Las Vegas Sands Reports Fourth Quarter 2023 Results

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

Revenues:

  Casino

$          2,111

$             654

$          7,522

$          2,627

  Rooms

323

154

1,204

469

  Food and beverage

161

103

584

301

  Mall

232

164

767

580

  Convention, retail and other

88

42

295

133

Net revenues

2,915

1,117

10,372

4,110

Operating expenses:

  Resort operations

1,721

908

6,316

3,411

  Corporate

64

68

230

235

  Pre-opening

2

2

15

13

  Development

65

35

205

143

  Depreciation and amortization

333

256

1,208

1,036

  Amortization of leasehold interests in land

15

13

58

55

  Loss on disposal or impairment of assets

5

1

27

9

2,205

1,283

8,059

4,902

Operating income (loss)

710

(166)

2,313

(792)

Other income (expense):

  Interest income

63

60

288

116

  Interest expense, net of amounts capitalized

(190)

(201)

(818)

(702)

  Other income (expense)

9

20

(8)

(9)

Income (loss) from continuing operations before income taxes

592

(287)

1,775

(1,387)

Income tax (expense) benefit

(123)

18

(344)

(154)

Net income (loss) from continuing operations

469

(269)

1,431

(1,541)

Discontinued operations:

Income from operations of discontinued operations, net of tax

—

—

—

46

Gain on disposal of discontinued operations, net of tax

—

—

—

2,861

Adjustment to gain on disposal of discontinued operations, net of

  tax

—

(5)

—

(9)

Income (loss) from discontinued operations, net of tax

—

(5)

—

2,898

Net income (loss)

469

(274)

1,431

1,357

Net (income) loss attributable to noncontrolling interests

(87)

105

(210)

475

Net income (loss) attributable to Las Vegas Sands Corp.

$             382

$           (169)

$          1,221

$          1,832

Earnings (loss) per share - basic:

Net income (loss) from continuing operations

$            0.50

$          (0.21)

$            1.62

$          (1.40)

Net income (loss) from discontinued operations, net of tax

—

(0.01)

—

3.80

Net income (loss) per common share

$            0.50

$          (0.22)

$            1.62

$            2.40

Earnings (loss) per share - diluted:

Net income (loss) from continuing operations

$            0.50

$          (0.21)

$            1.62

$          (1.40)

Net income (loss) from discontinued operations, net of tax

—

(0.01)

—

3.80

Net income (loss) per common share

$            0.50

$          (0.22)

$            1.62

$            2.40

Weighted average shares outstanding:

  Basic

759

764

752

764

  Diluted

760

764

754

764

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

Net Revenues

The Venetian Macao

$      748

$      201

$   2,682

$      682

The Londoner Macao

589

93

1,792

350

The Parisian Macao

222

51

879

188

The Plaza Macao and Four Seasons Macao

192

75

779

313

Sands Macao

81

17

322

65

Ferry Operations and Other

31

7

105

29

  Macao Operations

1,863

444

6,559

1,627

Marina Bay Sands

1,061

682

3,849

2,516

Intercompany Royalties

60

29

224

107

Intersegment Eliminations⁽¹⁾

(69)

(38)

(260)

(140)

$    2,915

$   1,117

$  10,372

$   4,110

Adjusted Property EBITDA

The Venetian Macao

$      302

$        14

$   1,054

$       (25)

The Londoner Macao

190

(42)

516

(189)

The Parisian Macao

68

(26)

269

(103)

The Plaza Macao and Four Seasons Macao

71

26

308

81

Sands Macao

17

(20)

59

(81)

Ferry Operations and Other

6

(3)

18

(7)

  Macao Operations

654

(51)

2,224

(324)

Marina Bay Sands

544

273

1,861

1,056

$    1,198

$      222

$   4,085

$      732

Adjusted Property EBITDA as a Percentage of Net

  Revenues

The Venetian Macao

40.4 %

7.0 %

39.3 %

The Londoner Macao

32.3 %

28.8 %

The Parisian Macao

30.6 %

30.6 %

The Plaza Macao and Four Seasons Macao

37.0 %

34.7 %

39.5 %

25.9 %

Sands Macao

21.0 %

18.3 %

Ferry Operations and Other

19.4 %

17.1 %

  Macao Operations

35.1 %

33.9 %

Marina Bay Sands

51.3 %

40.0 %

48.4 %

42.0 %

Total

41.1 %

19.9 %

39.4 %

17.8 %

____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the year ended December 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation.

(1)

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Income (Loss) from Continuing Operations to Consolidated Adjusted Property EBITDA:

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

Net income (loss) from continuing operations

$         469

$        (269)

$      1,431

$     (1,541)

  Add (deduct):

Income tax expense (benefit)

123

(18)

344

154

Other (income) expense

(9)

(20)

8

9

Interest expense, net of amounts capitalized

190

201

818

702

Interest income

(63)

(60)

(288)

(116)

Loss on disposal or impairment of assets

5

1

27

9

Amortization of leasehold interests in land

15

13

58

55

Depreciation and amortization

333

256

1,208

1,036

Development expense

65

35

205

143

Pre-opening expense

2

2

15

13

Stock-based compensation ⁽¹⁾

4

13

29

33

Corporate expense

64

68

230

235

Consolidated Adjusted Property EBITDA

$      1,198

$         222

$      4,085

$         732

____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the year ended December 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation.

(1)

During the three months ended December 31, 2023 and 2022, the company recorded stock-based compensation expense of $14 million and $23 million, respectively, of which $10 million and $10 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.  During the years ended December 31, 2023 and 2022, the company recorded stock-based compensation expense of $72 million and $70 million, respectively, of which $43 million and $37 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except per share data)

(Unaudited)

The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income (Loss):

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

Net income (loss) attributable to LVS

$             382

$           (169)

$          1,221

$          1,832

Pre-opening expense

2

2

15

13

Development expense

65

35

205

143

Loss on disposal or impairment of assets

5

1

27

9

Other (income) expense

(9)

(20)

8

9

(Income) loss from discontinued operations, net of tax

—

5

—

(2,898)

Income tax impact on net income adjustments ⁽¹⁾

(14)

(7)

(43)

(26)

Noncontrolling interest impact on net income adjustments

3

11

(10)

—

Adjusted net income (loss) from continuing operations attributable

  to LVS

$             434

$           (142)

$          1,423

$           (918)

The following is a reconciliation of Income (Loss) per Diluted Share to Adjusted Earnings (Loss) per Diluted Share:

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

Per diluted share of common stock:

Net income (loss) attributable to LVS

$            0.50

$          (0.22)

$            1.62

$            2.40

Pre-opening expense

—

—

0.02

0.01

Development expense

0.09

0.05

0.27

0.19

Loss on disposal or impairment of assets

0.01

—

0.04

0.01

Other (income) expense

(0.01)

(0.03)

0.01

0.01

(Income) loss from discontinued operations, net of tax

—

0.01

—

(3.79)

Income tax impact on net income adjustments

(0.02)

(0.01)

(0.06)

(0.03)

Noncontrolling interest impact on net income adjustments

—

0.01

(0.01)

—

Adjusted earnings (loss) per diluted share from continuing

  operations

$            0.57

$          (0.19)

$            1.89

$          (1.20)

Weighted average diluted shares outstanding

760

764

754

764

____________________

(1)

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.

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(In millions)

(Unaudited)

The following reflects the impact on Net Revenues for hold-adjusted win percentage:

Three Months Ended

December 31,

2023

2022

Macao Operations

$               68

$             (10)

Marina Bay Sands

(91)

144

$             (23)

$            134

The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:

Three Months Ended

December 31,

2023

2022

Macao Operations

$               40

$               (6)

Marina Bay Sands

(71)

113

$             (31)

$            107

____________________

Note:

Beginning with the fourth quarter of 2023, we are no longer reporting quarterly "consolidated hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA" for Macao operations and Marina Bay Sands, and "hold-normalized adjusted net income (loss) from continuing operations attributable to LVS" or "hold-normalized adjusted earnings (loss) per diluted share from continuing operations."  We are making this change in response to comments from the SEC staff in connection with their ordinary course review.  We will continue to report the hold-adjusted impact on quarterly revenue and adjusted property EBITDA for our Macao operations and Marina Bay Sands.

These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled 3.30%.  Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.  

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

Casino Statistics:

The Venetian Macao:

Table games win per unit per day ⁽¹⁾

$        10,270

$          2,496

$          9,419

$          2,255

Slot machine win per unit per day ⁽²⁾

$             416

$               90

$             420

$               87

Average number of table games

690

626

672

626

Average number of slot machines

1,458

1,523

1,408

1,435

The Londoner Macao:

Table games win per unit per day ⁽¹⁾

$        10,562

$          1,443

$          8,251

$          1,449

Slot machine win per unit per day ⁽²⁾

$             575

$               39

$             480

$               48

Average number of table games

499

472

487

473

Average number of slot machines

1,332

1,360

1,215

1,366

The Parisian Macao:

Table games win per unit per day ⁽¹⁾

$          6,875

$          1,528

$          7,069

$          1,417

Slot machine win per unit per day ⁽²⁾

$             316

$               30

$             310

$               29

Average number of table games

273

269

270

269

Average number of slot machines

836

1,115

879

1,110

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day ⁽¹⁾

$         21,078

$          2,697

$        19,656

$          3,919

Slot machine win per unit per day ⁽²⁾

$                —

$               44

$             218

$               41

Average number of table games

86

142

96

142

Average number of slot machines

22

100

62

135

Sands Macao:

Table games win per unit per day ⁽¹⁾

$          7,327

$             759

$          5,871

$             934

Slot machine win per unit per day ⁽²⁾

$             276

$               45

$             264

$               50

Average number of table games

105

152

129

153

Average number of slot machines

507

765

598

731

Marina Bay Sands:

Table games win per unit per day ⁽¹⁾

$        14,785

$          7,832

$        12,951

$          7,849

Slot machine win per unit per day ⁽²⁾

$             840

$             757

$             869

$             724

Average number of table games

505

505

514

517

Average number of slot machines

2,946

2,891

2,925

2,670

____________________

Note:

The 2022 casino statistics exclude slot machines not in operation due to social distancing measures.

(1)

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(2)

Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

December 31,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$           607

$           130

$         477

Rooms

49

17

32

Food and Beverage

16

5

11

Mall

66

43

23

Convention, Retail and Other

10

6

4

Net Revenues

$           748

$           201

$         547

Adjusted Property EBITDA

$           302

$             14

$         288

EBITDA Margin %

40.4 %

7.0 %

         33.4 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        1,247

$           197

$      1,050

Rolling Chip Win %⁽¹⁾

3.27 %

5.56 %

          (2.29) pts

Non-Rolling Chip Drop

$        2,455

$           491

$      1,964

Non-Rolling Chip Win %

24.9 %

27.0 %

        (2.1) pts

Slot Handle

$        1,367

$           296

$      1,071

Slot Hold %

4.1 %

4.2 %

        (0.1) pts

Hotel Statistics

Occupancy %

98.7 %

50.2 %

         48.5 pts

Average Daily Rate (ADR)

$           202

$           145

$           57

Revenue per Available Room (RevPAR)

$           200

$             73

$         127

____________________

Note:

Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022.  Rooms utilized to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Londoner Macao

December 31,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$           433

$             49

$         384

Rooms

92

18

74

Food and Beverage

27

7

20

Mall

19

12

7

Convention, Retail and Other

18

7

11

Net Revenues

$           589

$             93

$         496

Adjusted Property EBITDA

$           190

$            (42)

$         232

EBITDA Margin %

32.3 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        2,324

$           165

$      2,159

Rolling Chip Win %⁽¹⁾

3.04 %

6.36 %

          (3.32) pts

Non-Rolling Chip Drop

$        1,852

$           252

$      1,600

Non-Rolling Chip Win %

22.4 %

20.7 %

       1.7 pts

Slot Handle

$        1,706

$           172

$      1,534

Slot Hold %

4.1 %

2.9 %

       1.2 pts

Hotel Statistics

Occupancy %

96.8 %

30.7 %

         66.1 pts

Average Daily Rate (ADR)

$           186

$           171

$           15

Revenue per Available Room (RevPAR)

$           180

$             52

$         128

____________________

Note:

Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022.  Rooms utilized for government quarantine purposes and to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

December 31,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$           163

$             33

$         130

Rooms

35

10

25

Food and Beverage

14

3

11

Mall

9

5

4

Convention, Retail and Other

1

—

1

Net Revenues

$           222

$             51

$         171

Adjusted Property EBITDA

$             68

$            (26)

$           94

EBITDA Margin %

30.6 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$             31

$             48

$          (17)

Rolling Chip Win %⁽¹⁾

6.18 %

11.98 %

          (5.80) pts

Non-Rolling Chip Drop

$           778

$           123

$         655

Non-Rolling Chip Win %

21.9 %

26.1 %

        (4.2) pts

Slot Handle

$           640

$             85

$         555

Slot Hold %

3.8 %

3.6 %

       0.2 pts

Hotel Statistics

Occupancy %

98.8 %

36.1 %

         62.7 pts

Average Daily Rate (ADR)

$           153

$           117

$           36

Revenue per Available Room (RevPAR)

$           151

$             42

$         109

____________________

Note:

Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022.  Rooms utilized to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao

December 31,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$             95

$             26

$           69

Rooms

25

9

16

Food and Beverage

9

3

6

Mall

62

37

25

Convention, Retail and Other

1

—

1

Net Revenues

$           192

$             75

$         117

Adjusted Property EBITDA

$             71

$             26

$           45

EBITDA Margin %

37.0 %

34.7 %

       2.3 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        2,387

$           177

$      2,210

Rolling Chip Win %⁽¹⁾

0.65 %

1.34 %

          (0.69) pts

Non-Rolling Chip Drop

$           682

$           144

$         538

Non-Rolling Chip Win %

22.2 %

22.7 %

        (0.5) pts

Slot Handle

$              —

$               5