 2015
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LAS VEGAS SANDS CORP.
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(Exact name of registrant as specified in its charter)
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NEVADA
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(State or other jurisdiction of incorporation)
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001-32373
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27-0099920
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(Commission File Number)
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(IRS Employer Identification No.)
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3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
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89109
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(Address of principal executive offices)
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(Zip Code)
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(702) 414-1000
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(Registrant’s Telephone Number, Including Area Code)
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NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
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The following information is being furnished under Item 2.02 — Results of Operations and Financial Condition.
On July 22, 2015, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2015. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.
Within the Company’s second quarter 2015 press release, the Company makes reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” and “adjusted property EBITDA,” which have directly comparable generally accepted accounting principles ("GAAP") financial measures along with “hold-normalized adjusted property EBITDA,” “hold-normalized adjusted net income,” and “hold-normalized adjusted earnings per diluted share.” The Company believes that these measures represent important internal measures of financial performance. 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 the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are as follows:
Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of gaming companies, as these non-GAAP measures are considered by many as an alternative measure on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations. Accordingly, these non-GAAP measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.
Adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense, development expense and corporate expense, from their EBITDA calculations. When evaluating adjusted property EBITDA, investors should consider, among other factors, (1) increasing or decreasing trends in adjusted property EBITDA and (2) how adjusted property EBITDA compares to levels of debt and interest expense. However, adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate EBITDA in the same manner. As a result, adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies. Adjusted property EBITDA consists of adjusted EBITDA for a particular property, such as The Venetian and The Palazzo in Las Vegas, The Venetian Macao, the Sands Macao, the Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central in Macao and the Marina Bay Sands in Singapore. Accordingly, the measures are presented so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and a quarter sequential basis.
Hold-normalized adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In addition to the aforementioned reasons for the presentation of adjusted property EBITDA in the Company’s financial reporting, hold-normalized adjusted property EBITDA is presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period and has been presented so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and quarter sequential basis.
Hold-normalized adjusted net income and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures used by management, as well as industry analysts, to evaluate the Company’s operations and operating performance. In addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, these non-GAAP financial measures are presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. Accordingly, these non-GAAP measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.
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ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS.
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(d)
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Exhibits.
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99.1
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Press Release, dated July 22, 2015.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: July 22, 2015
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LAS VEGAS SANDS CORP.
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By:
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/s/ Robert G. Goldstein
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| Name: | Robert G. Goldstein | |||
| Title: | President and Chief Operating Officer | |||
INDEX TO EXHIBITS
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99.1
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Press Release, dated July 22, 2015. |
EXHIBIT 99.1
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Press Release
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Las Vegas Sands Reports Second
Quarter 2015 Results
For the Quarter Ended June 30, 2015
| — | Consolidated Adjusted Property EBITDA of $1.02 Billion |
| — | Consolidated Adjusted Property EBITDA Margin of 34.8% |
| — | In Macao, Strong Cost Discipline Drove a 150 Basis Point Sequential Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 31.7% |
| — | Adjusted Property EBITDA at Marina Bay Sands in Singapore was $363.3 Million (Hold-Normalized Adjusted Property EBITDA Increased 6.1% on a Constant-Currency Basis Compared to the Prior-Year Quarter) |
| — | Adjusted Earnings per Diluted Share was $0.60 |
| — | The Company Paid Dividends of $0.65 per Share, an Increase of 30.0% Over the Prior-Year Quarter |
| — | The Company Returned $65.0 Million of Capital to Shareholders Through its Stock Repurchase Program |
Las Vegas, NV (July 22, 2015) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2015.
Second Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “While the operating environment in Macao, particularly in the high-end gaming segments, remained challenging during the quarter, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to again deliver in excess of one billion U.S. dollars of Adjusted Property EBITDA during the quarter and weather this cyclical downturn better than the industry overall. Despite the current headwinds in the Macao market, we remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.
1
“Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and delivers the industry’s highest revenue and profit from non-gaming segments while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.
“The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy.”
The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an increase of 30.0% compared to the second quarter of 2014. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on September 30, 2015, to Las Vegas Sands shareholders of record on September 22, 2015. That dividend represents an increase of 30.0% compared to the dividend paid in the third quarter of 2014. Additionally, since the inception of the company’s share repurchase program in June 2013, the company has returned $2.30 billion to shareholders through the repurchase of 32.3 million shares, including $65.0 million of common stock (1.3 million shares at a weighted average price of $50.46) during the quarter ended June 30, 2015.
Mr. Adelson added, “In Macao, we welcomed more than 16 million visits to our Macao property portfolio and delivered strong growth in the high-margin retail mall business. Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $559.8 million in adjusted property EBITDA across our Macao property portfolio in the second quarter. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao and the St. Regis tower at Sands Cotai Central, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead.”
In Singapore, Marina Bay Sands generated record mass gaming win-per-day in local currency terms in the second quarter of 2015. Adjusted property EBITDA decreased to $363.3 million in the current quarter as healthy growth in mass gaming win was offset by a decrease in Rolling Chip win (partially due to a lower Rolling Chip win percentage compared to the prior-year quarter) and the negative impact of the stronger U.S. dollar. Hold-normalized adjusted property EBITDA increased 6.1% on a constant-currency basis.
Company-Wide Operating Results
Net revenue for the second quarter of 2015 decreased 19.4% to $2.92 billion, compared to $3.62 billion in the second quarter of 2014. Consolidated adjusted property EBITDA of $1.02 billion decreased 22.6% in the second quarter of 2015, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 16.8% to $1.01 billion in the second quarter of 2015.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2015 decreased 28.3% to $689.3 million, compared to $961.5 million in the second quarter of 2014. The decrease in operating income was principally due to softer results across the company's Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2015 decreased 30.1% to $469.2 million, compared to $671.4 million in the second quarter of 2014, while diluted earnings per share in the second quarter of 2015 decreased 28.9% to $0.59, compared to $0.83 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, offset by a $69.1 million decrease in net income attributable to noncontrolling interests.
Adjusted net income (see Note 1) decreased to $481.5 million, or $0.60 per diluted share, compared to $690.4 million, or $0.85 per diluted share, in the second quarter of 2014.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. decreased 25.6% to $1.77 billion in the second quarter of 2015, compared to $2.38 billion in the second quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 29.5% to $564.5 million in the second quarter of 2015, compared to $800.6 million in the second quarter of 2014. Net income for Sands China Ltd. decreased 37.3% to $388.7 million in the second quarter of 2015, compared to $620.2 million in the second quarter of 2014.
2
The Venetian Macao Second Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $255.0 million in the second quarter with an EBITDA margin of 34.5%. Non-Rolling Chip drop was $1.68 billion for the quarter with a Non-Rolling Chip win percentage of 26.0%. Rolling Chip volume during the quarter decreased 38.1% to $7.63 billion. Rolling Chip win percentage was 3.07% in the quarter, below the 3.45% experienced in the prior-year quarter. Slot handle decreased 27.7% compared to the second quarter of 2014 to $973.2 million. Mall revenues increased 14.9% during the quarter to reach $48.5 million.
The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2015 compared to the second quarter of 2014:
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Three Months Ended
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||||||||||||||||
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The Venetian Macao Operations
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June 30,
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|||||||||||||||
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(Dollars in millions)
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2015
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2014
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$ Change
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Change
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||||||||||||
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Revenues:
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|||||||||||||||
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Casino
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$
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633.6
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$
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927.6
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$
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(294.0
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)
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-31.7%
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Rooms
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51.0
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61.2
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(10.2
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)
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-16.7%
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Food and Beverage
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19.7
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23.7
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(4.0
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)
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-16.9%
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Mall
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48.5
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42.2
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6.3
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14.9%
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Convention, Retail and Other
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21.6
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21.3
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0.3
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1.4%
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Less - Promotional Allowances
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(34.9
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)
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(43.3
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)
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8.4
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19.4%
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Net Revenues
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$
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739.5
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$
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1,032.7
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$
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(293.2
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)
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-28.4%
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Adjusted Property EBITDA
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$
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255.0
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$
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402.1
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$
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(147.1
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)
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-36.6%
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||||||||
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EBITDA Margin %
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34.5%
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38.9%
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-4.4 pts
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Operating Income
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$
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210.9
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$
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361.2
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$
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(150.3
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)
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-41.6%
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$
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7,632.9
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$
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12,329.7
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$
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(4,696.8
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)
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-38.1%
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Rolling Chip Win %(1)
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3.07%
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3.45%
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-0.38 pts
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Non-Rolling Chip Drop
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$
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1,677.0
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$
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2,234.9
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$
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(557.9
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)
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-25.0%
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Non-Rolling Chip Win %
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26.0%
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25.7%
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0.3 pts
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Slot Handle
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$
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973.2
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$
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1,345.9
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$
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(372.7
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)
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-27.7%
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Slot Hold %
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4.9%
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5.0%
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-0.1 pts
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Hotel Statistics
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Occupancy %
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82.2%
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89.1%
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-6.9 pts
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|||||||||||||
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Average Daily Rate (ADR)
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$
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239
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$
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262
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$
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(23
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)
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-8.8%
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Revenue per Available Room (RevPAR)
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$
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196
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$
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233
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$
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(37
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)
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-15.9%
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(1)
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This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
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3
Sands Cotai Central Second Quarter Operating Results
Net revenues and adjusted property EBITDA for the second quarter of 2015 at Sands Cotai Central were $554.2 million and $164.2 million, respectively, resulting in an EBITDA margin of 29.6%.
Non-Rolling Chip drop was $1.46 billion in the second quarter with a Non-Rolling Chip win percentage of 22.4%. Rolling Chip volume was $4.83 billion for the quarter with a Rolling Chip win percentage of 3.43%. Slot handle was $1.50 billion for the quarter. Mall revenues increased 30.1% during the quarter to reach $14.7 million. Hotel occupancy was 78.7% with ADR of $156.
The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2015 compared to the second quarter of 2014:
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Three Months Ended
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Sands Cotai Central Operations
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June 30,
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(Dollars in millions)
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2015
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2014
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$ Change
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Change
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||||||||||||
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Revenues:
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Casino
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$
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484.4
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$
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712.8
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$
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(228.4
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)
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-32.0%
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Rooms
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63.3
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73.2
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(9.9
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)
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-13.5%
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|||||||||||
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Food and Beverage
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23.7
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30.5
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(6.8
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)
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-22.3%
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|||||||||||
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Mall
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14.7
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11.3
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3.4
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30.1%
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||||||||||||
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Convention, Retail and Other
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5.4
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6.8
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(1.4
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)
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-20.6%
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|||||||||||
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Less - Promotional Allowances
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(37.3
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)
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(49.8
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)
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12.5
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25.1%
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||||||||||
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Net Revenues
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$
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554.2
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$
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784.8
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$
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(230.6
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)
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-29.4%
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||||||||
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||||||||||||||||
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Adjusted Property EBITDA
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$
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164.2
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$
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249.0
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$
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(84.8
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)
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-34.1%
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||||||||
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EBITDA Margin %
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29.6%
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31.7%
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-2.1 pts
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|||||||||||||
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|
||||||||||||||||
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Operating Income
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$
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88.2
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$
|
173.2
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$
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(85.0
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)
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-49.1%
|
||||||||
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|
||||||||||||||||
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Gaming Statistics
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||||||||||||||||
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(Dollars in millions)
|
||||||||||||||||
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|
||||||||||||||||
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Rolling Chip Volume
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$
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4,826.6
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$
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12,404.4
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$
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(7,577.8
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)
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-61.1%
|
||||||||
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Rolling Chip Win %(1)
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3.43%
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2.97%
|
0.46 pts
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|||||||||||||
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|
||||||||||||||||
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Non-Rolling Chip Drop
|
$
|
1,462.6
|
$
|
1,881.7
|
$
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(419.1
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)
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-22.3%
|
||||||||
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Non-Rolling Chip Win %
|
22.4%
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21.5%
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0.9 pts
|
|||||||||||||
|
|
||||||||||||||||
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Slot Handle
|
$
|
1,500.6
|
$
|
1,966.7
|
$
|
(466.1
|
)
|
-23.7%
|
||||||||
|
Slot Hold %
|
3.6%
|
3.5%
|
0.1 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
|
||||||||||||||||
|
Occupancy %
|
78.7%
|
84.9%
|
-6.2 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$
|
156
|
$
|
169
|
$
|
(13
|
)
|
-7.7%
|
||||||||
|
Revenue per Available Room (RevPAR)
|
$
|
123
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$
|
143
|
$
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(20
|
)
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-14.0%
|
||||||||
|
(1)
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This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
4
Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $74.3 million in the second quarter of 2015, an increase of 9.3% compared to the year-ago quarter. Non-Rolling Chip drop was $276.8 million, while Non-Rolling Chip win percentage was 21.8%. Rolling Chip volume was $4.18 billion for the quarter. Rolling Chip win percentage was 3.58% in the quarter, above the 3.08% experienced in the prior-year quarter. Slot handle decreased to $126.8 million during the quarter. Mall revenue increased 25.4% during the quarter to reach $31.1 million.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2015 compared to the second quarter of 2014:
|
Three Months Ended
|
||||||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino Operations
|
June 30,
|
|||||||||||||||
|
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$
|
167.0
|
$
|
197.7
|
$
|
(30.7
|
)
|
-15.5%
|
||||||||
|
Rooms
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10.9
|
12.0
|
(1.1
|
)
|
-9.2%
|
|||||||||||
|
Food and Beverage
|
6.4
|
7.3
|
(0.9
|
)
|
-12.3%
|
|||||||||||
|
Mall
|
31.1
|
24.8
|
6.3
|
25.4%
|
||||||||||||
|
Convention, Retail and Other
|
0.8
|
0.9
|
(0.1
|
)
|
-11.1%
|
|||||||||||
|
Less - Promotional Allowances
|
(12.1
|
)
|
(14.2
|
)
|
2.1
|
14.8%
|
||||||||||
|
Net Revenues
|
$
|
204.1
|
$
|
228.5
|
$
|
(24.4
|
)
|
-10.7%
|
||||||||
|
|
||||||||||||||||
|
Adjusted Property EBITDA
|
$
|
74.3
|
$
|
68.0
|
$
|
6.3
|
9.3%
|
|||||||||
|
EBITDA Margin %
|
36.4%
|
29.7%
|
6.7 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Operating Income
|
$
|
61.9
|
$
|
55.2
|
$
|
6.7
|
12.1%
|
|||||||||
|
|
||||||||||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
|
||||||||||||||||
|
Rolling Chip Volume
|
$
|
4,180.8
|
$
|
5,647.9
|
$
|
(1,467.1
|
)
|
-26.0%
|
||||||||
|
Rolling Chip Win %(1)
|
3.58%
|
3.08%
|
0.50 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Non-Rolling Chip Drop
|
$
|
276.8
|
$
|
366.6
|
$
|
(89.8
|
)
|
-24.5%
|
||||||||
|
Non-Rolling Chip Win %
|
21.8%
|
21.9%
|
-0.1 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Slot Handle
|
$
|
126.8
|
$
|
170.4
|
$
|
(43.6
|
)
|
-25.6%
|
||||||||
|
Slot Hold %
|
6.1%
|
6.5%
|
-0.4 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
|
||||||||||||||||
|
Occupancy %
|
83.4%
|
85.8%
|
-2.4 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$
|
382
|
$
|
410
|
$
|
(28
|
)
|
-6.8%
|
||||||||
|
Revenue per Available Room (RevPAR)
|
$
|
319
|
$
|
352
|
$
|
(33
|
)
|
-9.4%
|
||||||||
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
5
Sands Macao Second Quarter Operating Results
Sands Macao’s adjusted property EBITDA was $66.3 million. Non-Rolling Chip drop was $769.1 million during the quarter, while slot handle was $658.6 million. Rolling Chip volume was $2.33 billion for the quarter. The property realized 3.91% win on Rolling Chip volume during the quarter, above the 3.20% generated in the year-ago quarter.
The following table summarizes our key operating results for Sands Macao for the second quarter of 2015 compared to the second quarter of 2014:
|
Three Months Ended
|
||||||||||||||||
|
Sands Macao Operations
|
June 30,
|
|||||||||||||||
|
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
|
|||||||||||||||
|
Casino
|
$
|
236.0
|
$
|
307.0
|
$
|
(71.0
|
)
|
-23.1%
|
||||||||
|
Rooms
|
5.7
|
5.5
|
0.2
|
3.6%
|
||||||||||||
|
Food and Beverage
|
7.9
|
10.0
|
(2.1
|
)
|
-21.0%
|
|||||||||||
|
Convention, Retail and Other
|
2.0
|
2.5
|
(0.5
|
)
|
-20.0%
|
|||||||||||
|
Less - Promotional Allowances
|
(10.0
|
)
|
(12.2
|
)
|
2.2
|
18.0%
|
||||||||||
|
Net Revenues
|
$
|
241.6
|
$
|
312.8
|
$
|
(71.2
|
)
|
-22.8%
|
||||||||
|
|
||||||||||||||||
|
Adjusted Property EBITDA
|
$
|
66.3
|
$
|
82.3
|
$
|
(16.0
|
)
|
-19.4%
|
||||||||
|
EBITDA Margin %
|
27.4%
|
26.3%
|
1.1 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Operating Income
|
$
|
56.1
|
$
|
73.0
|
$
|
(16.9
|
)
|
-23.2%
|
||||||||
|
|
||||||||||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
|
||||||||||||||||
|
Rolling Chip Volume
|
$
|
2,328.2
|
$
|
4,651.5
|
$
|
(2,323.3
|
)
|
-49.9%
|
||||||||
|
Rolling Chip Win %(1)
|
3.91%
|
3.20%
|
0.71 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Non-Rolling Chip Drop
|
$
|
769.1
|
$
|
1,081.3
|
$
|
(312.2
|
)
|
-28.9%
|
||||||||
|
Non-Rolling Chip Win %
|
19.9%
|
17.5%
|
2.4 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Slot Handle
|
$
|
658.6
|
$
|
832.4
|
$
|
(173.8
|
)
|
-20.9%
|
||||||||
|
Slot Hold %
|
3.6%
|
3.7%
|
-0.1 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
|
||||||||||||||||
|
Occupancy %
|
99.6%
|
98.5%
|
1.1 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$
|
219
|
$
|
216
|
$
|
3
|
1.4%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$
|
218
|
$
|
213
|
$
|
5
|
2.3%
|
|||||||||
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
6
Marina Bay Sands Second Quarter Operating Results
Marina Bay Sands in Singapore generated adjusted property EBITDA of $363.3 million. On a constant-currency basis, adjusted property EBITDA decreased 6.4% (on a constant-currency basis, hold-normalized adjusted property EBITDA increased 6.1% compared to the prior-year quarter). Rolling Chip win percentage of 2.78% in the second quarter of 2015 was within the expected range but below the 3.45% achieved in the second quarter of 2014. Rolling Chip volume was $9.51 billion for the quarter.
Non-Rolling Chip drop was $1.05 billion during the quarter with a Non-Rolling Chip win percentage of 27.5%. Slot handle decreased 0.2% to $3.06 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 1.1% to $4.73 million, compared to $4.68 million in the second quarter of 2014.
ADR decreased to $377 during the quarter and occupancy decreased to 95.9%, resulting in a RevPAR decrease of 10.9% compared to the same quarter last year. The impact of the stronger U.S. dollar impacted both the ADR and RevPAR figures.
The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2015 compared to the second quarter of 2014:
|
Three Months Ended
|
||||||||||||||||
|
Marina Bay Sands Operations
|
June 30,
|
|||||||||||||||
|
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
|
|||||||||||||||
|
Casino
|
$
|
565.7
|
$
|
646.4
|
$
|
(80.7
|
)
|
-12.5%
|
||||||||
|
Rooms
|
82.7
|
93.1
|
(10.4
|
)
|
-11.2%
|
|||||||||||
|
Food and Beverage
|
41.3
|
46.7
|
(5.4
|
)
|
-11.6%
|
|||||||||||
|
Mall
|
40.4
|
40.3
|
0.1
|
0.2%
|
||||||||||||
|
Convention, Retail and Other
|
24.4
|
27.5
|
(3.1
|
)
|
-11.3%
|
|||||||||||
|
Less - Promotional Allowances
|
(41.5
|
)
|
(49.3
|
)
|
7.8
|
15.8%
|
||||||||||
|
Net Revenues
|
$
|
713.0
|
$
|
804.7
|
$
|
(91.7
|
)
|
-11.4%
|
||||||||
|
|
||||||||||||||||
|
Adjusted Property EBITDA
|
$
|
363.3
|
$
|
417.8
|
$
|
(54.5
|
)
|
-13.0%
|
||||||||
|
EBITDA Margin %
|
50.9%
|
51.9%
|
-1.0 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Operating Income
|
$
|
277.2
|
$
|
308.8
|
$
|
(31.6
|
)
|
-10.2%
|
||||||||
|
|
||||||||||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
|
||||||||||||||||
|
Rolling Chip Volume
|
$
|
9,505.8
|
$
|
10,446.5
|
$
|
(940.7
|
)
|
-9.0%
|
||||||||
|
Rolling Chip Win %(1)
|
2.78%
|
3.45%
|
-0.67 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Non-Rolling Chip Drop
|
$
|
1,047.6
|
$
|
1,106.3
|
$
|
(58.7
|
)
|
-5.3%
|
||||||||
|
Non-Rolling Chip Win %
|
27.5%
|
24.8%
|
2.7 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Slot Handle
|
$
|
3,061.8
|
$
|
3,066.7
|
$
|
(4.9
|
)
|
-0.2%
|
||||||||
|
Slot Hold %
|
4.6%
|
4.9%
|
-0.3 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
|
||||||||||||||||
|
Occupancy %
|
95.9%
|
99.1%
|
-3.2 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$
|
377
|
$
|
409
|
$
|
(32
|
)
|
-7.8%
|
||||||||
|
Revenue per Available Room (RevPAR)
|
$
|
361
|
$
|
405
|
$
|
(44
|
)
|
-10.9%
|
||||||||
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
7
Las Vegas Operations Second Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $54.2 million for the quarter. On a hold-normalized basis, adjusted property EBITDA in the quarter increased 21.1% year-over-year to $85.3 million. Hotel ADR increased 3.6% year-over-year to reach $231 in the quarter, while occupancy increased to 92.6%. RevPAR increased 6.5% to $214 in the quarter. Table games drop, which reflected a solid quarter for non-Baccarat play, increased 6.0% in the quarter to $466.5 million, while slot handle increased 15.4% to $558.3 million.
The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2015 compared to the second quarter of 2014:
|
|
Three Months Ended
|
|||||||||||||||
|
Las Vegas Operations
|
June 30,
|
|||||||||||||||
|
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
|
|||||||||||||||
|
Casino
|
$
|
86.5
|
$
|
104.3
|
$
|
(17.8
|
)
|
-17.1%
|
||||||||
|
Rooms
|
133.9
|
126.5
|
7.4
|
5.8%
|
||||||||||||
|
Food and Beverage
|
72.5
|
69.0
|
3.5
|
5.1%
|
||||||||||||
|
Convention, Retail and Other
|
75.2
|
74.7
|
0.5
|
0.7%
|
||||||||||||
|
Less - Promotional Allowances
|
(22.1
|
)
|
(21.4
|
)
|
(0.7
|
)
|
-3.3%
|
|||||||||
|
Net Revenues
|
$
|
346.0
|
$
|
353.1
|
$
|
(7.1
|
)
|
-2.0%
|
||||||||
|
|
||||||||||||||||
|
Adjusted Property EBITDA
|
$
|
54.2
|
$
|
66.1
|
$
|
(11.9
|
)
|
-18.0%
|
||||||||
|
EBITDA Margin %
|
15.7%
|
18.7%
|
-3.0 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Operating Income
|
$
|
41.8
|
$
|
54.9
|
$
|
(13.1
|
)
|
-23.9%
|
||||||||
|
|
||||||||||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
|
||||||||||||||||
|
Table Games Drop
|
$
|
466.5
|
$
|
440.0
|
$
|
26.5
|
6.0%
|
|||||||||
|
Table Games Win %(1)
|
11.2%
|
18.2%
|
-7.0 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Slot Handle
|
$
|
558.3
|
$
|
483.6
|
$
|
74.7
|
15.4%
|
|||||||||
|
Slot Hold %
|
8.4%
|
8.3%
|
0.1 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
|
||||||||||||||||
|
Occupancy %
|
92.6%
|
90.1%
|
2.5 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$
|
231
|
$
|
223
|
$
|
8
|
3.6%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$
|
214
|
$
|
201
|
$
|
13
|
6.5%
|
|||||||||
|
(1)
|
This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% in the current year quarter (calculated before discounts). Our expected Baccarat win percentage in the prior-year quarter was 22.0% to 30.0% and our expected non-Baccarat win percentage was 14.0% to 18.0% (calculated before discounts).
|
8
Sands Bethlehem Second Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 9.0% to $137.5 million and adjusted property EBITDA increased 22.2% to $34.1 million for the quarter. Table games drop increased 10.1% to $286.9 million for the quarter, while table games win percentage was 17.2%, which was higher than the 16.1% realized in the second quarter of 2014. Slot handle increased 7.2% year-over-year to $1.09 billion for the quarter with a slot hold percentage of 7.0%.
The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2015 compared to the second quarter of 2014:
|
|
Three Months Ended
|
|||||||||||||||
|
Sands Bethlehem Operations
|
June 30,
|
|||||||||||||||
|
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
|
|||||||||||||||
|
Casino
|
$
|
128.4
|
$
|
117.1
|
$
|
11.3
|
9.6%
|
|||||||||
|
Rooms
|
3.8
|
3.5
|
0.3
|
8.6%
|
||||||||||||
|
Food and Beverage
|
6.9
|
6.9
|
-
|
0.0%
|
||||||||||||
|
Mall
|
0.9
|
0.8
|
0.1
|
12.5%
|
||||||||||||
|
Convention, Retail and Other
|
4.8
|
4.4
|
0.4
|
9.1%
|
||||||||||||
|
Less - Promotional Allowances
|
(7.3
|
)
|
(6.6
|
)
|
(0.7
|
)
|
-10.6%
|
|||||||||
|
Net Revenues
|
$
|
137.5
|
$
|
126.1
|
$
|
11.4
|
9.0%
|
|||||||||
|
|
||||||||||||||||
|
Adjusted Property EBITDA
|
$
|
34.1
|
$
|
27.9
|
$
|
6.2
|
22.2%
|
|||||||||
|
EBITDA Margin %
|
24.8%
|
22.1%
|
2.7 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Operating Income
|
$
|
27.3
|
$
|
20.2
|
$
|
7.1
|
35.1%
|
|||||||||
|
|
||||||||||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
|
||||||||||||||||
|
Table Games Drop
|
$
|
286.9
|
$
|
260.6
|
$
|
26.3
|
10.1%
|
|||||||||
|
Table Games Win %(1)
|
17.2%
|
16.1%
|
1.1 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Slot Handle
|
$
|
1,091.4
|
$
|
1,018.3
|
$
|
73.1
|
7.2%
|
|||||||||
|
Slot Hold %
|
7.0%
|
7.2%
|
-0.2 pts
|
|||||||||||||
|
|
||||||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
|
||||||||||||||||
|
Occupancy %
|
91.9%
|
87.2%
|
4.7 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$
|
152
|
$
|
144
|
$
|
8
|
5.6%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$
|
140
|
$
|
126
|
$
|
14
|
11.1%
|
|||||||||
|
(1)
|
This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).
|
9
Asian Retail Mall Operations
Gross revenue from tenants in the company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $134.4 million for the second quarter of 2015, an increase of 13.6% compared to the second quarter of 2014. Operating profit derived from these retail mall assets increased 18.2% for the quarter compared to the quarter one year ago, reaching $119.4 million.
|
For The Three Months Ended June 30, 2015
|
TTM June 30, 2015
|
|||||||||||||||||||||||
|
(Dollars in millions
except per square foot data) |
Gross Revenue(1)
|
Operating Profit
|
Operating Profit Margin
|
Gross Leasable Area
(sq. ft.)
|
Occupancy % at End of Period
|
Tenant Sales Per
Sq. Ft.(2) |
||||||||||||||||||
|
Shoppes at Venetian
|
$
|
48.3
|
$
|
43.1
|
89.2%
|
780,044
|
97.8%
|
$
|
1,578
|
|||||||||||||||
|
Shoppes at Four Seasons
|
||||||||||||||||||||||||
|
Luxury Retail
|
20.4
|
19.2
|
94.1%
|
142,562
|
100.0%
|
5,589
|
||||||||||||||||||
|
Other Stores
|
10.7
|
10.0
|
93.5%
|
115,053
|
100.0%
|
2,646
|
||||||||||||||||||
|
Total
|
31.1
|
29.2
|
93.9%
|
257,615
|
100.0%
|
4,924
|
||||||||||||||||||
|
Shoppes at Cotai Central
|
14.6
|
12.6
|
86.3%
|
331,466
|
(3)
|
97.8%
|
1,004
|
|||||||||||||||||
|
Total Cotai Strip in Macao
|
94.0
|
84.9
|
90.3%
|
1,369,125
|
98.2%
|
1,966
|
||||||||||||||||||
|
The Shoppes at Marina Bay Sands
|
40.4
|
34.5
|
85.4%
|
644,590
|
93.6%
|
1,393
|
||||||||||||||||||
|
Total
|
$
|
134.4
|
$
|
119.4
|
88.8%
|
2,013,715
|
96.7%
|
$
|
1,789
|
|||||||||||||||
|
(1)
|
Gross revenue figures are net of intersegment revenue eliminations.
|
|
(2)
|
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
|
|
(3)
|
At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
|
10
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $4.8 million during the quarter, compared to a loss of $0.5 million in the second quarter of 2014.
Pre-opening expense was $10.7 million in the second quarter of 2015, compared to $16.1 million in the second quarter of 2014.
Depreciation and amortization expense was $248.6 million in the second quarter of 2015, compared to $264.0 million in the second quarter of 2014.
Interest expense, net of amounts capitalized, was $65.8 million for the second quarter of 2015, compared to $69.6 million in the prior-year quarter. Capitalized interest was $5.5 million during the second quarter of 2015, compared to $1.5 million during the second quarter of 2014. Our weighted average borrowing cost in the second quarter of 2015 was approximately 2.9%.
Corporate expense was $44.6 million in the second quarter of 2015, compared to $45.1 million in the second quarter of 2014.
Other expense, which was principally composed of foreign currency losses, was $0.2 million in the second quarter of 2015, compared to income of $2.2 million in the second quarter of 2014.
The company’s effective income tax rate for the second quarter of 2015 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.
The net income attributable to noncontrolling interests during the second quarter of 2015 of $112.3 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of June 30, 2015 were $2.82 billion.
As of June 30, 2015, total debt outstanding, including the current portion, was $9.82 billion.
Capital Expenditures
Capital expenditures during the second quarter totaled $351.9 million, including construction, development and maintenance activities of $282.7 million in Macao, $32.7 million at Marina Bay Sands, $30.6 million in Las Vegas, and $5.9 million at Sands Bethlehem.
###
11
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 22, 2015 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.lasvegassands.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
Note 1
Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets and loss on modification or early retirement of debt.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.
Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through our majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company’s award-winning Sands ECO360° global sustainability program. To learn more, please visit www.sands.com.
12
Contacts:
|
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
|
Media:
|
Ron Reese
|
(702) 414-3607
|
Las Vegas Sands Corp.
Second Quarter 2015 Results
Non-GAAP Reconciliations
Within the company’s second quarter 2015 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “hold-normalized adjusted net income,” “adjusted earnings per diluted share,” “hold-normalized adjusted earnings per diluted share,” “adjusted property EBITDA,” and “hold-normalized adjusted property EBITDA.” Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.
13
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$
|
2,301,498
|
$
|
3,012,810
|
$
|
4,678,186
|
$
|
6,384,875
|
||||||||
|
Rooms
|
351,259
|
375,116
|
722,672
|
775,338
|
||||||||||||
|
Food and beverage
|
178,418
|
194,196
|
367,829
|
396,983
|
||||||||||||
|
Mall
|
135,282
|
119,073
|
263,096
|
228,104
|
||||||||||||
|
Convention, retail and other
|
125,514
|
125,829
|
259,651
|
263,205
|
||||||||||||
|
3,091,971
|
3,827,024
|
6,291,434
|
8,048,505
|
|||||||||||||
|
Less - promotional allowances
|
(170,550
|
)
|
(202,674
|
)
|
(358,391
|
)
|
(413,771
|
)
|
||||||||
|
2,921,421
|
3,624,350
|
5,933,043
|
7,634,734
|
|||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Resort operations
|
1,913,909
|
2,319,757
|
3,878,998
|
4,858,049
|
||||||||||||
|
Corporate
|
44,565
|
45,123
|
89,788
|
95,800
|
||||||||||||
|
Pre-opening
|
10,654
|
16,141
|
20,233
|
20,441
|
||||||||||||
|
Development
|
2,348
|
4,217
|
3,881
|
5,909
|
||||||||||||
|
Depreciation and amortization
|
248,592
|
264,016
|
502,514
|
525,063
|
||||||||||||
|
Amortization of leasehold interests in land
|
9,485
|
10,040
|
19,323
|
20,066
|
||||||||||||
|
Loss on disposal of assets
|
2,558
|
3,596
|
17,881
|
4,121
|
||||||||||||
|
2,232,111
|
2,662,890
|
4,532,618
|
5,529,449
|
|||||||||||||
|
Operating income
|
689,310
|
961,460
|
1,400,425
|
2,105,285
|
||||||||||||
|
Other income (expense):
|
||||||||||||||||
|
Interest income
|
4,062
|
5,697
|
10,440
|
11,500
|
||||||||||||
|
Interest expense, net of amounts capitalized
|
(65,801
|
)
|
(69,590
|
)
|
(132,056
|
)
|
(140,716
|
)
|
||||||||
|
Other income (expense)
|
(151
|
)
|
2,194
|
15,314
|
(2,463
|
)
|
||||||||||
|
Loss on modification or early retirement of debt
|
-
|
-
|
-
|
(17,964
|
)
|
|||||||||||
|
Income before income taxes
|
627,420
|
899,761
|
1,294,123
|
1,955,642
|
||||||||||||
|
Income tax expense
|
(45,929
|
)
|
(46,917
|
)
|
(101,594
|
)
|
(106,070
|
)
|
||||||||
|
Net income
|
581,491
|
852,844
|
1,192,529
|
1,849,572
|
||||||||||||
|
Net income attributable to noncontrolling interests
|
(112,318
|
)
|
(181,410
|
)
|
(211,433
|
)
|
(401,953
|
)
|
||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$
|
469,173
|
$
|
671,434
|
$
|
981,096
|
$
|
1,447,619
|
||||||||
|
Earnings per share:
|
||||||||||||||||
|
Basic
|
$
|
0.59
|
$
|
0.83
|
$
|
1.23
|
$
|
1.79
|
||||||||
|
Diluted
|
$
|
0.59
|
$
|
0.83
|
$
|
1.23
|
$
|
1.78
|
||||||||
|
Weighted average shares outstanding:
|
||||||||||||||||
|
Basic
|
797,715,773
|
807,038,086
|
797,827,230
|
810,881,047
|
||||||||||||
|
Diluted
|
798,552,917
|
809,224,051
|
798,731,400
|
813,304,140
|
||||||||||||
|
Dividends declared per common share
|
$
|
0.65
|
$
|
0.50
|
$
|
1.30
|
$
|
1.00
|
||||||||
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
|
Three Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
|
Adjusted
|
||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$
|
210,937
|
$
|
38,204
|
$
|
1,640
|
$
|
227
|
$
|
-
|
$
|
-
|
$
|
3,982
|
$
|
-
|
$
|
254,990
|
||||||||||||||||||
|
Sands Cotai Central
|
88,184
|
68,932
|
1,931
|
214
|
2,905
|
-
|
2,044
|
-
|
164,210
|
|||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
61,915
|
9,571
|
700
|
6
|
1,540
|
-
|
602
|
-
|
74,334
|
|||||||||||||||||||||||||||
|
Sands Macao
|
56,102
|
9,054
|
373
|
198
|
-
|
-
|
557
|
-
|
66,284
|
|||||||||||||||||||||||||||
|
Macao Property Operations
|
417,138
|
125,761
|
4,644
|
645
|
4,445
|
-
|
7,185
|
-
|
559,818
|
|||||||||||||||||||||||||||
|
Marina Bay Sands
|
277,187
|
58,887
|
4,227
|
(34
|
)
|
464
|
22,306
|
217
|
-
|
363,254
|
||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
41,838
|
44,821
|
-
|
1,947
|
158
|
(35,723
|
)
|
1,125
|
-
|
54,166
|
||||||||||||||||||||||||||
|
Sands Bethlehem
|
27,301
|
6,757
|
-
|
-
|
41
|
-
|
-
|
-
|
34,099
|
|||||||||||||||||||||||||||
|
United States Property Operations
|
69,139
|
51,578
|
-
|
1,947
|
199
|
(35,723
|
)
|
1,125
|
-
|
88,265
|
||||||||||||||||||||||||||
|
Other Asia (2)
|
(12,411
|
)
|
3,473
|
-
|
-
|
-
|
13,640
|
119
|
-
|
4,821
|
||||||||||||||||||||||||||
|
Other Development
|
(8,668
|
)
|
160
|
614
|
-
|
7,894
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
|
Corporate
|
(53,075
|
)
|
8,733
|
-
|
-
|
-
|
(223
|
)
|
-
|
44,565
|
-
|
|||||||||||||||||||||||||
|
$
|
689,310
|
$
|
248,592
|
$
|
9,485
|
$
|
2,558
|
$
|
13,002
|
$
|
-
|
$
|
8,646
|
$
|
44,565
|
$
|
1,016,158
|
|||||||||||||||||||
|
Three Months Ended June 30, 2014
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
|
Adjusted
|
||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$
|
361,191
|
$
|
36,195
|
$
|
1,653
|
$
|
457
|
$
|
-
|
$
|
-
|
$
|
2,561
|
$
|
-
|
$
|
402,057
|
||||||||||||||||||
|
Sands Cotai Central
|
173,198
|
68,027
|
2,153
|
291
|
3,982
|
-
|
1,322
|
-
|
248,973
|
|||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
55,219
|
9,919
|
706
|
14
|
1,805
|
-
|
291
|
-
|
67,954
|
|||||||||||||||||||||||||||
|
Sands Macao
|
73,047
|
8,430
|
353
|
35
|
-
|
-
|
454
|
-
|
82,319
|
|||||||||||||||||||||||||||
|
Macao Property Operations
|
662,655
|
122,571
|
4,865
|
797
|
5,787
|
-
|
4,628
|
-
|
801,303
|
|||||||||||||||||||||||||||
|
Marina Bay Sands
|
308,829
|
75,369
|
4,553
|
3,335
|
-
|
24,284
|
1,408
|
-
|
417,778
|
|||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
54,919
|
45,974
|
-
|
(434
|
)
|
-
|
(36,242
|
)
|
1,898
|
-
|
66,115
|
|||||||||||||||||||||||||
|
Sands Bethlehem
|
20,208
|
7,746
|
-
|
(102
|
)
|
63
|
-
|
-
|
-
|
27,915
|
||||||||||||||||||||||||||
|
United States Property Operations
|
75,127
|
53,720
|
-
|
(536
|
)
|
63
|
(36,242
|
)
|
1,898
|
-
|
94,030
|
|||||||||||||||||||||||||
|
Other Asia (2)
|
(16,348
|
)
|
3,559
|
-
|
-
|
5
|
12,200
|
116
|
-
|
(468
|
)
|
|||||||||||||||||||||||||
|
Other Development
|
(15,283
|
)
|
158
|
622
|
-
|
14,503
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
|
Corporate
|
(53,520
|
)
|
8,639
|
-
|
-
|
-
|
(242
|
)
|
-
|
45,123
|
-
|
|||||||||||||||||||||||||
|
$
|
961,460
|
$
|
264,016
|
$
|
10,040
|
$
|
3,596
|
$
|
20,358
|
$
|
-
|
$
|
8,050
|
$
|
45,123
|
$
|
1,312,643
|
|||||||||||||||||||
|
Six Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
|
Adjusted
|
||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$
|
430,967
|
$
|
76,320
|
$
|
3,306
|
$
|
8,800
|
$
|
-
|
$
|
-
|
$
|
5,539
|
$
|
-
|
$
|
524,932
|
||||||||||||||||||
|
Sands Cotai Central
|
164,607
|
140,615
|
4,078
|
3,527
|
4,778
|
-
|
2,515
|
-
|
320,120
|
|||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
93,850
|
19,312
|
1,420
|
13
|
3,432
|
-
|
779
|
-
|
118,806
|
|||||||||||||||||||||||||||
|
Sands Macao
|
100,833
|
18,082
|
740
|
3,204
|
-
|
-
|
803
|
-
|
123,662
|
|||||||||||||||||||||||||||
|
Macao Property Operations
|
790,257
|
254,329
|
9,544
|
15,544
|
8,210
|
-
|
9,636
|
-
|
1,087,520
|
|||||||||||||||||||||||||||
|
Marina Bay Sands
|
596,204
|
123,303
|
8,552
|
240
|
716
|
49,082
|
429
|
-
|
778,526
|
|||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
112,253
|
87,158
|
-
|
2,191
|
294
|
(75,871
|
)
|
2,250
|
-
|
128,275
|
||||||||||||||||||||||||||
|
Sands Bethlehem
|
50,501
|
13,458
|
-
|
(94
|
)
|
53
|
-
|
74
|
-
|
63,992
|
||||||||||||||||||||||||||
|
United States Property Operations
|
162,754
|
100,616
|
-
|
2,097
|
347
|
(75,871
|
)
|
2,324
|
-
|
192,267
|
||||||||||||||||||||||||||
|
Other Asia (2)
|
(26,142
|
)
|
6,983
|
-
|
-
|
-
|
27,280
|
232
|
-
|
8,353
|
||||||||||||||||||||||||||
|
Other Development
|
(16,390
|
)
|
322
|
1,227
|
-
|
14,841
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
|
Corporate
|
(106,258
|
)
|
16,961
|
-
|
-
|
-
|
(491
|
)
|
-
|
89,788
|
-
|
|||||||||||||||||||||||||
|
$
|
1,400,425
|
$
|
502,514
|
$
|
19,323
|
$
|
17,881
|
$
|
24,114
|
$
|
-
|
$
|
12,621
|
$
|
89,788
|
$
|
2,066,666
|
|||||||||||||||||||
|
Six Months Ended June 30, 2014
|
||||||||||||||||||||||||||||||||||||
|
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
|
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
|
Adjusted
|
||||||||||||||||||||||||||||||
|
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
|
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$
|
790,802
|
$
|
72,433
|
$
|
3,306
|
$
|
604
|
$
|
-
|
$
|
-
|
$
|
4,996
|
$
|
-
|
$
|
872,141
|
||||||||||||||||||
|
Sands Cotai Central
|
368,294
|
134,132
|
4,306
|
611
|
4,397
|
-
|
2,439
|
-
|
514,179
|
|||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
155,136
|
19,697
|
1,412
|
52
|
4,134
|
-
|
564
|
-
|
180,995
|
|||||||||||||||||||||||||||
|
Sands Macao
|
155,352
|
16,684
|
707
|
118
|
-
|
-
|
896
|
-
|
173,757
|
|||||||||||||||||||||||||||
|
Macao Property Operations
|
1,469,584
|
242,946
|
9,731
|
1,385
|
8,531
|
-
|
8,895
|
-
|
1,741,072
|
|||||||||||||||||||||||||||
|
Marina Bay Sands
|
640,283
|
146,840
|
9,092
|
3,373
|
-
|
50,536
|
2,815
|
-
|
852,939
|
|||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
123,512
|
93,512
|
-
|
(719
|
)
|
97
|
(74,431
|
)
|
3,796
|
-
|
145,767
|
|||||||||||||||||||||||||
|
Sands Bethlehem
|
37,552
|
16,918
|
-
|
(67
|
)
|
65
|
-
|
(22
|
)
|
-
|
54,446
|
|||||||||||||||||||||||||
|
United States Property Operations
|
161,064
|
110,430
|
-
|
(786
|
)
|
162
|
(74,431
|
)
|
3,774
|
-
|
200,213
|
|||||||||||||||||||||||||
|
Other Asia (2)
|
(33,785
|
)
|
7,147
|
-
|
149
|
34
|
24,400
|
173
|
-
|
(1,882
|
)
|
|||||||||||||||||||||||||
|
Other Development
|
(19,175
|
)
|
309
|
1,243
|
-
|
17,623
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
|
Corporate
|
(112,686
|
)
|
17,391
|
-
|
-
|
-
|
(505
|
)
|
-
|
95,800
|
-
|
|||||||||||||||||||||||||
|
$
|
2,105,285
|
$
|
525,063
|
$
|
20,066
|
$
|
4,121
|
$
|
26,350
|
$
|
-
|
$
|
15,657
|
$
|
95,800
|
$
|
2,792,342
|
|||||||||||||||||||
|
(1)
|
During the three months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense of $15.0 million and $10.1 million, respectively, of which $5.8 million and $1.9 million, respectively, is included in corporate expense and $0.6 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 six months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense of $27.2 million and $26.2 million, respectively, of which $13.9 million and $10.3 million, respectively, is included in corporate expense and $0.7 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.
|
|
(2)
|
Primarily includes the results of the CotaiJet ferry operations.
|
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
|
Three Months Ended June 30, 2015
|
||||||||||||||||
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
||||||||||||
|
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
|
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
|
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
|
Macao Property Operations
|
$
|
559,818
|
$
|
(78,741
|
)
|
$
|
45,412
|
$
|
526,489
|
|||||||
|
Marina Bay Sands
|
363,254
|
-
|
-
|
363,254
|
||||||||||||
|
United States:
|
||||||||||||||||
|
Las Vegas Operating Properties
|
54,166
|
37,839
|
(6,733
|
)
|
85,272
|
|||||||||||
|
Sands Bethlehem
|
34,099
|
-
|
-
|
34,099
|
||||||||||||
|
United States Property Operations
|
88,265
|
37,839
|
(6,733
|
)
|
119,371
|
|||||||||||
|
Other Asia
|
4,821
|
-
|
-
|
4,821
|
||||||||||||
|
Other Development
|
-
|
-
|
-
|
-
|
||||||||||||
|
Corporate
|
-
|
-
|
-
|
-
|
||||||||||||
|
$
|
1,016,158
|
$
|
(40,902
|
)
|
$
|
38,679
|
$
|
1,013,935
|
||||||||
|
Three Months Ended June 30, 2014
|
||||||||||||||||
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
||||||||||||
|
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
|
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
|
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
|
Macao Property Operations
|
$
|
801,303
|
$
|
(100,819
|
)
|
$
|
52,012
|
$
|
752,496
|
|||||||
|
Marina Bay Sands
|
417,778
|
(61,764
|
)
|
12,459
|
368,473
|
|||||||||||
|
United States:
|
||||||||||||||||
|
Las Vegas Operating Properties
|
66,115
|
5,196
|
(913
|
)
|
70,398
|
|||||||||||
|
Sands Bethlehem
|
27,915
|
-
|
-
|
27,915
|
||||||||||||
|
United States Property Operations
|
94,030
|
5,196
|
(913
|
)
|
98,313
|
|||||||||||
|
Other Asia
|
(468
|
)
|
-
|
-
|
(468
|
)
|
||||||||||
|
Other Development
|
-
|
-
|
-
|
-
|
||||||||||||
|
Corporate
|
-
|
-
|
-
|
-
|
||||||||||||
|
$
|
1,312,643
|
$
|
(157,387
|
)
|
$
|
63,558
|
$
|
1,218,814
|
||||||||
|
(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, 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 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and 26.0% for Baccarat and 16.0% for non-Baccarat for 2014. This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0% to 30.0% and 14.0% to 18.0%, respectively, for 2014.
For Sands Bethlehem, no adjustments have been, or will be, made.
These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
|
(2)
|
Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
|
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$
|
469,173
|
$
|
671,434
|
$
|
981,096
|
$
|
1,447,619
|
||||||||
|
Add (deduct):
|
||||||||||||||||
|
Net income attributable to noncontrolling interests
|
112,318
|
181,410
|
211,433
|
401,953
|
||||||||||||
|
Income tax expense
|
45,929
|
46,917
|
101,594
|
106,070
|
||||||||||||
|
Loss on modification or early retirement of debt
|
-
|
-
|
-
|
17,964
|
||||||||||||
|
Other (income) expense
|
151
|
(2,194
|
)
|
(15,314
|
)
|
2,463
|
||||||||||
|
Interest expense, net of amounts capitalized
|
65,801
|
69,590
|
132,056
|
140,716
|
||||||||||||
|
Interest income
|
(4,062
|
)
|
(5,697
|
)
|
(10,440
|
)
|
(11,500
|
)
|
||||||||
|
Loss on disposal of assets
|
2,558
|
3,596
|
17,881
|
4,121
|
||||||||||||
|
Amortization of leasehold interests in land
|
9,485
|
10,040
|
19,323
|
20,066
|
||||||||||||
|
Depreciation and amortization
|
248,592
|
264,016
|
502,514
|
525,063
|
||||||||||||
|
Development expense
|
2,348
|
4,217
|
3,881
|
5,909
|
||||||||||||
|
Pre-opening expense
|
10,654
|
16,141
|
20,233
|
20,441
|
||||||||||||
|
Stock-based compensation (1)
|
8,646
|
8,050
|
12,621
|
15,657
|
||||||||||||
|
Corporate expense
|
44,565
|
45,123
|
89,788
|
95,800
|
||||||||||||
|
Adjusted Property EBITDA
|
$
|
1,016,158
|
$
|
1,312,643
|
$
|
2,066,666
|
$
|
2,792,342
|
||||||||
|
Hold-normalized casino revenue (2)
|
(40,902
|
)
|
(157,387
|
)
|
||||||||||||
|
Hold-normalized casino expense (2)
|
38,679
|
63,558
|
||||||||||||||
|
Hold-Normalized Adjusted Property EBITDA
|
$
|
1,013,935
|
$
|
1,218,814
|
||||||||||||
|
(1) See Exhibit 2
|
||||||||||||||||
|
(2) See Exhibit 3
|
||||||||||||||||
|
_______________________
|
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Supplemental Data - Net Revenues
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
The Venetian Macao
|
$
|
739,454
|
$
|
1,032,746
|
$
|
1,526,645
|
$
|
2,217,337
|
||||||||
|
Sands Cotai Central
|
554,231
|
784,776
|
1,125,995
|
1,612,359
|
||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
204,116
|
228,492
|
365,367
|
598,508
|
||||||||||||
|
Sands Macao
|
241,554
|
312,842
|
466,925
|
626,803
|
||||||||||||
|
Marina Bay Sands
|
713,042
|
804,690
|
1,497,858
|
1,640,113
|
||||||||||||
|
Las Vegas Operating Properties
|
346,016
|
353,075
|
722,399
|
735,733
|
||||||||||||
|
Sands Bethlehem
|
137,502
|
126,123
|
265,201
|
243,306
|
||||||||||||
|
Other Asia
|
38,527
|
36,686
|
74,006
|
71,847
|
||||||||||||
|
Intersegment Eliminations
|
(53,021
|
)
|
(55,080
|
)
|
(111,353
|
)
|
(111,272
|
)
|
||||||||
|
$
|
2,921,421
|
$
|
3,624,350
|
$
|
5,933,043
|
$
|
7,634,734
|
|||||||||
|
_______________________
|
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
The Venetian Macao
|
34.5
|
%
|
38.9
|
%
|
34.4
|
%
|
39.3
|
%
|
||||||||
|
Sands Cotai Central
|
29.6
|
%
|
31.7
|
%
|
28.4
|
%
|
31.9
|
%
|
||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
36.4
|
%
|
29.7
|
%
|
32.5
|
%
|
30.2
|
%
|
||||||||
|
Sands Macao
|
27.4
|
%
|
26.3
|
%
|
26.5
|
%
|
27.7
|
%
|
||||||||
|
Marina Bay Sands
|
50.9
|
%
|
51.9
|
%
|
52.0
|
%
|
52.0
|
%
|
||||||||
|
Las Vegas Operating Properties
|
15.7
|
%
|
18.7
|
%
|
17.8
|
%
|
19.8
|
%
|
||||||||
|
Sands Bethlehem
|
24.8
|
%
|
22.1
|
%
|
24.1
|
%
|
22.4
|
%
|
||||||||
|
Other Asia
|
12.5
|
%
|
-1.3
|
%
|
11.3
|
%
|
-2.6
|
%
|
||||||||
|
Total
|
34.8
|
%
|
36.2
|
%
|
34.8
|
%
|
36.6
|
%
|
||||||||
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$
|
469,173
|
$
|
671,434
|
$
|
981,096
|
$
|
1,447,619
|
||||||||
|
Pre-opening expense, net
|
7,577
|
11,343
|
14,359
|
14,395
|
||||||||||||
|
Development expense, net
|
2,348
|
4,217
|
3,881
|
5,909
|
||||||||||||
|
Loss on disposal of assets, net
|
2,365
|
3,358
|
13,233
|
3,708
|
||||||||||||
|
Loss on modification or early retirement of debt, net
|
-
|
-
|
-
|
12,611
|
||||||||||||
|
Adjusted net income
|
$
|
481,463
|
$
|
690,352
|
$
|
1,012,569
|
$
|
1,484,242
|
||||||||
|
Hold-normalized casino revenue (1)
|
(40,902
|
)
|
(157,387
|
)
|
||||||||||||
|
Hold-normalized casino expense (1)
|
38,679
|
63,558
|
||||||||||||||
|
Income tax impact on hold adjustments
|
-
|
8,382
|
||||||||||||||
|
Noncontrolling interest impact on hold adjustments
|
9,959
|
14,569
|
||||||||||||||
|
Hold-normalized adjusted net income
|
$
|
489,199
|
$
|
619,474
|
||||||||||||
|
(1) See Exhibit 3
|
||||||||||||||||
|
Per diluted share of common stock:
|
||||||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$
|
0.59
|
$
|
0.83
|
$
|
1.23
|
$
|
1.78
|
||||||||
|
Pre-opening expense, net
|
0.01
|
0.01
|
0.02
|
0.02
|
||||||||||||
|
Development expense, net
|
-
|
0.01
|
-
|
0.01
|
||||||||||||
|
Loss on disposal of assets, net
|
-
|
-
|
0.02
|
-
|
||||||||||||
|
Loss on modification or early retirement of debt, net
|
-
|
-
|
-
|
0.01
|
||||||||||||
|
Adjusted earnings per diluted share
|
$
|
0.60
|
$
|
0.85
|
$
|
1.27
|
$
|
1.82
|
||||||||
|
Hold-normalized casino revenue
|
(0.05
|
)
|
(0.19
|
)
|
||||||||||||
|
Hold-normalized casino expense
|
0.05
|
0.08
|
||||||||||||||
|
Income tax impact on hold adjustments
|
-
|
0.01
|
||||||||||||||
|
Noncontrolling interest impact on hold adjustments
|
0.01
|
0.02
|
||||||||||||||
|
Hold-normalized adjusted earnings per diluted share
|
$
|
0.61
|
$
|
0.77
|
||||||||||||
|
Weighted average diluted shares outstanding
|
798,552,917
|
809,224,051
|
798,731,400
|
813,304,140
|
||||||||||||
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Room Statistics:
|
||||||||||||||||
|
The Venetian Macao:
|
||||||||||||||||
|
Occupancy %
|
82.2
|
%
|
89.1
|
%
|
84.0
|
%
|
91.7
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
239
|
$
|
262
|
$
|
255
|
$
|
265
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
196
|
$
|
233
|
$
|
214
|
$
|
243
|
||||||||
|
Sands Cotai Central:
|
||||||||||||||||
|
Occupancy %
|
78.7
|
%
|
84.9
|
%
|
80.1
|
%
|
86.9
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
156
|
$
|
169
|
$
|
164
|
$
|
173
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
123
|
$
|
143
|
$
|
132
|
$
|
150
|
||||||||
|
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
|
Occupancy %
|
83.4
|
%
|
85.8
|
%
|
80.2
|
%
|
86.4
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
382
|
$
|
410
|
$
|
395
|
$
|
419
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
319
|
$
|
352
|
$
|
317
|
$
|
363
|
||||||||
|
Sands Macao:
|
||||||||||||||||
|
Occupancy %
|
99.6
|
%
|
98.5
|
%
|
99.0
|
%
|
97.6
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
219
|
$
|
216
|
$
|
222
|
$
|
254
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
218
|
$
|
213
|
$
|
220
|
$
|
248
|
||||||||
|
Marina Bay Sands:
|
||||||||||||||||
|
Occupancy %
|
95.9
|
%
|
99.1
|
%
|
95.4
|
%
|
99.2
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
377
|
$
|
409
|
$
|
396
|
$
|
418
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
361
|
$
|
405
|
$
|
377
|
$
|
415
|
||||||||
|
Las Vegas Operating Properties:
|
||||||||||||||||
|
Occupancy %
|
92.6
|
%
|
90.1
|
%
|
89.4
|
%
|
89.5
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
231
|
$
|
223
|
$
|
237
|
$
|
232
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
214
|
$
|
201
|
$
|
212
|
$
|
207
|
||||||||
|
Sands Bethlehem:
|
||||||||||||||||
|
Occupancy %
|
91.9
|
%
|
87.2
|
%
|
88.2
|
%
|
78.0
|
%
|
||||||||
|
Average daily room rate (ADR) (1)
|
$
|
152
|
$
|
144
|
$
|
151
|
$
|
145
|
||||||||
|
Revenue per available room (RevPAR) (2)
|
$
|
140
|
$
|
126
|
$
|
133
|
$
|
113
|
||||||||
|
Casino Statistics:
|
||||||||||||||||
|
The Venetian Macao:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
12,182
|
$
|
16,926
|
$
|
12,616
|
$
|
18,044
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
249
|
$
|
358
|
$
|
263
|
$
|
373
|
||||||||
|
Average number of table games
|
605
|
649
|
604
|
662
|
||||||||||||
|
Average number of slot machines
|
2,118
|
2,050
|
2,114
|
2,088
|
||||||||||||
|
Sands Cotai Central:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
10,806
|
$
|
17,171
|
$
|
10,872
|
$
|
18,744
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
353
|
$
|
432
|
$
|
347
|
$
|
410
|
||||||||
|
Average number of table games
|
501
|
495
|
509
|
479
|
||||||||||||
|
Average number of slot machines
|
1,694
|
1,748
|
1,701
|
1,822
|
||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
18,862
|
$
|
21,994
|
$
|
16,320
|
$
|
29,792
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
548
|
$
|
790
|
$
|
517
|
$
|
805
|
||||||||
|
Average number of table games
|
122
|
127
|
127
|
128
|
||||||||||||
|
Average number of slot machines
|
154
|
153
|
150
|
162
|
||||||||||||
|
Sands Macao:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
9,409
|
$
|
14,695
|
$
|
9,043
|
$
|
14,271
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
274
|
$
|
375
|
$
|
288
|
$
|
343
|
||||||||
|
Average number of table games
|
285
|
253
|
285
|
261
|
||||||||||||
|
Average number of slot machines
|
944
|
914
|
931
|
999
|
||||||||||||
|
Marina Bay Sands:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
10,471
|
$
|
11,311
|
$
|
11,011
|
$
|
11,793
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
641
|
$
|
713
|
$
|
657
|
$
|
700
|
||||||||
|
Average number of table games
|
580
|
617
|
590
|
631
|
||||||||||||
|
Average number of slot machines
|
2,439
|
2,335
|
2,397
|
2,363
|
||||||||||||
|
Las Vegas Operating Properties:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
2,342
|
$
|
3,737
|
$
|
3,182
|
$
|
3,945
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
231
|
$
|
185
|
$
|
223
|
$
|
187
|
||||||||
|
Average number of table games
|
245
|
236
|
244
|
237
|
||||||||||||
|
Average number of slot machines
|
2,227
|
2,385
|
2,250
|
2,385
|
||||||||||||
|
Sands Bethlehem:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$
|
3,069
|
$
|
2,808
|
$
|
2,964
|
$
|
2,774
|
||||||||
|
Slot machine win per unit per day (4)
|
$
|
279
|
$
|
266
|
$
|
270
|
$
|
257
|
||||||||
|
Average number of table games
|
177
|
164
|
177
|
163
|
||||||||||||
|
Average number of slot machines
|
3,013
|
3,012
|
3,013
|
3,011
|
||||||||||||
|
|
||||||||||||||||
|
(1)
|
ADR is calculated by dividing total room revenue by total rooms occupied.
|
|
(2)
|
RevPAR is calculated by dividing total room revenue by total rooms available.
|
|
(3)
|
Table games win per unit per day is shown before discounts and commissions.
|
|
(4)
|
Slot machine win per unit per day is shown before deducting cost for slot points.
|
Exhibit 6
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