Form 8-K LAS VEGAS SANDS CORP For: Nov 03
LAS VEGAS SANDS CORP.
|
|
(Exact name of registrant as specified in its charter)
|
|
NEVADA
|
|
(State or other jurisdiction of incorporation)
|
|
001-32373
|
27-0099920
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
|
89109
|
(Address of principal executive offices)
|
(Zip Code)
|
(702) 414-1000
|
(Registrant’s Telephone Number, Including Area Code)
|
NOT APPLICABLE
|
(Former Name or Former Address, if Changed Since Last Report)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
ITEM 2.02
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
|
ITEM 9.01
|
FINANCIAL STATEMENTS AND EXHIBITS.
|
(d)
|
Exhibits
|
99.1
|
Press Release, dated November 3, 2016
|
99.1
|
Press Release, dated November 3, 2016 |
LAS VEGAS SANDS CORP.
|
||||
|
By:
|
/s/ Patrick Dumont | ||
Name: | Patrick Dumont | |||
Title: | Executive Vice President and Chief Financial Officer | |||
Press Release
|
— | Consolidated Net Revenue Increased 2.6% to $2.97 Billion, Net Income was $605.5 Million |
— | GAAP Earnings per Diluted Share was $0.65; Adjusted Earnings per Diluted Share was $0.72; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.64 |
— | Consolidated Adjusted Property EBITDA Increased 8.6% to $1.14 Billion, With Margin Expanding 210 Basis Points to 38.5% |
— | Hold-Normalized Adjusted Property EBITDA was $1.06 Billion, With Margin of 37.3% |
— | Adjusted Property EBITDA Increased 15.3% to $628.5 Million, While Hold-Normalized Adjusted Property EBITDA Increased 5.2% to $564.5 Million |
— | Strong Cost Discipline Drove a 170 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 34.7% |
— | The Parisian Macao Generated Adjusted Property EBITDA of $19.2 Million During First 18 Days of Operation |
— | Adjusted Property EBITDA was $390.7 Million, While Hold-Normalized Adjusted Property EBITDA was $367.8 Million |
— | Adjusted Property EBITDA Increased 6.9% to $85.3 Million, While Hold-Normalized Adjusted Property EBITDA was $88.6 Million |
— | The Company Paid Dividends of $0.72 per Share |
— | The Company’s Board of Directors Announced an Increase in the Company’s Recurring Common Stock Dividend for the 2017 Calendar Year of $0.04 to $2.92 ($0.73 per Share per Quarter) |
Three Months Ended
|
||||||||||||||||
The Venetian Macao Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
669.8
|
$
|
590.0
|
$
|
79.8
|
13.5%
|
|||||||||
Rooms
|
46.8
|
53.6
|
(6.8
|
)
|
-12.7%
|
|||||||||||
Food and Beverage
|
21.5
|
20.5
|
1.0
|
4.9%
|
||||||||||||
Mall
|
52.3
|
50.4
|
1.9
|
3.8%
|
||||||||||||
Convention, Retail and Other
|
23.0
|
21.5
|
1.5
|
7.0%
|
||||||||||||
Less - Promotional Allowances
|
(40.9
|
)
|
(36.4
|
)
|
(4.5
|
)
|
-12.4%
|
|||||||||
Net Revenues
|
$
|
772.5
|
$
|
699.6
|
$
|
72.9
|
10.4%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
314.8
|
$
|
256.4
|
$
|
58.4
|
22.8%
|
|||||||||
EBITDA Margin %
|
40.8%
|
36.6%
|
4.2 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
6,868.3
|
$
|
6,876.4
|
$
|
(8.1
|
)
|
-0.1%
|
||||||||
Rolling Chip Win %(1)
|
3.75%
|
3.08%
|
0.67 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
1,713.8
|
$
|
1,741.5
|
$
|
(27.7
|
)
|
-1.6%
|
||||||||
Non-Rolling Chip Win %
|
25.6%
|
23.4%
|
2.2 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
957.5
|
$
|
1,047.8
|
$
|
(90.3
|
)
|
-8.6%
|
||||||||
Slot Hold %
|
4.7%
|
4.8%
|
-0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
93.2%
|
84.5%
|
8.7 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
209
|
$
|
239
|
$
|
(30
|
)
|
-12.6%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
195
|
$
|
202
|
$
|
(7
|
)
|
-3.5%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Three Months Ended
|
||||||||||||||||
Sands Cotai Central Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
443.2
|
$
|
475.1
|
$
|
(31.9
|
)
|
-6.7%
|
||||||||
Rooms
|
72.9
|
68.7
|
4.2
|
6.1%
|
||||||||||||
Food and Beverage
|
26.0
|
25.2
|
0.8
|
3.2%
|
||||||||||||
Mall
|
15.2
|
15.8
|
(0.6
|
)
|
-3.8%
|
|||||||||||
Convention, Retail and Other
|
5.6
|
5.7
|
(0.1
|
)
|
-1.8%
|
|||||||||||
Less - Promotional Allowances
|
(45.4
|
)
|
(40.3
|
)
|
(5.1
|
)
|
-12.7%
|
|||||||||
Net Revenues
|
$
|
517.5
|
$
|
550.2
|
$
|
(32.7
|
)
|
-5.9%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
176.6
|
$
|
170.5
|
$
|
6.1
|
3.6%
|
|||||||||
EBITDA Margin %
|
34.1%
|
31.0%
|
3.1 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
2,817.0
|
$
|
4,640.5
|
$
|
(1,823.5
|
)
|
-39.3%
|
||||||||
Rolling Chip Win %(1)
|
4.16%
|
3.54%
|
0.62 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
1,557.5
|
$
|
1,458.7
|
$
|
98.8
|
6.8%
|
|||||||||
Non-Rolling Chip Win %
|
20.2%
|
21.9%
|
-1.7 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,476.7
|
$
|
1,503.6
|
$
|
(26.9
|
)
|
-1.8%
|
||||||||
Slot Hold %
|
3.6%
|
3.7%
|
-0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
89.2%
|
86.5%
|
2.7 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
145
|
$
|
152
|
$
|
(7
|
)
|
-4.6%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
129
|
$
|
131
|
$
|
(2
|
)
|
-1.5%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
18-Day Period Ended
|
||||
The Parisian Macao Operations
|
September 30,
|
|||
(Dollars in millions)
|
2016
|
|||
Revenues:
|
||||
Casino
|
$
|
58.1
|
||
Rooms
|
5.8
|
|||
Food and Beverage
|
3.5
|
|||
Mall
|
5.4
|
|||
Convention, Retail and Other
|
1.1
|
|||
Less - Promotional Allowances
|
(5.3
|
)
|
||
Net Revenues
|
$
|
68.6
|
||
|
||||
Adjusted Property EBITDA
|
$
|
19.2
|
||
EBITDA Margin %
|
28.0%
|
|
||
|
||||
Gaming Statistics
|
||||
(Dollars in millions)
|
||||
|
||||
Rolling Chip Volume
|
$
|
748.4
|
||
Rolling Chip Win %(1)
|
3.01%
|
|
||
|
||||
Non-Rolling Chip Drop
|
$
|
189.8
|
||
Non-Rolling Chip Win %
|
19.9%
|
|
||
|
||||
Slot Handle
|
$
|
171.2
|
||
Slot Hold %
|
5.2%
|
|
||
|
||||
Hotel Statistics
|
||||
|
||||
Occupancy %
|
87.5%
|
|
||
Average Daily Rate (ADR)
|
$
|
138
|
||
Revenue per Available Room (RevPAR)
|
$
|
121
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Three Months Ended
|
||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
123.7
|
$
|
129.6
|
$
|
(5.9
|
)
|
-4.6%
|
||||||||
Rooms
|
9.7
|
10.9
|
(1.2
|
)
|
-11.0%
|
|||||||||||
Food and Beverage
|
6.4
|
6.5
|
(0.1
|
)
|
-1.5%
|
|||||||||||
Mall
|
31.3
|
32.0
|
(0.7
|
)
|
-2.2%
|
|||||||||||
Convention, Retail and Other
|
0.7
|
0.8
|
(0.1
|
)
|
-12.5%
|
|||||||||||
Less - Promotional Allowances
|
(10.6
|
)
|
(11.9
|
)
|
1.3
|
10.9%
|
||||||||||
Net Revenues
|
$
|
161.2
|
$
|
167.9
|
$
|
(6.7
|
)
|
-4.0%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
62.5
|
$
|
58.8
|
$
|
3.7
|
6.3%
|
|||||||||
EBITDA Margin %
|
38.8%
|
35.0%
|
3.8 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
2,006.5
|
$
|
2,821.7
|
$
|
(815.2
|
)
|
-28.9%
|
||||||||
Rolling Chip Win %(1)
|
3.67%
|
3.13%
|
0.54 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
269.9
|
$
|
280.9
|
$
|
(11.0
|
)
|
-3.9%
|
||||||||
Non-Rolling Chip Win %
|
23.8%
|
25.4%
|
-1.6 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
113.1
|
$
|
111.8
|
$
|
1.3
|
1.2%
|
|||||||||
Slot Hold %
|
5.5%
|
7.3%
|
-1.8 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
80.8%
|
86.5%
|
-5.7 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
345
|
$
|
363
|
$
|
(18
|
)
|
-5.0%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
279
|
$
|
314
|
$
|
(35
|
)
|
-11.1%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Three Months Ended
|
||||||||||||||||
Sands Macao Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
162.4
|
$
|
200.8
|
$
|
(38.4
|
)
|
-19.1%
|
||||||||
Rooms
|
4.9
|
6.0
|
(1.1
|
)
|
-18.3%
|
|||||||||||
Food and Beverage
|
6.7
|
8.6
|
(1.9
|
)
|
-22.1%
|
|||||||||||
Convention, Retail and Other
|
1.9
|
2.6
|
(0.7
|
)
|
-26.9%
|
|||||||||||
Less - Promotional Allowances
|
(8.5
|
)
|
(10.6
|
)
|
2.1
|
19.8%
|
||||||||||
Net Revenues
|
$
|
167.4
|
$
|
207.4
|
$
|
(40.0
|
)
|
-19.3%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
45.7
|
$
|
51.1
|
$
|
(5.4
|
)
|
-10.6%
|
||||||||
EBITDA Margin %
|
27.3%
|
24.7%
|
2.6 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
1,415.6
|
$
|
2,058.1
|
$
|
(642.5
|
)
|
-31.2%
|
||||||||
Rolling Chip Win %(1)
|
2.03%
|
3.57%
|
-1.54 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
670.9
|
$
|
759.7
|
$
|
(88.8
|
)
|
-11.7%
|
||||||||
Non-Rolling Chip Win %
|
19.3%
|
17.2%
|
2.1 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
664.9
|
$
|
710.2
|
$
|
(45.3
|
)
|
-6.4%
|
||||||||
Slot Hold %
|
3.3%
|
3.7%
|
-0.4 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
97.9%
|
99.8%
|
-1.9 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
190
|
$
|
226
|
$
|
(36
|
)
|
-15.9%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
186
|
$
|
226
|
$
|
(40
|
)
|
-17.7%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
|
Three Months Ended
|
|||||||||||||||
Marina Bay Sands Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
591.4
|
$
|
584.9
|
$
|
6.5
|
1.1%
|
|||||||||
Rooms
|
109.0
|
98.7
|
10.3
|
10.4%
|
||||||||||||
Food and Beverage
|
54.0
|
51.1
|
2.9
|
5.7%
|
||||||||||||
Mall
|
42.3
|
41.5
|
0.8
|
1.9%
|
||||||||||||
Convention, Retail and Other
|
27.0
|
23.4
|
3.6
|
15.4%
|
||||||||||||
Less - Promotional Allowances
|
(61.1
|
)
|
(48.9
|
)
|
(12.2
|
)
|
-24.9%
|
|||||||||
Net Revenues
|
$
|
762.6
|
$
|
750.7
|
$
|
11.9
|
1.6%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
390.7
|
$
|
389.7
|
$
|
1.0
|
0.3%
|
|||||||||
EBITDA Margin %
|
51.2%
|
51.9%
|
-0.7 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
7,257.7
|
$
|
11,436.4
|
$
|
(4,178.7
|
)
|
-36.5%
|
||||||||
Rolling Chip Win %(1)
|
3.25%
|
2.61%
|
0.64 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
985.0
|
$
|
1,071.7
|
$
|
(86.7
|
)
|
-8.1%
|
||||||||
Non-Rolling Chip Win %
|
28.8%
|
27.0%
|
1.8 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
3,457.1
|
$
|
3,409.3
|
$
|
47.8
|
1.4%
|
|||||||||
Slot Hold %
|
4.5%
|
4.4%
|
0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
98.3%
|
98.0%
|
0.3 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
475
|
$
|
432
|
$
|
43
|
10.0%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
467
|
$
|
423
|
$
|
44
|
10.4%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
|
Three Months Ended
|
|||||||||||||||
Las Vegas Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
122.0
|
$
|
127.9
|
$
|
(5.9
|
)
|
-4.6%
|
||||||||
Rooms
|
149.4
|
138.0
|
11.4
|
8.3%
|
||||||||||||
Food and Beverage
|
57.8
|
69.1
|
(11.3
|
)
|
-16.4%
|
|||||||||||
Convention, Retail and Other
|
81.7
|
76.0
|
5.7
|
7.5%
|
||||||||||||
Less - Promotional Allowances
|
(27.7
|
)
|
(25.5
|
)
|
(2.2
|
)
|
-8.6%
|
|||||||||
Net Revenues
|
$
|
383.2
|
$
|
385.5
|
$
|
(2.3
|
)
|
-0.6%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
85.3
|
$
|
79.8
|
$
|
5.5
|
6.9%
|
|||||||||
EBITDA Margin %
|
22.3%
|
20.7%
|
1.6 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Table Games Drop
|
$
|
430.8
|
$
|
607.9
|
$
|
(177.1
|
)
|
-29.1%
|
||||||||
Table Games Win %(1)
|
20.0%
|
16.9%
|
3.1 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
633.8
|
$
|
593.7
|
$
|
40.1
|
6.8%
|
|||||||||
Slot Hold %
|
8.2%
|
8.2%
|
0.0 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
96.5%
|
96.0%
|
0.5 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
240
|
$
|
222
|
$
|
18
|
8.1%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
232
|
$
|
213
|
$
|
19
|
8.9%
|
(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% (calculated before discounts).
|
|
Three Months Ended
|
|||||||||||||||
Sands Bethlehem Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
135.9
|
$
|
134.3
|
$
|
1.6
|
1.2%
|
|||||||||
Rooms
|
3.9
|
4.0
|
(0.1
|
)
|
-2.5%
|
|||||||||||
Food and Beverage
|
7.4
|
7.0
|
0.4
|
5.7%
|
||||||||||||
Mall
|
1.2
|
1.2
|
-
|
0.0%
|
||||||||||||
Convention, Retail and Other
|
5.3
|
5.2
|
0.1
|
1.9%
|
||||||||||||
Less - Promotional Allowances
|
(7.4
|
)
|
(7.7
|
)
|
0.3
|
3.9%
|
||||||||||
Net Revenues
|
$
|
146.3
|
$
|
144.0
|
$
|
2.3
|
1.6%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
38.1
|
$
|
37.5
|
$
|
0.6
|
1.6%
|
|||||||||
EBITDA Margin %
|
26.1%
|
26.1%
|
0.0 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Table Games Drop
|
$
|
283.7
|
$
|
290.7
|
$
|
(7.0
|
)
|
-2.4%
|
||||||||
Table Games Win %(1)
|
19.6%
|
18.7%
|
0.9 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,169.2
|
$
|
1,114.6
|
$
|
54.6
|
4.9%
|
|||||||||
Slot Hold %
|
6.7%
|
7.0%
|
-0.3 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
97.2%
|
96.8%
|
0.4 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
164
|
$
|
151
|
$
|
13
|
8.6%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
160
|
$
|
146
|
$
|
14
|
9.6%
|
(1)
|
This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).
|
For The Three Months Ended September 30, 2016
|
TTM
September 30, 2016 |
|||||||||||||||||||||||
(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
|
$
|
52.1
|
$
|
46.9
|
90.0%
|
|
781,304
|
97.1%
|
|
$
|
1,359
|
|||||||||||||
Shoppes at Four Seasons
|
||||||||||||||||||||||||
Luxury Retail
|
21.5
|
20.3
|
94.4%
|
|
142,562
|
100.0%
|
|
4,135
|
||||||||||||||||
Other Stores
|
9.8
|
8.9
|
90.8%
|
|
116,848
|
93.9%
|
|
1,440
|
||||||||||||||||
Total
|
31.3
|
29.2
|
93.3%
|
|
259,410
|
97.3%
|
|
2,971
|
||||||||||||||||
Shoppes at Cotai Central(3)
|
15.1
|
13.0
|
86.1%
|
|
407,102
|
98.2%
|
|
868
|
||||||||||||||||
Shoppes at Parisian(4)
|
5.4
|
3.6
|
66.7%
|
|
299,458
|
92.6%
|
|
N/A
|
||||||||||||||||
Total Cotai Strip in Macao
|
103.9
|
92.7
|
89.2%
|
|
1,747,274
|
96.6%
|
|
1,565
|
||||||||||||||||
The Shoppes at Marina Bay Sands
|
42.3
|
37.1
|
87.7%
|
|
618,649
|
97.2%
|
|
1,396
|
||||||||||||||||
Total
|
$
|
146.2
|
$
|
129.8
|
88.8%
|
|
2,365,923
|
96.7%
|
|
$
|
1,515
|
(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.
|
(4)
|
The Shoppes at Parisian opened in September 2016.
|
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
Media:
|
Ron Reese
|
(702) 414-3607
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
2,306,534
|
$
|
2,242,571
|
$
|
6,405,866
|
$
|
6,920,757
|
||||||||
Rooms
|
402,392
|
379,878
|
1,123,432
|
1,102,550
|
||||||||||||
Food and beverage
|
183,415
|
188,073
|
558,677
|
555,902
|
||||||||||||
Mall
|
147,368
|
140,556
|
421,888
|
403,652
|
||||||||||||
Convention, retail and other
|
141,004
|
129,761
|
389,041
|
389,412
|
||||||||||||
3,180,713
|
3,080,839
|
8,898,904
|
9,372,273
|
|||||||||||||
Less - promotional allowances
|
(212,171
|
)
|
(187,156
|
)
|
(564,041
|
)
|
(545,547
|
)
|
||||||||
2,968,542
|
2,893,683
|
8,334,863
|
8,826,726
|
|||||||||||||
Operating expenses:
|
||||||||||||||||
Resort operations
|
1,828,523
|
1,846,208
|
5,331,837
|
5,725,206
|
||||||||||||
Corporate
|
39,110
|
37,488
|
208,114
|
127,276
|
||||||||||||
Pre-opening
|
85,861
|
9,627
|
127,700
|
29,860
|
||||||||||||
Development
|
2,371
|
3,147
|
6,758
|
7,028
|
||||||||||||
Depreciation and amortization
|
277,751
|
247,698
|
792,498
|
750,212
|
||||||||||||
Amortization of leasehold interests in land
|
9,728
|
9,737
|
28,623
|
29,060
|
||||||||||||
Loss on disposal of assets
|
5,621
|
709
|
15,425
|
18,590
|
||||||||||||
2,248,965
|
2,154,614
|
6,510,955
|
6,687,232
|
|||||||||||||
Operating income
|
719,577
|
739,069
|
1,823,908
|
2,139,494
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
2,299
|
2,158
|
6,328
|
12,598
|
||||||||||||
Interest expense, net of amounts capitalized
|
(65,189
|
)
|
(66,962
|
)
|
(197,874
|
)
|
(199,018
|
)
|
||||||||
Other income (expense)
|
21,514
|
16,275
|
(33,075
|
)
|
31,589
|
|||||||||||
Loss on modification or early retirement of debt
|
(3,416
|
)
|
-
|
(3,416
|
)
|
-
|
||||||||||
Income before income taxes
|
674,785
|
690,540
|
1,595,871
|
1,984,663
|
||||||||||||
Income tax expense
|
(69,272
|
)
|
(72,347
|
)
|
(187,008
|
)
|
(173,941
|
)
|
||||||||
Net income
|
605,513
|
618,193
|
1,408,863
|
1,810,722
|
||||||||||||
Net income attributable to noncontrolling interests
|
(92,156
|
)
|
(98,835
|
)
|
(247,373
|
)
|
(310,268
|
)
|
||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
513,357
|
$
|
519,358
|
$
|
1,161,490
|
$
|
1,500,454
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.65
|
$
|
0.65
|
$
|
1.46
|
$
|
1.88
|
||||||||
Diluted
|
$
|
0.65
|
$
|
0.65
|
$
|
1.46
|
$
|
1.88
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
794,659,426
|
796,559,738
|
794,576,430
|
797,400,090
|
||||||||||||
Diluted
|
795,136,252
|
797,302,248
|
795,144,575
|
798,263,294
|
||||||||||||
Dividends declared per common share
|
$
|
0.72
|
$
|
0.65
|
$
|
2.16
|
$
|
1.95
|
Net Revenues
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
The Venetian Macao
|
$
|
772,482
|
$
|
699,553
|
$
|
2,187,538
|
$
|
2,226,198
|
||||||||
Sands Cotai Central
|
517,540
|
550,159
|
1,520,499
|
1,676,154
|
||||||||||||
The Parisian Macao
|
68,608
|
-
|
68,608
|
-
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
161,213
|
167,947
|
434,486
|
533,314
|
||||||||||||
Sands Macao
|
167,376
|
207,364
|
527,426
|
674,289
|
||||||||||||
Ferry Operations and Other
|
46,400
|
43,422
|
126,076
|
117,428
|
||||||||||||
Macao Operations
|
1,733,619
|
1,668,445
|
4,864,633
|
5,227,383
|
||||||||||||
Marina Bay Sands
|
762,606
|
750,677
|
2,076,394
|
2,248,535
|
||||||||||||
Las Vegas Operating Properties
|
383,234
|
385,472
|
1,124,642
|
1,107,871
|
||||||||||||
Sands Bethlehem
|
146,342
|
144,003
|
431,545
|
409,204
|
||||||||||||
Intersegment Eliminations
|
(57,259
|
)
|
(54,914
|
)
|
(162,351
|
)
|
(166,267
|
)
|
||||||||
$
|
2,968,542
|
$
|
2,893,683
|
$
|
8,334,863
|
$
|
8,826,726
|
|||||||||
Adjusted Property EBITDA
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
The Venetian Macao
|
$
|
314,801
|
$
|
256,381
|
$
|
827,004
|
$
|
781,313
|
||||||||
Sands Cotai Central
|
176,606
|
170,457
|
484,167
|
490,577
|
||||||||||||
The Parisian Macao
|
19,190
|
-
|
19,190
|
-
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
62,527
|
58,785
|
154,401
|
177,591
|
||||||||||||
Sands Macao
|
45,725
|
51,132
|
125,272
|
174,794
|
||||||||||||
Ferry Operations and Other
|
9,662
|
8,427
|
24,457
|
16,780
|
||||||||||||
Macao Operations
|
628,511
|
545,182
|
1,634,491
|
1,641,055
|
||||||||||||
Marina Bay Sands
|
390,660
|
389,717
|
1,022,565
|
1,168,243
|
||||||||||||
Las Vegas Operating Properties
|
85,307
|
79,790
|
244,690
|
208,065
|
||||||||||||
Sands Bethlehem
|
38,129
|
37,530
|
113,531
|
101,522
|
||||||||||||
$
|
1,142,607
|
$
|
1,052,219
|
$
|
3,015,277
|
$
|
3,118,885
|
|||||||||
Adjusted Property EBITDA as a Percentage of Net Revenues
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
The Venetian Macao
|
40.8%
|
36.6%
|
37.8%
|
35.1%
|
||||||||||||
Sands Cotai Central
|
34.1%
|
31.0%
|
31.8%
|
29.3%
|
||||||||||||
The Parisian Macao
|
28.0%
|
-
|
28.0%
|
-
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
38.8%
|
35.0%
|
35.5%
|
33.3%
|
||||||||||||
Sands Macao
|
27.3%
|
24.7%
|
23.8%
|
25.9%
|
||||||||||||
Ferry Operations and Other
|
20.8%
|
19.4%
|
19.4%
|
14.3%
|
||||||||||||
Macao Operations
|
36.3%
|
32.7%
|
33.6%
|
31.4%
|
||||||||||||
Marina Bay Sands
|
51.2%
|
51.9%
|
49.2%
|
52.0%
|
||||||||||||
Las Vegas Operating Properties
|
22.3%
|
20.7%
|
21.8%
|
18.8%
|
||||||||||||
Sands Bethlehem
|
26.1%
|
26.1%
|
26.3%
|
24.8%
|
||||||||||||
Total
|
38.5%
|
36.4%
|
36.2%
|
35.3%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Room Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Occupancy %
|
93.2
|
%
|
84.5
|
%
|
83.7
|
%
|
84.2
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
209
|
$
|
239
|
$
|
215
|
$
|
249
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
195
|
$
|
202
|
$
|
180
|
$
|
210
|
||||||||
Sands Cotai Central:
|
||||||||||||||||
Occupancy %
|
89.2
|
%
|
86.5
|
%
|
80.9
|
%
|
82.3
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
145
|
$
|
152
|
$
|
149
|
$
|
160
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
129
|
$
|
131
|
$
|
121
|
$
|
131
|
||||||||
The Parisian Macao:
|
||||||||||||||||
Occupancy %
|
87.5
|
%
|
0.0
|
%
|
87.5
|
%
|
0.0
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
138
|
$
|
-
|
$
|
138
|
$
|
-
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
121
|
$
|
-
|
$
|
121
|
$
|
-
|
||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Occupancy %
|
80.8
|
%
|
86.5
|
%
|
73.0
|
%
|
82.4
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
345
|
$
|
363
|
$
|
348
|
$
|
384
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
279
|
$
|
314
|
$
|
254
|
$
|
316
|
||||||||
Sands Macao:
|
||||||||||||||||
Occupancy %
|
97.9
|
%
|
99.8
|
%
|
96.6
|
%
|
99.3
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
190
|
$
|
226
|
$
|
200
|
$
|
224
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
186
|
$
|
226
|
$
|
193
|
$
|
222
|
||||||||
Marina Bay Sands:
|
||||||||||||||||
Occupancy %
|
98.3
|
%
|
98.0
|
%
|
97.6
|
%
|
96.2
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
475
|
$
|
432
|
$
|
415
|
$
|
408
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
467
|
$
|
423
|
$
|
405
|
$
|
393
|
||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Occupancy %
|
96.5
|
%
|
96.0
|
%
|
94.5
|
%
|
91.7
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
240
|
$
|
222
|
$
|
244
|
$
|
232
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
232
|
$
|
213
|
$
|
230
|
$
|
212
|
||||||||
Sands Bethlehem:
|
||||||||||||||||
Occupancy %
|
97.2
|
%
|
96.8
|
%
|
94.9
|
%
|
91.1
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
164
|
$
|
151
|
$
|
159
|
$
|
151
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
160
|
$
|
146
|
$
|
151
|
$
|
137
|
||||||||
Casino Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
11,930
|
$
|
10,743
|
$
|
11,382
|
$
|
11,969
|
||||||||
Slot machine win per unit per day (4)
|
$
|
268
|
$
|
252
|
$
|
263
|
$
|
259
|
||||||||
Average number of table games
|
635
|
627
|
643
|
612
|
||||||||||||
Average number of slot machines
|
1,819
|
2,158
|
1,900
|
2,129
|
||||||||||||
Sands Cotai Central:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
9,784
|
$
|
10,591
|
$
|
9,212
|
$
|
10,779
|
||||||||
Slot machine win per unit per day (4)
|
$
|
331
|
$
|
350
|
$
|
321
|
$
|
348
|
||||||||
Average number of table games
|
480
|
496
|
504
|
505
|
||||||||||||
Average number of slot machines
|
1,752
|
1,709
|
1,850
|
1,704
|
||||||||||||
The Parisian Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
8,289
|
$
|
-
|
$
|
8,289
|
$
|
-
|
||||||||
Slot machine win per unit per day (4)
|
$
|
327
|
$
|
-
|
$
|
327
|
$
|
-
|
||||||||
Average number of table games
|
404
|
-
|
404
|
-
|
||||||||||||
Average number of slot machines
|
1,517
|
-
|
1,517
|
-
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
16,126
|
$
|
15,344
|
$
|
14,580
|
$
|
16,015
|
||||||||
Slot machine win per unit per day (4)
|
$
|
462
|
$
|
501
|
$
|
449
|
$
|
511
|
||||||||
Average number of table games
|
93
|
113
|
96
|
122
|
||||||||||||
Average number of slot machines
|
147
|
177
|
147
|
159
|
||||||||||||
Sands Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
7,046
|
$
|
8,053
|
$
|
7,297
|
$
|
8,717
|
||||||||
Slot machine win per unit per day (4)
|
$
|
274
|
$
|
287
|
$
|
267
|
$
|
287
|
||||||||
Average number of table games
|
244
|
276
|
257
|
282
|
||||||||||||
Average number of slot machines
|
879
|
1,006
|
906
|
957
|
||||||||||||
Marina Bay Sands:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
9,576
|
$
|
10,560
|
$
|
8,883
|
$
|
10,856
|
||||||||
Slot machine win per unit per day (4)
|
$
|
680
|
$
|
662
|
$
|
664
|
$
|
658
|
||||||||
Average number of table games
|
590
|
605
|
595
|
595
|
||||||||||||
Average number of slot machines
|
2,487
|
2,445
|
2,463
|
2,413
|
||||||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
3,724
|
$
|
4,551
|
$
|
3,001
|
$
|
3,644
|
||||||||
Slot machine win per unit per day (4)
|
$
|
284
|
$
|
241
|
$
|
275
|
$
|
229
|
||||||||
Average number of table games
|
251
|
245
|
246
|
245
|
||||||||||||
Average number of slot machines
|
1,989
|
2,196
|
2,001
|
2,232
|
||||||||||||
Sands Bethlehem:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
3,421
|
$
|
3,375
|
$
|
3,404
|
$
|
3,101
|
||||||||
Slot machine win per unit per day (4)
|
$
|
272
|
$
|
284
|
$
|
278
|
$
|
275
|
||||||||
Average number of table games
|
177
|
175
|
177
|
176
|
||||||||||||
Average number of slot machines
|
3,146
|
2,968
|
3,049
|
2,998
|
(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
|
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized
Adjusted Property EBITDA:
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income
|
$
|
605,513
|
$
|
618,193
|
$
|
1,408,863
|
$
|
1,810,722
|
||||||||
Add (deduct):
|
||||||||||||||||
Income tax expense
|
69,272
|
72,347
|
187,008
|
173,941
|
||||||||||||
Loss on modification or early retirement of debt
|
3,416
|
-
|
3,416
|
-
|
||||||||||||
Other (income) expense
|
(21,514
|
)
|
(16,275
|
)
|
33,075
|
(31,589
|
)
|
|||||||||
Interest expense, net of amounts capitalized
|
65,189
|
66,962
|
197,874
|
199,018
|
||||||||||||
Interest income
|
(2,299
|
)
|
(2,158
|
)
|
(6,328
|
)
|
(12,598
|
)
|
||||||||
Loss on disposal of assets
|
5,621
|
709
|
15,425
|
18,590
|
||||||||||||
Amortization of leasehold interests in land
|
9,728
|
9,737
|
28,623
|
29,060
|
||||||||||||
Depreciation and amortization
|
277,751
|
247,698
|
792,498
|
750,212
|
||||||||||||
Development expense
|
2,371
|
3,147
|
6,758
|
7,028
|
||||||||||||
Pre-opening expense
|
85,861
|
9,627
|
127,700
|
29,860
|
||||||||||||
Stock-based compensation (1)
|
2,588
|
4,744
|
12,251
|
17,365
|
||||||||||||
Corporate expense
|
39,110
|
37,488
|
208,114
|
127,276
|
||||||||||||
Consolidated Adjusted Property EBITDA
|
$
|
1,142,607
|
$
|
1,052,219
|
$
|
3,015,277
|
$
|
3,118,885
|
||||||||
Hold-normalized casino revenue (2)
|
(130,317
|
)
|
10,283
|
|||||||||||||
Hold-normalized casino expense (2)
|
46,785
|
24,819
|
||||||||||||||
Consolidated Hold-Normalized Adjusted Property EBITDA
|
$
|
1,059,075
|
$
|
1,087,321
|
||||||||||||
(1)
|
See Exhibit 7
|
(2)
|
See Exhibit 5
|
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
|
||||||||||||||||
Three Months Ended September 30, 2016
|
||||||||||||||||
(1) | (2) |
Hold-Normalized
|
||||||||||||||
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
Macao Operations
|
$
|
628,511
|
$
|
(105,692
|
)
|
$
|
41,692
|
$
|
564,511
|
|||||||
Marina Bay Sands
|
390,660
|
(28,662
|
)
|
5,829
|
367,827
|
|||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
85,307
|
4,037
|
(736
|
)
|
88,608
|
|||||||||||
Sands Bethlehem
|
38,129
|
-
|
-
|
38,129
|
||||||||||||
United States Property Operations
|
123,436
|
4,037
|
(736
|
)
|
126,737
|
|||||||||||
$
|
1,142,607
|
$
|
(130,317
|
)
|
$
|
46,785
|
$
|
1,059,075
|
Three Months Ended September 30, 2015
|
||||||||||||||||
(1) | (2) |
Hold-Normalized
|
||||||||||||||
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
Macao Operations
|
$
|
545,182
|
$
|
(43,578
|
)
|
$
|
35,115
|
$
|
536,719
|
|||||||
Marina Bay Sands
|
389,717
|
27,129
|
(5,539
|
)
|
411,307
|
|||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
79,790
|
26,732
|
(4,757
|
)
|
101,765
|
|||||||||||
Sands Bethlehem
|
37,530
|
-
|
-
|
37,530
|
||||||||||||
United States Property Operations
|
117,320
|
26,732
|
(4,757
|
)
|
139,295
|
|||||||||||
$
|
1,052,219
|
$
|
10,283
|
$
|
24,819
|
$
|
1,087,321
|
(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. 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 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. |
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Net Income and Hold-Normalized Adjusted Net Income:
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015 (1)
|
2016
|
2015 (1)
|
|||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
513,357
|
$
|
519,358
|
$
|
1,161,490
|
$
|
1,500,454
|
||||||||
Nonrecurring corporate expense
|
-
|
-
|
78,885
|
-
|
||||||||||||
Pre-opening expense
|
85,861
|
9,627
|
127,700
|
29,860
|
||||||||||||
Development expense
|
2,371
|
3,147
|
6,758
|
7,028
|
||||||||||||
Loss on disposal of assets
|
5,621
|
709
|
15,425
|
18,590
|
||||||||||||
Fair value adjustment of forward contracts
|
(10,045
|
)
|
-
|
18,069
|
-
|
|||||||||||
Loss on modification or early retirement of debt
|
3,416
|
-
|
3,416
|
-
|
||||||||||||
Income tax impact on net income adjustments (2)
|
(684
|
)
|
(79
|
)
|
(20,894
|
)
|
(201
|
)
|
||||||||
Noncontrolling interest impact on net income adjustments
|
(27,696
|
)
|
(2,954
|
)
|
(50,011
|
)
|
(13,354
|
)
|
||||||||
Adjusted net income
|
$
|
572,201
|
$
|
529,808
|
$
|
1,340,838
|
$
|
1,542,377
|
||||||||
Hold-normalized casino revenue (3)
|
(130,317
|
)
|
10,283
|
|||||||||||||
Hold-normalized casino expense (3)
|
46,785
|
24,819
|
||||||||||||||
Income tax impact on hold adjustments (2)
|
2,726
|
(3,670
|
)
|
|||||||||||||
Noncontrolling interest impact on hold adjustments
|
19,132
|
2,529
|
||||||||||||||
Hold-normalized adjusted net income
|
$
|
510,527
|
$
|
563,769
|
(1)
|
The information for the three and nine months ended September 30, 2015, has been reclassified to conform to the current presentation.
|
(2)
|
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
|
(3)
|
See Exhibit 5
|
The following is a reconciliation of Diluted Earnings per Share to Adjusted Earnings per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted Share:
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015 (1)
|
2016
|
2015 (1)
|
|||||||||||||
Per diluted share of common stock:
|
||||||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
0.65
|
$
|
0.65
|
$
|
1.46
|
$
|
1.88
|
||||||||
Nonrecurring corporate expense
|
-
|
-
|
0.10
|
-
|
||||||||||||
Pre-opening expense
|
0.11
|
0.01
|
0.16
|
0.04
|
||||||||||||
Development expense
|
-
|
-
|
0.01
|
0.01
|
||||||||||||
Loss on disposal of assets
|
-
|
-
|
0.02
|
0.02
|
||||||||||||
Fair value adjustment of forward contracts
|
(0.01
|
)
|
-
|
0.02
|
-
|
|||||||||||
Loss on modification or early retirement of debt
|
-
|
-
|
-
|
-
|
||||||||||||
Income tax impact on net income adjustments
|
-
|
-
|
(0.02
|
)
|
-
|
|||||||||||
Noncontrolling interest impact on net income adjustments
|
(0.03
|
)
|
-
|
(0.06
|
)
|
(0.02
|
)
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.72
|
$
|
0.66
|
$
|
1.69
|
$
|
1.93
|
||||||||
Hold-normalized casino revenue
|
(0.16
|
)
|
0.02
|
|||||||||||||
Hold-normalized casino expense
|
0.06
|
0.03
|
||||||||||||||
Income tax impact on hold adjustments
|
-
|
-
|
||||||||||||||
Noncontrolling interest impact on hold adjustments
|
0.02
|
-
|
||||||||||||||
Hold-normalized adjusted earnings per diluted share
|
$
|
0.64
|
$
|
0.71
|
||||||||||||
Weighted average diluted shares outstanding
|
795,136,252
|
797,302,248
|
795,144,575
|
798,263,294
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
271,014
|
$
|
39,829
|
$
|
1,663
|
$
|
624
|
$
|
18
|
$
|
-
|
$
|
1,653
|
$
|
-
|
$
|
314,801
|
||||||||||||||||||
Sands Cotai Central
|
100,472
|
70,532
|
2,126
|
4,144
|
(1,329
|
)
|
-
|
661
|
-
|
176,606
|
||||||||||||||||||||||||||
The Parisian Macao
|
(10,672
|
)
|
8,899
|
125
|
-
|
20,764
|
-
|
74
|
-
|
19,190
|
||||||||||||||||||||||||||
Four Seasons Hotel Macao
and Plaza Casino
|
50,931
|
9,730
|
719
|
5
|
912
|
-
|
230
|
-
|
62,527
|
|||||||||||||||||||||||||||
Sands Macao
|
35,337
|
9,688
|
374
|
224
|
-
|
-
|
102
|
-
|
45,725
|
|||||||||||||||||||||||||||
Ferry Operations and Other
|
(11,891
|
)
|
3,708
|
-
|
17
|
129
|
17,561
|
138
|
-
|
9,662
|
||||||||||||||||||||||||||
Macao Operations
|
435,191
|
142,386
|
5,007
|
5,014
|
20,494
|
17,561
|
2,858
|
-
|
628,511
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
286,559
|
76,843
|
4,236
|
316
|
-
|
23,014
|
(308
|
)
|
-
|
390,660
|
||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating
Properties
|
81,694
|
43,837
|
-
|
(43
|
)
|
25
|
(40,244
|
)
|
38
|
-
|
85,307
|
|||||||||||||||||||||||||
Sands Bethlehem
|
30,862
|
7,255
|
-
|
-
|
12
|
-
|
-
|
-
|
38,129
|
|||||||||||||||||||||||||||
United States Property
Operations
|
112,556
|
51,092
|
-
|
(43
|
)
|
37
|
(40,244
|
)
|
38
|
-
|
123,436
|
|||||||||||||||||||||||||
Other Development
|
(68,310
|
)
|
124
|
485
|
-
|
67,701
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(46,419
|
)
|
7,306
|
-
|
334
|
-
|
(331
|
)
|
-
|
39,110
|
-
|
|||||||||||||||||||||||||
$
|
719,577
|
$
|
277,751
|
$
|
9,728
|
$
|
5,621
|
$
|
88,232
|
$
|
-
|
$
|
2,588
|
$
|
39,110
|
$
|
1,142,607
|
Three Months Ended September 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
|
$
|
213,653
|
$
|
39,083
|
$
|
1,665
|
$
|
172
|
$
|
-
|
$
|
-
|
$
|
1,808
|
$
|
-
|
$
|
256,381
|
||||||||||||||||||
Sands Cotai Central
|
94,531
|
68,894
|
2,138
|
566
|
3,609
|
-
|
719
|
-
|
170,457
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao
and Plaza Casino
|
46,923
|
9,596
|
720
|
-
|
1,331
|
-
|
215
|
-
|
58,785
|
|||||||||||||||||||||||||||
Sands Macao
|
41,753
|
8,936
|
373
|
(34
|
)
|
-
|
-
|
104
|
-
|
51,132
|
||||||||||||||||||||||||||
Ferry Operations and Other
|
(8,872
|
)
|
3,559
|
-
|
8
|
-
|
13,640
|
92
|
-
|
8,427
|
||||||||||||||||||||||||||
Macao Operations
|
387,988
|
130,068
|
4,896
|
712
|
4,940
|
13,640
|
2,938
|
-
|
545,182
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
302,379
|
58,307
|
4,227
|
29
|
466
|
24,087
|
222
|
-
|
389,717
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating
Properties
|
71,609
|
44,082
|
-
|
1
|
-
|
(37,486
|
)
|
1,584
|
-
|
79,790
|
||||||||||||||||||||||||||
Sands Bethlehem
|
30,832
|
6,700
|
-
|
(33
|
)
|
31
|
-
|
-
|
-
|
37,530
|
||||||||||||||||||||||||||
United States Property
Operations
|
102,441
|
50,782
|
-
|
(32
|
)
|
31
|
(37,486
|
)
|
1,584
|
-
|
117,320
|
|||||||||||||||||||||||||
Other Development
|
(8,112
|
)
|
161
|
614
|
-
|
7,337
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(45,627
|
)
|
8,380
|
-
|
-
|
-
|
(241
|
)
|
-
|
37,488
|
-
|
|||||||||||||||||||||||||
$
|
739,069
|
$
|
247,698
|
$
|
9,737
|
$
|
709
|
$
|
12,774
|
$
|
-
|
$
|
4,744
|
$
|
37,488
|
$
|
1,052,219
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
695,107
|
$
|
120,016
|
$
|
4,960
|
$
|
765
|
$
|
156
|
$
|
-
|
$
|
6,000
|
$
|
-
|
$
|
827,004
|
||||||||||||||||||
Sands Cotai Central
|
255,706
|
216,598
|
6,141
|
4,600
|
(1,219
|
)
|
-
|
2,341
|
-
|
484,167
|
||||||||||||||||||||||||||
The Parisian Macao
|
(10,672
|
)
|
8,899
|
125
|
-
|
20,764
|
-
|
74
|
-
|
19,190
|
||||||||||||||||||||||||||
Four Seasons Hotel Macao
and Plaza Casino
|
119,900
|
29,179
|
2,156
|
17
|
2,341
|
-
|
808
|
-
|
154,401
|
|||||||||||||||||||||||||||
Sands Macao
|
95,501
|
27,905
|
1,119
|
215
|
-
|
-
|
532
|
-
|
125,272
|
|||||||||||||||||||||||||||
Ferry Operations and Other
|
(37,575
|
)
|
10,993
|
-
|
(35
|
)
|
249
|
50,297
|
528
|
-
|
24,457
|
|||||||||||||||||||||||||
Macao Operations
|
1,117,967
|
413,590
|
14,501
|
5,562
|
22,291
|
50,297
|
10,283
|
-
|
1,634,491
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
742,759
|
204,365
|
12,476
|
(1,275
|
)
|
-
|
64,213
|
27
|
-
|
1,022,565
|
||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating
Properties
|
214,857
|
130,612
|
-
|
9,900
|
961
|
(113,581
|
)
|
1,941
|
-
|
244,690
|
||||||||||||||||||||||||||
Sands Bethlehem
|
91,031
|
21,661
|
-
|
507
|
332
|
-
|
-
|
-
|
113,531
|
|||||||||||||||||||||||||||
United States Property
Operations
|
305,888
|
152,273
|
-
|
10,407
|
1,293
|
(113,581
|
)
|
1,941
|
-
|
358,221
|
||||||||||||||||||||||||||
Other Development
|
(112,671
|
)
|
151
|
1,646
|
-
|
110,874
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(230,035
|
)
|
22,119
|
-
|
731
|
-
|
(929
|
)
|
-
|
208,114
|
-
|
|||||||||||||||||||||||||
$
|
1,823,908
|
$
|
792,498
|
$
|
28,623
|
$
|
15,425
|
$
|
134,458
|
$
|
-
|
$
|
12,251
|
$
|
208,114
|
$
|
3,015,277
|
Nine Month Ended September 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
|
$
|
644,620
|
$
|
115,403
|
$
|
4,971
|
$
|
8,972
|
$
|
-
|
$
|
-
|
$
|
7,347
|
$
|
-
|
$
|
781,313
|
||||||||||||||||||
Sands Cotai Central
|
259,138
|
209,509
|
6,216
|
4,093
|
8,387
|
-
|
3,234
|
-
|
490,577
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao
and Plaza Casino
|
140,773
|
28,908
|
2,140
|
13
|
4,763
|
-
|
994
|
-
|
177,591
|
|||||||||||||||||||||||||||
Sands Macao
|
142,586
|
27,018
|
1,113
|
3,170
|
-
|
-
|
907
|
-
|
174,794
|
|||||||||||||||||||||||||||
Ferry Operations and Other
|
(35,014
|
)
|
10,542
|
-
|
8
|
40,920
|
324
|
-
|
16,780
|
|||||||||||||||||||||||||||
Macao Operations
|
1,152,103
|
391,380
|
14,440
|
16,256
|
13,150
|
40,920
|
12,806
|
-
|
1,641,055
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
898,583
|
181,610
|
12,779
|
269
|
1,182
|
73,169
|
651
|
-
|
1,168,243
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating
Properties
|
183,862
|
131,240
|
-
|
2,192
|
294
|
(113,357
|
)
|
3,834
|
-
|
208,065
|
||||||||||||||||||||||||||
Sands Bethlehem
|
81,333
|
20,158
|
-
|
(127
|
)
|
84
|
-
|
74
|
-
|
101,522
|
||||||||||||||||||||||||||
United States Property Operations
|
265,195
|
151,398
|
-
|
2,065
|
378
|
(113,357
|
)
|
3,908
|
-
|
309,587
|
||||||||||||||||||||||||||
Other Development
|
(24,502
|
)
|
483
|
1,841
|
-
|
22,178
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(151,885
|
)
|
25,341
|
-
|
-
|
-
|
(732
|
)
|
-
|
127,276
|
-
|
|||||||||||||||||||||||||
$
|
2,139,494
|
$
|
750,212
|
$
|
29,060
|
$
|
18,590
|
$
|
36,888
|
$
|
-
|
$
|
17,365
|
$
|
127,276
|
$
|
3,118,885
|
(1) |
During the three months ended September 30, 2016 and 2015, the Company recorded stock-based compensation expense of $7.0 million and $9.3 million, respectively, of which $4.1 million and $4.4 million, respectively, is included in corporate expense and $0.3 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the nine months ended September 30, 2016 and 2015, the Company recorded stock-based compensation expense of $28.3 million and $36.5 million, respectively, of which $14.9 million and $18.3 million, respectively, is included in corporate expense and $1.1 million and $0.8 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. |
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Seaport Global Securities Starts Las Vegas Sands (LVS) at Buy
- Montrose Environmental Group Announces Pricing of Public Offering of Shares
- Rich Correll's "Hollywood's Icons of Darkness" Passes 2000 Collectors Item Mark
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!