LAS VEGAS, NV -- (Marketwired) -- 01/28/15 --
Las Vegas Sands Corp. (NYSE: LVS)
For the Quarter Ended December 31, 2014
(Compared to the Quarter Ended December 31, 2013):
- Adjusted Earnings per Diluted Share Increased 27.8% to $0.92
- Adjusted Property EBITDA in Singapore More Than Doubled, Reaching a Property Record $518.5 Million
- Consolidated Adjusted Property EBITDA Increased 10.9% to a Fourth Quarter Record $1.35 Billion
- Adjusted Property EBITDA at our Macao Operating Properties was $711.2 Million
- The Company Paid Dividends of $0.50 per Share, an Increase of 42.9%
- The Company's Board of Directors Declared a Dividend of $0.65 per Share to be Paid in the First Quarter of 2015, an Increase of 30%
- The Company Returned $235.0 Million of Capital to Shareholders Through its Stock Repurchase Program
For the Year Ended December 31, 2014
(Compared to the Year Ended December 31, 2013):
- Net Revenue Increased 5.9% to a Record $14.58 Billion
- Consolidated Adjusted Property EBITDA Increased 13.8% to a Record $5.42 Billion
- Net Income Attributable to Las Vegas Sands Rose 23.2% to a Record $2.84 Billion
- Adjusted Earnings per Diluted Share Increased 23.4% to a Record $3.58
- The Company Paid Dividends of $2.00 per Share, an Increase of 42.9%
- The Company's Board of Directors Raised the 2015 Annual Dividend to $2.60 per Share, an Increase of 30% Over 2014
- The Company Repurchased $1.66 Billion of Stock Under its Stock Repurchase Program
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2014.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased that the successful execution of our Integrated Resort operating strategy, which generates the industry's most diversified cash flows and delivers the industry's highest revenue and profit from non-gaming segments including hotel, convention and exhibition, retail and entertainment, allowed us to again deliver increases in consolidated adjusted property EBITDA, operating income, net income and earnings per share this quarter.
"We remain focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and brings the greatest economic and diversification benefits in the industry to the regions in which we operate. We are confident that the continued execution of our strategy will further 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."
Since the inception of the company's share repurchase program in June 2013, the company has returned $2.23 billion to shareholders through the repurchase of nearly 31.0 million shares, including $235.0 million of common stock (3.8 million shares at a weighted average price of $61.18) during the quarter ended December 31, 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 fourth quarter of 2013. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on March 31, 2015, to Las Vegas Sands shareholders of record on March 23, 2015. That dividend represents an increase of 30% compared to the dividend paid in the first quarter of 2014.
Mr. Adelson added, "The Macao market saw strong visitation from mainland China during the quarter, and we enjoyed equally strong visitation to our Cotai Strip properties. We welcomed over 17 million visits to our Macao property portfolio, and delivered meaningful growth in the non-gaming segments of our business. Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $711.2 million in adjusted property EBITDA across our property portfolio. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao and the St. Regis tower at Sands Cotai Central, will continue to provide the ecomonic benefits of diversification to Macao, meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead."
In Singapore, adjusted property EBITDA reached $518.5 million, reflecting strong growth in mass gaming and retail mall revenues, and the positive impact of a $90.1 million property tax refund during the quarter. Mass win-per-day increased 4.1% in the quarter compared to the year ago quarter, matching a property record $4.82 million per day.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2014 decreased 6.6% to $3.42 billion, compared to $3.66 billion in the fourth quarter of 2013. Consolidated adjusted property EBITDA of $1.35 billion increased 10.9% in the fourth quarter of 2014, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 4.5% to $1.27 billion in the fourth quarter of 2014.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2014 increased 15.4% to $1.02 billion, compared to $886.1 million in the fourth quarter of 2013. The increase in operating income was principally due to stronger results at Marina Bay Sands, which were partially offset by softer results at our Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2014 increased 24.9% to $721.3 million, compared to $577.5 million in the fourth quarter of 2013, while diluted earnings per share in the fourth quarter of 2014 increased 28.6% to $0.90, compared to $0.70 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above.
Adjusted net income (see Note 1) increased to $734.2 million, or $0.92 per diluted share, compared to $592.9 million, or $0.72 per diluted share, in the fourth quarter of 2013.
Full year 2014 net revenue increased 5.9% to a record $14.58 billion, compared to $13.77 billion in 2013. Consolidated adjusted property EBITDA in 2014 increased 13.8% to a record $5.42 billion, compared to $4.76 billion in 2013. Consolidated adjusted property EBITDA margin increased 260 basis points to 37.2% in 2014, compared to 34.6% in 2013. The strong growth in mass market gaming revenue in Macao, the ramp at Sands Cotai Central, as well as stronger results at Marina Bay Sands in Singapore, contributed to the EBITDA margin expansion in 2014.
Full year adjusted net income (see Note 1) was a record $2.89 billion in 2014, or $3.58 per diluted share, compared to $2.40 billion, or $2.90 per diluted share in 2013.
On a GAAP basis, full year 2014 operating income increased 20.3% to $4.10 billion in 2014, compared to $3.41 billion in 2013. The increase in operating income was principally due to stronger operating results across our Macao property portfolio and at Marina Bay Sands. Net income attributable to Las Vegas Sands increased 23.2% to $2.84 billion, or $3.52 per diluted share in 2014, compared to $2.31 billion, or $2.79 per diluted share in 2013. The improvement in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increases in income tax expense and net income attributable to noncontrolling interests.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. decreased 16.2% to $2.12 billion in the fourth quarter of 2014, compared to $2.53 billion in the fourth quarter of 2013. Adjusted property EBITDA for Sands China Ltd. decreased 14.7% to $713.2 million in the fourth quarter of 2014, compared to $836.4 million in the fourth quarter of 2013. Net income for Sands China Ltd. decreased 18.3% to $535.3 million in the fourth quarter of 2014, compared to $655.6 million in the fourth quarter of 2013.
On a GAAP basis, full year 2014 total net revenues for Sands China Ltd. increased 6.8% to $9.57 billion, compared to $8.96 billion in 2013. Adjusted property EBITDA for Sands China Ltd. increased 12.4% to $3.26 billion in 2014, compared to $2.90 billion in 2013. Net income for Sands China Ltd. increased 15.4% to $2.55 billion in 2014, compared to $2.21 billion in 2013.
The Venetian Macao Fourth Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $321.4 million with an EBITDA margin of 36.5%. Non-Rolling Chip drop decreased 7.1% to $2.11 billion for the quarter with a Non-Rolling Chip win percentage of 24.2%. Rolling Chip volume during the quarter decreased 39.7% to $10.10 billion. Rolling Chip win percentage was 2.61% in the quarter, below both the expected range and the 3.32% experienced in the prior-year quarter. Slot handle increased 2.2% compared to the fourth quarter of 2013 to reach $1.33 billion. Mall revenues increased 7.4% during the quarter to reach $60.9 million.
The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:
The Venetian Macao Operations Three Months Ended
December 31,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 733.3 $ 1,011.3 $ (278.0) -27.5%
Rooms 65.7 67.0 (1.3) -1.9%
Food and Beverage 26.1 25.6 0.5 2.0%
Mall 60.9 56.7 4.2 7.4%
Convention, Retail and Other 42.6 37.4 5.2 13.9%
Less - Promotional Allowances (48.3) (48.9) 0.6 1.2%
--------- --------- ---------
Net Revenues $ 880.3 $ 1,149.1 $ (268.8) -23.4%
Adjusted Property EBITDA $ 321.4 $ 433.4 $ (112.0) -25.8%
EBITDA Margin % -1.2
36.5% 37.7% pts
Operating Income $ 278.2 $ 392.6 $ (114.4) -29.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $10,098.7 $16,759.2 $(6,660.5) -39.7%
Rolling Chip Win %(1) -0.71
2.61% 3.32% pts
Non-Rolling Chip Drop $ 2,107.6 $ 2,268.2 $ (160.6) -7.1%
Non-Rolling Chip Win % -1.0
24.2% 25.2% pts
Slot Handle $ 1,325.4 $ 1,296.3 $ 29.1 2.2%
Slot Hold % -0.9
4.3% 5.2% pts
Hotel Statistics
Occupancy % -6.1
88.3% 94.4% pts
Average Daily Rate (ADR) $ 280 $ 269 $ 11 4.1%
Revenue per Available Room
(RevPAR) $ 247 $ 254 $ (7) -2.8%
(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
Net revenues and adjusted property EBITDA for the fourth quarter of 2014 at Sands Cotai Central were $705.0 million and $220.3 million, respectively, resulting in an EBITDA margin of 31.2%.
Non-Rolling Chip drop increased 10.6% to reach $1.86 billion with Non-Rolling Chip win percentage of 20.3%. Rolling Chip volume was $8.38 billion for the quarter. Slot handle increased 3.9% to $1.82 billion for the quarter.
Hotel occupancy reached 90.9% with ADR of $183. Visitation to the property continues to grow and exceeded 5.1 million visits in the quarter.
The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Sands Cotai Central Operations Three Months Ended
December 31,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 611.1 $ 707.7 $ (96.6) -13.6%
Rooms 86.4 76.7 9.7 12.6%
Food and Beverage 32.2 29.3 2.9 9.9%
Mall 19.0 14.1 4.9 34.8%
Convention, Retail and Other 7.8 7.7 0.1 1.3%
Less - Promotional Allowances (51.5) (44.8) (6.7) -15.0%
--------- --------- ---------
Net Revenues $ 705.0 $ 790.7 $ (85.7) -10.8%
Adjusted Property EBITDA $ 220.3 $ 237.8 $ (17.5) -7.4%
EBITDA Margin % 31.2% 30.1% 1.1 pts
Operating Income $ 144.5 $ 168.5 $ (24.0) -14.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 8,383.7 $17,565.9 $(9,182.2) -52.3%
Rolling Chip Win %(1) 0.69
3.21% 2.52% pts
Non-Rolling Chip Drop $ 1,859.1 $ 1,680.7 $ 178.4 10.6%
Non-Rolling Chip Win % -2.4
20.3% 22.7% pts
Slot Handle $ 1,817.2 $ 1,748.6 $ 68.6 3.9%
Slot Hold % -0.3
3.5% 3.8% pts
Hotel Statistics
Occupancy % 90.9% 89.1% 1.8 pts
Average Daily Rate (ADR) $ 183 $ 167 $ 16 9.6%
Revenue per Available Room
(RevPAR) $ 167 $ 149 $ 18 12.1%
(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 Fourth Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $92.7 million in the fourth quarter of 2014, an increase of 20.7% compared to the year-ago quarter. Non-Rolling Chip drop decreased 10.2% in the fourth quarter of 2014 to $296.9 million, while Non-Rolling Chip win percentage was 20.0%. Rolling Chip volume decreased 36.3% to $6.0 billion for the quarter. Rolling Chip win percentage was 3.12% in the quarter, exceeding both the expected range and the 1.77% experienced in the prior-year quarter. Slot handle decreased to $155.4 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 2014 compared to the fourth quarter of 2013:
Four Seasons Hotel Macao and Plaza
Casino Operations Three Months Ended
December 31,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 188.8 $ 183.5 $ 5.3 2.9%
Rooms 11.1 12.7 (1.6) -12.6%
Food and Beverage 8.0 9.6 (1.6) -16.7%
Mall 48.2 45.2 3.0 6.6%
Convention, Retail and Other 0.9 1.4 (0.5) -35.7%
Less - Promotional Allowances (13.2) (14.3) 1.1 7.7%
--------- --------- ---------
Net Revenues $ 243.8 $ 238.1 $ 5.7 2.4%
Adjusted Property EBITDA $ 92.7 $ 76.8 $ 15.9 20.7%
EBITDA Margin % 38.0% 32.2% 5.8 pts
Operating Income $ 79.8 $ 52.1 $ 27.7 53.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 5,994.4 $ 9,404.3 $(3,409.9) -36.3%
Rolling Chip Win %(1) 1.35
3.12% 1.77% pts
Non-Rolling Chip Drop $ 296.9 $ 330.8 $ (33.9) -10.2%
Non-Rolling Chip Win % -2.5
20.0% 22.5% pts
Slot Handle $ 155.4 $ 271.1 $ (115.7) -42.7%
Slot Hold % 5.8% 5.3% 0.5 pts
Hotel Statistics
Occupancy % -4.1
86.7% 90.8% pts
Average Daily Rate (ADR) $ 372 $ 403 $ (31) -7.7%
Revenue per Available Room
(RevPAR) $ 323 $ 366 $ (43) -11.7%
(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 adjusted property EBITDA decreased 12.8% to $76.7 million compared to the same quarter last year. Non-Rolling Chip drop decreased 14.2% to $880.0 million during the quarter, while slot handle increased 10.3% to reach $767.1 million. The property realized 3.57% win on Rolling Chip volume during the quarter, above the expected range and the 2.77% generated in the year-ago quarter. Rolling Chip volume decreased 43.0% to $3.31 billion for the quarter.
The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Sands Macao Operations Three Months Ended
December 31,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 261.3 $ 318.7 $ (57.4) -18.0%
Rooms 5.6 7.0 (1.4) -20.0%
Food and Beverage 9.9 9.8 0.1 1.0%
Convention, Retail and Other 2.5 2.7 (0.2) -7.4%
Less - Promotional Allowances (11.4) (11.5) 0.1 0.9%
--------- --------- ---------
Net Revenues $ 267.9 $ 326.7 $ (58.8) -18.0%
Adjusted Property EBITDA $ 76.7 $ 88.0 $ (11.3) -12.8%
EBITDA Margin % 28.6% 26.9% 1.7 pts
Operating Income $ 67.6 $ 79.0 $ (11.4) -14.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 3,312.9 $ 5,812.5 $(2,499.6) -43.0%
Rolling Chip Win %(1) 0.80
3.57% 2.77% pts
Non-Rolling Chip Drop $ 880.0 $ 1,025.4 $ (145.4) -14.2%
Non-Rolling Chip Win % -0.5
18.0% 18.5% pts
Slot Handle $ 767.1 $ 695.3 $ 71.8 10.3%
Slot Hold % -0.2
3.6% 3.8% pts
Hotel Statistics
Occupancy % 99.9% 97.4% 2.5 pts
Average Daily Rate (ADR) $ 225 $ 276 $ (51) -18.5%
Revenue per Available Room
(RevPAR) $ 225 $ 269 $ (44) -16.4%
(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 in Singapore generated adjusted property EBITDA of $518.5 million, an increase of 100.3% compared to the fourth quarter of 2013. The current quarter results included a $90.1 million benefit related to a property tax settlement. Rolling Chip win percentage of 3.58% in the fourth quarter of 2014 was above both the expected range and the 1.92% achieved in the fourth quarter of 2013.
Non-Rolling Chip drop was $1.10 billion during the quarter. Slot handle increased 10.6% to $3.13 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 4.1% to $4.82 million, compared to $4.63 million in the fourth quarter of 2013. Rolling Chip volume decreased 26.8% to $10.05 billion for the quarter.
ADR decreased slightly to $422 during the quarter while occupancy increased to 98.3%, driving a RevPAR increase of 1.0% compared to the same quarter last year. Retail mall revenue increased 5.5% to $45.7 million during the fourth quarter of 2014, compared to $43.3 million in the prior-year quarter.
The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Marina Bay Sands Operations Three Months Ended
December 31,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 674.4 $ 504.6 $ 169.8 33.7%
Rooms 92.1 95.8 (3.7) -3.9%
Food and Beverage 50.7 49.8 0.9 1.8%
Mall 45.7 43.3 2.4 5.5%
Convention, Retail and Other 26.0 26.6 (0.6) -2.3%
Less - Promotional Allowances (50.3) (60.3) 10.0 16.6%
--------- --------- ---------
Net Revenues $ 838.6 $ 659.8 $ 178.8 27.1%
Adjusted Property EBITDA $ 518.5 $ 258.8 $ 259.7 100.3%
EBITDA Margin % 22.6
61.8% 39.2% pts
Operating Income $ 427.4 $ 165.7 $ 261.7 157.9%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $10,048.2 $13,731.0 $(3,682.8) -26.8%
Rolling Chip Win %(1) 1.66
3.58% 1.92% pts
Non-Rolling Chip Drop $ 1,097.7 $ 1,135.5 $ (37.8) -3.3%
Non-Rolling Chip Win % 26.7% 24.5% 2.2 pts
Slot Handle $ 3,125.0 $ 2,824.6 $ 300.4 10.6%
Slot Hold % -0.4
4.8% 5.2% pts
Hotel Statistics
Occupancy % 98.3% 96.9% 1.4 pts
Average Daily Rate (ADR) $ 422 $ 425 $ (3) -0.7%
Revenue per Available Room
(RevPAR) $ 415 $ 411 $ 4 1.0%
(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
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $78.0 million for the quarter, an 11.6% decrease compared to the fourth quarter of 2013. Hotel ADR increased 6.7% to reach $222 in the quarter while occupancy declined to 81.1%, compared to the fourth quarter of 2013. RevPAR decreased 2.7% to $180 in the quarter. Table games drop, which reflected a softer quarter for bacarrat, decreased 15.6% in the quarter to $548.1 million, while slot handle increased 7.8% to $584.6 million.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Three Months Ended
Las Vegas Operations December 31,
--------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 130.0 $ 151.3 $ (21.3) -14.1%
Rooms 113.6 119.9 (6.3) -5.3%
Food and Beverage 61.5 64.5 (3.0) -4.7%
Convention, Retail and Other 81.8 76.1 5.7 7.5%
Less - Promotional Allowances (24.3) (26.1) 1.8 6.9%
--------- --------- ---------
Net Revenues $ 362.6 $ 385.7 $ (23.1) -6.0%
Adjusted Property EBITDA $ 78.0 $ 88.2 $ (10.2) -11.6%
EBITDA Margin % -1.4
21.5% 22.9% pts
Operating Income $ 64.8 $ 67.3 $ (2.5) -3.7%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 548.1 $ 649.7 $ (101.6) -15.6%
Table Games Win %(1) -2.7
19.1% 21.8% pts
Slot Handle $ 584.6 $ 542.2 $ 42.4 7.8%
Slot Hold % -0.8
7.7% 8.5% pts
Hotel Statistics
Occupancy % -7.7
81.1% 88.8% pts
Average Daily Rate (ADR) $ 222 $ 208 $ 14 6.7%
Revenue per Available Room
(RevPAR) $ 180 $ 185 $ (5) -2.7%
(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 Fourth Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 7.7% to $133.6 million and adjusted property EBITDA increased 19.5% to a record $36.2 million for the quarter. Table games drop increased 8.1% to $279.9 million for the quarter, while table games win percentage was 18.7%, which was higher than the 17.5% realized in the fourth quarter of 2013. Slot handle increased 1.6% year-over-year to $1.01 billion for the quarter with slot hold percentage of 6.8%.
The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Three Months Ended
Sands Bethlehem Operations December 31,
-------------------
(Dollars in millions) 2014 2013 $ Change Change
--------- --------- --------- -------
Revenues:
Casino $ 123.6 $ 115.2 $ 8.4 7.3%
Rooms 3.6 3.0 0.6 20.0%
Food and Beverage 7.6 7.3 0.3 4.1%
Mall 1.3 0.9 0.4 44.4%
Convention, Retail and Other 4.7 4.1 0.6 14.6%
Less - Promotional Allowances (7.2) (6.4) (0.8) -12.5%
--------- --------- ---------
Net Revenues $ 133.6 $ 124.1 $ 9.5 7.7%
Adjusted Property EBITDA $ 36.2 $ 30.3 $ 5.9 19.5%
EBITDA Margin % 27.1% 24.4% 2.7 pts
Operating Income $ 28.9 $ 19.4 $ 9.5 49.0%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 279.9 $ 258.9 $ 21.0 8.1%
Table Games Win %(1) 18.7% 17.5% 1.2 pts
Slot Handle $ 1,011.4 $ 995.0 $ 16.4 1.6%
Slot Hold % 6.8% 6.8% 0.0 pts
Hotel Statistics
13.5
Occupancy % 87.9% 74.4% pts
Average Daily Rate (ADR) $ 149 $ 145 $ 4 2.8%
Revenue per Available Room (RevPAR) $ 131 $ 108 $ 23 21.3%
(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 $173.5 million for the fourth quarter of 2014, an increase of 9.1% compared to the fourth quarter of 2013. Operating profit derived from these retail mall assets increased 13.3% for the quarter compared to the quarter one year ago, reaching $157.4 million.
TTM
December
For The Three Months Ended December 31, 2014 31, 2014
------------------------------------------------- --------
(Dollars in Tenant
millions Gross Sales
except per Gross Operating Leasable Occupancy Per
square foot Revenue Operating Profit Area % at End Sq.
data) (1) Profit Margin (sq. ft.) of Period Ft.(2)
------- --------- --------- ---------- --------- --------
Shoppes at
Venetian $ 60.7 $ 55.2 90.9% 771,345 93.4% $ 1,673
Shoppes at Four
Seasons
Luxury Retail 35.5 34.2 96.3% 142,562 100.0% 6,225
Other Stores 12.7 12.0 94.5% 115,401 98.2% 3,124
------- --------- ----------
Total 48.2 46.2 95.9% 257,963 99.2% 5,689
------- --------- ----------
Shoppes at Cotai
Central 18.9 16.4 86.8% 330,258(3) 97.9% 1,450
------- --------- ----------
Total Cotai
Strip in Macao 127.8 117.8 92.2% 1,359,566 95.6% 2,313
------- --------- ----------
The Shoppes at
Marina Bay
Sands 45.7 39.6 86.7% 648,778 96.1% 1,426
------- --------- ----------
Total $ 173.5 $ 157.4 90.7% 2,008,344 95.7% $ 2,027
======= ========= ==========
(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.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $2.2 million during the quarter, compared to $0.7 million in the fourth quarter of 2013.
Pre-opening expense was $8.2 million in the fourth quarter of 2014, compared to $3.7 million in the fourth quarter of 2013.
Depreciation and amortization expense was $255.5 million in the fourth quarter of 2014, compared to $254.9 million in the fourth quarter of 2013.
Interest expense, net of amounts capitalized, was $66.7 million for the fourth quarter of 2014, compared to $67.1 million in the prior-year quarter. Capitalized interest was $3.1 million during the fourth quarter of 2014, compared to $1.4 million during the fourth quarter of 2013. Our weighted average borrowing cost in the fourth quarter of 2014 was approximately 2.6%.
Corporate expense was $36.2 million in the fourth quarter of 2014, compared to $48.3 million in the fourth quarter of 2013.
Other income, which was principally composed of foreign currency gains, was $4.3 million in the fourth quarter of 2014, compared to $0.7 million of expense in the fourth quarter of 2013.
The company's effective income tax rate for the fourth quarter of 2014 was 9.4%. 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 2014 of $156.7 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2014 were $3.51 billion.
As of December 31, 2014, total debt outstanding, including the current portion, was $9.99 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $385.5 million, including construction, development and maintenance activities of $317.5 million in Macao, $37.3 million in Las Vegas, $25.5 million at Marina Bay Sands and $5.2 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January, 28 2015 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new 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.
Fourth Quarter 2014 Results
Non-GAAP Reconciliations
Within the company's fourth 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 Year Ended
December 31, December 31,
-------------------------- --------------------------
2014 2013 2014 2013
------------ ------------ ------------ ------------
Revenues:
Casino $ 2,722,402 $ 2,992,196 $ 12,004,361 $ 11,386,917
Rooms 378,215 382,035 1,540,420 1,380,681
Food and beverage 195,965 195,898 778,769 730,259
Mall 174,702 159,878 553,534 481,400
Convention, retail
and other 157,041 142,809 548,704 515,179
------------ ------------ ------------ ------------
3,628,325 3,872,816 15,425,788 14,494,436
Less - promotional
allowances (212,332) (217,131) (841,939) (724,551)
------------ ------------ ------------ ------------
3,415,993 3,655,685 14,583,849 13,769,885
------------ ------------ ------------ ------------
Operating expenses:
Resort operations 2,075,747 2,449,920 9,190,275 9,083,983
Corporate 36,246 48,314 174,750 189,535
Pre-opening 8,203 3,693 26,230 13,339
Development 5,373 969 14,325 15,809
Depreciation and
amortization 255,524 254,938 1,031,589 1,007,468
Amortization of
leasehold
interests in land 10,446 10,055 40,598 40,352
Loss on disposal
of assets 1,934 1,723 6,856 11,156
------------ ------------ ------------ ------------
2,393,473 2,769,612 10,484,623 10,361,642
------------ ------------ ------------ ------------
Operating income 1,022,520 886,073 4,099,226 3,408,243
Other income
(expense):
Interest income 8,534 5,489 25,643 16,337
Interest expense,
net of amounts
capitalized (66,686) (67,086) (274,181) (271,211)
Other income
(expense) 4,333 (671) 1,965 4,321
Loss on
modification or
early retirement
of debt - (14,178) (19,942) (14,178)
------------ ------------ ------------ ------------
Income before income
taxes 968,701 809,627 3,832,711 3,143,512
Income tax expense (90,701) (39,896) (244,640) (188,836)
------------ ------------ ------------ ------------
Net income 878,000 769,731 3,588,071 2,954,676
Net income
attributable to
noncontrolling
interests (156,695) (192,192) (747,442) (648,679)
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp. $ 721,305 $ 577,539 $ 2,840,629 $ 2,305,997
============ ============ ============ ============
Earnings per share:
Basic $ 0.90 $ 0.71 $ 3.52 $ 2.80
============ ============ ============ ============
Diluted $ 0.90 $ 0.70 $ 3.52 $ 2.79
============ ============ ============ ============
Weighted average
shares outstanding:
Basic 799,851,322 818,631,514 806,130,838 822,282,515
============ ============ ============ ============
Diluted 801,465,931 822,314,351 808,019,219 826,316,108
============ ============ ============ ============
Dividends declared
per common share $ 0.50 $ 0.35 $ 2.00 $ 1.40
============ ============ ============ ============
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 December 31, 2014
(Gain)
Amortization Loss Pre-Opening
Operating Depreciation of Leasehold on and
Income and Interests Disposal Development
(Loss) Amortization in Land of Assets Expense
---------- ------------ ------------ --------- -----------
Macao:
The Venetian
Macao $ 278,219 $ 38,116 $ 2,031 $ 872 $ -
Sands Cotai
Central 144,481 71,266 2,027 343 1,101
Four Seasons
Hotel Macao
and Plaza
Casino 79,779 9,767 1,151 24 1,658
Sands Macao 67,586 8,452 354 (80) -
---------- ------------ ------------ --------- -----------
Macao Property
Operations 570,065 127,601 5,563 1,159 2,759
Marina Bay
Sands 427,406 62,310 4,520 119 85
United States:
Las Vegas
Operating
Properties 64,777 47,350 - 452 223
Sands
Bethlehem 28,944 6,485 - 230 16
---------- ------------ ------------ --------- -----------
United States
Property
Operations 93,721 53,835 - 682 239
Other Asia (2) (13,943) 3,533 - 16 338
Other
Development (10,679) 161 363 - 10,155
Corporate (44,050) 8,084 - (42) -
---------- ------------ ------------ --------- -----------
$1,022,520 $ 255,524 $ 10,446 $ 1,934 $ 13,576
========== ============ ============ ========= ===========
Three Months Ended December 31, 2014
(1) Adjusted
Royalty Stock-Based Corporate Property
Fees Compensation Expense EBITDA
--------- ------------ --------- ----------
Macao:
The Venetian
Macao $ - $ 2,209 $ - $ 321,447
Sands Cotai
Central - 1,059 - 220,277
Four Seasons
Hotel Macao
and Plaza
Casino - 341 - 92,720
Sands Macao - 422 - 76,734
--------- ------------ --------- ----------
Macao Property
Operations - 4,031 - 711,178
Marina Bay
Sands 23,823 258 - 518,521
United States:
Las Vegas
Operating
Properties (35,785) 946 - 77,963
Sands
Bethlehem - 524 - 36,199
--------- ------------ --------- ----------
United States
Property
Operations (35,785) 1,470 - 114,162
Other Asia (2) 101 - 2,245
Other
Development - - - -
Corporate (238) - 36,246 -
--------- ------------ --------- ----------
$ - $ 5,860 $ 36,246 $1,346,106
========= ============ ========= ==========
Three Months Ended December 31, 2013
(Gain)
Amortization Loss Pre-Opening
Operating Depreciation of Leasehold on and
Income and Interests Disposal Development
(Loss) Amortization in Land of Assets Expense
--------- ------------ ------------ --------- -----------
Macao:
The Venetian
Macao $ 392,586 $ 35,189 $ 1,654 $ 1,996 $ -
Sands Cotai
Central 168,464 65,378 2,154 728 230
Four Seasons
Hotel Macao
and Plaza
Casino 52,130 9,835 706 11,630 2,398
Sands Macao 79,010 7,984 354 61 -
--------- ------------ ------------ --------- -----------
Macao Property
Operations 692,190 118,386 4,868 14,415 2,628
Marina Bay
Sands 165,669 63,862 4,566 (82) -
United States:
Las Vegas
Operating
Properties 67,340 50,595 - 717 524
Sands
Bethlehem 19,365 10,637 - 55 152
--------- ------------ ------------ --------- -----------
United States
Property
Operations 86,705 61,232 - 772 676
Other Asia (2) (13,973) 3,630 - (3) (4)
Other
Development (2,412) 167 621 262 1,362
Corporate (42,106) 7,661 - (13,641) -
--------- ------------ ------------ --------- -----------
$ 886,073 $ 254,938 $ 10,055 $ 1,723 $ 4,662
========= ============ ============ ========= ===========
Three Months Ended December 31, 2013
(1) Adjusted
Royalty Stock-Based Corporate Property
Fees Compensation Expense EBITDA
--------- ------------ --------- ----------
Macao:
The Venetian
Macao $ - $ 1,969 $ - $ 433,394
Sands Cotai
Central - 829 - 237,783
Four Seasons
Hotel Macao
and Plaza
Casino - 58 - 76,757
Sands Macao - 562 - 87,971
--------- ------------ --------- ----------
Macao Property
Operations - 3,418 - 835,905
Marina Bay
Sands 22,784 2,035 - 258,834
United States:
Las Vegas
Operating
Properties (33,556) 2,587 - 88,207
Sands
Bethlehem - 140 - 30,349
--------- ------------ --------- ----------
United States
Property
Operations (33,556) 2,727 - 118,556
Other Asia (2) 11,000 42 - 692
Other
Development - - - -
Corporate (228) - 48,314 -
--------- ------------ --------- ----------
$ - $ 8,222 $ 48,314 $1,213,987
========= ============ ========= ==========
Year Ended December 31, 2014
(Gain)
Amortization Loss Pre-Opening
Operating Depreciation of Leasehold on and
Income and Interests Disposal Development
(Loss) Amortization in Land of Assets Expense
---------- ------------ ------------ --------- -----------
Macao:
The Venetian
Macao $1,381,460 $ 146,365 $ 6,992 $ 1,588 $ -
Sands Cotai
Central 705,780 275,459 8,487 1,423 5,464
Four Seasons
Hotel Macao
and Plaza
Casino 323,593 39,307 3,269 116 7,291
Sands Macao 301,246 33,994 1,415 82 -
---------- ------------ ------------ --------- -----------
Macao Property
Operations 2,712,079 495,125 20,163 3,209 12,755
Marina Bay
Sands 1,326,729 271,801 18,207 3,636 160
United States:
Las Vegas
Operating
Properties 267,342 187,004 - (272) 356
Sands
Bethlehem 89,966 29,739 - 160 110
---------- ------------ ------------ --------- -----------
United States
Property
Operations 357,308 216,743 - (112) 466
Other Asia (2) (60,368) 14,137 - 165 384
Other
Development (29,649) 631 2,228 - 26,790
Corporate (206,873) 33,152 - (42) -
---------- ------------ ------------ --------- -----------
$4,099,226 $ 1,031,589 $ 40,598 $ 6,856 $ 40,555
========== ============ ============ ========= ===========
Year Ended December 31, 2014
(1) Adjusted
Royalty Stock-Based Corporate Property
Fees Compensation Expense EBITDA
--------- ------------ --------- ----------
Macao:
The Venetian
Macao $ - $ 9,918 $ - $1,546,323
Sands Cotai
Central - 4,874 - 1,001,487
Four Seasons
Hotel Macao
and Plaza
Casino - 1,323 - 374,899
Sands Macao - 1,853 - 338,590
--------- ------------ --------- ----------
Macao Property
Operations - 17,968 - 3,261,299
Marina Bay
Sands 98,710 3,904 - 1,723,147
United States:
Las Vegas
Operating
Properties (146,523) 6,006 - 313,913
Sands
Bethlehem - 516 - 120,491
--------- ------------ --------- ----------
United States
Property
Operations (146,523) 6,522 - 434,404
Other Asia (2) 48,800 375 - 3,493
Other
Development - - - -
Corporate (987) - 174,750 -
--------- ------------ --------- ----------
$ - $ 28,769 $ 174,750 $5,422,343
========= ============ ========= ==========
Year Ended December 31, 2013
(Gain)
Amortization Loss Pre-Opening
Operating Depreciation of Leasehold on and
Income and Interests Disposal Development
(Loss) Amortization in Land of Assets Expense
---------- ------------ ------------ --------- -----------
Macao:
The Venetian
Macao $1,344,650 $ 137,464 $ 6,613 $ 3,708 $ 120
Sands Cotai
Central 462,128 257,087 8,612 2,971 5,793
Four Seasons
Hotel Macao
and Plaza
Casino 240,986 44,199 2,823 11,726 5,124
Sands Macao 327,087 31,710 1,415 574 -
---------- ------------ ------------ --------- -----------
Macao Property
Operations 2,374,851 470,460 19,463 18,979 11,037
Marina Bay
Sands 995,504 262,676 18,403 2,631 -
United States:
Las Vegas
Operating
Properties 240,528 192,863 - 1,825 911
Sands
Bethlehem 85,096 37,282 - 89 391
---------- ------------ ------------ --------- -----------
United States
Property
Operations 325,624 230,145 - 1,914 1,302
Other Asia (2) (63,000) 14,665 - 10 258
Other
Development (19,939) 640 2,486 262 16,551
Corporate (204,797) 28,882 - (12,640) -
---------- ------------ ------------ --------- -----------
$3,408,243 $ 1,007,468 $ 40,352 $ 11,156 $ 29,148
========== ============ ============ ========= ===========
Year Ended December 31, 2013
Legal
Settlement
(1) and Adjusted
Royalty Stock-Based Corporate Property
Fees Compensation Expense EBITDA
--------- ------------ ---------- ----------
Macao:
The Venetian
Macao $ - $ 7,382 $ - $1,499,937
Sands Cotai
Central - 3,132 - 739,723
Four Seasons
Hotel Macao
and Plaza
Casino - 182 - 305,040
Sands Macao - 2,072 - 362,858
--------- ------------ ---------- ----------
Macao Property
Operations - 12,768 - 2,907,558
Marina Bay
Sands 97,989 7,373 - 1,384,576
United States:
Las Vegas
Operating
Properties (141,009) 9,221 47,400 351,739
Sands
Bethlehem - 479 - 123,337
--------- ------------ ---------- ----------
United States
Property
Operations (141,009) 9,700 47,400 475,076
Other Asia (2) 44,000 212 - (3,855)
Other
Development - - - -
Corporate (980) - 189,535 -
--------- ------------ ---------- ----------
$ - $ 30,053 $ 236,935 $4,763,355
========= ============ ========== ==========
(1) During the three months ended December 31, 2014 and 2013, the Company
recorded stock-based compensation expense of $10.3 million and $13.6
million, respectively, of which $4.3 million and $5.4 million, respectively,
is included in corporate expense and $0.1 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 year
ended December 31, 2014 and 2013, the Company recorded stock-based
compensation expense of $48.1 million and $53.4 million, respectively, of
which $18.7 million and $23.3 million, respectively, is included in
corporate expense and $0.6 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 December 31, 2014
(1) (2) Hold-
Hold- Hold- Normalized
Adjusted Normalized Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
---------- ---------- ---------- ----------
Macao Property Operations $ 711,178 $ (43,795) $ 18,798 $ 686,181
Marina Bay Sands 518,521 (72,014) 14,527 461,034
United States:
Las Vegas Operating
Properties 77,963 11,705 (2,058) 87,610
Sands Bethlehem 36,199 - - 36,199
---------- ---------- ---------- ----------
United States Property
Operations 114,162 11,705 (2,058) 123,809
Other Asia 2,245 - - 2,245
Other Development - - - -
Corporate - - - -
---------- ---------- ---------- ----------
$1,346,106 $ (104,104) $ 31,267 $1,273,269
========== ========== ========== ==========
Three Months Ended December 31, 2013
(1) (2) Hold-
Hold- Hold- Normalized
Adjusted Normalized Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
---------- ---------- ---------- ----------
Macao Property Operations $ 835,905 $ 68,905 $ (37,994) $ 866,816
Marina Bay Sands 258,834 103,364 (20,851) 341,347
United States:
Las Vegas Operating
Properties 88,207 6,635 (1,166) 93,676
Sands Bethlehem 30,349 - - 30,349
---------- ---------- ---------- ----------
United States Property
Operations 118,556 6,635 (1,166) 124,025
Other Asia 692 - - 692
Other Development - - - -
Corporate - - - -
---------- ---------- ---------- ----------
$1,213,987 $ 178,904 $ (60,011) $1,332,880
========== ========== ========== ==========
(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 Year Ended
December 31, December 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
Net income attributable
to Las Vegas Sands
Corp. $ 721,305 $ 577,539 $ 2,840,629 $ 2,305,997
Add (deduct):
Net income
attributable to
noncontrolling
interests 156,695 192,192 747,442 648,679
Income tax expense 90,701 39,896 244,640 188,836
Loss on modification
or early retirement
of debt - 14,178 19,942 14,178
Other (income)
expense (4,333) 671 (1,965) (4,321)
Interest expense,
net of amounts
capitalized 66,686 67,086 274,181 271,211
Interest income (8,534) (5,489) (25,643) (16,337)
Loss on disposal of
assets 1,934 1,723 6,856 11,156
Amortization of
leasehold interests
in land 10,446 10,055 40,598 40,352
Depreciation and
amortization 255,524 254,938 1,031,589 1,007,468
Development expense 5,373 969 14,325 15,809
Pre-opening expense 8,203 3,693 26,230 13,339
Stock-based
compensation (1) 5,860 8,222 28,769 30,053
Legal settlement
expense (1) - - - 47,400
Corporate expense 36,246 48,314 174,750 189,535
----------- ----------- ----------- -----------
Adjusted Property EBITDA $ 1,346,106 $ 1,213,987 $ 5,422,343 $ 4,763,355
=========== =========== =========== ===========
Hold-normalized
casino revenue (2) (104,104) 178,904
Hold-normalized
casino expense (2) 31,267 (60,011)
----------- -----------
Hold-Normalized Adjusted
Property EBITDA $ 1,273,269 $ 1,332,880
=========== ===========
(1) See Exhibit 2
(2) See Exhibit 3
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
The Venetian Macao $ 880,307 $ 1,149,079 $ 4,040,681 $ 3,851,230
Sands Cotai Central 705,042 790,650 3,133,864 2,698,430
Four Seasons Hotel Macao
and Plaza Casino 243,839 238,069 1,107,779 1,065,405
Sands Macao 267,913 326,747 1,174,795 1,237,016
Marina Bay Sands 838,592 659,813 3,214,210 2,968,366
Las Vegas Operating
Properties 362,575 385,712 1,478,769 1,518,024
Sands Bethlehem 133,593 124,141 504,237 496,738
Other Asia 38,492 33,906 151,778 139,572
Intersegment
Eliminations (54,360) (52,432) (222,264) (204,896)
----------- ----------- ----------- -----------
$ 3,415,993 $ 3,655,685 $14,583,849 $13,769,885
=========== =========== =========== ===========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
Revenues
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
The Venetian Macao 36.5% 37.7% 38.3% 38.9%
Sands Cotai Central 31.2% 30.1% 32.0% 27.4%
Four Seasons Hotel Macao
and Plaza Casino 38.0% 32.2% 33.8% 28.6%
Sands Macao 28.6% 26.9% 28.8% 29.3%
Marina Bay Sands 61.8% 39.2% 53.6% 46.6%
Las Vegas Operating
Properties 21.5% 22.9% 21.2% 23.2%
Sands Bethlehem 27.1% 24.4% 23.9% 24.8%
Other Asia 5.8% 2.0% 2.3% -2.8%
Total 39.4% 33.2% 37.2% 34.6%
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 Year Ended
December 31, December 31,
-------------------------- -------------------------
2014 2013 2014 2013
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp. $ 721,305 $ 577,539 $ 2,840,629 $ 2,305,997
Pre-opening expense,
net 5,929 2,791 18,651 9,818
Development expense,
net 5,373 969 14,325 15,809
(Gain) loss on
disposal of assets,
net 1,589 (2,571) 5,900 5,498
Loss on modification
or early retirement
of debt, net - 14,178 14,589 14,178
Legal settlement
expense - - - 47,400
------------ ------------ ------------ ------------
Adjusted net income $ 734,196 $ 592,906 $ 2,894,094 $ 2,398,700
============ ============ ============ ============
Hold-normalized casino
revenue (1) (104,104) 178,904
Hold-normalized casino
expense (1) 31,267 (60,011)
Income tax impact on
hold adjustments 9,773 (14,027)
Noncontrolling
interest impact on
hold adjustments 7,467 (9,221)
------------ ------------
Hold-normalized
adjusted net income $ 678,599 $ 688,550
============ ============
(1) See Exhibit 3
Per diluted share of
common stock:
Net income
attributable to Las
Vegas Sands Corp. $ 0.90 $ 0.70 $ 3.52 $ 2.79
Pre-opening expense,
net 0.01 - 0.02 -
Development expense,
net 0.01 - 0.02 0.02
(Gain) loss on
disposal of assets,
net - - - 0.01
Loss on modification
or early retirement
of debt, net - 0.02 0.02 0.02
Legal settlement
expense - - - 0.06
------------ ------------ ------------ ------------
Adjusted earnings per
diluted share $ 0.92 $ 0.72 $ 3.58 $ 2.90
============ ============ ============ ============
Hold-normalized casino
revenue (0.13) 0.22
Hold-normalized casino
expense 0.04 (0.07)
Income tax impact on
hold adjustments 0.01 (0.02)
Noncontrolling
interest impact on
hold adjustments 0.01 (0.01)
------------ ------------
Hold-normalized
adjusted earnings per
diluted share $ 0.85 $ 0.84
============ ============
Weighted average
diluted shares
outstanding 801,465,931 822,314,351 808,019,219 826,316,108
============ ============ ============ ============
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------ ------------------
2014 2013 2014 2013
-------- -------- -------- --------
Room Statistics:
The Venetian Macao:
Occupancy % 88.3% 94.4% 91.3% 91.3%
Average daily room rate (ADR)
(1) $ 280 $ 269 $ 270 $ 243
Revenue per available room
(RevPAR) (2) $ 247 $ 254 $ 246 $ 222
Sands Cotai Central:
Occupancy % 90.9% 89.1% 88.5% 78.5%
Average daily room rate (ADR)
(1) $ 183 $ 167 $ 176 $ 155
Revenue per available room
(RevPAR) (2) $ 167 $ 149 $ 156 $ 121
Four Seasons Hotel Macao and Plaza
Casino:
Occupancy % 86.7% 90.8% 87.0% 85.3%
Average daily room rate (ADR)
(1) $ 372 $ 403 $ 400 $ 373
Revenue per available room
(RevPAR) (2) $ 323 $ 366 $ 348 $ 318
Sands Macao:
Occupancy % 99.9% 97.4% 98.6% 96.1%
Average daily room rate (ADR)
(1) $ 225 $ 276 $ 238 $ 252
Revenue per available room
(RevPAR) (2) $ 225 $ 269 $ 235 $ 242
Marina Bay Sands:
Occupancy % 98.3% 96.9% 99.0% 98.6%
Average daily room rate (ADR)
(1) $ 422 $ 425 $ 431 $ 396
Revenue per available room
(RevPAR) (2) $ 415 $ 411 $ 427 $ 390
Las Vegas Operating Properties:
Occupancy % 81.1% 88.8% 88.0% 89.6%
Average daily room rate (ADR)
(1) $ 222 $ 208 $ 222 $ 205
Revenue per available room
(RevPAR) (2) $ 180 $ 185 $ 196 $ 184
Sands Bethlehem:
Occupancy % 87.9% 74.4% 83.4% 73.6%
Average daily room rate (ADR)
(1) $ 149 $ 145 $ 146 $ 142
Revenue per available room
(RevPAR) (2) $ 131 $ 108 $ 122 $ 104
Casino Statistics:
The Venetian Macao:
Table games win per unit per day
(3) $ 13,530 $ 19,200 $ 16,286 $ 17,518
Slot machine win per unit per
day (4) $ 309 $ 344 $ 360 $ 327
Average number of table games 622 639 639 584
Average number of slot machines 2,011 2,119 2,018 2,193
Sands Cotai Central:
Table games win per unit per day
(3) $ 13,611 $ 19,621 $ 16,862 $ 16,166
Slot machine win per unit per
day (4) $ 422 $ 367 $ 426 $ 292
Average number of table games 517 457 498 480
Average number of slot machines 1,635 1,957 1,725 2,077
Four Seasons Hotel Macao and Plaza
Casino:
Table games win per unit per day
(3) $ 19,003 $ 17,655 $ 25,518 $ 22,049
Slot machine win per unit per
day (4) $ 663 $ 887 $ 748 $ 759
Average number of table games 141 148 132 151
Average number of slot machines 149 178 156 180
Sands Macao:
Table games win per unit per day
(3) $ 12,158 $ 13,356 $ 13,165 $ 12,383
Slot machine win per unit per
day (4) $ 323 $ 260 $ 346 $ 247
Average number of table games 247 286 258 295
Average number of slot machines 919 1,094 942 1,162
Marina Bay Sands:
Table games win per unit per day
(3) $ 11,617 $ 9,098 $ 11,159 $ 11,289
Slot machine win per unit per
day (4) $ 666 $ 679 $ 684 $ 688
Average number of table games 611 648 622 626
Average number of slot machines 2,455 2,365 2,412 2,266
Las Vegas Operating Properties:
Table games win per unit per day
(3) $ 4,843 $ 6,081 $ 4,965 $ 5,896
Slot machine win per unit per
day (4) $ 216 $ 217 $ 203 $ 206
Average number of table games 236 253 235 244
Average number of slot machines 2,275 2,317 2,344 2,343
Sands Bethlehem:
Table games win per unit per day
(3) $ 3,235 $ 3,344 $ 2,937 $ 3,104
Slot machine win per unit per
day (4) $ 250 $ 246 $ 255 $ 262
Average number of table games 176 147 167 145
Average number of slot machines 3,012 3,008 3,011 3,013
(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