Attached files
| file | filename |
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| 8-K - FORM 8-K - LAS VEGAS SANDS CORP | eh1400199_8k.htm |
EXHIBIT 99.1
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Press Release
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Las Vegas Sands Reports Fourth
Quarter and Full Year 2013 Results
For the Quarter Ended December 31, 2013:
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—
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Consolidated Hold-Normalized Adjusted Property EBITDA Increased 25.8% to $1.37 Billion (Consolidated Adjusted Property EBITDA Increased 21.0% to $1.21 Billion)
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—
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Strong Gaming Volumes in Macao Drove Hold-Normalized Adjusted Property EBITDA Up 55.8% to a Record $887.6 Million
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—
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Net Revenue Increased 18.8% to a Record $3.66 Billion
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—
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Hold-Normalized Adjusted Earnings per Diluted Share Increased 35.9% to $0.87 (GAAP Earnings per Diluted Share Increased 32.1% to $0.70)
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—
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The Company Paid Dividends of $0.35 per share and Repurchased $224.3 Million of Stock During the Quarter Under its $2.0 Billion Stock Repurchase Program
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For the Year Ended December 31, 2013:
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—
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Net Revenue Increased 23.7% to a Record $13.77 Billion
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—
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Consolidated Adjusted Property EBITDA Increased 25.6% to a Record $4.76 Billion
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1
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—
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Net Income Attributable to Las Vegas Sands Rose 51.3% to Reach $2.31 Billion or $2.79 per Diluted Share (Adjusted Earnings per Diluted Share was $2.90)
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—
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The Company Paid Dividends of $1.40 per share and Repurchased $570.5 Million of Stock Under its $2.0 Billion Stock Repurchase Program
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Las Vegas, NV (January 29, 2014) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter and year ended December 31, 2013.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “I am extremely pleased to report outstanding quarterly financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is clearly being reflected in our financial results. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.
“In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than seventeen million visits during the quarter to our Macao property portfolio, which delivered a record $835.9 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, including our latest Integrated Resort on the Cotai Strip, the Parisian Macao, which is now under construction and is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead.”
In Singapore, hold-normalized adjusted property EBITDA was $372.1 million as growth in mass gaming and non-gaming revenues was offset by softer VIP play. Mass win-per-day increased 3.1% year-over-year to reach $4.63 million per day.
Mr. Adelson added, “The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy.”
The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the fourth quarter of 2012. The company also announced that its next recurring quarterly dividend for the first quarter of 2014 of $0.50 per common share will be paid on March 31, 2014 to Las Vegas Sands shareholders of record on March 21, 2014.
The company repurchased approximately $224.3 million of common stock (3.1 million shares at a weighted average price of $72.55) during the quarter ended December 31, 2013.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2013 increased 18.8% to reach $3.66 billion, compared to $3.08 billion in the fourth quarter of 2012. Consolidated adjusted property EBITDA increased 21.0% to reach $1.21 billion in the fourth quarter of 2013, compared to $1.00 billion in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 25.8% to reach $1.37 billion in the fourth quarter of 2013, compared to $1.09 billion in the fourth quarter of 2012.
2
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2013 increased 31.9% to $886.1 million, compared to $672.0 million in the fourth quarter of 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2013 increased 32.8% to $577.5 million, compared to $434.8 million in the fourth quarter of 2012, while diluted earnings per share in the fourth quarter of 2013 increased 32.1% to $0.70, compared to $0.53 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.
Adjusted net income (see Note 1) increased to $592.9 million, or $0.72 per diluted share, compared to $450.5 million, or $0.54 per diluted share, in the fourth quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.
Full year 2013 net revenue increased 23.7% to a record $13.77 billion, compared to $11.13 billion in 2012. Consolidated adjusted property EBITDA in 2013 increased 25.6% to a record $4.76 billion, compared to $3.79 billion in 2012. Consolidated adjusted property EBITDA margin increased 50 basis points to 34.6% in 2013, compared to 34.1% in 2012. The continued strong growth in mass market gaming revenue in Macao, as well as the ramp at Sands Cotai Central, contributed to the EBITDA margin expansion in 2013.
Full year adjusted net income (see Note 1) was a record $2.40 billion in 2013, or $2.90 per diluted share, compared to $1.77 billion, or $2.14 per diluted share in 2012.
On a GAAP basis, full year 2013 operating income increased 47.5% to $3.41 billion in 2013, compared to $2.31 billion in 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio. Net income attributable to Las Vegas Sands increased 51.3% to $2.31 billion, or $2.79 per diluted share in 2013, compared to $1.52 billion, or $1.85 per diluted share in 2012. The improvement in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. increased 28.4% to $2.53 billion in the fourth quarter of 2013, compared to $1.97 billion in the fourth quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 34.9% to $836.4 million in the fourth quarter of 2013, compared to $619.9 million in the fourth quarter of 2012. Net income for Sands China Ltd. increased 40.4% to $655.6 million in the fourth quarter of 2013, compared to $467.0 million in the fourth quarter of 2012.
On a GAAP basis, full year 2013 total net revenues for Sands China Ltd. increased 37.0% to $8.96 billion, compared to $6.54 billion in 2012. Adjusted property EBITDA for Sands China Ltd. increased 46.5% to $2.90 billion in 2013, compared to $1.98 billion in 2012. Net income for Sands China Ltd. increased 79.7% to $2.21 billion in 2013, compared to $1.23 billion in 2012.
3
The Venetian Macao Fourth Quarter Operating Results
The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered record adjusted property EBITDA of $433.4 million, an increase of 30.1% compared to the fourth quarter of 2012. Non-Rolling Chip drop increased 86.7% to reach a property record $2.27 billion for the quarter with Non-Rolling Chip win percentage of 25.2%. Rolling Chip volume during the quarter increased 32.3% to reach $16.76 billion. Slot handle was $1.30 billion, increasing slightly compared to the fourth quarter of 2012. Mall revenues increased 21.9% during the quarter to reach $56.7 million.
The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2013 compared to the fourth quarter of 2012:
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Three Months Ended
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The Venetian Macao Operations
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December 31,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 1,011.3 | $ | 722.3 | $ | 289.0 |
40.0%
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Rooms
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67.0 | 59.9 | 7.1 |
11.9%
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Food and Beverage
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25.6 | 23.4 | 2.2 |
9.4%
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Mall
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56.7 | 46.5 | 10.2 |
21.9%
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Convention, Retail and Other
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37.4 | 23.2 | 14.2 |
61.2%
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Less - Promotional Allowances
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(48.9 | ) | (32.3 | ) | (16.6 | ) |
-51.4%
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Net Revenues
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$ | 1,149.1 | $ | 843.0 | $ | 306.1 |
36.3%
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Adjusted Property EBITDA
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$ | 433.4 | $ | 333.1 | $ | 100.3 | 30.1% | |||||||||
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EBITDA Margin %
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37.7% | 39.5% |
-1.8 pts
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Operating Income
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$ | 392.6 | $ | 298.2 | $ | 94.4 |
31.7%
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 16,759.2 | $ | 12,662.9 | $ | 4,096.3 |
32.3%
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Rolling Chip Win %(1)
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3.32%
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3.25%
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0.07 pts
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Non-Rolling Chip Drop
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$ | 2,268.2 | $ | 1,215.0 | $ | 1,053.2 |
86.7%
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Non-Rolling Chip Win %
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25.2%
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29.9%
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-4.7 pts
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Slot Handle
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$ | 1,296.3 | $ | 1,293.7 | $ | 2.6 |
0.2%
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Slot Hold %
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5.2%
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5.5%
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-0.3 pts
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Hotel Statistics
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Occupancy %
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94.4%
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93.4%
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1.0 pts
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Average Daily Rate (ADR)
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$ | 269 | $ | 248 | $ | 21 |
8.5%
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Revenue per Available Room (RevPAR)
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$ | 254 | $ | 231 | $ | 23 |
10.0%
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(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
4
Sands Cotai Central Fourth Quarter Operating Results
Net revenues and adjusted property EBITDA for the fourth quarter of 2013 at Sands Cotai Central were $790.7 million and $237.8 million, respectively, resulting in an EBITDA margin of 30.1%.
Rolling Chip volume reflected strong growth of 72.7% and reached $17.57 billion for the quarter, while Non-Rolling Chip drop increased 80.2% to reach $1.68 billion with Non-Rolling Chip win percentage of 22.7%. Slot handle increased 40.8% to $1.75 billion for the quarter.
Mass win per table per day increased 111.0% year-over-year and 8.9% compared to the third quarter of 2013, reaching $13,952, while mass table, slot and electronic table game (ETG) win per day climbed to $4.9 million, an increase of 88.4% year-over-year and 13.6% compared to the third quarter of 2013. Hotel occupancy reached 89.1% with ADR of $167.
Visitation to the property continues to grow and exceeded 4.7 million visits in the quarter.
The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2013 compared to the fourth quarter of 2012:
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Three Months Ended
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Sands Cotai Central Operations
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December 31,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 707.7 | $ | 438.7 | $ | 269.0 |
61.3%
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Rooms
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76.7 | 44.5 | 32.2 |
72.4%
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Food and Beverage
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29.3 | 19.2 | 10.1 |
52.6%
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Mall
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14.1 | 9.2 | 4.9 |
53.3%
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Convention, Retail and Other
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7.7 | 4.6 | 3.1 |
67.4%
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Less - Promotional Allowances
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(44.8 | ) | (25.5 | ) | (19.3 | ) |
-75.7%
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Net Revenues
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$ | 790.7 | $ | 490.7 | $ | 300.0 |
61.1%
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Adjusted Property EBITDA
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$ | 237.8 | $ | 108.0 | $ | 129.8 | 120.2% | |||||||||
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EBITDA Margin %
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30.1% | 22.0% |
8.1 pts
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Operating Income
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$ | 168.5 | $ | 48.0 | $ | 120.5 |
251.0%
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 17,565.9 | $ | 10,170.3 | $ | 7,395.6 |
72.7%
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Rolling Chip Win %(1)
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2.52%
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3.13%
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-0.61 pts
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Non-Rolling Chip Drop
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$ | 1,680.7 | $ | 932.5 | $ | 748.2 |
80.2%
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Non-Rolling Chip Win %
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22.7%
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20.6%
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2.1 pts
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Slot Handle
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$ | 1,748.6 | $ | 1,241.7 | $ | 506.9 |
40.8%
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Slot Hold %
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3.8%
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3.7%
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0.1 pts
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Hotel Statistics
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Occupancy %
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89.1%
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84.0%
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5.1 pts
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Average Daily Rate (ADR)
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$ | 167 | $ | 164 | $ | 3 |
1.8%
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Revenue per Available Room (RevPAR)
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$ | 149 | $ | 138 | $ | 11 |
8.0%
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(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
5
Four Seasons Hotel Macao Fourth Quarter Operating Results
The Four Seasons Hotel Macao generated adjusted property EBITDA of $76.8 million in the fourth quarter of 2013, a decrease of 14.4% compared to the year-ago quarter. Non-Rolling Chip drop increased 163.6% to $330.8 million, while Non-Rolling Chip win percentage was 22.5% and below the 45.1% experienced in the fourth quarter of 2012. Rolling Chip volume was $9.40 billion for the quarter, a decrease of 12.4% compared to the fourth quarter of 2012. Rolling Chip win percentage was 1.77% in the quarter, below the expected range and below the 2.68% experienced in the prior-year quarter. Slot handle decreased 22.6% to $271.1 million during the quarter.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2013 compared to the fourth quarter of 2012:
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Four Seasons Hotel Macao and Plaza Casino
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Three Months Ended
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Operations
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December 31,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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Revenues:
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Casino
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$ | 183.5 | $ | 260.2 | $ | (76.7 | ) |
-29.5%
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Rooms
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12.7 | 10.8 | 1.9 |
17.6%
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Food and Beverage
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9.6 | 7.5 | 2.1 |
28.0%
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Mall
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45.2 | 28.6 | 16.6 |
58.0%
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Convention, Retail and Other
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1.4 | 0.8 | 0.6 |
75.0%
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Less - Promotional Allowances
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(14.3 | ) | (11.7 | ) | (2.6 | ) |
-22.2%
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Net Revenues
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$ | 238.1 | $ | 296.2 | $ | (58.1 | ) |
-19.6%
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Adjusted Property EBITDA
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$ | 76.8 | $ | 89.7 | $ | (12.9 | ) | -14.4% | ||||||||
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EBITDA Margin %
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32.2% | 30.3% |
1.9 pts
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Operating Income
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$ | 52.1 | $ | 76.5 | $ | (24.4 | ) |
-31.9%
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Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 9,404.3 | $ | 10,731.5 | $ | (1,327.2 | ) |
-12.4%
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Rolling Chip Win %(1)
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1.77%
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2.68%
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-0.91 pts
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Non-Rolling Chip Drop
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$ | 330.8 | $ | 125.5 | $ | 205.3 |
163.6%
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Non-Rolling Chip Win %
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22.5%
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45.1%
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-22.6 pts
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Slot Handle
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$ | 271.1 | $ | 350.4 | $ | (79.3 | ) |
-22.6%
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||||||||
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Slot Hold %
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5.3%
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5.3%
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0.0 pts
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Hotel Statistics
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Occupancy %
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90.8%
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81.8%
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9.0 pts
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Average Daily Rate (ADR)
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$ | 403 | $ | 382 | $ | 21 |
5.5%
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Revenue per Available Room (RevPAR)
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$ | 366 | $ | 313 | $ | 53 |
16.9%
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(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
6
Sands Macao Fourth Quarter Operating Results
Sands Macao’s adjusted property EBITDA decreased 3.8% compared to the same quarter last year to $88.0 million. Adjusted property EBITDA margin decreased 220 basis points to 26.9%. Non-Rolling Chip drop increased 44.7% to reach $1.03 billion during the quarter, while slot handle increased 14.8% to reach $695.3 million. The property realized 2.77% win on Rolling Chip volume during the quarter, below the 3.29% generated in the year-ago quarter. Rolling Chip volume was $5.81 billion for the quarter, in-line with the prior-year quarter.
The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2013 compared to the fourth quarter of 2012:
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Three Months Ended
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Sands Macao Operations
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December 31,
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(Dollars in millions)
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2013
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2012
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$ Change
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Change
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||||||||||||
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Revenues:
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||||||||||||||||
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Casino
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$ | 318.7 | $ | 305.8 | $ | 12.9 |
4.2%
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|||||||||
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Rooms
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7.0 | 6.4 | 0.6 |
9.4%
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||||||||||||
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Food and Beverage
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9.8 | 10.1 | (0.3 | ) |
-3.0%
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|||||||||||
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Convention, Retail and Other
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2.7 | 2.7 | - |
0.0%
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||||||||||||
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Less - Promotional Allowances
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(11.5 | ) | (10.4 | ) | (1.1 | ) |
-10.6%
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|||||||||
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Net Revenues
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$ | 326.7 | $ | 314.6 | $ | 12.1 |
3.8%
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|||||||||
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Adjusted Property EBITDA
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$ | 88.0 | $ | 91.5 | $ | (3.5 | ) | -3.8% | ||||||||
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EBITDA Margin %
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26.9% | 29.1% |
-2.2 pts
|
|||||||||||||
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Operating Income
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$ | 79.0 | $ | 83.1 | $ | (4.1 | ) |
-4.9%
|
||||||||
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Gaming Statistics
|
||||||||||||||||
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(Dollars in millions)
|
||||||||||||||||
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Rolling Chip Volume
|
$ | 5,812.5 | $ | 5,767.8 | $ | 44.7 |
0.8%
|
|||||||||
|
Rolling Chip Win %(1)
|
2.77%
|
3.29%
|
-0.52 pts
|
|||||||||||||
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Non-Rolling Chip Drop
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$ | 1,025.4 | $ | 708.6 | $ | 316.8 |
44.7%
|
|||||||||
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Non-Rolling Chip Win %
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18.5%
|
22.2%
|
-3.7 pts
|
|||||||||||||
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Slot Handle
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$ | 695.3 | $ | 605.4 | $ | 89.9 |
14.8%
|
|||||||||
|
Slot Hold %
|
3.8%
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4.3%
|
-0.5 pts
|
|||||||||||||
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Hotel Statistics
|
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Occupancy %
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97.4%
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96.9%
|
0.5 pts
|
|||||||||||||
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Average Daily Rate (ADR)
|
$ | 276 | $ | 250 | $ | 26 |
10.4%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 269 | $ | 243 | $ | 26 |
10.7%
|
|||||||||
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
7
Marina Bay Sands Fourth Quarter Operating Results
Marina Bay Sands in Singapore generated adjusted property EBITDA of $258.8 million, a decrease of 14.4% compared to the fourth quarter of 2012. On a hold-normalized basis, adjusted property EBITDA declined 8.4% year-over-year to $372.1 million. Rolling Chip win percentage of 1.92% in the fourth quarter of 2013 was below the expected range, and below the 2.14% achieved in the fourth quarter of 2012.
Non-Rolling Chip drop increased 2.4% to reach $1.14 billion during the quarter. Slot handle increased 5.0% to $2.82 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 3.1% to $4.63 million, compared to $4.49 million in the fourth quarter of 2012. Rolling Chip volume decreased 16.6% to $13.73 billion for the quarter.
The high-margin hotel room segment of the property continued to reflect strong revenue growth of 13.8%. ADR increased to $425 during the quarter, driving a RevPAR increase of 13.5% compared to the same quarter last year. Occupancy was 96.9% during the quarter.
The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2013 compared to the fourth quarter of 2012:
|
Marina Bay Sands Operations
|
Three Months Ended
|
|||||||||||||||
|
December 31,
|
||||||||||||||||
|
(Dollars in millions)
|
2013
|
2012
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 504.6 | $ | 549.5 | $ | (44.9 | ) |
-8.2%
|
||||||||
|
Rooms
|
95.8 | 84.2 | 11.6 |
13.8%
|
||||||||||||
|
Food and Beverage
|
49.8 | 51.9 | (2.1 | ) |
-4.0%
|
|||||||||||
|
Mall
|
43.3 | 44.7 | (1.4 | ) |
-3.1%
|
|||||||||||
|
Convention, Retail and Other
|
26.6 | 29.0 | (2.4 | ) |
-8.3%
|
|||||||||||
|
Less - Promotional Allowances
|
(60.3 | ) | (42.1 | ) | (18.2 | ) |
-43.2%
|
|||||||||
|
Net Revenues
|
$ | 659.8 | $ | 717.2 | $ | (57.4 | ) | -8.0% | ||||||||
|
Adjusted Property EBITDA
|
$ | 258.8 | $ | 302.5 | $ | (43.7 | ) |
-14.4%
|
||||||||
|
EBITDA Margin %
|
39.2% | 42.2% |
-3.0 pts
|
|||||||||||||
|
Operating Income
|
$ | 165.7 | $ | 202.6 | $ | (36.9 | ) |
-18.2%
|
||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
Rolling Chip Volume
|
$ | 13,731.0 | $ | 16,467.1 | $ | (2,736.1 | ) |
-16.6%
|
||||||||
|
Rolling Chip Win %(1)
|
1.92%
|
2.14%
|
-0.22 pts
|
|||||||||||||
|
Non-Rolling Chip Drop
|
$ | 1,135.5 | $ | 1,108.4 | $ | 27.1 |
2.4%
|
|||||||||
|
Non-Rolling Chip Win %
|
24.5%
|
24.2%
|
0.3 pts
|
|||||||||||||
|
Slot Handle
|
$ | 2,824.6 | $ | 2,690.9 | $ | 133.7 |
5.0%
|
|||||||||
|
Slot Hold %
|
5.2%
|
5.4%
|
-0.2 pts
|
|||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
Occupancy %
|
96.9%
|
98.4%
|
-1.5 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$ | 425 | $ | 368 | $ | 57 |
15.5%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 411 | $ | 362 | $ | 49 |
13.5%
|
|||||||||
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
8
Las Vegas Operations Fourth Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, increased 67.0% to $88.2 million for the quarter. Table games drop increased 41.4% in the quarter to reach a property record $649.7 million reflecting record baccarat drop. Slot handle increased 4.8% to $542.2 million. Hotel RevPAR increased 4.5% to $185 in the quarter driven by a 2.5% increase in ADR.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2013 compared to the fourth quarter of 2012:
|
Three Months Ended
|
||||||||||||||||
|
Las Vegas Operations
|
December 31,
|
|||||||||||||||
|
(Dollars in millions)
|
2013
|
2012
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 151.3 | $ | 87.9 | $ | 63.4 |
72.1%
|
|||||||||
|
Rooms
|
119.9 | 114.3 | 5.6 |
4.9%
|
||||||||||||
|
Food and Beverage
|
64.5 | 53.5 | 11.0 |
20.6%
|
||||||||||||
|
Convention, Retail and Other
|
76.1 | 74.5 | 1.6 |
2.1%
|
||||||||||||
|
Less - Promotional Allowances
|
(26.1 | ) | (21.9 | ) | (4.2 | ) |
-19.2%
|
|||||||||
|
Net Revenues
|
$ | 385.7 | $ | 308.3 | $ | 77.4 | 25.1 | % | ||||||||
|
Adjusted Property EBITDA
|
$ | 88.2 | $ | 52.8 | $ | 35.4 |
67.0%
|
|||||||||
|
EBITDA Margin %
|
22.9 | % | 17.1 | % |
5.8 pts
|
|||||||||||
|
Operating Income
|
$ | 67.3 | $ | 22.2 | $ | 45.1 |
203.2%
|
|||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
Table Games Drop
|
$ | 649.7 | $ | 459.4 | $ | 190.3 |
41.4%
|
|||||||||
|
Table Games Win %(1)
|
21.8%
|
12.7%
|
9.1 pts
|
|||||||||||||
|
Slot Handle
|
$ | 542.2 | $ | 517.3 | $ | 24.9 |
4.8%
|
|||||||||
|
Slot Hold %
|
8.5%
|
8.9%
|
-0.4 pts
|
|||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
Occupancy %
|
88.8%
|
87.6%
|
1.2 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$ | 208 | $ | 203 | $ | 5 |
2.5%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 185 | $ | 177 | $ | 8 |
4.5%
|
|||||||||
(1) This compares to our expected Table Games win percentage of 20.0% and 22.0% (calculated before discounts).
9
Sands Bethlehem Fourth Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 5.3% to $124.1 million and adjusted property EBITDA increased 10.2% to $30.3 million for the fourth quarter of 2013. Table games drop increased 12.3% to reach $258.9 million for the quarter, while table games win percentage was 17.5%, which compared to 15.8% in the fourth quarter of 2012. Slot handle increased 2.8% year-over-year to $995.0 million for the quarter with slot hold percentage of 6.8%.
The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2013 compared to the fourth quarter of 2012:
|
Three Months Ended
|
||||||||||||||||
|
Sands Bethlehem Operations
|
December 31,
|
|||||||||||||||
|
(Dollars in millions)
|
2013
|
2012
|
$ Change
|
Change
|
||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 115.2 | $ | 108.8 | $ | 6.4 |
5.9%
|
|||||||||
|
Rooms
|
3.0 | 3.0 | - |
0.0%
|
||||||||||||
|
Food and Beverage
|
7.3 | 7.1 | 0.2 |
2.8%
|
||||||||||||
|
Mall
|
0.9 | 0.4 | 0.5 |
125.0%
|
||||||||||||
|
Convention, Retail and Other
|
4.1 | 4.6 | (0.5 | ) |
-10.9%
|
|||||||||||
|
Less - Promotional Allowances
|
(6.4 | ) | (6.1 | ) | (0.3 | ) |
-4.9%
|
|||||||||
|
Net Revenues
|
$ | 124.1 | $ | 117.8 | $ | 6.3 |
5.3%
|
|||||||||
|
Adjusted Property EBITDA
|
$ | 30.3 | $ | 27.5 | $ | 2.8 |
10.2%
|
|||||||||
|
EBITDA Margin %
|
24.4%
|
23.4%
|
1.0 pts
|
|||||||||||||
|
Operating Income
|
$ | 19.4 | $ | 18.7 | $ | 0.7 |
3.7%
|
|||||||||
|
Gaming Statistics
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||
|
Table Games Drop
|
$ | 258.9 | $ | 230.6 | $ | 28.3 |
12.3%
|
|||||||||
|
Table Games Win %(1)
|
17.5%
|
15.8%
|
1.7 pts
|
|||||||||||||
|
Slot Handle
|
$ | 995.0 | $ | 967.8 | $ | 27.2 |
2.8%
|
|||||||||
|
Slot Hold %
|
6.8%
|
7.2%
|
-0.4 pts
|
|||||||||||||
|
Hotel Statistics
|
||||||||||||||||
|
Occupancy %
|
74.4%
|
78.2%
|
-3.8 pts
|
|||||||||||||
|
Average Daily Rate (ADR)
|
$ | 145 | $ | 136 | $ | 9 |
6.6%
|
|||||||||
|
Revenue per Available Room (RevPAR)
|
$ | 108 | $ | 107 | $ | 1 |
0.9%
|
|||||||||
(1) This compares to our expected Table Games win percentage of 14.0% and 16.0% (calculated before discounts).
10
Asian Retail Mall Operations
Gross revenue from tenants in the company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $159.0 million for the fourth quarter of 2013, an increase of 24.1% compared to the fourth quarter of 2012. Operating profit derived from these retail mall assets increased 25.5% for the quarter compared to the quarter one year ago, reaching $138.9 million.
|
For The Three Months Ended December 31, 2013
|
TTM
December 31, 2013
|
|||||||||||||||||||||||
|
(Dollars in millions except per square foot data)
|
Gross Revenue(1)
|
Operating Profit
|
Operating Profit Margin
|
Gross Leasable Area
(sq. ft.)
|
Occupancy % at End of Period
|
Tenant Sales Per
Sq. Ft.(2)
|
||||||||||||||||||
|
Shoppes at Venetian
|
$ | 56.5 | $ | 49.6 | 87.8% | 755,452 | 95.5% | $ | 1,522 | |||||||||||||||
|
Shoppes at Four Seasons
|
||||||||||||||||||||||||
|
Luxury Retail
|
35.8 | 34.6 |
96.6%
|
142,233 |
100.0%
|
5,787 | ||||||||||||||||||
|
Other Stores
|
9.4 | 8.5 |
90.4%
|
99,662 |
70.2%
|
2,208 | ||||||||||||||||||
|
Total
|
45.2 | 43.1 |
95.4%
|
241,895 |
87.7%
|
4,726 | ||||||||||||||||||
|
Shoppes at Cotai Central
|
14.0 | 12.2 |
87.1%
|
210,143 | (3) |
100.0%
|
1,277 | |||||||||||||||||
|
Total Cotai Strip in Macao
|
115.7 | 104.9 |
90.7%
|
1,207,490 |
94.7%
|
2,111 | ||||||||||||||||||
|
The Shoppes at Marina Bay Sands
|
43.3 | 34.0 |
78.5%
|
642,241 |
90.7%(4)
|
1,528 | ||||||||||||||||||
|
Total
|
$ | 159.0 | $ | 138.9 |
87.4%
|
1,849,731 |
93.3%
|
$ | 1,934 | |||||||||||||||
(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
(3) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 37,000 square feet of gross leasable area is undergoing new fit-out but rent collection has not commenced.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected a profit of $0.7 million during the quarter, compared to a $2.1 million loss in the fourth quarter of 2012.
Pre-opening expenses decreased to $3.7 million in the fourth quarter of 2013, compared to $9.0 million in the fourth quarter of 2012.
Depreciation and amortization expense was $254.9 million in the fourth quarter of 2013, compared to $250.3 million in the fourth quarter of 2012.
Interest expense, net of amounts capitalized, was $67.1 million for the fourth quarter of 2013, in-line with the prior-year quarter. Capitalized interest was $1.4 million during the fourth quarter of 2013, compared to $5.0 million during the fourth quarter of 2012. Our weighted average borrowing cost in the fourth quarter of 2013 was 2.7%.
Corporate expense was $48.3 million in the fourth quarter of 2013, compared to $44.9 million in the fourth quarter of 2012.
The Company recorded a $14.2 million loss on modification or early retirement of debt during the quarter as a result of the refinancing of its U.S. credit facility.
11
Other expense, which was principally composed of foreign currency losses, was $0.7 million in the fourth quarter of 2013, compared to income of $5.0 million in the fourth quarter of 2012.
The company’s effective income tax rate for the fourth quarter of 2013 was 4.9%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
The net income attributable to noncontrolling interests during the fourth quarter of 2013 of $192.2 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2013 were $3.60 billion.
As of December 31, 2013, total debt outstanding, including the current portion, was $9.76 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $298.6 million, including construction, development and maintenance activities of $217.8 million in Macao, $60.0 million in Las Vegas, $19.8 million at Marina Bay Sands and $1.0 million at Sands Bethlehem.
###
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 29, 2014 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.lasvegassands.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
12
Note 1
Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt and legal settlement expense.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world’s leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state of the art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.
In Macao, through our majority-owned subsidiary Sands China Ltd. (HKSE: 1928), the company owns and operates a portfolio of properties on Macao’s Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns and operates the Sands® Macao on the Macao Peninsula. In Singapore, the company owns and operates Marina Bay Sands®, the iconic Integrated Resort located in the city-state’s downtown Marina Bay district.
Our properties in the United States include The Venetian® and The Palazzo® on the Las Vegas Strip and Sands® Bethlehem in Eastern Pennsylvania.
Las Vegas Sands is committed to global sustainability through its Sands Eco 360 program and is an active community partner through its various charitable organizations.
Contacts:
|
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
||
|
Media:
|
Ron Reese
|
(702) 414-3607
|
13
Las Vegas Sands Corp.
Fourth Quarter 2013 Results
Non-GAAP Reconciliations
|
Within the company’s fourth quarter 2013 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “hold-normalized adjusted net income,” “adjusted earnings per diluted share,” “hold-normalized adjusted earnings per diluted share,” “adjusted property EBITDA,” and “hold-normalized adjusted property EBITDA.” Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
|
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, legal settlement expense, and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.
14
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Casino
|
$ | 2,992,196 | $ | 2,473,211 | $ | 11,386,917 | $ | 9,008,158 | ||||||||
|
Rooms
|
382,035 | 323,137 | 1,380,681 | 1,154,024 | ||||||||||||
|
Food and beverage
|
195,898 | 172,644 | 730,259 | 628,528 | ||||||||||||
|
Mall
|
159,878 | 128,537 | 481,400 | 396,927 | ||||||||||||
|
Convention, retail and other
|
142,809 | 133,352 | 515,179 | 497,032 | ||||||||||||
| 3,872,816 | 3,230,881 | 14,494,436 | 11,684,669 | |||||||||||||
|
Less - promotional allowances
|
(217,131 | ) | (153,879 | ) | (724,551 | ) | (553,537 | ) | ||||||||
| 3,655,685 | 3,077,002 | 13,769,885 | 11,131,132 | |||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Resort operations
|
2,449,920 | 2,081,896 | 9,083,983 | 7,370,842 | ||||||||||||
|
Corporate
|
48,314 | 44,866 | 189,535 | 207,030 | ||||||||||||
|
Pre-opening
|
3,693 | 8,992 | 13,339 | 143,795 | ||||||||||||
|
Development
|
969 | 7,762 | 15,809 | 19,958 | ||||||||||||
|
Depreciation and amortization
|
254,938 | 250,321 | 1,007,468 | 892,046 | ||||||||||||
|
Amortization of leasehold interests in land
|
10,055 | 10,149 | 40,352 | 40,165 | ||||||||||||
|
Impairment loss
|
- | - | - | 143,674 | ||||||||||||
|
Loss on disposal of assets
|
1,723 | 1,011 | 11,156 | 2,240 | ||||||||||||
| 2,769,612 | 2,404,997 | 10,361,642 | 8,819,750 | |||||||||||||
|
Operating income
|
886,073 | 672,005 | 3,408,243 | 2,311,382 | ||||||||||||
|
Other income (expense):
|
||||||||||||||||
|
Interest income
|
5,489 | 6,536 | 16,337 | 23,252 | ||||||||||||
|
Interest expense, net of amounts capitalized
|
(67,086 | ) | (67,067 | ) | (271,211 | ) | (258,564 | ) | ||||||||
|
Other income (expense)
|
(671 | ) | 5,025 | 4,321 | 5,740 | |||||||||||
|
Loss on modification or early retirement of debt
|
(14,178 | ) | - | (14,178 | ) | (19,234 | ) | |||||||||
|
Income before income taxes
|
809,627 | 616,499 | 3,143,512 | 2,062,576 | ||||||||||||
|
Income tax expense
|
(39,896 | ) | (45,156 | ) | (188,836 | ) | (180,763 | ) | ||||||||
|
Net income
|
769,731 | 571,343 | 2,954,676 | 1,881,813 | ||||||||||||
|
Net income attributable to noncontrolling interests
|
(192,192 | ) | (136,561 | ) | (648,679 | ) | (357,720 | ) | ||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 577,539 | $ | 434,782 | $ | 2,305,997 | $ | 1,524,093 | ||||||||
|
Earnings per share:
|
||||||||||||||||
|
Basic
|
$ | 0.71 | $ | 0.53 | $ | 2.80 | $ | 1.89 | ||||||||
|
Diluted
|
$ | 0.70 | $ | 0.53 | $ | 2.79 | $ | 1.85 | ||||||||
|
Weighted average shares outstanding:
|
||||||||||||||||
|
Basic
|
818,631,514 | 822,214,678 | 822,282,515 | 806,395,660 | ||||||||||||
|
Diluted
|
822,314,351 | 826,662,036 | 826,316,108 | 824,556,036 | ||||||||||||
|
Dividends declared per common share
|
$ | 0.35 | $ | 3.00 | $ | 1.40 | $ | 3.75 | ||||||||
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 December 31, 2013
|
||||||||||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
Depreciation and
Amortization
|
Amortization of Leasehold Interests
in Land
|
(Gain) Loss on Disposal of Assets
|
Pre-Opening
and
Development Expense
|
Royalty
Fees
|
(1)
Stock-Based Compensation
|
Corporate Expense
|
Adjusted Property EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 392,586 | $ | 35,189 | $ | 1,654 | $ | 1,996 | $ | - | $ | - | $ | 1,969 | $ | - | $ | 433,394 | ||||||||||||||||||
|
Sands Cotai Central
|
168,464 | 65,378 | 2,154 | 728 | 230 | - | 829 | - | 237,783 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao
and Plaza Casino |
52,130 | 9,835 | 706 | 11,630 | 2,398 | - | 58 | - | 76,757 | |||||||||||||||||||||||||||
|
Sands Macao
|
79,010 | 7,984 | 354 | 61 | - | - | 562 | - | 87,971 | |||||||||||||||||||||||||||
|
Macao Property Operations
|
692,190 | 118,386 | 4,868 | 14,415 | 2,628 | - | 3,418 | - | 835,905 | |||||||||||||||||||||||||||
|
Marina Bay Sands
|
165,669 | 63,862 | 4,566 | (82 | ) | - | 22,784 | 2,035 | - | 258,834 | ||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
67,340 | 50,595 | - | 717 | 524 | (33,556 | ) | 2,587 | - | 88,207 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
19,365 | 10,637 | - | 55 | 152 | - | 140 | - | 30,349 | |||||||||||||||||||||||||||
|
United States Property Operations
|
86,705 | 61,232 | - | 772 | 676 | (33,556 | ) | 2,727 | - | 118,556 | ||||||||||||||||||||||||||
|
Other Asia (2)
|
(13,973 | ) | 3,630 | - | (3 | ) | (4 | ) | 11,000 | 42 | - | 692 | ||||||||||||||||||||||||
|
Other Development
|
(2,412 | ) | 167 | 621 | 262 | 1,362 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(42,106 | ) | 7,661 | - | (13,641 | ) | - | (228 | ) | - | 48,314 | - | ||||||||||||||||||||||||
| $ | 886,073 | $ | 254,938 | $ | 10,055 | $ | 1,723 | $ | 4,662 | $ | - | $ | 8,222 | $ | 48,314 | $ | 1,213,987 | |||||||||||||||||||
|
Three Months Ended December 31, 2012
|
||||||||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
and
Amortization
|
Amortization
of Leasehold
Interests
in Land
|
(Gain) Loss on Disposal
of Assets
|
Pre-Opening
and
Development
Expense
|
Royalty
Fees
|
(1)
Stock-Based
Compensation
|
Corporate
Expense
|
Adjusted
Property
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 298,218 | $ | 32,133 | $ | 1,655 | $ | (413 | ) | $ | 22 | $ | - | $ | 1,455 | $ | - | $ | 333,070 | |||||||||||||||||
|
Sands Cotai Central
|
48,040 | 51,235 | 2,154 | 177 | 5,834 | - | 544 | - | 107,984 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao
and Plaza Casino |
76,451 | 11,385 | 705 | 6 | 1,119 | - | 12 | - | 89,678 | |||||||||||||||||||||||||||
|
Sands Macao
|
83,060 | 7,606 | 354 | 198 | - | - | 292 | - | 91,510 | |||||||||||||||||||||||||||
|
Macao Property Operations
|
505,769 | 102,359 | 4,868 | (32 | ) | 6,975 | - | 2,303 | - | 622,242 | ||||||||||||||||||||||||||
|
Marina Bay Sands
|
202,631 | 72,261 | 4,659 | 1,156 | - | 19,081 | 2,745 | - | 302,533 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
22,170 | 58,051 | - | (115 | ) | 1,909 | (31,744 | ) | 2,549 | - | 52,820 | |||||||||||||||||||||||||
|
Sands Bethlehem
|
18,685 | 8,578 | - | - | 40 | - | 215 | - | 27,518 | |||||||||||||||||||||||||||
|
United States Property Operations
|
40,855 | 66,629 | - | (115 | ) | 1,949 | (31,744 | ) | 2,764 | - | 80,338 | |||||||||||||||||||||||||
|
Other Asia (2)
|
(19,774 | ) | 3,688 | - | 2 | 35 | 13,854 | 46 | - | (2,149 | ) | |||||||||||||||||||||||||
|
Other Development
|
(8,571 | ) | 154 | 622 | - | 7,795 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(48,905 | ) | 5,230 | - | - | - | (1,191 | ) | - | 44,866 | - | |||||||||||||||||||||||||
| $ | 672,005 | $ | 250,321 | $ | 10,149 | $ | 1,011 | $ | 16,754 | $ | - | $ | 7,858 | $ | 44,866 | $ | 1,002,964 | |||||||||||||||||||
|
Year Ended December 31, 2013
|
||||||||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
and
Amortization
|
Amortization
of Leasehold
Interests
in Land
|
(Gain) Loss on Disposal
of Assets
|
Pre-Opening
and
Development
Expense
|
Royalty
Fees
|
(1)
Stock-Based
Compensation
|
Legal
Settlement
and Corporate
Expense
|
Adjusted
Property
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 1,344,650 | $ | 137,464 | $ | 6,613 | $ | 3,708 | $ | 120 | $ | - | $ | 7,382 | $ | - | $ | 1,499,937 | ||||||||||||||||||
|
Sands Cotai Central
|
462,128 | 257,087 | 8,612 | 2,971 | 5,793 | - | 3,132 | - | 739,723 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao
and Plaza Casino |
240,986 | 44,199 | 2,823 | 11,726 | 5,124 | - | 182 | - | 305,040 | |||||||||||||||||||||||||||
|
Sands Macao
|
327,087 | 31,710 | 1,415 | 574 | - | - | 2,072 | - | 362,858 | |||||||||||||||||||||||||||
|
Macao Property Operations
|
2,374,851 | 470,460 | 19,463 | 18,979 | 11,037 | - | 12,768 | - | 2,907,558 | |||||||||||||||||||||||||||
|
Marina Bay Sands
|
995,504 | 262,676 | 18,403 | 2,631 | - | 97,989 | 7,373 | - | 1,384,576 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
240,528 | 192,863 | - | 1,825 | 911 | (141,009 | ) | 9,221 | 47,400 | 351,739 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
85,096 | 37,282 | - | 89 | 391 | - | 479 | - | 123,337 | |||||||||||||||||||||||||||
|
United States Property Operations
|
325,624 | 230,145 | - | 1,914 | 1,302 | (141,009 | ) | 9,700 | 47,400 | 475,076 | ||||||||||||||||||||||||||
|
Other Asia (2)
|
(63,000 | ) | 14,665 | - | 10 | 258 | 44,000 | 212 | - | (3,855 | ) | |||||||||||||||||||||||||
|
Other Development
|
(19,939 | ) | 640 | 2,486 | 262 | 16,551 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(204,797 | ) | 28,882 | - | (12,640 | ) | - | (980 | ) | - | 189,535 | - | ||||||||||||||||||||||||
| $ | 3,408,243 | $ | 1,007,468 | $ | 40,352 | $ | 11,156 | $ | 29,148 | $ | - | $ | 30,053 | $ | 236,935 | $ | 4,763,355 | |||||||||||||||||||
|
Year Ended December 31, 2012
|
||||||||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
Depreciation
and
Amortization
|
Amortization
of Leasehold
Interests
in Land
|
Impairment
and (Gain) Loss on Disposal
of Assets
|
Pre-Opening
and
Development
Expense
|
Royalty
Fees
|
(1)
Stock-Based
Compensation
|
Corporate
Expense
|
Adjusted
Property
EBITDA
|
||||||||||||||||||||||||||||
|
Macao:
|
||||||||||||||||||||||||||||||||||||
|
The Venetian Macao
|
$ | 947,998 | $ | 140,218 | $ | 6,609 | $ | 42,236 | $ | 135 | $ | - | $ | 6,049 | $ | - | $ | 1,143,245 | ||||||||||||||||||
|
Sands Cotai Central
|
10,291 | 108,878 | 6,458 | 239 | 86,463 | - | 1,147 | - | 213,476 | |||||||||||||||||||||||||||
|
Four Seasons Hotel Macao
and Plaza Casino |
232,130 | 48,737 | 2,821 | 215 | 4,072 | - | 195 | - | 288,170 | |||||||||||||||||||||||||||
|
Sands Macao
|
317,319 | 30,385 | 1,414 | 14 | - | - | 1,507 | - | 350,639 | |||||||||||||||||||||||||||
|
Macao Property Operations
|
1,507,738 | 328,218 | 17,302 | 42,704 | 90,670 | - | 8,898 | - | 1,995,530 | |||||||||||||||||||||||||||
|
Marina Bay Sands
|
977,572 | 268,929 | 18,229 | 1,340 | - | 91,681 | 8,494 | - | 1,366,245 | |||||||||||||||||||||||||||
|
United States:
|
||||||||||||||||||||||||||||||||||||
|
Las Vegas Operating Properties
|
222,167 | 225,562 | - | 388 | 1,909 | (130,764 | ) | 11,920 | - | 331,182 | ||||||||||||||||||||||||||
|
Sands Bethlehem
|
78,554 | 33,910 | - | 414 | 345 | - | 832 | - | 114,055 | |||||||||||||||||||||||||||
|
United States Property Operations
|
300,721 | 259,472 | - | 802 | 2,254 | (130,764 | ) | 12,752 | - | 445,237 | ||||||||||||||||||||||||||
|
Other Asia (2)
|
(71,590 | ) | 14,777 | - | 35 | 200 | 40,000 | 628 | - | (15,950 | ) | |||||||||||||||||||||||||
|
Other Development
|
(177,026 | ) | 729 | 4,634 | 101,034 | 70,629 | - | - | - | - | ||||||||||||||||||||||||||
|
Corporate
|
(226,033 | ) | 19,921 | - | (1 | ) | - | (917 | ) | - | 207,030 | - | ||||||||||||||||||||||||
| $ | 2,311,382 | $ | 892,046 | $ | 40,165 | $ | 145,914 | $ | 163,753 | $ | - | $ | 30,772 | $ | 207,030 | $ | 3,791,062 | |||||||||||||||||||
(1) During the three months ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense of $13.6 million and $15.1 million, respectively, of which $5.4 million and $7.2 million, respectively, is included in corporate expense on the Company's condensed consolidated statements of operations. During the year ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense of $53.4 million and $65.4 million, respectively, of which $23.3 million and $33.9 million, respectively, is included in corporate expense and $0.0 million and $0.7 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.
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
|
Three Months Ended December 31, 2013
|
||||||||||||||||
|
Adjusted
Property
EBITDA
|
(1)
Hold-Normalized
Casino
Revenue
|
(2)
Hold-Normalized
Casino
Expense
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|||||||||||||
|
Macao Property Operations
|
$ | 835,905 | $ | 84,727 | $ | (33,043 | ) | $ | 887,589 | |||||||
|
Marina Bay Sands
|
258,834 | 127,610 | (14,305 | ) | 372,139 | |||||||||||
|
United States:
|
||||||||||||||||
|
Las Vegas Operating Properties
|
88,207 | (5,257 | ) | 394 | 83,344 | |||||||||||
|
Sands Bethlehem
|
30,349 | (6,968 | ) | 1,080 | 24,461 | |||||||||||
|
United States Property Operations
|
118,556 | (12,225 | ) | 1,474 | 107,805 | |||||||||||
|
Other Asia
|
692 | - | - | 692 | ||||||||||||
|
Other Development
|
- | - | - | - | ||||||||||||
|
Corporate
|
- | - | - | - | ||||||||||||
| $ | 1,213,987 | $ | 200,112 | $ | (45,874 | ) | $ | 1,368,225 | ||||||||
|
Three Months Ended December 31, 2012
|
||||||||||||||||
|
Adjusted
Property
EBITDA
|
(1)
Hold-Normalized
Casino
Revenue
|
(2)
Hold-Normalized
Casino
Expense
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|||||||||||||
|
Macao Property Operations
|
$ | 622,242 | $ | (85,911 | ) | $ | 33,505 | $ | 569,836 | |||||||
|
Marina Bay Sands
|
302,533 | 117,003 | (13,116 | ) | 406,420 | |||||||||||
|
United States:
|
||||||||||||||||
|
Las Vegas Operating Properties
|
52,820 | 37,976 | (2,848 | ) | 87,948 | |||||||||||
|
Sands Bethlehem
|
27,518 | (2,292 | ) | 355 | 25,581 | |||||||||||
|
United States Property Operations
|
80,338 | 35,684 | (2,493 | ) | 113,529 | |||||||||||
|
Other Asia
|
(2,149 | ) | - | - | (2,149 | ) | ||||||||||
|
Other Development
|
- | - | - | - | ||||||||||||
|
Corporate
|
- | - | - | - | ||||||||||||
| $ | 1,002,964 | $ | 66,776 | $ | 17,896 | $ | 1,087,636 | |||||||||
(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip play that would have been earned or lost had the Company's current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.
For the Las Vegas Operating Properties and Sands Bethlehem, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 21.0% and 14.8%, respectively.
(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 577,539 | $ | 434,782 | $ | 2,305,997 | $ | 1,524,093 | ||||||||
|
Add (deduct):
|
||||||||||||||||
|
Net income attributable to noncontrolling interests
|
192,192 | 136,561 | 648,679 | 357,720 | ||||||||||||
|
Income tax expense
|
39,896 | 45,156 | 188,836 | 180,763 | ||||||||||||
|
Loss on modification or early retirement of debt
|
14,178 | - | 14,178 | 19,234 | ||||||||||||
|
Other (income) expense
|
671 | (5,025 | ) | (4,321 | ) | (5,740 | ) | |||||||||
|
Interest expense, net of amounts capitalized
|
67,086 | 67,067 | 271,211 | 258,564 | ||||||||||||
|
Interest income
|
(5,489 | ) | (6,536 | ) | (16,337 | ) | (23,252 | ) | ||||||||
|
Loss on disposal of assets
|
1,723 | 1,011 | 11,156 | 2,240 | ||||||||||||
|
Impairment loss
|
- | - | - | 143,674 | ||||||||||||
|
Amortization of leasehold interests in land
|
10,055 | 10,149 | 40,352 | 40,165 | ||||||||||||
|
Depreciation and amortization
|
254,938 | 250,321 | 1,007,468 | 892,046 | ||||||||||||
|
Development expense
|
969 | 7,762 | 15,809 | 19,958 | ||||||||||||
|
Pre-opening expense
|
3,693 | 8,992 | 13,339 | 143,795 | ||||||||||||
|
Stock-based compensation (1)
|
8,222 | 7,858 | 30,053 | 30,772 | ||||||||||||
|
Legal settlement expense (1)
|
- | - | 47,400 | - | ||||||||||||
|
Corporate expense
|
48,314 | 44,866 | 189,535 | 207,030 | ||||||||||||
|
Adjusted Property EBITDA
|
$ | 1,213,987 | $ | 1,002,964 | $ | 4,763,355 | $ | 3,791,062 | ||||||||
|
Hold-normalized casino revenue (2)
|
200,112 | 66,776 | ||||||||||||||
|
Hold-normalized casino expense (2)
|
(45,874 | ) | 17,896 | |||||||||||||
|
Hold-Normalized Adjusted Property EBITDA
|
$ | 1,368,225 | $ | 1,087,636 | ||||||||||||
|
(1) See Exhibit 2
|
||||
|
(2) See Exhibit 3
|
||||
|
_______________________
|
||||
|
Las Vegas Sands Corp. and Subsidiaries
|
||||
|
Supplemental Data - Net Revenues
|
||||
|
(In thousands)
|
||||
|
(Unaudited)
|
||||
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
|
December 31,
|
December 31,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
The Venetian Macao
|
$ | 1,149,079 | $ | 843,000 | $ | 3,851,230 | $ | 3,037,975 | ||||||||
|
Sands Cotai Central
|
790,650 | 490,668 | 2,698,430 | 1,052,124 | ||||||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
238,069 | 296,237 | 1,065,405 | 1,086,456 | ||||||||||||
|
Sands Macao
|
326,747 | 314,586 | 1,237,016 | 1,250,552 | ||||||||||||
|
Marina Bay Sands
|
659,813 | 717,160 | 2,968,366 | 2,886,139 | ||||||||||||
|
Las Vegas Operating Properties
|
385,712 | 308,287 | 1,518,024 | 1,384,629 | ||||||||||||
|
Sands Bethlehem
|
124,141 | 117,834 | 496,738 | 470,458 | ||||||||||||
|
Other Asia
|
33,906 | 37,538 | 139,572 | 148,330 | ||||||||||||
|
Intersegment Eliminations
|
(52,432 | ) | (48,308 | ) | (204,896 | ) | (185,531 | ) | ||||||||
| $ | 3,655,685 | $ | 3,077,002 | $ | 13,769,885 | $ | 11,131,132 | |||||||||
|
_______________________
|
|||||
|
Las Vegas Sands Corp. and Subsidiaries
|
|||||
|
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
|
|||||
|
(Unaudited)
|
|||||
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
The Venetian Macao
|
37.7 | % | 39.5 | % | 38.9 | % | 37.6 | % | ||||||||
|
Sands Cotai Central
|
30.1 | % | 22.0 | % | 27.4 | % | 20.3 | % | ||||||||
|
Four Seasons Hotel Macao and Plaza Casino
|
32.2 | % | 30.3 | % | 28.6 | % | 26.5 | % | ||||||||
|
Sands Macao
|
26.9 | % | 29.1 | % | 29.3 | % | 28.0 | % | ||||||||
|
Marina Bay Sands
|
39.2 | % | 42.2 | % | 46.6 | % | 47.3 | % | ||||||||
|
Las Vegas Operating Properties
|
22.9 | % | 17.1 | % | 23.2 | % | 23.9 | % | ||||||||
|
Sands Bethlehem
|
24.4 | % | 23.4 | % | 24.8 | % | 24.2 | % | ||||||||
|
Other Asia
|
2.0 | % | -5.7 | % | -2.8 | % | -10.8 | % | ||||||||
|
Total
|
33.2 | % | 32.6 | % | 34.6 | % | 34.1 | % | ||||||||
Exhibit 4
|
Las Vegas Sands Corp. and Subsidiaries
|
|||||
|
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per
Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
|
|||||
|
(In thousands, except share and per share data)
|
|||||
|
(Unaudited)
|
|||||
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 577,539 | $ | 434,782 | $ | 2,305,997 | $ | 1,524,093 | ||||||||
|
Pre-opening expense, net
|
2,791 | 6,908 | 9,818 | 101,775 | ||||||||||||
|
Development expense, net
|
969 | 7,762 | 15,809 | 19,958 | ||||||||||||
|
Impairment loss, net
|
- | - | - | 101,009 | ||||||||||||
|
Loss on disposal of assets, net
|
(2,571 | ) | 1,021 | 5,498 | 2,211 | |||||||||||
|
Loss on modification or early retirement of debt, net
|
14,178 | - | 14,178 | 18,714 | ||||||||||||
|
Legal settlement expense
|
- | - | 47,400 | - | ||||||||||||
|
Adjusted net income
|
$ | 592,906 | $ | 450,473 | $ | 2,398,700 | $ | 1,767,760 | ||||||||
|
Hold-normalized casino revenue (1)
|
200,112 | 66,776 | ||||||||||||||
|
Hold-normalized casino expense (1)
|
(45,874 | ) | 17,896 | |||||||||||||
|
Income tax impact on hold adjustments
|
(19,262 | ) | (17,661 | ) | ||||||||||||
|
Noncontrolling interest impact on hold adjustments
|
(15,418 | ) | 15,598 | |||||||||||||
|
Hold-normalized adjusted net income
|
$ | 712,464 | $ | 533,082 | ||||||||||||
|
(1) See Exhibit 3
|
||||||||||||||||
|
Per diluted share of common stock:
|
||||||||||||||||
|
Net income attributable to Las Vegas Sands Corp.
|
$ | 0.70 | $ | 0.53 | $ | 2.79 | $ | 1.85 | ||||||||
|
Pre-opening expense, net
|
- | - | - | 0.12 | ||||||||||||
|
Development expense, net
|
- | 0.01 | 0.02 | 0.03 | ||||||||||||
|
Impairment loss, net
|
- | - | - | 0.12 | ||||||||||||
|
Loss on disposal of assets, net
|
- | - | 0.01 | - | ||||||||||||
|
Loss on modification or early retirement of debt, net
|
0.02 | - | 0.02 | 0.02 | ||||||||||||
|
Legal settlement expense
|
- | - | 0.06 | - | ||||||||||||
|
Adjusted earnings per diluted share
|
$ | 0.72 | $ | 0.54 | $ | 2.90 | $ | 2.14 | ||||||||
|
Hold-normalized casino revenue
|
0.24 | 0.08 | ||||||||||||||
|
Hold-normalized casino expense
|
(0.05 | ) | 0.02 | |||||||||||||
|
Income tax impact on hold adjustments
|
(0.02 | ) | (0.02 | ) | ||||||||||||
|
Noncontrolling interest impact on hold adjustments
|
(0.02 | ) | 0.02 | |||||||||||||
|
Hold-normalized adjusted earnings per diluted share
|
$ | 0.87 | $ | 0.64 | ||||||||||||
|
Weighted average diluted shares outstanding
|
822,314,351 | 826,662,036 | 826,316,108 | 824,556,036 |
Exhibit 5
|
Las Vegas Sands Corp. and Subsidiaries
|
|||
|
Supplemental Data Schedule
|
|||
|
(Unaudited)
|
|||
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Room Statistics:
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The Venetian Macao:
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Occupancy %
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94.4% | 93.4% | 91.3% | 91.9% | ||||||||||||
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Average daily room rate (ADR) (1)
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$ | 269 | $ | 248 | $ | 243 | $ | 237 | ||||||||
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Revenue per available room (RevPAR) (2)
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$ | 254 | $ | 231 | $ | 222 | $ | 218 | ||||||||
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Sands Cotai Central:
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Occupancy %
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89.1% | 84.0% | 78.5% | 83.4% | ||||||||||||
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Average daily room rate (ADR) (1)
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$ | 167 | $ | 164 | $ | 155 | $ | 155 | ||||||||
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Revenue per available room (RevPAR) (2)
|
$ | 149 | $ | 138 | $ | 121 | $ | 129 | ||||||||
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Four Seasons Hotel Macao and Plaza Casino:
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Occupancy %
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90.8% | 81.8% | 85.3% | 80.1% | ||||||||||||
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Average daily room rate (ADR) (1)
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$ | 403 | $ | 382 | $ | 373 | $ | 362 | ||||||||
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Revenue per available room (RevPAR) (2)
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$ | 366 | $ | 313 | $ | 318 | $ | 290 | ||||||||
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Sands Macao:
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Occupancy %
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97.4% | 96.9% | 96.1% | 95.3% | ||||||||||||
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Average daily room rate (ADR) (1)
|
$ | 276 | $ | 250 | $ | 252 | $ | 245 | ||||||||
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Revenue per available room (RevPAR) (2)
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$ | 269 | $ | 243 | $ | 242 | $ | 234 | ||||||||
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Marina Bay Sands:
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Occupancy %
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96.9% | 98.4% | 98.6% | 98.9% | ||||||||||||
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Average daily room rate (ADR) (1)
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$ | 425 | $ | 368 | $ | 396 | $ | 355 | ||||||||
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Revenue per available room (RevPAR) (2)
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$ | 411 | $ | 362 | $ | 390 | $ | 351 | ||||||||
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Las Vegas Operating Properties:
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Occupancy %
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88.8% | 87.6% | 89.6% | 86.1% | ||||||||||||
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Average daily room rate (ADR) (1)
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$ | 208 | $ | 203 | $ | 205 | $ | 203 | ||||||||
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Revenue per available room (RevPAR) (2)
|
$ | 185 | $ | 177 | $ | 184 | $ | 175 | ||||||||
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Sands Bethlehem:
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Occupancy %
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74.4% | 78.2% | 73.6% | 65.1% | ||||||||||||
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Average daily room rate (ADR) (1)
|
$ | 145 | $ | 136 | $ | 142 | $ | 140 | ||||||||
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Revenue per available room (RevPAR) (2)
|
$ | 108 | $ | 107 | $ | 104 | $ | 91 | ||||||||
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Casino Statistics:
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The Venetian Macao:
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Table games win per unit per day (3)
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$ | 19,200 | $ | 18,424 | $ | 17,518 | $ | 15,496 | ||||||||
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Slot machine win per unit per day (4)
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$ | 344 | $ | 357 | $ | 327 | $ | 325 | ||||||||
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Average number of table games
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639 | 457 | 584 | 504 | ||||||||||||
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Average number of slot machines
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2,119 | 2,183 | 2,193 | 2,210 | ||||||||||||
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Sands Cotai Central:
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Table games win per unit per day (3)
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$ | 19,621 | $ | 11,995 | $ | 16,166 | $ | 10,758 | ||||||||
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Slot machine win per unit per day (4)
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$ | 367 | $ | 214 | $ | 292 | $ | 273 | ||||||||
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Average number of table games
|
457 | 462 | 480 | 395 | ||||||||||||
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Average number of slot machines
|
1,957 | 2,310 | 2,077 | 1,429 | ||||||||||||
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Four Seasons Hotel Macao and Plaza Casino:
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Table games win per unit per day (3)
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$ | 17,655 | $ | 25,986 | $ | 22,049 | $ | 23,693 | ||||||||
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Slot machine win per unit per day (4)
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$ | 887 | $ | 1,052 | $ | 759 | $ | 749 | ||||||||
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Average number of table games
|
148 | 144 | 151 | 154 | ||||||||||||
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Average number of slot machines
|
178 | 192 | 180 | 185 | ||||||||||||
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Sands Macao:
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Table games win per unit per day (3)
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$ | 13,356 | $ | 14,362 | $ | 12,383 | $ | 11,518 | ||||||||
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Slot machine win per unit per day (4)
|
$ | 260 | $ | 235 | $ | 247 | $ | 247 | ||||||||
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Average number of table games
|
286 | 263 | 295 | 330 | ||||||||||||
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Average number of slot machines
|
1,094 | 1,216 | 1,162 | 1,168 | ||||||||||||
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Marina Bay Sands:
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Table games win per unit per day (3)
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$ | 9,098 | $ | 10,950 | $ | 11,289 | $ | 10,543 | ||||||||
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Slot machine win per unit per day (4)
|
$ | 679 | $ | 682 | $ | 688 | $ | 644 | ||||||||
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Average number of table games
|
648 | 616 | 626 | 613 | ||||||||||||
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Average number of slot machines
|
2,365 | 2,299 | 2,266 | 2,426 | ||||||||||||
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Las Vegas Operating Properties:
|
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Table games win per unit per day (3)
|
$ | 6,081 | $ | 2,660 | $ | 5,896 | $ | 5,171 | ||||||||
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Slot machine win per unit per day (4)
|
$ | 217 | $ | 215 | $ | 206 | $ | 209 | ||||||||
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Average number of table games
|
253 | 239 | 244 | 232 | ||||||||||||
|
Average number of slot machines
|
2,317 | 2,329 | 2,343 | 2,222 | ||||||||||||
|
Sands Bethlehem:
|
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Table games win per unit per day (3)
|
$ | 3,344 | $ | 3,244 | $ | 3,104 | $ | 3,049 | ||||||||
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Slot machine win per unit per day (4)
|
$ | 246 | $ | 251 | $ | 262 | $ | 264 | ||||||||
|
Average number of table games
|
147 | 122 | 145 | 121 | ||||||||||||
|
Average number of slot machines
|
3,008 | 3,018 | 3,013 | 3,015 | ||||||||||||
(1) ADR is calculated by dividing total room revenue by total rooms occupied.
(2) RevPAR is calculated by dividing total room revenue by total rooms available.
(3) Table games win per unit per day is shown before discounts and commissions.
(4) Slot machine win per unit per day is shown before deducting cost for slot points.
Exhibit 6