For the quarter ended March 31, 2023
-
A Robust Recovery in Travel and Tourism Spending is Now Underway in both Macao and Singapore
-
At Marina Bay Sands, Adjusted Property EBITDA Reached $394 million
-
Marina Bay Sands Mass Gaming Revenue Reached an All-Time Property Record $549 million
-
In Macao, Adjusted Property EBITDA Reached $398 million
-
Macao Property Portfolio Experienced Robust Recovery in all Gaming and Non-Gaming Segments
-
Macao Property Portfolio Mass Gaming Revenue Reached $1 billion for the First Time Since 2019
-
Market-Leading Investments in Macao and Singapore Position the Company for Strong Growth as the Recovery in Travel and Tourism Spending Progresses
LAS VEGAS, April 19, 2023 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2023.
"While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is now underway. We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead," said Robert G. Goldstein, chairman and chief executive officer.
"In Singapore, we were pleased to see the ongoing recovery at Marina Bay Sands progress during the quarter, with the property again delivering outstanding levels of performance in both mass gaming and tenant sales. We remain energized by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.
"In Macao, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao's tourism appeal to travelers from throughout the region, including to foreign visitors to Macao. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.
"Looking ahead, our resolute commitment to making industry-leading investments in our team members, our communities and our market-leading Integrated Resort property portfolio positions us exceptionally well to deliver strong growth in the years ahead. Our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."
Net revenue was $2.12 billion, compared to $943 million in the prior year quarter. Operating income was $378 million, compared to an operating loss of $302 million in the prior year quarter. Net income from continuing operations in the first quarter of 2023 was $145 million, compared to a net loss from continuing operations of $478 million in the first quarter of 2022.
Consolidated adjusted property EBITDA was $792 million, compared to $110 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased to $1.27 billion, compared to $547 million in the first quarter of 2022. Net loss for SCL was $10 million, compared to $336 million in the first quarter of 2022.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $218 million for the first quarter of 2023, compared to $156 million in the prior year quarter. Our weighted average borrowing cost in the first quarter of 2023 was 5.4% compared to 4.2% during the first quarter of 2022, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $999 million under the SCL Credit Facility in the last year.
Our income tax expense for the first quarter of 2023 was $50 million, compared to $2 million in the prior year quarter. The income tax expense for the first quarter of 2023 was primarily due to the increased profitability of our Singapore operations and Singapore's 17% statutory rate.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2023 were $6.53 billion.
The company has access to $2.48 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of March 31, 2023, total debt outstanding, excluding finance leases and financed purchases, was $15.97 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $166 million, including construction, development and maintenance activities of $115 million at Marina Bay Sands, $38 million in Macao and $13 million in Corporate and Other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, April 19, 2023 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities. Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. 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: risks relating to our gaming license in Singapore and new concession in Macao and amendments to Macao's gaming laws; general economic conditions; uncertainty about the pace of recovery of travel and tourism in Asia from the impacts of the COVID-19 pandemic; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, execute our capital expenditure programs in Singapore, and produce future returns; new development, construction and ventures, including development at our existing properties; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; our ability to continue to have our securities traded in the U.S. securities market; 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 statements and information.
Las Vegas Sands Corp.
First
Quarter 2023 Results
Non-GAAP Measures
Within the company's first quarter 2023 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income (loss)," and "hold-normalized adjusted earnings (loss) per diluted share." The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal or impairment of assets, loss on modification or early retirement of debt, other income or expense and income (loss) from discontinued operations, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 3.30% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.15% to 3.45% for our Macao and Singapore properties. We do not present adjustments for Non-Rolling Chip drop for our table games play or for slots at our Macao and Singapore properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.
Hold-normalized adjusted net income (loss) and hold-normalized adjusted earnings (loss) per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income (loss) and adjusted earnings (loss) per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.
The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.
|
Exhibit 1
|
|
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
Revenues:
|
|
|
|
|
|
Casino
|
|
$ 1,541
|
|
$ 627
|
|
Rooms
|
|
243
|
|
95
|
|
Food and beverage
|
|
124
|
|
53
|
|
Mall
|
|
162
|
|
149
|
|
Convention, retail and other
|
|
50
|
|
19
|
|
Net revenues
|
|
2,120
|
|
943
|
|
Operating expenses:
|
|
|
|
|
|
Resort operations
|
|
1,339
|
|
838
|
|
Corporate
|
|
57
|
|
59
|
|
Pre-opening
|
|
2
|
|
4
|
|
Development
|
|
42
|
|
60
|
|
Depreciation and amortization
|
|
274
|
|
264
|
|
Amortization of leasehold interests in land
|
|
14
|
|
14
|
|
Loss on disposal or impairment of assets
|
|
14
|
|
6
|
|
|
1,742
|
|
1,245
|
|
Operating income (loss)
|
|
378
|
|
(302)
|
|
Other income (expense):
|
|
|
|
|
|
Interest income
|
|
70
|
|
4
|
|
Interest expense, net of amounts capitalized
|
|
(218)
|
|
(156)
|
|
Other expense
|
|
(35)
|
|
(22)
|
|
Income (loss) from continuing operations before income taxes
|
|
195
|
|
(476)
|
|
Income tax expense
|
|
(50)
|
|
(2)
|
|
Net income (loss) from continuing operations
|
|
145
|
|
(478)
|
|
Discontinued operations:
|
|
|
|
|
|
Income from operations of discontinued operations, net of tax
|
|
—
|
|
46
|
|
Gain on disposal of discontinued operations, net of tax
|
|
—
|
|
2,861
|
|
Income from discontinued operations, net of tax
|
|
—
|
|
2,907
|
|
Net income
|
|
145
|
|
2,429
|
|
Net loss attributable to noncontrolling interests
|
|
2
|
|
101
|
|
Net income attributable to Las Vegas Sands Corp.
|
|
$ 147
|
|
$ 2,530
|
|
|
|
|
|
|
Earnings (loss) per share — basic:
|
|
|
|
|
|
Net income (loss) from continuing operations
|
|
$ 0.19
|
|
$ (0.49)
|
|
Net Income from discontinued operations, net of income taxes
|
|
—
|
|
3.80
|
|
Net income per common share
|
|
$ 0.19
|
|
$ 3.31
|
|
|
|
|
|
|
Earnings (loss) per share — diluted:
|
|
|
|
|
|
Net income (loss) from continuing operations
|
|
$ 0.19
|
|
$ (0.49)
|
|
Net Income from discontinued operations, net of income taxes
|
|
—
|
|
3.80
|
|
Net income per common share
|
|
$ 0.19
|
|
$ 3.31
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
Basic
|
|
764
|
|
764
|
|
Diluted
|
|
766
|
|
764
|
|
Exhibit 2
|
|
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
Net Revenues
|
|
|
|
|
|
The Venetian Macao
|
$ 558
|
|
$ 227
|
|
The Londoner Macao
|
283
|
|
121
|
|
The Parisian Macao
|
174
|
|
74
|
|
The Plaza Macao and Four Seasons Macao
|
172
|
|
102
|
|
Sands Macao
|
74
|
|
20
|
|
Ferry Operations and Other
|
18
|
|
7
|
|
Macao Operations
|
1,279
|
|
551
|
|
|
|
|
|
|
Marina Bay Sands
|
848
|
|
399
|
|
Intercompany Royalties
|
48
|
|
22
|
|
Intersegment Eliminations
(1)
|
(55)
|
|
(29)
|
|
|
$ 2,120
|
|
$ 943
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
|
|
|
|
The Venetian Macao
|
$ 210
|
|
$ 19
|
|
The Londoner Macao
|
56
|
|
(33)
|
|
The Parisian Macao
|
46
|
|
(11)
|
|
The Plaza Macao and Four Seasons Macao
|
75
|
|
32
|
|
Sands Macao
|
10
|
|
(17)
|
|
Ferry Operations and Other
|
1
|
|
(1)
|
|
Macao Operations
|
398
|
|
(11)
|
|
|
|
|
|
|
Marina Bay Sands
|
394
|
|
121
|
|
$ 792
|
|
$ 110
|
|
|
|
|
|
|
Adjusted Property EBITDA as a Percentage of Net Revenues
|
|
|
|
|
The Venetian Macao
|
37.6 %
|
|
8.4 %
|
|
The Londoner Macao
|
19.8 %
|
|
|
|
The Parisian Macao
|
26.4 %
|
|
|
|
The Plaza Macao and Four Seasons Macao
|
43.6 %
|
|
31.4 %
|
|
Sands Macao
|
13.5 %
|
|
|
|
Ferry Operations and Other
|
5.6 %
|
|
|
|
Macao Operations
|
31.1 %
|
|
|
|
|
|
|
|
|
Marina Bay Sands
|
46.5 %
|
|
30.3 %
|
|
|
|
|
|
|
Total
|
37.4 %
|
|
11.7 %
|
|
____________________
|
|
Note:
|
The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation.
|
|
(1)
|
Intersegment eliminations include royalties and other intercompany services.
|
|
Exhibit 3
|
|
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
|
|
|
The following is a reconciliation of Net Income (Loss) from Continuing Operations to Consolidated Adjusted
Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
Net income (loss) from continuing operations
|
$ 145
|
|
$ (478)
|
|
Add (deduct):
|
|
|
|
|
Income tax expense
|
50
|
|
2
|
|
Other expense
|
35
|
|
22
|
|
Interest expense, net of amounts capitalized
|
218
|
|
156
|
|
Interest income
|
(70)
|
|
(4)
|
|
Loss on disposal or impairment of assets
|
14
|
|
6
|
|
Amortization of leasehold interests in land
|
14
|
|
14
|
|
Depreciation and amortization
|
274
|
|
264
|
|
Development expense
|
42
|
|
60
|
|
Pre-opening expense
|
2
|
|
4
|
|
Stock-based compensation
(1)
|
11
|
|
5
|
|
Corporate expense
|
57
|
|
59
|
|
Consolidated Adjusted Property EBITDA
|
$ 792
|
|
$ 110
|
|
|
|
|
|
|
Hold-normalized casino revenue adjustment
(2)
|
1
|
|
(12)
|
|
Hold-normalized casino expense adjustment
(2)
|
4
|
|
5
|
|
Consolidated Hold-Normalized Adjusted Property EBITDA
|
$ 797
|
|
$ 103
|
|
____________________
|
|
Note:
|
The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation.
|
|
(1)
|
During the three months ended March 31, 2023 and 2022, the company recorded stock-based compensation expense of $22 million and $14 million, respectively, of which $11 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
|
|
(2)
|
See Exhibit 4.
|
|
Exhibit 4
|
|
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
|
|
|
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property
EBITDA
|
|
Hold-Normalized
Casino
Revenue
Adjustment
(1)
|
|
Hold-Normalized
Casino
Expense
Adjustment (2)
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|
Macao Operations
|
|
$ 398
|
|
$ (22)
|
|
$ 9
|
|
$ 385
|
|
Marina Bay Sands
|
|
394
|
|
23
|
|
(5)
|
|
412
|
|
|
$ 792
|
|
$ 1
|
|
$ 4
|
|
$ 797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property
EBITDA
|
|
Hold-Normalized
Casino
Revenue
Adjustment (1)
|
|
Hold-Normalized
Casino
Expense
Adjustment (2)
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|
Macao Operations
|
|
$ (11)
|
|
$ (12)
|
|
$ 5
|
|
$ (18)
|
|
Marina Bay Sands
|
|
121
|
|
—
|
|
—
|
|
121
|
|
|
$ 110
|
|
$ (12)
|
|
$ 5
|
|
$ 103
|
|
____________________
|
|
Note:
|
The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation.
|
|
(1)
|
This adjustment represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company's current period win percentage equaled 3.30%. This calculation will only be applied if the current period win percentage is outside the expected range of 3.15% to 3.45%.
These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
|
|
(2)
|
This adjustment represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
|
|
Exhibit 5
|
|
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions, except per share data)
(Unaudited)
|
|
|
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income (Loss) and Hold-Normalized Adjusted
Net Income (Loss):
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
Net income attributable to LVS
|
|
$ 147
|
|
$ 2,530
|
|
|
|
|
|
|
Pre-opening expense
|
|
2
|
|
4
|
|
Development expense
|
|
42
|
|
60
|
|
Loss on disposal or impairment of assets
|
|
14
|
|
6
|
|
Other expense
|
|
35
|
|
22
|
|
Income from discontinued operations, net of tax
|
|
—
|
|
(2,907)
|
|
Income tax impact on net income adjustments (1)
|
|
(8)
|
|
(14)
|
|
Noncontrolling interest impact on net income adjustments
|
|
(15)
|
|
(7)
|
|
Adjusted net income (loss) from continuing operations attributable to LVS
|
|
$ 217
|
|
$ (306)
|
|
|
|
|
|
|
Hold-normalized casino revenue adjustment (2)
|
|
1
|
|
(12)
|
|
Hold-normalized casino expense adjustment (2)
|
|
4
|
|
5
|
|
Income tax impact on hold adjustments (1)
|
|
(3)
|
|
—
|
|
Noncontrolling interest impact on hold adjustments
|
|
4
|
|
2
|
|
Hold-normalized adjusted net income (loss) from continuing operations attributable to LVS
|
|
$ 223
|
|
$ (311)
|
|
|
|
|
|
|
The following is a reconciliation of Income per Diluted Share to Adjusted Earnings (Loss) per Diluted Share and Hold-
Normalized Adjusted Earnings (Loss) per Diluted Share:
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
Per diluted share of common stock:
|
|
|
|
|
|
Net income attributable to LVS
|
|
$ 0.19
|
|
$ 3.31
|
|
|
|
|
|
|
Pre-opening expense
|
|
—
|
|
—
|
|
Development expense
|
|
0.05
|
|
0.08
|
|
Loss on disposal or impairment of assets
|
|
0.02
|
|
0.01
|
|
Other expense
|
|
0.05
|
|
0.03
|
|
Income from discontinued operations, net of income taxes
|
|
—
|
|
(3.80)
|
|
Income tax impact on net income adjustments
|
|
(0.01)
|
|
(0.02)
|
|
Noncontrolling interest impact on net income adjustments
|
|
(0.02)
|
|
(0.01)
|
|
Adjusted earnings (loss) per diluted share from continuing operations
|
|
$ 0.28
|
|
$ (0.40)
|
|
|
|
|
|
|
Hold-normalized casino revenue adjustment
|
|
—
|
|
(0.02)
|
|
Hold-normalized casino expense adjustment
|
|
0.01
|
|
0.01
|
|
Income tax impact on hold adjustments
|
|
—
|
|
—
|
|
Noncontrolling interest impact on hold adjustments
|
|
—
|
|
—
|
|
Hold-normalized adjusted earnings (loss) per diluted share from continuing operations
|
|
$ 0.29
|
|
$ (0.41)
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
766
|
|
764
|
|
____________________
|
|
(1)
|
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
|
|
(2)
|
See Exhibit 4.
|
|
Exhibit 6
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2023
|
|
2022
|
|
Casino Statistics:
|
|
|
|
|
|
The Venetian Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$ 8,576
|
|
$ 3,202
|
|
Slot machine win per unit per day (2)
|
|
$ 373
|
|
$ 101
|
|
Average number of table games
|
|
623
|
|
631
|
|
Average number of slot machines
|
|
1,383
|
|
1,418
|
|
|
|
|
|
|
The Londoner Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$ 5,378
|
|
$ 2,242
|
|
Slot machine win per unit per day (2)
|
|
$ 321
|
|
$ 60
|
|
Average number of table games
|
|
486
|
|
476
|
|
Average number of slot machines
|
|
1,125
|
|
1,350
|
|
|
|
|
|
|
The Parisian Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$ 5,632
|
|
$ 2,395
|
|
Slot machine win per unit per day (2)
|
|
$ 267
|
|
$ 41
|
|
Average number of table games
|
|
269
|
|
272
|
|
Average number of slot machines
|
|
920
|
|
1,101
|
|
|
|
|
|
|
The Plaza Macao and Four Seasons Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$ 13,630
|
|
$ 5,839
|
|
Slot machine win per unit per day (2)
|
|
$ 257
|
|
$ 52
|
|
Average number of table games
|
|
123
|
|
142
|
|
Average number of slot machines
|
|
105
|
|
165
|
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$ 4,538
|
|
$ 1,221
|
|
Slot machine win per unit per day (2)
|
|
$ 224
|
|
$ 63
|
|
Average number of table games
|
|
153
|
|
156
|
|
Average number of slot machines
|
|
712
|
|
714
|
|
|
|
|
|
|
Marina Bay Sands:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$ 11,222
|
|
$ 4,302
|
|
Slot machine win per unit per day (2)
|
|
$ 894
|
|
$ 671
|
|
Average number of table games
|
|
521
|
|
526
|
|
Average number of slot machines
|
|
2,900
|
|
2,226
|
|
____________________
|
|
Note:
|
The 2022 casino statistics exclude slot machines shutdown due to social distancing measures.
|
|
(1)
|
Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
|
|
(2)
|
Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
|
|
Exhibit 7
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
The Venetian Macao
|
March 31,
|
|
|
|
(Dollars in millions)
|
2023
|
|
2022
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$ 446
|
|
$ 157
|
|
$ 289
|
|
Rooms
|
39
|
|
16
|
|
23
|
|
Food and Beverage
|
13
|
|
6
|
|
7
|
|
Mall
|
51
|
|
44
|
|
7
|
|
Convention, Retail and Other
|
9
|
|
4
|
|
5
|
|
Net Revenues
|
$ 558
|
|
$ 227
|
|
$ 331
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$ 210
|
|
$ 19
|
|
$ 191
|
|
EBITDA Margin %
|
37.6 %
|
|
8.4 %
|
|
29.2 pts
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$ 1,254
|
|
$ 720
|
|
$ 534
|
|
Rolling Chip Win %
(1)
|
5.03 %
|
|
3.25 %
|
|
1.78 pts
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$ 1,769
|
|
$ 636
|
|
$ 1,133
|
|
Non-Rolling Chip Win %
|
23.6 %
|
|
24.9 %
|
|
(1.3)pts
|
|
|
|
|
|
|
|
Slot Handle
|
$ 1,050
|
|
$ 423
|
|
$ 627
|
|
Slot Hold %
|
4.4 %
|
|
3.0 %
|
|
1.4 pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
85.7 %
|
|
42.7 %
|
|
43.0 pts
|
|
Average Daily Rate (ADR)
|
$ 207
|
|
$ 153
|
|
$ 54
|
|
Revenue per Available Room (RevPAR)
|
$ 177
|
|
$ 65
|
|
$ 112
|
|
____________________
|
|
Note:
|
Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022.
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
The Londoner Macao
|
March 31,
|
|
|
|
(Dollars in millions)
|
2023
|
|
2022
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$ 198
|
|
$ 79
|
|
$ 119
|
|
Rooms
|
55
|
|
19
|
|
36
|
|
Food and Beverage
|
14
|
|
8
|
|
6
|
|
Mall
|
14
|
|
14
|
|
—
|
|
Convention, Retail and Other
|
2
|
|
1
|
|
1
|
|
Net Revenues
|
$ 283
|
|
$ 121
|
|
$ 162
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$ 56
|
|
$ (33)
|
|
$ 89
|
|
EBITDA Margin %
|
19.8 %
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$ 1,452
|
|
$ 369
|
|
$ 1,083
|
|
Rolling Chip Win %
(1)
|
2.36 %
|
|
4.72 %
|
|
(2.36) pts
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$ 899
|
|
$ 354
|
|
$ 545
|
|
Non-Rolling Chip Win %
|
22.4 %
|
|
22.2 %
|
|
0.2 pts
|
|
|
|
|
|
|
|
Slot Handle
|
$ 788
|
|
$ 232
|
|
$ 556
|
|
Slot Hold %
|
4.1 %
|
|
3.1 %
|
|
1.0 pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
46.7 %
|
|
28.0 %
|
|
18.7 pts
|
|
Average Daily Rate (ADR)
|
$ 231
|
|
$ 154
|
|
$ 77
|
|
Revenue per Available Room (RevPAR)
|
$ 108
|
|
$ 43
|
|
$ 65
|
|
____________________
|
|
Note:
|
Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized for government quarantine purposes and to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above.
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
The Parisian Macao
|
March 31,
|
|
|
|
(Dollars in millions)
|
2023
|
|
2022
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$ 128
|
|
$ 51
|
|
$ 77
|
|
Rooms
|
28
|
|
11
|
|
17
|
|
Food and Beverage
|
9
|
|
3
|
|
6
|
|
Mall
|
8
|
|
8
|
|
—
|
|
Convention, Retail and Other
|
1
|
|
1
|
|
—
|
|
Net Revenues
|
$ 174
|
|
$ 74
|
|
$ 100
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$ 46
|
|
$ (11)
|
|
$ 57
|
|
EBITDA Margin %
|
26.4 %
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$ 48
|
|
$ 160
|
|
$ (112)
|
|
Rolling Chip Win %
(1)
|
9.58 %
|
|
7.95 %
|
|
1.63 pts
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$ 584
|
|
$ 180
|
|
$ 404
|
|
Non-Rolling Chip Win %
|
22.6 %
|
|
25.5 %
|
|
(2.9)pts
|
|
|
|
|
|
|
|
Slot Handle
|
$ 536
|
|
$ 123
|
|
$ 413
|
|
Slot Hold %
|
4.1 %
|
|
3.3 %
|
|
0.8 pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
77.8 %
|
|
41.3 %
|
|
36.5 pts
|
|
Average Daily Rate (ADR)
|
$ 156
|
|
$ 119
|
|
$ 37
|
|
Revenue per Available Room (RevPAR)
|
$ 121
|
|
$ 49
|
|
$ 72
|
|
____________________
|
|
Note:
|
Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above.
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
|
|
Las Vegas Sands Corp. and Subsidiaries
|
|
Supplemental Data
|
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
|
The Plaza Macao and Four Seasons Macao
|
|
March 31,
|
|
|
|
(Dollars in millions)
|
|
2023
|
|
2022
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
|
$ 109
|
|
$ 55
|
|
$ 54
|
|
Rooms
|
|
20
|
|
9
|
|
11
|
|
Food and Beverage
|
|
6
|
|
4
|
|
2
|
|
Mall
|
|
36
|
|
34
|
|
2
|
|
Convention, Retail and Other
|
|
1
|
|
—
|
|
1
|
|
Net Revenues
|
|
$ 172
|
|
$ 102
|
|
$ 70
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
$ 75
|
|
$ 32
|
|
$ 43
|
|
EBITDA Margin %
|
|
43.6 %
|
|
31.4 %
|
|
12.2 pts
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
|
$ 1,227
|
|
$ 574
|
|
$ 653
|
|
Rolling Chip Win %
(1)
|
|
4.11 %
|
|
3.29 %
|
|
0.82 pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
|
$ 426
|
|
$ 215
|
|
$ 211
|
|
Non-Rolling Chip Win %
|
|
23.5 %
|
|
25.9 %
|
|
(2.4)pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
|
$ 28
|
|
$ 9
|
|
$ 19
|
|
Slot Hold %
|
|
8.7 %
|
|
8.7 %
|
|
— pts
|
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
66.4 %
|
|
35.8 %
|
|
30.6 pts
|
|
Average Daily Rate (ADR)
|
|
$ 528
|
|
$ 440
|
|
$ 88
|
|
Revenue per Available Room (RevPAR)
|
|
$ 351
|
|
$ 157
|
|
$ 194
|
|
____________________
|
|
Note:
|
Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above.
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
Sands Macao
|
March 31,
|
|
|
|
(Dollars in millions)
|
2023
|
|
2022
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$ 67
|
|
$ 17
|
|
$ 50
|
|
Rooms
|
4
|
|
2
|
|
2
|
|
Food and Beverage
|
3
|
|
1
|
|
2
|
|
Net Revenues
|
$ 74
|
|
$ 20
|
|
$ 54
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$ 10
|
|
$ (17)
|
|
$ 27
|
|
EBITDA Margin %
|
13.5 %
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$ 30
|
|
$ 80
|
|
$ (50)
|
|
Rolling Chip Win %(1)
|
8.52 %
|
|
2.83 %
|
|
5.69 pts
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$ 346
|
|
$ 77
|
|
$ 269
|
|
Non-Rolling Chip Win %
|
17.3 %
|
|
19.4 %
|
|
(2.1)pts
|
|
|
|
|
|
|
|
Slot Handle
|
$ 407
|
|
$ 124
|
|
$ 283
|
|
Slot Hold %
|
3.5 %
|
|
3.3 %
|
|
0.2 pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
91.0 %
|
|
57.1 %
|
|
33.9 pts
|
|
Average Daily Rate (ADR)
|
$ 167
|
|
$ 137
|
|
$ 30
|
|
Revenue per Available Room (RevPAR)
|
$ 151
|
|
$ 78
|
|
$ 73
|
|
____________________
|
|
Note:
|
Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022.
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
Marina Bay Sands
|
March 31,
|
|
|
|
(Dollars in millions)
|
2023
|
|
2022
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$ 593
|
|
$ 268
|
|
$ 325
|
|
Rooms
|
97
|
|
38
|
|
59
|
|
Food and Beverage
|
79
|
|
31
|
|
48
|
|
Mall
|
53
|
|
49
|
|
4
|
|
Convention, Retail and Other
|
26
|
|
13
|
|
13
|
|
Net Revenues
|
$ 848
|
|
$ 399
|
|
$ 449
|
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
$ 394
|
|
$ 121
|
|
$ 273
|
|
EBITDA Margin %
|
46.5 %
|
|
30.3 %
|
|
16.2 pts
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip Volume
|
$ 7,075
|
|
$ 1,899
|
|
$ 5,176
|
|
Rolling Chip Win %(1)
|
2.96 %
|
|
3.30 %
|
|
(0.34)pts
|
|
|
|
|
|
|
|
Non-Rolling Chip Drop
|
$ 1,676
|
|
$ 795
|
|
$ 881
|
|
Non-Rolling Chip Win %
|
18.9 %
|
|
17.7 %
|
|
1.2 pts
|
|
|
|
|
|
|
|
Slot Handle
|
$ 5,563
|
|
$ 3,282
|
|
$ 2,281
|
|
Slot Hold %
|
4.2 %
|
|
4.1 %
|
|
0.1 pts
|
|
|
|
|
|
|
|
Hotel Statistics(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.6 %
|
|
83.8 %
|
|
13.8 pts
|
|
Average Daily Rate (ADR)
|
$ 594
|
|
$ 257
|
|
$ 337
|
|
Revenue per Available Room (RevPAR)
|
$ 580
|
|
$ 215
|
|
$ 365
|
|
____________________
|
|
Note:
|
Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022.
|
|
(1)
|
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
|
|
(2)
|
During the three months ended March 31, 2023, approximately 500 rooms were under construction for renovation purposes.
|
|
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
|
|
|
|
For the Three Months Ended March 31, 2023
|
|
TTM
March 31,
2023
|
|
(Dollars in millions except per
square foot data)
|
|
Gross
Revenue(1)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
Gross
Leasable
Area (sq. ft.)
|
|
Occupancy
% at End
of Period
|
|
Tenant Sales
Per Sq. Ft.(2)
|
|
Shoppes at Venetian
|
|
$ 51
|
|
$ 45
|
|
88.2 %
|
|
818,693
|
|
80.6 %
|
|
$ 1,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury Retail
|
|
21
|
|
19
|
|
90.5 %
|
|
129,932
|
|
100.0 %
|
|
6,068
|
|
Other Stores
|
|
15
|
|
13
|
|
86.7 %
|
|
118,882
|
|
82.3 %
|
|
2,417
|
|
Total
|
|
36
|
|
32
|
|
88.9 %
|
|
248,814
|
|
91.6 %
|
|
4,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Londoner
|
|
14
|
|
11
|
|
78.6 %
|
|
611,108
|
|
55.8 %
|
|
1,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Parisian
|
|
8
|
|
6
|
|
75.0 %
|
|
296,371
|
|
65.7 %
|
|
435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in Macao
|
|
109
|
|
94
|
|
86.2 %
|
|
1,974,986
|
|
72.1 %
|
|
1,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina Bay
Sands
|
|
53
|
|
46
|
|
86.8 %
|
|
622,653
|
|
99.7 %
|
|
2,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ 162
|
|
$ 140
|
|
86.4 %
|
|
2,597,639
|
|
78.7 %
|
|
$ 2,023
|
|
____________________
|
|
Note:
|
This table excludes the results of our retail outlets at Sands Macao.
|
|
(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.
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2023-results-301802294.html
SOURCE Las Vegas Sands Corp.