• Global Leadership

    We are the global leader in convention-based Integrated Resort development and operation

  • Delivering Shareholder Value

    We are committed to driving long-term shareholder value by delivering earnings growth and increasing the return of capital to shareholders

  • Returning Capital to Shareholders

    We have returned over $17.4 billion of capital to shareholders through dividends and share repurchases through June 30, 2017

  • Future Growth

    We are uniquely positioned to bring our unmatched track record and powerful convention-based business model to the most promising Integrated Resort development opportunities globally

NYSE: LVS

Your market is:
62.35 +0.46+0.73%
Volume:1,805,017
Open:61.49
October 19, 2017 03:26 PM Pricing delayed 20 minutes

Email Alerts

Email Address *
Mailing Lists *




 
Enter the code shown above.

Las Vegas Sands Reports Fourth Quarter and Full Year 2016 Results

Jan 25, 2017

LAS VEGAS, Jan. 25, 2017 /PRNewswire/ --

For the Quarter Ended December 31, 2016
(Compared to the Quarter Ended December 31, 2015)

  • Consolidated Net Revenue Increased 7.4% to $3.08 Billion, Net Income Increased 5.6% to $607 Million
  • GAAP Earnings per Diluted Share was $0.64; Adjusted Earnings per Diluted Share was $0.62; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.58
  • Consolidated Adjusted Property EBITDA Increased 6.1% to $1.12 Billion, With Margin of 36.3%
  • Hold-Normalized Adjusted Property EBITDA was $1.07 Billion, With Margin of 35.7%

In Macao:

  • Adjusted Property EBITDA Increased 5.0% to $610 Million, While Hold-Normalized Adjusted Property EBITDA Increased 2.0% to $566 Million
  • The Parisian Macao Generated Adjusted Property EBITDA of $95 Million During Its First Full Quarter of Operation 

At Marina Bay Sands in Singapore:

  • Adjusted Property EBITDA Increased 8.0% to $366 Million, With Margin Increasing 240 basis points to 50.6%
  • Hotel RevPAR Increased 7.9% to $409

At Our Las Vegas Operating Properties:

  • Adjusted Property EBITDA Increased 14.4% to $111 Million
  • Hotel RevPAR Increased 4.5% to $230

 

  • The Company Paid a Quarterly Dividend of $0.72 per Share

For the Year Ended December 31, 2016
(Compared to the Year Ended December 31, 2015)

  • Net Revenue was $11.41 Billion, Net Income was $2.02 Billion and $2.10 per Diluted Share
  • Consolidated Adjusted Property EBITDA was $4.13 Billion, Adjusted Earnings per Diluted Share was $2.33 
  • The Company Paid Dividends of $2.88 per Share
  • The Company's Board of Directors Announced an Increase in the Company's Recurring Common Stock Dividend for the 2017 Calendar Year to $2.92 per Share ($0.73 per Share per Quarter)

Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended December 31, 2016.

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have delivered a solid operating performance in each of our markets, which enabled us to generate $1.12 billion in adjusted property EBITDA for the quarter, an increase of 6.1% compared to the fourth quarter of 2015.

"In Macao, our industry-leading Cotai Strip property portfolio, which has been meaningfully expanded by the opening of the Parisian Macao, generated growth of 16% in the mass gaming segment. This result was our strongest growth in Macao's most important and profitable segment since the second quarter of 2014.  The Macao market overall continued its recovery in the fourth quarter, while our Macao portfolio generated visitation growth of 23% and higher hotel occupancy rates.  We are confident that the benefits of the increased scale we have achieved in our market-leading hotel, retail and entertainment offerings will enable us to deliver growth in Macao and strong financial performance.

"We are pleased The Parisian Macao, our latest Integrated Resort delivered $95 million in adjusted property EBITDA during its first full quarter of operation and quickly established itself as another 'must see' destination for visitors to the Cotai Strip. To date we have invested approximately $13 billion in Macao, contributing to Macao's diversification and appeal as a business and leisure tourism destination. We remain confident that our market-leading Cotai Strip portfolio of properties will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide both Macao and our Company an outstanding and diversified platform for future growth.

"Our focus remains on the consistent execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. We are particularly encouraged by the recent passage of the IR Promotion Bill in Japan as it paves the way for more detailed legislation that we believe will create opportunities for us to bring the economic benefits of our industry-leading convention-based Integrated Resort business model to this dynamic and promising market."

The Company paid a recurring quarterly dividend of $0.72 per common share during the quarter. The Company announced that its next recurring quarterly dividend of $0.73 per common share will be paid on March 31, 2017, to Las Vegas Sands shareholders of record on March 23, 2017.   

Marina Bay Sands in Singapore delivered $366 million in adjusted property EBITDA, an increase of 8.0% compared to the same quarter last year. The property continues to attract business and leisure visitors from across the region and deliver the economic benefits of our convention-based business model to Singapore. Consistent mass win-per-day of $4.59 million and strength in non-gaming revenues, including a 7.9% increase in RevPAR, contributed to an adjusted property EBITDA margin of 50.6%, 240 basis points higher than in the prior-year quarter.

At The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, adjusted property EBITDA grew 14.4% to $111 million compared to the fourth quarter of last year. Revenue growth of 3.0% reflected modest top-line increases in all business segments. Revenue growth in combination with cost discipline generated a 260 basis point improvement in adjusted property EBITDA margin to 26.9%.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2016 increased 7.4% to $3.08 billion, compared to $2.86 billion in the fourth quarter of 2015. Net income increased 5.6% to $607 million in the fourth quarter of 2016, compared to $575 million in the year-ago quarter.

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the fourth quarter of 2016 decreased 4.7% to $669 million, compared to $702 million in the fourth quarter of 2015. The modest decrease in operating income was a result of higher depreciation and amortization expenses as well as asset impairment charges during the quarter. This was largely offset by higher revenues and lower pre-opening costs. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.12 billion increased 6.1% in the fourth quarter of 2016, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA was $1.07 billion in the fourth quarter of 2016, unchanged from the prior-year quarter. 

On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2016 increased 9.2% to $509 million, compared to $466 million in the fourth quarter of 2015, while diluted earnings per share in the fourth quarter of 2016 of $0.64, represented an increase of 8.5% compared to the prior-year quarter. The increase in net income attributable to Las Vegas Sands was a result primarily of $64 million of other income related to foreign exchange gains and changes in the value of forward currency contracts.   

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) decreased 0.6% to $491 million, or $0.62 per diluted share, compared to $494 million, or $0.62 per diluted share, in the fourth quarter of 2015.

On a GAAP basis, full year 2016 operating income decreased 12.2% to $2.49 billion, compared to $2.84 billion in 2015. The decrease in operating income was principally due to lower net revenues, non-recurring legal costs in 2016 and higher pre-opening expenses, most of which relate to The Parisian Macao. Net income attributable to Las Vegas Sands decreased 15.1% to $1.67 billion, or $2.10 per diluted share, in 2016, compared to $2.0 billion, or $2.47 per diluted share, in 2015. The decline in net income attributable to Las Vegas Sands reflected the decrease in operating income described above, partially offset by a decrease in net income attributable to noncontrolling interests. 

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased 12.0% to $1.86 billion in the fourth quarter of 2016, compared to $1.66 billion in the fourth quarter of 2015. Net income for SCL decreased 7.9% to $348 million in the fourth quarter of 2016, compared to $378 million in the fourth quarter of 2015.

On a GAAP basis, full year 2016 total net revenues for Sands China Ltd. decreased 2.5% to $6.69 billion, compared to $6.86 billion in 2015. Net income for Sands China Ltd. decreased 15.9% to $1.22 billion in 2016, compared to $1.45 billion in 2015.

The Venetian Macao Fourth Quarter Operating Results

The property generated revenue of $707 million and adjusted property EBITDA of $262 million in the fourth quarter, with an adjusted property EBITDA margin of 37.1%. Non-Rolling Chip drop was $1.72 billion for the quarter, with a Non-Rolling Chip win percentage of 25.1%. Rolling Chip volume decreased $1.1 billion to $6.89 billion, with a Rolling Chip win percentage of 3.23%, below the 3.34% experienced in the prior-year quarter. Slot handle was $783 million

The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2016 compared to the fourth quarter of 2015:

The Venetian Macao Operations

 Three Months Ended


December 31,


(Dollars in millions)

2016


2015


$ Change


 Change

Revenues:











Casino

$

602


$

632


$

(30)


-4.7%

Rooms


44



50



(6)


-12.0%

Food and Beverage


21



24



(3)


-12.5%

Mall


57



62



(5)


-8.1%

Convention, Retail and Other


21



30



(9)


-30.0%

Less - Promotional Allowances


(38)



(37)



(1)


-2.7%

Net Revenues

$

707


$

761


$

(54)


-7.1%












Adjusted Property EBITDA

$

262


$

298


$

(36)


-12.1%

EBITDA Margin %


37.1%



39.2%





-2.1 pts












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

6,889


$

7,997


$

(1,108)


-13.9%

Rolling Chip Win %(1)


3.23%



3.34%





-0.11 pts












Non-Rolling Chip Drop

$

1,715


$

1,743


$

(28)


-1.6%

Non-Rolling Chip Win %


25.1%



23.4%





1.7 pts












Slot Handle

$

783


$

1,009


$

(226)


-22.4%

Slot Hold %


4.3%



4.7%





-0.4 pts












Hotel Statistics






















Occupancy %


94.2%



83.5%





10.7 pts

Average Daily Rate (ADR)

$

211


$

223


$

(12)


-5.4%

Revenue per Available Room (RevPAR)

$

199


$

186


$

13


7.0%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Cotai Central Fourth Quarter Operating Results

Revenue and adjusted property EBITDA for the fourth quarter of 2016 at Sands Cotai Central were $444 million and $132 million, respectively, resulting in an adjusted property EBITDA margin of 29.7%.

Non-Rolling Chip drop was $1.42 billion in the fourth quarter, with a Non-Rolling Chip win percentage of 19.1%. Rolling Chip volume was $2.83 billion for the quarter, with a Rolling Chip win percentage of 3.04%. Slot handle was $1.27 billion for the quarter. Hotel occupancy was 85.9% with an ADR of $146

The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Sands Cotai Central Operations

 Three Months Ended


December 31,


(Dollars in millions)

2016


2015


$ Change


 Change

Revenues:











Casino

$

365


$

426


$

(61)


-14.3%

Rooms


71



69



2


2.9%

Food and Beverage


26



26



-


-%

%Mall


16



18



(2)


-11.1%

Convention, Retail and Other


6



7



(1)


-14.3%

Less - Promotional Allowances


(40)



(40)



-


-%

Net Revenues

$

444


$

506


$

(62)


-12.3%












Adjusted Property EBITDA

$

132


$

160


$

(28)


-17.5%

EBITDA Margin %


29.7%



31.6%





-1.9 pts












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

2,827


$

4,129


$

(1,302)


-31.5%

Rolling Chip Win %(1)


3.04%



2.62%





0.42 pts












Non-Rolling Chip Drop

$

1,421


$

1,459


$

(38)


-2.6%

Non-Rolling Chip Win %


19.1%



21.3%





-2.2 pts












Slot Handle

$

1,273


$

1,480


$

(207)


-14.0%

Slot Hold %


3.4%



3.6%





-0.2 pts












Hotel Statistics






















Occupancy %


85.9%



85.4%





0.5 pts

Average Daily Rate (ADR)

$

146


$

151


$

(5)


-3.3%

Revenue per Available Room (RevPAR)

$

125


$

129


$

(4)


-3.1%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

The Parisian Macao Fourth Quarter Operating Results

The Parisian Macao opened on September 13, 2016, and the fourth quarter results reflect its first full quarter of operation. Revenue and adjusted property EBITDA at The Parisian Macao were $344 million and $95 million, respectively, resulting in an adjusted property EBITDA margin of 27.6%.

Non-Rolling Chip drop was $895 million, with a Non-Rolling Chip win percentage of 18.3%. Rolling Chip volume was $3.31 billion, with a Rolling Chip win percentage of 4.52%. Slot handle was $803 million and hotel occupancy was 91.1% with an ADR of $138

The following table summarizes our key operating results for The Parisian Macao in the fourth quarter of 2016:

The Parisian Macao Operations

Three Months
Ended
December 31,(2)

(Dollars in millions)

2016

Revenues:



Casino

$

301

Rooms


30

Food and Beverage


17

Mall


18

Convention, Retail and Other


6

Less - Promotional Allowances


(28)

Net Revenues

$

344




Adjusted Property EBITDA

$

95

EBITDA Margin %


27.6%




Gaming Statistics



(Dollars in millions)






Rolling Chip Volume

$

3,313

Rolling Chip Win %(1)


4.52%




Non-Rolling Chip Drop

$

895

Non-Rolling Chip Win %


18.3%




Slot Handle

$

803

Slot Hold %


4.4%




Hotel Statistics






Occupancy %


91.1%

Average Daily Rate (ADR)

$

138

Revenue per Available Room (RevPAR)

$

126




(1)     This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

(2)     The Parisian Macao opened in September 2016.

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated revenue of $163 million and adjusted property EBITDA of $67 million in the fourth quarter of 2016. Non-Rolling Chip drop was $313 million, with a Non-Rolling Chip win percentage of 18.4%. Rolling Chip volume was $2.49 billion for the quarter. Rolling Chip win percentage was 3.22% in the quarter, below the 3.43% experienced in the prior-year quarter. Slot handle was $108 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Four Seasons Hotel Macao and Plaza Casino Operations

 Three Months Ended


December 31,


(Dollars in millions)

2016


2015


$ Change


 Change

Revenues:











Casino

$

121


$

114


$

7


6.1%

Rooms


10



10



-


-%

Food and Beverage


7



7



-


-%

Mall


33



38



(5)


-13.2%

Convention, Retail and Other


1



1



-


-%

Less - Promotional Allowances


(9)



(12)



3


25.0%

Net Revenues

$

163


$

158


$

5


3.2%












Adjusted Property EBITDA

$

67


$

66


$

1


1.5%

EBITDA Margin %


41.1%



41.8%





-0.7 pts

Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

2,494


$

2,425


$

69


2.8%

Rolling Chip Win %(1)


3.22%



3.43%





-0.21 pts












Non-Rolling Chip Drop

$

313


$

272


$

41


15.1%

Non-Rolling Chip Win %


18.4%



20.1%





-1.7 pts












Slot Handle

$

108


$

104


$

4


3.8%

Slot Hold %


7.2%



6.6%





0.6 pts












Hotel Statistics






















Occupancy %


82.8%



81.1%





1.7 pts

Average Daily Rate (ADR)

$

413


$

351


$

62


17.7%

Revenue per Available Room (RevPAR)

$

342


$

284


$

58


20.4%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Macao Fourth Quarter Operating Results

Sands Macao's revenue was $161 million and adjusted property EBITDA was $47 million. Non-Rolling Chip drop was $608 million during the quarter, while slot handle was $592 million. Rolling Chip volume was $1.40 billion for the quarter. The property realized 1.83% win on Rolling Chip volume during the quarter, below the 3.18% generated in the year-ago quarter. Adjusted property EBITDA margin of 29.2% represents an increase of 430 basis points compared to the prior-year quarter.

The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Sands Macao Operations

 Three Months Ended


December 31,


(Dollars in millions)

2016


2015


$ Change


 Change

Revenues:











Casino

$

155


$

198


$

(43)


-21.7%

Rooms


5



6



(1)


-16.7%

Food and Beverage


7



8



(1)


-12.5%

Convention, Retail and Other


2



3



(1)


-33.3%

Less - Promotional Allowances


(8)



(10)



2


20.0%

Net Revenues

$

161


$

205


$

(44)


-21.5%












Adjusted Property EBITDA

$

47


$

51


$

(4)


-7.8%

EBITDA Margin %


29.2%



24.9%





4.3 pts












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

1,404


$

2,696


$

(1,292)


-47.9%

Rolling Chip Win %(1)


1.83%



3.18%





-1.35 pts












Non-Rolling Chip Drop

$

608


$

716


$

(108)


-15.1%

Non-Rolling Chip Win %


20.0%



17.3%





2.7 pts












Slot Handle

$

592


$

662


$

(70)


-10.6%

Slot Hold %


3.4%



3.3%





0.1 pts












Hotel Statistics






















Occupancy %


98.6%



99.1%





-0.5 pts

Average Daily Rate (ADR)

$

196


$

209


$

(13)


-6.2%

Revenue per Available Room (RevPAR)

$

193


$

207


$

(14)


-6.8%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Marina Bay Sands Fourth Quarter Operating Results

Marina Bay Sands generated revenue of $723 million and adjusted property EBITDA of $366 million.

Rolling Chip win percentage of 2.87% in the fourth quarter of 2016 was above the 2.39% achieved in the fourth quarter of 2015, but within the expected range. Rolling Chip volume was $8.26 billion for the quarter.

Non-Rolling Chip drop was $951 million during the quarter, with a Non-Rolling Chip win percentage of 28.1%. Slot handle increased 1.8% to $3.38 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.59 million, consistent with the same quarter last year.

Occupancy was essentially unchanged at 96.7% during the quarter, while ADR increased 7.9% to $423, resulting in a RevPAR increase of 7.9% compared to the same quarter last year.  

The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Marina Bay Sands Operations

 Three Months Ended


December 31,


(Dollars in millions)

2016


2015


$ Change


 Change

Revenues:











Casino

$

563


$

533


$

30


5.6%

Rooms


95



88



7


8.0%

Food and Beverage


55



55



-


-%

Mall


44



42



2


4.8%

Convention, Retail and Other


26



29



(3)


-10.3%

Less - Promotional Allowances


(60)



(44)



(16)


-36.4%

Net Revenues

$

723


$

703


$

20


2.8%












Adjusted Property EBITDA

$

366


$

339


$

27


8.0%

EBITDA Margin %


50.6%



48.2%





2.4 pts












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

8,257


$

10,117


$

(1,860)


-18.4%

Rolling Chip Win %(1)


2.87%



2.39%





0.48 pts












Non-Rolling Chip Drop

$

951


$

976


$

(25)


-2.6%

Non-Rolling Chip Win %


28.1%



28.5%





-0.4 pts












Slot Handle

$

3,383


$

3,323


$

60


1.8%

Slot Hold %


4.6%



4.4%





0.2 pts












Hotel Statistics






















Occupancy %


96.7%



96.6%





0.1 pts

Average Daily Rate (ADR)

$

423


$

392


$

31


7.9%

Revenue per Available Room (RevPAR)

$

409


$

379


$

30


7.9%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Las Vegas Operations Fourth Quarter Operating Results

Revenue and adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, were $412 million and $111 million, respectively, for the quarter. RevPAR increased 4.5% year-over-year to $230 in the quarter, reflecting a 6.3% increase in ADR to $254 and a 1.8 percentage point decrease in occupancy to 90.3%.  Table games drop decreased 14.8% in the quarter to $403 million, reflecting softer play in both the Baccarat and non-Baccarat segments, while slot handle increased 4.3% to $707 million.

The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2016 compared to the fourth quarter of 2015:


Three Months Ended



Las Vegas Operations

December 31,



(Dollars in millions)

2016


2015


$ Change


 Change


Revenues:












Casino

$

130


$

129


$

1


0.8%


Rooms


144



142



2


1.4%


Food and Beverage


75



74



1


1.4%


Convention, Retail and Other


90



82



8


9.8%


Less - Promotional Allowances


(27)



(27)



-


-%


Net Revenues

$

412


$

400


$

12


3.0%














Adjusted Property EBITDA

$

111


$

97


$

14


14.4%


EBITDA Margin %


26.9%



24.3%





2.6 pts














Gaming Statistics












(Dollars in millions)
























Table Games Drop

$

403


$

473


$

(70)


-14.8%


  Table Games Win %(1)


22.3%



18.5%





3.8 pts














Slot Handle

$

707


$

678


$

29


4.3%


  Slot Hold %


7.9%



8.0%





-0.1 pts














Hotel Statistics
























Occupancy %


90.3%



92.1%





-1.8 pts


Average Daily Rate (ADR)

$

254


$

239


$

15


6.3%


Revenue per Available Room (RevPAR)

$

230


$

220


$

10


4.5%














(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% (calculated before discounts).

Sands Bethlehem Fourth Quarter Operating Results

Revenue and adjusted property EBITDA at Sands Bethlehem were $139 million and $28 million, respectively, for the quarter. Table games drop decreased 7.5% to $271 million for the quarter, while table games win percentage was 19.0%, above the 18.3% realized in the fourth quarter of 2015. Slot handle increased 8.1% year-over-year to $1.15 billion for the quarter, with a slot hold percentage of 6.6%.

The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2016 compared to the fourth quarter of 2015:


Three Months Ended



Sands Bethlehem Operations

December 31,



(Dollars in millions)

2016


2015


$ Change


 Change


Revenues:












Casino

$

129


$

130


$

(1)


-0.8%


Rooms


4



4



-


-%


Food and Beverage


7



8



(1)


-12.5%


Mall


1



1



-


-%


Convention, Retail and Other


5



5



-


-%


Less - Promotional Allowances


(7)



(8)



1


-12.5%


Net Revenues

$

139


$

140


$

(1)


-0.7%














Adjusted Property EBITDA

$

28


$

34


$

(6)


-17.6%


EBITDA Margin %


20.1%



24.3%





-4.2 pts














Gaming Statistics












(Dollars in millions)
























Table Games Drop

$

271


$

293


$

(22)


-7.5%


  Table Games Win %(1)


19.0%



18.3%





0.7 pts














Slot Handle

$

1,149


$

1,063


$

86


8.1%


  Slot Hold %


6.6%



6.9%





-0.3 pts














Hotel Statistics
























Occupancy %


93.3%



92.8%





0.5 pts


Average Daily Rate (ADR)

$

163


$

152


$

11


7.2%


Revenue per Available Room (RevPAR)

$

152


$

141


$

11


7.8%














(1) This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).

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, Sands Cotai Central and The Parisian Macao) and Marina Bay Sands in Singapore was $167 million for the fourth quarter of 2016, an increase of 5.0% compared to the fourth quarter of 2015. Operating profit derived from these retail mall assets increased 2.8% year-over-year to $148 million.

 



For The Three Months Ended December 31, 2016



TTM
December
31, 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

$

56


$

51


91.1%


777,413


97.6%


$

1,326

















Shoppes at Four Seasons
















Luxury Retail


21



19


90.5%


142,562


100.0%



4,200


Other Stores


12



11


91.7%


116,848


98.4%



1,451


Total


33



30


90.9%


259,410


99.3%



3,004
































Shoppes at Cotai Central(3)


16



14


87.5%


407,065


96.7%



882
















Shoppes at Parisian(4)


18



15


83.3%


299,778


92.6%



N/A
















Total Cotai Strip in Macao


123



110


89.4%


1,743,666


96.8%



1,559

















The Shoppes at Marina Bay Sands


44



38


86.4%


612,567


98.3%



1,383
















Total

$

167


$

148


088.6%


2,356,233


97.2%


$

1,506


















(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.

Other Factors Affecting Earnings

Ferry Operations and Other, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $7 million during the quarter, compared to $6 million in the fourth quarter of 2015.

Pre-opening expense was $2 million in the fourth quarter of 2016, compared to $18 million in the fourth quarter of 2015.

Depreciation and amortization expense was $319 million in the fourth quarter of 2016, compared to $249 million in the fourth quarter of 2015. This increase was driven primarily by the opening of The Parisian Macao.

Interest expense, net of amounts capitalized, was $76 million for the fourth quarter of 2016, compared to $66 million in the prior-year quarter. Capitalized interest was $1 million during the fourth quarter of 2016, compared to $11 million during the fourth quarter of 2015. Our weighted average borrowing cost in the fourth quarter of 2016 was approximately 3.0%.

The Company's effective income tax rate for the fourth quarter of 2016 was 7.9% compared to 9.7% in the prior-year quarter. 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 fourth quarter of 2016 of $98 million was principally related to Sands China Ltd. 

Balance Sheet Items

Unrestricted cash balances as of December 31, 2016 were $2.13 billion.

As of December 31, 2016, total debt outstanding, including the current portion and net of deferred financing costs (excluding those costs related to our revolving facilities) and original issue discount, was $9.60 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $295 million, including construction, development and maintenance activities of $215 million in Macao (principally for The Parisian Macao), $40 million in Las Vegas, $33 million at Marina Bay Sands and $7 million at Sands Bethlehem.

Conference Call Information

The Company will host a conference call to discuss the Company's results on Wednesday, January 25, 2017 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.sands.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.

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 Venetian and The Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through 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, Sands Cotai Central, and The Parisian Macao, 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 its 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.




Contacts:






Investment Community:

Daniel Briggs

(702) 414-1221




Media:

Ron Reese

(702) 414-3607

Las Vegas Sands Corp.
Fourth Quarter 2016 Results
Non-GAAP Measures

Within the Company's fourth quarter 2016 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company's consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") including "adjusted net income," "adjusted earnings per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income," and "hold-normalized adjusted earnings per diluted share." The Company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the Company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and 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 presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the Company's operations and operating performance. These non-GAAP financial 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 net income, which is a non-GAAP financial measure, excludes certain non-recurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and other income and expense, attributable to Las Vegas Sands, net of income tax. 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 alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported adjusted property 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 adjusted property EBITDA calculations. Consolidated 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, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies.

Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated 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. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 2.85% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 2.7% to 3.0% for our Macao and Singapore properties, and applying a win percentage of 25.0% for Baccarat and 18.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 21.0% to 29.0% for Baccarat and 16.0% to 20.0% for non-Baccarat at our Las Vegas properties. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.

Hold-normalized adjusted net income and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.

The Company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.

The Company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations  

(In millions, except share and per share data)

(Unaudited)














Three Months Ended


Year Ended




December 31,


December 31,




2016


2015


2016


2015











Revenues:










  Casino 



$          2,365


$        2,162


$          8,771


$         9,083

  Rooms



404


367


1,527


1,470

  Food and beverage



215


201


774


757

  Mall



169


160


591


564

  Convention, retail and other


144


152


533


540




3,297


3,042


12,196


12,414

  Less - promotional allowances


(222)


(180)


(786)


(726)




3,075


2,862


11,410


11,688

Operating expenses:










  Resort operations 



1,962


1,815


7,294


7,540

  Corporate



48


49


256


176

  Pre-opening



2


18


130


48

  Development



2


3


9


10

  Depreciation and amortization


319


249


1,111


999

  Amortization of leasehold interests in land

9


10


38


39

  Loss on disposal or impairment of assets

64


16


79


35




2,406


2,160


8,917


8,847

Operating income



669


702


2,493


2,841

Other income (expense):










  Interest income



4


2


10


15

  Interest expense, net of amounts capitalized

(76)


(66)


(274)


(265)

  Other income (expense)



64


(1)


31


31

  Loss on modification or early retirement of debt

(2)


-


(5)


-

Income before income taxes


659


637


2,255


2,622

Income tax expense



(52)


(62)


(239)


(236)

Net income 



607


575


2,016


2,386

Net income attributable to noncontrolling interests

(98)


(109)


(346)


(420)

Net income attributable to Las Vegas Sands Corp.

$             509


$           466


$          1,670


$         1,966











Earnings per share:










Basic



$            0.64


$          0.59


$            2.10


$           2.47

Diluted



$            0.64


$          0.59


$            2.10


$           2.47











Weighted average shares outstanding:








Basic



794,778,997


794,963,357


794,627,349


796,785,900

Diluted



795,077,689


795,653,442


795,210,673


797,596,082











Dividends declared per common share

$            0.72


$          0.65


$            2.88


$           2.60



Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure and Supplemental Data

(In millions)

(Unaudited)












Net Revenues















Three Months Ended


Year Ended





December 31,


December 31,





2016


2015


2016


2015

The Venetian Macao



$   707


$   761


$  2,895


$  2,987

Sands Cotai Central



444


506


1,965


2,182

The Parisian Macao



344


-


413


-

Four Seasons Hotel Macao and Plaza Casino


163


158


597


691

Sands Macao




161


205


688


879

Ferry Operations and Other



48


43


174


160

  Macao Operations



1,867


1,673


6,732


6,899












Marina Bay Sands



723


703


2,799


2,952

Las Vegas Operating Properties



412


400


1,537


1,508

Sands Bethlehem



139


140


571


549

Intersegment Eliminations



(66)


(54)


(229)


(220)





$3,075


$2,862


$11,410


$11,688























Adjusted Property EBITDA














Three Months Ended


Year Ended





December 31,


December 31,





2016


2015


2016


2015

The Venetian Macao



$   262


$   298


$  1,089


$  1,079

Sands Cotai Central



132


160


616


651

The Parisian Macao



95


-


114


-

Four Seasons Hotel Macao and Plaza Casino


67


66


221


243

Sands Macao




47


51


172


226

Ferry Operations and Other



7


6


32


23

  Macao Operations



610


581


2,244


2,222












Marina Bay Sands



366


339


1,389


1,507

Las Vegas Operating Properties



111


97


356


305

Sands Bethlehem



28


34


141


136





$1,115


$1,051


$  4,130


$  4,170























Adjusted Property EBITDA as a Percentage of Net Revenues










Three Months Ended


Year Ended





December 31,


December 31,





2016


2015


2016


2015

The Venetian Macao



37.1%


39.2%


37.6%


36.1%

Sands Cotai Central



29.7%


31.6%


31.3%


29.8%

The Parisian Macao



27.6%


-


27.6%


-

Four Seasons Hotel Macao and Plaza Casino


41.1%


41.8%


37.0%


35.2%

Sands Macao




29.2%


24.9%


25.0%


25.7%

Ferry Operations and Other



14.6%


14.0%


18.4%


14.4%

  Macao Operations



32.7%


34.7%


33.3%


32.2%












Marina Bay Sands



50.6%


48.2%


49.6%


51.1%

Las Vegas Operating Properties



26.9%


24.3%


23.2%


20.2%

Sands Bethlehem



20.1%


24.3%


24.7%


24.8%












Total




36.3%


36.7%


36.2%


35.7%



Las Vegas Sands Corp. and Subsidiaries

Supplemental Data









(Unaudited)






























Three Months Ended


Year Ended







December 31,


December 31,







2016


2015


2016


2015














Room Statistics:











The Venetian Macao:













Occupancy %




94.2%


83.5%


86.0%


84.0%



Average daily room rate (ADR) (1)


$     211


$     223


$     214


$     243



Revenue per available room (RevPAR) (2)


$     199


$     186


$     184


$     204















Sands Cotai Central:













Occupancy %




85.9%


85.4%


82.2%


83.1%



Average daily room rate (ADR) (1)


$     146


$     151


$     148


$     157



Revenue per available room (RevPAR) (2)


$     125


$     129


$     122


$     131















The Parisian Macao:













Occupancy %




91.1%


0.0%


90.5%


0.0%



Average daily room rate (ADR) (1)


$     138


$         -


$     138


$         -



Revenue per available room (RevPAR) (2)


$     126


$         -


$     125


$         -















Four Seasons Hotel Macao and Plaza Casino:











Occupancy %




82.8%


81.1%


75.3%


82.0%



Average daily room rate (ADR) (1)


$     413


$     351


$     364


$     376



Revenue per available room (RevPAR) (2)


$     342


$     284


$     274


$     308















Sands Macao:













Occupancy %




98.6%


99.1%


97.1%


99.3%



Average daily room rate (ADR) (1)


$     196


$     209


$     199


$     220



Revenue per available room (RevPAR) (2)


$     193


$     207


$     193


$     218















Marina Bay Sands:













Occupancy %




96.7%


96.6%


97.3%


96.3%



Average daily room rate (ADR) (1)


$     423


$     392


$     417


$     404



Revenue per available room (RevPAR) (2)


$     409


$     379


$     406


$     389















Las Vegas Operating Properties:












Occupancy %




90.3%


92.1%


93.5%


91.8%



Average daily room rate (ADR) (1)


$     254


$     239


$     246


$     233



Revenue per available room (RevPAR) (2)


$     230


$     220


$     230


$     214















Sands Bethlehem:













Occupancy %




93.3%


92.8%


94.5%


91.5%



Average daily room rate (ADR) (1)


$     163


$     152


$     160


$     151



Revenue per available room (RevPAR) (2)


$     152


$     141


$     151


$     138














Casino Statistics:











The Venetian Macao:













Table games win per unit per day (3)


$13,244


$11,563


$11,789


$11,864



Slot machine win per unit per day (4)


$     240


$     267


$     258


$     261



Average number of table games



536


635


616


618



Average number of slot machines



1,528


1,925


1,807


2,077















Sands Cotai Central:













Table games win per unit per day (3)


$  9,600


$  9,035


$  9,294


$10,340



Slot machine win per unit per day (4)


$     294


$     320


$     315


$     341



Average number of table games



405


503


479


504



Average number of slot machines



1,606


1,791


1,788


1,726















The Parisian Macao:













Table games win per unit per day (3)


$  8,502


$         -


$  8,467


$         -



Slot machine win per unit per day (4)


$     242


$         -


$     255


$         -



Average number of table games



400


-


401


-



Average number of slot machines



1,583


-


1,572


-















Four Seasons Hotel Macao and Plaza Casino:











Table games win per unit per day (3)


$17,080


$15,024


$15,166


$15,801



Slot machine win per unit per day (4)


$     684


$     471


$     501


$     501



Average number of table games



88


100


94


116



Average number of slot machines



123


157


141


159















Sands Macao:













Table games win per unit per day (3)


$  8,129


$  8,309


$  7,467


$  8,616



Slot machine win per unit per day (4)


$     267


$     260


$     267


$     281



Average number of table games



197


274


242


280



Average number of slot machines



826


912


886


945















Marina Bay Sands:













Table games win per unit per day (3)


$  9,236


$  9,218


$  8,972


$10,434



Slot machine win per unit per day (4)


$     676


$     661


$     667


$     659



Average number of table games



592


613


594


600



Average number of slot machines



2,496


2,402


2,471


2,411















Las Vegas Operating Properties:












Table games win per unit per day (3)


$  3,865


$  3,856


$  3,222


$  3,698



Slot machine win per unit per day (4)


$     301


$     284


$     282


$     242



Average number of table games



253


247


248


245



Average number of slot machines



2,006


2,080


2,002


2,193















Sands Bethlehem:













Table games win per unit per day (3)


$  3,156


$  3,332


$  3,342


$  3,159



Slot machine win per unit per day (4)


$     260


$     270


$     273


$     274



Average number of table games



177


175


177


176



Average number of slot machines



3,162


2,976


3,077


2,992



_________________



(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.



Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)









(Unaudited)




















The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:



















Three Months Ended


Year Ended





December 31,


December 31,





2016


2015


2016


2015

Net income




$   607


$   575


$2,016


$2,386

  Add (deduct):











     Income tax expense



52


62


239


236

     Loss on modification or early retirement of debt


2


-


5


-

     Other (income) expense



(64)


1


(31)


(31)

     Interest expense, net of amounts capitalized


76


66


274


265

     Interest income



(4)


(2)


(10)


(15)

     Loss on disposal or impairment of assets


64


16


79


35

     Amortization of leasehold interests in land


9


10


38


39

     Depreciation and amortization


319


249


1,111


999

     Development expense



2


3


9


10

     Pre-opening expense



2


18


130


48

     Stock-based compensation (1)


2


4


14


22

     Corporate expense



48


49


256


176

Consolidated Adjusted Property EBITDA


$1,115


$1,051


$4,130


$4,170












     Hold-normalized casino revenue (2)


(78)


8





     Hold-normalized casino expense (2)


34


11





Consolidated Hold-Normalized Adjusted Property EBITDA


$1,071


$1,070
















(1)  See Exhibit 7










(2)  See Exhibit 5












Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)










(Unaudited)




















The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:














Three Months Ended December 31, 2016
















(1)


(2)


Hold-Normalized




Adjusted


Hold-Normalized


Hold-Normalized


Adjusted




Property


Casino 


Casino


Property




EBITDA


Revenue


Expense


EBITDA











Macao Operations



$   610


$               (78)


$                 34


$                  566

Marina Bay Sands



366


-


-


366

United States:










   Las Vegas Operating Properties


111


-


-


111

   Sands Bethlehem


28


-


-


28

United States Property Operations


139


-


-


139




$ 1,115


$               (78)


$                 34


$               1,071
























Three Months Ended December 31, 2015
















(1)


(2)


Hold-Normalized




Adjusted


Hold-Normalized


Hold-Normalized


Adjusted




Property


Casino 


Casino


Property




EBITDA


Revenue


Expense


EBITDA











Macao Operations



$   581


$               (48)


$                 22


$                  555

Marina Bay Sands



339


46


(9)


376

United States:










   Las Vegas Operating Properties


97


10


(2)


105

   Sands Bethlehem


34


-


-


34

United States Property Operations


131


10


(2)


139




$ 1,051


$                  8


$                 11


$               1,070











(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.



Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except share and per share data)

(Unaudited)


















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


Year Ended



December 31,


December 31,



2016


2015 (1)


2016


2015 (1)

Net income attributable to Las Vegas Sands Corp.


$              509


$           466


$         1,670


$         1,966










Nonrecurring corporate expense


-


-


79


-

Pre-opening expense


2


18


130


48

Development expense


2


3


9


10

Loss on disposal or impairment of assets


64


16


79


35

Other (income) expense


(64)


1


(31)


(31)

Loss on modification or early retirement of debt


2


-


5


-

Income tax impact on net income adjustments (2)


(21)


(4)


(40)


(5)

Noncontrolling interest impact on net income adjustments


(3)


(6)


(52)


(19)

Adjusted net income


$              491


$           494


$         1,849


$         2,004










Hold-normalized casino revenue (3)


(78)


8





Hold-normalized casino expense (3)


34


11





Income tax impact on hold adjustments(2)


-


(6)





Noncontrolling interest impact on hold adjustments


13


8





Hold-normalized adjusted net income


$              460


$           515














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


Year Ended



December 31,


December 31,



2016


2015 (1)


2016


2015 (1)

Per diluted share of common stock:









Net income attributable to Las Vegas Sands Corp.


$             0.64


$          0.59


$          2.10


$          2.47










Nonrecurring corporate expense


-


-


0.10


-

Pre-opening expense


-


0.02


0.16


0.06

Development expense


-


-


0.01


0.01

Loss on disposal or impairment of assets


0.08


0.02


0.10


0.04

Other (income) expense


(0.08)


0.01


(0.04)


(0.04)

Loss on modification or early retirement of debt


-


-


0.01


-

Income tax impact on net income adjustments


(0.02)


(0.01)


(0.04)


(0.01)

Noncontrolling interest impact on net income adjustments


-


(0.01)


(0.07)


(0.02)

Adjusted earnings per diluted share


$             0.62


$          0.62


$          2.33


$          2.51










Hold-normalized casino revenue 


(0.10)


0.01





Hold-normalized casino expense 


0.04


0.02





Income tax impact on hold adjustments


-


(0.01)





Noncontrolling interest impact on hold adjustments


0.02


0.01





Hold-normalized adjusted earnings per diluted share


$             0.58


$          0.65














Weighted average diluted shares outstanding


795,077,689


795,653,442


795,210,673


797,596,082



(1)

The information for the three months and year ended December 31, 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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data By Segment





(In millions)



















(Unaudited)



























































Three Months Ended December 31, 2016


























Amortization


Loss on 


Pre-Opening 













Depreciation


of  Leasehold


Disposal or


and




(1)




Adjusted



Operating


and  


Interests


Impairment


Development


Royalty


Stock-Based


Corporate


Property



Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:



















   The Venetian Macao


$            217


$           40


$             2


$           2


$             -


$    -


$               1


$        -


$   262

   Sands Cotai Central


55


70


2


4


-


-


1


-


132

   The Parisian Macao


45


48


1


-


1


-


-


-


95

   Four Seasons Hotel Macao and Plaza Casino


54


10


1


-


2


-


-


-


67

   Sands Macao


37


10


-


-


-


-


-


-


47

   Ferry Operations and Other


(19)


4


-


-


(1)


23


-


-


7

Macao Operations


389


182


6


6


2


23


2


-


610

Marina Bay Sands


259


76


3


2


-


26


-


-


366

United States:



















   Las Vegas Operating Properties


110


45


-


5


-


(49)


-


-


111

   Sands Bethlehem


20


7


-


1


-


-


-


-


28

United States Property Operations


130


52


-


6


-


(49)


-


-


139

Other Development


(53)


2


-


49


2


-


-


-


-

Corporate


(56)


7


-


1


-


-


-


48


-



$            669


$         319


$             9


$         64


$              4


$    -


$               2


$       48


$ 1,115









































Three Months Ended December 31, 2015


























Amortization


Loss on 


Pre-Opening 













Depreciation


of Leasehold


Disposal or


and




(1)




Adjusted



Operating


and  


Interests


Impairment


Development


Royalty


Stock-Based


Corporate


Property



Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:



















   The Venetian Macao


$            253


$           40


$             2


$           1


$             -


$    -


$               2


$        -


$   298

   Sands Cotai Central


78


67


2


3


9


-


1


-


160

   Four Seasons Hotel Macao and Plaza Casino


53


11


1


-


1


-


-


-


66

   Sands Macao


42


9


-


-


-


-


-


-


51

   Ferry Operations and Other


(12)


4


-


-


-


14


-


-


6

Macao Operations


414


131


5


4


10


14


3


-


581

Marina Bay Sands


247


62


4


1


1


24


-


-


339

United States:



















   Las Vegas Operating Properties


80


43


-


11


-


(38)


1


-


97

   Sands Bethlehem


27


7


-


-


-


-


-


-


34

United States Property Operations


107


50


-


11


-


(38)


1


-


131

Other Development


(10)


(1)


1


-


10


-


-


-


-

Corporate


(56)


7


-


-


-


-


-


49


-



$            702


$         249


$           10


$         16


$            21


$    -


$               4


$       49


$ 1,051









































Year Ended December 31, 2016


























Amortization


Loss on 


Pre-Opening 













Depreciation


of Leasehold


Disposal or


and




(1)




Adjusted



Operating


and  


Interests


Impairment


Development


Royalty


Stock-Based


Corporate


Property



Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:



















   The Venetian Macao


$            912


$         160


$             7


$           3


$             -


$    -


$               7


$        -


$ 1,089

   Sands Cotai Central


311


287


8


8


(1)


-


3


-


616

   The Parisian Macao


34


57


1


-


22


-


-


-


114

   Four Seasons Hotel Macao and Plaza Casino


174


39


3


-


4


-


1


-


221

   Sands Macao


132


38


1


-


-


-


1


-


172

   Ferry Operations and Other


(56)


15


-


-


-


73


-


-


32

Macao Operations


1,507


596


20


11


25


73


12


-


2,244

Marina Bay Sands


1,002


280


16


1


-


90


-


-


1,389

United States:



















   Las Vegas Operating Properties


325


175


-


15


1


(162)


2


-


356

   Sands Bethlehem


111


29


-


1


-


-


-


-


141

United States Property Operations


436


204


-


16


1


(162)


2


-


497

Other Development


(166)


2


2


49


113


-


-


-


-

Corporate


(286)


29


-


2


-


(1)


-


256


-



$         2,493


$       1,111


$           38


$         79


$          139


$    -


$             14


$     256


$ 4,130









































Year Ended December 31, 2015


























Amortization


Loss on 


Pre-Opening 













Depreciation


of Leasehold


Disposal or


and




(1)




Adjusted



Operating


and  


Interests


Impairment


Development


Royalty


Stock-Based


Corporate


Property



Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:



















   The Venetian Macao


$            898


$         155


$             7


$         10


$             -


$    -


$               9


$        -


$ 1,079

   Sands Cotai Central


337


277


8


7


18


-


4


-


651

   Four Seasons Hotel Macao and Plaza Casino


194


39


3


-


6


-


1


-


243

   Sands Macao


185


36


1


3


-


-


1


-


226

   Ferry Operations and Other


(47)


14


-


-


-


55


1


-


23

Macao Operations


1,567


521


19


20


24


55


16


-


2,222

Marina Bay Sands


1,145


243


17


2


2


97


1


-


1,507

United States:



















   Las Vegas Operating Properties


264


174


-


13


-


(151)


5


-


305

   Sands Bethlehem


108


28


-


-


-


-


-


-


136

United States Property Operations


372


202


-


13


-


(151)


5


-


441

Other Development


(35)


-


3


-


32


-


-


-


-

Corporate


(208)


33


-


-


-


(1)


-


176


-



$         2,841


$         999


$           39


$         35


$            58


$    -


$             22


$     176


$ 4,170



(1)

During the three months ended December 31, 2016 and 2015, the Company recorded stock-based compensation expense of $6 million and $9 million, respectively, of which $4 million and $5 million, respectively, is included in corporate expense on the Company's condensed consolidated statements of operations. During the years ended December 31, 2016 and 2015, the Company recorded stock-based compensation expense of $34 million and $46 million, respectively, of which $19 million and $23 million, respectively, is included in corporate expense, and $1 million and $1 million, respectively, is included in pre-opening expense on the Company's condensed consolidated statements of operations.   

 

LVS Logo

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-and-full-year-2016-results-300396855.html

SOURCE Las Vegas Sands Corp.