LAS VEGAS, NV -- (Marketwired) -- 10/15/14 --
Las Vegas Sands Corp. (NYSE: LVS)
For the Quarter Ended September 30, 2014 (Compared to the Quarter Ended September 30, 2013):
- Growth in Mass Gaming Volumes Drove a 3.2% Increase in Adjusted Property EBITDA in Macao to $809.0 Million
- Consolidated Adjusted Property EBITDA Increased to $1.284 Billion
- Earnings per Diluted Share Increased 9.2% to $0.83
- The Company Returned $299.8 Million of Capital to Shareholders through its Stock Repurchase Program in the Quarter, Completing its Initial $2.0 Billion Stock Repurchase Authorization
- The Company's Board of Directors Authorized an Additional $2.0 Billion under the Company's Stock Repurchase Program
- The Company's Board of Directors Announced an Increase of 30% in the Company's Recurring Common Stock Dividend for the 2015 Calendar Year to $2.60 per Share ($0.65 per Quarter)
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2014.
Third Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "While the operating environment in Macao, especially in the rolling segment, proved challenging during the third quarter, I am pleased that our mass and non-gaming focused strategy allowed us to report a quarter of steady revenue and cash flow and to deliver growth in operating income, net income and earnings per share. We remain focused on the consistent execution of our global growth strategy, which continues to leverage the power of our unique convention-based Integrated Resort business model. We are confident that the continued execution of this strategy will extend our position as the global leader in Integrated Resort development and operation and enable us to deliver strong growth in the future.
"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy. Accordingly, I am extremely pleased to announce that the company's Board of Directors has increased the company's recurring common stock dividend by 30.0% to $2.60 per share for the 2015 calendar year. In addition, I am equally pleased to announce that the company's Board of Directors has authorized an additional $2.0 billion under the company's stock repurchase program.
"In Macao, we delivered strong growth in the mass and non-gaming segments of our business. We enjoyed record visitation to our Cotai Strip properties and welcomed over 18 million visits during the quarter to our Macao property portfolio, which delivered a third quarter record $809.0 million in adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, which will be complemented by The Parisian Macao, targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."
In Singapore, adjusted property EBITDA reached $351.7 million, reflecting strong growth in both mass gaming and non-gaming segments. Mass win-per-day increased 6.6% in the quarter compared to the year ago quarter, and reached a property record $4.82 million per day.
Since the inception of the company's share repurchase program in June 2013, the company has returned $2.0 billion to shareholders through the repurchase of 27.1 million shares, including $299.8 million of common stock (4.4 million shares at a weighted average price of $68.73) during the quarter ended September 30, 2014.
The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the third quarter of 2013. The company also announced that its next recurring quarterly dividend for the fourth quarter of 2014 of $0.50 per common share will be paid on December 29, 2014 to Las Vegas Sands shareholders of record on December 18, 2014.
Company-Wide Operating Results
Net revenue for the third quarter of 2014 decreased 1.0% to $3.53 billion, compared to $3.57 billion in the third quarter of 2013. Consolidated adjusted property EBITDA of $1.28 billion increased slightly in the third quarter of 2014, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 0.4% to $1.26 billion in the third quarter of 2014.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2014 increased 6.2% to $971.4 million, compared to $914.8 million in the third quarter of 2013. The increase in operating income was principally due to a $47.4 million legal settlement expense in the prior-year quarter and stronger operating results across our Macao property portfolio during the third quarter of 2014.
On a GAAP basis, net income attributable to Las Vegas Sands in the third quarter of 2014 increased 7.2% to $671.7 million, compared to $626.7 million in the third quarter of 2013, while diluted earnings per share in the third quarter of 2014 increased 9.2% to $0.83, compared to $0.76 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.
Adjusted net income (see Note 1) decreased to $675.7 million, or $0.84 per diluted share, compared to $681.3 million, or $0.82 per diluted share, in the third quarter of 2013.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. decreased 0.4% to $2.33 billion in the third quarter of 2014, compared to $2.34 billion in the third quarter of 2013. Adjusted property EBITDA for Sands China Ltd. increased 3.3% to $811.6 million in the third quarter of 2014, compared to $785.3 million in the third quarter of 2013. Net income for Sands China Ltd. increased 4.3% to $644.6 million in the third quarter of 2014, compared to $617.9 million in the third quarter of 2013.
The Venetian Macao Third Quarter Operating Results
The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $352.7 million, a decrease of 1.3% compared to the third quarter of 2013. Non-Rolling Chip drop increased 10.1% to reach $2.21 billion for the quarter with a Non-Rolling Chip win percentage of 24.7%. Rolling Chip volume during the quarter was $10.13 billion. Rolling Chip win percentage was 3.13% in the quarter, exceeding both the expected range and the 3.03% experienced in the prior-year quarter. Slot handle increased 25.9% compared to the third quarter of 2013 to reach $1.44 billion. Mall revenues increased 12.1% during the quarter to reach $51.0 million.
The following table summarizes the key operating results for The Venetian Macao for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
The Venetian Macao Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 817.8 $ 825.0 $ (7.2) -0.9%
Rooms 66.6 58.3 8.3 14.2%
Food and Beverage 27.4 24.3 3.1 12.8%
Mall 51.0 45.5 5.5 12.1%
Convention, Retail and Other 24.6 21.6 3.0 13.9%
Less - Promotional Allowances (44.4) (39.5) (4.9) -12.4%
--------- --------- ---------
Net Revenues $ 943.0 $ 935.2 $ 7.8 0.8%
Adjusted Property EBITDA $ 352.7 $ 357.2 $ (4.5) -1.3%
EBITDA Margin % 37.4% 38.2% -0.8 pts
Operating Income $ 312.4 $ 317.6 $ (5.2) -1.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $10,127.6 $14,152.3 $(4,024.7) -28.4%
Rolling Chip Win %(1) 3.13% 3.03% 0.10 pts
Non-Rolling Chip Drop $ 2,208.1 $ 2,005.1 $ 203.0 10.1%
Non-Rolling Chip Win % 24.7% 23.9% 0.8 pts
Slot Handle $ 1,440.9 $ 1,144.4 $ 296.5 25.9%
Slot Hold % 4.6% 5.7% -1.1 pts
Hotel Statistics
Occupancy % 93.3% 91.8% 1.5 pts
Average Daily Rate (ADR) $ 269 $ 242 $ 27 11.2%
Revenue per Available Room
(RevPAR) $ 251 $ 222 $ 29 13.1%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Sands Cotai Central Third Quarter Operating Results
Net revenues and adjusted property EBITDA for the third quarter of 2014 at Sands Cotai Central were $816.5 million and $267.0 million, respectively, resulting in an EBITDA margin of 32.7%.
Non-Rolling Chip drop increased 32.3% to reach a record $1.89 billion with Non-Rolling Chip win percentage of 22.4%. Rolling Chip volume was $10.57 billion for the quarter. Slot handle increased 38.7% to $2.03 billion for the quarter.
Mass table, slot and electronic table game (ETG) win per day climbed to $5.4 million, an increase of 25.1% year-over-year. Hotel occupancy reached 89.5% with ADR of $176.
Visitation to the property continues to grow and exceeded 5.4 million visits in the quarter.
The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
Sands Cotai Central Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 727.3 $ 660.9 $ 66.4 10.0%
Rooms 81.8 65.9 15.9 24.1%
Food and Beverage 34.8 28.2 6.6 23.4%
Mall 17.7 11.5 6.2 53.9%
Convention, Retail and Other 8.2 7.1 1.1 15.5%
Less - Promotional Allowances (53.3) (37.0) (16.3) -44.1%
--------- --------- ---------
Net Revenues $ 816.5 $ 736.6 $ 79.9 10.8%
Adjusted Property EBITDA $ 267.0 $ 224.3 $ 42.7 19.0%
EBITDA Margin % 32.7% 30.4% 2.3 pts
Operating Income $ 193.0 $ 154.3 $ 38.7 25.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $10,567.2 $15,550.1 $(4,982.9) -32.0%
Rolling Chip Win %(1) 3.48% 2.71% 0.77 pts
Non-Rolling Chip Drop $ 1,891.2 $ 1,429.3 $ 461.9 32.3%
Non-Rolling Chip Win % 22.4% 23.4% -1.0 pts
Slot Handle $ 2,025.1 $ 1,459.7 $ 565.4 38.7%
Slot Hold % 3.4% 4.1% -0.7 pts
Hotel Statistics
Occupancy % 89.5% 84.8% 4.7 pts
Average Daily Rate (ADR) $ 176 $ 152 $ 24 15.8%
Revenue per Available Room
(RevPAR) $ 157 $ 129 $ 28 21.7%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Four Seasons Hotel Macao Third Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $101.2 million in the third quarter of 2014, a decrease of 10.4% compared to the year-ago quarter. Non-Rolling Chip drop increased 17.7% in the third quarter of 2014 to reach $320.4 million, while Non-Rolling Chip win percentage was 25.2%. Rolling Chip volume was $6.24 billion for the quarter. Rolling Chip win percentage was 3.45% in the quarter, exceeding both the expected range and the 2.88% experienced in the prior-year quarter. Slot handle decreased 18.5% to $214.6 million during the quarter.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
Four Seasons Hotel Macao and
Plaza Casino Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 221.4 $ 290.6 $ (69.2) -23.8%
Rooms 11.9 11.1 0.8 7.2%
Food and Beverage 7.7 8.2 (0.5) -6.1%
Mall 36.3 32.2 4.1 12.7%
Convention, Retail and Other 1.0 1.0 - 0.0%
Less - Promotional Allowances (12.9) (13.1) 0.2 1.5%
--------- --------- ---------
Net Revenues $ 265.4 $ 330.0 $ (64.6) -19.6%
Adjusted Property EBITDA $ 101.2 $ 112.9 $ (11.7) -10.4%
EBITDA Margin % 38.1% 34.2% 3.9 pts
Operating Income $ 88.7 $ 100.1 $ (11.4) -11.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,236.9 $10,451.7 $(4,214.8) -40.3%
Rolling Chip Win %(1) 3.45% 2.88% 0.57 pts
Non-Rolling Chip Drop $ 320.4 $ 272.3 $ 48.1 17.7%
Non-Rolling Chip Win % 25.2% 28.3% -3.1 pts
Slot Handle $ 214.6 $ 263.4 $ (48.8) -18.5%
Slot Hold % 4.6% 5.6% -1.0 pts
Hotel Statistics
Occupancy % 88.3% 88.2% 0.1 pts
Average Daily Rate (ADR) $ 391 $ 363 $ 28 7.7%
Revenue per Available Room
(RevPAR) $ 345 $ 321 $ 24 7.5%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Sands Macao Third Quarter Operating Results
Sands Macao's adjusted property EBITDA decreased 2.0% compared to the same quarter last year to $88.1 million. Non-Rolling Chip drop increased 0.8% to $884.6 million during the quarter, while slot handle increased 26.2% to reach $833.4 million. The property realized 2.76% win on Rolling Chip volume during the quarter, below the 2.94% generated in the year-ago quarter. Rolling Chip volume was $4.32 billion for the quarter.
The following table summarizes our key operating results for Sands Macao for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
Sands Macao Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 273.6 $ 297.9 $ (24.3) -8.2%
Rooms 5.7 6.2 (0.5) -8.1%
Food and Beverage 9.8 10.0 (0.2) -2.0%
Convention, Retail and Other 2.5 2.6 (0.1) -3.8%
Less - Promotional Allowances (11.5) (11.4) (0.1) -0.9%
--------- --------- ---------
Net Revenues $ 280.1 $ 305.3 $ (25.2) -8.3%
Adjusted Property EBITDA $ 88.1 $ 89.9 $ (1.8) -2.0%
EBITDA Margin % 31.5% 29.5% 2.0 pts
Operating Income $ 78.3 $ 80.3 $ (2.0) -2.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 4,318.5 $ 5,232.9 $ (914.4) -17.5%
Rolling Chip Win %(1) 2.76% 2.94% -0.18 pts
Non-Rolling Chip Drop $ 884.6 $ 877.4 $ 7.2 0.8%
Non-Rolling Chip Win % 19.1% 19.6% -0.5 pts
Slot Handle $ 833.4 $ 660.3 $ 173.1 26.2%
Slot Hold % 3.6% 3.9% -0.3 pts
Hotel Statistics
Occupancy % 99.4% 96.9% 2.5 pts
Average Daily Rate (ADR) $ 219 $ 243 $ (24) -9.9%
Revenue per Available Room
(RevPAR) $ 218 $ 236 $ (18) -7.6%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in Singapore generated adjusted property EBITDA of $351.7 million, a decrease of 5.9% compared to the third quarter of 2013. Rolling Chip win percentage of 2.64% in the third quarter of 2014 was below both the expected range and the 2.85% achieved in the third quarter of 2013.
Non-Rolling Chip drop was $1.14 billion during the quarter. Slot handle increased 13.1% to $3.13 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 6.6% to a record $4.82 million, compared to $4.52 million in the third quarter of 2013. Rolling Chip volume was $9.12 billion for the quarter.
The high-margin hotel room and retail mall segments of the property continued to reflect strong revenue growth of 8.9% and 17.9%, respectively. ADR increased to a record $468 during the quarter, driving a RevPAR increase of 16.3% compared to the same quarter last year. Occupancy was 99.4% during the quarter.
The following table summarizes our key operating results for Marina Bay Sands for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
Marina Bay Sands Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 573.5 $ 628.1 $ (54.6) -8.7%
Rooms 101.6 93.3 8.3 8.9%
Food and Beverage 47.9 44.4 3.5 7.9%
Mall 44.8 38.0 6.8 17.9%
Convention, Retail and Other 23.9 24.5 (0.6) -2.4%
Less - Promotional Allowances (56.2) (54.1) (2.1) -3.9%
--------- --------- ---------
Net Revenues $ 735.5 $ 774.2 $ (38.7) -5.0%
Adjusted Property EBITDA $ 351.7 $ 373.6 $ (21.9) -5.9%
EBITDA Margin % 47.8% 48.3% -0.5 pts
Operating Income $ 259.0 $ 282.1 $ (23.1) -8.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 9,121.8 $13,785.4 $(4,663.6) -33.8%
Rolling Chip Win %(1) 2.64% 2.85% -0.21 pts
Non-Rolling Chip Drop $ 1,137.4 $ 1,156.3 $ (18.9) -1.6%
Non-Rolling Chip Win % 25.6% 23.6% 2.0 pts
Slot Handle $ 3,126.5 $ 2,763.7 $ 362.8 13.1%
Slot Hold % 4.9% 5.1% -0.2 pts
Hotel Statistics
Occupancy % 99.4% 99.8% -0.4 pts
Average Daily Rate (ADR) $ 468 $ 401 $ 67 16.7%
Revenue per Available Room
(RevPAR) $ 465 $ 400 $ 65 16.3%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Las Vegas Operations Third Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $90.2 million for the quarter, a 3.6% increase compared to the third quarter of 2013. Hotel ADR increased 4.1% to reach $204 in the quarter, compared to the third quarter of 2013. RevPAR increased 9.4% to $187 in the quarter. Table games drop, which reflected strong baccarat play, increased 16.3% in the quarter to $632.9 million while slot handle increased 12.1% to $573.1 million.
The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
Las Vegas Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 165.1 $ 168.1 $ (3.0) -1.8%
Rooms 115.6 110.9 4.7 4.2%
Food and Beverage 51.6 51.8 (0.2) -0.4%
Convention, Retail and Other 72.4 68.7 3.7 5.4%
Less - Promotional Allowances (24.2) (24.5) 0.3 1.2%
--------- --------- ---------
Net Revenues $ 380.5 $ 375.0 $ 5.5 1.5%
Adjusted Property EBITDA $ 90.2 $ 87.1 $ 3.1 3.6%
EBITDA Margin % 23.7% 23.2% 0.5 pts
Operating Income $ 79.1 $ 24.9 $ 54.2 217.7%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 632.9 $ 544.3 $ 88.6 16.3%
Table Games Win %(1) 24.1% 28.7% -4.6 pts
Slot Handle $ 573.1 $ 511.4 $ 61.7 12.1%
Slot Hold % 8.3% 8.7% -0.4 pts
Hotel Statistics
Occupancy % 91.9% 87.6% 4.3 pts
Average Daily Rate (ADR) $ 204 $ 196 $ 8 4.1%
Revenue per Available Room
(RevPAR) $ 187 $ 171 $ 16 9.4%
(1) This compares to our expected Baccarat win percentage of 22.0% to 30.0% and our expected non-Baccarat win percentage of 14.0% to 18.0% (calculated before discounts).
Sands Bethlehem Third Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 3.6% to $127.3 million and adjusted property EBITDA increased 0.7% to $29.8 million for the third quarter of 2014. Table games drop increased 5.0% to $274.6 million for the quarter, while table games win percentage was 16.2%, which compared to 15.0% in the third quarter of 2013. Slot handle decreased 0.7% year-over-year to $1.04 billion for the quarter with slot hold percentage of 6.9%.
The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2014 compared to the third quarter of 2013:
Three Months Ended
Sands Bethlehem Operations September 30,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 118.3 $ 113.9 $ 4.4 3.9%
Rooms 3.6 3.2 0.4 12.5%
Food and Beverage 6.7 7.3 (0.6) -8.2%
Mall 1.2 1.0 0.2 20.0%
Convention, Retail and Other 4.4 3.9 0.5 12.8%
Less - Promotional Allowances (6.9) (6.4) (0.5) -7.8%
--------- --------- ---------
Net Revenues $ 127.3 $ 122.9 $ 4.4 3.6%
Adjusted Property EBITDA $ 29.8 $ 29.6 $ 0.2 0.7%
EBITDA Margin % 23.4% 24.0% -0.6 pts
Operating Income $ 23.5 $ 20.5 $ 3.0 14.6%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 274.6 $ 261.6 $ 13.0 5.0%
Table Games Win %(1) 16.2% 15.0% 1.2 pts
Slot Handle $ 1,038.0 $ 1,045.1 $ (7.1) -0.7%
Slot Hold % 6.9% 6.9% 0.0 pts
Hotel Statistics
Occupancy % 89.4% 82.1% 7.3 pts
Average Daily Rate (ADR) $ 145 $ 141 $ 4 2.8%
Revenue per Available Room
(RevPAR) $ 130 $ 115 $ 15 13.0%
(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 and Sands Cotai Central) and Marina Bay Sands in Singapore reached $149.5 million for the third quarter of 2014, an increase of 17.6% compared to the third quarter of 2013. Operating profit derived from these retail mall assets increased 19.6% for the quarter compared to the quarter one year ago, reaching $131.9 million.
TTM
September
For The Three Months Ended September 30, 2014 30, 2014
-------------------------------------------------- ----------
(Dollars in
millions Gross
except per Gross Operating Leasable Occupancy Tenant
square Revenue Operating Profit Area % at End Sales Per
foot data) (1) Profit Margin (sq. ft.) of Period Sq. Ft.(2)
------- --------- --------- --------- --------- ----------
Shoppes at
Venetian $ 50.8 $ 44.9 88.4% 756,261 95.6% $ 1,579
Shoppes at
Four
Seasons
Luxury
Retail 26.4 25.0 94.7% 142,562 100.0% 6,399
Other
Stores 9.9 9.5 96.0% 115,692 95.3% 3,189
------- --------- ---------
Total 36.3 34.5 95.0% 258,254 97.9% 5,810
------- --------- ---------
Shoppes at
Cotai
Central 17.6 15.4 87.5% 329,228(3) 97.9% 1,472
------- --------- ---------
Total Cotai
Strip in
Macao 104.7 94.8 90.5% 1,343,743 96.6% 2,289
------- --------- ---------
The Shoppes
at Marina
Bay Sands 44.8 37.1 82.8% 648,618 91.7%(4) 1,423
------- --------- ---------
Total $ 149.5 $ 131.9 88.2% 1,992,361 95.0% $ 2,011
======= ========= =========
(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) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 37,000 square feet of gross leasable area is undergoing new fit-out, but rent collection has not commenced.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $3.1 million during the quarter, compared to adjusted property EBITDA of $1.2 million in the third quarter of 2013.
Pre-opening expense was negative $2.4 million in the third quarter of 2014, compared to $1.8 million of expense in the third quarter of 2013.
Depreciation and amortization expense was $251.0 million in the third quarter of 2014, compared to $248.9 million in the third quarter of 2013.
Interest expense, net of amounts capitalized, was $66.8 million for the third quarter of 2014, compared to $66.9 million in the prior-year quarter. Capitalized interest was $2.9 million during the third quarter of 2014, compared to $0.9 million during the third quarter of 2013. Our weighted average borrowing cost in the third quarter of 2014 was approximately 2.7%.
Corporate expense was $42.7 million in the third quarter of 2014, compared to $38.5 million in the third quarter of 2013.
Other income, which was principally composed of foreign currency gains, was $0.1 million in the third quarter of 2014, compared to $3.2 million in the third quarter of 2013.
The company's effective income tax rate for the third quarter of 2014 was 5.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
The net income attributable to noncontrolling interests during the third quarter of 2014 of $188.8 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2014 were $3.15 billion.
As of September 30, 2014, total debt outstanding, including the current portion, was $9.94 billion.
Capital Expenditures
Capital expenditures during the third quarter totaled $266.3 million, including construction, development and maintenance activities of $197.4 million in Macao, $43.4 million in Las Vegas, $23.4 million at Marina Bay Sands and $2.1 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, October 15, 2014 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, 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 and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
Note 1
Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and legal settlement expense.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.
Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through our majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360 degrees global sustainability program. To learn more, please visit www.sands.com.
Las Vegas Sands Corp.
Third Quarter 2014 Results
Non-GAAP Reconciliations
Within the company's third quarter 2014 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation, legal settlement expense and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2014 2013 2014 2013
------------ ------------ ------------ ------------
Revenues:
Casino $ 2,897,084 $ 2,984,538 $ 9,281,959 $ 8,394,721
Rooms 386,867 349,001 1,162,205 998,646
Food and beverage 185,821 174,260 582,804 534,361
Mall 150,728 128,068 378,832 321,522
Convention, retail
and other 128,458 123,259 391,663 372,370
------------ ------------ ------------ ------------
3,748,958 3,759,126 11,797,463 10,621,620
Less - promotional
allowances (215,836) (190,586) (629,607) (507,420)
------------ ------------ ------------ ------------
3,533,122 3,568,540 11,167,856 10,114,200
------------ ------------ ------------ ------------
Operating expenses:
Resort operations 2,256,479 2,348,295 7,114,528 6,634,063
Corporate 42,704 38,468 138,504 141,221
Pre-opening (2,414) 1,778 18,027 9,646
Development 3,043 3,487 8,952 14,840
Depreciation and
amortization 251,002 248,925 776,065 752,530
Amortization of
leasehold
interests in land 10,086 10,022 30,152 30,297
Loss on disposal
of assets 801 2,739 4,922 9,433
------------ ------------ ------------ ------------
2,561,701 2,653,714 8,091,150 7,592,030
------------ ------------ ------------ ------------
Operating income 971,421 914,826 3,076,706 2,522,170
Other income
(expense):
Interest income 5,609 3,819 17,109 10,848
Interest expense,
net of amounts
capitalized (66,779) (66,917) (207,495) (204,125)
Other income
(expense) 95 3,207 (2,368) 4,992
Loss on
modification or
early retirement
of debt (1,978) - (19,942) -
------------ ------------ ------------ ------------
Income before income
taxes 908,368 854,935 2,864,010 2,333,885
Income tax expense (47,869) (45,637) (153,939) (148,940)
------------ ------------ ------------ ------------
Net income 860,499 809,298 2,710,071 2,184,945
Net income
attributable to
noncontrolling
interests (188,794) (182,554) (590,747) (456,487)
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp. $ 671,705 $ 626,744 $ 2,119,324 $ 1,728,458
============ ============ ============ ============
Earnings per share:
Basic $ 0.84 $ 0.76 $ 2.62 $ 2.10
============ ============ ============ ============
Diluted $ 0.83 $ 0.76 $ 2.62 $ 2.09
============ ============ ============ ============
Weighted average
shares outstanding:
Basic 803,064,834 823,200,515 808,247,012 823,512,889
============ ============ ============ ============
Diluted 804,810,589 826,965,340 810,288,616 827,543,510
============ ============ ============ ============
Dividends declared
per common share $ 0.50 $ 0.35 $ 1.50 $ 1.05
============ ============ ============ ============
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted
Property EBITDA:
Three Months Ended September 30, 2014
(Gain)
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
--------- ------------ ------------ --------
Macao:
The Venetian
Macao $ 312,439 $ 35,816 $ 1,655 $ 112
Sands Cotai
Central 193,005 70,061 2,154 469
Four Seasons
Hotel Macao and
Plaza Casino 88,678 9,843 706 40
Sands Macao 78,308 8,858 354 44
--------- ------------ ------------ --------
Macao Property
Operations 672,430 124,578 4,869 665
Marina Bay Sands 259,040 62,651 4,595 144
United States:
Las Vegas
Operating
Properties 79,053 46,142 - (5)
Sands Bethlehem 23,470 6,336 - (3)
--------- ------------ ------------ --------
United States
Property
Operations 102,523 52,478 - (8)
Other Asia (2) (12,640) 3,457 - -
Other Development 205 161 622 -
Corporate (50,137) 7,677 - -
--------- ------------ ------------ --------
$ 971,421 $ 251,002 $ 10,086 $ 801
========= ============ ============ ========
Three Months Ended September 30, 2014
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
----------- --------- ------------ --------- ----------
Macao:
The Venetian
Macao $ - $ - $ 2,713 $ - $ 352,735
Sands Cotai
Central (34) - 1,376 - 267,031
Four Seasons
Hotel Macao and
Plaza Casino 1,499 - 418 - 101,184
Sands Macao - - 535 - 88,099
----------- --------- ------------ --------- ----------
Macao Property
Operations 1,465 - 5,042 - 809,049
Marina Bay Sands 75 24,351 831 - 351,687
United States:
Las Vegas
Operating
Properties 36 (36,307) 1,264 - 90,183
Sands Bethlehem 29 - 14 - 29,846
----------- --------- ------------ --------- ----------
United States
Property
Operations 65 (36,307) 1,278 - 120,029
Other Asia (2) 12 12,200 101 - 3,130
Other Development (988) - - - -
Corporate - (244) - 42,704 -
----------- --------- ------------ --------- ----------
$ 629 $ - $ 7,252 $ 42,704 $1,283,895
=========== ========= ============ ========= ==========
Three Months Ended September 30, 2013
(Gain)
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
--------- ------------ ------------ --------
Macao:
The Venetian
Macao $ 317,596 $ 35,391 $ 1,681 $ 232
Sands Cotai
Central 154,292 65,606 2,152 931
Four Seasons
Hotel Macao
and Plaza
Casino 100,075 11,017 677 31
Sands Macao 80,267 8,204 354 397
--------- ------------ ------------ --------
Macao Property
Operations 652,230 120,218 4,864 1,591
Marina Bay Sands 282,061 62,086 4,536 119
United States:
Las Vegas
Operating
Properties 24,865 46,333 - (6)
Sands Bethlehem 20,537 8,737 - 34
--------- ------------ ------------ --------
United States
Property
Operations 45,402 55,070 - 28
Other Asia (2) (13,529) 3,653 - -
Other Development (4,360) 157 622 -
Corporate (46,978) 7,741 - 1,001
--------- ------------ ------------ --------
$ 914,826 $ 248,925 $ 10,022 $ 2,739
========= ============ ============ ========
Three Months Ended September 30, 2013
Legal
Pre-Opening Settlement
and (1) and Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
----------- --------- ------------ ---------- ----------
Macao:
The Venetian
Macao $ (1) $ - $ 2,298 $ - $ 357,197
Sands Cotai
Central 194 - 1,097 - 224,272
Four Seasons
Hotel Macao
and Plaza
Casino 1,077 - 45 - 112,922
Sands Macao - - 725 - 89,947
----------- --------- ------------ ---------- ----------
Macao Property
Operations 1,270 - 4,165 - 784,338
Marina Bay Sands - 23,171 1,639 - 373,612
United States:
Las Vegas
Operating
Properties 271 (33,939) 2,211 47,400 87,135
Sands Bethlehem 132 - 113 - 29,553
----------- --------- ------------ ---------- ----------
United States
Property
Operations 403 (33,939) 2,324 47,400 116,688
Other Asia (2) 11 11,000 42 - 1,177
Other Development 3,581 - - - -
Corporate - (232) - 38,468 -
----------- --------- ------------ ---------- ----------
$ 5,265 $ - $ 8,170 $ 85,868 $1,275,815
=========== ========= ============ ========== ==========
Nine Months Ended September 30, 2014
(Gain)
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------ ------------ --------
Macao:
The Venetian
Macao $1,103,241 $ 108,249 $ 4,961 $ 716
Sands Cotai
Central 561,299 204,193 6,460 1,080
Four Seasons
Hotel Macao and
Plaza Casino 243,814 29,540 2,118 92
Sands Macao 233,660 25,542 1,061 162
---------- ------------ ------------ --------
Macao Property
Operations 2,142,014 367,524 14,600 2,050
Marina Bay Sands 899,323 209,491 13,687 3,517
United States:
Las Vegas
Operating
Properties 202,565 139,654 - (724)
Sands Bethlehem 61,022 23,254 - (70)
---------- ------------ ------------ --------
United States
Property
Operations 263,587 162,908 - (794)
Other Asia (2) (46,425) 10,604 - 149
Other Development (18,970) 470 1,865 -
Corporate (162,823) 25,068 - -
---------- ------------ ------------ --------
$3,076,706 $ 776,065 $ 30,152 $ 4,922
========== ============ ============ ========
Nine Months Ended September 30, 2014
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
----------- --------- ------------ --------- ----------
Macao:
The Venetian
Macao $ - $ - $ 7,709 $ - $1,224,876
Sands Cotai
Central 4,363 - 3,815 - 781,210
Four Seasons
Hotel Macao and
Plaza Casino 5,633 - 982 - 282,179
Sands Macao - - 1,431 - 261,856
----------- --------- ------------ --------- ----------
Macao Property
Operations 9,996 - 13,937 - 2,550,121
Marina Bay Sands 75 74,887 3,646 - 1,204,626
United States:
Las Vegas
Operating
Properties 133 (110,738) 5,060 - 235,950
Sands Bethlehem 94 - (8) - 84,292
----------- --------- ------------ --------- ----------
United States
Property
Operations 227 (110,738) 5,052 - 320,242
Other Asia (2) 46 36,600 274 - 1,248
Other Development 16,635 - - - -
Corporate - (749) - 138,504 -
----------- --------- ------------ --------- ----------
$ 26,979 $ - $ 22,909 $ 138,504 $4,076,237
=========== ========= ============ ========= ==========
Nine Months Ended September 30, 2013
Loss
Amortization on
Operating Depreciation of Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------ ------------ --------
Macao:
The Venetian
Macao $ 952,064 $ 102,275 $ 4,959 $ 1,712
Sands Cotai
Central 293,664 191,709 6,458 2,243
Four Seasons
Hotel Macao
and Plaza
Casino 188,856 34,364 2,117 96
Sands Macao 248,077 23,726 1,061 513
---------- ------------ ------------ --------
Macao Property
Operations 1,682,661 352,074 14,595 4,564
Marina Bay Sands 829,835 198,814 13,837 2,713
United States:
Las Vegas
Operating
Properties 173,188 142,268 - 1,108
Sands Bethlehem 65,731 26,645 - 34
---------- ------------ ------------ --------
United States
Property
Operations 238,919 168,913 - 1,142
Other Asia (2) (49,027) 11,035 - 13
Other Development (17,527) 473 1,865 -
Corporate (162,691) 21,221 - 1,001
---------- ------------ ------------ --------
$2,522,170 $ 752,530 $ 30,297 $ 9,433
========== ============ ============ ========
Nine Months Ended September 30, 2013
Legal
Pre-Opening Settlement
and (1) and Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
----------- --------- ------------ ---------- ----------
Macao:
The Venetian
Macao $ 120 $ - $ 5,413 $ - $1,066,543
Sands Cotai
Central 5,563 - 2,303 - 501,940
Four Seasons
Hotel Macao
and Plaza
Casino 2,726 - 124 - 228,283
Sands Macao - - 1,510 - 274,887
----------- --------- ------------ ---------- ----------
Macao Property
Operations 8,409 - 9,350 - 2,071,653
Marina Bay Sands - 75,205 5,338 - 1,125,742
United States:
Las Vegas
Operating
Properties 387 (107,453) 6,634 47,400 263,532
Sands Bethlehem 239 - 339 - 92,988
----------- --------- ------------ ---------- ----------
United States
Property
Operations 626 (107,453) 6,973 47,400 356,520
Other Asia (2) 262 33,000 170 - (4,547)
Other Development 15,189 - - - -
Corporate - (752) - 141,221 -
----------- --------- ------------ ---------- ----------
$ 24,486 $ - $ 21,831 $ 188,621 $3,549,368
=========== ========= ============ ========== ==========
(1) During the three months ended September 30, 2014 and 2013, the Company
recorded stock-based compensation expense of $11.6 million and $13.4
million, respectively, of which $4.1 million and $5.2 million, respectively,
is included in corporate expense and $0.3 million and $0.0 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, 2014 and 2013, the Company recorded stock-based
compensation expense of $37.8 million and $39.8 million, respectively, of
which $14.4 million and $18.0 million, respectively, is included in
corporate expense and $0.5 million and $0.0 million, respectively, is
included in pre-opening and development expense on the Company's condensed
consolidated statements of operations.
(2) Primarily includes the results of the CotaiJet ferry operations.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-
Normalized Adjusted Property EBITDA:
Three Months Ended September 30, 2014
(1) (2) Hold-
Hold- Hold- Normalized
Adjusted Normalized Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
----------- ----------- ----------- -----------
Macao Property Operations $ 809,049 $ (96,288) $ 59,325 $ 772,086
Marina Bay Sands 351,687 18,507 (3,733) 366,461
United States:
Las Vegas Operating
Properties 90,183 (8,029) 1,412 83,566
Sands Bethlehem 29,846 - - 29,846
----------- ----------- ----------- -----------
United States Property
Operations 120,029 (8,029) 1,412 113,412
Other Asia 3,130 - - 3,130
Other Development - - - -
Corporate - - - -
----------- ----------- ----------- -----------
$ 1,283,895 $ (85,810) $ 57,004 $ 1,255,089
=========== =========== =========== ===========
Three Months Ended September 30, 2013
(1) (2) Hold-
Hold- Hold- Normalized
Adjusted Normalized Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
----------- ----------- ----------- -----------
Macao Property Operations $ 784,338 $ - $ - $ 784,338
Marina Bay Sands 373,612 - - 373,612
United States:
Las Vegas Operating
Properties 87,135 (30,976) 5,446 61,605
Sands Bethlehem 29,553 - - 29,553
----------- ----------- ----------- -----------
United States Property
Operations 116,688 (30,976) 5,446 91,158
Other Asia 1,177 - - 1,177
Other Development - - - -
Corporate - - - -
----------- ----------- ----------- -----------
$ 1,275,815 $ (30,976) $ 5,446 $ 1,250,285
=========== =========== =========== ===========
(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
26.0% for Baccarat and 16.0% 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 22.0% to 30.0% and 14.0% to 18.0%,
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
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas
Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted
Property EBITDA:
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
Net income attributable to
Las Vegas Sands Corp. $ 671,705 $ 626,744 $ 2,119,324 $ 1,728,458
Add (deduct):
Net income attributable
to noncontrolling
interests 188,794 182,554 590,747 456,487
Income tax expense 47,869 45,637 153,939 148,940
Loss on modification or
early retirement of
debt 1,978 - 19,942 -
Other (income) expense (95) (3,207) 2,368 (4,992)
Interest expense, net of
amounts capitalized 66,779 66,917 207,495 204,125
Interest income (5,609) (3,819) (17,109) (10,848)
Loss on disposal of
assets 801 2,739 4,922 9,433
Amortization of
leasehold interests in
land 10,086 10,022 30,152 30,297
Depreciation and
amortization 251,002 248,925 776,065 752,530
Development expense 3,043 3,487 8,952 14,840
Pre-opening expense (2,414) 1,778 18,027 9,646
Stock-based compensation
(1) 7,252 8,170 22,909 21,831
Legal settlement expense
(1) - 47,400 - 47,400
Corporate expense 42,704 38,468 138,504 141,221
----------- ----------- ----------- -----------
Adjusted Property EBITDA $ 1,283,895 $ 1,275,815 $ 4,076,237 $ 3,549,368
=========== =========== =========== ===========
Hold-normalized casino
revenue (2) (85,810) (30,976)
Hold-normalized casino
expense (2) 57,004 5,446
----------- -----------
Hold-Normalized Adjusted
Property EBITDA $ 1,255,089 $ 1,250,285
=========== ===========
(1) See Exhibit 2
(2) See Exhibit 3
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
The Venetian Macao $ 943,037 $ 935,233 $ 3,160,374 $ 2,702,151
Sands Cotai Central 816,463 736,599 2,428,822 1,907,780
Four Seasons Hotel Macao
and Plaza Casino 265,432 330,027 863,940 827,336
Sands Macao 280,079 305,329 906,882 910,269
Marina Bay Sands 735,505 774,199 2,375,618 2,308,553
Las Vegas Operating
Properties 380,461 375,041 1,116,194 1,132,312
Sands Bethlehem 127,338 122,922 370,644 372,597
Other Asia 41,439 35,385 113,286 105,666
Intersegment
Eliminations (56,632) (46,195) (167,904) (152,464)
----------- ----------- ----------- -----------
$ 3,533,122 $ 3,568,540 $11,167,856 $10,114,200
=========== =========== =========== ===========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2014 2013 2014 2013
---------- ---------- ---------- ----------
The Venetian Macao 37.4% 38.2% 38.8% 39.5%
Sands Cotai Central 32.7% 30.4% 32.2% 26.3%
Four Seasons Hotel Macao and
Plaza Casino 38.1% 34.2% 32.7% 27.6%
Sands Macao 31.5% 29.5% 28.9% 30.2%
Marina Bay Sands 47.8% 48.3% 50.7% 48.8%
Las Vegas Operating Properties 23.7% 23.2% 21.1% 23.3%
Sands Bethlehem 23.4% 24.0% 22.7% 25.0%
Other Asia 7.6% 3.3% 1.1% -4.3%
Total 36.3% 35.8% 36.5% 35.1%
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income;
Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings
Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
2014 2013 2014 2013
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp. $ 671,705 $ 626,744 $ 2,119,324 $ 1,728,458
Pre-opening expense,
net (1,673) 1,368 12,722 7,027
Development expense,
net 3,043 3,487 8,952 14,840
Loss on disposal of
assets, net 603 2,265 4,311 8,069
Loss on modification
or early retirement
of debt, net 1,978 - 14,589 -
Legal settlement
expense - 47,400 - 47,400
------------ ------------ ------------ ------------
Adjusted net income $ 675,656 $ 681,264 $ 2,159,898 $ 1,805,794
============ ============ ============ ============
Hold-normalized casino
revenue (1) (85,810) (30,976)
Hold-normalized casino
expense (1) 57,004 5,446
Income tax impact on
hold adjustments (2,512) -
Noncontrolling
interest impact on
hold adjustments 11,036 -
------------ ------------
Hold-normalized
adjusted net income $ 655,374 $ 655,734
============ ============
(1) See Exhibit 3
Per diluted share of
common stock:
Net income
attributable to Las
Vegas Sands Corp. $ 0.83 $ 0.76 $ 2.62 $ 2.09
Pre-opening expense,
net - - 0.02 -
Development expense,
net 0.01 - 0.01 0.02
Loss on disposal of
assets, net - - - 0.01
Loss on modification
or early retirement
of debt, net - - 0.02 -
Legal settlement
expense - 0.06 - 0.06
------------ ------------ ------------ ------------
Adjusted earnings per
diluted share $ 0.84 $ 0.82 $ 2.67 $ 2.18
============ ============ ============ ============
Hold-normalized casino
revenue (0.11) (0.04)
Hold-normalized casino
expense 0.07 0.01
Income tax impact on
hold adjustments - -
Noncontrolling
interest impact on
hold adjustments 0.01 -
------------ ------------
Hold-normalized
adjusted earnings per
diluted share $ 0.81 $ 0.79
============ ============
Weighted average
diluted shares
outstanding 804,810,589 826,965,340 810,288,616 827,543,510
============ ============ ============ ============
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2014 2013 2014 2013
--------- --------- --------- ---------
Room Statistics:
The Venetian Macao:
Occupancy % 93.3% 91.8% 92.2% 90.3%
Average daily room rate
(ADR) (1) $ 269 $ 242 $ 266 $ 234
Revenue per available room
(RevPAR) (2) $ 251 $ 222 $ 246 $ 211
Sands Cotai Central:
Occupancy % 89.5% 84.8% 87.7% 74.6%
Average daily room rate
(ADR) (1) $ 176 $ 152 $ 174 $ 149
Revenue per available room
(RevPAR) (2) $ 157 $ 129 $ 153 $ 111
Four Seasons Hotel Macao and
Plaza Casino:
Occupancy % 88.3% 88.2% 87.1% 83.4%
Average daily room rate
(ADR) (1) $ 391 $ 363 $ 410 $ 362
Revenue per available room
(RevPAR) (2) $ 345 $ 321 $ 357 $ 302
Sands Macao:
Occupancy % 99.4% 96.9% 98.2% 95.6%
Average daily room rate
(ADR) (1) $ 219 $ 243 $ 242 $ 244
Revenue per available room
(RevPAR) (2) $ 218 $ 236 $ 238 $ 233
Marina Bay Sands:
Occupancy % 99.4% 99.8% 99.3% 99.2%
Average daily room rate
(ADR) (1) $ 468 $ 401 $ 435 $ 386
Revenue per available room
(RevPAR) (2) $ 465 $ 400 $ 431 $ 383
Las Vegas Operating
Properties:
Occupancy % 91.9% 87.6% 90.3% 89.8%
Average daily room rate
(ADR) (1) $ 204 $ 196 $ 222 $ 204
Revenue per available room
(RevPAR) (2) $ 187 $ 171 $ 201 $ 183
Sands Bethlehem:
Occupancy % 89.4% 82.1% 81.9% 73.4%
Average daily room rate
(ADR) (1) $ 145 $ 141 $ 145 $ 141
Revenue per available room
(RevPAR) (2) $ 130 $ 115 $ 119 $ 103
Casino Statistics:
The Venetian Macao:
Table games win per unit per
day (3) $ 15,341 $ 16,099 $ 17,181 $ 16,878
Slot machine win per unit
per day (4) $ 385 $ 332 $ 377 $ 322
Average number of table
games 610 612 645 565
Average number of slot
machines 1,887 2,141 2,020 2,218
Sands Cotai Central:
Table games win per unit per
day (3) $ 16,685 $ 18,223 $ 18,015 $ 15,075
Slot machine win per unit
per day (4) $ 465 $ 317 $ 427 $ 269
Average number of table
games 515 450 491 488
Average number of slot
machines 1,624 2,053 1,755 2,118
Four Seasons Hotel Macao and
Plaza Casino:
Table games win per unit per
day (3) $ 24,350 $ 26,549 $ 27,913 $ 23,496
Slot machine win per unit
per day (4) $ 711 $ 899 $ 775 $ 717
Average number of table
games 132 155 129 152
Average number of slot
machines 152 177 158 180
Sands Macao:
Table games win per unit per
day (3) $ 11,949 $ 11,710 $ 13,486 $ 12,069
Slot machine win per unit
per day (4) $ 378 $ 249 $ 353 $ 243
Average number of table
games 262 302 261 298
Average number of slot
machines 852 1,135 949 1,185
Marina Bay Sands:
Table games win per unit per
day (3) $ 9,422 $ 11,326 $ 11,008 $ 12,062
Slot machine win per unit
per day (4) $ 674 $ 692 $ 691 $ 691
Average number of table
games 614 639 625 619
Average number of slot
machines 2,465 2,234 2,397 2,233
Las Vegas Operating
Properties:
Table games win per unit per
day (3) $ 7,130 $ 6,948 $ 5,007 $ 5,830
Slot machine win per unit
per day (4) $ 222 $ 215 $ 199 $ 202
Average number of table
games 233 244 235 241
Average number of slot
machines 2,334 2,247 2,368 2,352
Sands Bethlehem:
Table games win per unit per
day (3) $ 2,936 $ 2,909 $ 2,829 $ 3,022
Slot machine win per unit
per day (4) $ 258 $ 260 $ 257 $ 267
Average number of table
games 165 147 163 145
Average number of slot
machines 3,012 3,012 3,011 3,015
(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.
Contacts:
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
Source: Las Vegas Sands