Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - LAS VEGAS SANDS CORP | form8k_102710.htm |
Exhibit 99.1
Press ReleaseLas Vegas Sands Corp. Reports
Third Quarter 2010 Results
Consolidated Third Quarter Adjusted Property EBITDA Increases 136.9% to
Record $645.2 Million on Record Net Revenue of $1.91 Billion
Majority-owned Subsidiary Sands China Ltd’s Adjusted Property EBITDA
Increases 40.8% to Record $334.6 Million and Record Adjusted Property EBITDA Margin of 31.3%
Marina Bay Sands Generates Adjusted Property EBITDA of $241.6 Million and
Adjusted Property EBITDA Margin of 49.7%
Consolidated Adjusted Property EBITDA Margin Increases to 33.8%, Up 990 Basis
Points Compared to the Third Quarter of 2009
Las Vegas, NV (October 27, 2010) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2010.
Company-Wide Operating Results
Net revenue for the third quarter of 2010 was a record $1.91 billion, an increase of 67.3% compared to $1.14 billion in the third quarter of 2009. Consolidated adjusted property EBITDA in the third quarter of 2010 increased 136.9% to $645.2 million, compared to $272.3 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 990 basis points to 33.8% in the third quarter of 2010, compared to 23.9% in the third quarter of 2009.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2010 increased to $383.3 million, compared to $62.4 million in the third quarter of 2009. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau, and the first full quarter of operations at Marina Bay Sands in Singapore.
Adjusted net income (see Note 1) increased to $265.2 million, or $0.34 per diluted share, compared to $20.1 million, or $0.03 per diluted share, in the third quarter of 2009.
1
On a GAAP basis, net income attributable to common stockholders in the third quarter of 2010 was $168.0 million, compared to net loss of $123.0 million in the third quarter of 2009. Diluted earnings per share in the third quarter of 2010 was $0.21, compared to a diluted loss per share of $0.19 in the prior year quarter. The improvement in our net income attributable to common stockholders of $291.0 million reflects the increase in operating income, partially offset by an increase in net income attributable to noncontrolling interests (primarily Sands China Ltd.).
Third Quarter Overview
Sheldon G. Adelson, chairman and CEO, stated, “We are incredibly pleased to report that records for revenues, adjusted property EBITDA and adjusted property EBITDA margin were achieved during the third quarter of 2010. Strong revenue growth and increases in operational efficiency in Macau and outstanding results at Marina Bay Sands in Singapore contributed to substantial margin expansion and industry-leading financial performance overall. We measure our financial success by the generation of EBITDA, not by our share of market revenue. We are therefore extremely proud to deliver an all-time quarterly record of $334.6 million of adjusted property EBITDA for our Macau operations, with both The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino delivering substantial revenue and adjusted property EBITDA growth and margin expansion. In Las Vegas, increases in gaming volumes and hotel revenues allowed us to deliver $58.3 million of adjusted property EBITDA during the quarter.
“In Singapore, Marina Bay Sands, which just completed its first full quarter of operations, generated the highest quarterly adjusted property EBITDA and EBITDA margin from any single property in the history of our company. Marina Bay Sands produced $241.6 million of adjusted property EBITDA and an EBITDA margin of 49.7% during the quarter. Both gaming volumes and visitation to the property have continued to trend upward since our opening, and we are gratified by the overwhelming reception the property has received. One example of that growth is the increase in average daily adjusted property EBITDA of over 275% from May to October. We are proud that Marina Bay Sands has already enhanced Singapore’s reputation as an international business and leisure destination. Looking ahead, we are confident that Marina Bay Sands will provide an ideal platform for strong growth and outstanding returns for our company.”
Sands China Ltd. Consolidated Financial Results
Sands China Ltd. is a majority-owned subsidiary of the company which owns and operates the company’s integrated resort properties and other assets in Macau. On a U.S. GAAP basis, total net revenues for Sands China Ltd. increased 27.7% to $1.08 billion in the third quarter of 2010, compared to $846.0 million in the third quarter of 2009. Adjusted property EBITDA for Sands China Ltd. increased 43.0% to $328.6 million in the third quarter of 2010, compared to $229.8 million in the third quarter of 2009. Net income for Sands China Ltd. increased 124.9% to $196.6 million in the third quarter of 2010, compared to $87.4 million in the third quarter of 2009.
The Venetian Macao Third Quarter Operating Results
The Venetian Macao continues to enjoy market-leading visitation and strong financial performance. The property delivered record adjusted property EBITDA of $211.5 million for the third quarter of 2010
2
and record 34.1% adjusted property EBITDA margin, an increase of 370 basis points over the third quarter of 2009. Gaming volumes were healthy in each segment of the business. Slot handle was a record $853.7 million, increasing 40.0% compared to the quarter one year ago, while Non-Rolling Chip drop was a record $956.9 million for the quarter, an increase of 14.6% compared to the same quarter last year. Non-Rolling Chip win percentage for the quarter was 26.6%. Rolling Chip volume during the quarter was $11.04 billion, with the direct play portion representing approximately $2.52 billion, or 22.8% of that amount.
The following table summarizes our key operating results for The Venetian Macao for the third quarter of 2010 compared to the third quarter of 2009:
|
Three Months Ended
|
|||||||||||||||
|
The Venetian Macao Operations
|
September 30,
|
||||||||||||||
|
(Dollars in millions)
|
2010
|
2009(1)
|
$ Change
|
Change
|
|||||||||||
|
Revenues:
|
|||||||||||||||
|
Casino
|
$ | 540.3 | $ | 420.8 | $ | 119.5 | 28.4% | ||||||||
|
Rooms
|
50.6 | 45.0 | 5.6 | 12.4% | |||||||||||
|
Food and Beverage
|
16.5 | 13.6 | 2.9 | 21.3% | |||||||||||
|
Retail and Other
|
42.9 | 40.0 | 2.9 | 7.3% | |||||||||||
|
Less - Promotional Allowances
|
(29.6 | ) | (25.4 | ) | (4.2 | ) | -16.5% | ||||||||
|
Net Revenues
|
$ | 620.7 | $ | 494.0 | $ | 126.7 | 25.6% | ||||||||
|
Adjusted Property EBITDA
|
$ | 211.5 | $ | 150.4 | $ | 61.1 | 40.6% | ||||||||
|
EBITDA Margin %
|
34.1% | 30.4% |
3.7 pts
|
||||||||||||
|
Operating Income
|
$ | 156.9 | $ | 95.6 | $ | 61.3 | 64.1% | ||||||||
|
Gaming Statistics
|
|||||||||||||||
|
(Dollars in millions)
|
|||||||||||||||
|
Rolling Chip Volume
|
$ | 11,035.1 | $ | 9,062.2 | $ | 1,972.9 | 21.8% | ||||||||
|
Rolling Chip Win %(2)
|
3.05% | 2.83% |
0.22 pts
|
||||||||||||
|
Non-Rolling Chip Drop
|
$ | 956.9 | $ | 834.9 | $ | 122.0 | 14.6% | ||||||||
|
Non-Rolling Chip Win %(3)
|
26.6% | 23.0% |
3.6 pts
|
||||||||||||
|
Slot Handle
|
$ | 853.7 | $ | 609.7 | $ | 244.0 | 40.0% | ||||||||
|
Slot Hold %(4)
|
6.5% | 7.5% |
-1.0 pts
|
||||||||||||
|
Hotel Statistics
|
|||||||||||||||
|
Occupancy %
|
90.1% | 88.1% |
2.0 pts
|
||||||||||||
|
Average Daily Rate (ADR)
|
$ | 217 | $ | 198 | $ | 19 | 9.6% | ||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 195 | $ | 175 | $ | 20 | 11.4% | ||||||||
(1) Revenue amounts have been reclassified to conform to the current period presentation.
(2)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(3)This compares to The Venetian Macao’s trailing 12 month Non-Rolling Chip win percentage of 24.4% (calculated before discounts).
(4)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
3
Sands Macao Third Quarter Operating Results
Sands Macao’s third quarter operating performance reflected Sands’ strong competitive positioning on the Macau peninsula. Gaming volumes were healthy, while efficiency programs positively impacted financial results. Adjusted property EBITDA was $74.1 million in the quarter, a decrease of 3.9% compared to the third quarter of 2009. Adjusted property EBITDA margin was 25.7% in the quarter, compared to 27.5% in the year-ago quarter. Slot handle increased to a record $435.7 million, up 33.0% compared to the quarter one year ago, while Rolling Chip volume increased 14.5% to $6.28 billion for the quarter.
The following table summarizes our key operating results for the Sands Macao for the third quarter of 2010 compared to the third quarter of 2009:
|
Three Months Ended
|
|||||||||||||||
|
Sands Macao Operations
|
September 30,
|
||||||||||||||
|
(Dollars in millions)
|
2010
|
2009
|
$ Change
|
Change
|
|||||||||||
|
Revenues:
|
|||||||||||||||
|
Casino
|
$ | 281.8 | $ | 275.4 | $ | 6.4 | 2.3% | ||||||||
|
Rooms
|
6.1 | 6.6 | (0.5 | ) | -7.6% | ||||||||||
|
Food and Beverage
|
11.3 | 9.4 | 1.9 | 20.2% | |||||||||||
|
Retail and Other
|
2.2 | 1.2 | 1.0 | 83.3% | |||||||||||
|
Less - Promotional Allowances
|
(13.2 | ) | (11.8 | ) | (1.4 | ) | -11.9% | ||||||||
|
Net Revenues
|
$ | 288.2 | $ | 280.8 | $ | 7.4 | 2.6% | ||||||||
|
Adjusted Property EBITDA
|
$ | 74.1 | $ | 77.1 | $ | (3.0 | ) | -3.9% | |||||||
|
EBITDA Margin %
|
25.7% | 27.5% |
-1.8 pts
|
||||||||||||
|
Operating Income
|
$ | 64.1 | $ | 64.4 | $ | (0.3 | ) | -0.5% | |||||||
|
Gaming Statistics
|
|||||||||||||||
|
(Dollars in millions)
|
|||||||||||||||
|
Rolling Chip Volume
|
$ | 6,275.0 | $ | 5,479.1 | $ | 795.9 | 14.5% | ||||||||
|
Rolling Chip Win %(1)
|
3.00% | 3.37% |
-0.37 pts
|
||||||||||||
|
Non-Rolling Chip Drop
|
$ | 649.6 | $ | 626.4 | $ | 23.2 | 3.7% | ||||||||
|
Non-Rolling Chip Win %(2)
|
20.3% | 19.0% |
1.3 pts
|
||||||||||||
|
Slot Handle
|
$ | 435.7 | $ | 327.5 | $ | 108.2 | 33.0% | ||||||||
|
Slot Hold %(3)
|
5.7% | 6.6% |
-0.9 pts
|
||||||||||||
|
Hotel Statistics
|
|||||||||||||||
|
Occupancy %
|
96.6% | 97.9% |
-1.3 pts
|
||||||||||||
|
Average Daily Rate (ADR)
|
$ | 239 | $ | 254 | $ | (15 | ) | -5.9% | |||||||
|
Revenue per Available Room (RevPAR)
|
$ | 231 | $ | 248 | $ | (17 | ) | -6.9% | |||||||
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Sands Macao’s trailing 12 month Non-Rolling Chip win percentage of 20.2% (calculated before discounts).
(3)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
4
Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino delivered a quarterly record $49.0 million of adjusted property EBITDA for the third quarter of 2010, an increase of $38.8 million, or 380.4%, compared to the third quarter of 2009. Rolling Chip volume increased to $4.74 billion during the quarter, with the direct play portion representing approximately $1.99 billion, or 42.0% of that total. The mass gaming business continued to expand, with slot handle achieving $120.3 million in the quarter, an increase of 98.5% compared to last year’s third quarter. Non-Rolling Chip drop increased 18.8% to $98.5 million. Hotel occupancy reached 70.9% during the quarter, up from 56.2% in the same quarter last year.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2010 compared to the third quarter of 2009:
|
Three Months Ended
|
|||||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino Operations
|
September 30,
|
||||||||||||||
|
(Dollars in millions)
|
2010
|
2009
|
$ Change
|
Change
|
|||||||||||
|
Revenues:
|
|||||||||||||||
|
Casino
|
$ | 142.3 | $ | 54.8 | $ | 87.5 | 159.7% | ||||||||
|
Rooms
|
7.6 | 5.5 | 2.1 | 38.2% | |||||||||||
|
Food and Beverage
|
5.1 | 3.9 | 1.2 | 30.8% | |||||||||||
|
Retail and Other
|
13.9 | 8.0 | 5.9 | 73.8% | |||||||||||
|
Less - Promotional Allowances
|
(8.5 | ) | (5.1 | ) | (3.4 | ) | -66.7% | ||||||||
|
Net Revenues
|
$ | 160.4 | $ | 67.1 | $ | 93.3 | 139.0% | ||||||||
|
Adjusted Property EBITDA
|
$ | 49.0 | $ | 10.2 | $ | 38.8 | 380.4% | ||||||||
|
EBITDA Margin %
|
30.5% | 15.1% |
15.4 pts
|
||||||||||||
|
Operating Income (Loss)
|
$ | 34.1 | $ | (4.3 | ) | $ | 38.4 | 893.0% | |||||||
|
Gaming Statistics
|
|||||||||||||||
|
(Dollars in millions)
|
|||||||||||||||
|
Rolling Chip Volume
|
$ | 4,740.6 | $ | 2,183.7 | $ | 2,556.9 | 117.1% | ||||||||
|
Rolling Chip Win %(1)
|
3.08% | 2.31% |
0.77 pts
|
||||||||||||
|
Non-Rolling Chip Drop
|
$ | 98.5 | $ | 82.9 | $ | 15.6 | 18.8% | ||||||||
|
Non-Rolling Chip Win %(2)
|
29.5% | 22.3% |
7.2 pts
|
||||||||||||
|
Slot Handle
|
$ | 120.3 | $ | 60.6 | $ | 59.7 | 98.5% | ||||||||
|
Slot Hold %(3)
|
5.4% | 5.4% |
0.0 pts
|
||||||||||||
|
Hotel Statistics
|
|||||||||||||||
|
Occupancy %
|
70.9% | 56.2% |
14.7 pts
|
||||||||||||
|
Average Daily Rate (ADR)
|
$ | 309 | $ | 294 | $ | 15 | 5.1% | ||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 219 | $ | 165 | $ | 54 | 32.7% | ||||||||
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Plaza Casino’s trailing 12 month Non-Rolling Chip win percentage of 24.7% (calculated before discounts).
(3)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
5
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in Singapore, in its first full quarter of operations, delivered adjusted property EBITDA of $241.6 million for the third quarter of 2010 and 49.7% adjusted property EBITDA margin. Net revenue in the third quarter was $485.9 million. The property has now been open for approximately six months and it continues to build momentum as additional dining, convention and exhibition, and retail offerings come online to enhance the full complement of amenities available to guests.
Gaming volumes were strong in each segment of the business. Rolling Chip volume was $10.25 billion. Rolling Chip win percentage was 2.65%, which is lower than our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-Rolling Chip drop was $892.1 million with Non-Rolling Chip win percentage of 22.1%. Slot handle was $1.36 billion for the period with slot hold percentage of 5.9%.
|
Quarter Ended
|
65 Days Ended
|
|||||||
|
Marina Bay Sands Operations
|
September 30,
|
June 30,
|
||||||
|
(Dollars in millions)
|
2010
|
2010
|
||||||
|
Revenues:
|
||||||||
|
Casino
|
$ | 414.5 | $ | 190.8 | ||||
|
Rooms
|
38.2 | 9.7 | ||||||
|
Food and Beverage
|
31.9 | 13.4 | ||||||
|
Retail and Other
|
31.3 | 12.5 | ||||||
|
Less - Promotional Allowances
|
(30.0 | ) | (10.0 | ) | ||||
|
Net Revenues
|
$ | 485.9 | $ | 216.4 | ||||
|
Adjusted Property EBITDA
|
$ | 241.6 | $ | 94.5 | ||||
|
EBITDA Margin %
|
49.7% | 43.7% | ||||||
|
Operating Income
|
$ | 166.2 | $ | 52.0 | ||||
|
Gaming Statistics
|
||||||||
|
(Dollars in millions)
|
||||||||
|
Rolling Chip Volume
|
$ | 10,254.6 | $ | 3,884.0 | ||||
|
Rolling Chip Win %(1)
|
2.65% | 2.18% | ||||||
|
Non-Rolling Chip Drop
|
$ | 892.1 | $ | 538.3 | ||||
|
Non-Rolling Chip Win %
|
22.1% | 21.5% | ||||||
|
Slot Handle
|
$ | 1,358.7 | $ | 482.3 | ||||
|
Slot Hold %
|
5.9% | 7.5% | ||||||
|
Hotel Statistics
|
||||||||
|
Occupancy %
|
68.2% | 54.9% | ||||||
|
Average Daily Rate (ADR)
|
$ | 246 | $ | 226 | ||||
|
Revenue per Available Room (RevPAR)
|
$ | 168 | $ | 124 | ||||
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
6
Las Vegas Third Quarter Operating Results
The Venetian Las Vegas and The Palazzo enjoyed stronger gaming volumes, improved group booking volumes and improved hotel occupancy during the quarter. Our Las Vegas operations delivered $58.3 million of adjusted property EBITDA for the third quarter of 2010, compared to $34.5 million in the third quarter of 2009. Table games drop increased 10.9% to $476.5 million and table games win percentage was 17.1% and above the 12.2% experienced in the prior year quarter.
The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2010 compared to the third quarter of 2009:
|
Three Months Ended
|
|||||||||||||||
|
Las Vegas Operations
|
September 30,
|
||||||||||||||
|
(Dollars in millions)
|
2010
|
2009(1)
|
$ Change
|
Change
|
|||||||||||
|
Revenues:
|
|||||||||||||||
|
Casino
|
$ | 116.6 | $ | 99.0 | $ | 17.6 | 17.8% | ||||||||
|
Rooms
|
105.6 | 98.6 | 7.0 | 7.1% | |||||||||||
|
Food and Beverage
|
47.2 | 41.7 | 5.5 | 13.2% | |||||||||||
|
Retail and Other
|
62.6 | 31.6 | 31.0 | 98.1% | |||||||||||
|
Less - Promotional Allowances
|
(41.3 | ) | (41.9 | ) | 0.6 | 1.4% | |||||||||
|
Net Revenues
|
$ | 290.7 | $ | 229.0 | $ | 61.7 | 26.9% | ||||||||
|
Adjusted Property EBITDA
|
$ | 58.3 | $ | 34.5 | $ | 23.8 | 69.0% | ||||||||
|
EBITDA Margin %
|
20.0% | 15.0% |
5.0 pts
|
||||||||||||
|
Operating Income (Loss)
|
$ | 23.4 | $ | (28.9 | ) | $ | 52.3 | 181.0% | |||||||
|
Gaming Statistics
|
|||||||||||||||
|
(Dollars in millions)
|
|||||||||||||||
|
Table Games Drop
|
$ | 476.5 | $ | 429.7 | $ | 46.8 | 10.9% | ||||||||
|
Table Games Win %(2)
|
17.1% | 12.2% |
4.9 pts
|
||||||||||||
|
Slot Handle
|
$ | 663.6 | $ | 672.2 | $ | (8.6 | ) | -1.3% | |||||||
|
Slot Hold %(3)
|
7.9% | 7.8% |
0.1 pts
|
||||||||||||
|
Hotel Statistics
|
|||||||||||||||
|
The Venetian Las Vegas:
|
|||||||||||||||
|
Occupancy %
|
94.0% | 88.7% |
5.3 pts
|
||||||||||||
|
Average Daily Rate (ADR)
|
$ | 166 | $ | 171 | $ | (5 | ) | -2.9% | |||||||
|
Revenue per Available Room (RevPAR)
|
$ | 156 | $ | 152 | $ | 4 | 2.6% | ||||||||
|
The Palazzo:
|
|||||||||||||||
|
Occupancy %
|
93.2% | 87.9% |
5.3 pts
|
||||||||||||
|
Average Daily Rate (ADR)
|
$ | 185 | $ | 174 | $ | 11 | 6.3% | ||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 173 | $ | 153 | $ | 20 | 13.1% | ||||||||
(1) Revenue amounts have been reclassified to conform to the current presentation.
(2) This compares to our Las Vegas Operations trailing 12 month table games win percentage of 17.1% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 7% to 8% (calculated before slot club cash incentives).
7
Sands Bethlehem Third Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania were $82.8 million and adjusted property EBITDA reached $16.4 million for the third quarter of 2010, the highest total since the opening of the property in May 2009. The introduction of 89 table games in July 2010 expanded the property’s offerings and produced $72.9 million of table games drop with a win percentage of 13.0%. Slot handle at the property was $934.6 million for the quarter. Construction of the property’s 300-room hotel tower is progressing and the hotel is expected to open in May 2011.
The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2010 compared to the third quarter of 2009:
|
Three Months Ended
|
|||||||||||||||
|
Sands Bethlehem Operations
|
September 30,
|
||||||||||||||
|
(Dollars in millions)
|
2010
|
2009
|
$ Change
|
Change
|
|||||||||||
|
Revenues:
|
|||||||||||||||
|
Casino
|
$ | 78.5 | $ | 58.2 | $ | 20.3 | 34.9% | ||||||||
|
Food and Beverage
|
5.2 | 5.8 | (0.6 | ) | -10.3% | ||||||||||
|
Retail and Other
|
2.3 | 0.9 | 1.4 | 155.6% | |||||||||||
|
Less - Promotional Allowances
|
(3.2 | ) | (1.9 | ) | (1.3 | ) | -68.4% | ||||||||
|
Net Revenues
|
$ | 82.8 | $ | 63.0 | $ | 19.8 | 31.4% | ||||||||
|
Adjusted Property EBITDA
|
$ | 16.4 | $ | 8.3 | $ | 8.1 | 97.6% | ||||||||
|
EBITDA Margin %
|
19.7% | 13.2% |
6.5 pts
|
||||||||||||
|
Operating Income
|
$ | 8.4 | $ | 0.9 | $ | 7.5 | 833.3% | ||||||||
|
Gaming Statistics
|
|||||||||||||||
|
(Dollars in millions)
|
|||||||||||||||
|
Table Games Drop(1)
|
$ | 72.9 | |||||||||||||
|
Table Games Win %
|
13.0% | ||||||||||||||
|
Slot Handle
|
$ | 934.6 | $ | 813.3 | $ | 121.3 | 14.9% | ||||||||
|
Slot Hold %(2)
|
7.2% | 7.2% |
0.0 pts
|
||||||||||||
(1) Table games were introduced at the property on July 18, 2010.
(2) This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally composed of losses from our CotaiJet ferry operation, was negative $5.6 million in the quarter.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore and the Shangri-La, Traders, Sheraton, St. Regis development on Parcels 5 & 6 of the Cotai Strip, decreased to $10.1 million in the third quarter of 2010, compared to $28.9 million in the third quarter of 2009.
Depreciation and amortization expense was $186.7 million in the third quarter of 2010, compared to $148.7 million in the third quarter of 2009. The increase was principally driven by the opening of Marina Bay Sands in April 2010.
8
Interest expense, net of amounts capitalized, was $76.7 million for the third quarter of 2010, compared to $88.5 million during the third quarter of 2009. Our weighted average borrowing cost in the third quarter of 2010 was 4.1%. Capitalized interest was $32.0 million during the third quarter of 2010, compared to $16.9 million during the third quarter of 2009.
Corporate expense was $28.7 million in the third quarter of 2010, compared to $17.5 million in the third quarter of 2009. The increase was driven principally by higher incentive compensation expenses attributable to the company’s improved performance.
The company recorded a non-cash impairment loss of $16.1 million during the quarter primarily related to equipment in Macau that is expected to be disposed.
Other income, which was principally composed of foreign currency translation gains, was $6.4 million in the third quarter of 2010, compared to other expense of $1.6 million in the third quarter of 2009.
Loss on modification or early retirement of debt was primarily comprised of the write-down of deferred financing costs and fees associated with the company’s amend and extend transaction consummated during the third quarter.
The company’s effective tax rate for the third quarter of 2010 was 8.6%. The effective tax rate includes a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
Net income attributable to noncontrolling interests during the third quarter of $54.3 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2010, were $2.39 billion, while restricted cash balances were $959.7 million. Of the restricted cash balances, $885.2 million pertains to construction for the Shangi-La, Traders, Sheraton, St. Regis development on Parcels 5 & 6 in Macau, and $61.5 million is restricted for construction of Marina Bay Sands in Singapore.
As of September 30, 2010, total debt outstanding, including the current portion, was $10.14 billion. Scheduled principal payments required in 2010 and 2011 total $37.9 million and $798.0 million, respectively.
Capital Expenditures
Capital expenditures during the third quarter totaled $523.1 million, including construction and development activities of $356.4 million at Marina Bay Sands, $146.9 million in Macau, $11.9 million at Sands Bethlehem, and $7.9 million in Las Vegas.
###
9
Conference Call Information
The company will hold a conference call to discuss the company's results on Wednesday, October 27, 2010 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, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificates and subconcession, infrastructure in Macau 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 U.S. deferred tax valuation allowance, pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, and accretion to redemption value of preferred stock issued to the Principal Stockholder’s family.
About Las Vegas Sands Corp.
Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, are among the company’s properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the company’s portfolio.
Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.
The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands.
Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.
10
Contacts:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
Las Vegas Sands Corp.
Third Quarter 2010 Results
Non-GAAP Reconciliations
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.
11
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Condensed Consolidated Statements of Operations
|
||||||||||||||||
|
(In thousands, except share and per share data)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 1,573,851 | $ | 908,255 | $ | 3,929,922 | $ | 2,504,233 | ||||||||
|
Rooms
|
208,160 | 155,673 | 579,709 | 492,030 | ||||||||||||
|
Food and beverage
|
117,186 | 74,457 | 314,344 | 248,852 | ||||||||||||
|
Convention, retail and other
|
147,179 | 95,604 | 370,660 | 304,976 | ||||||||||||
| 2,046,376 | 1,233,989 | 5,194,635 | 3,550,091 | |||||||||||||
|
Less - promotional allowances
|
(137,604 | ) | (92,845 | ) | (356,499 | ) | (271,185 | ) | ||||||||
| 1,908,772 | 1,141,144 | 4,838,136 | 3,278,906 | |||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Resort operations
|
1,271,862 | 877,224 | 3,371,333 | 2,520,646 | ||||||||||||
|
Corporate expense
|
28,686 | 17,519 | 78,116 | 105,250 | ||||||||||||
|
Rental expense
|
9,186 | 6,691 | 30,690 | 22,497 | ||||||||||||
|
Pre-opening expense
|
10,107 | 28,855 | 97,684 | 115,619 | ||||||||||||
|
Development expense
|
425 | 80 | 1,258 | 344 | ||||||||||||
|
Depreciation and amortization
|
186,738 | 148,677 | 510,521 | 431,559 | ||||||||||||
|
Impairment loss
|
16,057 | - | 16,057 | 151,175 | ||||||||||||
|
(Gain) loss on disposal of assets
|
2,406 | (284 | ) | 40,577 | 4,500 | |||||||||||
| 1,525,467 | 1,078,762 | 4,146,236 | 3,351,590 | |||||||||||||
|
Operating income (loss)
|
383,305 | 62,382 | 691,900 | (72,684 | ) | |||||||||||
|
Interest income
|
2,661 | 1,599 | 6,367 | 9,840 | ||||||||||||
|
Interest expense, net of amounts capitalized
|
(76,723 | ) | (88,514 | ) | (231,875 | ) | (224,503 | ) | ||||||||
|
Other income (expense)
|
6,444 | (1,564 | ) | (6,205 | ) | (6,534 | ) | |||||||||
|
Loss on modification or early retirement of debt
|
(21,692 | ) | (204 | ) | (18,555 | ) | (204 | ) | ||||||||
|
Income (loss) before income taxes
|
293,995 | (26,301 | ) | 441,632 | (294,085 | ) | ||||||||||
|
Income tax expense
|
(25,161 | ) | (54,316 | ) | (46,436 | ) | (641 | ) | ||||||||
|
Net income (loss)
|
268,834 | (80,617 | ) | 395,196 | (294,726 | ) | ||||||||||
|
Net (income) loss attributable to noncontrolling interests
|
(54,337 | ) | 4,111 | (121,311 | ) | 7,674 | ||||||||||
|
Net income (loss) attributable to Las Vegas Sands Corp.
|
214,497 | (76,506 | ) | 273,885 | (287,052 | ) | ||||||||||
|
Preferred stock dividends
|
(23,350 | ) | (23,350 | ) | (70,050 | ) | (69,676 | ) | ||||||||
|
Accretion to redemption value of preferred stock
|
||||||||||||||||
|
issued to Principal Stockholder's family
|
(23,136 | ) | (23,136 | ) | (69,408 | ) | (69,408 | ) | ||||||||
|
Net income (loss) attributable to common stockholders
|
$ | 168,011 | $ | (122,992 | ) | $ | 134,427 | $ | (426,136 | ) | ||||||
|
Basic earnings (loss) per share
|
$ | 0.25 | $ | (0.19 | ) | $ | 0.20 | $ | (0.65 | ) | ||||||
|
Diluted earnings (loss) per share
|
$ | 0.21 | $ | (0.19 | ) | $ | 0.17 | $ | (0.65 | ) | ||||||
|
Weighted average shares outstanding:
|
||||||||||||||||
|
Basic
|
660,836,841 | 660,245,590 | 660,495,783 | 655,687,503 | ||||||||||||
|
Diluted
|
789,156,247 | 660,245,590 | 782,156,007 | 655,687,503 | ||||||||||||
Exhibit 1
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||||||||||||||||||||||
|
Non-GAAP Measure
|
||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||||||||||||||
|
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
|
||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2010 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
andAmortization
|
Impairment
and (Gain) Loss |
Pre-Opening
and |
Royalty
Fees |
(1)
Stock-Based
Compensation |
Corporate
Expense |
Rental
Expense |
Adjusted
Property |
||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 156,872 | $ | 48,376 | $ | 3,442 | $ | - | $ | - | $ | 539 | $ | - | $ | 2,267 | $ | 211,496 | ||||||||||||||||||
|
Sands Macao
|
64,102 | 9,487 | 23 | - | - | 139 | - | 352 | 74,103 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
34,065 | 12,981 | (71 | ) | 1,171 | - | 112 | - | 704 | 48,962 | ||||||||||||||||||||||||||
|
Macau Property Operations
|
255,039 | 70,844 | 3,394 | 1,171 | - | 790 | - | 3,323 | 334,561 | |||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
23,441 | 56,738 | 323 | - | (26,434 | ) | 4,203 | - | - | 58,271 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
8,414 | 6,871 | - | 425 | - | 651 | - | - | 16,361 | |||||||||||||||||||||||||||
|
United States Property Operations
|
31,855 | 63,609 | 323 | 425 | (26,434 | ) | 4,854 | - | - | 74,632 | ||||||||||||||||||||||||||
|
Marina Bay Sands
|
166,216 | 44,731 | 311 | 2,533 | 21,650 | 2,428 | - | 3,720 | 241,589 | |||||||||||||||||||||||||||
|
Other Asia (2)
|
(14,958 | ) | 4,089 | - | 69 | 5,000 | 237 | - | - | (5,563 | ) | |||||||||||||||||||||||||
|
Other Development
|
(23,082 | ) | 170 | 14,435 | 6,334 | - | - | - | 2,143 | - | ||||||||||||||||||||||||||
|
Corporate
|
(31,765 | ) | 3,295 | - | - | (216 | ) | - | 28,686 | - | - | |||||||||||||||||||||||||
| $ | 383,305 | $ | 186,738 | $ | 18,463 | $ | 10,532 | $ | - | $ | 8,309 | $ | 28,686 | $ | 9,186 | $ | 645,219 | |||||||||||||||||||
| Three Months Ended September 30, 2009 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
and |
(Gain) Loss
on Disposal |
Pre-Opening
and |
Royalty
Fees |
(1)
Stock-Based
Compensation |
Corporate
Expense |
Rental
Expense |
Adjusted
Property |
||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 95,580 | $ | 51,056 | $ | (323 | ) | $ | (10 | ) | $ | - | $ | 2,032 | $ | - | $ | 2,054 | $ | 150,389 | ||||||||||||||||
|
Sands Macao
|
64,432 | 11,430 | 6 | - | - | 892 | - | 355 | 77,115 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
(4,322 | ) | 12,876 | 28 | 722 | - | 193 | - | 655 | 10,152 | ||||||||||||||||||||||||||
|
Macau Property Operations
|
155,690 | 75,362 | (289 | ) | 712 | - | 3,117 | - | 3,064 | 237,656 | ||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
(28,908 | ) | 58,706 | 3 | (1 | ) | - | 4,578 | - | 74 | 34,452 | |||||||||||||||||||||||||
|
Sands Bethlehem
|
917 | 7,033 | - | (262 | ) | - | 635 | - | - | 8,323 | ||||||||||||||||||||||||||
|
United States Property Operations
|
(27,991 | ) | 65,739 | 3 | (263 | ) | - | 5,213 | - | 74 | 42,775 | |||||||||||||||||||||||||
|
Other Asia (2)
|
(12,344 | ) | 3,701 | 2 | 460 | - | 93 | - | - | (8,088 | ) | |||||||||||||||||||||||||
|
Other Development
|
(32,389 | ) | 810 | - | 28,026 | - | - | - | 3,553 | - | ||||||||||||||||||||||||||
|
Corporate
|
(20,584 | ) | 3,065 | - | - | - | - | 17,519 | - | - | ||||||||||||||||||||||||||
| $ | 62,382 | $ | 148,677 | $ | (284 | ) | $ | 28,935 | $ | - | $ | 8,423 | $ | 17,519 | $ | 6,691 | $ | 272,343 | ||||||||||||||||||
| Nine Months Ended September 30, 2010 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
and |
Impairment
and (Gain) Loss |
Pre-Opening
andDevelopment
Expense |
Royalty
Fees |
(1)
Stock-Based
Compensation |
Corporate
Expense |
Rental
Expense |
Adjusted
Property |
||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 405,426 | $ | 152,611 | $ | 3,714 | $ | - | $ | - | $ | 3,158 | $ | - | $ | 9,331 | $ | 574,240 | ||||||||||||||||||
|
Sands Macao
|
192,931 | 30,302 | (566 | ) | - | - | 1,350 | - | 1,059 | 225,076 | ||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
58,796 | 37,552 | (76 | ) | 2,159 | - | 336 | - | 2,689 | 101,456 | ||||||||||||||||||||||||||
|
Macau Property Operations
|
657,153 | 220,465 | 3,072 | 2,159 | - | 4,844 | - | 13,079 | 900,772 | |||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
77,681 | 175,728 | 600 | - | (36,434 | ) | 11,980 | - | - | 229,555 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
15,725 | 20,763 | - | 1,300 | - | 1,662 | - | - | 39,450 | |||||||||||||||||||||||||||
|
United States Property Operations
|
93,406 | 196,491 | 600 | 1,300 | (36,434 | ) | 13,642 | - | - | 269,005 | ||||||||||||||||||||||||||
|
Marina Bay Sands
|
218,259 | 70,013 | 302 | 15,942 | 21,650 | 3,694 | - | 6,195 | 336,055 | |||||||||||||||||||||||||||
|
Other Asia (2)
|
(44,012 | ) | 12,050 | - | 113 | 15,000 | 700 | - | - | (16,149 | ) | |||||||||||||||||||||||||
|
Other Development
|
(145,675 | ) | 2,171 | 52,660 | 79,428 | - | - | - | 11,416 | - | ||||||||||||||||||||||||||
|
Corporate
|
(87,231 | ) | 9,331 | - | - | (216 | ) | - | 78,116 | - | - | |||||||||||||||||||||||||
| $ | 691,900 | $ | 510,521 | $ | 56,634 | $ | 98,942 | $ | - | $ | 22,880 | $ | 78,116 | $ | 30,690 | $ | 1,489,683 | |||||||||||||||||||
| Nine Months Ended September 30, 2009 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
and |
Impairment
and Loss |
Pre-Opening
and |
Royalty
Fees |
(1)
CompensationStock-Based |
Corporate
Expense |
Rental
Expense |
Adjusted
Property |
||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 215,233 | $ | 151,974 | $ | 4,447 | $ | (105 | ) | $ | - | $ | 4,139 | $ | - | $ | 6,161 | $ | 381,849 | |||||||||||||||||
|
Sands Macao
|
149,631 | 36,062 | 93 | - | - | 1,674 | - | 1,062 | 188,522 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao and
Plaza Casino
|
(21,809 | ) | 37,517 | 65 | 2,008 | - | 336 | - | 1,966 | 20,083 | ||||||||||||||||||||||||||
|
Macau Property Operations
|
343,055 | 225,553 | 4,605 | 1,903 | - | 6,149 | - | 9,189 | 590,454 | |||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
(140,913 | ) | 175,263 | 151,068 | (55 | ) | - | 14,078 | - | 2,895 | 202,336 | |||||||||||||||||||||||||
|
Sands Bethlehem
|
1,480 | 8,998 | - | (262 | ) | - | 944 | - | - | 11,160 | ||||||||||||||||||||||||||
|
United States Property Operations
|
(139,433 | ) | 184,261 | 151,068 | (317 | ) | - | 15,022 | - | 2,895 | 213,496 | |||||||||||||||||||||||||
|
Other Asia (2)
|
(36,060 | ) | 10,179 | 2 | 1,360 | - | 530 | - | - | (23,989 | ) | |||||||||||||||||||||||||
|
Other Development
|
(126,618 | ) | 3,188 | - | 113,017 | - | - | - | 10,413 | - | ||||||||||||||||||||||||||
|
Corporate
|
(113,628 | ) | 8,378 | - | - | - | - | 105,250 | - | - | ||||||||||||||||||||||||||
| $ | (72,684 | ) | $ | 431,559 | $ | 155,675 | $ | 115,963 | $ | - | $ | 21,701 | $ | 105,250 | $ | 22,497 | $ | 779,961 | ||||||||||||||||||
(1) During the three months ended September 30, 2010 and 2009, the Company recorded stock-based compensation expense of $13.7 million and $12.0 million, respectively, of which $5.3 million and $2.2 million, respectively, is included in corporate expense and $0.1 million and $1.4 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the nine months ended September 30, 2010 and 2009, the Company recorded stock-based compensation expense of $42.6 million and $32.9 million, respectively, of which $17.8 million and $6.9 million, respectively, is included in corporate expense and $1.9 million and $4.3 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.
(2) Primarily includes the results of the CotaiJet ferry operations.
Exhibit 2
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Non-GAAP Measure
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
The following is a reconciliation of Net Income (Loss) Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA:
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net income (loss) attributable to Las Vegas Sands Corp.
|
$ | 214,497 | $ | (76,506 | ) | $ | 273,885 | $ | (287,052 | ) | ||||||
|
Add (deduct) :
|
||||||||||||||||
|
Net income (loss) attributable to noncontrolling interests
|
54,337 | (4,111 | ) | 121,311 | (7,674 | ) | ||||||||||
|
Income tax expense
|
25,161 | 54,316 | 46,436 | 641 | ||||||||||||
|
Loss on modification or early retirement of debt
|
21,692 | 204 | 18,555 | 204 | ||||||||||||
|
Other (income) expense
|
(6,444 | ) | 1,564 | 6,205 | 6,534 | |||||||||||
|
Interest expense, net of amounts capitalized
|
76,723 | 88,514 | 231,875 | 224,503 | ||||||||||||
|
Interest income
|
(2,661 | ) | (1,599 | ) | (6,367 | ) | (9,840 | ) | ||||||||
|
Loss on disposal of assets
|
2,406 | (284 | ) | 40,577 | 4,500 | |||||||||||
|
Impairment loss
|
16,057 | - | 16,057 | 151,175 | ||||||||||||
|
Depreciation and amortization
|
186,738 | 148,677 | 510,521 | 431,559 | ||||||||||||
|
Development expense
|
425 | 80 | 1,258 | 344 | ||||||||||||
|
Pre-opening expense
|
10,107 | 28,855 | 97,684 | 115,619 | ||||||||||||
|
Stock-based compensation (1)
|
8,309 | 8,423 | 22,880 | 21,701 | ||||||||||||
|
Rental expense
|
9,186 | 6,691 | 30,690 | 22,497 | ||||||||||||
|
Corporate expense
|
28,686 | 17,519 | 78,116 | 105,250 | ||||||||||||
|
Adjusted Property EBITDA
|
$ | 645,219 | $ | 272,343 | $ | 1,489,683 | $ | 779,961 | ||||||||
|
(1) See prior page (Exhibit 2)
|
||||||||||||||||
|
_______________________
|
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Supplemental Data - Net Revenues
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
|
September 30,
|
September 30,
|
||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
|
The Venetian Macao
|
$ | 620,745 | $ | 494,014 | $ | 1,751,472 | $ | 1,421,722 | ||||||||
|
Sands Macao
|
288,235 | 280,793 | 874,253 | 739,403 | ||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
160,367 | 67,052 | 406,807 | 162,743 | ||||||||||||
|
Las Vegas Operating Properties
|
290,690 | 228,993 | 902,419 | 839,571 | ||||||||||||
|
Sands Bethlehem
|
82,843 | 62,994 | 218,708 | 95,705 | ||||||||||||
|
Marina Bay Sands
|
485,886 | - | 702,279 | - | ||||||||||||
|
Other Asia
|
28,403 | 21,131 | 80,961 | 64,170 | ||||||||||||
|
Eliminations
|
(48,397 | ) | (13,833 | ) | (98,763 | ) | (44,408 | ) | ||||||||
| $ | 1,908,772 | $ | 1,141,144 | $ | 4,838,136 | $ | 3,278,906 | |||||||||
|
_______________________
|
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
|
The Venetian Macao
|
34.1 | % | 30.4 | % | 32.8 | % | 26.9 | % | ||||||||
|
Sands Macao
|
25.7 | % | 27.5 | % | 25.7 | % | 25.5 | % | ||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
30.5 | % | 15.1 | % | 24.9 | % | 12.3 | % | ||||||||
|
Las Vegas Operating Properties
|
20.0 | % | 15.0 | % | 25.4 | % | 24.1 | % | ||||||||
|
Sands Bethlehem
|
19.7 | % | 13.2 | % | 18.0 | % | 11.7 | % | ||||||||
|
Marina Bay Sands
|
49.7 | % | N/A | 47.9 | % | N/A | ||||||||||
|
Other Asia
|
-19.6 | % | -38.3 | % | -19.9 | % | -37.4 | % | ||||||||
|
Total
|
33.8 | % | 23.9 | % | 30.8 | % | 23.8 | % | ||||||||
Exhibit 3
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share
|
||||||||||||||||
|
(In thousands, except share and per share data)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net income (loss) attributable to common stockholders
|
$ | 168,011 | $ | (122,992 | ) | $ | 134,427 | $ | (426,136 | ) | ||||||
|
U.S. deferred tax valuation allowance
|
- | 67,797 | - | - | ||||||||||||
|
Pre-opening expense, net
|
10,107 | 28,855 | 97,684 | 115,619 | ||||||||||||
|
Development expense, net
|
425 | 80 | 1,258 | 344 | ||||||||||||
|
Impairment loss, net
|
16,057 | - | 16,057 | 151,175 | ||||||||||||
|
(Gain) loss on disposal of assets, net
|
2,406 | (284 | ) | 40,577 | 4,500 | |||||||||||
|
Loss on modification or early retirement of debt
|
21,692 | 204 | 18,555 | 204 | ||||||||||||
|
Legal settlement expense
|
- | - | - | 42,500 | ||||||||||||
|
Preferred stock dividends
|
23,350 | 23,350 | 70,050 | 69,676 | ||||||||||||
|
Accretion to redemption value of preferred stock
|
||||||||||||||||
|
issued to Principal Stockholder's family
|
23,136 | 23,136 | 69,408 | 69,408 | ||||||||||||
|
Adjusted net income
|
$ | 265,184 | $ | 20,146 | $ | 448,016 | $ | 27,290 | ||||||||
|
Per diluted share of common stock:
|
||||||||||||||||
|
Net income (loss) attributable to common stockholders
|
$ | 0.21 | $ | (0.16 | ) | $ | 0.17 | $ | (0.60 | ) | ||||||
|
U.S. deferred tax valuation allowance
|
- | 0.09 | - | - | ||||||||||||
|
Pre-opening expense, net
|
0.02 | 0.04 | 0.13 | 0.16 | ||||||||||||
|
Development expense, net
|
- | - | - | - | ||||||||||||
|
Impairment loss, net
|
0.02 | - | 0.02 | 0.21 | ||||||||||||
|
(Gain) loss on disposal of assets, net
|
- | - | 0.05 | 0.01 | ||||||||||||
|
Loss on modification or early retirement of debt
|
0.03 | - | 0.02 | - | ||||||||||||
|
Legal settlement expense
|
- | - | - | 0.06 | ||||||||||||
|
Preferred stock dividends
|
0.03 | 0.03 | 0.09 | 0.10 | ||||||||||||
|
Accretion to redemption value of preferred stock
|
||||||||||||||||
|
issued to Principal Stockholder's family
|
0.03 | 0.03 | 0.09 | 0.10 | ||||||||||||
|
Adjusted earnings per diluted share
|
$ | 0.34 | $ | 0.03 | $ | 0.57 | $ | 0.04 | ||||||||
|
Weighted average diluted shares outstanding
|
789,156,247 | 746,216,623 | 782,156,007 | 705,728,431 | ||||||||||||
Exhibit 4
|
Las Vegas Sands Corp. and Subsidiaries
|
||||||||||||||||
|
Supplemental Data Schedule
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Room Statistics:
|
||||||||||||||||
|
The Venetian Macao:
|
||||||||||||||||
|
Occupancy %
|
90.1 | % | 88.1 | % | 91.6 | % | 80.6 | % | ||||||||
|
Average daily room rate (ADR) (1)
|
$ | 217 | $ | 198 | $ | 207 | $ | 205 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 195 | $ | 175 | $ | 190 | $ | 165 | ||||||||
|
Sands Macao:
|
||||||||||||||||
|
Occupancy %
|
96.6 | % | 97.9 | % | 97.2 | % | 97.5 | % | ||||||||
|
Average daily room rate (ADR) (1)
|
$ | 239 | $ | 254 | $ | 248 | $ | 258 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 231 | $ | 248 | $ | 241 | $ | 252 | ||||||||
|
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
|
Occupancy %
|
70.9 | % | 56.2 | % | 71.0 | % | 46.5 | % | ||||||||
|
Average daily room rate (ADR) (1)
|
$ | 309 | $ | 294 | $ | 295 | $ | 293 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 219 | $ | 165 | $ | 209 | $ | 136 | ||||||||
|
The Venetian Las Vegas:
|
||||||||||||||||
|
Occupancy %
|
94.0 | % | 88.7 | % | 93.5 | % | 88.9 | % | ||||||||
|
Average daily room rate (ADR) (1)
|
$ | 166 | $ | 171 | $ | 183 | $ | 189 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 156 | $ | 152 | $ | 171 | $ | 168 | ||||||||
|
The Palazzo:
|
||||||||||||||||
|
Occupancy %
|
93.2 | % | 87.9 | % | 95.2 | % | 90.7 | % | ||||||||
|
Average daily room rate (ADR) (1)
|
$ | 185 | $ | 174 | $ | 201 | $ | 201 | ||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 173 | $ | 153 | $ | 191 | $ | 182 | ||||||||
|
Marina Bay Sands:
|
||||||||||||||||
|
Occupancy %
|
68.2 | % | N/A | 64.8 | % | N/A | ||||||||||
|
Average daily room rate (ADR) (1)
|
$ | 246 | N/A | $ | 242 | N/A | ||||||||||
|
Revenue per available room (RevPAR) (2)
|
$ | 168 | N/A | $ | 157 | N/A | ||||||||||
|
Casino Statistics:
|
||||||||||||||||
|
The Venetian Macao:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 10,708 | $ | 8,244 | $ | 10,222 | $ | 8,057 | ||||||||
|
Slot machine win per unit per day (4)
|
$ | 286 | $ | 230 | $ | 263 | $ | 218 | ||||||||
|
Average number of table games
|
600 | 591 | 597 | 603 | ||||||||||||
|
Average number of slot machines
|
2,123 | 2,163 | 2,163 | 2,154 | ||||||||||||
|
Sands Macao:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 8,370 | $ | 8,080 | $ | 8,714 | $ | 7,031 | ||||||||
|
Slot machine win per unit per day (4)
|
$ | 228 | $ | 202 | $ | 216 | $ | 198 | ||||||||
|
Average number of table games
|
416 | 408 | 416 | 419 | ||||||||||||
|
Average number of slot machines
|
1,180 | 1,156 | 1,175 | 1,117 | ||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 16,107 | $ | 6,928 | $ | 14,593 | $ | 5,032 | ||||||||
|
Slot machine win per unit per day (4)
|
$ | 367 | $ | 173 | $ | 405 | $ | 154 | ||||||||
|
Average number of table games
|
118 | 108 | 117 | 107 | ||||||||||||
|
Average number of slot machines
|
194 | 207 | 188 | 215 | ||||||||||||
|
The Venetian Las Vegas:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 3,787 | $ | 2,944 | $ | 2,885 | $ | 3,191 | ||||||||
|
Slot machine win per unit per day (4)
|
$ | 207 | $ | 213 | $ | 222 | $ | 210 | ||||||||
|
Average number of table games
|
111 | 115 | 113 | 119 | ||||||||||||
|
Average number of slot machines
|
1,498 | 1,486 | 1,409 | 1,467 | ||||||||||||
|
The Palazzo:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 3,959 | $ | 1,779 | $ | 5,543 | $ | 3,157 | ||||||||
|
Slot machine win per unit per day (4)
|
$ | 183 | $ | 181 | $ | 177 | $ | 171 | ||||||||
|
Average number of table games
|
117 | 130 | 117 | 133 | ||||||||||||
|
Average number of slot machines
|
1,416 | 1,408 | 1,415 | 1,408 | ||||||||||||
|
Sands Bethlehem:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 1,640 | N/A | $ | 1,640 | N/A | ||||||||||
|
Slot machine win per unit per day (4)
|
$ | 243 | $ | 213 | $ | 230 | $ | 224 | ||||||||
|
Average number of table games
|
77 | N/A | 77 | N/A | ||||||||||||
|
Average number of slot machines
|
3,028 | 2,977 | 3,123 | 2,984 | ||||||||||||
|
Marina Bay Sands:
|
||||||||||||||||
|
Table games win per unit per day (3)
|
$ | 8,075 | N/A | $ | 6,955 | N/A | ||||||||||
|
Slot machine win per unit per day (4)
|
$ | 481 | N/A | $ | 437 | N/A | ||||||||||
|
Average number of table games
|
631 | N/A | 613 | N/A | ||||||||||||
|
Average number of slot machines
|
1,798 | N/A | 1,684 | N/A | ||||||||||||
______________________
|
(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.
|
Exhibit 5