Exhibit 99.1
| Press Release |
Las Vegas Sands Corp. Reports Fourth Quarter and Full
Year 2009 Results
Consolidated Fourth Quarter Adjusted Property EBITDAR Increases 25.5% to Record $306.2 Million on Record Net Revenue of $1.28 Billion
Macau Adjusted Property EBITDAR Reaches Quarterly Record of $251.5 Million
The Venetian Macao Delivers Quarterly Records in Adjusted Property EBITDAR of $174.7 Million and Adjusted Property EBITDAR Margin of 30.6%
Las Vegas, NV (February 17, 2010)—Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2009.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2009 was $1.28 billion, an increase of 17.5% compared to $1.09 billion in the fourth quarter of 2008. Consolidated adjusted property EBITDAR in the fourth quarter of 2009 increased 25.5% to $306.2 million, compared to $244.0 million in the year-ago quarter.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2009 was $43.9 million, compared to an operating loss of $34.4 million in the fourth quarter of 2008, an increase of $78.3 million. The increase in operating income was principally due to stronger gaming volumes and the continued realization of cost savings and efficiency initiatives across our properties, which contributed to stronger margins overall and a record operating performance in Macau. The record results in Macau were partially offset by lower operating results in Las Vegas.
Adjusted net income (see Note 1) increased $38.7 million to $20.9 million, or $0.03 per diluted share, compared to adjusted net loss of $17.8 million in the fourth quarter of 2008, or a loss of $0.04 per diluted share.
On a GAAP basis, net loss attributable to common stockholders in the fourth quarter of 2009 was $113.9 million, compared to net loss of $136.5 million in the fourth quarter of 2008. Diluted loss per share was $0.17 compared to a diluted loss of $0.27 in the prior year quarter. The
decrease in net loss attributable to common stockholders of $22.6 million reflects an increase in operating income and a decrease in interest expense, partially offset by a loss on the early retirement of debt, a smaller income tax benefit, and increases in preferred stock dividends and accretion of preferred stock.
Full year 2009 net revenue increased 3.9% to $4.56 billion, compared to $4.39 billion in 2008. Adjusted net income was $48.2 million in 2009, an increase of 7.6% compared to $44.8 million in 2008. On a GAAP basis, net loss attributable to common stockholders was $540.1 million in 2009, compared to a net loss of $188.8 million in 2008. The increase in GAAP net loss attributable to common stockholders of $351.3 million was principally driven by increases in non-cash impairment losses, losses on early retirement of debt, preferred stock dividends and accretion of preferred stock, partially offset by increased revenue and decreased interest expense.
Fourth Quarter and Full Year Overview
Sheldon G. Adelson, chairman and CEO, stated, “I am pleased to report that we delivered record revenues and EBITDAR during the fourth quarter of 2009, led by our properties in Macau, which achieved a record $251.5 million in EBITDAR. That performance was driven by healthy gaming volumes in combination with the continued realization of cost savings from the efficiency initiatives we implemented throughout the year. The performance in Macau provides strong momentum as we resume construction activities on our latest integrated resort development in Macau. That 13.3 million square foot development, which is located directly across the Cotai Strip from The Venetian Macao and Four Seasons Hotel Macao, will feature 6,400 hotel rooms from the Shangri-La, Traders, Sheraton, Sheraton Towers and St. Regis brands.
“While our current quarter’s results in Las Vegas reflect lower room and food and beverage revenues, principally because of less group business in Las Vegas, our gaming volumes have stabilized, and the execution of our cost savings programs has positioned us to deliver improved operating margins and cash flows as the economy and our group business recover. We believe 2010 will reflect a recovery in the group business in Las Vegas, as recent booking trends reflect increases compared to 2009.
“In Singapore, we are rapidly approaching the opening of Marina Bay Sands, the first phase of which will open in late April. We have ramped up pre-opening activities for each of the major operational areas of the property and look forward to introducing our convention-based integrated resort business model to Singapore about 10 weeks from today.
“Finally, we made steady progress during the year on our de-leveraging strategy. The completion of the listing of Sands China Ltd. on the Hong Kong Stock Exchange significantly strengthened our balance sheet, which now includes nearly $5.0 billion of cash and cash equivalents.”
The Venetian Macao Fourth Quarter Operating Results
The Venetian Macao delivered a quarterly record of $174.7 million in adjusted property EBITDAR for the fourth quarter of 2009. Gaming volumes at The Venetian Macao were strong during the quarter, with year-over-year increases in each segment of the casino. Slot handle increased 15.2% compared to the quarter one year ago, while Non-Rolling table drop at The Venetian Macao continued to lead the market at $904.6 million for the quarter. Rolling Volume play increased 18.0% during the quarter to $10.0 billion, with the direct play portion increasing to approximately 16.8% of that total.
The following table summarizes our key operating results for The Venetian Macao for the fourth quarter of 2009 compared to the fourth quarter of 2008:
| Three Months Ended | |
The Venetian Macao Operations | December 31, | |
(In millions, except for percentages and basis points) | 2009 | | 2008 | | $ Change | | % Change |
Revenues: | | | | | | |
Casino | $ | 485.5 | | $ | 379.1 | | $ | 106.4 | | 28.1% |
Rooms | | 48.8 | | | 55.3 | | | (6.5) | | -11.8% |
Food and Beverage | | 15.7 | | | 18.3 | | | (2.6) | | -14.2% |
Retail and Other | | 46.2 | | | 44.6 | | | 1.6 | | 3.6% |
Less - Promotional Allowances | | (26.1) | | | (25.9) | | | (0.2) | | -0.8% |
Net Revenues | $ | 570.1 | | $ | 471.4 | | $ | 98.7 | | 20.9% |
| | | | | | | | | | |
Adjusted Property EBITDAR | $ | 174.7 | | $ | 112.8 | | $ | 61.9 | | 54.9% |
EBITDAR Margin % | | 30.6% | | | 23.9% | | | | | 6.7 pts |
| | | | | | | | | | |
Operating Income | $ | 119.7 | | $ | 61.3 | | $ | 58.4 | | 95.3% |
| | | | | | | | | | |
Gaming Statistics | | | | | | | | | | |
(In millions, except for percentages and basis points) | | | | | | | | | | |
| | | | | | | | | | |
Rolling Chip Volume | $ | 10,048.7 | | $ | 8,515.3 | | $ | 1,533.4 | | 18.0% |
Rolling Chip Win %(1) | | 3.00% | | | 2.82% | | | | | 0.18 pts |
| | | | | | | | | | |
Non-Rolling Chip Table Games Drop | $ | 904.6 | | $ | 867.8 | | $ | 36.8 | | 4.2% |
Non-Rolling Chip Table Games Win %(2) | | 24.6% | | | 20.1% | | | | | 4.5 pts |
| | | | | | | | | | |
Slot Handle | $ | 659.1 | | $ | 572.1 | | $ | 87.0 | | 15.2% |
Slot Hold %(3) | | 7.1% | | | 7.7% | | | | | -0.6 pts |
| | | | | | | | | | |
Hotel Statistics | | | | | | | | | | |
| | | | | | | | | | |
Occupancy % | | 92.3% | | | 90.2% | | | | | 2.1 pts |
Average Daily Rate (ADR) | $ | 204 | | $ | 236 | | $ | (32) | | -13.6% |
Revenue per Available Room (RevPAR) | $ | 188 | | $ | 213 | | $ | (25) | | -11.7% |
| | | | | | | | | | |
(1)This compares to our expected Rolling Chip win percentage of 3.0% (calculated before discounts and commissions).
(2)This compares to our expected Non-Rolling Chip win percentage of 18% to 20% (calculated before discounts).
(3)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
Sands Macao Fourth Quarter Operating Results
Sands Macao’s fourth quarter operating performance reflected solid gaming volumes with adjusted property EBITDAR increasing to $56.4 million in the quarter, an increase of 7.8% compared to the fourth quarter of 2008. EBITDAR margin decreased to 19.8% in the quarter, compared to 21.2% in the year-ago quarter. The quarter’s results reflected an increase in reserves for slower paying customers of $12.4 million during the fourth quarter of 2009, compared to the fourth quarter of 2008. Sands Macao gaming volumes remain healthy across the board, including slot handle which was up 39.6% compared to the same quarter last year, and continue to reflect the strong market positioning of the Sands Macao on the Macau peninsula.
The following table summarizes our key operating results for the Sands Macao for the fourth quarter of 2009 compared to the fourth quarter of 2008:
| Three Months Ended | |
Sands Macao Operations | December 31, | |
(In millions, except for percentages and basis points) | 2009 | | 2008 | | $ Change | | % Change |
| | | | | | | | | | |
Revenues: | | | | | | | | | | |
Casino | $ | 278.8 | | $ | 243.0 | | $ | 35.8 | | 14.7% |
Rooms | | 6.9 | | | 6.8 | | | 0.1 | | 1.5% |
Food and Beverage | | 9.3 | | | 10.3 | | | (1.0) | | -9.7% |
Retail and Other | | 1.3 | | | 1.1 | | | 0.2 | | 18.2% |
Less - Promotional Allowances | | (11.4) | | | (14.0) | | | 2.6 | | 18.6% |
Net Revenues | $ | 284.9 | | $ | 247.2 | | $ | 37.7 | | 15.3% |
| | | | | | | | | | |
Adjusted Property EBITDAR | $ | 56.4 | | $ | 52.3 | | $ | 4.1 | | 7.8% |
EBITDAR Margin % | | 19.8% | | | 21.2% | | | | | -1.4 pts |
| | | | | | | | | | |
Operating Income | $ | 43.9 | | $ | 38.7 | | $ | 5.2 | | 13.4% |
| | | | | | | | | | |
Gaming Statistics | | | | | | | | | | |
(In millions, except for percentages and basis points) | | | | | | | | | | |
| | | | | | | | | | |
Rolling Chip Volume | $ | 6,595.8 | | $ | 6,136.1 | | $ | 459.7 | | 7.5% |
Rolling Chip Win %(1) | | 3.11% | | | 2.88% | | | | | 0.23 pts |
| | | | | | | | | | |
Non-Rolling Chip Table Games Drop | $ | 578.6 | | $ | 593.3 | | $ | (14.7) | | -2.5% |
Non-Rolling Chip Table Games Win %(2) | | 20.8% | | | 17.9% | | | | | 2.9 pts |
| | | | | | | | | | |
Slot Handle | $ | 352.1 | | $ | 252.3 | | $ | 99.8 | | 39.6% |
Slot Hold %(3) | | 6.4% | | | 7.4% | | | | | -1.0 pts |
| | | | | | | | | | |
Hotel Statistics | | | | | | | | | | |
| | | | | | | | | | |
Occupancy % | | 98.3% | | | 98.1% | | | | | 0.2 pts |
Average Daily Rate (ADR) | $ | 264 | | $ | 265 | | $ | (1) | | -0.4% |
Revenue per Available Room (RevPAR) | $ | 259 | | $ | 260 | | $ | (1) | | -0.4% |
| | | | | | | | | | |
(1)This compares to our expected Rolling Chip win percentage of 3.0% (calculated before discounts and commissions).
(2)This compares to our expected Non-Rolling Chip win percentage of 18% to 20% (calculated before discounts).
(3)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino delivered $20.4 million of adjusted property EBITDAR for the fourth quarter, an increase of $15.8 million, or 343%, compared to $4.6 million during the prior year quarter. Net revenue for the property was $97.8 million during the fourth quarter, with casino revenues representing $77.4 million of that total. The property’s performance benefited from the first full quarter of its Paiza mansion suite offerings, which drove healthy Rolling Chip volume of $3.75 billion during the quarter. Rolling Chip win percentage for the quarter was 2.12%, below our expected Rolling Chip win percentage of 3.0%. Approximately 29% of that Rolling Chip play was generated in our higher-margin direct rolling program. The mass gaming business at the Four Seasons Hotel Macao and Plaza Casino continued to grow during the quarter with $79.7 million in slot handle, an increase of $49.4 million, or 163.0%, over last year’s quarter, while Non-Rolling Chip table games drop was $85.2 million. Hotel occupancy reached nearly 70%, up from approximately 32% 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 fourth quarter of 2009 compared to the fourth quarter of 2008:
Four Seasons Hotel Macao and Plaza Casino Operations | Three Months Ended | |
December 31, | |
(In millions, except for percentages and basis points) | 2009 | | 2008 | | $ Change | | % Change |
| | | | | | | | | | |
Revenues: | | | | | | | | | | |
Casino | $ | 77.4 | | $ | 30.2 | | $ | 47.2 | | 156.3% |
Rooms | | 6.9 | | | 3.1 | | | 3.8 | | 122.6% |
Food and Beverage | | 4.7 | | | 3.0 | | | 1.7 | | 56.7% |
Retail and Other | | 15.5 | | | 8.1 | | | 7.4 | | 91.4% |
Less - Promotional Allowances | | (6.7) | | | (2.2) | | | (4.5) | | -204.5% |
Net Revenues | $ | 97.8 | | $ | 42.2 | | $ | 55.6 | | 131.8% |
| | | | | | | | | | |
Adjusted Property EBITDAR | $ | 20.4 | | $ | 4.6 | | $ | 15.8 | | 343.5% |
EBITDAR Margin % | | 20.9% | | | 10.9% | | | | | 10.0 pts |
| | | | | | | | | | |
Operating Income (Loss) | $ | 2.9 | | $ | (10.7) | | $ | 13.6 | | 127.1% |
| | | | | | | | | | |
Gaming Statistics | | | | | | | | | | |
(In millions, except for percentages and basis points) | | | | | | | | | | |
| | | | | | | | | | |
Rolling Chip Volume | $ | 3,750.6 | | $ | 464.9 | | $ | 3,285.7 | | 706.8% |
Rolling Chip Win %(1) | | 2.12% | | | 3.07% | | | | | -0.95 pts |
| | | | | | | | | | |
Non-Rolling Chip Table Games Drop | $ | 85.2 | | $ | 83.1 | | $ | 2.1 | | 2.5% |
Non-Rolling Chip Table Games Win %(2) | | 22.2% | | | 21.6% | | | | | 0.6 pts |
| | | | | | | | | | |
Slot Handle | $ | 79.7 | | $ | 30.3 | | $ | 49.4 | | 163.0% |
Slot Hold %(3) | | 6.4% | | | 5.4% | | | | | 1.0 pts |
| | | | | | | | | | |
Hotel Statistics | | | | | | | | | | |
| | | | | | | | | | |
Occupancy % | | 69.6% | | | 32.1% | | | | | 37.5 pts |
Average Daily Rate (ADR) | $ | 298 | | $ | 332 | | $ | (34) | | -10.2% |
Revenue per Available Room (RevPAR) | $ | 208 | | $ | 107 | | $ | 101 | | 94.4% |
| | | | | | | | | | |
(1)This compares to our expected Rolling Chip win percentage of 3.0% (calculated before discounts and commissions).
(2)This compares to our expected Non-Rolling Chip win percentage of 18% to 20% (calculated before discounts).
(3)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
Las Vegas Fourth Quarter Operating Results
The Venetian Las Vegas and The Palazzo had a disappointing quarter, primarily due to decreases in room and food and beverage revenues. Table gaming volumes were flat, while slot handle decreased. Adjusted property EBITDAR was $56.9 million for the quarter. Table games hold was 17.1%, compared to our expected hold of 20% to 22%, negatively impacting our operating performance. Lower group meeting and convention business also negatively impacted the operating results this quarter.
Despite low table games hold and reduced room revenues, we saw demand for future group rooms continue to improve. We expect to realize significantly more group room nights in 2010 than the approximately 470,000 we realized in 2009.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2009 compared to the fourth quarter of 2008:
| Three Months Ended | |
Las Vegas Operations | December 31, | |
(In millions, except for percentages and basis points) | 2009 | | 2008 | | $ Change | | % Change |
| | | | | | | | | | |
Revenues: | | | | | | | | | | |
Casino | $ | 125.3 | | $ | 134.9 | | $ | (9.6) | | -7.1% |
Rooms | | 103.2 | | | 126.7 | | | (23.5) | | -18.5% |
Food and Beverage | | 44.5 | | | 65.2 | | | (20.7) | | -31.7% |
Retail and Other | | 32.3 | | | 44.1 | | | (11.8) | | -26.8% |
Less - Promotional Allowances | | (41.6) | | | (43.8) | | | 2.2 | | 5.0% |
Net Revenues | $ | 263.7 | | $ | 327.1 | | $ | (63.4) | | -19.4% |
| | | | | | | | | | |
Adjusted Property EBITDAR | $ | 56.9 | | $ | 89.6 | | $ | (32.7) | | -36.5% |
EBITDAR Margin % | | 21.6% | | | 27.4% | | | | | -5.8 pts |
| | | | | | | | | | |
Operating Income (Loss) | $ | (15.7) | | $ | 14.6 | | $ | (30.3) | | -207.5% |
| | | | | | | | | | |
Gaming Statistics | | | | | | | | | | |
(In millions, except for percentages and basis points) | | | | | | | | | | |
| | | | | | | | | | |
Table Games Drop | $ | 508.8 | | $ | 504.4 | | $ | 4.4 | | 0.9% |
Table Games Win %(1) | | 17.1% | | | 19.9% | | | | | -2.8 pts |
| | | | | | | | | | |
Slot Handle | $ | 658.6 | | $ | 957.2 | | $ | (298.6) | | -31.2% |
Slot Hold %(2) | | 7.8% | | | 5.4% | | | | | 2.4 pts |
| | | | | | | | | | |
Hotel Statistics | | | | | | | | | | |
| | | | | | | | | | |
The Venetian Las Vegas: | | | | | | | | | | |
Occupancy % | | 77.7% | | | 91.9% | | | | | -14.2 pts |
Average Daily Rate | $ | 193 | | $ | 203 | | $ | (10) | | -4.9% |
Revenue per Available Room | $ | 150 | | $ | 186 | | $ | (36) | | -19.4% |
| | | | | | | | | | |
The Palazzo: | | | | | | | | | | |
Occupancy % | | 84.6% | | | 96.0% | | | | | -11.4 pts |
Average Daily Rate (ADR) | $ | 204 | | $ | 217 | | $ | (13) | | -6.0% |
Revenue per Available Room (RevPAR) | $ | 172 | | $ | 208 | | $ | (36) | | -17.3% |
| | | | | | | | | | |
(1)This compares to our expected table games win percentage of 20% to 22% (calculated before discounts).
(2)This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
Sands Bethlehem Fourth Quarter Operating Results
Net revenues for Sands Bethlehem in Bethlehem, Pennsylvania were $57.5 million and adjusted property EBITDAR was $6.4 million for the fourth quarter. Slot handle at the property continued to grow as the property matures, and reached $847.6 million for the quarter, compared to $813.3 million in the third quarter of 2009, an increase of 4.2%. Slot hold percentage was 6.3% during the quarter.
Recently enacted legislation introducing table games into the Pennsylvania market, as well as additional marketing programs, which are currently being implemented, will benefit the property in the future. The company will submit its application for table games at Sands Bethlehem to the Pennsylvania Gaming Control Board very shortly and expects to introduce approximately 80 table games to the property in the third quarter.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDAR was negative $8.6 million, which was mainly from losses generated by our CotaiJet ferry service in the quarter.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore and Sites 5 & 6 on the Cotai Strip, decreased to $42.1 million in the fourth quarter of 2009, compared to $56.9 million in the fourth quarter of 2008.
Depreciation and amortization expense was $154.5 million in the fourth quarter of 2009, compared to $142.2 million in the fourth quarter of 2008. The increase was principally driven by increased depreciation related to the openings of the Four Seasons Hotel Macao and Plaza Casino and Sands Bethlehem.
The company recorded a non-cash impairment loss of $18.3 million during the quarter primarily related to real estate used for marketing activities in Asia.
Interest expense, net of amounts capitalized, was $97.4 million for the fourth quarter of 2009, compared to $128.1 million during the fourth quarter of 2008. Our average borrowing cost in the fourth quarter of 2009 was 4.0%, compared to 6.1% in the fourth quarter of 2008. Capitalized interest was $20.3 million during the fourth quarter of 2009, compared to $30.6 million during the fourth quarter of 2008.
Corporate expense was $26.8 million in the fourth quarter of 2009, compared to $21.8 million in the fourth quarter of 2008. The increase in corporate expense was principally driven by increases in incentive compensation.
Other expense was $3.4 million in the fourth quarter of 2009, compared to other income of $7.9 million in the fourth quarter of 2008. The other expense relates principally to foreign exchange losses and decreases in the value of interest rate caps in the quarter.
Loss on modification of debt was $23.0 million during the quarter, compared to $5.1 million during the 2008 quarter. The 2009 loss reflected the modification of the Venetian Macau Credit Facility as well as the write-off of fees associated with the issuance of exchangeable bonds, which were exchanged for Sands China Ltd. shares during the quarter.
The company’s effective tax rate for the fourth quarter reflects the recording of a tax benefit recognized as a result of the recently enacted Worker, Homeownership and Business Assistance Act of 2009.
The company attributed losses to non-controlling interests during the fourth quarter of $6.6 million, which was principally related to minority interests in Sands Bethlehem and Sands China Ltd.
7
Balance Sheet Items
Unrestricted cash balances as of December 31, 2009, were $4.96 billion, while restricted cash balances were $118.6 million. Of the restricted cash balances, $17.2 million is restricted for Macau-related construction, interest and principal payments under our Venetian Macau Credit Facility and $88.3 million is restricted for construction of Marina Bay Sands in Singapore.
As of December 31, 2009, total debt outstanding, including the current portion, was $11.03 billion. Scheduled principal payments required in 2010 and 2011 total $173.3 million and $1.35 billion, respectively.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $553.8 million, including construction and development activities of $419.8 million at Marina Bay Sands, $85.7 million in Macau, $35.1 million at Sands Bethlehem, and $13.2 million in Las Vegas.
###
Conference Call Information
The company will hold a conference call to discuss the company's results on Wednesday, February 17, 2010 at1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Interested parties can listen to the conference call through a webcast available on the Company’s website at www.lasvegassands.com (click on Investor Relations).
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 Macau gaming 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 (loss) excludes pre-opening expense, development expense, impairment loss, loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder’s family, and United States deferred tax valuation allowance.
About Las Vegas Sands Corp.
Las Vegas Sands Corp. (NYSE: LVS) is the leading global developer of integrated resorts - destination properties which feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
The Venetian and The Palazzo, both Five-Star luxury resorts on the Las Vegas Strip, are among the company’s properties in the United States. Marina Bay Sands, the company’s iconic project currently under development in Singapore, will open in the second quarter of 2010.
Through its majority-owned subsidiary Sands China Ltd, the company also owns a portfolio of properties in Macau, including The Venetian Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments on the Cotai Strip™, as well as the Sands Macao Hotel on the Macau peninsula.
The Cotai Strip is a master-planned development of destination resort properties where the company is currently constructing a 6,400-room complex which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands and is scheduled to open in 2011.
For more information, please visit www.lasvegassands.com
Contacts:
Investment Community: | Daniel Briggs | (702) 414-1221 |
Media: | Ron Reese | (702) 414-3607 |
Las Vegas Sands Corp.
Fourth Quarter 2009 Results
Non-GAAP Reconciliations
Within the company’s fourth quarter 2009 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” “adjusted EBITDA,” and “adjusted property EBITDAR.” 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 EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, and stock-based compensation. Adjusted property EBITDAR 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 EBITDA and adjusted property EBITDAR are included in the financial schedules accompanying this release.
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended
December 31, | | Year Ended
December 31, |
| | | | | | | |
Revenues: | | | | | | | | | | | | | | | |
Casino | $ | 1,020,565 | | | $ | 787,126 | | | $ | 3,524,798 | | | $ | 3,192,099 | |
Rooms | | 165,753 | | | | 191,957 | | | | 657,783 | | | | 767,129 | |
Food and beverage | | 78,847 | | | | 96,747 | | | | 327,699 | | | | 369,062 | |
Retail and other | | 114,188 | | | | 116,045 | | | | 419,164 | | | | 406,836 | |
| | 1,379,353 | | | | 1,191,875 | | | | 4,929,444 | | | | 4,735,126 | |
Less - promotional allowances | | (95,154 | ) | | | (98,500 | ) | | | (366,339 | ) | | | (345,180 | ) |
| | 1,284,199 | | | | 1,093,375 | | | | 4,563,105 | | | | 4,389,946 | |
| | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | |
Resort operations | | 986,228 | | | | 859,423 | | | | 3,506,874 | | | | 3,361,146 | |
Rental expense | | 7,402 | | | | 7,967 | | | | 29,899 | | | | 33,540 | |
Corporate expense | | 26,848 | | | | 21,826 | | | | 132,098 | | | | 104,355 | |
Pre-opening expense | | 42,112 | | | | 56,852 | | | | 157,731 | | | | 162,322 | |
Development expense | | 189 | | | | 1,285 | | | | 533 | | | | 12,789 | |
Depreciation and amortization | | 154,482 | | | | 142,233 | | | | 586,041 | | | | 506,986 | |
Impairment loss | | 18,293 | | | | 37,568 | | | | 169,468 | | | | 37,568 | |
Loss on disposal of assets | | 4,701 | | | | 600 | | | | 9,201 | | | | 7,577 | |
| | 1,240,255 | | | | 1,127,754 | | | | 4,591,845 | | | | 4,226,283 | |
| | | | | | | | | | | | | | | |
Operating income (loss) | | 43,944 | | | | (34,379 | ) | | | (28,740 | ) | | | 163,663 | |
| | | | | | | | | | | | | | | |
Interest income | | 1,282 | | | | 7,973 | | | | 11,122 | | | | 19,786 | |
Interest expense, net of amounts capitalized | | (97,367 | ) | | | (128,116 | ) | | | (321,870 | ) | | | (421,825 | ) |
Other income (expense) | | (3,357 | ) | | | 7,868 | | | | (9,891 | ) | | | 19,492 | |
Loss on modification or early retirement of debt | | (23,044 | ) | | | (5,119 | ) | | | (23,248 | ) | | | (9,141 | ) |
| | | | | | | | | | | | | | | |
Loss before income taxes | | (78,542 | ) | | | (151,773 | ) | | | (372,627 | ) | | | (228,025 | ) |
| | | | | | | | | | | | | | | |
Income tax benefit | | 4,525 | | | | 40,167 | | | | 3,884 | | | | 59,700 | |
| | | | | | | | | | | | | | | |
Net loss | | (74,017 | ) | | | (111,606 | ) | | | (368,743 | ) | | | (168,325 | ) |
| | | | | | | | | | | | | | | |
Net loss attributable to noncontrolling interests | | 6,590 | | | | 286 | | | | 14,264 | | | | 4,767 | |
| | | | | | | | | | | | | | | |
Net loss attributable to Las Vegas Sands Corp. | | (67,427 | ) | | | (111,320 | ) | | | (354,479 | ) | | | (163,558 | ) |
| | | | | | | | | | | | | | | |
Preferred stock dividends | | (23,350 | ) | | | (13,638 | ) | | | (93,026 | ) | | | (13,638 | ) |
| | | | | | | | | | | | | | | |
Accretion to redemption value of preferred stock issued to
Principal Stockholder's family | | (23,137 | ) | | | (11,568 | ) | | | (92,545 | ) | | | (11,568 | ) |
| | | | | | | | | | | | | | | |
Net loss attributable to common stockholders | $ | (113,914 | ) | | $ | (136,526 | ) | | $ | (540,050 | ) | | $ | (188,764 | ) |
| | | | | | | | | | | | | | | |
Basic and diluted loss per share | $ | (0.17 | ) | | $ | (0.27 | ) | | $ | (0.82 | ) | | $ | (0.48 | ) |
| | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding | | 660,247,807 | | | | 501,692,862 | | | | 656,836,950 | | | | 392,131,375 | |
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDAR
Three Months Ended December 31, 2009
| | Operating Income (Loss) | | | | Depreciation and Amortization | | | | Impairment and Loss on Disposal of Assets | | | | Pre-Opening Expense | | | | Development Expense | | | | (1)
Stock-Based Compensation | | | | Adjusted EBITDA | | | | Corporate Expense | | | | Rental Expense | | | | Adjusted Property EBITDAR | |
The Venetian Macao | $ | 119,675 | | | $ | 50,291 | | | $ | 941 | | | $ | - | | | $ | - | | | $ | 1,738 | | | $ | 172,645 | | | $ | - | | | $ | 2,053 | | | $ | 174,698 | |
Sands Macao | | 43,899 | | | | 10,724 | | | | 483 | | | | - | | | | - | | | | 943 | | | | 56,049 | | | | - | | | | 354 | | | | 56,403 | |
Four Seasons Hotel Macao and Plaza Casino | | 2,941 | | | | 16,528 | | | | 6 | | | | 86 | | | | - | | | | 227 | | | | 19,788 | | | | - | | | | 656 | | | | 20,444 | |
Macau Property Operations | | 166,515 | | | | 77,543 | | | | 1,430 | | | | 86 | | | | - | | | | 2,908 | | | | 248,482 | | | | - | | | | 3,063 | | | | 251,545 | |
Las Vegas Operating Properties | | (15,744 | ) | | | 61,629 | | | | 6,558 | | | | - | | | | - | | | | 4,385 | | | | 56,828 | | | | - | | | | 42 | | | | 56,870 | |
Sands Bethlehem | | (2,075 | ) | | | 7,396 | | | | - | | | | 446 | | | | - | | | | 639 | | | | 6,406 | | | | - | | | | - | | | | 6,406 | |
United States Property Operations | | (17,819 | ) | | | 69,025 | | | | 6,558 | | | | 446 | | | | - | | | | 5,024 | | | | 63,234 | | | | - | | | | 42 | | | | 63,276 | |
Other Asia (2) | | (28,277 | ) | | | 3,952 | | | | 15,006 | | | | 406 | | | | (5 | ) | | | 297 | | | | (8,621 | ) | | | - | | | | - | | | | (8,621 | ) |
Other Development | | (46,636 | ) | | | 971 | | | | - | | | | 41,174 | | | | 194 | | | | - | | | | (4,297 | ) | | | - | | | | 4,297 | | | | - | |
Corporate | | (29,839 | ) | | | 2,991 | | | | - | | | | - | | | | - | | | | - | | | | (26,848 | ) | | | 26,848 | | | | - | | | | - | |
| $ | 43,944 | | | $ | 154,482 | | | $ | 22,994 | | | $ | 42,112 | | | $ | 189 | | | $ | 8,229 | | | $ | 271,950 | | | $ | 26,848 | | | $ | 7,402 | | | $ | 306,200 | |
Three Months Ended December 31, 2008
| | Operating Income (Loss) | | | | Depreciation and Amortization | | | | Impairment and Loss on Disposal of Assets | | | | Pre-Opening Expense | | | | Development Expense | | | | (1)
Stock-Based Compensation | | | | Adjusted EBITDA | | | | Corporate Expense | | | | Rental Expense | | | | Adjusted Property EBITDAR | |
The Venetian Macao | $ | 61,344 | | | $ | 47,639 | | | $ | 135 | | | $ | (654 | ) | | $ | - | | | $ | 2,287 | | | $ | 110,751 | | | $ | - | | | $ | 2,047 | | | $ | 112,798 | |
Sands Macao | | 38,731 | | | | 12,009 | | | | 223 | | | | - | | | | - | | | | 943 | | | | 51,906 | | | | - | | | | 384 | | | | 52,290 | |
Four Seasons Hotel Macao and Plaza Casino | | (10,704 | ) | | | 11,471 | | | | 59 | | | | 2,977 | | | | - | | | | 148 | | | | 3,951 | | | | - | | | | 653 | | | | 4,604 | |
Macau Property Operations | | 89,371 | | | | 71,119 | | | | 417 | | | | 2,323 | | | | - | | | | 3,378 | | | | 166,608 | | | | - | | | | 3,084 | | | | 169,692 | |
Las Vegas Operating Properties | | 14,640 | | | | 64,797 | | | | 3,100 | | | | 34 | | | | - | | | | 5,733 | | | | 88,304 | | | | - | | | | 1,338 | | | | 89,642 | |
Other Asia (2) | | (40,807 | ) | | | 3,167 | | | | 21,359 | | | | (29 | ) | | | 39 | | | | 892 | | | | (15,379 | ) | | | - | | | | - | | | | (15,379 | ) |
Other Development | | (59,843 | ) | | | 528 | | | | - | | | | 54,524 | | | | 1,246 | | | | - | | | | (3,545 | ) | | | - | | | | 3,545 | | | | - | |
Corporate | | (37,740 | ) | | | 2,622 | | | | 13,292 | | | | - | | | | - | | | | - | | | | (21,826 | ) | | | 21,826 | | | | - | | | | - | |
| $ | (34,379 | ) | | $ | 142,233 | | | $ | 38,168 | | | $ | 56,852 | | | $ | 1,285 | | | $ | 10,003 | | | $ | 214,162 | | | $ | 21,826 | | | $ | 7,967 | | | $ | 243,955 | |
Year Ended December 31, 2009
| | Operating Income (Loss) | | | | Depreciation and Amortization | | | | Impairment and Loss on Disposal of Assets | | | | Pre-Opening Expense | | | | Development Expense | | | | (1)
Stock-Based Compensation | | | | Adjusted EBITDA | | | | Corporate Expense | | | | Rental Expense | | | | Adjusted Property EBITDAR | |
The Venetian Macao | $ | 334,908 | | | $ | 202,265 | | | $ | 5,388 | | | $ | (105 | ) | | $ | - | | | $ | 5,877 | | | $ | 548,333 | | | $ | - | | | $ | 8,214 | | | $ | 556,547 | |
Sands Macao | | 193,530 | | | | 46,786 | | | | 576 | | | | - | | | | - | | | | 2,617 | | | | 243,509 | | | | - | | | | 1,416 | | | | 244,925 | |
Four Seasons Hotel Macao and Plaza Casino | | (18,868 | ) | | | 54,045 | | | | 71 | | | | 2,094 | | | | - | | | | 563 | | | | 37,905 | | | | - | | | | 2,622 | | | | 40,527 | |
Macau Property Operations | | 509,570 | | | | 303,096 | | | | 6,035 | | | | 1,989 | | | | - | | | | 9,057 | | | | 829,747 | | | | - | | | | 12,252 | | | | 841,999 | |
Las Vegas Operating Properties | | (156,657 | ) | | | 236,892 | | | | 157,626 | | | | (55 | ) | | | - | | | | 18,463 | | | | 256,269 | | | | - | | | | 2,937 | | | | 259,206 | |
Sands Bethlehem | | (595 | ) | | | 16,394 | | | | - | | | | 184 | | | | - | | | | 1,583 | | | | 17,566 | | | | - | | | | - | | | | 17,566 | |
United States Property Operations | | (157,252 | ) | | | 253,286 | | | | 157,626 | | | | 129 | | | | - | | | | 20,046 | | | | 273,835 | | | | - | | | | 2,937 | | | | 276,772 | |
Other Asia (2) | | (64,337 | ) | | | 14,131 | | | | 15,008 | | | | 1,761 | | | | - | | | | 827 | | | | (32,610 | ) | | | - | | | | - | | | | (32,610 | ) |
Other Development | | (173,254 | ) | | | 4,159 | | | | - | | | | 153,852 | | | | 533 | | | | - | | | | (14,710 | ) | | | - | | | | 14,710 | | | | - | |
Corporate | | (143,467 | ) | | | 11,369 | | | | - | | | | - | | | | - | | | | - | | | | (132,098 | ) | | | 132,098 | | | | - | | | | - | |
| $ | (28,740 | ) | | $ | 586,041 | | | $ | 178,669 | | | $ | 157,731 | | | $ | 533 | | | $ | 29,930 | | | $ | 924,164 | | | $ | 132,098 | | | $ | 29,899 | | | $ | 1,086,161 | |
Year Ended December 31, 2008
| | Operating Income (Loss) | | | | Depreciation and Amortization | | | | Impairment and Loss on Disposal of Assets | | | | Pre-Opening Expense | | | | Development Expense | | | | (1)
Stock-Based Compensation | | | | Adjusted EBITDA | | | | Corporate Expense | | | | Rental Expense | | | | Adjusted Property EBITDAR | |
The Venetian Macao | $ | 283,449 | | | $ | 190,212 | | | $ | 176 | | | $ | 8,911 | | | $ | - | | | $ | 8,093 | | | $ | 490,841 | | | $ | - | | | $ | 8,184 | | | $ | 499,025 | |
Sands Macao | | 156,978 | | | | 51,127 | | | | 1,382 | | | | 128 | | | | - | | | | 3,519 | | | | 213,134 | | | | - | | | | 1,439 | | | | 214,573 | |
Four Seasons Hotel Macao and Plaza Casino | | (14,882 | ) | | | 15,033 | | | | 59 | | | | 6,241 | | | | - | | | | 284 | | | | 6,735 | | | | - | | | | 832 | | | | 7,567 | |
Macau Property Operations | | 425,545 | | | | 256,372 | | | | 1,617 | | | | 15,280 | | | | - | | | | 11,896 | | | | 710,710 | | | | - | | | | 10,455 | | | | 721,165 | |
Las Vegas Operating Properties | | 120,246 | | | | 228,785 | | | | 9,015 | | | | 7,129 | | | | - | | | | 20,035 | | | | 385,210 | | | | - | | | | 6,929 | | | | 392,139 | |
Other Asia (2) | | (87,299 | ) | | | 9,096 | | | | 21,221 | | | | 3,225 | | | | 1,184 | | | | 3,108 | | | | (49,465 | ) | | | - | | | | - | | | | (49,465 | ) |
Other Development | | (167,330 | ) | | | 2,881 | | | | - | | | | 136,688 | | | | 11,605 | | | | - | | | | (16,156 | ) | | | - | | | | 16,156 | | | | - | |
Corporate | | (127,499 | ) | | | 9,852 | | | | 13,292 | | | | - | | | | - | | | | - | | | | (104,355 | ) | | | 104,355 | | | | - | | | | - | |
| $ | 163,663 | | | $ | 506,986 | | | $ | 45,145 | | | $ | 162,322 | | | $ | 12,789 | | | $ | 35,039 | | | $ | 925,944 | | | $ | 104,355 | | | $ | 33,540 | | | $ | 1,063,839 | |
(1) During the three months ended December 31, 2009 and 2008, the Company recorded stock-based compensation expense of $12.6 million and $14.7 million, respectively, of which $2.8 million and $3.8 million, respectively, is included in corporate expense and $1.6 million and $0.9 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the years ended December 31, 2009 and 2008, the Company recorded stock-based compensation expense of $45.5 million and $53.9 million, respectively, of which $9.7 million and $14.6 million, respectively, is included in corporate expense and $5.9 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.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Loss Attributable to Las Vegas Sands Corp. to Adjusted EBITDA and Adjusted Property EBITDAR:
| Three Months Ended
December 31, | | Year Ended
December 31, |
| | | | | | | |
Net loss attributable to Las Vegas Sands Corp. | $ | (67,427 | ) | | $ | (111,320 | ) | | $ | (354,479 | ) | | $ | (163,558 | ) |
Add (deduct) : | | | | | | | | | | | | | | | |
Net loss attributable to noncontrolling interests | | (6,590 | ) | | | (286 | ) | | | (14,264 | ) | | | (4,767 | ) |
Income tax benefit | | (4,525 | ) | | | (40,167 | ) | | | (3,884 | ) | | | (59,700 | ) |
Loss on modification or early retirement of debt | | 23,044 | | | | 5,119 | | | | 23,248 | | | | 9,141 | |
Other (income) expense | | 3,357 | | | | (7,868 | ) | | | 9,891 | | | | (19,492 | ) |
Interest expense, net of amounts capitalized | | 97,367 | | | | 128,116 | | | | 321,870 | | | | 421,825 | |
Interest income | | (1,282 | ) | | | (7,973 | ) | | | (11,122 | ) | | | (19,786 | ) |
Loss on disposal of assets | | 4,701 | | | | 600 | | | | 9,201 | | | | 7,577 | |
Impairment loss | | 18,293 | | | | 37,568 | | | | 169,468 | | | | 37,568 | |
Depreciation and amortization | | 154,482 | | | | 142,233 | | | | 586,041 | | | | 506,986 | |
Development expense | | 189 | | | | 1,285 | | | | 533 | | | | 12,789 | |
Pre-opening expense | | 42,112 | | | | 56,852 | | | | 157,731 | | | | 162,322 | |
Stock-based compensation (1) | | 8,229 | | | | 10,003 | | | | 29,930 | | | | 35,039 | |
| | | | | | | | | | | | | | | |
Adjusted EBITDA | | 271,950 | | | | 214,162 | | | | 924,164 | | | | 925,944 | |
| | | | | | | | | | | | | | | |
Add : | | | | | | | | | | | | | | | |
Corporate expense | | 26,848 | | | | 21,826 | | | | 132,098 | | | | 104,355 | |
Rental expense | | 7,402 | | | | 7,967 | | | | 29,899 | | | | 33,540 | |
Adjusted Property EBITDAR | $ | 306,200 | | | $ | 243,955 | | | $ | 1,086,161 | | | $ | 1,063,839 | |
(1) See prior page
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
| Three Months Ended
December 31, | | Year Ended
December 31, |
| | | | | | | |
| | | | | | | | | | | | | | | |
The Venetian Macao | $ | 570,129 | | | $ | 471,373 | | | $ | 1,990,574 | | | $ | 1,943,196 | |
Sands Macao | | 284,864 | | | | 247,157 | | | | 1,024,268 | | | | 1,032,100 | |
Four Seasons Hotel Macao and Plaza Casino | | 97,824 | | | | 42,233 | | | | 260,567 | | | | 62,536 | |
Las Vegas Operating Properties | | 263,718 | | | | 327,090 | | | | 1,100,319 | | | | 1,335,032 | |
Sands Bethlehem | | 57,493 | | | | - | | | | 153,198 | | | | - | |
Other Asia | | 10,171 | | | | 5,522 | | | | 34,179 | | | | 17,082 | |
| $ | 1,284,199 | | | $ | 1,093,375 | | | $ | 4,563,105 | | | $ | 4,389,946 | |
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDAR as a Percentage of Net Revenues
(Unaudited)
| Three Months Ended
December 31, | | Year Ended
December 31, |
| | | | | | | |
| | | | | | | | | | | | | | | |
The Venetian Macao | | 30.6 | % | | | 23.9 | % | | | 28.0 | % | | | 25.7 | % |
Sands Macao | | 19.8 | % | | | 21.2 | % | | | 23.9 | % | | | 20.8 | % |
Four Seasons Hotel Macao and Plaza Casino | | 20.9 | % | | | 10.9 | % | | | 15.6 | % | | | 12.1 | % |
Las Vegas Operating Properties | | 21.6 | % | | | 27.4 | % | | | 23.6 | % | | | 29.4 | % |
Sands Bethlehem | | 11.1 | % | | | N/A | | | | 11.5 | % | | | N/A | |
Other Asia | | -84.8 | % | | | -278.5 | % | | | -95.4 | % | | | -289.6 | % |
| | | | | | | | | | | | | | | |
Total | | 23.8 | % | | | 22.3 | % | | | 23.8 | % | | | 24.2 | % |
_______________________
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended
December 31, | | Year Ended
December 31, |
| | | | | | | |
| | | | | | | | | | | | | | | |
Net loss attributable to common stockholders | $ | (113,914 | ) | | $ | (136,526 | ) | | $ | (540,050 | ) | | $ | (188,764 | ) |
| | | | | | | | | | | | | | | |
Pre-opening expense, net | | 42,112 | | | | 55,475 | | | | 157,731 | | | | 153,230 | |
Development expense, net | | 189 | | | | 885 | | | | 533 | | | | 9,022 | |
Impairment loss, net | | 18,293 | | | | 31,893 | | | | 169,468 | | | | 31,893 | |
Loss on disposal of assets, net | | 4,701 | | | | 537 | | | | 9,201 | | | | 5,444 | |
Loss on modification or early retirement of debt | | 23,044 | | | | 5,119 | | | | 23,248 | | | | 9,141 | |
Legal settlement expense | | - | | | | - | | | | 42,500 | | | | - | |
Preferred stock dividends | | 23,350 | | | | 13,638 | | | | 93,026 | | | | 13,638 | |
Accretion to redemption value of preferred stock issued to
Principal Stockholder's family | | 23,137 | | | | 11,176 | | | | 92,545 | | | | 11,176 | |
Adjusted net income (loss) | $ | 20,912 | | | $ | (17,803 | ) | | $ | 48,202 | | | $ | 44,780 | |
| | | | | | | | | | | | | | | |
Per diluted share of common stock: | | | | | | | | | | | | | | | |
Net loss attributable to common stockholders | $ | (0.15 | ) | | $ | (0.27 | ) | | $ | (0.74 | ) | | $ | (0.48 | ) |
| | | | | | | | | | | | | | | |
Pre-opening expense, net | | 0.06 | | | | 0.11 | | | | 0.22 | | | | 0.39 | |
Development expense, net | | - | | | | - | | | | - | | | | 0.02 | |
Impairment loss, net | | 0.02 | | | | 0.07 | | | | 0.23 | | | | 0.08 | |
Loss on disposal of assets, net | | 0.01 | | | | - | | | | 0.01 | | | | 0.01 | |
Loss on modification or early retirement of debt | | 0.03 | | | | 0.01 | | | | 0.03 | | | | 0.02 | |
Legal settlement expense | | - | | | | - | | | | 0.06 | | | | - | |
Preferred stock dividends | | 0.03 | | | | 0.02 | | | | 0.13 | | | | 0.04 | |
Accretion to redemption value of preferred stock issued to
Principal Stockholder's family | | 0.03 | | | | 0.02 | | | | 0.13 | | | | 0.03 | |
Adjusted earnings (loss) per diluted share | $ | 0.03 | | | $ | (0.04 | ) | | $ | 0.07 | | | $ | 0.11 | |
| | | | | | | | | | | | | | | |
Weighted average diluted shares outstanding | | 762,199,201 | | | | 501,692,862 | | | | 727,616,670 | | | | 393,832,433 | |
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
| Three Months Ended
December 31, | | Year Ended
December 31, |
| | | | | | | |
Room Statistics: | | | | | | | | | | | | | | | |
The Venetian Macao: | | | | | | | | | | | | | | | |
Occupancy % | | 92.3 | % | | | 90.2 | % | | | 83.6 | % | | | 85.3 | % |
Average daily room rate (ADR) (1) | $ | 204 | | | $ | 236 | | | $ | 205 | | | $ | 226 | |
Revenue per available room (RevPAR) (2) | $ | 188 | | | $ | 213 | | | $ | 171 | | | $ | 193 | |
| | | | | | | | | | | | | | | |
Sands Macao: | | | | | | | | | | | | | | | |
Occupancy % | | 98.3 | % | | | 98.1 | % | | | 97.7 | % | | | 98.4 | % |
Average daily room rate (ADR) (1) | $ | 264 | | | $ | 265 | | | $ | 260 | | | $ | 266 | |
Revenue per available room (RevPAR) (2) | $ | 259 | | | $ | 260 | | | $ | 254 | | | $ | 261 | |
| | | | | | | | | | | | | | | |
Four Seasons Hotel Macao and Plaza Casino: | | | | | | | | | | | | | | | |
Occupancy % | | 69.6 | % | | | 32.1 | % | | | 52.3 | % | | | 32.0 | % |
Average daily room rate (ADR) (1) | $ | 298 | | | $ | 332 | | | $ | 295 | | | $ | 344 | |
Revenue per available room (RevPAR) (2) | $ | 208 | | | $ | 107 | | | $ | 154 | | | $ | 110 | |
| | | | | | | | | | | | | | | |
The Venetian Las Vegas: | | | | | | | | | | | | | | | |
Occupancy % | | 77.7 | % | | | 91.9 | % | | | 86.1 | % | | | 91.4 | % |
Average daily room rate (ADR) (1) | $ | 193 | | | $ | 203 | | | $ | 190 | | | $ | 232 | |
Revenue per available room (RevPAR) (2) | $ | 150 | | | $ | 186 | | | $ | 163 | | | $ | 212 | |
| | | | | | | | | | | | | | | |
The Palazzo: | | | | | | | | | | | | | | | |
Occupancy % | | 84.6 | % | | | 96.0 | % | | | 89.1 | % | | | 91.1 | % |
Average daily room rate (ADR) (1) | $ | 204 | | | $ | 217 | | | $ | 202 | | | $ | 233 | |
Revenue per available room (RevPAR) (2) | $ | 172 | | | $ | 208 | | | $ | 180 | | | $ | 212 | |
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Casino Statistics: | | | | | | | | | | | | | | | |
The Venetian Macao: | | | | | | | | | | | | | | | |
Table games win per unit per day (3) | $ | 9,565 | | | $ | 6,776 | | | $ | 8,434 | | | $ | 6,694 | |
Slot machine win per unit per day (4) | $ | 237 | | | $ | 219 | | | $ | 223 | | | $ | 182 | |
Average number of table games | | 595 | | | | 666 | | | | 601 | | | | 734 | |
Average number of slot machines | | 2,155 | | | | 2,175 | | | | 2,154 | | | | 2,325 | |
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Sands Macao: | | | | | | | | | | | | | | | |
Table games win per unit per day (3) | $ | 8,575 | | | $ | 6,160 | | | $ | 7,415 | | | $ | 5,637 | |
Slot machine win per unit per day (4) | $ | 211 | | | $ | 173 | | | $ | 201 | | | $ | 176 | |
Average number of table games | | 412 | | | | 500 | | | | 417 | | | | 563 | |
Average number of slot machines | | 1,166 | | | | 1,183 | | | | 1,130 | | | | 1,254 | |
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Four Seasons Hotel Macao and Plaza Casino: | | | | | | | | | | | | | | | |
Table games win per unit per day (3) | $ | 9,096 | | | $ | 3,482 | | | $ | 6,132 | | | $ | 3,932 | |
Slot machine win per unit per day (4) | $ | 331 | | | $ | 91 | | | $ | 191 | | | $ | 85 | |
Average number of table games | | 118 | | | | 101 | | | | 110 | | | | 99 | |
Average number of slot machines | | 167 | | | | 195 | | | | 203 | | | | 199 | |
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The Venetian Las Vegas: | | | | | | | | | | | | | | | |
Table games win per unit per day (3) | $ | 3,078 | | | $ | 4,569 | | | $ | 3,164 | | | $ | 4,239 | |
Slot machine win per unit per day (4) | $ | 206 | | | $ | 198 | | | $ | 209 | | | $ | 202 | |
Average number of table games | | 115 | | | | 125 | | | | 118 | | | | 129 | |
Average number of slot machines | | 1,495 | | | | 1,531 | | | | 1,474 | | | | 1,631 | |
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The Palazzo: | | | | | | | | | | | | | | | |
Table games win per unit per day (3) | $ | 4,705 | | | $ | 4,015 | | | $ | 3,530 | | | $ | 3,516 | |
Slot machine win per unit per day (4) | $ | 182 | | | $ | 185 | | | $ | 174 | | | $ | 173 | |
Average number of table games | | 126 | | | | 129 | | | | 132 | | | | 128 | |
Average number of slot machines | | 1,389 | | | | 1,372 | | | | 1,403 | | | | 1,388 | |
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Sands Bethlehem: | | | | | | | | | | | | | | | |
Slot machine win per unit per day (4) | $ | 199 | | | | N/A | | | $ | 214 | | | | N/A | |
Average number of slot machines | | 2,923 | | | | N/A | | | | 2,959 | | | | N/A | |
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| (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. |
